Document:

Domiciliary Agency Agreement

 Exhibit 4.3 
 DELHAIZE GROUP SA/NV 
 as Issuer 

ING BELGIUM SA/NV 
 as Domiciliary Agent 
 THE BANK OF NEW YORK MELLON 

as Trustee 
  

 
 DOMICILIARY
AGENCY 
 AGREEMENT 
 dated as of April 10, 2012 
  

relating to 
 $300,000,000 4.125% Senior Notes due 2019 

 BETWEEN: 
  

	 	(1)	DELHAIZE GROUP SA/NV, at its specified office at Square Marie Curie 40, 1070 Brussels, Belgium (the “Issuer”); 

 

	 	(2)	ING BELGIUM SA/NV at its specified office at avenue Marnix 24, 1000 Brussels, Belgium, as agent (the “Domiciliary Agent”); and

  

	 	(3)	THE BANK OF NEW YORK MELLON at its specified office at 101 Barclay Street, New York, NY 10286, not in its individual capacity but solely as trustee(the
“Trustee”). 

 WHEREAS: 
  

	 	(A)	The Issuer proposes to issue $300,000,0004.125% senior notes due 2019(the “Notes”) on or about April 10, 2012(the “Issue Date”).

  

	 	(B)	Notes shall initially be offered and sold in the form of one or more Global Notes (the “Global Notes”). 

 

	 	(C)	The Notes will be issued under and governed by the terms of an Indenture by and between the Issuer and the Trustee dated February 9, 2009(as amended, supplemented
and/or restated from time to time, the “Indenture”). 

  

	 	(D)	The Issuer may exchange the Global Notes for definitive registered notes (the “Definitive Registered Notes”) after the Issue Date under certain
circumstances as described in the Indenture. 

  

	1.	INTERPRETATION 

  

	1.1	Definitions 

“Certificate” means a certificate that evidences the registration ofa Definitive Registered Note in the name of a Holder
in the Register. 
 “Clearing Agreement” means the agreement dated April 10, 2012by and among the Issuer,
the Domiciliary Agent and the NBB. 
 “Clearing Regulations” means the regulations of the X/N System, as amended
from time to time. 
 Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the
Indenture. 
  

	1.2	Headings 

 Headings shall
be ignored in construing this Agreement. 
  

	1.3	Statutory Modifications 

All references in this Agreement to the provisions of any statute shall be deemed to be references to that statute as from time to time
modified, extended, amended or re-enacted or to any statutory instrument, order or regulation made thereunder or under such re-enactment. 
  

	1.4	Variations 

 All
references in this Agreement to an agreement, instrument or other document (including, without limitation, this Agreement and the Notes) shall be construed as a reference to that agreement, instrument or document as the same may be amended,
modified, varied, restated or supplemented from time to time. 

  
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	1.5	Alternative Clearing System 

 All references in this Agreement to the X/N System and/or Euroclear shall, wherever the context so permits, be deemed to include reference to any additional or alternative clearing system approved by NBB,
the Issuer, the Domiciliary Agent and the Trustee. 
  

	1.6	Principal or Interest 

References in this Agreement to the principal or interest in respect of any Global Note or Definitive Registered Note, as the case may be,
shall be construed in accordance with the relevant provisions of the Indenture. 
  

	1.7	Clauses and Schedules 

Any reference in this Agreement to a Clause or to a Schedule is, unless otherwise stated, to a clause hereof or to a schedule hereto.

  

	2.	X/N SYSTEM AND/OR EUROCLEAR PROCEDURES APPLICABLE 

 Transfers of Book-Entry Interests in the Global Notes that are held by Participants through Euroclear will be subject to the laws and regulations applicable from time to time to Euroclear. 

 

	3.	APPOINTMENT OF DOMICILIARY AGENT 

  

	3.1	Domiciliary Agent 

 The
Domiciliary Agent is hereby appointed, and the Domiciliary Agent hereby agrees to act, (i) as domiciliary agent in respect of the Global Notes to perform the duties of domiciliataire of the Issuer under the Clearing Agreement and
(ii) as agent of the Issuer in respect of the Global Notes and the Definitive Registered Notes, as the case may be, in accordance with the terms of this Agreement and the relevant provisions of the Indenture, for the purpose of performing those
obligations and duties imposed upon the Domiciliary Agent by this Agreement and the Indenture. 
 The Domiciliary Agent will not
act as paying agent for the Global Notes. 
  

	3.2	Additional Duties 

 The
Domiciliary Agent shall perform such duties as are set out in this Agreement together with such additional duties as are set out with respect to theDomiciliary Agent in the Indenture. No obligations or duties of the Domiciliary Agent which are not
expressly stated herein or in the Indenture shall be implied. 
  

	3.3	Representation and Warranty of the Domiciliary Agent 

 TheDomiciliary Agent hereby represents and warrants to the Issuer that it is qualified to act in its respective capacities under the provisions of this Agreement, the Indenture and under applicable law.

  

	3.4	Domiciliary Agent to Act for Trustee 

 At any time after a Default or an Event of Default shall have occurred and shall be continuing or the Global Notes or Definitive Registered Notes, as the case may be, shall otherwise have become due and
repayable or the Trustee shall have received any money which it proposes to pay under Section 6.10 of the Indenture to the Holders, the Trustee may: 
  

	 	(a)	by notice in writing to the Issuer and the Domiciliary Agent, require the Domiciliary Agent (if other than the Issuer or a Subsidiary of the Issuer) pursuant to this
Agreement: 

  
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	 	(i)	to hold all Global Notes or Certificates, as the case may be, documents and records held by them in respect of the Global Notes or Definitive Registered Notes, as the
case may be, on behalf of the Trustee; or 

  

	 	(ii)	to deliver up all documents and records held by it in respect of the Global Notes or Definitive Registered Notes, as the case may be, to the Trustee or as the Trustee
shall direct in such notice; provided that such notice shall be deemed not to apply to any documents or records which the Domiciliary Agent is obliged not to release by any applicable law or regulation; and 

 

	 	(b)	by notice in writing to the Issuer, require the Issuer to make all subsequent payments in respect of the Global Notes or Definitive Registered Notes, as the case may
be, to or to the order of the Trustee in accordance with Section 2.05 of the Indenture. 

  

	3.5	Notices of Change of Trustee or Domiciliary Agent 

 The Issuer shall forthwith give notice to the Domiciliary Agent of any change in the Person or Persons appointed as Trustee and shall forthwith give notice to the Trustee of any change in the Person or
Persons appointed as Domiciliary Agent. 
  

	4.	TRANSFER AND EXCHANGE OF GLOBAL NOTES 

  

	4.1	The Global Notes 

 Upon
execution and issuance by the Issuer of any Global Notes and authentication of such Global Notes by the Trustee in accordance with Section 2.03 of the Indenture, the Trustee or its agent will cause the Global Notes to be delivered to and held
bythe NBB. Upon receipt of the Global Notes, the Domiciliary Agent will cause the NBB to verify the receipt thereof in writing to the Domiciliary Agent who will immediately deliver a copy of the same to the Issuer and the Trustee. 

 

	4.2	The Definitive Registered Notes 

 In connection with any transfer or exchange under Section 2.07 and Appendix A of the Indenture, the Issuer hereby authorizes and instructs the Trustee to complete (as indicated by the Domiciliary
Agent or as initialed by the Trustee itself) any Certificates delivered to the Trustee for execution by the Issuer pursuant to this Clause 4.2, in each case if and as required under Belgian law or the terms of the Indenture, and to send any such
completed Certificates to the Issuer for execution, if required for their issuance under Belgian law and the terms of the Indenture. Upon any such execution by the Issuer of the Certificates, or otherwise upon their delivery to the Trustee, the
Trustee shall authenticate (in accordance with the provisions of the Indenture) any new Certificate if required to be so authenticated under Belgian law or the terms of the Indenture and shall, upon entry of such Holder in the Register as specified
below, deliver a Certificate to the Holder entitled thereto. The Issuer or an agent appointed by the Issuer for such purpose shall register the Holder of such Certificates in the Register in such name or names given to it by the relevant person as
set out in Appendix A to the Indenture, and the Issuer or such agent shall promptly notify the Domiciliary Agent that it has done so. The Issuer shall also arrange for such Global Notes and any documents evidencing the exchange of the Definitive
Registered Notes or specifying their terms that are required to enable the Domiciliary Agent and/or the Trustee to perform their obligations under this Agreement and the relevant provisions of the Indenture to be made available to the Trustee and/or
the Domiciliary Agent from time to time and in accordance with the provisions of the Clearing Agreement. 
  

	5.	DUTIES OF THE DOMICILIARY AGENT 

  

	5.1	Administrative Duties 

 If
and to the extent specified by the Indenture and the terms of this Agreement, theDomiciliary Agent will: 

  
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	 	(a)	receive and process requests for the transfer, exchange, redemption and repurchase of interests in the Global Notes or Definitive Registered Notes, as the case may be,
and assist in the exchange of the Global Notes for Definitive Registered Notes and any revised “Schedule of Increases or Decreases in Global Note” in respect of the Global Notes, in each case, in accordance with the terms and conditions of
this Agreement and the Indenture, including, without limitation, the restrictions on transfer and exchange set forth in Section 2.07 and Appendix A thereof; and 

 

	 	(b)	carry out such other acts as may be necessary to give effect to the Indenture and the other provisions of this Agreement. 

 

	5.2	Transfer, Exchange and Redemption 

  

	 	(a)	Transfers, exchanges and redemption by the Issuer or any Holder of interests in the Global Notes, the issue of a new “Schedule of Increases or Decreases in Global
Note” attached to any Global Note and registration of transfers and exchanges of interests in Definitive Registered Notes shall, in each case, be made pursuant to Section 2.07 and Appendix A of the Indenture. 

 

	 	(b)	To the extent permitted under the Indenture, the Issuer, or an agent appointed by the Issuer for such purpose, will receive requests for the transfer of interests in
Definitive Registered Notes into interests in any Global Note, and instruct the Issuer, or the agent appointed by the Issuer for such purpose, to make the necessary entries in the Register and instruct the Domiciliary Agent to issue a new
“Schedule of Increases or Decreases in Global Note” attached to the relevant Global Note in accordance with the terms and conditions of this Agreement (including, without limitation, those set forth in Clause 5.2 (a), above).

  

	 	(c)	The Domiciliary Agent will receive requests for the transfer and/or exchange of interests in any Global Note into interests in Definitive Registered Notes, issue a new
“Schedule of Increases or Decreases in Global Note” attached to the relevant Global Note in accordance with the terms and conditions of this Agreement (including, without limitation, those set forth in Clause 5.2 (a), above) and instruct
the Issuer, or an agent appointed by the Issuer for such purpose, to make the necessary entries in the Register. The Trustee shall cause to be authenticated and delivered (to the extent required by and in accordance with Clause 4.2 and the
provisions of the Indenture) to each Holder of an interest in any Definitive Registered Note, a Certificate in respect thereof in the form set out in the Indenture. 

 

	 	(d)	The Domiciliary Agent will receive requests for all other transfers and/or exchanges and/or redemption by the Issuer of the Notes, except as otherwise set forth in
Section 2.07 and Appendix A of the Indenture, and shall issue a new “Schedule of Increases or Decreases in Global Note” attached to any Global Note in accordance with the terms and conditions of this Agreement (including, without
limitation, those set forth in Clause 5.2 (a) above) to the NBB who will amend the principal amount of the Global Note(s) accordingly. (e) 

  

	5.3	Replacement Notes 

Replacement Notes shall be issued pursuant to Section 2.08 of the Indenture. 

 

	5.4	Cancellation 

Cancellation of Notes shall be made pursuant to Section 2.11 of the Indenture. 

 

	5.5	Miscellaneous 

  

	 	(a)	The Domiciliary Agent will, if so requested by the Issuer, instruct the NBB and/or Euroclear, as applicable, to send Internal Revenue Service FormsW-8 and/or W-9, as
applicable, to the Participants and Indirect Participants with the instruction to deliver such Forms W-8 and W-9 to the Issuer. 

  
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	 	(b)	The Domiciliary Agent will, at all times, comply with its obligations under, and enforce the provisions of the Clearing Agreement. 

 

	 	(c)	Should the NBB enter into an agreement with the sub-custodian in accordance with the provisions of Section 5.1 of the Clearing Agreement and inform the Domiciliary
Agent thereof, the Domiciliary Agent will request from NBB a copy of such agreement and, on receipt of any such agreement, shall provide a copy of the same to the Issuer. 

 

	6.	DOCUMENTS AND FORMS 

  

	6.1	Supply of Forms 

 The
Issuer will deliver to the Trustee or an authentication agent named by the Trustee for the performance of its duties hereunder, from time to time, so long as any Definitive Registered Note is outstanding, a supply of forms of Certificatessufficient
to meet the Trustee’s anticipated requirements for Certificatesin reasonably sufficient time for the issue of the Certificates. 
  

	6.2	Safekeeping of Certificates 

 The Trustee shall, or shall ensure that the authentication agent does, maintain in safe custody all forms of Certificates delivered to and held by it and shall ensure that Certificates are issued only in
accordance with the Indenture and the provisions of this Agreement. 
  

	6.3	Information 

 Within seven
days of any request in writing therefor by the Issuer, so long as any of the Definitive Registered Notes are outstanding, the Trustee or the authentication agent shall certify to the Issuer the number of forms of Certificates held by it hereunder.

  

	6.4	Authentication Agent 

 The
Trustee hereby names ING Belgium SA/NV to initially act as authentication agent with respect to the Global Notes. 
  

	7.	PAYMENT 

  

	7.1	Payment to the Recipient or to the Holders 

 In order to provide for the payment of principal and interest in respect of the Global Notes or the Definitive Registered Notes, as the case may be, as the same becomes due and payable, the Issuer shall
pay or procure to be paid (in respect of the Global Notes) directly to the holders of the book-entry interests in the Global Notes (as shown in the records of the NBB or of a Participant in the X/N System) (the “Recipient”) or (in
respect of the Definitive Registered Notes) directly to the Holders of Definitive Registered Notes, for value on the day on which such payment becomes due, an amount equal to the amount of principal and/or (as the case may be) interest falling due
in respect of such Global Notes or Definitive Registered Notes, as the case may be, on the due date.The Recipient in respect of the Notes is expected initially to be The Bank of New York Mellon acting as CDI Depositary. 

 

	7.2	Manner and Time of Payment and Pre-Advice of Payment 

 Each amount payable under Clause 7.1shall be paid unconditionally by credit transfer in the payment currency and in same day, freely transferable cleared funds no later than 10.00 a.m. (Brussels time) on
the relevant day (with value as defined under Clause 7.1) to such account at such bank as the Recipient may from time to time by notice to the Issuer specify for such purpose subject to receipt of confirmation by the Domiciliary Agent that it has
sent no notice of cancellation of the Global Notes to the NBB. The Issuer, shall before 9.00 a.m. (Brussels time) on the second Business Day prior to the day on which the Recipient receives payment for amounts, procure that the bank effecting
payment for it confirms by tested telex or SWIFT MT100 message (or any other method acceptable to the Recipient) to the Recipient the payment instructions relating to such payment. 

  
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	7.3	Payments by the Issuer in respect of the Global Notes 

  

	 	(a)	The Issuer, so long as the Notes are evidenced by the Global Notes and payment is made to it under Clause 7.1, shall make or procure the making of payments of principal
and interest in respect of such Notes held through the X/N System to an account specified by the Recipient in accordance with this Agreement and the Indenture. 

 

	 	(b)	In the case of payment of principal, so long as the Notes are evidenced by the Global Notes, the Issuer shall procure that there is noted in the “Schedule of
Increases or Decreases in Global Note” to such Global Note, the amount of such payment and the remaining principal amount of such Global Note (which shall be the previous principal amount thereof less the amount of principal then paid) and
shall procure the signature of such notation on its behalf. 

  

	7.4	Payments by the Issuer in respect of the Definitive Registered Notes 

 The Issuer shall pay or procure payment of principal and interest in respect of Definitive Registered Notes to Holders, in accordance with this Agreement and the Indenture; provided, however, that the
Issuer shall cancel each Certificate against presentation and surrender of which it has made full payment of principal and interest and shall deliver each Certificate so cancelled by it to, or to the order of, the Trustee. 

 

	7.5	Method of Payment to Recipient 

 All sums payable to the Recipient hereunder shall be paid in the payment currency to such account with such bank as the Recipient may from time to time notify to the Issuer. 

 

	8.	CANCELLATION, DESTRUCTION AND RECORDS 

  

	8.1	Cancellation 

 All
Certificates which are surrendered for transfer, exchange, redemption or repurchase shall be delivered to the Issuer or its appointed agent for cancellation, and the Registrar shall reduce the relevant principal amount on the Register against the
name of the Holder unless otherwise instructed by the Trustee. 
  

	8.2	Certification of Payment Details 

 The Domiciliary Agent shall as soon as practicable after redemption, payment, exchange or replacement of Global Notes, upon written request of the Issuer furnish to the Issuer, a certificate stating:

  

	 	(a)	the aggregate principal amount(s) of Global Noteswhich have been redeemed and the aggregate amount(s) paid in respect of interest paid on each Global Note;

  

	 	(b)	the Common Code and ISIN numbers of such Global Notes; and 

  

	 	(c)	the aggregate principal amounts of Global Noteswhich have been so exchanged or surrendered and replaced. 

 

	8.3	Destruction 

 Unless
otherwise previously instructed by the Issuer or its appointed agent, the Domiciliary Agent or its designated agent shall destroy all cancelled Certificates and send to the Issuer a certificate giving the Certificate numbers, if any, and any
Certificates in numerical sequence and the aggregate amount paid in respect of the corresponding Definitive Registered Notes. 

  
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	8.4	Records 

 The Domiciliary
Agent or, as the case may be, the Registrar, shall keep or cause to be kept a record of the transfer, exchange, payment, redemption and repurchase of all Global Notes or, respectively, Definitive Registered Notes, as the case may be. They shall make
or shall cause to be made such record available at all reasonable times to the Issuer. 
  

	9.	NOTICES 

 Any notice or
communication by any party hereunder to the others is duly given if in writing and delivered in person or mailed by first class mail (registered or certified, return receipt requested), telecopier or overnight air courier, to the others’
address: 
  

	 	(a)	If to the Issuer, at: 

 Square
Marie Curie 40 
 1070 Brussels 
 Belgium 
 Fax: + 32 2412 8568 

Attention: A.M. Silva Gonzalez and William Schoofs (separate notices for each person) 

 

	 	(b)	If to the Domiciliary Agent, at: 

ING BelgiumSA/NV 
 avenue Marnix 24 
 B-1000 Brussels 

Belgium 
 Fax:
+32 2 547 36 86 
 Attention: Legal Financial Markets 

 

	 	(c)	If to the Trustee, at: 

 The
Bank of New York Mellon 
 101 Barclay Street 
 New York, NY 10286 
 United States of America 

Fax: + 1 212 815 5915 
 Attention: Corporate Trust Administration 
 with a copy to: 

The Bank of New York Mellon 
 One Canada Square 
 London E14 5AL 

United Kingdom 

Fax: +44 20 7964 2536 
 Email: corpsovwen@bnymellon.com 
 Attention: Corporate Trust Administration

 Any of the above listed Persons, by notice to the others, may designate additional or different addresses for subsequent
notices or communications. 
 All notices and communications (other than those sent to Holders) will be deemed to have been duly
given: at the time delivered by hand, if personally delivered; two Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier,
if sent by overnight air courier; provided, however, that any such notice or communication which would otherwise be deemed to have been duly givenafter 4:00 p.m. on any particular day shall not be deemed duly givenuntil 10:00 a.m. on
the immediately succeeding Business Day in the place of addressee. 

  
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 Any notice or communication delivered pursuant to this Agreement to a Holder of Definitive
Registered Notes will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier to its address shown on the Register. Failure to mail a notice or communication to such Holder or any defect in it
will not affect its sufficiency with respect to other Holders. 
 All notices to the Holders (while any Notes are represented by
one or more Global Notes) shall be made in accordance with Section 10.02 of the Indenture. 
 If a notice or communication
is mailed or published in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 
  

	10.	DOCUMENTS AND FORMS 

  

	10.1	Distribution by the Domiciliary Agent 

 The Issuer or its appointed agent shall provide to the Domiciliary Agent for distribution to the relevant Holder upon such Holder’s request: 

 

	 	(a)	specimen Certificates, if the same are prepared; and 

  

	 	(b)	sufficient copies of this Agreement and the Indenture together with electronic copies in a protected file format to be available for inspection, together with any other
documents required to be available for inspection or made available to Holders. 

  

	11.	INDEMNITY 

  

	11.1	Indemnity by the Issuer 

The Issuer shall indemnify the Domiciliary Agent (together with theDomiciliary Agent’s directors, officers and employees) against any
losses, liabilities, costs, expenses, claims, actions or demands which it may incur or which may be made against it as a result of or in connection with the appointment or the exercise of or performance of the powers, authorities and duties of
Domiciliary Agent, as the case may be, under this Agreement relating to the Global Notes or Definitive Registered Notes, as the case may be, except such as may result from its own willful default, fraud, negligence, bad faith or failure to comply
with its obligations hereunder or that of its officers, employees or agents provided, however that this Clause 11.1 shall not apply to the extent that theDomiciliary Agentwould act for the Trustee in accordance with Clause 3.4 of this
Agreement. 
  

	11.2	Indemnity by the Domiciliary Agent 

 TheDomiciliary Agent shall indemnify the Issuer against any loss, liability, cost, expense, claim, action or demand which the Issuer may incur or which may be made against the Issuer, as a result of or in
connection with such theDomiciliary Agent’s own willful default, fraud, negligence, bad faith or failure to comply with its obligations under this Agreement or that of its officers, employees or agents. Notwithstanding the foregoing under no
circumstances will theDomiciliary Agent be liable to the Issuer or any other party for the consequential loss (being loss of earnings, good will and operating profit even if theDomiciliary Agent has been advised of the possibility of such loss).

  
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	11.3	Payment 

 In relation to
Clause 11.1 and Clause 11.2, the Issuer or the Domiciliary Agent (as applicable) shall indemnify the Domiciliary Agent and the Issuer, respectively and as applicable, promptly upon receipt by the Issuer or the Domiciliary Agent, as applicable, of a
demand therefor supported by evidence of such loss, liability, cost, expense, claim, action or demand. 
  

	11.4	Domiciliary Agent’ Liability 

 TheDomiciliary Agent shall not be liable for any loss caused by events beyond its reasonable control including any malfunction, interruption or error in the transmission of information caused by any
machine or systems or interception of communication facilities, abnormal operating conditions or force majeure. TheDomiciliary Agent shall have no liability whatsoever for any consequential, special, indirect or speculative loss or damages
(including, but not limited to, loss of profits, whether or not foreseeable) suffered by the Issuer in connection with the transactions contemplated by and the relationship established by this Agreement even if it has been advised as to the
possibility of the same. These provisions will override all other provisions of this Agreement. However, this Clause shall not be deemed to apply in the event of a determination of fraud on the part of theDomiciliary Agent in a non-appealable
judgment of a court having jurisdiction. 
  

	11.5	Survival of Indemnities 

The indemnities set out in Clauses 11.1 and 11.2 shall continue in full force and effect for a period of five years after the termination
or expiry of this Agreement. 
  

	12.	GENERAL 

  

	12.1	Obligations and Duties of the Domiciliary Agent 

 The Domiciliary Agent shall not be under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its
reasonable opinion, assured to it. No implied duties or obligations shall be read into such documents against theDomiciliary Agent. 
 Save as set forth in Article 9 of the Indenture, if the terms of the Indenture, the Global Notes or Definitive Registered Notes, as the case may be, are amended on or after the date of this Agreement in a
way which affects the duties expressed to be performed by the Domiciliary Agent, it shall not be obliged to perform such duties as so amended unless it has first approved the relevant change to the terms of the Indenture or the Global Notes or
Definitive Registered Notes, as the case may be. 
  

	12.2	Consultation 

TheDomiciliary Agent may consult with legal or other professional advisers selected by it and the written opinion of such advisers shall
be full and complete authorization and protection in respect of any action taken or omitted to be taken by theDomiciliary Agent hereunder in good faith and in accordance with the opinion of such advisers. 

 

	12.3	Reliance on Documents 

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

  
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	12.4	Reliance on Certificates 

TheDomiciliary Agent shall be able to rely on the certificate of any party without enquiry as to any statement of such party
theDomiciliary Agent requires under the terms of this Agreement to carry out its duties hereunder. 
  

	12.5	Other Relationships 

 The
Domiciliary Agent and its affiliates, directors, officers and employees may become the owners of, or acquire any interest in, any Global Notes or Definitive Registered Notes, as the case may be, with the same rights as any other owner or holder, and
may engage or be interested in any business transaction with the Issuer without being liable to account to the Holders for any resulting profit, and may act on, or as depository, trustee or agent for, any committee or body of Holders or other
obligations of the Issuer as freely as if they were not a party, or connected with a party, to this Agreement. 
  

	12.6	Owner 

 Except as ordered
by a court of competent jurisdiction or as required by law, the Domiciliary Agent shall deem and treat the Person in whose name any Global Note is entered in the relevant account of the NBB, the X/N System, or Definitive Registered Note is
registered in the Register as absolute owner thereof for all purposes subject to the terms of the Indenture. 
  

	12.7	No Lien 

 The Domiciliary
Agent shall not exercise any lien, right of set-off or similar claim against the Issuer, any Holder of the Global Notes or Definitive Registered Notes, as the case may be, or over any amount held by them pursuant to the terms hereof. 

 

	12.8	Successor 

 In this
Agreement, “successor” in relation to a party hereto means an assignee or successor in title of such Person who, under the laws of its jurisdiction of incorporation or domicile, has assumed the rights and obligations of such party
hereunder to which under such laws the same has been transferred. 
  

	12.9	Conflicts with the Clearing Agreement and the Indenture 

 To the extent that any terms and conditions set forth herein regarding the duties and obligations of the Domiciliary Agent conflict with the provisions of the Clearing Agreement or the Indenture, the
terms of the Indenture and then the Clearing Agreement shall govern (except for the relationship between the Issuer and the Domiciliary Agent, for which the terms of the Clearing Agreement shall govern). 

 

	12.10	Amendment and Waiver 

 The
Issuer and the Domiciliary Agent shall only agree to any amendment or modification to this Agreement in compliance with the relevant provisions of the Indenture and with the consent of the Trustee. 

 

	12.11	Regarding the Trustee 

The Trustee shall be entitled to all of the same rights, protections, immunities and indemnities afforded to it under the Indenture as if
the same were specifically set forth herein, mutatis mutandis. 

  
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	13.	CHANGE IN APPOINTMENTS 

  

	13.1	Termination 

  

	 	(a)	Subject to Clause 6, the Issuer, with prior written notice to the Trustee, may at any time terminate the appointment of theDomiciliary Agent by giving to the
Domiciliary Agent at least 60 days’ prior written notice to that effect; provided always that no such notice shall take effect until a new Domiciliary Agent(which shall be reasonably acceptable to the Trustee) to exercise the powers and
undertake the duties hereby conferred and imposed upon the Domiciliary Agent has been appointed and, provided further that any new Domiciliary Agent holds an account in the X/N System and agrees to be bound by the provisions of the Clearing
Agreement. 

  

	 	(b)	Subject to Clause 6, if at any time theDomiciliary Agent shall be adjudged bankrupt or insolvent, or shall file a voluntary petition in bankruptcy or make an assignment
for the benefit of its creditors or consent to the appointment of a receiver or similar official of all or any substantial part of its property, or if a receiver of it or of all or any substantial part of its property shall be appointed, or if any
public officer shall take charge or control of the Domiciliary Agent or of its property or affairs, for the purpose of rehabilitation, conservation or liquidation, or a resolution is passed or an order made for the winding up of the Domiciliary
Agent, the Issuer may, with prior written notice to the Trustee, terminate the appointment of theDomiciliary Agent forthwith upon giving written notice and provided that its appointment may not be terminated until a new Domiciliary Agent has been
appointed who holds an account in the X/N System and agrees to be bound by the provisions of the Clearing Agreement. The termination of the appointment of theDomiciliary Agent hereunder shall not entitle theDomiciliary Agent to any amount by way of
compensation but shall be without prejudice to any amount then accrued due. 

  

	13.2	Resignation 

  

	 	(a)	Subject to Clause 6, theDomiciliary Agent may resign its appointment hereunder at any time by giving to the Issuer and the Trustee at least 60 days’ written notice
to that effect; provided that no such resignation shall take effect until a new Domiciliary Agent shall have been appointed by the Issuer to exercise the powers and undertake the duties hereby conferred and imposed upon the Domiciliary Agent
and such new Domiciliary Agent holds an account in the X/N System and agrees to be bound by the provisions of the Clearing Agreement. 

  

	 	(b)	If theDomiciliary Agent gives notice of its resignation in accordance with this Clause 13.2 and a replacement Domiciliary Agent is required and by the tenth day
before the expiration of such notice such replacement has not been duly appointed, theDomiciliary Agent may itself appoint as its replacement any reputable and experienced financial institution. Immediately following such appointment, theDomiciliary
Agent shall give notice of such appointment to the Issuer and the Trustee whereupon the Issuer and the replacement Domiciliary Agent shall acquire and become subject to the same rights and obligations between themselves as if they had entered into
an agreement in the form mutatis mutandis of this Agreement. 

  

	13.3	Effect of Resignation 

 Upon its
resignation or removal becoming effective: 
  

	 	(a)	the Domiciliary Agent shall forthwith transfer all records held by it hereunder to the successor Domiciliary Agent, but shall have no other duties or responsibilities
hereunder, and shall be entitled to the payment by the Issuer, of its remuneration for the services previously rendered hereunder in accordance with the terms of Clause 14 and to the reimbursement of all reasonable expenses (including legal
fees) incurred in connection therewith; and 

  
 12 

	 	(b)	the Domiciliary Agent shall repay to the Issuer (or to the Issuer’s order) a pro rata proportion (calculated on the basis of the total number of interest payments
made and to be made under the Global Notes or Definitive Registered Notes, as the case may be) of the fees paid to it in such capacity hereunder. 

  

	13.4	Merger or Consolidation 

A corporation into which theDomiciliary Agent is merged or with which it is consolidated or which results from a merger or consolidation
to which it is a party shall, to the extent permitted by applicable law, be the successor Domiciliary Agent under this Agreement. The Domiciliary Agent agrees to do all such further acts and things (if any) as are necessary to give effect to this
Clause 13.4. The Domiciliary Agent shall forthwith notify the other parties to this Agreement as soon as practicable after it becomes aware that any such event shall occur, giving details of the date on which such event is to occur and of the
successor Domiciliary Agent. 
  

	13.5	Vesting of Powers 

 Upon
any successor Domiciliary Agent appointed hereunder executing, acknowledging and delivering to the Issuer and the Trustee an instrument accepting such appointment hereunder, it shall, without any further act, deed or conveyance, become vested with
all authority, rights, powers, trusts, indemnities, duties and obligations of the Domiciliary Agent hereunder. 
  

	13.6	Change in the appointment of the Domiciliary Agent 

 In the event that the Domiciliary Agent ceases to hold an account in the X/N System or the appointment of the identity of the Domiciliary Agent is changed in accordance with the provisions of Clauses 13.1
and 13.2, above, the Domiciliary Agent shall remain obligated to fully perform its obligations under this Agreement until a new Domiciliary Agent is appointed, who holds an account in the X/N System, agrees to be bound by the provisions of the
Clearing Agreement and fully assumes the function of Domiciliary Agent under this Agreement. 
  

	14.	FEES AND EXPENSES 

  

	14.1	Fees 

 The Issuer shall,
in respect of the services to be performed by the Domiciliary Agent under this Agreement, pay to the Domiciliary Agent the fee (together with any applicable value added tax thereon which may be imposed in any relevant jurisdiction) as separately
agreed in writing. 
  

	14.2	Expenses 

 The Issuer
shall also pay, or procure the payment of, (against presentation of the relevant invoices) all out-of-pocket expenses (including, without limitation, reasonable cable and postage expenses and insurance costs but excluding the clearing expenses of
the NBB) reasonably incurred by the Domiciliary Agent in connection with its services hereunder, together with any applicable value added tax as aforesaid. 
 The Issuer shall also pay the clearing expenses of the NBB in accordance with the Clearing Agreement. 
  

	14.3	Taxes and Duties 

 The
Issuer agrees to pay, or procure the payment of, any and all stamp, registration and other taxes and duties (including any interest and penalties thereon or in connection therewith) which are payable upon or in connection with the execution and
delivery of this Agreement, and the Issuer shall indemnify theDomiciliary Agent on demand against any claim, demand, action, liability, damages, cost, loss or expense (including, without limitation, reasonable legal fees and any applicable value
added tax) which it incurs as a result or arising out of or in relation to any failure by the Issuer to pay or delay in paying any of the same. All payments by the Issuer made in accordance with this Clause 14.3 (or 11.1 shall be made free and

  
 13 

 
clear of, and without withholding or deduction for, any taxes, duties, assessments or governmental charges of whatsoever nature imposed, levied, collected, withheld or assessed by any government
having power to tax, unless such withholding or deduction is required by law. In that event, the Issuer shall pay such additional amounts as will result in the Domiciliary Agent receiving such amounts as would have been received by it if no such
withholding or deduction had been required. 
  

	14.4	Amendments to this Clause 14 

 At the request of the Domiciliary Agent, the parties to this Agreement may, from time to time during the continuance of this Agreement review the fees agreed initially pursuant to Clause 14.1
(Fees) with a view to determining whether the parties can mutually agree upon any changes to such fees. 
  

	15.	COUNTERPARTS 

 This
Agreement may be executed and delivered in any number of counterparts, all of which, taken together, shall constitute one and the same document and any party to this Agreement may enter into the same by executing and delivering a counterpart.
Delivery of an executed counterpart of a signature page to this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. 

 

	16.	SEVERABILITY 

 In case any
provision in this Agreement is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 

 

	17.	GOVERNING LAW, GOVERNING LANGUAGE AND JURISDICTION 

  

	17.1	Governing Law 

 This
Agreement shall be governed by and construed in accordance with the laws of New York. 
  

	17.2	Appointment of Process Agent by Issuer 

 The Issuer has appointed, as its authorized agent (the “Authorized Agent”)Corporate Service Company, upon whom process may be served in any such suit, action or proceeding arising out of
or based upon this Agreement, which may be instituted in a court located in the Borough of Manhattan, the City of New York(the “Appointment Letter Agreement”). 

 

	17.3	Jurisdiction 

 The parties
hereto submit to the non-exclusive jurisdiction of the U.S. Federal and state courts in the Borough of Manhattan, The City of New York. 
  

	17.4	U.S. securities law requirements 

 If and to the extent required by the Indenture, this Agreement shall be subject to and shall incorporate any requirements of the US Trust Indenture Act of 1939 as in effect at such time. 

[signature pages follow] 

  
 14 

 IN WITNESS WHEREOF the parties have executed this Agreement on the date first above written.

 THE ISSUER 
  

					
		 	DELHAIZE GROUP SA/NV
			
	 	 	By:	 	 /s/ A.M. Silva Gonzalez
		 	      Name:  A.M. Silva Gonzalez
		 	      Title:    Vice President

 Signature Page to Agency Agreement 

  
 15 

 THE DOMICILIARY AGENT 

 

									
	ING BELGIUM SA/NV	 		 	
					
	By:	 	 /s/ Luce Rouleff
	 		 	By:	 	 /s/ Benoît van den Hove

		 	 Name:  Luce Rouleff
	 		 		 	 Name:  Benoît van den Hove

		 	 Title:    Senior Advisor
	 		 		 	 Title:    Head Legal Financial Markets

		 	              Legal Financial Markets
	 		 	

 Signature Page to Agency Agreement 

  
 16 

 THE TRUSTEE 
  

					
		 	THE BANK OF NEW YORKMELLON
			
	 	 	By:	 	 /s/ Trevor Blewer
		 	      Name:  Trevor Blewer
		 	      Title:    Vice President

 Signature Page to Agency Agreement 

  
 17Form of Series A Warrant

 Exhibit 4.1 
 TITAN PHARMACEUTICALS, INC. 
 SERIES A WARRANT 

dated as of April [    ], 2012 (the “Date of Issuance”) 

THIS CERTIFIES THAT, for value received, [    ] or its successors or permitted assigns (such Person and such
successors and assigns each being the “Warrant Holder” with respect to the Series A Warrant (as herein defined) held by it), at any time and from time to time on or after the six-month anniversary of the date of this Warrant
(the “Commencement Date”) and on or prior to the Expiration Date (as herein defined), is entitled (a) to subscribe for the purchase from Titan Pharmaceuticals, Inc., a Delaware corporation (the
“Company”), [    ] Shares (as herein defined) at a price per Share equal to the Exercise Price (as herein defined), and (b) to the other rights set forth herein; provided that the number of
Shares issuable upon any exercise of this Warrant and the Exercise Price shall be adjusted and readjusted from time to time in accordance with Section 4. By accepting delivery hereof, the Warrant Holder agrees to be bound by the
provisions hereof. 
 This Series A Warrant (the “Series A Warrant”) is issued as part of a series of
similar Series A Warrants (collectively, the “Series A Warrants”) issued pursuant to that certain Subscription Agreement, dated as of April 9, 2012, by and among the Company and the other parties identified therein.

 IN FURTHERANCE THEREOF, the Company irrevocably undertakes and agrees for the benefit of Warrant Holder as follows:

 Section 1: Definitions and Construction. 
 (a) Certain Definitions. As used herein (the following definitions being applicable in both singular and plural forms): 
 “Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common control with such Person. 

“Appraised Value” means at any time the fair market value thereof determined in good faith by the Board of
Directors of the Company as of a date which is within ten (10) days of the date as of which the determination is to be made, subject to the rights of the Requisite Holders pursuant to Section 4(j). 

“Black Scholes Value” means the value of this Series A Warrant based on the Black and Scholes Option Pricing
Model obtained from the “OV” function on Bloomberg using (i) a price per share of Common Stock equal to the Weighted Average Price of the Common Stock for the trading day immediately preceding the date of consummation of the
applicable Fundamental Transaction, (ii) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Series A Warrant as of the date of consummation of the applicable Fundamental
Transaction and (iii) an expected volatility equal to the greater of 100% and the 100-day volatility obtained from the HVT function on Bloomberg determined as of the trading day next following the date of the public announcement of the
applicable Fundamental Transaction. 
 “Bloomberg” means Bloomberg Financial Markets. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City
are authorized by law to close. 

 “Change of Control” means any Fundamental Transaction other than
(A) any reorganization, recapitalization or reclassification of the Common Stock, in which holders of the Company’s voting power immediately prior to such reorganization, recapitalization or reclassification continue after such
reorganization, recapitalization or reclassification to hold publicly traded securities and, directly or indirectly, the voting power of the surviving entity or entities necessary to elect a majority of the members of the board of directors (or
their equivalent if other than a corporation) of such entity or entities, or (B) pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company. 

“Closing Price” means, for any security as of any date, the last closing bid price and last closing trade price,
respectively, for such security on the principal securities exchange on which the security is listed (the “Principal Market”), as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis
and does not designate the closing bid price or the closing trade price, as the case may be, then the last bid price or the last trade price, respectively, of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the
foregoing does not apply, the last closing bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last
trade price, respectively, is reported for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the "pink sheets" by Pink Sheets LLC (formerly the National
Quotation Bureau, Inc.). If the Closing Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Price, as the case may be, of such security on such date shall be the fair market value as
mutually determined by the Company and the Holder. All such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period. 

“Commission” means the Securities and Exchange Commission or any other Federal agency administering the
Securities Act at the time.
 “Eligible Market” means the Principal Market, The New York Stock Exchange,
Inc., The NYSE Amex, The NASDAQ Global Select Market or The NASDAQ Capital Market. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended, or any successor Federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 

“Exercise Amount” means for any number of Warrant Shares as to which this Series A Warrant is being exercised the
product of (i) such number of Warrant Shares times (ii) the Exercise Price. 
 “Exercise
Price” means $1.15 per Warrant Share, as adjusted from time to time pursuant to Section 4. 
 “Expiration Date” means April [    ], 20181. 
 “Fundamental Transaction” means (A) a consolidation, merger, exchange of shares, recapitalization, reorganization, business combination or other similar event, (1) following which
the holders of Common Stock immediately preceding such consolidation, merger, exchange, recapitalization, reorganization, combination or event either (a) no longer hold a majority of the shares of Common Stock 

 
  

	1 	 6 years from the Closing Date 

  
 2 

 
or (b) no longer have the ability to elect a majority of the board of directors of the Company or (2) as a result of which shares of Common Stock shall be changed into (or the shares of Common
Stock become entitled to receive) the same or a different number of shares of the same or another class or classes of stock or securities of the Company or another; (B) a sale or transfer of more than 50% of the Company’s assets or a sale or
transfer of any assets or proprietary rights relating to Probuphine or that are material to the operations and business of the Company; provided, however, that except for a sale of all or substantially all of the Company’s assets, a
collaborative arrangement, licensing agreement, joint venture or partnership or similar business arrangement providing for the development or commercial exploitation or, or right to develop or commercially exploit, the technology, intellectual
property or products of the Company (including arrangements that involve the assignment or licensing of any existing or newly developed intellectual property under such arrangements) whereby income or profits are to be shared (including by lump sum
royalty or running royalty) with any other entity shall not constitute a Major Transaction; (C) a purchase, tender or exchange offer made to the holders of outstanding shares of Common Stock, such that following such purchase, tender or
exchange offer a Change of Control Transaction shall have occurred; or (D) the liquidation, bankruptcy, insolvency, dissolution or winding-up (or the occurrence of any analogous proceeding) affecting the Company. 

“Initial Holder” means [    ]. 

“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and
whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of
consummation of the Fundamental Transaction. 
 “Person” means an individual, a corporation, a
partnership, an association, a trust or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Requisite Holders” means at any time holders of Warrant Shares and Series A Warrants representing at least two-thirds of the Warrant Shares outstanding or issuable upon the
exercise of all the outstanding Series A Warrants. 
 “Securities Act” means the Securities Act of 1933,
as amended, or any successor Federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 
 “Shares” means shares of the Company’s currently authorized common stock, $0.001 par value, and stock of any other class or other consideration into which such currently
authorized common stock may hereafter have been changed into. 
 “Successor Entity” means the Person
(or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction shall have been
entered into. 
 “Trading Market” means the following markets or exchanges on which the Shares is listed
or quoted for trading on the date in question: the Nasdaq Capital Market, the NYSE Amex, the New York Stock Exchange, the Nasdaq Global Market, the Nasdaq Global Select Market or the OTC Bulletin Board. 

  
 3 

 “VWAP” means for any date, the price determined by the first of the
following clauses that applies: (a) if the Shares are then listed or quoted on a Trading Market, the daily volume weighted average price per Share for such date (or the nearest preceding date) on the Trading Market on which the Shares are then
listed or quoted as reported by Bloomberg Financial L.P. (based on a Trading Day from 9:35 a.m. Eastern Time to 3:58 p.m. Eastern Time); (b) if the Shares are not then listed or quoted on a Trading Market and if prices for the Shares are then
quoted on the OTC Bulletin Board, the volume weighted average price per share of the Shares for such date (or the nearest preceding date) on the OTC Bulletin Board; (c) if the Shares are not then listed or quoted on the OTC Bulletin Board and
if prices for the Shares are then reported in the “Pink Sheets” published by the Pink OTC Markets Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Shares
so reported; or (d) in all other cases, the fair market value of a share of Shares as determined by an independent appraiser selected in good faith by the Warrant Holder and reasonably acceptable to the Company. 

“Warrant Shares” means the number of Shares issued or issuable upon exercise of this Series A Warrant as set
forth in the introduction hereto, as adjusted from time to time pursuant to Section 4, or in the case of other Series A Warrants, issuable upon exercise of those Series A Warrants. 

(b) Accounting Terms and Determinations. Unless otherwise specified herein, all accounting terms used herein shall be interpreted,
all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared, in accordance with generally accepted accounting principles. When used herein, the term “financial
statements” shall include the notes and schedules thereto. References to fiscal periods are to fiscal periods of the Company. 
 (c) Computation of Time Periods. With respect to the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including”
and the words “to” and “until” each mean “to but excluding.” Periods of days shall be counted in calendar days unless otherwise stated. 
 (d) Construction. Unless the context requires otherwise, references to the plural include the singular and to the singular include the plural, references to any gender include any other gender, the
part includes the whole, the term “including” is not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,”
“herein,” “hereby,” “hereunder,” and similar terms in this Series A Warrant refer to this Series A Warrant as a whole and not to any particular provision of this Series A Warrant. Section, subsection, clause, exhibit,
appendix and schedule references are to this Series A Warrant, unless otherwise specified. Any reference to this Series A Warrant includes any and all permitted alterations, amendments, changes, extensions, modifications, renewals, or supplements
thereto or thereof, as applicable. 
 (e) Exhibits and Schedules. All of the exhibits, appendices and schedules attached
hereto shall be deemed incorporated herein by reference. 
 (f) No Presumption Against Any Party. Neither this Series A
Warrant nor any uncertainty or ambiguity herein or therein shall be construed or resolved using any presumption against any party hereto or thereto, whether under any rule of construction or otherwise. On the contrary, this Series A Warrant has been
reviewed by each of the parties and their counsel and, in the case of any ambiguity or uncertainty, shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of all
parties hereto. 

  
 4 

 Section 2: Exercise of Series A Warrant. 

(a) Exercise and Payment. (i) The Warrant Holder may exercise this Warrant in whole or in part, at any time or from time to
time on any Business Day on or after the Commencement Date and on or prior to the Expiration Date, by delivering to the Company a duly executed notice (a “Notice of Exercise”) in the form of Exhibit A (which
notice may be sent by electronic mail to: bcrowley@titanpharm.com) and by payment to the Company of the Exercise Amount, at the election of the Warrant Holder, by wire transfer of immediately available funds to the account of the Company in an
amount equal to the Exercise Amount not later than three Business Days after the Company receives the Notice of Exercise. (ii) If at the time of exercise hereof there is no effective registration statement registering, or the prospectus
contained therein is not available for the issuance of, the Warrant Shares to the Warrant Holder, then, in lieu of making the cash payment otherwise contemplated in subsection (i) herein to be made to the Company upon such exercise in payment
of the Exercise Amount, the Warrant Holder may elect instead to receive upon such exercise the number of Warrant Shares determined according to the following formula by means of a “cashless exercise”: 

X = Y (A-B)/A 
  

			
	where:	  	X = the number of shares of Common Stock to be issued to Holder.
		
		  	Y = the number of shares of Common Stock for which this Series A Warrant is being exercised.
		
		  	A = the Market Price of one (1) share of Common Stock (for purposes of this Section 2(a)(ii), where “Market Price,” as of any date, means the VWAP (as defined
herein) of the Company’s Common Stock during the five (5) consecutive trading day period immediately prior to the date the Series A Warrant is exercised.
		
		  	B = the Exercise Price.

 The Company acknowledges that the provisions of subsection (ii) herein are intended, in part, to ensure that a full
or partial exchange of this Warrant pursuant to such subsection (ii) will qualify as a conversion, within the meaning of paragraph (d)(3)(ii) of Rule 144 under the Securities Act. In the event that the Warrant Holder provides for payment
of the Exercise Amount pursuant to subsection (i), the Warrant Holder shall be deemed to own the Warrant Shares on the date on which the Exercise Amount is received by the Company. In the event that the Warrant Holder provides for payment of the
Exercise Amount pursuant to subsection (ii), the Warrant Holder shall be deemed to own the Warrant Shares on the date that the Exercise Notice is received by the Company. At the request of the Holder, the Company will accept reasonable modifications
to the exchange procedures provided for in this Section 2 in order to accomplish such intent. For all purposes of this Warrant (other than this Section 2(a) ), any reference herein to the exercise of this Warrant shall be
deemed to include a reference to the exchange of this Warrant into Shares in accordance with the terms of subsection (ii). 

(b) Effectiveness and Delivery. The Company shall confirm receipt of any Notice of Exercise delivered pursuant to
Section 2(a) within one Business Day of the receipt thereof. As soon as practicable but not later than three Business Days after the Company shall have received such Notice of Exercise, and provided that payment of the Exercise Amount
has been received by the Company, the Company shall execute and deliver or cause to be executed and delivered, in accordance with such Notice of Exercise, a certificate or certificates representing the number of Shares specified in such Notice of

  
 5 

 
Exercise, issued in the name of the Warrant Holder or in such other name or names of any Person or Persons designated in such Notice of Exercise (provided that, if a registration statement is not
effective and the Warrant Holder directs the Company to deliver a certificate for the Warrant Shares in a name other than that of the Warrant Holder or an Affiliate of the Warrant Holder, it shall deliver to the Company on the Exercise Date an
opinion of counsel reasonably satisfactory to the Company to the effect that the issuance of such Warrant Shares in such other name may be made pursuant to an available exemption from the registration requirements of the Securities Act and all
applicable state securities or blue sky laws), (i) a certificate for the Warrant Shares issuable upon such exercise, free of restrictive legends, or (ii) an electronic delivery of the Warrant Shares to the Warrant Holder’s account at
the Depository Trust Company (“DTC”) or a similar organization, unless in the case of clause (i) and (ii) a registration statement covering the resale of the Warrant Shares and naming the Warrant Holder as a selling
stockholder thereunder is not then effective or the Warrant Shares are not freely transferable without volume restrictions pursuant to Rule 144(b) under the Securities Act, in which case such Warrant Holder shall receive a certificate for the
Warrant Shares issuable upon such exercise with appropriate restrictive legends. Without prejudice to the holding periods determined under Rule 144 under the Securities Act, this Series A Warrant shall be deemed to have been exercised and such
Share certificate or certificates shall be deemed to have been issued, and the Warrant Holder or other Person or Persons designated in such Notice of Exercise shall be deemed for all purposes to have become a holder of record of Shares, all as of
the date that such Notice of Exercise and, if applicable, the Exercise Amount, shall have been received by the Company. 
 (c)
Failure to Deliver Shares. If by the close of the third Business Day after delivery of a properly completed Notice of Exercise and payment of the Exercise Amount, if applicable, the Company fails to deliver to the Warrant Holder the required
number of Warrant Shares in the manner required pursuant to Section 2(b), and if after such third Business Day and prior to the receipt of such Warrant Shares, the Warrant Holder purchases (in an open market transaction or otherwise)
shares of Common Stock to deliver in satisfaction of a sale by the Warrant Holder of the Warrant Shares which the Warrant Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall, within three
(3) Business Days after the Warrant Holder’s request and in the Warrant Holder’s sole discretion, either (1) pay in cash to the Warrant Holder an amount equal to the Warrant Holder’s total purchase price (including brokerage
commissions, if any) for the shares of Common Stock so purchased (the “Buy-In Price”), at which point the Company’s obligation to deliver such certificate (and to issue such Warrant Shares) shall terminate or
(2) promptly honor its obligation to deliver to the Warrant Holder Warrant Shares and pay cash to the Warrant Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of Warrant Shares, times
(B) the closing bid price of a share of Common Stock on the date of receipt of a properly completed Notice of Exercise and, if applicable, Exercise Amount. 
 (d) Surrender of Series A Warrant. In the event of a partial exercise of the Series A Warrant, the Warrant Holder may surrender this Series A Warrant to the Company, in which event the Company
shall execute and deliver to the Warrant Holder, at the time the Company delivers the Share certificate or certificates issued pursuant to such Notice of Exercise, a new Series A Warrant for the unexercised portion of the Series A Warrant, but in
all other respects identical to this Series A Warrant. The Warrant Holder shall surrender this Series A Warrant to the Company within five Business Days after it delivers its final Notice of Exercise. 

(e) Fractional Shares. The Company shall not be required to issue fractions of Shares upon an exercise of the Series A Warrant. If
any fraction of a Share would, but for this restriction, be issuable upon an exercise of the Series A Warrant, in lieu of delivering such fractional Share, the Company shall 

  
 6 

 pay to the Warrant Holder, in cash, an amount equal to the same fraction times the Closing Price on the
trading day immediately prior to the date of such exercise (or if there is no such Closing Price, then based on the Appraised Value as of such day). 
 (f) Expenses and Taxes. The Company shall pay all expenses, taxes and owner charges payable in connection with the preparation, issuance and delivery of certificates for the Warrant Shares and any
new Series A Warrants, except that if the certificates for the Warrant Shares or the new Series A Warrants are to be registered in a name or names other than the name of the Warrant Holder, funds sufficient to pay all transfer taxes payable as a
result of such transfer shall be paid by the Warrant Holder at the time of its delivery of the Notice of Exercise or promptly upon receipt of a written request by the Company for payment. 
 Section 3: Validity of Series A Warrant and Issuance of Shares. 

(a) The Company represents and warrants that this Series A Warrant has been duly authorized, is validly issued, and constitutes the valid
and binding obligation of the Company and is enforceable against the Company in accordance with its terms. 
 (b) The Company
further represents and warrants that on the date hereof it is duly authorized and reserved, and the Company hereby agrees that it will at all times until the Expiration Date have duly authorized and reserved, such number of Shares as will be
sufficient to permit the exercise in full of the Series A Warrant, and that all such Shares are and will be duly authorized and, when issued upon exercise of the Series A Warrant, will be validly issued, fully paid and non-assessable, and free and
clear of all security interests, claims, liens, equities and other encumbrances. 
 Section 4: Adjustment Provisions. The
Exercise Price in effect at any time, and the number of Warrant Shares that may be purchased upon any exercise of the Series A Warrant, shall be subject to change or adjustment as follows: 

(a) Share Reorganization. If the Company shall subdivide its outstanding Shares into a greater number of Shares, by way of a stock
split, stock dividend or otherwise, or consolidate its outstanding Shares into a smaller number of Shares (any such event being herein called a “Share Reorganization”), then (i) the Exercise Price shall be adjusted,
effective immediately after the effective date of such Share Reorganization, to a price determined by multiplying the Exercise Price in effect immediately prior to such effective date by a fraction, the numerator of which shall be the number of
Shares outstanding on such effective date before giving effect to such Share Reorganization and the denominator of which shall be the number of Shares outstanding after giving effect to such Share Reorganization, and (ii) the number of Shares
subject to purchase upon exercise of this Series A Warrant shall be adjusted, effective at such time, to a number determined by multiplying the number of Shares subject to purchase immediately before such Share Reorganization by a fraction, the
numerator of which shall be the number of Shares outstanding after giving effect to such Share Reorganization and the denominator of which shall be the number of Shares outstanding immediately before giving effect to such Share Reorganization.

 (b) Special Distributions. If the Company shall issue or distribute to any holder or holders of Shares evidences of
indebtedness, any other securities of the Company or any cash, property or other assets (excluding a Share Reorganization), whether or not accompanied by a purchase, redemption or other acquisition of Shares (any such non-excluded event being herein
called a “Special Distribution”), then the Warrant Holder shall be entitled to a pro-rata share of such Special Distribution as though the 

  
 7 

 
Warrant Holder had fully exercised this Series A Warrant immediately prior to the record date for such Special Distribution, and the Company shall pay or distribute such pro-rata share to Warrant
Holder when paid or distributed to the holders of the Shares. A reclassification of the Shares (other than a change in par value, or from par value to no par value or from no par value to par value) into shares of any other class of stock shall be
deemed to be a distribution by the Company to the holders of its Shares of such class of stock and, if the outstanding Shares shall be changed into a larger or smaller number of Shares as part of such reclassification, a Share Reorganization.

 (c) Fundamental Transactions. Upon the occurrence of any Fundamental Transaction, any Successor Entity shall succeed
to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Series A Warrant referring to the “Company” shall refer instead to any Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company under this Series A Warrant with the same effect as if such Successor Entity had been named as the Company herein. Upon consummation of the Fundamental Transaction, any
Successor Entity shall deliver to the Warrant Holder confirmation that there shall be issued upon exercise of this Series A Warrant at any time after the consummation of the Fundamental Transaction, in lieu of the shares of the Common Stock (or
other securities, cash, assets or other property purchasable upon the exercise of the Series A Warrant prior to such Fundamental Transaction), such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or
other purchase or subscription rights), if any, that the Warrant Holder would have been entitled to receive upon the happening of such Fundamental Transaction had this Series A Warrant been exercised immediately prior to such Fundamental
Transaction, as adjusted in accordance with the provisions of this Series A Warrant. In addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental Transaction pursuant to which Warrant Holders of
shares of Common Stock are entitled to receive securities or other assets with respect to or in exchange for shares of Common Stock (a “Corporate Event”), the Company shall make appropriate provision to insure that the
Warrant Holder will thereafter have the right to receive upon an exercise of this Series A Warrant within 90 days after the consummation of the Fundamental Transaction but, in any event, prior to the Expiration Date, in lieu of the shares of the
Common Stock (or other securities, cash, assets or other property) purchasable upon the exercise of the Series A Warrant prior to such Fundamental Transaction, such shares of stock, securities, cash, assets or any other property whatsoever
(including warrants or other purchase or subscription rights) which the Warrant Holder would have been entitled to receive upon the happening of such Fundamental Transaction had the Series A Warrant been exercised immediately prior to such
Fundamental Transaction. Provision made pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Warrant Holder. If Warrant Holders of Common Stock are given any choice as to the securities, cash or property
to be received in a Fundamental Transaction, then the Warrant Holder shall be given the same choice as to the consideration it receives upon any exercise of this Series A Warrant following such Fundamental Transaction. The provisions of this Section
shall apply similarly and equally to successive Fundamental Transactions and Corporate Events and shall be applied without regard to any limitations on the exercise of this Series A Warrant. Notwithstanding the foregoing, in the event of a Change of
Control, at the request of the Warrant Holder delivered before the 90th day after such Change of Control, the Company (or the Successor Entity) shall purchase this Series A Warrant from the Warrant Holder by paying to the Warrant Holder, within five
Business Days after such request (or, if later, on the effective date of the Fundamental Transaction), cash in an amount equal to the Black Scholes Value of the remaining unexercised portion of this Series A Warrant on the date of such Change of
Control. 
 (d) Adjustment of Exercise Price upon Issuance of Common Stock, Options, Convertible Securities, Etc. If at
any time after the Date of Issuance for so long as any Series A Warrants are outstanding, the Company (A) issues or sells any Common Stock, Convertible Securities, warrants, or 

  
 8 

 Options or (B) directly or indirectly effectively reduces the conversion, exercise or exchange price
for any Convertible Securities or Options which are currently outstanding, at or to an effective Per Share Selling Price (as defined below) which is less than the greater of (I) the closing sale price per share of the Common Stock on the
Principal Market or any Eligible Market on which the Common Stock is traded on the trading day immediately preceding such issue or sale (“Fair Market Price”), or (II) the Exercise Price, then in each such case the Exercise
Price in effect immediately prior to such issue or sale date, as applicable, shall be automatically reduced effective concurrently with such issue or sale to an amount determined by multiplying the Exercise Price then in effect by a fraction,
(x) the numerator of which shall be the sum of (1) the number of shares of Common Stock outstanding immediately prior to such issue or sale, plus (2) the number of shares of Common Stock which the aggregate consideration received by
the Company for such additional shares would purchase at such Fair Market Price or Exercise Price, as the case may be, and (y) the denominator of which shall be the number of shares of Common Stock of the Company outstanding immediately after
such issue or sale. Provision (I) of this Section 5(d) shall not apply until such time as the Company has issued in one or a series of transactions after the date of this Series A Warrant, an aggregate number of shares of Common Stock in
excess of 20% of the Company’s outstanding Common Stock as of the date hereof (subject to any appropriate adjustments of the type referred to in Section 5(a)) (the “Issuance Threshold”) as of the date hereof, and
then such provision shall apply only to the extent of issuances in excess of the Issuance Threshold, and shall not apply to Exempt Issuances. Provision (II) of this Section 5(d) shall apply and be effective from and after the date hereof
without regard to the Issuance Threshold and shall not apply to Exempt Issuances covered by the provisions of clauses (a) and (b) of the next succeeding paragraph. 
 As used herein, “Exempt Issuance” means the issuance of (a) shares of Common Stock or Options to employees, officers or directors of the Company pursuant to any stock or option plan duly
adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose in the aggregate of 10% of the current outstanding
shares of Common Stock, (b) Common Stock, Convertible Securities, warrants, or Options upon the exercise or exchange of or conversion of any securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into
shares of Common Stock issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange
price or conversion price of such securities and (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that any such issuance shall only be to a
Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits
in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities. 

For the purposes of the foregoing adjustments, in the case of the issuance of any Convertible Securities or Options, the maximum number of shares of
Common Stock issuable upon exercise, exchange or conversion of such Convertible Securities or Options shall be deemed to be outstanding, provided that no further adjustment shall be made upon the actual issuance of Common Stock upon exercise,
exchange or conversion of such Convertible Securities or Options, and provided further that to the extent such Convertible Securities or Options expire or terminate unconverted or unexercised, then at such time the Exercise Price shall be readjusted
as if such portion of such Convertible Securities or Options had not been issued. 

  
 9 

 For purposes of this Section 5(d), if an event occurs that triggers more than one of the above
adjustment provisions, then only one adjustment shall be made and the calculation method which yields the greatest downward adjustment in the Exercise Price shall be used. 
 For purposes of determining the adjusted Exercise Price under this Section 5(d), the following shall be applicable: 
 (i) Record Date. If the Company takes a record of the holders of Common Stock for the purpose of entitling them (1) to receive a dividend or other distribution payable in Common Stock, Options
or in Convertible Securities or (2) to subscribe for or purchase Common Stock, Options or Convertible Securities, then such record date will be deemed to be the date of the issue or sale of the Common Stock deemed to have been issued or sold
upon the declaration of such dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase, as the case may be. 
 (ii) Other Events. If any event occurs of the type contemplated by the provisions of this Section 5(d) but not expressly provided for by such provisions (including, without limitation, the
granting of stock appreciation rights, phantom stock rights or other rights with equity features), then the Company’s Board of Directors will make an appropriate adjustment in the Exercise Price so as to protect the rights of the Warrant Holder
under this Series A Warrant; provided that no such adjustment will increase the Exercise Price as otherwise determined pursuant to this Section 5(d). 
 For purposes hereof: 
 “Convertible Securities” means any stock or
securities (other than Options) directly or indirectly convertible into or exercisable or exchangeable for Common Stock. 

“Options” means any rights, warrants or options to subscribe for or purchase Common Stock or Convertible Securities. 

(e) “Per Share Selling Price” shall include the amount actually paid by third parties for each share of Common Stock in
a sale or issuance by the Company. In the event a fee is paid by the Company in connection with such transaction directly or indirectly to such third party or its affiliates, any such fee shall be deducted from the selling price pro rata to all
shares sold in the transaction to arrive at the Per Share Selling Price. A sale of shares of Common Stock shall include the sale or issuance of Convertible Securities or Options, and in such circumstances the Per Share Selling Price of the Common
Stock covered thereby shall also include the exercise, exchange or conversion price thereof (in addition to the consideration received by the Company upon such sale or issuance less the fee amount as provided above). In case of any such security
issued in a transaction in which the purchase price or the conversion, exchange or exercise price is directly or indirectly subject to adjustment or reset based on a future date, future trading prices of the Common Stock, specified or contingent
events directly or indirectly related to the business of the Company or the market for the Common Stock, or otherwise (but excluding standard stock split anti-dilution provisions or weighted-average anti-dilution provisions similar to that set forth
herein, provided that any actual reduction of such price under any such security pursuant to such weighted-average anti-dilution provision shall be included and cause an adjustment hereunder), the Per Share Selling Price shall be deemed to be the
lowest conversion, exchange, exercise or reset price at which such securities are converted, exchanged, exercised or reset or might have been converted, exchanged, exercised or reset, or the lowest adjustment, as the case may be, over the life of
such securities. If shares are issued for a consideration other than cash, the Per Share Selling Price shall be the fair value of such consideration as determined in good faith by independent certified public accountants

  
 10 

 mutually acceptable to the Company and the Warrant Holder. In the event the Company directly or indirectly
effectively reduces the conversion, exercise or exchange price for any Convertible Securities or Options which are currently outstanding, then the Per Share Selling Price shall equal such effectively reduced conversion, exercise or exchange price.

 (f) Adjustment Rules. 
 (i) Any adjustments pursuant to this Section 4 shall be made successively whenever any event referred to herein shall occur, except that, notwithstanding any other provision of this
Section 4, no adjustment shall be made to the number of Warrant Shares to be delivered to the Warrant Holder (or to the Exercise Price) if such adjustment represents less than 1% of the number of Warrant Shares previously required to be
so delivered, but any lesser adjustment shall be carried forward and shall be made at the time and together with the next subsequent adjustment which together with any adjustments so carried forward shall amount to 1% or more of the number of
Warrant Shares to be so delivered. 
 (ii) No adjustments shall be made pursuant to this Section 4 in respect of the
issuance of Warrant Shares upon exercise of the Series A Warrant; 
 (iii) If the Company shall take a record of the holders of
its Shares for any purpose referred to in this Section 4, then (x) such record date shall be deemed to be the date of the issuance, sale, distribution or grant in question and (y) if the Company shall legally abandon such
action prior to effecting such action, no adjustment shall be made pursuant to this Section 4 in respect of such action. 
 (iv) In computing adjustments under this Section 4, (A) fractional interests in Shares shall be taken into account to the nearest one-thousandth of a Share, and (B) calculations of
the Exercise Price shall be carried to the nearest one-thousandth of one cent. 
 (g) Proceedings Prior to Any Action
Requiring Adjustment. As a condition precedent to the taking of any action which would require an adjustment pursuant to this Section 4, the Company shall take any action which may be necessary, including obtaining regulatory
approvals or exemptions, in order that the Company may thereafter validly and legally issue as fully paid and nonassessable all Shares which the Warrant Holder is entitled to receive upon exercise of the Series A Warrant. 

(h) Notice of Adjustment. Not less than 20 days prior to the record date or effective date, as the case may be, of any action
which requires or might require an adjustment or readjustment pursuant to this Section 4, the Company shall give notice to the Warrant Holder of such event, describing such event in reasonable detail and specifying the record date or
effective date, as the case may be, and, if determinable, the required adjustment and computation thereof. If the required adjustment is not determinable at the time of such notice, the Company shall give notice to the Warrant Holder of such
adjustment and computation as soon as reasonably practicable after such adjustment becomes determinable. In connection with any such adjustment or readjustment, at its sole cost and expense, the Company will also cause independent certified public
accountants of recognized national standing (which may be the regular auditors of the Company) selected by the Company to verify its computations and confirm that such computations were made in accordance with this Section 4 and, in
connection with the preparation of the Company’s quarterly financial statements prepare a report setting forth such adjustment or readjustment and showing in reasonable detail the method of calculation thereof and the facts upon which such
adjustment or readjustment is based, including a statement of (i) the number of Shares outstanding or deemed to be outstanding, and (ii) the Exercise Price in effect immediately prior to such issue or sale and as adjusted and readjusted
(if required by this Section 4) on account thereof. 

  
 11 

 
The Company will forthwith mail a copy of each such report to the Warrant Holder and will, upon the written request at any time of the Warrant Holder, furnish to such holder a like report setting
forth the Exercise Price at the time in effect and showing in reasonable detail how it was calculated. The Company will also keep copies of all such reports at its office and will cause the same to be available for inspection at such office during
normal business hours by the Warrant Holder or any prospective purchaser of this Series A Warrant designated by the Warrant Holder. 
 (i) Disputes. Any dispute which arises between the Warrant Holder and the Company with respect to the calculation of the adjusted Exercise Price or Warrant Shares issuable upon exercise shall be
determined by the independent auditors of the Company in accordance with the terms of this Series A Warrant, and such determination shall be binding upon the Company and the holders of the Series A Warrants and the Warrant Shares if made in good
faith and without manifest error. 
 (j) Other Actions Affecting Shares. 

(i) Equitable Equivalent. In case any event shall occur as to which the provisions of this Section 4 set forth above
hereof are not strictly applicable but the failure to make any adjustment would not, or if the application of the provisions of this Section 4 otherwise would not, in the opinion of the Warrant Holder, fairly protect the purchase rights
represented by this Series A Warrant in accordance with the essential intent and principles of this Section 4, then, in each such case, at the request of the Warrant Holder, the Company shall appoint a firm of independent investment
bankers of recognized national standing (which shall be completely independent of the Company and shall be satisfactory to the Warrant Holder or the Requisite Holders), which shall give their opinion upon the adjustment, if any, on a basis
consistent with the essential intent and principles established in this Section 4, necessary to preserve the purchase rights of such Warrant Holder represented by this Series A Warrant. Upon receipt of such opinion, the Company will
promptly mail a copy thereof to the holder of this Series A Warrant and shall make the adjustments described therein. 
 (ii)
No Avoidance. The Company shall not, by amendment of its certificate of incorporation or bylaws or through any consolidation, merger, reorganization, transfer of assets, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this Series A Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the holder of this Series A Warrant against dilution or other impairment as if the holder was a stockholder of the Company entitled to the benefit of fiduciary duties afforded to stockholders under
Delaware law. 
 (k) Adjustment of Par Value. If for any reason (including the operation of the adjustment provisions set
forth in this Series A Warrant), the Exercise Price on any date of exercise of this Series A Warrant shall not be lawful and adequate consideration for the issuance of the relevant Warrant Shares, then the Company shall take such steps as are
necessary (including the amendment of its certificate of incorporation so as to reduce the par value of the Shares) to cause such Exercise Price to be adequate and lawful consideration on the date the payment thereof is due, but if the Company shall
fail to take such steps, then the Company acknowledges that the Warrant Holder shall have been damaged by the Company in an amount equal to an amount, that, when added to the total Exercise Price for the relevant Warrant Shares, would equal lawful
and adequate consideration for the issuance of such Warrant Shares, and the Company irrevocably agrees that if the Warrant Holder shall then forgive the right to recover such damages from the Company, such forgiveness shall constitute, and Company
shall accept such forgiveness as, additional lawful consideration for the issuance of the relevant Warrant Shares. 

  
 12 

 (l) Appraisal. 

(i) If the Requisite Holders shall, for any reason whatsoever, disagree with the Company’s determination of the Appraised Value of a
Share, then such holders shall by notice to the Company (an “Appraisal Notice”) given within sixty (60) days after the Company notifies the holders of such determination, elect to dispute such determination, and such
dispute shall be resolved as set forth in clause (ii) of this Section. 
 (ii) The Company shall within ten (10) days
after an Appraisal Notice has been given, engage an independent investment bank of national repute (the “Appraiser”) selected by the Requisite Holders and retained pursuant to an engagement letter between the Company and the
Appraiser with respect to such valuation in form and substance reasonably acceptable to Requisite Holders, to make an independent determination of the Appraised Value of a Share; such value shall be determined without deduction for
(a) liquidity considerations, (b) minority stockholder status, or (c) any liquidation or other preference or any right of redemption in favor of any other equity securities of the Company. The costs of engagement of such investment
bank for any such determination of Appraised Value shall be paid by the Company. 
 Section 5: Restrictions on
Exercise. The Company shall provide to the Warrant Holder prompt written notice of any time that the Company is unable to issue the Warrant Shares via DTC transfer (or otherwise without restrictive legend), because (A) the Commission
has issued a stop order with respect to the Registration Statement on Form S-3 (File No. 333-178656) (the “Registration Statement”), (B) the Commission otherwise has suspended or withdrawn the effectiveness of the
Registration Statement, either temporarily or permanently, (C) the Company has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, or (D) the Registration Statement is otherwise not
then effective (each a “Restrictive Legend Event”). To the extent that a Restrictive Legend Event occurs after the Warrant Holder has exercised this Series A Warrant but prior to the delivery of the Warrant Shares, the
Company shall (i) if the VWAP over the last five consecutive trading days is greater than the Exercise Price, provide written notice to the Warrant Holder that the Company will deliver that number of Warrant Shares to the Warrant Holder as
should be delivered in a cashless exercise in accordance with subsection (ii) of Section 2(a), and return to the Warrant Holder all consideration paid to the Company in connection with the Warrant Holder’s attempted exercise of
this Series A Warrant (a “Company-Elected Conversion”), or (ii) at the election of the Warrant Holder to be given within five (5) days of receipt of notice of a Company-Elected Conversion, the Warrant Holder shall
be entitled to rescind the previously submitted Notice of Exercise and the Company shall return all consideration paid by Warrant Holder for such shares upon such rescission. The Company shall provide to the Warrant Holder prompt written notice of
the termination of the Restrictive Legend Event. If a Restricted Legend Event is occurring as of the Expiration Date, the term of this Series A Warrant shall be extended until the fifth (5th) business day after the termination of such Restricted Legend Event. For purposes of clarity, notwithstanding a
Restrictive Legend Event, the Warrant Holder has the right to exercise this Series A Warrant in accordance with subsection (ii) of Section 2(a). 
 The Warrant Holder understands that if the Company does not file reports pursuant to either Section 13(a) or Section 15(d) of the Exchange Act, or if a registration statement covering this Series A
Warrant or the Warrant Shares, as applicable, is not in effect when it desires to sell (i) the rights to purchase Shares pursuant to this Series A Warrant or (ii) the Shares issuable upon exercise of the right to purchase, the Warrant
Holder may be required to hold such securities for an indefinite period. The Warrant Holder also understands that any sale of (A) its rights hereunder to purchase Shares or (B) Shares issued or issuable hereunder that might be made by it
in reliance upon Rule 144 under the Securities Act may be made only 

  
 13 

 in accordance with the terms and conditions of Rule 144. The Warrant Holder hereby acknowledges and agrees
that if a registration statement under the Securities Act covering the Warrant Shares is not effective at the time this Series A Warrant is exercised, the Warrant Holder shall only be permitted to exercise this Series A Warrant by means of a net
issuance pursuant to subsection (ii) of Section 2(a). 
 Section 6: Transfer of Series A Warrant. This
Series A Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company, subject to applicable securities laws. 
 Section 7: Identity of Transfer Agent. The Transfer Agent for the Shares is Continental Stock Transfer & Trust Company, LLC. Upon the appointment of any subsequent transfer
agent for the Shares, the Company will mail to the Warrant Holder a statement setting forth the name and address of such transfer agent. 

Section 8: Lost, Mutilated or Missing Series A Warrants. Upon receipt by the Company of evidence reasonably satisfactory to it of the
loss, theft, destruction or mutilation of any Series A Warrant, and, in the case of loss, theft or destruction, upon receipt of indemnification satisfactory to the Company (in the case of the Initial Holder its unsecured, unbonded agreement of
indemnity or affidavit of loss shall be sufficient) or, in the case of mutilation, upon surrender and cancellation of the mutilated Series A Warrant, the Company shall execute and deliver a new Series A Warrant of like tenor and representing the
right to purchase the same aggregate number of Warrant Shares. 
 Section 9: Limitation on Exercise. Notwithstanding anything to
the contrary contained herein, the number of Warrant Shares that may be acquired by the Warrant Holder upon any exercise of this Series A Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to ensure that, following
such exercise (or other issuance), the total number of Shares then beneficially owned by the Warrant Holder and any other Persons whose beneficial ownership of Shares would be aggregated with the Warrant Holder’s for purposes of Section 13(d)
of the Exchange Act, does not exceed 4.99% of the total number of then issued and outstanding Shares (including for such purpose the Shares issuable upon such exercise). For such purposes, beneficial ownership shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Warrant Holder that the Company is not representing to such Warrant Holder that such calculation is in compliance with Section 13(d)
of the Exchange Act and such Warrant Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 9 applies, the determination of whether this Series
A Warrant is exercisable (in relation to other securities owned by such Warrant Holder) and of which portion of this Series A Warrant is exercisable shall be in the sole discretion of the Warrant Holder, and the submission of a Notice of Exercise
shall be deemed to be the Warrant Holder’s determination of whether this Series A Warrant is exercisable (in relation to other securities owned by such Warrant Holder) and of which portion of this Series A Warrant is exercisable, in each case
subject to such aggregate percentage limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 9, in determining the number of outstanding Shares, the Warrant Holder may rely on the number of
outstanding Shares as reflected in (x) the Company’s most recent Form 10-Q or Form 10-K, as the case may be, (y) a more recent public announcement by the Company or (z) any other notice by the Company or the Company’s
transfer agent setting forth the number of Shares outstanding. Upon the written request of the Warrant Holder, the Company shall within three Business Days confirm orally and in writing to such Warrant Holder the number of Shares. This provision
shall not restrict the number of Shares which a Warrant Holder may receive or beneficially own in order to determine the amount of securities or other 

  
 14 

 consideration that such Warrant Holder may receive in the event of a transaction
contemplated in Section 4 of this Series A Warrant. By written notice to the Company, which will not be effective until the 61st day after such notice is delivered to the Company, the Warrant Holder may waive the provisions of this
Section 9 (but such waiver will not affect any other holder) to change the beneficial ownership limitation to 9.99% of the number of Shares outstanding immediately after giving effect to the issuance of Shares upon exercise of this
Series A Warrant, and the provisions of this Section 9 shall continue to apply. Upon such a change by a Warrant Holder of the beneficial ownership limitation from such 4.99% limitation to such 9.99% limitation, the beneficial ownership
limitation may not be further waived by such Warrant Holder. 
 Section 10: Waivers; Amendments. Any provision of this Series
A Warrant may be amended or waived with (but only with) the written consent of the Company and the Warrant Holder. No failure or delay of the Company or the Warrant Holder in exercising any power or right hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereon or the exercise of any other right or power. No
notice or demand on the Company in any case shall entitle the Company to any other or future notice or demand in similar or other circumstances. The rights and remedies of the Company and the Warrant Holder hereunder are cumulative and not exclusive
of any rights or remedies which it would otherwise have. 
 Section 11: Miscellaneous. 

(a) Stockholder Rights. The Series A Warrant shall not entitle any Warrant Holder, prior to the exercise of the Series A Warrant,
to any voting rights as a stockholder of the Company. 
 (b) Expenses. The Company shall pay all reasonable expenses of
the Warrant Holder, including reasonable fees and disbursements of counsel, in connection with the preparation of the Series A Warrant, any waiver or consent hereunder or any amendment or modification hereof (regardless of whether the same becomes
effective), or the enforcement of the provisions hereof; provided that the Company shall not be required to pay any expenses of the Warrant Holder arising solely in connection with a transfer of the Series A Warrant. 

(c) Successors and Assigns. All the provisions of this Series A Warrant by or for the benefit of the Company or the Warrant Holder
shall bind and inure to the benefit of their respective successors and assigns. 
 (d) Severability. In case any one or
more of the provisions contained in this Series A Warrant shall be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired
thereby. The parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable
provisions. 
 (e) Notices. Any notice or other communication hereunder shall be in writing and shall be sufficient if
sent by facsimile or first-class mail or courier, postage prepaid, and addressed as follows: (a) if to the Company, addressed to the Company at its address for notices as set forth below its signature hereon or any other address as the Company
may hereafter notify to the Warrant Holder and (b) if to the Warrant Holder, addressed to such address as the Warrant Holder may hereafter from time to time notify to the Company for the purposes of notice hereunder. 

  
 15 

 (f) Equitable Remedies. Without limiting the rights of the Company and the Warrant
Holder to pursue all other legal and equitable rights available to such party for the other parties’ failure to perform its obligations hereunder, the Company and the Warrant Holder each hereto acknowledge and agree that the remedy at law for
any failure to perform any obligations hereunder would be inadequate and that each shall be entitled to specific performance, injunctive relief or other equitable remedies in the event of any such failure. 

(g) Continued Effect. Rights and benefits conferred on the holders of Warrant Shares pursuant to the provisions hereof shall
continue to inure to the benefit of, and shall be enforceable by, such holders, notwithstanding the surrender of the Series A Warrant to, and its cancellation by, the Company upon the full or partial exercise or repurchase hereof. 

(h) Confidentiality. The Warrant Holder agrees to keep confidential any proprietary information relating to the Company delivered
by the Company hereunder; provided that nothing herein shall prevent the Warrant Holder from disclosing such information: (i) to any holder of Series A Warrants or Warrant Shares, (ii) to any Affiliate of any holder of Series A
Warrants or Warrant Shares or any actual or potential transferee of the rights or obligations hereunder that agrees to be bound by this Section 11(h), (iii) upon order, subpoena, or other process of any court or administrative
agency or otherwise required by law, (iv) upon the request or demand of any regulatory agency or authority having jurisdiction over such party, (v) which has been publicly disclosed, (vi) which has been obtained from any Person that
is not a party hereto or an affiliate of any such party, (vii) in connection with the exercise of any remedy, or the resolution of any dispute hereunder, (viii) to the legal counsel or certified public accountants for any holder of Series
A Warrants or Warrant Shares, or (ix) as otherwise expressly contemplated by this Series A Warrant. Notwithstanding the foregoing, the Company shall not provide material, non-public information to the Warrant Holder without such Warrant
Holder’s written consent. 
 (i) Governing Law. THIS SERIES A WARRANT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, EXCEPT AS OTHERWISE REQUIRED BY MANDATORY PROVISIONS OF LAW. 
 (j)
Section Headings. The section headings used herein are for convenience of reference only and shall not be construed in any way to affect the interpretation of any provisions of the Series A Warrant. 

[Remainder of Page Intentionally Left Blank] 

  
 16 

 IN WITNESS WHEREOF, the Company has caused this Series A Warrant to be duly executed
by its authorized signatory as of the day and year first above written. 
  

			
	TITAN PHARMACEUTICALS, INC., a Delaware corporation
	
	 By:
                                         
                                      

	
	 Name:
                                         
                                 

	
	 Title:
                                         
                                   

  

			
	Address for Notices:             	  	400 Oyster Point Blvd., Suite 505 South San Francisco, California 94080
	Facsimile:	  	(650) 244-4956

  
 17 

 EXHIBIT A TO SERIES A WARRANT 

Form of Notice of Exercise 
                      , 20         

To: Titan Pharmaceuticals, Inc. 

Reference is made to the Series A Warrant dated             , 2012.
Terms defined therein are used herein as therein defined. 
 The undersigned, pursuant to the provisions set forth in the Series
A Warrant, hereby irrevocably elects and agrees to purchase              Shares, and makes payment herewith in full therefor at the Exercise Price of
$             in the following form: 

                      
      . 
 [If the number of Shares as to which the Series A Warrant is being exercised
is less than all of the Shares purchasable thereunder, the undersigned hereby requests that a new Series A Warrant representing the remaining balance of the Shares be registered in the name of
            , whose address is: 

                      
      .] 
 The undersigned hereby represents that it is exercising the Series A Warrant for
its own account or the account of an Affiliate and not with the view to any sale or distribution and that the Warrant Holder will not offer, sell or otherwise dispose of the Series A Warrant or any underlying Warrant Shares in violation of
applicable securities laws. 
  

			
	 [NAME OF WARRANT HOLDER]

	
	 By:
                                         
                                      

	
	 Name:
                                         
                                 

	
	 Title:
                                         
                                   

	
	 [ADDRESS OF WARRANT HOLDER]

  
 18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}]]