Document:

life-ex413_7.htm

Exhibit 4.13

 

 

 

 

 

 

 

 

aTyr Pharma, Inc. 

and

_____________, As Warrant Agent

Form of Debt Securities
Warrant Agreement

Dated as of __________

 

 

 

 

 

atyr pharma, INC.

FORM OF DEBT SECURITIES WARRANT AGREEMENT

This Debt Securities Warrant Agreement (this “Agreement”), dated as of [●], between aTyr Pharma, Inc., a Delaware corporation (the “Company”), and [●], a [corporation] [national banking association] organized and existing under the laws of [●] and having a corporate trust office in [●], as warrant agent (the “Warrant Agent”).

Whereas, the Company has entered into an indenture dated as of [●] (the “Indenture”), with [●], as trustee (such trustee, and any successors to such trustee, herein called the “Trustee”), providing for the issuance from time to time of its debt securities, to be issued in one or more series as provided in the Indenture (the “Debt Securities”); 

Whereas, the Company proposes to sell [If Warrants are sold with other securities — [title of such other securities being offered] (the “Other Securities”) with] warrant certificates evidencing one or more warrants (the “Warrants” or, individually, a “Warrant”) representing the right to purchase [title of Debt Securities purchasable through exercise of Warrants] (the “Warrant Debt Securities”), such warrant certificates and other warrant certificates issued pursuant to this Agreement being herein called the “Warrant Certificates”; and

Whereas, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this Agreement wishes to set forth, among other things, the form and provisions of the Warrant Certificates and the terms and conditions on which they may be issued, registered, transferred, exchanged, exercised and replaced.

Now Therefore, in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows:

Article 1

ISSUANCE OF WARRANTS AND EXECUTION AND
DELIVERY OF WARRANT CERTIFICATES

1.1Issuance of Warrants.  [If Warrants alone — Upon issuance, each Warrant Certificate shall evidence one or more Warrants.] [If Other Securities and Warrants — Warrant Certificates will be issued in connection with the issuance of the Other Securities but shall be separately transferable and each Warrant Certificate shall evidence one or more Warrants.] Each Warrant evidenced thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one Warrant Debt Security. [If Other Securities and Warrants — Warrant Certificates will be issued with the Other Securities and each Warrant Certificate will evidence [●] Warrants for each [$[●] principal amount] [[●] shares] of Other Securities issued.]

1.2Execution and Delivery of Warrant Certificates. Each Warrant Certificate, whenever issued, shall be in registered form substantially in the form set forth in Exhibit A hereto, shall be dated the date of its countersignature by the Warrant Agent and may have such letters, numbers, or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the officers of the Company executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Agreement, or as may be 

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required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which the Warrants may be listed, or to conform to usage. The Warrant Certificates shall be signed on behalf of the Company by any of its present or future chief executive officers, presidents, senior vice presidents, vice presidents, chief financial officers, chief legal officers, treasurers, assistant treasurers, controllers, assistant controllers, secretaries or assistant secretaries under its corporate seal reproduced thereon. Such signatures may be manual or facsimile signatures of such authorized officers and may be imprinted or otherwise reproduced on the Warrant Certificates. The seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant Certificates.

No Warrant Certificate shall be valid for any purpose, and no Warrant evidenced thereby shall be exercisable, until such Warrant Certificate has been countersigned by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be conclusive evidence that the Warrant Certificate so countersigned has been duly issued hereunder.

In case any officer of the Company who shall have signed any of the Warrant Certificates either manually or by facsimile signature shall cease to be such officer before the Warrant Certificates so signed shall have been countersigned and delivered by the Warrant Agent, such Warrant Certificates may be countersigned and delivered notwithstanding that the person who signed such Warrant Certificates ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Warrant Certificate, shall be the proper officers of the Company, although at the date of the execution of this Agreement any such person was not such officer.

The term “holder” or “holder of a Warrant Certificate” as used herein shall mean any person in whose name at the time any Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose.

1.3Issuance of Warrant Certificates. Warrant Certificates evidencing the right to purchase Warrant Debt Securities may be executed by the Company and delivered to the Warrant Agent upon the execution of this Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt of Warrant Certificates duly executed on behalf of the Company, countersign such Warrant Certificates and shall deliver such Warrant Certificates to or upon the order of the Company.

Article 2

WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS

2.1Warrant Price.  During the period specified in Section 2.2, each Warrant shall, subject to the terms of this Agreement and the applicable Warrant Certificate, entitle the holder thereof, to purchase the principal amount of Warrant Debt Securities specified in the applicable Warrant Certificate at an exercise price of [●]% of the principal amount thereof [plus accrued amortization, if any, of the original issue discount of the Warrant Debt Securities] [plus accrued interest, if any, from the most recent date from which interest shall have been paid on the Warrant Debt Securities or, if no interest shall have been paid on the Warrant Debt Securities, from the date of their initial issuance.] [The original issue discount ($[●] for each $1,000 principal amount of Warrant Debt Securities) will be amortized at a [●]% annual rate, computed on a[n] [semi-] annual basis [using a 360-day year consisting of twelve 30-day months].] Such purchase price for the Warrant Debt Securities is referred to in this Agreement as the “Warrant Price.”

2.2Duration of Warrants.  Each Warrant may be exercised in whole or in part at any time, as specified herein, on or after [the date thereof] [●] and at or before [●] p.m., [City] time, on [●] or such 

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later date as the Company may designate by notice to the Warrant Agent and the holders of Warrant Certificates mailed to their addresses as set forth in the record books of the Warrant Agent (the “Expiration Date”). Each Warrant not exercised at or before [●] p.m., [City] time, on the Expiration Date shall become void, and all rights of the holder of the Warrant Certificate evidencing such Warrant under this Agreement shall cease.

2.3Exercise of Warrants. 

(a)During the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of Warrant Debt Securities in registered form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds] the Warrant Price for each Warrant Debt Security with respect to which a Warrant is being exercised to the Warrant Agent at its corporate trust office, provided that such exercise is subject to receipt within five business days of such payment by the Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant Debt Securities set forth on the reverse side of the Warrant Certificate properly completed and duly executed. The date on which payment in full of the Warrant Price is received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid, be deemed to be the date on which the Warrant is exercised; provided, however, that if, at the date of receipt of such Warrant Certificates and payment in full of the Warrant Price, the transfer books for the Warrant Debt Securities purchasable upon the exercise of such Warrants shall be closed, no such receipt of such Warrant Certificates and no such payment of such Warrant Price shall be effective to constitute the person so designated to be named as the holder of record of such Warrant Debt Securities on such date, but shall be effective to constitute such person as the holder of record of such Warrant Debt Securities for all purposes at the opening of business on the next succeeding day on which the transfer books for the Warrant Debt Securities purchasable upon the exercise of such Warrants shall be opened, and the certificates for the Warrant Debt Securities in respect of which such Warrants are then exercised shall be issuable as of the date on such next succeeding day on which the transfer books shall next be opened, and until such date the Company shall be under no duty to deliver any certificate for such Warrant Debt Securities. The Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in an account of the Company maintained with it and shall advise the Company by telephone at the end of each day on which a payment for the exercise of Warrants is received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephone advice to the Company in writing.

(b)The Warrant Agent shall, from time to time, as promptly as practicable, advise the Company of (i) the number of Warrant Debt Securities with respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates evidencing such Warrants with respect to delivery of the Warrant Debt Securities to which such holder is entitled upon such exercise, (iii) delivery of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant Debt Securities after such exercise, and (iv) such other information as the Company or the Trustee shall reasonably require.

(c)As soon as practicable after the exercise of any Warrant, the Company shall issue, pursuant to the Indenture, in authorized denominations, to or upon the order of the holder of the Warrant Certificate evidencing such Warrant, the Warrant Debt Securities to which such holder is entitled, in fully registered form, registered in such name or names as may be directed by such holder. If fewer than all of the Warrants evidenced by such Warrant Certificate are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, a new Warrant Certificate evidencing Warrants for the number of Warrant Debt Securities remaining unexercised.

(d)The Company shall not be required to pay any stamp or other tax or other governmental charge required to be paid in connection with any transfer involved in the issue of the Warrant 

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Debt Securities, and in the event that any such transfer is involved, the Company shall not be required to issue or deliver any Warrant Debt Securities until such tax or other charge shall have been paid or it has been established to the Company’s satisfaction that no such tax or other charge is due.

(e)Prior to the issuance of any Warrants there shall have been reserved, and the Company shall at all times through the Expiration Date keep reserved, out of its authorized but unissued Warrant Debt Securities, a number of shares sufficient to provide for the exercise of the Warrants.

Article 3

OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF
WARRANT CERTIFICATES

3.1No Rights as Holder of Warrant Debt Securities Conferred by Warrants or Warrant Certificates.  No Warrant Certificate or Warrant evidenced thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Debt Securities, including, without limitation, the right to receive the payment of principal of (or premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce any of the covenants in the Indenture.

3.2Lost, Stolen, Mutilated or Destroyed Warrant Certificates.  Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it and the Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and/or indemnity reasonably satisfactory to the Warrant Agent and the Company and, in the case of mutilation, upon surrender of the mutilated Warrant Certificate to the Warrant Agent for cancellation, then, in the absence of notice to the Company or the Warrant Agent that such Warrant Certificate has been acquired by a bona fide purchaser, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of the same tenor and evidencing Warrants for a like principal amount of Warrant Debt Securities. Upon the issuance of any new Warrant Certificate under this Section 3.2, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Warrant Agent) in connection therewith. Every substitute Warrant Certificate executed and delivered pursuant to this Section 3.2 in lieu of any lost, stolen or destroyed Warrant Certificate shall represent an additional contractual obligation of the Company, whether or not the lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled to the benefits of this Agreement equally and proportionately with any and all other Warrant Certificates duly executed and delivered hereunder. The provisions of this Section 3.2 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement of mutilated, lost, stolen or destroyed Warrant Certificates.

3.3Holder of Warrant Certificate May Enforce Rights.  Notwithstanding any of the provisions of this Agreement, any holder of a Warrant Certificate, without the consent of the Warrant Agent, the Trustee, the holder of any Warrant Debt Securities or the holder of any other Warrant Certificate, may, in such holder’s own behalf and for such holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such holder’s right to exercise the Warrants evidenced by such holder’s Warrant Certificate in the manner provided in such holder’s Warrant Certificates and in this Agreement.

3.4Merger, Sale, Conveyance or Lease.  In case of (a) any share exchange, merger or similar transaction of the Company with or into another person or entity (other than a share exchange, merger or similar transaction in which the Company is the acquiring or surviving corporation) or (b) the sale, exchange, lease, transfer or other disposition of all or substantially all of the properties and assets of the 

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Company as an entirety (in any such case, a “Reorganization Event”), then, as a condition of such Reorganization Event, lawful provisions shall be made, and duly executed documents evidencing the same from the Company’s successor shall be delivered to the holders of the Warrants, so that such successor shall succeed to and be substituted for the Company, and assume all the Company’s obligations under, this Agreement and the Warrants. The Company shall thereupon be relieved of any further obligation hereunder or under the Warrants, and the Company as the predecessor corporation may thereupon or at any time thereafter be dissolved, wound up or liquidated. Such successor or assuming entity thereupon may cause to be signed, and may issue either in its own name or in the name of the Company, any or all of the Warrants issuable hereunder which heretofore shall not have been signed by the Company, and may execute and deliver securities in its own name, in fulfillment of its obligations to deliver Warrant Debt Securities upon exercise of the Warrants. All the Warrants so issued shall in all respects have the same legal rank and benefit under this Agreement as the Warrants theretofore or thereafter issued in accordance with the terms of this Agreement as though all of such Warrants had been issued at the date of the execution hereof. In any case of any such Reorganization Event, such changes in phraseology and form (but not in substance) may be made in the Warrants thereafter to be issued as may be appropriate. The Warrant Agent may receive a written opinion of legal counsel as conclusive evidence that any such Reorganization Event complies with the provisions of this Section 3.4.

3.5Notice to Warrantholders.  In case the Company shall (a) effect any Reorganization Event or (b) make any distribution on or in respect of the [title of Warrant Debt Securities] in connection with the dissolution, liquidation or winding up of the Company, then the Company shall mail to each holder of Warrants at such holder’s address as it shall appear on the books of the Warrant Agent, at least ten days prior to the applicable date hereinafter specified, a notice stating the date on which such Reorganization Event, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders of [title of Warrant Debt Securities] of record shall be entitled to exchange their shares of [title of Warrant Debt Securities] for securities or other property deliverable upon such Reorganization Event, dissolution, liquidation or winding up. No failure to mail such notice nor any defect therein or in the mailing thereof shall affect any such transaction.

Article 4

EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES

4.1Exchange and Transfer of Warrant Certificates. Upon surrender at the corporate trust office of the Warrant Agent, Warrant Certificates evidencing Warrants may be exchanged for Warrant Certificates in other denominations evidencing such Warrants or the transfer thereof may be registered in whole or in part; provided that such other Warrant Certificates evidence Warrants for the same aggregate principal amount of Warrant Debt Securities as the Warrant Certificates so surrendered. The Warrant Agent shall keep, at its corporate trust office, books in which, subject to such reasonable regulations as it may prescribe, it shall register Warrant Certificates and exchanges and transfers of outstanding Warrant Certificates, upon surrender of the Warrant Certificates to the Warrant Agent at its corporate trust office for exchange or registration of transfer, properly endorsed or accompanied by appropriate instruments of registration of transfer and written instructions for transfer, all in form satisfactory to the Company and the Warrant Agent. No service charge shall be made for any exchange or registration of transfer of Warrant Certificates, but the Company may require payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed in connection with any such exchange or registration of transfer. Whenever any Warrant Certificates are so surrendered for exchange or registration of transfer, an authorized officer of the Warrant Agent shall manually countersign and deliver to the person or persons entitled thereto a Warrant Certificate or Warrant Certificates duly authorized and executed by the Company, as so requested. The Warrant Agent shall not be required to effect any exchange or registration of transfer which will result in the issuance of a Warrant Certificate evidencing a Warrant for a fraction of a Warrant 

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Debt Security or a number of Warrants for a whole number of Warrant Debt Securities and a fraction of a Warrant Debt Security. All Warrant Certificates issued upon any exchange or registration of transfer of Warrant Certificates shall be the valid obligations of the Company, evidencing the same obligations and entitled to the same benefits under this Agreement as the Warrant Certificate surrendered for such exchange or registration of transfer.

4.2Treatment of Holders of Warrant Certificates. The Company, the Warrant Agent and all other persons may treat the registered holder of a Warrant Certificate as the absolute owner thereof for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced thereby, any notice to the contrary notwithstanding.

4.3Cancellation of Warrant Certificates.  Any Warrant Certificate surrendered for exchange, registration of transfer or exercise of the Warrants evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates surrendered or so delivered to the Warrant Agent shall be promptly canceled by the Warrant Agent and shall not be reissued and, except as expressly permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor or in lieu thereof. The Warrant Agent shall deliver to the Company from time to time or otherwise dispose of canceled Warrant Certificates in a manner satisfactory to the Company.

Article 5

CONCERNING THE WARRANT AGENT

5.1Warrant Agent.  The Company hereby appoints [●] as Warrant Agent of the Company in respect of the Warrants and the Warrant Certificates upon the terms and subject to the conditions herein set forth, and [●] hereby accepts such appointment. The Warrant Agent shall have the powers and authority granted to and conferred upon it in the Warrant Certificates and hereby and such further powers and authority to act on behalf of the Company as the Company may hereafter grant to or confer upon it. All of the terms and provisions with respect to such powers and authority contained in the Warrant Certificates are subject to and governed by the terms and provisions hereof.

5.2Conditions of Warrant Agent’s Obligations.  The Warrant Agent accepts its obligations herein set forth upon the terms and conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the holders from time to time of the Warrant Certificates shall be subject:

(a)Compensation and Indemnification.  The Company agrees promptly to pay the Warrant Agent the compensation to be agreed upon with the Company for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable counsel fees) incurred without negligence, bad faith or willful misconduct by the Warrant Agent in connection with the services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred without negligence, bad faith or willful misconduct on the part of the Warrant Agent, arising out of or in connection with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such liability.

(b)Agent for the Company.  In acting under this Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the holders of Warrant Certificates or beneficial owners of Warrants.

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(c)Counsel.  The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the written advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice of such counsel.

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

(e)Certain Transactions.  The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on, or as depositary, trustee or agent for, any committee or body of holders of Warrant Debt Securities or other obligations of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Agreement shall be deemed to prevent the Warrant Agent from acting as trustee under any indenture to which the Company is a party, including, without limitation, as Trustee under the Indenture.

(f)No Liability for Interest.  Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates.

(g)No Liability for Invalidity.  The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or any of the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon).

(h)No Responsibility for Representations.  The Warrant Agent shall not be responsible for any of the recitals or representations herein or in the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by the Company.

(i)No Implied Obligations.  The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the Warrant Certificates. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand from a holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, except as provided in Section 6.2 hereof, to make any demand upon the Company.

5.3Resignation, Removal and Appointment of Successors. 

(a)The Company agrees, for the benefit of the holders from time to time of the Warrant Certificates, that there shall at all times be a Warrant Agent hereunder until all the Warrants have been exercised or are no longer exercisable.

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(b)The Warrant Agent may at any time resign as agent by giving written notice to the Company of such intention on its part, specifying the date on which its desired resignation shall become effective; provided that such date shall not be less than three months after the date on which such notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and the intended date when it shall become effective. Such resignation or removal shall take effect upon the appointment by the Company, as hereinafter provided, of a successor Warrant Agent (which shall be a bank or trust company authorized under the laws of the jurisdiction of its organization to exercise corporate trust powers) and the acceptance of such appointment by such successor Warrant Agent. The obligation of the Company under Section 5.2(a) shall continue to the extent set forth therein notwithstanding the resignation or removal of the Warrant Agent.

(c)In case at any time the Warrant Agent shall resign, or shall be removed, or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or under any other applicable Federal or state bankruptcy, insolvency or similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or order for relief by a court having jurisdiction in the premises shall have been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or state bankruptcy, insolvency or similar law, or a decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant Agent or of its property or affairs, or any public officer shall take charge or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent, qualified as aforesaid, shall be appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such appointment, the Warrant Agent shall cease to be Warrant Agent hereunder.

(d)Any successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent hereunder.

(e)Any corporation into which the Warrant Agent hereunder may be merged or converted or any corporation with which the Warrant Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation to which the Warrant Agent shall sell or otherwise transfer all or substantially all the assets and business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the successor Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto.

Article 6

MISCELLANEOUS

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6.1Amendment.  This Agreement may be amended by the parties hereto, without the consent of the holder of any Warrant Certificate, for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein, or making any other provisions with respect to matters or questions arising under this Agreement as the Company and the Warrant Agent may deem necessary or desirable; provided that such action shall not materially adversely affect the interests of the holders of the Warrant Certificates.

6.2Notices and Demands to the Company and Warrant Agent.  If the Warrant Agent shall receive any notice or demand addressed to the Company by the holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall promptly forward such notice or demand to the Company.

6.3Addresses.  Any communication from the Company to the Warrant Agent with respect to this Agreement shall be addressed to [●], Attention: [●] and any communication from the Warrant Agent to the Company with respect to this Agreement shall be addressed to aTyr Pharma, Inc., 3545 John Hopkins Court, Suite 250, San Diego, CA 92121, Attention: [●] (or such other address as shall be specified in writing by the Warrant Agent or by the Company).

6.4Governing Law.  This Agreement and each Warrant Certificate issued hereunder shall be governed by and construed in accordance with the laws of the State of New York.

6.5Delivery of Prospectus.  The Company shall furnish to the Warrant Agent sufficient copies of a prospectus meeting the requirements of the Securities Act of 1933, as amended, relating to the Warrant Debt Securities deliverable upon exercise of the Warrants (the “Prospectus”), and the Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the Warrant Certificate evidencing such Warrant, prior to or concurrently with the delivery of the Warrant Debt Securities issued upon such exercise, a Prospectus. The Warrant Agent shall not, by reason of any such delivery, assume any responsibility for the accuracy or adequacy of such Prospectus.

6.6Obtaining of Governmental Approvals.  The Company will from time to time take all action which may be necessary to obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities and securities act filings under United States Federal and state laws (including without limitation a registration statement in respect of the Warrants and Warrant Debt Securities under the Securities Act of 1933, as amended), which may be or become requisite in connection with the issuance, sale, transfer, and delivery of the Warrant Debt Securities issued upon exercise of the Warrants, the issuance, sale, transfer and delivery of the Warrants or upon the expiration of the period during which the Warrants are exercisable.

6.7Persons Having Rights under the Agreement.  Nothing in this Agreement shall give to any person other than the Company, the Warrant Agent and the holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement.

6.8Headings.  The descriptive headings of the several Articles and Sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.

6.9Counterparts.  This Agreement may be executed in any number of counterparts, each of which as so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

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6.10Inspection of Agreement.  A copy of this Agreement shall be available at all reasonable times at the principal corporate trust office of the Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit such holder’s Warrant Certificate for inspection by it.

 

 

10.

 

In Witness Whereof, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

 

atyr pharma, Inc., as Company

By:

Name: 

Title: 

 

 

Attest:

 

 

 

 

Countersigned

 

[●], as Warrant Agent

By:

Name: 

Title: 

 

 

Attest:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to aTyr Pharma, Inc. Debt Securities Warrant Agreement]

 

Exhibit A

FORM OF WARRANT CERTIFICATE

[FACE OF WARRANT CERTIFICATE]

		
	
[Form of Legend if Warrants are not immediately exercisable.]
	
[Prior to [●], Warrants evidenced by this Warrant Certificate cannot be exercised.]

 

EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT AGENT AS

PROVIDED HEREIN

 

VOID AFTER [●] P.M., [City] time, ON [●].

 

 

1.

 

atyr pharma, INC.

WARRANT CERTIFICATE REPRESENTING

WARRANTS TO PURCHASE

[TITLE OF WARRANT DEBT SECURITIES]

No. [●][●] Warrants 

This certifies that [●] or registered assigns is the registered owner of the above indicated number of Warrants, each Warrant entitling such owner  to purchase, at any time [after [●] p.m., [City] time, [on [●] and] on or before [●] p.m., [City] time, on [●], $[●] principal amount of [Title of Warrant Debt Securities] (the “Warrant Debt Securities”) of aTyr Pharma, Inc. (the “Company”) issued or to be issued under the Indenture (as hereinafter defined), on the following basis: during the period from [●], through and including [●], each Warrant shall entitle the Holder thereof, subject to the provisions of this Agreement, to purchase the principal amount of Warrant Debt Securities stated in the Warrant Certificate at the warrant price (the “Warrant Price”) of [●]% of the principal amount thereof [plus accrued amortization, if any, of the original issue discount of the Warrant Debt Securities] [plus accrued interest, if any, from the most recent date from which interest shall have been paid on the Warrant Debt Securities or, if no interest shall have been paid on the Warrant Debt Securities, from the date of their original issuance]. [The original issue discount ($[●] for each $1,000 principal amount of Warrant Debt Securities) will be amortized at a [●]% annual rate, computed on a[n] [semi-]annual basis [using a 360-day year consisting of twelve 30-day months]. The Holder may exercise the Warrants evidenced hereby by providing certain information set forth on the back hereof and by paying in full, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price for each Warrant Debt Security with respect to which this Warrant is exercised to the Warrant Agent (as hereinafter defined) and by surrendering this Warrant Certificate, with the purchase form on the back hereof duly executed, at the corporate trust office of [name of Warrant Agent], or its successor as warrant agent (the “Warrant Agent”), which is, on the date hereof, at the address specified on the reverse hereof, and upon compliance with and subject to the conditions set forth herein and in the Warrant Agreement (as hereinafter defined).

The term “Holder” as used herein shall mean the person in whose name at the time this Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant Agreement.

The Warrants evidenced by this Warrant Certificate may be exercised to purchase Warrant Debt Securities in the principal amount of $1,000 or any integral multiple thereof in registered form. Upon any exercise of fewer than all of the Warrants evidenced by this Warrant Certificate, there shall be issued to the Holder hereof a new Warrant Certificate evidencing Warrants for the aggregate principal amount of Warrant Debt Securities remaining unexercised.

This Warrant Certificate is issued under and in accordance with the Warrant Agreement dated as of [●] (the “Warrant Agreement”), between the Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the Holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant Agreement are on file at the above-mentioned office of the Warrant Agent.

The Warrant Debt Securities to be issued and delivered upon the exercise of Warrants evidenced by this Warrant Certificate will be issued under and in accordance with an Indenture, dated as of [●] (the “Indenture”), between the Company and [●], as trustee (such trustee, and any successors to such trustee, the “Trustee”) and will be subject to the terms and provisions contained in the Warrant Debt Securities and 

1.

 

in the Indenture. Copies of the Indenture, including the form of the Warrant Debt Securities, are on file at the corporate trust office of the Trustee.

Transfer of this Warrant Certificate may be registered when this Warrant Certificate is surrendered at the corporate trust office of the Warrant Agent by the registered owner or such owner’s assigns, in the manner and subject to the limitations provided in the Warrant Agreement.

After countersignature by the Warrant Agent and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the corporate trust office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate principal amount of Warrant Debt Securities.

This Warrant Certificate shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Debt Securities, including, without limitation, the right to receive payments of principal of (and premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce any of the covenants of the Indenture.

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

This Warrant Certificate shall not be valid or obligatory for any purpose until countersigned by the Warrant Agent.

 

2.

 

In Witness Whereof, the Company has caused this Warrant to be executed in its name and on its behalf by the facsimile signatures of its duly authorized officers.

 

Dated:

 

 

aTyr pHarma, Inc., as Company

By:

Name: 

Title: 

 

 

Attest:

 

 

 

 

Countersigned

 

[●], as Warrant Agent

By:

Name: 

Title: 

 

 

Attest:

 

 

3.

 

[REVERSE OF WARRANT CERTIFICATE]

(Instructions for Exercise of Warrant)

To exercise any Warrants evidenced hereby for Warrant Debt Securities (as hereinafter defined), the Holder must pay, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price in full for Warrants exercised, to [●] [address of Warrant Agent], Attention: [●], which payment must specify the name of the Holder and the number of Warrants exercised by such Holder. In addition, the Holder must complete the information required below and present this Warrant Certificate in person or by mail (certified or registered mail is recommended) to the Warrant Agent at the appropriate address set forth above. This Warrant Certificate, completed and duly executed, must be received by the Warrant Agent within five business days of the payment.

(To be executed upon exercise of Warrants)

The undersigned hereby irrevocably elects to exercise _______ Warrants, evidenced by this Warrant Certificate, to purchase $_______ principal amount of the [Title of Warrant Debt Securities] (the “Warrant Debt Securities”) of aTyr Pharma, Inc. and represents that the undersigned has tendered payment for such Warrant Debt Securities, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], to the order of aTyr Pharma, Inc., c/o [insert name and address of Warrant Agent], in the amount of $_______ in accordance with the terms hereof. The undersigned requests that said principal amount of Warrant Debt Securities be in fully registered form in the authorized denominations, registered in such names and delivered all as specified in accordance with the instructions set forth below.

If the number of Warrants exercised is less than all of the Warrants evidenced hereby, the undersigned requests that a new Warrant Certificate evidencing the Warrants for the aggregate principal amount of Warrant Debt Securities remaining unexercised be issued and delivered to the undersigned unless otherwise specified in the instructions below.

Dated:Name:

Please Print

 

Address:

 

 

(Insert Social Security or Other Identifying Number of Holder)

 

Signature Guaranteed:

Signature

 

(Signature must conform in all respects to name of holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by a FINRA member firm).

This Warrant may be exercised at the following addresses:

By hand at:

[●]

4.

 

By mail at:

[Instructions as to form and delivery of Warrant Debt Securities and, if applicable, Warrant Certificates evidencing Warrants for the number of Warrant Debt Securities remaining unexercised—complete as appropriate.]

5.

 

ASSIGNMENT

[Form of assignment to be executed if Warrant Holder desires to transfer Warrant]

For Value Received, ______________ hereby sells, assigns and transfers unto:

 

(Please print name and address including zip code)Please print Social Security or other identifying number

 

the right represented by the within Warrant to purchase $_______ aggregate principal amount of [Title of Warrant Debt Securities] of aTyr Pharma, Inc. to which the within Warrant relates and appoints attorney to transfer such right on the books of the Warrant Agent with full power of substitution in the premises.

Dated:

Signature

(Signature must conform in all respects to name of holder as specified on the face of the Warrant)

 

 

Signature Guaranteed

 

 

 

6.Exhibit 10.1

 

VOTING AGREEMENT

 

This Amended and Restated
Voting Agreement (this “Agreement”), dated as of November 14, 2020, is made by and among Simon Property
Group, Inc., a Delaware corporation (the “Parent”), and each of the Persons listed on Exhibit A
hereto (each, a “Holder” and, collectively, the “Holders”). Capitalized terms used in this
Agreement and not otherwise defined herein shall have the meanings assigned to them in the Merger Agreement (as defined below).

 

WHEREAS, the Parties
entered into that certain Voting Agreement (the “Original Voting Agreement”), dated as of February 9, 2020;

 

WHEREAS, the Parties
desire to amend and restate the Original Voting Agreement in its entirety on the terms and subject to the conditions set forth
in this Agreement;

 

WHEREAS, concurrently
with the execution and delivery of this Agreement, Parent, Silver Merger Sub 1, LLC, a Delaware limited liability company (“Silver
Merger Sub 1”), Silver Merger Sub 2, LLC, a Delaware limited liability company (“Silver Merger Sub 2”),
Simon Property Group, L.P., a Delaware limited partnership (“Silver OP”), Taubman Centers, Inc., a Michigan
corporation (“Titanium”), and The Taubman Realty Group Limited Partnership, a Delaware limited partnership (“Titanium
OP”), have entered into an Amended and Restated Agreement and Plan of Merger, dated as of the date hereof (the “Merger
Agreement”), which, among other things, provides for the merger of Silver Merger Sub 2 with and into Titanium OP, with
Titanium OP continuing as the surviving entity (the “Partnership Merger”), as well as for the merger of Titanium
with and into Silver Merger Sub 1, with Silver Merger Sub 1 continuing as the surviving entity (the “Merger”),
in each case, upon the terms and subject to the conditions set forth in the Merger Agreement;

 

WHEREAS, as of the
date hereof, each Holder is the beneficial owner and/or record holder of the shares of Titanium Common Stock and/or Titanium Series B
Preferred Stock set forth opposite such Holder’s name on Exhibit A hereto (together with any additional shares
of Titanium Common Stock or Titanium Series B Preferred Stock owned (record or beneficial) or acquired after the date hereof
by any Holder, the “Subject Shares”);

 

WHEREAS, as of the
date hereof, each Holder is the beneficial owner and/or record holder of the Titanium OP Units set forth opposite such Holder’s
name on Exhibit A hereto (together with any additional Titanium OP Units owned (record or beneficial) or acquired by
any Holder after the date hereof, the “Subject OP Units” and, together with the Subject Shares, the “Subject
Interests”); and

 

WHEREAS, as a condition
to Parent’s willingness to enter into the Merger Agreement, and in consideration for Parent, Silver Merger Sub 1 and Silver
Merger Sub 2 to enter into the Merger Agreement, Parent has required that the Holders agree, and the Holders have agreed, to enter
into this Agreement, regarding their respective Subject Interests.

 

NOW, THEREFORE, in
consideration of the promises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound hereby, the parties agree as follows:

 

    

     

    

 

Section 1.         Voting
Agreement.

 

1.1          Titanium
Shareholders Meeting. Each Holder hereby irrevocably and unconditionally agrees that, from the date of this Agreement
until the earlier of (i) the Closing and (ii) the date of the termination of this Agreement in accordance with Section 10
(the “Voting Period”) at any meeting of the Titanium Shareholders (“Titanium Shareholders Meeting”),
however called, and at every adjournment or postponement thereof, or in any action by written consent of the shareholders of Titanium,
each Holder shall, or shall cause the holder of record of such Holder’s Subject Interests on any applicable record date
to, in each case to the fullest extent that the Subject Interests are entitled to vote thereon or consent thereto, appear (in
person or by proxy) at such Titanium Shareholders Meeting (or any adjournment or postponement thereof), and cause all of the Subject
Shares to be counted as present thereat for purposes of calculating a quorum and shall vote (or cause to be voted) all the Subject
Shares:

 

(a)            in
favor of or, if any action is to be taken by written consent in lieu of a Titanium Shareholders Meeting, deliver to Titanium a
duly executed affirmative written consent in favor of (to the extent applicable), (i) the approval and adoption of the Merger
Agreement and the Transactions (including the Merger), and (ii) any other proposal in respect of which the vote or written
consent of Titanium’s stockholders is requested that could reasonably be expected to facilitate the Transactions (including
the Merger) (including any proposal to adjourn, recess or postpone the Titanium Shareholders Meeting to solicit additional proxies
in favor of the approval and adoption of the Merger Agreement and the Transactions if there are not sufficient votes to approve
and adopt the Merger Agreement and the Transactions on the date on which such Titanium Shareholders Meeting is held); and

 

(b)            against,
and not provide any written consent for, (i) the adoption or approval of any Acquisition Proposal and (ii) any other
proposal in respect of which the vote or written consent or other approval of Titanium Shareholders is requested that could reasonably
be expected to impede, materially interfere with, materially delay or prevent the consummation of the Transactions (including the
Merger).

 

1.2          Consent
of Partners of Titanium OP. Each Holder hereby irrevocably and unconditionally agrees that, during the Voting Period,
at any meeting of the partners of Titanium OP, however called, and at every adjournment or postponement thereof, or in any action
by written consent of the partners of Titanium OP, each Holder shall vote (or cause to be voted) all the Subject OP Units:

 

(a)            in
favor of (i) the approval and adoption of the Merger Agreement and the Transactions (including the Partnership Merger, the
LLC Conversion and the appointment of Surviving Titanium as Managing General Partner of Surviving Titanium following the Merger
and any amendments to the Titanium OP Agreement that may be necessary to permit the consummation of the Merger or the LLC Conversion
in accordance with the Merger Agreement (such actions, the “OP Modifications”)) and (ii) any other proposal
or action in respect of which the vote or written consent of holders of Titanium OP’s Units (or any subset thereof) is requested
that could reasonably be expected to facilitate the consummation of the Transactions (including the Partnership Merger, the LLC
Conversion and the OP Modifications); and

 

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(b)            against
(i) any Acquisition Proposal and (ii) any other proposal or action in respect of which the vote, consent or other approval
of the partners of Titanium OP is requested that could reasonably be expected to impede, materially interfere with, materially
delay or prevent the consummation of the Transactions (including the Partnership Merger, the LLC Conversion and the OP Modifications).

 

1.3           Other
Voting . Each Holder shall vote in its sole discretion on all issues other than those specified in Section 1.1
and Section 1.2.

 

1.4           No
Limitations on Actions. Notwithstanding anything to the contrary herein, Parent expressly acknowledges that each Holder
is entering into this Agreement solely in its capacity as the beneficial owner and/or record holder of their respective Subject
Interests and this Agreement shall not limit or otherwise affect the actions or fiduciary duties of any Holder, or any affiliate,
partner, trustee, beneficiary, settlor, employee or designee of any Holder or any of its affiliates (collectively, the “Holder
Affiliates”) in its capacity, if applicable, as a member of the Titanium Board or any committee thereof, and Parent
shall not, directly or indirectly, assert any claim that any action taken by any Holder or any of the Holder Affiliates solely
in its capacity as a member of the Titanium Board or any committee thereof or as a managing or general partner of Titanium OP
violates this Agreement. Each Holder and Parent hereby further acknowledge and agree that this Agreement shall not be deemed to
create beneficial ownership (for any purpose, including as defined herein, and including as defined in the Titanium Charter) rights
of any Holder over any Subject Interests beneficially owned by any other Holder, and each Holder is entering into this Agreement
solely with respect its own Subject Interests.

 

Section 2.         Transfer
of Interests.

 

2.1          Transfers.
Each Holder covenants and agrees that, until the end of the Voting Period, each Holder will not (a) subject to Section 2.2,
directly or indirectly sell, assign, transfer (including by merger or by operation of law), encumber, pledge, grant a participation
in, participate in any tender or exchange offer, assign or otherwise dispose of, whether by liquidation, dissolution, dividend,
distribution or otherwise (“Transfer”), any Subject Interests or the beneficial ownership thereof, (b) deposit
any Subject Interests into a voting trust or enter into a voting agreement or arrangement with respect to any Subject Interests
or the beneficial ownership thereof or grant or agree to grant any proxy or power of attorney with respect thereto that is inconsistent
with this Agreement or (c) enter into any contract, option or other arrangement or undertaking with respect to the direct
or indirect Transfer of any Subject Interests or the beneficial ownership thereof, except, in each case under clause (a),
clause (b) and clause (c) of this sentence, to a Permitted Transferee; provided, that, notwithstanding
the foregoing, in no event shall a Holder permit during the Voting Period any Transfer (as defined in the Titanium Charter) that
would result in the conversion of any shares of Titanium Series B Preferred Stock into shares of Titanium Common Stock pursuant
to Section 2(c)(ii)(f) of the Titanium Charter; provided, further, that, and notwithstanding anything
herein to the contrary, nothing in this Agreement shall restrict or limit any Holder exercising any rights under the Second Amended
and Restated Continuing Offer of Titanium, effective as of May 16, 2000. As used herein, a “Permitted Transferee”
shall mean a Person that before such action proposed under Section 2.1(a), Section 2.1(b) or Section 2.1(c),
is (i) a Holder, (ii) a member of such Holder’s Immediate Family, (iii) a Family Trust with respect to such
Holder, (iv) an entity consisting of or owned entirely by one or more of the foregoing persons, or (v) otherwise an
affiliate of the Holder who, in each case, upon such Transfer, becomes a party to this Agreement (if not already a party to this
Agreement) and agrees in writing, in form and substance to the reasonable satisfaction of Parent, to be bound as a Holder under
this Agreement. A Permitted Transferee shall also mean a Person (1) to whom Subject Interests are Transferred for estate
planning purposes, (2) who is a charitable institution to which Subject Interests are Transferred for philanthropic purposes,
(3) to whom Subject Interests are Transferred pursuant to any trust or will of a Holder, or by the laws of intestate succession,
(4) to whom Subject Interests are Transferred pursuant to a qualified
domestic relations order or as required by a divorce settlement, or (5) to whom Subject Interests are Transferred solely
in connection with the payment of the exercise price and/or the satisfaction of any tax withholding obligations arising from the
vesting of any restricted shares or other equity awards or the conversion of any convertible securities, in each case of Titanium
or Titanium OP; provided that, upon such Transfer to a Permitted Transferee under clause (1) and clause
(2) of this sentence, such Person shall become a party to this Agreement (if not already a party to this Agreement)
and shall agree in writing, in form and substance to the reasonable satisfaction of Parent, to be bound as a Holder under this
Agreement.

 

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2.2          Permitted
Transactions. Notwithstanding anything in this Agreement to the contrary, each Holder or Permitted Transferee may enter into
any contract, option, swap or other agreement or arrangement, grant a participation in, and pledge and encumber the Subject Interests
thereunder, in connection with any bona fide lending or hedging transaction or arrangement (a “Permitted Transaction”);
provided, that such Holder retains the right to vote or consent to, or cause to be voted or consented to, all Subject Interests
as provided in Section 1 during the term of such Permitted Transaction or the Pledgee in such Permitted Transaction
assumes all obligations of such Holder or Permitted Transferee hereunder (it being understood and agreed that, notwithstanding
anything herein to the contrary, nothing in this Agreement shall restrict any Pledgee from exercising any remedies (including a
foreclosure) with respect to such Permitted Transaction, but only for so long as such Pledge assumes all obligations of such Holder
or Permitted Transferee hereunder in connection therewith).

 

Section 3.         Representations
and Warranties of the Holder. Each Holder hereby represents, jointly and severally, as follows:

 

3.1           Organization.
Each Holder is either (a) a natural person or (b) a limited liability company, general or limited partnership or trust,
duly formed, validly existing and in good standing under the laws of its jurisdiction of organization.

 

3.2          Subject
Interests. Other than the Subject Interests, each Holder does not hold or control any other equity interests possessing
voting rights in or with respect to Titanium or Titanium OP. Each Holder has, and will have during the Voting Period, either sole
or shared voting power (including the sole right to control such vote as contemplated herein), power of disposition, power to
issue instructions with respect to the matters set forth in this Agreement and power to agree to all of the matters applicable
to the Holder set forth in this Agreement, in each case, over all of the Subject Interests owned by the Holder. Except as otherwise
permitted by this Agreement, each Holder holds all of its Subject Interests, free and clear of any and all claims, liens, encumbrances
or restrictions on the right to vote such Subject Interests, except as may exist by reason of this Agreement or any applicable
restrictions on transfer under the Securities Act or any state securities law.

 

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3.3          Authority
Relative to this Agreement. Each Holder has all requisite power and authority (in the case of each Holder that is not
an individual) or capacity (in the case of each Holder that is an individual) to execute and deliver this Agreement, to perform
its obligations hereunder and to consummate the transactions contemplated hereby. With respect to each Holder that is not an individual,
the execution and delivery of this Agreement by such Holder and the performance of its obligations hereunder and the consummation
of the transactions contemplated hereby have been duly and validly authorized by all necessary and appropriate action on behalf
of such Holder. This Agreement has been duly and validly executed and delivered by each Holder and, assuming the due authorization,
execution and delivery hereof by Parent, constitutes a legal, valid and binding obligation of each Holder, enforceable against
each Holder in accordance with its terms, except to the extent that enforcement is limited by bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium or similar laws affecting creditors’ rights generally or by general principles of equity
(regardless of whether enforceability is considered in a proceeding in equity or at law).

 

3.4          No
Conflict. None of the execution, delivery or performance of this Agreement by any Holder or any other transaction contemplated
by this Agreement will (with or without notice or lapse of time, or both), directly or indirectly, conflict with or violate any
applicable law or Order applicable to any Holder, except as would not reasonably be expected, either individually or in the aggregate,
to materially impair the ability of any Holder to perform its obligations hereunder or to consummate the transactions contemplated
hereby. None of the execution, delivery or performance of this Agreement by any Holder or any other transaction contemplated by
this Agreement will (with or without notice or lapse of time, or both), directly or indirectly, conflict with or violate any provision
of the charter, certificate of incorporation, articles of association, by-laws, operating agreement or similar formation or governing
documents or instruments of any Holder. None of the execution, delivery or performance of this Agreement by any Holder or any
other transaction contemplated by this Agreement will (with or without notice or lapse of time, or both), directly or indirectly,
result in any material breach of or constitute a material default (or an event that with notice or lapse of time or both would
become a material default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any
Contract or result in the creation of an encumbrance on any of the Subject Interests, except as would not reasonably be expected,
either individually or in the aggregate, to materially impair the ability of the Holder to perform its obligations hereunder or
to consummate the transactions contemplated hereby.

 

Section 4.         Representations
and Warranties of Parent. Parent hereby represents and warrants as follows:

 

4.1          Organization.
Parent is a corporation duly incorporated, validly existing and in good standing under the laws of the state of Delaware.

 

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4.2          Authority
Relative to this Agreement. Parent has all requisite corporate power and authority to execute and deliver this Agreement
and to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of
this Agreement by Parent and the performance of its obligations hereunder and the consummation of the transactions contemplated
hereby have been duly and validly authorized by all necessary and appropriate corporate action by Parent. This Agreement has been
duly and validly executed and delivered by Parent and, assuming the due authorization, execution and delivery by each of the Holders,
constitutes a legal, valid and binding obligation of Parent enforceable against Parent in accordance with its terms, except to
the extent that enforcement is limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws
affecting creditors’ rights generally or by general principles of equity (regardless of whether enforceability is considered
in a proceeding in equity or at law).

 

4.3          No
Conflict. None of the execution, delivery or performance of this Agreement by Parent or any other transaction contemplated
by this Agreement will (with or without notice or lapse of time, or both), directly or indirectly, conflict with or violate any
applicable law or Order, except as would not reasonably be expected, either individually or in the aggregate, to materially impair
the ability of Parent to perform its obligations hereunder or to consummate the transactions contemplated hereby. None of the
execution, delivery or performance of this Agreement by Parent will (with or without notice or lapse of time, or both), directly
or indirectly, conflict with or violate any provision of the Silver Charter, the Silver By-laws or the organizational or governing
documents of Silver Merger Sub 1, Silver Merger Sub 2 or any Parent Subsidiary. None of the execution, delivery or performance
of this Agreement by Parent will (with or without notice or lapse of time, or both), directly or indirectly, result in any material
breach of or constitute a material default (or an event that with notice or lapse of time or both would become a default) under,
or give to others any rights of termination, amendment, acceleration or cancellation of, any Contract or result in the creation
of an encumbrance on any of the Subject Interests, except as would not reasonably be expected, either individually or in the aggregate,
to materially impair the ability of Parent to perform its obligations hereunder or to consummate the transactions contemplated
hereby.

 

Section 5.         Termination
and Release of Cash Tender Agreement and Continuing Offer. Each Holder hereby releases Titanium, effective as of the Partnership
Effective Time, of all of its obligations under the Continuing Offer and the Cash Tender Agreement, and acknowledges that such
Holder and its Affiliates shall, following the Partnership Merger Effective Time, have no further rights thereunder. Further, effective
as of the Partnership Merger Effective Time, each Holder shall, shall cause its Affiliates to, and shall cooperate with Titanium
and Titanium OP in order to, cause the Cash Tender Agreement to be terminated without any further obligation of Titanium or Titanium
OP or any consideration payable to the Holders or their Affiliates in connection with such termination.

 

Section 6.         Sunvalley
Management Agreements.

 

6.1          Subject
to the occurrence of and effective as of immediately prior to the Effective Time, each Holder agrees that it shall take all legally
permissible actions to cause Taubman Sunvalley Associates Limited Partnership (“TSLAP”) and A.T. Sunvalley Associates
Limited Partnership (“ATSALP”), as the Non-Managing Partners of Sunvalley Associates (“SA”),
under the Amended and Restated Partnership Agreement of SA, dated as of May 14, 2002, as amended (the “SA JV Agreement”),
the sole Member of Sunvalley Shopping Center LLC (“SSC”), to (a) consent to SSC’s execution and delivery
of the proposed amendment, attached as Annex V to Schedule 6.14(a) of the Merger Agreement, to that certain Management Agreement
by and between SSC and The Taubman Company LLC (“TTC”), dated as of March 8, 1990, as amended, (b) to
cause TSLAP and ATSALP to execute and deliver the proposed amendment, attached as Annex IV to Schedule 6.14(a) of the Merger
Agreement, to the SA JV Agreement, and (c) to cause TSLAP and ATSALP to execute and deliver the proposed waiver, attached
as Annex II to Schedule 6.14(a) of the Merger Agreement, to the SA JV Agreement.

 

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6.2          Subject
to the occurrence of and effective as of immediately prior to the Effective Time, each Holder agrees that it shall take all legally
permissible actions to cause Taubman-SV LLC (“TSV”), as the Non-Managing Member of Taubman Land Associates LLC
(“TLA”), under the Operating Agreement of TLA, dated as of October 20, 2006, as amended (the “TLA
JV Agreement”) to (a) consent to TLA’s execution and delivery of the proposed amendment, attached as Annex
VI to Schedule 6.14(a) of the Merger Agreement, to that certain Management Agreement by and between TLA and TTC, dated as
of October 31, 2006, as amended, (b) to cause TSV to execute and deliver the proposed amendment, attached as Annex III
to Schedule 6.14(a) of the Merger Agreement, to the TLA JV Agreement, (c) to cause TSV to execute and deliver the proposed
waiver, attached as Annex I to Schedule 6.14(a) of the Merger Agreement, to the TLA JV Agreement.

 

Section 7.         Joint
Venture Operating Agreement. Each Holder that retains an interest in Titanium OP after giving effect to the Partnership Merger
agrees to deliver to Silver in connection with the Closing a valid, executed signature page to the Reorganized Titanium Operating
Company Operating Agreement.

 

Section 8.         Schedule
13E-3. Each Holder shall furnish all information concerning such Holder and its Affiliates (other than Titanium and its Subsidiaries)
to Silver and Titanium, and provide such other assistance, as may be reasonably requested by Silver or Titanium to be included
in the transaction statement on Schedule 13E-3 under the Exchange Act relating to the Transactions, if any (“Schedule
13E-3”) and shall otherwise assist and cooperate with Silver and Titanium in the preparation of the Schedule 13E-3 and
the resolution of any comments to the Schedule 13E-3 received from the SEC. Each Holder shall promptly correct any information
provided by it for use in the Schedule 13E-3 if and to the extent such information shall have become false or misleading in any
material respect. Titanium or Silver shall notify each Holder promptly upon the receipt of any comments from the SEC and of any
request by the SEC for amendments or supplements to the Schedule 13E-3, to the extent related to such Holder and shall supply such
Holder with copies of all written correspondence between Titanium and Silver or any of their Representatives, on the one hand,
and the SEC, on the other hand, to the extent related to such Holder, with respect to the Schedule 13E-3. Each Holder shall use
their reasonable best efforts to respond as promptly as reasonably practicable to any comments to the extent related to such Holder
received from the SEC concerning the Schedule 13E-3 and to resolve such comments with the SEC.

 

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Section 9.         Additional
Agreements.

 

9.1           Additional
Interests. In the event of a share dividend or distribution, or any change in the shares of Titanium Common Stock,
Titanium Series B Preferred Stock or in the Titanium OP Units by reason of any share and/or unit dividend, distribution,
subdivision, recapitalization, reclassification, consolidation, conversion or the like, including the exchange of any securities
convertible into or exercisable for any shares of Titanium Common Stock, Titanium Series B Preferred Stock or in Titanium
OP Units, or any other acquisition of (or acquisition of control of) shares of Titanium Common Stock, Titanium Series B Preferred
Stock or Titanium OP Units after the date hereof, the term “Subject Interests” shall be deemed to refer to
and include such shares and/or units as well as all such share and/or unit dividends and distributions and any securities into
which or for which any or all of the Subject Interests may be changed or exchanged or which are received in such transaction.

 

9.2          Documentation
and Information. Each Holder consents to and hereby authorizes Parent and Titanium to publish and disclose in all documents
and schedules filed with the SEC or any other Governmental Entity in connection with the Transactions, and any press release or
other disclosure document that Parent or Titanium reasonably determines to be necessary in connection with the Merger and any other
Transactions contemplated by the Merger Agreement, each Holder’s identity and ownership of the Subject Interests, the existence
of this Agreement and the nature of each Holder’s commitments and obligations under this Agreement, and each Holder acknowledges
that Parent and Titanium may file this Agreement or a form hereof with the SEC or with any other Governmental Entity. Each Holder
agrees to promptly give Parent and Titanium any information it may reasonably require for the preparation of any such disclosure
documents, and each Holder agrees to promptly notify Parent and Titanium of any required corrections with respect to any written
information supplied by such Holder specifically for use in any such disclosure document, if and to the extent that any such information
shall have become false or misleading in any material respect.

 

Section 10.       Termination.
This Agreement, and all obligations, terms and conditions contained herein, shall automatically terminate, without any notice
or other action by any Person, upon the earliest to occur of: (a) the termination of the Merger Agreement in accordance with
its terms, (b) the Effective Time, or (c) the Titanium Family Representative providing written notice to Parent that
it is terminating this Agreement on behalf of the Holders at any time following (i) a Titanium Board Recommendation Change,
or (ii) the occurrence of (or the making or granting of) any amendment, waiver, modification or other change to any provision
of the Merger Agreement (including any exhibits, annexes or schedules thereto) that (A) decreases the amount or changes the
form of the Merger Consideration or (B) is otherwise adverse in any material respect to the Holders or to the Titanium Shareholders;
provided that (x) if the Merger is consummated, Section 5 and Section 6 shall survive any
termination or expiration of this Agreement and (y) any such termination shall not relieve any party from liability for any
willful and material breach of its obligations hereunder prior to such termination.

 

    - 8 -

     

    

 

Section 11.       Miscellaneous.

 

11.1        Expenses.
All costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such costs and expenses,
whether or not the Transactions are consummated.

 

11.2        Entire
Agreement; No Third Party Beneficiaries.

 

(a)           This
Agreement, together with the Settlement Agreement, the Merger Agreement, and any exhibits, annexes or schedules hereto or thereto,
constitute the entire agreement and supersede all prior agreements and understandings, both written and oral, among the parties,
or any of them, with respect to the subject matter hereof; provided that, if there is any conflict between this Agreement
and the Merger Agreement, this Agreement shall control.

 

(b)            This
Agreement shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted
assigns, and, except as set forth in the last sentence of Section 11.4(a), nothing in this Agreement, express or implied,
is intended to confer on any Person any rights, remedies, obligations or liabilities under or by reason of this Agreement.

 

11.3        Assignment.
This Agreement shall not be assigned by any party by operation of law or otherwise without the prior written consent of the other
party and the Titanium Special Committee, except as provided by Section 2 of this Agreement.

 

11.4        Amendment;
No Waiver.

 

(a)           This
Agreement may only be amended with the written consent of (i) Parent and (ii) the Titanium Family Representative (acting
on behalf of each of the Holders). Notwithstanding anything to the contrary contained in this Agreement, (I) any amendment
or modification of this Agreement, (II) any extension or waiver of any provision of this Agreement by any of the parties and
(III) any consent or approval to be given or made by any of the parties under or relating to this Agreement (other than as
expressly required or contemplated by this Agreement) shall, in each such case, require the prior written consent of Titanium (following
approval by the Titanium Special Committee), and no party shall take any such action without obtaining such written consent of
Titanium (following approval by the Titanium Special Committee); provided that this sentence shall not apply to or in any
manner restrict any termination of this Agreement in accordance with Section 10. Each of Titanium and the Titanium
Special Committee is an express third party beneficiary of Section 11.3, this Section 11.4, Section 11.8
and Section 11.9.

 

(b)            Neither
the failure nor any delay by any party in exercising any right, power or privilege under this Agreement will operate as a waiver
of such right, power or privilege, and no single or partial exercise of any such right, power or privilege will preclude any other
or further exercise of such right, power or privilege or the exercise of any other right, power or privilege. In addition, (i) no
claim or right arising out of this Agreement can be discharged by any party, in whole or in part, by a waiver or renunciation of
the claim or right unless in writing signed by such party, and (ii) no notice to or demand on a party will be deemed to be
a waiver of any obligation of such party and no notice from or demand by a party will be deemed to be a waiver of such party’s
right to take further action without notice or demand as provided in this Agreement.

 

    - 9 -

     

    

 

11.5        Titanium
Family Representative.

 

(a)            Robert
S. Taubman is hereby constituted and appointed as representative, agent and attorney-in-fact for and on behalf of each of the Holders
and shall be the “Titanium Family Representative” for all purposes under the Merger Agreement, this Agreement and such
ancillary or related agreements or undertakings made on behalf of the Titanium Family as the Titanium Family Representative determines
are necessary or advisable in connection with the transactions contemplated by the Merger Agreement (the “Ancillary Agreements”).
Without limiting the generality of the foregoing, each Holder agrees that the Titanium Family Representative has full power and
authority, on behalf of each Holder and his, her or its successors and assigns, to (i) interpret the terms and provisions
of the Merger Agreement, this Agreement, the Ancillary Agreements and the documents to be executed and delivered by the Holders
in connection herewith and therewith, (ii) execute and deliver and receive deliveries of the Ancillary Agreements and all
other agreements, certificates, statements, notices, approvals, extensions, waivers, undertakings, amendments and other documents
required or permitted to be given in connection with the consummation of the transactions contemplated by the Merger Agreement
and this Agreement, which Ancillary Agreements and other agreements, certificates, statements, notices, approvals, extensions,
waivers, undertakings, amendments and other documents shall be legally binding on the Holders, as applicable, (iii) terminate
this Agreement on behalf of the Holders pursuant to and in accordance with Section 10 of this Agreement, (iv) act
as the Titanium Family Representative for the purposes of Section 2.02(d), Section 8.06 or any other section of the Merger
Agreement, (v) receive service of process on behalf of the Holders in connection with any claims under the Merger Agreement,
the Ancillary Agreements or this Agreement, (vi) agree to, negotiate and enter into settlements and compromises of, and assume
the defense of, claims, and comply with orders of courts with respect to such claims, and take all actions necessary or appropriate
in the judgement of the Titanium Family Representative for the accomplishment of the foregoing, in connection with the Merger Agreement,
the Ancillary Agreements and this Agreement and the transactions contemplated thereby and hereby, (vii) give and receive notices
and communications, and (viii) take all actions necessary or appropriate in the judgment of the Titanium Family Representative
on behalf of the Holders in connection with the Merger Agreement, the Ancillary Agreements or this Agreement and the transactions
contemplated thereby and hereby. Notwithstanding the foregoing, in no event shall the Titanium Family Representative be deemed
to have, or to have acquired, beneficial ownership (for any purpose, including as defined herein, and including as defined in the
Titanium Charter) of any Subject Interests as a result of this Agreement, including this Section 11.5.

 

    - 10 -

     

    

 

(b)           All
decisions, actions and consents of the Titanium Family Representative will be binding upon each Holder. The Titanium Family Representative
will not be liable for any act done or omitted under the Merger Agreement, the Ancillary Agreements or this Agreement as the Titanium
Family Representative except in the case of bad faith. Parent agrees that the Titanium Family Representative, acting in such capacity,
shall not be personally liable for of any obligations to be performed by the Holders and that neither Silver nor its Affiliates
shall have any right or claim against the Titanium Family Representative, personally, or to the assets of the Titanium Family Representative,
for any act or omission of the Titanium Family Representative acting in that capacity or as a result of any act or omission by
the Holders. In performing any of its duties under the Merger Agreement, the Ancillary Agreements, this Agreement or any agreements
or documents executed and delivered in connection herewith or therewith, the Titanium Family Representative will not be liable
to the Holders for any losses that any Person may incur as a result of any act, or failure to act, by the Titanium Family Representative
under the Merger Agreement, the Ancillary Agreements, this Agreement or any agreements or documents executed and delivered in connection
herewith or therewith, and the Titanium Family Representative will be indemnified and held harmless by the Holders for all losses,
except to the extent that the actions or omissions of the Titanium Family Representative were taken or omitted in bad faith. The
limitation of liability provisions of this Section 11.5(b) will survive the termination of the Merger Agreement,
the Ancillary Agreements and of this Agreement.

 

(c)            The
Silver Parties shall be entitled to deal solely with the Titanium Family Representative on all matters relating to the Holders
with respect to the Merger Agreement, the Ancillary Agreements and this Agreement and shall be entitled to rely conclusively (without
further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Holder by the Titanium
Family Representative, and on any other action taken or purported to be taken under this Agreement, the Ancillary Agreements or
the Merger Agreement on behalf of any Holder by the Titanium Family Representative, as being fully binding upon such Person. Notices
or communications given or made under this Agreement, the Ancillary Agreements or the Merger Agreement (except with respect to
the Letters of Transmittal, Certificates and any notices or communications required to be given or made to the holders of Subject
Interests under Applicable Law) to or from the Titanium Family Representative shall constitute notice to or from each of the Holder.
Any decision or action by the Titanium Family Representative hereunder or under the Merger Agreement or the Ancillary Agreements
on behalf of the Holders shall constitute a decision or action of all Holders and shall be final, binding and conclusive upon each
such Person. No Holder shall have the right to object to, dissent from, protest or otherwise contest the same.

 

11.6         Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or applicable
law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect
so long as either the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner
materially adverse to any party or such party waives its rights under this Section 11.6 with respect thereto. Upon
such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable
manner so that the transactions contemplated by this Agreement are fulfilled to the greatest extent possible.

 

    - 11 -

     

    

 

11.7         Notices.
All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be deemed duly
given (a) on the date of delivery, if delivered personally, or, if by e-mail, upon written confirmation of receipt, (b) on
the first (1st) Business Day following the date of delivery if delivered utilizing a next-day service by a recognized
next-day courier, or (c) on the earlier of confirmed receipt or the fifth (5th) Business Day following the date
of mailing, if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall
be delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the party
to receive such notice:

 

	if to Parent:	 
	 	 
	Simon
    Property Group, Inc.	 
	225 West
    Washington Street	 
	Indianapolis, Indiana
    46204	 
	Phone:
    317-636-1600	 
	Attn:	Steven E. Fivel	 
	E-mail:	sfivel@simon.com	 
	 	 
	with copies (which shall not
    constitute notice) to:	 
	 	 
	Latham & Watkins LLP	 
	330 North Wabash Avenue, Suite 2800	 
	Chicago, IL 60611	 
	Phone: 312-876-7700	 
	Attn: 	Mark D. Gerstein	 
	 	Julian T. Kleindorfer	 
	E-mail:	 mark.gerstein@lw.com 	 
	 	julian.kleindorfer@lw.com	 
	 	 
	and to:	 
	 	 
	Paul, Weiss, Rifkind, Wharton &
    Garrison LLP	 
	1285 Avenue of the Americas	 
	New York, NY 10019-6064	 
	Phone: 212-373-3000	 
	Attn: 	Robert B. Schumer	 
	 	Michael Vogel	 
	E-mail: 	rschumer@paulweiss.com 	 
	 	mvogel@paulweiss.com	 

 

    - 12 -

     

    

 

	if to any of the Holders:	 
	 	 
	c/o Titanium Family Representative	 
	Taubman Ventures Management	 
	200 East Long Lake Road, Suite 180	 
	Bloomfield Hills, MI 48304	 
	Phone: 248-258-7303	 
	Attn: 	Robert S. Taubman 	 
	E-mail:	 rtaubman@taubmgmt.com	 
	 	 
	with a copy (which shall not
    constitute notice) to:	 
	 	 
	Honigman LLP	 
	39400 Woodward Avenue	 
	Suite 101	 
	Bloomfield Hills, MI 48304	 
	Phone: 248-566-8300	 
	Attn:	 Joseph Aviv	 
	 	Michael S. Ben	 
	E-mail: 	javiv@honigman.com	 
	 	mben@honigman.com	 

 

11.8         Governing
Law; Consent to Jurisdiction; Waiver of Trial by Jury.

 

(a)           This
Agreement and all claims, actions, proceedings or counterclaims (whether based on contract, tort or otherwise) arising out of
or relating to this Agreement, any of the Transactions, or the actions of the parties in the negotiation, administration, performance
and enforcement hereof and thereof, shall be governed by, and construed in accordance with, the laws of the State of Michigan
(without giving effect to choice of law principles thereof).

 

(b)           Each
of the parties (i) irrevocably consents to submit itself to the exclusive jurisdiction of the state and federal courts in
the State of Michigan (such courts, collectively, the “Michigan Courts”) in the event any dispute, claim or
cause of action arises out of or relates to this Agreement or the Transactions, (ii) agrees that it will not attempt to deny
or defeat such personal jurisdiction by motion or other request for leave from any Michigan Court, and (iii) agrees that
it will not bring any claim or action arising out of or relating to this Agreement or the Transactions in any court other than
a Michigan Court. Each of the parties hereby irrevocably and unconditionally consents to service of process in the manner provided
for notices in Section 11.7. Nothing in this Agreement will affect the right of any party to serve process in any
other manner permitted by applicable law.

 

    - 13 -

     

    

 

(c)           EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED
AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREUNDER, INCLUDING ANY CONTROVERSY INVOLVING ANY REPRESENTATIVE OF PARENT OR ANY HOLDER UNDER THIS AGREEMENT.
EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) IT
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) IT MAKES THIS WAIVER VOLUNTARILY, AND (iv) IT
HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.8(c).

 

11.9         Specific
Enforcement. The parties acknowledge and agree that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached, and that monetary damages,
even if available, would not be an adequate remedy therefor. It is accordingly agreed that the parties shall be entitled to an
injunction or injunctions to prevent breaches or threatened breaches of this Agreement and to enforce specifically the performance
of the terms and provisions of this Agreement. It is agreed that the parties are entitled to enforce specifically the performance
of terms and provisions of this Agreement, without proof of actual damages (and each such party hereby waives any requirement
for the securing or posting of any bond in connection with such remedy), this being in addition to any other remedy to which they
are entitled at law or in equity. The parties further agree not to assert that a remedy of specific enforcement is unenforceable,
invalid, contrary to applicable law or inequitable for any reason, nor to assert that a remedy of monetary damages would provide
an adequate remedy for any such breach.

 

11.10       Interpretation.
When a reference is made in this Agreement to a Section or an Exhibit, such reference shall be to a Section or an Exhibit of
or to this Agreement unless otherwise indicated. The table of contents, index of defined terms and headings contained in this
Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Any
capitalized term used in any Exhibit but not otherwise defined therein shall have the meaning assigned to such term in this
Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation.” The words “hereof,” “hereto,”
 “hereby,” “herein” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The term “or” is not
exclusive. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or
other thing extends, and such phrase shall not mean simply “if.” The definitions contained in this Agreement are applicable
to the singular as well as the plural forms of such terms. All pronouns and any variations thereof refer to the masculine, feminine
or neuter as the context may require. Any agreement, instrument or applicable law defined or referred to herein means such agreement,
instrument or applicable law as from time to time amended, modified or supplemented, unless otherwise specifically indicated.
References to a Person are also to its permitted successors and assigns. Unless otherwise specifically indicated, all references
to “dollars” and “$” will be deemed references to the lawful money of the United States of America.

 

    - 14 -

     

    

 

11.11       Counterparts.
This Agreement may be executed in one or more counterparts, including by facsimile or by email with .pdf attachments, all of which
shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each
of the parties and delivered to the other parties.

 

11.12       Certain
Definitions. When used in this Agreement, the following terms in all of their tenses, cases and correlative forms shall
have the meanings assigned to them in this Section 11.12.

 

(a)           “beneficial
ownership” means, with respect to any securities, the ownership of such security by any “beneficial owner”
as such term is defined in Rule 13d-3 adopted by the SEC under the Exchange Act. The terms “beneficial owner,”
 “beneficially own,” “beneficially owned” and similar terms shall have a correlative meaning.

 

(b)           “Immediate
Family” means, with respect to a Person, (i) such Person’s spouse (former or then- current), (ii) such
Person’s parents and grandparents, and (iii) ascendants and descendants (natural or adoptive, of the whole or half
blood) of such Person’s parents or of the parents of such Person’s spouse (former or then-current).

 

(c)           “Family
Trust” means, with respect to an individual, a trust for the benefit of such individual or for the benefit of any member
or members of such individual’s Immediate Family or for the benefit of such individual and any member or members of such
individual’s Immediate Family (for the purpose of determining whether or not a trust is a Family Trust, the fact that one
(1) or more of the beneficiaries (but not the sole beneficiary) of the trust includes a Person or Persons, other than a member
of such individual’s Immediate Family, entitled to a distribution after the death of the settlor if he, she, it, or they
shall have survived the settlor of such trust, which distribution may be made of something other than Subject Interests and/or
includes an organization or organizations exempt from federal income taxes pursuant to the provisions of Section 501(a) of
the Code and described in Section 501(c)(3) of the Code, shall be disregarded); provided, however, that
in respect of transfers by way of testamentary or inter vivos trust, the trustee or trustees shall be solely such individual,
a member or members of such individual’s Immediate Family, a responsible financial institution, an attorney that is a member
of the Bar of any State in the United States, and/or an individual or individuals approved by the Parent.

 

(d)           “Person”
means any natural person, firm, corporation, partnership, company, limited liability company, trust, joint venture, association,
Governmental Entity or other entity.

 

(e)           “Pledgee”
means any lender who has made a loan to a Holder or any Permitted Transferee or any affiliate thereof and to whom either a Holder,
any Permitted Transferee or affiliate thereof has pledged their direct or indirect interests in any Subject Interests as security
for such loan.

 

    - 15 -

     

    

 

[Rest of page intentionally left
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IN WITNESS WHEREOF,
each of the parties has caused this Agreement to be executed as of the date first above written.

 

	 	SIMON PROPERTY GROUP, INC.
a Delaware company
	 	 	 
	 	 	 
	 	By:	/s/ David Simon

		 	Name:	David Simon
		 	Title:	Chairman of the Board, Chief Executive Officer and President

 

[Signature Page to Voting Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, each of the parties
has caused this Agreement to be executed as of the date first above written.

 

	 	R & W-TRG LLC,
    a Michigan
	 	limited liability company
	 	 
	 	By:	/s/ Robert S. Taubman
	 	 	Robert S. Taubman, Manager
	 	 	 
	 	 	/s/ William S. Taubman
	 	 	William S. Taubman, Manager

 

[Signature Page to Voting Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, each of the parties
has caused this Agreement to be executed as of the date first above written.

 

	 	/s/ Robert S. Taubman
	 	Robert S. Taubman, as Trustee of the Robert S. Taubman
    Revocable Trust under Agreement dated August 9, 1982, as amended

 

[Signature Page to Voting Agreement] 

 

     

     

    

 

IN WITNESS WHEREOF, each of the parties
has caused this Agreement to be executed as of the date first above written.

 

	 	/s/ William S. Taubman
	 	William S. Taubman, as Trustee of the William S. Taubman Revocable Trust under Agreement dated June 10, 1993, as amended

  

[Signature Page to Voting Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, each of the parties
has caused this Agreement to be executed as of the date first above written.

 

	 	/s/ Robert S. Taubman
	 	Robert S. Taubman, as Trustee of the Family Trust created under the Julia Reyes Taubman Trust Agreement dated 10/7/2015

 

[Signature Page to Voting Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, each of the parties
has caused this Agreement to be executed as of the date first above written.

 

	 	TAUBMAN VENTURES GROUP LLC, a Michigan limited liability
    company
	 	 
	 	By: All of the Voting Common Members:
	 	 
	 	 	ESTATE OF A. Alfred Taubman
	 	 	 
	 	 	By:	/s/ Gayle Taubman Kalisman
	 	 	 	Gayle Taubman Kalisman, Personal Representative
	 	 	 	 
	 	 	 	 
	 	 	 	/s/ Robert S. Taubman
	 	 	 	Robert S. Taubman, Personal Representative
	 	 	 	 
	 	 	 	 
	 	 	 	/s/ William S. Taubman
	 	 	 	William S. Taubman, Personal Representative
	 	 
	 	 
	 	 	RST SUB-TRAP, LLC, a Delaware
	 	 	limited liability company
	 	 
	 	 
	 	 	By:	/s/ Robert S. Taubman
	 	 	 	Robert S. Taubman, Managing Member
	 	 
	 	 	WST SUB-TRAP, LLC, a Delaware
	 	 	limited liability company
	 	 
	 	 
	 	 	By:	/s/ William S. Taubman
	 	 	 	William S. Taubman, Managing Member
	 	 
	 	 
	 	 	GTK SUB-TRAP, LLC, a Delaware
	 	 	limited liability company
	 	 
	 	 	By:	/s/ Gayle Taubman Kalisman
	 	 	 	Gayle Taubman Kalisman, Managing
	 	 	 	Member

 

[Signature Page to
Voting Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, each of the parties
has caused this Agreement to be executed as of the date first above written.

 

	 	A. Alfred Taubman Restated
    Revocable Trust, as amended and restated in its entirety by Instrument dated December 2, 2014
	 	 
	 	 
	 	By:	/s/ Gayle Taubman Kalisman
	 	 	Gayle Taubman Kalisman, Trustee
	 	 	 
	 	 	 
	 	 	/s/ Robert S. Taubman 
	 	 	Robert S. Taubman, Trustee
	 	 	 
	 	 	 
	 	 	/s/ William S. Taubman 
	 	 	William S. Taubman, Trustee

 

[Signature Page to Voting Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, each of the parties
has caused this Agreement to be executed as of the date first above written.

 

	 	RSTCO, LLC, a Delaware
	 	limited liability company
	 	 
	 	 
	 	By:	/s/ Robert S. Taubman
	 	 	Robert S. Taubman, Manager

 

[Signature Page to
Voting Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, each of the parties
has caused this Agreement to be executed as of the date first above written.

 

	 	WSTCO, LLC, a Delaware
	 	limited liability company
	 	 
	 	 
	 	By:	/s/
William S. Taubman
	 	 	William S. Taubman, Manager

 

[Signature Page to Voting Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, each of the parties
has caused this Agreement to be executed as of the date first above written.

 

	 	/s/ Gayle Taubman Kalisman
	 	Gayle Taubman Kalisman, as Trustee of the Gayle Taubman Kalisman Revocable
    Trust under Agreement dated March 22, 1981, as amended

 

[Signature Page to Voting Agreement]

 

    

     

    

 

  

IN WITNESS WHEREOF, each of the parties
has caused this Agreement to be executed as of the date first above written.

 

	 	 	TG PARTNERS, LLC, a Delaware
	 	 	limited liability company
	 	 	 
	 	 	By:	TG Michigan, Inc., a Michigan
	 	 	 	corporation
	 	 	 	 
	 	 	Its:	Managing Member
	 	 	 	 
	 	 	 	By:	/s/ Robert S. Taubman
	 	 	 	 	Robert S. Taubman, President

 

[Signature Page to Voting Agreement]

 

    	 	 

     

    

 

IN WITNESS WHEREOF, each of the parties
has caused this Agreement to be executed as of the date first above written.

 

	 	 	TF ASSOCIATES, LLC, a Michigan
	 	 	limited liability company
	 	 	 
	 	 	By:	 Its Members:
	 	 	 	 
	 	 	 	/s/ Gayle Taubman Kalisman
	 	 	 	Gayle Taubman Kalisman, as Trustee of the GTK 2017 Philip Taubman Kalisman Grantor Retained Annuity Trust under Agreement dated November 6, 2017 and the GTK 2017 Jason Taubman Kalisman Grantor Retained Annuity Trust under Agreement dated November 6, 2017
	 	 	 	 
	 	 	 	/s/ Robert S. Taubman
	 	 	 	Robert S. Taubman, as Trustee of the RST 2017 Alexander Taubman Grantor Retained Annuity Trust under Agreement dated November 6, 2017, the RST 2017 Ghislaine Taubman Grantor Retained Annuity Trust under Agreement dated November 6, 2017, the RST 2017 Sebastian Taubman Grantor Retained Annuity Trust under Agreement dated November 6, 2017, and the RST 2017 Theodore Taubman Grantor Retained Annuity Trust under Agreement dated November 6, 2017
	 	 	 	 
	 	 	 	/s/ William S. Taubman
	 	 	 	William S. Taubman, as Trustee of the WST 2017 Oliver Taubman Grantor Retained Annuity Trust under Agreement dated November 6, 2017, and the WST 2017 Abigail Taubman Grantor Retained Annuity Trust under Agreement dated November 6, 2017

 

[Signature Page to Voting Agreement]

 

    	 	 

     

    

 

EXHIBIT A

 

	Holder	 	Number of Subject
 Shares of Titanium
 Common Stock
 Owned (Record or
 Beneficial)	 	 	Number of Subject
 Shares of Titanium
 Series B Preferred
 Stock Owned
 (Record or
 Beneficial)	 	 	Number of Subject
 Units of Titanium
 OP Units Owned
 (Record or
 Beneficial)	 
	R & W-TRG LLC	 	 	711,504	 	 	 	1,338,496	 	 	 	1,338,496	 
	Robert S. Taubman Revocable Trust under Agreement dated August 9, 1982, as amended	 	 	267,395	 	 	 	38,314	 	 	 	38,314	 
	William S. Taubman Revocable Trust under Agreement dated June 10, 1993, as amended	 	 	43,032	 	 	 	25,036	 	 	 	25,036	 
	Family Trust created under the Julia Reyes Taubman Trust Agreement dated October 7, 2015	 	 	42,880	 	 	 	0	 	 	 	0	 
	Taubman Ventures Group LLC	 	 	186,837	 	 	 	22,311,442	 	 	 	22,311,442	 
	A. Alfred Taubman Restated Revocable Trust, as amended and restated in its entirety by Instrument dated December 2, 2014	 	 	100	 	 	 	0	 	 	 	0	 
	RSTCO, LLC	 	 	265,246	 	 	 	0	 	 	 	0	 
	WSTCO, LLC	 	 	203,588	 	 	 	0	 	 	 	0	 
	Gayle Taubman Kalisman Revocable Trust under Agreement dated March 22, 1981, as amended	 	 	0	 	 	 	239	 	 	 	239	 
	TG Partners, LLC	 	 	0	 	 	 	5,000	 	 	 	5,000	 
	TF ASSOCIATES, LLC	 	 	0	 	 	 	472,650	 	 	 	472,650

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