Document:

Amended and Restated Shareholders Rights Agreement dated April 19, 2011

 Exhibit 4.1 
 AMENDED AND RESTATED SHAREHOLDERS RIGHTS AGREEMENT 
 This Amended and
Restated Shareholders Rights Agreement (this “Agreement”) is made and entered into as of April 19, 2011, by and between Seaspan Corporation, a Marshall Islands corporation (the “Corporation”), and American
Stock Transfer & Trust Company, LLC, as Rights Agent (the “Rights Agent”). 
 WHEREAS, the Corporation
and the Rights Agent previously entered into that certain Shareholders Rights Agreement, dated as of August 8, 2005 (the “Original Rights Agreement”); 
 WHEREAS, pursuant to the terms of the Original Rights Agreement, the Board of Directors of the Corporation (the “Board”) has previously (a) authorized and declared a dividend of one
right (the “Right”) for each share of the Corporation’s common shares, par value $.01 per share (the “Common Shares”) held of record as of the Close of Business (as hereinafter defined) on August 12, 2005
(the “Record Date”) and (b) authorized the issuance of one Right in respect of each share of Common Shares that shall become outstanding (i) at any time since the Record Date and the earliest of the Distribution Date, the
Redemption Date or the Final Expiration Date (as such terms are hereinafter defined) or (ii) upon the exercise or conversion, prior to the earlier of the Redemption Date or the Final Expiration Date, of any option or other security exercisable
for or convertible into shares of Common Shares, which option or other such security is outstanding on the Distribution Date; 

WHEREAS, as modified in the Agreement, each Right now represents the right of the holder thereof to purchase one one-thousandth of a
share of Series R Participating Preferred Stock (as such number may hereafter be adjusted pursuant to the provisions hereof), upon the terms and subject to the conditions set forth herein, having the rights, preferences and privileges set forth in
the Statement of Designations of Series R Participating Preferred Stock, attached hereto as Exhibit A; 
 WHEREAS, in
connection with the issuance of the Corporation’s Cumulative Preferred Shares—Series A, par value $0.01 (the “Series A”), the Corporation and the Rights Agent entered into Amendment No. 1 to the Original Rights
Agreement, dated as of January 30, 2009 (the “Amendment”); and 
 WHEREAS, the Corporation and the Rights
Agent now desire to amend and restate the Original Rights Agreement (as amended by the Amendment) in order to, among other things, incorporate the terms of the Amendment and to make certain additional modifications to the terms of the Original
Rights Agreement (as amended by the Amendment). 
 NOW THEREFORE, in consideration of the premises and the mutual agreements set
forth herein, the Corporation and the Rights Agent hereby agree as follows: 
 1. Certain Definitions. 

“Acquiring Person” shall mean any Person (other than an Excluded Person, but only to the extent set forth below in this
definition) who or which, together with all Affiliates and Associates of such Person, shall be the Beneficial Owner of 20% or more of the shares of Common Shares then outstanding, but shall not include the Corporation, any Subsidiary of the

 
Corporation or any employee benefit plan of the Corporation or of any Subsidiary of the Corporation, or any entity holding shares of Common Shares for or pursuant to the terms of any such plan.
Notwithstanding the foregoing, no Person shall be deemed to be an Acquiring Person as the result of an acquisition of shares of Common Shares by the Corporation which, by reducing the number of shares outstanding, increases the proportionate number
of shares Beneficially Owned by such Person to 20% or more of the shares of Common Shares of the Corporation then outstanding; provided, however, that a Person who (i) becomes the Beneficial Owner of 20% or more of the shares of Common
Shares of the Corporation then outstanding by reason of share purchases by the Corporation and (ii) then after such share purchases by the Corporation, becomes the Beneficial Owner of any additional shares of Common Shares of the Corporation
(other than pursuant to (A) a dividend or distribution paid or made by the Corporation on the outstanding shares of Common Shares in shares of Common Shares, (B) a split or subdivision of the outstanding shares of Common Shares or
(C) with respect to Excluded Persons only, any present or future benefit plan or other compensatory plan, agreement or arrangement), such Person shall be deemed to be an Acquiring Person unless upon becoming the Beneficial Owner of such
additional shares of Common Shares of the Corporation such Person does not beneficially own 20% or more of the shares of Common Shares of the Corporation then outstanding. Notwithstanding the foregoing: (i) if the Corporation’s Board of
Directors determines in good faith that a Person who would otherwise be an “Acquiring Person,” as defined herein, has become such inadvertently (including, without limitation, because (A) such Person was unaware that it beneficially
owned a percentage of the shares of Common Shares that would otherwise cause such Person to be an “Acquiring Person,” as defined herein, or (B) such Person was aware of the extent of the shares of Common Shares it beneficially owned
but had no actual knowledge of the consequences of such beneficial ownership under this Agreement) and without any intention of changing or influencing control of the Corporation, and if such Person divested or divests as promptly as practicable a
sufficient number of shares of Common Shares so that such Person would no longer be an “Acquiring Person,” as defined herein, then such Person shall not be deemed to be or to have become an “Acquiring Person” for any purposes of
this Agreement; (ii) if, as of the date hereof, any Person is the Beneficial Owner of 20% or more of the shares of Common Shares outstanding, such Person shall not be or become an “Acquiring Person,” as defined herein, unless and
until such time as such Person shall become the Beneficial Owner of additional shares of Common Shares (other than pursuant to (A) a dividend or distribution paid or made by the Corporation on the outstanding shares of Common Shares in shares
of Common Shares, (B) a split or subdivision of the outstanding shares of Common Shares or (C) with respect to Excluded Persons only, any present or future benefit plan or other compensatory plan, agreement or arrangement), unless, upon
becoming the Beneficial Owner of such additional shares of Common Shares, such Person is not then the Beneficial Owner of 20% or more of the shares of Common Shares then outstanding; (iii) no Investor shall be deemed to be an “Acquiring
Person” as a result of the transactions contemplated by the Stock Purchase Agreement, including the purchase by the Investors of the Series A, and any Common Shares, Series A or any other equity securities of the Corporation pursuant to the
Investors’ preemptive rights under the Statement of Designation of the Series A and the issuance by the Corporation to the Investors of any Common Shares pursuant to the terms of the Series A, including upon the conversion of the Series A;
provided, however, that any Common Shares held by the Investors prior to the date hereof and any Common Shares acquired by the Investors subsequent to the date hereof other than pursuant to the transactions contemplated by the Stock Purchase
Agreement 

  
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shall be considered as Beneficially Owned by such Investors in determining whether such Investor shall, subject to the terms of the immediately preceding sentence and to clauses (i),
(ii) and (iv) of this sentence, constitute an Acquiring Person under the Agreement; and, provided, further, that the provisions set forth in this clause (iii) only apply to the Investors acquiring securities under the Stock
Purchase Agreement and such provisions are not transferable other than to Affiliates of the Investors; and (iv) no Excluded Person shall be deemed to be an “Acquiring Person” so long as all Excluded Persons, together with all
Affiliates and Associates of such Excluded Persons (other than the Corporation and its Subsidiaries), collectively are the Beneficial Owners of not more than 30% of the Common Shares then outstanding, it being understood that (A) all exceptions
to becoming an “Acquiring Person” set forth in this definition shall apply to Excluded Persons (and for purposes of this clause (iv) only, with references in the immediately preceding sentence and in this sentence to 20% being deemed
to be 30% with respect to the collective Excluded Persons as applicable), (B) no Person shall become an Excluded Person as a result of acquiring Common Shares from an Excluded Person and (C) subject to subclause (A) above, if the
Excluded Persons, together with all Affiliates and Associates of such Excluded Persons (other than the Corporation and its Subsidiaries), collectively become the Beneficial Owners of more than 30% of the Common Shares then outstanding, each Excluded
Person shall be deemed to be an “Acquiring Person.” 
 “Adjustment fraction” shall have the meaning
set forth in Section 11(a)(i) hereof. 
 “Affiliate” and “Associate” shall have the
respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under the Exchange Act, as in effect on the date of this Agreement. 
 “Agreement” shall have the meaning set forth in the preamble. 

“Amendment” shall have the meaning set forth in the recitals. 

A Person shall be deemed the “Beneficial Owner” of and shall be deemed to “Beneficially Own” and have
“Beneficial Ownership” of any securities: 
 (i) which such Person or any of such Person’s
Affiliates or Associates beneficially owns, directly or indirectly, for purposes of Section 13(d) of the Exchange Act and Rule 13d-3 thereunder (or any comparable or successor law or regulation); 

(ii) which such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has (A) the
right to acquire (whether such right is exercisable immediately or only after the passage of time or upon the satisfaction of any conditions or both) pursuant to any agreement, arrangement or understanding (other than customary agreements with and
between underwriters and selling group members with respect to a bona fide public offering of securities), or upon the exercise of conversion rights, exchange rights, rights (other than the Rights), warrants or options, or otherwise; provided,
however, that a Person shall not be deemed pursuant to this subsection (ii)(A) to be the Beneficial Owner of, or to beneficially own, (1) securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any
of such Person’s Affiliates or Associates until such tendered securities are accepted for purchase or 

  
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exchange, (2) securities which a Person or any of such Person’s Affiliates or Associates may be deemed to have the right to acquire pursuant to any merger or other acquisition agreement
between the Corporation and such Person (or one or more of its Affiliates or Associates) if such agreement has been approved by the Board of Directors of the Corporation prior to there being an Acquiring Person, (3) securities issuable upon
exercise of Rights at any time prior to the occurrence of a Triggering Event; or (4) securities issuable upon exercise of Rights from and after the occurrence of a Triggering Event, which Rights were acquired by such Person or any of such
Person’s Affiliates or Associates prior to the Distribution Date or pursuant to Sections 3(a), 11(i) or 22 of this Agreement; (B) the right to vote pursuant to any agreement, arrangement or understanding; provided,
however, that a Person shall not be deemed the Beneficial Owner of, or to beneficially own, any security under this subsection (ii)(B) if the agreement, arrangement or understanding to vote such security (1) arises solely from a revocable
proxy or consent given to such Person in response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations of the Exchange Act and (2) is not also then reportable on Schedule 13D
under the Exchange Act (or any comparable or successor report); or (C) the right to the underlying economic benefits or value associated with such securities, whether or not any voting or control rights have been deliberately disclaimed or
removed, including, without limitation, pursuant to any hedge, swap, derivative or similar transaction; or 

(iii) which are beneficially owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof)
with which such Person or any of such Person’s Affiliates or Associates has any agreement, arrangement or understanding, whether or not in writing (other than customary agreements with and between underwriters and selling group members with
respect to a bona fide public offering of securities) for the purpose of acquiring, holding, voting (except to the extent contemplated by the proviso to subsection (ii)(B) above) or disposing of any securities of the Corporation; 

provided, however, that in no case shall an officer or director of the Corporation be deemed (x) the Beneficial Owner of any
securities beneficially owned by another officer or director of the Corporation solely by reason of actions undertaken by such persons in their capacity as officers or directors of the Corporation or (y) the Beneficial Owner of securities held
of record by the trustee of any employee benefit plan of the Corporation or any Subsidiary of the Corporation for the benefit of any employee of the Corporation or any Subsidiary of the Corporation, other than the officer or director, by reason of
any influence that such officer or director may have over the voting of the securities held in the plan. 
 For all purposes of
this Agreement, the phrase “then outstanding,” when used with reference to the percentage of the then outstanding securities Beneficially Owned by a Person, shall mean the number of securities then issued and outstanding together with the
number of such securities not then actually issued and outstanding which such Person would be deemed to Beneficially Own hereunder. 

  
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 “Business Day” shall mean any day other than a Saturday, Sunday or a day on
which banking institutions in New York are authorized or obligated by law or executive order to close. 
 “Close of
Business” on any given date shall mean 5:00 P.M., New York time, on such date; provided, however, that if such date is not a Business Day it shall mean 5:00 P.M., New York time, on the next succeeding Business Day. 

“Common Shares” shall have the meaning set forth in the recitals. Common Shares when used with reference to any Person
other than the Corporation shall mean the capital stock (or equity interest) with the greatest voting power of such other Person or, if such other Person is a Subsidiary of another Person, the Person or Persons which ultimately control such
first-mentioned Person. 
 “Common Shares Equivalents” shall have the meaning set forth in
Section 11(a)(iii) hereof. 
 “Corporation” shall have the meaning set forth in the preamble, subject to
the terms of Section 13(a)(iii)(C) hereof. 
 “Current Per Share Market Price” of any security (a
“Security” for purposes of this definition), for all computations other than those made pursuant to Section 11(a)(iii) hereof, shall mean the average of the daily closing prices per share of such Security for the thirty
(30) consecutive Trading Days immediately prior to such date, and for purposes of computations made pursuant to Section 11(a)(iii) hereof, the Current Per Share Market Price of any Security on any date shall be deemed to be the average of
the daily closing prices per share of such Security for the ten (10) consecutive Trading Days immediately prior to such date; provided, however, that in the event that the Current Per Share Market Price of the Security is determined
during a period following the announcement by the issuer of such Security of (i) a dividend or distribution on such Security payable in shares of such Security or securities convertible into such shares or (ii) any subdivision, combination
or reclassification of such Security, and prior to the expiration of the applicable thirty (30) Trading Day or ten (10) Trading Day period, after the ex-dividend date for such dividend or distribution, or the record date for such
subdivision, combination or reclassification, then, and in each such case, the Current Per Share Market Price shall be appropriately adjusted to reflect the current market price per share equivalent of such Security. The closing price for each day
shall be the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with
respect to securities listed or admitted to trading on the New York Stock Exchange or, if the Security is not listed or admitted to trading on the New York Stock Exchange, as reported in the principal consolidated transaction reporting system with
respect to securities listed on the principal national securities exchange on which the Security is listed or admitted to trading or, if the Security is not listed or admitted to trading on any national securities exchange, the last sale price or,
if such last sale price is not reported, the average of the high bid and low asked prices in the over-the-counter market, as reported by Nasdaq or such other system then in use, or, if on any such date the Security is not quoted by any such
organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the Security selected by the Board of Directors of the Corporation. If on any such date no market maker is

  
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making a market in the Security, the fair value of such shares on such date as determined in good faith by the Board of Directors of the Corporation shall be used. If the Preferred Shares are not
publicly traded, the Current Per Share Market Price of the Preferred Shares shall be conclusively deemed to be the Current Per Share Market Price of the shares of Common Shares as determined pursuant to this definition, as appropriately adjusted to
reflect any stock split, stock dividend or similar transaction occurring after the date hereof, multiplied by 1000. If the Security is not publicly held or so listed or traded, Current Per Share Market Price shall mean the fair value per share as
determined in good faith by the Board of Directors of the Corporation, whose determination shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes. 

“Current Value” shall have the meaning set forth in Section 11(a)(iii) hereof. 

“Distribution Date” shall mean the earlier of (i) the Close of Business on the tenth day after the Shares
Acquisition Date or (ii) the Close of Business on the tenth Business Day (or such later date as may be determined by action of the Corporation’s Board of Directors) after the date that a tender or exchange offer by any Person (other than
the Corporation, any Subsidiary of the Corporation, any employee benefit plan of the Corporation or of any Subsidiary of the Corporation, or any Person or entity organized, appointed or established by the Corporation for or pursuant to the terms of
any such plan) is first published or sent or given within the meaning of Rule 14d-4(a) of the General Rules and Regulations (or any successor rule) under the Exchange Act, if, assuming the successful consummation thereof, such Person would be an
Acquiring Person. Notwithstanding anything in this Agreement to the contrary, a Distribution Date shall not be deemed to have occurred as a result of (i) the execution and delivery of the Stock Purchase Agreement, (ii) the consummation of
the transactions contemplated by the Stock Purchase Agreement or (iii) the amendment and restatement of the Original Rights Agreement. 
 “Equivalent Shares” shall mean Preferred Shares and any other class or series of capital stock of the Corporation which is entitled to the same or more favorable rights, privileges and
preferences as the Preferred Shares. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended. 
 “Exchange Ratio” shall have the meaning set forth in Section 24(a) hereof. 

“Excluded Person” shall mean each Person described in the definition of the term “Washington Family” and any
Person (other than the Corporation and any directors or officers thereof acting in their capacities as such and not individually) who enters into a shareholders agreement, proxy or similar agreement with a member of the Washington Family, whether or
not in writing, regarding the voting of Common Shares for as long as such agreement is in place. 
 “Exercise
Price” shall have the meaning set forth in Section 4(a) hereof. 
 “Expiration Date” shall mean
the earliest to occur of: (i) the Close of Business on the Final Expiration Date, (ii) the Redemption Date, or (iii) the time at which the Board of Directors orders the exchange of the Rights as provided in Section 24 hereof.

 “Final Expiration Date” shall mean August 8, 2015. 

  
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 “Investors” shall collectively refer to Deep Water Holdings, LLC, Tiger
Container Shipping Co. Ltd, CopperLion Capital (KRW) I Limited Partnership and CopperLion Capital (KLW) I Limited Partnership, the purchasers of the Series A; provided, however that for purposes of this Agreement reference is made to the fact that
subsequent to the acquisition of shares of Series A pursuant to the Stock Purchase Agreement, CopperLion Capital (KRW) I Limited Partnership and CopperLion Capital (KLW) I Limited Partnership transferred its respective shares of Series A to the Kyle
Roy Washington Trust II under agreement dated March 15, 1999 and the Kevin Lee Washington Trust II under agreement dated March 15, 1999 (the “Trusts”) and the Trusts shall be deemed to be Investors and CopperLion Capital (KRW) I
Limited Partnership and CopperLion Capital (KLW) I Limited Partnership shall no longer be deemed to be Investors. 

“Nasdaq” shall mean the National Association of Securities Dealers, Inc. Automated Quotations System. 

“Original Rights Agreement” shall have the meaning set forth in the recitals. 

“Person” shall mean any individual, trust, firm, corporation or other entity, and shall include any successor (by merger
or otherwise) of such entity. 
 “Post-Event Transferee” shall have the meaning set forth in Section 7(e)
hereof. 
 “Preferred Shares” shall mean shares of Series R Participating Preferred Stock, $0.01 par value, of
the Corporation. 
 “Pre-Event Transferee” shall have the meaning set forth in Section 7(e) hereof.

 “Principal Party” shall have the meaning set forth in Section 13(b) hereof. 

“Record Date” shall have the meaning set forth in the recitals. 

“Redemption Date” shall have the meaning set forth in Section 23(a) hereof. 

“Redemption Price” shall have the meaning set forth in Section 23(a) hereof. 

“Right” shall have the meaning set forth in the recitals. 

“Rights Agent” shall mean American Stock Transfer & Trust Company, LLC, or its successor or replacement as
provided in Sections 19 and 21 hereof. 
 “Rights Certificate” shall mean a certificate substantially in the
form attached hereto as Exhibit B. 
 “Section 11(a)(ii) Trigger Date” shall have the meaning set forth
in Section 11(a)(iii) hereof. 
 “Section 13 Event” shall mean any event described in clause (i),
(ii) or (iii) of Section 13(a) hereof. 

  
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 “Securities Act” shall mean the Securities Act of 1933, as amended.

 “Series A” shall have the meaning set forth in the recitals. 

“Shares Acquisition Date” shall mean the first date of public announcement (which, for purposes of this definition,
shall include, without limitation, a report filed pursuant to Section 13(d) under the Exchange Act) by the Corporation or an Acquiring Person that an Acquiring Person has become such; provided that, if such Person is determined not to have
become an Acquiring Person as defined herein, then no Shares Acquisition Date shall be deemed to have occurred. Notwithstanding anything in this Agreement to the contrary, a Shares Acquisition Date shall not be deemed to have occurred as a result of
(i) the execution and delivery of the Stock Purchase Agreement, (ii) the consummation of the transactions contemplated by the Stock Purchase Agreement or (iii) the amendment and restatement of the Original Rights Agreement.

 “Spread” shall have the meaning set forth in Section 11(a)(iii) hereof. 

“Stock Purchase Agreement” shall mean the Preferred Stock Purchase Agreement dated January 22, 2009 by and among
the Corporation and the Investors. 
 “Subsidiary” of any Person shall mean any corporation or other entity of
which an amount of voting securities sufficient to elect a majority of the directors or Persons having similar authority of such corporation or other entity is beneficially owned, directly or indirectly, by such Person, or any corporation or other
entity otherwise controlled by such Person. 
 “Substitution Period” shall have the meaning set forth in
Section 11(a)(iii) hereof. 
 “Summary of Rights” shall mean a summary of this Agreement substantially in
the form attached hereto as Exhibit C. 
 “Total Exercise Price” shall have the meaning set forth in
Section 4(a) hereof. 
 “Trading Day” shall mean a day on which the principal national securities exchange
on which a referenced security is listed or admitted to trading is open for the transaction of business or, if a referenced security is not listed or admitted to trading on any national securities exchange, a Business Day. 

A “Triggering Event” shall be deemed to have occurred upon any Person becoming an Acquiring Person. 

“Washington Family” shall mean, collectively, Dennis R. Washington, Kyle R. Washington and Kevin L. Washington, any
spouse, father, mother, brother, sister, lineal descendant of spouse or lineal descendant of Dennis R. Washington, Kyle R. Washington and Kevin L. Washington, and each of such Person’s respective controlled affiliates, estate planning vehicles,
trusts and related entities; provided, that this foregoing definition is solely for purposes of this Agreement and is not meant as an acknowledgement that any member of the Washington Family is the Beneficial Owner of securities of another
member of the Washington Family. 

  
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 2. Appointment of Rights Agent. The Corporation hereby appoints the Rights Agent to
act as agent for the Corporation and the holders of the Rights (who, in accordance with Section 3 hereof, shall prior to the Distribution Date also be the holders of the shares of Common Shares) in accordance with the terms and conditions
hereof, and the Rights Agent hereby accepts such appointment. The Corporation may from time to time appoint such co-Rights Agents as it may deem necessary or desirable. 
 3. Issuance of Rights Certificates. 
 (a) Until the Distribution Date,
(i) the Rights will be evidenced (subject to the provisions of Sections 3(b) and 3(c) hereof) by the certificates for shares of Common Shares registered in the names of the holders thereof (which certificates shall also be deemed to be Rights
Certificates) and not by separate Rights Certificates and (ii) the right to receive Rights Certificates will be transferable only in connection with the transfer of shares of Common Shares. Until the earlier of the Distribution Date or the
Expiration Date, the surrender for transfer of certificates for shares of Common Shares shall also constitute the surrender for transfer of the Rights associated with the shares of Common Shares represented thereby. As soon as practicable after the
Distribution Date, the Corporation will prepare and execute, the Rights Agent will countersign, and the Corporation will send or cause to be sent (and the Rights Agent will, if requested, send) by first-class, postage-prepaid mail, to each record
holder of shares of Common Shares as of the Close of Business on the Distribution Date, at the address of such holder shown on the records of the Corporation, a Rights Certificate evidencing one Right for each share of Common Shares so held, subject
to adjustment as provided herein. In the event that an adjustment in the number of Rights per share of Common Shares has been made pursuant to Section 11 hereof, then at the time of distribution of the Rights Certificates, the Corporation shall
make any necessary and appropriate rounding adjustments so that Rights Certificates representing only whole numbers of Rights are distributed and cash is paid in lieu of any fractional Rights. As of the Distribution Date, the Rights will be
evidenced solely by such Rights Certificates and may be transferred by the transfer of the Rights Certificates as permitted hereby, separately and apart from any transfer of shares of Common Shares, and the holders of such Rights Certificates as
listed in the records of the Corporation or any transfer agent or registrar for the Rights shall be the record holders thereof. 

(b) On the Record Date or as soon as practicable thereafter, the Corporation sent a copy of a Summary of Rights by first-class,
postage-prepaid mail, to each record holder of shares of Common Shares as of the Close of Business on the Record Date, at the address of such holder shown on the records of the Corporation’s transfer agent and registrar. Such Summary of Rights
has been updated as of the date of this Agreement in substantially the form attached hereto as Exhibit C. With respect to certificates for shares of Common Shares outstanding as of the Record Date or subsequently issued by the Company, until
the Distribution Date, the Rights will be evidenced by such certificates registered in the names of the holders thereof together with the Summary of Rights (as updated as of the date of this Agreement, if applicable). Until the Distribution Date
(or, if earlier, the Expiration Date), the surrender for transfer of any certificate for shares of Common Shares outstanding on the Record Date, with or without a copy of the Summary of Rights, shall also constitute the transfer of the Rights
associated with the shares of Common Shares represented thereby. 

  
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 (c) Unless the Board of Directors by resolution adopted at or before the time of the
issuance of any shares of Common Shares specifies to the contrary, Rights shall be issued in respect of all shares of Common Shares that are issued after the Record Date but prior to the earlier of the Distribution Date or the Expiration Date or, in
certain circumstances provided in Section 22 hereof, after the Distribution Date. Certificates representing such shares of Common Shares shall also be deemed to be certificates for Rights, and shall bear a legend in substantially the following
form: 
 THIS CERTIFICATE ALSO EVIDENCES AND ENTITLES THE HOLDER HEREOF TO CERTAIN RIGHTS AS SET FORTH IN AN
AMENDED AND RESTATED SHAREHOLDER RIGHTS AGREEMENT BETWEEN SEASPAN CORPORATION AND AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, AS THE RIGHTS AGENT, DATED AS OF APRIL 19, 2011, (THE “RIGHTS AGREEMENT”), THE TERMS OF WHICH ARE
HEREBY INCORPORATED HEREIN BY REFERENCE AND A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF SEASPAN CORPORATION. UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, SUCH RIGHTS WILL BE EVIDENCED BY SEPARATE
CERTIFICATES AND WILL NO LONGER BE EVIDENCED BY THIS CERTIFICATE. SEASPAN CORPORATION WILL MAIL TO THE HOLDER OF THIS CERTIFICATE A COPY OF THE RIGHTS AGREEMENT WITHOUT CHARGE AFTER RECEIPT OF A WRITTEN REQUEST THEREFOR. UNDER CERTAIN CIRCUMSTANCES
SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS ISSUED TO, OR HELD BY, ANY PERSON WHO IS, WAS OR BECOMES AN ACQUIRING PERSON OR ANY AFFILIATE OR ASSOCIATE THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT), WHETHER CURRENTLY HELD BY OR ON BEHALF
OF SUCH PERSON OR BY ANY SUBSEQUENT HOLDER, MAY BECOME NULL AND VOID. 
 With respect to such certificates containing the foregoing or a similar
legend, until the earlier of (i) the Distribution Date or (ii) the Expiration Date, the Rights associated with the shares of Common Shares represented by such certificates shall be evidenced by such certificates alone, and the surrender
for transfer of any such certificate shall also constitute the transfer of the Rights associated with the shares of Common Shares represented thereby. 
 (d) In the event that the Corporation purchases or acquires any shares of Common Shares after the Record Date but prior to the Distribution Date, any Rights associated with such shares of Common Shares
shall be deemed canceled and retired so that the Corporation shall not be entitled to exercise any Rights associated with the shares of Common Shares which are no longer outstanding. 

4. Form of Rights Certificates. 
 (a) The Rights Certificates (and the forms of election to purchase shares of Common Shares and of assignment to be printed on the reverse thereof) shall be substantially in the form of Exhibit B
hereto and may have such marks of identification or designation and such 

  
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legends, summaries or endorsements printed thereon as the Corporation may deem appropriate and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with
any applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange or a national market system, on which the Rights may from time to time be listed or included, or to conform to usage.
Subject to the provisions of Section 11 and Section 22 hereof, the Rights Certificates, whenever distributed, shall be dated as of the Record Date (or in the case of Rights issued with respect to shares of Common Shares issued by the
Corporation after the Record Date, as of the date of issuance of such shares of Common Shares) and on their face shall entitle the holders thereof to purchase such number of one-thousandths of a Preferred Share as shall be set forth therein at the
price set forth therein (such exercise price per one one-thousandth of a Preferred Share being hereinafter referred to as the “Exercise Price” and the aggregate Exercise Price of all Preferred Shares issuable upon exercise of one
Right being hereinafter referred to as the “Total Exercise Price”), but the number and type of securities purchasable upon the exercise of each Right and the Exercise Price shall be subject to adjustment as provided herein.

 (b) Any Rights Certificate issued pursuant to Section 3(a) or Section 22 hereof that represents Rights beneficially
owned by: (i) an Acquiring Person or any Associate or Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee after the Acquiring Person becomes such or
(iii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether
or not for consideration) from the Acquiring Person to holders of equity interests in such Acquiring Person or to any Person with whom such Acquiring Person has any continuing agreement, arrangement or understanding regarding the transferred Rights,
the shares of Common Shares associated with such Rights or the Company or (B) a transfer (whether or not for consideration) which the Corporation’s Board of Directors has determined is part of a plan, arrangement or understanding which has
as a primary purpose or effect of avoidance of Section 7(e) hereof, and any Rights Certificate issued pursuant to Section 6 or Section 11 hereof upon transfer, exchange, replacement or adjustment of any other Rights Certificate
referred to in this sentence, shall contain (to the extent feasible) the following legend: 
 THE RIGHTS
REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS
CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF THE RIGHTS AGREEMENT. 
 The failure to print the foregoing legend on any such Rights Certificate or any defect therein shall not affect in any manner whatsoever the application or interpretation of the provisions of
Section 7(e) of this Agreement. 
 5. Countersignature and Registration. 

  
 11 

 (a) The Rights Certificates shall be executed on behalf of the Corporation by its Chairman
of the Board, its Chief Executive Officer, its Chief Financial Officer, its President or any Vice President, either manually or by facsimile signature, and by the Secretary or an Assistant Secretary of the Corporation, either manually or by
facsimile signature or other electronic or digital means, and shall have affixed thereto the Corporation’s seal (if any) or a facsimile thereof. The Rights Certificates shall be countersigned, either manually or by facsimile signature or other
electronic or digital means, by the Rights Agent and shall not be valid for any purpose unless so countersigned. In case any officer of the Corporation who shall have signed any of the Rights Certificates shall cease to be such officer of the
Corporation before countersignature by the Rights Agent and issuance and delivery by the Corporation, such Rights Certificates, nevertheless, may be countersigned by the Rights Agent and issued and delivered by the Corporation with the same force
and effect as though the person who signed such Rights Certificates on behalf of the Corporation had not ceased to be such officer of the Corporation; and any Rights Certificate may be signed on behalf of the Corporation by any person who, at the
actual date of the execution of such Rights Certificate, shall be a proper officer of the Corporation to sign such Rights Certificate, although at the date of the execution of this Agreement any such person was not such an officer. 

(b) Following the Distribution Date, the Rights Agent will keep or cause to be kept, at its office designated for such purposes, books
for registration and transfer of the Rights Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Rights Certificates, the number of Rights evidenced on its face by each of the Rights
Certificates and the date of each of the Rights Certificates. 
 6. Transfer, Split Up, Combination and Exchange of Rights
Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates. 
 (a) Subject to the provisions of Sections 4(b),
7(e), 14 and 24 hereof, at any time after the Close of Business on the Distribution Date, and at or prior to the Close of Business on the Expiration Date, any Rights Certificate or Rights Certificates may be transferred, split up, combined or
exchanged for another Rights Certificate or Rights Certificates, entitling the registered holder to purchase a like number of one-thousandths of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets, as the case
may be) as the Rights Certificate or Rights Certificates surrendered then entitled such holder to purchase. Any registered holder desiring to transfer, split up, combine or exchange any Rights Certificate or Rights Certificates shall make such
request in writing delivered to the Rights Agent, and shall surrender the Rights Certificate or Rights Certificates to be transferred, split up, combined or exchanged at the office of the Rights Agent designated for such purpose. Neither the Rights
Agent nor the Corporation shall be obligated to take any action whatsoever with respect to the transfer of any such surrendered Rights Certificate until the registered holder shall have completed and signed the certificate contained in the form of
assignment on the reverse side of such Rights Certificate and shall have provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Corporation shall reasonably
request. Thereupon the Rights Agent shall, subject to Sections 4(b), 7(e), 14 and 24 hereof, countersign and deliver to the person entitled thereto a Rights Certificate or Rights Certificates, as the case may be, as so requested. The Corporation may
require payment of a sum sufficient to cover any tax or governmental charge that may be 

  
 12 

 
imposed in connection with any transfer, split up, combination or exchange of Rights Certificates. 
 (b) Upon receipt by the Corporation and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Rights Certificate, and, in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to them, and, at the Corporation’s request, reimbursement to the Corporation and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights
Agent and cancellation of the Rights Certificate if mutilated, the Corporation will make and deliver a new Rights Certificate of like tenor to the Rights Agent for delivery to the registered holder in lieu of the Rights Certificate so lost, stolen,
destroyed or mutilated. 
 7. Exercise of Rights; Exercise Price; Expiration Date of Rights. 

(a) Subject to Sections 7(e), 23(b) and 24(b) hereof, the registered holder of any Rights Certificate may exercise the Rights evidenced
thereby (except as otherwise provided herein) in whole or in part at any time after the Distribution Date and prior to the Close of Business on the Expiration Date by surrender of the Rights Certificate, with the form of election to purchase on the
reverse side thereof duly executed, to the Rights Agent at the office of the Rights Agent designated for such purpose, together with payment of the Exercise Price for each one-thousandth of a Preferred Share (or, following a Triggering Event, other
securities, cash or other assets as the case may be) as to which the Rights are exercised. 
 (b) The Exercise Price for each
one-thousandth of a Preferred Share issuable pursuant to the exercise of a Right shall initially be twenty-five Dollars ($25), shall be subject to adjustment from time to time as provided in Sections 11 and 13 hereof and shall be payable in lawful
money of the United States of America in accordance with paragraph (c) below. 
 (c) Upon receipt of a Rights Certificate
representing exercisable Rights, with the form of election to purchase duly executed, accompanied by payment of the Exercise Price for the number of one-thousandths of a Preferred Share (or, following a Triggering Event, other securities, cash or
other assets as the case may be) to be purchased and an amount equal to any applicable transfer tax required to be paid by the holder of such Rights Certificate in accordance with Section 9(e) hereof, the Rights Agent shall, subject to Sections
14(b) and 20(k) hereof, thereupon promptly (i) (A) requisition from any transfer agent of the Preferred Shares (or make available, if the Rights Agent is the transfer agent for the Preferred Shares) a certificate or certificates for the
number of one-thousandths of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) to be purchased and the Corporation hereby irrevocably authorizes its transfer agent to comply with all such
requests or (B) if the Corporation shall have elected to deposit the total number of one-thousandths of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) issuable upon exercise of
the Rights hereunder with a depositary agent, requisition from the depositary agent depositary receipts representing such number of one-thousandths of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the
case may be) as are to be purchased (in which case certificates for the Preferred Shares (or, following a Triggering Event, other securities, cash or other assets as the case may be) represented by such receipts shall be deposited by the transfer
agent with the depositary agent) 

  
 13 

 
and the Corporation hereby directs the depositary agent to comply with such request, (ii) when appropriate, requisition from the Corporation the amount of cash to be paid in lieu of issuance
of fractional shares in accordance with Section 14 hereof, (iii) after receipt of such certificates or depositary receipts, cause the same to be delivered to or upon the order of the registered holder of such Rights Certificate, registered
in such name or names as may be designated by such holder and (iv) when appropriate, after receipt thereof, deliver such cash to or upon the order of the registered holder of such Rights Certificate. The payment of the Exercise Price (as such
amount may be reduced (including to zero) pursuant to Section 11(a)(iii) hereof) and an amount equal to any applicable transfer tax required to be paid by the holder of such Rights Certificate in accordance with Section 9(e) hereof, may be
made in cash or by certified bank check, cashier’s check or bank draft payable to the order of the Corporation. In the event that the Corporation is obligated to issue securities of the Corporation other than Preferred Shares, pay cash and/or
distribute other property pursuant to Section 11(a) hereof, the Corporation will make all arrangements necessary so that such other securities, cash and/or other property are available for distribution by the Rights Agent, if and when
appropriate. 
 (d) In case the registered holder of any Rights Certificate shall exercise less than all the Rights evidenced
thereby, a new Rights Certificate evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent to the registered holder of such Rights Certificate or to his or her duly authorized assigns, subject to the
provisions of Section 14 hereof. 
 (e) Notwithstanding anything in this Agreement to the contrary, from and after the
first occurrence of a Triggering Event, any Rights beneficially owned by (i) an Acquiring Person or an Associate or Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who
becomes a transferee after the Acquiring Person becomes such (a “Post-Event Transferee”), (iii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee prior to or concurrently with
the Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person to holders of equity interests in such Acquiring Person or to any Person with whom the
Acquiring Person has any continuing agreement, arrangement or understanding regarding the transferred Rights, the shares of Common Shares of the Corporation associated with such Rights or the Company, or (B) a transfer which the
Corporation’s Board of Directors has determined is part of a plan, arrangement or understanding which has as a primary purpose or effect the avoidance of this Section 7(e) (a “Pre-Event Transferee”) or (iv) any
subsequent transferee receiving transferred Rights from a Post-Event Transferee or a Pre-Event Transferee, either directly or through one or more intermediate transferees, shall become null and void without any further action and no holder of such
Rights shall have any rights whatsoever with respect to such Rights, whether under any provision of this Agreement or otherwise. The Corporation shall use all reasonable efforts to ensure that the provisions of this Section 7(e) and
Section 4(b) hereof are complied with, but shall have no liability to any holder of Rights Certificates or to any other Person as a result of its failure to make any determinations with respect to an Acquiring Person or any of such Acquiring
Person’s Affiliates, Associates or transferees hereunder. 
 (f) Notwithstanding anything in this Agreement to the
contrary, neither the Rights Agent nor the Corporation shall be obligated to undertake any action with respect to a 

  
 14 

 
registered holder upon the occurrence of any purported exercise as set forth in this Section 7 unless such registered holder shall, in addition to having complied with the requirements of
Sections 7(a) and 9(e), have (i) completed and signed the certificate contained in the form of election to purchase set forth on the reverse side of the Rights Certificate surrendered for such exercise and (ii) provided such additional
evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Corporation shall reasonably request. 
 8. Cancellation and Destruction of Rights Certificates. All Rights Certificates surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered to the
Corporation or to any of its agents, be delivered to the Rights Agent for cancellation or in canceled form, or, if surrendered to the Rights Agent, shall be canceled by it, and no Rights Certificates shall be issued in lieu thereof except as
expressly permitted by any of the provisions of this Agreement. The Corporation shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel and retire, any Rights Certificate purchased or acquired by the
Corporation otherwise than upon the exercise thereof. The Rights Agent shall deliver all canceled Rights Certificates to the Corporation, or shall, at the written request of the Corporation, destroy such canceled Rights Certificates, and in such
case shall deliver a certificate of destruction thereof to the Corporation. 
 9. Reservation and Availability of Preferred
Shares. 
 (a) The Corporation covenants and agrees that it will use its best efforts to cause to be reserved and kept
available out of its authorized and unissued Preferred Shares not reserved for another purpose (and, following the occurrence of a Triggering Event, out of its authorized and unissued shares of Common Shares and/or other securities), the number of
Preferred Shares (and, following the occurrence of the Triggering Event, Common Shares and/or other securities) that will be sufficient to permit the exercise in full of all outstanding Rights. 

(b) If the Corporation shall hereafter list any of its Preferred Shares on a national securities exchange, then so long as the Preferred
Shares (and, following the occurrence of a Triggering Event, shares of Common Shares and/or other securities) issuable and deliverable upon exercise of the Rights may be listed on such exchange, the Corporation shall use its best efforts to cause,
from and after such time as the Rights become exercisable (but only to the extent that it is reasonably likely that the Rights will be exercised), all shares reserved for such issuance to be listed on such exchange upon official notice of issuance
upon such exercise. 
 (c) The Corporation shall use its best efforts to (i) file, as soon as practicable following the
earliest date after the first occurrence of a Triggering Event in which the consideration to be delivered by the Corporation upon exercise of the Rights is described in Section 11(a)(ii) or Section 11(a)(iii) hereof, or as soon as is
required by law following the Distribution Date, as the case may be, a registration statement under the Securities Act with respect to the securities purchasable upon exercise of the Rights on an appropriate form, (ii) cause such registration
statement to become effective as soon as practicable after such filing and (iii) cause such registration statement to remain effective (with a prospectus at all times meeting the requirements of the Securities Act) until the earlier of
(A) the date as of which the Rights are no longer exercisable for such securities and (B) the date of expiration of the Rights. The 

  
 15 

 
Corporation may temporarily suspend, for a period not to exceed ninety (90) days after the date set forth in clause (i) of the first sentence of this Section 9(c), the
exercisability of the Rights in order to prepare and file such registration statement and permit it to become effective. Upon any such suspension, the Corporation shall issue a public announcement and notify the Rights Agent that the exercisability
of the Rights has been temporarily suspended, as well as a public announcement and notification to the Rights Agent at such time as the suspension is no longer in effect. The Corporation will also take such action as may be appropriate under, or to
ensure compliance with, the securities or “blue sky” laws of the various states in connection with the exercisability of the Rights. Notwithstanding any provision of this Agreement to the contrary, the Rights shall not be exercisable in
any jurisdiction, unless the requisite qualification in such jurisdiction shall have been obtained, or an exemption therefrom shall be available or until a registration statement has been declared effective. 

(d) The Corporation covenants and agrees that it will take all such action as may be necessary to ensure that all Preferred Shares (or
other securities of the Corporation) delivered upon exercise of Rights shall, at the time of delivery of the certificates for such securities (subject to payment of the Exercise Price), be duly and validly authorized and issued and fully paid and
nonassessable shares. 
 (e) The Corporation further covenants and agrees that it will pay when due and payable any and all
federal and state transfer taxes and charges which may be payable in respect of the original issuance or delivery of the Rights Certificates or of any Preferred Shares (or other securities of the Corporation) upon the exercise of Rights. The
Corporation shall not, however, be required to pay any transfer tax which may be payable in respect of any transfer or delivery of Rights Certificates to a Person other than, or the issuance or delivery of certificates or depositary receipts for the
Preferred Shares (or other securities of the Corporation) in a name other than that of, the registered holder of the Rights Certificate evidencing Rights surrendered for exercise or to issue or to deliver any certificates or depositary receipts for
Preferred Shares (or other securities of the Corporation) upon the exercise of any Rights until any such tax shall have been paid (any such tax being payable by the holder of such Rights Certificate at the time of surrender) or until it has been
established to the Corporation’s satisfaction that no such tax is due. 
 10. Record Date. Each Person in whose name
any certificate for a number of one-thousandths of a Preferred Share (or other securities of the Corporation) is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of Preferred Shares (or other
securities of the Corporation) represented thereon, and such certificate shall be dated, the date upon which the Rights Certificate evidencing such Rights was duly surrendered and payment of the Total Exercise Price with respect to which the Rights
have been exercised (and any applicable transfer taxes) was made; provided, however, that if the date of such surrender and payment is a date upon which the transfer books of the Corporation are closed, such Person shall be deemed to have
become the record holder of such shares on, and such certificate shall be dated, the next succeeding Business Day on which the transfer books of the Corporation are open. Prior to the exercise of the Rights evidenced thereby, the holder of a Rights
Certificate shall not be entitled to any rights of a holder of Preferred Shares (or other securities of the Corporation) for which the Rights shall be exercisable, including, without limitation, the right to vote, to receive dividends or other
distributions or to exercise any 

  
 16 

 
preemptive rights, and shall not be entitled to receive any notice of any proceedings of the Corporation, except as provided herein. 

11. Adjustment of Exercise Price, Number of Shares or Number of Rights. The Exercise Price, the number and kind of shares or other
property covered by each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section 11. 
 (a) (i) Notwithstanding anything in this Agreement to the contrary, in the event the Corporation shall at any time after the date of this Agreement (A) declare a dividend on the Preferred Shares
payable in Preferred Shares, (B) subdivide the outstanding Preferred Shares, (C) combine the outstanding Preferred Shares (by reverse stock split or otherwise) into a smaller number of Preferred Shares, or (D) issue any shares of its
capital stock in a reclassification of the Preferred Shares (including any such reclassification in connection with a consolidation or merger in which the Corporation is the continuing or surviving corporation), then, in each such event, except as
otherwise provided in this Section 11 and Section 7(e) hereof: (1) the Exercise Price in effect at the time of the record date for such dividend or of the effective date of such subdivision, combination or reclassification shall be
adjusted so that the Exercise Price thereafter shall equal the result obtained by dividing the Exercise Price in effect immediately prior to such time by a fraction (the “Adjustment Fraction”), the numerator of which shall be the
total number of Preferred Shares (or shares of capital stock issued in such reclassification of the Preferred Shares) outstanding immediately following such time and the denominator of which shall be the total number of Preferred Shares outstanding
immediately prior to such time; provided, however, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Corporation issuable upon
exercise of such Right; and (2) the number of one-thousandths of a Preferred Share (or share of such other capital stock) issuable upon the exercise of each Right shall equal the number of one-thousandths of a Preferred Share (or share of such
other capital stock) as was issuable upon exercise of a Right immediately prior to the occurrence of the event described in clauses (A)-(D) of this Section 11(a)(i), multiplied by the Adjustment Fraction; provided, however, that, no
such adjustment shall be made pursuant to this Section 11(a)(i) to the extent that there shall have simultaneously occurred an event described in clause (A), (B), (C) or (D) of Section 11(n) with a proportionate adjustment being
made thereunder. Each share of Common Shares that shall become outstanding after an adjustment has been made pursuant to this Section 11(a)(i) shall have associated with it the number of Rights, exercisable at the Exercise Price and for the
number of one-thousandths of a Preferred Share (or shares of such other capital stock) as one share of Common Shares has associated with it immediately following the adjustment made pursuant to this Section 11(a)(i). 

(ii) Subject to Section 24 of this Agreement, in the event a Triggering Event shall have occurred, then promptly
following such Triggering Event each holder of a Right, except as provided in Section 7(e) hereof, shall thereafter have the right to receive for each Right, upon exercise thereof in accordance with the terms of this Agreement and payment of
the Exercise Price in effect immediately prior to the occurrence of the Triggering Event, in lieu of a number of one-thousandths of a Preferred Share, such number of shares of Common Shares of the Corporation as shall equal the result obtained by
multiplying the Exercise Price in effect immediately prior to the 

  
 17 

 
occurrence of the Triggering Event by the number of one-thousandths of a Preferred Share for which a Right was exercisable (or would have been exercisable if the Distribution Date had occurred)
immediately prior to the first occurrence of a Triggering Event, and dividing that product by 50% of the Current Per Share Market Price for shares of Common Shares on the date of occurrence of the Triggering Event; provided, however, that the
Exercise Price and the number of shares of Common Shares of the Corporation so receivable upon exercise of a Right shall be subject to further adjustment as appropriate in accordance with Section 11(e) hereof to reflect any events occurring in
respect of the shares of Common Shares of the Corporation after the occurrence of the Triggering Event. 
 (iii)
In lieu of issuing shares of Common Shares in accordance with Section 11(a)(ii) hereof, the Corporation may, if the Corporation’s Board of Directors determines that such action is necessary or appropriate and not contrary to the interest
of holders of Rights and, in the event that the number of shares of Common Shares which are authorized by the Corporation’s Articles of Incorporation but not outstanding or reserved for issuance for purposes other than upon exercise of the
Rights are not sufficient to permit the exercise in full of the Rights, or if any necessary regulatory approval for such issuance has not been obtained by the Corporation, the Corporation shall: (A) determine the excess of (1) the value of
the shares of Common Shares issuable upon the exercise of a Right (the “Current Value”) over (2) the Exercise Price (such excess, the “Spread”) and (B) with respect to each Right (subject to
Section 7(e) hereof), make adequate provision to substitute for such shares of Common Shares, upon exercise of the Rights, (1) cash, (2) a reduction in the Exercise Price, (3) other equity securities of the Corporation
(including, without limitation, shares or units of shares of any series of preferred stock which the Corporation’s Board of Directors has deemed to have the same value as Common Shares (such shares or units of shares of preferred stock are
herein called “Common Shares Equivalents”)), except to the extent that the Corporation has not obtained any necessary shareholder or regulatory approval for such issuance, (4) debt securities of the Corporation, except to the
extent that the Corporation has not obtained any necessary shareholder or regulatory approval for such issuance, (5) other assets or (6) any combination of the foregoing, having an aggregate value equal to the Current Value, where such
aggregate value has been determined by the Corporation’s Board of Directors based upon the advice of a nationally recognized investment banking firm selected by the Corporation’s Board of Directors; provided, however, if the
Corporation shall not have made adequate provision to deliver value pursuant to clause (B) above within thirty (30) days following the later of (x) the first occurrence of a Triggering Event and (y) the date on which the
Corporation’s right of redemption pursuant to Section 23(a) expires (the later of (x) and (y) being referred to herein as the “Section 11(a)(ii) Trigger Date”), then the Corporation shall be obligated to deliver,
upon the surrender for exercise of a Right and without requiring payment of the Exercise Price, Common Shares (to the extent available), except to the extent that the Corporation has not obtained any necessary shareholder or regulatory approval for
such issuance, and then, if necessary, cash, which shares and/or cash have an aggregate value equal to the Spread. If the Corporation’s Board of Directors shall determine in good faith that it is likely that sufficient additional Common Shares
could be authorized for issuance upon exercise in full of the Rights or that any necessary regulatory approval for such issuance will be obtained, the thirty (30) 

  
 18 

 
day period set forth above may be extended to the extent necessary, but not more than ninety (90) days after the Section 11(a)(ii) Trigger Date, in order that the Corporation may seek
shareholder approval for the authorization of such additional shares or take action to obtain such regulatory approval (such period, as it may be extended, the “Substitution Period”). To the extent that the Corporation determines
that some action need be taken pursuant to the first and/or second sentences of this Section 11(a)(iii), the Corporation (x) shall provide, subject to Section 7(e) hereof, that such action shall apply uniformly to all outstanding
Rights and (y) may suspend the exercisability of the Rights until the expiration of the Substitution Period in order to seek any authorization of additional shares, to take any action to obtain any required regulatory approval and/or to decide
the appropriate form of distribution to be made pursuant to such first sentence and to determine the value thereof. In the event of any such suspension, the Corporation shall issue a public announcement stating that the exercisability of the Rights
has been temporarily suspended, as well as a public announcement at such time as the suspension is no longer in effect. For purposes of this Section 11(a)(iii), the value of the Common Shares shall be the Current Per Share Market Price of the
Common Shares on the Section 11(a)(ii) Trigger Date and the value of any Common Shares Equivalent shall be deemed to have the same value as the Common Shares on such date. 

(b) In case the Corporation shall, at any time after the date of this Agreement, fix a record date for the issuance of rights, options or
warrants to all holders of Preferred Shares entitling such holders (for a period expiring within forty-five (45) calendar days after such record date) to subscribe for or purchase Preferred Shares or Equivalent Shares or securities convertible
into Preferred Shares or Equivalent Shares at a price per share (or having a conversion price per share, if a security convertible into Preferred Shares or Equivalent Shares) less than the then Current Per Share Market Price of the Preferred Shares
or Equivalent Shares on such record date, then, in each such case, the Exercise Price to be in effect after such record date shall be determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the
numerator of which shall be the number of Preferred Shares and Equivalent Shares (if any) outstanding on such record date, plus the number of Preferred Shares or Equivalent Shares, as the case may be, which the aggregate offering price of the total
number of Preferred Shares or Equivalent Shares, as the case may be, to be offered or issued (and/or the aggregate initial conversion price of the convertible securities to be offered or issued) would purchase at such Current Per Share Market Price,
and the denominator of which shall be the number of Preferred Shares and Equivalent Shares (if any) outstanding on such record date, plus the number of additional Preferred Shares or Equivalent Shares, as the case may be, to be offered for
subscription or purchase (or into which the convertible securities so to be offered are initially convertible); provided, however, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate
par value of the shares of capital stock of the Corporation issuable upon exercise of one Right. In case such subscription price may be paid in a consideration part or all of which shall be in a form other than cash, the value of such consideration
shall be as determined in good faith by the Corporation’s Board of Directors, whose determination shall be described in a statement filed with the Rights Agent and shall be binding on the Rights Agent and the holders of the Rights. Preferred
Shares and Equivalent Shares owned by or held for the account of the Corporation shall not be deemed outstanding for the purpose of any such computation. Such adjustment shall be made successively whenever such a record date is fixed, and in the
event that such rights, options or warrants are not so 

  
 19 

 
issued, the Exercise Price shall be adjusted to be the Exercise Price which would then be in effect if such record date had not been fixed. 

(c) In case the Corporation shall, at any time after the date of this Agreement, fix a record date for the making of a distribution to
all holders of the Preferred Shares or of any class or series of Equivalent Shares (including any such distribution made in connection with a consolidation or merger in which the Corporation is the continuing or surviving corporation) of evidences
of indebtedness or assets (other than a regular quarterly cash dividend, if any, or a dividend payable in Preferred Shares) or subscription rights, options or warrants (excluding those referred to in Section 11(b)), then, in each such case, the
Exercise Price to be in effect after such record date shall be determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the Current Per Share Market Price of a
Preferred Share or an Equivalent Share on such record date, less the fair market value per Preferred Share or Equivalent Share (as determined in good faith by the Board of Directors of the Corporation, whose determination shall be described in a
statement filed with the Rights Agent) of the portion of the cash, assets or evidences of indebtedness so to be distributed or of such subscription rights or warrants applicable to a Preferred Share or Equivalent Share, as the case may be, and the
denominator of which shall be such Current Per Share Market Price of a Preferred Share or Equivalent Share on such record date; provided, however, that in no event shall the consideration to be paid upon the exercise of one Right be less than
the aggregate par value of the shares of capital stock of the Corporation issuable upon exercise of one Right. Such adjustments shall be made successively whenever such a record date is fixed, and in the event that such distribution is not so made,
the Exercise Price shall be adjusted to be the Exercise Price which would have been in effect if such record date had not been fixed. 
 (d) Notwithstanding anything to the contrary, no adjustment in the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least 1% in the Exercise Price;
provided, however, that any adjustments which by reason of this Section 11(d) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Section 11 shall be
made to the nearest cent or to the nearest ten-thousandth of a share of Common Shares or other share or one hundred-thousandth of a Preferred Share, as the case may be, or to such other figure as the Board of Directors may deem appropriate.
Notwithstanding the first sentence of this Section 11(d), any adjustment required by this Section 11 shall be made no later than the earlier of (i) three (3) years from the date of the transaction which requires such adjustment
or (ii) the Expiration Date. 
 (e) If as a result of an adjustment made pursuant to Section 11(a) or 13(a) hereof,
the holder of any Right thereafter exercised shall become entitled to receive any shares of capital stock other than Preferred Shares, thereafter the number of such other shares so receivable upon exercise of any Right and, if required, the Exercise
Price thereof, shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Shares contained in Sections 11(a), 11(b), 11(c), 11(d), 11(g), 11(h),
11(i), 11(j), 11(k) and 11(l), and the provisions of Sections 7, 9, 10, 13 and 14 with respect to the Preferred Shares shall apply on like terms to any such other shares. 
 (f) All Rights originally issued by the Corporation subsequent to any adjustment made to the Exercise Price hereunder shall evidence the right to purchase, at the

  
 20 

 
adjusted Exercise Price, the number of one-thousandths of a Preferred Share purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment as provided
herein. 
 (g) Unless the Corporation shall have exercised its election as provided in Section 11(h), upon each adjustment
of the Exercise Price as a result of the calculations made in Section 11(b) and (c), each Right outstanding immediately prior to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted Exercise Price, that
number of Preferred Shares (calculated to the nearest one hundred-thousandth of a share) obtained by (i) multiplying (x) the number of Preferred Shares covered by a Right immediately prior to this adjustment, by (y) the Exercise Price
in effect immediately prior to such adjustment of the Exercise Price, and (ii) dividing the product so obtained by the Exercise Price in effect immediately after such adjustment of the Exercise Price. 

(h) The Corporation may elect on or after the date of any adjustment of the Exercise Price as a result of the calculations made in
Section 11(b) or (c) to adjust the number of Rights, in substitution for any adjustment in the number of Preferred Shares purchasable upon the exercise of a Right. Each of the Rights outstanding after such adjustment of the number of
Rights shall be exercisable for the number of one-thousandths of a Preferred Share for which a Right was exercisable immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights shall become that
number of Rights (calculated to the nearest one hundred-thousandth) obtained by dividing the Exercise Price in effect immediately prior to adjustment of the Exercise Price by the Exercise Price in effect immediately after adjustment of the Exercise
Price. The Corporation shall make a public announcement of its election to adjust the number of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be made. This record date may be the
date on which the Exercise Price is adjusted or any day thereafter, but, if the Rights Certificates have been issued, shall be at least ten (10) days later than the date of the public announcement. If Rights Certificates have been issued, upon
each adjustment of the number of Rights pursuant to this Section 11(h), the Corporation shall, as promptly as practicable, cause to be distributed to holders of record of Rights Certificates on such record date Rights Certificates evidencing,
subject to Section 14 hereof, the additional Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the Corporation, shall cause to be distributed to such holders of record in substitution and
replacement for the Rights Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Corporation, new Rights Certificates evidencing all the Rights to which such holders shall be entitled after
such adjustment. Rights Certificates so to be distributed shall be issued, executed and countersigned in the manner provided for herein (and may bear, at the option of the Corporation, the adjusted Exercise Price) and shall be registered in the
names of the holders of record of Rights Certificates on the record date specified in the public announcement. 
 (i)
Irrespective of any adjustment or change in the Exercise Price or the number of Preferred Shares issuable upon the exercise of the Rights, the Rights Certificates theretofore and thereafter issued may continue to express the Exercise Price per one
one-thousandth of a Preferred Share and the number of one-thousandths of a Preferred Share which were expressed in the initial Rights Certificates issued hereunder. 

  
 21 

 (j) Before taking any action that would cause an adjustment reducing the Exercise Price
below the par or stated value, if any, of the number of one-thousandths of a Preferred Share issuable upon exercise of the Rights, the Corporation shall take any corporate action which may, in the opinion of its counsel, be necessary in order that
the Corporation may validly and legally issue as fully paid and nonassessable shares such number of one-thousandths of a Preferred Share at such adjusted Exercise Price. 
 (k) In any case in which this Section 11 shall require that an adjustment in the Exercise Price be made effective as of a record date for a specified event, the Corporation may elect to defer until
the occurrence of such event the issuing to the holder of any Right exercised after such record date of the number of one-thousandths of a Preferred Share and other capital stock or securities of the Corporation, if any, issuable upon such exercise
over and above the number of one-thousandths of a Preferred Share and other capital stock or securities of the Corporation, if any, issuable upon such exercise on the basis of the Exercise Price in effect prior to such adjustment; provided,
however, that the Corporation shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right to receive such additional shares upon the occurrence of the event requiring such adjustment. 

(l) Notwithstanding anything in this Section 11 to the contrary, prior to the Distribution Date, the Corporation shall be entitled
to make such reductions in the Exercise Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that it in its sole discretion shall determine to be advisable in order that any (i) consolidation
or subdivision of the Preferred Shares or Common Shares, (ii) issuance wholly for cash of any Preferred Shares or Common Shares at less than the current market price, (iii) issuance wholly for cash of Preferred Shares or Common Shares or
securities which by their terms are convertible into or exchangeable for Preferred or Common Shares, (iv) stock dividends or (v) issuance of rights, options or warrants referred to in this Section 11, hereafter made by the Corporation
to holders of its Preferred Shares or Common Shares shall not be taxable to such shareholders. 
 (m) The Corporation covenants
and agrees that, after the Distribution Date, it will not, except as permitted by Sections 23, 24 or 27 hereof, take (or permit any Subsidiary to take) any action if at the time such action is taken it is reasonably foreseeable that such action will
diminish substantially or otherwise eliminate the benefits intended to be afforded by the Rights. 
 (n) In the event the
Corporation shall at any time after the date of this Agreement (A) declare a dividend on the Common Shares payable in shares of Common Shares, (B) subdivide the outstanding shares of Common Shares, (C) combine the outstanding Common
Shares (by reverse stock split or otherwise) into a smaller number of shares of Common Shares, or (D) issue any shares of its capital stock in a reclassification of the shares of Common Shares (including any such reclassification in connection
with a consolidation or merger in which the Corporation is the continuing or surviving corporation), then, in each such event, except as otherwise provided in this Section 11(a) and Section 7(e) hereof: (1) each share of Common Shares
(or shares of capital stock issued in such reclassification of the Common Shares) outstanding immediately following such time shall have associated with it the number of Rights as were associated with one share of Common Shares immediately prior to
the occurrence of the event described in clauses (A)-(D) above; (2) the Exercise Price in effect at the time of the record 

  
 22 

 
date for such dividend or of the effective date of such subdivision, combination or reclassification shall be adjusted so that the Exercise Price thereafter shall equal the result obtained by
multiplying the Exercise Price in effect immediately prior to such time by a fraction, the numerator of which shall be the total number of shares of Common Shares outstanding immediately prior to the event described in clauses (A)-(D) above,
and the denominator of which shall be the total number of shares of Common Shares outstanding immediately after such event; provided, however, that in no event shall the consideration to be paid upon the exercise of one Right be less than the
aggregate par value of the shares of capital stock of the Corporation issuable upon exercise of such Right; and (3) the number of one-thousandths of a Preferred Share (or shares of such other capital stock) issuable upon the exercise of each
Right outstanding after such event shall equal the number of one- thousandths of a Preferred Share (or shares of such other capital stock) as were issuable with respect to one Right immediately prior to such event. Each share of Common Shares that
shall become outstanding after an adjustment has been made pursuant to this Section 11(n) shall have associated with it the number of Rights, exercisable at the Exercise Price and for the number of one-thousandths of a Preferred Share (or
shares of such other capital stock) as one share of Common Shares has associated with it immediately following the adjustment made pursuant to this Section 11(n). If an event occurs which would require an adjustment under both this
Section 11(n) and Section 11(a)(ii) hereof, the adjustment provided for in this Section 11(n) shall be in addition to, and shall be made prior to, any adjustment required pursuant to Section 11(a)(ii) hereof. 

12. Certificate of Adjusted Exercise Price or Number of Shares. Whenever an adjustment is made as provided in Sections 11 and 13
hereof, the Corporation shall promptly (a) prepare a certificate setting forth such adjustment and a brief statement of the facts accounting for such adjustment, (b) file with the Rights Agent and with each transfer agent for the Preferred
Shares a copy of such certificate and (c) mail a brief summary thereof to each holder of a Rights Certificate in accordance with Section 26 hereof. Notwithstanding the foregoing sentence, the failure of the Corporation to make such
certification or give such notice shall not affect the validity of such adjustment or the force or effect of the requirement for such adjustment. The Rights Agent shall be fully protected in relying on any such certificate and on any adjustment
contained therein and shall not be deemed to have knowledge of such adjustment unless and until it shall have received such certificate. 
 13. Consolidation, Merger or Sale or Transfer of Assets or Earning Power. 

(a) In the event that, following a Triggering Event, directly or indirectly: 

(i) the Corporation shall consolidate with, or merge with and into, any other Person (other than a wholly-owned Subsidiary
of the Corporation in a transaction the principal purpose of which is to change the state of incorporation of the Corporation and which complies with Section 11(m) hereof); 

(ii) any Person shall consolidate with the Corporation, or merge with and into the Corporation and the Corporation shall
be the continuing or surviving corporation of such consolidation or merger and, in connection with such merger, all or part of the shares of Common Shares shall be changed into or exchanged for stock or other securities of any other Person (or the
Corporation) or cash or any other property; or 

  
 23 

 (iii) the Corporation shall sell or otherwise transfer (or one or more of
its Subsidiaries shall sell or otherwise transfer), in one or more transactions, assets or earning power aggregating 50% or more of the assets or earning power of the Corporation and its Subsidiaries (taken as a whole) to any other Person or Persons
(other than the Corporation or one or more of its wholly owned Subsidiaries in one or more transactions, each of which individually (and together) complies with Section 11(m) hereof), 

then, concurrent with and in each such case: 
 (A) each holder of a Right (except as provided in Section 7(e) hereof) shall thereafter have the right to receive, upon the exercise thereof, at a price equal to the Total Exercise Price applicable
immediately prior to the occurrence of the Section 13 Event in accordance with the terms of this Agreement, such number of validly authorized and issued, fully paid, nonassessable and freely tradeable shares of Common Shares of the Principal
Party (as hereinafter defined), free of any liens, encumbrances, rights of first refusal or other adverse claims, as shall be equal to the result obtained by dividing such Total Exercise Price by 50% of the Current Per Share Market Price of the
shares of Common Shares of such Principal Party on the date of consummation of such Section 13 Event, provided, however, that the Exercise Price and the number of shares of Common Shares of such Principal Party so receivable upon
exercise of a Right shall be subject to further adjustment as appropriate in accordance with Section 11(e) hereof; 
 (B) such Principal Party shall thereafter be liable for, and shall assume, by virtue of such Section 13 Event, all the obligations and duties of the Corporation pursuant to this Agreement;

 (C) the term “Corporation” shall thereafter be deemed to refer to such Principal Party, it being
specifically intended that the provisions of Section 11 hereof shall apply only to such Principal Party following the first occurrence of a Section 13 Event; 

(D) such Principal Party shall take such steps (including, but not limited to, the reservation of a sufficient number of
its Common Shares) in connection with the consummation of any such transaction as may be necessary to ensure that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in relation to its shares of Common Shares
thereafter deliverable upon the exercise of the Rights; and 
 (E) upon the subsequent occurrence of any
consolidation, merger, sale or transfer of assets or other extraordinary transaction in respect of such Principal Party, each holder of a Right shall thereupon be entitled to receive, upon exercise of a Right and payment of the Total Exercise Price
as provided in this Section 13(a), such cash, shares, rights, warrants and other property which such holder would have been entitled to receive had such holder, at the time of 

  
 24 

 
such transaction, owned the shares of Common Shares of the Principal Party receivable upon the exercise of such Right pursuant to this Section 13(a), and such Principal Party shall take such
steps (including, but not limited to, reservation of shares of stock) as may be necessary to permit the subsequent exercise of the Rights in accordance with the terms hereof for such cash, shares, rights, warrants and other property. 

(F) For purposes hereof, the “earning power” of the Corporation and its Subsidiaries shall be determined in
good faith by the Corporation’s Board of Directors on the basis of the operating earnings of each business operated by the Corporation and its Subsidiaries during the three fiscal years preceding the date of such determination (or, in the case
of any business not operated by the Corporation or any Subsidiary during three full fiscal years preceding such date, during the period such business was operated by the Corporation or any Subsidiary). 

(b) For purposes of this Agreement, the term “Principal Party” shall mean: 

(i) in the case of any transaction described in clause (i) or (ii) of Section 13(a) hereof: (A) the
Person that is the issuer of the securities into which the shares of Common Shares are converted in such merger or consolidation, or, if there is more than one such issuer, the issuer of the shares of Common Shares of which have the greatest
aggregate market value of shares outstanding, or (B) if no securities are so issued, (x) the Person that is the other party to the merger, if such Person survives said merger, or, if there is more than one such Person, the Person the
shares of Common Shares of which have the greatest aggregate market value of shares outstanding or (y) if the Person that is the other party to the merger does not survive the merger, the Person that does survive the merger (including the
Corporation if it survives) or (z) the Person resulting from the consolidation; and 
 (ii) in the case of
any transaction described in clause (iii) of Section 13(a) hereof, the Person that is the party receiving the greatest portion of the assets or earning power transferred pursuant to such transaction or transactions, or, if more than one
Person that is a party to such transaction or transactions receives the same portion of the assets or earning power so transferred and each such portion would, were it not for the other equal portions, constitute the greatest portion of the assets
or earning power so transferred, or if the Person receiving the greatest portion of the assets or earning power cannot be determined, whichever of such Persons is the issuer of shares of Common Shares having the greatest aggregate market value of
shares outstanding; provided, however, that in any such case described in the foregoing clause (b)(i) or (b)(ii), if the shares of Common Shares of such Person are not at such time or have not been continuously over the preceding 12-month
period registered under Section 12 of the Exchange Act, then (1) if such Person is a direct or indirect Subsidiary of another Person the shares of Common Shares of which are and have been so registered, the term “Principal Party”
shall refer to such other Person, or (2) if such Person is a Subsidiary, directly or indirectly, of more than one Person, the Common Shares of which are and have been so registered, the term “Principal Party” shall refer to whichever
of such 

  
 25 

 
Persons is the issuer of shares of Common Shares having the greatest aggregate market value of shares outstanding, or (3) if such Person is owned, directly or indirectly, by a joint venture
formed by two or more Persons that are not owned, directly or indirectly by the same Person, the rules set forth in clauses (1) and (2) above shall apply to each of the owners having an interest in the venture as if the Person owned by the
joint venture was a Subsidiary of both or all of such joint venturers, and the Principal Party in each such case shall bear the obligations set forth in this Section 13 in the same ratio as its interest in such Person bears to the total of such
interests. 
 (c) The Corporation shall not, at any time after the Distribution Date, consummate any Section 13 Event
unless the Principal Party shall have a sufficient number of authorized shares of Common Shares that have not been issued or reserved for issuance to permit the exercise in full of the Rights in accordance with this Section 13 and unless prior
thereto the Corporation and such Principal Party shall have executed and delivered to the Rights Agent a supplemental agreement confirming that such Principal Party shall, upon consummation of such Section 13 Event, assume this Agreement in
accordance with Sections 13(a) and 13(b) hereof, that all rights of first refusal or preemptive rights in respect of the issuance of shares of Common Shares of such Principal Party upon exercise of outstanding Rights have been waived, that there are
no rights, warrants, instruments or securities outstanding or any agreements or arrangements which, as a result of the consummation of such transaction, would eliminate or substantially diminish the benefits intended to be afforded by the Rights and
that such transaction shall not result in a default by such Principal Party under this Agreement, and further providing that, as soon as practicable after the date of such Section 13 Event, such Principal Party will: 

(i) prepare and file a registration statement under the Securities Act with respect to the Rights and the securities
purchasable upon exercise of the Rights on an appropriate form, use its best efforts to cause such registration statement to become effective as soon as practicable after such filing and use its best efforts to cause such registration statement to
remain effective (with a prospectus at all times meeting the requirements of the Securities Act) until the Expiration Date, and similarly comply with applicable state securities laws; 

(ii) use its best efforts to list (or continue the listing of) the Rights and the securities purchasable upon exercise of
the Rights on a national securities exchange in the United States or to meet the eligibility requirements for quotation on Nasdaq and list (or continue the listing of) the Rights and the securities purchasable upon exercise of the Rights on Nasdaq;
and 
 (iii) deliver to holders of the Rights historical consolidated financial statements for such Principal
Party which comply in all respects with the requirements for registration on Form S-1 or F-1 (or any successor form), as applicable, under the Exchange Act. 
 In the event that at any time after the occurrence of a Triggering Event some or all of the Rights shall not have been exercised at the time of a transaction described in this Section 13, the Rights
which have not theretofore been exercised shall thereafter be exercisable in the manner described in Section 13(a) (without taking into account any prior adjustment required by Section 11(a)(ii)). 

  
 26 

 (d) In case the “Principal Party” for purposes of Section 13(b) hereof has
provision in any of its authorized securities or in its certificate of incorporation or by-laws or other instrument governing its corporate affairs, which provision would have the effect of (i) causing such Principal Party to issue (other than
to holders of Rights pursuant to Section 13 hereof), in connection with, or as a consequence of, the consummation of a Section 13 Event, shares of Common Shares or Equivalent Shares of such Principal Party at less than the then Current Per
Share Market Price thereof or securities exercisable for, or convertible into, shares of Common Shares or Equivalent Shares of such Principal Party at less than such then Current Per Share Market Price, or (ii) providing for any special
payment, tax or similar provision in connection with the issuance of the shares of Common Shares of such Principal Party pursuant to the provisions of Section 13 hereof, then, in such event, the Corporation hereby agrees with each holder of
Rights that it shall not consummate any such transaction unless prior thereto the Corporation and such Principal Party shall have executed and delivered to the Rights Agent a supplemental agreement providing that the provision in question of such
Principal Party shall have been canceled, waived or amended, or that the authorized securities shall be redeemed, so that the applicable provision will have no effect in connection with or as a consequence of, the consummation of the proposed
transaction. 
 (e) The Corporation covenants and agrees that it shall not, at any time after the Distribution Date, effect or
permit to occur any Section 13 Event, if (i) at the time or immediately after such Section 13 Event there are any rights, warrants or other instruments or securities outstanding or agreements in effect which would substantially
diminish or otherwise eliminate the benefits intended to be afforded by the Rights, (ii) prior to, simultaneously with or immediately after such Section 13 Event, the shareholders (or comparable owners) of the Person who constitutes, or
would constitute, the “Principal Party” for purposes of Section 13(b) hereof shall have received a distribution of Rights previously owned by such Person or any of its Affiliates or Associates or (iii) the form or nature of
organization of the Principal Party would preclude or limit the exercisability of the Rights. 
 (f) The provisions of this
Section 13 shall similarly apply to successive mergers or consolidations or sales or other transfers. 
 14. Fractional
Rights and Fractional Shares. 
 (a) The Corporation shall not be required to issue fractions of Rights or to distribute
Rights Certificates which evidence fractional Rights. In lieu of such fractional Rights, there shall be paid to the registered holders of the Rights Certificates with regard to which such fractional Rights would otherwise be issuable, an amount in
cash equal to the same fraction of the current market value of a whole Right. For the purposes of this Section 14(a), the current market value of a whole Right shall be the closing price of the Rights for the Trading Day immediately prior to
the date on which such fractional Rights would have been otherwise issuable, as determined pursuant to this Agreement. 
 (b)
The Corporation shall not be required to issue fractions of Preferred Shares (other than fractions that are integral multiples of one one-thousandth of a Preferred Share) upon exercise of the Rights or to distribute certificates which evidence
fractional Preferred Shares (other than fractions that are integral multiples of one one-thousandth of a 

  
 27 

 
Preferred Share). Interests in fractions of Preferred Shares in integral multiples of one one-thousandth of a Preferred Share may, at the election of the Corporation, be evidenced by depositary
receipts, pursuant to an appropriate agreement between the Corporation and a depositary selected by it; provided, that such agreement shall provide that the holders of such depositary receipts shall have all the rights, privileges and preferences to
which they are entitled as beneficial owners of the Preferred Shares represented by such depositary receipts. In lieu of fractional Preferred Shares that are not integral multiples of one one-thousandth of a Preferred Share, the Corporation shall
pay to the registered holders of Rights Certificates at the time such Rights are exercised as herein provided an amount in cash equal to the same fraction of the current market value of a Preferred Share. For purposes of this Section 14(b), the
current market value of a Preferred Share shall be one thousand times the closing price of a share of Common Shares (as determined pursuant to the terms hereof) for the Trading Day immediately prior to the date of such exercise. 

(c) The Corporation shall not be required to issue fractions of shares of Common Shares or to distribute certificates which evidence
fractional shares of Common Shares upon the exercise or exchange of Rights. In lieu of such fractional shares of Common Shares, the Corporation shall pay to the registered holders of Rights Certificates at the time such Rights are exercised as
herein provided an amount in cash equal to the same fraction of the current market value of a share of Common Shares. For purposes of this Section 14(c), the current market value of a share of Common Shares shall be the closing price of a share
of Common Shares (as determined pursuant to the terms hereof) for the Trading Day immediately prior to the date of such exercise. 
 (d) The holder of a Right by the acceptance of the Right expressly waives such holder’s right to receive any fractional Rights or any fractional shares (other than fractions that are integral
multiples of one one-thousandth of a Preferred Share) upon exercise of a Right. 
 15. Rights of Action. All rights of
action in respect of this Agreement, excepting the rights of action given to the Rights Agent under Section 18 hereof, are vested in the respective registered holders of the Rights Certificates (and, prior to the Distribution Date, the
registered holders of the shares of Common Shares); and any registered holder of any Rights Certificate (or, prior to the Distribution Date, of the shares of Common Shares), without the consent of the Rights Agent or of the holder of any other
Rights Certificate (or, prior to the Distribution Date, of the shares of Common Shares), may, in his or her own behalf and for his or her own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Corporation to
enforce, or otherwise act in respect of, his or her right to exercise the Rights evidenced by such Rights Certificate in the manner provided in such Rights Certificate and in this Agreement. Without limiting the foregoing or any remedies available
to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement and will be entitled to specific performance of the obligations under, and injunctive
relief against actual or threatened violations of, the obligations of any Person subject to this Agreement. 
 16. Agreement
of Rights Holders. Every holder of a Right, by accepting the same, consents and agrees with the Corporation and the Rights Agent and with every other holder of a Right that: 

  
 28 

 (a) prior to the Distribution Date, the Rights will be transferable only in connection with
the transfer of the shares of Common Shares; 
 (b) after the Distribution Date, the Rights Certificates are transferable only
on the registry books of the Rights Agent if surrendered at the principal office or offices of the Rights Agent designated for such purposes, duly endorsed or accompanied by a proper instrument of transfer and with the appropriate forms and
certificates fully executed; 
 (c) subject to Sections 6(a) and 7(f) hereof, the Corporation and the Rights Agent may deem and
treat the Person in whose name the Rights Certificate (or, prior to the Distribution Date, the associated Common Shares certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of
ownership or writing on the Rights Certificates or the associated Common Shares certificate made by anyone other than the Corporation or the Rights Agent) for all purposes whatsoever, and neither the Corporation nor the Rights Agent shall be
affected by any notice to the contrary; and 
 (d) notwithstanding anything in this Agreement to the contrary, neither the
Corporation nor the Rights Agent will have any liability to any holder of a Right or other Person as a result of its inability to perform any of its obligations under this Agreement by reason of any preliminary or permanent injunction or other
order, decree, or ruling issued by a court of competent jurisdiction or by a governmental, regulatory, or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority,
prohibiting or otherwise restraining performance of such obligation. 
 17. Rights Certificate Holder Not Deemed a
Shareholder. No holder, as such, of any Rights Certificate shall be entitled to vote, receive dividends or be deemed for any purpose to be the holder of the Preferred Shares or any other securities of the Corporation which may at any time be
issuable on the exercise of the Rights represented thereby, nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of any Rights Certificate, as such, any of the rights of a shareholder of the
Corporation or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting
shareholders (except as provided in Section 25 hereof), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such Rights Certificate shall have been exercised in accordance with the provisions
hereof. 
 18. The Rights Agent. 
 (a) The Corporation agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and, from time to time, on demand of the Rights Agent, its reasonable expenses and
counsel fees and other disbursements incurred in the administration and execution of this Agreement and the exercise and performance of its duties hereunder. The Corporation also agrees to indemnify the Rights 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 Rights Agent, for anything done or omitted by the Rights Agent in connection with the acceptance and administration of this
Agreement, including the costs and expenses of defending against any claim of liability in the premises. In no event will the Rights 

  
 29 

 
Agent be liable for special, indirect, incidental or consequential loss or damage of any kind whatsoever, even if the Rights Agent has been advised of the possibility of such loss or damage.

 (b) The Rights Agent shall be protected and shall incur no liability for, or in respect of any action taken, suffered or
omitted by it in connection with, its administration of this Agreement in reliance upon any Rights Certificate or certificate for the Preferred Shares or shares of Common Shares or for other securities of the Corporation, instrument of assignment or
transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement or other paper or document reasonably believed by it to be genuine and to be signed, executed and, where necessary, verified or
acknowledged, by the proper Person or Persons, or otherwise upon the advice of counsel as set forth in Section 20 hereof. 

19. Merger or Consolidation or Change of Name of Rights Agent. Any corporation into which the Rights Agent or any successor Rights
Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any corporation succeeding to the corporate trust
business of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights 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; provided,
however, that such corporation would be eligible for appointment as a successor Rights Agent under the provisions of Section 21 hereof. In case at the time such successor Rights Agent shall succeed to the agency created by this Agreement,
any of the Rights Certificates shall have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Rights Certificates so countersigned; and in case at that
time any of the Rights Certificates shall not have been countersigned, any successor Rights Agent may countersign such Rights Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent; and in all
such cases such Rights Certificates shall have the full force provided in the Rights Certificates and in this Agreement. In case at any time the name of the Rights Agent shall be changed and at such time any of the Rights Certificates shall have
been countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not have been countersigned,
the Rights Agent may countersign such Rights Certificates either in its prior name or in its changed name; and in all such cases such Rights Certificates shall have the full force provided in the Rights Certificates and in this Agreement.

 20. Duties of Rights Agent. The Rights Agent undertakes the duties and obligations imposed by this Agreement upon the
following terms and conditions, by all of which the Corporation and the holders of Rights Certificates, by their acceptance thereof, shall be bound: 
 (a) The Rights Agent may consult with legal counsel (who may be legal counsel for the Corporation), and the written advice or opinion of such counsel shall be full and complete authorization and
protection to the Rights Agent as to any action taken or omitted by it in good faith and in accordance with such written advice or opinion. 
 (b) Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter (including, without

  
 30 

 
limitation, the identity of any Acquiring Person and the determination of Current Per Share Market Price) be proved or established by the Corporation prior to taking or suffering any action
hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by any one of the Chairman of the Board, the Chief Executive
Officer, the President, any Vice President, the Chief Financial Officer, the Secretary or any Assistant Secretary of the Corporation and delivered to the Rights Agent; and such certificate shall be full authorization to the Rights Agent for any
action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such certificate. 
 (c)
The Rights Agent shall be liable hereunder to the Corporation and any other Person only for its own negligence, bad faith or willful misconduct. 
 (d) The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Rights Certificates (except its countersignature thereof) or be
required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Corporation only. 
 (e) The Rights Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due execution hereof by the Rights Agent) or in
respect of the validity or execution of any Rights Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Corporation of any covenant or condition contained in this Agreement or in any Rights
Certificate; nor shall it be responsible for any change in the exercisability of the Rights or any adjustment in the terms of the Rights (including the manner, method or amount thereof) provided for in Sections 3, 11, 13, 23 or 24, or the
ascertaining of the existence of facts that would require any such change or adjustment (except with respect to the exercise of Rights evidenced by Rights Certificates after receipt by the Rights Agent of a certificate furnished pursuant to
Section 12 describing such change or adjustment); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Preferred Shares to be issued pursuant to this Agreement or any
Rights Certificate or as to whether any Preferred Shares will, when issued, be validly authorized and issued, fully paid and nonassessable. 
 (f) The Corporation agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances
as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Agreement. 
 (g) The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from any one of the Chairman of the Board, the Chief Executive
Officer, the President, any Vice President, the Chief Financial Officer, the Secretary or any Assistant Secretary of the Corporation, and to apply to such officers for advice or instructions in connection with its duties, and it shall not be liable
for any action taken or suffered by it in good faith in accordance with instructions of any such officer or for any delay in acting while waiting for those instructions. Any application by the Rights Agent for written instructions from the
Corporation may, at the option of the Rights Agent, set forth in writing any action proposed to be taken or omitted by the Rights Agent under this Agreement 

  
 31 

 
and the date on and/or after which such action shall be taken or such omission shall be effective. The Rights Agent shall not be liable for any action taken by, or omission of, the Rights Agent
in accordance with a proposal included in any such application on or after the date specified in such application (which date shall not be less than five (5) Business Days after the date any officer of the Corporation actually receives such
application, unless any such officer shall have consented in writing to an earlier date) unless, prior to taking any such action (or the effective date in the case of an omission), the Rights Agent shall have received written instructions in
response to such application specifying the action to be taken or omitted. 
 (h) The Rights Agent and any shareholder,
director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights or other securities of the Corporation or become pecuniarily interested in any transaction in which the Corporation may be interested, or contract with or
lend money to the Corporation or otherwise act as fully and freely as though it were not Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Corporation or for any other legal
entity. 
 (i) The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty
hereunder either itself or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to the Corporation resulting
from any such act, default, neglect or misconduct, provided reasonable care was exercised in the selection and continued employment thereof. 
 (j) No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the
exercise of its rights if there shall be reasonable grounds for believing that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it. 

(k) If, with respect to any Rights Certificate surrendered to the Rights Agent for exercise or transfer, the certificate attached to the
form of assignment or form of election to purchase, as the case may be, has either not been completed or indicates an affirmative response to clause 1 and/or 2 thereof, the Rights Agent shall not take any further action with respect to such
requested exercise or transfer without first consulting with the Corporation. 
 21. Change of Rights Agent. The Rights
Agent or any successor Rights Agent may resign and be discharged from its duties under this Agreement upon no less than thirty (30) days’ written notice mailed to the Corporation and to each transfer agent of the Preferred Shares and the
Common Shares by registered or certified mail, and to the holders of the Rights Certificates by first-class mail. The Corporation may remove the Rights Agent or any successor Rights Agent upon thirty (30) days’ written notice, mailed to
the Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of the Preferred Shares and the Common Shares by registered or certified mail, and to the holders of the Rights Certificates by any means reasonably
determined by the Corporation to inform such holders of such removal (including, without limitation, by including such information in one or more of the Corporation’s reports to shareholder or reports or filings with the U.S. Securities and
Exchange Commission). If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the 

  
 32 

 
Corporation shall appoint a successor to the Rights Agent. If the Corporation shall fail to make such appointment within a period of thirty (30) days after giving notice of such removal or
after receiving written notice of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Rights Certificate (who shall, with such notice, submit his or her Rights Certificate for inspection by the
Corporation), then the registered holder of any Rights Certificate may apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the Corporation or by such a court, shall
be a corporation organized and doing business under the laws of the United States or of any state of the United States, in good standing, which is authorized under such laws to exercise corporate trust or shareholder services powers and is subject
to supervision or examination by federal or state authority and which has at the time of its appointment as Rights Agent a combined capital and surplus of at least $100 million. After appointment, the successor Rights Agent shall be vested with the
same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held
by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment, the Corporation shall file notice thereof in writing with the predecessor
Rights Agent and each transfer agent of the Preferred Shares and the Common Shares, and mail a written notice thereof to the registered holders of the Rights Certificates. Failure to give any notice provided for in this Section 21, however, or
any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be. 

22. Issuance of New Rights Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary,
the Corporation may, at its option, issue new Rights Certificates evidencing Rights in such form as may be approved by its Board of Directors to reflect any adjustment or change in the Exercise Price and the number or kind or class of shares or
other securities or property purchasable under the Rights Certificates made in accordance with the provisions of this Agreement. In addition, in connection with the issuance or sale of shares of Common Shares following the Distribution Date and
prior to the redemption or expiration of the Rights, the Corporation (a) shall, with respect to shares of Common Shares so issued or sold pursuant to the exercise of stock options or under any employee plan or arrangement or upon the exercise,
conversion or exchange of other securities of the Corporation outstanding at the date hereof or upon the exercise, conversion or exchange of securities hereinafter issued by the Corporation and (b) may, in any other case, if deemed necessary or
appropriate by the Board of Directors of the Corporation, issue Rights Certificates representing the appropriate number of Rights in connection with such issuance or sale; provided, however, that (i) no such Rights Certificate shall be
issued and this sentence shall be null and void ab initio if, and to the extent that, such issuance or this sentence would create a significant risk of or result in material adverse tax consequences to the Corporation or the Person to whom such
Rights Certificate would be issued or would create a significant risk of or result in such options’ or employee plans’ or arrangements’ failing to qualify for otherwise available special tax treatment and (ii) no such Rights
Certificate shall be issued if, and to the extent that, appropriate adjustment shall otherwise have been made in lieu of the issuance thereof. 
 23. Redemption. 

  
 33 

 (a) The Corporation may, at its option and with the approval of the Board of Directors, at
any time prior to the Close of Business on the earlier of (i) the Shares Acquisition Date and (ii) the Final Expiration Date, redeem all but not less than all the then outstanding Rights at a redemption price of $0.01 per Right,
appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (such redemption price being herein referred to as the “Redemption Price”) and the Corporation may, at its
option, pay the Redemption Price either in shares of Common Shares (based on the Current Per Share Market Price thereof at the time of redemption) or cash. Such redemption of the Rights by the Corporation may be made effective at such time, on such
basis and with such conditions as the Board of Directors in its sole discretion may establish. The date on which the Board of Directors elects to make the redemption effective shall be referred to as the “Redemption Date”.

 (b) Immediately upon the action of the Board of Directors of the Corporation ordering the redemption of the Rights, evidence
of which shall have been filed with the Rights Agent, and without any further action and without any notice, the right to exercise the Rights will terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption
Price. The Corporation shall promptly give public notice of any such redemption; provided, however, that the failure to give or any defect in, any such notice shall not affect the validity of such redemption. Within ten (10) days after
the action of the Board of Directors ordering the redemption of the Rights, the Corporation shall give notice of such redemption to the Rights Agent and the holders of the then outstanding Rights by mailing such notice to all such holders at their
last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent for the Common Shares. Any notice which is mailed in the manner herein provided shall be deemed
given, whether or not the holder receives the notice. Each such notice of redemption will state the method by which the payment of the Redemption Price will be made. Neither the Corporation nor any of its Affiliates or Associates may redeem, acquire
or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section 23 or in Section 24 hereof or in connection with the purchase of shares of Common Shares prior to the Distribution Date.

 24. Exchange. 
 (a) Subject to applicable laws, rules and regulations, and subject to subsection 24(c) below, the Corporation may, at its option, by action of the Board of Directors, at any time after the occurrence of a
Triggering Event, exchange all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become void pursuant to the provisions of Section 7(e) hereof) for shares of Common Shares at an exchange ratio of
one share of Common Shares per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (such exchange ratio being hereinafter referred to as the “Exchange
Ratio”). Notwithstanding the foregoing, the Board of Directors shall not be empowered to effect such exchange at any time after any Person (other than the Corporation, any Subsidiary of the Corporation, any employee benefit plan of the
Corporation or any such Subsidiary, or any entity holding Common Shares for or pursuant to the terms of any such plan), together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more of the Common Shares then
outstanding. 

  
 34 

 (b) Immediately upon the action of the Board of Directors ordering the exchange of any
Rights pursuant to subsection 24(a) of this Section 24 and without any further action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that
number of shares of Common Shares equal to the number of such Rights held by such holder multiplied by the Exchange Ratio. The Corporation shall give public notice of any such exchange; provided, however, that the failure to give, or any
defect in, such notice shall not affect the validity of such exchange. The Corporation shall mail a notice of any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent.
Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of exchange will state the method by which the exchange of the shares of Common Shares for Rights will be
effected and, in the event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange shall be effected pro rata based on the number of Rights (other than Rights which have become void pursuant to the provisions of
Section 7(e) hereof) held by each holder of Rights. 
 (c) In the event that there shall not be sufficient shares of Common
Shares issued but not outstanding or authorized but unissued to permit any exchange of Rights as contemplated in accordance with Section 24(a), the Corporation shall either take such action as may be necessary to authorize additional shares of
Common Shares for issuance upon exchange of the Rights or alternatively, at the option of a majority of the Board of Directors, with respect to each Right (i) pay cash in an amount equal to the Current Value (as hereinafter defined), in lieu of
issuing shares of Common Shares in exchange therefor, or (ii) issue debt or equity securities or a combination thereof, having a value equal to the Current Value, in lieu of issuing shares of Common Shares in exchange for each such Right, where
the value of such securities shall be determined by a nationally recognized investment banking firm selected by majority vote of the Board of Directors, or (iii) deliver any combination of cash, property, shares of Common Shares and/or other
securities having a value equal to the Current Value in exchange for each Right. For purposes of this Section 24(c) only, the Current Value shall mean the product of the Current Per Share Market Price of shares of Common Shares on the date of
the occurrence of the event described above in subparagraph (a), multiplied by the number of shares of Common Shares for which the Right otherwise would be exchangeable if there were sufficient shares available. To the extent that the Corporation
determines that some action need be taken pursuant to clauses (i), (ii) or (iii) of this Section 24(c), the Board of Directors may temporarily suspend the exercisability of the Rights for a period of up to sixty (60) days
following the date on which the event described in Section 24(a) shall have occurred, in order to seek any authorization of additional shares of Common Shares and/or to decide the appropriate form of distribution to be made pursuant to the
above provision and to determine the value thereof. In the event of any such suspension, the Corporation shall issue a public announcement stating that the exercisability of the Rights has been temporarily suspended. 

(d) The Corporation shall not be required to issue fractions of shares of Common Shares or to distribute certificates which evidence
fractional shares of Common Shares. In lieu of such fractional shares of Common Shares, there shall be paid to the registered holders of the Rights Certificates with regard to which such fractional shares of Common Shares would otherwise be
issuable, an amount in cash equal to the same fraction of the closing price of a 

  
 35 

 
whole share of Common Shares on the Trading Day immediately prior to the date of exchange pursuant to this Section 24 (as determined pursuant to the terms hereof). 

(e) The Corporation may, at its option, by majority vote of the Board of Directors, at any time before any Person has become an Acquiring
Person, exchange all or part of the then outstanding Rights for rights of substantially equivalent value, as determined reasonably and with good faith by the Board of Directors, based upon the advice of one or more nationally recognized investment
banking firms. 
 (f) Immediately upon the action of the Board of Directors ordering the exchange of any Rights pursuant to
subsection 24(e) of this Section 24 and without any further action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of rights in
exchange therefor as has been determined by the Board of Directors in accordance with subsection 24(e) above. The Corporation shall give public notice of any such exchange; provided, however, that the failure to give, or any defect in, such
notice shall not affect the validity of such exchange. The Corporation shall mail a notice of any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry books of the transfer agent for the shares
of Common Shares of the Corporation. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of exchange will state the method by which the exchange of the
Rights will be effected. 
 25. Notice of Certain Events. 

(a) In case the Corporation shall propose, at any time after the Distribution Date, to effect or permit to occur any Triggering Event or
Section 13 Event, the Corporation shall give notice thereof to each holder of Rights in accordance with Section 26 hereof at least twenty (20) days prior to occurrence of such Triggering Event or such Section 13 Event.

 (b) In case any Triggering Event or Section 13 Event shall occur, then, in any such case, the Corporation shall as soon
as practicable thereafter give to each holder of a Rights Certificate, in accordance with Section 26 hereof, a notice of the occurrence of such event, which shall specify the event and the consequences of the event to holders of Rights under
Sections 11(a)(ii) and 13 hereof. 
 26. Notices. Notices or demands authorized by this Agreement to be given or made by
the Rights Agent or by the holder of any Rights Certificate to or on the Corporation shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until another address is filed in writing with the Rights Agent) as
follows: 
 Seaspan Corporation 

Attn: Gerry Wang 
 Unit 2 – 7th Floor, Bupa Centre 
 141 Connaught Road West

 Hong Kong 
 China 
 with a copy to: 

  
 36 

 Perkins Coie LLP 

1120 N.W. Couch Street, Tenth Floor 

Portland, Oregon 97209-4128 
 Attention: David Matheson 
 Subject to the provisions of Section 21 hereof,
any notice or demand authorized by this Agreement to be given or made by the Corporation or by the holder of any Rights Certificate to or on the Rights Agent shall be sufficiently given or made if sent by first-class mail, postage prepaid, or by
nationally-recognized overnight courier addressed (until another address is filed in writing with the Corporation) as follows: 
 American Stock Transfer & Trust Company, LLC 
 6201 15th
Avenue 
 Brooklyn, NY 11219 
 Notices or demands authorized by this Agreement to be given or made by the Corporation or the Rights Agent to the holder of any Rights Certificate shall be sufficiently given or made if sent by
first-class mail, postage prepaid, or by nationally-recognized overnight courier addressed to such holder at the address of such holder as shown on the registry books of the Corporation. 

27. Supplements and Amendments. Prior to the occurrence of a Distribution Date, the Corporation may supplement or amend this
Agreement in any respect without the approval of any holders of Rights and the Rights Agent shall, if the Corporation so directs, execute such supplement or amendment. From and after the occurrence of a Distribution Date, the Corporation and the
Rights Agent may from time to time supplement or amend this Agreement without the approval of any holders of Rights in order to (i) cure any ambiguity, (ii) correct or supplement any provision contained herein which may be defective or
inconsistent with any other provisions herein, (iii) shorten or lengthen any time period hereunder or (iv) to change or supplement the provisions hereunder in any manner that the Corporation may deem necessary or desirable and that shall
not adversely affect the interests of the holders of Rights (other than an Acquiring Person or an Affiliate or Associate of an Acquiring Person); provided, from and after the occurrence of a Distribution Date this Agreement may not be supplemented
or amended to lengthen, pursuant to clause (iii) of this sentence, (A) a time period relating to when the Rights may be redeemed at such time as the Rights are not then redeemable or (B) any other time period unless such lengthening
is for the purpose of protecting, enhancing or clarifying the rights of, and/or the benefits to, the holders of Rights (other than an Acquiring Person or an Affiliate or Associate of an Acquiring Person). Upon the delivery of a certificate from an
appropriate officer of the Corporation that states that the proposed supplement or amendment is in compliance with the terms of this Section 27, the Rights Agent shall execute such supplement or amendment. Prior to the Distribution Date, the
interests of the holders of Rights shall be deemed coincident with the interests of the holders of shares of Common Shares. 

28. Successors. All the covenants and provisions of this Agreement by or for the benefit of the Corporation or the Rights Agent
shall bind and inure to the benefit of their respective successors and assigns hereunder. 

  
 37 

 29. Determinations and Actions by the Board of Directors, etc. For all purposes of
this Agreement, any calculation of the number of shares of Common Shares outstanding at any particular time, including for purposes of determining the particular percentage of such outstanding shares of Common Shares of which any Person is the
Beneficial Owner, shall be made in accordance with the last sentence of Rule 13d-3(d)(1)(i) (or any successor rule) of the General Rules and Regulations under the Exchange Act. The Board of Directors of the Corporation shall have the exclusive power
and authority to administer this Agreement and to exercise all rights and powers specifically granted to the Board, or the Corporation, or as may be necessary or advisable in the administration of this Agreement, including, without limitation, the
right and power to (i) interpret the provisions of this Agreement and (ii) make all determinations deemed necessary or advisable for the administration of this Agreement (including a determination to redeem or not redeem the Rights or to
amend the Agreement). All such actions, calculations, interpretations and determinations (including, for purposes of clause (y) below, all omissions with respect to the foregoing) which are done or made by the Board in good faith, shall
(x) be final, conclusive and binding on the Corporation, the Rights Agent, the holders of the Rights Certificates and all other parties and (y) not subject the Board to any liability to the holders of the Rights or any other Person.

 30. Benefits of this Agreement. Nothing in this Agreement shall be construed to give to any Person other than the
Corporation, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, the shares of Common Shares) any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be
for the sole and exclusive benefit of the Corporation, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, the shares of Common Shares). 

31. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated;
provided, however, that notwithstanding anything in this Agreement to the contrary, if any such term, provision, covenant or restriction is held by such court or authority to be invalid, void or unenforceable and the Board of Directors of the
Corporation determines in its good faith judgment that severing the invalid language from this Agreement would adversely affect the purpose or effect of this Agreement, the right of redemption set forth in Section 23 hereof shall be reinstated
and shall not expire until the Close of Business on the tenth day following the date of such determination by the Board of Directors. 
 32. Governing Law. This Agreement and each Right and each Rights Certificate issued hereunder shall be deemed to be a contract made under the laws of New York and for all purposes shall be governed
by and construed in accordance with the laws of such jurisdiction applicable to contracts to be made and performed entirely within such jurisdiction. 
 33. Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall
together constitute but one and the same instrument. 

  
 38 

 34. Descriptive Headings. Descriptive headings of the several 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. 
 [Signature page follows] 

  
 39 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Shareholder Rights
Agreement as of the date first written above. 
  

					
	SEASPAN CORPORATION
		
	By:	 	 /s/ Gerry Wang

		 	Name:	 	Gerry Wang
		 	Title:	 	Chief Executive Officer
	
	 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC

		
	By:	 	 /s/ Paula Caroppoli

		 	Name:	 	Paula Caroppoli
		 	Title:	 	Senior Vice President

 EXHIBIT A 
 STATEMENT OF DESIGNATIONS OF RIGHTS, PREFERENCES AND PRIVILEGES OF SERIES R PARTICIPATING PREFERRED STOCK OF SEASPAN CORPORATION 

The undersigned, Mr. Gerry Wang and Mr. Sai Chu do hereby certify: 

1. That they are the duly elected and acting Chief Executive Officer and Secretary, respectively, of Seaspan Corporation, a
Marshall Islands corporation (the “Corporation”). 
 2. That pursuant to the authority conferred by the
Corporation’s Amended and Restated Articles of Incorporation, the Corporation’s Board of Directors as of April 4, 2011 adopted the following resolution designating and prescribing the relative rights, preferences and limitations of
the Corporation’s Series R Participating Preferred Stock: 
 RESOLVED, that pursuant to the authority vested in the Board
of Directors (the “Board”) of the Corporation by the Articles of Incorporation, the Board does hereby establish a series of preferred stock, par value $0.01 per share, and the designation and certain powers, preferences and other
special rights of the shares of such series, and certain qualifications, limitations and restrictions thereon, are hereby fixed as follows: 
 Section 1. Designation and Amount. The shares of such series shall be designated as “Series R Participating Preferred Stock.” The Series R Participating Preferred Stock shall
have a par value of $0.01 per share, and the number of shares constituting such series shall initially be 1,000,000, which number the Board may from time to time increase or decrease (but not below the number then outstanding). 

Section 2. Proportional Adjustment. In the event the Corporation shall at any time after the issuance of any share or shares
of Series R Participating Preferred Stock (i) declare any dividend on the common shares of the Corporation par value $0.01 per share (the “Common Shares”) payable in shares of Common Shares, (ii) subdivide the outstanding
Common Shares or (iii) combine the outstanding Common Shares into a smaller number of shares, then in each such case the Corporation shall simultaneously effect a proportional adjustment to the number of outstanding shares of Series R
Participating Preferred Stock. 
 Section 3. Dividends and Distributions. 

(a) Subject to the prior and superior right of the holders of any shares of any series of preferred stock ranking prior
and superior to the shares of Series R Participating Preferred Stock with respect to dividends, the holders of shares of Series R Participating Preferred Stock shall be entitled to receive when, as and if declared by the Board out of funds legally
available for the purpose, quarterly dividends payable in cash on the last day of January, April, July and October in each year (each such date being referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first
Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series R Participating Preferred Stock, in an amount per share (rounded to the nearest cent) equal to 1,000 times the aggregate per share amount of all
cash dividends, and 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other 

  
 A-1

 
distributions other than a dividend payable in shares of Common Shares or a subdivision of the outstanding shares of Common Shares (by reclassification or otherwise), declared on the Common
Shares since the immediately preceding Quarterly Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series R Participating Preferred Stock.

 (b) The Corporation shall declare a dividend or distribution on the Series R Participating Preferred Stock as
provided in paragraph (a) above immediately after it declares a dividend or distribution on the Common Shares (other than a dividend payable in shares of Common Shares). 

(c) Dividends shall begin to accrue on outstanding shares of Series R Participating Preferred Stock from the Quarterly
Dividend Payment Date immediately preceding the date of issue of such shares of Series R Participating Preferred Stock, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case
dividends on such shares shall begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series R
Participating Preferred Stock entitled to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue from such Quarterly Dividend Payment Date. Accrued but unpaid
dividends shall not bear interest. Dividends paid on the shares of Series R Participating Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a
share-by-share basis among all such shares at the time outstanding. The Board may fix a record date for the determination of holders of shares of Series R Participating Preferred Stock entitled to receive payment of a dividend or distribution
declared thereon, which record date shall be no more than 30 days prior to the date fixed for the payment thereof. 

Section 4. Voting Rights. The holders of shares of Series R Participating Preferred Stock shall have the following voting
rights: 
 (a) Each share of Series R Participating Preferred Stock shall entitle the holder thereof to 1,000
votes on all matters submitted to a vote of the shareholders of the Corporation. 
 (b) Except as otherwise
provided herein or by law, the holders of shares of Series R Participating Preferred Stock and the holders of shares of Common Shares shall vote together as one class on all matters submitted to a vote of shareholders of the Corporation. 

(c) Except as required by law, holders of Series R Participating Preferred Stock shall have no special voting rights and
their consent shall not be required (except to the extent they are entitled to vote with holders of Common Shares as set forth herein) for taking any corporate action. 
 Section 5. Certain Restrictions. 

  
 A-2

 (a) The Corporation shall not declare any dividend on, make any distribution
on, or redeem or purchase or otherwise acquire for consideration any shares of Common Shares after the first issuance of a share or fraction of a share of Series R Participating Preferred Stock unless concurrently therewith it shall declare a
dividend on the Series R Participating Preferred Stock as required by Section 3 hereof. 
 (b) Whenever
quarterly dividends or other dividends or distributions payable on the Series R Participating Preferred Stock as provided in Section 3 are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not
declared, on shares of Series R Participating Preferred Stock outstanding shall have been paid in full, the Corporation shall not (i) declare or pay dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for
consideration any shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series R Participating Preferred Stock; (ii) declare or pay dividends on, make any other distributions on any shares
of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with Series R Participating Preferred Stock, except dividends paid ratably on the Series R Participating Preferred Stock and all such parity stock
on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all such shares are then entitled; (iii) redeem or purchase or otherwise acquire for consideration shares of any stock ranking on a parity
(either as to dividends or upon liquidation, dissolution or winding up) with the Series R Participating Preferred Stock, provided that the Corporation may at any time redeem, purchase or otherwise acquire shares of any such parity stock in exchange
for shares of any stock of the Corporation ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series R Participating Preferred Stock; (iv) purchase or otherwise acquire for consideration any shares of
Series R Participating Preferred Stock, or any shares of stock ranking on a parity with the Series R Participating Preferred Stock, except in accordance with a purchase offer made in writing or by publication (as determined by the Board) to all
holders of such shares upon such terms as the Board, after consideration of the respective annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will result in fair and
equitable treatment among the respective series or classes. 
 (c) The Corporation shall not permit any
subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares of stock of the Corporation unless the Corporation could, under paragraph (a) of this Section 5, purchase or otherwise acquire such shares at such
time and in such manner. 
 Section 6. Reacquired Shares. Any shares of Series R Participating Preferred Stock
purchased or otherwise acquired by the Corporation in any manner whatsoever shall be retired and canceled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued shares of preferred stock
and may be reissued as part of a new series of preferred stock to be created by resolution or resolutions of the Board, subject to the conditions and restrictions on issuance set forth herein and, in the Articles of Incorporation, as then amended.

  
 A-3

 Section 7. Liquidation, Dissolution or Winding Up. Upon any liquidation,
dissolution or winding up of the Corporation, the holders of shares of Series R Participating Preferred Stock shall be entitled to receive an aggregate amount per share equal to 1,000 times the aggregate amount to be distributed per share to holders
of shares of Common Shares plus an amount equal to any accrued and unpaid dividends on such shares of Series R Participating Preferred Stock. 
 Section 8. Consolidation, Merger, Etc. In case the Corporation shall enter into any consolidation, merger, combination or other transaction in which the shares of Common Shares are exchanged
for or changed into other stock or securities, cash and/or any other property, then in any such case the shares of Series R Participating Preferred Stock shall at the same time be similarly exchanged or changed in an amount per share equal to 1,000
times the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each share of Common Shares is changed or exchanged. 

Section 9. No Redemption. The shares of Series R Participating Preferred Stock shall not be redeemable. 

Section 10. Ranking. The Series R Participating Preferred Stock shall rank junior to all other series of the
Corporation’s preferred stock as to the payment of dividends and the distribution of assets, unless the terms of any such series shall provide otherwise. 
 Section 11. Amendment. The Articles of Incorporation of the Corporation shall not be further amended in any manner which would materially alter or change the powers, preference or special
rights of the Series R Participating Preferred Stock so as to affect them adversely without the affirmative vote of the holders of a majority of the outstanding shares of Series R Participating Preferred Stock, voting separately as a class.

 Section 12. Fractional Shares. Series R Participating Preferred Stock may be issued in fractions of a share which
shall entitle the holder, in proportion to such holder’s fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights of holders of Series R Participating Preferred
Stock. 
 RESOLVED FURTHER, that the President or any Vice President and the Secretary or any Assistant Secretary of this
Corporation be, and they hereby are, authorized and directed to prepare and file a Statement of Designation of Rights, Preferences and Privileges in accordance with the foregoing resolution and the provisions of Marshall Islands law and to take such
actions as they may deem necessary or appropriate to carry out the intent of the foregoing resolution. 
 [Remainder of Page
Intentionally Left Blank] 

  
 A-4

 We further declare under penalty of perjury that the matters set forth in the foregoing
Statement of Designation are true and correct of our own knowledge. 
 Executed on
                , 2011. 
  

	
	  

	Gerry Wang, Chief Executive Officer
	
	  

	Sai Chu, Chief Financial Officer and Secretary

  
 A-5

 EXHIBIT B 
 [FORM OF RIGHTS CERTIFICATE] 
  

			
	Certificate No. R-                    	 	                     Rights

Not exercisable after August 8, 2015 or earlier if redemption or exchange occurs. The Rights are subject to redemption at the
option of the Company, at $0.01 per Right, and to exchange on the terms set forth in the Rights Agreement. 
 Under
certain circumstances, Rights Beneficially Owned by an Acquiring Person or an Affiliate or Associate of an Acquiring Person (as such terms are defined in the Rights Agreement) and by any subsequent holder of such Rights may become null and void.
[The Rights represented by this Rights Certificate are or were beneficially owned by a Person who was or became an Acquiring Person or an Affiliate or Associate of an Acquiring Person. Accordingly, this Rights Certificate and the Rights represented
hereby may become null and void in the circumstances specified in the Rights Agreement.] 
 RIGHTS CERTIFICATE

 SEASPAN CORPORATION 
 This certificate certifies
that                                , or registered assigns, is the registered
owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to the terms, provisions and conditions of the Amended and Restated Rights Agreement, dated as of April 19, 2011, as amended from time to time (the
“Rights Agreement”), between Seaspan Corporation, a Marshall Island corporation (the “Company”), and American Stock Transfer & Trust Company, LLC (the “Rights Agent”), unless the Rights evidenced hereby have
been previously redeemed by the Company, to purchase from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement) and before 5:00 p.m., New York, New York time, on August 8, 2015 at the office of
the Rights Agent, or at the office of its successor as Rights Agent, one one-thousandth (1/1000) of a fully paid, nonassessable share of Series R Participating Preferred Stock, $0.01 par value (the “Preferred Shares”), of the Company,
at a purchase price of $25.00 per one one-thousandth (1/1000) of a Preferred Share (the “Purchase Price”), upon presentation and surrender of this Rights Certificate with the Form of Election to Purchase duly executed. The number of
Rights evidenced by this Rights Certificate (and the number of one-thousandths (1/1000s) of a Preferred Share that may be purchased upon exercise hereof) set forth above, and the Purchase Price set forth above, were the number and Purchase
Price as of August 12, 2005, based on the Preferred Shares as constituted at such date. As provided in the Rights Agreement, the Purchase Price and the number of one one-thousandths (1/1000s) of a Preferred Share that may be purchased upon
the exercise of the Rights evidenced by this Rights Certificate are subject to modification and adjustment upon the happening of certain events. 
 This Rights Certificate is subject to all the terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions are hereby incorporated herein by reference and made a part
hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the 

  
 B-1

 
Rights Agent, the Company and the holders of Rights, which limitations include the temporary suspension of the exercisability of such Rights under the specific circumstances set forth in the
Rights Agreement. Copies of the Rights Agreement are on file at the principal executive offices of the Company. 
 This Rights Certificate, with
or without other Rights Certificates, upon surrender at the office of the Rights Agent designated for such purpose, may be exchanged for another Rights Certificate or Rights Certificates of like tenor and date evidencing Rights entitling the holder
to purchase a like aggregate number of Preferred Shares as the Rights evidenced by the Rights Certificate or Rights Certificates surrendered shall have entitled such holder to purchase. If this Rights Certificate shall be exercised in part, the
holder shall be entitled to receive upon surrender hereof another Rights Certificate or Rights Certificates for the number of whole Rights not exercised. 
 Subject to the provisions of the Rights Agreement, the Rights evidenced by this Certificate (a) may be redeemed by the Company at a redemption price (in cash or shares of the Company’s common
stock or other securities of the Company deemed by the Company’s Board of Directors to be at least equivalent in value) of $0.01 per Right (subject to adjustment, as provided in the Rights Agreement) or (b) may be exchanged in whole or in
part for shares of the Company’s common stock or other consideration as determined by the Company. 
 The Company may, but shall not be
required to, issue fractions of Preferred Shares or distribute certificates that evidence fractions of Preferred Shares upon the exercise of any Right or Rights evidenced hereby. In lieu of issuing fractional shares, the Company may elect to make a
cash payment as provided in the Rights Agreement for fractions of a share other than one one-thousandth (1/1000) of a share or any integral multiple thereof or to issue certificates or utilize a depository arrangement as provided in the terms
of the Rights Agreement and the Preferred Shares. 
 No holder of this Rights Certificate shall be entitled to vote or receive dividends or be
deemed for any purpose the holder of the Preferred Shares or of any other securities of the Company that may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon
the holder hereof, as such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate
action, or to receive notice of meetings or other actions affecting shareholders (except as provided in the Rights Agreement), or to receive dividends or subscriptions rights, or otherwise, until the Right or Rights evidenced by this Rights
Certificate shall have been exercised as provided in the Rights Agreement. 
 This Rights Certificate shall not be valid or obligatory for any
purpose until it shall have been countersigned by the Rights Agent. 

  
 B-2

 WITNESS the facsimile signature of the proper officers of the Company and its corporate seal. Dated as of
                    , 20  . 
  

									
		 		 		 	SEASPAN CORPORATION
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

				
	COUNTERSIGNED:	 		 		 	
				
	AMERICAN STOCK TRANSFER &	 		 		 	
	TRUST COMPANY, LLC	 		 		 	
	as Rights Agent	 		 		 	
					
	By:	 	  
	 		 		 	
	Name:	 	  
	 		 		 	
	Title:	 	  
	 		 		 	

  
 B-3

 —Form of Reverse Side of Rights Certificate— 

FORM OF ASSIGNMENT 
 (To be executed by the registered holder if such holder desires to transfer the Rights Certificate) 
  

					
	FOR VALUE RECEIVED,	  	  
	 	hereby sells, assigns and transfers unto

   
  

 
  
  

 
 (Please print name and
address of transferee) 
 this Rights Certificate, together with all right, title and interest therein, and does hereby
irrevocably constitute and appoint                      as attorney-in-fact, to transfer this Rights Certificate on the books of the
within-named Company, with full power of substitution. 
 The undersigned hereby certifies that (1) the Rights evidenced by this
Rights Certificate are not being sold, assigned or transferred by or on behalf of a Person who is or was an Acquiring Person or an Affiliate or Associate thereof (as such terms are defined in the Rights Agreement), (2) this Rights Certificate
is not being sold, assigned or transferred to or on behalf of any such Acquiring Person, Affiliate or Associate, and (3) after inquiry and to the best knowledge of the undersigned, the undersigned did not acquire the Rights evidenced by this
Rights Certificate from any Person who is or was an Acquiring Person or an Affiliate or Associate. 
  

			
	Dated:	 	  

			
		
	Signature:	 	  

			
		
	Signature Guarantee*	 	  

 

	*	Signatures must be guaranteed by an “eligible guarantor institution” as defined in Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934, as
amended. Guarantees by a notary public are not acceptable. 

  
 B-4

 —Form of Reverse Side of Rights Certificate— 

(continued)
  

 FORM OF ELECTION TO PURCHASE 

(To be executed if holder desires to exercise Rights represented by the Rights Certificate) 

To: SEASPAN CORPORATION 
 The undersigned
hereby irrevocably elects to exercise                      Rights represented by this Rights Certificate to purchase the number of
one-thousandths (1/1000s) of a Preferred Share issuable upon the exercise of such Rights and requests that certificates for such number of one-thousandths (1/1000s) of a Preferred Share be issued in the name of: 

 

			
	Please insert social security or other identifying number	 	  

 
  
  

			
	(Please print name and address)	 	  

 
  
 If such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a new Rights Certificate for the balance remaining of such Rights shall be registered in the name of and
delivered to: 
  

			
	Please insert social security or other identifying number	 	  

 

			
	(Please print name and address)	 	  

 
  
 The undersigned hereby certifies that (1) the Rights evidenced by this Rights Certificate are not beneficially owned by an Acquiring Person or an Affiliate or Associate thereof (as such terms are
defined in the Rights Agreement) and (2) after inquiry and to the best knowledge of the undersigned, the undersigned did not acquire the Rights evidenced by this Rights Certificate from any Person who is or was an Acquiring Person or an
Affiliate or Associate thereof (as such terms are defined in the Rights Agreement). 
  

			
	Dated:	 	  

			
		
	Signature:	 	  

			
		
	Signature Guarantee*	 	  

 

	*	Signatures most be guaranteed by an “eligible guarantor institution” as defined in Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934, as
amended. Guarantees by a notary public are not acceptable. 

  
 B-5

 —Form of Reverse Side of Rights Certificate— 

(continued)
  

 NOTICE 
 The signature in the Form of Assignment or Form of Election to Purchase, as the case may be, must conform to the name as written on the face of this Rights Certificate in every particular, without
alteration or enlargement or any change whatsoever. 
 In the event the certification set forth above in the Form of Assignment or the Form
of Election to Purchase, as the case may be, is not completed, the Company and the Rights Agent will deem the Beneficial Owner of the Rights evidenced by this Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as such
terms are defined in the Rights Agreement) and such Assignment or Election to Purchase will not be honored. 

  
 B-6

 EXHIBIT C 
 SUMMARY OF RIGHTS 
  

			
	Distribution and Transfer of Rights:	 	On August 8, 2005, Seaspan Corporation entered into a Shareholder Rights Plan (which was amended and restated as of April 19, 2011), and the company’s board of
directors declared a dividend of one preferred share purchase right for each outstanding common share, $0.01 par value per share, of the company. Prior to the Distribution Date described to below, if any, the rights will be evidenced by and trade
with the certificates for the common shares. After the Distribution Date, if any, the company will cause rights certificates to be delivered to the company’s shareholders and the rights will become transferable apart from the common
shares.
		
	Distribution Date:	 	Subject to certain exceptions, the rights will separate from the common shares and become exercisable after (1) the 10th day after the public announcement that a person or group
has acquired beneficial ownership of 20% or more of the company’s common shares or (2) the 10th business day (or such later date as determined by the company’s board of directors) after a person or group announces a tender or exchange
offer which could result in that person or group holding 20% or more of the company’s common shares. Aggregate beneficial ownership of 20% or more but not more than 30% of the company’s common shares (excluding any Series A Securities, as
defined below) by Dennis R. Washington, the company’s largest shareholder, Kyle R. Washington, the company’s Chairman, certain of their relatives and their respective controlled affiliates, and other parties that enter into certain voting
agreements with them (collectively, the “Excluded Persons”) will not cause the rights to separate from the common shares and become exercisable. As used in this Summary of Rights, the term “Series A Securities” means,
collectively, (a) the Series A preferred shares of the company purchased by the Excluded Persons pursuant to the Preferred Stock Purchase Agreement dated as of January 22, 2009 among the company and the Investors party thereto,
(b) all company common shares issuable to the Excluded Persons upon conversion of such Series A preferred shares and (c) any other securities acquired by the Excluded Persons pursuant to certain preemptive rights granted to the
Investors in connection with their purchase of Series A preferred shares.

  
 C-1

			
		
	Preferred Stock Purchasable	 	
	Upon Exercise of Rights:	 	On the Distribution Date, each holder of a right will be entitled to purchase for $25 (the “Exercise Price”) a fraction (1/1000th) of one share of a designated
series of the company’s preferred stock which fraction has similar economic terms as one common share.
		
	Flip-in:	 	If an acquiring person (an “Acquiring Person”) acquires more than 20% or the Excluded Persons acquire more than 30% (excluding any Series A Securities) of the
company’s common shares, then each holder of a right (except that acquiring person) will be entitled to buy at the Exercise Price, a number of shares of the company’s common shares which has a market value of twice the Exercise
Price.
		
	Flip-over:	 	If after an Acquiring Person acquires more than 20% or the Excluded Persons acquire more than 30% (excluding any Series A Securities) of the company’s common shares, the
company merges into another company (either as the surviving corporation or as the disappearing entity) or the company sells more than 50% of its assets or earning power, then each holder of a right (except for those owned by the acquirer) will be
entitled to purchase at the Exercise Price, a number of common shares of the surviving entity which has a then current market value of twice the Exercise Price.
		
	Exchange Provision:	 	Any time after the date an Acquiring Person obtains more than 20% or the Excluded Persons acquire more than 30% (excluding any Series A Securities) of the company’s common
shares and before that Acquiring Person acquires or the Excluded Persons acquire more than 50% of the company’s outstanding common shares, the company may exchange each right owned by all other rights holders, in whole or in part, for one
company common share.
		
	Redemption of Rights:	 	The company can redeem the rights at any time prior to a public announcement that a person or group has acquired ownership of 20% or more, or that the Excluded Persons have
acquired ownership of more than 30% (excluding any Series A Securities) or more, of the company’s common shares.
		
	Expiration of Rights:	 	The rights expire on the earliest of August 8, 2015 and the exchange or redemption of the rights as described above.
		
	Amendment of Terms of Rights:	 	The terms of the rights and the Shareholder Rights Plan may be amended without the consent of the rights holders at any time on or prior to the Distribution Date. After the
Distribution Date, the terms of the rights and the Shareholder Rights Plan

  
 C-2

			
		 	generally may be amended to make changes which do not adversely affect the rights of the rights holders (other than the Acquiring Person).
		
	Voting Rights:	 	The rights do not have any voting rights.
		
	Anti-dilution Provisions:	 	The rights have the benefit of certain customary anti-dilution protections.

  
 C-3Lease Agreement, dated as of March 28, 2011

 Exhibit 10.1 
 LEASE AGREEMENT 
 THIS LEASE AGREEMENT (“Lease”) made this
             day of March, 2011, by and between Great Dane Realty, LLC, an Indiana limited liability company (hereinafter referred to as “Landlord”), and Vera Bradley
Designs, Inc., an Indiana corporation (hereinafter referred to as “Tenant”). 
 WITNESSETH: 

FOR AND IN CONSIDERATION of the full and faithful compliance by the parties hereto with each and all of the terms, covenants and
conditions herein contained to be complied with by them, Landlord does hereby lease, let and demise unto Tenant and Tenant does hereby lease from Landlord the real estate described in Exhibit “A” attached hereto and made a part hereof,
together with the improvements constructed thereon, including, but not limited to, a commercial manufacturing, warehousing and office building containing approximately 39,249 square feet of rentable space, and all appurtenances thereto (the
“Leased Premises”). The Leased Premises shall include the office equipment and furnishings shown on the personal property inventory attached hereto and incorporated herein by reference as Exhibit “B.” The Leased Premises
shall not include Landlord’s warehouse and other equipment located upon the Leased Premises, and Landlord covenants and agrees to remove such equipment from the Leased Premises prior to and as a condition to the Delivery Date as provided in
Article V of this Lease; provided, however, it is hereby understood and agreed that Landlord shall have the right to continue to store Landlord’s boxed files currently located at the Leased Premises during the Term of this Lease. 

ARTICLE I 
 TERM 
 1.1 The lease term, subject to all of the provisions and
conditions herein contained, shall be for a period of three (3) years (“Term”) commencing the first day of the month following the date which is thirty (30) days following the Delivery Date as defined in Article V of this Lease
(the “Commencement Date”), and terminating on the third anniversary of the Commencement Date, unless sooner terminated as provided herein (the “Expiration Date”). 

1.2 Within ten (10) days of the Commencement Date, Landlord and Tenant shall execute and deliver to each other a confirmation of the
Commencement Date, the Expiration Date and the Base Rent in the form attached hereto and incorporated herein by reference as Exhibit “C.” 
 1.3 Landlord and Tenant agree that the Term shall be automatically extended for successive periods of one (1) year each (each, a “Renewal Period”) from and after the Expiration Date unless
and until either Landlord or Tenant notifies the other that the Lease shall expire on the Expiration Date next occurring at least ninety (90) days prior to the next occurring Expiration Date. All of the terms and conditions of this Lease shall
remain in full force and effect during any extension of the Term pursuant to this Section 1.3 except that the Base Rent for each Renewal Period will be equal to an amount equal to the Base Rent in effect immediately prior to the commencement
date of such Renewal Period (an “Adjustment Date”) multiplied by a 

 
fraction having as its numerator the CPI Index for the Comparison Month and having as its denominator the CPI Index for the Base Month (as such terms are defined below). As used herein, the term
“CPI Index” shall mean the United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index, All Urban Consumers Index (CPI-U), 1982-84 =100. If at any time the CPI Index is no longer published, then Landlord will
substitute an official index published by the Bureau of Labor Statistics, or successor or similar agency then in existence, which is, in Landlord’s reasonable opinion, most comparable to the CPI Index. The term “Comparison Month”
shall mean the last full calendar month preceding the Adjustment Date. The “Base Month” shall mean the calendar month which is twelve (12) months prior to the Comparison Month. In no event shall the annual Base Rent in a given year be
less than the annual base rent for the immediately preceding year. 
 ARTICLE II 

USE AND OCCUPANCY 
 2.1 Tenant covenants that the Leased Premises shall, during the term of this Lease, be used for manufacturing, warehousing and office purposes, for such other allied purposes as may be incidental thereto,
and for no other purpose without the prior written consent of Landlord, which consent Landlord agrees shall not be unreasonably withheld, conditioned or delayed. 
 2.2 Tenant agrees not to use or suffer or permit any person to use, in any manner whatsoever, the Leased Premises for any purpose calculated to injure the reputation of the Leased Premises or to impair
the value of the Leased Premises, nor for any purpose or use in violation of any federal, state, county or municipal law or ordinance. Tenant will neither commit nor permit waste upon the Leased Premises. 

ARTICLE III 
 RENTAL 
 3.1 Tenant shall pay as base rent for said Leased Premises,
without setoff, deduction, counterclaim except as otherwise specifically set forth herein or relief from valuation or appraisement laws, the sum of One Hundred Seventy-Six Thousand Six Hundred Twenty and 50/100 ($176,620.50) per annum, payable in
monthly installments of Fourteen Thousand Seven Hundred Eighteen and 38/100 Dollars ($14,718.38). Base Rent shall be payable in advance on the first day of each calendar month throughout the term hereof to the attention of Landlord at 3010
Butler Ridge Parkway, Fort Wayne, Indiana 46808, or such other place as Landlord may from time to time designate in writing. Base Rent shall be adjusted as provided in Section 5.1 of this Lease. Any base rent or other amounts owing
hereunder by Tenant that are not paid within five (5) days of the date when due shall be subject to a late charge equal to five percent (5%) of the amount owed. 
 3.2 It is the purpose and intent of Landlord and Tenant that the rental as herein provided shall be absolutely net to Landlord, so that this Lease shall yield to Landlord the rent specified herein above
and accordingly that all taxes, insurance, maintenance and other expense of any type or nature shall be solely the responsibility of Tenant unless otherwise specifically provided herein. 

  
 2 

 ARTICLE IV 

REAL ESTATE TAXES 
 4.1 Tenant agrees that it shall pay, in addition to all other sums agreed to be paid by it in this Lease, all real property taxes and assessments against the real estate and improvements constituting the
Leased Premises which fall due during the term of this Lease. Such taxes and assessments shall be prorated for any partial lease years. Tenant shall pay each installment of principal and interest on or before the last day on which payment
may be made without penalty. Tenant shall have the right to protest taxes either in its own name or in the name of Landlord and Landlord shall cooperate to whatever extent necessary to protest said taxes, all at the sole expense of
Tenant. In contesting any such taxes, Tenant shall obtain such bonds or take such other action as may be necessary to assure that liens or lien rights do not attach to the Leased Premises.

4.2 Tenant shall be solely responsible and shall pay for all personal property taxes on all personal property, inventory and fixtures
owned by it or located in or about the Leased Premises which accrue during the term of this Lease. 
 4.3 It is expressly
agreed, however, that Tenant shall not be obligated to pay any capital levy or corporate franchise tax levy imposed upon Landlord or any estate, inheritance, succession or transfer tax upon the passing of Landlord’s interest in the Leased
Premises, or any income tax, profits tax, excise tax or other tax or charge that may be payable or chargeable to Landlord under any present or future law of the United States or State of Indiana or imposed by any political or taxing subdivision
thereof, or any governmental agency, upon or with respect to the rent received by Landlord under this Lease. 
 ARTICLE
V 
 IMPROVEMENTS, MAINTENANCE AND REPAIRS 

5.1 Tenant shall construct improvements to the Leased Premises in a timely manner (“Improvements”) which such Improvements
shall be paid for by Landlord at Landlord’s sole cost and expense pursuant to invoices submitted to Landlord by Tenant during the construction of said Improvements in accordance with plans and specifications approved by Landlord and Tenant in
writing and identified on Exhibit “D” attached hereto and incorporated herein by reference. The plans and specifications shall include a construction cost budget and a construction schedule. Landlord and Tenant agree that the plans
and specifications including the construction cost budget and construction schedule may only be altered through a written change order executed by both Landlord and Tenant identifying the change to the plans and specifications and providing any
appropriate adjustments to the construction cost of the Improvements and the construction schedule. Within ten (10) days after the date set forth in the construction schedule for completion (“Delivery Date”), Tenant shall provide to
Landlord a written certification of the total costs of the Improvements together with invoices and receipts in support thereof. Landlord shall have a period of ten (10) days from the receipt of Tenant’s certification to review the same to
determine that the Tenant’s written certification is in compliance with Exhibit D to this Lease. If Tenant’s written certification is not in compliance with Exhibit D, Landlord shall provide written notice to Tenant and Tenant shall revise
the written certification to comply with Exhibit D within ten (10) days of Landlord’s written notice. 

  
 3 

 
Tenant agrees that the base rent shall be increased in an amount equal to the cost of construction shown on Landlord’s written certification of costs of the Improvements amortized over the
three (3) year term of the Lease using an assumed interest rate of five percent (5%). In the event the cost to complete the Improvements exceeds the construction budget amount or a change order results in the addition of an item of cost not
included in the plans and specifications (each such amount an “Addition”), Tenant shall have the option to either a) increase the base rent by an amount equal to the cost of the Addition amortized over the three (3) year Term of
the Lease using an assumed interest rate of five percent (5%) or b) pay to Landlord the cost of the Addition in cash within thirty (30) days of the Commencement Date. Tenant agrees to commence construction of the Improvements promptly in
accordance with the construction schedule after the approval of plans and specifications and substantially complete construction of the Improvements as promptly as possible thereafter but no later than the Delivery Date. Tenant shall obtain all
necessary insurance, permits and licenses in connection with the Improvements and shall obtain a valid certificate of occupancy and provide evidence thereof to Landlord. All work will be performed by qualified contractors that meet Landlord’s
reasonable insurance requirements and are otherwise approved by Landlord which approval shall not be unreasonably withheld, conditioned or delayed. Tenant’s construction shall be free of defects in materials or workmanship and in compliance
with all applicable laws, regulations, codes and ordinances. Tenant shall be responsible for any defects in materials or workmanship in the construction of the Improvements during the Term of the Lease. Tenant shall direct and control the
Improvements and cause the same to be completed in a timely, first class and workmanlike manner. Tenant agrees that the Improvements shall be complete and the Leased Premises shall be ready for occupancy upon the Delivery Date. From and after the
date hereof, Landlord shall provide Tenant with possession and access to the Leased Premises solely for construction of the Improvements, it being understood that all of the monetary and non-monetary of obligations Tenant pursuant to the Lease,
other than the obligation to pay Base Rent and the real estate taxes set forth in subparagraph 4.1 hereof (which such amounts shall be due and owing as of the Commencement Date of the Lease as further set forth herein) shall apply during the period
that Tenant is constructing the Improvements. 
 5.2 Except as otherwise specifically set forth herein, Tenant shall, at its
sole cost and expense, maintain and repair the Leased Premises in as good a condition as exists as of the Commencement Date, reasonable wear and tear and damage caused by insured casualty excepted Tenant’s obligations shall include all
maintenance and repair of the Leased Premises including maintenance, repair and replacement of all interior portions of the Leased Premises, including routine maintenance of mechanical systems, plumbing systems, electrical systems and HVAC systems
serving the Leased Premises (“collectively, the “Building Systems”) together with exterior maintenance and repair of the Leased Premises and the removal of snow and ice removal from the parking lots, driveways and walkways located on
the Leased Premises. Landlord shall be responsible for maintenance, repair and replacement of the structure, walls, roof and foundation of the Leased Premises and all capital maintenance, repairs and replacements to the Building
Systems. For purposes of this Lease, the terms “capital maintenance repair or replacements” shall mean capital expenditures with reference to generally accepted accounting principles that exceed One Thousand and No/100 Dollars
($1,000.00). In the event any repairs or replacements are covered by insurance, the same are to be paid for by the insurance proceeds. 

  
 4 

 5.3 If Tenant refuses and neglects to repair promptly the Leased Premises as required in
Section 5.2 hereof, in a reasonable time after written demand by Landlord, then Landlord may make such repairs without liability to Tenant for any loss or damage that may occur to Tenant’s merchandise, fixtures and/or other property, or to
the loss of business occasioned by reason thereof, and Tenant shall reimburse Landlord for the cost thereof within thirty (30) days of a written notice thereof. 
 5.4 Tenant shall not make any structural alterations, additions or leasehold improvements to the Leased Premises or make any contract therefor without first procuring Landlord’s written consent which
consent Landlord agrees shall not be unreasonably withheld, conditioned or delayed. All alterations, additions and/or leasehold improvements made by Tenant to or upon the Leased Premises, except Tenant’s trade fixtures, signs, equipment,
cases and counters shall at once when made or installed be deemed to have attached to the freehold and to have become the property of Landlord. Tenant shall be responsible for any damages occasioned by removal of its personal property and other
trade fixtures. 
 5.5 Any alterations made by Tenant shall be at Tenant’s cost and expense. Tenant agrees to conform
to and comply with all laws, ordinances, rules and regulations of federal, state, county and municipal authorities in making such alterations or repairs, and shall at all times keep the Leased Premises free from claims of mechanics’
liens. All work will be performed by qualified contractors that meet Landlord’s reasonable insurance requirements and are otherwise approved by Landlord which approval shall not be unreasonably withheld, conditioned or delayed. 

5.6 Landlord and its agents shall have free access to the Leased Premises during all reasonable and regular business hours for the
purpose of examining the same and to make reasonable repairs which Landlord may desire to make hereunder. 
 ARTICLE VI

 INSURANCE AND INDEMNITY 
 6.1 Tenant agrees to indemnify and save harmless Landlord from and against all claims, liabilities, losses, demands, damages or expenses of whatever nature, except those resulting from the gross
negligence of Landlord or its agents, contractors, or employees, arising from any act, omission or negligence of Tenant, or Tenant’s agents, contractors, or employees, or arising from any accident, injury or damage whatsoever caused to any
person, or to the property of any person, occurring during the term hereof in or about the Leased Premises or for Tenant’s failure to comply with the terms of this Lease. Landlord, from the commencement of Tenant’s occupancy, agrees to
indemnify and save harmless Tenant from and against all claims of whatever nature, except those resulting from the negligent or intentional acts of Tenant, its agents, contractors or employees, arising from the gross negligence or willful misconduct
of Landlord or for Landlord’s failure to comply with the terms of this Lease. This indemnity and hold harmless agreement shall include indemnity against all costs, expenses, attorney fees and/or liabilities in, or connected with, any such claim
or proceeding brought thereon in defense thereof. 
 6.2 Tenant shall provide and maintain during the term hereof, for the
benefit of Landlord and Tenant, public liability and property damage insurance in the usual form for the 

  
 5 

 
protection of itself and Landlord against injury caused to persons or property by reason of its occupancy of the Leased Premises, with limits of not less than TWO MILLION DOLLARS ($2,000,000.00)
per personal injury and ONE MILLION DOLLARS ($1,000,000.00) for property damage, and, in addition, in like amounts covering Tenant’s contractual liability under the aforesaid hold harmless clause as provided in Section 6.1 above.

 6.3 From and after the commencement date of the Lease and throughout the residue of the term of the Lease, Tenant shall
procure and pay for windstorm, fire and extended coverage insurance, insuring the building upon the Leased Premises of not less than the full replacement value thereof in a responsible insurance company authorized to do business in the State of
Indiana. Such insurance policies shall insure against loss or damage from fire, windstorm, tornado, hail, disaster, earthquake, vandalism, riot, malicious mischief (and including boiler insurance and war risk insurance if then available),
insurance against flood if required by the Federal Flood Disaster Protection Act of 1973 and Regulations issued thereunder, and such other insurance as commonly maintained by those whose business, improvement to and use of the Leased Premises is
similar to that of Tenant. Such insurance shall contain the so-called Replacement Cost or Restoration Endorsement, and a provision to the effect that the waiver of subrogation rights by the insured does not void the coverage. Said
insurance policies shall be issued in the joint names of Landlord and Tenant as the insured, and any mortgagee of Landlord, if so requested. Tenant shall also provide and keep in place such insurance as may be required by law, including, without
limitation, worker’s compensation insurance. 
 6.4 Each of the insurance policies shall be in a form reasonably
satisfactory to Landlord and shall carry an endorsement that before changing or canceling any policy the insurance company issuing the same shall give Landlord at least ten (10) days prior written notice, and Tenant shall be required to furnish
Landlord with an acceptable replacement policy before the effective date of any such cancellation. Duplicate originals or certificates of all such insurance policies shall be delivered to Landlord. The first policy shall be issued prior to
or on the Commencement Date, and all renewals thereof shall be issued at least ten (10) days prior to the expiration of the then existing policies. 
 6.5 Tenant agrees that all leasehold improvements and personal property of any type or nature owned by it, in, on or about the Leased Premises shall be at the sole risk and hazard of Tenant. Without
intending hereby to eliminate the generality of the foregoing, Tenant agrees that Landlord shall not be liable or responsible for any loss of or damage to Tenant, or anyone claiming under or through Tenant, or otherwise, whether caused by or
resulting from any peril required to be insured hereunder, or from water, steam, gas, leakage, plumbing, electricity or electrical apparatus, pipe or apparatus of any kind, the elements or other similar or dissimilar causes, and whether or not
originating in the Leased Premises or elsewhere, provided such damage or loss is not the result of any negligent or intentional act of Landlord. 
 6.6 Whenever (a) any loss, cost, damage or expense resulting from fire, explosion or any other casualty or occurrence is incurred by either of the parties to this Lease or anyone claiming by, through
or under them in connection with the Leased Premises and (b) such party is then either covered in whole or in part by insurance with respect to such loss, cost, damage or expenses (or is required under this Lease to be so insured), then the
party so insured (or so required) hereby releases the other party from any liability said other party may have on 

  
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account of such loss, cost, damage or expense to the extent of any amount recovered by reason of such insurance (or which could have been recovered had insurance been carried as so required)
and waives any right of subrogation which might otherwise exist in or accrue to any person on account thereof, provided that such release of liability and waiver of the right of subrogation shall not be operative in any case if the effect thereof is
to invalidate such insurance coverage or increase the cost thereof (provided that in the case of increased cost, the other party shall have the right, within thirty (30) days following written notice, to pay such increased cost thereon,
thereupon keeping such release and waiver in full force and effect). 
 ARTICLE VII 

SIGNS AND ADVERTISING 
 7.1 Tenant may, at its expense, install identification signage to the exterior of the building located upon the Leased Premises with the prior written consent of Landlord, which consent shall not be
unreasonably withheld, conditioned or delayed.
 7.2 Tenant shall maintain said signage in good order and condition. Upon
termination of this Lease, Tenant shall remove such signage located upon the building and shall be responsible for any damage occasioned thereby.
 7.3 Signage by Tenant shall comply with all applicable laws, regulations, codes and ordinances. 
 ARTICLE VIII 
 DESTRUCTION OF PREMISES 

8.1 Subject to Section 8.3 below, if the Leased Premises shall be damaged or destroyed by any cause during the term of this Lease,
this Lease shall remain in full force and effect and Landlord shall as promptly and as reasonably practical, subject to the receipt of adequate insurance proceeds therefor, repair and restore the Leased Premises prior to such damage or destruction
and in accordance with plans and specifications mutually agreed upon at that time; or if such plans cannot be agreed upon, then in accordance with the original plans and specifications; provided, however, Landlord shall only be obligated to expend
the insurance proceeds actually received by it and shall not be obligated to expend any of its own funds to complete restoration of the Leased Premises . The work of restoration or rebuilding shall be in full compliance with all laws and
regulations and governmental ordinances applicable thereto. . 
 8.2 Should the Leased Premises or any part thereof be made
untenantable as a result of such fire, damage or destruction, the rental payable by Tenant shall abate in proportion to the amount of the Leased Premises rendered untenantable as a result of such fire, damage or destruction until said damage is
repaired as provided in Section 8.1. 
 8.3 If the Leased Premises are damaged to such extent that they cannot be repaired
within ninety (90) days of such occurrence, or in the event such damage occurs within the last twelve (12) months of the lease term, this Lease may be cancelled at the option of either Landlord or Tenant upon written notice given within
thirty (30) days from the date of such occurrence, and in such event, all rent shall be prorated to the date of such occurrence and Landlord shall be entitled to and Tenant shall assign to Landlord all proceeds received from the

  
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fire and extended coverage insurance. In the event that there are any amounts owed for the construction of the Improvements pursuant to Section 5.1 of this Lease, Landlord shall be
responsible for the payment of those costs, notwithstanding said damage or destruction, and shall indemnify and hold Tenant harmless from and against liability for those costs. 
 ARTICLE IX 
 EMINENT DOMAIN 

9.1 If not more than Fifteen Percent (15%) of the building located upon the Leased Premises or not more than Twenty-Five Percent
(25%) of the parking area located upon the Leased Premises shall be taken under the power of eminent domain, then the term of this Lease shall cease only on the part so taken from the date possession shall be taken for any public purpose, and
the minimum rent shall be paid up to that date. If in such event any part of the Leased Premises is taken, Landlord shall rebuild and restore said Leased Premises to the extent of the condemnation award actually received by Landlord but in all
events to an architectural whole, and Tenant shall be entitled to an equitable abatement of the fixed minimum rent until the Leased Premises are restored, and thereafter said rent shall be equitably reduced on account of any area taken by such
eminent domain proceedings. 
 9.2 If more than Fifteen Percent (15%) of the building located upon the Leased Premises or
more than Twenty-Five Percent (25%) of the parking area located upon the Leased Premises shall be taken under the power of eminent domain, then from that date Tenant shall have either the right to terminate this Lease as of the date possession
of the part condemned is so taken, by written notice to Landlord within thirty (30) days after such date, or to continue in possession of the Leased Premises under all of the terms, covenants and conditions of this Lease, except that the fixed
rent shall be proportionately and equitably reduced.
 9.3 Each party may, as permissible by applicable law, prosecute at their
option their respective claims, against the public or private bodies designated as the taking authority, on the account of any taking or appropriation of the Leased Premises. For the purpose of this paragraph, acquisition of all or part of the
Leased Premises by governmental or quasi-governmental authority by means of voluntary negotiations and contracts in lieu of condemnation shall be deemed to be acquisition by the exercise of the power of eminent domain. 

ARTICLE X 
 QUIET ENJOYMENT 
 10.1 Landlord covenants and agrees that if Tenant
shall pay and otherwise perform and do all the things and matters herein provided for to be done by Tenant, Tenant shall peaceably and quietly have, hold, possess, use, occupy and enjoy the said Leased Premises during the term of this Lease.

 ARTICLE XI 
 ASSIGNMENT AND SUBLETTING 
 11.1 Tenant may not assign or sublet the
Leased Premises without Landlord’s prior written consent which consent Landlord agrees shall not be unreasonably withheld, conditioned or delayed. In the event that Tenant shall at any time, during the term of this Lease,

  
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sublet all or any part of said Leased Premises or assign this Lease, it is hereby mutually agreed that Tenant shall nevertheless remain fully liable under all of the terms, covenants and
conditions of this Lease. If this Lease be assigned or if the Leased Premises or any part thereof be subleased or occupied by anybody other than Tenant, Landlord may collect from the assignee, sublessee or occupant any rent or other charges
payable by Tenant under this Lease, and apply the amount collected to the rent and other charges herein reserved, but such collection by Landlord shall not be deemed a release of Tenant from the performance by Tenant under this Lease. 

11.2 Tenant may assign this Lease without the prior written consent of Landlord to: 

(a) an entity controlled by Tenant, an entity controlling Tenant or an entity under common control with Tenant; or,

 (b) an entity which acquires all or substantially all of business operations conducted by Tenant upon the
Leased Premises. 
 ARTICLE XII 
 UTILITIES 
 12.1 Tenant shall be solely responsible for and shall
promptly pay all charges for gas, heat, electricity and any other utilities or services used or furnished to the Leased Premises. 
 ARTICLE XIII 
 MORTGAGE SUBORDINATION/ESTOPPEL CERTIFICATES

 13.1 Upon written request or notice by Landlord, Tenant agrees to subordinate its rights under this Lease to the
liens of any mortgages or deeds of trust that may hereafter be placed upon the building and the Leased Premises, and to any and all advances to be made thereunder, and all renewals, replacements and extensions thereof. Tenant agrees to execute
such subordination, non-disturbance and attornment agreements requested by such mortgagees provided that Tenant’s rights pursuant to this Lease shall be honored and its possession of the Leased Premises shall not be disturbed so long as Tenant
is not in default pursuant to this Lease.
 13.2 Upon written request from Landlord, Tenant shall execute estoppel certificates
certifying that this Lease is in full force and effect and free from default and stating that rent has not been paid more than thirty (30) days in advance to the extent the same shall be true as of the date of the request and certifying such
other factual matters relating to this Lease as Landlord may reasonably request. The estoppel certificates shall be in a form approved by Tenant which approval Tenant agrees shall not be unreasonably withheld, conditioned or delayed.

  
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 ARTICLE XIV 

DEFAULT 
 14.1 If Tenant shall be in default in the payment of rental or any other charges provided for herein and such default shall continue for a period of five (5) days after written notice from Landlord
to Tenant, or if Tenant shall be in default in the performance of any of the other covenants, promises or agreements herein contained for Tenant to be kept and performed and such default shall continue for thirty (30) days after Landlord shall
have notified Tenant in writing of the existence of such default, or if Tenant is adjudicated a bankrupt, or if a receiver is appointed for Tenant’s property, including Tenant’s interest in the Leased Premises, and such receiver is not
removed within thirty (30) days after appointment, or if, whether voluntarily or involuntarily, Tenant takes advantage of any debtor relief proceeding under present or future law whereby the rent, or any part thereof, is or is proposed to be
reduced or payment thereof deferred, or if Tenant makes an assignment for the benefit of creditors, or if the Leased Premises or Tenant’s effects or interest therein shall be levied upon or attached under process against Tenant, not satisfied
or dissolved within thirty (30) days from such levy or attachment, or if Tenant abandons the Leased Premises, then, and in any or all said events, Tenant shall be deemed to have breached this Lease and Landlord shall have the right at its
option, without limitation of any other rights available to Landlord at law or in equity to: 
 (a) Enter upon
and take possession of the Leased Premises as Tenant’s agent without terminating this Lease, and use commercially reasonable efforts to re-let the Leased Premises upon such rental and for such term as Landlord deems proper. Tenant shall
obligated to pay Landlord all sums due and owing up to the time of such re-letting and upon the reletting shall further become immediately liable and indebted to Landlord and shall then upon demand promptly pay to Landlord the costs and expenses of
such reletting, including any alterations or decorations required in connection therewith, plus the difference between the amount of the rent actually collected and received from the Leased Premises and the rental due under this Lease for the
residue of the term herein provided remaining after the taking of possession by Landlord; or 
 (b) Forthwith
cancel and terminate this Lease by notice in writing to Tenant; and if such notice shall be given, all rights of Tenant to the use and occupancy of said Leased Premises shall terminate as of the date set forth in such notice and Tenant will at once
surrender possession of the Leased Premises to Landlord and remove all of Tenant’s effects therefrom, and Landlord may forthwith re-enter the premises and repossess itself thereof, and Landlord shall be entitled to receive as liquidated damages
and not as a penalty a sum equal to all rent and other sums then due and owing together with all sums which would fall due hereunder through the balance of the lease term had this Lease not been terminated reduced by the fair market rental value of
the Leased Premises for the same period. No termination of this Lease prior to the normal expiration thereof shall affect Landlord’s right to collect rent for the period prior to the termination thereof. 

  
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 14.2 Landlord shall be entitled to collect from Tenant reasonable attorney fees and court
costs incurred in enforcing any obligation of Tenant under this Lease. 
 14.3 If Landlord shall be in default of any term or
covenant of this Lease and said default shall continue for a period of thirty (30) days after written notice thereof from Tenant to Landlord, then Landlord shall be in default of the terms and conditions of this Lease and Tenant have such
rights as are available under applicable law upon such a default and, in addition, the right, but not the obligation, to cure said defaults on Landlord’s behalf at Landlord’s cost. In the event Tenant incurs any cost or expense in
performing any obligation on Landlord’s behalf Landlord shall, within thirty (30) days of such demand pay such sums to Tenant. Notwithstanding the above, Tenant shall not have the right to terminate this Lease upon a default by Landlord.

 ARTICLE XV 
 SURRENDER OF POSSESSION 
 15.1 Whenever the said term herein demised
shall be terminated, whether by lapse of time, forfeiture or in any other way, Tenant covenants and agrees that it will at once surrender and deliver up said Leased Premises peaceably, free of all of Tenant’s property, in broom-clean
condition and in as good of condition as when Tenant took possession, ordinary wear and tear and any damage caused by perils covered by insurance excepted. If Tenant fails to return possession of the Premises to Landlord in this condition,
Tenant shall reimburse Landlord for the costs incurred by Landlord to put the Leased Premises in the condition required under this Paragraph 15.1. Tenant’s property left behind in the Leased Premises after the end of the Term will be considered
abandoned and Landlord may move, store, retain or dispose of these items at Tenant’s sole cost and expense. Tenant’s obligation hereunder shall survive the expiration or termination of this Lease. 

15.2 If Tenant shall hold over after any termination of this Lease, the same shall create no more than a month-to-month tenancy at the
rent herein set forth and under all other applicable conditions herein provided, which such tenancy shall be terminable by either party upon thirty (30) days prior written notice to the other. 

ARTICLE XVI 
 MECHANICS’ LIENS 
 16.1 Nothing in this Lease shall authorize
Tenant to do any act which shall in any way encumber the title of Landlord in and to the Leased Premises, nor shall the interest of Landlord in the Leased Premises be subject to any lien arising from any act or omission of Tenant. 

16.2 If any mechanics’ lien or liens shall be filed against the Leased Premises for work done or materials furnished to Tenant,
Tenant shall within ninety (90) days after it has actual notice of such lien, at its own expense, cause such lien or liens to be discharged by payment of such claims or by filing of bond pursuant to statute. 

16.3 Should Tenant fail to pay any such lien or post bond therefor, Landlord may, but it shall not be required to do so, discharge such
mechanics’ lien or liens by payment 

  
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thereof, and the amount paid by Landlord together with Landlord’s costs and expenses shall be due and payable from Tenant forthwith on demand, together with interest at the rate of Six
Percent (6%) per annum. 
 ARTICLE XVII 

NOTICES 
 17.1 All notices, demands and requests hereunder shall be in writing and given by United States registered or certified mail, or by a nationally recognized air courier: 

 

			
	In the case of Landlord to:	  	 Great Dane Realty, LLC
 3010
Butler Ridge Parkway
 Fort Wayne, Indiana 46808

		
	In the case of Tenant to:	  	 Vera Bradley Designs, Inc.

2208 Production Road
 Fort Wayne, Indiana
46808

 17.2 Each party from time to time may change its address for purpose of notice under this Article by
giving to the other party notice of such change of address. Any notice, demand or request given by the United States, registered or certified mail, as provided herein, shall be deemed served on the date it is deposited in the United States mail
or with a nationally recognized air courier properly addressed and with postage fully prepaid. 
 ARTICLE XVIII

 ENVIRONMENTAL REPRESENTATIONS, 
 WARRANTIES AND INDEMNIFICATION 
 18.1 During the Term, Tenant shall
comply with all applicable federal, state and local laws, regulations and ordinances relating to protection of human health and the environment (“Environmental Laws”), which are applicable to the Leased Premises and/or the conduct of
Tenant’s business at the Leased Premises. 
 18.2 Tenant represents and warrants that during the term hereof it shall not
construct, deposit, store, dispose, place or locate upon the Leased Premises any material, element, compound, solution compound, mixture, substance or other matter of any kind, including solid, liquid or gaseous material, that constitutes a
Hazardous Material, as hereafter defined. Notwithstanding the above, Tenant may store, utilize and properly dispose de minimis amounts of Hazardous Material as hereafter defined, provided the same are reasonably required for Tenant’s
normal business operations upon the Leased Premises, and provided further that such Hazardous Material is stored, processed, utilized and disposed of in compliance with all applicable federal, state and local laws, regulations, codes and ordinances.

 18.3 For purposes of this Article XVIII, Hazardous Material shall mean any material or substance: 

  
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 (a) defined as a “Hazardous Substance” or “Hazardous
Material” pursuant to the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C. § 9601 et. seq.) and amendments thereto and regulations promulgated thereunder or under other applicable Environmental
Law; 
 (b) containing gasoline, oil, diesel fuel or other petroleum products; 

(c) defined as a “Hazardous Waste” pursuant to the Federal Resources Conservation and Recovery Act and all
regulations promulgated thereunder; 
 (d) containing Polychlorinated Biphenyls (PCB); 

(e) containing Asbestos; 
 (f) which is radioactive; 
 (g) the presence of which requires
investigation or remediation under any federal, state or local statute, regulation, ordinance or policy, or which is, or becomes defined as “Hazardous Waste” or as “Hazardous Substance” under any federal, state or local statute,
regulation, ordinance or policy or any toxic, explosive, corrosive or other hazardous substance, material or waste, that is or becomes, regulated by any federal, state or local governmental authority or which causes a nuisance on the Leased Premises
or any portion thereof. 
 18.4 Tenant agrees to protect, defend, indemnify and save harmless Landlord from and against all
liabilities, obligations, claims, damages, penalties, causes of action, response and clean up costs, and other costs and expenses (including, without limitation, reasonable attorney fees, paralegal fees, the cost of any remedial action, consultant
fees, investigation and laboratory fees, court costs and litigation expenses), imposed upon or incurred by or asserted against Landlord by reason of Tenant’s violation of Environmental Laws or as a result of, or in connection with, claims
arising from the presence, use, storage, transportation, treatment, disposal, release or other handling, on or about or beneath the Leased Premises, of any Hazardous Substance, Hazardous Material or Hazardous Waste introduced or permitted on or
about or beneath the Leased Premises by any act or omission of Tenant or its agents, officers, employees, contractors, invitees or licensees during the Term. 
 18.5 Landlord agrees to protect, defend, indemnify and save harmless Tenant from and against all liabilities, obligations, claims, damages, penalties, causes of action, response and clean up costs, and
other costs and expenses (including, without limitation, reasonable attorney fees, paralegal fees, the cost of any remedial action, consultant fees, investigation and laboratory fees, court costs and litigation expenses), imposed upon or incurred by
or asserted against Tenant by reason of the presence of Hazardous Material or Hazardous Waste upon the Leased Premises as of the Commencement Date or by reason of violations of Environmental Law which occurred on the Leased Premises prior to the
Term of this Lease. 

  
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 18.6 The representations, warranties and indemnification of Tenant pursuant to this Article
XVIII shall survive the expiration or termination of this Lease. 
 ARTICLE XIX 

MISCELLANEOUS 
 19.1 Each term and provision of this instrument performable by Tenant and Landlord shall be construed to be both a covenant and a condition. 

19.2 Time is and shall be of the essence of this Lease and of each term or provision hereof. 

19.3 If any term or provision of this Lease or the application thereof to any person or circumstance shall, to any extent, be invalid or
unenforceable, the remainder of this Lease, or the application of such term or provision to persons or circumstances other than those to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this
Lease shall be valid and be enforceable to the fullest extent permitted by law. 
 19.4 The headings of the articles of this
instrument are for convenience and reference only and the words contained therein shall in no way be held to explain, modify, amplify or aid in the interpretation, construction or meaning of the provisions of this Lease. 

19.5 Nothing in this Lease shall cause Landlord in any way to be construed as a partner, joint venturer or associated in any way with
Tenant in the operation of said Leased Premises, or subject Landlord to any obligation, loss, charge or expense connected with or arising from the operation or use of said Leased Premises or any part thereof. The obligations of each individual
tenant hereunder shall be joint and several. 
 19.6 This Lease shall not be recorded and, in lieu thereof, a memorandum of
lease and right of first refusal shall be executed, acknowledged and recorded in the form attached hereto as Exhibit “E.”. 
 19.7 This Lease shall be governed by the laws of the State of Indiana. 

ARTICLE XX 
 RIGHT OF FIRST REFUSAL 
 20.1 In the event Landlord shall receive a
bona fide offer for the purchase of the Leased Premises, or any part thereof, whether or not in conjunction with any other property, which Landlord desires to accept, Landlord shall give written notice thereof (hereinafter called “Offering
Notice”) to Tenant. Said Offering Notice shall contain the following: 
 (a) The name and address of
the proposed purchaser (“Third Party”); 
 (b) The terms and conditions of said offer; and 

  
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 (c) An offer to sell the Leased Premises to Tenant upon the same terms and
conditions of the aforesaid offer made by the Third Party. 
 20.2 Tenant shall be entitled to purchase such Leased Premises
offered by giving written notice thereof to Landlord within fifteen (15) days after receipt of the Offering Notice. If Tenant fails to agree, in writing, to purchase such Leased Premises within the time aforesaid, Landlord shall have the
right to complete the sale to the Third Party who shall then become the owner of the Leased Premises. 
 20.3 In the event of a
change in the identity of the Third Party or a substantial change in the terms and conditions of the Offering Notice, notice thereof and opportunity to Tenant shall again be given by Landlord to Tenant in accordance with the terms
hereof. Provided, however, if the proposed purchaser is an affiliate or assignee of Third Party, then such change in the proposed purchaser shall not constitute a change in the identity of the Third Party for purposes of this paragraph.

 20.4 Exercise of the right to purchase the Leased Premises, by Tenant, shall require that closing on the sale occur (between
Landlord and Tenant) under the same terms and conditions as the Offering Notice. 
 20.5 In the event that Tenant shall exercise
its rights to purchase the Leased Premises pursuant to this Article, then the term of this Lease shall be automatically extended, if necessary, to the date of Closing and, upon Closing, this Lease shall terminate and be of no further force or
effect. 
 20.6 In the event that Tenant shall not exercise its rights to purchase the Leased Premises pursuant to this Article,
then this Lease shall continue in full force and effect upon the Closing. 
 ARTICLE XXI 

OPTION TO PURCHASE 
 21.1 Certain terms used in this Article XXI are defined in this Section 1; other terms are defined within the text of this Lease. 

(a) “Closing” shall mean the consummation of the purchase and sale of the Premises in accordance with the terms
of this Lease upon exercising the option and completion of all conditions precedent herein required. 
 (b)
“Leased Premises” shall mean the Leased Premises pursuant to this Lease constituting that certain parcel of real property located in Allen County, Indiana, as presently identified by legal description on Exhibit “A” attached
hereto and made a part hereof. The full legal description of the Leased Premises shall be noted on the survey to be provided by Landlord as hereinafter required. Said Leased Premises include all buildings, improvements, fixtures, tenements,
hereditaments and appurtenances belonging or in any wise appertaining to such real property, and all of Landlord’s right, title and interest, if any, in and to (i) any land lying in the bed of any street, road or avenue, open or

  
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proposed, in front of or adjoining such real property to the center line thereof to the extent included in the legal description of the Leased Premises, but subject to public rights-of-way and
easements; (ii) any strips and gores of land adjacent to, abutting or used in connection with such real property; (iii) any easements and rights, if any, inuring to the benefit of such real property or to Landlord in connection therewith;
and (iv) any and all rights in and to any leases, licenses or other assets of any type or nature pertaining to the use of such real property. Notwithstanding the legal descriptions as attached hereto, it is agreed that the Leased Premises shall
be deemed to include all right, title and interest of Landlord in and to the land and improvements, including such interests to be hereafter acquired as a condition hereof. The legal description shall be reformed according to survey to include all
such interests. 
 (c) “Purchase Price” shall mean the Purchase Price for the Leased Premises as
determined in accordance with Section 21.3 of this Lease. 
 (d) “Title Commitment” shall mean the
Commitment issued by an ALTA approved title insurance company (“Title Company”) approved by the Tenant in which the title insurance company commits itself to issue to Tenant an Owner’s Policy of Title Insurance upon demand, with its
general exceptions deleted, in the full amount of the Purchase Price, setting forth the state of the title to the Premises and subject only to those “permitted exceptions” hereinafter described. 

21.2 Option to Purchase. Landlord hereby grants, bargains and sells to Tenant the exclusive option to purchase the Leased Premises
(“Option”) commencing as of the Commencement Date and expiring as of the Expiration Date. Tenant may exercise the Option by giving notice to Landlord as provided in the Lease before expiration of the Option. Notice shall be deemed to have
been given if in writing and made in such manner provided for the giving of notices specified in this Lease. In the event of exercise, Landlord shall sell to Tenant and Tenant shall purchase from Landlord the Leased Premises in accordance with the
terms and conditions hereinafter set forth. 
 21.3 Purchase Price for Leased Premises. Landlord and Tenant may agree in
writing upon the Purchase Price within thirty (30) days of the date Tenant exercises the Option. In the event Landlord and Tenant do not agree in writing upon the Purchase Price within thirty (30) days of the date Tenant exercises the
Option, then Landlord and Tenant shall each appoint an appraiser licensed in Indiana with an MAI designation and with at least ten (10) years’ experience in preparing appraisals of commercial real estate in the county in which the Leased
Premises are located. The appraisers shall then appoint a third appraiser with the same qualifications. Each appraiser shall then prepare an independent appraisal of the Leased Premises and submit a report of each appraisal to Landlord and Tenant.
The appraisers shall each determine a) the fair market value of the Leased Premises; and, b) the fair market value of the Leased Premises without the Improvements described in Section 15.1 of this Lease (as if the Improvements had not been
constructed). The fair market value of the Leased Premises shall be the mathematical average of the appraisers’ determinations. The fair market value of the Leased Premises without the Improvements shall be the mathematical average of the
appraisers’ 

  
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determinations. The Purchase Price shall be the greater of a) the fair market value of the Leased Premises; or b) the fair market value of the Leased Premises without the Improvements increased
by the unamortized principal remaining pursuant to the amortization described in Section 5.1 of this Lease as of the Date of Closing. Landlord shall be responsible for the cost of the appraisal prepared by the appraiser appointed by Landlord.
Tenant shall be responsible for the cost of the appraisal performed by the appraiser appointed by Tenant. Landlord and Tenant shall share equally the cost of the third appraisal. The Purchase Price subject to such adjustments, credits, deductions
and prorations, if any, as herein required, shall be paid in cash at Closing. 
 21.4 Survey of Premises. Within thirty
(30) days of the date of Tenant’s exercise of the Option, Tenant shall order and procure, at the expense of Tenant, a boundary survey of the Leased Premises with all easements (including utility easements), available utility services,
encroachments, rights-of-way and other matters (whether or not of record) pertaining to or affecting the Leased Premises plotted thereon, and showing the location, area and dimensions of all improvements, easements, streets, roads, railroad spurs,
flood hazard areas and alleys on or abutting said Leased Premises, and providing a legal description of the Leased Premises. Such survey shall be dated or re-dated at a date not more than thirty (30) days prior to the Closing, and unless
otherwise approved by Tenant, shall (a) be made in accordance with the “Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys.” 
 21.5 Title to Premises. 
 (a) State of Title to be
Conveyed. At the Closing, Landlord shall convey to Tenant, its nominees, successors or assigns, by special warranty deed, wherein Landlord warrants title to Tenant against all claimants claiming by, through or under Landlord, good and
merchantable and insurable fee simple title to the Leased Premises, free from all liens, encumbrances, restrictions, rights-of-way and other matters, excepting only the “permitted exceptions” described as follows: (i) the lien of
general real estate taxes not yet due and payable, subject to proration of taxes as hereinafter provided; (ii) liens or encumbrances of a definite or ascertainable amount and which will be paid and discharged in full by or for Landlord at or
prior to the Closing; (iii) matters or title created or suffered by Tenant during the Term of this Lease; and (iv) zoning ordinances, easements of record and other documents or restrictions, if any, which do not prevent or materially
interfere with Tenant’s use of the Premises. 
 (b) Title Insurance Commitment and Policy. Within
thirty (30) days of Tenant’s exercise of the Option, Tenant shall order and procure the Title Commitment, at the initial expense of Tenant (but subject to reimbursement as a credit at Closing). At the Closing, a Policy of Title Insurance
or an endorsement to the Title Commitment shall be issued to Tenant insuring Tenant’s fee simple interest in the Leased Premises in the state required by Section 20.5(a) above, with all general exceptions deleted, and subject only to the
“permitted exceptions”. Landlord shall pay for, or Tenant shall receive a credit therefor at the Closing, all charges and costs of such Title Insurance Policy. 

  
 17 

 (c) Objections to State of Title. If title to the Leased Premises is
not in the state required by Section 20.5(a) above, Tenant shall give written notice to Landlord within thirty (30) business days after the date it receives the Title Commitment and survey, specifying its objection(s) to the state of title
to the Premises. Landlord shall thereupon have a period of thirty (30) days in which it shall use commercially reasonable efforts to remedy the objection(s) or to induce the Title Company to issue an endorsement to the Title Commitment
satisfactory to Tenant insuring over or removing such objection(s). If Tenant’s objection(s) to the state of title to the Leased Premises are not remedied by Landlord within such thirty (30) day period, or such further period as Tenant
may, in its sole discretion, grant, then Tenant shall have the right, within thirty (30) days thereafter, to give written notice to Landlord that Tenant waives such title defects or objections and elects to proceed to acquire the Leased
Premises without any abatement of the Purchase Price and to take title to the Leased Premises subject to such defects or objections; otherwise, this Lease shall be automatically cancelled and rescinded. 

21.6 Conditions to Closing. Tenant and Landlord agree that the sale and purchase of the Leased Premises is subject to the
satisfaction of the following contingencies and conditions within sixty (60) days of Tenant’s exercise of the Option, and if not so satisfied this Tenant may cancel and rescind the exercise of the Option and this Lease shall continue in
full force and effect. Notwithstanding the foregoing, Tenant may, at its option, waive any of the conditions or contingencies set forth in this Section 21.6 and proceed to purchase the Leased Premises from Landlord. 

(a) The Leased Premises and all buildings and improvements located thereon will at Closing be in the same state of
condition and repair as of the date of exercise of the Option. 
 (b) That Tenant shall have approved the form
and content of the Title Commitment and the Survey in accordance with Sections 20.4 and 20.5. Premises shall have remained in the state reflected by the Title Commitment and the Survey, as approved by Buyer, through the date of the Closing.

 (c) That Tenant shall have approved the form and content of the special warranty deed conveying the Leased
Premises to Tenant, the vendor’s affidavit, the non-foreign certificate, the closing statement covering the purchase and sale of the Leased Premises, and all other documents and instruments required to effect the sale of the Leased Premises and
the agreements of the parties herein set forth; and Landlord shall prepare such documents and instruments promptly upon notification by Tenant that all conditions precedent above set forth have been performed or waived. Landlord shall also furnish
to Tenant such proof of authority as requested by Tenant or the Title Company authorizing Landlord to enter into and consummate this transaction. 
 21.7 Proration of Real Estate Taxes. Tenant shall pay all real property taxes and any general and/or special assessments which are due and payable, if any, on or before the date of the Closing, or
which otherwise constitute a lien upon the Premises as of the date of the 

  
 18 

 
Closing pursuant to Section 4.1. Current taxes assessed for the year in which the Closing takes place shall be equitably prorated through the date of the Closing on the basis of the latest
available tax bills covering the Leased Premises. If, at the Closing, the Leased Premises or any part thereof shall be subject to any assessment(s) which are or may become payable in annual installments of which the first installment is then due or
has been paid, then for the purposes of this Lease all the unpaid installments of any such assessment, including those which are to become due and payable after the delivery of the deed to the Leased Premises, shall be deemed to be due and payable
at the Closing and to be liens upon the Leased Premises and shall be paid and discharged by the Tenant at or prior to the Closing. 
 21.8 Closing. 
 (a) Provided all conditions set forth in
Section 20.6 hereof or elsewhere in this Paragraph 21 herein have been satisfied or waived, within the time period therein required, the Closing shall take place at such time and date within thirty (30) days thereafter as agreed between
Tenant and Landlord, unless extended in writing by mutual agreement of the parties hereto. The Term of the Lease shall be deemed automatically extended to the Date of Closing. The Closing shall occur at the offices of the Title Company. Tenant and
Landlord agree to deposit with Title Company not later than the date of the Closing all executed documents required in connection with this transaction, including such documents as requested by the Title Company issuing the Title Policy. Upon
receipt of all necessary documents, and when the Title Company is in a position to issue to Tenant a Policy of Title Insurance, Title Company shall on the date of the Closing, upon instructions from Tenant and Landlord, cause the deed to the Leased
Premises and any other necessary or appropriate instruments to be filed for record. In the event all the conditions precedent to be performed by Landlord have not been satisfied within ninety (90) days of the date Tenant exercises the Option,
the exercise of the Option may be cancelled, at the option of Tenant, without obligation or liability to Landlord and this Lease shall continue in full force and effect. 

(b) Landlord hereby agrees that it shall be solely liable for and shall pay (or provide a credit to Tenant at Closing)
for: (i) the premium charged for the issuance of said ALTA owner’s title policy issued pursuant to said commitment, and (ii) attorneys, brokerage, engineering and other professional fees of Landlord. Landlord hereby further agrees
that it shall be solely liable for and shall pay any and all taxes as may be legally required for the conveyance of the property being sold hereunder, so as to convey to Tenant the fee simple title to the Leased Premises, free of all encumbrances,
except as herein stated, or except as may be mutually agreed upon by the parties hereto. Tenant shall pay all recording fees necessary to effectuate the transfer of the Leased Premises as contemplated herein. Buyer and Seller shall bear equally the
title company’s closing fees, with Seller bearing the cost of the title company’s title search and examination fees relating to the Leased Premises. Each party shall be responsible for its other costs and expenses in accordance with the
obligations or conditions to be performed by each respective party hereto. At the time of Closing, Landlord 

  
 19 

 
and Tenant shall execute and deliver a closing statement setting forth said Purchase Price, with such closing adjustments thereto as may be applicable. 

21.9 Remedies Upon Default. In the event Tenant breaches or defaults under any of the terms of the Option, Landlord shall be
entitled to terminate the Option and recover the actual, out of pocket fees or expenses incurred by Landlord in connection with Tenant’s execution of the Option and any Tenant default in connection therewith, including, without limitation,
brokerage, engineering and other professional fees of Landlord which shall be its sole remedy at law or in equity. In the event Seller breaches or defaults under any of the terms of this Lease, Tenant shall have the right to cancel and rescind the
exercise of the Option or, in the alternative, the right to compel specific performance of the Option and the right to recover Tenant’s costs and expenses incurred in enforcing the terms and conditions of the Option, including but not limited
to Tenant’s reasonable attorney fees and court costs. Notwithstanding any provision of this Lease to the contrary, in no event shall either Landlord or Tenant be liable for consequential, indirect, special damages or punitive damages arising
from a default under this Paragraph 21. 
 21.10 Brokerage Commission. Landlord and Tenant each warrant and represent
that there are no finders or brokers entitled to fees or commissions which may be due from the introduction of the Landlord and Tenant and/or the purchase and sale of the Leased Premises. 

21.11 Eminent Domain. In the event that, prior to the date of the Closing, Landlord acquires knowledge of any pending or
threatened claim, suit or proceeding to condemn or take all or any part of the Leased Premises under the power of eminent domain, then Landlord shall immediately give notice thereof to Tenant, and Tenant shall have the right to cancel and rescind
the exercise of the Option by delivering notice thereof to Landlord within thirty (30) days after receiving notice from Landlord of such condemnation or taking, and thereupon the Tenant’s exercise of the Option shall be deemed cancelled
and rescinded. If Tenant shall not elect to cancel and rescind the exercise of the Option pursuant to this Section 21.11, the parties shall proceed with the Closing in accordance with the terms hereof without abatement of the Purchase Price,
but all proceeds of any condemnation award shall be payable solely to Tenant, and Landlord shall have no interest there in. 

21.12 Indiana Responsible Property Transfer Law. Tenant and Landlord acknowledge that the transactions contemplated by this Lease
may be subject to the provisions of the Indiana Responsible Property Transfer Law (Ind. Code 13-25-3-1, et seq.). Landlord agrees that it shall either (a) comply with the provisions of the Indiana Responsible Property Transfer Law
and provide the Tenant and Tenant’s Lender, if any, with a “disclosure document” as and when required by the Indiana Responsible Property Transfer Law, or (b) provide the Tenant with a certification acceptable to Tenant on or
before Closing that the transactions contemplated by this Lease are not subject to the provisions of the Indiana Responsible Property Transfer Law. 
 IN WITNESS WHEREOF, Landlord and Tenant have hereunto executed this Lease the day and year first above written. 

  
 20 

 
			
	Landlord:
	
	 GREAT DANE REALTY, LLC,
 an Indiana limited liability company

		
	By:	 	 
		
	Printed:	 	 
		
	Its:	 	 
	
	Tenant:
	
	 VERA BRADLEY DESIGNS, INC.,
 an Indiana corporation

		
	By:	 	 
		
	Printed:	 	 
		
	Its:	 	 

  
 21 

 EXHIBIT A 

Legal Description of Leased Premises 

 

 

 

 

 

 

 EXHIBIT B 

Personal Property Inventory 

 

 

 

 

 EXHIBIT C 

Confirmation Agreement 
 CONFIRMATION AGREEMENT 
 THIS CONFIRMATION AGREEMENT
(“Confirmation Agreement”) dated this              day of
                    , 2011, is entered into by and between Great Dane Realty, LLC, an Indiana limited liability company (“Landlord”)
and Vera Bradley Designs, Inc., an Indiana corporation (“Tenant”). 
 WHEREAS, Landlord and Tenant entered into that
certain Lease Agreement dated March         , 2011, wherein Landlord leased to Tenant and Tenant leased from Landlord certain premises located in Allen County, Indiana, as more particularly described
therein (the “Lease”); and 
 WHEREAS, Landlord and Tenant execute this Confirmation Agreement pursuant to
Section 2.1 of the Lease. 
 NOW THEREFORE, Landlord and Tenant, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, do hereby confirm and agree as follows in accordance with the terms and conditions of the Lease: 
 1. Landlord and Tenant confirm that the base rent pursuant to Article III of the Lease shall
be                                     and
        /100 Dollars ($            ) per annum and
                                         
        and         /100 Dollars ($            ) per month. 

2. Landlord and Tenant confirm that the Commencement Date is
                     , 2011 and that the Lease shall expire on
                     , 2014, unless sooner terminated or extended. 

3. The Lease remains in full force and effect as confirmed hereby. 

 IN WITNESS WHEREOF, Landlord and Tenant have executed this Confirmation Agreement effective
as of the date first written above. 
  

			
	 GREAT DANE REALTY, LLC,
 an Indiana limited liability company

		
	By	 	 
		
	Title:	 	 
		
	Date:	 	 
	
	“LANDLORD”
	
	 VERA BRADLEY DESIGNS, INC.,
 an Indiana corporation

		
	By	 	 
		
	Title:	 	 
		
	Date:	 	 
	
	“TENANT”

 EXHIBIT D 

Construction Terms 

 

 

 

 

 

 

 

 

 

 

 EXHIBIT E 

Memorandum of Lease, Right of First Refusal and Option to Purchase 

 

 

 

 

  
 -2-

 

 

  
 -3-

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