Document:

EX-4.3

Exhibit 4.3

REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT dated May 27, 2008 (the “Agreement”) is entered into by and
among ArcelorMittal, a Luxembourg société anonyme (the “Company”), and Goldman, Sachs & Co., J.P.
Morgan Securities Inc., HSBC Securities (USA) Inc. and BNP Paribas Securities Corp. (the “Initial
Purchasers”).

     The Company and the Initial Purchasers are parties to the Purchase Agreement dated as of May
19, 2008 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial
Purchasers of $1,500,000,000 aggregate principal amount of its 5.375% Notes due 2013 (the “2013
Notes”) and $1,500,000,000 aggregate principal amount of its 6.125% Notes due 2018 (the “2018
Notes” and, together with the 2013 Notes, the “Securities”). As an inducement to the Initial
Purchasers to enter into the Purchase Agreement, the Company has agreed to provide to the Initial
Purchasers and their direct and indirect transferees the registration rights set forth in this
Agreement. The execution and delivery of this Agreement is a condition to the closing under the
Purchase Agreement.

     In consideration of the foregoing, the parties hereto agree as follows:

     1. Definitions. As used in this Agreement, the following terms shall have the
following meanings:

     “Business Day” shall mean any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City, Paris and Luxembourg are authorized or required by law to remain
closed.

     “Company” shall have the meaning set forth in the Preamble and shall also include the
Company’s successors.

     “Default Day” shall have the meaning set forth in Section 2(d) hereof.

     “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

     “Exchange Date” shall have the meaning set forth in Section 2(a)(ii) hereof.

     “Exchange Offer” shall mean the exchange offer by the Company of Exchange Securities for
Registrable Securities pursuant to Section 2(a) hereof.

     “Exchange Offer Registration” shall mean a registration under the Securities Act effected
pursuant to Section 2(a) hereof.

     “Exchange Offer Registration Statement” shall mean an exchange offer registration statement on
Form F-4 (or, if applicable, on another appropriate form) and all amendments and supplements to
such registration statement, in each case including the Prospectus contained therein or deemed a
part thereof, all exhibits thereto and any document incorporated by reference therein.

 

 

     “Exchange Securities” shall mean notes issued by the Company under the Indenture containing
terms identical to the Securities (except that the Exchange Securities will not be subject to
restrictions on transfer or to any increase in annual interest rate for failure to comply with this
Agreement) and to be offered to Holders of Registrable Securities in exchange for Exchange
Securities pursuant to the Exchange Offer.

     “FINRA” means the Financial Industry Regulatory Authority, Inc.

     “Free Writing Prospectus” means each free writing prospectus (as defined in Rule 405 under the
Securities Act) prepared by or on behalf of the Company or used or referred to by the Company, in
each case in connection with the sale of the Securities or Exchange Securities pursuant to this
Agreement.

     “Holders” shall mean the Initial Purchasers, and each of their successors, assigns and direct
and indirect transferees who become owners of Registrable Securities under the Indenture, in each
case for so long as they hold any Registrable Securities; provided that for purposes of Sections 4
and 5 of this Agreement, the term “Holders” shall include Participating Broker-Dealers.

     “Indemnified Person” shall have the meaning set forth in Section 5(c) hereof.

     “Indemnifying Person” shall have the meaning set forth in Section 5(c) hereof.

     “Indenture” shall mean the Indenture relating to the Securities and Exchange Securities dated
as of May 27, 2008 between the Company and HSBC Bank USA, National Association, as trustee, and as
the same may be amended from time to time in accordance with the terms thereof.

     “Initial Purchasers” shall have the meaning set forth in the preamble.

     “Issuer Information” shall have the meaning set forth in Section 5(a) hereof.

     “Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of
the outstanding Registrable Securities; provided that whenever the consent or approval of Holders
of a specified percentage of Registrable Securities is required hereunder, any Registrable
Securities owned directly or indirectly by the Company or any of its affiliates shall not be
counted in determining whether such consent or approval was given by the Holders of such required
percentage or amount; and provided, further, that if the Company shall issue any additional
Securities under the Indenture prior to consummation of the Exchange Offer or, if applicable, the
effectiveness of any Shelf Registration Statement, such additional Securities and the Registrable
Securities to which this Agreement relates shall be treated together as one class for purposes of
determining whether the consent or approval of Holders of a specified percentage of Registrable
Securities has been obtained.

     “Participating Broker-Dealers” shall have the meaning set forth in Section 4(a) hereof.

     “Person” includes any individual, company, corporation, firm, partnership, joint venture,
undertaking, association, organization, trust, state or agency of a state (in each case, whether or
not having separate legal personality).

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     “Prospectus” shall mean the prospectus included in, or, pursuant to the rules and regulations
of the Securities Act, deemed a part of, a Registration Statement, including any preliminary
prospectus, and any such prospectus as amended or supplemented by any prospectus supplement,
including a prospectus supplement with respect to the terms of the offering of any portion of the
Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and
supplements to such prospectus, and in each case including any document incorporated by reference
therein.

     “Purchase Agreement” shall have the meaning set forth in the preamble.

     “Registrable Securities” shall mean the Securities; provided that the Securities shall cease
to be Registrable Securities (i) when a Registration Statement with respect to such Securities has
become effective under the Securities Act and such Securities have been exchanged or disposed of
pursuant to such Registration Statement, (ii) when such Securities cease to be outstanding or (iii)
after a period of two years from the date of this Agreement.

     “Registration Expenses” shall mean any and all expenses incident to performance of or
compliance by the Company with this Agreement, including without limitation: (i) all SEC, stock
exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred in connection
with compliance with state securities or blue sky laws (including reasonable and documented fees
and disbursements of one counsel for any Underwriters or Holders in connection with blue sky
qualification of any Exchange Securities or Registrable Securities), (iii) all expenses of any
Persons in preparing or assisting in preparing, word processing, printing and distributing any
Registration Statement, any Prospectus, any Free Writing Prospectus and any amendments or
supplements thereto, any underwriting agreements, securities sales agreements or other similar
agreements and any other documents relating to the performance of and compliance with this
Agreement, provided that such Persons have been appointed by the Company or with the prior approval
of the Company, (iv) all rating agency fees, (v) all fees and disbursements relating to the
qualification of the Indenture under applicable securities laws, (vi) the reasonable and documented
fees and disbursements of the Trustee and its counsel in accordance with the terms of the
Indenture, (vii) the reasonable and documented fees and disbursements of counsel for the Company
and, in the case of a Shelf Registration Statement, the reasonable and documented fees and
disbursements of one counsel for the Holders (which counsel shall be selected by the Holders of a
majority of the principal amount of the Registrable Securities to be covered by the Shelf
Registration Statement and which counsel may also be counsel for the Initial Purchasers) and (viii)
the fees and disbursements of the independent public accountants of the Company including the
expenses of any special audits or “comfort” letters required by or incident to the performance of
and compliance with this Agreement, but excluding fees and expenses of counsel to the Underwriters
(other than fees and expenses set forth in clause (ii) above) or the Holders and underwriting
discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale
or disposition of Registrable Securities by a Holder.

     “Registration Statement” shall mean any registration statement of the Company that covers any
of the Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement
and all amendments and supplements to any such registration statement, including post-effective
amendments, in each case including the Prospectus contained therein or deemed a part thereof, all
exhibits thereto and any document incorporated by reference therein.

     “SEC” shall mean the United States Securities and Exchange Commission.

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     “Securities” shall have the meaning set forth in the Preamble.

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

     “Shelf Effectiveness Period” shall have the meaning set forth in Section 2(b) hereof.

     “Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof.

     “Shelf Registration Statement” shall mean a “shelf” registration statement of the Company that
covers all or a portion of the Registrable Securities (but no other securities unless approved by
the Holders of a majority of the principal amount of the Registrable Securities to be covered by
such Shelf Registration Statement) on an appropriate form under Rule 415 under the Securities Act,
or any similar rule that may be adopted by the SEC, and all amendments and supplements to such
registration statement, including post-effective amendments, in each case including the Prospectus
contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by
reference therein.

     “Staff” shall mean the staff of the SEC.

     “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended from time to
time.

     “Trustee” shall mean the trustee with respect to the Securities under the Indenture.

     “Underwriter” shall have the meaning set forth in Section 3(e) hereof.

     “Underwritten Offering” shall mean an offering in which Registrable Securities are sold to an
Underwriter for reoffering to the public.

     2. Registration Under the Securities Act. (a) To the extent not prohibited by any
applicable law or applicable interpretations of the Staff, the Company shall (x) cause to be filed
within 120 days after the date hereof an Exchange Offer Registration Statement covering an offer to
the Holders to exchange all the Registrable Securities for Exchange Securities and (y) use its
reasonable best efforts to cause such Registration Statement to be declared effective within 210
days after the date hereof. The Company shall commence the Exchange Offer promptly after the
Exchange Offer Registration Statement is declared effective by the SEC and use their reasonable
best efforts to complete the Exchange Offer not later than 270 days after the date hereof.

     The Company shall commence the Exchange Offer by mailing the related Prospectus, appropriate
letters of transmittal and other accompanying documents to each Holder stating, in addition to such
other disclosures as are required by applicable law, substantially the following:

	(i)	 	that the Exchange Offer is being made pursuant to this Agreement and that all Registrable
Securities validly tendered and not properly withdrawn will be accepted for exchange;
	 
	(ii)	 	the date of acceptance for exchange (which shall be a period of at least 20 business days (as
defined in Rule 14d-1 under the Exchange Act) from the date such notice is mailed) (the
“Exchange Date”);

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	(iii)	 	that any Registrable Security not tendered will remain outstanding and continue to accrue
interest but will not retain any rights under this Agreement, except as otherwise specified
herein;
	 
	(iv)	 	that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange
Offer will be required to (A) surrender such Registrable Security, together with the
appropriate letters of transmittal, to the institution and at the address and in the manner
specified in the notice, or (B) effect such exchange otherwise in compliance with the
applicable procedures of the depositary for such Registrable Security, in each case prior to
the close of business on the Exchange Date; and
	 
	(v)	 	that any Holder will be entitled to withdraw its election, not later than the close of
business on the Exchange Date, by (A) sending to the institution and at the address specified
in the notice, a telex, facsimile transmission or letter setting forth the name of such
Holder, the principal amount of Registrable Securities delivered for exchange and a statement
that such Holder is withdrawing its election to have such Securities exchanged or (B)
effecting such withdrawal in compliance with the applicable procedures of the depositary for
the Registrable Securities.

     As a condition to participating in the Exchange Offer, a Holder will be required to represent
to the Company that (i) any Exchange Securities to be received by it will be acquired in the
ordinary course of its business, (ii) at the time of the Exchange Offer it has no arrangement or
understanding with any Person to participate in, is not engaged in and does not intend to engage
in, the distribution (within the meaning of the Securities Act) of the Exchange Securities in
violation of the provisions of the Securities Act, (iii) it is not an “affiliate” (within the
meaning of Rule 405 under the Securities Act) of the Company and (iv) if such Holder is a
broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable
Securities that were acquired as a result of market-making or other trading activities, then such
Holder will deliver a Prospectus (or, to the extent permitted by law, make available a Prospectus
to purchasers) in connection with any resale of such Exchange Securities.

     As soon as practicable after the Exchange Date, the Company shall:

	(i)	 	accept for exchange Registrable Securities or portions thereof validly tendered and not
properly withdrawn pursuant to the Exchange Offer; and
	 
	(ii)	 	deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities
or portions thereof so accepted for exchange by the Company and issue, and cause the Trustee
to promptly authenticate and deliver to each Holder, Exchange Securities equal in principal
amount to the principal amount of the Registrable Securities tendered by such Holder.

     The Company shall use its reasonable best efforts to complete the Exchange Offer as provided
above and shall comply in all material respects with the applicable requirements of the Securities
Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange
Offer. The Exchange Offer shall not be subject to any conditions, other than that the Exchange
Offer does not violate any applicable law or applicable interpretations of the Staff.

     (b) In the event that (i) the Company determines that the Exchange Offer Registration provided
for in Section 2(a) above is not available or may not be completed as soon

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as practicable after the Exchange Date because it would violate any applicable law or
applicable interpretations of the Staff, (ii) the Exchange Offer is not for any other reason
completed by March 23, 2009, (iii) in the case of any Holder that participates in the Exchange
Offer in accordance with the terms thereof, such holder does not receive Exchange Securities on the
date of the exchange that may be sold without restriction under state and federal securities laws
(other than due solely to the status of such Holder as an affiliate of the Company within the
meaning of the Securities Act or as a broker-dealer) or (iv) the Company so elects, the Company
shall (1) promptly deliver to the Holders written notice thereof and (2) at the Company’s sole
expense, (a) file, as promptly as practicable (but in no event more than 45 days after so required
hereby, such 45th day, the “Shelf Filing Date”), a Shelf Registration Statement
providing for the sale of all the Registrable Securities by the Holders thereof and (b) use the
Company’s reasonable best efforts to cause the Shelf Registration Statement to be declared
effective under the Securities Act.

     The Company agrees to use its reasonable best efforts to keep the Shelf Registration Statement
continuously effective until the expiration of the period ending two years from the date of this
Agreement with respect to the Registrable Securities or such shorter period that will terminate
when all the Registrable Securities covered by the Shelf Registration Statement have been sold
pursuant to the Shelf Registration Statement (the “Shelf Effectiveness Period”). The Company
further agrees to supplement or amend the Shelf Registration Statement, the related Prospectus and
any Free Writing Prospectus if required by the rules, regulations or instructions applicable to the
registration form used by the Company for such Shelf Registration Statement or by the Securities
Act or by any other rules and regulations thereunder or if reasonably requested by a Holder of
Registrable Securities with respect to information relating to such Holder, and to use their
reasonable best efforts to cause any such amendment to become effective, if required, and such
Shelf Registration Statement, Prospectus or Free Writing Prospectus, as the case may be, to become
usable as soon as thereafter practicable. The Company agrees to furnish to the Holders of
Registrable Securities copies of any such supplement or amendment promptly after its being used or
filed with the SEC.

     (c) The Company shall pay all Registration Expenses in connection with any registration
pursuant to Section 2(a) or Section 2(b) hereof. Each Holder shall pay all underwriting discounts
and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or
disposition of such Holder’s Registrable Securities pursuant to the Shelf Registration Statement.

     (d) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof will not be
deemed to have become effective unless it has been declared effective by the SEC. A Shelf
Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective
unless it has been declared effective by the SEC or is automatically effective upon filing with the
SEC as provided in Rule 462 under the Securities Act.

     If: (i) the Exchange Offer Registration Statement is not filed with the SEC on or prior to
September 24, 2008, (ii) the Shelf Registration Statement is not filed with the SEC on or prior to
the Shelf Filing Date, (iii) the Exchange Offer Registration Statement is not declared effective on
or prior to December 23, 2008 or the Shelf Registration Statement is not declared effective on or
prior to the 210th day following the Shelf Filing Date, or (iv) the Exchange Offer is
not consummated on or prior to February 21, 2009, (each such event, a “Registration Default”), then
a special interest premium (the “Special Interest Premium”) will accrue in respect of the
Registrable Securities from and including the next calendar day following each of (a) September 24,
2008 in the case of clause (i) above, (b) the Shelf Filing Date in the case of clause (ii) above,

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(c) such 210-day period in the case of clause (iii) above, and (d) such 270-day period in the
case of clause (iv) above, in each case at a rate equal to 0.25% per annum for the first 90
calendar days following the Registration Default and at a rate equal to 0.50% per annum thereafter;
provided that at no time shall the rate of Special Interest Premium payable (including Special
Interest Premium payable pursuant to the following paragraph) exceed 0.50% per annum. If the
Company is required to file a Shelf Registration Statement and the Company requests Holders of the
Registrable Securities to provide the information called for hereby for inclusion in the Shelf
Registration Statement, the Registrable Securities owned by Holders who do not deliver such
information to the Company when required hereby will not be entitled to any such increase in the
interest rate for any day after the Shelf Filing Date. Upon (1) the filing of an Exchange Offer
Registration Statement after September 24, 2008, (2) the filing of a Shelf Registration Statement
after the Shelf Filing Date, (3) the effectiveness of the Exchange Offer Registration Statement or
the Shelf Registration Statement after the 210-day period referred to in clause (iii) above or (4)
the consummation of the Exchange Offer after the 270-day period referred to in clause (iii) above,
the interest rate on the Registrable Securities from the day of such filing, effectiveness or
consummation, as the case may be, will be reduced to the original interest rate for the Registrable
Securities.

     If a Shelf Registration Statement is declared effective pursuant to the foregoing paragraphs,
and if the Company fails to keep such Shelf Registration Statement continuously (x) effective or
(y) useable for resales for the period required by the Registration Rights Agreement due to certain
circumstances relating to pending corporate developments, public filings with the SEC and similar
events, or because the Prospectus related to such Shelf Registration Statement contains an untrue
statement of a material fact or omits to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading, and such failure continues for
more than 120 days (whether or not consecutive) in any twelve-month period (the 121st day being
referred to as the “Default Day”), then from the Default Day until the earlier of (i) the date that
the Shelf Registration Statement is again deemed effective or is usable, (ii) the date that is the
second anniversary of the Closing Date, or (iii) the date as of which all of the Registrable
Securities are sold pursuant to the Shelf Registration Statement, the Special Interest Premium in
respect of the Registrable Securities will accrue at a rate equal to 0.25% per annum for the first
90 calendar days following the Default Day and at a rate equal to 0.50% per annum thereafter;
provided that at no time shall the rate of Special Interest Premium payable (including Special
Interest Premium payable pursuant to the preceding paragraph) exceed 0.50% per annum.

     If the Company fails to keep the Shelf Registration Statement continuously effective or
useable for resales pursuant to the preceding paragraph or the Company fails to keep the Exchange
Offer Registration Statement effective in connection with the use of the Prospectus contained in
that Registration Statement by Participating Broker-Dealers as contemplated above, it will give the
Holders notice to suspend the sale of the Registrable Securities or the Exchange Notes as the case
may be and will extend the relevant period referred to above during which it is required to keep
effective the Shelf Registration Statement or the period during which Participating Broker-Dealers
are entitled to use the Prospectus included in an Exchange Offer Registration Statement in
connection with the resale of Exchange Securities by the number of days during the period from and
including the date of the giving of such notice to and including the earlier of: (i) the date when
Holders will have received copies of the supplemented or amended Prospectus necessary to permit
resales of the Registrable Securities or the Exchange Securities, as the case may be, and (ii) the
date on which the Company has given notice that the sale of the Registrable Securities or the
Exchange Securities, as the case may be, may be resumed.

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     (e) The parties hereto agree that the additional interest provided for in this Section 2
constitutes a reasonable estimate of and is intended to constitute the sole damages that will be
suffered by Holders of Registrable Securities by reason of the failure of (i) the Shelf
Registration Statement or the Exchange Offer Registration Statement to be filed, (ii) the Shelf
Registration Statement to remain effective or (iii) the Exchange Offer Registration Statement to be
declared effective and the Registered Exchange Offer to be consummated, in each case to the extent
required by this Agreement.

     3. Registration Procedures. (a) In connection with their obligations pursuant to
Section 2(a) and Section 2(b) hereof, the Company shall:

     (i) prepare and file with the SEC a Registration Statement on the appropriate form under the
Securities Act, which form (x) shall be selected by the Company, (y) shall, in the case of a Shelf
Registration, be available for the sale of the Registrable Securities by the Holders thereof and
(z) shall comply as to form in all material respects with the requirements of the applicable form
and include all financial statements required by the SEC to be filed therewith; and use their
reasonable best efforts to cause such Registration Statement to become effective and remain
effective for the applicable period in accordance with Section 2 hereof;

     (ii) prepare and file with the SEC such amendments and post-effective amendments to each
Registration Statement as may be necessary to keep such Registration Statement effective for the
applicable period in accordance with Section 2 hereof and cause each Prospectus to be supplemented
by any required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424
under the Securities Act; and keep each Prospectus current during the period described in Section
4(3) of and Rule 174 under the Securities Act that is applicable to transactions by brokers or
dealers with respect to the Registrable Securities or Exchange Securities;

     (iii) to the extent any Free Writing Prospectus is used, file with the SEC any Free Writing
Prospectus that is required to be filed by the Company with the SEC in accordance with the
Securities Act and retain in accordance with the Securities Act any Free Writing Prospectus not
required to be filed;

     (iv) in the case of a Shelf Registration, furnish to each Holder of Registrable Securities, to
counsel for the Initial Purchasers, to counsel for such Holders and to each Underwriter of an
Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each
Prospectus, preliminary prospectus or Free Writing Prospectus, and any amendment or supplement
thereto, in each case relating to the Shelf Registration Statement, as such Holder, Underwriter or
counsel of such Holder, Underwriter or Initial Purchaser may reasonably request in order to
facilitate the sale or other disposition of the Registrable Securities thereunder; and the Company
consents to the use of such Prospectus, preliminary prospectus or such Free Writing Prospectus and
any amendment or supplement thereto in accordance with applicable law by each of the Holders of
Registrable Securities and any such Underwriters in connection with the offering and sale of the
Registrable Securities covered by and in the manner described in such Prospectus, preliminary
prospectus or such Free Writing Prospectus or any amendment or supplement thereto in accordance
with applicable law;

     (v) use its reasonable best efforts to register or qualify the Registrable Securities under
all applicable state securities or blue sky laws of such jurisdictions as any Holder of

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Registrable Securities covered by a Registration Statement shall reasonably request in writing
by the time the applicable Registration Statement becomes effective; cooperate with such Holders in
connection with any filings required to be made with FINRA; and do any and all other acts and
things that may be reasonably necessary or advisable to enable each Holder to complete the
disposition in each such jurisdiction of the Registrable Securities owned by such Holder; provided
that the Company shall not be required to (1) qualify as a foreign corporation or other entity or
as a dealer in securities in any such jurisdiction where it would not otherwise be required to so
qualify, (2) file any general consent to service of process in any such jurisdiction or (3) subject
itself to taxation in any such jurisdiction if it is not so subject;

     (vi) notify counsel for the Initial Purchasers and, in the case of a Shelf Registration,
notify each Holder of Registrable Securities and counsel for such Holders promptly and, if
requested by any such Holder or counsel, confirm such advice in writing (1) when a Registration
Statement has become effective, when any post-effective amendment thereto has been filed and
becomes effective, when any Free Writing Prospectus has been filed or any amendment or supplement
to the Prospectus or any Free Writing Prospectus has been filed, (2) of any request by the SEC or
any state securities authority for amendments and supplements to a Registration Statement,
Prospectus or any Free Writing Prospectus or for additional information relating to the
Registration Statement after the Registration Statement has become effective, (3) of the issuance
by the SEC or any state securities authority of any stop order suspending the effectiveness of a
Registration Statement or the initiation of any proceedings for that purpose, including the receipt
by the Company of any notice of objection of the SEC to the use of a Shelf Registration Statement
or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, (4)
if, between the applicable effective date of a Shelf Registration Statement and the closing of any
sale of Registrable Securities covered thereby, the representations and warranties of the Company
contained in any underwriting agreement, securities sales agreement or other similar agreement, if
any, relating to an offering of such Registrable Securities cease to be true and correct in all
material respects or if the Company receives any notification with respect to the suspension of the
qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any
proceeding for such purpose, (5) of the happening of any event during the period a Registration
Statement is effective that makes any statement made in such Registration Statement or the related
Prospectus or any Free Writing Prospectus untrue in any material respect or that requires the
making of any changes in such Registration Statement or Prospectus or any Free Writing Prospectus
in order to make the statements therein not misleading and (6) of any determination by the Company
that a post-effective amendment to a Registration Statement or any amendment or supplement to the
Prospectus or any Free Writing Prospectus would be appropriate;

     (vii) use its reasonable best efforts to obtain the withdrawal of any order suspending the
effectiveness of a Registration Statement or, in the case of a Shelf Registration, the resolution
of any objection of the SEC pursuant to Rule 401(g)(2), including by filing an amendment to such
Shelf Registration Statement on the proper form, at the earliest possible moment and provide prompt
notice to each Holder of the withdrawal of any such order or such resolution;

     (viii) in the case of a Shelf Registration, furnish to each Holder of Registrable Securities
upon request, without charge, at least one conformed copy (to be signed by authorized signatories
of the Company) of each Registration Statement and any post-effective amendment thereto (without
any documents incorporated therein by reference or exhibits thereto, unless requested);

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     (ix) in the case of a Shelf Registration, cooperate with the Holders of Registrable Securities
to facilitate the timely preparation and delivery of certificates representing Registrable
Securities to be sold and not bearing any restrictive legends and enable such Registrable
Securities to be issued in such denominations and registered in such names (consistent with the
provisions of the Indenture) as such Holders may reasonably request at least one Business Day prior
to the closing of any sale of Registrable Securities;

     (x) in the case of a Shelf Registration, upon the occurrence of any event contemplated by
Section 3(a)(vi)(5) hereof, use its reasonable best efforts to prepare and file with the SEC a
supplement or post-effective amendment to such Shelf Registration Statement or the related
Prospectus or any Free Writing Prospectus or any document incorporated therein by reference or file
any other required document so that, as thereafter delivered (or, to the extent permitted by law,
made available) to purchasers of the Registrable Securities, such Prospectus or Free Writing
Prospectus, as the case may be, will not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; and the Company shall notify the Holders of Registrable
Securities to suspend use of the Prospectus or any Free Writing Prospectus as promptly as
practicable after the occurrence of such an event, and such Holders hereby agree to suspend use of
the Prospectus or any Free Writing Prospectus, as the case may be, until the Company has amended or
supplemented the Prospectus or the Free Writing Prospectus, as the case may be, to correct such
misstatement or omission;

     (xi) a reasonable time prior to the filing of any Registration Statement, any Prospectus, any
Free Writing Prospectus, any amendment to a Registration Statement or amendment or supplement to a
Prospectus or a Free Writing Prospectus after initial filing of a Registration Statement, provide
copies of such document to the Initial Purchasers and their counsel and make such of the
representatives of the Company as shall be reasonably requested by the Initial Purchasers or their
counsel available for discussion of such document; and the Company shall not, at any time after
initial filing of a Registration Statement, use or file any Prospectus, any Free Writing
Prospectus, any amendment of or supplement to a Registration Statement, a Prospectus or a Free
Writing Prospectus of which the Initial Purchasers and their counsel shall not have previously been
advised and furnished a copy or to which the Initial Purchasers or their counsel shall reasonably
object;

     (xii) obtain a CUSIP number for all Exchange Securities or Registrable Securities, as the case
may be, not later than the initial effective date of a Registration Statement;

     (xiii) cause the Indenture to be qualified under the Trust Indenture Act in connection with
the registration of the Exchange Securities or Registrable Securities, as the case may be;
cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be
required for the Indenture to be so qualified in accordance with the terms of the Trust Indenture
Act; and execute, and use their reasonable best efforts to cause the Trustee to execute, all
documents as may be required to effect such changes and all other forms and documents required to
be filed with the SEC to enable the Indenture to be so qualified in a timely manner;

     (xiv) in the case of a Shelf Registration, make available for inspection by any Underwriter
participating in any disposition pursuant to such Shelf Registration Statement, any attorneys and
accountants designated by Holders of a majority in aggregate principal amount of the Registrable
Securities to be included in such Shelf Registration and any attorneys and accountants designated
by such Underwriter, at reasonable times and in a reasonable manner, all

10

 

pertinent financial and other records, documents and properties of the Company and its
subsidiaries, and cause the respective officers, directors and employees of the Company to supply
all information reasonably requested by any such Underwriter, attorney or accountant in connection
with a Shelf Registration Statement; in each case, as shall be reasonably necessary to enable such
persons to conduct a reasonable investigation within the meaning of Section 11 of the Securities
Act; provided that if any such information is identified by the Company as being confidential or
proprietary, each Person receiving such information shall take such actions as are reasonably
necessary to protect the confidentiality of such information to the extent such action is otherwise
not inconsistent with, an impairment of or in derogation of the rights and interests of any Holder
or Underwriter hereunder (which actions shall include the execution of a confidentiality agreement
with the Company); provided, further, that the foregoing inspection and information gathering shall
be coordinated on behalf of the Holders by one counsel designated by and on behalf of such other
parties as described in the definition of Registration Expenses;

     (xv) if reasonably requested by any Holder of Registrable Securities covered by a Shelf
Registration Statement, promptly include in a Prospectus supplement or post-effective amendment
such information with respect to such Holder as such Holder reasonably requests to be included
therein and make all required filings of such Prospectus supplement or such post-effective
amendment reasonably promptly thereafter; and

     (xvi) in the case of a Shelf Registration, enter into such necessary agreements and take all
such other actions in connection therewith (including those reasonably requested by the Holders of
a majority in principal amount of the Registrable Securities covered by the Shelf Registration
Statement) in order to expedite or facilitate the disposition of such Registrable Securities
including, but not limited to, an Underwritten Offering and in such connection, (1) to the extent
possible, make such representations and warranties to the Holders and any Underwriters of such
Registrable Securities with respect to the business of the Company and its subsidiaries, taken as a
whole, and the Registration Statement, Prospectus, any Free Writing Prospectus and documents
incorporated by reference or deemed incorporated by reference, if any, in each case, in form,
substance and scope as are customarily made by issuers to underwriters in underwritten offerings
and confirm the same if and when requested, (2) obtain opinions of counsel to the Company (which
counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to the Holders
and such Underwriters and their respective counsel) addressed to each selling Holder and
Underwriter of Registrable Securities, covering the matters customarily covered in opinions
requested in underwritten offerings, (3) obtain “comfort” letters from the independent certified
public accountants of the Company (and, if necessary, any other certified public accountant of any
subsidiary of the Company or of any business acquired by the Company for which financial statements
and financial data are or are required to be included in the Registration Statement) addressed to
each selling Holder (to the extent permitted by applicable professional standards) and Underwriter
of Registrable Securities, such letters to be in customary form and covering matters of the type
customarily covered in “comfort” letters in connection with underwritten offerings, including but
not limited to financial information contained in any preliminary prospectus, Prospectus or Free
Writing Prospectus and (4) deliver such documents and certificates as may be reasonably requested
by the Holders of a majority in principal amount of the Registrable Securities being sold or the
Underwriters, and which are customarily delivered in underwritten offerings, to evidence the
continued validity of the representations and warranties of the Company made pursuant to clause (1)
above and to evidence compliance with any customary conditions contained in an underwriting
agreement.

11

 

     (b) In the case of a Shelf Registration Statement, the Company may require each Holder of
Registrable Securities to furnish to the Company such information regarding such Holder and the
proposed disposition by such Holder of such Registrable Securities as the Company may from time to
time reasonably request in writing and may impose reasonable deadlines in connection with the
furnishing of such information, which deadlines shall (if reasonable) be binding on such Holders.

     (c) In the case of a Shelf Registration Statement, each Holder of Registrable Securities
covered in such Shelf Registration Statement agrees that, upon receipt of any notice from the
Company of the happening of any event of the kind described in Section 3(a)(vi)(3) or 3(a)(vi)(5)
hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to
the Shelf Registration Statement until such Holder’s receipt of the copies of the supplemented or
amended Prospectus and any Free Writing Prospectus contemplated by Section 3(a)(x) hereof and, if
so directed by the Company such Holder will deliver to the Company all copies in its possession,
other than permanent file copies then in such Holder’s possession, of the Prospectus and any Free
Writing Prospectus covering such Registrable Securities that is current at the time of receipt of
such notice.

     (d) If the Company shall give any notice to suspend the disposition of Registrable Securities
pursuant to a Registration Statement, the Company shall extend the period during which such
Registration Statement shall be maintained effective pursuant to this Agreement by the number of
days during the period from and including the date of the giving of such notice to and including
the date when the Holders of such Registrable Securities shall have received copies of the
supplemented or amended Prospectus or any Free Writing Prospectus necessary to resume such
dispositions. The Company may give any such notice only four times during any 365-day period and
any such suspensions shall not exceed an aggregate of 120 days during any 365-day period.

     (e) The Holders of Registrable Securities covered by a Shelf Registration Statement who desire
to do so may sell such Registrable Securities in an Underwritten Offering. In any such
Underwritten Offering, the investment bank or investment banks and manager or managers (each an
“Underwriter”) that will administer the offering will be selected by the Holders in consultation
with the Company of a majority of the principal amount of the Registrable Securities included in
such offering.

     4. Participation of Broker-Dealers in Exchange Offer. (a) Certain broker-dealers may
receive Exchange Securities for their own account in the Exchange Offer in exchange for Securities
that were acquired by such broker-dealer as a result of market-making or other trading activities
(a “Participating Broker-Dealer”) and may be deemed to be an “underwriter” within the meaning of
the Securities Act and may be required to deliver a prospectus meeting the requirements of the
Securities Act in connection with any resale of such Exchange Securities.

     The Company understands that it is the Staff’s position that if the Prospectus contained in
the Exchange Offer Registration Statement includes a plan of distribution containing a statement to
the above effect and the means by which Participating Broker-Dealers may resell the Exchange
Securities, without naming the Participating Broker-Dealers or specifying the amount of Exchange
Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers (or, to
the extent permitted by law, made available to purchasers) to satisfy their prospectus delivery
obligation under the Securities Act in connection with resales of Exchange

12

 

Securities for their own accounts, so long as the Prospectus otherwise meets the requirements
of the Securities Act.

     (b) In light of the above, and notwithstanding the other provisions of this Agreement, to the
extent required by the applicable rules of the SEC and if requested by a Participating
Broker-Dealer, the Company agrees to amend or supplement the Prospectus contained in the Exchange
Offer Registration Statement for a period of not less than 45 days after the Exchange Date (as such
period may be extended pursuant to Section 3(d) of this Agreement), in order to expedite or
facilitate the disposition of any Exchange Securities by Participating Broker-Dealers consistent
with the positions of the Staff recited in Section 4(a) above. The Company further agrees that
Participating Broker-Dealers shall be authorized to deliver such Prospectus (or, to the extent
permitted by law, make available) during such period in connection with the resales contemplated by
this Section 4.

     5. Indemnification and Contribution. (a) The Company agrees to indemnify and hold
harmless each Initial Purchaser and each Holder, their respective affiliates, directors and
officers and each Person, if any, who controls any Initial Purchaser or any Holder within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any
and all duly documented losses, claims, damages and liabilities (including, without limitation,
legal fees and other reasonable expenses incurred in connection with any suit, action or proceeding
or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out
of, or are based upon, (1) any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement or any omission or alleged omission to state therein a
material fact required to be stated therein or necessary in order to make the statements therein
not misleading, or (2) any untrue statement or alleged untrue statement of a material fact
contained in any Prospectus, any Free Writing Prospectus or any “issuer information” (“Issuer
Information”) filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or
any omission or alleged omission to state therein a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading,
in each case except insofar as such losses, claims, damages or liabilities arise out of, or are
based upon, any untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with any information relating to any Initial Purchaser or
information relating to any Holder furnished to the Company in writing through any Initial
Purchaser or any selling Holder, respectively, expressly for use therein. In connection with any
Underwritten Offering permitted by Section 3, the Company will also indemnify the Underwriters, if
any, participating in the distribution, their respective affiliates and each Person who controls
such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as
provided above with respect to the indemnification of the Holders, if requested in connection with
any Registration Statement, any Prospectus, any Free Writing Prospectus or any Issuer Information.

     (b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Company,
the Initial Purchasers and the other selling Holders, the directors of the Company, each officer of
the Company who signed the Registration Statement and each Person, if any, who controls the
Company, any Initial Purchaser and any other selling Holder within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in
paragraph (a) above, but only with respect to any duly documented losses, claims, damages or
liabilities that arise out of, or are based upon, any untrue statement or omission or alleged
untrue statement or omission made in reliance upon and in conformity with

13

 

any information relating to such Holder furnished to the Company in writing by such Holder
expressly for use in any Registration Statement, any Prospectus and any Free Writing Prospectus.

     (c) If any suit, action, proceeding (including any governmental or regulatory investigation),
claim or demand shall be brought or asserted against any Person in respect of which indemnification
may be sought pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified Person”)
shall promptly notify the Person against whom such indemnification may be sought (the “Indemnifying
Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve
it from any liability that it may have under this Section 5 except to the extent that it has been
materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure;
and provided, further, that the failure to notify the Indemnifying Person shall not
relieve it from any liability that it may have to an Indemnified Person otherwise than under this
Section 5. If any such proceeding shall be brought or asserted against an Indemnified Person and
it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain
counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and
any others entitled to indemnification pursuant to this Section 5 in such proceeding that the
Indemnifying Person may designate and shall pay the fees and expenses of such proceeding and shall
pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such
proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and
reasonable and documented expenses of such counsel shall be at the expense of such Indemnified
Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to
the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel
reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have
reasonably concluded that there may be legal defenses available to it that are different from or in
addition to those available to the Indemnifying Person; or (iv) the named parties in any such
proceeding (including any impleaded parties) include both the Indemnifying Person and the
Indemnified Person and representation of both parties by the same counsel would be inappropriate
due to actual or potential differing interests between them. It is understood and agreed that the
Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same
jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to
any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be
reimbursed as they are incurred. Any such separate firm (x) for any Initial Purchaser, its
affiliates, directors and officers and any control Persons of such Initial Purchaser shall be
designated in writing by the Initial Purchasers, (y) for any Holder, its directors and officers and
any control Persons of such Holder shall be designated in writing by the Majority Holders and (z)
in all other cases shall be designated in writing by the Company. The Indemnifying Person shall
not be liable for any settlement of any proceeding effected without its written consent, but if
settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying
Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason
of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an
Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified
Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person
shall be liable for any settlement of any proceeding effected without its written consent if (i)
such settlement is entered into more than 90 days after receipt by the Indemnifying Person of such
request and (ii) (A) the Indemnifying Person shall not have reimbursed the Indemnified Person in
accordance with such request prior to the date of such settlement or (B) the Indemnifying Person
shall not have, on or before the 90th day after the receipt by the Indemnifying Person of such
request, disputed in good faith that the fees and expenses claimed by the Indemnified Party are
payable by the Indemnifying Person hereunder. No Indemnifying Person shall, without the written
consent of the Indemnified Person, effect any

14

 

settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or
was threatened to be made a party and indemnification could have been sought hereunder by such
Indemnified Person, unless such settlement (A) includes an unconditional release of such
Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from
all liability on claims that are the subject matter of such proceeding and (B) does not include any
statement as to or any admission of fault, culpability or a failure to act by or on behalf of any
Indemnified Person.

     (d) If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an
Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities
referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying
such Indemnified Person thereunder, shall contribute to the amount paid or payable by such
Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such
proportion as is appropriate to reflect the relative benefits received by the Company from the
offering of the Securities and the Exchange Securities, on the one hand, and by the Holders from
receiving Securities or Exchange Securities registered under the Securities Act, on the other hand,
or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred to in clause (i)
but also the relative fault of the Company on the one hand and the Holders on the other in
connection with the statements or omissions that resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The relative fault of the
Company on the one hand and the Holders on the other shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the Company or by the
Holders and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission.

     (e) The Company and the Holders agree that it would not be just and equitable if contribution
pursuant to this Section 5 were determined by pro rata allocation (even if the
Holders were treated as one entity for such purpose) or by any other method of allocation that does
not take account of the equitable considerations referred to in paragraph (d) above. The amount
paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities
referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth
above, any legal or other expenses incurred by such Indemnified Person in connection with any such
action or claim. Notwithstanding the provisions of this Section 5, in no event shall a Holder be
required to contribute any amount in excess of the amount by which the total price at which the
Securities or Exchange Securities sold by such Holder exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant
to this Section (5) are several and not joint.

     (f) The remedies provided for in this Section 5 are not exclusive and shall not limit any
rights or remedies that may otherwise be available to any Indemnified Person at law or in equity.

     (g) The indemnity and contribution provisions contained in this Section 5 shall remain
operative and in full force and effect regardless of (i) any termination of this Agreement, (ii)
any investigation made by or on behalf of the Initial Purchasers or any Holder or any Person

15

 

controlling any Initial Purchaser or any Holder, or by or on behalf of the Company or the
officers or directors of or any Person controlling the Company, (iii) acceptance of any of the
Exchange Securities and (iv) any sale of Registrable Securities pursuant to a Shelf Registration
Statement.

     6. General.

     (a) No Inconsistent Agreements. The Company represents, warrants and agrees that (i) the
rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent
with the rights granted to the holders of any other outstanding securities issued or guaranteed by
the Company under any other agreement and (ii) the Company has not entered into, or on or after the
date of this Agreement will not enter into, any agreement that is inconsistent with the rights
granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the
provisions hereof.

     (b) Amendments and Waivers. The provisions of this Agreement, including the provisions of
this sentence, may not be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given unless the Company has obtained the written consent of
Holders of at least a majority in aggregate principal amount of the outstanding Registrable
Securities affected by such amendment, modification, supplement, waiver or consent; provided that
no amendment, modification, supplement, waiver or consent to any departure from the provisions of
Section 5 hereof shall be effective as against any Holder of Registrable Securities unless
consented to in writing by such Holder. Any amendments, modifications, supplements, waivers or
consents pursuant to this Section 6(b) shall be by a writing executed by each of the parties
hereto.

     (c) Notices. All notices and other communications provided for or permitted hereunder shall
be made in writing by hand-delivery, registered first-class mail, telecopier, or any courier
guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such
Holder to the Company by means of a notice given in accordance with the provisions of this Section
6(c), which address initially is, with respect to the Initial Purchasers, the address set forth in
the Purchase Agreement; (ii) if to the Company initially at the Company’s address set forth in the
Purchase Agreement and thereafter at such other address, notice of which is given in accordance
with the provisions of this Section (6)(c); and (iii) to such other persons at their respective
addresses as provided in the Purchase Agreement and thereafter at such other address, notice of
which is given in accordance with the provisions of this Section 6(c). All such notices and
communications shall be deemed to have been duly given: at the time delivered by hand, if
personally delivered; five Business Days after being deposited in the mail, postage prepaid, if
mailed; when answered back, if telexed; when receipt is acknowledged, if telecopied; and on the
next Business Day if timely delivered to an air courier guaranteeing overnight delivery. Copies of
all such notices, demands or other communications shall be concurrently delivered by the Person
giving the same to the Trustee, at the address specified in the Indenture.

     (d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon
the successors, assigns and transferees of each of the parties, including, without limitation and
without the need for an express assignment, subsequent Holders; provided that nothing herein shall
be deemed to permit any assignment, transfer or other disposition of Registrable Securities in
violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder
shall acquire Registrable Securities in any manner, whether by operation of law or otherwise, such
Registrable Securities shall be held subject to all the terms of this Agreement, and by taking and
holding such Registrable Securities such Person shall be

16

 

conclusively deemed to have agreed to be bound by and to perform all of the terms and
provisions of this Agreement and such Person shall be entitled to receive the benefits hereof. The
Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation
to the Company with respect to any failure by a Holder to comply with, or any breach by any Holder
of, any of the obligations of such Holder under this Agreement.

     (e) Third Party Beneficiaries. Each Holder shall be a third party beneficiary to the
agreements made hereunder between the Company on the one hand, and the Initial Purchasers, on the
other hand, and shall have the right to enforce such agreements directly to the extent it deems
such enforcement necessary or advisable to protect its rights or the rights of other Holders
hereunder.

     (f) Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same agreement.

     (g) Headings. The headings in this Agreement are for convenience of reference only, are not a
part of this Agreement and shall not limit or otherwise affect the meaning hereof.

     (h) Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York.

     (i) Entire Agreement; Severability. This Agreement contains the entire agreement between the
parties relating to the subject matter hereof and supersedes all oral statements and prior writings
with respect thereto. If any term, provision, covenant or restriction contained in this Agreement
is held by a court of competent jurisdiction to be invalid, void or unenforceable or against public
policy, the remainder of the terms, provisions, covenants and restrictions contained herein shall
remain in full force and effect and shall in no way be affected, impaired or invalidated. The
Company and the Initial Purchasers shall endeavor in good faith negotiations to replace the
invalid, void or unenforceable provisions with valid provisions the economic effect of which comes
as close as possible to that of the invalid, void or unenforceable provisions.

17

 

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

	 	 	 	 	 
	 	 	ARCELORMITTAL
	 
	 	 	 	 
	 

	 	By:
	 	   /s/ E.S. de Vries
	 

	 	 	 	 
	 

	 	 	 	Name: E.S. de Vries
	 

	 	 	 	Title:
	 
	 	 	 	 
	 

	 	By:
	 	   /s/ Armand Gobber
	 

	 	 	 	 
	 

	 	 	 	Name: Armand Gobber
	 

	 	 	 	Title:

18

 

Confirmed and accepted as of the date first above written:

GOLDMAN, SACHS & CO.

	 	 	 	 	 
	By:

	 	  /s/ Goldman Sachs & Co.	 	 
	 

	 	 

     Authorized Signatory
	 	 
	 
	 	 	 	 
	J.P. MORGAN SECURITIES INC.	 	 
	 
	 	 	 	 
	By:

	 	  /s/ Maria Sramek	 	 
	 

	 	 	 	 
	 

	 	     Name: Maria Sramek	 	 
	 

	 	     Title: Executive Director	 	 
	 
	 	 	 	 
	HSBC SECURITIES (USA) INC.	 	 
	 
	 	 	 	 
	By:

	 	  /s/ Maureen K. Sweeny	 	 
	 

	 	 	 	 
	 

	 	     Authorized Signatory	 	 
	 

	 	     Maureen K. Sweeny	 	 
	 

	 	     Vice President	 	 
	 
	 	 	 	 
	BNP PARIBAS SECURITIES CORP.	 	 
	 
	 	 	 	 
	By:

	 	  /s/ Hugo Sueiro	 	 
	 

	 	 	 	 
	 

	 	     Authorized Signatory	 	 
	 

	 	     Hugo Sueiro	 	 
	 

	 	     Authorized Signatory	 	 

19EX-4.2

Exhibit 4.2

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

Dated _______, 2008

MECHANICAL TECHNOLOGY, INCORPORATED

Warrant for the Purchase of Shares of Common Stock

No. W-___

     THIS
CERTIFIES that, for value received, ____________ and its registered assigns (the
“Holder”), is entitled to subscribe for and purchase from Mechanical Technology,
Incorporated, a New York corporation (the
“Company”), up to ___ fully paid and
nonassessable shares (the “Warrant Shares”) of common stock, $0.01 par value, of the
Company (the “Common Stock”) at an exercise price of $    per share (the “Exercise
Price”) subject to adjustment as provided in Section 3 hereof, at any time or from time to time
during the period (the “Exercise Period”) commencing on the date hereof and ending on the
five (5) year anniversary of the date hereof (the “Expiration Date”). At 6:30 p.m. (New
York City time) on the Expiration Date, the portion of this warrant (this “Warrant”) not
exercised prior thereto shall be and become void and of no value.

     1. Exercise of Warrant.

          (a) The rights represented by this Warrant may be exercised by the Holder hereof, in whole or
in part, at any time and from time to time during the Exercise Period, by (i) delivery of written
notice to American Stock Transfer & Trust Company (the “Warrant Agent”) in the form
attached as Exhibit A hereto (the “Exercise Notice”) at least five (5) Trading Days
(defined below) prior to the date of exercise of this Warrant, (ii) the surrender of this Warrant
(properly endorsed) at the office of the Warrant Agent, or at such other agency or office of the
Warrant Agent in the United States of America as it may designate by notice in writing to the
Holder hereof at the address of such Holder appearing on the records of the Warrant Agent
maintained for such purpose, and (iii) delivery of payment to the Warrant Agent of the Exercise
Price for the Warrant Shares being purchased no later than 10:30 a.m. (New York City time) on the
date of exercise of this Warrant. In the event of the exercise of the rights represented by this
Warrant, a certificate or certificates for the Warrant Shares so purchased, registered in the name
of the Holder, and if such exercise shall not have been for all Warrant Shares, a new Warrant,
registered in the name of the Holder hereof, of like tenor to this Warrant, shall be delivered to
the Holder hereof within a reasonable time, not exceeding five (5) Trading Days, after the rights
represented by this Warrant shall have been so exercised. The person in whose name any certificate
for Warrant Shares is issued upon exercise of this Warrant shall for all purposes be deemed to have
become the holder of record of such Warrant Shares on the date on which the

 

 

Warrant was surrendered and payment of the Exercise Price and any applicable taxes was made,
irrespective of the date of delivery of such certificate, except that, if the date of such
surrender and payment is a date when the stock transfer books of the Company are closed, such
person shall be deemed to have become the holder of such Warrant Shares at the close of business on
the next succeeding date on which the stock transfer books are open.

          (b) The Warrant Agent shall notify the Company immediately upon receipt by the Warrant Agent
of a notice by the Holder of this Warrant and upon receipt of payment of the applicable Exercise
Price from such Holder pursuant to clause (a) of this Section 1. The Warrant Agent shall transfer
each payment made by the Holder hereof pursuant to clause (a) of this Section 1 to the Company in
immediately available funds no later than 1:00 p.m. (New York City time) on the date of exercise of
the Warrant (and, pending such transfer, shall hold each such payment for the benefit of the Holder
hereof in a segregated trust account).

          (c) For purposes of this agreement, “Trading Day” means: (i) any day on which the
Common Stock is listed and traded on The Nasdaq Global Market, or (ii) if the Common Stock is not
then listed and traded on The Nasdaq Global Market, then a day on which trading occurs on any of
the New York Stock Exchange, the American Stock Exchange, or any other market which is a part of
The Nasdaq Stock Market (each, an “Eligible Market”) (or any successor thereto), or (iii)
if trading ceases to occur on an Eligible Market (or any successor thereto), any day other than
Saturday, Sunday, or other day on which commercial banks in New York City are authorized or
required by law to remain closed.

          (d) In addition to any other rights available to a Holder, if the Warrant Agent fails to
deliver to the Holder a certificate representing Warrant Shares by the third (3rd) Trading Day
after the date on which delivery of such certificate is required by this Warrant, and if after such
third (3rd) Trading Day the Holder purchases (in an open market transaction or otherwise) shares of
Common Stock to deliver in satisfaction of a bona fide sale by the Holder of the Warrant Shares
that the Holder anticipated receiving from the Warrant Agent (a “Buy-In”), then the Company
shall, within three (3) Trading Days after the Holder’s request and in the Holder’s discretion,
either: (i) pay cash to the Holder in an amount equal to the closing price of the Common Stock, as
listed on the Eligible Market (the “Closing Price”), on the date of such purchase by the
Holder (plus brokerage commissions, if any) for the shares of Common Stock so purchased less the
Exercise Price (the “Buy-In Price”), at which point the Warrant Agent’s obligation to
deliver such certificate (and the Company’s obligation to issue such Common Stock) shall terminate,
or (ii) cause the Warrant Agent to promptly honor its obligation to deliver to the Holder a
certificate or certificates representing such Common Stock and pay cash to the Holder in an amount
equal to the excess (if any) of the Buy-In Price over the product of: (A) such number of shares of
Common Stock, times (B) the Closing Price on the date of the event giving rise to the Warrant
Agent’s obligation to deliver such certificate.

          (e) The Company’s obligations to issue and cause the Warrant Agent to deliver Warrant Shares
in accordance with the terms hereof are absolute and unconditional upon satisfaction by the Holder
of the conditions to exercise this Warrant set forth in subsection (a) above, irrespective of any
action or inaction by the Holder to enforce the same, any waiver or consent with respect to any
provision hereof, the recovery of any judgment against any person or any action to enforce the
same, or any setoff, counterclaim, recoupment, limitation, or

2

 

termination, or any breach or alleged breach by the Holder or any other person of any
obligation to the Company (other than the Holder’s obligations with respect to the exercise hereof
in accordance with sub-section (a) above), or any violation or alleged violation of law by the
Holder or any other person, and irrespective of any other circumstance which might otherwise limit
such obligations of the Company or the Warrant Agent to the Holder in connection with the issuance
of Warrant Shares. Nothing herein shall limit a Holder’s right to pursue any other remedies
available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Warrant Agent’s failure to timely deliver
certificates representing shares of Common Stock upon exercise of the Warrant as required pursuant
to the terms hereof.

     2. Payment of Exercise Price. The Holder shall pay the Exercise Price in immediately
available funds; provided, however, that if at any time there is no effective
registration statement registering the issuance of the Warrant Shares or no current prospectus
available for the resale of the Warrant Shares by the Holder, the Holder may satisfy its obligation
to pay the Exercise Price through a “cashless exercise,” in which event the Company shall issue to
the Holder the number of Warrant Shares determined as follows:

     X = Y [(A-B)/A]

where:

	 	 	 	 	 
	 
	 	X =
	 	the number of Warrant Shares to be issued to the Holder.
	 
	 	 	 	 
	 

	 	Y =
	 	the number of Warrant Shares with respect to which this
Warrant is being exercised.
	 
	 	 	 	 
	 

	 	A =
	 	the arithmetic average of the Closing Prices for the five (5)
Trading Days immediately prior to (but not including) the Exercise Date.
	 
	 	 	 	 
	 

	 	B =
	 	the Exercise Price.

     3. Adjustment of Exercise Price. The Exercise Price and number of Warrant Shares
issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in
this Section 3.

          (a) Stock Dividends and Splits. If the Company, at any time while this Warrant is
outstanding: (i) pays a stock dividend on its Common Stock or otherwise makes a distribution on any
class of capital stock that is payable in shares of Common Stock, (ii) subdivides outstanding
shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of
Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be
multiplied by a fraction of which the numerator shall be the number of shares of Common Stock
outstanding immediately before such event and of which the denominator shall be the number of
shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to
clause (i) of this paragraph shall become effective immediately after the record date for the
determination of stockholders entitled to receive such dividend or distribution, and any adjustment
pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the
effective date of such subdivision or combination.

3

 

          (b) Fundamental Transactions. If, at any time while this Warrant is outstanding: (i)
the Company effects any merger or consolidation of the Company with or into another person and the
Company is not the surviving party, (ii) the Company effects any sale of all or substantially all
of its assets in one or a series of related transactions, (iii) any tender offer or exchange offer
(whether by the Company or another person) is completed pursuant to which holders of Common Stock
are permitted to tender or exchange their shares for other securities, cash, or property, or (iv)
the Company effects any reclassification of the Common Stock or any compulsory share exchange
pursuant to which the Common Stock is effectively converted into or exchanged for other securities,
cash, or property (other than as a result of a subdivision or combination of shares of Common Stock
covered by Section 3(a) above) (in any such case, a “Fundamental Transaction”;
provided, however, that in no event shall the sale of all or substantially all of
the assets related to the Company’s test and instrumentation business be deemed to be a Fundamental
Transaction), then the Holder shall have the right thereafter to receive, upon exercise of this
Warrant, the same amount and kind of securities, cash, or property as it would have been entitled
to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to
such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon
exercise in full of this Warrant (the “Alternate Consideration”). The aggregate Exercise
Price for this Warrant will not be affected by any such Fundamental Transaction, but the Company
shall apportion such aggregate Exercise Price among the Alternate Consideration in a reasonable
manner reflecting the relative value of any different components of the Alternate Consideration. In
the event of a Fundamental Transaction, the Company shall or shall cause the successor or
purchasing person, as the case may be, to execute with the Holder a written agreement providing
that:

          (i) this Warrant shall thereafter entitle the Holder to exercise this Warrant for the
Alternate Consideration in accordance with this Section 3(b),

          (ii) in the case of any such successor or purchasing person, upon such consolidation,
merger, statutory exchange, combination, sale, or conveyance such successor or purchasing
person shall be jointly and severally liable with the Company for the performance of all of
the Company’s obligations under this Warrant, and

          (iii) if registration or qualification is required under the Securities Exchange Act of
1934, as amended (the “Exchange Act”), or applicable state law for the public resale
by the Holder of shares of stock and other securities so issuable upon exercise of this
Warrant, all rights applicable to registration of the Common Stock issuable upon exercise of
this Warrant shall apply to the Alternate Consideration.

     If, in the case of any Fundamental Transaction, the Alternate Consideration includes shares of
stock, other securities, other property, or assets of a person other than the Company or any such
successor or purchasing person, as the case may be, in such Fundamental Transaction, then the
Company shall cause such written agreement to also be executed by such other person and to contain
such additional provisions to protect the interests of the Holder as the Board of Directors of the
Company shall reasonably consider necessary by reason of the foregoing. At the Holder’s request,
any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the
Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to
purchase the Alternate Consideration for the aggregate Exercise

4

 

Price upon exercise thereof. The Company shall cause the terms of any agreement pursuant to
which a Fundamental Transaction is effected to include terms requiring any such successor or
surviving entity to comply with the provisions of this paragraph (b) and ensuring that the Warrant
(or any such replacement security) will be similarly adjusted upon any subsequent transaction
analogous to a Fundamental Transaction.

          (c) Calculations. All calculations under this Section 3 shall be made to the nearest
cent or rounded up to the nearest whole share, as applicable. The number of shares of Common Stock
outstanding at any given time shall not include shares owned or held by or for the account of the
Company, and the disposition of any such shares shall be considered an issue or sale of Common
Stock.

          (d) Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this
Section 3, the Company, at its expense, will promptly compute such adjustment in accordance with
the terms of this Warrant and prepare a certificate setting forth such adjustment, including a
statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other
securities issuable upon exercise of this Warrant (as applicable), describing the transactions
giving rise to such adjustments and showing in detail the facts upon which such adjustment is
based. The Company will promptly deliver a copy of each such certificate to the Warrant Agent and
the Warrant Agent will, upon written request from the Holder, promptly deliver a copy of each such
certificate thereto.

     4. Adjustment of Warrant Shares. Upon each adjustment of the Exercise Price as provided
in Section 3, the Holder shall thereafter be entitled to subscribe for and purchase, at the
Exercise Price resulting from such adjustment, the number of Warrant Shares equal to the product of
(i) the number of Warrant Shares existing prior to such adjustment and (ii) the quotient obtained
by dividing (A) the Exercise Price existing prior to such adjustment by (B) the new Exercise Price
resulting from such adjustment. No fractional shares of capital stock of the Company shall be
issued as a result of any such adjustment, and any fractional shares resulting from the
computations pursuant to this paragraph shall be rounded up to the nearest whole share.

     5. No Stockholder Rights. This Warrant shall not entitle the Holder hereof to any voting
rights or other rights as a stockholder of the Company.

     6. Covenants of the Company. The Company shall at all times have authorized and reserved, or
shall authorize and reserve, a sufficient number of shares of its Common Stock to provide for the
exercise of the rights represented by this Warrant.

     7. Assignment, Transfer of Warrant. This Warrant may be assigned by the Holder by
delivery to the Warrant Agent of a completed Form of Assignment attached as Exhibit B hereto. This
Warrant and all rights hereunder are transferable, in whole or in part, at the agency or office of
the Warrant Agent, by the Holder in person or by duly authorized attorney, upon surrender of this
Warrant properly endorsed. Each taker and holder of this Warrant, by taking or holding the same,
consents and agrees that this Warrant, when endorsed, in blank, shall be deemed negotiable, and,
when so endorsed the holder hereof may be treated by the Company, the Warrant Agent and all other
persons dealing with this Warrant as the absolute owner hereof for any purposes and as the person
entitled to exercise the rights represented by this Warrant, or to

5

 

the transfer hereof on the register of the Warrant Agent maintained for such purpose, any
notice to the contrary notwithstanding; but until each transfer on such register, the Company and
the Warrant Agent may treat the registered holder hereof as the owner hereof for all purposes.

     8. Lost, Stolen, Mutilated, or Destroyed Warrant. If this Warrant is lost, stolen,
mutilated, or destroyed, the Warrant Agent may, on such terms as to indemnity or otherwise as it or
the Company may in its or the Company’s discretion impose (which shall, in the case of a mutilated
Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as the
Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute an original
contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or
destroyed Warrant shall be at any time enforceable by anyone. The Company hereby agrees to execute
and deliver such new Warrants issued in accordance with this Section 8 as the Warrant Agent shall
request.

     9. Notices. All notices, advices, and communications to be given or otherwise made to
any party to this Warrant shall be deemed to be sufficient if contained in a written instrument
delivered in person or by facsimile transmission or duly sent by first class registered or
certified mail, return receipt requested, postage prepaid, or by overnight courier, or by
electronic mail, with a copy thereof to be sent by mail (as aforesaid) within twenty-four (24)
hours of such electronic mail, addressed to (i) if to the Holder, to such Holder’s address as set
forth in the Warrant Agent’s records or to such other address as such Holder may have furnished to
the other parties hereto in writing in accordance herewith, (ii) if to the Company, to Mechanical
Technology, Incorporated, 431 New Karner Road, Albany, New York 12205 Attention: Chief Financial
Officer, and (iii) if to the Warrant Agent, to American Stock Transfer & Trust Company, 59 Maiden
Lane, New York, New York 10038 Attention: Isaac Kagan. Any such notice or communication shall be
deemed to have been delivered and received (a) in the case of personal delivery or delivery by
facsimile transmission, on the date of such delivery, (b) in the case of nationally recognized
overnight courier, on the next business day after the date when sent, and (c) in the case of
mailing, on the third business day following that on which the piece of mail containing such
communication is posted. As used in this Section 9, “business day” shall mean any day other than a
day on which banking institutions in the state of New York are legally closed for business.

     10. Binding Effect On Successors. Subject to the provisions hereof relating to
Fundamental Transactions, this Warrant shall be binding upon any corporation succeeding the Company
by merger, consolidation, or acquisition of all or substantially all of the Company’s assets.

     11. Descriptive Headings and Governing Law.

          (a) The description headings of the several sections and paragraphs of this Warrant are
inserted for convenience only and do not constitute a part of this Warrant. This Warrant shall be
construed and enforced in accordance with, and the rights of the parties shall be governed by, the
laws of the state of New York (without giving effect to conflicts of law principles thereof).

6

 

          (b) The Company will not, by amendment of its governing documents or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of
securities, or any other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of
all such terms and in the taking of all such action as may be necessary or appropriate in order to
protect the rights of the Holder against impairment. Without limiting the generality of the
foregoing, the Company: (i) will not increase the par value of any Warrant Shares above the amount
payable therefor on such exercise, (ii) will take all such action as may be reasonably necessary or
appropriate in order that the Company may validly and legally issue fully paid and nonassessable
Warrant Shares on the exercise of this Warrant, and (iii) will not close its stockholder books or
records or cause the Warrant Agent to close its register or other records in any manner which
interferes with the timely exercise of this Warrant.

          (c) EACH PARTY AGREES THAT ALL LEGAL PROCEEDINGS CONCERNING THE INTERPRETATIONS, ENFORCEMENT,
AND DEFENSE OF THE TRANSACTIONS CONTEMPLATED BY ANY OF THE TRANSACTION DOCUMENTS (WHETHER BROUGHT
AGAINST A PARTY HERETO OR ITS RESPECTIVE AFFILIATES, DIRECTORS, OFFICERS, STOCKHOLDERS, EMPLOYEES,
OR AGENTS) SHALL BE COMMENCED EXCLUSIVELY IN THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF
NEW YORK, BOROUGH OF MANHATTAN. EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN
FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION
CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THIS
WARRANT), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION, OR
PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT
SUCH SUIT, ACTION, OR PROCEEDING IS IMPROPER. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES PERSONAL
SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION, OR PROCEEDING BY
MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF
DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS WARRANT AND AGREES
THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF.
NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY
MANNER PERMITTED BY LAW. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT
OF OR RELATING TO THIS WARRANT OR ANY OF THE TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY. IF EITHER PARTY SHALL COMMENCE AN ACTION OR PROCEEDING TO ENFORCE ANY PROVISIONS
OF THIS WARRANT OR ANY TRANSACTION DOCUMENT, THEN THE PREVAILING PARTY IN SUCH ACTION OR PROCEEDING
SHALL BE REIMBURSED BY THE OTHER PARTY FOR ITS REASONABLE ATTORNEYS FEES AND OTHER REASONABLE COSTS
AND EXPENSES INCURRED

7

 

WITH THE INVESTIGATION, PREPARATION, AND PROSECUTION OF SUCH ACTION OR PROCEEDING.

     12. Fractional Shares. No fractional shares shall be issued upon exercise of this
Warrant. The Company shall, in lieu of issuing any fractional share, pay the Holder entitled to
such fraction a sum in cash equal to such fraction multiplied by the then-effective Exercise Price.

     13. Severability. In case any one or more of the provisions of this Warrant shall be
invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and
provisions of this Warrant shall not in any way be affected or impaired thereby and the parties
will attempt in good faith to agree upon a valid and enforceable provision which shall be a
commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such
substitute provision in this Warrant.

     14. Warrant Agent.

          (a) Registration of Warrants. The Warrant Agent will keep a register in which the
Warrant Agent will provide for the registration of Warrants and the registration of transfers of
Warrants representing whole numbers of Warrants. The Company and the Warrant Agent may treat the
person in whose name any Warrants is registered on such register as the owner thereof for all
purposes, and the Company and the Warrant Agent shall not be affected by any notice to the
contrary.

          (b) Limitation on Liability. The Warrant 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 the Warrants in reliance upon any instrument of assignment or transfer, power of
attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement or
other paper or document in good faith believed by it to be genuine and to be signed, executed and,
where necessary, verified and acknowledged, by the proper person or persons.

          (c) Duties of Warrant Agent. The Warrant Agent shall undertake only the specific
duties and obligations imposed hereunder upon the following terms and conditions, by all of which
the Company and the Holder shall be bound:

          (i) The Warrant Agent may consult with legal counsel (who may or may not be legal
counsel for the Company), and the opinion of such counsel shall be full and complete
authorization and protection to the Warrant Agent as to any action taken or omitted by it in
good faith and in accordance with such opinion, provided the Warrant Agent shall have
exercised reasonable care in the selection by it of such counsel.

          (ii) Whenever in the performance of its duties hereunder the Warrant Agent shall deem
it necessary or desirable that any fact or matter be proved or established by the Company
prior to taking or suffering any action hereunder, such fact or matter may be deemed to be
conclusively proved and established by a certificate signed by an executive officer of the
Company and delivered to the Warrant Agent and such certificate shall be full authorization
to the Warrant Agent for any action taken or suffered in good faith by it hereunder in
reliance upon such certificate.

8

 

          (iii) The Warrant Agent shall be liable hereunder only for its own gross negligence,
willful misconduct or bad faith.

          (iv) The Warrant Agent shall not be liable for or by reason of any of the statements of
fact or recitals contained herein or be required to verify the same, but all such statements
and recitals are and shall be deemed to have been made by the Company only.

          (v) The Warrant Agent shall not have any responsibility in respect of and makes no
representation as to the validity of this Warrant or the execution and delivery hereof
(except the due execution hereof by the Warrant Agent), nor shall it be responsible for any
breach by the Company of any covenant or condition contained in this Warrant, nor shall it
by any act hereunder be deemed to make any representation or warranty as to the Warrant
Shares.

          (vi) The Warrant Agent is hereby authorized and directed to accept instructions with
respect to the performance of its duties hereunder from the Chief Executive Officer and the
Chief Financial Officer of the Company, 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 to be taken by it in good faith in accordance with instructions of any such
officer.

          (vii) The Warrant Agent and any stockholder, director, officer, or employee of the
Warrant Agent may buy, sell, or deal in any of the Warrants or other securities of the
Company or otherwise act as fully and freely as though it were not Warrant Agent hereunder,
so long as such persons do so in full compliance with all applicable laws. Nothing herein
shall preclude the Warrant Agent from acting in any other capacity for the Company or for
any other legal entity.

          (viii) The Warrant Agent may execute and exercise any of the rights or powers hereby
vested in it or perform any duty hereunder either by itself or by or through its attorneys
or agents.

          (ix) The Warrant Agent shall act solely as the agent of the Company hereunder. The
Warrant Agent shall not be liable except for the failure to perform such duties as are
specifically set forth herein, and no implied covenants or obligations shall be read into
this Warrant against the Warrant Agent, whose duties shall be determined solely by the
express provisions hereof. The Warrant Agent shall not be deemed to be a fiduciary.

          (x) The Warrant Agent shall not have any duty to calculate or determine any adjustments
with respect either to the Exercise Price or to the kind and amount of property receivable
by the Holder upon the exercise of this Warrant.

          (xi) The Warrant Agent shall not be responsible for any failure on the part of the
Company to comply with any of its covenants and obligations contained herein.

9

 

          (xii) The Warrant Agent shall not be under any obligation or duty to institute, appear
in, or defend any action, suit, or legal proceeding in respect hereof, unless first
indemnified to its satisfaction, provided that this provision shall not affect the power of
the Warrant Agent to take such action as the Warrant Agent may consider proper, whether with
or without such indemnity. The Warrant Agent shall promptly notify the Company in writing
of any claim made or action, suit or, proceeding instituted against it arising out of or in
connection with this Warrant.

          (xiii) The Company will perform, execute, acknowledge, and deliver or cause to be
performed, executed, acknowledged, and delivered all such further acts, instruments, and
assurances as may be required by the Warrant Agent in order to enable it to carry out or
perform its duties hereunder.

          (d) Change of Warrant Agent. The Warrant Agent may resign and be discharged from its
duties hereunder upon thirty (30) days notice in writing sent to the Company by registered or
certified mail, and to the Holders of the Warrants by first class registered or certified mail,
return receipt requested, at the expense of the Company; provided, however, that no
such resignation or discharge shall become effective until a successor Warrant Agent shall have
been appointed hereunder. The Company may remove the Warrant Agent or any successor Warrant Agent
upon thirty (30) days, notice in writing, sent to the Warrant Agent or successor Warrant Agent, as
the case may be, and to the Holders of the Warrants by first class registered or certified mail,
return receipt requested; provided, further, however, that no such removal
shall become effective until a successor Warrant Agent shall have been appointed hereunder. If the
Warrant Agent shall resign or be removed or shall otherwise become incapable of acting, the Company
shall promptly appoint a successor to the Warrant Agent, which may be designated as an interim
Warrant Agent. If an interim Warrant Agent is designated, the Company shall then appoint a
permanent successor to the Warrant Agent, which may be the interim Warrant Agent. If the Company
shall fail to make such appointment of a permanent successor within a period of thirty (30) days
after such removal or within sixty (60) days after notification in writing of such resignation or
incapacity by the resigning or incapacitated Warrant Agent or by the Holder of a Warrant, then the
Warrant Agent or any Holder of a Warrant may apply to any court of competent jurisdiction for the
appointment of such a successor. Any entity which may be merged or consolidated with or which
shall otherwise succeed to substantially all of the trust or agency business of the Warrant Agent
shall be deemed to be the successor Warrant Agent without any further action.

[Signature Page Follows]

10

 

     IN WITNESS WHEREOF, the undersigned has caused this Warrant to be executed by its duly
authorized officer as of the date first above written.

	 	 	 	 	 
	 	MECHANICAL TECHNOLOGY, INCORPORATED

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, as Warrant Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

11

 

WARRANT EXERCISE FORM

American Stock Transfer & Trust Company

59 Maiden Lane

New York, NY 10038

Telephone: (718) 921-8293

Facsimile: (718) 921-8334

Attention: Isaac Kagan / MTI

     The undersigned hereby irrevocably elects to (i) exercise the within Warrant to purchase
___ shares of Common Stock of Mechanical Technology, Incorporated, a New York corporation,
pursuant to the provisions of Section 1 of the attached Warrant, and hereby makes payment of
$___ in payment therefor, or (ii) exercise this
Warrant for the purchase of ___ shares
of Common Stock pursuant to the provisions of Section 2 of the attached Warrant. The undersigned’s
execution of this form constitutes the undersigned’s agreement to all the terms of the Warrant and
to comply therewith.

	 	 	 
	 
	 	 
	 

	 	 
Signature
	 

	 	Print Name:
	 
	 	 
	 

	 	 
Date
	 
	 	 
	 

	 	 
Signature, if jointly held
	 

	 	Print Name:
	 
	 	 
	 

	 	 
Date

 

 

FORM OF ASSIGNMENT

[To be completed and signed only upon transfer of Warrant]

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto
______________________ the right
represented by the within Warrant to purchase ___ shares
of Common Stock of Mechanical Technology, Incorporated to which the within Warrant relates and
appoints ______________________ attorney to transfer said right on the books of Mechanical Technology,
Incorporated with full power of substitution in the premises.

	 	 	 	 	 
	Dated:
	 	 	 	 
	 

	 	 
	 	 
	 

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

	 	 	 	Address of Transferee:

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