Document:

discovery-2020exchangexr

                                                                                                        REGISTRATION RIGHTS AGREEMENT          This REGISTRATION RIGHTS AGREEMENT dated September 21, 2020 (this   “Agreement”) is entered into by and among Discovery Communications, LLC, a Delaware   limited liability company (the “Company”), Scripps Networks Interactive, Inc., an Ohio   corporation (“Scripps”), and Discovery, Inc., a Delaware corporation (“Discovery” and, together   with Scripps, the “Initial Guarantors”) and Deutsche Bank Securities Inc., RBC Capital Markets,   LLC, Barclays Capital Inc., BNP Paribas Securities Corp., J.P. Morgan Securities LLC and   Mizuho Securities USA LLC as dealer managers (each, a “Dealer Manager” and together, the   “Dealer Managers”). The Initial Guarantors, together with the Company, are herein referred to as   the “Issuers”).          The Company, Discovery and the Dealer Managers are parties to the Dealer Manager  Agreement dated September 10, 2020 (the “Dealer Manager Agreement”), which was entered   into in connection with (a) the Company’s offers to exchange (the “Original Exchange Offers”)   the Company’s 5.000% Senior Notes due 2037, 6.350% Senior Notes due 2040, 4.950% Senior   Notes due 2042, 4.875% Senior Notes due 2043 and 5.200% Senior Notes due 2047   (collectively, the “Existing Notes”) for the Company’s newly issued 4.000% Senior Notes due   2055 (the “New Notes”) on the terms and conditions set forth in the Company’s Offering   Memorandum dated September 10, 2020 and (b) the Company’s separate, concurrent offers to   purchase for cash the Existing Notes on the terms and conditions set forth in the Company’s   Offer to Purchase dated September 10, 2020.          The New Notes will be fully and unconditionally guaranteed on an unsecured senior basis   by the Initial Guarantors. The New Notes and the Guarantees are referred to herein collectively   as the “Securities.” As an inducement to holders to tender the Existing Notes in the Original   Exchange Offers, the Company agrees with the Dealer Managers, for the benefit of the Holders   (as defined below) the registration rights set forth in this 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:          “Additional Guarantor” shall mean any subsidiary of Discovery that executes a   Guarantee under the Indenture after the date of this Agreement.          “Agreement” shall have the meaning set forth in the preamble.          “Business Day” shall mean any day that is not a Saturday, Sunday or other day on which   commercial banks in New York City are authorized or required by law to remain closed.          “Closing Date” means September 21, 2020.          “Dealer Manager” shall have the meaning set forth in the preamble.          “Dealer Manager Agreement” shall have the meaning set forth in the preamble.                                          1   ActiveUS 181591633v.8   Error! Unknown document property name.                                         

 

                                                                                       “Company” shall have the meaning set forth in the preamble and shall also include the  Company’s successors.         “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time  to time.         “Exchange Dates” shall have the meaning set forth in Section 2(a)(ii) hereof.         “Exchange Offer” shall mean the exchange offer by the Company and the Guarantors 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 S-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 unsecured senior notes issued by the Company and  guaranteed by the Guarantors 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 Securities in exchange for Securities pursuant to the Exchange Offer.         “Existing Notes” shall have the meaning set forth in the preamble.         “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 connection with the sale of the Securities or the Exchange Securities.         “Guarantees” shall mean the guarantees of the Securities and guarantees of the Exchange  Securities by the Guarantors under the Indenture.         “Guarantors” shall mean the Initial Guarantors, any Additional Guarantors and any  Guarantor’s successor that Guarantees the Securities; provided, however, that a Guarantor shall  no longer be bound by the terms and provisions of this Agreement at such time as such  Guarantor ceases to guarantee the Securities.         “Holders” shall mean the holders of Registrable Securities, and each of their successors,  assigns and direct and indirect transferees who become owners of Registrable Securities under  the Indenture; provided that, for purposes of Section 4 and Section 5 hereof, the term “Holders”  shall include Participating Broker-Dealers.         “Indemnified Person” shall have the meaning set forth in Section 5(c) hereof.                                         2  ActiveUS 181591633v.8  Error! Unknown document property name.                                         

 

                                                                                         “Indemnifying Person” shall have the meaning set forth in Section 5(c) hereof.          “Indenture” shall mean the Indenture relating to the Securities dated as of August 19,   2009, among the Company, Discovery and U.S. Bank National Association, as trustee, as   supplemented and amended by a nineteenth supplemental indenture dated as of September 21,  2020, among the Issuers and U.S. Bank National Association, as trustee, and as the same may be  further amended from time to time in accordance with the terms thereof.          “Initial Guarantors” shall have the meaning set forth in the preamble.          “Inspector” shall have the meaning set forth in Section 3(a)(xiv) hereof.          “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.          “New Notes” shall have the meaning set forth in the preamble.          “Notice and Questionnaire” shall mean a notice of registration statement and selling   security holder questionnaire distributed to a Holder by the Company upon receipt of a Shelf   Request from such Holder.           “Original Exchange Offers” shall have the meaning set forth in the preamble.          “Participating Broker-Dealers” shall have the meaning set forth in Section 4(a) hereof.          “Participating Holder” shall mean any Holder of Registrable Securities that has returned a   completed and signed Notice and Questionnaire to the Company in accordance with Section 2(b)   hereof.          “Person” shall mean an individual, partnership, limited liability company, corporation,   trust or unincorporated organization, or a government or agency or political subdivision thereof.          “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                                          3   ActiveUS 181591633v.8   Error! Unknown document property name.                                         

 

                                                                                 amendments and supplements to such prospectus, and in each case including any document  incorporated by reference therein.         “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) except in the case of Securities that otherwise remain Registrable Securities and that are held  by a Holder and that are ineligible to be exchanged in the Exchange Offer, when the Exchange  Offer is consummated.         “Registration Default” shall mean the occurrence of any of the following: (i) the  Exchange Offer is not completed on or prior to the Target Registration Date, (ii) the Shelf  Registration Statement, if required pursuant to Section 2(b)(i) or Section 2(b)(ii) hereof, has not  become effective on or prior to the Target Registration Date, (iii) if the Company receives a  Shelf Request pursuant to Section 2(b)(iii), the Shelf Registration Statement required to be filed  thereby has not become effective by the Target Registration Date, or (iv) the Shelf Registration  Statement, if required by this Agreement, has become effective and thereafter ceases to be  effective or the Prospectus contained therein ceases to be usable for its intended purpose without  being succeeded promptly by a post-effective amendment to such Registration Statement that  cures such failure and that is itself promptly declared effective, and such failure to remain  effective or usable exists for more than 90 days (whether or not consecutive) in any 12-month  period.         “Registration Expenses” shall mean any and all expenses incident to performance of or  compliance by the Company and the Guarantors 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 fees and disbursements of 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, (iv) all rating agency fees, (v) all fees and disbursements relating to the  qualification of the Indenture under applicable securities laws, (vi) the reasonable fees and  disbursements of the Trustee and its counsel, (vii) the fees and disbursements of counsel for the  Company and the Guarantors and, in the case of a Shelf Registration Statement, the reasonable  fees and disbursements of one counsel for the Participating Holders (which counsel shall be  selected by the Participating Holders holding a majority of the aggregate principal amount of  Registrable Securities held by such Participating Holders and which counsel may also be counsel  for the Dealer Managers) and (viii) the fees and disbursements of the independent registered  public accountants of the Company and the Guarantors, 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                                         4  ActiveUS 181591633v.8  Error! Unknown document property name.                                         

 

                                                                                 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 and the  Guarantors 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.         “Scripps” shall have the meaning set forth in the preamble.          “SEC” shall mean the United States Securities and Exchange Commission.         “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 and the Guarantors, including an existing “shelf” registration statement designated by  the Company and the Guarantors, that covers all or a portion of the Registrable Securities 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.         “Shelf Request” shall have the meaning set forth in Section 2(b) hereof.         “Staff” shall mean the staff of the SEC.         “Target Registration Date” shall mean the date that is 365 days after the Closing Date.         “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 and the Guarantors shall  use their commercially reasonable efforts to (x) cause to be filed an Exchange Offer Registration                                        5  ActiveUS 181591633v.8  Error! Unknown document property name.                                         

 

                                                                                 Statement covering an offer to the Holders to exchange all the Registrable Securities for  Exchange Securities and (y) have such Registration Statement become and remain effective for a  period ending on the earlier of (i) 120 days from the date on which the Exchange Offer  Registration Statement is declared effective and (ii) the date on which no Broker-Dealer is  required to deliver a prospectus in connection with market-making or other trading activities (as  such period may be extended pursuant to Section 3(d) hereof). The Company and the Guarantors  shall commence the Exchange Offer promptly after the Exchange Offer Registration Statement is  declared effective by the SEC and use their commercially reasonable efforts to complete the  Exchange Offer.         The Company and the Guarantors 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 dates of acceptance for exchange (which shall be a period of at  least 20 Business Days from the date such notice is mailed) (the “Exchange Dates”);                     (iii) that any Registrable Security not tendered will remain outstanding  and continue to accrue interest but will not retain any rights under this Agreement (including  with respect to increases in annual interest rate), 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 last Exchange Date; and                      (v)   that any Holder will be entitled to withdraw its election, not later  than the close of business on the last Exchange Date, by (A) sending to the institution and at the  address specified in the notice, a 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 and the Guarantors that (1) any Exchange Securities to be received by  it will be acquired in the ordinary course of its business, (2) it is not engaged in, does not intend  to engage in, and has no arrangement or understanding with any Person to participate in the  distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of  the provisions of the Securities Act, (3) it is not an “affiliate” (within the meaning of Rule 405                                         6  ActiveUS 181591633v.8  Error! Unknown document property name.                                         

 

                                                                                   under the Securities Act) of the Company or any Guarantors and (4) 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 last Exchange Date, the Company and the Guarantors  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 and the Guarantors shall use their commercially reasonable efforts to  complete the Exchange Offer as provided above and shall comply 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.          In the event that (i) the Company and the Guarantors determine that the Exchange Offer   Registration provided for in Section 2(a) hereof is not available or the Exchange Offer may not   be completed 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 the Target Registration   Date or (iii) upon receipt of a written request (a “Shelf Request”) from any Holder representing   that it holds Registrable Securities that are or were ineligible to be exchanged in the Exchange   Offer, the Company and the Guarantors shall use their commercially reasonable efforts to cause   to be filed as soon as practicable after such determination, date or Shelf Request, as the case may   be, a Shelf Registration Statement providing for the sale of all the Registrable Securities by the   Holders thereof and to have such Shelf Registration Statement become effective; provided that   no Holder will be entitled to have any Registrable Securities included in any Shelf Registration   Statement, or entitled to use the prospectus forming a part of such Shelf Registration Statement,   until such Holder shall have delivered a completed and signed Notice and Questionnaire and   provided such other information regarding such Holder to the Company as is contemplated by   Section 3(b) hereof. Each Holder as to which any Shelf Registration Statement is being effected   agrees to furnish promptly to the Company and the Guarantors all information required to be   disclosed in order to make the information previously furnished to the Company and the   Guarantors by such Holder not materially misleading.          In the event that the Company and the Guarantors are required to file a Shelf Registration   Statement pursuant to clause (iii) of the preceding sentence, the Company and the Guarantors   shall use their commercially reasonable efforts to file and have become effective both an                                          7   ActiveUS 181591633v.8   Error! Unknown document property name.                                         

 

                                                                                   Exchange Offer Registration Statement pursuant to Section 2(a) hereof with respect to all   Registrable Securities and a Shelf Registration Statement (which may be a combined   Registration Statement with the Exchange Offer Registration Statement) with respect to offers   and sales of Registrable Securities held by the Holders after completion of the Exchange Offer.          The Company and the Guarantors agree to use their commercially reasonable efforts to   keep the Shelf Registration Statement continuously effective until the earliest of (i) the time   when such Registrable Securities covered by the Shelf Registration Statement can be sold   pursuant to Rule 144 of the Securities Act without any limitations by non-affiliates of the  Company and the Guarantors under clause (d) of Rule 144 of the Securities Act, (ii) the date on  which all such Registrable Securities are disposed of in accordance with the Shelf Registration  Statement and (iii) one year after the original effective date of the Shelf Registration Statement  (the “Shelf Effectiveness Period”). The Company and the Guarantors further agree 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 commercially   reasonable 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 and the Guarantors agree to furnish to the   Participating Holders copies, upon request, of any such supplement or amendment promptly after   its being used or filed with the SEC.                (b)   The Company and the Guarantors 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.                (c)   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 by Rule 462 under the Securities Act.          If a Registration Default occurs, the interest rate on the Registrable Securities will be   increased by (i) 0.25% per annum for the first 90-day period beginning on the day immediately   following such Registration Default and (ii) an additional 0.25% per annum with respect to each   subsequent 90-day period, in each case until and including the date such Registration Default   ends, up to a maximum increase of 0.50% per annum. A Registration Default ends when the   Securities cease to be Registrable Securities or, if earlier, (1) in the case of a Registration Default   under clause (i) of the definition thereof, when the Exchange Offer is completed, (2) in the case   of a Registration Default under clause (ii) or clause (iii) of the definition thereof, when the Shelf   Registration Statement becomes effective or (3) in the case of a Registration Default under   clause (iv) of the definition thereof, when the Shelf Registration Statement again becomes   effective or the Prospectus again becomes usable. If at any time more than one Registration                                          8   ActiveUS 181591633v.8   Error! Unknown document property name.                                         

 

                                                                                 Default has occurred and is continuing, then, until the next date that there is no Registration  Default, the increase in interest rate provided for by this paragraph shall apply as if there  occurred a single Registration Default that begins on the date that the earliest such Registration  Default occurred and ends on such next date that there is no Registration Default.              (d)   Without limiting the remedies available to the Dealer Managers and the  Holders, the Company and the Guarantors acknowledge that any failure by the Company or the  Guarantors to comply with their obligations under Section 2(a) and Section 2(b) hereof may  result in material irreparable injury to the Dealer Managers or the Holders for which there is no  adequate remedy at law, that it will not be possible to measure damages for such injuries  precisely and that, in the event of any such failure, the Dealer Managers or any Holder may  obtain such relief as may be required to specifically enforce the Company’s and the Guarantors’  obligations under Section 2(a) and Section 2(b) hereof; provided, however, that the parties hereto  agree that the additional interest provided for in this Section 2 is intended to constitute the sole  remedy for monetary damages in connection with any Registration Default.         3.    Registration Procedures.  (a) In connection with their obligations pursuant to  Section 2(a) and Section 2(b) hereof, the Company and the Guarantors shall as expeditiously as  possible:                     (i)   prepare and file with the SEC a Registration Statement on the  appropriate form under the Securities Act, which form (A) shall be selected by the Company and  the Guarantors, (B) shall, in the case of a Shelf Registration, be available for the sale of the  Registrable Securities by the Holders thereof and (C) 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 commercially reasonable 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 or the Guarantors  with the SEC in accordance with the Securities Act and to retain any Free Writing Prospectus not  required to be filed;                     (iv)  in the case of a Shelf Registration, furnish to each Participating  Holder, to counsel for the Dealer Managers (if any Registrable Securities held by a Dealer  Manager are included in such Registration Statement), to counsel for such Participating Holders  and to each Underwriter of an Underwritten Offering of Registrable Securities, if any, without                                         9  ActiveUS 181591633v.8  Error! Unknown document property name.                                         

 

                                                                                   charge, as many copies of each Prospectus, preliminary prospectus or Free Writing Prospectus,   and any amendment or supplement thereto, as such Participating Holder, counsel or Underwriter   may reasonably request in order to facilitate the sale or other disposition of the Registrable   Securities thereunder; and, subject to Section 3(c) hereof, the Company and the Guarantors   consent 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   Participating Holders 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 their commercially reasonable efforts to register or qualify the   Registrable Securities under all applicable state securities or blue sky laws of such jurisdictions   as any Participating Holder shall reasonably request in writing by the time the applicable   Registration Statement becomes effective; cooperate with such Participating 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 Participating Holder to   complete the disposition in each such jurisdiction of the Registrable Securities owned by such   Participating Holder; provided that neither the Company nor any Guarantor shall 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 but for the requirements of   this Section 3(a)(v), (2) file any general consent to service of process in any such jurisdiction, (3)   take any action that would subject it to the service of process in suits or to taxation in any   jurisdiction where it is not then so subject or (4) make any change to its charter or by-laws or   similar organizational documents;                      (vi)  notify counsel for the Dealer Managers and, in the case of a Shelf   Registration, notify each Participating Holder and counsel for such Participating Holders   promptly and, if requested by any such Participating 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 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 or any Guarantor 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 or any  Guarantor 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                                         10   ActiveUS 181591633v.8   Error! Unknown document property name.                                         

 

                                                                                   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 or any   Guarantor 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 their commercially reasonable 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) under the   Securities Act, including by filing, if necessary, an amendment to such Registration Statement on   the proper form, at the earliest possible time and provide immediate notice to each Holder or   Participating Holder of the withdrawal of any such order or such resolution;                      (viii) in the case of a Shelf Registration, furnish to each Participating   Holder, upon its request, without charge, at least one conformed copy of each Registration   Statement and any post-effective amendment thereto (without any documents incorporated   therein by reference or exhibits thereto, unless requested);                     (ix)  in the case of a Shelf Registration, cooperate with the Participating  Holders 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 Participating Holders may reasonably request at least one  Business Day prior to the closing of any sale of Registrable Securities;                     (x)   subject to the Company’s right to, pursuant to Section 3(d), to  suspend the disposition of Registrable Securities pursuant to a Registration Statement, upon the  occurrence of any event contemplated by Section 3(a)(vi)(5) hereof, use their commercially  reasonable efforts to prepare and file with the SEC a supplement or post-effective amendment to   the applicable Exchange Offer Registration Statement or 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 and the   Guarantors shall notify the Participating Holders (in the case of a Shelf Registration Statement)   and the Dealer Managers and any Participating Broker-Dealers known to the Company (in the  case of an Exchange Offer Registration Statement) to suspend use of the Prospectus or any Free  Writing Prospectus as promptly as practicable after the occurrence of such an event, and such  Participating Holders, such Participating Broker-Dealers and the Dealer Managers, as applicable,  hereby agree to suspend use of the Prospectus or any Free Writing Prospectus, as the case may  be, until the Company and the Guarantors have amended or supplemented the Prospectus or the  Free Writing Prospectus, as the case may be, to correct such misstatement or omission;                                           11   ActiveUS 181591633v.8   Error! Unknown document property name.                                         

 

                                                                                                     (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 or of any document that   is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing   Prospectus after initial filing of a Registration Statement, provide copies of such document to the   Dealer Managers and their counsel (and, in the case of a Shelf Registration Statement, to the   Participating Holders and their counsel) and make such of the representatives of the Company   and the Guarantors as shall be reasonably requested by the Dealer Managers or their counsel   (and, in the case of a Shelf Registration Statement, the Participating Holders or their counsel)   available for discussion of such document; and the Company and the Guarantors 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 or a Prospectus or a   Free Writing Prospectus, or any document that is to be incorporated by reference into a   Registration Statement, a Prospectus or a Free Writing Prospectus, of which the Dealer   Managers and their counsel (and, in the case of a Shelf Registration Statement, the Participating   Holders and their counsel) shall not have previously been advised and furnished a copy or to   which the Dealer Managers or their counsel (and, in the case of a Shelf Registration Statement,   the Participating Holders 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 commercially reasonable 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, and subject to customary   confidentiality agreements, make available for inspection, solely for due diligence purposes, by a   representative of the Participating Holders (an “Inspector”), the managing underwriters, if any,   participating in any disposition pursuant to such Shelf Registration Statement and any attorneys   and accountants designated by such managing underwriter, at reasonable times and in a   reasonable manner, all pertinent financial and other records, documents and properties of   Discovery and each of its subsidiaries that is a significant subsidiary within the meaning of such   term as defined in Rule 1-02 of Regulation S-X of the SEC (the “Significant Subsidiaries”) , and   cause the respective officers, directors and employees of Discovery and the Significant   Subsidiaries to supply all information reasonably requested by any such Inspector, managing   underwriter, attorney or accountant in connection with a Shelf Registration Statement;                      (xv)  if reasonably requested by any Participating Holder, promptly   include in a Prospectus supplement or post-effective amendment such information with respect  to such Participating Holder as such Participating Holder reasonably requests to be included  therein and make all required filings of such Prospectus supplement or such post-effective                                          12   ActiveUS 181591633v.8   Error! Unknown document property name.                                         

 

                                                                                   amendment as soon as reasonably practicable after the Company has received notification of the   matters to be so included in such filing; provided, that the Company shall not be required to   make more than two such filings on behalf of the Participating Holders in any 30 day period;                     (xvi) in the case of a Shelf Registration, enter into such customary  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) that are necessary 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 Participating Holders and any Underwriters of such Registrable Securities with respect to the  business of the Company and its subsidiaries 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) solely  with respect to an Underwritten Offering, obtain opinions of counsel to the Company and the  Guarantors (which counsel and opinions shall be in form, scope and substance, shall be  reasonably satisfactory to the Participating Holders and such Underwriters and their respective  counsel) addressed to each Participating Holder and Underwriter of Registrable Securities, with  customary limitations, assumptions and exclusions, and covering the matters customarily  covered in opinions requested in underwritten offerings, (3) solely with respect to an  Underwritten Offering, obtain “comfort” letters from the independent registered public  accountants of the Company and the Guarantors (and, if necessary, any other registered public  accountant of any subsidiary of Discovery, or of any business acquired by the Company or the  Guarantors for which financial statements and financial data are or are required to be included in  the Registration Statement) addressed to each Participating 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 and the Guarantors made pursuant to clause (1)  above and to evidence compliance with any customary conditions contained in an underwriting  agreement; and                     (xvii) so long as any Registrable Securities remain outstanding, cause  each Additional Guarantors that, after the creation or acquisition by the Company of such  Additional Guarantor, guarantees the New Notes in accordance with the Indenture to execute a  counterpart to this Agreement in the form attached hereto as Annex A and to deliver such  counterpart to the Dealer Managers no later than ten Business Days following the execution  thereof.               (b)   In the case of a Shelf Registration Statement, the Company may require  each Holder of Registrable Securities to furnish to the Company a Notice and Questionnaire and  such other information regarding such Holder and the proposed disposition by such Holder of                                         13   ActiveUS 181591633v.8   Error! Unknown document property name.                                         

 

                                                                                   such Registrable Securities as the Company and the Guarantors may from time to time   reasonably request in writing. Each Holder as to which any Shelf Registration Statement is being   effected agrees to furnish promptly to the Company and the Guarantors all information required   to be disclosed in order to make the information previously furnished to the Company and the   Guarantors by such Holder not materially misleading.                (c)   Each Participating Holder agrees that, upon receipt of any notice from the   Company and the Guarantors of the happening of any event of the kind described in Section   3(a)(vi)(3) or Section 3(a)(vi)(5) hereof, such Participating Holder will forthwith discontinue   disposition of Registrable Securities pursuant to the Shelf Registration Statement until such   Participating 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 and the Guarantors, such Participating Holder will deliver to the Company and the   Guarantors all copies in its possession, other than permanent file copies then in such   Participating 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 and the Guarantors shall give any notice to suspend the   disposition of Registrable Securities pursuant to a Registration Statement, the Company and the   Guarantors 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. Each Participating Holder   agrees to hold in confidence the fact that it has received such notice and any communication   related thereto; provided, however, that the Company and the Guarantors shall not give reasons   for such suspension should it constitute material non-public information.                (e)   The Participating Holders 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 of a majority in principal amount of the Registrable   Securities included in such offering, provided, that any such Underwriters shall be reasonably   satisfactory to the Company.          4.    Participation of Broker-Dealers in Exchange Offer.  (a) The Staff has taken the   position that any broker-dealer that receives Exchange Securities for its 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”) may be deemed to be   an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting   the requirements of the Securities Act in connection with any resale of such Exchange Securities.          The Company and the Guarantors understand 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                                          14   ActiveUS 181591633v.8   Error! Unknown document property name.                                         

 

                                                                                 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 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, the Company and the Guarantors agree to amend or supplement the Prospectus  contained in the Exchange Offer Registration Statement for a period ending on the earlier of (i)  90 days from the date on which the Exchange Offer Registration Statement is declared effective  and (ii) the date on which no Broker-Dealer is required to deliver a prospectus in connection with  market-making or other trading activities (as such period may be extended pursuant to Section  3(d) hereof), 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 and the Guarantors further agree 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.               (c)   The Dealer Managers shall have no liability to the Company, any  Guarantor or any Holder with respect to any request that they may make pursuant to Section 4(b)  hereof.         5.    Indemnification and Contribution.  (a) The Issuers (together, the “Indemnifying  Party”) jointly and severally agree to indemnify and hold harmless the Dealer Managers and each  Holder, their respective affiliates, directors, officers and each Person, if any, who controls any  Dealer Manager or any Holder within the meaning of Section 15 of the Securities Act, or Section  20 of the Exchange Act (the Dealer Managers, Holders and each such Person being an  “Indemnified Party”) as follows:                     (i)   from and against any and all losses, claims, damages and liabilities  (including, without limitation, reasonable legal fees and other 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 of the documents referred to therein, furnished or made available  by the Indemnifying Party or the omission or alleged omission therefrom of 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  the Dealer Managers or information relating to any Holder furnished to the Company in writing  (including, without limitation, a Notice and Questionnaire of such Holder) through the Dealer  Managers or any selling Holder, respectively, expressly for use therein.                                         15  ActiveUS 181591633v.8  Error! Unknown document property name.                                         

 

                                                                                                     (ii)  from and against any and all loss, liability, claim, damage and   reasonable expenses, as incurred, to the extent of the aggregate amount paid in settlement of any   litigation, or any investigation or proceeding by any governmental agency or body, commenced   or threatened, or of any claim whatsoever related to, arising out of or based on any matter for   which the Indemnified Party is entitled to indemnification pursuant to subparagraph (i) above,   provided, except as specified in Section 5(g) below, any such settlement shall be effected with   the written consent of the Indemnifying Party, which shall not be unreasonably withheld, delayed   or conditioned; and                      (iii) from and against any and all reasonable expense, as incurred   (including the reasonable fees and disbursements of counsel chosen by the Dealer Managers or  Holder, as applicable), incurred in investigating, preparing or defending against any litigation, or  investigation or proceeding by any governmental agency or body, commenced or threatened, or  any claim whatsoever related to, arising out of or based on any matter for which the Indemnified  Party is entitled to indemnification pursuant to subparagraph (i) or (ii) above.               (b)   Each Holder agrees, severally and not jointly, to indemnify and hold  harmless the Company, the Guarantors, the Dealer Managers and the other selling Holders, the  directors of the Company and the Guarantors, each officer of the Company and the Guarantors  who signed the Registration Statement and each Person, if any, who controls the Company, the  Guarantors, any Dealer Manager 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 subsection (a)(i) above, but only with respect to any 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 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)   Promptly after receipt by an Indemnified Party of written notice of any  claim or commencement of an action or proceeding with respect to which indemnification may  be sought hereunder, such Indemnified Party shall notify the Indemnifying Party in writing of  such claim or of the commencement of such action, claim or proceeding, but failure so to notify  the Indemnifying Party will not relieve the Indemnifying Party from any liability which it may  have hereunder to such Indemnified Party, and in any event will not relieve the Indemnifying  Party from any other liability that it may have to such Indemnified Party. In the event of any  such claim, action or proceeding, if such Indemnified Party shall notify the Indemnifying Party  of the commencement thereof, the Indemnifying Party shall assume the defense thereof, with  counsel reasonably satisfactory to such Indemnified Party, and shall pay the fees and reasonable  expenses of such counsel; provided, however, (i) if the Indemnifying Party fails to assume such  defense in a timely manner or (ii) the Indemnified Party shall have concluded that there may be  one or more legal defenses available to it which are different from or additional to those  available to the Indemnifying Party, the Indemnifying Party shall not have the right to assume  the defense of such action on behalf of the Indemnified Party, it being understood, however, that  the Indemnifying Party shall not, in connection with any one such action or separate but  substantially similar or related actions in the same jurisdiction arising out of the same general  allegations or circumstances, be liable for the fees and expenses of more than one separate firm  of attorneys (in addition to one local counsel in any jurisdiction) for the Indemnified Party.                                         16   ActiveUS 181591633v.8   Error! Unknown document property name.                                         

 

                                                                                               (d)   In the event an Indemnified Party is requested or required to appear as a   witness in any action brought by or on behalf of or against the Indemnifying Party, the   Indemnifying Party agrees to reimburse the Indemnified Party for all reasonable expenses as   incurred by it in connection with such Indemnified Party’s appearing and preparing to appear as   such a witness, including, without limitation, the reasonable fees and disbursements of its legal   counsel, and to compensate the Indemnified Party in an amount to be mutually agreed upon. In   addition, the Indemnifying Party agrees to promptly compensate the Indemnified Party in an   amount to be mutually agreed upon per employee per day for each day that the Indemnified  Party’s officer or employee is involved in preparation, discovery or testimony pertaining to any  litigation, discovery or investigation in connection with this Agreement.               (e)   If the indemnification provided for in Section 5(a) and (b) hereof is for  any reason unavailable to or insufficient to hold harmless an Indemnified Party in respect of any  losses, liabilities, claims, damages or expenses referred to therein, then the Indemnifying Party  agrees to contribute to the aggregate amount of such losses, liabilities, claims, damages and  expenses incurred by such Indemnified Party, as incurred, (i) in such proportion as is appropriate  to reflect the relative benefits to the Indemnifying Party from the offering of the Securities and  the Exchange Securities on the one hand and to the Holders from receiving Securities or  Exchange Securities registered under the Securities Act on the other hand or (ii) if, but only if,  the allocation provided by clause (i) is for any reason held unenforceable, in such proportion as  is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the  relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the  other hand in connection with the statements or omissions which resulted in such losses,  liabilities, claims, damages or expenses, as well as any other relevant equitable considerations.  The relative benefits to the Indemnifying Party on the one hand and the Indemnified Party on the  other hand shall be determined by reference to, among other things, whether any such untrue or  alleged untrue statement of a material fact or omission or alleged omission to state a material fact  relates to information supplied by the Indemnifying Party or by the Indemnified Party and the  parties’ relative intent, knowledge, access to information and opportunity to correct or prevent  such statement or omission. The Company, the Guarantors, the Dealer Managers and the Holders  agree that it would not be just and equitable if contribution pursuant to this Section 5(e) 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 which does not take account of the equitable  considerations referred to above in this Section 5(e). The aggregate amount of losses, liabilities,  claims, damages and expenses incurred by an Indemnified Party and referred to above in this  Section 5(e) shall be deemed to include any legal or other expenses reasonably incurred by such  Indemnified Party in investigating, preparing or defending against any litigation, or any  investigation or proceeding by any governmental agency or body, commenced or threatened, or  any claim whatsoever based upon any such untrue or alleged untrue statement or omission or  alleged omission. 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.               (f)   The Indemnifying Party agrees that, without the Indemnified Party’s prior  written consent, it will not settle, compromise or consent to the entry of any judgment in or with                                         17   ActiveUS 181591633v.8   Error! Unknown document property name.                                         

 

                                                                                   respect to any pending or threatened claim, action, investigation or proceeding in respect of   which indemnification or contribution could be sought under this Section 5 (whether or not the   Indemnified Party is an actual or potential party to such claim, action, investigation or   proceeding), unless such settlement, compromise or consent (i) includes an unconditional release   of each Indemnified Party from all liability arising out of such claim, action, investigation or   proceeding and (ii) does not include a statement as to, or an admission of, fault, culpability or a   failure to act by or on behalf of an Indemnified Party.               (g)   If at any time an Indemnified Party shall have requested the Indemnifying  Party to reimburse the Indemnified Party for fees and reasonable expenses of counsel, the  Indemnifying Party agrees that it shall be liable for any settlement effected without its written   consent if (i) such settlement is entered into more than 45 days after receipt by the Indemnifying   Party of the aforesaid request, (ii) the Indemnifying Party shall have received notice of the terms   of such settlement at least 30 days prior to such settlement being entered into and (iii) the   Indemnifying Party shall not have reimbursed such Indemnified Party in accordance with such   request prior to the date of such settlement.                (h)   The rights of any Indemnified Party under this Section shall be in addition   to and not in limitation of any rights that any Indemnified Party may have at common law or   otherwise.                      (i)   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 any Dealer Manager or any   Holder or any Person controlling any Dealer Manager or any Holder, or by or on behalf of the   Company or the Guarantors or the officers or directors of or any Person controlling the Company   or the Guarantors, (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 and the Guarantors represent,   warrant and agree 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 or any Guarantors under any other agreement   and (ii) neither the Company nor any Guarantor has entered into, or on or after the date of this   Agreement will 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 and the   Guarantors have 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                                          18   ActiveUS 181591633v.8   Error! Unknown document property name.                                         

 

                                                                                   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, facsimile  transmission, electronic transmission 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 any Dealer Manager, its address set forth in the Dealer Manager Agreement; (ii) if to  the Company and the Guarantors, initially at the Company’s address set forth in the Dealer  Manager 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 Dealer Manager 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 receipt is acknowledged, if telecopied or electronically transmitted; 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 Dealer Manager 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 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. No  Dealer Manager (in its capacity as Dealer Manager) shall have any liability or obligation to the   Company or the Guarantors 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 and the Guarantors, on the one hand,   and the Dealer Managers, 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.                                          19   ActiveUS 181591633v.8   Error! Unknown document property name.                                         

 

                                                                                               (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, and any claim, controversy or dispute   arising under or related to 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, the Guarantors and the Dealer Managers 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.                                           20   ActiveUS 181591633v.8   Error! Unknown document property name.                                         

 

                                                                                       IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first  written above.                                       DISCOVERY COMMUNICATIONS, LLC                                        By _/s/ Fraser Woodford___                                          Name: Fraser Woodford                                      Title:  Executive Vice President, Treasury and                                             Corporate Finance                                       DISCOVERY, INC.                                        By _/s/ Fraser Woodford___                                          Name: Fraser Woodford                                      Title:  Executive Vice President, Treasury and                                             Corporate Finance                                       SCRIPPS NETWORKS INTERACTIVE, INC.                                        By _/s/ Fraser Woodford___                                          Name: Fraser Woodford                                      Title:  Executive Vice President, Treasury and                                             Corporate Finance              [Signature Page to Registration Rights Agreement - Company and Guarantors]   

 

                                                                                         Confirmed and accepted as of the date first above written:     DEUTSCHE BANK SECURITIES INC.             RBC CAPITAL MARKETS, LLC    By /s/ Ritu Ketkar                        By /s/ Scott Primrose            Name:  Ritu Ketkar                        Name:  Scott Primrose  Title: Managing Director                  Title: Authorized Signatory    By /s/ Ryan E. Montgomery                    Name:  Ryan E. Montgomery    Title: Managing Director    BARCLAYS CAPITAL INC.                     BNP PARIBAS SECURITIES CORP.    By /s/ E. Pete Contrucci III              By /s/ Amir Nouri                Name:  E. Pete Contrucci III             Name: Amir Nouri  Title: Managing Director                  Title: Managing Director    J.P. MORGAN SECURITIES LLC                MIZUHO SECURITIES USA LLC    By /s/ Som Bhattacharyya                  By /s/ Michael L. Saron          Name:  Som Bhattacharyya                  Name: Michael L. Saron  Title: Executive Director                 Title: Managing Director        As Dealer Managers                                                                                                                                                                                                                        [Signature Page to Registration Rights Agreement – Dealer Managers]    

 

                                                                                                                                                       Annex A                       Counterpart to Registration Rights Agreement         The undersigned hereby absolutely, unconditionally and irrevocably agrees as a   Guarantor (as defined in the Registration Rights Agreement, dated September 21, 2020 by and   among Discovery Communications, LLC, Discovery, Inc., Scripps Networks Interactive, Inc.   and Deutsche Bank Securities Inc. and RBC Capital Markets, LLC to be bound by the terms and   provisions of such Registration Rights Agreement.         IN WITNESS WHEREOF, the undersigned has executed this counterpart as of   _______________, 202_.                                        [GUARANTOR]                                        By___________________________                                       Name:                                       Title:      ActiveUS 181591633v.8  Error! Unknown document property name.EX-4.1

 Exhibit 4.1 

WARRANT AGREEMENT 
 between 

EXECUTIVE NETWORK PARTNERING CORPORATION 

and 
 CONTINENTAL STOCK
TRANSFER & TRUST COMPANY 
 THIS WARRANT AGREEMENT (this “Agreement”), dated as of September 15, 2020,
is by and between Executive Network Partnering Corporation, a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant
Agent”, also referred to herein as the “Transfer Agent”). 
 WHEREAS, on September 15, 2020, the
Company entered into that certain Private Placement CAPSTM Purchase Agreement with ENPC Holdings, LLC, a Delaware limited liability company (the “Sponsor”), pursuant to
which the Sponsor will purchase 224,000 CAPSTM (or up to 245,600 CAPSTM if the Over-allotment Option (as defined below) in connection
with the Company’s Offering (as defined below) is exercised in full) simultaneously with the closing of the Offering (the “Private Placement CAPSTM”)
at a purchase price of $25.00 per Private Placement CAPSTM; and 
 WHEREAS, in
order to finance the Company’s transaction costs in connection with an intended initial Partnering Transaction (as defined below), the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are
not obligated to, loan the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to an additional 60,000 Private Placement CAPSTM at a
price of $25.00 per warrant (the “Working Capital CAPSTM”); and 

WHEREAS, each Private Placement CAPSTM and each Working Capital CAPSTM is comprised of one share of Common Stock (as defined below) and one-quarter of one warrant to purchase Common Stock (the “Private Placement
Warrants” and the “Working Capital Warrants,” respectively); and 
 WHEREAS, the Private Placement
Warrants and the Working Capital Warrants bear the legend set forth in Exhibit B hereto; and 
 WHEREAS, the Company is engaged in an
initial public offering (the “Offering”) of the Company’s CAPSTM, each such CAPSTM comprised of one share
of Common Stock (as defined below) and one-quarter of one Public Warrant (as defined below) (the “CAPSTM”) and, in
connection therewith, has determined to issue and deliver up to 3,600,000 warrants (or up to 4,140,000 warrants if the Over-allotment Option is exercised in full) to public investors in the Offering (the “Public Warrants”
and, together with the Private Placement Warrants and the Working Capital Warrants, the “Warrants”). Each whole Warrant entitles the holder thereof to purchase one share of Class A common stock of the Company, par value
$0.0001 per share (“Common Stock”), for $28.75 per share, subject to adjustment as described herein; and 

 WHEREAS, the Company has filed with the Securities and Exchange Commission (the
“Commission”) registration statements on Form S-1, File Nos. 333-248267 and 333-248828 (the
“Registration Statement”) and prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the CAPSTM, the Public Warrants and the Common Stock included in the CAPSTM; and 

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with
the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and 
 WHEREAS, the Company desires to provide for
the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and 

WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and
countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 

1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the
Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 

2. Warrants. 
 2.1 Form of
Warrant. Each Warrant shall be issued in registered form only. 
 2.2 Effect of Countersignature. If a physical certificate is issued, unless
and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 

2.3 Registration. 
 2.3.1 Warrant
Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant
Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the
Public Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by institutions that have accounts with the Depository Trust Company (the “Depositary”) (such institution,
with respect to a Warrant in its account, a “Participant”). 

  
 2 

 If the Depositary subsequently ceases to make its book-entry settlement system available for
the Public Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In its sole discretion, the Company may instruct the Warrant Agent to deliver to the Depositary (i) written
instructions to deliver to the Warrant Agent for cancellation each book-entry Public Warrant and (ii) definitive certificates in physical form evidencing such Warrants which shall be in the form annexed hereto as Exhibit A. 

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

2.3.2 Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of
ownership or other writing on any physical certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected
by any notice to the contrary. 
 2.4 Detachability of Warrants. The Common Stock and Public Warrants comprising the CAPSTM shall begin separate trading on the 52nd day following the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New
York City are generally open for normal business (a “Business Day”), then on the immediately succeeding Business Day following such date, or earlier (the “Detachment Date”) with the consent of Evercore
Group L.L.C., as underwriter, but in no event shall the Common Stock and the Public Warrants comprising the CAPSTM be separately traded until (A) the Company has filed a Current Report on
Form 8-K with the Commission containing an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds received by the Company from the exercise by
the underwriter of its right to purchase additional CAPSTM in the Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised prior to the filing
of the Current Report on Form 8-K, and (B) the Company issues a press release and files with the Commission a Current Report on Form 8-K announcing when such
separate trading shall begin. 
 2.5 No Fractional Warrants Other Than as Part of
CAPSTM. The Company shall not issue fractional Warrants other than as part of CAPSTM, each of which is comprised of one share of Common
Stock and one-quarter of one Public Warrant. If, upon the detachment of Public Warrants from CAPSTM or otherwise, a holder of Warrants would be entitled
to receive a fractional Warrant, the Company shall round down to the nearest whole number the number of Warrants to be issued to such holder. 

  
 3 

 2.6 Private Placement and Working Capital Warrants. The Private Placement Warrants and
Working Capital Warrants shall be identical to the Public Warrants, except that so long as they are held by the Sponsor or any of its Permitted Transferees (as defined below), as applicable, the Private Placement Warrants and Working Capital
Warrants: (i) may be exercised for cash or on a cashless basis, pursuant to subsection 3.3.1(c) hereof, (ii) may not be transferred, assigned or sold until thirty (30) days after the completion by the Company of an initial
Partnering Transaction (as defined below), and (iii) shall not be redeemable by the Company pursuant to Section 6.1 hereof; provided, however, that in the case of (ii), the Private Placement Warrants,
Working Capital Warrants and any shares of Common Stock held by the Sponsor or any of its Permitted Transferees and issued upon exercise of the Private Placement Warrants or Working Capital Warrants may be transferred by the holders thereof: 

(a) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any
member of Solamere Capital’s network of leading business executives, including former chief executive officers of S&P 500 companies (the “Solamere Network”), any affiliates or family members of any member of the
Solamere Network, any members of the Sponsor or their affiliates, any affiliates of the Sponsor, or any employees of such affiliates; 
 (b)
in the case of an individual, by gift to a member of one of the members of the individual’s immediate family or to a trust, the beneficiary of which is a member of one of the individual’s immediate family, an affiliate of such person or to
a charitable organization; 
 (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual;

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

(e) by private sales or transfers made in connection with the consummation of the Company’s initial Partnering Transaction at prices no
greater than the price at which the Warrants were originally purchased; 
 (f) in the event of the Company’s liquidation prior to the
completion of the Company’s initial Partnering Transaction; or 
 (g) by virtue of the laws of Delaware or the Sponsor’s limited
liability company agreement upon dissolution of the Sponsor; 
 (h) to the Company for no value for cancellation in connection with the
consummation of our initial Partnering Transaction; or 
 (i) in the event of the Company’s liquidation, merger, capital stock
exchange, reorganization or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property subsequent to the completion of the
Company’s initial Partnering Transaction; 

  
 4 

 provided, however, that in the case of clauses (a) through (e), these permitted
transferees (the “Permitted Transferees”) must enter into a written agreement agreeing to be bound by these transfer restrictions. 

2.7 Working Capital Warrants. Each of the Working Capital Warrants shall be identical to the Private Placement Warrants. 

3. Terms and Exercise of Warrants. 

3.1 Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject to the
provisions of such Warrant and of this Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $28.75 per share, subject to the adjustments provided in Section 4 hereof
and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement shall mean the price per share at which shares of Common Stock may be purchased at the time a Warrant is exercised.
The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days, provided, that the Company shall provide at least fifteen
(15) days prior written notice of such reduction to Registered Holders of the Warrants and, provided further that any such reduction shall be identical among all of the Warrants. 

3.2 Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) commencing on the
later of: (i) the date that is thirty (30) days after the first date on which the Company completes a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar partnering transaction, involving the
Company and one or more businesses (a “Partnering Transaction”), or (ii) the date that is twelve (12) months from the date of the closing of the Offering, and terminating at 5:00 p.m., New York City time on the
earliest to occur of: (x) the date that is five (5) years after the date on which the Company completes its Partnering Transaction, (y) the liquidation of the Company if the Company fails to complete a Partnering Transaction, or
(z) other than with respect to the Private Placement Warrants and Working Capital Warrants then held by the Sponsor or any officers or directors of the Company, or any of their Permitted Transferees with respect to
Section 6.1, the Redemption Date (as defined below) as provided in Section 6.3 hereof (the “Expiration Date”); provided, however, that the exercise of any
Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below with respect to an effective registration statement. Except with respect to the right to receive the Redemption Price (as
defined below) (other than with respect to a Private Placement Warrant or a Working Capital Warrant held by the Sponsor or any officers or directors of the Company, or their Permitted Transferees, in connection with a redemption pursuant
to Section 6.1 hereof) in the event of a redemption (as set forth in Section 6 hereof), each Warrant (other than a Private Placement Warrant or a Working Capital Warrant held by the Sponsor or
any officers or directors of the Company, or their Permitted Transferees, in the event of a redemption pursuant to Section 6.1 hereof) not exercised on or before the Expiration Date shall become void, and all
rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date;
provided, that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in duration among all
the Warrants. 

  
 5 

 3.3 Exercise of Warrants. 

3.3.1 Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be
exercised by the Registered Holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth
in the Warrant, duly executed, and by paying in full the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the
Warrant for the shares of Common Stock and the issuance of such shares of Common Stock, as follows: 
 (a) in lawful money of the United
States, in good certified check or good bank draft payable to the Warrant Agent; 
 (b) in the event of a redemption pursuant to
Section 6 hereof in which the Company’s board of directors (the “Board”) has elected to require all holders of the Warrants to exercise such Warrants on a “cashless basis,” by
surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market
Value”, as defined in this subsection 3.3.1(b), over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(b) and Section 6.4, the “Fair Market Value”
shall mean the average closing price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of the Warrants, pursuant to
Section 6 hereof; 
 (c) with respect to any Private Placement Warrant or Working Capital Warrant, so long as such
Private Placement Warrant or Working Capital Warrant is held by the Sponsor or a Permitted Transferee, by surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the
number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value”, as defined in this subsection 3.3.1(c), over the Warrant Price by (y) the Fair Market Value. Solely for purposes of
this subsection 3.3.1(c), the “Fair Market Value” shall mean the average closing price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which notice of exercise of the
Private Placement Warrant or Working Capital Warrant is sent to the Warrant Agent; 
 (d) [reserved]; or 

(e) as provided in Section 7.4 hereof. 

3.3.2 Issuance of Shares of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds
in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the

  
 6 

 
number of full shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised
in full, a new book-entry position or countersigned Warrant, as applicable, for the number of shares of Common Stock as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver
any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the shares of Common Stock underlying the Public
Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4, or a valid exemption from registration is available. No Warrant shall be
exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the Common Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws
of the state of residence of the Registered Holder of the Warrants. The Company may require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason of any
exercise of warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share of Common Stock, the Company shall round down to the nearest whole
number, the number of shares of Common Stock to be issued to such holder. 
 3.3.3 Valid Issuance. All shares of Common Stock issued upon
the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and non-assessable. 

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

3.3.5 Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions
contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the
exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s
actual knowledge, would beneficially own in excess of 9.8% (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the
aggregate number of shares of Common Stock beneficially owned by such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is
being made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining, 

  
 7 

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

4. Adjustments. 
 4.1 Stock
Dividends. 
 4.1.1 Split-Ups. If after the date hereof, and subject to the provisions of
Section 4.6 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock or
other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to
such increase in the outstanding shares of Common Stock. A rights offering to all or substantially all holders of the Common Stock entitling holders to purchase shares of Common Stock at a price less than the “Fair Market Value” (as
defined below) shall be deemed a stock dividend of a number of shares of Common Stock equal to the product of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in
such rights offering that are convertible into or exercisable for the Common Stock) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Fair Market
Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Common Stock, in determining the price payable for Common Stock, there shall be taken into account any
consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means the volume weighted average price of the Common Stock as reported during the ten
(10) trading day period ending on the trading day prior to the first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. 

  
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 4.1.2 Extraordinary Dividends. If the Company, at any time while the Warrants are
outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to all or substantially all of the holders of the Common Stock on account of such shares of Common Stock (or other shares of the
Company’s capital stock into which the Warrants are convertible), other than (a) as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the
Common Stock in connection with a proposed initial Partnering Transaction, (d) to satisfy the redemption rights of the holders of Common Stock in connection with a stockholder vote to amend the Company’s amended and restated certificate of
incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of Common Stock if the Company does not complete the Partnering Transaction within 24 months from the closing of the Offering (or 27 months if the
Company has executed a letter of intent, agreement in principle or definitive agreement for the Partnering Transaction within 24 months from the closing of the Offering) or with respect to any other provisions relating to the rights of holders of
Common Stock, or (e) in connection with the redemption of public shares upon the failure of the Company to complete its initial Partnering Transaction and any subsequent distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary
Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary Dividend. For purposes of this
subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other cash dividends and cash distributions paid on
the Common Stock during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $1.25 (being 5% of the offering price of the CAPSTM in the Offering (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash
distributions that resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock issuable on exercise of each Warrant)). Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding
and unexpired, pays a cash dividend of $1.00 per share on the shares of Common Stock and previously paid an aggregate of $0.75 of cash dividends and cash distributions on the shares of Common Stock during the
365-day period ending on the date of declaration of such $1.00 per share dividend, then the Warrant Price will be decreased, effectively immediately after the effective date of such $0.35 per share dividend,
by $0.50 (the absolute value of the difference between $1.75 per share (the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period, including such $1.00 dividend) and
$1.25 per share. 
 4.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of
Section 4.6 hereof, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the
effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding
shares of Common Stock. 
 4.3 Adjustments in Exercise Price. 

  
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 4.3.1 Whenever the number of shares of Common Stock purchasable upon the exercise of the
Warrants is adjusted, as provided in subsection 4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a
fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common
Stock so purchasable immediately thereafter. 
 4.3.2 If (x) the Company issues additional shares of Common Stock or securities
convertible into or exercisable or exchangeable for shares of Common Stock for capital raising purposes in connection with the closing of an initial Partnering Transaction at an issue price or effective issue price of less than $23.00 per share
(with such issue price or effective issue price to be determined in good faith by the Board and, (i) in the case of any such issuance to the Sponsor or its affiliates, without taking into account any shares of Class F common stock of the
Company, par value $0.0001 per share (the “Class F Common Stock”) held by the Sponsor or its affiliates, prior to such issuance, and (ii) without taking into account the transfer of
shares of Class B common stock of the Company, par value $0.0001 per share, Class F Common Stock or Private Placement Warrants (including if such transfer is effectuated as a surrender to the Company and subsequent reissuance by the
Company) by the Sponsor in connection with such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of an initial Partnering Transaction on the date of the consummation of such initial Partnering Transaction (net of redemptions), and (z) the volume weighted average trading price of the Common Stock during the 20 trading day
period starting on the trading day prior to the day on which the Company consummates an initial Partnering Transaction (such price, the “Market Value”) is below $23.00 per share, the Warrant Price will be adjusted (to the
nearest cent) to be equal to 110% of the higher of the Market Value and the Newly Issued Price, and the $45.00 per share redemption trigger price under Section 6.1 will be adjusted (to the nearest cent) to be equal to 180%
of the higher of the Market Value and the Newly Issued Price. 
 4.4 Replacement of Securities upon Reorganization, etc. In case of any
reclassification or reorganization of the outstanding shares of Common Stock (other than a change under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the par value of such shares of
Common Stock), or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or
reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with
which the Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company
immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the
“Alternative Issuance” ); provided, however, that (i) if the holders of the Common 

  
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Stock were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of
securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of the Common Stock in such
consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the Common Stock (other than a tender, exchange or redemption offer made by
the Company in connection with redemption rights held by stockholders of the Company as provided for in the Company’s amended and restated certificate of incorporation or as a result of the repurchase of shares of Common Stock by the Company if
a proposed initial Partnering Transaction is presented to the stockholders of the Company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the
meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act (or any successor rule)) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule
13d-3 under the Exchange Act (or any successor rule)) more than 50% of the outstanding shares of Common Stock, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest
amount of cash, securities or other property to which such holder would actually have been entitled as a stockholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and
all of the Common Stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments
provided for in this Section 4, provided, further, that if less than 70% of the consideration receivable by the holders of the Common Stock in the applicable event is payable in the form of shares of Common Stock in the
successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading
or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant to a current
report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) (but in no event less than zero) equal to the difference of (i) the Warrant Price in effect prior
to such reduction minus (ii) (A) the Per Share Consideration (as defined below) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior
to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating such amount, (1) Section 6 of this
Agreement shall be taken into account, (2) the price of each share of Common Stock shall be the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the
effective date of the applicable event, (3) the assumed volatility shall be the 90-day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day
of the announcement of the applicable event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share Consideration” means
(i) if the consideration paid to holders of the Common Stock consists exclusively of cash, the amount of such cash per share of 

  
 11 

 
Common Stock, and (ii) in all other cases, the amount of cash per share of Common Stock, if any, plus the volume weighted average price of the Common Stock as reported during the ten
(10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change in shares of Common Stock covered by subsection 4.1.1, then such
adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive
reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant. 

4.5 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares of Common Stock issuable upon exercise of
a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares of Common Stock purchasable at
such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or
4.4, the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to
give such notice, or any defect therein, shall not affect the legality or validity of such event. 
 4.6 No Fractional Shares.
Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional shares of Common Stock upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this
Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round down to the nearest whole number the
number of shares of Common Stock to be issued to such holder. 
 4.7 Form of Warrant. The form of Warrant need not be changed because of any
adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares of Common Stock as is stated in the Warrants initially issued pursuant to this
Agreement; provided, however, that the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant
thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 

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

  
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 4.9 No Adjustment. For the avoidance of doubt, no adjustment shall be made to the terms of
the Warrants solely as a result of an adjustment to the conversion ratio of the Class F Common Stock of the Company into Common Stock or the conversion of the Class F Common Stock into Common Stock, in each case, pursuant to the
Company’s amended and restated certificate of incorporation, as amended from time to time. 
 5. Transfer and Exchange of
Warrants. 
 5.1 Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant
upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal
aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request. 

5.2 Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or
transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided,
however, that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants and Working Capital Warrants), the Warrant Agent shall not cancel such Warrant and issue new
Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend. 

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

5.4 Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms
of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on
behalf of the Company for such purpose. 
 5.5 Transfer of Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or
exchanged only together with the Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit on the register relating to such CAPSTM shall operate also to transfer the Warrants included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.5 shall have no effect on any
transfer of Warrants on and after the Detachment Date. 

  
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 6. Redemption. 

6.1 Redemption of Warrants for Cash. Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may
be redeemed, at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in
Section 6.3 below, at the price (the “Redemption Price”) of $0.01 per Warrant, provided that the last sales price of the Common Stock reported has been at least $45.00 per share
(subject to adjustment in compliance with Section 4 hereof), on each of twenty (20) trading days within the thirty (30) trading-day period ending on the third Business Day
prior to the date on which notice of the redemption is given and provided that there is an effective registration statement covering the issuance of the shares of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating
thereto, available throughout the 30-day Redemption Period (as defined in Section 6.3 below) or the Company has elected to require the exercise of the Warrants on a “cashless
basis” pursuant to subsection 3.3.1. 
 6.2 [Reserved]. 

6.3 Date Fixed for, and Notice of, Redemption. In the event that the Company elects to redeem all of the Warrants pursuant to
Section 6.1, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty
(30) days prior to the Redemption Date (the “30-day Redemption Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses as they shall appear on the
registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice. 

6.4 Exercise After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with
subsection 3.3.1(b) of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.3 hereof and prior to the Redemption Date. In the event that the Company
determines to require all holders of Warrants to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1, the notice of redemption shall contain the information necessary to calculate the number of shares of
Common Stock to be received upon exercise of the Warrants, including the “Fair Market Value” (as such term is defined in subsection 3.3.1(b) hereof) in such case. On and after the Redemption Date, the record holder of the Warrants
shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price. 
 6.5 Exclusion of Private Placement
Warrants and Working Capital Warrants. The Company agrees that the redemption rights provided in Section 6.1 hereof shall not apply to the Private Placement Warrants or the Working Capital Warrants if at the time of the
redemption such Private Placement Warrants or the Working Capital Warrants continue to be held by the Sponsor or its Permitted Transferees. However, once such Private Placement Warrants or Working Capital Warrants are transferred (other than to
Permitted Transferees in accordance with Section 2.5), the Company may redeem the Private Placement Warrants or the Working Capital Warrants pursuant to Section 6.1, provided that the criteria for
redemption are met, including the opportunity of the holder of such Private Placement Warrants or Working Capital 

  
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Warrants to exercise the Private Placement Warrants prior to redemption pursuant to Section 6.4. Private Placement Warrants or Working Capital Warrants that are
transferred to persons other than Permitted Transferees shall upon such transfer cease to be Private Placement Warrants or Working Capital Warrants and shall become Public Warrants under this Agreement. 

7. Other Provisions Relating to Rights of Holders of Warrants. 

7.1 No Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder of the Company,
including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors
of the Company or any other matter. 
 7.2 Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or
destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like
denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed
Warrant shall be at any time enforceable by anyone. 
 7.3 Reservation of Common Stock. The Company shall at all times reserve and keep
available a number of its authorized but unissued shares of Common Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement. 

7.4 Registration of Common Stock; Cashless Exercise at Company’s Option. 

7.4.1 Registration of the Common Stock. The Company agrees that as soon as practicable, but in no event later than twenty (20) Business
Days after the closing of its initial Partnering Transaction, it shall use its commercially reasonable efforts to file with the Commission a registration statement for the registration, under the Securities Act, of the shares of Common Stock
issuable upon exercise of the Warrants. The Company shall use its commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto,
until the expiration of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared effective by the 60th Business Day following the closing of the Partnering Transaction, holders of the
Warrants shall have the right, during the period beginning on the 61st Business Day after the closing of the Partnering Transaction and ending upon such registration statement being declared effective by the Commission, and during any other period
when the Company shall fail to have maintained an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in
accordance with Section 3(a)(9) of the Securities Act (or any successor rule) or another exemption) for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common
Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) over the Warrant Price by (y) the Fair Market Value. 

  
 15 

 
Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall mean the volume weighted average price of the Common Stock as reported during the ten (10) trading
day period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary. The date that notice of cashless exercise is received by the
Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise” of a Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company
(which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a cashless basis in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and
(ii) the shares of Common Stock issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act (or any successor
rule)) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of any doubt, unless and until all of the Warrants have been exercised, the Company shall
continue to be obligated to comply with its registration obligations under the first three sentences of this subsection 7.4.1. 

7.4.2 Cashless Exercise at Company’s Option. If the Common Stock is at the time of any exercise of a Warrant not listed on a national
securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act (or any successor rule), the Company may, at its option, (i) require holders of Public Warrants who
exercise Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) as described in subsection 7.4.1 and (ii) in the event the
Company so elects, the Company shall (x) not be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of the Common Stock issuable upon exercise of the Warrants, notwithstanding anything
in this Agreement to the contrary, and (y) use its commercially reasonable efforts to register the Common Stock issuable upon exercise of the Public Warrant under the blue sky laws of the state of residence of the exercising Public Warrant
holder to the extent an exemption is not available. 
 7.5 Voting Limitation. No Public Warrant holder may vote more than 15% of the
outstanding Public Warrants (measured on a beneficial basis and including such holder’s affiliates) unless the Company provides written consent to the Warrant Agent. In order to vote a Public Warrant, the beneficial owner thereof must identify
itself and must represent that it together with its affiliates is not voting (on a beneficial basis) more than 15% of the outstanding Public Warrants based on the most recent disclosure by us in a filing with the Commission of the outstanding
amounts of Public Warrants unless the Company allows a holder to vote greater than 15% of the outstanding Public Warrants. 
 8.
Concerning the Warrant Agent and Other Matters. 
 8.1 Payment of Taxes. The Company shall from time to time promptly pay all taxes
and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of
the Warrants or such shares of Common Stock. 

  
 16 

 8.2 Resignation, Consolidation, or Merger of Warrant Agent. 

8.2.1 Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be
discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company
shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by
the Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for
the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good
standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After
appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any
further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority,
powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in
and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. 
 8.2.2 Notice of
Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the Transfer Agent for the Common Stock not later than the effective date of any such
appointment. 
 8.2.3 Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it
may be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act. 

8.3 Fees and Expenses of Warrant Agent. 

8.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and
shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 

8.3.2 Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,
and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement. 

  
 17 

 8.4 Liability of Warrant Agent. 

8.4.1 Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary
or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be
conclusively proved and established by a statement signed by the Chief Executive Officer, Chief Financial Officer, Secretary or Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement
for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement. 
 8.4.2 Indemnity. The Warrant Agent
shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel
fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s gross negligence, willful misconduct or bad faith. 

8.4.3 Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the
validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall
not be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would
require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to
whether any shares of Common Stock shall, when issued, be valid and fully paid and non-assessable. 

8.5 Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the
terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of
shares of Common Stock through the exercise of the Warrants. 
 8.6 Waiver. The Warrant Agent has no right of
set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust
Agreement, dated as of the date hereof, by and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason
whatsoever. The Warrant Agent hereby waives any and all Claims against the Trust Account and any and all rights to seek access to the Trust Account. 

  
 18 

 9. Miscellaneous Provisions. 

9.1 Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and
inure to the benefit of their respective successors and assigns. 
 9.2 Notices. Any notice, statement or demand authorized by this Agreement
to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five
(5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows: 

Executive Network Partnering Corporation 

137 Newbury Street, 7th Floor 

Boston, MA 02116 
 Attention:
Alex Dunn 
 Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the
Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another
address is filed in writing by the Warrant Agent with the Company), as follows: 
 Continental Stock Transfer & Trust Company 

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

With a copy in each case to: 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
New York 10022 
 Attn: Christian O. Nagler 

         Wayne E. Williams 

and 
 Davis Polk &
Wardwell LLP 
 450 Lexington Avenue 

New York, New York 10017 
 Attn:
Derek Dostal 
          Deanna Kirkpatrick 

and 
 Evercore Group L.L.C. 

55 East 52nd Street, Ste 35 

New York, New York 10055 
 Attn:
Kenneth Masotti 

  
 19 

 9.3 Applicable Law. The validity, interpretation, and performance of this Agreement and of
the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company hereby agrees
that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York,
and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 

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

9.5 Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant
Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection by it. 

9.6 Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for
all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
 9.7 Effect
of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof. 

9.8 Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any
ambiguity or to correct any mistake, including to conform the provisions hereof to the description of the terms of the Warrants and this Agreement set forth in the Prospectus, or curing, correcting or supplementing any defective provision contained
herein or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Registered
Holders. All other modifications or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the vote or written consent of the Registered Holders of 50% of the then outstanding Public Warrants
who vote on the modification or amendment, after at least 10 days’ notice that an amendment is being sought, and with respect to any amendment to the terms of only the Private Placement Warrants or Working Capital Warrants, shall require the
vote or written consent of the Registered Holders of 50% of the then outstanding Private Placement Warrants or Working Capital Warrants, as applicable. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of
the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders. 

  
 20 

 9.9 Severability. This Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties
hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

Exhibit A Form of Warrant Certificate 
 Exhibit B Legend —
Private Placement Warrants 

  
 21 

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

			
	EXECUTIVE NETWORK PARTNERING CORPORATION
		
	By:	 	 /s/ Alex Dunn

	Name:	 	Alex Dunn
	Title:	 	Chief Executive Officer
	
	CONTINENTAL STOCK TRANSFER &
	TRUST COMPANY, as Warrant Agent
		
	By:	 	 /s/ Erika Young

	Name:	 	Erika Young
	Title:	 	Vice President

 [Signature Page to Warrant Agreement] 

 EXHIBIT A 

Form of Warrant Certificate 

[FACE] 
 Number 

Warrants 

 
 THIS WARRANT
SHALL BE VOID IF NOT EXERCISED PRIOR TO 
 THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR 

IN THE WARRANT AGREEMENT DESCRIBED BELOW 

EXECUTIVE NETWORK PARTNERING CORPORATION 

Incorporated Under the Laws of the State of Delaware 

CUSIP [•] 
 Warrant
Certificate 
 This Warrant Certificate certifies that
, or registered assigns, is the registered holder of warrant(s) evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase
shares of Class A common stock, $0.0001 par value (“Common Stock”), of Executive Network Partnering Corporation, a Delaware corporation (the “Company”). Each Warrant entitles the holder, upon
exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and non-assessable shares of Common Stock as set forth below, at the
exercise price (the “Exercise Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement) of the United
States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. 

Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 

Each Warrant is initially exercisable for one fully paid and non-assessable share of Common Stock. The
number of shares of Common Stock issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement. 

The initial Exercise Price per share of Common Stock for any Warrant is equal to $28.75 per share. The Exercise Price is subject to adjustment
upon the occurrence of certain events set forth in the Warrant Agreement. 
 Subject to the conditions set forth in the Warrant Agreement,
the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise Period, such Warrants shall become void. 

  
 A-1 

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

 

			
	EXECUTIVE NETWORK PARTNERING CORPORATION
		
	By:	 	  

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

	Name:	 	
	Title:	 	

  
 A-2 

 Form of Warrant Certificate 

[Reverse] 
 The Warrants
evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of September 15, 2020
(the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which
Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the
Company and the holders (the words “holders” or “holder” meaning the Registered Holders or Registered Holder) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon
written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 

Warrants may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this
Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed, together with payment of the Exercise Price as specified in the Warrant Agreement
(or through “cashless exercise” as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall
be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised. 

Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise
(i) a registration statement covering the shares of Common Stock to be issued upon exercise is effective under the Securities Act, or a valid exemption from registration is available, and (ii) a prospectus thereunder relating to the shares
of Common Stock is current, except through “cashless exercise” as provided for in the Warrant Agreement. 
 The Warrant Agreement
provides that upon the occurrence of certain events the number of shares of Common Stock issuable upon exercise of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder
thereof would be entitled to receive a fractional interest in a share of Common Stock, the Company shall, upon exercise, round down to the nearest whole number of shares of Common Stock to be issued to the holder of the Warrant. 

Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person
or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or
Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants. 

  
 A-3 

 Upon due presentation for registration of transfer of this Warrant Certificate at the office
of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations
provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith. 
 The
Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise
hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder
hereof to any rights of a stockholder of the Company. 

  
 A-4 

 Election to Purchase 

(To Be Executed Upon Exercise of Warrant) 

The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to
receive                shares of Common Stock and herewith tenders payment for such shares of Common Stock to the order of Executive Network Partnering Corporation (the
“Company”) in the amount of $                 in accordance with the terms hereof. The undersigned requests that a certificate for such shares of Common
Stock be registered in the name of                , whose address is                and
that such shares of Common Stock be delivered to                 whose address
is                . If said number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a new
Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the name of                 , whose address
is                 and that such Warrant Certificate be delivered to                ,
whose address is                . 
 In the event that the
Warrant has been called for redemption by the Company pursuant to Section 6 of the Warrant Agreement and the Company has required cashless exercise pursuant to Section 6.4 of the Warrant Agreement,
the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b) and Section 6.4 of the Warrant Agreement. 

In the event that the Warrant is a Private Placement Warrant that is to be exercised on a “cashless” basis pursuant to subsection
3.3.1(c) of the Warrant Agreement, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c) of the Warrant Agreement. 

In the event that the Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the
Warrant Agreement, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement. 

In the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number
of shares of Common Stock that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following:
The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive shares of Common Stock. If said number of shares is less than all
of the shares of Common Stock purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the name
of                 , whose address is                and that such Warrant Certificate be
delivered to                 , whose address is                 . 

[Signature Page Follows] 

Date:                , 20 

 

	
	  
 (Signature)

  
 A-5 

 
	
	  
 (Address)

 

	(Tax Identification Number)

 Signature Guaranteed: 

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

  
 A-6 

 EXHIBIT B 

LEGEND 
 “THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG EXECUTIVE NETWORK PARTNERING CORPORATION
(THE “COMPANY”), ENPC HOLDINGS, LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY
COMPLETES ITS INITIAL PARTNERING TRANSACTION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE
SUBJECT TO SUCH TRANSFER PROVISIONS. 
 SECURITIES EVIDENCED BY THIS CERTIFICATE AND SHARES OF CLASS A COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF
SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION AND STOCKHOLDER RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.” 

 

 No.

 Warrants

 

  
 B-1

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