Document:

Exhibit
4.29

 

SUBSCRIPTION
AGREEMENT

 

This
subscription agreement (this “Agreement”) is made and entered into as of June
10, 2020 by and between

 

		(1)	Kaixin
                                         Auto Holdings (formerly known as CM Seven Star Acquisition Corporation), a Cayman Islands
                                         exempted company (the “Company”), and

 

		(2)	Shareholder
                                         Value Fund, a Cayman Islands exempted company (the “Subscriber”).

 

WHEREAS,
the Company issued an interest-free promissory note dated as of April 9, 2018 to the Subscriber in the principal amount of US$500,000
(“Note I”), the full amount of which is outstanding as of the date hereof.

 

WHEREAS,
the Company issued an interest-free promissory note dated as of January 24, 2019 to the Subscriber in the principal amount of
US$1,100,000.00 (“Note II”), the full amount of which is outstanding as of the date hereof.

 

WHEREAS,
the Company issued an interest-free convertible promissory note dated as of January 24, 2019 to the Subscriber in the principal
amount of US$1,013,629.30 (“Note III,” and collectively with Note I and Note II, the “Notes”),
the full amount of which is outstanding as of the date hereof.

 

WHEREAS,
the Company and the Subscriber proposed to enter into a subscription agreement in March 2020 (collectively with any other oral
or written understanding, if any, in connection with such proposed subscription agreement, the “Prior Subscription
Agreement”), pursuant to which the Company shall issue 160,000 ordinary shares of the Company, par value US$0.0001
per share (“Ordinary Shares”), for a total subscription price of US$1,600,000, which has been paid by
the Subscriber.

 

WHEREAS,
subject to the consent of certain existing shareholders of the Company, the Subscriber is entitled to registration rights on the
terms set forth in this Agreement.

 

NOW, THEREFORE,
for and in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto do hereby agree as
follows:

 

		I.	DEFINITIONS

 

1.1           As
used in this Agreement, the following terms have the following meanings:

 

“Affiliate”
means, with respect to any person, any other person directly or indirectly controlling, controlled by, or under common control
with such person. For purposes of this definition, “control” when used with respect to any person means the power
to direct the management and policies of such person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise, and the terms “controlling” and “controlled” have correlative meanings.

 

    	 	1	 

    
 

    

 

“Closing
Date” means such date of which the Subscriber is notified by the Company at least one day in advance, provided that
the Closing Date shall not be later than the earlier of either A) one month after the date of this Agreement or B) one business
day prior to the next registration statement filed by the Company after the date of this Agreement.

 

“GAAP”
means generally accepted accounting principles in the United States.

 

“NASDAQ”
means the Nasdaq Capital Market.

 

“Ordinary
Shares” means the ordinary shares of the Company with par value of US$0.0001 per share.

 

"Total
Subscriber Shares" means 9,413,200 Ordinary Shares held by the Subscriber on the Closing Date.

 

		II.	SUBSCRIPTION
                                         FOR SHARES

 

2.1           Subscription
for Shares. Subject to the conditions set out in Article III and the terms and conditions hereinafter set forth, at Closing
(as defined in Section 2.2) the Subscriber shall subscribe for, and the Company shall issue to the Subscriber, 4,213,629 Ordinary
Shares (the “Subscription Shares”).

 

2.2           Closing;
Notification. Subject to satisfaction or waiver by the party entitled to the benefit of the conditions set forth in Article
III (other than conditions that by their nature are to be satisfied at Closing, but subject to the satisfaction or, to the extent
permissible, waiver of those conditions at Closing), the closing of subscription of the Subscription Shares pursuant to this Section
2.2 (the “Closing”) shall take place on the Closing Date.

 

2.3           Consideration.
In consideration for and immediately upon the issuance of the Subscription Shares at Closing in accordance with Section 2.1,

 

(a)           each
of the Notes shall be automatically and irrevocably cancelled in full, and the Company shall have no further obligation under
any of the Notes; and

 

(b)           the
Company’s obligation, if any, to issue any Ordinary Shares under the Prior Subscription Agreement shall be deemed to be
fully and automatically fulfilled, and the Prior Subscription Agreement, to the extent it is effective, shall be terminated in
full.

 

2.4           Deliverables.
At Closing the Company shall:

 

(a)           issue
and allot the Subscription Shares to the Subscriber;

 

(b)           duly
register the Subscription Shares, in the name of the Subscriber, in the Company's register of members; and

 

(c)           deliver
a certified true copy of the register of members of the Company showing the Subscriber as the legal and beneficial holder of the
Subscription Shares.

 

    	 	2	 

    
 

    

 

		III.	CONDITIONS
                                         TO CLOSING

 

3.1           Conditions
to Obligations of the Subscriber.

 

(a)           No
United States or non-United States federal, national, supranational, state, provincial, local or similar government, governmental,
regulatory, or administrative authority, self-regulatory body, branch, agency or commission or any court, tribunal, or arbitral
or judicial body (including any grand jury) (each, a “Governmental Authority”) shall have enacted, issued,
promulgated, enforced or entered any law, rule, regulation, judgment, injunction, order or decree (in each case, whether temporary,
preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation
of the transactions contemplated by this Agreement.

 

(b)           The
representations and warranties contained in Article V hereof shall be true and correct in all respects on and as of the Closing
Date as though such representations and warranties were made on and as of the Closing Date.

 

(c)           The
Company shall have performed and complied with in all material respects each of, and not be in breach or default in any material
respect under any of, the agreements, covenants, conditions and obligations contained in this Agreement that are required to be
performed or complied with on or before the Closing Date.

 

(d)           There
having been since the date of this Agreement (i) no material adverse changes in the business, operations, properties, financial
position (including without limitation any material increase in provisions), prospects or condition of the Company, and (ii) no
material adverse change in any relevant laws, regulation or policies in any of the jurisdictions in which the Company does business
(whether coming into effect prior to, on or after the Closing Date) that materially and adversely effects or may materially and
adversely affect the Company.

 

(e)           All
corporate and other actions required to be taken by the Company in connection with the issuance and sale of the Subscription Shares
shall have been completed.

 

(f)           No
stop order or suspension of trading shall have been imposed by NASDAQ, the Securities and Exchange Commission of the United States
(the “SEC”) or any other Governmental Authority with respect to the public trading of the Ordinary Shares.

 

		IV.	REPRESENTATIONS
                                         AND COVENANTS BY THE SUBSCRIBER

 

4.1           Reliance
on Exemptions. The Subscriber acknowledges that the issuance of the Subscription Shares has not been reviewed by the SEC or
any state agency and is intended to be a non-public offering exempt from the registration requirements of the U.S. Securities
Act of 1933, as amended (the “Securities Act”) and state securities laws. The Subscriber understands
that the Company is relying in part upon the truth and accuracy of, and the Subscriber’s compliance with, the representations,
warranties, agreements, acknowledgments and understandings of the Subscriber set forth herein in order to determine the availability
of such exemptions and the eligibility of the Subscriber to acquire the Subscription Shares.

 

4.2           Investment
Purpose. The Subscriber represents that the Subscription Shares are being acquired for its own account, not for the account
or benefit of any U.S. person, for investment purposes only and not for distribution or resale to others in contravention of the
registration requirements of the Securities Act. The Subscriber agrees that it will not sell or otherwise transfer the Subscription
Shares unless such sale or transfer is registered under the Securities Act, or such Subscription Shares are resold in accordance
with the provisions of Regulation S promulgated under the Securities Act ("Regulation S") or an available
exemption from such registration.

 

    	 	3	 

    
 

    

 

4.3           Accredited
Investor. The Subscriber represents and warrants that it is an “accredited investor” as such term is defined in
Rule 501 of Regulation D promulgated under the Securities Act.

 

4.4           Not
a “U.S. Person”. The Subscriber represents and warrants that it is not a “U.S. Person” as defined
in Rule 902 of Regulation S, was not organized under the laws of any United States jurisdiction, and was not formed
for the purpose of investing in securities not registered under the Securities Act. At the time this transaction was originated,
the Subscriber was outside the United States.

 

4.5           Information.
The Subscriber acknowledges the Company’s publicly available filings made with the SEC prior to or as of the date hereof,
and hereby represents that: (i) it has been furnished by the Company during the course of this transaction with all information
regarding the Company which it has requested; and (ii) that it has been afforded the opportunity to ask questions of and receive
answers from duly authorized officers of the Company concerning the terms and conditions of the issuance of the Subscription Shares,
and any additional information which it has requested.

 

4.6           Tax
Consequences. The Subscriber acknowledges that the transactions contemplated by this Agreement may involve tax consequences
and the Subscriber acknowledges that it is responsible for evaluating the tax and other consequences of an investment in the Subscription
Shares.

 

4.7           Transfer
or Resale. The Subscriber acknowledges that Rule 144 promulgated under the Securities Act (“Rule 144”)
requires, among other conditions, a six-month to one-year holding period prior to the resale (in limited amounts) of securities
acquired in a non-public offering without having to satisfy the registration requirements under the Securities Act. The Subscriber
understands that the Company makes no representation or warranty regarding its fulfillment in the future of any reporting requirements
under the Securities Exchange Act of 1934, as amended, or its dissemination to the public of any current financial or other information
concerning the Company, as is required by Rule 144 as one of the conditions of its availability. The Subscriber understands and
hereby acknowledges that the Company is under no obligation to register the Subscription Shares under the Securities Act, except
pursuant to the registration rights set forth in Article VI herein. Notwithstanding the foregoing to the contrary, if in the future
the Subscriber decides to offer, resell, or otherwise transfer the Subscription Shares, such securities may be offered, resold,
or otherwise transferred only (A) pursuant to an effective registration statement filed under the Securities Act, (B) to a non-U.S.
person in an offshore transaction in accordance with Rule 903 or Rule 904 of Regulation S of the Securities Act, (C) pursuant
to the resale limitations set forth in Rule 905 of Regulation S, (D) pursuant to an exemption from registration under the Securities
Act provided by Rule 144 thereunder (if available) or (E) pursuant to any other exemption from the registration requirements of
the Securities Act, and in each case in accordance with any applicable securities laws of any state of the United States or any
other jurisdiction. The Subscriber acknowledges, agrees and covenants that it will not engage in hedging transactions with regard
to the Subscription Shares prior to the expiration of the distribution compliance period specified in Rule 903 of Regulation S
promulgated under the Act, unless in compliance with the Securities Act. The Subscriber agrees that if any transfer of the Subscription
Shares is proposed to be made, as a condition precedent to any such transfer, the transferor may be required to deliver to the
Company an opinion of counsel satisfactory to the Company.

 

    	 	4	 

    
 

    

 

4.8           Legends.
The Subscriber understands that the certificates representing the Subscription Shares, until such time as they have been registered
under the Securities Act, shall bear a restrictive legend in substantially the following form (and a stop-transfer order may be
placed against transfer of such certificates or other instruments):

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT FILED UNDER THE SECURITIES ACT, (B) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE
904 OF REGULATION S UNDER THE SECURITIES ACT, (C) PURSUANT TO THE RESALE LIMITATIONS SET FORTH IN RULE 905 OF REGULATIONS S UNDER
THE SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE)
OR (E) PURSUANT TO ANY OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH
ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. HEDGING TRANSACTIONS INVOLVING THESE
SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.

 

4.9           No
General Solicitation. Subject to the Company's warranty in Section 5.4 being and remaining true and correct, the Subscriber
represents that it was not induced to invest by any form of general solicitation or general advertising including, but not limited
to, the following: (i) any advertisement, article, notice or other communication published in any newspaper, magazine or similar
media or broadcast over the news or radio; and (ii) any seminar or meeting whose attendees were invited by any general solicitation
or advertising.

 

4.10         Validity;
Enforceability. The Subscriber represents and warrants that: (a) it is authorized and otherwise duly qualified to purchase
and hold the Subscription Shares; and (b) that this Agreement has been duly and validly authorized, executed and delivered and
constitutes the legal, binding and enforceable obligation of the undersigned.

 

		V.	REPRESENTATIONS
                                         BY THE COMPANY

 

The Company
represents and warrants to the Subscriber, as of the date hereof and as of the Closing Date:

 

    	 	5	 

    
 

    

 

5.1           Organization
and Qualification. The Company is a Cayman Islands exempted company. The Company is in good standing under the laws of the
Cayman Islands and has the corporate power to conduct the business which it conducts and proposes to conduct.

 

5.2           Authorization;
Validity. The execution, delivery and performance of this Agreement by the Company has been duly approved by the board of
directors of the Company and all other actions required to authorize and effect the issuance of the Subscription Shares have been
duly taken and approved. The Subscription Shares have been duly and validly authorized and when issued and paid for in accordance
with the terms hereof, will be valid and binding obligations of the Company enforceable in accordance with their terms.

 

5.3           Disclosure
and Financial Statements.

 

(a)           the
Company has filed all forms, reports, schedules, statements and other documents, including any exhibits thereto, required to be
filed or furnished by the Company with the SEC since April 30, 2019 under the Exchange Act or the Securities Act, together with
any amendments, restatements or supplements thereto, and will file all such forms, reports, schedules, statements and other documents
required to be filed subsequent to the date of this Agreement (the “Additional SEC Documents”). The
Company has made available to the Subscriber copies in the form filed with the SEC of all of the following, except (i) any item
that was filed before April 30, 2019, and (ii) to the extent available in full without redaction on the SEC’s website through
EDGAR for at least two (2) days prior to the date of this Agreement: (i) the Company’s Annual Reports on Form 10-K or Form
20-F for each fiscal year of the Company beginning with the first year the Company was required to file such a form, (ii) the
Company’s Quarterly Reports on Form 10-Q for each fiscal quarter of the Company beginning with the first quarter the Company
was required to file such a form (iii) all proxy statements relating to the Company’s meetings of shareholders (whether
annual or special) held, and all information statements relating to shareholder consents, since the beginning of the first fiscal
year referred to in clause (i) above, (iv) its current reports on Form 8-K or Form 6-K filed since the beginning of the first
fiscal year referred to in clause (i) above, and (v) all other forms, reports, registration statements and other documents (other
than preliminary materials if the corresponding definitive materials have been provided to the Subscriber pursuant to this Section
5.3) filed by the Company with the SEC since April 30, 2019 (the forms, reports, registration statements and other documents referred
to in clauses (i), (ii), (iii), and (iv) above, whether or not available through EDGAR, are, collectively, the (“SEC
Documents”). The SEC Documents were, and the Additional SEC Documents will be, prepared in all material respects
in accordance with the requirements of the Securities Act, the Exchange Act, and the Sarbanes-Oxley Act, as the case may be, and
the rules and regulations thereunder. The SEC Documents did not, and the Additional SEC Documents will not, at the time they were
or are filed, as the case may be, with the SEC (except to the extent that information contained in any SEC Document or Additional
SEC Document has been or is revised or superseded by a later filed SEC Document or Additional SEC Document, then on the date of
such filing) contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading.
As used in this Section 5.3, the term “file” shall be broadly construed to include any manner in which a document
or information is furnished, supplied or otherwise made available to the SEC.

 

    	 	6	 

    
 

    

 

(b)           The
financial statements and notes of the Company contained or incorporated by reference in the SEC Documents and the Additional SEC
Documents (collectively, the “Company Financial Statements”) are complete and accurate and fairly present
in all material respects, in conformity with U.S. GAAP applied on a consistent basis in all material respects and Regulation S-X
or Regulation S-K, as applicable, the financial position of the Company as of the dates thereof and the results of operations
of the Company for the periods reflected therein. The Company Financial Statements (i) were prepared from the books and records
of the Company; (ii) were prepared on an accrual basis in accordance with U.S. GAAP consistently applied; (iii) contain and reflect
all necessary adjustments and accruals for a fair presentation of the Company’s financial condition as of their dates; and
(iv) contain and reflect adequate provisions for all material liabilities for all material taxes applicable to the Company with
respect to the periods then ended.

 

(c)           Except
as specifically disclosed, reflected or fully reserved against in the Company Financial Statements, and for liabilities and obligations
of a similar nature and in similar amounts incurred in the ordinary course of business since the Company’s formation, there
are no material liabilities, debts or obligations (whether accrued, fixed or contingent, liquidated or unliquidated, asserted
or unasserted or otherwise) relating to the Company. All debts and liabilities, fixed or contingent, which should be included
under U.S. GAAP on a balance sheet are included in the Company Financial Statements.

 

5.4           No
Registration. It is not necessary in connection with the issuance and sale of the Subscription Shares to register the Subscription
Shares under the Securities Act or to qualify or register the Subscription Shares under applicable U.S. state securities laws.
No directed selling efforts (as defined in Rule 902 of Regulation S under the Securities Act) have been made by any of the Company,
any of its Affiliates or any person acting on its behalf with respect to any Subscription Shares; and none of such persons has
taken any actions that would result in the sale of the Subscription Shares to the Subscriber under this Agreement requiring registration
under the Securities Act; and the Company is a “foreign issuer” (as defined in Regulation S).

 

		VI.	REGISTRATION
                                         RIGHTS

 

6.1           Applicability
of Rights. Subject to the consent of certain existing shareholders, the Subscriber shall be entitled to the following rights
set forth in this Section VI with respect to any potential public offering of Ordinary Shares in the United States, and to any
analogous or equivalent rights with respect to any other offering of shares in any other jurisdiction pursuant to which the Company
undertakes to publicly offer or list such securities for trading on a recognized securities exchange.

 

6.2           Demand
Registration Rights. The Company hereby agrees with the holders of the Total Subscriber Shares or their permitted transferees
(collectively, the “Holders”) that at any time following six months after the Closing Date, upon the
written notice of the Holders holding a majority of the Total Subscriber Shares then outstanding (the “Requesting
Holders”), the Company shall, within a reasonable time after receipt of such written notice, file a registration
statement under the Securities Act providing for the proposed resale of the Total Subscriber Shares (the “Requested
Shares”), all to the extent requisite to permit the sale or other disposition by the prospective seller or sellers
of the Requested Shares provided further that the Company shall not be obligated to effect any such registration:

 

    	 	7	 

    
 

    

 

(a)           During
the period starting with the date sixty (60) days prior to the Company’s estimated date of filing of, and ending on the
date six (6) months immediately following the effective date of, any registration statement pertaining to securities of the
Company (other than a registration of securities in a transaction under Rule 145 promulgated under the Securities Act (“Rule 145”)
or with respect to an employee benefit plan), provided that the Company is actively employing in good faith commercially
reasonable efforts to cause such registration statement to become effective;

 

(b)           After
the Company has effected two (2) such registrations pursuant to this Section 6.1 and each such registration has been declared
or ordered effective; or

 

(c)           If
any such Requesting Holders may dispose of shares of Registrable Securities pursuant to an effective registration statement on
Form S-3 or Form F-3 under the Securities Act as in effect on the date hereof or any successor form under the Securities
Act (“Form S-3/F-3”).

 

The Company
shall not undertake, or be required to undertake, any action to qualify, register or list any securities on any exchange other
than the Nasdaq Capital Market in connection with this Section 6.2, provided that the Ordinary Shares continue to be listed on
the Nasdaq Capital Market.

 

6.3           
Underwriting. The Company shall use its commercially reasonable efforts to cause such
registration statement to become effective under the Securities Act as soon as practicable following the filing thereof. If Requesting
Holder initiating any registration pursuant to Section 6.2 intend to distribute the Requested Shares by means of an underwriting,
the Requesting Holder shall, if requested by the underwriters selected by the Requesting Holder, execute an underwriting agreement
in customary form with the managing underwriter or underwriters. If in the good faith judgment of the managing underwriter of
such public offering the inclusion of all of the Requested Shares would reduce the number of shares to be offered by the Company
or interfere with the successful marketing of the securities offered by the Company, the number of Requested Shares otherwise
to be included in the underwritten public offering may be reduced pro rata (by number of shares) among the Requesting Holders
and all other holders of registration rights who have requested inclusion of their securities or excluded in their entirety if
so required by the underwriter; provided, however, that the number of shares of Requested Securities to be included in such underwriting
and registration shall not be reduced unless all other securities are first entirely excluded from the underwriting and registration,
including, without limitation, all shares that are not Requested Shares and are held by any other person, including, without limitation,
any person who is an employee, officer or director of the Company or any subsidiary of the Company. To the extent only a portion
of the Requested Shares is included in the underwritten public offering, those shares of Requested Shares which are thus excluded
from the underwritten public offering and any other securities of the Company held by such holders shall be withheld from the
market by the Holders thereof for a period, not to exceed 90 days, which the managing underwriter reasonably determines is necessary
in order to effect the underwritten public offering. The Company’s obligations under Section 6.2 shall not apply to Ordinary
Shares held by a Holder after the earlier of (a) five (5) years from the date of this Agreement or (b) the date that such shares
held by a Holder have been sold pursuant to Rule 144 or an effective registration statement.

 

    	 	8	 

    
 

    

 

6.4           “Piggyback”
Registration Rights. The Company hereby agrees with the Holders that at any time after the Closing Date, if the Company shall
determine to proceed with the actual preparation and filing of a new registration statement under the Securities Act in connection
with the proposed offer and sale of any of its securities by it or any of its security holders (other than (a) a registration
statement on Form S-4, S-8 or other limited purpose form or (b) any registration under Section 6.2 or 6.3 of this Agreement),
the Company will give written notice of its determination to all Holders. Upon the written request from any Holders (the “Requesting
Piggyback Holders”), within 18 days after their receipt of any such notice from the Company, the Company will, except
as herein provided, cause all of the Total Subscriber Shares covered by such request (the “Requested Piggyback Shares”)
held by the Requesting Piggyback Holders to be included in such registration statement, all to the extent requisite to permit
the sale or other disposition by the prospective seller or sellers of the Requested Piggyback Shares; provided, further, that
nothing herein shall prevent the Company from, at any time, abandoning or delaying any registration initiated by the Company under
this Section 6.4 so long as the expense of such withdrawn registration shall be borne by the Company up to an amount of US$10,000.
If any registration pursuant to this Section 6.4 shall be underwritten in whole or in part, the Company may require that the Requested
Piggyback Shares be included in the underwriting on the same terms and conditions as the securities otherwise being sold through
the underwriters. In such event, the Requesting Piggyback Holders shall, if requested by the underwriters, execute an underwriting
agreement in customary form with the managing underwriter or underwriters. If in the good faith judgment of the managing underwriter
of such public offering the inclusion of all of the Requested Piggyback Shares would reduce the number of shares to be offered
by the Company or interfere with the successful marketing of the securities offered by the Company, the number of shares of Requested
Piggyback Shares otherwise to be included in the underwritten public offering may be reduced pro rata (by number of shares) among
the Requesting Piggyback Holders and all other holders of registration rights with respect to the Company’s shares who have
requested inclusion of their securities or excluded in their entirety if so required by the underwriter. To the extent only a
portion of the Requested Piggyback Shares is included in the underwritten public offering, those shares of Requested Piggyback
Shares which are thus excluded from the underwritten public offering and any other securities of the Company held by such holders
shall be withheld from the market by the Holders thereof for a period, not to exceed 90 days, which the managing underwriter reasonably
determines is necessary in order to effect the underwritten public offering. Registration pursuant to this Section 6.4 shall not
be deemed to be a demand registration as described in Section 6.2 above. There shall be no limit on the number of times the Requesting
Piggyback Holders may request registration of Requested Piggyback Shares under this Section 6.4. The Company’s obligations
under this Section 6.4 shall not apply to Ordinary Shares held by a Holder after the earlier of (a) five (5) years from the date
of this Agreement or (b) the date that such shares held by a Holder have been sold pursuant to Rule 144 or an effective registration
statement.

 

6.5           Registration
Procedures. To the extent required by Sections 6.2, 6.3 and 6.4, the Company will:

 

(a)           prepare
and file with the SEC a registration statement with respect to such securities, and use its commercially reasonable efforts to
cause such registration statement to become effective as promptly as practicable after the filing thereof;

 

    	 	9	 

    
 

    

 

(b)           prepare
and file with the SEC such amendments to such registration statement and supplements to the prospectus contained therein as may
be necessary to keep such registration statement effective;

 

(c)           use
its commercially reasonable efforts to register or qualify the securities covered by such registration statement under such state
securities or blue sky laws of such jurisdictions as the Holders may reasonably request in writing within 20 days following the
original filing of such registration statement, except that the Company shall not for any purpose be required to execute a general
consent to service of process or to qualify to do business as a foreign corporation in any jurisdiction wherein it is not so qualified;

 

(d)           furnish
to the Holders such number of copies of a prospectus including a preliminary prospectus, in conformity with the requirements of
the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the securities;

 

(e)           notify
the Holders, promptly after it shall receive notice thereof, of the time when such registration statement has become effective
or a supplement to any prospectus forming a part of such registration statement has been filed;

 

(f)           prepare
and file with the SEC, promptly upon the request of any Holders, any amendments or supplements to such registration statement
or prospectus which, in the opinion of counsel for such Holders (and concurred in by counsel for the Company), is required under
the Securities Act or the rules and regulations thereunder in connection with the distribution of ordinary shares by such Holders;

 

(g)           prepare
and promptly file with the SEC and promptly notify such Holders of the filing of such amendment or supplement to such registration
statement or prospectus as may be necessary to correct any statements or omissions if, at the time when a prospectus relating
to such securities is required to be delivered under the Securities Act, any event shall have occurred as the result of which
any such prospectus or any other prospectus as then in effect would include an untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein, in the light of the circumstances in which they were made, not
misleading; and

 

(h)           advise
the Holders, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the SEC
suspending the effectiveness of such registration statement or the initiation or threatening of any proceeding for that purpose.

 

It is a condition
precedent to the obligations of the Company to take any action pursuant to this Article VI that the Requesting Holders shall cooperate
with the Company in providing the information necessary to effect the registration of their Ordinary Shares, including completion
of customary questionnaires and furnishing of information regarding itself, the securities of the Company held by it and intended
method of disposition as shall be reasonably requested in writing by the Company. Failure to do so will at minimum result in exclusion
of such Holders’ Ordinary Shares from the registration statement.

 

    	 	10	 

    
 

    

 

6.6           Expenses.

 

(a)           With
respect to the any registration required pursuant to this Article VI, all reasonable fees, costs and expenses of and incidental
to such registration, inclusion and public offering (as specified in paragraph (b) below) in connection therewith shall be
borne by the Company, provided, however, that the Holders shall bear their pro rata share of any underwriting discount and commissions
and transfer taxes. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration
process begun pursuant to this Section 6.6 if the registration request is subsequently withdrawn at the request of the Holders
or any subset thereof, unless the Holders agree that such registration constitutes the use by the Holders of one (1) demand registration
pursuant to Section 6.2.

 

(b)           
The fees, costs and expenses of registration to be borne by the Company as provided in paragraph
(a) above shall include, without limitation, all registration, filing, and FINRA fees, printing expenses, fees and disbursements
of counsel and accountants for the Company, fees and disbursements of one counsel for the Holders up to a maximum of $10,000,
and all reasonable legal fees and disbursements and other expenses of complying with state securities or blue sky laws of any
jurisdictions in which the securities to be offered are to be registered and qualified (except as provided in 6.6(a) above).

 

6.7           Indemnification.
Notwithstanding any other provision under this Agreement, in the event any Requested Shares are included in a registration statement
under this Agreement, to the extent permitted by law, the Company will indemnify and hold harmless each Holder, its partners,
officers, directors, legal counsel, any underwriter (as defined in the Securities Act) for such Holder and each person, if any,
who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims,
damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act, or other
United States federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise
out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”):

 

(a)           any
untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary
prospectus or final prospectus contained therein or any amendments or supplements thereto;

 

(b)           the
omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements
therein not misleading; or

 

(c)           any
violation or alleged violation by the Company of the Securities Act, the Exchange Act or any United States federal or state securities
law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any United States federal or state securities
law in connection with the offering covered by such registration statement;

 

and the Company
will reimburse each such Holder, its partner, officer, director, legal counsel, underwriter or controlling person for any legal
or other expenses reasonably incurred by them, as such expenses are incurred, in connection with investigating or defending any
such loss, claim, damage, liability or action.

 

    	 	11	 

    
 

    

 

6.8           Survival;
Consents to Judgments and Settlements. The obligations of the Company under Section 6.7 shall survive the completion of any
offering of Requested Shares in a registration statement under this Agreement, regardless of the expiration of any statutes of
limitation or extensions of such statutes. No indemnifying party, in the defense of any such claim or litigation, shall, except
with the consent of the other party, consent to entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in
respect to such claim or litigation.

 

		VII.	MISCELLANEOUS

 

7.1           Notices.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (a) upon receipt, when delivered personally, (b) upon receipt, when sent
by email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party),
or (c) one (1) business day after deposit with an overnight courier service, in each case properly addressed to the party to receive
the same. The addresses and email for such communications shall be:

 

If to the Company:

 

Kaixin Auto Holdings

5/F, North Wing

18 Jiuxianqiao Middle Road

Chaoyang District, Beijing

People’s Republic of China

Email: lucy.yang@renren-inc.com

Attention: Lucy Yang

 

If to the Subscriber:

 

Shareholder Value Fund

22/F, China Taiping Tower

8 Sunning Road, Causeway Bay

Hong Kong SAR

 

Written confirmation
of receipt (a) given by the recipient of such notice, consent, waiver or other communication, (b) mechanically or electronically
generated by the sender’s facsimile machine containing the time, date, recipient facsimile number and an image of the first
page of such transmission, or (c) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt
by facsimile or receipt from an overnight courier service in accordance with clause (a), (b) or (c) above, respectively.

 

7.2           Entire
Agreement; Amendment. This Agreement supersedes all other prior oral or written agreements between the Subscriber, the Company,
their affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Agreement and the instruments
referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein and,
except as specifically set forth herein or therein, neither the Company nor the Subscriber makes any representation, warranty,
covenant or undertaking with respect to such matters. No provision of this Agreement may be amended or waived other than by an
instrument in writing signed by the Company and the Subscriber.

 

    	 	12	 

    
 

    

 

7.3           Severability.
If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability
of any provision of this Agreement in any other jurisdiction.

 

7.4           Headings.
The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this
Agreement.

 

7.5           Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors
and assigns, including any purchasers of the Subscription Shares. The Company shall not assign this Agreement or any rights or
obligations hereunder without the prior written consent of the Subscriber, except by merger or consolidation. The Subscriber may
assign some or all of its rights hereunder without the consent of the Company, provided, however, that any such assignment shall
not release the Subscriber from its obligations hereunder unless such obligations are assumed by such assignee and the Company
has consented to such assignment and assumption, which consent shall not be unreasonably withheld.

 

7.6           No
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

7.7           Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

7.8           No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

7.9           Legal
Representation. The Subscriber acknowledges that: (a) it has read this Agreement and the exhibits hereto; (b) it understands
that the Company has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel; (c) it
has either been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of its own choice,
or has chosen to forego such representation by legal counsel after being advised to seek such legal representation; and (d) it
understands the terms and consequences of this Agreement and is fully aware of its legal and binding effect.

 

7.10         Fees
and Expenses. Each party shall bear all expenses incurred by it in connection with the negotiation, preparation and execution
of this Agreement and the transactions contemplated hereby and thereby, including fees and expenses of any attorneys, accountants,
consultants and financial advisors.

 

    	 	13	 

    
 

    

 

7.11         Confidentiality
and Announcement.

 

(a)           Each
party shall keep confidential any non-public material or information with respect to the negotiation, existence and terms and
conditions of this Agreement and the business and other aspects of the other party which it is aware of or has access to in signing
and performing this Agreement (including written or non-written information, hereinafter the “Confidential Information”).
Confidential Information shall not include any information that is (a) previously known on a non-confidential basis by the receiving
party, (b) in the public domain through no fault of such receiving party, its Affiliates or its or its Affiliates’ officers,
directors or employees, (c) received from a party other than the Company or the Company’s representatives or agents, so
long as such party was not, to the knowledge of the receiving party, subject to a duty of confidentiality to the Company or (d)
developed independently by the receiving party without reference to confidential information of the disclosing party. No party
shall disclose such Confidential Information to any third party. Either party may use the Confidential Information only for the
purpose of, and to the extent necessary for performing this Agreement; and shall not use such Confidential Information for any
other purposes.

 

(b)           Notwithstanding
any other provisions in this Section 7.11, if any party believes in good faith that any announcement or notice must be prepared
or published pursuant to applicable laws (including filings required to be made by the Company with the SEC, including, without
limitation, any Current Reports on Form 6-K disclosing the transactions contemplated by this Agreement, as well as any rules or
regulations of any securities exchange or valid legal process) or information is otherwise required to be disclosed to any Governmental
Authority, such party may, in accordance with its understanding of the applicable laws, make the required disclosure in the manner
it deems in compliance with the requirements of applicable laws; provided that, the party who is required to make such disclosure
shall, to the extent permitted by law and so far as it is practicable, provide the other party with prompt notice of such requirement
and cooperate with the other party at such other party’s request and at the requesting party’s cost, if applicable,
to enable such other party to seek an appropriate protection order or remedy. In addition, each party may disclose, after giving
prior notice to the other party to the extent practicable under the circumstances and subject to any practicable arrangements
to protect confidentiality, Confidential Information to the extent required under judicial or regulatory process or in connection
with any judicial process regarding any legal action, suit or proceeding arising out of or relating to this Agreement or the transaction
contemplated hereunder, provided that, the party who is required to make such disclosure shall, to the extent permitted by law
and so far as it is practicable, at the other party’s request and at the requesting party’s cost, cooperate with the
other party to enable the other party to seek an appropriate protection order or remedy.

 

(c)           Notwithstanding
anything to the contrary provided in this Section 7.11, each party may disclose the Confidential Information only to its Affiliates
and its and its Affiliates’ officers, directors, employees, agents and representatives on a need-to-know basis in the performance
of this Agreement and the transaction contemplated hereunder; provided that, such party shall ensure such persons strictly abide
by the confidentiality obligations hereunder.

 

(d)           Without
the prior written consent of the Subscriber, and whether or not the Subscriber then holds any security in the Company, the Company
shall, and shall cause its Affiliates not to, (i) use in advertising, publicity or announcements the name of the Subscriber or
any of its Affiliates, either alone or in combination with any company name, trade name, trademark, service mark, domain name,
device, design, symbol or any abbreviation, contraction or simulation thereof owned by the Subscriber or any of its Affiliates,
or (ii) represent, directly or indirectly, that any product or services provided by the Company or any of its Affiliates has been
approved or endorsed by the Subscriber or any of its Affiliates.

 

    	 	14	 

    
 

    

 

(e)           The
confidentiality obligations of each party hereunder shall survive the termination of this Agreement. Each party shall continue
to abide by the confidentiality clause hereof and perform the obligation of confidentiality it undertakes until the other party
approves release of that obligation or until a breach of the confidentiality clause hereof will no longer result in any prejudice
to the other party.

 

7.12         Termination.
This Agreement shall automatically terminate as between the Company and the Subscriber upon the earliest to occur of:

 

(a)           the
written consent of each of the Company and the Subscriber;

 

(b)           at
the election of the Subscriber, if any one or more of the conditions to the obligation of the Subscriber set forth in Section
3.1 to complete has not been fulfilled on or prior to the Closing Date, with the exception of the conditions in Section 3.1(d),
which are to be mutually reasonably determined by the Company and the Subscriber; or

 

(c)           by
the Company or the Subscriber in the event that any Governmental Authority shall have issued a judgment or taken any other action
restraining, enjoining or otherwise prohibiting the transactions contemplated by this Agreements and such judgment or other action
shall have become final and non-appealable.

 

7.13         Survival.
Upon any termination of this Agreement, the Agreement will have no further force or effect, except for the provisions of Sections
7.1, 7.2, 7.3, 7.4, 7.6, 7.8, 7.9, 7.10, 7.11, 7.14, and 7.15 hereof, which shall survive any termination under this Section 7.13;
provided, that neither the Company nor the Subscriber shall be relieved or released from any liabilities or damages arising out
of (i) fraud or (ii) any breach of this Agreement prior to such termination. All the representations and warranties of the Company
contained in this Agreement shall survive the termination of this Agreement.

 

7.14         Governing
Law; Arbitration. This Agreement shall be governed and interpreted in accordance with the laws of the state of New York. Any
dispute arising out of or relating to this Agreement, including any question regarding its existence, validity or termination
(the “Dispute”) shall be referred to and finally resolved by arbitration at the Hong Kong International
Arbitration Centre in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules then in force
at the time of commencement of the arbitration. There shall be three arbitrators. The Company shall have the right to appoint
one arbitrator, the Subscriber shall have the right to appoint the second arbitrator and the third arbitrator shall be appointed
by the Hong Kong International Arbitration Centre. The language to be used in the arbitration proceedings shall be English. Each
party irrevocably waives any immunity to jurisdiction to which it may be entitled or become entitled (including without limitation
sovereign immunity, immunity to pre-award attachment, post-award attachment or otherwise) in any arbitration proceedings and/or
enforcement proceedings against it arising out of or based on this Agreement or the transactions contemplated hereby.

 

    	 	15	 

    
 

    

 

7.15         Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a
facsimile signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and
effect as if the signature were an original, not a facsimile signature.

 

[Remainder
of page intentionally left blank]

 

    	 	16	 

    
 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above mentioned.

 

	Shareholder Value Fund	 
	 	 
	By:	/s/ Pengcheng Song	 
	 	Name: Pengcheng Song	 
	 	Title: Director	 
	 	 
	 	 
	Kaixin Auto Holdings	 
	 	 
	 	 
	By:	/s/ Ji Chen	 
	 	Name: Ji Chen	 
	 	Title: CEO	 

 

[Signature
page to Subscription Agreement]EX-4.1

 EXHIBIT 4.1 
  

 
 THE TORONTO-DOMINION BANK, 

as Issuer 
 and 

THE BANK OF NEW YORK MELLON, 
 as
Warrant Agent 
  
  

WARRANT AGREEMENT 
 dated as of
June 17, 2020 
  
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE 1	  			
	DEFINITIONS	  			
			
	Section 1.01.	 	 Certain Terms Defined
	  	 	1	 
		
	ARTICLE 2	  			
	WARRANTS	  			
			
	Section 2.01.	 	 Ranking
	  	 	3	 
	Section 2.02.	 	 Form, Execution and Delivery of Warrant Certificates
	  	 	3	 
	Section 2.03.	 	 Number Unlimited; Issuable in Series
	  	 	3	 
	Section 2.04.	 	 Countersignature and Delivery of Warrant Certificates
	  	 	5	 
	Section 2.05.	 	 Place of Exercise; Registration of Transfers and Exchanges
	  	 	6	 
	Section 2.06.	 	 Mutilated or Missing Warrant Certificates
	  	 	8	 
	Section 2.07.	 	 Registered Holders
	  	 	9	 
	Section 2.08.	 	 Cancellation
	  	 	9	 
	Section 2.09.	 	 Additional Warrant Agents
	  	 	9	 
	Section 2.10.	 	 Appointment of Calculation Agents
	  	 	10	 
	Section 2.11.	 	 CUSIP Numbers
	  	 	10	 
		
	ARTICLE 3	  			
	DURATION AND EXERCISE OF WARRANTS	  			
			
	Section 3.01.	 	 Duration and Exercise of Warrants
	  	 	10	 
	Section 3.02.	 	 Return of Money Held Unclaimed for Two Years
	  	 	10	 
		
	ARTICLE 4	  			
	OTHER PROVISIONS RELATING TO RIGHTS OF WARRANTHOLDERS	  			
			
	Section 4.01.	 	 Warrantholder May Enforce Rights
	  	 	10	 
	Section 4.02	 	 No Rights as Holder of Warrant Property Conferred by Warrants or Warrant Certificates
	  	 	11	 
	Section 4.03.	 	 Issuer’s Covenant Not to Merge, Consolidate, Sell or Convey Property Except Under Certain
Conditions
	  	 	11	 
	Section 4.04.	 	 Successor Corporation Substituted
	  	 	11	 
	Section 4.05.	 	 Opinion of Counsel Delivered to Warrant Agent
	  	 	11	 
		
	ARTICLE 5	  			
	WARRANTS ACQUIRED BY THE ISSUER; PAYMENT OF TAXES	  			
			
	Section 5.01.	 	 Warrants Acquired by the Issuer
	  	 	11	 
	Section 5.02.	 	 Payment of Taxes
	  	 	12	 
		
	ARTICLE 6	  			
	CONCERNING THE WARRANT AGENT	  			
			
	Section 6.01.	 	 Warrant Agent
	  	 	12	 

  
 -i- 

							
	Section 6.02.	 	 Condition of Warrant Agent’s Obligations
	  	 	12	 
	Section 6.03.	 	 Resignation and Appointment of Successor
	  	 	13	 
	Section 6.04.	 	 Force Majeure
	  	 	15	 
		
	ARTICLE 7	  			
	MISCELLANEOUS	  			
			
	Section 7.01.	 	 Amendment
	  	 	15	 
	Section 7.02.	 	 Notices and Demands to the Issuer and the Warrant Agent
	  	 	16	 
	Section 7.03.	 	 Addresses for Notices
	  	 	16	 
	Section 7.04.	 	 Notices to Warrantholders
	  	 	16	 
	Section 7.05.	 	 Obtaining of Approvals
	  	 	16	 
	Section 7.06.	 	 Persons Having Rights under this Agreement
	  	 	16	 
	Section 7.07.	 	 Inspection of Agreement
	  	 	17	 
	Section 7.08.	 	 Officer’s Certificates and Opinions of Counsel; Statements to Be Contained Therein
	  	 	17	 
	Section 7.09.	 	 Payments Due on Saturdays, Sundays and Holidays
	  	 	17	 
	Section 7.10.	 	 Judgment Currency
	  	 	17	 
	Section 7.11.	 	 Headings
	  	 	18	 
	Section 7.12.	 	 Counterparts
	  	 	18	 
	Section 7.13.	 	 Applicable Law
	  	 	18	 
	Section 7.14.	 	 Waiver of Jury Trial
	  	 	18	 
	Section 7.15.	 	 Agent for Service; Submission to Jurisdiction; Waiver of Immunity
	  	 	18	 
	Section 7.16.	 	 FATCA
	  	 	18	 
	
	 Exhibit A - Form of Registered Warrant
Certificate
	  

  
 -ii- 

 WARRANT AGREEMENT 

THIS WARRANT AGREEMENT, dated as of June 17, 2020 (the “Agreement”), between THE TORONTO-DOMINION BANK, a Canadian bank
chartered under the Bank Act (Canada), as issuer (the “Issuer”) and THE BANK OF NEW YORK MELLON, a New York banking corporation, as warrant agent (the “Warrant Agent”). 

WHEREAS, the Issuer has duly authorized the issue from time to time of linked warrants (the “Warrants”) linked to interest
rates (which may include fixed rates of interest or financial benchmark rates), indices, equity securities, debt instruments, commodities, public or private investment funds or portfolios, mutual funds, exchange-traded funds, currencies, credit,
statistical measures of economic or financial performance, foreign exchange rates or other similar asset classes, or any combination or basket of the foregoing (such property, in relation to a Warrant, being hereinafter referred to as the
“Warrant Property” applicable to such Warrant), to be issued in one or more series and in such number and with such terms as may from time to time be authorized in accordance with the terms of this Agreement; 

WHEREAS, the Issuer has duly authorized the execution and delivery of this Agreement to provide, among other things, for the delivery and
administration of the Warrants; 
 WHEREAS, all things necessary to make this Agreement a valid agreement according to its terms have been
done; 
 NOW, THEREFORE, the parties hereto agree as follows: 

ARTICLE 1 

DEFINITIONS 

Section 1.01.    Certain Terms Defined. The following terms (except as otherwise expressly provided or unless
the context otherwise clearly requires) for all purposes of this Agreement and of any agreement supplemental hereto shall have the respective meanings specified in this Section. 

“Board of Directors” means either (i) the Board of Directors of the Issuer or any committee of such Board duly
authorized to act on its behalf or (ii) one or more duly authorized officers of the Issuer to whom the Board of Directors of the Issuer or a committee thereof has delegated the authority to act with respect to the matters contemplated by this
Agreement. 
 “Board Resolution” means (i) a copy of one or more resolutions, certified by the secretary or an
assistant secretary of the Issuer to have been duly adopted or consented to by the Board of Directors and to be in full force and effect, or (ii) a certificate signed by the authorized officer or officers of the Issuer to whom the Board of
Directors of the Issuer or a committee thereof has delegated its authority (as described in the definition of Board of Directors), and in each case, and delivered to the Warrant Agent. 

“Business Day” means, with respect to any Warrant, a day that in the city (or in any of the cities, if more than one) in
which amounts are payable, as specified in accordance with Section 2.03 hereof, is not a day on which banking institutions are authorized or required by law or regulation to close or a day on which transactions in the currency in which the
Warrants are payable are not conducted. 
 “Definitive Warrant Certificates” shall mean a Warrant Certificate issued in
definitive form. 
 “Depositary” means, with respect to Registered Warrants of any series that are or may be evidenced by
one or more Global Warrant Certificates, the Person designated as Depositary by the Issuer pursuant to Section 2.03 hereof until a successor Depositary shall have become such pursuant to the applicable provisions of this Agreement, and
thereafter “Depositary” shall mean or include each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Warrants of
any such series shall mean the Depositary with respect to the Global Warrant Certificates evidencing Registered Warrants of that series. 

  
 -1- 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Expiration Date” means, with respect to a Warrant, the date on which the right to exercise such Warrant shall expire. 

“Global Warrant Certificate” shall mean a Warrant Certificate issued in global form. 

“Holder,” “Holder of Warrants,” “Warrantholder” or other similar terms mean in the case of
any Registered Warrant, the Person in whose name such Warrant is registered in the Warrant Register. 
 “Issuer” means
(except as otherwise provided in Article 6), The Toronto-Dominion Bank, a Canadian bank chartered under the Bank Act (Canada) and, subject to Article 4, its successors and assigns. 

“Issuer Order” means a written statement, request or order of the Issuer signed in its name by an Officer. 

“Officer” means, with respect to the Issuer, any one of the following: the Chairman of the Board of Directors, the President
and the Chief Executive Officer, a Vice Chair, a Vice President, the Chief Financial Officer or the Corporate Secretary or any other person authorized by the Board of Directors to execute certain documents or perform certain functions on behalf of
the Issuer. 
 “Officer’s Certificate” means a certificate signed in the name of the Issuer by an Officer and
delivered to the Warrant Agent. 
 “Opinion of Counsel” means an opinion in writing signed by legal counsel to the Issuer,
who may be an employee of or counsel to the Issuer, and include the statements provided for in Section 7.08 herein. 

“Original issue date” of any Warrant (or portion thereof) means the earlier of (a) the date of such Warrant or
(b) the date of any Warrant (or portion thereof) for which such Warrant was issued (directly or indirectly) on registration of transfer, exchange or substitution. 

“Periodic Offering” means an offering of Warrants of a series from time to time, the specific terms of which Warrants are to
be determined by the Issuer or its agents upon the issuance of such Warrants. 
 “Person” means any individual,
corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Registered Holder” shall have the meaning set forth in Section 2.07 hereof. 

“Registered Warrant” means any Warrant represented by a Warrant Certificate issued in registered form. 

“Warrant Agent’s Office” shall mean The Bank of New York Mellon, 240 Greenwich Street, 7E, New York, New York 10286,
Attention: Corporate Trust Administration or such other address as shall be given in writing to the other parties hereto. 

“Warrant Agent’s Window” means the window of the Warrant Agent maintained for purposes of transfer and tender (or at the
address of any additional agency established by the Issuer pursuant to Section 2.09 hereof, or at the address of any successor Warrant Agent (as provided in Section 6.03)), which is, on the date of this Agreement, BNY Mellon Corporate
Trust, Issuer/Loan Services-CSD Transfers/Redemptions, 111 Sanders Creek Parkway, East Syracuse, NY 13057. 
 “Warrant
Certificates” shall have the meaning set forth in Section 2.02(a) hereof. 
 “Warrant Property Account” means
an account to be established and held at The Bank of New York Mellon in the name of the Warrant Agent for the benefit of the Issuer. 

“Warrant Register” shall have the meaning set forth in Section 2.05 hereof. 

  
 -2- 

 ARTICLE 2 

WARRANTS 

Section 2.01.    Ranking. The Warrants are unsecured, unsubordinated obligations of the Issuer and will rank
on a parity in right of payment with all of the Issuer’s deposit liabilities, except for obligations preferred by mandatory provisions of law. 

Section 2.02.    Form, Execution and Delivery of Warrant Certificates. 

(a)    Certificates (“Warrant Certificates”) evidencing the Warrants of each series shall be issued as
Registered Warrants in substantially in the form of Exhibit A hereto or in such form (not inconsistent with this Agreement) as shall be established by or pursuant to one or more Board Resolutions (as set forth in a Board Resolution or, to the extent
established pursuant to, rather than set forth in, a Board Resolution, in an Officer’s Certificate detailing such establishment) or in one or more agreements supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Agreement. The Warrant Certificates may have imprinted or otherwise reproduced thereon such letters, numbers or other marks of identification or designation and such legends or
endorsements as the Officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and that are not inconsistent with the provisions of this Agreement, or as may be required to comply with any law or with any
rule or regulation made pursuant thereto, or with any rules of any securities exchange, or to conform to general usage, all as may be determined by the Officers executing such Warrant Certificates, as evidenced by their execution of such Warrant
Certificates. The Warrant Certificates shall be signed on behalf of the Issuer by an Officer. Such signatures may be the manual or facsimile. Typographical and other minor errors or defects in any such signature shall not affect the validity or
enforceability of any Warrant Certificate that has been duly countersigned and delivered by the Warrant Agent. The Definitive Warrant Certificates shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other
manner, all as determined by the Officers executing such Warrants, as evidenced by their execution of such Warrants. 

(b)    In case any Officer who shall have signed a Warrant Certificate shall cease to be such before such Warrant
Certificate shall have been countersigned and delivered by the Warrant Agent to the Issuer or delivered by the Issuer, such Warrant Certificate nevertheless may be countersigned and delivered as though the person who signed such Warrant Certificate
had not ceased to be such Officer and thereupon shall nevertheless be valid; and a Warrant Certificate may be signed on behalf of the Issuer by any person who, at the actual date of the execution of such Warrant Certificate, shall be the proper
Officer to sign such Warrant Certificate, although at the date of the execution of this Agreement any such person was not such an Officer. 

(c)    Pending the preparation of final Warrant Certificates evidencing Warrants of any series, the Issuer may execute and
the Warrant Agent shall countersign and deliver temporary Warrant Certificates evidencing such Warrants (printed, lithographed, typewritten or otherwise produced, in each case in form satisfactory to the Warrant Agent). Such temporary Warrant
Certificates shall be issuable substantially in the form of the final Warrant Certificates but with such omissions, insertions and variations as may be appropriate for temporary Warrant Certificates, all as may be determined by the Issuer with the
concurrence of the Warrant Agent. Such temporary Warrant Certificates may contain such reference to any provisions of this Agreement as may be appropriate. Every such temporary Warrant Certificate shall be executed by the Issuer and shall be
countersigned and delivered by the Warrant Agent upon the same conditions and in substantially the same manner, and with like effect, as the final Warrant Certificates. Without unreasonable delay, the Issuer shall execute and shall furnish final
Warrant Certificates and thereupon such temporary Warrant Certificates may be surrendered in exchange therefor without charge, at any agency maintained by the Issuer for such purpose as specified in this Agreement, and the Warrant Agent shall
countersign and deliver in exchange for such temporary Warrant Certificates final Warrant Certificates evidencing a like aggregate number of Warrants of the same series and of like tenor as those evidenced by such temporary Warrant Certificates.
Until so exchanged, such temporary Warrant Certificates and the Warrants evidenced thereby shall be entitled to the same benefits under this Agreement as final Warrant Certificates and the Warrants evidenced thereby. 

Section 2.03.    Number Unlimited; Issuable in Series. 

(a)    The aggregate number of Warrants that may be delivered under this Agreement is unlimited. 

  
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 (b)    The Warrants may be issued in one or more series. There shall be
established in or pursuant to one or more Board Resolutions (and to the extent established pursuant to, rather than set forth in, a Board Resolution, in an Officer’s Certificate detailing such establishment) or established in one or more
agreements supplemental hereto, prior to the initial issuance of Warrants of any series: 
 (i)    the
title of the Warrants; 
 (ii)    the designation and aggregate number of the Warrants that may be
countersigned and delivered (except for any Warrants countersigned and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Warrants); 

(iii)    the price at which the Warrants will be issued and minimum denominations, if other than U.S.
dollars, the coin or currency or composite currency in which such issue price will be payable; 

(iv)    the date on which the right to exercise the Warrants shall commence and the Expiration Date or, if
the Warrants are not continuously exercisable throughout such period, the specific date or dates on which they will be exercisable (or, in either case, the method by which such date or dates shall be determined); 

(v)    whether the Warrants are warrants to purchase (“call warrants”) the Warrant
Property from the Issuer, warrants to sell (“put warrants”) the Warrant Property to the Issuer, or otherwise; 

(vi)    the specific Warrant Property purchasable or salable upon exercise of the Warrants, and
(A) with respect to Warrants to be settled by delivery of the Warrant Property, the amount thereof (or the method for determining the same), or (B) with respect to Warrants to be settled in cash, the formulas for determining the cash
settlement value of the Warrants, and the circumstances, if any, under which a minimum and/or maximum expiration value is applicable upon the expiration of the Warrants; 

(vii)    the method of exercise of the Warrants (including the circumstances, if any, under which the
Warrants may be deemed to be automatically exercised); 
 (viii)    whether the exercise of the Warrants
is to be cash-settled or by delivery of the Warrant Property or combination thereof; 
 (ix)    if the
Warrants are to be settled by delivery of the Warrant Property, the price at which and, if other than U.S. dollars, the coin or currency or composite currency with which the Warrant Property may be purchased or sold upon exercise of the Warrants (or
the method for determining the same); 
 (x)    if the Warrants are to be settled in cash, if other than
the coin or currency in which the Warrants are denominated, the coin or currency in which payment of amounts due on the Warrants shall be payable; 

(xi)    if the Warrants are to be settled in cash, if the amounts payable under the Warrants are to be
payable, at the election of the Issuer or a Warrantholder thereof, in a coin or currency other than that in which the Warrants are denominated, the period or periods within which, and the terms and conditions upon which, such elections may be made;

 (xii)    the minimum or maximum number of Warrants that may be exercised at any one time, if
applicable; 
 (xiii)    whether the Warrant Certificates evidencing any Registered Warrants will be
Global Warrant Certificates or Definitive Warrant Certificates or both, and whether and on what terms (if different from those set forth herein) Warrant Certificates in one form may be converted into or exchanged for Warrant
Certificates in the other form and the Depositary for such Global Warrant Certificates; 

(xiv)    whether and under what circumstances the Issuer will pay additional amounts on the Warrants in
respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Issuer will have the option to redeem such Warrants rather than pay such additional amounts; 

  
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 (xv)    any warrant agents, depositaries, authenticating
or paying agents, transfer agents or registrars or any determination or calculation agents or other agents with respect to the Warrants; and 

(xvi)    any other terms of the Warrants. 

(c)     All Warrants of any one series need not be issued at the same time and may be issued from time to time, consistent
with the terms of this Agreement, if so provided by or pursuant to such Board Resolution, such Officer’s Certificate or in any such agreement supplemental hereto. 

(d)     At the direction of the Issuer, the Warrant Agent will establish the Warrant Property Account for the settlement
of Warrant Property to be delivered to the Holders as set forth in section 2.03(b)(vii). 
 Notwithstanding Section 2.03(b)(ii) hereof
and unless otherwise expressly provided with respect to a series of Warrants, the aggregate number of Warrants may be increased and additional Warrants may be issued up to any maximum limit upon the aggregate number authorized with respect to such
series as increased. 
 Section 2.04.    Countersignature and Delivery of Warrant Certificates. 

(a)    The Issuer may deliver Warrant Certificates evidencing Warrants of any series executed by the Issuer to the Warrant
Agent for countersignature together with the applicable documents referred to below in this Section, and the Warrant Agent shall thereupon countersign and deliver such Warrant Certificates to or upon the order of the Issuer (contained in the Issuer
Order referred to below in this Section) or pursuant to such procedures acceptable to the Warrant Agent as may be specified from time to time by an Issuer Order. In countersigning such Warrant Certificates and accepting the responsibilities under
this Agreement in relation to the Warrants evidenced by such Warrant Certificates, the Warrant Agent shall be provided with (in the case of subparagraphs 2.04(a)(ii), 2.04(a)(iii) and 2.04(a)(iv) below, only at or before the time of the first
request of the Issuer to the Warrant Agent to countersign Warrant Certificates evidencing Warrants of such series) and shall be fully protected in relying upon, unless and until such documents have been superseded or revoked: 

(i)    an Issuer Order requesting such countersignature and setting forth delivery instructions if the
Warrant Certificates are not to be delivered to the Issuer, provided that, with respect to Warrants of a series subject to a Periodic Offering, (a) such Issuer Order may be delivered by the Issuer to the Warrant Agent prior to the delivery to
the Warrant Agent of such Warrant Certificates for countersignature and delivery, (b) the Warrant Agent shall countersign and deliver Warrant Certificates of such series for original issue from time to time, in an aggregate number not exceeding
the aggregate number established for such series, pursuant to an Issuer Order or pursuant to procedures acceptable to the Warrant Agent as may be specified from time to time by an Issuer Order and (c) the Expiration Date, exercise date or
dates, original issue date or dates, and any other terms of Warrants of such series shall be determined by an Issuer Order or pursuant to such procedures; 

(ii)    any Board Resolution, Officer’s Certificate and/or executed supplemental agreement in
accordance with this Agreement by or pursuant to which the forms and terms of the Warrants evidenced by such Warrant Certificates were established; 

(iii)    an Officer’s Certificate setting forth the form or forms and terms of the Warrants evidenced
by such Warrant Certificates stating that the form or forms and terms of the Warrants evidenced by such Warrant Certificates have been established pursuant to Sections 2.02 and 2.03 and comply with this Agreement, and covering such other matters as
the Warrant Agent may reasonably request; and 
 (iv)    for the first issue of Warrants of a given
series, at the request of the Warrant Agent, an Opinion of Counsel or a letter addressed to the Warrant Agent permitting it to rely on an Opinion of Counsel, substantially to the effect that: 

(A)    the forms of the Warrant Certificates have been duly authorized and established in conformity with
the provisions of this Agreement; 
 (B)    the terms of the Warrants have been duly authorized and
established in conformity with the provisions of this Agreement, or if certain terms of the Warrants are to be established pursuant to procedures set forth in an Issuer Order, a Board Resolution, an Officer’s Certificate or a supplemental
agreement in accordance with this Agreement, when such other terms are established in accordance with such procedures, all such other terms will have been duly authorized by the Issuer and will have been established in conformity with the provisions
of this Agreement; and 

  
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 (C)    when the Warrant Certificates have been executed
by the Issuer and countersigned by the Warrant Agent in accordance with the provisions of this Agreement and delivered to and duly paid for by the purchasers thereof, subject to such other conditions as may be set forth in such opinion of counsel,
they will have been duly issued under this Agreement and the Warrants evidenced thereby will be valid and legally binding obligations of the Issuer, enforceable in accordance with their respective terms, and will be entitled to the benefits of this
Agreement. 
 In rendering such opinions, such counsel may qualify any opinions as to enforceability by stating that such
enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium and other similar laws affecting the rights and remedies of creditors and is subject to general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law). Such counsel may rely, as to all matters governed by the laws of jurisdictions other than the State of New York and the federal law of the United States, upon opinions of other
counsel (copies of which shall be delivered to the Warrant Agent). Such counsel may also state that, insofar as such opinion involves factual matters, such counsel has relied, to the extent such counsel deems proper, upon certificates of Officers of
the Issuer and certificates of public officials. 
 (b)    The Warrant Agent shall have the right to decline to
countersign and deliver any Warrant Certificates under this Section if the Warrant Agent, being advised by counsel, determines that such action may not lawfully be taken by the Issuer or if the Warrant Agent in good faith determines by its board of
directors or board of trustees or by a committee of its trust officers that such action would expose the Warrant Agent to personal liability to existing Warrantholders or would affect the Warrant Agent’s own rights, duties or immunities under
the Warrant Certificates, the Warrants, this Agreement or otherwise. 
 (c)    If the Issuer shall establish pursuant to
Section 2.03 that the Warrants of a series are to be evidenced in whole or in part by one or more Global Warrant Certificates, then the Issuer shall execute and the Warrant Agent shall, in accordance with this Section and the Issuer Order with
respect to such series, countersign and deliver one or more Global Warrant Certificates that (i) shall evidence all or part of the Warrants of such series issued in such form and not yet cancelled, (ii) shall be registered in the name of
the Depositary for such Global Warrant Certificate or the nominee of such Depositary, (iii) shall be delivered by the Warrant Agent to such Depositary or pursuant to such Depositary’s instructions and (iv) shall bear a legend
substantially to the following effect: “Unless and until it is exchanged in whole or in part for Warrants in definitive registered form, this Warrant Certificate and the Warrants evidenced hereby may not be transferred except as a whole by the
Depositary to the nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.”

 (d)    If so required by applicable law, each Depositary for a series of Warrants must, at the time of its
designation and at all times while it serves as Depositary, be a clearing agency registered under the Exchange Act and any other applicable statute or regulation. 

(e)    Each Warrant Certificate shall be dated the date of its countersignature. A Warrant Certificate shall not be valid
for any purpose, and no Warrant evidenced thereby shall be exercisable, unless and until such Warrant Certificate has been countersigned by the manual signature of an authorized signatory of the Warrant Agent. Such countersignature by an authorized
signatory of the Warrant Agent upon any Warrant Certificate executed by the Issuer in accordance with this Agreement shall be conclusive evidence that the Warrant Certificate so countersigned and the Warrants evidenced thereby have been duly issued
hereunder. 
 Section 2.05.    Place of Exercise; Registration of Transfers and Exchanges. 

(a)    Except as otherwise established pursuant to Section 2.03 with respect to Warrants of a series, Warrants may be
presented for exercise at the Warrant Agent’s Window in accordance with procedures to be established pursuant to Section 2.03. 

  
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 (b)    The Issuer shall cause to be kept at the Warrant Agent’s
Office a register (the “Warrant Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Registered Warrants and of transfers of Registered Warrants. Except as
otherwise provided herein or as established pursuant to Section 2.03 with respect to the Warrants of a series, the Warrant Agent shall from time to time register the transfer of any outstanding registered Definitive Warrant Certificates upon
the Warrant Register, subject to such reasonable regulations as the Issuer or the Warrant Agent may prescribe with respect to the Warrants of such series, upon surrender thereof at the Warrant Agent’s Window, duly endorsed by, or accompanied by
a written instrument or instruments of transfer in form satisfactory to the Warrant Agent and the Issuer duly executed by, the Registered Holder(s) thereof or by the duly appointed legal representative thereof or by a duly authorized attorney, such
signature to be guaranteed by a bank or trust company with a correspondent office in The City of New York or by a broker or dealer that is a member of the Financial Industry Regulatory Authority, Inc. or by a member of a national securities exchange
or in such other manner acceptable to the Warrant Agent and the Issuer. Upon any such registration of transfer, one or more new Warrant Certificates of the same series and like terms evidencing a like number of unexercised Warrants shall be issued
to the transferee(s) and the surrendered Warrant Certificate shall be cancelled by the Warrant Agent. 
 (c)    Except
as otherwise established for a series of Warrants pursuant to Section 2.03, at the option of a Registered Holder, Definitive Warrant Certificates evidencing Registered Warrants may be exchanged for other Definitive Warrant Certificates
evidencing Registered Warrants evidencing the same aggregate number of unexercised Warrants of the same series and of like tenor upon surrender to the Warrant Agent of the Definitive Warrant Certificates to be exchanged at the Warrant Agent’s
Window and upon payment, if the Issuer shall so require, of the charges hereinafter provided. Upon surrender of any unexercised Warrant Certificate for exchange, the Warrant Agent shall cancel such Warrant Certificate, and the Issuer shall execute,
and the Warrant Agent shall countersign and deliver, one or more new Warrant Certificates evidencing a like number of unexercised Warrants of the same series and of like tenor. 

(d)    Warrants evidenced by the Warrant Certificates issued upon transfer or exchange of Warrant Certificates pursuant to
this Agreement shall be valid obligations of the Issuer, constituting the same obligations of the Issuer as the Warrants evidenced by the Warrant Certificates surrendered for transfer or exchange, and entitled to the same benefits under this
Agreement as were such Warrants evidenced by the Warrant Certificates prior to such surrender. 
 (e)    Except as
provided in Section 2.06, no service charge shall be made for any registration of transfer or exchange of Warrant Certificates, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of Warrant Certificates, other than exchanges pursuant to this Section not involving any transfer. 

(f)    In the event that, upon any exercise of Warrants evidenced by a Warrant Certificate, the number of Warrants
exercised shall be less than the total number of Warrants evidenced by such Warrant Certificate, there shall be issued to the Registered Holder thereof or his assignee a new Warrant Certificate evidencing the number of Warrants of the same series
and of like tenor not exercised. 
 (g)    No Warrant Certificate will be issued in bearer form. 

(h)    Notwithstanding any other provision of this Agreement, unless and until it is exchanged in whole or in part for
Definitive Warrant Certificates, a Global Warrant Certificate evidencing all or a portion of the Registered Warrants of a series may not be transferred except as a whole by the Depositary for such Registered Warrants to a nominee of such Depositary
or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such Registered Warrants or a nominee of such successor Depositary. 

(i)    If at any time the Depositary for any Registered Warrants of a series represented by one or more Global Warrant
Certificates notifies the Issuer that it is unwilling or unable to continue as Depositary for such Registered Warrants or if at any time the Depositary for such Registered Warrants shall no longer be eligible under this Agreement, the Issuer shall
appoint a successor Depositary eligible under this Agreement with respect to such Registered Warrants. If a successor Depositary eligible under this Agreement for such Registered Warrants is not 

  
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appointed by the Issuer within 90 days after the Issuer receives such notice or becomes aware of such ineligibility, the Issuer’s election pursuant to Section 2.03 that such Registered
Warrants be evidenced by one or more Global Warrant Certificates shall no longer be effective and the Issuer will execute, and the Warrant Agent, upon receipt of an Officer’s Certificate for the countersignature and delivery of Definitive
Warrant Certificates evidencing Warrants of such series, will countersign and deliver, Definitive Warrant Certificates evidencing Warrants of such series, of like tenor and in an aggregate number equal to the number of the unexercised Warrants
represented by such Global Warrant Certificate or Certificates in exchange for such Global Warrant Certificate or Certificates. 

(j)    The Issuer may at any time and in its sole discretion determine that one or more Global Warrant Certificates
evidencing Registered Warrants of any series shall no longer be represented by a Global Warrant Certificate or Certificates. In such event the Issuer will execute, and the Warrant Agent, upon receipt of an Officer’s Certificate for the
countersignature and delivery of Definitive Warrant Certificates evidencing Warrants of such series, will countersign and deliver, Definitive Warrant Certificates evidencing Warrants of such series, of like tenor and in an aggregate number equal to
the number of the unexercised Warrants represented by such Global Warrant Certificate or Certificates in exchange for such Global Warrant Certificate or Certificates. 

(k)    If established pursuant to Section 2.03 with respect to Registered Warrants evidenced by a Global Warrant
Certificate, the Depositary for such Global Warrant Certificate may surrender such Global Warrant Certificate in exchange in whole or in part for Definitive Warrant Certificates evidencing Warrants of the same series and of like tenor on such terms
as are acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall execute, and the Warrant Agent shall countersign and deliver, without service charge, 

(i)    to the Person specified by such Depositary a new Definitive Warrant Certificate or Certificates
evidencing Registered Warrants of the same series and of like tenor in an aggregate number equal to and in exchange for such person’s beneficial interest in the Warrants evidenced by such Global Warrant Certificate; and 

(ii)    to such Depositary a new Global Warrant Certificate evidencing Registered Warrants of the same
series and of like tenor in number equal to the difference, if any, between the number of unexercised Warrants evidenced by the surrendered Global Warrant Certificate and the number of unexercised Warrants evidenced by such Definitive Warrant
Certificate countersigned and delivered pursuant to clause 2.05(k)(i) above. 
 Upon the exchange of a Global Warrant Certificate evidencing Registered
Warrants for Definitive Warrant Certificates, such Global Warrant Certificate shall be cancelled by the Warrant Agent or an agent of the Issuer or the Warrant Agent. Definitive Warrant Certificates evidencing Registered Warrants issued in exchange
for a Global Warrant Certificate evidencing Registered Warrants pursuant to this Section shall be registered in such names and in such authorized denominations as the Depositary for such Global Warrant Certificate, pursuant to instructions from its
direct or indirect participants or otherwise, shall instruct the Warrant Agent or an agent of the Issuer or the Warrant Agent. The Warrant Agent or such agent shall deliver such Warrant Certificates to or as directed by the Persons in whose names
such Warrant Certificates are so registered. 
 (l)    The Issuer may from time to time designate one or more additional
offices or agencies where the Warrants of a series may be presented for exercise and payment, where the Warrants of that series may be presented for exchange as provided in this Agreement and where the Registered Warrants of that series may be
presented for registration of transfer as in this Agreement provided, and the Issuer may from time to time rescind any such designation, as the Issuer may deem desirable or expedient; provided, however, that no such designation or rescission
shall in any manner relieve the Issuer of its obligation to maintain the agencies provided for in this Section. The Issuer will give to the Warrant Agent prompt written notice of any such designation or rescission thereof. 

Section 2.06.    Mutilated or Missing Warrant Certificates.  

(a)    If any Warrant Certificate evidencing Warrants of any series is mutilated, lost, stolen or destroyed, the Issuer may
in its discretion execute, and the Warrant Agent may countersign and deliver, in exchange and substitution for the mutilated Warrant Certificate, or in replacement for the Warrant Certificate lost, stolen or destroyed, a new Warrant Certificate
representing an equivalent number of unexercised Warrants of the same series 

  
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and of like tenor, bearing an identification number, if applicable, not contemporaneously outstanding, but only (in case of loss, theft or destruction) upon receipt of evidence satisfactory to
the Issuer and the Warrant Agent of such loss, theft or destruction of such Warrant Certificate and such security or indemnity, if requested, also satisfactory to them. Applicants for such substitute Warrant Certificates shall also comply with such
other reasonable regulations and pay such other reasonable charges as the Issuer or the Warrant Agent may prescribe. 

(b)    In case the Warrants evidenced by any such mutilated, lost, stolen or destroyed Warrant Certificate have been or
are about to be exercised, or deemed to be exercised, the Issuer in its absolute discretion may, instead of issuing a new Warrant Certificate, and subject to the conditions set forth in clause 2.06(a) above, direct the Warrant Agent to treat the
same as if it had received the Warrant Certificate together with an irrevocable exercise notice in proper form in respect thereof, as established with respect to the Warrants of such series. 

(c)    The Warrants evidenced by each new Warrant Certificate issued pursuant to this Section in lieu of any lost, stolen
or destroyed Warrant Certificate shall be original, additional contractual obligations of the Issuer, and shall be entitled to the same benefits under this Agreement as the Warrants evidenced by the Warrant Certificate that was lost, stolen or
destroyed. 
 (d)    Upon the issuance of any new Warrant Certificate in accordance with this Section, the Issuer may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Warrant Agent) connected therewith. 

(e)    The provisions of this Section are exclusive and shall preclude (to the extent lawful) any other rights and
remedies with respect to the replacement or payment of mutilated, lost, stolen or destroyed Warrant Certificates. 

Section 2.07.    Registered Holders. Prior to due presentment for registration of transfer, the Issuer,
the Warrant Agent, and any agent of the Issuer or the Warrant Agent may deem and treat the person in whose name a Warrant Certificate shall be registered in the Warrant Register (a “Registered Holder”) as the absolute owner of the
Registered Warrants evidenced thereby (notwithstanding any notation of ownership or other writing on the Warrant Certificate) for any purpose whatsoever, and as the person entitled to exercise the rights represented by the Registered Warrants
evidenced thereby, and none of the Issuer, the Warrant Agent, or any agent of the Issuer or the Warrant Agent, shall be affected by any notice to the contrary. All payments on account of any Registered Warrant to the Registered Holder, or upon his
order, shall be valid, and to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability of the Issuer for moneys paid upon such Registered Warrant. This Section shall be without prejudice to the rights of Warrantholders
as described elsewhere herein. 
 Section 2.08.    Cancellation. All Warrant Certificates surrendered
to the Warrant Agent for redemption or registration of transfer or exchange shall be promptly cancelled by the Warrant Agent. The Issuer may at any time deliver to the Warrant Agent for cancellation any Warrant Certificates previously countersigned
and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Warrant Certificates so delivered shall, upon receipt by the Warrant Agent of an Issuer Order, be promptly cancelled by the Warrant Agent. No Warrant
Certificates shall be countersigned in lieu of or in exchange for any Warrant Certificates cancelled as provided in this Section, except as permitted by this Agreement. All cancelled Warrant Certificates held by the Warrant Agent shall be disposed
of in accordance with its customary procedures and a certificate of their disposition shall be delivered by the Warrant Agent to the Issuer, unless by Issuer Order the Issuer shall direct that cancelled Warrant Certificates be returned to it. 

If the Issuer or any affiliate of the Issuer shall acquire any Warrant Certificate, such acquisition shall not operate as a cancellation of
such Warrant Certificate unless and until such Warrant Certificate is delivered to the Warrant Agent or its agent for the purpose of cancellation. 

Section 2.09.    Additional Warrant Agents. Whenever the Issuer shall appoint a warrant agent other
than the Warrant Agent with respect to the Warrants of any series, it will cause such warrant agent to execute and deliver to the Warrant Agent an instrument in which such agent shall agree with the Warrant Agent, subject to the provisions of this
Section, 

  
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 (a)    that it will hold all Warrant Property and sums received by it as
such agent for any payment with respect to the Warrants of such series in trust for the benefit of the Holders of such Warrants, if any, or of the Warrant Agent, and 

(b)    that it will give the Warrant Agent notice of any failure by the Issuer to make any payment with respect to the
Warrants of such series when the same shall be due and payable. 
 The Issuer will, on or prior to each date of any payment of Warrants of
any such series, deposit with the Warrant Agent or any such additional warrant agent a sum sufficient to make such payment, and the Issuer will promptly notify the Warrant Agent of any failure to take such action with respect to any such additional
warrant agent. 
 Section 2.10.    Appointment of Calculation Agents. Pursuant to Section 2.03
hereof, the Issuer may, in connection with the Warrants of any series appoint any person or entity as Calculation Agent to make any calculations as may be required pursuant to the terms of any such Warrants. Any such Calculation Agent shall act as
an independent agent of the Issuer and, unless otherwise provided by this Agreement, its calculations and determinations as to the applicable Warrants shall, absent manifest error, be final and binding on the Issuer, the Warrant Agent and the
Warrantholders. Any such calculations will be made available to a Warrantholder for inspection at the Warrant Agent’s Office. 

Section 2.11.    CUSIP Numbers. The Issuer in issuing the Warrants may use “CUSIP,”
“ISIN” and other similar numbers (if then generally in use), and, if so, the Warrant Agent shall use “CUSIP,” “ISIN” and other similar numbers in notices of redemption as a convenience to Warrantholders; provided
that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Warrants or as contained in any notice of a redemption and that reliance may be placed only on the other identification
numbers printed on the Warrants, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Warrant Agent of any changes in the “CUSIP,” “ISIN” and other
similar numbers. 
 ARTICLE 3 

DURATION AND EXERCISE OF WARRANTS 

Section 3.01.    Duration and Exercise of Warrants. All terms with respect to duration and exercise of
Warrants will be established pursuant to Section 2.03 for each series of Warrants. 

Section 3.02.    Return of Money Held Unclaimed for Two Years. Except as otherwise provided herein, any money
or other assets deposited with or paid to the Warrant Agent for the payment of any Warrants and not paid but remaining unclaimed for two years after the date upon which such money or other assets shall have become due and payable shall be repaid by
the Warrant Agent to the Issuer, at the Issuer’s request, pursuant to an Officer’s Certificate, and the Holders of such Warrants shall thereafter look only to the Issuer for any payment which such Holders may be entitled to collect and all
liability of the Warrant Agent with respect to such money shall thereupon cease; provided, however, that the Warrant Agent, before making any such repayment, may (but shall not be obligated to) at the expense of the Issuer notify (i) in
the case of Registered Warrants evidenced by Definitive Warrant Certificates, the Registered Holders, and (ii) in the case of Warrants evidenced by one or more Global Warrant Certificates, the applicable participants of the Depositary, in each
case as provided in Section 7.04, that said money has not been so applied and remains unclaimed and that after a date named in the notification any unclaimed balance of said money then remaining will be returned to the Issuer. 

ARTICLE 4 
 OTHER
PROVISIONS RELATING TO RIGHTS OF WARRANTHOLDERS 

Section 4.01.    Warrantholder May Enforce Rights. Notwithstanding any of the provisions of this
Agreement, any Warrantholder may, without the consent of the Warrant Agent, the Depositary, any participant of the Depositary, any other Warrantholder, the holder of any Warrant Property or, if applicable, the common depositary for Euroclear Bank
S.A./N.V., or its successor, as operator of the Euroclear System, and Clearstream Banking, société anonyme, or its successor, in and for its own behalf, enforce, and may institute and maintain, any
suit, action or proceeding against the Issuer suitable to enforce, or otherwise in respect of, its right to exercise its Warrants as provided in this Agreement and established with respect to such Warrants pursuant to Section 2.03. 

  
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 Section 4.02.    No Rights as Holder of Warrant Property
Conferred by Warrants or Warrant Certificates. No Warrant Certificate or Warrant evidenced thereby shall entitle the Warrantholder thereof to any of the rights of a holder or beneficial owner of Warrant Property, including, without limitation,
the right to receive the payment of principal of (premium, if any) or interest, if any, on Warrant Property or to vote or to enforce any rights under any documents governing Warrant Property. 

Section 4.03.    Issuer’s Covenant Not to Merge, Consolidate, Sell or Convey Property Except Under Certain
Conditions. The Issuer covenants that it will not merge or consolidate with any other Person or sell, lease or convey all or substantially all of its assets to any other Person, unless (i) either the Issuer shall be the continuing
corporation or the successor corporation, or the Person which acquires by sale, lease or conveyance all or substantially all of the assets of the Issuer (if other than the Issuer) shall either (A) be one or more registered direct or indirect
affiliates of the Issuer which are controlled by the Issuer or which are under common control with the Issuer or (B) expressly assume or guaranty the due and punctual payment of the amounts due on all the Warrants, if any, according to their
terms, and the due and punctual performance and observance of all of the covenants and conditions of this Agreement to be performed or observed by the Issuer, by supplemental agreement satisfactory to the Warrant Agent, executed and delivered to the
Warrant Agent by such corporation, and (ii) the Issuer, such Person or such successor corporation, as the case may be, shall not, immediately after such merger, consolidation, sale, lease or conveyance, be in default in the performance of any
covenant or condition of this Agreement to be performed or observed by the Issuer. 
 Section 4.04.    Successor
Corporation Substituted. In case of any such consolidation, merger, sale, lease or conveyance, and following such an assumption by the successor corporation, such successor corporation shall succeed to and be substituted for the Issuer, with the
same effect as if it had been named as the Issuer herein. Such successor corporation may cause to be signed, and may issue either in its own name or in the name of the Issuer prior to such succession any or all of the Warrants issuable hereunder
which theretofore shall not have been signed by the Issuer and delivered to the Warrant Agent; and, upon the order of such successor corporation, instead of the Issuer, and subject to all the terms, conditions and limitations in this Agreement
prescribed, the Warrant Agent shall countersign and deliver any Warrants which previously shall have been signed and delivered by the Officers to the Warrant Agent for countersignature, and any Warrants which such successor corporation thereafter
shall cause to be signed and delivered to the Warrant Agent for that purpose. All of the Warrants so issued shall in all respects have the same legal rank and benefit under this Agreement as the Warrants theretofore or thereafter issued in
accordance with the terms of this Agreement as though all of such Warrants had been issued at the date of the execution hereof. 
 In case
of any such consolidation, merger, sale, lease or conveyance such changes in phrasing and form (but not in substance) may be made in the Warrant Certificates representing the Warrants thereafter to be issued as may be appropriate. 

In the event of any such sale or conveyance (other than a conveyance by way of lease), the Issuer or any successor corporation which shall
theretofore have become such in the manner described in this Article shall be discharged from all obligations and covenants under this Agreement, the Warrants and the Warrant Certificates and may be liquidated and dissolved. 

Section 4.05.    Opinion of Counsel Delivered to Warrant Agent. The Warrant Agent, subject to the provisions
of Article 6, may receive an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, lease or conveyance of the Issuer, and any such assumption, and any such liquidation or dissolution, complies with the applicable
provisions of this Agreement. 
 ARTICLE 5 

WARRANTS ACQUIRED BY THE ISSUER; PAYMENT
OF TAXES 
 Section 5.01.    Warrants Acquired by the Issuer.  

  
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 (a)    In the event the Issuer shall purchase or otherwise acquire
Warrants, such Warrants may, at the option of the Issuer, be (i) in the case of Warrants evidenced by Definitive Warrant Certificates, delivered to the Warrant Agent, and if so delivered, the Warrant Agent shall promptly cancel such Warrants on
the records of the Warrant Agent or (ii) in the case of Warrants evidenced by one or more Global Warrant Certificates, surrendered free through a participant of the Depositary to the Depositary for credit to the account of the Warrant Agent
maintained at the Depositary, and if so credited, the Warrant Agent shall promptly note the cancellation of such Warrants by notation on the records of the Warrant Agent and the Warrant Agent shall cause its records to be marked to reflect the
reduction in the number of Warrants evidenced by the Global Warrant Certificate or Certificates by the number of Warrants so cancelled promptly after such account is credited. Warrants acquired by the Issuer may also, at the option of the Issuer, be
resold by the Issuer directly or to or through any of its affiliates in lieu of being surrendered to the Warrant Agent or credited to its account. No Warrant Certificate shall be countersigned in lieu of or in exchange for any Warrant that is
cancelled as provided herein, except as otherwise expressly permitted by this Agreement. 
 (b)    Any cancelled Warrant
Certificate held by the Warrant Agent under this Agreement shall be disposed of by the Warrant Agent in accordance with its customary procedures unless otherwise directed by the Issuer, and the Warrant Agent shall deliver a certificate of
disposition to the Issuer evidencing the same. 
 Section 5.02.    Payment of Taxes. The Issuer will
pay all stamp, withholding and other duties, if any, attributable to the initial issuance of each series or tranche of Warrants; provided, however, that, anything in this Agreement to the contrary notwithstanding, the Issuer shall not be
required to pay any tax or other governmental charge that may be payable in respect of any transfer involving any beneficial or record interest in, or ownership interest of, any Warrants or Warrant Certificates. 

ARTICLE 6 

CONCERNING THE WARRANT AGENT 

Section 6.01.    Warrant Agent. The Issuer hereby appoints The Bank of New York Mellon as Warrant Agent
of the Issuer in respect of the Warrants upon the terms and subject to the conditions set forth herein; and The Bank of New York Mellon hereby accepts such appointment. The Warrant Agent shall have the powers and authority granted to and conferred
upon it in this Agreement and such further powers and authority to act on behalf of the Issuer as the Issuer may hereafter grant to or confer upon it with its consent. All of the terms and provisions with respect to such powers and authority
contained in any Warrant Certificate are subject to and governed by the terms and provisions hereof. 

Section 6.02.    Condition of Warrant Agent’s Obligations. The Warrant Agent accepts
its obligations herein set forth upon the terms and conditions hereof, including the following, to all of which the Issuer agrees and to all of which the rights hereunder of the holders from time to time of the Warrants shall be subject: 

(a)    The Issuer agrees promptly to pay the Warrant Agent the compensation to be agreed upon with the Issuer for all
services rendered by the Warrant Agent and to reimburse the Warrant Agent for its reasonable out-of-pocket expenses (including reasonable attorneys’ fees and
expenses) incurred by the Warrant Agent without negligence or bad faith on its part in connection with the services rendered by it hereunder. The Issuer also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss,
liability or expense (including reasonable attorneys’ fees and expenses) incurred without negligence or bad faith on the part of the Warrant Agent, arising out of or in connection with its acting as such Warrant Agent hereunder, as well as the
reasonable costs and expenses of defending against any claim of liability in the premises. The obligations of the Issuer under this Section shall survive the expiration of all Warrants issued under this Agreement, the resignation or removal of the
Warrant Agent and the termination of this Agreement. 
 (b)    In acting under this Agreement, the Warrant Agent is
acting solely as agent of the Issuer and does not assume any obligation or relationship of agency or trust for or with any Warrantholders. 

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

  
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 (d)    The Warrant Agent shall be protected and shall incur no liability
for or in respect of any action taken or thing suffered by it in reliance upon any notice, direction, consent, certificate, affidavit, opinion, statement or other paper or document reasonably believed by it to be genuine and to have been presented
or signed by the proper parties. 
 (e)    The Warrant Agent and its officers, directors and employees may become the
owner of, or acquire any interest in, any Warrants or other obligations of the Issuer, with the same rights that it or they would have if it were not the Warrant Agent hereunder and, to the extent permitted by applicable law, it or they may engage
or be interested in any financial or other transaction with the Issuer and may act on behalf of, or as depositary, trustee or agent for, any committee or body of owners or holders of Warrants or other obligations of the Issuer as freely as if it
were not the Warrant Agent hereunder. 
 (f)    Subject to the provisions of Section 3.02 hereof, all moneys
received by the Warrant Agent shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds held by the Warrant Agent, except to the extent required by
mandatory provisions of law. The Warrant Agent shall be under no obligation to invest or pay interest on any money received by it hereunder, except as otherwise agreed with the Issuer. The Warrant Agent shall not be responsible for advancing funds
on behalf of the Issuer. Any interest accrued on funds deposited with the Warrant Agent under this Agreement shall be paid to the Issuer from time to time and the Warrantholders shall have no claim to any such interest. 

(g)    The Warrant Agent shall not be under any responsibility with respect to the validity or sufficiency of this
Agreement or the execution and delivery hereof (except the due authorization, execution and delivery hereof by the Warrant Agent) or with respect to the validity or execution of the Warrant Certificates (except its countersignature thereof). 

(h)    The recitals contained herein and in the Warrant Certificates (except as to the Warrant Agent’s
countersignature thereon) shall be taken as the statements of the Issuer and the Warrant Agent assumes no responsibility for the correctness of the same. 

(i)    The Warrant Agent shall be obligated to perform such duties as are specifically set forth in this Agreement and no
implied duties or obligations shall be read into this Agreement against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder likely to involve it in any expense or liability. The Warrant Agent shall not
be accountable or under any duty or responsibility for the application by the Issuer of any proceeds of the issuance of any Warrants. The Warrant Agent shall have no duty or responsibility in case of any default by the Issuer in the performance of
its covenants or agreements contained in this Agreement or in any Warrant Certificate or in the case of the receipt of any written demand from a holder of a Warrant with respect to such default, including, without limiting the generality of the
foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, except as provided in Section 7.02, to make any demand upon the Issuer. 

(j)    Anything in this Agreement notwithstanding, in no event shall the Warrant Agent be responsible or liable for
special, indirect or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit), even if the Warrant Agent has been advised as to the likelihood of such loss or damage and regardless of the form of action.

 (k)     The rights, privileges, protections, immunities and benefits given to the Warrant Agent, including, without
limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Warrant Agent in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(l)    The Warrant Agent may act through its attorneys and agents and shall not be responsible for the misconduct or
negligence of any agent appointed with due care. 
 (m)    The Warrant Agent shall not be liable for any action it takes
or omits to take in good faith which it believes to be authorized or within the rights or powers conferred upon it by this Agreement. 

Section 6.03.    Resignation and Appointment of Successor. 

(a)    The Issuer agrees, for the benefit of the holders from time to time of the Warrants, that there shall at all times
be a Warrant Agent hereunder with respect to each series of Warrants until all the Warrants of such series are no longer outstanding or until monies for the payment of all outstanding Warrants of such series, if any, shall have been paid to the
Warrant Agent and shall have been returned to the Issuer as provided in Section 3.02, whichever occurs earlier. 

  
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 (b)    The Warrant Agent may at any time resign as such agent with
respect to any series of Warrants by giving written notice to the Issuer of such intention on its part, specifying the date on which its desired resignation shall become effective, subject to the appointment of a successor Warrant Agent with respect
to such series and acceptance of such appointment by such successor Warrant Agent as hereinafter provided. The Warrant Agent hereunder may be removed with respect to any series of Warrants at any time by the filing with it of an instrument in
writing signed by or on behalf of the Issuer and specifying such removal and the date when it shall become effective. Such resignation or removal shall take effect upon the appointment by the Issuer, as hereinafter provided, of a successor Warrant
Agent with respect to such series (which shall be a banking institution organized under the laws of the United States of America or one of the states thereof, have a combined capital and surplus of at least $50,000,000 (as set forth in its most
recent reports of condition published pursuant to law or to the requirements of any United States federal or state regulatory or supervisory authority) and having its principal place of business in the United States of America) and the acceptance of
such appointment by such successor Warrant Agent. In the event a successor Warrant Agent has not been appointed and accepted its duties within 30 days of the Warrant Agent’s notice of resignation, the Warrant Agent may apply to any court of
competent jurisdiction for the designation of a successor Warrant Agent with respect to such series. The obligation of the Issuer under Section 6.02(a) shall continue to the extent set forth therein notwithstanding the resignation or removal of
the Warrant Agent with respect to any series of Warrants. 
 (c)    In case at any time the Warrant Agent with respect
to any series of Warrants (i) shall give notice of its intent to resign, or (ii) shall be removed, or (iii) shall become incapable of acting, or (iv) shall be adjudged as bankrupt or insolvent, or make an assignment for the
benefit of its creditors, or consent to the appointment of a receiver or custodian of all or any substantial part of its property, or (v) shall admit in writing its inability to pay or meet its debts as they mature, or (vi) if a receiver
or custodian of it or of all or any substantial part of its property shall be appointed, or (vii) if any public officer shall have taken charge or control of the Warrant Agent or of its property or affairs, for the purpose of rehabilitation,
conservation or liquidation, a successor Warrant Agent, qualified as aforesaid, shall be promptly appointed by the Issuer by an instrument in writing, filed with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant
Agent and acceptance by the latter of such appointment, the Warrant Agent so superseded shall cease to be Warrant Agent hereunder with respect to such series. 

(d)    Any successor Warrant Agent appointed hereunder with respect to any series of Warrants shall execute, acknowledge
and deliver to its predecessor and to the Issuer an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers,
trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as Warrant Agent with respect to such series hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall
thereupon become obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor (including, without limitation, the
Warrant Register) as Warrant Agent with respect to such series hereunder. 
 (e)    If a successor Warrant Agent is
appointed with respect to the Warrants of one or more (but not all) series, the Issuer, the predecessor Warrant Agent and each successor Warrant Agent with respect to the Warrants of any applicable series shall execute and deliver an agreement
supplemental hereto that shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers and duties of the predecessor Warrant Agent with respect to the Warrants of any series as to which the
predecessor Warrant Agent is not retiring shall continue to be vested in the predecessor Warrant Agent, and shall add to or change any of the provisions of this Agreement as shall be necessary to provide for or facilitate the administration of the
Warrants hereunder by more than one Warrant Agent, it being understood that nothing herein or in such supplemental agreement shall constitute such Warrant Agents co-Warrant Agents of the same Warrants and that
each such Warrant Agent shall be a Warrant Agent with respect to separate series of Warrants. 
 (f)    Any corporation
into which the Warrant Agent hereunder may be merged or converted or any corporation with which the Warrant Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a
party or any corporation to which the Warrant Agent shall sell or otherwise transfer all or substantially all the corporate agency assets and business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the successor
Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto. 

  
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 Section 6.04.    Force Majeure. In no event shall the
Warrant Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being
understood that the Warrant Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

ARTICLE 7 

MISCELLANEOUS 

Section 7.01.    Amendment.  

(a)    This Agreement and the terms of the Warrants of any series may be amended (by means of an agreement supplemental
hereto or otherwise) by the Issuer and the Warrant Agent, without the consent of the Warrantholders of such Warrants, (i) for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective or inconsistent provision
contained herein or therein, (ii) to establish the forms or terms of Warrant Certificates or Warrants of any series as permitted by Sections 2.02 and 2.03, (iii) to evidence and provide for the acceptance of appointment hereunder by a successor
Warrant Agent with respect to the Warrants of any series and to add to or change any of the provisions of this Agreement as shall be necessary to provide for or facilitate the administration of the Warrants hereunder by more than one Warrant Agent
pursuant to Section 6.03, (iv) to add to, change or eliminate any of the provisions of this Agreement in respect of all or any Warrants of any series (and if such addition, change or elimination is to apply with respect to less than all
Warrants of any series, stating that it is expressly being made to apply solely with respect to such Warrants within such series); provided that any such addition, change or elimination (A) shall neither (1) apply to any Warrants
issued prior to the execution of such supplemental agreement and entitled to the benefit of such provision nor (2) modify the rights of any holder of such Warrant with respect to such provision or (B) shall become effective only when there
is no such Warrant outstanding, or (v) in any other manner which the Issuer may deem necessary or desirable and which will not materially and adversely affect the interests of the Warrantholders of such Warrants. 

(b)    The Issuer and the Warrant Agent may modify or amend this Agreement (by means of an agreement supplemental hereto
or otherwise) with the consent of Warrantholders holding not less than a majority in number of the then outstanding Warrants affected by such modification or amendment, for any purpose; provided, however, that no such modification or
amendment that changes the exercise price of any Warrant, reduces the amount receivable upon exercise, cancellation or expiration of any Warrant other than in accordance with the adjustment provisions included in the terms of such Warrant, shortens
the period of time during which any Warrant may be exercised, or otherwise materially and adversely affects the exercise rights of the affected Warrantholders or reduces the percentage of the number of outstanding Warrants, the consent of whose
Warrantholders is required for modification or amendment of this Agreement, may be made without the consent of each Warrantholder affected thereby. In the case of Warrants evidenced by one or more Global Warrant Certificates, the Issuer and the
Warrant Agent shall be entitled to rely upon certification in form satisfactory to each of them that any requisite consent has been obtained from holders of beneficial ownership interests in the relevant Global Warrant Certificate. Such
certification may be provided by participants of the Depositary acting on behalf of such beneficial owners of Warrants, provided that any such certification is accompanied by a certification from the Depositary as to the Warrant holdings of
such participants. 
 (c)    An amendment that changes or eliminates any provision of this Agreement that has expressly
been included solely for the benefit of one or more particular series of Warrants, or that modifies the rights of Warrantholders of such series with respect to such provision, shall be deemed not to affect the rights under this Agreement of the
Warrantholders of any other series. 
 (d)    Upon the request of the Issuer, accompanied by an Officer’s
Certificate authorizing the execution of any such amendment, and upon the filing with the Warrant Agent of evidence of the consent of Warrantholders as aforesaid, the Warrant Agent shall join with the Issuer in the execution of such amendment unless
such amendment affects the Warrant Agent’s own rights, duties or immunities under this Agreement or otherwise, in which case the Warrant Agent may in its discretion, but shall not be obligated to, enter into such amendment. In executing, or

  
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accepting the additional duties created by, any amendment permitted by this Article, the Warrant Agent shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of
Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The fact and date of the execution of any consent of Warrantholders, or the authority of the person executing the same, may be proved in any manner
which the Warrant Agent (with the approval of the Issuer) deems sufficient. 
 (e)    It shall not be necessary for the
consent of the Warrantholders under this Section to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. 

Section 7.02.    Notices and Demands to the Issuer and the Warrant Agent. If the Warrant Agent shall
receive any notice or demand addressed to the Issuer by any Warrantholder pursuant to the provisions of this Agreement or the terms of the Warrants of any series, the Warrant Agent shall promptly forward such notice or demand to the Issuer. 

Section 7.03.    Addresses for Notices. Any communications to the Warrant Agent with respect to this
Agreement shall be in writing addressed to the Warrant Agent’s Office and any communications to the Issuer with respect to this Agreement shall be addressed to The Toronto-Dominion Bank, Toronto-Dominion Centre, Toronto, Ontario M5K 1A2,
Canada, Attention: Vice President, Legal (or in each case to such other address as shall be given in writing to the other parties hereto). 

The Warrant Agent agrees to accept and act upon instructions or directions pursuant to this Agreement sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods; provided, however, that (a) the party providing such electronic instructions or directions, subsequent to the transmission
thereof, shall provide the originally executed instructions or directions to the Warrant Agent in a timely manner and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing
such instructions or directions. The Warrant Agent shall not be liable for any losses, costs or expenses arising directly or indirectly from the Warrant Agent’s reliance upon and compliance with such instructions or directions up until such
time as the Warrant Agent receives any subsequent written instruction or direction that supersedes such earlier written instructions or directions. The party providing instructions or directions by unsecured
e-mail, facsimile transmission or other similar unsecured electronic methods, as aforesaid, agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to
the Warrant Agent, including without limitation the risk of the Warrant Agent acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

Section 7.04.    Notices to Warrantholders. The Issuer may cause to have notice given to the
Warrantholders of any series by providing the Warrant Agent with a form of notice to be distributed by (i) in the case of Warrants evidenced by Definitive Warrant Certificates, the Warrant Agent to Registered Holders by first class mail and
(ii) in the case of Warrants evidenced by one or more Global Warrant Certificates, the Depositary to be distributed by the Depositary to its participants in accordance with the custom and practices of the Depositary. 

Section 7.05.    Obtaining of Approvals. The Issuer will from time to time take all
action that may be necessary to obtain and keep effective any and all filings or notices under applicable law, which may be or become required in connection with the issuance, sale, trading, transfer or delivery of the Warrant Certificates or the
exercise of the Warrants. 
 Section 7.06.    Persons Having Rights under this Agreement. Nothing in
this Agreement expressed or implied and nothing that may be inferred from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the Issuer, the Warrant Agent and the
Warrantholders any right, remedy or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise or agreement hereof, and all covenants, conditions, stipulations, promises and agreements contained in this Agreement
shall be for the sole and exclusive benefit of the Issuer, the Warrant Agent, their respective successors and the Warrantholders. 

  
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 Section 7.07.    Inspection of Agreement. A copy of
this Agreement shall be available at all reasonable times at the Warrant Agent’s Office for inspection by the Warrantholders, participants of the Depositary certified as such by the Depositary or any person certified by any such participant to
be an indirect participant of the Depositary or any person certified by any such participant to be a beneficial owner of a Warrant, in each case, on behalf of whom such participant holds Warrants. 

Section 7.08.    Officer’s Certificates and Opinions of Counsel; Statements to Be Contained
Therein.  
 (a)    Each certificate or opinion provided for in this Agreement and delivered to the Warrant
Agent with respect to compliance with a condition or covenant provided for in this Agreement shall include (i) a statement that the person making such certificate or opinion has read such covenant or condition, (ii) a brief statement as to
the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based, (iii) a statement that, in the opinion of such person, such person has made such examination or
investigation as is necessary to enable such person to express an informed opinion as to whether or not such covenant or condition has been complied with and (iv) a statement as to whether or not, in the opinion of such person, such condition
or covenant has been complied with. 
 (b)    Any certificate, statement or opinion of an officer of the Issuer may be
based, insofar as it relates to legal matters, upon a certificate or opinion of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which such officer’s
certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it relates to factual
matters, information with respect to which is in the possession of the Issuer, upon the certificate, statement or opinion of or representations by an officer or officers of the Issuer, unless such counsel knows that the certificate, statement or
opinion or representations with respect to the matters upon which such officer’s certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 

(c)    Any certificate, statement or opinion of an officer of the Issuer or of counsel may be based, insofar as it relates
to accounting matters, upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Issuer, unless such officer or counsel, as the case may be, knows that the certificate or opinion or
representations with respect to the accounting matters upon which such officer’s or counsel’s, as the case may be, certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know
that the same are erroneous. Any certificate or opinion of any independent firm of public accountants filed with and directed to the Warrant Agent shall contain a statement that such firm is independent. 

Section 7.09.    Payments Due on Saturdays, Sundays and Holidays. Unless otherwise specified in the
applicable Warrant Certificate, if the date fixed for any payment with respect to the Warrants of any series appertaining thereto shall not be a Business Day, then such payment need not be made on such date, but may be made on the next succeeding
Business Day with same force and effect as if made on the date fixed, and no interest shall accrue for the period after such date. 

Section 7.10.    Judgment Currency. The Issuer agrees, to the fullest extent that it may effectively do
so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the Warrants of any series (the “Required Currency”) into a currency in which a
judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Warrant Agent could purchase in The City of New York the Required Currency
with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day (as defined below), in which event, to the extent permitted by applicable law, the rate of exchange used shall be
the rate at which in accordance with normal banking procedures the Warrant Agent could purchase in The City of New York the Required Currency with the Judgment Currency on the last New York Banking Day preceding the day on which final unappealable
judgment is entered and (b) its respective obligations under this Agreement and the terms of such Warrants to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any
judgment (whether or not entered in accordance with clause 6.10(a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the
Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required 

  
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Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment
being obtained for any other sum due under this Agreement. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking
institutions in The City of New York are authorized or required by law or executive order to close. 

Section 7.11.    Headings. The descriptive headings of the several Articles and Sections of this
Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

Section 7.12.    Counterparts. This Agreement may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original; but such counterparts shall together constitute but one and the same instrument. 

Section 7.13.    Applicable Law. This Agreement and each Warrant shall be deemed to be a contract under
the laws of the State of New York, and for all purposes shall be governed by, and construed in accordance with, the laws of said State, excluding choice of law provisions. 

Section 7.14.    Waiver of Jury Trial. EACH OF THE ISSUER AND THE WARRANT AGENT, AND EACH
WARRANTHOLDER BY ITS ACCEPTANCE HEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE WARRANTS OR THE
TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 7.15.    Agent for Service; Submission to Jurisdiction; Waiver of
Immunity. By the execution and delivery of this Agreement, the Issuer (i) agrees that service of process upon the Issuer at the names, addresses and other details specified in Section 7.03 shall be deemed in every respect
effective service of process upon it in any such suit or proceeding arising out of or relating to the Warrants or this Agreement that may be instituted in any Federal or State court in the Borough of Manhattan, The City of New York or brought under
Federal or State securities laws or brought by the Warrant Agent (whether in its individual capacity or in its capacity as warrant agent hereunder), and (ii) submits to the non-exclusive jurisdiction of
any such court in any such suit of proceeding. 
 To the extent that the Issuer has or hereafter may acquire any immunity from jurisdiction
of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, the Issuer hereby irrevocably waives such
immunity in respect of its respective obligations under this Agreement and the Warrants to the extent permitted by law. 
 Section
7.16.    FATCA. In order to comply with sections 1471 - 1474 of the Internal Revenue Code, including regulations promulgated thereunder, (“FATCA”) or an intergovernmental agreement, including any related
guidance or legislation, implementing FATCA (collectively, “Applicable Law”) that a foreign financial institution, issuer, paying agent, holder or other institution is or has agreed to be subject to related to this Warrant
Agreement, (i) upon request, and to the extent practicable, to the extent the Issuer has in its possession sufficient information about Holders relating to Applicable Law, the Issuer agrees to provide to the Warrant Agent such information for
the Warrant Agent’s determination as to any tax related obligations under Applicable Law and (ii) the Issuer agrees that the Warrant Agent shall be entitled to make any withholding or deduction from payments under this Warrant Agreement to
the extent necessary to comply with Applicable Law. The terms of this section shall survive the termination of this Agreement. 

  
 -18- 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the
day and year first above written. 
  

			
	THE TORONTO-DOMINION BANK
		
	By:	 	 /s/ Vanessa Simonetti

		 	Name: Vanessa Simonetti
		 	Title: Managing Director
	
	THE BANK OF NEW YORK MELLON, as Warrant Agent
		
	By:	 	 /s/ Teresa H. Wyszomierski

		 	Name: Teresa H. Wyszomierski
		 	Title: Vice President

  
 [Signature Page to
the Warrant Agreement] 

 EXHIBIT A 

[FORM OF FACE OF REGISTERED WARRANT CERTIFICATE] 
  

			
	No.
                                        
        	 	CUSIP No.                 

 [Unless and until it is exchanged in whole or in part for Warrants in definitive registered form, this
Warrant Certificate and the Warrants evidenced hereby may not be transferred except as a whole by the Depositary to the nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. 
 Unless this Warrant Certificate is
presented by an authorized representative of the Depositary to The Toronto-Dominion Bank or its agent for registration of transfer, exchange or payment, and any Warrant issued is registered in the name of Cede & Co. or such other name as
requested by an authorized representative of the Depositary (and any payment hereon is made to Cede & Co. or such other entity as is requested by an authorized representative of the Depositary), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY A PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.]1 

THE TORONTO-DOMINION BANK 

[Series and Title of Warrants] 
 NUMBER OF
WARRANTS EVIDENCED BY THIS CERTIFICATE: [UP TO    ] 
 WARRANT PROPERTY: 

[AMOUNT OF WARRANT PROPERTY [PURCHASABLE][SALEABLE] PER WARRANT:] 

[CASH SETTLEMENT VALUE PER WARRANT (OR METHOD OF DETERMINING SAME):] 

[[CALL][PUT][STRIKE] PRICE FOR SUCH SPECIFIED AMOUNT OF WARRANT PROPERTY PER WARRANT:] 

[METHOD OF DELIVERY OF ANY WARRANT PROPERTY TO BE DELIVERED FOR SALE UPON EXERCISE OF WARRANTS:] 

FORM OF [PAYMENT][SETTLEMENT]: 
 DATES OF EXERCISE: 

OTHER TERMS: 
 This Warrant Certificate
certifies that
                                        ,
or registered assigns, is the Registered Holder of the number of [Title of Warrants] (the “Warrants”) [specified above]2 [specified in Schedule I hereto]3. Upon receipt by the Warrant Agent of this Warrant Certificate, the exercise notice on the reverse hereof (or an exercise notice in substantially identical form delivered herewith) (the
“Exercise Notice”), duly completed and executed, and the [Call Price][Put Price][Amount of Warrant property saleable][Cash Settlement Value] per Warrant set forth above, [as adjusted, if applicable,] in the form set forth above, for
each Warrant to be exercised (the “Exercise Property”), [delivered as set forth above,] at the Warrant Agent’s Window, Attention: [Issuer/Loan Services-CSD Transfers/Redemptions], each Warrant evidenced hereby entitles the 

 
  

	1 	 Applies to global warrant certificates. 

	2 	 Applies to definitive warrant certificates. 

	3 	 Applies to global warrant certificates. 

  
 A-1 

 
Registered Holder hereof to receive, subject to the terms and conditions set forth herein and in the Warrant Agreement (as defined below), from The Toronto-Dominion Bank (the
“Issuer”) the [amount and form of property (the “Warrant Property”)][amount (the “Cash Settlement Value”)] per Warrant specified above. [Warrants will not entitle the Warrantholder to any of the
rights of the holders of any of the Warrant Property.][Unless otherwise indicated above, a Warrant will not require or entitle a Warrantholder to sell or deliver to the Issuer, nor will the Issuer be under any obligation to, nor will it, purchase or
take delivery from any Warrantholder of, any Warrant Property, and upon exercise of a Warrant, the Issuer will make only a cash payment in the amount of the [Cash Settlement Value][Put Price] per Warrant.][Warrantholders will not receive any
interest on any Cash Settlement Value.] 
 Reference is hereby made to the further provisions of this Warrant Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as though fully set forth in this place. 
 This
Warrant Certificate shall not be valid unless countersigned by the Warrant Agent. 

  
 A-2 

 IN WITNESS WHEREOF, The Toronto-Dominion Bank has caused this instrument to be duly
executed. 
 Dated:
                         
  

			
	THE TORONTO-DOMINION BANK
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	[Attest:	 	
		
	By:	 	  

		 	[Secretary]]
	
	Countersigned as of the date above written:
	
	THE BANK OF NEW YORK MELLON,
	        as Warrant Agent
		
	By:	 	  

		 	Authorized Signatory

  
 A-3 

 [FORM OF REVERSE OF REGISTERED WARRANT CERTIFICATE] 

THE TORONTO-DOMINION BANK 
 The
Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants issued by the Issuer pursuant to a Warrant Agreement, dated as of June 17, 2020 (as may be amended or supplemented from time to time, the “Warrant
Agreement”), between the Issuer and The Bank of New York Mellon (the “Warrant Agent”) and are subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions each Warrantholder
consents by acceptance of this Warrant Certificate or a beneficial interest therein and which Warrant Agreement is hereby incorporated by reference in and made a part of this Warrant Certificate. Without limiting the foregoing, all capitalized terms
used herein and not otherwise defined shall have the meanings set forth in the Warrant Agreement. A copy of the Warrant Agreement is on file at the Warrant Agent’s Office. 

The Warrants are unsecured, unsubordinated obligations of the Issuer and will rank on a parity in right of payment with all of the
Issuer’s deposit liabilities, except for obligations preferred by mandatory provisions of law. 
 Subject to the provisions hereof and
the Warrant Agreement, each Warrant may be exercised during the dates of exercise set forth on the face hereof by delivering or causing to be delivered this Warrant Certificate and the Exercise Notice, duly completed and executed, [and the Exercise
Property for each such Warrant,] to the Warrant Agent’s Window, which is, on the date hereof (unless otherwise specified herein), BNY Mellon Corporate Trust, Issuer/Loan Services-CSD Transfers/Redemptions, 111 Sanders Creek Parkway, East
Syracuse, NY 13057, or at such other address as the Warrant Agent may specify from time to time. 
 Each Warrant entitles the Warrantholder
to receive, upon exercise, the [Warrant Property][Cash Settlement Value] per Warrant set forth on the face hereof. The Warrant Agreement and the terms of the Warrants are subject to amendment as provided in the Warrant Agreement. This Warrant
Certificate shall be governed by, and interpreted in accordance with, the laws of the State of New York. 

  
 A-4 

 [Designation of Warrants] 

Exercise Notice 
 The Bank of New York Mellon

 c/o BNY Mellon Corporate Trust 
 111 Sanders Creek Parkway

 East Syracuse, NY 13057 
 Attention: Issuer/Loan
Services-CSD Transfers/Redemptions 
 The undersigned (the “Registered Holder”) hereby irrevocably exercises
         Warrants (the “Exercised Warrants”) and delivers to you herewith a Warrant Certificate or Certificates, registered in the Registered Holder’s name, representing a number
of Warrants at least equal to the number of Exercised Warrants[, and the Warrant Property with respect thereto]. 
 The Registered Holder
hereby directs the Warrant Agent (a) to deliver the [Warrant Property][Cash Settlement Value] per Warrant as follows: 
 and
(b) if the number of Exercised Warrants is less than the number of Warrants represented by the enclosed Warrant Certificate, to deliver a Warrant Certificate representing the unexercised Warrants to: 

 

							
	Dated:
                                         
                                   	 		 	                                    
                                         
                           
		 		 	(Registered Holder)
				
		 		 	By:	 	 
		 		 		 	Authorized Signature
		 		 		 	Address:
		 		 		 	Telephone:

  
 A-5 

 [If Warrant is evidenced by a Global Warrant Certificate , insert this Schedule I]

 SCHEDULE I 
 [Series
and Title of Warrants] 
 GLOBAL WARRANT CERTIFICATE 

SCHEDULE OF EXCHANGES 
 The
initial number of Warrants represented by this Global Warrant Certificate is                     . In accordance with the Warrant Agreement,
the following reductions as a result of the exercise of the number of Warrants indicated below have been made: 
  

							
	 Date of Exchange or Exercise
	  	 Number of Warrants Exercised
	  	 Reduced Number Outstanding
Following Such
Exercise
	  	
Notation Made by or on Behalf
of Warrant Agent

  
 A-6

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