Document:

Exhibit
10.1

 

 

Novo
Integrated Sciences Reports Fiscal Full Year 2021 Financial Results

 

BELLEVUE,
Wash., December 14, 2021 - Novo Integrated Sciences, Inc. (NASDAQ:NVOS) (the “Company” or “Novo”), pioneering
a holistic approach to patient-first health and wellness through a multidisciplinary healthcare ecosystem of services and product innovation,
today reported its financial results for the fiscal year ended August 31, 2021.

 

“This
has been a transformative year for Novo. We have invested in several undervalued assets that collectively are core to our differentiated
platform solution for healthcare delivery that puts the patient-first. In addition, the Company invested in the necessary human capital
required to commercialize our technology offerings, as well as many of our product solutions,” stated Robert Mattacchione, the
Company’s CEO and Board Chairman. “We have strategically made investments in Acenzia, PRO-DIP, EK-Tech Solutions, Terragenx,
and brick and mortar pharmacy locations, each of which complements our organic operations. This diverse patient offering of products
and services will be overlaid on Novo Connect, our sophisticated and secure mobile application, to provide data to patients in real time.
We look forward to the official launch of NovoConnect in early 2022 and making further investments in the healthcare space by expanding
into new jurisdictions both in North America and overseas.”

 

Financial
Highlights for the Fiscal Year Ended August 31, 2021:

 

	 	●	As
    of August 31, 2021, the Company’s cash and cash equivalents were $8.3 million, total assets were $61.9 million, total liabilities
    were $18.2 million, and stockholders’ equity was $43.9 million.
	 	 	 
	 	●	Revenues
    for the fiscal year ended August 31, 2021 were $9.3 million, representing an increase of $1.4 million, or 17.7%, from $7.9
    million for the same period in 2020, principally due to periodic easing of COVID pandemic-related restrictions and approximately
    $0.4 million of revenue from Acenzia from the date of acquisition (June 24, 2021) through August 31, 2021.
	 	 	 
	 	●	Net
    loss attributed to Novo Integrated Sciences, Inc. for the year ended August 31, 2021 was $4,462,147, representing a decrease
    of $453,007, or 9.2%, from $4,915,154 for the same period in 2020. The decrease in net loss is principally due to (i) an increase
    in revenues and gross profit offset by additional operating costs associated with the Acenzia acquisition, (ii) an increase in amortization
    of intangible assets, (iii) common stock issued for services including successful uplist to the Nasdaq Capital Markets, (iv) salary
    expense due to hiring of senior level executives, and (v) legal fees related to the Company’s Nasdaq listing and filing of
    the Company’s registration statement on Form S-3.

 

Operational
Milestones to Date:

 

	 	●	Signed
    letter of intent to acquire seven pharmacies in the United States that collectively generated $55 million in annualized sales in
    2020.
	 	 	 
	 	●	Acquired
    majority stake in Terragenx and intellectual property for FDA and Health Canada approved water-soluble iodine micro-nutrient in an
    all-share transaction priced at $3.35 per share.
	 	 	 
	 	●	Completed
    acquisition of Acenzia, a company that provides nutraceutical health solutions through advanced bio-science research and development,
    proprietary manufacturing, and personalized diagnostics in an all-share transaction at $3.91 per share.
	 	 	 
	 	●	Completed
    the acquisition of PRO-DIP, a company that has developed an innovative, patent-pending oral pouch delivery system technology which
    allows for broad market applications related to nutritionally focused products and medicinal based formulations in an all-share transaction
    at $3.98 per share.
	 	 	 
	 	●	Announced
    joint venture with EK-Tech Solutions for enhanced telehealth platform.

 

    	 

    	 

    

 

Corporate
Highlights for the Fiscal Year Ended August 31, 2021:

 

	 	●	Uplisted
    to the Nasdaq Capital Market in February 2021.
	 	 	 
	 	●	Closed
    on a registered direct offering of approximately $8 million at $3.35 per share.
	 	 	 
	 	●	Appointed
    Dr. Indrajit (Indra) Sinha, Ph.D. as Chief Scientific Officer.
	 	 	 
	 	●	Formed
    a Medical Advisory Board comprised of Dr. Joseph M. Chalil, Dr. Michael G. Muhonen, and Dr. Zach P. Zachariah to provide important
    insight and expertise as the Company expands its personalized consumer engagement across all aspects of the patient/practitioner
    relationship through the integration of medical technology, advanced therapeutics, and rehabilitative sciences.
	 	 	 
	 	●	Appointed
    new President and senior leadership for Novo Healthnet Limited, Novo’s wholly owned subsidiary.
	 	 	 
	 	●	Increased
    size of Board of Directors from 4 to 7 members and appointed Michael Pope, Robert Oliva, and Alex Flesias as independent directors.
	 	 	 
	 	●	Formed
    Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee.

 

About
Novo Integrated Sciences, Inc.

 

Novo
Integrated Sciences, Inc. is pioneering a holistic approach to patient-first health and wellness through a multidisciplinary healthcare
ecosystem of services and product innovation. Novo offers an essential and differentiated solution to deliver, or intend to deliver,
these services and products through the integration of medical technology, advanced therapeutics, and rehabilitative science.

 

We
believe that “decentralizing” healthcare, through the integration of medical technology and interconnectivity, is an essential
solution to the rapidly evolving fundamental transformation of how non-catastrophic healthcare is delivered both now and in the future.
Specific to non-critical care, ongoing advancements in both medical technology and inter-connectivity are allowing for a shift of the
patient/practitioner relationship to the patient’s home and away from on-site visits to primary medical centers with mass-services.
This acceleration of “ease-of-access” in the patient/practitioner interaction for non-critical care diagnosis and subsequent
treatment minimizes the degradation of non-critical health conditions to critical conditions as well as allowing for more cost-effective
healthcare distribution.

 

The
Company’s decentralized healthcare business model is centered on three primary pillars to best support the transformation of non-catastrophic
healthcare delivery to patients and consumers:

 

	 	●	First
    Pillar: Service Networks. Deliver multidisciplinary primary care services through (i) an affiliate network of clinic facilities,
    (ii) small and micro footprint sized clinic facilities primarily located within the footprint of box-store commercial enterprises,
    (iii) clinic facilities operated through a franchise relationship with the Company, and (iv) corporate operated clinic facilities.
	 	 	 
	 	●	Second
    Pillar: Technology. Develop, deploy, and integrate sophisticated interconnected technology, interfacing the patient to the healthcare
    practitioner thus expanding the reach and availability of the Company’s services, beyond the traditional clinic location, to
    geographic areas not readily providing advanced, peripheral based healthcare services, including the patient’s home.
	 	 	 
	 	●	Third
    Pillar: Products. Develop and distribute effective, personalized health and wellness product solutions allowing for the customization
    of patient preventative care remedies and ultimately a healthier population. The Company’s science-first approach to product
    innovation further emphasizes our mandate to create and provide over-the-counter preventative and maintenance care solutions.

 

    	 

    	 

    

 

Innovation
through science combined with the integration of sophisticated, secure technology assures Novo Integrated Sciences of continued cutting
edge advancement in patient first platforms.

 

For
more information concerning Novo Integrated Sciences, please visit www.novointegrated.com . For more information on NHL,
please visit www.novohealthnet.com

 

Twitter,
LinkedIn, Facebook, Instagram, YouTube

 

Forward-Looking Statements

 

This
press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this press
release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believe,”
“intend,” “expect,” “anticipate,” “plan,” “potential,” “continue”
or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause
actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties
are discussed in Novo’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking
statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond Novo’s control
which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking
statement reflects Novo’s current views with respect to future events and is subject to these and other risks, uncertainties and
assumptions relating to operations, results of operations, growth strategy and liquidity. Novo assumes no obligation to publicly update
or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those
anticipated in these forward-looking statements, even if new information becomes available in the future. The contents of any website
referenced in this press release are not incorporated by reference herein.

 

Chris
David, COO-President

Novo
Integrated Sciences, Inc.

chris.david@novointegrated.com

(888)
512-1195

 

    	 

    	 

    

 

NOVO
INTEGRATED SCIENCES, INC.

CONSOLIDATED
BALANCE SHEETS

As
of August 31, 2021 and 2020

 

	 	 	August 31,	 	 	August 31,	 
	 	 	2021	 	 	2020	 
	 	 	 	 	 	 	 
	ASSETS	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Current Assets:	 	 	 	 	 	 	 	 
	Cash and cash equivalents	 	$	8,293,162	 	 	$	2,067,718	 
	Accounts receivable, net	 	 	1,468,429	 	 	 	1,732,432	 
	Inventory	 	 	339,385	 	 	 	-	 
	Other receivables, current portion	 	 	814,157	 	 	 	302,664	 
	Prepaid expenses and other current assets	 	 	218,376	 	 	 	191,723	 
	Total current assets	 	 	11,133,509	 	 	 	4,294,537	 
	 	 	 	 	 	 	 	 	 
	Property and equipment, net	 	 	6,070,291	 	 	 	353,660	 
	Intangible assets, net	 	 	32,436,468	 	 	 	26,623,448	 
	Right-of-use assets, net	 	 	2,543,396	 	 	 	2,810,556	 
	Other receivables, net of current portion	 	 	692,738	 	 	 	287,775	 
	Acquisition deposits	 	 	-	 	 	 	383,700	 
	Goodwill	 	 	9,081,879	 	 	 	636,942	 
	TOTAL ASSETS	 	$	61,958,281	 	 	$	35,390,618	 
	 	 	 	 	 	 	 	 	 
	LIABILITIES AND STOCKHOLDERS’ EQUITY	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Current Liabilities:	 	 	 	 	 	 	 	 
	Accounts payable	 	$	1,449,784	 	 	$	883,773	 
	Accrued expenses	 	 	1,129,309	 	 	 	194,708	 
	Accrued interest (principally to related parties)	 	 	366,280	 	 	 	346,264	 
	Government loans and notes payable, current portion	 	 	4,485,649	 	 	 	83,292	 
	Due to related parties	 	 	478,920	 	 	 	528,213	 
	Finance lease liability, current portion	 	 	23,184	 	 	 	-	 
	Operating lease liability, current portion	 	 	530,797	 	 	 	563,793	 
	Total current liabilities	 	 	8,463,923	 	 	 	2,600,043	 
	 	 	 	 	 	 	 	 	 
	Debentures, related parties	 	 	982,205	 	 	 	952,058	 
	Notes payable, net of current portion	 	 	5,133,604	 	 	 	-	 
	Finance lease liability, net of current portion	 	 	16,217	 	 	 	-	 
	Operating lease liability, net of current portion	 	 	2,057,805	 	 	 	2,266,887	 
	Deferred tax liability	 	 	1,500,372	 	 	 	-	 
	TOTAL LIABILITIES	 	 	18,154,126	 	 	 	5,818,988	 
	 	 	 	 	 	 	 	 	 
	Commitments and contingencies	 	 	-	 	 	 	-	 
	 	 	 	 	 	 	 	 	 
	STOCKHOLDERS’ EQUITY	 	 	 	 	 	 	 	 
	Novo Integrated Sciences, Inc.	 	 	 	 	 	 	 	 
	Convertible preferred stock; $0.001 par value; 1,000,000 shares authorized; 0 and 0 shares issued and outstanding at August 31, 2021 and 2020, respectively	 	 	-	 	 	 	-	 
	Common stock; $0.001 par value; 499,000,000 shares authorized; 26,610,144 and 23,466,236 shares issued and outstanding at August 31, 2021 and 2020, respectively	 	 	26,610	 	 	 	23,466	 
	Additional paid-in capital	 	 	54,579,396	 	 	 	44,905,454	 
	Common stock to be issued (3,622,199 shares)	 	 	9,236,607	 	 	 	-	 
	Other comprehensive income	 	 	991,077	 	 	 	1,199,696	 
	Accumulated deficit	 	 	(20,969,274	)	 	 	(16,507,127	)
	Total Novo Integrated Sciences, Inc. stockholders’ equity	 	 	43,864,416	 	 	 	29,621,489	 
	Noncontrolling interest	 	 	(60,261	)	 	 	(49,859	)
	Total stockholders’ equity	 	 	43,804,155	 	 	 	29,571,630	 
	TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	 	$	61,958,281	 	 	$	35,390,618	 

 

    	 

    	 

    

 

NOVO
INTEGRATED SCIENCES, INC.

CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

For
the Years Ended August 31, 2021 and 2020

 

	 	 	Years Ended	 
	 	 	August 31,	 	 	August 31,	 
	 	 	2021	 	 	2020	 
	 	 	 	 	 	 	 
	Revenues	 	$	9,305,255	 	 	$	7,860,567	 
	 	 	 	 	 	 	 	 	 
	Cost of revenues	 	 	5,482,257	 	 	 	4,802,195	 
	 	 	 	 	 	 	 	 	 
	Gross profit	 	 	3,822,998	 	 	 	3,058,372	 
	 	 	 	 	 	 	 	 	 
	Operating expenses:	 	 	 	 	 	 	 	 
	Selling expenses	 	 	7,525	 	 	 	4,921	 
	General and administrative expenses	 	 	8,089,641	 	 	 	7,286,305	 
	Write down of assets	 	 	99,351	 	 	 	29,744	 
	Total operating expenses	 	 	8,196,517	 	 	 	7,320,970	 
	 	 	 	 	 	 	 	 	 
	Loss from operations	 	 	(4,373,519	)	 	 	(4,262,598	)
	 	 	 	 	 	 	 	 	 
	Non operating income (expense)	 	 	 	 	 	 	 	 
	Interest income	 	 	45,687	 	 	 	33,627	 
	Interest expense	 	 	(165,003	)	 	 	(156,662	)
	Other income (expense)	 	 	21,900	 	 	 	(194,055	)
	Write off of acquisition deposit	 	 	-	 	 	 	(344,521	)
	Total other income (expense)	 	 	(97,416	)	 	 	(661,611	)
	 	 	 	 	 	 	 	 	 
	Loss before income taxes	 	 	(4,470,935	)	 	 	(4,924,209	)
	 	 	 	 	 	 	 	 	 
	Income tax expense	 	 	-	 	 	 	-	 
	 	 	 	 	 	 	 	 	 
	Net loss	 	$	(4,470,935	)	 	$	(4,924,209	)
	 	 	 	 	 	 	 	 	 
	Net loss attributed to noncontrolling interest	 	 	(8,788	)	 	 	(9,055	)
	 	 	 	 	 	 	 	 	 
	Net loss attributed to Novo Integrated Sciences, Inc.	 	$	(4,462,147	)	 	$	(4,915,154	)
	 	 	 	 	 	 	 	 	 
	Comprehensive loss:	 	 	 	 	 	 	 	 
	Net loss	 	 	(4,470,935	)	 	 	(4,924,209	)
	Foreign currency translation  (loss) gain	 	 	(208,619	)	 	 	60,777	 
	Comprehensive loss:	 	$	(4,679,554	)	 	$	(4,863,432	)
	 	 	 	 	 	 	 	 	 
	Weighted average common shares outstanding - basic and diluted	 	 	24,774,454	 	 	 	23,034,081	 
	 	 	 	 	 	 	 	 	 
	Net loss per common share - basic and diluted	 	$	(0.18	)	 	$	(0.21	)

 

    	 

    	 

    

 

NOVO
INTEGRATED SCIENCES, INC.

CONSOLIDATED
STATEMENTS OF STOCKHOLDERS’ EQUITY

For
the Years Ended August 31, 2021 and 2020

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Additional	 	 	Common	 	 	Other	 	 	 	 	 	Novo	 	 	 	 	 	 	 
	 	 	Common
    Stock	 	 	Paid-in	 	 	Stock
    To	 	 	Comprehensive	 	 	Accumulated	 	 	Stockholders’	 	 	Noncontrolling	 	 	Total	 
	 	 	Shares	 	 	Amount	 	 	Capital	 	 	Be
    Issued	 	 	Income	 	 	Deficit	 	 	Equity	 	 	Interest	 	 	Equity	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Balance,
    August 31, 2019	 	 	22,369,150	 	 	$	22,369	 	 	$	36,014,525	 	 	$	-	 	 	$	1,138,919	 	 	$	(11,591,973	)	 	$	25,583,840	 	 	$	(39,632	)	 	 	25,544,208	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Common
    stock issued for cash	 	 	35,437	 	 	 	35	 	 	 	113,364	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	113,399	 	 	 	-	 	 	 	113,399	 
	Common
    stock issued for licensing agreement	 	 	800,000	 	 	 	800	 	 	 	5,247,200	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	5,248,000	 	 	 	-	 	 	 	5,248,000	 
	Common
    stock issued for software license	 	 	96,558	 	 	 	97	 	 	 	386,134	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	386,231	 	 	 	-	 	 	 	386,231	 
	Common
    stock issued for conversion of related party debt	 	 	15,091	 	 	 	15	 	 	 	226,348	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	226,363	 	 	 	-	 	 	 	226,363	 
	Common
    stock issued for services	 	 	150,000	 	 	 	150	 	 	 	589,850	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	590,000	 	 	 	-	 	 	 	590,000	 
	Fair
    value of modification of stock option terms	 	 	-	 	 	 	-	 	 	 	62,822	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	62,822	 	 	 	-	 	 	 	62,822	 
	Fair
    value of stock options	 	 	-	 	 	 	-	 	 	 	2,265,211	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	2,265,211	 	 	 	-	 	 	 	2,265,211	 
	Foreign
currency translation gain
	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	60,777	 	 	 	 	 	 	 	60,777	 	 	 	(1,172	)	 	 	59,605	 
	Net
    loss	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	(4,915,154	)	 	 	(4,915,154	)	 	 	(9,055	)	 	 	(4,924,209	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Balance,
    August 31, 2020	 	 	23,466,236	 	 	 	23,466	 	 	 	44,905,454	 	 	 	-	 	 	 	1,199,696	 	 	 	(16,507,127	)	 	 	29,621,489	 	 	 	(49,859	)	 	 	29,571,630	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Common
    stock issued for cash, net of offering costs	 	 	2,409,955	 	 	 	2,410	 	 	 	7,325,170	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	7,327,580	 	 	 	-	 	 	 	7,327,580	 
	Common
    stock for services	 	 	295,700	 	 	 	295	 	 	 	874,878	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	875,173	 	 	 	-	 	 	 	875,173	 
	Common
    stock issued for acquisition	 	 	189,796	 	 	 	190	 	 	 	430,647	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	430,837	 	 	 	-	 	 	 	430,837	 
	Common
    stock issued for intellectual property	 	 	240,000	 	 	 	240	 	 	 	875,760	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	876,000	 	 	 	-	 	 	 	876,000	 
	Common
    stock to be issued for purchase of Acenzia, Inc.	 	 	-	 	 	 	-	 	 	 	-	 	 	 	9,236,607	 	 	 	-	 	 	 	-	 	 	 	9,236,607	 	 	 	-	 	 	 	9,236,607	 
	Exercise
    of stock options	 	 	7,500	 	 	 	8	 	 	 	11,992	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	12,000	 	 	 	-	 	 	 	12,000	 
	Fair
    value of stock options	 	 	-	 	 	 	-	 	 	 	155,496	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	155,496	 	 	 	-	 	 	 	155,496	 
	Rounding
    due to stock split	 	 	957	 	 	 	1	 	 	 	(1	)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	Foreign
    currency translation loss	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	(208,619	)	 	 	-	 	 	 	(208,619	)	 	 	(1,614	)	 	 	(210,233	)
	Net
    loss	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	(4,462,147	)	 	 	(4,462,147	)	 	 	(8,788	)	 	 	(4,470,935	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Balance,
    August 31, 2021	 	 	26,610,144	 	 	$	26,610	 	 	$	54,579,396	 	 	$	9,236,607	 	 	$	991,077	 	 	$	(20,969,274	)	 	$	43,864,416	 	 	$	(60,261	)	 	$	43,804,155	 

 

    	 

    	 

    

 

NOVO
INTEGRATED SCIENCES, INC.

CONSOLIDATED
STATEMENTS OF CASH FLOWS

For
the Years Ended August 31, 2021 and 2020

 

	 	 	Years Ended	 
	 	 	August 31,	 	 	August 31,	 
	 	 	2021	 	 	2020	 
	 	 	 	 	 	 	 
	CASH FLOWS FROM OPERATING ACTIVITIES:	 	 	 	 	 	 	 	 
	Net loss	 	$	(4,470,935	)	 	$	(4,924,209	)
	Adjustments to reconcile net loss to  net cash used in operating activities:	 	 	 	 	 	 	 	 
	Depreciation and amortization	 	 	1,724,122	 	 	 	1,445,076	 
	Fair value of vested stock options	 	 	155,496	 	 	 	2,265,211	 
	Expense associated with modified stock option terms	 	 	-	 	 	 	62,822	 
	Common stock issued for services	 	 	875,173	 	 	 	590,000	 
	Operating lease expense	 	 	642,991	 	 	 	541,530	 
	Gain on forgiveness of debt	 	 	(21,900	)	 	 	-	 
	Write down of assets	 	 	99,351	 	 	 	29,744	 
	Loss on settlement of other receivable	 	 	-	 	 	 	74,360	 
	Write off of acquisition deposit	 	 	-	 	 	 	344,521	 
	Changes in operating assets and liabilities:	 	 	 	 	 	 	 	 
	Accounts receivable	 	 	1,103,800	 	 	 	(229,015	)
	Inventory	 	 	(147,814	)	 	 	-	 
	Prepaid expenses and other current assets	 	 	(43,194	)	 	 	61,218	 
	Accounts payable	 	 	(45,228	)	 	 	(275,895	)
	Accrued expenses	 	 	(287,034	)	 	 	(15,591	)
	Accrued interest	 	 	9,015	 	 	 	114,815	 
	Operating lease liability	 	 	(618,645	)	 	 	(526,281	)
	Net cash used in operating activities	 	 	(1,024,802	)	 	 	(441,694	)
	 	 	 	 	 	 	 	 	 
	CASH FLOWS FROM INVESTING ACTIVITIES:	 	 	 	 	 	 	 	 
	Purchase of property and equipment	 	 	(255,949	)	 	 	(12,110	)
	Cash paid for acquisition	 	 	(10,000	)	 	 	-	 
	Cash acquired with acquisition	 	 	3,738,171	 	 	 	-	 
	Amounts loaned for other receivables	 	 	(473,100	)	 	 	-	 
	Payment for acquisition deposit	 	 	-	 	 	 	(636,985	)
	Return of acquisition deposit	 	 	-	 	 	 	636,985	 
	Collection of other receivable	 	 	-	 	 	 	669,240	 
	Net cash provided by investing activities	 	 	2,999,122	 	 	 	657,130	 
	 	 	 	 	 	 	 	 	 
	CASH FLOWS FROM FINANCING ACTIVITIES:	 	 	 	 	 	 	 	 
	Repayments to related parties	 	 	(246,327	)	 	 	(198,778	)
	Repayments of debenture, related party	 	 	-	 	 	 	(267,696	)
	Repayments of notes payable	 	 	(2,767,519	)	 	 	-	 
	Repayments of finance leases	 	 	(8,872	)	 	 	-	 
	Proceeds from government loans and note payable	 	 	-	 	 	 	81,388	 
	Proceeds from the sale of common stock, net of offering costs	 	 	7,327,580	 	 	 	113,399	 
	Proceeds from exercise of stock options	 	 	12,000	 	 	 	-	 
	Net cash provided by (used in) financing activities	 	 	4,316,862	 	 	 	(271,687	)
	 	 	 	 	 	 	 	 	 
	Effect of exchange rate changes on cash and cash equivalents	 	 	(65,738	)	 	 	40,303	 
	 	 	 	 	 	 	 	 	 
	NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	 	 	6,225,444	 	 	 	(15,948	)
	 	 	 	 	 	 	 	 	 
	CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	 	 	2,067,718	 	 	 	2,083,666	 
	 	 	 	 	 	 	 	 	 
	CASH AND CASH EQUIVALENTS, END OF YEAR	 	$	8,293,162	 	 	$	2,067,718	 
	 	 	 	 	 	 	 	 	 
	CASH PAID FOR:	 	 	 	 	 	 	 	 
	Interest	 	$	144,987	 	 	$	95,219	 
	Income taxes	 	$	-	 	 	$	-	 
	 	 	 	 	 	 	 	 	 
	SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:	 	 	 	 	 	 	 	 
	Common stock issued for intangible assets	 	$	876,000	 	 	$	5,634,231	 
	Common stock issued for debt	 	$	-	 	 	$	226,363	 
	Common stock issued for acquisition	 	$	430,837	 	 	$	-EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

RIGHTS AGREEMENT 
 dated as of

 December 13, 2021 

between 
 Nam Tai Property Inc.

 and 
 Computershare Trust
Company, N.A. 
 as Rights Agent 
  

 
  

 RIGHTS AGREEMENT 

Table of Contents 
 Page

  

					
	ARTICLE I	  			
		
	DEFINITIONS	  			
	 1.1  Definitions
	  	 	2	 
		
	ARTICLE II	  			
		
	THE RIGHTS	  			
	 2.1  Legend
	  	 	15	 
	 2.2  Exercise of Rights; Separation of Rights
	  	 	16	 
	 2.3  Adjustments to Exercise Price; Number of Rights
	  	 	20	 
	 2.4  Date on Which Exercise is Effective
	  	 	21	 
	 2.5  Execution, Authentication, Delivery and Dating of Rights Certificates
	  	 	21	 
	 2.6  Registration, Registration of Transfer and Exchange
	  	 	23	 
	 2.7  Mutilated, Destroyed, Lost and Stolen Rights Certificates
	  	 	24	 
	 2.8  Persons Deemed Owners
	  	 	25	 
	 2.9  Delivery and Cancellation of Certificates
	  	 	26	 
	 2.10  Agreement of Rights Holders
	  	 	26	 
		
	ARTICLE III	  			
	ADJUSTMENTS TO THE RIGHTS IN	  			
	THE EVENT OF CERTAIN TRANSACTIONS	  			
	 3.1  Flip-in
	  	 	27	 
	 3.2  Flip-over
	  	 	32	 
		
	ARTICLE IV	  			
		
	THE RIGHTS AGENT	  			
	 4.1  General
	  	 	33	 
	 4.2  Merger or Consolidation or Change of Name of Rights Agent
	  	 	35	 
	 4.3  Duties of Rights Agent
	  	 	36	 
	 4.4  Change of Rights Agent
	  	 	42	 

  
 -i- 

					
		
	ARTICLE V	  			
		
	MISCELLANEOUS	  			
	 5.1  Redemption
	  	 	43	 
	 5.2  Expiration
	  	 	45	 
	 5.3  Issuance of New Rights Certificates
	  	 	45	 
	 5.4  Supplements and Amendments
	  	 	46	 
	 5.5  Fractional Shares
	  	 	47	 
	 5.6  Rights of Action
	  	 	47	 
	 5.7  Holder of Rights Not Deemed a Shareholder
	  	 	48	 
	 5.8  Notice of Proposed Actions
	  	 	48	 
	 5.9  Notices
	  	 	49	 
	 5.10  Suspension of Exercisability or Exchangeability
	  	 	50	 
	 5.11  Successors
	  	 	50	 
	 5.12  Benefits of this Agreement
	  	 	50	 
	 5.13  Determination and Actions by the Board of Directors, etc.
	  	 	51	 
	 5.14  Descriptive Headings; Section References
	  	 	51	 
	 5.15  GOVERNING LAW; EXCLUSIVE JURISDICTION
	  	 	52	 
	 5.16  Counterparts
	  	 	53	 
	 5.17  Severability
	  	 	53	 
	 5.18  Customer Identification Program
	  	 	54	 
	 5.19  Withholding
	  	 	54	 

 EXHIBIT 
  

	Exhibit	 A    Form of Rights Certificate (together with Form of Election to Exercise)

  
 -ii- 

 RIGHTS AGREEMENT 

RIGHTS AGREEMENT (as amended from time to time, this “Agreement”), dated as of December 13, 2021, between Nam Tai Property
Inc., a company incorporated under the laws of the British Virgin Islands (the “Company”), and Computershare Trust Company, N.A., a federally chartered trust company, as Rights Agent (the “Rights Agent”, which term shall include
any successor Rights Agent hereunder). 
 WITNESSETH: 

WHEREAS, the Board of Directors of the Company (the “Board of Directors”) has (a) authorized the issuance of one right
(“Right”) for each share of par value of $0.01 per share (the “Shares”) held of record as of the Close of Business (as hereinafter defined) on December 23, 2021 (the “Record Time”) upon the certification by the New
York Stock Exchange, Inc. (“NYSE”) to the Securities and Exchange Commission that the Rights have been approved for listing and registration (the “Issue Time”) and (b) as provided in Section 2.4, authorized the issuance
of one Right in respect of each Share issued after the Record Time and prior to the Separation Time (as hereinafter defined) and, to the extent provided in Section 5.3, each Share issued after the Separation Time; 

WHEREAS, subject to the terms and conditions hereof, each Right entitles the holder thereof, after the Separation Time, to purchase securities
of the Company (or, in certain cases, securities of certain other entities) pursuant to the terms and subject to the conditions set forth herein; and 

WHEREAS, the Company desires to appoint the Rights Agent to act on behalf of the Company, and the Rights Agent is willing so to act, in
connection with the issuance, transfer and exchange of Rights Certificates (as hereinafter defined), the exercise of Rights and other matters referred to herein; 

 NOW THEREFORE, in consideration of the premises and the respective agreements set forth
herein, the parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 1.1
Definitions. For purposes of this Agreement, the following terms have the meanings indicated: 
 “Acquiring Person” shall
mean any Person who is or becomes the Beneficial Owner of 20% or more of the issued Shares at any time after the first public announcement of this Agreement; provided, however, that the term “Acquiring Person” shall not
include any Person (i) who is the Beneficial Owner of 20% or more of the issued Shares at the time of the first public announcement of the adoption of this Agreement, who has disclosed the full extent of such Beneficial Ownership of Shares on
Schedule 13D under the Exchange Act (as hereinafter defined) and the rules and regulations thereunder and in accordance with any other applicable law, rule or regulation as such disclosure is in effect at the time of the first public announcement of
the adoption of this Agreement, and who continuously thereafter is the Beneficial Owner of 20% or more of the issued Shares, until such time thereafter as such Person becomes the Beneficial Owner (other than by means of a share dividend, share split
or reclassification) of additional Shares that, in the aggregate, amount to 0.1% or more of the issued Shares, (ii) who becomes the Beneficial Owner of 20% or more of the issued Shares after the time of the first public announcement of this
Agreement solely as a result of (A) an acquisition by the Company of Shares, until such time after the public announcement by the Company of such repurchases as such Person becomes the Beneficial Owner (other than by means of a share dividend,
share split or reclassification) of additional Shares that, in the aggregate, amount to 0.1% or more of the issued Shares while such Person is or as a result of which such Person becomes the Beneficial Owner of 20% or more of the issued Shares,
(B) the occurrence of a Flip-in Date which has not resulted from the acquisition of Beneficial Ownership of Shares by such Person or any of such Person’s Affiliates or Associates or (iii) who
becomes the Beneficial Owner of 20% or more of the issued Shares but who acquired Beneficial Ownership of Shares without any plan or intention to seek or affect control of the Company, if such Person promptly divests, or promptly enters into an
agreement with, and satisfactory to, the Board of Directors, in the Board of Directors’ sole discretion, to divest, and subsequently divests in accordance with the terms of such agreement (without exercising or retaining any power, including
voting power, with respect to such shares), sufficient Shares (or securities convertible into, exchangeable into or exercisable for Shares or otherwise deemed to be Beneficially Owned by such Person) so that such Person ceases to be the Beneficial
Owner of 20% or more of the issued Shares. In addition, the Company, any Subsidiary of the Company and any employee share ownership plan or other employee benefit plan of the Company or a Subsidiary of the Company (or any entity or trustee holding
Shares for or pursuant to the terms of any such plan or for the purpose of funding any such plan or funding other employee benefits for employees of the Company or of any Subsidiary of the Company) shall not be an Acquiring Person. Notwithstanding
the foregoing, any Person who was not required to file a Schedule 13D as of the time of the public announcement of this Agreement or who has acquired additional Shares since the date of its last filing on Schedule 13D, so that it does not fit within
the exemption in subsection (i) of this definition, shall not be an Acquiring Person if the failure to make an initial or amended filing was not in violation of Rules 13d-1 or 13d-2 and such Person promptly divests or promptly enters into an agreement with, and satisfactory to, the Board of Directors, in the Board of Directors’ sole discretion, to divest, and subsequently divests in
accordance with the terms of such agreement (without exercising or retaining any power, including voting power, with respect to such shares), (x) the number of Shares which were acquired since the last filing by such Person and prior to the public
announcement of the adoption of this Agreement with respect to Persons who have a Schedule 13D on file and (y) the number of Shares which result in Beneficial Ownership of 20% or more of the issued Shares with respect to Persons who have not
made an initial Schedule 13D filing, and the Board of Directors, in its sole discretion, may determine to exempt any such Person from the requirement in this sentence to divest shares. In addition, Deutsche Bank AG, Hong Kong Branch which owns
Shares as described by the receivers acting on its behalf (appointed pursuant to the Deed of Appointment of Receivers dated December 3, 2021) to the interim Chief Financial Officer of the Company on December 7, 2021 shall not be an
Acquiring Person with respect to the ownership of the Shares position described to the Company until such time after the public announcement of the adoption of this Agreement as such entity becomes the Beneficial Owner (other than by means of a
share dividend, share split or reclassification) of additional Shares that, in the aggregate, amount to 0.1% or more of the issued Shares while such entity is the Beneficial Owner of 20% or more of the issued Shares. 

  
 -2- 

 “Affiliate” and “Associate” shall have the respective meanings ascribed
to such terms in Rule 12b-2 under the Exchange Act, as such Rule is in effect on the date of this Agreement. 

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

A Person shall be deemed the “Beneficial Owner”, and to have “Beneficial Ownership” of, and to “Beneficially
Own”, (i) any securities as to which such Person or any of such Person’s Affiliates or Associates is or may be deemed to be the beneficial owner pursuant to Rules 13d-3 and 13d-5 under the Exchange Act, as such Rules are in effect on the date of this Agreement, (ii) any securities as to which such Person or any of such Person’s Affiliates or Associates has the right to become
the beneficial owner (whether such right is exercisable immediately or only after the passage of time or the occurrence of conditions) pursuant to any agreement, arrangement or understanding, whether or not in writing (other than customary
agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities), or upon the exercise of conversion rights, exchange rights, rights (other than the Rights), warrants or options, or
otherwise, (iii) any securities which are Beneficially Owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with whom such Person has an agreement, arrangement or understanding to act together for the
purpose of acquiring, holding, voting or disposing of any securities of the Company and (iv) solely for purposes of determining whether any Person is an Acquiring Person, any securities that such Person or any of such Person’s Affiliates
or Associates are determined to Constructively Own; provided, however, that a Person shall not be deemed the “Beneficial Owner”, or to have “Beneficial Ownership” of, or to “Beneficially Own”, any security
(A) solely because such security has been tendered pursuant to any offer made by such Person or any of such Person’s Affiliates or Associates until such tendered security is accepted for payment or exchange or (B) solely because such
Person or any of such Person’s Affiliates or Associates has or shares the power to vote or direct the voting of such security pursuant to a revocable proxy or consent given in response to a public proxy or consent solicitation made to more than
ten holders of shares of a class of shares of the Company registered under Section 12 of the Exchange Act, unless such power (or the arrangements relating thereto) is then reportable under Item 6 of Schedule 13D under the Exchange Act
(or any similar provision of a comparable or successor report). Notwithstanding the foregoing, no officer or director of the Company shall be deemed to Beneficially Own any securities of any other Person by virtue of any actions that such officer or
director takes in such capacity. For purposes of this Agreement, in determining the percentage of the issued Shares with respect to which a Person is the Beneficial Owner, all shares as to which such Person is deemed the Beneficial Owner shall be
deemed issued. 

  
 -3- 

 “Board of Directors” shall have the meaning set forth in the Recitals. 

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

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

A Person shall be determined to “Constructively Own” Shares in respect of which such Person has a Synthetic Long Position,
calculated in the manner set forth below, if the Board of Directors, by a majority vote, determines that such Person is seeking to use the existence of such Synthetic Long Position, in combination with other securities Beneficially Owned by such
Person, for the purpose or effect of changing or influencing control of the Company. The number of Shares in respect of a Synthetic Long Position that may be determined to be “Constructively Owned” is the notional or other number of Shares
in respect of such Synthetic Long Position that is specified in a filing by such Person or any of such Person’s Affiliates or Associates with the Securities and Exchange Commission or in the documentation evidencing such Synthetic Long Position
as the basis upon which the value or settlement amount of such right or derivative, or the opportunity of the holder of such right or derivative to profit or share in any profit, is to be calculated in whole or in part and, in any case, including if
no such number of Shares is specified in any filing or documentation, as determined by the Board of Directors to be the number of Shares to which such Synthetic Long Position relates. 

  
 -4- 

 “Customer Identification Program” shall have the meaning set forth in
Section 5.18. 
 “Election to Exercise” shall have the meaning set forth in Section 2.3(d). 

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

“Exchange Ratio” shall have the meaning set forth in Section 3.1(c). 

“Exchange Time” shall mean the time at which the right to exercise the Rights shall terminate pursuant to Section 3.1(c). 

“Exercise Price” shall mean, as of any date, the price at which a holder may purchase the securities issuable upon exercise of one
whole Right. Until adjustment thereof in accordance with the terms hereof, the Exercise Price shall equal $60.00. 
 “Expansion
Factor” shall have the meaning set forth in Section 2.4(a). 
 “Expiration Time” shall mean the earliest of (i) the
Exchange Time, (ii) the Redemption Time, (iii) the Close of Business on the first anniversary of the date of this Agreement, unless, for purposes of this clause (iii), extended by action of the Board of Directors (in which case the
applicable time shall be the time to which it has been so extended) and (iv) immediately prior to the effective time of a consolidation, merger, scheme of arrangement or statutory share exchange that does not constitute a Flip-over Transaction
or Event in which the Shares are cancelled or converted into, or into the right to receive, another security, cash or other consideration. 

  
 -5- 

 “Flip-in Date” shall mean any Share
Acquisition Date or such later date and time as the Board of Directors may from time to time fix by resolution adopted prior to the Flip-in Date that would otherwise have occurred. 

“Flip-over Entity,” for purposes of Section 3.2, shall mean (i) in the case of a Flip-over Transaction or Event described
in clause (i) of the definition thereof, the Person issuing any securities into or for which Shares are being converted, cancelled or exchanged and, if no such securities are being issued, the other Person that is a party to such Flip-over
Transaction or Event and (ii) in the case of a Flip-over Transaction or Event referenced in clause (ii) of the definition thereof, the Person receiving the greatest portion of the (A) assets or, if (A) is not readily
determinable, (B) operating income or cash flow being transferred in such Flip-over Transaction or Event, provided in all cases if such Person is a Subsidiary of another Person, the ultimate parent entity of such Person shall be deemed to be
the Flip-over Entity. 
 “Flip-over Stock” shall mean the securities (or similar equity interest) with the greatest voting power
in respect of the election of directors (or other Persons similarly responsible for the direction of the business and affairs) of the Flip-over Entity. 

  
 -6- 

 “Flip-over Transaction or Event” shall mean a transaction or series of
transactions, on or after a Flip-in Date, in which, directly or indirectly, (i) the Company shall consolidate or merge or participate in a scheme of arrangement or statutory share exchange with any other
Person if, immediately prior to the time of consummation of the consolidation, merger, scheme of arrangement or statutory share exchange or at the time the Company enters into any agreement with respect to any such consolidation, merger, scheme of
arrangement or statutory share exchange, the Acquiring Person is the Beneficial Owner of 50% or more of the issued Shares or controls the Board of Directors and either (A) any term of or arrangement concerning the treatment of securities in
such consolidation, merger, scheme of arrangement or statutory share exchange relating to the Acquiring Person is not identical to the terms and arrangements relating to other holders of the Shares or (B) the Person with whom the transaction or
series of transactions occurs is the Acquiring Person or an Affiliate or Associate of the Acquiring Person or, (ii) the Company shall sell or otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise transfer) assets
(A) aggregating more than 50% of the assets (measured by either book value or fair market value) or (B) generating more than 50% of the operating income or cash flow, of the Company and its Subsidiaries (taken as a whole) to any Person
(other than the Company or one or more of its wholly owned Subsidiaries) or to two or more such Persons that are Affiliates or Associates or otherwise acting in concert, if, at the time of the entry by the Company (or any such Subsidiary) into an
agreement with respect to such sale or transfer of assets, the Acquiring Person or any of its Affiliates or Associates controls the Board of Directors. For purposes of the foregoing description, the term “Acquiring Person” shall include
any Acquiring Person and its Affiliates and Associates, counted together as a single Person. An Acquiring Person shall be deemed to control the Board of Directors when, on or following a Share Acquisition Date, the persons who were directors of the
Company (or persons nominated and/or appointed as directors by vote of a majority of such persons) before the Share Acquisition Date shall cease to constitute a majority of the Board of Directors. 

“Issue Time” shall have the meaning set forth in the Recitals. 

  
 -7- 

 “Market Price” per share of any securities on any date shall mean the average of
the daily closing prices per share of such securities (determined as described below) on each of the 20 consecutive Trading Days through and including the Trading Day immediately preceding such date; provided, however, that if any
event described in Section 2.4, or any analogous event, shall have caused the closing prices used to determine the Market Price on any Trading Days during such period of 20 Trading Days not to be fully comparable with the closing price on such
date, each such closing price so used shall be appropriately adjusted by the Board of Directors in order to make it fully comparable with the closing price on such date. The closing price per share of any securities on any date shall be the last
reported sale price, regular way, or, in case no such sale takes place or is quoted on such date, the average of the closing bid and asked prices, regular way, for each share of such securities, in either case as reported in the principal
consolidated transaction reporting system with respect to securities listed on NYSE or, if the securities are not listed on the NYSE, as reported on NASDAQ Stock Market (“NASDAQ”) or, if the securities are not listed on NASDAQ, as reported
in the principal consolidated transaction reporting system with respect to the principal national securities exchange on which the securities are listed or admitted to trading or, if the securities are not listed or admitted to trading on any
national securities exchange, as reported by such other quotation system then in use or, if on any such date the securities are not listed or admitted to trading on any national securities exchange or quoted by any such quotation system, the average
of the closing bid and asked prices in the over-the-counter market as furnished by a professional market maker making a market in the securities selected by the Board of
Directors; provided, however, that if on any such date the securities are not listed or admitted to trading on a national securities exchange or traded in the
over-the-counter market, the closing price per share of such securities on such date shall mean the fair value per share of such securities on such date as determined in
good faith by the Board of Directors, after consultation with a nationally recognized investment banking firm, and set forth in a certificate delivered to the Rights Agent. 

“NYSE” has the meaning set forth in the Recitals. 

  
 -8- 

 “NASDAQ” shall have the meaning set forth in the definition of Market Price. 

“Option Holder” shall have the meaning set forth in the definition of Acquiring Person. 

“Person” shall mean any individual, firm, partnership, limited liability company, trust, association, group (as such term is used in
Rule 13d-5 under the Exchange Act, as such Rule is in effect on the date of this Agreement), corporation or other entity. 

“Qualified Offer” shall mean an offer that has, to the extent required for the type of offer specified, each of the following
characteristics: 
 (a) a fully financed all-cash tender offer or an exchange offer offering
securities of the offeror or a combination thereof (with the amount of such securities included in the offer to be adjusted to reflect any decrease in the value of such securities prior to the consummation of the offer), in each such case for any
and all of the issued Shares of the Company; 
 (b) an offer that would have been commenced within the meaning of Rule 14d-2(a) under the Exchange Act if such rule were applicable; 
 (c) an offer that within 20 Business Days
after the commencement date of the offer within the meaning of Rule 14d-2(a) under the Exchange Act (or within 10 Business Days after any increase in the offer consideration), does not result in an investment
banking firm which is nationally recognized in the United Stated and which is retained by the Board of Directors rendering an opinion to the Board of Directors that the consideration being offered to the holders of the Shares is either unfair or
inadequate; 

  
 -9- 

 (d) an offer that is subject only to the minimum tender condition described below in item
(f) of this definition and other usual and customary terms and conditions, which may include a condition that no change or event has resulted in, or is reasonably expected to result in, a material adverse effect on the business, financial
condition, assets, liabilities or results of operations of the Company, which conditions shall not include any financing, funding, due diligence or similar condition; 

(e) an offer pursuant to which the Company has received an irrevocable written commitment of the offeror that the offer will remain open for at
least 60 Business Days and, if a Special Meeting is duly requested in accordance with Section 5.1(c), for at least 10 Business Days after the date of the Special Meeting or, if no Special Meeting is held within 90 Business Days following
receipt of the Special Meeting Notice in accordance with Section 5.1(c), for at least 10 Business Days following such 90 Business Day period; provided, however, that such offer need not remain open, as a result of this definition
of “Qualified Offer,” beyond (A) the time until which any other offer satisfying the criteria for a Qualified Offer is then required to be kept open under this definition of “Qualified Offer,” or (B) the scheduled
expiration date, as such date may be extended by public announcement on or prior to the then scheduled expiration date, of any other tender or exchange offer for Shares of the Company with respect to which the Board of Directors has agreed to redeem
the Rights immediately prior to acceptance for payment of the Shares thereunder (unless such other offer is terminated prior to its expiration without any Shares having been purchased thereunder); 

(f) an offer that is conditioned on a minimum of at least 50% of the issued Shares (other than Shares held by the offeror or its Affiliates and
Associates) being tendered and not withdrawn as of the offer’s expiration date, which condition shall not be waivable; 

  
 -10- 

 (g) an offer pursuant to which the Company has received an irrevocable written commitment by
the offeror to consummate as promptly as practicable upon successful completion of the offer a second step transaction whereby all Shares not tendered into the offer will be acquired for the same amount and form of consideration per share actually
paid pursuant to the offer, subject to shareholders’ statutory appraisal rights, if any; 
 (h) an offer pursuant to which the Company
has received an irrevocable written commitment of the offeror that no amendments will be made to the offer to reduce the offer consideration (other than a reduction to reflect any dividend declared by the Company after the commencement of such offer
within the meaning of Rule 14d-2(a) under the Exchange Act or any material change in the capital structure of the Company initiated by the Company after the commencement of such offer, whether by way of
reclassification, recapitalization, reorganization, repurchase or otherwise), change the form of consideration offered, reduce the number of shares being sought, or otherwise change the terms of the offer in a way that is adverse to a tendering
shareholder; and 
 (i) if the offer includes securities of the offeror, (A) the offeror is a publicly owned United States corporation,
the securities are common stock and are freely tradable and are listed or admitted to trading on the NYSE, the Nasdaq Global Market or the Nasdaq Global Select Market, (B) no shareholder approval of the offeror is required to issue such common
stock or, if required, such approval has already been obtained, and (C) no other class of voting stock of the offeror is outstanding, and the offeror meets the registrant eligibility requirements for use of Form
S-3 for registering securities under the Securities Act of 1933, as amended, including, without limitation, the filing of all required Exchange Act reports in a timely manner during the 12 calendar months
prior to the date of commencement of the offer within the meaning of Rule 14d-2(a) under the Exchange Act. 

  
 -11- 

 For the purposes of this definition of “Qualified Offer,” “fully
financed” shall mean that the offeror has sufficient funds for the offer which shall be evidenced by (A) definitive financing agreements executed between the offeror and responsible financial institutions having the necessary financial
capacity to provide funds for such offer subject only to customary terms and conditions (which shall in no event include conditions requiring access by such financial institutions to non-public information to
be provided by the Company, conditions based on the accuracy of any information concerning the Company, or conditions requiring the Company to make any representations, warranties or covenants in connection with such financing), (B) cash or
cash equivalents then available to the offeror, set apart and maintained solely for the purpose of funding the offer with an irrevocable written commitment being provided by the offeror to the Company to maintain such availability until the offer is
consummated or withdrawn, or (C) a combination of the foregoing; which evidence (including certified copies of any such definitive financing agreements (including exhibits and related documents) and copies of all written materials prepared by
the offeror for such financial institutions in connection with entering into such financing agreements) has been provided to the Company prior to, or upon, commencement of the offer within the meaning of Rule
14d-2(a) under the Exchange Act; provided, that “sufficient funds for the offer” shall be an amount sufficient to pay for all Shares issued on a fully diluted basis the cash portion of the
consideration pursuant to the offer and the second-step transaction required by clause (i) above and all related expenses. If an offer becomes a Qualified Offer in accordance with this definition but subsequently ceases to be a Qualified Offer
as a result of the failure at a later date to continue to satisfy any of the requirements of this definition, such offer shall cease to be a Qualified Offer and the provisions of Section 5.1(c) shall no longer be applicable to such offer,
provided the actual redemption of the Rights pursuant to Section 5.1(c) shall not have already occurred. 

  
 -12- 

 “Record Time” shall have the meaning set forth in the Recitals. 

“Redemption Price” shall mean an amount equal to one-tenth of one cent, $0.001. 

“Redemption Resolution” shall have the meaning set forth in Section 5.1(c). 

“Redemption Time” shall mean the time at which the right to exercise the Rights shall terminate pursuant to Section 5.1. 

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

“Rights Agent” shall have the meaning set forth in the Preamble. 

“Rights Certificate” shall have the meaning set forth in Section 2.3(c). 

“Rights Register” shall have the meaning set forth in Section 2.7(a). 

“Separation Time” shall mean the next Business Day following the earlier of (i) the tenth Business Day (or such later date as
the Board of Directors may from time to time fix by resolution adopted prior to the Separation Time that otherwise would have occurred) after the date on which any Person commences a tender or exchange offer that, if consummated, would result in
such Person’s becoming an Acquiring Person and (ii) the date of the first event causing a Flip-in Date to occur; provided, that if the foregoing results in the Separation Time being prior to
the Record Time, the Separation Time shall be the Record Time and provided further, that if any offer referenced in clause (i) of this paragraph is cancelled, terminated or otherwise withdrawn prior to the Separation Time without
the purchase of any Shares pursuant thereto, such offer shall be deemed, for purposes of this paragraph, never to have been made. 

“Share Acquisition Date” shall mean the earlier of (i) the first date on which there shall be a public announcement by the
Company (by any means) that a Person has become an Acquiring Person, which announcement makes express reference to such status as an Acquiring Person pursuant to this Agreement, or (ii) the date on which any Acquiring Person becomes the
Beneficial Owner of more than 50% of the issued Shares, excluding for this purpose any shares determined to be Constructively Owned. 

  
 -13- 

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

“Special Meeting” shall have the meaning set forth in Section 5.1(c). 

“Special Meeting Notice” shall have the meaning set forth in Section 5.1(c). 

“Subsidiary” of any specified Person shall mean any corporation or other entity of which a majority of the voting power of the
equity securities or a majority of the equity or membership interest is Beneficially Owned, directly or indirectly, by such Person. 

“Synthetic Long Position” shall mean any option, warrant, convertible security, stock appreciation right swap agreement or other
security, contract right or derivative position, whether or not presently exercisable, that has an exercise or conversion privilege or a settlement payment or other mechanism at a price related to the value of Shares or a value determined in whole
or part with reference to, or derived in whole or in part from, the value of Shares and that increases in value as the value of Shares increases or that provides to the holder an opportunity, directly or indirectly, to profit or share in any profit
derived from any increase in the value of Shares, in any case without regard to whether (i) such derivative conveys any voting rights in such securities to such Person or any of such Person’s Affiliates or Associates, (ii) such
derivative is required to be, or capable of being, settled through delivery of such securities, or (iii) such Person or any of such Person’s Affiliates or Associates may have entered into other transactions that hedge the economic effect
of such derivative. A Synthetic Long Position shall not include any interests, rights, options or other securities set forth in Rule 16a-1(c)(1)-(5) or (7) promulgated pursuant to the Exchange Act. 

  
 -14- 

 “Trading Day,” when used with respect to any securities, shall mean a day on which
the NYSE is open for the transaction of business or, if such securities are not listed or admitted to trading on the NYSE, a day on which the principal national securities exchange on which such securities are listed or admitted to trading is open
for the transaction of business or, if such securities are not listed or admitted to trading on any national securities exchange, a Business Day. 

“Trading Regulation” shall have the meaning set forth in Section 2.3(c). 

“Trust” shall have the meaning set forth in Section 3.1(c). 

“Trust Agreement” shall have the meaning set forth in Section 3.1(c). 

ARTICLE II 
 THE RIGHTS 

2.1 Legend. The registration of the Shares in the register of members of the Company, issued on or after the Record Time but prior to
the Separation Time, shall evidence one Right for each Share represented thereby and the Company shall mail to every Person that acquires Shares after the Issue Time, but prior to the Separation Time, confirmation of the registration of such Shares
in the register of members of the Company, which confirmation shall have impressed on, printed on, written on or otherwise affixed to it a legend substantially in the following form: 

  
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 Until the Separation Time (as defined in the Rights Agreement referred to below), this also
evidences and entitles the registered holder hereof to certain Rights as set forth in a Rights Agreement, dated as of December 13, 2021 (as such may be amended from time to time, the “Rights Agreement”), between Nam Tai Property Inc.
(the “Company”) and Computershare Trust Company, N.A., as Rights Agent (or any successor Rights Agent), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the registered office of the Company.
Under certain circumstances, as set forth in the Rights Agreement, such Rights may be redeemed or repurchased, may become exercisable for securities of the Company or securities of another entity, may be exchanged for Shares or other securities of
the Company, may expire, may become null and void (including if they are “Beneficially Owned” by an “Acquiring Person” or an Affiliate or Associate thereof, as such terms are defined in the Rights Agreement, or by any transferee
of any of the foregoing) or may be evidenced by separate certificates and may no longer be evidenced hereby. The Company will mail or arrange for the mailing of a copy of the Rights Agreement to the holder hereof without charge after the receipt of
a written request therefor. 
 Confirmation of the registration of the Shares in the register of members shall evidence one Right for each Share evidenced
thereby notwithstanding the absence of the foregoing legend. 
 The Company shall mail or arrange for the mailing of a copy of this
Agreement to any Person that holds Shares, as evidenced by the registration of the Shares in the name of such Person in the register of members of the Company, without charge after the receipt of a written request therefor. 

2.2 Exercise of Rights; Separation of Rights. (a)    Subject to Sections 3.1, 5.1 and 5.10 and subject to adjustment
as herein set forth, each Right will entitle the holder thereof, at or after the Separation Time and prior to the Expiration Time, to purchase, for the Exercise Price, one Share. 

(b) Until the Separation Time, (i) no Right may be exercised and (ii) each Right will be evidenced by the registration of the
associated Shares in the register of members of the Company and any confirmation thereof provided for in Section 2.1), and will be transferable only together with, and will be transferred by a transfer (whether with or without such
confirmation) of, such associated Share. 

  
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 (c) Subject to the terms and conditions hereof, at or after the Separation Time and prior to
the Expiration Time, (i) the Rights may be exercised pursuant to Section 2.3(d) below, (ii) the Rights will be transferred independent of Shares and (iii) the Rights Agent will promptly, at the Company’s expense, if
requested by the Company and provided with all necessary documentation and information (in the reasonable discretion of the Rights Agent), mail to each registered holder of Shares (provided that the Board of Directors has not elected to exchange all
of the then issued Rights pursuant to Section 3.1(c)) as of the Separation Time (other than any Person whose Rights have become null and void pursuant to Section 3.1(b)), at such holder’s address as shown by the records of the Company
(the Company hereby agreeing to furnish copies of such records to the Rights Agent for this purpose) or the transfer agent or registrar for the Shares, (x) a certificate (a “Rights Certificate”) in substantially the form of
Exhibit A hereto appropriately completed, representing the number of Rights held by such holder at the Separation Time and having such marks of identification or designation and such legends, summaries or endorsements printed thereon as the
Company may deem appropriate and as are not inconsistent with the provisions of this Agreement and as do not affect the rights, liabilities, responsibilities or duties of the Rights Agent, or as may be required to comply with any law, rule or
regulation or with any rule or regulation of any national securities exchange or quotation system on which the Rights may from time to time be listed or traded (“Trading Regulation”), or to conform to usage, and (y) a disclosure
statement describing the Rights. Receipt of a Rights Certificate by any Person shall not preclude a later determination that such Rights are null and void pursuant to Section 3.1(b). The Company may implement such procedures as it deems
appropriate, in its sole discretion, to minimize the possibility that Rights are received by Persons with respect to whom Rights would be null and void under Section 3.1(b). 

  
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 (d) Subject to the terms and conditions hereof, Rights may be exercised on any Business Day
at or after the Separation Time and prior to the Expiration Time by submitting to the Rights Agent the Rights Certificate evidencing such Rights with an Election to Exercise (an “Election to Exercise”) substantially in the form attached to
the Rights Certificate duly executed and properly completed, accompanied by a signature guarantee and such other documentation as the Rights Agent may reasonably request together with payment in cash, or by certified or official bank check or money
order payable to the order of the Company, of a sum equal to the Exercise Price multiplied by the number of Rights being exercised and a sum sufficient to cover any tax or charge that may be payable in respect of any transfer involved in the
transfer or delivery of Rights Certificates or the registration on the share transfer books of the Company for Shares in a name other than that of the holder of the Rights being exercised. 

(e) Upon receipt of a Rights Certificate, with a properly completed and duly executed Election to Exercise accompanied by a signature guarantee
and payment as set forth in Section 2.3(d), and subject to the terms and conditions hereof, the Rights Agent will thereupon promptly (i) requisition from a transfer agent a notice setting forth such number of Shares or other securities to
be purchased for which registration will be made in the register of members of the Company (the Company hereby irrevocably authorizing its transfer agents to comply with all such requisitions), or, when necessary to comply with this Agreement,
requisition from the Company the amount of cash to be paid in lieu of fractional shares in accordance with Section 5.5 and (ii) after receipt of such notices and/or, when necessary to comply with this Agreement, cash, cause the same to be
delivered to or upon the order of the registered holder of such Rights Certificate, registered (in the case of notices) in such name or names as may be designated by such holder. 

  
 -18- 

 (f) In case the holder of any Rights shall exercise less than all of the Rights evidenced by
such holder’s Rights Certificate, a new Rights Certificate evidencing the Rights remaining unexercised will be issued by the Rights Agent to such holder or to such holder’s duly authorized assigns. 

(g) The Company covenants and agrees that it will (i) take all such action as may be necessary to ensure that all Shares evidenced by
registration in the register of members of the Company upon exercise of Rights shall, at the time of registration for such Shares (subject to payment of the Exercise Price), be duly and validly authorized, issued and registered and fully paid and
nonassessable; (ii) take all such action as may be necessary to comply with any applicable requirements of the Securities Act of 1933, as amended from time to time or the Exchange Act, and the rules and regulations thereunder, and any other
applicable law, rule or regulation, in connection with the issuance of any Shares upon exercise of Rights; and (iii) pay when due and payable any and all federal and state taxes and charges that may be payable in respect of the original
issuance or delivery of the Rights Certificates or of any Shares issued upon the exercise of Rights, provided, that the Company shall not be required to pay any tax or charge that may be payable in respect of any transfer involved in the
transfer or delivery of Rights Certificates or the registration for Shares in a name other than that of the registered holder of the Rights being transferred or exercised. 

(h) Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake any
action with respect to the exercise or assignment of a Rights Certificate unless the registered holder of such Rights Certificate shall have (i) properly completed and duly signed the certificate following the form of assignment or the form of
election to exercise, as applicable, set forth on the reverse side of the Rights Certificate surrendered for such exercise or assignment, (ii) provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial
Owner) thereof and of the Rights evidenced thereby, and the Affiliates and Associates of such Beneficial Owner or former Beneficial Owner, as the Company or the Rights Agent may reasonably request and (iii) paid a sum sufficient to cover any
tax or charge that may be imposed as required under Section 2.3(d). 

  
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 2.3 Adjustments to Exercise Price; Number of Rights. (a) In the event the
Company shall at any time after the Record Time and prior to the Separation Time (i) declare or pay a dividend on Shares payable in Shares, (ii) subdivide the issued Shares or (iii) combine the issued Shares into a smaller number of
Shares, (x) the Exercise Price in effect after such adjustment will be equal to the Exercise Price in effect immediately prior to such adjustment divided by the number of Shares including any fractional shares in lieu of which such holder
received cash (the “Expansion Factor”) that a holder of one Share immediately prior to such dividend, subdivision or combination would hold thereafter as a result thereof and (y) each Right held prior to such adjustment will become
that number of Rights equal to the Expansion Factor, and the adjusted number of Rights will be deemed to be distributed among the Shares with respect to which the original Rights were associated (if they remain issued) and the shares issued in
respect of such dividend, subdivision or combination, so that each such Share will have exactly one Right associated with it. Each adjustment made pursuant to this paragraph shall be made as of the payment or effective date for the applicable
dividend, subdivision or combination. 
 In the event that the Company shall at any time after the Record Time and prior to the Separation
Time issue any Shares otherwise than in a transaction referenced in the preceding paragraph, each such Share so issued shall automatically have one new Right associated with it, which Right shall be evidenced by the registration of such Share in the
register of members of the Company and the confirmation thereof provided for in Section 2.2. Rights shall be issued by the Company in respect of Shares that are issued or sold by the Company after the Separation Time only to the extent provided
in Section 5.3. 

  
 -20- 

 (b) In the event that the Company shall at any time after the Record Time and prior to the
Separation Time issue or distribute any securities or assets in respect of, in lieu of or in exchange for Shares (other than pursuant to any non-extraordinary periodic cash dividend or a dividend paid solely
in Shares) whether by dividend, in a reclassification or recapitalization (including any such transaction involving a merger, consolidation, scheme or arrangement or statutory share exchange), or otherwise, the Company shall make such adjustments,
if any, in the Exercise Price, number of Rights and/or securities or other property purchasable upon exercise of Rights as the Board of Directors, in its sole discretion, may deem to be appropriate under the circumstances, and the Company and the
Rights Agent shall amend this Agreement as necessary to provide for such adjustments. 
 (c) Each adjustment to the Exercise Price made
pursuant to this Section 2.4 shall be calculated to the nearest cent. Whenever an adjustment to the Exercise Price is made pursuant to this Section 2.4, the Company shall (i) promptly prepare a certificate setting forth such
adjustment and a brief statement of the facts accounting for such adjustment and (ii) promptly file with the Rights Agent and with each transfer agent for the Shares a copy of such certificate. The Rights Agent shall be fully protected in
relying on any such certificate and on any adjustment or statement therein contained and shall have no duty or liability with respect to, and shall not be deemed to have knowledge of, any adjustment or any such event unless and until it shall have
received such a certificate. 
 (d) Rights Certificates shall represent the right to purchase the securities purchasable under the terms of
this Agreement, including any adjustment or change in the securities purchasable upon exercise of the Rights, even though such certificates may continue to express the securities purchasable at the time of issuance of the initial Rights
Certificates. 
 2.4 Date on Which Exercise is Effective. Each Person in whose name registration in the register of members of the
Company is effected upon the exercise of Rights shall for all purposes be deemed to have become the registered holder of record of the shares represented thereby at the Close of Business on the Business Day upon which the Rights Certificate
evidencing such Rights was duly surrendered and payment of the Exercise Price for such Rights (and any applicable taxes and other charges payable by the exercising holder hereunder) was made; provided, however, that if the date of such
surrender and payment is a date upon which the register of members of the Company is closed, such Person shall be deemed to have become the registered holder of such shares on, and such registration shall be dated, the next succeeding Business Day
on which the register of members of the Company is open. 
 2.5 Execution, Authentication, Delivery and Dating of Rights
Certificates. (a) The Rights Certificates shall be executed on behalf of the Company by a director or authorized signatory of the Company. The signature of a director or authorized signatory on the Rights Certificates may be manual or
facsimile. 
 Rights Certificates bearing the manual or facsimile signatures of individuals who were at any time the proper officer or
director of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such position prior to the countersignature and delivery of such Rights Certificates. 

  
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 Promptly after the Separation Time, the Company will notify the Rights Agent in writing of
such Separation Time (and if such notification is given orally, the Company shall confirm the same in writing on or prior to the Business Day next following) and will deliver Rights Certificates executed by the Company to the Rights Agent for
countersignature, and, subject to Sections 2.3(c) and 3.1(b), the Rights Agent shall manually or by facsimile countersign and deliver such Rights Certificates to the holders of the Rights pursuant to Section 2.3(c). Until the written notice
provided for in this Section 2.6 is received by the Rights Agent, the Rights Agent may presume conclusively for all purposes that the Separation Time has not occurred. No Rights Certificate shall be valid for any purpose unless manually or by
facsimile countersigned by the Rights Agent. 
 In case any authorized signatory of the Rights Agent who has countersigned any of the Rights
Certificates ceases to be an authorized signatory of the Rights Agent before issuance and delivery by the Company, such Rights Certificates, nevertheless, may be issued and delivered by the Company with the same force and effect as though the person
who countersigned such Rights Certificates had not ceased to be an authorized signatory of the Rights Agent; and any Rights Certificates may be countersigned on behalf of the Rights Agent by any person who, at the actual date of the countersignature
of such Rights Certificate, is properly authorized to countersign such Rights Certificate, although at the date of the execution of this Agreement any such person was not so authorized. 

(b) Each Rights Certificate shall be dated the date of countersignature thereof. 

  
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 2.6 Registration, Registration of Transfer and Exchange. (a) After the
Separation Time, the Company will cause to be kept a register (the “Rights Register”) in which, subject to such reasonable regulations as it may prescribe, the Company will provide for the registration and transfer of Rights. The Rights
Agent is hereby appointed “Rights Registrar” for the purpose of maintaining the Rights Register for the Company and registering Rights and transfers of Rights after the Separation Time as herein provided. In the event that the Rights Agent
shall cease to be the Rights Registrar, the Rights Agent will have the right to examine the Rights Register at all reasonable times after the Separation Time. 

After the Separation Time and prior to the Expiration Time, upon surrender for registration of transfer or exchange of any Rights Certificate,
and subject to the provisions of Sections 2.7(c) and (d), the Company will execute, and the Rights Agent will countersign and, if requested by the Company and provided with all necessary information, deliver, in the name of the holder or the
designated transferee or transferees, as required pursuant to the holder’s instructions, one or more new Rights Certificates evidencing the same aggregate number of Rights as did the Rights Certificate so surrendered. 

(b) Except as otherwise provided in Section 3.1(b), all Rights issued upon any registration of transfer or exchange of Rights Certificates
shall be the valid obligations of the Company, and such Rights shall be entitled to the same benefits under this Agreement as the Rights surrendered upon such registration of transfer or exchange. 

(c) Every Rights Certificate surrendered for registration of transfer or exchange shall be duly endorsed, and be accompanied by signature
guarantee and such other documentation as the Rights Agent may reasonably request, including a written instrument of transfer in form satisfactory to the Company and the Rights Agent, duly executed by the holder thereof or such holder’s
attorney duly authorized in writing. As a condition to the issuance of any new Rights Certificate under this Section 2.7, the Company may require the payment of a sum sufficient to cover any tax or other charge that may be imposed in relation
thereto. 

  
 -23- 

 (d) The Company shall not register the transfer or exchange of any Rights that have become
null and void under Section 3.1(b), been exchanged under Section 3.1(c) or been redeemed under Section 5.1. 
 2.7
Mutilated, Destroyed, Lost and Stolen Rights Certificates. (a) If any mutilated Rights Certificate is surrendered to the Rights Agent prior to the Expiration Time, then, subject to Sections 3.1(b), 3.1(c) and 5.1, the Company shall
execute and the Rights Agent shall countersign and deliver in exchange therefor a new Rights Certificate evidencing the same number of Rights as did the Rights Certificate so surrendered. 

(b) If there shall be delivered to the Company and the Rights Agent prior to the Expiration Time (i) evidence to their satisfaction of the
destruction, loss or theft of any Rights Certificate and (ii) such security or indemnity as may be required by them to save each of them and any of their agents harmless and, at the Company’s or the Rights Agent’s request,
reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto, then, subject to Sections 3.1(b), 3.1(c) and 5.1 and in the absence of written notice to the Company or the Rights Agent that such Rights Certificate
has been acquired by a bona fide purchaser, the Company shall execute and upon its written request the Rights Agent shall countersign and, if requested by the Company and provided with all necessary information, deliver, in lieu of any such
destroyed, lost or stolen Rights Certificate, a new Rights Certificate evidencing the same number of Rights as did the Rights Certificate so destroyed, lost or stolen. 

  
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 (c) As a condition to the issuance of any new Rights Certificate under this
Section 2.8, the Company may require the payment of a sum sufficient to cover any tax or other charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Rights Agent) connected therewith. The
Rights Agent shall have no duty or obligation to take any action under any Section of this Agreement which requires the payment by a Rights holder of applicable taxes and/or charges unless and until it is satisfied that all such taxes and/or charges
have been paid. 
 (d) Every new Rights Certificate issued pursuant to this Section 2.8 in lieu of any destroyed, lost or stolen Rights
Certificate shall evidence an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Rights Certificate shall be at any time enforceable by anyone, and, subject to Section 3.1(b) shall be
entitled to all the benefits of this Agreement equally and proportionately with any and all other Rights duly issued hereunder. 
 2.8
Persons Deemed Owners. Prior to due presentment of a Rights Certificate (or, prior to the Separation Time, the associated confirmation of registration), the Company, the Rights Agent and any agent of the Company or the Rights Agent may deem
and treat the Person in whose name such Rights Certificate (or, prior to the Separation Time, such Share confirmation) is registered as the absolute owner thereof and of the Rights evidenced thereby for all purposes whatsoever, including the payment
of the Redemption Price, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary. As used in this Agreement, unless the context otherwise requires, the term “holder” of any Rights shall mean the
registered holder of such Rights (or, prior to the Separation Time, the associated Shares). 

  
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 2.9 Delivery and Cancellation of Certificates. All Rights Certificates surrendered
upon exercise or for registration of transfer or exchange shall, if surrendered to any Person other than the Rights Agent, be delivered to the Rights Agent and, in any case, shall be promptly cancelled by the Rights Agent. The Company may at any
time deliver to the Rights Agent for cancellation any Rights Certificates previously countersigned and delivered hereunder that the Company may have acquired in any manner whatsoever, and all Rights Certificates so delivered shall be promptly
cancelled by the Rights Agent. No Rights Certificates shall be countersigned in lieu of or in exchange for any Rights Certificates cancelled as provided in this Section 2.10, except as expressly permitted by this Agreement. The Rights Agent
shall destroy all cancelled Rights Certificates and deliver a certificate of destruction to the Company. 
 2.10 Agreement of Rights
Holders. Every holder of Rights by accepting the same consents and agrees with the Company and the Rights Agent and with every other holder of Rights that: 

(a) prior to the Separation Time, each Right will be transferable only together with, and will be transferred by a transfer of, the associated
Share; 
 (b) after the Separation Time, the Rights Certificates will be transferable only on the Rights Register as provided herein; 

(c) prior to due presentment of a Rights Certificate (or, prior to the Separation Time, the associated Share registration) for registration of
transfer, the Company, the Rights Agent and any agent of the Company or the Rights Agent may deem and treat the Person in whose name the Rights Certificate (or, prior to the Separation Time, the associated Share registration) is registered as the
absolute owner thereof and of the Rights evidenced thereby for all purposes whatsoever, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary; 

  
 -26- 

 (d) Rights Beneficially Owned by certain Persons will, under the circumstances set forth in
Section 3.1(b), become null and void; 
 (e) this Agreement may be supplemented or amended from time to time in accordance with its
terms; 
 (f) the Board of Directors shall have the exclusive power and authority delegated to it pursuant to Section 5.13; and 

(g) notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability to any holder
of a Right or other Person as a result of its inability to perform any of its obligations under this Agreement by reason of any preliminary or permanent injunction or other order, decree or ruling issued by a court of competent jurisdiction or by a
governmental, regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority, prohibiting or otherwise restraining performance of such obligation. 

ARTICLE III 
 ADJUSTMENTS TO THE
RIGHTS IN 
 THE EVENT OF CERTAIN TRANSACTIONS 

3.1 Flip-in. (a) In the event that prior to the Expiration Time a Flip-in Date shall occur, except as otherwise provided in this Section 3.1, each Right shall constitute the right to purchase from the Company, upon exercise thereof in accordance with the terms hereof (but
subject to Section 5.10), that number of Shares having an aggregate Market Price on the Share Acquisition Date that gave rise to the Flip-in Date equal to twice the Exercise Price for an amount in cash
equal to the Exercise Price (such right to be appropriately adjusted in order to protect the interests of the holders of Rights generally in the event that on or after such Share Acquisition Date any of the events described in Sections 2.4(a)
or (b), or any analogous event, shall have occurred with respect to the Shares). 

  
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 (b) Notwithstanding the foregoing, any Rights that are Beneficially Owned on the Share
Acquisition Date by an Acquiring Person or an Affiliate or Associate thereof shall become null and void and any holder of such Rights (including transferees, whether direct or indirect, of any such Persons) shall thereafter have no right to exercise
or transfer such Rights under any provision of this Agreement. If any Rights Certificate is presented for assignment or exercise and the Person presenting the same will not properly complete the certification set forth at the end of the form of
assignment or notice of election to exercise or, if requested, will not provide such additional evidence, including, without limitation, the identity of the Beneficial Owners and their Affiliates and Associates (or former Beneficial Owners and their
Affiliates and Associates) as the Company or the Board of Directors shall reasonably request in order to determine if such Rights are null and void, then the Company shall be entitled conclusively to deem the Rights to be Beneficially Owned by an
Acquiring Person or an Affiliate or Associate thereof or a transferee of any of the foregoing and accordingly deem the Rights evidenced thereby to be null and void and not transferable, exercisable or exchangeable. 

(c) The Board of Directors may, at its option, at any time after a Flip-in Date and prior to the time
that an Acquiring Person becomes the Beneficial Owner of more than 50% of the issued Shares, excluding for this purpose any shares determined to be Constructively Owned, elect to exchange all (but not less than all) of the then issued Rights (which
shall not include Rights that have become null and void pursuant to the provisions of Section 3.1(b)) for Shares at an exchange ratio of one Share per Right, appropriately adjusted in order to protect the interests of holders of Rights
generally in the event that after the Separation Time any of the events described in Sections 2.4(a) or (b), or any analogous event, shall have occurred with respect to the Shares (such exchange ratio, as adjusted from time to time, being
hereinafter referred to as the “Exchange Ratio”). 

  
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 Immediately upon the action of the Board of Directors electing to exchange the Rights,
without any further action and without any notice, the right to exercise the Rights will terminate and each Right (other than Rights that have become null and void pursuant to Section 3.1(b)), whether or not an Election to Exercise has been
previously delivered, will thereafter represent only the right to receive a number of Shares equal to the Exchange Ratio. The exchange of the Rights by the Board of Directors may be made effective at such time, on such basis and with such conditions
as the Board of Directors in its sole discretion may establish. Promptly after the action of the Board of Directors electing to exchange the Rights, the Company shall give written notice thereof (specifying the steps to be taken to receive Shares in
exchange for Rights) to the Rights Agent and the holders of the Rights (other than Rights that have become null and void pursuant to Section 3.1(b)) issued prior thereto by mailing such notice in accordance with Section 5.9. Before
effecting an exchange pursuant to this Section 3.1(c), the Board of Directors may direct the Company to enter into a Trust Agreement in such form and with such terms as the Board of Directors shall then approve (the “Trust
Agreement”). If the Board of Directors so directs, the Company shall enter into the Trust Agreement and shall issue to the trustee acting on behalf of a trust created by such agreement (the “Trust”) all or some (as designated by the
Board of Directors) of the Shares (or other securities) issuable pursuant to the exchange, and all or some (as designated by the Board of Directors) holders of Rights entitled to receive shares pursuant to the exchange shall be entitled to receive
such shares (and any dividends paid or distributions made thereon after the date on which such shares are deposited in the Trust) only from the Trust and solely upon compliance with the relevant terms and provisions of the Trust Agreement. Prior to
effecting an exchange and registering Shares (or other such securities) in any Person’s name, including any nominee or transferee of a Person, the Company may require (or cause the trustee of the Trust to require), as a condition thereof, that
any holder of Rights provide evidence, including, without limitation, the identity of the Beneficial Owners thereof and their Affiliates and Associates (or former Beneficial Owners thereof and their Affiliates and Associates) as the Company shall
reasonably request in order to determine if such Rights are null and void. If any Person shall fail to comply with such request, the Company shall be entitled conclusively to deem the Rights formerly held by such Person to be null and void pursuant
to Section 3.1(b) and not transferable or exercisable or exchangeable in connection herewith. Any Shares or other securities issued at the direction of the Board of Directors in connection herewith shall be validly issued, fully paid and
nonassessable Shares or of such other securities (as the case may be), and the Company shall be deemed to have received as consideration for such issuance a benefit having a value that is at least equal to the aggregate par value of the shares so
issued. Approval by the Board of Directors of the exchange shall constitute a determination by the Board of Directors that such consideration is adequate. 

  
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 Each Person for whom any registration in the register of members of the Company is made upon
the exchange of Rights pursuant to this Section 3.1(c) shall for all purposes be deemed to have become the registered holder of the Shares represented thereby on, and such registration in the register of members of the Company shall be
registered as of, the date upon which the Rights Certificate evidencing such Rights was duly exchanged or deemed exchanged by the Company and payment of any applicable taxes and other governmental charges payable by the holder was made;
provided, however, that if the date of such exchange and payment is a date upon which the register of members of the Company is closed, such Person shall be deemed to have become the registered holder of such shares on, and such
registration in the register of members of the Company shall be registered as of, the next succeeding Business Day on which the register of members of the Company is open. 

  
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 (d) In the event that there shall not be sufficient treasury shares or authorized but
unissued Shares of the Company to permit the exercise in full of the Rights in accordance with Section 3.1(a) or if the Company so elects to make the exchange referenced in Section 3.1(c), to permit the issuance of all Shares pursuant to
the exchange, the Company shall either (i) call a meeting of shareholders or directors seeking approval to cause sufficient additional Shares to be authorized (provided that if such approval is not obtained the Company will take the action
specified in clause (ii) of this sentence) or (ii) take such action as shall be necessary to ensure and provide, without exposing the directors to personal liability (as determined by the Board of Directors), as and when and to the maximum
extent permitted by applicable law and any agreements or instruments in effect prior to the time an Acquiring Person controls the Board of Directors (and remaining in effect) to which the Company is a party, that each Right shall thereafter
constitute the right to receive, (x) in the case of any exercise in accordance with Section 3.1(a), at the Company’s option, either (A) in return for the Exercise Price or debt or equity securities (or a combination thereof)
having a fair value equal to twice the Exercise Price, or (B) without payment of consideration (except as may be required for the valid issuance of securities or otherwise required by applicable law), debt or equity securities (or a combination
thereof) having a fair value equal to the Exercise Price, or (y) in the case of an exchange of Rights in accordance with Section 3.1(c), debt or equity securities (or a combination thereof) having a fair value equal to the product of the
Market Price of a Share on the Flip-in Date times the Exchange Ratio in effect on the Flip-in Date, where in any case set forth in (x) or (y) above the fair value
of such debt or equity securities shall be as determined in good faith by the Board of Directors, after consultation with a nationally recognized investment banking firm. 

  
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 3.2 Flip-over. (a) Prior to the Expiration Time, the Company shall not enter
into any agreement with respect to, consummate or permit to occur any Flip-over Transaction or Event unless and until it shall have entered into a supplemental agreement with the Flip-over Entity, for the benefit of the holders of the Rights (the
terms of which shall be reflected in an amendment to this Agreement entered into with the Rights Agent), providing that, upon consummation or occurrence of the Flip-over Transaction or Event (i) each Right shall thereafter constitute the right
to purchase from the Flip-over Entity, upon exercise thereof in accordance with the terms hereof, that number of shares of Flip-over Stock of the Flip-over Entity having an aggregate Market Price on the date of consummation or occurrence of such
Flip-over Transaction or Event equal to twice the Exercise Price for an amount in cash equal to the Exercise Price (such right to be appropriately adjusted in order to protect the interests of the holders of Rights generally in the event that after
such date of consummation or occurrence any of the events described in Section 2.4(a) or (b), or any analogous event, shall have occurred with respect to the Flip-over Stock) and (ii) the Flip-over Entity shall thereafter be liable for,
and shall assume, by virtue of such Flip-over Transaction or Event and such supplemental agreement, all the obligations and duties of the Company pursuant to this Agreement. 

(b) Prior to the Expiration Time, unless the Rights will be redeemed pursuant to Section 5.1 pursuant to an agreement entered into by the
Company prior to a Flip-in Date, the Company shall not enter into any agreement with respect to, consummate or permit to occur any Flip-over Transaction or Event if (i) at the time thereof there are any
rights, warrants or securities issued or any other arrangements, agreements or instruments that would eliminate or otherwise diminish in any material respect the benefits intended to be afforded by this Rights Agreement to the holders of Rights upon
consummation of such transaction, (ii) prior to, simultaneously with or immediately after such Flip-over Transaction or Event, the shareholders of the Person who constitutes, or would constitute, the Flip-over Entity shall have received a
distribution of Rights previously owned by such Person or any of its Affiliates or Associates, or (iii) the form or nature of organization of the Flip-over Entity would preclude or limit the exercisability of the Rights. 

  
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 (c) The provisions of this Section 3.2 shall apply to successive Flip-over Transactions
or Events. 
 ARTICLE IV 
 THE
RIGHTS AGENT 
 4.1 General. (a) The Company hereby appoints the Rights Agent to act as agent for the Company in accordance with
the express terms and conditions hereof (and no implied terms or conditions), and the Rights Agent hereby accepts such appointment. The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and,
from time to time, on demand of the Rights Agent, to reimburse its reasonable expenses, counsel fees and disbursements and other disbursements incurred in the preparation, negotiation, delivery, amendment, administration and execution of this
Agreement and the exercise and performance of its duties hereunder. The Company also covenants and agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, damage, judgment, fine, penalty, claim, demand,
settlement, cost or expense (including, without limitation, the reasonable fees and expenses of legal counsel), that may be paid, incurred or suffered by it without gross negligence, bad faith or willful misconduct on the part of the Rights Agent
(each as determined by a final, non-appealable, judgment of a court of competent jurisdiction), for any action taken, suffered or omitted to be taken by the Rights Agent arising from or out of, directly or
indirectly, any claims or liability resulting from its actions as Rights Agent pursuant to this Agreement or in connection with the acceptance, administration, exercise and performance of its duties under this Agreement, including the costs and
expenses of defending against any claim of liability arising therefrom, directly or indirectly, or enforcing its rights hereunder. The costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company. The
provisions of this Section 4.1 and Section 4.3 below shall survive the termination of this Agreement, the exercise or expiration of the Rights and the resignation, replacement or removal of the Rights Agent. 

  
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 (b) The Rights Agent shall be authorized and protected and shall incur no liability for or
in respect of any action taken, suffered or omitted to be taken by it in connection with its acceptance and administration of this Agreement or the exercise and performance of its duties hereunder in reliance upon any certificate for securities (or
registration in the register of members of the Company or rights register) purchasable upon exercise of Rights, Rights Certificate, certificate for other securities of the Company, instrument of assignment or transfer, power of attorney,
endorsement, affidavit, letter, notice, direction, consent, certificate, statement, or other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the proper Person or Persons,
or upon any written instructions or statements from the Company with respect to any matter relating to its acting as Rights Agent hereunder without further inquiry or examination on its part, or otherwise upon the advice of counsel as set forth
herein. The Rights Agent shall not be deemed to have knowledge of any event of which it was supposed to receive notice thereof hereunder, and the Rights Agent shall be fully protected and shall incur no liability for failing to take any action in
connection therewith, unless and until it has received such notice in writing. 

  
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 4.2 Merger or Consolidation or Change of Name of Rights Agent. (a) Any Person
into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent is a party, or any Person
succeeding to the shareholder services business of the Rights Agent or any successor Rights Agent, will be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of
the parties hereto, provided that such Person would be eligible for appointment as a successor Rights Agent under the provisions of Section 4.4. In case at the time such successor Rights Agent succeeds to the agency created by this Agreement
any of the Rights Certificates have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Rights Certificates so countersigned; and in case at that time
any of the Rights Certificates have not been countersigned, any successor Rights Agent may countersign such Rights Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent; and in all such cases
such Rights Certificates will have the full force provided in the Rights Certificates and in this Agreement. 
 (b) In case at any time the
name of the Rights Agent is changed and at such time any of the Rights Certificates shall have been countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Rights Certificates so
countersigned; and in case at that time any of the Rights Certificates shall not have been countersigned, the Rights Agent may countersign such Rights Certificates either in its prior name or in its changed name; and in all such cases such Rights
Certificates shall have the full force provided in the Rights Certificates and in this Agreement. 

  
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 4.3 Duties of Rights Agent. The Rights Agent undertakes to perform only the duties
and obligations expressly imposed by this Agreement (and no implied duties or obligations) upon the following terms and conditions, by all of which the Company and the holders of Rights Certificates, by their acceptance thereof, shall be bound: 

(a) The Rights Agent may consult with legal counsel selected by it (who may be legal counsel for the Rights Agent or the Company or an employee
of the Rights Agent), and the advice or opinion of such counsel will be full and complete authorization and protection to the Rights Agent and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be
taken by it in the absence of bad faith and in accordance with such advice or opinion. 
 (b) Whenever in the performance of its duties under
this Agreement the Rights Agent deems it necessary or desirable that any fact or matter (including without limitation, the identity of an Acquiring Person and the determination of the current per share market price of any security) be proved or
established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established
by a certificate signed by a person believed by the Rights Agent to be a director or person approved as an authorized signatory by the Board of Directors of the Company and delivered to the Rights Agent; and such certificate will be full and
complete authorization and protection to the Rights Agent and the Rights Agent shall incur no liability for any action taken, suffered or omitted to be taken in the absence of bad faith by it under the provisions of this Agreement in reliance upon
such certificate. The Rights Agent shall have no duty to act without such a certificate signed by an officer or director of the Company as set forth in the preceding sentence. 

 

  
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 (c) The Rights Agent will be liable to the Company and any other Person hereunder only for
its own gross negligence, bad faith or willful misconduct (each as determined by a final, non-appealable, judgment of a court of competent jurisdiction) in the performance of its duties hereunder. Anything to
the contrary notwithstanding, in no event shall the Rights Agent be liable for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including, but not limited to, lost profits) under any provision of this
Agreement, even if the Rights Agent has been advised of or has foreseen the possibility or likelihood of such loss or damage. Any and all liability of the Rights Agent under this Agreement will be limited to the amount of annual fees (but not
reimbursed expenses) paid by the Company to the Rights Agent during the twelve (12) months immediately preceding the event for which recovery from the Rights Agent is being sought. 

(d) The Rights Agent will not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the
certificates, if any, for securities purchasable upon exercise of Rights or the Rights Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals are and will be deemed to have been
made by the Company only. 

  
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 (e) The Rights Agent will not have any liability for nor be under any responsibility in
respect of the legality or validity of this Agreement or the execution and delivery hereof (except the due authorization, execution and delivery hereof by the Rights Agent) or in respect of the validity or execution of any certificate, if any, for
securities purchasable upon exercise of Rights or Rights Certificate (except its countersignature thereof) or any modification or order of any court, tribunal, or governmental authority in connection with the foregoing; nor will it be liable or
responsible for any breach by the Company of any covenant or failure by the Company to satisfy any condition contained in this Agreement or in any Rights Certificate; nor will it be liable or responsible for any change in the exercisability or
exchangeability of the Rights (including the Rights becoming null and void pursuant to Section 3.1(b)) or any change or adjustment in the terms of the Rights (including any adjustment required under the provisions of Sections 2.4, 3.1 or
3.2) or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment (except with respect to the exercise of Rights after receipt by the Rights Agent of the
certificate contemplated by Section 2.4 describing any such adjustment, upon which the Rights Agent may rely); nor will it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any
securities purchasable upon exercise of Rights or any Rights or as to whether any securities purchasable upon exercise of Rights will, when issued, be duly and validly authorized, executed, issued and delivered and fully paid and nonassessable. 

(f) The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered
all such further and other acts, instruments and assurances as may reasonably be required or requested by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Agreement, in the reasonable discretion of
the Rights Agent. 

  
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 (g) The Rights Agent is hereby authorized and directed to accept advice or written
instructions with respect to the performance of its duties hereunder from any person believed by the Rights Agent to be a director or an authorized signatory of the Company and to apply to such person for advice or instructions in connection with
its duties, and such advice or instructions shall be full authorization and protection to the Rights Agent and the Rights Agent shall not be liable for or in respect of any action taken, suffered or omitted to be taken by it in the absence of bad
faith in accordance with instruction of any such person or for any delay while acting or while waiting for those instructions. The Rights Agent shall be fully authorized and protected in relying upon the most recent instructions received by such
person. In the event the Rights Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by the Rights Agent hereunder, the Rights Agent may, in
its sole discretion, refrain from taking any action, and shall be fully protected and shall not be liable in any way to the Company or any other Person for refraining from taking such action, if the Rights Agent shall have notified the Company
promptly of such belief in writing, and unless the Rights Agent shall receive written instructions executed by a person authorized under this Section 4.3(g), which eliminates such ambiguity or uncertainty to the satisfaction of the Rights
Agent. 
 (h) The Rights Agent and any shareholder, member, affiliate, director, officer, employee, agent, or representative of the Rights
Agent may buy, sell or deal in Shares, Rights or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and
freely as though it were not Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent or any such shareholder, member, affiliate, director, officer, employee, agent or representative from acting in any other capacity for the
Company or for any other Person. 

  
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 (i) The Rights Agent may execute and exercise any of the rights or powers hereby vested in
it or perform any duty hereunder either itself (through directors, officers or employees) or by or through its attorneys or agents, and the Rights Agent will not be answerable or accountable for any act, omission, default, neglect or misconduct of
any such attorneys or agents or for any loss to the Company or any other Person resulting from any such act, omission, default, neglect or misconduct, absent gross negligence, bad faith or willful misconduct in the selection and continued employment
thereof (each as determined by a final, non-appealable, judgment of a court of competent jurisdiction). 

(j) No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability in
the performance of any of its duties hereunder or in the exercise of its rights if it believes that repayment of such funds or adequate indemnification against such risk or liability is not assured to it. The Rights Agent shall not be required to
take any action or to follow any instruction of the Company that the Rights Agent has been advised of in writing by outside counsel would cause the Rights Agent to take action that is illegal. 

(k) If, with respect to any Rights Certificate surrendered to the Rights Agent for exercise or transfer, the certificate attached to the form
of assignment or form of election to purchase, as the case may be, has not been properly completed or duly executed, the Rights Agent shall not take any further action with respect to such requested exercise or transfer without first consulting with
the Company; provided, however that the Rights Agent shall not be liable for any delays arising from the duties under this section 4.3(k). 

  
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 (l) The Rights Agent shall have no responsibility to the Company, any holders of Rights or
any holders of Shares for interest or earnings on any moneys held by the Rights Agent pursuant to this Agreement. 
 (m) The Rights Agent
shall not be required to take notice or be deemed to have notice of any event or condition hereunder, including any event or condition that may require action by the Rights Agent, unless the Rights Agent shall be specifically notified in writing of
such event or condition by the Company, and all notices or other instruments required by this Agreement to be delivered to the Rights Agent must, in order to be effective, be received by the Rights Agent as specified in Section 5.9 hereof, and
in the absence of such notice so delivered, the Rights Agent may conclusively assume no such event or condition exists. 
 (n)
Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for any delays or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts,
shortage of supply, breakdowns or malfunctions, interruptions or malfunctions of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil
unrest. 

  
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 4.4 Change of Rights Agent. The Rights Agent may resign and be discharged from its
duties under this Agreement upon at least 30 days’ notice (or such lesser notice as is acceptable to the Company) in writing mailed to the Company by registered or certified mail or nationally recognized overnight courier and, in the event
that the Rights Agent or one of its affiliates is not also the transfer agent of the Company, to each transfer agent of Shares known to the Rights Agent. In the event the transfer agency relationship in effect between the Company and the Rights
Agent terminates, the Rights Agent will be deemed to have resigned automatically and be discharged from its duties as Rights Agent under this Agreement as of the effective date of such termination, provided that if the Rights Agent is the party
terminating such transfer agency relationship, its written notice of termination shall specify that, effective as of such termination, it shall be deemed to have resigned and be discharged from its duties as Rights Agent. If the Rights Agent is
deemed to have resigned and is discharged from its duties as Rights Agent in connection with the termination of the transfer agency relationship between the Company and the Rights Agent, the Company shall be responsible for sending any required
notice hereunder. The Company may remove the Rights Agent upon 30 days’ notice in writing, mailed to the Rights Agent and to each transfer agent of Shares and to the holders of the Rights in accordance with Section 5.9. If the Rights
Agent should resign or be removed or otherwise become incapable of acting, the Company will appoint a successor to the Rights Agent. If the Company fails to make such appointment within a period of 30 days after such removal or the
effectiveness of such resignation or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of any Rights (which holder shall, with such notice, submit such
holder’s Rights Certificate for inspection by the Company), then the incumbent Rights Agent or any registered holder of any Rights may apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights
Agent, whether appointed by the Company or by such a court, shall be (a) a Person (other than a natural person) organized and doing business under the laws of the United States or any state of the United States, in good standing, which is
authorized under such laws to exercise the powers of the Rights Agent contemplated by this Agreement and is subject to supervision or examination by federal or state authority and which, when combined with its affiliates, has at the time of its
appointment as Rights Agent a combined capital and surplus of at least $50,000,000 or (b) an Affiliate of a Person described in clause (a) of this sentence. After appointment, the successor Rights Agent will be vested with the same powers,
rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held by it
hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the foregoing purpose, but the predecessor Rights Agent shall not be required to make any additional expenditure or assume any additional liability in
connection with the foregoing. Not later than the effective date of any such appointment, the Company will file notice thereof in writing with the predecessor Rights Agent and each transfer agent of Shares, and mail a notice thereof in writing to
the holders of the Rights. Failure to give any notice provided for in this Section 4.4, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the
successor Rights Agent, as the case may be. 

  
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 ARTICLE V 

MISCELLANEOUS 
 5.1
Redemption. (a) The Board of Directors may, at its option and at all times, subject to all applicable laws, , at any time prior to the Flip-in Date, elect to redeem all (but not less than
all) the then issued Rights at the Redemption Price and the Company, at its option, may pay the Redemption Price either in cash or Shares or other securities of the Company deemed by the Board of Directors, in the exercise of its sole discretion, to
be at least equivalent in value to the Redemption Price. No Share shall be issued at less than par value and fractional Shares may be issued in order to reflect the Redemption Price. 

(b) Immediately upon the action of the Board of Directors electing to redeem the Rights (or, if the resolution of the Board of Directors
electing to redeem the Rights states that the redemption will not be effective until the occurrence of a specified future time or event, upon the occurrence of such future time or event), without any further action and without any notice, the right
to exercise the Rights will terminate and each Right, whether or not previously exercised, will thereafter represent only the right to receive the Redemption Price in cash or securities, as determined by the Board of Directors. Promptly after the
Rights are redeemed, the Company shall give notice of such redemption to the Rights Agent and the holders of the then issued Rights by mailing such notice in accordance with Section 5.9. 

  
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 (c) If the Company, not earlier than 60 Business Days nor later than 80 Business Days
following the commencement of a Qualified Offer within the meaning of Rule 14d-2(a) under the Exchange Act if such rule were applicable, which has not been terminated prior thereto and which continues to be a
Qualified Offer, receives a written notice complying with the terms of this Section 5.1(c) (the “Special Meeting Notice”) that is properly executed by the holders of record (or their duly authorized proxy) of at least 30% of the
Shares of the Company then issued (other than Shares held by the offeror or its Affiliates and Associates) directing the Board of Directors to submit to a vote of shareholders at a meeting of the shareholders of the Company that is not a general
meeting (a “Special Meeting”) a resolution authorizing the redemption of all, but not less than all, of the then issued Rights at the Redemption Price (the “Redemption Resolution”), then the Board of Directors shall take such
actions as are necessary or desirable to cause the Redemption Resolution to be so submitted to a vote of shareholders by including a proposal relating to adoption of the Redemption Resolution in the proxy materials of the Company for the Special
Meeting; provided, however, that in any 12-month period the Company shall not be required to submit more than one Redemption Resolution to a vote of shareholders with respect to Qualified Offers
from any given potential Acquiring Person (including any Affiliates or Associates). For purposes of a Special Meeting Notice, the record date for determining eligible holders of record shall be the 60th Business Day following the commencement of a
Qualified Offer within the meaning of Rule 14d-2(a) under the Exchange Act. Any Special Meeting Notice must be delivered to the registered agent of the Company at the registered office of the Company and must
set forth as to the shareholders of record executing the request (i) the name and address of such shareholders, as they appear on the Company’s register of members, (ii) the number of Shares of the Company that are owned of record by
each of such shareholders, and (iii) in the case of Shares Beneficially Owned by another Person, an executed certification by the holder of record that such holder has executed such Special Meeting Notice only after obtaining instructions to do
so from such Beneficial Owner. The Board of Directors shall set a date for determining the shareholders of record entitled to notice of and to vote at the Special Meeting in accordance with the Company’s memorandum and articles of association
and applicable law. Subject to the requirements of applicable law, the Board of Directors may take a position in favor of or opposed to the adoption of the Redemption Resolution, or no position with respect to the Redemption Resolution, as it
determines to be appropriate in the exercise of its duties. At the offeror’s request, the Company shall include in any proxy soliciting material prepared by it in connection with the Special Meeting proxy soliciting material submitted by the
offeror; provided, however, that the offeror, by written agreement with the Company contained in or delivered with such request, shall have indemnified the Company against any and all liabilities resulting from any statements found to
be defamatory, misstatements, misleading statements or omissions contained in or omitted from the offeror’s proxy soliciting materials and have agreed to pay the Company’s incremental costs incurred as a result of including such material
in the Company’s proxy soliciting material. Notwithstanding anything to the contrary contained in this Agreement, if the Board of Directors determines that it is in the best interests of shareholders to seek an alternative transaction so as to
obtain greater value for shareholders than that provided by any Qualified Offer, the Company shall be entitled to include information relating to such alternative transaction in the proxy soliciting material prepared by it in connection with the
Special Meeting. If no Person has become an Acquiring Person prior to the redemption date referred to in this Section 5.1(c), and the Qualified Offer continues to be a Qualified Offer and either (A) the Special Meeting is not held on or
prior to the 90th Business Day following receipt of the Special Meeting Notice, or (B) at the Special Meeting, the holders of at least a majority of the Shares issued and entitled to vote as of the record date for the Special Meeting, not
giving effect to any affirmative votes cast by the offeror or any of its Affiliates or Associates, shall vote in favor of the Redemption Resolution (and the results of the vote are certified as official by the appointed inspectors of election for
the Special Meeting), then all of the Rights shall be deemed redeemed by such failure to hold the Special Meeting or as a result of such shareholder action, as the case may be, at the Redemption Price, or the Board of Directors shall take such other
action as would prevent the existence of the Rights from interfering with the consummation of the Qualified Offer, effective immediately prior to the consummation of the Qualified Offer, if, and only if, the Qualified Offer is consummated within 60
days after either (x) the close of business on the 90th Business Day following receipt of the Special Meeting Notice if a Special Meeting is not held on or prior to such date or (y) the date on which the results of the vote on the
Redemption Resolution at the Special Meeting are certified as official by the appointed inspectors of election for the Special Meeting, as the case may be. Nothing in this subparagraph (c) shall be construed as limiting or prohibiting the
Company or any offeror from proposing or engaging in any acquisition, disposition or other transfer of any securities of the Company, any merger or consolidation involving the Company, any sale or other transfer of assets of the Company, any
liquidation, dissolution or winding-up of the Company, or any other business combination or other transaction, or any other action by the Company or such offeror; provided, however, that the
holders of Rights shall have the rights set forth in this Agreement with respect to any such acquisition, disposition, transfer, merger, consolidation, sale, liquidation, dissolution, winding-up, business
combination, transaction or action. 

  
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 5.2 Expiration. The Rights and this Agreement shall expire at the Expiration Time and
no Person shall have any rights pursuant to this Agreement or any Right after the Expiration Time, except, if the Rights have been exchanged or redeemed, as provided in Sections 3.1 or 5.1, respectively. 

5.3 Issuance of New Rights Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the
Company may, at its option, issue new Rights Certificates evidencing Rights in such form as may be approved by its Board of Directors to reflect any adjustment or change in the number or kind or class of shares purchasable upon exercise of Rights
made in accordance with the provisions of this Agreement. In addition, in connection with the issuance or sale of Shares by the Company following the Separation Time and prior to the Expiration Time pursuant to the terms of securities convertible or
redeemable into Shares or to options, warrants or other rights (other than any securities issued or issuable in connection with the exercise or exchange of Rights), in each case issued or granted prior to, and remaining issued at, the Separation
Time, the Company shall issue to the holders of such Shares, Rights Certificates representing the appropriate number of Rights in connection with the issuance or sale of such Shares; provided, however, in each case, (i) no such
Rights Certificate shall be issued, if, and to the extent that, the Company shall be advised by counsel that such issuance would create a significant risk of material adverse tax consequences to the Company or to the Person to whom such Rights
Certificates would be issued, (ii) no such Rights Certificates shall be issued if, and to the extent that, appropriate adjustment shall have otherwise been made in lieu of the issuance thereof, and (iii) the Company shall have no
obligation to distribute Rights Certificates to any Acquiring Person or Affiliate or Associate of an Acquiring Person or any transferee of any of the foregoing. 

  
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 5.4 Supplements and Amendments. The Company and the Rights Agent may from time to
time supplement or amend this Agreement without the approval of any holders of Rights (i) prior to the Flip-in Date, in any respect and (ii) on or after the
Flip-in Date, to make any changes that the Company may deem necessary or desirable (x) that shall not materially adversely affect the interests of the holders of Rights generally (other than the Acquiring
Person or any Affiliate or Associate thereof), (y) in order to cure any ambiguity or to correct or supplement any provision contained herein which may be inconsistent with any other provisions herein or otherwise defective or (z) in order to
satisfy any applicable law, rule or regulation, including any Trading Regulation on any applicable exchange so as to allow trading of the Company’s securities thereon. The Rights Agent will duly execute and deliver any supplement or amendment
hereto requested by the Company in writing, provided, that the Company has delivered to the Rights Agent a certificate from an appropriate officer or director of the Company that states that the proposed supplement or amendment complies with the
terms of this Agreement. Rights Agent agrees that time is of the essence in connection with any supplement or amendment that it is directed to execute. Notwithstanding anything contained in this Agreement to the contrary, the Rights Agent may, but
shall not be obligated to, enter into any supplement or amendment that affects the Rights Agent’s own rights, duties, obligations or immunities under this Agreement. No supplement or amendment to this Agreement shall be effective unless duly
executed by the Rights Agent. 

  
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 5.5 Fractional Shares. If the Company elects not to issue fractional Shares upon
exercise, redemption or exchange of Rights, the Company shall, in lieu thereof, in the sole discretion of the Board of Directors, pay to the registered holder of such Rights the appropriate fraction of the Market Price per share in cash.
Whenever a payment for fractional shares is to be made by the Rights Agent, the Company shall (i) promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to such payments and the
prices and/or formulas utilized in calculating such payments, and (ii) provide sufficient monies to the Rights Agent in the form of fully collected funds to make such payments. The Rights Agent shall be fully protected in relying upon such a
certificate and shall have no duty with respect to, and shall not be deemed to have knowledge of any payment for, fractional shares under any Section of this Agreement relating to the payment of fractional Shares unless and until the Rights Agent
shall have received such a certificate and sufficient monies. 
 5.6 Rights of Action. Subject to the terms of this Agreement
(including Sections 3.1(b), 5.10 and 5.13), rights of action in respect of this Agreement, other than rights of action vested solely in the Rights Agent, the Board of Directors or the Company, are vested in the respective holders of the Rights;
and any holder of any Rights, without the consent of the Rights Agent or of the holder of any other Rights, may, on such holder’s own behalf and for such holder’s own benefit and the benefit of other holders of Rights, enforce, and may
institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise act in respect of, such holder’s right to exercise such holder’s Rights in the manner provided in such holder’s Rights Certificate and
in this Agreement. Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement and will be
entitled to specific performance of the obligations under, and injunctive relief against actual or threatened violations of, the obligations of the Company. 

  
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 5.7 Holder of Rights Not Deemed a Shareholder. No holder, as such, of any
Rights shall be entitled to vote, receive dividends or be deemed for any purpose the holder of shares or any other securities that may at any time be issuable on the exercise of such Rights, nor shall anything contained herein or in any Rights
Certificate be construed to confer upon the holder of any Rights, as such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or
to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting shareholders (except as provided in Section 5.8), or to receive dividends or subscription rights, or otherwise, until such Rights
shall have been exercised or exchanged in accordance with the provisions hereof. 
 5.8 Notice of Proposed Actions. In case the
Company shall propose at or after the Separation Time and prior to the Expiration Time (i) to effect or permit a Flip-over Transaction or Event or (ii) to effect the liquidation, dissolution or winding up of the Company, then, in each such
case, the Company shall give to the Rights Agent and to each holder of a Right, in accordance with Section 5.9, written notice of such proposed action, which shall specify the date on which such Flip-over Transaction or Event, liquidation,
dissolution, or winding up is to take place, and such notice shall be so given at least 20 Business Days prior to the date of the taking of such proposed action. 

  
 -48- 

 5.9 Notices. Notices or demands authorized or required by this Agreement to be given
or made by the Rights Agent or by the holder of any Rights to or on the Company shall be in writing and shall be sufficiently given or made if in delivered or sent by internationally recognized courier, addressed (until another address is filed in
writing with the Rights Agent) or by facsimile transmission (with written confirmation thereof) as follows: 
 Nam Tai Property Inc. 

Kingston Chambers, 
 P.O. Box 173

 Road Town, Tortola, 
 British
Virgin Islands 
 With an additional copy to (which shall not constitute notice): 

Sullivan & Cromwell LLP 

125 Broad Street 
 New York, New
York 10004 
 Attn: Andrew G. Dietderich 

E-mail: dietdericha@sullcrom.com 

Any notice or demand authorized or required by this Agreement to be given or made by the Company or by the holder of any Rights to or on the Rights Agent
shall be sufficiently given or made if delivered or sent by nationally recognized overnight courier or first-class mail, postage prepaid, addressed (until another address is filed in writing with the Company) or by facsimile transmission (with
written confirmation thereof) as follows: 
 Computershare Trust Company, N.A. 

150 Royall St. 
 Canton, MA 02021

 Attn: Corp Actions Relationship Manager 

Notices or demands authorized or required by this Agreement to be given or made by the Company or the Rights Agent to or on the holder of any Rights shall be
sufficiently given or made if delivered or sent by nationally recognized overnight courier or by first-class mail, postage prepaid, addressed to such holder at the address of such holder as it appears upon the registry books of the Rights Agent or,
prior to the Separation Time, on the registry books of the transfer agent for the Shares. Any notice that is sent in the manner herein provided shall be deemed given, whether or not the holder receives the notice. 

  
 -49- 

 5.10 Suspension of Exercisability or Exchangeability. To the extent that the Board of
Directors determines in good faith that some action will or need be taken pursuant to, or in order to properly give effect to, Sections 2.3, 3.1 or 4.4 or to comply with federal or state securities laws or applicable Trading Regulations, the
Company may suspend the exercisability or exchangeability of the Rights for a reasonable period sufficient to allow it to take such action or comply with such laws or Trading Regulations. In the event of any such suspension, the Company shall issue
as promptly as practicable a public announcement (with prompt written notice to the Rights Agent) stating that the exercisability or exchangeability of the Rights has been temporarily suspended. Notice thereof to any other person than the Rights
Agent pursuant to Section 5.9 shall not be required. Upon such suspension, any rights of action vested in a holder of Rights shall be similarly suspended. 

Failure to give a notice pursuant to the provisions of this Agreement shall not affect the validity of any action taken hereunder. 

5.11 Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind
and inure to the benefit of their respective successors and assigns hereunder. 
 5.12 Benefits of this Agreement. Nothing in this
Agreement shall be construed to give to any Person other than the Company, the Rights Agent and the holders of the Rights any legal or equitable right, remedy or claim under this Agreement and this Agreement shall be for the sole and exclusive
benefit of the Company, the Rights Agent and the holders of the Rights. 
  

  
 -50- 

 5.13 Determination and Actions by the Board of Directors, etc. The Board of Directors
(or any duly authorized committee thereof) shall have the exclusive power and authority to administer this Agreement and to exercise all rights and powers specifically granted to the Board of Directors or to the Company, or as may be necessary or
advisable in the administration of this Agreement, including, without limitation, the right and power to (i) interpret the provisions of this Agreement and (ii) make all determinations and calculations deemed necessary or advisable for the
administration or implementation of this Agreement, without limitation, including the right to determine the Rights to be null and void pursuant to Section 3.1, after taking into account the purpose of this Agreement and the Company’s
interest in maintaining an orderly trading market in the issued Shares; provided, however, that nothing in this Section 5.13 shall give the Board of Directors the right to modify the Rights Agent’s rights, duties, obligations
or immunities under this Agreement without the written consent of the Rights Agent. All such actions, interpretations, calculations and determinations done or made by the Board of Directors (including by a committee of the Board of Directors to the
extent permitted by applicable law) shall be final, conclusive and binding on the Company, the Rights Agent, the holders of the Rights and all other Persons. The Rights Agent shall always be entitled to assume that the Board of Directors acted in
good faith and the Rights Agent shall be fully protected and shall incur no liability in reliance thereon. 
 5.14 Descriptive Headings;
Section References. Descriptive headings appear herein for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. Where a reference in this Agreement is made to a Section, such reference
shall be to a Section of this Agreement unless otherwise indicated. 

  
 -51- 

 5.15 GOVERNING LAW; EXCLUSIVE JURISDICTION. 

(a) THIS AGREEMENT, EACH RIGHT AND EACH RIGHTS CERTIFICATE ISSUED HEREUNDER SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE
STATE OF DELAWARE AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE APPLICABLE TO CONTRACTS ENTERED INTO, MADE WITHIN, AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT GIVING EFFECT TO ANY
CHOICE OR CONFLICT OF LAWS PROVISIONS OR RULES THAT WOULD CAUSE THE APPLICATION OF LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE; PROVIDED, HOWEVER, THAT ALL PROVISIONS REGARDING THE RIGHTS, DUTIES, LIABILITIES AND
OBLIGATIONS OF THE RIGHTS AGENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS ENTERED INTO, MADE WITHIN, AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE. 

(b) (i) THE COMPANY AND EACH HOLDER OF RIGHTS HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURT OF CHANCERY OF THE
STATE OF DELAWARE, OR, IF SUCH COURT SHALL LACK SUBJECT MATTER JURISDICTION, THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE OVER ANY SUIT, ACTION, OR PROCEEDING ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. The Company
and each holder of Rights acknowledge that the forum designated by this paragraph (b) has a reasonable relation to this Agreement, and to such Persons’ relationship with one another. TO THE FULLEST EXTENT PERMITTED BY LAW, THE COMPANY AND
EACH HOLDER OF RIGHTS HEREBY WAIVES ANY AND ALL RIGHTS SUCH PARTY MAY HAVE TO A JURY TRIAL WITH RESPECT TO ANY DISPUTE ARISING OUT OF OR RELATING TO OR CONCERNING THIS PLAN. 
  

  
 -52- 

 (ii) The Company and each holder of Rights hereby waive, to the fullest extent permitted by
applicable law, any objection which they now or hereafter have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding brought in any court referred to in paragraph (b)(i). The Company and each holder of Rights
undertake not to commence any action subject to this Agreement in any forum other than the forum described in this paragraph (b). The Company and each holder of Rights agree that, to the fullest extent permitted by applicable law, a final and non-appealable judgment in any such suit, action, or proceeding brought in any such court shall be conclusive and binding upon such Persons. 

5.16 Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile, PDF or other electronic means)
and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

5.17 Severability. If any term or provision hereof or the application thereof to any circumstance shall, in any jurisdiction and to any
extent, be invalid or unenforceable, such term or provision shall be ineffective as to such jurisdiction to the extent of such invalidity or unenforceability without invalidating or rendering unenforceable the remaining terms and provisions hereof
or the application of such term or provision to circumstances other than those as to which it is held invalid or unenforceable; provided, that if any such excluded term or provision shall adversely affect the rights, immunities, duties or
obligations of the Rights Agent, the Rights Agent shall be entitled to resign immediately. 
  

  
 -53- 

 5.18 Customer Identification Program. The Company acknowledges that the Rights Agent
is subject to the customer identification program (“Customer Identification Program”) requirements under the USA PATRIOT Act and its implementing regulations, and that the Rights Agent must obtain, verify and record information that allows
the Rights Agent to identify the Company. Accordingly, prior to accepting an appointment hereunder, the Rights Agent may request information from the Company that will help the Rights Agent to identify the Company, including without limitation the
Company’s physical address, tax identification number, organizational documents, certificate of good standing, license to do business, or any other information that the Rights Agent deems necessary. The Company agrees that the Rights Agent
cannot accept an appointment hereunder unless and until the Rights Agent verifies the Company’s identity in accordance with the Customer Identification Program requirements. 

5.19 Withholding. In the event that the Company, the Rights Agent or their agents determine that they are obligated to withhold or
deduct any tax or other charge under any applicable law on actual or deemed payments or distributions hereunder to a holder of the Rights, Shares or other cash, securities or other property, the Company, the Rights Agent or their agents shall be
entitled, but not obligated, to (i) deduct and withhold such amount by withholding a portion or all of the cash, securities or other property otherwise deliverable or by otherwise using any property (including, without limitation, Rights,
Shares or cash) that is owned by such holder, or (ii) in lieu of such withholding, require any holder to make a payment to the Company, the Rights Agent or their agents, in each case in such amounts as they deem necessary to meet their
withholding obligations, and in the case of (i) above, shall also be entitled, but not obligated, to sell all or a portion of such withheld securities or other property by public or private sale in such amounts and in such manner as they deem
necessary and practicable to pay such taxes and charges. 

  
 -54- 

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

			
	NAM TAI PROPERTY INC.
		
	By:	 	 /s/ Michael Cricenti

		 	Name: Michael Cricenti
		 	Title:   Director
	
	COMPUTERSHARE TRUST COMPANY, N.A.
		
	By:	 	 /s/ Rachel Fisher

		 	Name: Rachel Fisher
		 	Title: Sr Contract Negotiation Specialist

  
 -55- 

 EXHIBIT A 

[FORM OF RIGHTS CERTIFICATE] 
  

					
	Certificate No. W-	 		  	_________________ Rights

 THE RIGHTS ARE SUBJECT TO REDEMPTION OR MANDATORY EXCHANGE, AT THE OPTION OF THE COMPANY, ON THE TERMS SET FORTH IN THE RIGHTS
AGREEMENT. RIGHTS BENEFICIALLY OWNED BY “ACQUIRING PERSONS” OR “AFFILIATES” OR “ASSOCIATES” THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) OR TRANSFEREES OF ANY OF THE FOREGOING WILL BE VOID. 

RIGHTS CERTIFICATE 
 NAM TAI
PROPERTY INC. 
 This certifies that ____________________, or registered assigns, is the registered holder of the number of Rights set forth
above, each of which entitles the registered holder thereof, subject to the terms, provisions and conditions of the Rights Agreement, dated as of December 13, 2021 (as amended from time to time, the “Rights Agreement”), between
Nam Tai Property Inc., a British Virgin Islands company limted by shares (the “Company”), and Computershare Trust Company, N.A., a federally chartered trust company, as Rights Agent (the “Rights Agent”, which term
shall include any successor Rights Agent under the Rights Agreement), to purchase from the Company at any time after the Separation Time (as such term is defined in the Rights Agreement) and prior to the Expiration Time (as such term is defined in
the Rights Agreement), one Share (as defined in, and subject to adjustment as provided in, the Rights Agreement), at the Exercise Price referred to below, upon presentation and surrender of this Rights Certificate with the Form of Election to
Exercise duly executed at the office of the Rights Agent designated for such purpose. The Exercise Price shall initially be $60 per Right and shall be subject to adjustment in certain events as provided in the Rights Agreement. 

 In certain circumstances described in the Rights Agreement, the Rights evidenced hereby may
entitle the registered holder thereof to purchase securities of an entity other than the Company or securities of the Company other than Shares or assets of the Company, all as provided in the Rights Agreement. 

This Rights Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and
conditions are hereby incorporated herein by reference and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the
Rights Agent, the Company and the holders of the Rights Certificates. Copies of the Rights Agreement are on file at the registered office of the Company and are available without cost upon written request. 

This Rights Certificate, with or without other Rights Certificates, upon surrender at the office of the Rights Agent designated for such
purpose, may be exchanged for another Rights Certificate or Rights Certificates of like tenor evidencing an aggregate number of Rights equal to the aggregate number of Rights evidenced by the Rights Certificate or Rights Certificates surrendered. If
this Rights Certificate shall be exercised in part, the registered holder shall be entitled to receive, upon surrender hereof, another Rights Certificate or Rights Certificates for the number of whole Rights not exercised. 

Subject to the provisions of the Rights Agreement, each Right evidenced by this Certificate may be (a) redeemed by the Company under
certain circumstances, at its option and subject to applicable law, at a redemption price of $0.001 per Right or (b) exchanged by the Company under certain circumstances, at its option, for one Share per Right (or, in certain cases, other
securities or assets of the Company), subject in each case to adjustment in certain events as provided in the Rights Agreement. 

  
 A-2 

 No holder of this Rights Certificate, as such, shall be entitled to vote or receive
dividends or be deemed for any purpose the holder of any securities which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any
of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of
meetings or other actions affecting shareholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Rights evidenced by this Rights Certificate shall have been exercised or exchanged
as provided in the Rights Agreement. 
 This Rights Certificate shall not be valid or obligatory for any purpose until it shall have been
countersigned by the Rights Agent. 

  
 A-3 

 WITNESS the signature of the authorized representatives of the Company. 

Date: ____________ 
  

							
		 		 	NAM TAI PROPERTY INC.
				
	  
	 		 	By:	 	   /

		 		 		 	Director

  

			
	Countersigned:
	
	 COMPUTERSHARE TRUST

COMPANY, N.A.

		
	By:	 	  

		 	Authorized Signature

  
 A-4 

 [Form of Reverse Side of Rights Certificate] 

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

 

	
	 FOR VALUE RECEIVED ________________________ hereby sells, assigns and transfers

unto                         
                                         
                                         
                                         
                                         
                   

	(Please print name
	                                      
                                         
                                         
                                         
                                         
              
	and address of transferee)

 this Rights Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and
appoint _______________ Attorney, to transfer the within Rights Certificate on the books of the within-named Company, with full power of substitution. 
  

			
	Dated: _______________, ____
	Signature Medallion Guaranteed:	  	                                      
                                         
                     
	Signature
	
	(Signature must correspond to name as written upon the face of this Rights Certificate in every particular, without alteration or enlargement or any change whatsoever)

 Signatures must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan
associations and credit unions with membership in an approved signature guarantee Medallion program), pursuant to Exchange Act Rule 17Ad-15. A notary is not sufficient. 

The undersigned hereby represents, for the benefit of all holders of Rights and Shares, that the Rights evidenced by this Rights Certificate
are not, and, to the knowledge of the undersigned, have never been, Beneficially Owned by an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement). 

 

	
	  

	Signature

  
 A-5 

 NOTICE 

In the event the certification set forth above is not properly completed in connection with a purported assignment, the Company will deem the
Beneficial Owner of the Rights evidenced by the enclosed Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) or a transferee of any of the foregoing and accordingly will deem the
Rights evidenced by such Rights Certificate to be void and not transferable or exercisable. 

  
 A-6 

 [To be attached to each Rights Certificate] 

FORM OF ELECTION TO EXERCISE 

(To be executed if holder desires to 

exercise the Rights Certificate.) 
  

	TO:	 NAM TAI PROPERTY INC. 

The undersigned hereby irrevocably elects to exercise _____________________ whole Rights represented by the attached Rights Certificate to
purchase the Shares issuable upon the exercise of such Rights and requests that certificates for such shares be issued in the name of: 
  

	
	  

	
	Address:
	  

	  

	  

	
	 Social Security or Other Taxpayer

Identification Number:

	  

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

	
	  

	
	Address:
	  

	  

	  

	
	 Social Security or Other Taxpayer

Identification Number:

	  

 Signatures must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan
associations and credit unions with membership in an approved signature guarantee Medallion program), pursuant to Exchange Act Rule 17Ad-15. A notary is not sufficient. 

 

			
	Dated: _______________, ____	  	
	Signature Medallion Guaranteed:	  	                                   
         
		  	 Signature

(Signature must correspond to name as written upon the face of this Rights Certificate in every particular, without alteration or enlargement or
any change whatsoever)

  
 A-7 

 (To be completed if true) 

The undersigned hereby represents, for the benefit of all holders of Rights and Shares, that the Rights evidenced by the attached Rights
Certificate are not, and, to the knowledge of the undersigned, have never been, Beneficially Owned by an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement). 

 

	
	  

Signature

 NOTICE 

In the event the certification set forth above is not properly completed in connection with a purported exercise, the Company will deem the
Beneficial Owner of the Rights evidenced by the attached Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) or a transferee of any of the foregoing and accordingly will deem the
Rights evidenced by such Rights Certificate to be void and not transferable or exercisable. 

  
 A-8 

 IN WITNESS WHEREOF, the undersigned have signed and attested this certificate on the
___ day of ____________, ____. 
  

	
	          

  

	
	 ATTEST:

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