Document:

Form of Subscription Rights Certificate

 Exhibit 4.3 

 

 

  
 TEJON RANCH CO.
LETTER OF TRANSMITTAL - SUBSCRIPTION FORM 
 Investor ID Number 

THIS LETTER OF TRANSMITTAL, INCLUDING THE ACCOMPANYING INSTRUCTIONS, SHOULD BE READ CAREFULLY BEFORE THIS LETTER OF
TRANSMITTAL IS COMPLETED. 
 Tejon Ranch Co. is conducting a rights offering (the “Rights Offering”)
which entitles the holders of shares of the Company’s stock (the “Stock” ), as of the close of business on May 21, 2010 (the “Record Date”) to receive one Right (each, a “Right”) for each share of Stock held of
record on the Record Date. Holders of Rights are entitled to subscribe for and purchase XX share(s) of Stock for every Right (the “Basic Subscription Right”) at a subscription price of $23.00 per share. Holders who elect to exercise their
basic subscription privilege in full may also subscribe for additional shares at the same subscription price per share. If an insufficient number of shares are available to satisfy fully oversubscription requests the available shares will be
distributed proportionally among rights holders who exercise their oversubscription privilege. 
 For a more
complete description of the terms and conditions of the Rights Offering, please refer to the Prospectus dated May 21, 2010 (the “Prospectus”), which is incorporated herein by reference. Copies of the Prospectus are available upon request
from BNY Mellon Shareowner Services [INSERT X]. 
 I hereby irrevocably subscribe for the number of shares
indicated on the from upon the terms and conditions specified in the Prospectus relating thereto. Receipt of the Prospectus is hereby acknowledged. 

Please complete the back if you would like to transfer ownership or request special mailing. 

1 Signature: This form must be signed by the registered holder(s) exactly as their name(s) appears on the certificate(s)

 or by person(s) authorized to sign on behalf of the registered holder(s) by documents transmitted herewith.

 X 

Signature of Shareholder Date Daytime Telephone # 

X 

Signature of Shareholder Date Daytime Telephone # 

PLEASE CERTIFY YOUR TAXPAYER IDENTIFICATION NUMBER (TIN) BY COMPLETING THE INFORMATION IN BOX NUMBER 6 ON THE REVERSE
SIDE. 
 SEE INSTRUCTIONS ON THE REVERSE SIDE 

2 BASIC SHARES TO SUBSCRIBE 

WHOLE SHARES 

3 OVER SUBSCRIPTION FOR SHARES 

WHOLE SHARES 

4 RIGHTS OFFER FOR SALE 

WHOLE SHARES 

ENCLOSED IS MY CHECK FOR $ 

5 SUBSCRIPTION CERTIFICATE NUMBER CUSIP NUMBER 

BASIC SHARES TO SUBSCRIBE RIGHTS RECORD DATE SHARES 

SUBSCRIPTION TEJON FOR RANCH RIGHTS CO. OFFERING RECORD DATE 

A. Number of Shares subscribed for through the basic subscription privilege (not to exceed one Share for each Right held):
Shares 
 B. Number of Shares subscribed for through the over subscription privilege (No limit, except basic
subscription must be fully exercised): Shares 
 C. Total Subscription Price (sum lines A and B multiplied by
$23.00): $ 
 D. Method of Payment: 

Certified or Cashier’s check or money order payable to BNY Mellon Shareowner Services (acting on behalf of The Bank
of New York Mellon.) 
 HOW TO CONTACT BNY MELLON SHAREOWNER SERVICES 

By Telephone – 9 a.m. to 6 p.m. New York Time, Monday through Friday, except for bank holidays: 

From within the U.S., Canada or Puerto Rico 

1-866-300-2898 (Toll Free) 

From outside the U.S. 

1-201-680-6579 (Collect) 

SUBSCRIPTION TO PURCHASE SHARES OF TEJON RANCH CO. 

RETURN TO: THE BANK OF NEW YORK MELLON C/O BNY MELLON SHAREOWNER SERVICES 

WHERE TO FORWARD YOUR TRANSMITTAL MATERIALS 

By Mail: By Overnight Courier or By Hand 

BNY Melon Shareowner Services BNY Melon Shareowner Services 

Attn: Corporate Action Dept., Attn: Corporate Action Dept., 27th Floor 

P.O. Box 3301480 Washington Boulevard 

South Hackensack, NJ 07606 Jersey City, NJ 07310 

THIS RIGHTS OFFERING EXPIRES AT 5:00 P.M., NEW YORK CITY TIME, ON JUNE 14, 2010 AND THIS SUBSCRIPTION CERTIFICATE IS VOID

 THEREAFTER. 

 

 

  
 6 SUBSTITUTE
FORM Internal W-9 Revenue – Department Service of the Treasury, 
 Payer’s Request for Taxpayer
Identification Number (TIN) 
 Part 1 – PLEASE PROVIDE YOUR TAXPAYER IDENTIFICATION NUMBER (“TIN”)
IN THE BOX AT THE RIGHT AND 
 CERTIFY BY SIGNING AND DATING BELOW 

FILL IN the space below. 

Under penalties of perjury. I certify that: 

1. The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued
to me), and 
 2. I am not subject to backup with holding because: (a) I am exempt from backup withholding, or
(b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup
withholding, and 
 3. I am a U.S. citizen or other U.S. person (including a U.S. resident alien). 

EXEMPT PAYEE 

Please check appropriate box: 

Individual/Sole proprietor 

Corporation Partnership 

Limited liability company 

Enter the tax classification D=disregarded entity 

C=corporation P=partnership 

Other 

Signature Date 

7 Special Transfer Instructions and Signature Guarantee Medallion 

If you want your Tejon Ranch Co. stock and any refund check to be issued in another name, fill in this section with the
information for the new account name. 
 Name (Please Print First, Middle & Last Name) (Title of Officer
Signing this Guarantee) 
 Address (Number and Street) (Name of Guarantor - Please Print) 

(City, State & Zip Code) (Address of Guarantor Firm) 

(Tax Identification Number) 

8 Special Mailing Instructions 

Fill in ONLY if mailing to someone other than the undersigned or to the undersigned at an 

address other than that shown on the front of this card. 

Mail certificate(s) and check(s) to: 

Name (Please Print First, Middle & Last Name) 

Address (Number and Street) 

(City, State & Zip Code) 

COMPLETE ALL APPLICABLE SECTIONS OF THIS FORM USING THE INSTRUCTIONS BELOW. 

1 Sign and date Box 1 and include your day time phone number. 

2 Place an X in the box and fill in the number of whole shares you wish to subscribe for under your basic subscription
privileges. 
 3 Place an X in the box and fill in the number of whole shares you wish to over subscribe for your
over subscription privileges. 
 (No limit, except basic subscription must be fully exercised). 

4 Place an X in the box and fill in the number of rights you wish to offer for sale. 

5 Rights card and calculation section for determining your basic/oversubscription privileges. 

6 PLEASE SIGN IN BOX 6 TO CERTIFY YOUR TAXPAYER ID OR SOCIAL SECURITY NUMBER if you are a U.S. Taxpayer. If the Taxpayer
ID or Social Security Number is incorrect or blank, write the corrected number in Box 6 and sign to certify. 

Please note that BNY Mellon Shareowner Services may withhold 28% of your proceeds as required by the IRS if the Taxpayer
ID or Social Security Number is not certified on our records. If you are a non - U.S. Taxpayer, please complete and return form W-8BEN. 

7 If you want your Tejon Ranch Co. stock and any refund check to be issued in another name, complete the Special Transfer
Instructions in Box 7. Signature(s) in Box 7 must be medallion guaranteed. 
 8 Fill in Box 8 if, mailing to
someone other than the undersigned or to the undersigned at an address other than that shown on the front of this card. 

THIS RIGHTS OFFERING HAS BEEN QUALIFIED OR IS BELIEVED TO BE EXEMPT FROM QUALIFICATION ONLY UNDER THE FEDERAL LAWS OF THE
UNITED STATES AND THE LAWS OF THE STATES IN THE UNITED STATES. RESIDENTS OR OTHER JURISDICTIONS MAY NOT PURCHASE THE SECURITIES OFFERED HEREBY UNLESS THEY CERTIFY THAT THEIR PURCHASES OF SUCH SECURITIES ARE EFFECTED IN ACCORDANCE WITH THE APPLICABLE
LAWS OF SUCH JURISDICTIONS. 
 THIS RIGHTS OFFERING EXPIRES AT 5:00 P.M., NEW YORK CITY TIME, ON JUNE 14, 2010
AND THIS SUBSCRIPTION CERTIFICATE IS VOID THEREAFTER.Form of Subscription Agent Agreement

 Exhibit 4.4 

THIS SUBSCRIPTION AGENT AGREEMENT (this “Agreement”) between Tejon Ranch Co., a Delaware corporation (the
“Company”) and The Bank of New York Mellon, a New York State chartered bank (“Agent”), is dated as of May     , 2010. 

1. Appointment. 

(a) The Company is distributing, at no charge, to the holders of record of its outstanding shares of Common Stock, par value $0.50 per
share (the “Common Stock”), at the close of business on May 21, 2010 (the “Record Date”), transferable rights (the “Rights”) to purchase shares of Common Stock (the “Additional Common Stock”) at a
purchase price of $23.00 per share of Additional Common Stock (the “Subscription Price”), payable by cashier’s check or certified check, upon the terms and conditions set forth herein (the “Rights Offering”). The term
“Subscribed” shall mean submitted for purchase from the Company by a stockholder in accordance with the terms of the Rights Offering, and the term “Subscription” shall mean any such submission. The Company hereby appoints Agent
to act as subscription agent and information agent in connection with the Rights Offering and Agent hereby accepts such appointment in accordance with and subject to the terms and conditions of this Agreement. 

(b) The Rights Offering will expire at 5:00 p.m., Eastern Time, on June 14, 2010 (the “Expiration Time”), unless the
Company shall have extended the period of time for which the Rights Offering is open, in which event the term “Expiration Time” shall mean the latest time and date at which the Rights Offering, as so extended by the Company from time to
time, shall expire. 
 (c) The Company filed a Registration Statement relating to the Additional Common Stock with the
Securities and Exchange Commission under the Securities Act of 1933, as amended, on April 19, 2010 and such Registration Statement was declared effective on May     , 2010. The terms of the Additional Common Stock are
more fully described in the Prospectus forming part of the Registration Statement as it was declared effective. All terms used and not defined herein shall have the same meaning as in the Prospectus. 

(d) Promptly after the Record Date, the Company will furnish Agent with, or cause to be furnished to Agent, a certified list, in a format
acceptable to Agent, of holders of Common Stock as of the Record Date, including each such holder’s name, address, taxpayer identification number, Share amount and any certificate detail (the “Record Stockholders List”). 

2. Subscription of Rights. 

(a) The Rights entitle the holders to subscribe, upon payment of the Subscription Price, for shares of Additional Common Stock at the rate
of 0.12701 share(s) for each Right (the “Basic Subscription Privilege”). No fractional shares will be issued. In the event that the number of Rights submitted by a holder are exercisable for a number of shares that is not a whole number,
the number of shares of Additional Common Stock issuable to such holder will be rounded down to the nearest whole share. 

 (b) With respect to subscribing shareholders who exercise their Rights in full and elect to
exercise the oversubscription right described in the Prospectus, the Company shall provide Agent with instructions regarding the allocation to such shareholders of Additional Common Stock after the initial allocation thereof. 

3. Duties of Subscription Agent. 

(a) Agent shall issue the Rights in accordance with this Agreement in the names of the holders of the Common Stock of record on the Record
Date, keep such records as are necessary for the purpose of recording such issuance, and furnish a copy of such records to the Company. 

(b) As soon as practicable after Agent receives the Record Stockholders List, Agent shall: 

(i) mail or cause to be mailed, by first class mail, to each holder of Common Stock of record on the Record Date whose
address of record is within the United States, (i) a subscription form with respect to the Rights to which such stockholder is entitled under the Rights Offering (the “Subscription Form”), a form of which is attached hereto as Exhibit
A, (ii) a copy of the Prospectus and (iii) a return envelope addressed to the Agent; and 
 (ii) mail
or cause to be mailed, by courier, to each holder of Common Stock of record on the Record Date whose address of record is outside the United States, or is an A.P.O. or F.P.O. address, a copy of the Prospectus. Agent shall refrain from mailing
Subscription Forms to any holder of Common Stock of record on the Record Date whose address of record is outside the United States and Canada, or is an A.P.O. or F.P.O. address, and hold such Subscription Forms for the account of such stockholder
subject to such stockholder making satisfactory arrangements with the Agent for the exercise or other disposition of the Rights described therein, and follow the instructions of such stockholder for the exercise, sale or other disposition of such
Rights if such instructions are received at or before 11:00 a.m., Eastern Time, at least three New York Stock Exchange trading business days prior to the Expiration Date. 

(c) Agent shall mail or deliver a copy of the Prospectus (i) to each assignee or transferee of Rights upon receiving appropriate
documents to register the assignment or transfer thereof and (ii) with shares of Additional Common Stock when such are issued to persons other than the registered holder of the Rights. 

(d) Agent shall accept Subscriptions upon the due exercise of Rights (including payment of the Subscription Price) on or prior to the
Expiration Time in accordance with the Subscription Form. 
 (e) Agent shall accept Subscriptions, without further authorization
or direction from the Company, without procuring supporting legal papers or other proof of authority to sign (including without limitation proof of appointment of a fiduciary or other person acting in a representative capacity), and without
signatures of co-fiduciaries, co-representatives or any other person: 
 (i) if the Right is registered in the
name of a fiduciary and the Subscription Form is executed by such fiduciary, provided the Additional Common Stock is to be issued in the name of such fiduciary; 
  

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 (ii) if the Right is registered in the name of joint tenants and the
Subscription Form is executed by one of the joint tenants, provided the Additional Common Stock is to be issued in the names of such joint tenants; 

(iii) if the Right is registered in the name of a corporation and the Subscription Form is executed by a person in a
manner which appears or purports to be done in the capacity of an officer or agent thereof, provided the Additional Common Stock is to be issued in the name of such corporation; or 

(iv) if the Right is registered in the name of an individual and is executed by a person purporting to act as such
individual’s executor, administrator or personal representative, provided, the Common Stock is to be registered in the name of the subscriber as executor or administrator of the estate of the deceased registered holder or as the personal
representative of such individual. 
 (f) Agent shall refer to the Company for specific instructions as to acceptance or
rejection all Subscriptions received after the Expiration Time, Subscriptions not authorized to be accepted pursuant to this Section 3 and Subscriptions otherwise failing to comply with the terms and conditions of the Subscription Form.

 4. Acceptance of Subscriptions.  

(a) Upon acceptance of a Subscription, Agent shall hold all monies received in a special account for the benefit of the Company. Promptly
following the Expiration Time, Agent shall distribute to the Company the funds in such account. Agent will not be obligated to calculate or pay interest to any holder or any other party claiming through a holder or otherwise. 

(b) Following Agent’s first receipt of Subscriptions, on each business day, or more frequently if reasonably requested as to major
tally figures, provide a report by email to Allen Lyda (alyda@tejonranch.com) (the “Company Representative”) with copies to Mark Lahive of Gibson, Dunn & Crutcher LLP (mlahive@gibsondunn.com), as to the following
information, based upon a preliminary review (and at all times subject to final determination by the Company) as of the close of business on the preceding business day or the most recent practicable time prior to such request, as the case may be:
(i) the total number of shares of Additional Common Stock Subscribed for; (ii) the total number of Rights sold; (iii) the total number of Rights partially Subscribed for; (iv) the amount of funds received; and (v) the
cumulative totals in categories (i) through (iv) above. 
  

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 (c) As promptly as possible on the first full business day following the Expiration Time,
advise the Company Representative by email of (i) the number of shares of Additional Common Stock Subscribed for and (ii) the number of shares of Additional Common Stock unsubscribed for. 

5. Completion of Rights Offering. 

(a) Upon completion of the Rights Offering, Agent shall request the transfer agent for the Common Stock to issue the appropriate number of
shares of Additional Common Stock as required in order to effectuate the Subscriptions. 
 (b) The Rights shall be issued in
registered, book-entry form only. Agent shall keep books and records of the registration, transfer and exchange of Rights (the “Rights Register”). 

(c) All Rights issued upon any registration of transfer or exchange of Rights shall be the valid obligations of the Company, evidencing
the same obligations and entitled to the same benefits under this Agreement as the Rights surrendered for such registration of transfer or exchange; provided that, until such transfer or exchange is registered in the Rights Register, the Company and
Agent may treat the registered holder thereof as the owner for all purposes. 
 (d) For so long as this Agreement shall be in
effect, the Company will reserve for issuance and keep available free from preemptive rights a sufficient number of shares of Additional Common Stock to permit the exercise in full of all Rights issued pursuant to the Rights Offering. 

(e) The Company shall take any and all action, including without limitation obtaining the authorization, consent, lack of objection,
registration or approval of any governmental authority, or the taking of any other action under the laws of the United States of America or any political subdivision thereof, to insure that all shares of Additional Common Stock issuable upon the
exercise of the Rights (subject to payment of the Subscription Price) will be duly and validly issued and fully paid and non-assessable shares of Common Stock, free from all preemptive rights and taxes, liens, charges and security interests created
by or imposed upon the Company with respect thereto. 
 (f) The Company shall from time to time take all action necessary or
appropriate to obtain and keep effective all registrations, permits, consents and approvals of the Securities and Exchange Commission and any other governmental agency or authority and make such filings under Federal and state laws which may be
necessary or appropriate in connection with the issuance, sale, transfer and delivery of Rights or Additional Common Stock issued upon exercise of Rights. 

6. Duties as Information Agent. The Company hereby appoints Agent to act as information agent in connection with the Rights Offering and
Agent hereby accepts such appointment in accordance with and subject to the terms and conditions of this Agreement. In its capacity as information agent, Agent shall (if required): assist in the coordination of all printing activities and
advertisement placement; establish contacts with brokers, dealers, banks and other 
  

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nominees on the Company’s behalf; determine material requirements and assist in document review; facilitate the distribution of materials to registered and beneficial owners and to other
interested parties; provide a dedicated toll-free line for all shareholder queries; provide status reporting to Company management; and facilitate payment of all broker-forwarding invoices, subject to collection from the Company of monies for this
purpose. 
 7. Procedure for Discrepancies. Agent shall follow its regular procedures to attempt to reconcile any discrepancies
between the number of shares of Additional Common Stock that any Subscription Form may indicate are to be issued to a stockholder upon exercise of its Rights and the number that the Record Stockholders List indicates may be issued to such
stockholder. In any instance where Agent cannot reconcile such discrepancies by following such procedures, Agent will consult with the Company for instructions as to the number of shares of Additional Common Stock, if any, Agent is authorized to
issue. In the absence of such instructions, Agent is authorized not to issue any shares of Additional Common Stock to such stockholder and will return to the subscribing stockholder (at Agent’s option by either first class mail under a blanket
surety bond or insurance protecting Agent and the Company from losses or liabilities arising out of the non-receipt or non-delivery of the Subscription Form or by registered mail insured separately for the value of the applicable Rights) to such
stockholder’s address as set forth in the Subscription Form, any Subscription Form delivered to Agent, any other documents delivered therewith and a letter explaining the reason for the return of such documents. 

8. Procedure for Deficient Items. 

(a) Agent shall examine the Subscription Forms received by it as agent to ascertain whether they appear to have been completed and
executed in accordance with the Rights Offering. In the event Agent determines that any Subscription Form does not appear to have been properly completed or executed, or to be in proper form, or any other deficiency in connection with the
Subscription Form appears to exist, Agent shall follow, where possible, its regular procedures to attempt to cause such irregularity to be corrected. Agent is not authorized to waive any deficiency in connection with the Subscription, unless the
Company provides written authorization to waive such deficiency. 
 (b) If a Subscription Form specifies that shares of
Additional Common Stock are to be issued to a person other than the person in whose name a surrendered Right is registered, Agent will not issue such shares until such Subscription Form has been properly endorsed with the signature guaranteed (or
otherwise put in proper form for transfer). 
 (c) If any such deficiency is neither corrected nor waived, Agent will return to
the subscribing stockholder (at Agent’s option by either first class mail under a blanket surety bond or insurance protecting Agent and the Company from losses or liabilities arising out of the non-receipt or non-delivery of the Subscription
Form or by registered mail insured separately for the value of the applicable Rights) to such stockholder’s address as set forth in the Subscription Form, any Subscription Form delivered to Agent, any other documents delivered therewith and a
letter explaining the reason for the return of such documents. 
  

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 9. Instructions. Any instructions given to Agent orally, as permitted by any provision of this
Agreement, shall be confirmed in writing (including by e-mail) by the Company as soon as practicable. Agent shall not be liable or responsible and shall be fully authorized and protected for acting, or failing to act, in accordance with any oral
instructions that do not conform with the written confirmation received in accordance with this section. 
 10. Date/Time Stamp.
Each document received by Agent relating to its duties hereunder shall be dated and time stamped when received. 
 11. Tax
Reporting. Should any issue arise regarding federal income tax reporting or withholding, Agent shall take such reasonable action as the Company may reasonably request in writing. Such action may be subject to additional fees. 

 

	12.	Authorizations and Protections. As agent for the Company hereunder Agent: 

(a) shall have no duties or obligations other than those specifically set forth herein or as may subsequently be agreed to in writing by
Agent and the Company; 
 (b) shall have no obligation to issue any shares of Additional Common Stock unless the Company shall
have provided a sufficient number of shares of Additional Common Stock; 
 (c) shall be regarded as making no representations
and having no responsibilities as to the validity, sufficiency, value, or genuineness of any Rights surrendered to Agent hereunder or shares of Additional Common Stock issued in exchange therefor, and will not be required to or be responsible for
and will make no representations as to the validity, sufficiency, value or genuineness of the Rights Offering; 
 (d) shall not
be obligated to take any legal action hereunder; if, however, Agent determines to take any legal action hereunder, and where the taking of such action might, in Agent’s reasonable judgment, subject or expose it to any expense or liability,
Agent shall not be required to act unless it shall have been furnished with an indemnity satisfactory to it; 
 (e) may rely on,
and shall be fully authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice, letter, telegram, telex, facsimile transmission or other document or security delivered to Agent and believed by Agent to be
genuine and to have been signed by the proper party or parties; 
 (f) shall not be liable or responsible for any recital or
statement contained in the Prospectus or any other documents relating thereto; 
 (g) shall not be liable or responsible for any
failure of the Company or any other party to comply with any of its covenants and obligations relating to the Rights Offering, including without limitation obligations under applicable securities laws; 

 

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 (h) may rely on and shall be fully authorized and protected in acting or failing to act upon
(i) the written, telephonic, electronic or oral instructions of any authorized representative of the Company with respect to any matter relating to Agent acting pursuant to this Agreement; (ii) any guaranty of signature by an
“eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program” or insurance program in addition to, or in substitution for,
the foregoing; or (iii) any law, act, regulation or any interpretation of the same even though such law, act, or regulation may thereafter have been altered, changed, amended or repealed; 

(i) may consult counsel satisfactory to Agent (including internal counsel), and the advice of such counsel shall be full and complete
authorization and protection in respect of any action taken, suffered, or omitted by Agent hereunder in good faith and in reliance upon the advice of such counsel; 

(j) may perform any of its duties hereunder either directly or by or through agents or attorneys and Agent shall not be liable or
responsible for any misconduct or negligence on the part of any agent or attorney appointed with reasonable care hereunder; and 

(k) is not authorized, and shall have no obligation, to pay any brokers, dealers or soliciting fees to any person. 

13. Indemnification. The Company shall indemnify Agent for, and hold Agent harmless from and against, any loss, liability, claim (whether
with or without basis in fact or law), demand, cost or expense (collectively, “Loss”) arising out of or in connection with Agent’s duties under this Agreement or this appointment, including the costs and expenses of defending itself
against any Loss or enforcing this Agreement, except to the extent that such Loss shall have been determined by a court of competent jurisdiction to be a result of Agent’s gross negligence, bad faith or intentional misconduct. 

14. Limitation of Liability. 

(a) In the absence of gross negligence, bad faith or intentional misconduct on its part, Agent shall not be liable for any action taken,
suffered, or omitted by it or for any error of judgment made by it in the performance of its duties under this Agreement. Anything in this Agreement to the contrary notwithstanding, in no event shall Agent be liable for special, indirect,
incidental, consequential or punitive losses or damages of any kind whatsoever (including but not limited to lost profits), even if Agent has been advised of the possibility of such losses or damages and regardless of the form of action. Any
liability of Agent will be limited in the aggregate to the amount of fees paid by the Company hereunder. 
 (b) If any question
or dispute arises with respect to the proper interpretation of this Agreement or Agent’s duties hereunder or the rights of the Company or of any holders of Rights, Agent shall not be required to act and shall not be held liable or responsible
for failing or refusing to act until the question or dispute has been (i) judicially settled (and Agent may, if it deems it advisable, but shall not be obligated to, file a suit in interpleader or for a declaratory judgment for such purpose) by
a final judgment of a court of competent jurisdiction that is binding on all stockholders and parties interested in the matter and is no longer subject to review or appeal, or (ii) settled by a written document in form and substance
satisfactory to Agent and executed by the Company and each such stockholder and party. 
  

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 15. Representations, Warranties and Covenants. The Company represents, warrants and covenants
that (a) it is duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation, (b) the making and consummation of the Rights Offering and the execution, delivery and performance of all
transactions contemplated thereby (including without limitation this Agreement) have been duly authorized by all necessary corporate action and do not and will not conflict with, violate, result in a breach of or constitute a default under the
certificate of incorporation or bylaws of the Company, any law or regulation, any order or decree of any court or public authority having jurisdiction, or any mortgage, indenture, contract, agreement or undertaking to which it is a party or is
bound, (c) this Agreement has been duly executed and delivered by the Company and constitutes its legal, valid, binding and enforceable obligation, (d) the Rights Offering will comply in all material respects with all applicable
requirements of law and (e) to the best of its knowledge, there is no litigation pending or threatened as of the date hereof in connection with the Rights Offering. 

16. Notices. All notices, demands and other communications given pursuant to the terms and provisions hereof shall be in writing, shall be
deemed effective on the date of receipt, and may be sent by overnight delivery services, or by certified or registered mail, return receipt requested to: 
  

			
	If to the Company:	 	with an additional copy to:
		
	 Tejon Ranch Co.

P.O. Box 1000

Lebec, California 93243

Attn: Allen Lyda
	 	 Gibson, Dunn & Crutcher LLP

Century City Office

2029 Century Park East

Los Angeles, California 90067

Attn: Mark S. Lahive

		
	If to Agent:	 	with an additional copy to:
		
	 The Bank of New York Mellon

c/o BNY Mellon Shareowner Services

480 Washington Boulevard

Jersey City, NJ 07310

Attn: Relationship Manager
	 	 The Bank of New York Mellon

c/o BNY Mellon Shareowner Services

480 Washington Boulevard

Jersey City, NJ 07310

Attn: Legal Department

17. Confidentiality. 

(a) In connection with Agent’s appointment hereunder, each party shall obtain confidential information related to the other party or
its stockholders that is not available to the general public (“Confidential Information”), which Confidential Information shall include the terms and conditions of this Agreement and the exhibits attached hereto. Each party agrees that the
Confidential Information shall be held and treated by it, its directors, officers, employees, affiliates, agents and subcontractors (collectively, “Representatives”) in confidence and, except as hereinafter provided, shall not be disclosed
in any manner whatsoever except as otherwise 
  

 8 

 
required by law, regulation, subpoena or governmental authority. Confidential Information shall be used by each party and its Representatives only for the purposes for which provided and shall be
disclosed by such party only to those Representatives who have a need to know in order to accomplish the business purpose in connection with which the Confidential Information has been provided. Confidential Information does not include information
that (i) is now or subsequently becomes generally available to the public through no fault or breach on the part of the receiving party; (ii) the receiving party had rightfully in its possession prior to disclosure to it by the disclosing
party; (iii) is independently developed by the receiving party without the use of or reference to any Confidential Information; or (iv) the receiving party rightfully obtains on a non-confidential basis from a source other than the
disclosing party who has the right to transfer or disclose it. 
 (b) In connection with the provision of services under this
Agreement, the Company may direct Agent to release information, including non-public personal information (“NPPI”), as defined in Title V of the Gramm Leach Bliley Act and the regulations issued thereunder (including but not limited to
Regulation P of the Board of Governors of the Federal Reserve) to the Company’s agents or other third party service providers, including, without limitation, broker/dealers, custodians and depositories. In addition, the Company consents to the
release of information, including NPPI, (i) to any of Agent’s Representatives in connection with the services provided hereunder and (ii) as required by law, regulation, subpoena or governmental authority. Agent shall not be liable
for the release of information in accordance with the foregoing provisions. 
 18. Compensation and Expenses. 

(a) The Company shall pay to Agent compensation in accordance with the fee schedule attached as Exhibit B hereto, together with
reimbursement for reasonable fees and disbursements of counsel, regardless of whether any Rights are surrendered to Agent, for Agent’s services hereunder. 

(b) The Company shall be charged for certain expenses advanced or incurred by Agent in connection with Agent’s performance of its
duties hereunder. Such charges include, but are not limited to, stationery and supplies, such as checks, envelopes and paper stock, as well as any disbursements for telephone and document creation and delivery. While Agent endeavors to maintain such
charges (both internal and external) at competitive rates, these charges may not reflect actual out-of-pocket costs, and may include handling charges to cover internal processing and use of Agent’s billing systems. 

(c) All amounts owed to Agent hereunder are due within thirty (30) days of the invoice date. Delinquent payments are subject to a
late payment charge of one and one-half percent (1.5%) per month commencing forty-five (45) days from the date of invoice. The Company agrees to reimburse Agent for any reasonable attorney’s fees and other costs associated with
collecting delinquent payments. 
 (d) No provision of this Agreement shall require 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. 
  

 9 

 19. Termination. The Company may terminate this Agreement at any time by notifying Agent in
writing. Agent may terminate this Agreement upon thirty (30) days prior written notice to the Company. Unless so terminated, this Agreement shall continue in effect until ninety (90) days following the Expiration Time. In the event of such
early termination, the Company will appoint a successor agent and inform Agent of the name and address of any successor agent so appointed, provided that no failure by the Company to appoint such a successor agent shall affect the termination of
this Agreement or the discharge of Agent as agent hereunder. Upon any such termination, Agent shall be relieved and discharged of any further responsibilities with respect to its duties hereunder. Upon payment of all outstanding fees and expenses
hereunder, Agent shall promptly forward to the Company or its designee any Subscription Forms or other documents relating to the Rights Offering that Agent may receive after its appointment has so terminated. 

20. Force Majeure. Agent shall not be liable for any failures, delays or losses, arising directly or indirectly out of conditions
beyond its reasonable control including, but not limited to, acts of government, exchange or market ruling, suspension of trading, work stoppages or labor disputes, fires, civil disobedience, riots, rebellions, storms, electrical or mechanical
failure, computer hardware or software failure, communications facilities failures including telephone failure, war, terrorism, insurrection, earthquakes, floods, acts of God or similar occurrences. 

21. Submission to Jurisdiction; Foreign Law. 

(a) The parties irrevocably (i) submit to the non-exclusive jurisdiction of any New York State court sitting in New York City or the
United States District Court for the Southern District of New York in any action or proceeding arising out of or relating to this Agreement, (ii) waive, to the fullest extent they may effectively do so, any defense based on inconvenient forum,
improper venue or lack of jurisdiction to the maintenance of any such action or proceeding, and (iii) WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 
 (b) Agent shall not be required hereunder to comply with the laws or regulations of any country other than the United
States of America or any political subdivision thereof. Agent may consult with foreign counsel, at the Company’s expense, to resolve any foreign law issues that may arise as a result of the Company or any other party being subject to the laws
or regulations of any foreign jurisdiction. 
 22. Miscellaneous. 

(a) This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to
conflict of laws rules or principles. 
 (b) No provision of this Agreement may be amended, modified, or waived, except in a
written document signed by both parties. 
  

 10 

 (c) In the event that any claim of inconsistency between this Agreement and the terms of the
Rights Offering may arise, as they may from time to time be amended, the terms of the Rights Offering shall control, except with respect to the duties, liabilities and rights, including compensation and indemnification, of Agent as agent, which
shall be controlled by the terms of this Agreement. 
 (d) If any provision of this Agreement shall be held illegal, invalid or
unenforceable by any court, this Agreement shall be construed and enforced as if such provision had not been contained herein and shall be deemed binding and enforceable to the full extent permitted by applicable law. 

(e) This Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the respective successors and assigns of the
parties hereto. 
 (f) This Agreement may not be assigned, or otherwise transferred, in whole or in part, by either party
without the prior written consent of the other party, which the other party will not unreasonably withhold, condition or delay; provided that (i) consent is not required for an assignment to an affiliate of Agent and (ii) any
reorganization, merger, consolidation, sale of assets or other form of business combination by Agent shall not be deemed to constitute an assignment of this Agreement. Any attempted assignment in violation of the foregoing will be void. 

(g) Sections 11 (to the extent of tax reporting performed prior to termination), 12, 13, 14, 16, 17, 18, 21 and 22 hereof shall survive
termination of this Agreement. 
 (h) Nothing in this Agreement shall be construed to give any person or entity other than Agent
and the Company any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of Agent and the Company. 

(i) The headings contained in this Agreement are for the purposes of convenience only and are not intended to define or limit the
contents of this Agreement. 
 (j) This Agreement may be executed manually in any number of counterparts, each of which such
counterparts, when so executed and delivered, shall be deemed an original, and all such counterparts when taken together shall constitute one and the same original instrument. 

(k) This Agreement constitutes the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior
written or oral communications, understandings, and agreements with respect to the subject matter of this Agreement. The parties acknowledge that the exhibits hereto are an integral part of this Agreement. 

(l) The Company acknowledges that Agent is subject to the customer identification program (“Customer Identification Program”)
requirements under the USA PATRIOT Act and its implementing regulations, and that Agent must obtain, verify and record information that allows Agent to identify the Company. Accordingly, prior to accepting an appointment hereunder, Agent may request
information from the Company that will help Agent to identify the 
  

 11 

 
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 Agent deems necessary. The Company agrees that Agent cannot accept an appointment hereunder unless and until Agent verifies the Company’s identity in accordance with the Customer Identification Program requirements. 

[The remainder of this page has been intentionally left blank. Signature page follows.] 

 

 12 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement by their duly authorized officers
as of the day and year above written. 
  

			
	TEJON RANCH CO.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Exhibit A	  	Form of Subscription Form
	Exhibit B	  	Fee Schedule

  

 13

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