Document:

EX-4.11

 Exhibit 4.11 

EXECUTION VERSION 
  

 
 WARRANT AGREEMENT 

Dated as of January 15, 2019 by and among 

SEASPAN CORPORATION 

and 
 THE INVESTORS
SPECIFIED HEREIN 
  
  

 
  

 WARRANT AGREEMENT 

WARRANT AGREEMENT (this “Agreement”) dated as of January 15, 2019 by and among Seaspan Corporation, a corporation
existing under the laws of the Republic of The Marshall Islands (the “Company”), and each of the investors specified on the signature pages hereto (the “Investors”). 

WHEREAS, the Company and certain of its subsidiaries are entering into certain financing transactions (the “Transactions”)
with the Holders (as defined herein) and their Affiliates (as defined herein), including the issuance of US$250,000,000 aggregate principal amount of its 5.50% Notes due 2026 (the “Notes”) and 38,461,539 Warrants (as defined
herein); 
 WHEREAS, the Notes and the Warrants will be sold in combination and the Notes and the Warrants will be immediately separable and
will be issued separately; 
 WHEREAS, the Company desires to provide for the form, terms and provisions of the Warrants, including the
terms upon which they shall be issued and exercised, and the respective rights, limitation of rights and immunities of the Company and the Holders; and 

WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company,
the legally valid and binding obligations of the Company, and to authorize the execution and delivery of this Agreement. 
 NOW, THEREFORE,
in consideration of the premises and the mutual agreements herein set forth, the parties hereto agree as follows: 
 SECTION 1.
Defined Terms. As used in this Agreement, the following terms shall have the respective meanings set forth below: 

“Affiliate” shall mean, with respect to any specified Person, any other Person that directly, or indirectly through one or
more intermediaries, controls, is controlled by, or is under common control with, such specified Person. 
 “Aggregate Exercise
Price” shall mean an amount equal to the product of (a) the number of Warrant Shares in respect of which a Warrant is then being exercised pursuant to Section 3 hereof, multiplied by (b) the
Exercise Price in effect as of the Exercise Date in accordance with the terms of this Agreement. 
 “Agreement” shall have
the meaning set forth in the preamble hereto, as the same may be amended from time to time. 
 “Board” shall mean the board
of directors of the Company or a committee thereof. 
 “Business Day” shall mean any day other than a Saturday, Sunday or a
day on which commercial banks in the City of New York are authorized or required by law to close. 
 “Capital Stock” shall
mean (a) with respect to any Person that is a corporation, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (b) with respect to any other Person, any and all partnership,
membership or other equity interests of such Person and (c) with respect to the Company, the shares of Common Stock. 
 “Change
of Control” shall mean the occurrence of any of the following events: 
 (a) any “person” (as such
term is used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause (a) such 

  
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person shall be deemed to have “beneficial ownership” of all shares that any such person has the right to acquire, whether such right is exercisable immediately or only after the
passage of time), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company; 

(b) the merger or consolidation of the Company with or into another Person or the merger of another Person with or into the
Company, or the sale of all or substantially all the assets of the Company (determined on a consolidated basis) to another Person other than (i) a transaction in which the survivor or transferee is a Person that is controlled by the Permitted
Holders or (ii) a transaction following which, in the case of a merger or consolidation transaction, holders of securities that represented 100% of the Voting Stock of the Company immediately prior to such transaction (or other securities into
which such securities are converted as part of such merger or consolidation transaction) own directly or indirectly at least a majority of the voting power of the Voting Stock of the surviving Person in such merger or consolidation transaction
immediately after such transaction and in substantially the same proportion as before the transaction; or 
 (c) Continuing
Directors cease to constitute at least a majority of the Board. “Close of Business” shall mean 5:00 p.m., Eastern time. 

“Common Stock” shall mean the Class A common shares, par value $0.01 per share, of the Company, and any Capital Stock
into which such Common Stock shall have been converted, exchanged or reclassified following the date hereof. 
 “Common Stock
Reorganization” shall have the meaning set forth in Section 4.1(a) of this Agreement. 

“Company” shall have the meaning set forth in the preamble hereto. 

“Continuing Director” shall mean a director who (i) is a Noteholder Director (as that term is defined in the Indenture)
or (ii) either was a member of the Board on the Original Issue Date or who becomes a member of the Board subsequent to that date and whose election, appointment or nomination for election by the Company’s stockholders is duly approved by a
majority of the continuing directors on the Board at the time of such approval, either by a specific vote or by approval of the proxy statement issued by the Company on behalf of the entire Board in which such individual is named as nominee for
director. 
 “control” (including the terms “controlled by”, “controlling” and
“under common control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, as trustee
or executor, by contract or otherwise, including the ownership, directly or indirectly, of securities having the power to elect a majority of the board of directors or similar body governing the affairs of such Person. 

“Convertible Securities” shall have the meaning set forth in Section 4.1(i) of this Agreement. 

“Distributions Paid in the Ordinary Course” shall mean cash distributions in the amount of $0.125 per share of Common Stock
on a quarterly basis; 
 “DRIP” shall mean the Company’s dividend reinvestment plan pursuant to which cash dividends
received by electing stockholders are automatically reinvested into additional shares of Common Stock at a discount to the market price of such Common Stock. 

  
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 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended,
and any similar or successor federal statute, and the rules and regulations of the SEC thereunder, all as the same shall be in effect at any applicable time. 

“Exercise Agreement” shall have the meaning set forth in Section 3.3(a)(i) of this Agreement. 

“Exercise Date” shall mean, for any given exercise of a Warrant, the date on which the conditions to such exercise as set
forth in Section 3.3 shall have been satisfied at or prior to 5:00 p.m., Eastern time, on a Business Day, including, without limitation, the receipt by the Company of the Exercise Agreement, the Warrant and the Aggregate
Exercise Price. 
 “Exercise Period” shall have the meaning set forth in Section 3.2 of this
Agreement. 
 “Exercise Price” shall have the meaning set forth in Section 3.1 of this Agreement,
as adjusted pursuant to Section 4 of this Agreement; provided, that such exercise price shall at no point decrease below the par value of the Common Stock. 

“Expiration Date” shall have the meaning set forth in Section 3.2 of this Agreement. 

“Fair Market Value” shall mean, as of any particular date: (a) the volume-weighted average of the sale prices of the
Common Stock for such day on the NYSE; (b) if there have been no sales of the Common Stock on the NYSE on any such day, the average of the highest bid and lowest asked prices for the Common Stock on the NYSE at the end of such day; (c) if
on any such day the Common Stock is not listed on the NYSE, the closing sales price of the Common Stock as quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association for such day; or (d) if there have been
no sales of the Common Stock on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association on such day, the average of the highest bid and lowest asked prices for the Common Stock quoted on the OTC Bulletin Board, the
Pink OTC Markets or similar quotation system or association at the end of such day; in each case, averaged over twenty (20) consecutive Business Days ending on the Business Day immediately prior to the day as of which “Fair Market
Value” is being determined; provided, that if the Common Stock is listed on any domestic securities exchange, the term “Business Day” as used in this sentence means Business Days on which such exchange is open for
trading. If at any time the Common Stock is not listed on any domestic securities exchange or quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association, the “Fair Market Value” of the Common
Stock shall be the fair market value per share as determined jointly by the Board and the Holder. 
 “Forced Exercise
Notice” shall have the meaning set forth in Section 3.4 of this Agreement. 
 “Holder”
shall mean any Person who is the registered owner of a Warrant as registered in the Warrant Register. 
 “Indenture” shall
mean the Indenture governing the Notes dated as of October 10, 2017, among the Company and The Bank of New York Mellon, as trustee, as amended and supplemented by a Ninth Supplemental Indenture dated as of January 15, 2019, among the
Company, the guarantors party thereto and The Bank of New York Mellon, as trustee. 
 “Investor” shall have the meaning set
forth in the preamble hereto. 
 “Issuer Bid Expiration Date” shall have the meaning set forth in
Section 4.1(g) of this Agreement. 
 “Issuer Bid Expiration Time” shall have the meaning set
forth in Section 4.1(g) of this Agreement. 

  
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 “Non-Public Offering” shall have
the meaning set forth in Section 4.1(i) of this Agreement. 
 “Notes” shall have the meaning set
forth in the preamble hereto. 
 “NYSE” shall mean the New York Stock Exchange. 

“Officers” shall mean, with respect to any Person, the Chief Executive Officer, the Chief Financial Officer, the Chief
Operating Officer, the President, the Treasurer, the Secretary, the General Counsel or any Vice-President of such Person. 

“Original Issue Date” shall mean January 15, 2019, the date on which the Warrants were issued by the Company pursuant to
this Agreement. 
 “OTC Bulletin Board” shall mean the Financial Industry Regulatory Authority OTC Bulletin Board
electronic inter-dealer quotation system. 
 “Permitted Holders” shall mean any of (a) Kyle Washington, Kevin
Washington, Dennis Washington or any of their estates, spouses, and/or descendants; (b) any trust for the benefit of the persons listed in clause (a); (c) an Affiliate of any of the persons listed in (a) or (b) above and (d) the
Investors and their respective Affiliates. 
 “Permitted Transactions” shall have the meaning set forth in
Section 4.1(i) of this Agreement. 
 “Person” shall include an individual, a corporation, an
association, a partnership, a limited liability company, a trust or estate, a government, foreign or domestic, and any agency or political subdivision thereof, or any other entity. 

“Pink OTC Markets” shall mean the OTC Markets Group Inc. electronic inter-dealer quotation system, including OTCQX, OTCQB and
OTC Pink. 
 “Pricing Date” shall have the meaning set forth in Section 4.1(i) of this Agreement.

 “Purchased Shares” shall have the meaning set forth in Section 4.1(g) of this Agreement. 

“Registration Rights Agreement” shall mean the Registration Rights Agreement, dated as of January 15, 2019, among the
Company and the other parties thereto. 
 “Reorganization” shall have the meaning set forth in
Section 4.1(b) of this Agreement. 
 “Rights” shall have the meaning set forth in
Section 4.1(f) of this Agreement. 
 “Rights Offering” shall have the meaning set forth in
Section 4.1(c) of this Agreement. 
 “Rights Plan” shall have the meaning set forth in
Section 4.1(f) of this Agreement. 
 “SEC” shall mean the U.S. Securities and Exchange Commission
or any other federal agency at the time administering the Securities Act or the Exchange Act, whichever is the relevant statute for the particular purpose. 

“Securities Act” shall mean the Securities Act of 1933, as amended, and any similar or successor federal statute, and the
rules and regulations of the SEC thereunder, all as the same shall be in effect at any applicable time. 
 “Settlement
Date” shall mean, in respect of a Warrant that is exercised hereunder, the third Business Day immediately following the Exercise Date for such Warrant. 

  
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 “Share Rate” shall mean, at any time, the number of shares of Common Stock
which are issuable upon the exercise of the Warrants in accordance with Section 3 of this Agreement, subject to adjustment in accordance with Section 4 of this Agreement, such number on the
Original Issue Date being equal to one share of Common Stock per Warrant. 
 “Special Distribution” shall have the meaning
set forth in Section 4.1(d) of this Agreement. 
 “Voting Stock” of a Person shall mean all
classes of Capital Stock of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 

“Warrants” shall mean the warrants to purchase shares of Common Stock of the Company issued pursuant to this Agreement and
represented by Warrant Certificates, and all warrants issued upon transfer, division or combination of, or in substitution thereof. 

“Warrant Certificates” shall have the meaning set forth in Section 2.1 of this Agreement. 

“Warrant Register” shall have the meaning set forth in Section 2.3 of this Agreement. 

“Warrant Shares” shall mean the shares of Common Stock or other Capital Stock of the Company then purchasable upon exercise
of a Warrant in accordance with the terms of this Agreement. 
 SECTION 2. Issuance of Warrants; Warrant Certificates. 

2.1 Form and Dating. The Warrants shall be issued in registered form only and shall be substantially in the form set forth in Exhibit
A hereto (each, a “Warrant Certificate”). The Warrants may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Warrant shall be dated the date of its signature. The terms and provisions
contained in the Warrants shall constitute, and are hereby expressly made, a part of this Agreement. The parties hereto, by their execution and delivery of this Agreement, expressly agree to such terms and provisions and to be bound thereby.
However, to the extent any provision of any Warrant conflicts with the express provisions of this Agreement, the provisions of this Agreement shall govern and be controlling. 

2.2 Execution of Warrant Certificates. Warrants may be executed in any number of original, facsimile or electronic counterparts and each
of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. An Officer shall sign the Warrants on behalf of the Company. In the event the person whose
facsimile signature has been placed upon any Warrant Certificate shall have ceased to serve in the capacity in which such person signed the Warrant Certificate before such Warrant is issued, it may be issued with the same effect as if he or she had
not ceased to be such at the date of issuance. 
 2.3 Warrant Register. The Company shall number and register the Warrant Certificates
in a register (the “Warrant Register”) as they are issued by the Company. The Warrant Register will show the name and address of the Holder, the numbers of Warrants and Warrant Shares evidenced on the face of each Warrant
Certificate and the date of each Warrant Certificate. The Company may deem and treat the Holder as the absolute owner of the Warrant Certificates (notwithstanding any notation of ownership or other writing thereon made by anyone), for all purposes,
and the Company shall not be affected by any notice to the contrary. 
 2.4 Transfer and Exchange. 

(a) A Holder may transfer, assign or encumber all or any part of a Warrant Certificate to any Person; provided, however, that
such transfer shall be in compliance with the Securities Act or any state (or other jurisdiction) securities or “blue sky” laws applicable to the Company or the Warrants. 

  
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 (b) Upon written notice from a Holder of any transfer permitted pursuant to
Section 2.4(a) and receipt of such customary documents as the Company may reasonably request to assure itself that such transfer is in compliance with the Securities Act and any applicable state (or other jurisdiction)
securities or “blue sky” laws, the Company shall reflect in the Warrant Register any change in record ownership pursuant to any such transfer. 

(c) No service charge shall be made to a Holder of a Warrant for any registration of transfer or exchange. 

(d) All Warrants issued upon any registration of transfer or exchange of Warrants shall be the duly authorized, executed and issued warrants
for shares of Common Stock of the Company or such other Warrant Shares as may be issuable upon exercise of a Warrant in accordance with the terms of this Agreement, not subject to any preemptive rights, and entitled to the same benefits under this
Agreement, as the Warrants surrendered upon such registration of transfer or exchange. 
 2.5 Replacement Warrants. If the Company
receives evidence to its satisfaction of the destruction, loss or theft of any Warrant, the Company shall issue a replacement Warrant of like denomination, tenor and date as the Warrant so mutilated, destroyed, lost or stolen. If required by the
Company, an indemnity bond must be supplied by the Holder that is sufficient in the reasonable judgment of the Company to protect the Company, from any loss that the Company may suffer if a Warrant is replaced. Every replacement Warrant is an
additional Warrant of the Company and shall be entitled to all of the benefits of this Agreement equally and proportionately with all other Warrants duly issued hereunder. 

2.6 Cancellation. All Warrant Certificates surrendered upon exercise of Warrants shall be cancelled by the Company. 

SECTION 3. Terms and Exercise of Warrants. 

3.1 Exercise Price. Each Warrant shall entitle the Holder thereof upon proper exercise during the Exercise Period, subject to the
provisions of such Warrant and of this Agreement, to purchase from the Company one (1) Warrant Share at a purchase price per Warrant Share equal to US$6.50 (such price being referred to herein as the “Exercise Price”), subject
to the adjustments provided in Section 4 hereof. 
 3.2 Duration of Warrants. Subject to the terms and
conditions of such Warrant and of this Agreement, at any time or from time to time on or after the Original Issue Date, and prior to 5:00 p.m., Eastern time, on the seventh (7th) anniversary of the Original Issue Date or, if such day is not a
Business Day, on the next succeeding Business Day (the “Expiration Date”), a Warrant may be exercised for all or any part of the Warrant Shares purchasable hereunder (subject to adjustment as provided herein). Such period commencing
on the Original Issue Date and expiring on the Expiration Date is herein referred to as the “Exercise Period.” Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights
in respect thereof under this Agreement and such Warrant shall cease at the Close of Business on the Expiration Date (or Close of Business on the Settlement Date with respect to any Exercise Agreement delivered prior to the Expiration Date). The
Company may extend the duration of the Warrants by delaying the Expiration Date; provided, however, that the Company shall provide notice of not less than thirty (30) days to Holders of such extension and that such extension shall
be identical in duration among all of the then outstanding Warrants. 

  
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 3.3 Exercise of Warrants. 

(a) Exercise Procedure. Warrants may be exercised from time to time on any Business Day during the Exercise Period, for all or any part
of the unexercised Warrant Shares, upon: 
 (i) surrender of the Warrant to the Company at its then principal executive
offices (or an indemnification undertaking with respect to the Warrant in the case of its loss, theft or destruction as set forth in Section 2.5), together with an Exercise Agreement in the form attached hereto as
Exhibit B (each, an “Exercise Agreement”), duly completed (including specifying the number of Warrant Shares to be purchased) and executed; and 

(ii) payment to the Company of the Aggregate Exercise Price in accordance with Section 3.3(b). 

(b) Payment of the Aggregate Exercise Price. Payment of the Aggregate Exercise Price shall be made, at the option of the Holder, in its
sole and absolute discretion, as expressed in the Exercise Agreement, by the following methods: 
 (i) by delivery to the
Company of a certified or official bank check payable to the order of the Company or by wire transfer of immediately available funds to an account designated in writing by the Company, in the amount of such Aggregate Exercise Price; 

(ii) if the Holder or one of its Affiliates is also a holder of Notes, by instructing the Company to offset the payment of the
Aggregate Exercise Price against the redemption of a designated principal amount of outstanding Notes held by such Holder or its Affiliate at a redemption price equal to 100.0% of the principal amount of such Notes plus accrued and unpaid interest
to, but not including, the Exercise Date; or 
 (iii) any combination of the foregoing. 

In the event of any withholding of Warrant Shares pursuant to clause (ii) or (iii) where the number of shares whose value is equal
to the Aggregate Exercise Price is not a whole number, the number of shares withheld by the Company shall be rounded down to the nearest whole share. 

(c) Delivery of Stock Certificates. Upon receipt by the Company of the Exercise Agreement, surrender of the Warrant and payment of the
Aggregate Exercise Price (in accordance with Section 3.3 hereof), the Company shall, as promptly as practicable, and in any event within three (3) Business Days thereafter, execute (or cause to be executed) and deliver
(or cause to be delivered) to the Holder a certificate or certificates (or deliver electronically) representing the Warrant Shares issuable upon such exercise. The stock certificate or certificates so delivered shall be, to the extent possible, in
such denomination or denominations as the exercising Holder shall reasonably request in the Exercise Agreement and shall be registered in the name of the Holder or, subject to compliance with Section 2.4, such other
Person’s name as shall be designated in the Exercise Agreement. The Warrants shall be deemed to have been exercised and such certificate or certificates of Warrant Shares shall be deemed to have been issued, and the Holder or any other Person
so designated to be named therein shall be deemed to have become a holder of record of such Warrant Shares for all purposes, as of the Exercise Date. 

(d) Fractional Shares. The Company shall not be required to issue a fractional Warrant Share upon exercise of any Warrant. To the extent
an exercise would result in a fractional Warrant Share, the number of Warrant Shares issued upon such exercise will be rounded up to the nearest whole number of Warrant Shares. 

  
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 (e) Delivery of New Warrant. Unless the purchase rights represented by the Warrant
shall have expired or shall have been fully exercised, the Company shall, at the time of delivery of the certificate or certificates representing the Warrant Shares being issued in accordance with Section 3.3(c) hereof,
deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unexpired and unexercised Warrant Shares called for by such Warrant. Such new Warrant shall in all other respects be identical to the Warrant. 

(f) Valid Issuance. The Company hereby represents, covenants and agrees that: 

(i) Any Warrant issued pursuant to this Agreement shall be, upon issuance, duly authorized and validly issued. 

(ii) All Warrant Shares issuable upon the exercise of any Warrant pursuant to the terms of this Agreement and the Warrants
shall be, upon issuance, and the Company shall take all such actions as may be necessary or appropriate in order that such Warrant Shares are, validly issued, fully paid and non-assessable, issued without
violation of any preemptive or similar rights of any stockholder of the Company and free and clear of all taxes, liens and charges. 

(iii) The Company shall take all such actions as may be necessary to ensure that all such Warrant Shares are issued without
violation by the Company of any applicable law or governmental regulation applicable to the Company or any requirements of any domestic securities exchange upon which shares of Common Stock or other securities constituting Warrant Shares may be
listed at the time of such exercise (except for official notice of issuance which shall be immediately delivered by the Company upon each such issuance). 

(iv) The Company shall use its reasonable best efforts to cause the Warrant Shares, immediately upon such exercise, to be
listed on any domestic securities exchange upon which shares of Common Stock or other securities constituting Warrant Shares are listed at the time of such exercise. 

(v) The Company shall pay all expenses incurred by it in connection with, and all documentary, stamp, issuance and similar
taxes and governmental charges that may be imposed with respect to, the issuance or delivery of Warrant Shares upon exercise of a Warrant; provided, that the Company shall not be required to pay any tax or governmental charge that may be
imposed with respect to any applicable withholding or the issuance or delivery of the Warrant Shares to any Person other than the Holder, and no such issuance or delivery shall be made unless and until the Person requesting such issuance has paid to
the Company the amount of any such tax, or has established to the satisfaction of the Company that such tax has been paid. 
 (g)
Conditional Exercise. Notwithstanding any other provision of this Agreement, if an exercise of any portion of a Warrant is to be made in connection with a public offering or a sale of the Company (pursuant to a merger, sale of stock, or
otherwise), such exercise may at the election of the Holder be conditioned upon the consummation of such transaction, in which case such exercise shall not be deemed to be effective until immediately prior to the consummation of such transaction.

 (h) Reservation of Common Stock. During the Exercise Period, the Company shall at all times reserve and keep available out of its
authorized but unissued Common Stock or other securities constituting Warrant Shares, solely for the purpose of issuance upon the exercise of the Warrants, the maximum number of Warrant Shares issuable upon the exercise of the Warrants, and the par
value per Warrant Share shall at all times be less than or equal to the applicable Exercise Price. The Company shall 

  
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take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided in this Agreement without violation of any applicable law or regulation, or of any
requirements of the trading market upon which the Common Stock may be listed. The Company shall not increase the par value of any Warrant Shares receivable upon the exercise of any Warrant above the Exercise Price then in effect, and shall take all
such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of Common Stock upon the exercise of the Warrants. 

3.4 Forced Exercise. At any time after the fourth anniversary of the Original Issue Date, the Company shall be entitled to require all
Holders, and each Holder shall be obligated if the Company so elects, to exercise the Warrants then held by such Holder, in whole or in part, by delivering notice (the “Forced Exercise Notice”) to each Holder, if, and only if, the
Fair Market Value of a share of Common Stock equals or exceeds two times the Exercise Price ($13.00 per share on the Original Issue Date) (as the Exercise Price may subsequently be adjusted pursuant to Section 4 hereof) on
the third trading day prior to the date on which the Company delivers the Forced Exercise Notice. A Forced Exercise Notice shall be mailed, by registered or certified mail, return receipt requested, to all of the Holders at their respective
addresses appearing on the Warrant Register or books or transfer records of the Company or such other address designated in writing by the Holder. The Forced Exercise Notice shall specify the number of Warrants to be exercised and the as-adjusted Exercise Price. Warrants shall be considered exercised on the date of the Forced Exercise Notice. Holders shall notify the Company, pursuant to the instruction in the Forced Exercise Notice, within ten
(10) Business Days of the date of the Forced Exercise Notice as to the payment method such Holder is electing with respect to the payment of the Aggregate Exercise Price in accordance with Section 3.3(b). 

SECTION 4. Adjustments to Exercise Price and Number of Warrant Shares. In order to prevent dilution of the purchase rights granted
under this Agreement and the Warrants, the Exercise Price and the Share Rate shall be subject to adjustment from time to time as provided in this Section 4 (in each case, after taking into consideration any prior
adjustments pursuant to this Section 4). 
 4.1 Adjustment of Number of shares of Common Stock. 

(a) If and whenever at any time from the date hereof and prior to the Expiration Date, the Company shall: 

(i) subdivide, redivide or change its outstanding Common Stock into a greater number of shares of Common Stock; 

(ii) reduce, combine or consolidate its outstanding Common Stock into a smaller number of shares of Common Stock; or 

(iii) issue Common Stock (or securities convertible into Common Stock) to holders of all or substantially all of the
outstanding Common Stock by way of a share dividend (excluding Common Stock issued pursuant to the DRIP) or other distribution of Common Stock or securities exchangeable or convertible into Common Stock; 

(any such events in (i), (ii) and (iii) being a “Common Stock Reorganization”), the Share Rate shall be adjusted
immediately after the effective date or record date for the happening of a Common Stock Reorganization so that it equals the product of the Share Rate in effect on such effective date or record date and a fraction of which the numerator shall be the
total number of shares of Common Stock outstanding immediately after giving effect to such event and the denominator shall be the total number of shares of Common Stock outstanding immediately prior to giving effect to such event. Such adjustment
shall be made successively whenever any event referred to in this Section 4.1(a) shall occur. 

  
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 (b) If and whenever at any time from the date hereof and prior to the Expiration Date, there
is (i) a reclassification of the Common Stock or a capital reorganization of the Company other than as described in Section 4.1(a), or (ii) a consolidation, arrangement, amalgamation, takeover or merger of the
Company with or into any other body corporate, trust, partnership or other entity (other than a consolidation, arrangement, amalgamation, takeover or merger of the Company which does not result in any reclassification of the outstanding Common
Stock), or (iii) a transfer of the undertaking or assets of the Company as an entirety or substantially as an entirety to another company or other entity in which holders of Common Stock are entitled to receive shares, other securities or other
property, (any of such events being hereinafter in this Section 4 referred to as a “Reorganization”), any Holder who has not exercised its Warrants prior to the effective date of such Reorganization shall
upon the exercise of such Warrants thereafter, be entitled to receive and shall accept, in lieu of the number of shares of Common Stock then sought to be acquired by it, the kind and number of shares or other securities or property of the Company or
of the body corporate, trust, partnership or other entity resulting from such Reorganization, or to which such sale or conveyance may be made, as the case may be, that such Holder would have been entitled to receive on such Reorganization, if, on
the record date or the effective date thereof, as the case may be, the Holder had been the registered holder of the number of shares of Common Stock sought to be acquired by it, subject to adjustment thereafter in accordance with provisions the
same, as nearly as may be possible, as those contained in this Section 4. In determining the kind and amount of securities or the property receivable upon exercise of the Warrants following the completion of a
Reorganization, if the holders of Common Stock have the right to elect the kind or amount of consideration receivable upon completion of such Reorganization, then each Holder shall have the right to make a similar election (including, without
limitation, being subject to similar proration constraints) upon exercise of the Warrants with respect to the securities or property that the Holder will receive upon exercise of its Warrants. 

(c) If and whenever the Company fixes a record date for the distribution to all or substantially all of the holders of Common Stock of rights,
options or warrants entitling them for a period expiring not more than 45 days after such record date to subscribe for or purchase Common Stock (or securities convertible into or exchangeable for Common Stock) at a price (or having a conversion
price or exchange price) that is less than 95% of the Fair Market Value on such record date (any such events being a “Rights Offering”), the Share Rate will be adjusted immediately after such record date so that it equals the
product of the Share Rate in effect on such record date and a fraction, the denominator of which will be the total number of shares of Common Stock outstanding on such record date plus the number of shares of Common Stock arrived at by dividing the
aggregate price of the total number of additional shares of Common Stock offered for subscription or purchase (or the aggregate conversion or exchange price of the convertible or exchangeable securities so offered) by such Fair Market Value; and the
numerator of which will be the total number of shares of Common Stock outstanding on such record date plus the total number of additional shares of Common Stock offered for subscription or purchase (or into which the exchangeable securities so
offered are exchangeable). Any Common Stock owned by or held for the account of the Company or any subsidiary of the Company will be deemed not to be outstanding for the purpose of any such computation. Such adjustment will be made successively
whenever such a record date is fixed. To the extent that any rights, options or warrants are not so issued or any such rights, options or warrants are not exercised before the expiration thereof, the Share Rate will then be readjusted to the Share
Rate which would then be in effect if such record date had not been fixed or to the Share Rate which would then be in effect based upon the number and aggregate price of Common Stock (or securities exchangeable into Common Stock) actually issued
upon the exercise of such rights, options or warrants, as the case may be. For greater certainty, this Section 4.1(c) shall not apply in regard to any rights to acquire Common Stock pursuant to the DRIP. 

  
 10 

 (d) If and whenever the Company fixes a record date for the making of a dividend or
distribution to all or substantially all the holders of its outstanding Common Stock of: 
 (i) securities of the Company or
a subsidiary of the Company, including rights, options or warrants to acquire securities of the Company or a subsidiary of the Company or any of its property or assets and including evidences of indebtedness; or 

(ii) any property or other assets, including evidences of its indebtedness, 

then and in each such case, subject to Section 4.1(e), if such distribution or dividend does not constitute Distributions Paid in the
Ordinary Course, a Common Stock Reorganization or a Rights Offering (any of such non-excluded events being a “Special Distribution”), the Share Rate will be adjusted immediately after such
record date so that it equals the product of the Share Rate in effect on such record date and a fraction, the denominator of which will be the total number of shares of Common Stock outstanding on such record date multiplied by the Fair Market Value
on the earlier of such record date and the date on which the Company announces its intention to make such a distribution, less the aggregate fair market value (as determined in good faith by the Board, which determination will be conclusive) of such
units, shares, rights, options, warrants, evidences of indebtedness or assets so distributed, and the numerator of which will be the total number of shares of Common Stock outstanding on such record date multiplied by such Fair Market Value. Any
Common Stock owned by or held for the account of the Company or any subsidiary of the Company will be deemed not to be outstanding for the purpose of any such computation. If the amount of cash dividend or distribution applicable to one share of
Common Stock is equal to or greater than the Fair Market Value per share of Common Stock on the determination date referred to above, then in lieu of the foregoing adjustment, adequate provision shall be made so that each Holder shall have the right
to receive, upon exercise, the amount of cash so distributed that such Holder would have received had such Holder exercised each Warrant on such determination date referred to above. In the event that such dividend or distribution is not so paid or
made, the Share Rate shall again be adjusted to be the Share Rate that would then be in effect if such dividend or distribution had not been declared. 

Such adjustment will be made successively whenever such a record date is fixed. To the extent that such distribution is not so made, the Share Rate will then
be readjusted to the Share Rate which would then be in effect if such record date had not been fixed or to the Share Rate which would then be in effect based upon such units, shares, rights, options, warrants, evidences of indebtedness or assets
actually distributed, as the case may be. 
 (e) If and whenever at any time prior to the Expiration Date the Company shall fix a record date
for the payment of a cash dividend or distribution (including any cash dividend or distribution subsequently reinvested pursuant to the DRIP) to the holders of all or substantially all of the outstanding Common Stock in excess of the Distributions
Paid in the Ordinary Course, the Share Rate shall be adjusted immediately after such record date so that it shall be equal to the price determined by multiplying the Share Rate in effect on such record date by a fraction, of which the numerator
shall be the Fair Market Value on such record date and of which the denominator shall be the Fair Market Value on such record date minus the incremental increase in cash per share of Common Stock distributed to holders of Common Stock in excess of
the Distributions Paid in the Ordinary Course. Such adjustment shall be made successively whenever such a record date is fixed. To the extent that any such cash dividend or distribution is not paid, the Share Rate shall be re-adjusted to the Share Rate which would then be in effect if such record date had not been fixed. 
 (f)
With respect to any rights or warrants (the “Rights”) that may be issued or distributed pursuant to any rights plan that the Company implements after the date of this Agreement (a “Rights Plan”), to the extent that
such Rights Plan is in effect at the Exercise Date, the Holders will receive, with respect to the Common Stock issued upon such exercise, the Rights described therein 

  
 11 

 
(whether or not the Rights have separated from the Common Stock at the time of exercise), subject to the limitations set forth in and in accordance with the provisions of any such Rights Plan;
provided that, if, at the time of exercise, however, the Rights have separated from the Common Stock in accordance with the provisions of the Rights Plan so that Holders would not be entitled to receive any rights in respect of the Common
Stock issuable upon exercise of the Warrants as a result of the timing of the Exercise Date, then (unless the Company distributes such Rights to the Holders at the time of separation as if each Holder had exercised their Warrants immediately prior
to the record date with respect to such distribution) the Share Rate in effect immediately prior to the record date fixed for the determination of holders of Common Stock entitled to receive such Rights on separation shall be adjusted so that the
same shall equal the rate determined by multiplying the Share Rate in effect immediately prior to such record date by a fraction of which the numerator shall be the Fair Market Value per share of Common Stock on such record date and of which the
denominator shall be Fair Market Value per share of Common Stock on such record date less the fair market value (as determined in good faith by the Board, whose determination shall be conclusive evidence of such fair market value) on such record
date of the Rights applicable to one share of Common Stock, subject to appropriate readjustment in the event of the expiration, termination, repurchase or redemption of the Rights. Other than as specified in this
Section 4.1(f), there will not be any adjustment to the Share Rate as the result of the issuance of any Rights, the distribution of separate certificates representing such Rights, the exercise or redemption of such Rights
in accordance with any Rights Plan or the termination or invalidation of any Rights. 
 (g) If any issuer bid (as defined in
Section 4.1(h)) made by the Company or any of subsidiary of the Company for all or any portion of Common Stock expires, then, if the issuer bid shall require the payment to holders of Common Stock of consideration per share
of Common Stock having a fair market value (determined as provided below) that exceeds the closing price on the NYSE on the trading day next succeeding the last date (the “Issuer Bid Expiration Date”) deposits could have been made
pursuant to such issuer bid (as it may be amended) (the last time at which such tenders could have been made on the Issuer Bid Expiration Date is hereinafter sometimes called the “Issuer Bid Expiration Time”), the applicable Share
Rate shall be increased so that the same shall equal the rate determined by multiplying the Share Rate in effect immediately prior to the close of business on the Issuer Bid Expiration Date by a fraction of which the numerator shall be the sum of
(A) the fair market value of the aggregate consideration (the fair market value as determined in good faith by the Board, whose determination shall be conclusive evidence of such fair market value) payable to holders of Common Stock based on
the acceptance (up to any maximum specified in the terms of the issuer bid) of all Common Stock validly tendered and not withdrawn as of the Issuer Bid Expiration Time (the shares deemed so accepted, up to any such maximum, being referred to as the
“Purchased Shares”) and (B) the product of the number of shares of Common Stock outstanding (less any Purchased Shares and excluding any shares held in the treasury of the Company) at the Issuer Bid Expiration Time and the
closing price per share of Common Stock on the trading day next succeeding the Issuer Bid Expiration Date and the denominator of which shall be the product of the number of shares of Common Stock outstanding (including Purchased Shares but excluding
any shares held in the treasury of the Company) at the Issuer Bid Expiration Time multiplied by the closing price per share of Common Stock on the trading day next succeeding the Issuer Bid Expiration Date, such increase to become effective
immediately prior to the opening of business on the seventh trading day following the Expiration Date. In the event that the Company is obligated to purchase shares pursuant to any such issuer bid, but the Company is permanently prevented by
applicable law from effecting any or all such purchases or any or all such purchases are rescinded, the Share Rate shall again be adjusted to be the Share Rate which would have been in effect based upon the number of shares actually purchased, if
any. If the application of this Section 4.1(g) to any issuer bid would result in a decrease in the Share Rate, no adjustment shall be made for such issuer bid under this Section 4.1(g). 

  
 12 

 (h) For purposes of this Section, the term “issuer bid” shall mean and
include both issuer bids and exchange offers and excludes any issuer bid carried out in accordance with applicable securities laws, all references to “purchases” of shares in issuer bids (and all similar references) shall mean and
include both the purchase of shares in issuer bids and the acquisition of shares pursuant to exchange offers, and all references to “tendered shares” (and all similar references) shall mean and include shares tendered in both issuer
bids and exchange offers. 
 (i) If the Company shall issue Common Stock (or rights or warrants or other securities exercisable or
convertible into or exchangeable for Common Stock) (collectively, “Convertible Securities”) pursuant to a non-public offering (other than in Permitted Transactions (as defined below), or a
transaction to which Section 4.1(d)(i) is applicable) without consideration or at a consideration per share of Common Stock (or having a conversion price per Common Stock) that is less than 95% of the Fair Market Value on
the last trading day preceding the date of the agreement on pricing such Common Stock (or such Convertible Securities) (such date of the agreement on pricing, the “Pricing Date”) (any such events being a “Non-Public Offering”) then, in such event, the Share Rate in effect immediately prior to the Pricing Date shall be increased so that the same shall equal the rate determined by multiplying such Share Rate
by a fraction of which the numerator shall be the sum of (A) the number of shares of Common Stock outstanding immediately prior to the Pricing Date and (B) the number of additional shares of Common Stock issued (or into which Convertible
Securities may be exercised or converted) and of which the denominator shall be the sum of (A) the number of shares of Common Stock outstanding immediately prior to the Pricing Date and (B) the number of shares of Common Stock which the
aggregate consideration receivable by the Company for the total number of Common Stock so issued (or into which Convertible Securities may be exercised or converted) would purchase at the Fair Market Value on the last trading day preceding the
Pricing Date, such increase to become effective immediately prior to the opening of business on the seventh trading day following the closing of the Non-Public Offering. 

For purposes of the foregoing, the aggregate consideration receivable by the Company in connection with the issuance of such Common Stock or Convertible
Securities shall be deemed to be equal to the sum of the offering price (including the fair market value (as determined in good faith by the Board, whose determination shall be conclusive evidence of such fair market value) of any non-cash consideration and after deduction of any related expenses payable to third parties) of all such securities plus the minimum aggregate amount, if any, payable upon exercise or conversion of any such
Convertible Securities into Common Stock; and “Permitted Transactions” shall mean issuances (i) in a merger or consolidation transaction, (ii) in connection with employee benefit plans and compensation related arrangements
in the ordinary course and consistent with past practice approved by the Board, (iii) in connection with a public or broadly marketed offering and sale of Common Stock, securities convertible into Common Stock or rights or warrants entitling
the holder to purchase Common Stock for cash, conducted on a basis consistent with offerings by public companies of similar size in their own capital raising transactions, or (iv) pursuant to the DRIP. Such adjustments shall be made
successively for whatever shares of Common Stock are issued (or into which Convertible Securities may be exercised or converted). 

  
 13 

 (j) The adjustments provided for in this Section 4.1 in the number
of shares of Common Stock and classes of securities which are to be received on the exercise of Warrants are cumulative and will be computed to the nearest one-hundredth of a share of Common Stock. After any
adjustment pursuant to this Section, the term “Common Stock” where used in this Agreement shall be interpreted to mean Common Stock or securities of any class or classes or property that, as a result of such adjustment and all prior
adjustments pursuant to this Section 4.1, the Holder is entitled to receive upon the exercise of its Warrant, and the number of shares of Common Stock indicated by any exercise made pursuant to a Warrant shall be
interpreted to mean the number of shares of Common Stock or other property or securities that a Holder is entitled to receive, as a result of such adjustment and all prior adjustments pursuant to this Section 4.1, upon the
exercise of a Warrant. Provided that, notwithstanding any other provision for this Section, no adjustment of the Share Rate will be required: 

(i) unless such adjustment would require an increase or decrease of at least 1% in the Share Rate then in effect
(provided, however, that any adjustment which by reason of this Section 4.1(j)(i) is not required to be made will be carried forward and taken into account in any subsequent adjustment); 

(ii) if, in respect of any event described in this Section (other than the events referred to in Sections 4.1(a)(i) and
4.1(a)(iii)), the Holders of Warrants are entitled to participate in such event on the same terms (subject to receipt of any approval required by the NYSE), with the necessary changes, as if the Warrants had been exercised prior to or on the
effective date of or record date for such event; 
 (iii) in respect of any Common Stock issuable or issued pursuant to any
stock option or stock purchase plan in force from time to time for directors, officers or employees of the Company or of subsidiaries of the Company or pursuant to the DRIP; or 

(iv) in respect of any Common Stock issuable or issued pursuant to the Warrants. 

(k) For purposes of this Section 4.1, “record date” shall mean, with respect to any dividend,
distribution or other transaction or event in which the holders of Common Stock have the right to receive any cash, securities or other property or in which the Common Stock (or other applicable security) is exchanged or converted into any
combination of cash, securities or other property, the date fixed for determination of holders entitled to receive such cash, security or other property (whether or not such date is fixed by the Board or by statute, contract or otherwise). 

(l) If one or more events occur requiring an adjustment be made to the Share Rate for a particular period, adjustments to the Share Rate shall
be determined by the Board to reflect the combined impact of such Share Rate adjustment events, as set out in this Section 4.1, during such period. If the Company sets a record date to determine the holders of Common Stock
for the purpose of entitling them to receive any distribution or sets a record date to take any other action and thereafter and before the distribution to such holders of Common Stock of any such distribution or the taking of any other action,
legally abandons its plan to pay or deliver such distribution or take such other action, then no adjustment in the Share Rate shall be made. 

(m) In the absence of a resolution of the Board fixing a record date for a Special Distribution or Rights Offering, the Company will be deemed
to have fixed as the record date therefor the date on which the Special Distribution or Rights Offering is effected. 
 (n) If the Company,
after the date hereof, shall take any action affecting the Common Stock, other than an action described in this Section 4.1, which in the opinion of the Board, acting reasonably, would materially affect the rights of
Holders, the Share Rate shall be adjusted in such 

  
 14 

 
manner, if any, and at such time, as the Board, acting reasonably, may determine to be equitable in the circumstances, provided that no such adjustment will be made unless any requisite
prior approval of any stock exchange on which the shares of Common Stock are listed for trading has been obtained. Failure of the taking of action by the Board so as to provide for an adjustment in the Share Rate prior to the effective date of any
action by the Company affecting the Common Stock shall be conclusive evidence that the Board has determined that it is equitable to make no adjustment in the circumstances. 

(o) As a condition precedent to the taking of any action that would require an adjustment pursuant to this
Section 4.1, the Company shall take any action which may be necessary, including obtaining regulatory or NYSE approvals, or the approval of the holders of Voting Stock of the Company, or exemptions, in order that the
Company may thereafter validly and legally issue as fully paid and non-assessable all Common Stock that the Holder is entitled to receive upon exercise of this Warrant pursuant to this
Section 4.1. 
 (p) Where any adjustment is made to the Share Rate pursuant to this
Section 4.1, a corresponding adjustment shall be made to the Exercise Price by multiplying the Exercise Price in effect immediately prior to such adjustment by a fraction of which the numerator shall be the Share Rate in
effect immediately prior to such adjustment and the denominator shall be the Share Rate in effect immediately following such adjustment. 

4.2 Certificate as to Adjustment. 

(a) As promptly as reasonably practicable following any adjustment of the Share Rate or the Exercise Price, but in any event not later than ten
(10) Business Days thereafter, the Company shall furnish to Holders a certificate of an Officer setting forth, in reasonable detail, the event requiring the adjustment, the method by which such adjustment was calculated and describing the
number and kind of any other securities issuable upon exercise of the Warrants and any change in the Share Rate or Exercise Price after giving effect to such adjustment or change. 

(b) As promptly as reasonably practicable following the receipt by the Company of a written request by any Holder, but in any event not later
than ten (10) Business Days thereafter, the Company shall furnish to such Holder a certificate of an Officer certifying the Exercise Price and Share Rate then in effect or the amount, if any, of other shares of stock, securities or assets then
issuable upon exercise of a Warrant. 
 4.3 Notice of Certain Events. Subject to the Company’s compliance with applicable law,
if the Company proposes at any time: 
 (i) to take a record of the holders of its Common Stock (or other capital stock or
securities at the time issuable upon exercise of the Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, to vote at a meeting (or by written consent), to receive any right to subscribe for or
purchase any shares of capital stock of any class or any other securities, or to receive any other security; 
 (ii) any
consolidation or merger to which the Company is a party and for which approval of any stockholders of the Company is required, or the conveyance or transfer of the properties and assets of the Company substantially as an entirety, or of any
reclassification or change of the Common Stock issuable upon exercise of the Warrants, or a tender offer or exchange offer by the Company or any subsidiary of the Company to acquire Common Stock; 

  
 15 

 (iii) the voluntary or involuntary dissolution, liquidation or winding up of
the Company; 
 (iv) to take any action that would require an adjustment of the Exercise Price of the Warrants; or 

(v) any Change of Control, 
 then,
and in each such case, the Company shall send or cause to be sent to each Holder at its address as set forth in the Warrant Register, at least fifteen (15) calendar days prior to the applicable record date or the applicable expected effective
date, as the case may be, for the event, a written notice specifying, as the case may be, (A) the record date for such dividend, distribution, meeting or consent or other right or action, and a description of such dividend, distribution or
other right or action to be taken at such meeting or by written consent, or (B) the effective date on which such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or
winding-up is proposed to take place, and the date, if any is to be fixed, as of which the books of the Company shall close or a record shall be taken with respect to which the holders of record of Common
Stock (or such other capital stock or securities at the time issuable upon exercise of the Warrant) shall be entitled to exchange their shares of Common Stock (or such other capital stock or securities) for securities or other property deliverable
upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, and the amount per share and character of such exchange applicable to the Warrants and the
Warrant Shares. 
 4.4 Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this
Section 4, and Warrant Certificates issued after such adjustment may state the same Exercise Price and the same number of shares of Common Stock as is stated in the Warrant initially issued pursuant to this Agreement.
However, the Company may, at any time, in its sole discretion, make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant Certificates thereafter issued or
countersigned, whether in exchange or substitution for an outstanding Warrant Certificate or otherwise, may be in the form as so changed. 

4.5 No Rights as Stockholder. Except as otherwise specifically provided herein, prior to the issuance to the Holder of the Warrant
Shares to which the Holder is then entitled to receive upon the due exercise of a Warrant, the Holder shall not be entitled to vote or receive dividends or be deemed the holder of shares of capital stock of the Company for any purpose, nor shall
anything contained in this Agreement be construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of
stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise. In addition, nothing contained in this Agreement or the Warrants shall be
construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of a Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.
Notwithstanding this Section 4.5, the Company shall provide the Holder with copies of the same notices and other information given to the stockholders of the Company generally, contemporaneously with the giving thereof to
the stockholders. 
 4.6 No Impairment. The Company shall not, by amendment of its certificate of incorporation or bylaws, or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it under
any Warrant or hereunder, but shall at all times in good faith assist in the carrying out of all the provisions of this Agreement and the Warrants and in the taking of all such action as may reasonably be requested by any Holder in order to protect
the exercise rights of the Holders against dilution or other impairment, consistent with the tenor and purpose of this Agreement and the Warrants. 

  
 16 

 4.7 Registration of Common Stock. The Company agrees, on or prior to sixty
(60) days after the Original Issue Date, to prepare and file, at its expense, with the SEC a registration statement or a prospectus supplement to an existing registration statement of the Company, for the registration, under the Securities Act,
of the shares of Common Stock issuable upon exercise of the Warrants and the resale of such shares of Common Stock. The Company shall use its best efforts to cause the same to become effective, if applicable, and to maintain the effectiveness of
such registration statement, and a current prospectus relating thereto, with respect to the shares of Common Stock issuable upon exercise of the Warrants until the Expiration Date and with respect to the resale of such shares of Common Stock for so
long as such shares remain Registrable Securities (as defined in the Registration Rights Agreement), in each case, in accordance with the provisions and subject to the exceptions set forth in the Registration Rights Agreement. In addition, the
Company agrees to use its commercially reasonable efforts to register such securities under the blue sky laws of the states of residence of the exercising Holders to the extent an exemption under the Securities Act is not available for the exercise
of the Warrants. 
 SECTION 5. Miscellaneous. 

5.1 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall
be deemed to have been duly given upon receipt) by delivery in person, by an internationally recognized courier service, by fax or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following
addresses (or at such other address for a party as shall be specified by notice given in accordance with this Section 5.1): 

If to the Company, at: 
 Seaspan
Corporation 
 Unit 2, 2nd Floor, Bupa 

Centre 141 Connaught Road 
 West
Hong Kong 
 Facsimile: 852-2540-1689 

Attention: Chief Executive Officer 

with a copy (which shall not constitute notice) to: 

White & Case LLP 
 1221
Avenue of the Americas 
 New York, NY 10020 

Facsimile: 
 Attention: John
Reiss, Andrew Weisberg 
 If to a Holder, at: 

c/o Fairfax Financial Holdings Limited 

95 Wellington Street West 

Toronto, Ontario M5J 2N7 
 Canada

 Fax: 416-367-2201 

Attention: Paul Rivett 

  
 17 

 with a copy (which shall not constitute notice) to: 

Shearman & Sterling LLP 

Commerce Court West 
 199 Bay
Street, Suite 4405 
 P.O. Box 247 

Toronto, Ontario M5L 1E8 
 Canada

 Facsimile: 416-360-2958 

Attention: Jason R. Lehner 
 5.2
Amendment. This Agreement and any Warrant Certificate may be amended by the parties hereto by executing a supplemental warrant agreement, without the consent of any of the Holders, for the purpose of (i) curing any ambiguity, or curing,
correcting or supplementing any defective provision contained herein, or making any other provisions with respect to matters or questions arising under this Agreement that is not inconsistent with the provisions of this Agreement or the Warrants,
(ii) evidencing the succession of another corporation to the Company and the assumption by any such successor of the covenants of the Company contained in this Agreement and the Warrants, (iii) adding to the covenants of the Company for
the benefit of the Holders or surrendering any right or power conferred upon the Company under this Agreement, or (iv) amending this Agreement and the Warrants in any manner that the Company may deem to be necessary or desirable and that will
not adversely affect the interests of the Holders in any material respect. All other modifications or amendments to this Agreement, including any amendment to increase the Exercise Price or shorten the Exercise Period, shall require the written
consent of the Holders of a majority of the then outstanding Warrants. Notwithstanding the foregoing, the Company may extend the duration of the Exercise Period in accordance with Section 3.2 without such consent. 

5.3 Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of the
parties hereto as hereinafter provided. 
 5.4 Headings. The descriptive headings and subheadings in this Agreement are included for
convenience and identification only and are in no way intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof. 

5.5 Governing Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of New
York. Each of the parties hereto hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereto hereby waives any objection to such exclusive jurisdiction and that such courts represent an
inconvenient forum. Any such process or summons to be served upon a party may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in
Section 5.1 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the party receiving such service in any action, proceeding or claim. 

5.6 Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PERSON MAY HAVE TO A
TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR A WARRANT. 

  
 18 

 5.7 Severability. If any term or other provision of this Agreement is held to be
invalid, illegal or incapable of being enforced by any law, or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions
contemplated by this Agreement is not affected in any manner materially adverse to either party hereto. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated to
the fullest extent possible. 
 5.8 Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto
pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 
 5.9 Persons Having
Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer rights upon, or give to, any person or corporation other than the
parties hereto and the Holders. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and permitted assigns and of the
Holders. 
 5.10 Termination. This Agreement shall terminate at the Expiration Date (or Close of Business on the Settlement Date with
respect to any Exercise Agreement delivered prior to the Expiration Date). Notwithstanding the foregoing, this Agreement will terminate on such earlier date on which all outstanding Warrants have been exercised. All provisions regarding
indemnification, warranty, liability and limits thereon shall survive the termination or expiration of this Agreement. 
 5.11
Interpretation and Rules of Construction. In this Agreement, except to the extent otherwise provided or that the context otherwise requires: 

(a) when a reference is made in this Agreement to a Section, such reference is to a Section of this Agreement unless otherwise indicated; 

(b) whenever the words “include,” “includes” or “including” are used in this Agreement, they are deemed to be
followed by the words “without limitation”; 
 (c) the words “hereof,” “herein” and “hereunder” and
words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement; 

(d) the definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms; and 

(e) references to a Person are also to its successors and permitted assigns. 

5.12 Counterparts. This Agreement may be executed and delivered (including by facsimile transmission or electronic communication) in two
or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. In the event that any
signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 

[Signature pages follow] 

  
 19 

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

			
	SEASPAN CORPORATION
		
	By:	 	 /s/ Bing Chen

		 	Name: Bing Chen
		 	Title:   President and Chief Executive Officer

  

  
 [Signature Page to
Warrant Agreement] 

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

	
	ALLIED WORLD ASSURANCE COMPANY, LTD.
	ALLIED WORLD ASSURANCE COMPANY (EUROPE) DAC
	ALLIED WORLD ASSURANCE COMPANY, AG
	ALLIED WORLD SURPLUS LINES INSURANCE COMPANY
	ALLIED WORLD ASSURANCE COMPANY (U.S.) INC.
	UNITED STATES FIRE INSURANCE COMPANY
	ODYSSEY REINSURANCE COMPANY
	GREYSTONE INSURANCE COMPANY
	HUDSON INSURANCE COMPANY
	HUDSON SPECIALTY INSURANCE COMPANY
	RIVERSTONE INSURANCE (UK) LIMITED
	TIG INSURANCE COMPANY
	FAIRFAX FINANCIAL HOLDINGS LIMITED

  

			
	By:	 	Hamblin Watsa Investment Counsel Ltd., its Investment Manager
		
		 	 /s/ Paul Rivett

Name: Paul Rivett

		 	Title: Managing Director

  
 [Signature Page to
Warrant Agreement] 

 EXHIBIT A 

Form of Warrant Certificate 

[Face of Warrant Certificate] 
 THIS SECURITY AND
THE WARRANT SHARES TO BE ISSUED UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR OTHER SECURITIES LAWS. NEITHER THIS SECURITY, THE WARRANT SHARES TO BE ISSUED
UPON ITS EXERCISE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
REGISTRATION. 

  
 A-1 

			
	No. of Warrants:	  	Warrant No:         

 WARRANT 

TO PURCHASE 
 CLASS A
COMMON SHARES OF 
 SEASPAN CORPORATION 

Reference is hereby made to the Warrant Agreement, dated as of [•], 2019 (the “Warrant Agreement”), among Seaspan Corporation, as issuer
(the “Company”), and each of the investors specified on the signature pages thereto. Capitalized terms used but not defined herein have the meaning ascribed to such terms in the Warrant Agreement. 

This certifies that
                        , or its registered assigns, is the registered holder (the “Holder”) of
                    warrants (the “Warrants”) of Seaspan Corporation, a corporation existing under the laws of the Republic of The
Marshall Islands, that would entitle the Holder, upon proper exercise during the Exercise Period to receive from the Company                     
Class A common shares (the “Warrant Shares”), par value $0.01 per share, of the Company at the Exercise Price, subject to adjustment as described in the Warrant Agreement. The Warrants will vest on the Original Issue Date, as
set out in Section 3.2 of the Warrant Agreement. Subject to Section 3.2 of the Warrant Agreement, no Warrant may be exercised after the Expiration Date, and to the extent not exercised by such time
such Warrants shall become void. Reference is made to the further provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as though fully set forth at this place.
This Warrant Certificate shall be governed and construed in accordance with the internal laws of the State of New York. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be signed by the
undersigned authorized officer of the Company. 
  

			
	Dated:
	
	SEASPAN CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-3 

 [Reverse of Warrant Certificate] 

SEASPAN CORPORATION 
 By
accepting a Warrant Certificate, the Holder shall be bound by all of the terms and provisions of the Warrant Agreement (a copy of which is available on request to the Company) and any amendments thereto as fully and effectively as if such Holder had
signed the same. 
 The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants by the Company
expiring on the Expiration Date, entitling the Holder upon proper exercise to receive Warrant Shares pursuant to the Warrant Agreement, which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby
referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Company and each Holder of the Warrants. 

The Holder of the Warrants evidenced by this Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of
election to purchase set forth below on this Warrant Certificate, properly completed and executed, together with payment of the aggregate Exercise Price (other than in the case of an offset exercise pursuant to
Section 3.3(b)(iii) of the Warrant Agreement) in accordance with the provisions set forth on the face of this Warrant Certificate and in the Warrant Agreement. In the event that upon any exercise of Warrants evidenced
hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall be issued to the Holder hereof or such Holder’s permitted assignee a new Warrant Certificate evidencing the number of Warrants
not exercised. 
 The Warrant Agreement provides that upon the occurrence of certain events the Exercise Price and the number of Warrant
Shares issuable upon exercise of this Warrant, each as set forth on the face hereof, may, subject to certain conditions, be adjusted. 

Warrant Certificates, when surrendered to the Company by the Holder thereof in person or by legal representative or attorney duly authorized
in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the
aggregate a like number of Warrants. 
 Upon due presentation for registration of transfer of this Warrant Certificate to the Company, a new
Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant
Agreement, without charge. 
 The Company may deem and treat the registered Holder(s) hereof as the absolute owner(s) of this Warrant
Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the Holder(s) hereof, and for all other purposes, and the Company shall not be affected by
any notice to the contrary. 
 The Warrant Agreement permits, with certain exceptions therein provided, the supplementing or amendment
thereof in writing at any time by the Company and the Investor. Any such supplement or amendment shall be conclusive and binding upon the Company and the Holders and upon all future Holders of this Warrant and any Warrant issued upon the
registration of transfer thereof or in exchange thereof whether or not notation of such consent is made upon such Warrant or any other Warrant. 

  
 A-4 

 EXHIBIT B 

FORM OF EXERCISE AGREEMENT 

(To Be Executed by the Holder in Order to Exercise Warrants) 

Reference is hereby made to the Warrant Agreement, dated as of January [15], 2019 (the “Warrant Agreement”), between Seaspan
Corporation, as issuer (the “Company”), and the investors party thereto. Capitalized terms used but not defined herein have the meaning ascribed to such terms in the Warrant Agreement. 

☐ The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive
             Warrant Shares and herewith tenders payment for such Warrant Shares to the order of the Company, in the amount of
             U.S. dollars per share of Common Stock in accordance with the terms of the Warrant Agreement, by certified or official bank check made payable to the order of the Company or by
wire transfer of immediately available funds to an account designated in writing by the Company. 
 ☐ The undersigned hereby
irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive              Warrant Shares and hereby elects to use the “offset exercise” option to
purchase the Warrant Shares under Section 3.3(b)(ii) of the Warrant Agreement. 
 The undersigned requests that a
certificate for such Warrant Shares be registered in the name of: 
  
  

PLEASE INSERT SOCIAL SECURITY 
 OR
OTHER IDENTIFYING NUMBER 
 and be delivered to:
                                         
                                         
                                         
                                         
                                         
    
 (PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE) 

 
  

and, if such number of Warrants shall not be all the Warrants evidenced by this Warrant Certificate, that a new Warrant Certificate for the balance of such
Warrants be registered in the name of, and delivered to, the Holder at the address stated below: 
  

 
 (PLEASE PRINT OR TYPE ADDRESS) 

 

			
	Dated:                 ,             	  	  

		  	Signature(s)*
		
		  	  

		
		  	  

		  	(Social Security or Taxpayer Identification Number)

  
 B-1EX-4.12

 Exhibit 4.12 

EXECUTION VERSION 
 SEASPAN
CORPORATION 
 - and – 

THE GUARANTORS SPECIFIED HEREIN 

- and – 
 THE INVESTORS
SPECIFIED HEREIN 
  
  

REGISTRATION RIGHTS AGREEMENT 
  

 
 January 15,
2019 

 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of January 15, 2019, by and among
Seaspan Corporation, a corporation existing under the laws of the Republic of The Marshall Islands (the “Company”), the Guarantors (as defined below) and each of the investors specified on the signature pages hereto (including any
permitted successors or assigns, the “Investors”). 
 WHEREAS, the Company has entered into a Subscription Agreement, dated
as of March 13, 2018 (the “Subscription Agreement”), pursuant to which it has issued and sold US$250,000,000 aggregate principal amount of its 5.50% Senior Notes due 2026 (the “Notes”) which will be issued
pursuant to an Indenture dated as of October 10, 2017 (the “Base Indenture”) among the Company and The Bank of New York Mellon, as trustee (the “Trustee”), as amended and supplemented by a Ninth Supplemental
Indenture dated as of the date hereof (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, the Guarantors and the Trustee; the Notes are fully and unconditionally
guaranteed by the Guarantors (the “Guarantees”) and the Notes and the Guarantees are herein collectively referred to as the “Debt Securities”; 

WHEREAS, in connection with the offering of the Debt Securities, the Company has issued 38,461,539 warrants (the “Warrants”)
exercisable for Class A common shares, par value $0.01 per share (the “Common Shares”), of the Company, which will be issued pursuant to a Warrant Agreement dated as of the date hereof (the “Warrant Agreement”)
among the Company and the Investors; 
 WHEREAS, the Investors are the initial Holders (as defined below) of the Debt Securities and the
Warrants; 
 WHEREAS, the Company and each of the Guarantors has agreed to provide the registration and other rights set forth in this
Agreement for the benefit of the Holders; and 
 WHEREAS, it is an obligation under the Subscription Agreement that this Agreement be
executed and delivered. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by each party hereto, the parties hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS

 Section 1.1 Definitions. The terms set forth below are used herein as so defined: 

“Additional Guarantor” means any subsidiary of the Company that becomes a Guarantor under the Indenture after the date of
this Agreement. 
 “Additional Interest” has the meaning specified therefor in Section 2.4(a) of
this Agreement. 
 “Affiliate” of any Person means any other Person, directly or indirectly, Controlling, Controlled by or
under common Control with such particular Person. 

  
 2 

 “Agreement” has the meaning specified therefor in recitals of this
Agreement. 
 “Base Indenture” has the meaning specified therefor in the recitals of this Agreement. 

“Board” means the Board of Directors of the Company. 

“Business Day” means any day other than a Saturday, Sunday, any federal legal holiday or day on which banking institutions in
the State of New York are authorized or required by law or other governmental action to close. 
 “Commission” means the
U.S. Securities and Exchange Commission or any other federal agency at the time administering the Securities Act or the Exchange Act, whichever is the relevant statute for the particular purpose. 

“Common Shares” has the meaning specified therefor in the recitals of this Agreement. 

“Common Share Registration Default” has the meaning specified therefor in Section 2.4(b) of this
Agreement. 
 “Common Share Resale Registration Statement” has the meaning specified therefor in
Section 2.3 of this Agreement. 
 “Company” has the meaning specified therefor in the recitals of
this Agreement. 
 “Company Underwritten Offering” has the meaning specified therefor in
Section 2.8 of this Agreement. 
 “Control” means the possession, directly or indirectly, of the
power to direct, or cause the direction of, the management and policies of a Person whether though the ownership of voting securities, by contract or otherwise. The terms “Controlled” and “Controlling” shall have
correlative meanings. 
 “Controlling Person” has the meaning specified therefor in
Section 2.9(i) of this Agreement. 
 “Debt Securities” has the meaning specified therefor in the
recitals of this Agreement. 
 “Debt Securities Registration Default” has the meaning specified therefor in
Section 2.4(a) of this Agreement. 
 “Debt Securities Resale Registration Statement” has the
meaning specified therefor in Section 2.2(c) of this Agreement. 
 “Effective Date” in the case
of (i) the Exchange Registration Statement, means the time and date as of which the Commission declares the Exchange Registration Statement effective or as of which the Exchange Registration Statement otherwise becomes effective and (ii) a
particular Shelf Registration Statement, means the time and date as of which the Commission declares the Shelf Registration Statement effective or as of which the Shelf Registration Statement otherwise becomes effective. 

  
 3 

 “Effectiveness Period” means the period beginning on the Effective Date for
the applicable Registration Statement and ending at the time all Registrable Securities covered by such Registration Statement have ceased to be Registrable Securities. 

“Electing Holders” has the meaning specified therefor in Section 2.7 of this Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
 “Exchange Offer” has the meaning specified therefor in Section 2.1 of
this Agreement. 
 “Exchange Registration Statement” has the meaning specified therefor in
Section 2.1 of this Agreement. 
 “Exchange Securities” has the meaning specified therefor in
Section 2.1 of this Agreement. 
 “Exercise Price” has the meaning specified therefor in the
Warrant Agreement. 
 “Governmental Authority” means any federal, state, local or foreign government, or other
governmental, regulatory or administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body. 

“Guarantees” has the meaning specified therefor in the recitals of this Agreement. 

“Guarantors” means the Guarantors named in Schedule I of the Subscription Agreement, and any other subsidiary of the Company
that hereafter become a Guarantor under the Indenture, that in each case remains a Guarantor under the Indenture as of any relevant time. 

“Holder” means the Investors and any other Persons who acquire Registrable Securities from time to time in accordance with
Section 2.15 of this Agreement, in each case for so long as such Person owns any Registrable Securities. 

“Indenture” has the meaning specified therefor in the recitals of this Agreement. 

“Inspectors” has the meaning specified therefor in Section 2.9(k) of this Agreement. 

“Investors” has the meaning specified therefor in the recitals of this Agreement. 

“Issue Date” means January 15, 2019. 

“Law” means any statute, law, ordinance, regulation, rule, order, code, governmental restriction, decree, injunction or other
requirement of law, or any judicial or administrative interpretation thereof, of any Governmental Authority. 
 “Losses”
has the meaning specified therefor in Section 2.13(a) of this Agreement. 
 “Managing
Underwriter” means, with respect to any Underwritten Offering, the book- running lead manager of such Underwritten Offering. 

“Notes” has the meaning specified therefor in the recitals of this Agreement. 

“NYSE” means The New York Stock Exchange, Inc. 

  
 4 

 “Person” means an individual or a corporation, limited liability company,
corporation, joint venture, trust, unincorporated organization, association, government agency or political subdivision thereof or other entity. 

“Piggyback Notice” has the meaning specified therefor in Section 2.8 of this Agreement. 

“Records” has the meaning specified therefor in Section 2.9(k) of this Agreement. 

“Registrable Debt Securities” means the Notes or the Exchange Securities, as applicable, until such time as they cease to be
Registrable Securities pursuant to Section 1.2 of this Agreement. 
 “Registrable Securities”
means the Registrable Debt Securities and/or the Registrable Shares, as applicable, until such time as they cease to be Registrable Securities pursuant to Section 1.2 of this Agreement. 

“Registrable Shares” means the Common Shares issued or issuable upon the exercise of the Warrants. Notwithstanding anything
to the contrary herein, in order for any Common Shares issuable upon the exercise of the Warrants to be included in any Registration Statement, the exercise of such Warrants must be effected no later than immediately prior to the closing of any
sales under the Registration Statement pursuant to which such Common Shares are to be sold. 
 “Registration Expenses”
means all expenses incident to the Company’s and the Guarantors’ performance under or compliance with this Agreement to effect the registration of Registrable Securities on a Registration Statement pursuant to Sections 2.1,
2.2 and 2.3 or an Underwritten Offering covered under this Agreement, and the disposition of such Registrable Securities, including, without limitation, all registration, filing, securities exchange listing and NYSE fees, all
registration, filing, qualification and other fees and expenses of complying with securities or blue sky laws, fees of the Financial Industry Regulatory Authority, Inc., fees of transfer agents and registrars, all word processing, duplicating and
printing expenses, any transfer taxes, and the fees and disbursements of counsel and independent public accountants for the Company and the Guarantors, including the expenses of any special audits or “cold comfort” letters required by or
incident to such performance and compliance. 
 “Registration Statement” means any registration statement of the Company
relating to (a) an offering of Exchange Securities pursuant to the Exchange Offer or (b) the registration for resale of Registrable Securities pursuant to a Shelf Registration Statement, which is filed pursuant to the provisions of this
Agreement, in each case, including the prospectus included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 

“Restricted Holder” means (i) a holder that is an affiliate of the Company or any Guarantor within the meaning of Rule
405, (ii) a holder who acquires Exchange Securities outside the ordinary course of such holder’s business, (iii) a holder who has arrangements or understandings with any person to participate in the Exchange Offer for the purpose of
distributing Exchange Securities, and (iv) a holder that is a broker-dealer, but only with respect to Exchange Securities received by such broker-dealer pursuant to an Exchange Offer in exchange for Notes acquired by the broker-dealer directly
from the Company or any Guarantor, as applicable. 

  
 5 

 “Rule 144”, “Rule 405” and “Rule 415”
means, in each case, such rule promulgated under the Securities Act (or any successor provision), as the same shall be amended from time to time. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder. 
 “Selling Expenses” means all underwriting discounts and selling commissions or similar fees or arrangements
allocable to the sale of the Registrable Securities, and fees and disbursements of counsel to the Selling Holders, except for the reasonable fees and disbursements of counsel for the Selling Holders required to be paid by the Company pursuant to
Sections 2.12 and 2.13. 
 “Selling Holder” means a Holder who is selling Registrable Securities under a
Registration Statement pursuant to the terms of this Agreement. 
 “Selling Holder Indemnified Persons” has the meaning
specified therefor in Section 2.13(a) of this Agreement. 
 “Shelf Registration Statement” means
a registration statement under the Securities Act to permit the public resale of the Registrable Securities from time to time as permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by the Commission then in
effect). 
 “Subscription Agreement” has the meaning specified therefor in the recitals of this Agreement. 

“Supplemental Indenture” has the meaning specified therefor in the recitals of this Agreement. 

“Trustee” has the meaning specified therefor in the recitals of this Agreement. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, or any successor thereto, and the rules, regulations and forms
promulgated thereunder, all as the same shall be amended from time to time. 
 “Underwritten Offering” means an offering
(including an offering pursuant to a Shelf Registration Statement) in which Registrable Securities are sold to one or more underwriters on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” with one
or more investment banks. 
 “Underwritten Offering Notice” has the meaning specified therefor in
Section 2.7 of this Agreement. 
 “Warrant Agreement” has the meaning specified therefor in the
recitals of this Agreement. 
 “Warrant Amount” means, as to any particular Holder, the number of Warrants held by such
Holder multiplied by the Exercise Price. 
 “Warrants” has the meaning specified therefor in the recitals of this
Agreement. 

  
 6 

 Section 1.2 Registrable Securities. Any Registrable Security shall cease to be a
Registrable Security at the earliest of the following: (a) when a registration statement covering such Registrable Security becomes or has been declared effective by the Commission and such Registrable Security has been sold or disposed of
pursuant to such effective registration statement; (b) when such Registrable Security has been sold or disposed of pursuant to Rule 144 under the Securities Act (or any successor or similar provision adopted by the Commission then in effect)
under circumstances in which all of the applicable conditions of Rule 144 (as then in effect) are met; (c) when such Registrable Security is held by the Company or a Guarantor; or (d) when such Registrable Security has been sold or
disposed of in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities pursuant to Section 2.15 hereof. 

ARTICLE 2 
 REGISTRATION
RIGHTS 
 Section 2.1 Exchange Offer Registration. The Company and the Guarantors agree, on or prior to one-hundred eighty days (180) days after the Issue Date, to prepare and file with the Commission a registration statement under the Securities Act on an appropriate form relating to an offer to exchange (such
registration statement, the “Exchange Registration Statement”, and such offer, the “Exchange Offer”) any and all of the Notes for a like aggregate principal amount of debt securities issued by the Company and
guaranteed by the Guarantors which debt securities and guarantees are substantially identical to the Notes and the Guarantees (and are entitled to the benefits of a trust indenture which is substantially identical to the Indenture or is the
Indenture and which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act (such new debt securities, together with such guarantees,
hereinafter called “Exchange Securities”). The Exchange Securities will be issued as evidence of the same continuing indebtedness of the Company and will not constitute the creation of new indebtedness. The Company and the
Guarantors agree to use their respective reasonable best efforts to cause the Exchange Registration Statement filed pursuant to this Section 2.1(a) to be declared effective under the Securities Act as promptly as
practicable after filing, but in no event later than one-hundred eighty (180) days after the Issue Date. 

As soon as practicable following the Effective Date of the Exchange Registration Statement, but in any event within three (3) Business
Days of such date, the Company shall notify the Holders of the effectiveness of the Exchange Registration Statement. When effective, the Exchange Registration Statement (including any documents incorporated therein by reference) will comply as to
form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading (in the case of any prospectus contained in the Exchange Registration Statement, in the light of the circumstances under which a statement is made). 

The Company and the Guarantors further agree to use their respective reasonable best efforts to commence and complete the Exchange Offer on or
prior to forty-five (45) days after such Exchange Registration Statement has become effective, hold the Exchange Offer open for not less than twenty (20) Business Days and exchange the Exchange Securities for all Notes that have been
properly tendered and not withdrawn on or prior to the expiration of the Exchange 

  
 7 

 
Offer. The Exchange Offer will be deemed to have been “completed” only if the Exchange Securities received by Holders other than Restricted Holders in the Exchange Offer are, upon
receipt, transferable by each such Holder without restriction under the Securities Act and the Exchange Act (subject to any restrictions as a result of the Holder’s being Affiliates) and without material restrictions under blue sky or
securities laws of a substantial majority of the States of the United States. The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (i) the Company having exchanged the Exchange Securities for all outstanding
Notes pursuant to the Exchange Offer and (ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Notes that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which
shall be on a date that is not less than twenty (20) Business Days following the commencement of the Exchange Offer. 

Section 2.2 Debt Securities Shelf Registration. 

(a) If (i) due to any change in law or applicable interpretations thereof by the Commission’s staff the Company determines that it is
not permitted to effect the Exchange Offer as contemplated by Section 2.1 of this Agreement; (ii) for any other reason the Exchange Offer is not consummated by the date required therefore by
Section 2.1 of this Agreement; or (iii) any Holder determines that it (x) is not eligible to participate in the Exchange Offer or (y) does not receive freely tradeable Exchange Securities in the Exchange
Offer other than by reason of such Holder being an Affiliate of the Company, and, in the case of clause (iii), the Company is notified in writing of such non- eligibility or failure, as the case may be, no
more than thirty (30) days after the consummation of the Exchange Offer, the Company and the Guarantors shall effect a registration of the applicable Registrable Debt Securities pursuant to a Debt Securities Resale Registration Statement in
accordance with subsection (c) below in lieu of conducting the Exchange Offer contemplated by Section 2.1 of this Agreement. If required pursuant to this subsection (a), the relevant Debt Securities Resale
Registration Statement shall be prepared and filed as promptly as practicable and in any event within ninety (90) days after the obligation arises (but not earlier than the filing of the Exchange Registration Statement would have been required
by Section 2.1 of this Agreement). 
 (b) In addition, the Company and the Guarantors shall effect a Shelf
Registration Statement in accordance with subsection (c) below to permit the public resale of any Exchange Securities immediately after the Exchange Securities have been issued. If required pursuant to this subsection (b), the relevant Debt
Securities Resale Registration Statement shall be included in the Exchange Registration Statement if then permitted by the Commission and shall otherwise be prepared and filed as promptly as practicable and in any event within thirty (30) days
following the issuance of the Exchange Securities. 
 (c) If obligated pursuant to subsections (a) or (b) above, the Company and the
Guarantors agree, within the applicable time period specified in subsection (a) or (b) above, to prepare and file with the Commission a registration statement under the Securities Act on an appropriate form to permit the public resale of the
Registrable Debt Securities (such registration statement, the “Debt Securities Resale Registration Statement”). The Debt Securities Resale Registration Statement shall be on Form F-3 or, if
Form F-3 is not then available to the Company and the Guarantors, on Form F-1 or such other form of registration statement as is then available to effect a registration
for resale of the Registrable Debt Securities, covering the Registrable Debt Securities, and shall contain a prospectus in such form as to permit any Selling Holder 

  
 8 

 
covered by such Debt Securities Resale Registration Statement to sell such Registrable Debt Securities pursuant to Rule 415 under the Securities Act (or any successor or similar provision adopted
by the Commission then in effect) at any time beginning on the Effective Date for such Debt Securities Resale Registration Statement. 
 The
Company and the Guarantors shall use their respective reasonable best efforts to cause a Debt Securities Resale Registration Statement filed pursuant to this Section 2.2 to be declared effective under the Securities Act as
promptly as practicable after filing, but in no event later than one-hundred eighty days (180) days after the Issue Date. 

A Debt Securities Resale Registration Statement shall provide for the resale pursuant to any method or combination of methods legally
available to, and requested by, the Selling Holders, including by way of an Underwritten Offering, if such an election has been made pursuant to Section 2.7 of this Agreement. During the Effectiveness Period, the Company
and the Guarantors shall use their respective reasonable best efforts to cause a Debt Securities Resale Registration Statement filed pursuant to this Section 2.2 to remain effective, and to be supplemented and amended to
the extent necessary to ensure that such Debt Securities Resale Registration Statement is available or, if not available, that another registration statement is available for the resale of the Registrable Debt Securities until all Registrable Debt
Securities have ceased to be Registrable Securities. 
 As soon as practicable following the Effective Date of a Debt Securities Resale
Registration Statement, but in any event within three (3) Business Days of such date, the Company shall notify the Holders of the effectiveness of such Debt Securities Resale Registration Statement. When effective, a Debt Securities Resale
Registration Statement (including any documents incorporated therein by reference) will comply as to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any prospectus contained in such Debt Securities Resale Registration Statement, in the light
of the circumstances under which a statement is made). 
 If at any time the Commission deems the registration of any Registrable Debt
Securities to be a primary offering by the Company, and the Commission prohibits the use of Rule 415 under the Securities Act (or any similar provision then in force) to sell such Registrable Debt Securities on a delayed or continuous basis, then
the parties agree that the Company’s failure to have a Debt Securities Resale Registration Statement declared effective shall not be a breach of this Agreement. In such event, the Company shall be permitted to exclude from such Debt Securities
Resale Registration Statement such number of Registrable Debt Securities so as to allow such Debt Securities Resale Registration Statement to be eligible for Rule 415. In the event that any Registrable Debt Securities are excluded from the Debt
Securities Resale Registration Statement for purposes of maintaining eligibility to use Rule 415, the Company agrees that it shall use its reasonable best efforts to file another Debt Securities Resale Registration Statement (or, if permitted, a
post-effective amendment) registering such excluded Registrable Debt Securities as soon as reasonably practicable. In such event, the number of Registrable Debt Securities to be registered for each Holder in the Registration Statement shall be
reduced pro rata among all then applicable Holders. 

  
 9 

 Section 2.3 Common Shares Shelf Registration. The Company agrees, on or prior to
sixty (60) days after the Issue Date, to prepare and file with the Commission a registration statement under the Securities Act on an appropriate form, or a prospectus supplement to an existing registration statement of the Company, to
register, under the Securities Act, the Common Shares issuable upon exercise of the Warrants and to permit the public resale of the Common Shares issuable upon exercise of the Warrants (such registration statement, the “Common Share Resale
Registration Statement”). The Common Share Resale Registration Statement shall be on Form F-3 or, if Form F-3 is not then available to the Company, on Form F-1 or such other form of registration statement as is then available to effect a registration for resale of the Registrable Shares, covering the Registrable Shares, and shall contain a prospectus in such form as to
permit any Selling Holder covered by such Common Share Resale Registration Statement to sell such Registrable Shares pursuant to Rule 415 under the Securities Act (or any successor or similar provision adopted by the Commission then in effect) at
any time beginning on the Effective Date for such Common Share Resale Registration Statement. 
 The Company shall use its reasonable best
efforts to cause a Common Share Resale Registration Statement filed pursuant to this Section 2.3 to be declared effective under the Securities Act as promptly as practicable after filing, but in no event later than one-hundred twenty (120) days after the Issue Date. 
 A Common Share Resale Registration Statement
shall provide for the resale pursuant to any method or combination of methods legally available to, and requested by, the Selling Holders, including by way of an Underwritten Offering, if such an election has been made pursuant to
Section 2.7 of this Agreement. During the Effectiveness Period, the Company shall use its reasonable best efforts to cause a Common Share Resale Registration Statement filed pursuant to this
Section 2.3 to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Common Share Resale Registration Statement is available or, if not available, that another registration
statement is available for the resale of the Registrable Shares until all Registrable Shares have ceased to be Registrable Securities. 
 As
soon as practicable following the Effective Date of a Common Share Resale Registration Statement, but in any event within three (3) Business Days of such date, the Company shall notify the Holders of the effectiveness of such Common Share
Resale Registration Statement. When effective, a Common Share Resale Registration Statement (including any documents incorporated therein by reference) will comply as to form in all material respects with all applicable requirements of the
Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any prospectus
contained in such Common Share Resale Registration Statement, in the light of the circumstances under which a statement is made). 
 If at
any time the Commission deems the registration of any Registrable Shares to be a primary offering by the Company, and the Commission prohibits the use of Rule 415 under the Securities Act (or any similar provision then in force) to sell such
Registrable Shares on a delayed or continuous basis, then the parties agree that the Company’s failure to have a Common Share Resale Registration Statement declared effective shall not be a breach of this Agreement. In such event, the Company
shall be permitted to exclude from such Common Share Resale Registration Statement such number of Registrable Shares so as to allow such Common Share 

  
 10 

 
Resale Registration Statement to be eligible for Rule 415. In the event that any Registrable Shares are excluded from the Common Share Resale Registration Statement for purposes of maintaining
eligibility to use Rule 415, the Company agrees that it shall use its reasonable best efforts to file another Common Share Resale Registration Statement (or, if permitted, a post-effective amendment) registering such excluded Registrable Shares as
soon as reasonably practicable. In such event, the number of Registrable Shares to be registered for each Holder in the Registration Statement shall be reduced pro rata among all then applicable Holders. 

Section 2.4 Registration Defaults. 

(a) If (i) the Exchange Registration Statement has not been filed and become effective or been declared effective by the
Commission on or prior to the date that such Registration Statement is required to become or be declared effective pursuant to Section 2.1 of this Agreement (if the Company files the Exchange Registration Statement without
affording the Holders the opportunity to review and comment on the same as required by Section 2.9(c) of this Agreement, the Company shall be deemed to have not satisfied this clause (i)) (other than as a result of the
filing by the Company and the Guarantors of the Debt Securities Resale Registration Statement in accordance with Section 2.2 of this Agreement), (ii) the Exchange Offer has not been completed within forty-five
(45) days after the initial effective date of the Exchange Registration Statement (other than as a result of the filing by the Company and the Guarantors of the Debt Securities Resale Registration Statement in accordance with
Section 2.2 of this Agreement), (iii) a Debt Securities Resale Registration Statement has not been filed and become effective or been declared effective by the Commission on or prior to the date that such registration
statement is required to be filed or become or be declared effective pursuant to Section 2.2 of this Agreement (if the Company files a Debt Securities Resale Registration Statement without affording the Holders the
opportunity to review and comment on the same as required by Section 2.9(c) of this Agreement, the Company shall be deemed to have not satisfied this clause (iii)), (iv) a Debt Securities Resale Registration Statement
required by Section 2.2 of this Agreement is filed and declared effective but thereafter ceases to be effective or usable in connection with resales of Registrable Debt Securities during the time periods specified in this
Agreement, (v) a Debt Securities Resale Registration Statement when declared effective fails to register all of the Registrable Debt Securities, or (vi) the Company and the Guarantors require Holders to refrain from disposing of their
Registrable Debt Securities under the circumstances described in Section 2.6 of this Agreement and that suspension period exceeds sixty (60) days in one instance or sixty (60) days in the aggregate during any
consecutive 12-month period (each such event referred to in clauses (i) through (ix), a “Debt Securities Registration Default”), then, in addition to any other rights the Holders may have
under this Agreement or under applicable law, the Company and each of the Guarantors hereby agree that the interest rate borne by the Registrable Debt Securities shall be increased by 0.25% per annum during the
90-day period immediately following the occurrence of any Debt Securities Registration Default and shall increase by 0.25% per annum at the end of each subsequent 90-day
period (such increase, “Additional Interest”), but in no event shall Additional Interest exceed 2.00% per annum. Following the cure of all Debt Securities Registration Defaults, the accrual of Additional Interest will cease. The
Company and the Guarantors shall pay all Additional Interest, if any, in 

  
 11 

 
the manner and on the dates specified in the Indenture. The Additional Interest pursuant to this Section 2.4(a) shall constitute the Holders’ exclusive monetary
remedy for a Debt Securities Registration Default, but shall not affect the right of the Holders to seek injunctive relief. 

(b) If (i) the Common Share Resale Registration Statement has not been filed and become effective or been declared
effective by the Commission on or prior to the date that such Registration Statement is required to become or be declared effective pursuant to Section 2.3 of this Agreement (if the Company files the Common Share Resale
Registration Statement without affording the Holders the opportunity to review and comment on the same as required by Section 2.9(c) of this Agreement, the Company shall be deemed to have not satisfied this clause (i)),
(ii) the Common Share Resale Registration Statement required by Section 2.3 of this Agreement is filed and declared effective but thereafter ceases to be effective or usable in connection with resales of Registrable Shares
during the time periods specified in this Agreement, (iii) the Common Share Resale Registration Statement when declared effective fails to register all of the Registrable Shares, or (iv) the Company requires Holders to refrain from
disposing of their Registrable Shares under the circumstances described in Section 2.6 of this Agreement and that suspension period exceeds sixty (60) days in one instance or sixty (60) days in the aggregate
during any consecutive 12-month period (each such event referred to in clauses (i) through (iv), a “Common Share Registration Default” and for purposes of clauses (i), (ii) and (iii), the
date on which such Event occurs, and for purpose of clause (iv) the date on which such sixty (60) day period is exceeded being referred to as “Registration Default Date”), then, in addition to any other rights the Holders
may have under this Agreement or under applicable law, on each such Registration Default Date and on each monthly anniversary of each such Registration Default Date (if the applicable Registration Default shall not have been cured by such date)
until the applicable Registration Default is cured, the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of one percent (1.00%) multiplied by such Holder’s Warrant
Amount. If the Company fails to pay any partial liquidated damages pursuant to this Section 2.4(b) in full within seven (7) days after the date payable, the Company will pay interest thereon at a rate of eighteen
percent (18%) per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid
in full. The partial liquidated damages pursuant to this Section 2.4(b) shall apply on a daily pro rata basis for any portion of a month prior to the cure of a Registration Default. The partial liquidated damages pursuant
to this Section 2.4(b) shall constitute the Holders’ exclusive monetary remedy for such events, but shall not affect the right of the Holders to seek injunctive relief. 

Section 2.5 NYSE Listing. The Company shall prepare and file a listing application or supplemental listing application, as
applicable, with the NYSE (or such other national securities exchange on which the Common Shares are then listed and traded) to list the Registrable Securities covered by each Registration Statement and shall take all action reasonably necessary to
have such Registrable Securities approved for listing on the NYSE (or such other national securities exchange on which the Common Shares are then listed and traded) by the Effective 

  
 12 

 
Date of such Registration Statement, subject only to official notice of issuance. Following the initial listing of such Registrable Securities, the Company shall use its best efforts to maintain
the listing of such Registrable Securities for so long as Company’s Common Stock continues to be listed on the NYSE or, if the Common Stock is not then listed on the NYSE, on the primary national securities exchange or automated quotation
system on which the Common Stock is then listed or authorized for quotation or on any over-the-counter market. 

Section 2.6 Delay Rights. Notwithstanding anything to the contrary contained herein, the Company may, upon written notice to
(i) all Holders, delay the filing of a Registration Statement required under Sections 2.1, 2.2 or 2.3, or (ii) any Selling Holder whose Registrable Securities are included in a Registration Statement or other
registration statement contemplated by this Agreement, suspend such Selling Holder’s use of any prospectus that is a part of such Registration Statement or other registration statement (in which event the Selling Holder shall discontinue sales
of the Registrable Securities pursuant to such Registration Statement or other registration statement contemplated by this Agreement but may settle any previously made sales of Registrable Securities) if the Company (x) is pursuing an
acquisition, merger, tender offer, reorganization, restructuring, disposition or other similar transaction and the Board determines in good faith that (A) the Company’s ability to pursue or consummate such a transaction would be materially
adversely affected by any required disclosure of such transaction in such Registration Statement or other registration statement or (B) such transaction renders the Company unable to comply with Commission requirements, in each case under
circumstances that would make it impractical or inadvisable to cause the Registration Statement (or such filings) to become effective or to promptly amend or supplement the Registration Statement on a post effective basis, as applicable, or
(y) has experienced some other material non-public event the disclosure of which at such time, in the good faith judgment of the Board, would materially adversely affect the Company; provided,
however, in no event shall (A) such filing of such Registration Statement be delayed under clauses (x) or (y) of this Section 2.6 for a period that exceeds sixty (60) days or (B) such Selling
Holders be suspended under clauses (x) or (y) of this Section 2.6 from selling Registrable Securities pursuant to such Registration Statement or other registration statement for a period that exceeds an aggregate of
sixty (60) days in any twelve (12) month period, in each case, exclusive of days covered by any lock-up agreement executed by a Selling Holder in connection with any Underwritten Offering. Upon
disclosure of such information or the termination of the condition described above, the Company shall provide prompt notice, but in any event within one Business Day of such disclosure or termination, to the Selling Holders whose Registrable
Securities are included in such Registration Statement and shall promptly terminate any suspension of sales it has put into effect and shall take such other reasonable actions to permit registered sales of Registrable Securities as contemplated in
this Agreement. 
 Section 2.7 Underwritten Offerings. Upon request by any Holder or Holders (such request, an
“Underwritten Offering Notice” and such electing Holders, the “Electing Holders”), the Company shall retain underwriters in order to permit the Electing Holders to effect an Underwritten Offering; provided,
however, that the Holders shall have the option and right to require the Company to effect not more than three Underwritten Offerings pursuant to and subject to the conditions of this Section 2.7, subject to a
maximum of two Underwritten Offerings during any 12-month period. 

  
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 In connection with any Underwritten Offering under this Agreement, the Company shall be
entitled to select the Managing Underwriter or Underwriters, but only with the consent of the Electing Holders (not to be unreasonably conditioned, withheld or delayed). In connection with an Underwritten Offering contemplated by this Agreement,
each Electing Holder and the Company shall be obligated to enter into an underwriting agreement that contains such representations, covenants, indemnities and other rights and obligations as are customary in underwriting agreements for firm
commitment offerings of securities. No Electing Holder may participate in such Underwritten Offering unless such Electing Holder agrees to sell its Registrable Securities on the basis provided in such underwriting agreement and completes and
executes all questionnaires, powers of attorney, indemnities and other documents reasonably required under the terms of such underwriting agreement. Each Electing Holder may, at its option, require that any or all of the representations and
warranties by, and the other agreements on the part of, the Company to and for the benefit of such underwriters also be made to and for such Electing Holder’s benefit and that any or all of the conditions precedent to the obligations of such
underwriters under such underwriting agreement also be conditions precedent to its obligations. No Electing Holder shall be required to make any representations or warranties to or agreements with the Company or the underwriters other than
representations, warranties or agreements regarding such Electing Holder, its authority to enter into such underwriting agreement and to sell, and its ownership of, the securities whose offer and resale will be registered, on its behalf, its
intended method of distribution and any other representation required by Law. 
 If any Electing Holder disapproves of the terms of an
underwriting, such Electing Holder may elect to withdraw therefrom by notice to the Company and the Managing Underwriter; provided, however, that any such withdrawal must be made no later than the time of pricing of such Underwritten
Offering. If the registration statement relating to an Underwritten Offering is suspended pursuant to Section 2.6, the events will not be considered an Underwritten Offering and will not decrease the number of available
Underwritten Offerings the Holders have the right and option to request under this Section 2.7. No such withdrawal or abandonment shall affect the Company’s obligation to pay Registration Expenses pursuant to
Section 2.12. If all Electing Holders withdraw from an Underwritten Offering prior to the pricing of such Underwritten Offering, the events will be considered an Underwritten Offering and will decrease the number of
available Underwritten Offerings the Holders have the right and option to request under this Section 2.7 unless in connection with such withdrawal the Electing Holders reimburse the Company for its Registration Expenses, in
which case such withdrawal will not be considered an Underwritten Offering and will not decrease the number of available Underwritten Offerings the Holders have the right and option to request under this Section 2.7. 

Except as otherwise set forth in this Section 2.7 or Section 2.8, the Company shall not
include in any Underwritten Offering any securities which are not Registrable Securities without the prior written consent of the Holders. If the Managing Underwriter of a proposed Underwritten Offering advises the Company and the Holders of
Registrable Securities in writing that in its opinion the number of Registrable Securities proposed to be included in the Underwritten Offering exceeds the number of Registrable Securities which can be sold in such Underwritten Offering and/or the
number of Registrable Securities proposed to be included in such Underwritten Offering would adversely affect the price of the Registrable Securities proposed to be sold in such Underwritten Offering, the Company shall include in such Underwritten
Offering (i) first, the Registrable Securities the Holders propose to sell, and (ii) second, the Common Shares proposed to be included therein by any other Persons (including 

  
 14 

 
Common Shares to be sold for the account of the Company and/or other holders of Common Shares) allocated among such Persons in such manner as they may agree. If the Managing Underwriter
determines that less than all of the Registrable Securities proposed to be sold can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated pro rata among the respective Holders thereof on
the basis of the number of Registrable Securities owned by each such Holder. 
 Section 2.8 Piggyback Offering. If the Company
shall at any time propose to conduct an underwritten offering of Common Shares for cash (a “Company Underwritten Offering”) for its own account or for the account of any other Persons (excluding, for the avoidance of doubt,
(i) an offering pursuant to a Registration Statement on Form S-8 or other offering relating solely to an employee benefit plan, (ii) an offering pursuant to a Registration Statement on Form F-4 or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto or (iii) an offering in connection with any dividend or distribution reinvestment or
similar plan), the Company shall promptly notify all Holders of such proposal reasonably in advance of (and in any event at least ten (10) Business Days before) the commencement of the offering, which notice will set forth the principal terms
and conditions of the issuance, including the proposed offering price (or range of offering prices), if known, the anticipated filing date of the registration statement (if applicable) and the number of Common Shares that are proposed to be offered
(the “Piggyback Notice”); provided, however, notwithstanding any other provision of this Agreement, if the managing underwriter(s) of a Company Underwritten Offering advises the Company that in their opinion the
inclusion of any of a Holder’s Registrable Shares requested for inclusion in the subject Company Underwritten Offering would likely have an adverse effect in any material respect on the price, timing or distribution of Common Shares proposed to
be included in such Company Underwritten Offering, the Company shall have no obligation to provide a Piggyback Notice to such Holder and such Holder shall have no right to include any Registrable Shares in such Company Underwritten Offering. The
Piggyback Notice shall offer the Holders the opportunity to include in such Company Underwritten Offering the number of Registrable Shares as they may request. The Company shall use its reasonable best efforts to include in each such Company
Underwritten Offering such Registrable Shares for which the Company has received written requests for inclusion therein within five (5) Business Days after sending the Piggyback Notice. 

If the managing underwriter(s) of a Company Underwritten Offering advise the Company and the Holders who have requested their Registrable
Shares be included in such offering following a Piggyback Notice that in its or their opinion the inclusion of all of such Holders’ Registrable Shares requested for inclusion in the subject Company Underwritten Offering (and any other Common
Shares proposed to be included in such offering) would likely have an adverse effect in any material respect on the price, timing or distribution of Common Shares proposed to be included in such offering by the Company, the Company shall include in
such Company Underwritten Offering only that number of Common Shares proposed to be included in such Company Underwritten Offering that, in the opinion of the managing underwriter(s), will not have such adverse effect, with such number to be
allocated as follows: 
 (A) first, up to 100% of the Common Shares that the Company or any Person (other than a Holder) exercising a
contractual right that existed as of the Issue Date to demand registration, as the case may be, proposes to include in the Company Underwritten Offering; 

  
 15 

 (B) second, and only if all of the Common Shares, if any, referred to in clause
(A) have been included, up to 100% of the Common Shares proposed to be offered by security holders having registration rights existing prior to the Issue Date; 

(C) third, and only if all of the Common Shares referred to in clause (B) have been included, pro rata (based on the number of Common
Shares held by each such Person or Holder) among (1) any Person or Persons exercising a contractual right that was granted by the Company after the Issue Date to demand registration and (2) all the Holders who have requested participation
in such Company Underwritten Offering; and 
 (D) fourth, and only if all of the Registrable Securities and other Common Shares referred to
in clause (C) have been included in such registration, any Common Shares eligible for inclusion in such registration other than those set forth in clauses (A) through (C) above. 

If any Holder disapproves of the terms of any such Company Underwritten Offering, such Holder may elect to withdraw therefrom by written
notice to the Company and the managing underwriter(s) delivered on or prior to the time of the commencement of such offering. 
 The Company
shall have the right to terminate or withdraw any Company Underwritten Offering initiated by it under this Section 2.8 at any time in its sole discretion whether or not any Holder has elected to include Registrable Shares.
The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.12 hereof. 

Section 2.9 Sale Procedures. In connection with its obligations under this Article II, the Company and each Guarantor, as
applicable, shall, as expeditiously as possible: 
 (a) use its reasonable best efforts to prepare and file with the
Commission such amendments and supplements to a Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for the Effectiveness Period and as may be necessary to comply
with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement; 

(b) if a prospectus supplement will be used in connection with the marketing of an Underwritten Offering from a Registration
Statement and the Managing Underwriter at any time shall notify the Company in writing that, in the sole judgment of such Managing Underwriter, inclusion of detailed information to be used in such prospectus supplement is of material importance to
the success of the Underwritten Offering of such Registrable Securities, the Company shall use its reasonable best efforts to include such information in such prospectus supplement; 

(c) furnish to each Selling Holder (i) as far in advance as is reasonably practicable before filing a Registration
Statement or any other registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits and each document
incorporated by reference therein to the extent then required by the rules and regulations of the Commission other than annual or quarterly reports on Form 20-F or 6-K,
respectively, current reports on Form 6-K or proxy statements; provided, however, that such reports or proxy statements shall be 

  
 16 

 
provided at least two (2) Business Days prior to filing in connection with any Underwritten Offering), and provide each such Selling Holder the opportunity to object to any information
pertaining to such Selling Holder and its plan of distribution that is contained therein and make the corrections reasonably requested by such Selling Holder with respect to such information prior to filing a Registration Statement or such other
registration statement or supplement or amendment thereto, and (ii) such number of copies of such Registration Statement or such other registration statement and the prospectus included therein and any supplements and amendments thereto as such
Selling Holder may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by such Registration Statement or other registration statement; 

(d) if applicable, use its reasonable best efforts to register or qualify the Registrable Securities covered by a Registration
Statement or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten Offering, the Managing Underwriter, shall reasonably
request; provided, however, that the Company shall not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action that would subject it to general service
of process in any such jurisdiction where it is not then so subject; 
 (e) promptly notify each Selling Holder, at any time
when a prospectus relating thereto is required to be delivered by any of them under the Securities Act, of (i) the filing of a Registration Statement or any other registration statement contemplated by this Agreement or any prospectus or
prospectus supplement to be used in connection therewith, or any amendment or supplement thereto, and, with respect to such Registration Statement or any other registration statement or any post-effective amendment thereto, when the same has become
effective; and (ii) the receipt of any written comments from the Commission with respect to any filing referred to in clause (i) and any written request by the Commission for amendments or supplements to such Registration Statement or any
other registration statement or any prospectus or prospectus supplement thereto; 
 (f) promptly notify each Selling Holder,
at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in a Registration Statement or any
other registration statement contemplated by this Agreement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not
misleading (in the case of any prospectus contained therein, in the light of the circumstances under which a statement is made); (ii) the issuance or express threat of issuance by the Commission of any stop order suspending the effectiveness of such
Registration Statement or any other registration statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by the Company of any notification with respect to the suspension of the
qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice, the Company agrees to as promptly as practicable amend or supplement the prospectus or
prospectus supplement or take 

  
 17 

 
other appropriate action so that the prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the circumstances then existing and use its reasonable best efforts to take such other action as is necessary to remove a stop order, suspension, threat thereof or proceedings
related thereto; 
 (g) upon request and subject to appropriate confidentiality obligations, furnish to each Selling Holder
copies of any and all transmittal letters or other correspondence with the Commission or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to such
offering of Registrable Securities; 
 (h) in the case of an Underwritten Offering, use its reasonable best efforts to
furnish to the underwriters upon request, (i) an opinion of counsel for the Company dated the date of the closing under the underwriting agreement and (ii) a “cold comfort” letter, dated the pricing date of such Underwritten
Offering and a letter of like kind dated the date of the closing under the underwriting agreement, in each case, signed by the independent public accountants who have certified the Company’s financial statements included or incorporated by
reference into the applicable registration statement, and each of the opinion and the “cold comfort” letter shall be in customary form and covering substantially the same matters with respect to such registration statement (and the
prospectus and any prospectus supplement included therein) as have been customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in Underwritten Offerings of securities by the Company
and such other matters as such underwriters and Selling Holders may reasonably request; 
 (i) if any Registration Statement
refers to any Selling Holder by name or otherwise as the holder of any securities of the Company and if in its sole and exclusive judgment such Selling Holder is or might be deemed to be an underwriter or “controlling person” (within the
meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) (a “Controlling Person”) of the Company, such Selling Holder shall have the right to require (i) the insertion therein of language, in
form and substance satisfactory to such Selling Holder and presented to the Company in writing, to the effect that the holding by such Selling Holder of such securities is not to be construed as a recommendation by such Selling Holder of the
investment quality of the Company’s securities covered thereby and that such holding does not imply that such Selling Holder shall assist in meeting any future financial requirements of the Company, or (ii) in the event that such reference
to such Selling Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Selling Holder; 

(j) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the Commission, and make
available to its security holders, as soon as reasonably practicable, an earnings statement, covering a period of twelve months beginning within three months after the Effective Date of such Registration Statement, which earnings statement shall
satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 

  
 18 

 (k) make available for inspection by any Selling Holder of Registrable
Securities, any underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained by any such holder or underwriter (collectively, the “Inspectors”), all
financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”), and cause the Company’s officers, directors and employees to supply all information requested by any such
Inspector in connection with such Registration Statement; provided, that the Company need not disclose any non-public information to any such person unless and until such person has entered into a
confidentiality agreement with the Company; 
 (l) use its reasonable best efforts to cause all such Registrable Securities
registered pursuant to this Agreement to be listed on each securities exchange or nationally recognized quotation system on which the Common Shares are then listed or quoted; 

(m) use its reasonable best efforts to cause the Registrable Securities to be registered with or approved by such other
governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the Selling Holders to consummate the disposition of such Registrable Securities; 

(n) obtain the consent or approval of each governmental agency or authority, whether federal, state, provincial or local, which
may be required to (i) effect the Exchange Offer or (ii) effect a Shelf Registration or the offering or sale in connection therewith or to enable the Selling Holder to offer, or consummate the disposition of, their Registrable Securities
in the United States; 
 (o) provide CUSIP numbers for all Registrable Securities, not later than the applicable Effective
Date; 
 (p) take all action reasonably necessary to ensure that all Registrable Securities are eligible for deposit with The
Depository Trust Company; 
 (q) provide a transfer agent and registrar for all Registrable Shares covered by such
registration statement not later than the Effective Date of such registration statement; 
 (r) enter into customary
agreements and take such other actions as are reasonably requested by the Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of such Registrable Securities (including making appropriate officers of the
Company available to participate in any “road show” presentations before analysts, and other customary marketing activities (including one-on-one meetings with
prospective purchasers of the Registrable Securities)); 
 (s) if requested by a Selling Holder, (i) as soon as
practicable incorporate in a prospectus supplement or post-effective amendment such information as such Selling Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including information
with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering, and (ii) as soon as practicable
make all required filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; 

  
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 (t) so long as any Registrable Securities remain outstanding, cause each
Additional Guarantor upon the creation or acquisition by the Company of such Additional Guarantor, to execute a counterpart to this Agreement in the form attached hereto as Annex A and to deliver such counterpart to the Holders no later than
three (3) Business Days following the execution thereof; and 
 (u) otherwise use its reasonable best efforts to take
all other actions necessary or advisable to effect the registration of such Registrable Securities contemplated hereby and to ensure that the transactions contemplated herein are effected as so contemplated. 

Each Selling Holder, upon receipt of notice from the Company of the happening of any event of the kind described in
Section 2.9(f), shall forthwith discontinue offers and sales of the Registrable Securities by means of a prospectus or prospectus supplement until such Selling Holder’s receipt of the copies of the supplemented or
amended prospectus contemplated by Section 2.9(f) or until it is advised in writing by the Company that the use of the prospectus may be resumed and has received copies of any additional or supplemental filings incorporated
by reference in the prospectus, and, if so directed by the Company, such Selling Holder shall, or shall request the Managing Underwriter, if any, to deliver to the Company (at the Company’s expense) all copies in their possession or control,
other than permanent file copies then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. 

Section 2.10 Cooperation by Holders. The Company shall have no obligation to include Registrable Securities of a Holder in a
Registration Statement who has failed to timely furnish after receipt of a written request from the Company such information that the Company determines, after consultation with its counsel, is reasonably required in order for the registration
statement or prospectus supplement, as applicable, to comply with the Securities Act. 
 Section 2.11 Restrictions on Public Sale by
Holders of Registrable Securities. To the extent requested by the Managing Underwriter, each Holder of Registrable Securities that participates in an Underwritten Offering will enter into a customary letter agreement with underwriters providing
such Holder will not effect any public sale or distribution of Registrable Securities during the ninety (90) day period beginning on the date of a prospectus or prospectus supplement filed with the Commission with respect to the pricing of any
Underwritten Offering, provided that (i) the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally imposed by the underwriters on the Company or the officers, directors or any
other Affiliate of the Company on whom a restriction is imposed, (ii) the restrictions set forth in this Section 2.11 shall not apply to any Registrable Securities that are included in such Underwritten Offering by
such Selling Holder. 
 Section 2.12 Expenses. The Company and the Guarantors shall pay all Registration Expenses, including, in
the case of an Underwritten Offering, the Registration Expenses of an Underwritten Offering, regardless of whether any sale is made pursuant to a Registration Statement or such Underwritten Offering, and will reimburse the Holders for the reasonable
fees and disbursements of one firm or counsel designated by the Holders to act as counsel for the Holders in connection with each Registration Statement. 

  
 20 

 Section 2.13 Indemnification. 

(a) By the Company and the Guarantors. The Company and each of the Guarantors, jointly and severally, shall indemnify
and hold harmless each Holder, its directors, officers, managers, employees, investment managers, agents and Affiliates and each Person, if any, who controls such Holder or its Affiliates within the meaning of the Securities Act and the Exchange
Act, and its directors, officers, employees, investment managers or agents (collectively, the “Selling Holder Indemnified Persons”), against any losses, claims, damages, expenses or liabilities (including reasonable attorneys’
fees and expenses) (collectively, “Losses”), joint or several, to which such Selling Holder Indemnified Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or
proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact (in the case of any Prospectus, in light of the circumstances under which
such statement is made) contained in (which, for the avoidance of doubt, includes documents incorporated by reference in) such Registration Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus,
prospectus supplement or final prospectus contained therein, or any amendment or supplement thereof, or any free writing prospectus relating thereto or arise out of or are based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made) not misleading, or (ii) any violation or alleged violation by the Company or any
Guarantor of the Securities Act, the Exchange Act, any state securities law, or any rule or regulations promulgated under the Securities Act, the Exchange Act or any state securities law applicable to the Company or the Guarantors and relating to
action or inaction required of the Company or any Guarantor in connection with any such registration, qualification or compliance, and shall reimburse each such Selling Holder Indemnified Person for any legal or other expenses reasonably incurred by
them in connection with investigating, defending or resolving any such Loss or actions or proceedings; provided, however, that the Company and the Guarantors shall not be liable in any such case if and to the extent that any such Loss
arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such Selling Holder Indemnified Person in writing specifically for use in such
Registration Statement or such other registration statement, or prospectus supplement, as applicable. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Selling Holder Indemnified
Person, and shall survive the transfer of such securities by such Selling Holder. 
 (b) By Each Selling Holder. Each
Selling Holder agrees severally and not jointly to indemnify and hold harmless the Company and each of the Guarantors, their directors, officers, employees and agents and each Person, if any, who controls the Company or such Guarantor within the
meaning of the Securities Act or of the Exchange Act, and its directors, officers, employees and agents, to the same extent as the foregoing indemnity from the Company and each of the Guarantors to the Selling Holders, but only

  
 21 

 
with respect to information regarding such Selling Holder furnished in writing by such Selling Holder expressly for inclusion in such Registration Statement or any other registration statement
contemplated by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereof, or any free writing prospectus relating thereto; provided, however, that
the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses) received by such Selling Holder from the sale of the Registrable Securities giving rise to such indemnification.

 (c) Notice. Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action,
such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission to so notify the indemnifying party shall not relieve it from any
liability that it may have to any indemnified party other than under this Section 2.13. In any action brought against any indemnified party, it shall notify the indemnifying party of the commencement thereof. The
indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such
indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this Section 2.13 for any legal expenses subsequently incurred by
such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with counsel so selected; provided, however, that, (i) if the indemnifying party has failed to assume the
defense or employ counsel reasonably acceptable to the indemnified party or (ii) if the defendants in any such action include both the indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that
there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the
interests of the indemnifying party, then the indemnified party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the reasonable expenses and fees of
such separate counsel and other reasonable expenses related to such participation to be reimbursed by the indemnifying party as incurred. Notwithstanding any other provision of this Agreement, no indemnifying party shall settle any action brought
against any indemnified party with respect to which such indemnified party is entitled to indemnification hereunder without the consent of the indemnified party, unless the settlement thereof imposes no liability or obligation on, and includes a
complete and unconditional release from all liability of, the indemnified party. 
 (d) Contribution. If the
indemnification provided for in this Section 2.13 is held by a court or government agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any
Losses, then each such indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative
fault of the indemnifying party on the one hand and of such indemnified party on the other in connection with the 

  
 22 

 
statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations; provided, however, that in no event shall such Selling Holder be
required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable Securities giving rise to such indemnification. The relative fault of the
indemnifying party on the one hand and the indemnified party on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact has been made by, or relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree
that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to herein. The
amount paid by an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably incurred by such indemnified party in connection with investigating,
defending or resolving any Loss that is the subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who is not
guilty of such fraudulent misrepresentation. 
 (e) Other Indemnification. The provisions of this
Section 2.13 shall be in addition to any other rights to indemnification or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise. 

Section 2.14 Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the Commission
that may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its best efforts to: 

(a) make and keep public information regarding the Company available, as those terms are understood and defined in Rule 144
under the Securities Act (or any successor or similar provision adopted by the Commission then in effect), at all times from and after the date hereof; 

(b) to file with the Commission in a timely manner all reports and other documents required of the Company under the Securities
Act and the Exchange Act at all times from and after the date hereof; 
 (c) so long as a Holder owns any Registrable
Securities, furnish, unless otherwise available electronically at no additional charge via the Commission’s EDGAR system, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the Company, and such other
reports and documents as such Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any such securities without registration; and 

(d) take such further action as any Holder may reasonably request to enable such Holder to sell such Registrable Securities
without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act, including providing any legal opinions relating to such sale pursuant to Rule 144. 

  
 23 

 Section 2.15 Transfer or Assignment of Registration Rights. The rights to cause
the Company and each of the Guarantors, as applicable, to register Registrable Securities granted to the Holders by the Company and the Guarantors, as applicable, under this Article II may be transferred or assigned by a Holder to one or more
transferees or assignees of Registrable Securities without the consent of the Company; provided, however, that (a) the Company is given written notice of said transfer or assignment, stating the name and address of each of the
transferee or assignee and identifying the Registrable Securities with respect to which such registration rights are being transferred or assigned, (b) such transferee or assignee is an Affiliate or subsidiary of Fairfax Financial Holdings
Limited and (c) each such transferee or assignee assumes in writing responsibility for its portion of the obligations of the Holder under this Agreement. 

Section 2.16 Limitation on Subsequent Registration Rights. From and after the date hereof, neither the Company nor any Guarantor
shall, without the prior written consent of the Holders (a) grant any registration rights to third parties which are more favorable than or inconsistent with the rights granted hereunder; or (b) enter into any agreement, take any action,
or permit any change to occur, with respect to their respective securities or organizational documents that violates or subordinates the rights expressly granted to the Holders of Registrable Securities in this Agreement. 

ARTICLE 3 
 MISCELLANEOUS

 Section 3.1 Communications. All notices and other communications in connection with this Agreement shall be in writing
and shall be deemed given (and shall be deemed to have been duly given upon receipt) if delivered personally, sent via electronic transmission or facsimile (with confirmation), mailed by registered or certified mail (return receipt requested) or
delivered by an express courier (with confirmation) to the parties at the following addresses (or at such other address for a party as will be specified by like notice): 

(a)     if to the Company: 

Seaspan Corporation 

Unit 2, 2nd Floor, Bupa Centre 

141 Connaught Road West 

Hong Kong 

Facsimile: 852-2540-1689 

Attention: Chief Executive Officer 

with a copy (which shall not constitute notice) to: 

White & Case LLP 

1221 Avenue of the Americas 

New York, NY 10020-1095 

U.S.A. 

Facsimile: 

Attention: John Reiss, Andrew Weisberg 

  
 24 

 (b)     If to the Holders: 

c/o Fairfax Financial Holdings Limited 

95 Wellington Street West 

Toronto, Ontario M5J 2N7 Canada 

Fax: 416-367-2201 

Attention: Paul Rivett 

with a copy (which shall not constitute notice) to: 

Shearman & Sterling LLP 

Commerce Court West 

199 Bay Street, Suite 4405 

P.O. Box 247 

Toronto, Ontario M5L 1E8 

Canada 

Facsimile: 416-360-2958 

Attention: Jason R. Lehner 

Section 3.2 Successor and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted
assigns of each of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein. 
 Section 3.3
Assignment of Rights. All or any portion of the rights and obligations of the Holders under this Agreement may be transferred or assigned by a Holder only in accordance with Section 2.15 hereof. 

Section 3.4 Recapitalization, Exchanges, Etc. Affecting the Common Shares. The provisions of this Agreement shall apply to the
full extent set forth herein with respect to any and all equity interests of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or
in substitution of, the Registrable Shares, and shall be appropriately adjusted for combinations, share splits, recapitalizations, pro rata distributions of shares and the like occurring after the date of this Agreement. 

Section 3.5 Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each Party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any
signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 

Section 3.6 Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof. 

  
 25 

 Section 3.7 Governing Law; Jurisdiction. This Agreement, including all issues
and questions concerning its application, construction, validity, interpretation and enforcement, shall be construed in accordance with, and governed by, the laws of the State of New York. EACH OF THE PARTIES HERETO CONSENTS TO SUBMIT ITSELF TO THE
EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE BOROUGH OF MANHATTAN AND ANY UNITED STATES FEDERAL COURTS LOCATED IN THE SOUTHERN DISTRICT OF NEW YORK, WITH RESPECT TO ANY CLAIM OR CAUSE OF ACTION ARISING UNDER OR
RELATING TO THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY, AND WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT, AND AGREES THAT ALL SERVICE OF PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO
IT AT ITS ADDRESS AS SET FORTH IN SECTION 3.1, AND THAT SERVICE SO MADE SHALL BE TREATED AS COMPLETED WHEN RECEIVED. EACH OF THE PARTIES HERETO WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS AND WAIVES ANY OBJECTION TO VENUE OF ANY ACTION
INSTITUTED IN ANY SUCH COURT. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING, OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY TRANSACTION CONTEMPLATED HEREBY OR THE NEGOTIATION, ADMINISTRATION, PERFORMANCE, AND ENFORCEMENT HEREOF. NOTHING IN THIS SECTION 3.7 SHALL AFFECT THE RIGHT OF THE PARTIES HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY
LAW. NOTWITHSTANDING THE FOREGOING, EACH OF THE PARTIES HERETO AGREES THAT EACH OF THE OTHER PARTIES HERETO SHALL HAVE THE RIGHT TO BRING ANY ACTION OR PROCEEDING FOR ENFORCEMENT OF A JUDGMENT ENTERED BY A COURT PERMITTED BY THIS SECTION 3.7
IN ANY OTHER COURT OR JURISDICTION. 
 Section 3.8 Waiver of Immunity. To the extent that the Company or any Guarantor has or
hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment
in aid or otherwise) with respect to itself or any of its property, the Company and each Guarantor hereby irrevocably waives and agrees not to plead or claim such immunity in respect of its obligations under this Agreement. 

Section 3.9 Judgment Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due
hereunder into any currency other than U.S. dollars, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be the rate at which in accordance with normal banking procedures such Holder
could purchase U.S. dollars with such other currency in The City of New York on the business day preceding that on which final judgment is given. The obligations of the Company and each Guarantor in respect of any sum due from them to any Holder
shall, notwithstanding any judgment in any currency other than U.S. dollars, not be discharged until the first business day, following receipt by such Holder of any sum adjudged to be so due in such other currency, on which (and only to the extent
that) such Holder may in accordance with normal banking procedures purchase U.S. dollars with such other currency; if the U.S. dollars so purchased are 

  
 26 

 
less than the sum originally due to such Holder hereunder, the Company and each Guarantor agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Holder against
such loss. If the U.S. dollars so purchased are greater than the sum originally due to such Holder hereunder, such Holder agrees to pay to the Company and the Guarantors (but without duplication) an amount equal to the excess of the U.S. dollars so
purchased over the sum originally due to such Holder hereunder. 
 Section 3.10 Severability of Provisions. Any provision of
this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or
impairing the validity or enforceability of such provision in any other jurisdiction. 
 Section 3.11 Entire Agreement. This
Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are
no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the rights granted by the Company set forth herein. This Agreement supersedes all prior agreements and understandings between the
parties with respect to such subject matter. 
 Section 3.12 Amendment. This Agreement may be amended only by means of a written
amendment signed by the Company, the Guarantors and the Investors; provided, however, that no such amendment shall materially and adversely affect the rights of any Holder hereunder without the prior written consent of such Holder.

 Section 3.13 No Presumption. If any claim is made by a party relating to any conflict, omission or ambiguity in this
Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel. 

Section 3.14 Obligations Limited to Parties to Agreement. Each of the parties hereto covenants, agrees and acknowledges that no
Person other than the Holders (and their permitted transferees and assignees), the Company and the Guarantors shall have any obligation hereunder. No recourse under this Agreement or under any documents or instruments delivered in connection
herewith or therewith shall be had against any former, current or future director, officer, employee, investment manager, agent, general or limited partner, manager, member, investor or Affiliate of any Holder or any former, current or future
director, officer, employee, investment manager, agent, general or limited partner, manager, member, investor or Affiliate thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable
Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, investment manager, agent, general or limited
partner, manager, member, investor or Affiliate of the Holder or any former, current or future director, officer, employee, investment manager, agent, general or limited partner, manager, member, investor or Affiliate thereof, as such, for any
obligations of the Holder under this Agreement or any documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by reason of such obligation or its creation, except in each case for any
transferee or assignee of a Holder hereunder. 

  
 27 

 Section 3.15 Interpretation. Article and Section references are to this
Agreement, unless otherwise specified. All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from
time to time, unless otherwise specified. The words “include,” “includes” and “including” or words of similar import shall be deemed to be followed by the words “without limitation.” Whenever any
determination, consent or approval is to be made or given by the Holders (and their permitted transferees or assignees) under this Agreement, such action shall be in each such Holder’s (and its permitted transferees or assignees) sole
discretion unless otherwise specified. Unless expressly set forth or qualified otherwise (e.g., by “Business” or “Trading”), all references herein to a “day” are deemed to be a reference to a
calendar day. 
 Section 3.16 Injunctive Relief. It is hereby agreed and acknowledged that it shall be impossible to measure in
money the damages that would be suffered if the parties fail to comply with any of the obligations herein imposed on them and that in the event of any such failure, an aggrieved Person shall be irreparably damaged and shall not have an adequate
remedy at law. Any such Person shall, therefore, be entitled (in addition to any other remedy to which it may be entitled in law or in equity or under this Agreement) to injunctive relief, including, without limitation, specific performance, to
enforce such obligations, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that there is an adequate remedy at law. 

[Signature pages follow] 
  

  
 28 

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

	
	SEASPAN CORPORATION
	
	 /s/ Bing Chen

	Name: Bing Chen
	Title:   President and Chief Executive Officer

 [Signature Page to Registration Rights Agreement] 

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

	
	SEASPAN HOLDING 140 LTD.
	
	 /s/ Ryan Courson

	Name: Ryan Courson
	Title: Chief Financial Officer
	
	SEASPAN 140 LTD.
	
	 /s/ Ryan Courson

	Name: Ryan Courson
	Title: Chief Financial Officer
	
	SEASPAN (ASIA) CORPORATION
	
	 /s/ Ryan Courson

	Name: Ryan Courson
	Title: Chief Financial Officer
	
	SEASPAN CONTAINERSHIP 2180 LTD.
	
	 /s/ Ryan Courson

	Name: Ryan Courson
	Title: Chief Financial Officer
	
	SEASPAN CONTAINERSHIP 2181 LTD.
	
	 /s/ Ryan Courson

	Name: Ryan Courson
	Title: Chief Financial Officer

 [Signature Page to Registration Rights Agreement] 

 
	
	SEASPAN HOLDCO I LTD.
	
	 /s/ Ryan Courson

	Name: Ryan Courson
	Title: Chief Financial Officer
	
	SEASPAN HOLDCO II LTD.
	
	 /s/ Ryan Courson

	Name: Ryan Courson
	Title: Chief Financial Officer
	
	SEASPAN HOLDCO III LTD.
	
	 /s/ Ryan Courson

	Name: Ryan Courson
	Title: Chief Financial Officer
	
	SEASPAN HOLDCO IV LTD.
	
	 /s/ Ryan Courson

	Name: Ryan Courson
	Title: Chief Financial Officer
	
	SEASPAN INVESTMENT I LTD.
	
	 /s/ Ryan Courson

	Name: Ryan Courson
	Title: Chief Financial Officer
	
	SEASPAN SHIP MANAGEMENT LTD.
	
	 /s/ Ryan Courson

	Name: Ryan Courson
	Title: Chief Financial Officer

 [Signature Page to Registration Rights Agreement] 

 
	
	SEASPAN CREW MANAGEMENT LTD.
	
	 /s/ Peter Curtis

	Name: Peter Curtis
	Title: President & Chief Executive Officer
	
	SEASPAN MANAGEMENT SERVICES LIMITED
	
	 /s/ Peter Curtis

	Name: Peter Curtis
	Title: Vice-President
	
	SEASPAN ADVISORY SERVICES LIMITED
	
	 /s/ Peter Curtis

	Name: Peter Curtis
	Title: Vice-President
	
	SEASPAN CAPITAL LTD.
	
	 /s/ Bing Chen

	Name: Bing Chen
	Title: Chief Executive Officer

 [Signature Page to Registration Rights Agreement] 

			
		 	BRIT REINSURANCE (BERMUDA) LIMITED
		 	ALLIED WORLD ASSURANCE COMPANY (EUROPE) DAC
		 	ALLIED WORLD ASSURANCE COMPANY, AG
		 	ALLIED WORLD SURPLUS LINES INSURANCE COMPANY
		 	ALLIED WORLD ASSURANCE COMPANY (U.S.) INC.
		 	ODYSSEY REINSURANCE COMPANY
		 	GREYSTONE INSURANCE COMPANY
		 	HUDSON INSURANCE COMPANY
		 	NEWLINE CORPORATE NAME LIMITED
		 	NEWLINE INSURANCE COMPANY LIMITED
		 	UNITED STATES FIRE INSURANCE COMPANY
		 	TIG INSURANCE COMPANY
		 	ALLIED WORLD ASSURANCE COMPANY, LTD.
		 	HUDSON SPECIALTY INSURANCE COMPANY
		 	RIVERSTONE INSURANCE (UK) LIMITED
		 	FAIRFAX FINANCIAL HOLDINGS LIMITED

  

			
	By:	 	Hamblin Watsa Investment Counsel Ltd., its Investment Manager
		
		 	 /s/ Paul Rivett

		 	Name: Paul Rivett
		 	Title:   Managing Director

 [Signature Page to Registration Rights Agreement] 

 Annex A 

Counterpart to Registration Rights Agreement 

The undersigned hereby absolutely, unconditionally and irrevocably agrees as a Guarantor (as defined in the Registration Rights Agreement,
dated as of January [15], 2019 by and among the Company, the guarantors party thereto and each of the investors party thereto) to be bound by the terms and provisions of such Registration Rights Agreement. 

IN WITNESS WHEREOF, the undersigned has executed this counterpart as of
                    . 
  

	
	[GUARANTOR]
	
	  

	Name:
	Title:

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