Document:

EX-4.1

 Exhibit 4.1 

 
  

SECTION 382 RIGHTS AGREEMENT 

Dated as of April 15, 2020 

between 
 TENNECO INC. 

and 
 EQUINITI TRUST COMPANY, 

as Rights Agent 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 Section 1.
	 	Definitions	  	 	1	 
			
	 Section 2.
	 	Appointment of Rights Agent	  	 	8	 
			
	 Section 3.
	 	Issue of Right Certificates	  	 	8	 
			
	 Section 4.
	 	Form of Right Certificates	  	 	10	 
			
	 Section 5.
	 	Countersignature and Registration	  	 	10	 
			
	 Section 6.
	 	Transfer, Split-up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates	  	 	11	 
			
	 Section 7.
	 	Exercise of Rights; Purchase Price; Expiration Date of Rights	  	 	12	 
			
	 Section 8.
	 	Cancellation and Destruction of Right Certificates	  	 	13	 
			
	 Section 9.
	 	Status and Availability of Preferred Shares	  	 	14	 
			
	 Section 10.
	 	Preferred Shares Record Date	  	 	14	 
			
	 Section 11.
	 	Adjustment of Purchase Price, Number of Shares or Number of Rights	  	 	15	 
			
	 Section 12.
	 	Certificate of Adjustment	  	 	21	 
			
	 Section 13.
	 	Consolidation, Merger, Sale or Transfer of Assets or Earning Power	  	 	21	 
			
	 Section 14.
	 	Fractional Rights and Fractional Shares	  	 	22	 
			
	 Section 15.
	 	Rights of Action	  	 	23	 
			
	 Section 16.
	 	Agreement of Right Holders	  	 	23	 
			
	 Section 17.
	 	Right Certificate Holder Not Deemed a Stockholder	  	 	24	 
			
	 Section 18.
	 	Concerning the Rights Agent	  	 	24	 
			
	 Section 19.
	 	Merger or Consolidation or Change of Name of Rights Agent	  	 	25	 
			
	 Section 20.
	 	Rights and Duties of Rights Agent	  	 	26	 
			
	 Section 21.
	 	Change of Rights Agent	  	 	28	 
			
	 Section 22.
	 	Issuance of New Right Certificates	  	 	29	 
			
	 Section 23.
	 	Redemption	  	 	29	 
			
	 Section 24.
	 	Exchange	  	 	30	 
			
	 Section 25.
	 	Notice of Certain Events	  	 	32	 
			
	 Section 26.
	 	Notices	  	 	33	 
			
	 Section 27.
	 	Supplements and Amendments	  	 	33	 
			
	 Section 28.
	 	Successors	  	 	34	 
			
	 Section 29.
	 	Benefits of this Agreement	  	 	34	 

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 30.
	 	Severability	  	 	34	 
			
	 Section 31.
	 	Governing Law	  	 	34	 
			
	 Section 32.
	 	Counterparts	  	 	34	 
			
	 Section 33.
	 	Descriptive Headings and Construction	  	 	35	 
			
	 Section 34.
	 	Administration	  	 	35	 
			
	 Section 35.
	 	Force Majeure	  	 	35	 
			
	 Section 36.
	 	Process to Seek Exemption	  	 	35	 

  
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 SECTION 382 RIGHTS AGREEMENT 

This Section 382 Rights Agreement (this “Agreement”), dated as of April 15, 2020, is between Tenneco Inc., a
Delaware corporation (the “Company”), and Equiniti Trust Company (d/b/a EQ Shareowner Services), a New York limited trust company, as rights agent (the “Rights Agent”). 

The Company and certain of its Subsidiaries (as defined below) have generated certain Tax Attributes (as defined below) for United States
federal income tax purposes and the Company therefore desires to avoid an “ownership change” within the meaning of Section 382 of the Code (as defined below), including for purposes of Section 383 of the Code, and to preserve the
Company’s ability to utilize such Tax Attributes. 
 The Board of Directors of the Company (the “Board of Directors”)
has authorized and declared a dividend of (i) one preferred share purchase right (a “Class A Right”) for each share of Class A Voting Common Stock, par value $0.01 per share, of the Company (the
“Class A Common Shares”) and (ii) one preferred share purchase right (a “Class B Right” and, together with the Class A Rights, the “Rights”) for each
share of Class B Non-Voting Common Stock, par value $0.01 per share, of the Company (the “Class B Common Shares”) outstanding on the Close of Business on April 27,
2020 (the “Record Date”) and has authorized the issuance of one Right with respect to each additional Common Share (as defined below) issued by the Company between the Record Date and the earliest of (A) the Distribution Date,
(B) the Redemption Date, and (C) the Final Expiration Date, and additional Common Shares that shall become outstanding after the Distribution Date as provided in Section 22 of this Agreement, each Right initially representing the
right to purchase one one-thousandth of a Preferred Share, subject to adjustment, upon the terms and subject to the conditions hereof. 

Accordingly, in consideration of the premises and the mutual agreements herein set forth, the parties agree as follows: 

1.    Definitions. For purposes of this Agreement, the following terms have the meanings indicated: 

1.1    “Acquiring Person” means any Person (other than an Exempt Person) who or which,
together with all Affiliates and Associates of such Person, shall be the Beneficial Owner of 4.9% or more of the Class A Common Shares then outstanding, but shall not include (i) the Company, (ii) any Subsidiary of the Company,
(iii) any employee benefit plan of the Company or of any Subsidiary of the Company, (iv) any entity holding Class A Common Shares for or pursuant to the terms of any such employee benefit plan or (v) any Person who or which,
together with all Affiliates and Associates of such Person, at the time of the first public announcement of this Agreement, is a Beneficial Owner of 4.9% or more of the Class A Common Shares then outstanding (a “Grandfathered
Stockholder”); provided, that if a Grandfathered Stockholder becomes, after such time, the Beneficial Owner (other than pursuant to the vesting or exercise of any equity awards issued to a member of the Board of Directors or pursuant
to additional grants of any such equity awards to a member of the Board of Directors) of any additional Class A Common Shares (regardless of whether, thereafter or as a result thereof, there is an increase, decrease or no change in the
percentage 

  
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of Class A Common Shares then outstanding Beneficially Owned by such Grandfathered Stockholder) then such Grandfathered Stockholder shall be deemed to be an Acquiring Person unless, upon
such acquisition of Beneficial Ownership of any additional Class A Common Shares, such Person is not the Beneficial Owner of 4.9% or more of the Class A Common Shares then outstanding; provided, further, that upon the first
decrease of a Grandfathered Stockholder’s Beneficial Ownership below 4.9% of the Class A Common Shares then outstanding, such Grandfathered Stockholder shall no longer be deemed to be a Grandfathered Stockholder and this clause
(v) shall have no further force or effect with respect to such Person. For the avoidance of doubt, in the event that after the time of the first public announcement of this Agreement, any agreement, arrangement or understanding pursuant to
which any Grandfathered Stockholder is deemed to be the Beneficial Owner of Class A Common Shares expires, is settled in whole or in part, terminates or no longer confers any benefit to or imposes any obligation on the Grandfathered
Stockholder, any direct or indirect replacement, extension or substitution of such agreement, arrangement or understanding with respect to the same or different Class A Common Shares that confers Beneficial Ownership of Class A Common
Shares shall be considered the acquisition of Beneficial Ownership of additional Class A Common Shares by the Grandfathered Stockholder and render such Grandfathered Stockholder an Acquiring Person for purposes of this Agreement unless, upon
such acquisition of Beneficial Ownership of additional Class A Common Shares, such person is not the Beneficial Owner of 4.9% or more of the Class A Common Shares then outstanding. 

Notwithstanding the foregoing, no Person shall become an Acquiring Person as the result of an acquisition or redemption of Class A Common
Shares by the Company which, by reducing the number of shares outstanding, increases the proportionate number of shares Beneficially Owned by such Person to 4.9% (or such other percentage as would otherwise result in such Person becoming an
Acquiring Person) or more of the Class A Common Shares then outstanding; provided, that if a Person would, but for the provisions of this paragraph, become an Acquiring Person by reason of an acquisition or redemption of Class A
Common Shares by the Company and shall, after such share purchases by the Company, become the Beneficial Owner of any additional Class A Common Shares at any time such that the Person is or thereby becomes the Beneficial Owner of 4.9% (or such
other percentage as would otherwise result in such Person becoming an Acquiring Person) or more of the Class A Common Shares then outstanding (other than Class A Common Shares acquired solely as a result of corporate action of the Company
not caused, directly or indirectly, by such Person), then such Person shall be deemed to be an Acquiring Person. 
 Notwithstanding the
foregoing, if the Board of Directors, with the concurrence of a majority of the members of the Board of Directors who are not, and are not representatives, nominees, Affiliates or Associates of, such Person or an Acquiring Person, determines in good
faith that a Person that would otherwise be an Acquiring Person has become such inadvertently (including because (i) such Person was unaware that it beneficially owned a percentage of Class A Common Shares that would otherwise cause such
Person to be an Acquiring Person or (ii) such Person was aware of the extent of its Beneficial Ownership of Class A Common Shares but had no actual knowledge of the consequences of such Beneficial Ownership under this Agreement) and
without any intention of changing, obtaining or influencing control of the Company, and such Person divests as promptly as practicable a sufficient number of Class A 

  
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Common Shares so that such Person would no longer be an Acquiring Person, then such Person shall not be deemed to have become an Acquiring Person. Notwithstanding the foregoing, if a bona fide
swaps dealer who would otherwise be an Acquiring Person has become so as a result of its actions in the ordinary course of its business that the Board of Directors determines, in its sole discretion, were taken without the intent or effect of
evading or assisting any other Person to evade the purposes and intent of this Agreement, or otherwise seeking to control or influence the management or policies of the Company, then, and unless and until the Board of Directors shall otherwise
determine, such Person shall not be deemed to be an Acquiring Person. 
 Notwithstanding the foregoing, no Person shall become an Acquiring
Person solely as a result of an Exempt Transaction. 
 Notwithstanding the foregoing, no regulated investment company under Section 851
of the Code shall be deemed to be an Acquiring Person, unless the Board of Directors determines, in its reasonable discretion, that such regulated investment company is deemed to Beneficially Own more than 4.9% or more of the Class A Common
Shares then outstanding under the applicable standards of Treasury Regulation 1.382-3(a). In determining whether any regulated investment company is an Acquiring Person, the filing of a statement under
Section 13 of the Exchange Act with respect to such regulated investment company shall not be deemed to establish that such regulated investment company has acquired Beneficial Ownership of 4.9% or more of the Class A Common Shares then
outstanding; provided, that the Board of Directors shall be entitled to rely upon any such filing unless such regulated investment company provides information and diligence that permits the Board of Directors to conclude, in its reasonable
discretion, that such regulated investment company has not acquired Beneficial Ownership of 4.9% or more of the Class A Common Shares then outstanding pursuant to the standards of Treasury Regulation
1.382-3. 
 Notwithstanding the foregoing, no Person shall become an Acquiring Person as the result
of the conversion of Class B Common Shares owned by such Person as of the date of this Agreement into Class A Common Shares in compliance with Article Fourth, Section 9 of the Amended and Restated Certificate of Incorporation of the Company. 

Notwithstanding the definition of Acquiring Person under this Agreement, the Board of Directors may also determine that any Person is an
Acquiring Person under this Agreement if such Person becomes the Beneficial Owner of 4.9% (by value) or more of the Class A Common Shares then outstanding (as the term “stock” is defined in Treasury Regulations Sections 1.382-2(a)(3) and 1.382-2T(f)(18)). 
 1.2    
“Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 promulgated under the Exchange Act, as in effect on the date of this
Agreement. 
 1.3    A Person shall be deemed the “Beneficial Owner” of and shall be deemed to
“Beneficially Own,” or have “Beneficial Ownership” of, any securities: 

1.3.1    which such Person actually owns (directly or indirectly) or would be deemed to actually or constructively own
pursuant to Section 382 of the Code and the Treasury Regulations promulgated thereunder (including any coordinated acquisition of securities by any Persons who have a formal or informal understanding with respect to such acquisition (to the
extent that ownership of such securities would be attributed to such Persons under Section 382 of the Code and the Treasury Regulations promulgated thereunder)); 

  
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 1.3.2    which such Person or any of such Person’s Affiliates or
Associates beneficially owns, directly or indirectly, within the meaning of Rules 13d-3 or 13d-5 promulgated under the Exchange Act, as in effect on the date of this
Agreement; 
 1.3.3    which such Person or any of such Person’s Affiliates or Associates has (i) the right or
ability to vote, cause to be voted or control or direct the voting of pursuant to any agreement, arrangement or understanding, whether or not in writing; provided, that a Person shall not be deemed the Beneficial Owner of, or to Beneficially
Own, any security if the agreement, arrangement or understanding to vote such security (A) arises solely from a revocable proxy or consent given to such Person in response to a public proxy or consent solicitation made pursuant to, and in
accordance with, the applicable rules and regulations promulgated under the Exchange Act and (B) is not also then reportable on a statement on Schedule 13D under the Exchange Act (or any comparable or successor report) or (ii) the
right or the obligation to become the Beneficial Owner (whether such right is exercisable or such obligation is required to be performed immediately or only after the passage of time, the occurrence of conditions, the satisfaction of regulatory
requirements or otherwise) pursuant to any agreement, arrangement or understanding, whether or not in writing (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of
securities), written or otherwise, or upon the exercise of conversion rights, exchange rights, rights (other than the Rights), warrants or options, or otherwise, through conversion of a security, pursuant to the power to revoke a trust,
discretionary account or similar arrangement, pursuant to the power to terminate a repurchase or similar so-called “stock-borrowing” agreement or arrangement, or pursuant to the automatic termination
of a trust, discretionary account or similar arrangement; provided, that a Person shall not be deemed to be the Beneficial Owner of, or to Beneficially Own, securities (x) tendered pursuant to a tender or exchange offer made pursuant to,
and in accordance with, the applicable rules and regulations promulgated under the Exchange Act until such tendered securities are accepted for purchase or exchange or (y) which such Person has a right to acquire upon the exercise of Rights at
any time prior to the time that any Person becomes an Acquiring Person (except to the extent that the acquisition or transfer of such rights, options or warrants would be treated as exercised on the date of its acquisition or transfer under Section 1.382-4(d) of the Treasury Regulations under Section 382 of the Code); 

1.3.4    which are Beneficially Owned (within the meaning of the preceding subsections of this Section 1.3), directly
or indirectly, by any other Person with which such Person or any of such Person’s Affiliates or Associates has any agreement, arrangement or understanding, whether or not in writing, for the purpose of acquiring, holding, voting or disposing of
any securities of the Company or cooperating in changing, obtaining or influencing control of the Company; or 

1.3.5    which are the subject of, or the reference securities for, or that underlie, any Derivative Position of such
Person or any of such Person’s Affiliates or Associates, with the number of Class A Common Shares deemed Beneficially Owned in respect of a Derivative Position being the notional or other number of Class A Common Shares in respect of
such Derivative Position (without regard to any short or similar position) that is specified in (i) one or more filings with the Securities and Exchange Commission by such Person or any of such Person’s Affiliates or Associates or
(ii) the documentation evidencing such Derivative Position as the basis upon which the value or settlement amount of such Derivative Position, or the 

  
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opportunity of the holder of such Derivative Position to profit or share in any profit, is to be calculated in whole or in part (whichever of (i) or (ii) is greater), or if no such number of
Class A Common Shares is specified in such filings or documentation (or such documentation is not available to the Board of Directors), as determined by the Board of Directors in its reasonable discretion. 

Notwithstanding anything in this definition of Beneficial Owner to the contrary, the phrase “then outstanding,” when used
with reference to a Person’s Beneficial Ownership of securities of the Company, means the number of such securities then issued and outstanding together with the number of such securities not then actually issued and outstanding which such
Person would be deemed to Beneficially Own hereunder. 
 1.4     “Business Day” means any day other
than a Saturday, a Sunday or a day on which banking institutions in the state of New York are authorized or obligated by law or executive order to close. 

1.5     “Close of Business” on any given date means 5:00 p.m., New York time, on such date;
provided, that if such date is not a Business Day, it means 5:00 p.m., New York time, on the next succeeding Business Day. 

1.6    “Code” means the Internal Revenue Code of 1986, as amended. 

1.7    “Common Shares” when used with reference to the Company, means the Class A Common Shares and
the Class B Common Shares. “Common Shares,” when used with reference to any Person other than the Company, means the capital stock (or equity interest) with the greatest voting power of such other Person or, if such other
Person is a Subsidiary of another Person, the Person or Persons which ultimately control such first-mentioned Person. 

1.8    “Common Stock Equivalents” has the meaning set forth in Section 11.1.3(ii)(C). 

1.9    “Current Per Share Market Price” has the meaning set forth in Section 11.4.1. 

1.10    “Current Value” has the meaning set forth in Section 11.1.3(i)(A). 

1.11    “Derivative” has the meaning set forth in Section 1.12. 

1.12    “Derivative Position” shall mean any option, warrant, convertible security, stock appreciation
right, or other security, contract right or derivative position or similar right (including any “swap” transaction with respect to any security, other than a broad based market basket or index) (any of the foregoing, a
“Derivative”), whether or not presently exercisable, that (i) has an exercise or conversion privilege or a settlement payment or mechanism at a price related to the value of the Class A Common Shares or a value determined
in whole or in part with reference to, or derived in whole or in part from, the value of the Class A Common Shares and that increases in value as the market price or value of the Class A Common Shares increases or that provides an
opportunity, directly or indirectly, to profit or share in any profit derived from any increase in the value of the Class A Common Shares and (ii) is capable of being settled, in whole or in part, through delivery of cash or
Class A Common Shares (whether on a required or optional basis, and whether such settlement may occur immediately or only after the passage of 

  
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time, the occurrence of conditions, the satisfaction of regulatory requirements or otherwise), in each case regardless of whether (A) it conveys any voting rights in such Class A Common
Shares to any Person or (B) any Person (including the holder of such Derivative Position) may have entered into other transactions that hedge its economic effect. 

1.13    “Distribution Date” has the meaning set forth in Section 3.1. 

1.14    “Earning Power” has the meaning set forth in Section 13.3. 

1.15    “Equivalent Preferred Shares” has the meaning set forth in Section 11.2. 

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

1.17    “Exchange Property” has the meaning set forth in Section 24.6. 

1.18    “Exchange Ratio” has the meaning set forth in Section 24.1. 

1.19    “Exchange Recipients” has the meaning set forth in Section 24.6. 

1.20    “Exempt Person” means any Person that the Board of Directors determines is exempt from this
Agreement, which determination shall be made in the sole and absolute discretion of the Board of Directors; provided, that no Person shall qualify as an Exempt Person unless such determination is made prior to such time as any Person becomes
an Acquiring Person; provided, further, that any Person will cease to be an Exempt Person if the Board of Directors makes a contrary determination with respect to such Person regardless of the reason therefor. 

1.21    “Exempt Transaction” means (i) any transaction that the Board of Directors determines is exempt
from this Agreement, which determination shall be made in the sole and absolute discretion of the Board of Directors; provided, that such determination is made, and no transaction shall qualify as an Exempt Transaction unless such
determination is made, prior to such time as any Person becomes an Acquiring Person; or (ii) any transaction by a member of the IEP Group (as defined in the Shareholders Agreement) in compliance with Section 3.06 of that certain Shareholders
Agreement, dated as of October 1, 2018, by and among the Company, American Entertainment Properties Corp., Icahn Enterprises Holdings L.P. and Icahn Enterprises L.P. (the “Shareholders Agreement”), the effect of which is that following
consummation of such transaction (and any related transaction involving the Company) the aggregate percentage of the IEP Group’s Beneficial Ownership of the Common Shares remains at a level that is no greater than its Beneficial Ownership as of
the date of this Agreement; provided, that the IEP Group shall be deemed to be an Acquiring Person if as a result of any such transaction the aggregate percentage of the IEP Group’s Beneficial Ownership of the Common Shares is greater
than the aggregate percentage of the IEP Group’s Beneficial Ownership of the Common Shares as of the date of this Agreement. 

1.22    “Exemption Request” has the meaning set forth in Section 36. 

1.23    “Final Expiration Date” means the earliest to occur of (i) the Close of Business on the day
following the certification of the voting results of the Company’s 2021 annual meeting of stockholders, if at such stockholder meeting a proposal to approve this Agreement has not been passed by the affirmative vote of the holders of a majority
in voting power of the shares of stock of the Company which are present in person or by proxy and entitled to vote thereon at the 2021 annual meeting of stockholders or any other meeting of stockholders of the Company duly held prior to such
meeting, (ii) the date on which the Board of Directors determines in its sole discretion that (x) this Agreement is no longer necessary for the preservation of material valuable Tax Attributes or (y) the Tax Attributes have been fully
utilized and may no longer be carried forward and (iii) the Close of Business on October 2, 2021. 

1.24    “Grandfathered Stockholder” has the meaning set forth in Section 1.1. 

  
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 1.25    “NYSE” means the New York Stock Exchange. 

1.26    “Person” means any individual, firm, corporation, partnership, limited partnership, limited
liability partnership, business trust, limited liability company, unincorporated association or other entity, and shall include any successor (by merger or otherwise) of such entity. 

1.27    “Preferred Shares” means shares of Series A Preferred Stock, par value $0.01 per share, of the
Company having such rights and preferences as are set forth in the form of Certificate of Designations set forth as Exhibit A hereto, as the same may be amended from time to time. 

1.28    “Purchase Price” has the meaning set forth in Section 7.2. 

1.29    “Redemption Date” has the meaning set forth in Section 23.2. 

1.30    “Redemption Price” has the meaning set forth in Section 23.1. 

1.31    “Requesting Person” has the meaning set forth in Section 36. 

1.32    “Right Certificate” means a certificate evidencing a Right substantially in the form of
Exhibit B hereto. 
 1.33    “Spread” has the meaning set forth in
Section 11.1.3(i). 
 1.34    “Stock Acquisition Date” means the earliest of the date of
(i) the public announcement by the Company or an Acquiring Person that an Acquiring Person has become such (which, for purposes of this definition, shall include a statement on Schedule 13D filed pursuant to the Exchange Act) and (ii) the
public disclosure of facts by the Company or an Acquiring Person that reveals the existence of an Acquiring Person or indicating that an Acquiring Person has become an Acquiring Person. 

1.35    “Subsidiary” of any Person means any Person of which a majority of the voting power of the voting
equity securities or equity interest is owned, directly or indirectly, by such Person. 
 1.36    “Summary of
Rights” means the Summary of Rights to Purchase Preferred Shares substantially in the form of Exhibit C hereto. 

1.37    “Tax Attributes” means any net operating loss carryovers, capital loss carryovers, general
business credit carryovers, Section 163(j) deferred interest carryovers, alternative minimum tax credit carryovers and foreign tax credit carryovers, as well as any loss or deduction (whether actual or prospective) attributable to a “net
unrealized built-in loss” within the meaning of Section 382 of the Code and the Treasury Regulations promulgated thereunder, of the Company or any of its Subsidiaries. 

  
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 1.38    “Trading Day” means a day on which the
principal national securities exchange on which a security is listed or admitted to trading is open for the transaction of business or, if a security is not listed or admitted to trading on any national securities exchange, a Business Day. 

1.39    “Treasury Regulations” means final, temporary and proposed regulation of the Department of
Treasury under the Code and any successor regulation, including any amendments thereto. 

1.40    “Trust” has the meaning set forth in Section 24.6. 

2.    Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act as rights agent for the Company in accordance with
the express terms and conditions hereof (and no implied terms or conditions), and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint such co-rights agents as it may
deem necessary or desirable, upon ten days’ prior written notice to the Rights Agent. The Rights Agent shall have no duty to supervise, and shall in no event be liable for, the acts or omissions of any such
co-rights agent. In the event that the Company appoints one or more co-rights agents, the respective duties of the Rights Agent and any
co-rights agent shall be as the Company shall reasonably determine, provided that such duties and determination are consistent with the terms and provisions of this Agreement and that contemporaneously with
such appointment, if any, the Company shall notify the Rights Agent in writing thereof. 
 3.    Issue of Right Certificates. 

3.1    Until the earlier of (i) the Close of Business on the tenth day after the Stock Acquisition Date (or, in the
event that the Board of Directors determines on or before such tenth day to effect an exchange in accordance with Section 24 and determines that a later date is advisable, such later date) and (ii) the Close of Business on the tenth
Business Day (or such later date as may be determined by action of the Board of Directors prior to such time as any Person becomes an Acquiring Person) after the date of the commencement by any Person (other than the Company, any Subsidiary of the
Company, any employee benefit plan of the Company or of any Subsidiary of the Company, any entity holding Class A Common Shares for or pursuant to the terms of any such benefit plan or any Exempt Person) of a tender or exchange offer the
consummation of which would result in any Person becoming an Acquiring Person (such date being herein referred to as the “Distribution Date”) (provided, that if such tender or exchange offer is terminated prior to the
occurrence of a Distribution Date, then no Distribution Date shall occur as a result of such tender or exchange offer), (A) the Rights will be evidenced by the certificates (or other evidence of book-entry or other uncertificated ownership) for
Common Shares registered in the names of the holders thereof (which shall also be deemed to be Right Certificates) and not by separate Right Certificates (provided, that each certificate (or other evidence of book-entry or other
uncertificated ownership) representing Common Shares outstanding as of the Close of Business on the Record Date evidencing the Rights shall be deemed to incorporate by reference the terms of this Agreement, as amended from time to time), and
(B) the right to receive Right Certificates will be transferable only in connection with the transfer of Common Shares. As soon as practicable after the Distribution Date, the Company will prepare and execute, the Rights Agent will countersign,
and the Company will send or cause to be sent (and the Rights Agent will, if requested, at the expense of the Company and upon receipt 

  
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of all relevant information, send) by first-class, postage-prepaid mail, to each record holder of Common Shares as of the Distribution Date (other than any Acquiring Person or any Associate or
Affiliate of any Acquiring Person), at the address of such holder shown on the records of the Company, a Right Certificate, substantially in the form of Exhibit B hereto, evidencing one Right for each Common Share so held,
subject to adjustment as provided herein; provided, that the Rights may instead be recorded in book-entry or other uncertificated form, in which case such book-entries or other evidence of ownership shall be deemed to be Right Certificates
for all purposes of this Agreement; provided, further, that all procedures relating to actions to be taken or information to be provided with respect to such Rights recorded in book-entry or other uncertificated forms, and all
requirements with respect to the form of any Right Certificate set forth in this Agreement, may be modified as necessary or appropriate to reflect book-entry or other uncertificated ownership. As of the Distribution Date, the Rights will be
evidenced solely by such Right Certificates. 
 3.2    As soon as practicable after the Record Date, the Company will
make available a copy of the Summary of Rights to any holder of Rights who may request it prior to the Final Expiration Date. The Company shall provide the Rights Agent with written notice of the occurrence of the Final Expiration Date and the
Rights Agent shall not be deemed to have knowledge of the occurrence of the Final Expiration Date, unless and until it shall have received such written notice. 

3.3    Certificates for Common Shares which become outstanding (including reacquired Common Shares referred to in the last
sentence of this Section 3.3) after the Record Date but prior to the earliest of (i) the Distribution Date, (ii) the Redemption Date, and (iii) the Final Expiration Date shall have impressed on, printed on, written on or
otherwise affixed to them a legend in substantially the following form: 
 This certificate also evidences and entitles the holder hereof to
certain Rights (as defined in the Rights Agreement) as set forth in a Section 382 Rights Agreement between Tenneco Inc. and Equiniti Trust Company (d/b/a EQ Shareowner Services), as Rights Agent (or any successor rights agent), dated as of
April 15, 2020, as it may from time to time be amended or supplemented pursuant to its terms (the “Rights Agreement”), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the
principal executive offices of Tenneco Inc. and the office or offices of Equiniti Trust Company designated for such purpose. The Rights are not exercisable prior to the occurrence of certain events specified in the Rights Agreement. Under certain
circumstances, as set forth in the Rights Agreement, such Rights will be evidenced separately and will no longer be evidenced by this certificate. Tenneco Inc. will mail to the holder of this certificate a copy of the Rights Agreement without charge
after receipt of a written request therefor. Under certain circumstances, Rights that are or were acquired or Beneficially Owned by an Acquiring Person (or an Affiliate or Associate of an Acquiring Person (as such terms are defined in the Rights
Agreement)), including such Rights held by a subsequent holder, may become null and void. 

  
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 Notwithstanding this Section 3.3, the omission of a legend shall not affect the enforceability of any
part of this Agreement or the rights of any holder of the Rights. If the Company purchases or acquires any Common Shares after the Record Date but prior to the Distribution Date, any Rights associated with such Common Shares shall be deemed canceled
and retired so that the Company shall not be entitled to exercise any Rights associated with the Common Shares which are no longer outstanding. Rights shall be issued in respect of all Common Shares issued or disposed of (including upon issuance or
reissuance of Common Shares out of authorized but unissued shares) after the Record Date but prior to the earliest of the Distribution Date, the Redemption Date, and the Final Expiration Date, or in certain circumstances provided in Section 22
hereof, after the Distribution Date. 
 4.    Form of Right Certificates. Right Certificates (and the forms of election to purchase
Preferred Shares and of assignment to be printed on the reverse thereof) shall be substantially the same as Exhibit B hereto and may have such marks of identification or designation and such legends, summaries or
endorsements printed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement (but which do not affect the rights, duties, liabilities or responsibilities of the Rights Agent), or as may be
required to comply with any applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which the Rights may from time to time be listed, or to conform to usage. Subject to the other
provisions of this Agreement, the Right Certificates shall entitle the holders thereof to purchase such number of one one-thousandths of a Preferred Share as shall be set forth therein at the Purchase Price,
but the amount and type of securities purchasable upon exercise and the Purchase Price shall be subject to adjustment as provided herein. 

5.    Countersignature and Registration. Right Certificates shall be duly executed on behalf of the Company by its Chairman of the Board
of Directors, its Chief Executive Officer, its President or any of its Vice Presidents, either manually or by facsimile signature, and shall be attested by the Secretary, any Assistant Secretary, the Treasurer or any Assistant Treasurer of the
Company, either manually or by facsimile signature or by other customary means of electronic transmission. Upon written request by the Company, the Right Certificates shall be countersigned by the Rights Agent, either manually or by facsimile
signature or by other customary means of electronic transmission, by an authorized signatory of the Rights Agent, but it shall not be necessary for the same signatory to countersign all of the Right Certificates hereunder. No Right Certificate shall
be valid for any purpose unless so countersigned, either manually or by facsimile or by other customary means of electronic transmission. If any officer of the Company who shall have signed any of the Right Certificates shall cease to be such
officer of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Right Certificates nevertheless may be countersigned by the Rights Agent and issued and delivered by the Company with the same force
and effect as though the Person that signed such Right Certificates had not ceased to be such officer of the Company. Any Right Certificate may be signed on behalf of the Company by any Person that, at the actual date of the execution of such Right
Certificate, is a proper officer of the Company to sign such Right Certificate, even if at the date of the execution of this Agreement such Person was not such an officer. 

  
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 Following the Distribution Date, and receipt by the Rights Agent of written notice to that
effect and all other relevant information referred to in this Agreement, the Rights Agent will keep or cause to be kept, at its office or offices designated for such purpose, books for registration of the transfer of the Right Certificates issued
hereunder. Such books shall show the names and addresses of the respective holders of the Right Certificates, the number of Rights evidenced on its face by each of the Right Certificates, and the date of each of the Right Certificates. 

6.    Transfer, Split-up, Combination and Exchange of Right Certificates; Mutilated, Destroyed,
Lost or Stolen Right Certificates. 
 6.1    Subject to the provisions of Section 14, at any time after the
Distribution Date, and prior to the earlier of the Redemption Date and the Final Expiration Date, any Right Certificate (other than a Right Certificate representing Rights that have become null and void pursuant to Section 11.1.2 or that have
been exchanged pursuant to Section 24) may be transferred, split up, combined or exchanged for another Right Certificate, entitling the registered holder to purchase a like number of Preferred Shares as the Right Certificate surrendered then
entitled such holder to purchase. Any registered holder desiring to transfer, split up, combine or exchange any Right Certificate shall make such request in writing delivered to the Rights Agent, and shall surrender (together with any required form
of assignment and certificate duly executed and properly completed) the Right Certificate to be transferred, split up, combined or exchanged at the office or offices of the Rights Agent designated for such purpose, accompanied by a signature
guarantee and such other documentation as the Rights Agent may reasonably request. Neither the Rights Agent nor the Company shall be obligated to take any action whatsoever with respect to the transfer of any such surrendered Right Certificate until
the registered holder shall have properly completed and duly executed the certificate contained in the form of assignment on the reverse side of such Right Certificate and shall have provided such additional evidence of the identity of the
Beneficial Owner (or former Beneficial Owner) of the Rights represented by such Right Certificate or the Affiliates or Associates thereof, or of any other Person with which such Beneficial Owner or any of such Beneficial Owner’s Affiliates or
Associates has any agreement, arrangement or understanding (whether or not in writing) for the purpose of acquiring, holding, voting or disposing of any securities of the Company, as the Company or the Rights Agent shall reasonably request.
Thereupon, the Rights Agent shall countersign and deliver to the Person entitled thereto a Right Certificate or Right Certificates, as the case may be, as so requested. The Company or the Rights Agent may require payment from the holders of the
Right Certificates of a sum sufficient for any tax or governmental charge that may be imposed in connection with any transfer, split-up, combination or exchange of Right Certificates. The Rights Agent shall
not have any duty or obligation to take any action under any section of this Agreement that requires the payment of taxes and/or charges unless and until it is satisfied that all such payments have been made. 

6.2    Upon receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft,
destruction or mutilation of a Right Certificate (other than any Right Certificate representing Rights that have become null and void pursuant to Section 11.1.2, that have been redeemed pursuant to Section 23 or that have been exchanged
pursuant to Section 24), and the identity of the Beneficial Owner (or former Beneficial Owner) of the Rights represented by such Right Certificate or the Affiliates or Associates thereof, or of 

  
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any other Person with which such Beneficial Owner or any of such Beneficial Owner’s Affiliates or Associates has any agreement, arrangement or understanding (whether or not in writing) for
the purpose of acquiring, holding, voting or disposing of any securities of the Company, as the Company or the Rights Agent shall request (including a signature guarantee and such other documentation as the Rights Agent may reasonably request) and,
in case of loss, theft or destruction, of indemnity or security satisfactory to them, and, at the Company’s or the Rights Agent’s request, reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto,
and, in case of mutilation, upon surrender to the Rights Agent and cancellation of the Right Certificate, the Company will make and deliver a new Right Certificate of like tenor to the Rights Agent for countersignature and delivery to the registered
holder in lieu of the Right Certificate so lost, stolen, destroyed or mutilated. 
 7.    Exercise of Rights; Purchase Price; Expiration
Date of Rights. 
 7.1    The registered holder of any Right Certificate (other than a holder whose Rights have become
void pursuant to Section 11.1.2, have been redeemed pursuant to Section 23 or have been exchanged pursuant to Section 24) may exercise the Rights evidenced thereby in whole or in part at any time after the Distribution Date upon
surrender of the Right Certificate, with the appropriate form of election to purchase on the reverse side thereof properly completed and duly executed, to the Rights Agent at the offices of the Rights Agent designated for such purpose, accompanied
by a signature guarantee and such other documentation as the Rights Agent may reasonably request, together with payment of the Purchase Price for each one one-thousandth of a Preferred Share represented by a
Right that is exercised and an amount equal to any applicable transfer tax or charges required to be paid pursuant to Section 9, prior to the earliest of (i) the Final Expiration Date, (ii) the time at which the Rights are redeemed
pursuant to Section 23, and (iii) the time at which the Rights are exchanged pursuant to Section 24. 

7.2    The purchase price to be paid upon the exercise of each Right to purchase one
one-thousandth of a Preferred Share represented by a Right shall initially be $27.00 (the “Purchase Price”) and shall be payable in lawful money of the United States of America in accordance
with Section 7.3. Each Right shall initially entitle the holder to acquire one one-thousandth of a Preferred Share upon exercise of the Right. The Purchase Price and the number of Preferred Shares or
other securities for which a Right is exercisable shall be subject to adjustment from time to time as provided in Sections 11 and 13. 

7.3    Upon receipt of a Right Certificate representing exercisable Rights, with the form of election to purchase and
certificate properly completed and duly executed, accompanied by payment of the Purchase Price for the number of Rights exercised and an amount equal to any applicable transfer tax required to be paid by the holder of such Right Certificate in
accordance with Section 9 by cash, certified check, cashier’s check or money order payable to the order of the Company, the Rights Agent shall thereupon promptly: (i)(A) requisition from any transfer agent of the Preferred Shares (or
from the Company if there shall be no such transfer agent, or make available, if the Rights Agent is the transfer agent) certificates for the number of Preferred Shares to be purchased, and the Company hereby irrevocably authorizes its transfer
agent to comply with all such requests, or (B) requisition from any depositary agent for the Preferred Shares depositary receipts representing such number of Preferred Shares as are to be purchased (in which case certificates for the Preferred
Shares represented by such receipts shall be 

  
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deposited by the transfer agent with the depositary agent), and the Company hereby directs any such depositary agent to comply with such request; (ii) when necessary to comply with this
Agreement, requisition from the Company the amount of cash to be paid in lieu of issuance of fractional Preferred Shares in accordance with Section 14 or Section 24; (iii) after receipt of such certificates or depositary receipts,
cause the same to be delivered to or upon the order of the registered holder of such Right Certificate, registered in such name or names as may be designated in writing by such holder; and (iv) when necessary to comply with this Agreement,
after receipt, deliver such cash to or upon the order of the registered holder of such Right Certificate. In the event that the Company is obligated to issue other securities of the Company, pay cash and/or distribute other property pursuant to this
Agreement, the Company will make all arrangements necessary so that such other securities, cash and/or other property are available for distribution by the Rights Agent, if and when necessary to comply with this Agreement, and until so received, the
Rights Agent shall have no duties or obligations with respect to such securities, cash and/or other assets. 
 7.4    If
the registered holder of any Right Certificate shall exercise less than all the Rights evidenced thereby, a new Right Certificate evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent and delivered to
the registered holder of such Right Certificate or to such holder’s duly authorized assigns, subject to the provisions of Section 14. 

7.5    Notwithstanding anything in this Agreement or the Right Certificate to the contrary, neither the Rights Agent nor
the Company shall be obligated to undertake any action with respect to a registered holder of Rights or other securities of the Company upon the occurrence of any purported transfer or exercise as set forth in this Section 7 unless such
registered holder shall have (i) properly completed and duly executed the certificate contained in the appropriate form of election to purchase set forth on the reverse side of the Right Certificate surrendered for such exercise and
(ii) provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof, as the Company and the Rights Agent shall reasonably request. 

8.    Cancellation and Destruction of Right Certificates. All Right Certificates surrendered for the purpose of exercise, transfer, split-up, combination or exchange shall, if surrendered to the Company or to any of its agents (other than the Rights Agent), be delivered to the Rights Agent for cancellation or in canceled form, or, if surrendered
to the Rights Agent, shall be canceled by it, and no Right Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Rights Agent for cancellation and
retirement, and the Rights Agent shall so cancel and retire, any other Right Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall at the written request of the Company, destroy such
canceled Right Certificates, and in such case shall deliver a certificate of destruction thereof to the Company. Subject to applicable law and regulation, the Rights Agent shall maintain in a retrievable database electronic records of all cancelled
or destroyed Right Certificates that have been cancelled or destroyed by the Rights Agent. The Rights Agent shall maintain such electronic records for the time period required by applicable law and regulation. Upon written request of the Company,
and at the expense of the Company, the Rights Agent shall provide to the Company or its designee copies of such electronic records relating to Rights Certificates cancelled or destroyed by the Rights Agent. 

  
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 9.    Status and Availability of Preferred Shares. 

9.1    The Company covenants and agrees that it will cause to be reserved and kept available, out of its authorized and
unissued Preferred Shares or any Preferred Shares held in its treasury, the number of Preferred Shares that will be sufficient to permit the exercise in full of all outstanding Rights in accordance with Section 7. 

9.2    The Company covenants and agrees that it will take all such action as may be necessary to ensure that all Preferred
Shares delivered upon exercise of Rights shall, at the time of delivery of the certificates (or entry in the book-entry account system of the Company) for such Preferred Shares (subject to payment of the Purchase Price and compliance with all other
applicable provisions of this Agreement), be duly and validly authorized and issued and fully paid and non-assessable shares. 

9.3    The Company further covenants and agrees that it will pay when due and payable any and all federal and state
transfer taxes and charges which may be payable in respect of the issuance or delivery of the Right Certificates or of any Preferred Shares upon the exercise of Rights. The Company shall not, however, be required to pay any transfer tax which may be
payable in respect of any transfer or delivery of Right Certificates to a Person other than, or the issuance or delivery of certificates or depositary receipts for the Preferred Shares in a name other than that of, the registered holder of the Right
Certificate evidencing Rights surrendered for exercise, and shall not be required to issue or to deliver any certificates or depositary receipts for Preferred Shares upon the exercise of any Rights until any such tax or charge shall have been paid
(any such tax or charge being payable by the holder of such Right Certificate at the time of surrender) or until it has been established to the Company’s and the Rights Agent’s reasonable satisfaction that no such tax is due. 

10.    Preferred Shares Record Date. Each Person in whose name any certificate (or entry in the book-entry account system of the Company)
for Preferred Shares is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of the Preferred Shares represented thereby on, and such certificate or book-entry shall be dated, the date upon which
the Right Certificate evidencing such Rights was duly surrendered and payment of the Purchase Price (and any applicable transfer taxes) was made; provided, that, if the date of such surrender and payment is a date upon which the Preferred
Shares transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding Business Day on which the Preferred Shares transfer books of
the Company are open. Prior to the exercise of the Rights evidenced thereby, the holder of a Right Certificate shall not be entitled to any rights of a holder of Preferred Shares for which the Rights shall be exercisable, including the right to
vote, to receive dividends or other distributions, or to exercise any preemptive rights, and shall not be entitled to receive any notice of any proceedings of the Company, except as provided herein. 

  
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 11.    Adjustment of Purchase Price, Number of Shares or Number of Rights. 

11.1    General. 

11.1.1    In the event that the Company shall at any time after the date of this Agreement (i) declare a dividend on
the Preferred Shares payable in Preferred Shares, (ii) subdivide the outstanding Preferred Shares, (iii) combine the outstanding Preferred Shares into a smaller number of Preferred Shares or (iv) issue any shares of its capital stock
in a reclassification of the Preferred Shares (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving Person), except as otherwise provided in this Section 11.1, the
Purchase Price in effect at the time of the record date for such dividend or of the effective date of such subdivision, combination or reclassification, and the number and kind of shares of capital stock issuable on such date, shall be
proportionately adjusted so that the holder of any Right exercised after such time shall be entitled to receive the aggregate number and kind of shares of capital stock which, if such Right had been exercised immediately prior to such date, the
holder would have owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision, combination or reclassification; provided, that in no event shall the consideration to be paid upon the exercise of one Right be
less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one Right. If an event occurs that would require an adjustment under both this Section 11.1.1 and Section 11.1.2 hereof, the
adjustment provided for in this Section 11.1.1 shall be in addition to, and shall be made prior to, the adjustment required pursuant to Section 11.1.2 hereof. 

11.1.2    Subject to the second paragraph of this Section 11.1.2 and to Section 24, from and after the Stock
Acquisition Date, (A) each holder of a Class A Right shall have a right to receive, upon exercise of each Class A Right, in accordance with the terms of this Agreement and in lieu of Preferred Shares, such number of Class A
Common Shares as shall equal the result obtained by dividing the current Purchase Price by 50% of the then Current Per Share Market Price of the Company’s Class A Common Shares (determined pursuant to Section 11.4) on the Stock
Acquisition Date, and (B) each holder of a Class B Right shall have a right to receive, upon exercise of each Class B Right, in accordance with the terms of this Agreement and in lieu of Preferred Shares, such number of Class B
Common Shares as shall equal the result obtained by dividing the current Purchase Price by 50% of the then Current Per Share Market Price of the Company’s Class B Common Shares (determined pursuant to Section 11.4) on the Stock
Acquisition Date. 
 From and after the Stock Acquisition Date, any Rights that are or were acquired or Beneficially Owned by (i) an
Acquiring Person (or any Associate or Affiliate of such Acquiring Person), (ii) a transferee of any Acquiring Person (or of any such Associate or Affiliate) who becomes such a transferee after the Acquiring Person becomes an Acquiring Person or
(iii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes such a transferee prior to or concurrently with the Acquiring Person becoming an Acquiring Person and who receives such Rights (A) with actual
knowledge that the transferor is or was an Acquiring Person or (B) pursuant to either (x) a transfer (whether or not for consideration) from the Acquiring Person (or any such Associate or Affiliate) to holders of equity interests in such
Acquiring Person (or any such Associate or Affiliate) or to any Person with whom the Acquiring 

  
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Person (or such Associate or Affiliate) has any continuing agreement, arrangement, understanding or relationship (whether or not in writing) regarding the transferred Rights or (y) a
transfer which the Board of Directors has determined is part of a plan, arrangement or understanding (whether or not in writing) which has as a primary purpose or effect of the avoidance of this Section 11.1.2, (each such Person described in
(i)-(iii) above, an “Excluded Person”) shall, in each such case, be null and void, and any holder of such Rights (whether or not such holder is an Acquiring Person or an Associate or Affiliate of an Acquiring Person) shall
thereafter have no right to exercise such Rights under any provision of this Agreement. No Right Certificates shall be issued pursuant to Sections 3, 6, 7.4 or 11 or otherwise hereof that represents Rights that are or have become null and void
pursuant to the provisions of this paragraph and any Right Certificate delivered to the Rights Agent that represents Rights that are or have become null and void pursuant to the provisions of this paragraph shall, upon receipt of written notice
directing it to do so, be canceled by the Rights Agent. 
 11.1.3    If there are not sufficient authorized but unissued
Class A Common Shares or Class B Common Shares, as applicable, to permit the exercise in full of the Rights in accordance with Section 11.1.2 or the exchange of the Rights in accordance with Section 24, or should the Board of
Directors so elect, the Company may with respect to such deficiency, (i) determine the excess (the “Spread”) of (x) the value of the Class A Common Shares or Class B Common Shares issuable upon the exercise of a
Right as provided in Section 11.1.2 (the “Current Value”) over (y) the Purchase Price, and (ii) with respect to each Class A Right or Class B Right, make adequate provision to substitute for such
Class A Common Shares or Class B Common Shares, upon payment of the applicable Purchase Price, any one or more of the following having an aggregate value determined by the Board of Directors to be equal to the Current Value: (A) cash,
(B) a reduction in the Purchase Price, (C) Class A Common Shares, Class B Common Shares or other equity securities of the Company (including shares, or units of shares, of preferred stock which the Board of Directors has determined to
have the same value as the Class A Common Shares (“Class A Common Stock Equivalents”) or the Class B Common Shares (“Class B Common Stock Equivalents”), as
applicable), (D) debt securities of the Company or (E) other assets, property or instruments. The Company shall provide the Rights Agent with prompt reasonably detailed written notice of any final determination under the previous sentence.

 If the Board of Directors shall determine in good faith that additional Class A Common Shares or Class B Common Shares should
be authorized for issuance upon exercise in full of the Class A Rights or the Class B Rights, the Company may suspend the exercisability of the Class A Rights or the Class B Rights in order to seek any authorization of
additional shares, decide the appropriate form of distribution to be made and determine the value thereof. If the exercisability of the Class A Rights or the Class B Rights is suspended pursuant to this Section 11.1.3, the Company
shall make a public announcement, and shall promptly deliver to the Rights Agent a statement, stating that the exercisability of the Class A Rights or the Class B Rights has been temporarily suspended. When the suspension is no longer in
effect, the Company shall make another public announcement, and promptly deliver to the Rights Agent a statement, so stating. For purposes of this Section 11.1.3, the value of the Class A Common Shares or the Class B Common Shares
shall be the Current Per Share Market Price of the Class A Common Shares or the Class B Common Shares, as applicable (as determined pursuant to Section 11.4.1), as of the Stock Acquisition Date, and the value of any Class A
Common Stock Equivalent or Class B Common Stock Equivalent shall be deemed to have the same value as the Class A Common Shares or the Class B Common Shares, as applicable, on such date. 

  
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 11.2    If the Company fixes a record date for the issuance of rights,
options or warrants to all holders of Preferred Shares entitling them (for a period expiring within 45 days after such record date) to subscribe for or purchase Preferred Shares (or shares having the same rights, privileges and preferences as the
Preferred Shares (“Equivalent Preferred Shares”)) or securities convertible into Preferred Shares or Equivalent Preferred Shares at a price per Preferred Share or Equivalent Preferred Share (or having a conversion price per share,
if a security convertible into Preferred Shares or Equivalent Preferred Shares) less than the then Current Per Share Market Price of the Preferred Shares (as determined pursuant to Section 11.4.2) on such record date, the Purchase Price to be
in effect after such record date shall be adjusted by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, (i) the numerator of which shall be (A) the number of Preferred Shares outstanding on such
record date plus (B) the number of Preferred Shares which the aggregate offering price of the total number of Preferred Shares or Equivalent Preferred Shares to be offered (or the aggregate initial conversion price of the convertible securities
to be offered) would purchase at such Current Per Share Market Price and (ii) the denominator of which shall be (A) the number of Preferred Shares outstanding on such record date plus (B) the number of additional Preferred Shares or
Equivalent Preferred Shares to be offered for subscription or purchase (or into which the convertible securities to be offered are initially convertible); provided, that in no event shall the consideration to be paid upon the exercise of one
Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one Right. If such subscription price may be paid in a consideration part or all of which shall be in a form other than cash, the
value of such consideration shall be as determined in good faith by the Board of Directors, whose determination shall be described in a statement filed with the Rights Agent, which shall be conclusive for all purposes. Preferred Shares owned by or
held for the account of the Company shall not be deemed outstanding for the purpose of any such computation. Such adjustment shall be made successively whenever such a record date is fixed. If such rights, options or warrants are not so issued, the
Purchase Price shall be adjusted to be the Purchase Price that would then be in effect if such record date had not been fixed. 

11.3    If the Company fixes a record date for the making of a distribution to all holders of the Preferred Shares
(including any distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving Person) or evidences of indebtedness or assets (other than a regular quarterly cash dividend or a dividend payable in
Preferred Shares) or subscription rights or warrants (excluding those referred to in Section 11.2), the Purchase Price to be in effect after such record date shall be determined by multiplying the Purchase Price in effect immediately prior to
such record date by a fraction, (i) the numerator of which shall be the then Current Per Share Market Price of the Preferred Shares on such record date, less the fair market value (as determined in good faith by the Board of Directors, whose
determination shall be described in a statement filed with the Rights Agent and which shall be conclusive for all purposes) of the portion of the assets or evidences of indebtedness to be distributed or of such subscription rights or warrants
applicable to one Preferred Share and (ii) the denominator of which shall be the then Current Per Share Market Price of the Preferred Shares; provided, that in no event shall the consideration to be paid upon the exercise of one Right be
less than the aggregate par value of the Preferred Shares to be issued upon exercise of 

  
 - 17 - 

 
one Right. Such adjustments shall be made successively whenever such a record date is fixed. If such distribution is not so made, the Purchase Price shall again be adjusted to be the Purchase
Price that would then be in effect if such record date had not been fixed. 
 11.4    Current Per Share Market
Price. 
 11.4.1    For the purpose of any computation hereunder, the “Current Per Share Market
Price” of any security on any date shall be deemed to be the average of the daily closing prices per share of such security for the 30 consecutive Trading Days immediately prior to such date; provided, that if the Current Per Share
Market Price of the security is determined during a period (i) following the announcement by the issuer of such security of (A) a dividend or distribution on such security payable in shares of such security or other securities convertible
into such shares, or (B) any subdivision, combination or reclassification of such security, and (ii) prior to the expiration of 30 Trading Days after the ex-dividend date for such dividend or
distribution, or the record date for such subdivision, combination or reclassification, then, and in each such case, the Current Per Share Market Price shall be appropriately adjusted to reflect the current market price per share equivalent of such
security. The closing price for each day shall be the last sale price or, if no such sale takes place on such day, the average of the closing bid and asked prices, in either case as reported by NYSE, or, if on any such date the security is not
quoted by NYSE, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the security selected by the Board of Directors. If on any such date no such market maker is making a market in the
security, the fair value of the security on such date as determined in good faith by the Board of Directors shall be used. 

11.4.2    For the purpose of any computation hereunder, the “Current Per Share Market Price” of the
Preferred Shares shall be determined in accordance with the method set forth in Section 11.4.1. If the Preferred Shares are not publicly traded, the “Current Per Share Market Price” of the Preferred Shares shall be conclusively
deemed to be the Current Per Share Market Price of the Class A Common Shares as determined pursuant to Section 11.4.1 (appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date
hereof) multiplied by one thousand. If neither the Class A Common Shares nor the Preferred Shares are publicly held or so listed or traded, “Current Per Share Market Price” means the fair value per share as determined in good
faith by the Board of Directors, whose determination shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes. 

11.5    No adjustment in the Purchase Price shall be required unless such adjustment would require an increase or decrease
of at least 1% in the Purchase Price; provided, that any adjustments which by reason of this Section 11.5 are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under
this Section 11 shall be made to the nearest cent or to the nearest one one-thousandth of a Preferred Share or one one-thousandth of any other share or security as
the case may be. Notwithstanding the first sentence of this Section 11.5, any adjustment required by this Section 11 shall be made no later than three years from the date of the transaction which requires such adjustment. 

  
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 11.6    If, as a result of an adjustment made pursuant to
Section 11.1, the holder of any Right thereafter exercised shall become entitled to receive any shares of capital stock of the Company other than Preferred Shares, the number of such other shares so receivable upon exercise of any Right shall
thereafter be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Shares contained in Sections 11.1 through 11.3, inclusive, and the
provisions of Sections 7, 9, 10 and 13 with respect to the Preferred Shares shall apply on like terms to any such other shares. 

11.7    All Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price hereunder
shall evidence the right to purchase, at the adjusted Purchase Price, the number of Preferred Shares purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment as provided herein. 

11.8    Unless the Company exercises its election as provided in Section 11.9, upon each adjustment of the Purchase
Price as a result of the calculations made in Sections 11.2 and 11.3, each Right outstanding immediately prior to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted Purchase Price, that number of
one one-thousandth of a Preferred Share (calculated to the nearest one one-thousandth of a Preferred Share) obtained by (i) multiplying the number of one one-thousandth of a Preferred Share covered by a Right immediately prior to this adjustment by the Purchase Price in effect immediately prior to such adjustment of the Purchase Price and (ii) dividing the
product so obtained by the Purchase Price in effect immediately after such adjustment of the Purchase Price. 

11.9    The Company may elect on or after the date of any adjustment of the Purchase Price to adjust the number of Rights
in substitution for any adjustment in the number of Preferred Shares purchasable upon the exercise of a Right. Each of the Rights outstanding after such adjustment of the number of Rights shall be exercisable for the number of Preferred Shares for
which a Right was exercisable immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights shall become that number of Rights (calculated to the nearest one
one-thousandth) obtained by dividing the Purchase Price in effect immediately prior to adjustment of the Purchase Price by the Purchase Price in effect immediately after adjustment of the Purchase Price. The
Company shall make a public announcement (with prompt written notice thereof to the Rights Agent) of its election to adjust the number of Rights, indicating the record date for the adjustment and, if known at the time, the amount of the adjustment
to be made. The record date may be the date on which the Purchase Price is adjusted or any day thereafter but, if the Right Certificates have been distributed, shall be at least ten days after the date of the public announcement. If Right
Certificates have been distributed, upon each adjustment of the number of Rights pursuant to this Section 11.9, the Company shall, as promptly as practicable, cause to be distributed to holders of record of Right Certificates on such record
date Right Certificates evidencing, subject to Section 14, the additional Rights to which such holders shall be entitled as a result of such adjustment or, at the option of the Company, shall cause to be distributed to such holders of record in
substitution and replacement for the Right Certificates held by such holders prior to the date of adjustment, and upon surrender thereof if required by the Company, new Right Certificates evidencing all the Rights to which such holders shall be
entitled after such adjustment. Right Certificates to be so distributed shall be issued, executed and countersigned in the manner provided for herein and shall be registered in the names of the holders of record of Right Certificates on the record
date specified in the public announcement. 

  
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 11.10    Irrespective of any adjustment or change in the Purchase Price
or the number of Preferred Shares issuable upon the exercise of the Rights, the Right Certificates theretofore and thereafter issued may continue to express the Purchase Price and the number of Preferred Shares which were expressed in the initial
Right Certificates issued hereunder. 
 11.11    Before taking any action that would cause an adjustment reducing the
Purchase Price below the then par value of the Preferred Shares issuable upon exercise of the Rights, the Company shall take any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and
legally issue fully paid and non-assessable Preferred Shares at such adjusted Purchase Price. 

11.12    If this Section 11 requires that an adjustment in the Purchase Price be made effective as of a record date
for a specified event, the Company may defer, until the occurrence of such event, issuing to the holder of any Right exercised after such record date Preferred Shares and other capital stock or securities of the Company, if any, issuable upon such
exercise over and above the Preferred Shares and other capital stock or securities of the Company, if any, issuable upon such exercise on the basis of the Purchase Price in effect prior to such adjustment; provided, that the Company shall
deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right to receive such additional shares upon the occurrence of the event requiring adjustment. 

11.13    Anything in this Section 11 to the contrary notwithstanding, the Company shall be entitled to make such
reductions in the Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that it in its sole discretion shall determine to be advisable in order that any (i) combination or subdivision
of the Preferred Shares, (ii) issuance wholly for cash of any Preferred Shares at less than the Current Per Share Market Price, (iii) issuance wholly for cash of Preferred Shares or securities which by their terms are convertible into or
exchangeable for Preferred Shares, (iv) dividends on Preferred Shares payable in Preferred Shares, or (v) issuance of any rights, options or warrants referred to in Section 11.2 made by the Company after the date of this Agreement to
holders of its Preferred Shares shall not be taxable to such stockholders. 
 11.14    If, at any time after the date of
this Agreement and prior to the Distribution Date, the Company (i) declares or pays any dividend on the Common Shares payable in Common Shares or (ii) effects a subdivision, combination or consolidation of the Common Shares (by
reclassification or otherwise other than by payment of dividends in Common Shares) into a greater or lesser number of Common Shares, then in any such case (A) the number of one one-thousandths of a
Preferred Share purchasable after such event upon exercise of each Right shall be determined by multiplying the number of one one-thousandths of a Preferred Share so purchasable immediately prior to such event
by a fraction, the numerator of which is the number of Common Shares outstanding immediately before such event and the denominator of which is the number of Common Shares outstanding immediately after such event, and (B) each Common Share
outstanding immediately after such event shall have issued with respect to it that number of Rights which each Common Share outstanding immediately prior to such event had issued with respect to it. The adjustments provided for in this
Section 11.14 shall be made successively whenever such a dividend is declared or paid or such a subdivision, combination or consolidation is affected. 

  
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 12.    Certificate of Adjustment. Whenever an adjustment or any event affecting the
Rights or their exercisability (including an event that causes Rights to become null and void) occurs is made as provided in Sections 11 and 13, the Company shall promptly (i) prepare a certificate setting forth such adjustment and a
reasonably detailed statement of the facts, computation, methodology and accounting for such adjustment, (ii) promptly file with the Rights Agent and with each transfer agent for the Common Shares or the Preferred Shares a copy of such
certificate, and (iii) if such adjustment occurs following a Distribution Date, mail a brief summary thereof to each holder of a Right Certificate in accordance with Section 25. The Rights Agent shall be fully protected in relying on any
such certificate and on any adjustment or statement therein contained and shall not be obligated or responsible for calculating any adjustment, nor shall the Rights Agent be deemed to have knowledge of such an adjustment or any such event, unless
and until it shall have received such certificate. Notwithstanding the foregoing sentence, but without limiting any of the rights or immunities of the Rights Agent, the failure of the Company to make such certification or give such notice shall not
affect the validity of, or the force or effect of, the requirement for such adjustment. Any adjustment to be made pursuant to Section 11 or 13 hereof shall be effective as of the date of the event giving rise to such adjustment. The Rights
Agent shall be entitled to rely on any such certificate and on any adjustment or statement therein contained and shall have no duty or liability with respect thereto, and shall not be deemed to have knowledge of any such adjustment or any such event
unless and until it shall have received such certificate. 
 13.    Consolidation, Merger, Sale or Transfer of Assets or Earning Power.

 13.1    If, at any time after a Stock Acquisition Date, (i) the Company consolidates with, or merges with and
into, any other Person; (ii) any Person consolidates with the Company, or merges with and into the Company, and the Company is the continuing or surviving Person of such merger and, in connection with such merger, all or part of the Common
Shares are or will be changed into or exchanged for stock or other securities of any other Person (or the Company) or cash or any other property; or (iii) the Company sells or otherwise transfers (or one or more of its Subsidiaries sell or
otherwise transfer), in one or more transactions, assets or Earning Power aggregating 50% or more of the assets or Earning Power of the Company and its Subsidiaries (taken as a whole) to any other Person other than the Company or one or more of its
wholly owned Subsidiaries, then proper provision shall be made so that (A) each holder of a Right (except as otherwise provided herein) shall have the right to receive, upon the exercise of each Right in accordance with the terms of this
Agreement and in lieu of Preferred Shares, such number of Common Shares of such other Person (including the Company as successor thereto or as the surviving Person) equal to the result obtained by dividing the then current Purchase Price by 50% of
the then Current Per Share Market Price of the Common Shares of such other Person (determined pursuant to Section 11.4) on the date of consummation of such consolidation, merger, sale or transfer; (B) the issuer of such Common Shares shall
thereafter be liable for, and shall assume, by virtue of such consolidation, merger, sale or transfer, all the obligations and duties of the Company pursuant to this Agreement; (C) the term “Company” shall thereafter be deemed to
refer to such issuer; and (D) such issuer shall take steps (including the reservation of a sufficient number of shares of its common stock in accordance with Section 9) in connection with such consummation as may be necessary to ensure
that the provisions hereof shall thereafter be applicable in relation to the common stock thereafter deliverable upon the exercise of the Rights. 

  
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 13.2    The Company shall not consummate any such consolidation, merger,
sale or transfer unless prior thereto the Company and such issuer shall have executed and delivered to the Rights Agent a supplemental agreement providing for such issuer’s compliance with this Section 13. The Company shall not enter into
any transaction of the kind referred to in this Section 13 if, at the time of such transaction, there are any rights, warrants, instruments or securities outstanding or any agreements or arrangements which, as a result of the consummation of
such transaction, would eliminate or substantially diminish the benefits intended to be afforded by the Rights. The provisions of this Section 13 shall apply to successive mergers or consolidations or sales or other transfers. 

13.3    For purposes of this Agreement, the “Earning Power” of the Company and its Subsidiaries shall be
determined in good faith by the Company’s Board of Directors on the basis of the operating earnings of each business operated by the Company and its Subsidiaries during the three fiscal years preceding the date of such determination (or, in the
case of any business not operated by the Company or any Subsidiary during three full fiscal years preceding such date, during the period such business was operated by the Company or any Subsidiary). 

14.    Fractional Rights and Fractional Shares. 

14.1    The Company shall not be required to issue fractions of Rights or to distribute Right Certificates which evidence
fractional Rights. In lieu of such fractional Rights, the Company may instead pay to the registered holders of the Right Certificates with regard to which such fractional Rights would otherwise be issuable an amount in cash equal to the same
fraction of the current market value of a whole Right. For the purposes of this Section 14.1, the current market value of a whole Right shall be the closing price of the Rights (as determined pursuant to the second sentence of
Section 11.4.1) for the Trading Day immediately prior to the date on which such fractional Rights would have been otherwise issuable. 

14.2    The Company shall not be required to issue fractions of Preferred Shares (other than fractions which are integral
multiples of one one-thousandth of a Preferred Share) upon exercise of the Rights, to distribute certificates which evidence fractional Preferred Shares or to register fractional Preferred Shares in the
Company’s share register (other than fractions which are integral multiples of one one-thousandth of a Preferred Share). Fractions of Preferred Shares in integral multiples of one one-thousandth of a Preferred Share may, at the election of the Company, be evidenced by depositary receipts, pursuant to an agreement between the Company and a depositary selected by the Company; provided,
that such agreement shall provide that the holders of such depositary receipts shall have all the rights, privileges and preferences to which they are entitled as Beneficial Owners of the Preferred Shares represented by such depositary receipts. In
lieu of fractional Preferred Shares that are not integral multiples of one one-thousandth of a Preferred Share, the Company shall pay to each registered holder of Right Certificates at the time such Rights are
exercised as herein provided an amount in cash equal to the same fraction of the current market value of one Preferred Share as the fraction of one Preferred Share that such holder would otherwise receive upon the exercise of the aggregate number of
rights exercised by such holder. For the purposes of this Section 14.2, the current market value of a Preferred Share shall be the closing price of a Preferred Share (pursuant to Section 11.4.1) for the Trading Day immediately prior
to the date of such exercise. 

  
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 14.3    For purposes of this Section 14, the closing price for any
day shall be the last quoted price or, if not so quoted, the average of the high bid and low asked prices as reported by NYSE, or if on any such date the Rights or Preferred Shares, as applicable, are not listed on NYSE, the average of the closing
bid and asked prices as furnished by a professional market maker making a market in the Rights or Preferred Shares, as applicable, selected by the Board of Directors. If on any such date no such market maker is making a market in the Rights or
Preferred Shares, as applicable, the fair value of the Rights or Preferred Shares, as applicable, on such date as determined in good faith by the Board of Directors shall be used. 

14.4    The holder of a Right by the acceptance of the Right expressly waives any right to receive fractional Rights or
fractional shares upon exercise of a Right (except as provided in this Section 14). 
 14.5    Whenever a payment
for fractional Rights or fractional shares is to be made by the Rights Agent under any section of this Agreement, the Company shall (i) promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts
related to such payments and the prices and formulas utilized in calculating such payments, and (ii) provide sufficient monies to the Rights Agent in the form of fully collected funds to make such payments. The Rights Agent shall be fully
protected in relying upon such a certificate and shall have no duty with respect to, and shall not be deemed to have knowledge of, any payment for fractional Rights or fractional shares under any section of this Agreement relating to the payment of
fractional Rights or fractional shares unless and until the Rights Agent shall have received such a certificate and sufficient monies. 

15.    Rights of Action. All rights of action in respect of this Agreement, excepting the rights of action given to the Rights Agent under
Section 18, are vested in the respective registered holders of the Right Certificates. Any registered holder of any Right Certificate may, without the consent of the Rights Agent or of the holder of any other Right Certificate, on such
holder’s own behalf and for such holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise act in respect of, such holder’s right to exercise the Rights
evidenced by such Right Certificate in the manner provided in such Right Certificate and in this Agreement. Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights
would not have an adequate remedy at law for any breach of this Agreement by the Company and will be entitled to specific performance of the obligations hereunder, and injunctive relief against actual or threatened violations of the obligations
hereunder, of the Company. 
 16.    Agreement of Right Holders. Every holder of a Right, by accepting the same, consents and agrees
with the Company and the Rights Agent and with every other holder of a Right that: 
 16.1    prior to the Distribution
Date, the Rights will be transferable only in connection with the transfer of the Common Shares; 
 16.2    after the
Distribution Date, the Right Certificates are transferable only on the registry books maintained by the Rights Agent if surrendered at the office or offices of the Rights Agent designated for such purpose, duly endorsed or accompanied by a proper
instrument of transfer with the appropriate form of certification, properly completed and duly executed, accompanied by a signature guarantee and such other documentation as the Rights Agent may reasonably request; 

  
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 16.3    the Company and the Rights Agent may deem and treat the Person
in whose name the Right Certificate (or, prior to the Distribution Date, the associated Common Shares certificate or, in the case of uncertificated Common Shares, by the book-entry that evidences record ownership of such Common Shares) is registered
as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Right Certificates or the associated Common Shares certificate or book-entry made by anyone other than the Company or the
Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary; and 

16.4    notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have
any liability to any holder of a Right or other Person as a result of the inability of the Company or the Rights Agent to perform any of its or their obligations under this Agreement by reason of any preliminary or permanent injunction or other
order, decree, judgment or ruling issued by a court of competent jurisdiction or by a governmental, regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental
authority prohibiting or otherwise restraining performance of such obligation. 
 17.    Right Certificate Holder Not Deemed a
Stockholder. No holder, as such, of any Right Certificate shall be entitled to vote or receive dividends, or be deemed for any purpose the holder of the Preferred Shares or any other securities of the Company that may at any time be issuable on the
exercise or exchange of the Rights represented thereby, nor shall anything contained herein or in any Right Certificate be construed to confer upon the holder of any Right Certificate, as such, any of the rights of a stockholder of the Company or
any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, to give or withhold consent to any corporate action, to receive notice of meetings or other actions affecting stockholders (except
as provided in Section 25), or to receive dividends or subscription rights, or otherwise, until the Rights evidenced by such Right Certificate shall have been exercised or exchanged in accordance with the provisions hereof. 

18.    Concerning the Rights Agent. The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it
hereunder in accordance with a fee schedule to be mutually agreed upon, and, from time to time, on demand of the Rights Agent, to reimburse the Rights Agent for all of its reasonable expenses and counsel fees and other disbursements incurred in the
preparation, delivery, negotiation, administration, execution and amendment, of this Agreement and the exercise and performance of its duties hereunder. The Company also covenants and agrees to indemnify the Rights Agent for, and to hold it harmless
against, any and all loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost or expense (including the reasonable fees and expenses of legal counsel) that may be paid, incurred or suffered by it, or which it may become
subject, without gross negligence or willful misconduct on the part of the Rights Agent (which gross negligence or willful misconduct must be determined by a final, non-appealable judgment of a court of
competent jurisdiction), for any action taken, suffered or omitted to be taken by the Rights Agent in connection with the execution, acceptance and, administration of, exercise and performance of its duties under this

  
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Agreement, including the costs and expenses of defending against any claim or liability arising therefrom or in connection therewith, directly or indirectly. The provisions under this
Section 18 and Section 20 below shall survive the expiration of the Rights and the termination of this Agreement and the resignation, replacement or removal of the Rights Agent. The reasonable costs and expenses incurred in enforcing this
right of indemnification shall be paid by the Company. 
 The Rights Agent shall be fully authorized and protected and shall incur no
liability for or in respect of any action taken, suffered or omitted by it in connection with its acceptance and administration of this Agreement and the exercise and performance of its duties hereunder, in each case in reliance upon any Right
Certificate or certificate for Preferred Shares or for other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, instruction, direction, consent, certificate, statement, or
other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or acknowledged by the proper Person or Persons, or otherwise upon the advice of counsel as set forth in Section 20. The Rights Agent
shall not be deemed to have knowledge of any event of which it was supposed to receive notice thereof hereunder, and the Rights Agent shall be fully protected and shall incur no liability for failing to take action in connection therewith, unless
and until it has received such notice in writing. 
 Notwithstanding anything in this Agreement to the contrary, in no event will the Rights
Agent be liable for special, punitive, indirect, incidental or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damage and
regardless of the form of action. 
 19.    Merger or Consolidation or Change of Name of Rights Agent. Any Person into which the Rights
Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to
the stock transfer or other stockholder services business of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part
of any of the parties hereto; provided, that such Person would be eligible for appointment as a successor Rights Agent under the provisions of Section 21. The purchase of all or substantially all of the Rights Agent’s assets
employed in the performance of transfer agent activities shall be deemed a merger or consolidation for purposes of this Section 19. If, at the time such successor Rights Agent shall succeed to the agency created by this Agreement, any of the
Right Certificates shall have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Right Certificates so countersigned. If, at that time, any of the
Right Certificates shall not have been countersigned, any successor Rights Agent may countersign such Right Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent. In all such cases such Right
Certificates shall have the full force provided in the Right Certificates and in this Agreement. 
 If, at any time, the name of the Rights
Agent changes and any of the Right Certificates have been countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Right Certificates so countersigned. If, at that time, any of the

  
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Right Certificates have not been countersigned, the Rights Agent may countersign such Right Certificates either in its prior name or in its changed name. In all such cases such Right Certificates
shall have the full force provided in the Right Certificates and in this Agreement. 
 20.    Rights and Duties of Rights Agent. The
Rights Agent undertakes to perform only the duties and obligations expressly set forth in this Agreement and no implied duties or obligations shall be read into this Agreement against the Rights Agent. The Rights Agent shall perform its duties and
obligations hereunder upon the following terms and conditions, by all of which the Company and the holders of Right Certificates, by their acceptance thereof, shall be bound: 

20.1    The Rights Agent may consult with legal counsel (who may be legal counsel for the Company or an employee or legal
counsel of the Rights Agent), and the advice or opinion of such counsel shall be full and complete authorization and protection to the Rights Agent and the Rights Agent shall incur no liability for or in respect of as to any action taken or omitted
by it in good faith and in accordance with such advice or opinion. 
 20.2    Whenever in the performance of its duties
under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact or matter (unless other
evidence in respect thereof is specifically prescribed herein) may be deemed to be conclusively proved and established by a certificate signed by a Person reasonably believed by the Rights Agent to be any one of the Chief Executive Officer, the
Chairman of the Board of Directors, the President, a Vice President, the Treasurer or the Secretary of the Company and delivered to the Rights Agent, and such certificate shall be full authorization to the Rights Agent and the Rights Agent shall
incur no liability for or in respect of any action taken, suffered or omitted to be taken by it under the provisions of this Agreement in reliance upon such certificate. The Rights Agent shall have no duty to act without such a certificate as set
forth in this Section 20.2. 
 20.3    The Rights Agent shall be liable to the Company and any other Person
hereunder only for its own gross negligence or willful misconduct (which gross negligence or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction).
Notwithstanding anything in this Agreement to the contrary, any liability of the Rights Agent under this Agreement will be limited to the amount of annual fees paid by the Company to the Rights Agent during the 12 months immediately preceding the
event for which recovery from the Rights Agent is being sought. 
 20.4    The Rights Agent shall not be liable for or
by reason of any of the statements of fact or recitals contained in this Agreement or in the Right Certificates (except as to its countersignature thereof) or be required to verify the same. All such statements and recitals are and shall be deemed
to have been made by the Company only. 
 20.5    The Rights Agent shall not have any liability for or be under any
responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the legality or validity or execution of any Right Certificate (except its
countersignature thereof); nor shall it be responsible for any determination by the Board of Directors with respect to the Rights or breach by the Company of 

  
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any covenant or failure by the Company to satisfy any condition contained in this Agreement or in any Right Certificate; nor shall it be liable or responsible for any modification by or order of
any court, tribunal or governmental authority in connection with the foregoing, any change in the exercisability of the Rights or any adjustment required under the provisions of Sections 11 or 13 or for the manner, method or amount of any
such adjustment or the ascertaining of the existence of facts that would require any such adjustment (except with respect to the exercise of Rights evidenced by Right Certificates after receipt of a certificate furnished pursuant to Section 12
describing such adjustment); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Preferred Shares to be issued pursuant to this Agreement or any Right Certificate
or as to whether any Preferred Shares will, when so issued, be validly authorized and issued, fully paid, and non-assessable. 

20.6    The Rights Agent shall not be liable or responsible for any failure of the Company to comply with any of its
obligations relating to any registration statement filed with the Securities and Exchange Commission or this Agreement, including, without limitation, obligations under applicable regulation or law. 

20.7    The Rights Agent shall not have any duty or responsibility in the case of the receipt of any written demand from
any holder of Rights with respect to any action or default by the Company, including any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company. 

20.8    The Company agrees that it will perform, execute, acknowledge and deliver, or cause to be performed, executed,
acknowledged and delivered, all such further and other acts, instruments and assurances as may reasonably be required or reasonably requested by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this
Agreement. 
 20.9    The Rights Agent is hereby authorized and directed to accept written instructions with respect to
the performance of its duties hereunder and certificates delivered pursuant to any provision hereof from any Person reasonably believed by the Rights Agent to be any one of the Chairman of the Board, the Chief Executive Officer, the President, a
Vice President, the Treasurer or the Secretary of the Company, and to apply to such officers for advice or instructions in connection with its duties under this Agreement, and such advice or instructions shall provide full authorization and
protection to the Rights Agent, and the Rights Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with the written advice or instructions of any such officer or for any delay in acting while waiting
for these instructions. The Rights Agent shall be fully authorized and protected in relying upon the most recent advice or instructions received by any such officer. Any application by the Rights Agent for written instructions from the Company may,
at the option of the Rights Agent, set forth in writing any action proposed to be taken or omitted by the Rights Agent with respect to its duties or obligations under this Agreement. 

20.10    The Rights Agent and any affiliate, stockholder, director, officer, agent, representative or employee of the
Rights Agent may buy, sell or deal in any of the Rights or other securities of the Company, or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company, or otherwise act
as 

  
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fully and freely as though it were not the Rights Agent under this Agreement, in each case in compliance with applicable laws. Nothing herein shall preclude the Rights Agent and such other
Persons from acting in any other capacity for the Company or for any other legal entity. 
 20.11    The Rights Agent
may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or agents. The Rights Agent shall not be answerable or accountable for any act, omission, default,
neglect, or misconduct of any such attorneys or agents or for any loss to the Company or any other Person resulting from any such act, omission, default, neglect or misconduct, absent gross negligence in the selection and continued employment of
such attorneys or agents thereof (which gross negligence must be determined by a final, non-appealable judgment of a court of competent jurisdiction). 

20.12    No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur
any financial liability in the performance of any of its duties hereunder or in the exercise of its rights if the Rights Agent believes that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured
to it. 
 20.13    The Rights Agent shall not be required to take notice or be deemed to have notice of any fact, event
or determination (including any dates or events defined in this Agreement or the designation of any Person as an Acquiring Person, Affiliate or Associate or whether any Requesting Person has been designated as an Exempt Person) under this Agreement
unless and until the Rights Agent shall be specifically notified in writing by the Company of such fact, event or determination, and all notices or other instruments required by this Agreement to be delivered to the Rights Agent must, in order to be
effective, be received by the Rights Agent as specified in Section 26, and in the absence of such notice so delivered, the Rights Agent may conclusively assume no such event or condition exists. 

20.14    The Rights Agent shall have no responsibility to the Company or any holders of the Right Certificates for
interest or earnings on any moneys held by the Rights Agent pursuant to this Agreement. 
 21.    Change of Rights Agent. The Rights
Agent or any successor Rights Agent may resign and be discharged from its duties under this Agreement upon 30 days’ notice in writing mailed to the Company and, in the event that the Rights Agent or one of its Affiliates is not also the
transfer agent for the Company in accordance with Section 26, to each transfer agent of the Common Shares and the Preferred Shares in accordance with Section 26. The Company may remove the Rights Agent or any successor Rights Agent upon 30
days’ notice in writing, mailed to the Rights Agent or successor Rights Agent in accordance with Section 26, as the case may be, and to each transfer agent of the Common Shares and the Preferred Shares by registered or certified mail, and,
after the Distribution Date, to the holders of the Right Certificates by first-class mail. In the event that the transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed to have
resigned automatically and be discharged from its duties as Rights Agent under this Agreement as of the effective date of such termination, and the Company shall be responsible for sending any required notice. If the Rights Agent shall resign or be
removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Rights Agent. If the Company shall fail to make such 

  
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appointment within a period of 30 days after giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights
Agent, then the incumbent Rights Agent or registered holder of any Right Certificate may apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such
a court, shall be (i) a Person (other than a natural person) organized and doing business under the laws of the United States or of any state of the United States, in good standing, which is authorized under such laws to exercise stock transfer
powers, is subject to supervision or examination by federal or state authority, and has, along with its Affiliates, at the time of its appointment as Rights Agent a combined capital and surplus of at least $50 million or (ii) an Affiliate
of a Person described in clause (i) of this sentence. After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act
or deed, and the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and shall execute and deliver any further assurance, conveyance, act or deed necessary for the purpose
but such predecessor Rights Agent shall not be required to make any additional expenditure or assume any additional liability in connection with the foregoing, and shall thereafter be discharged from all duties and obligations hereunder. Not later
than the effective date of any such appointment the Company shall file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Shares and the Preferred Shares, and, after the Distribution Date, mail a notice
in writing to the registered holders of the Right Certificates. Failure to give any notice provided for in this Section 21, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights
Agent or the appointment of the successor Rights Agent, as the case may be. 
 22.    Issuance of New Right Certificates.
Notwithstanding any of the provisions of this Agreement or of the Right Certificates to the contrary, the Company may, at its option, issue new Right Certificates evidencing Rights in such form as may be approved by its Board of Directors to reflect
any adjustment or change in the Purchase Price and the number or kind or class of shares or other securities or property purchasable under the Right Certificates made in accordance with the provisions of this Agreement. In addition, in connection
with the issuance or sale of Common Shares following the Distribution Date and prior to the earlier of the Redemption Date and the Final Expiration Date, the Company may, with respect to Common Shares so issued or sold, issue Right Certificates
representing the appropriate number of Rights in connection with such issuance or sale; provided, that no such Right Certificates may be issued if, and to the extent that, the Company, in its sole discretion, determines that such issuance
would jeopardize or endanger the value or availability to the Company of the Tax Attributes or otherwise create a significant risk of material adverse tax consequences to the Company. 

23.    Redemption. 

23.1    The Board of Directors may, at its option, at any time prior to the earlier to occur of (i) the Close of
Business on the tenth day following the Stock Acquisition Date (or, if the tenth day following the Stock Acquisition Date occurs before the Record Date, the Close of Business on the Record Date) and (ii) the Final Expiration Date, redeem all,
but not less than all, of the then outstanding Rights at a redemption price of $0.001 per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (the

  
 - 29 - 

 
“Redemption Price”). The redemption of the Rights by the Board of Directors may be made effective at such time, on such basis and subject to such conditions as the Board of
Directors in its sole discretion may establish. 
 23.2    Immediately upon the time of the effectiveness of the
redemption of the Rights or such earlier time as may be determined by the Board of Directors in the action ordering such redemption (although not earlier than the time of such action) (the “Redemption Date”), and without any further
action and without any notice, the right to exercise the Rights shall terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price. The Company shall promptly give public notice of any such redemption
(with prompt written notice to the Rights Agent); provided, that the failure to give, or any defect in, any such notice shall not affect the validity of such redemption. Within ten Business Days after action of the Board of Directors ordering
the redemption of the Rights, the Company shall mail, or cause the Rights Agent to mail (at the expense of the Company), a notice of redemption to the holders of the then outstanding Rights at their last addresses as they appear upon the registry
books of the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent for the Common Shares. Any notice mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. If
the payment of the Redemption Price is not included with such notice, each such notice shall state the method by which the payment of the Redemption Price will be made. Neither the Company nor any of its Affiliates or Associates may redeem, acquire
or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section 23 or in Section 24, other than in connection with the purchase of Common Shares prior to the Distribution Date. 

24.    Exchange. 

24.1    The Board of Directors may, at its option, at any time after a Stock Acquisition Date, mandatorily exchange all or
part of the then outstanding and exercisable Rights (which excludes Rights that have become void pursuant to Section 11.1.2) for Common Shares at an exchange ratio of one Class A Common Share per one
one-thousandth of a Preferred Share represented by a Class A Right or one Class B Common Share per one one-thousandth of a Preferred Share represented by a
Class B Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (the “Exchange Ratio”). From and after the occurrence of an event specified in
Section 13.1, any Right that theretofore has not been exchanged pursuant to this Section 24 shall thereafter be exercisable only in accordance with Section 13 and may not be exchanged pursuant to this Section 24. The exchange of
the Rights by the Board of Directors may be made effective at such time, on such basis and with such conditions as the Board of Directors in its sole discretion may establish. 

24.2    Immediately upon the action of the Board of Directors ordering the exchange of the Class A Rights or the
Class B Rights pursuant to Section 24.1, and without any further action and without any notice, (i) the right to exercise such Class A Rights shall terminate and the only right thereafter of a holder of such Class A Rights
shall be to receive that number of Class A Common Shares equal to the number of such Class A Rights held by such holder multiplied by the Exchange Ratio and (ii) the right to exercise such Class B Rights shall terminate and the
only right thereafter of a holder of such Class B Rights shall be to receive that number of Class B Common Shares equal to the number of such Class B Rights held by such holder multiplied by

  
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the Exchange Ratio. The Company shall promptly give reasonably detailed written notice of any such exchange to the Rights Agent, and shall promptly give public notice of any such exchange;
provided, that the failure to give, or any defect in, any such notice shall not affect the validity of such exchange. Within ten Business Days after action by the Board of Directors ordering the exchange of any Rights pursuant to
Section 24.1, the Company shall mail, or cause the Rights Agent to mail, a notice of any such exchange to the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent. Any notice mailed in the
manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of exchange will state the method by which the exchange of the Class A Common Shares for Class A Rights or Class B Common
Shares for Class B Rights will be effected and, in the event of any partial exchange, the number of Class A Rights or Class B Rights which will be exchanged. Any partial exchange shall be effected pro rata based on the
number of Class A Rights or Class B Rights (other than Class A Rights or Class B Rights which have become void pursuant to the provisions of Section 11.1.2) held by each holder of Class A Rights or Class A Rights.

 24.3    In any exchange pursuant to this Section 24, the Company, at its option, may substitute
(i) Preferred Shares or Class A Common Stock Equivalents for Class A Common Shares or (ii) Preferred Shares or Class B Common Stock Equivalents for Class B Common Shares, in each case, exchangeable for Class A
Rights or Class B Rights at the initial rate of one one-thousandth of a Preferred Share (or an appropriate number of Class A Common Stock Equivalents or Class B Common Stock Equivalents) for
each Class A Common Share or Class B Common Share, as appropriately adjusted. 
 24.4    If there shall not be
sufficient Class A Common Shares, Class B Common Shares, Preferred Shares, Class A Common Stock Equivalents or Class B Common Stock Equivalents authorized but unissued to permit any exchange of Class A Rights or Class B
Rights as contemplated in accordance with this Section 24, the Company shall use its reasonable efforts to authorize additional Class A Common Shares, Class B Common Shares, Preferred Shares, Class A Common Stock Equivalents or
Class B Common Stock Equivalents for issuance upon exchange of the Class A Rights or Class B Rights. 

24.5    The Company shall not be required to issue fractions of Common Shares or to distribute certificates which evidence
fractional Common Shares. In lieu of issuing fractional Common Shares, the Company may instead pay to the registered holders of the Right Certificates with regard to which such fractional Common Shares would otherwise be issuable an amount in cash
equal to the same fraction of the current per share market value of a whole Common Share. For the purposes of this Section 24.5, the current per share market value of a whole Common Share shall be the closing price of a Common Share (as
determined pursuant to the second sentence of Section 11.4.1) for the Trading Day immediately prior to the date of exchange pursuant to this Section 24. 

24.6    Notwithstanding anything in this Section 24 to the contrary, the exchange of the Rights may be made effective
at such time, on such basis and subject to such conditions as the Board of Directors in its sole discretion may establish. Without limiting the preceding sentence, the Board of Directors may (i) in lieu of issuing Class A Common Shares,
Class B Common Shares or any other securities contemplated by this Section 24 to the Persons entitled thereto in 

  
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connection with the exchange (such Persons, the “Exchange Recipients,” and such shares and other securities, together with any dividends or distributions made on such shares or
other securities, the “Exchange Property”) issue, transfer or deposit the Exchange Property to or into a trust or other entity (the “Trust”) created upon such terms as the Board of Directors may determine to hold
all or a portion of the Exchange Property for the benefit of the Exchange Recipients, (ii) permit the Trust to exercise all of the rights that a stockholder of record would possess with respect to any shares deposited in the Trust and
(iii) direct that all holders of Rights entitled to receive Exchange Property shall be entitled to receive such Exchange Property only from the Trust and only upon compliance with the relevant terms and provisions of the Trust and subject to
such conditions as the Board of Directors in its sole discretion may establish. Prior to effecting an exchange of Rights, the Company may require (or cause the trustee or other governing body of the Trust to require), as a condition thereof, that
any Exchange Recipient provide evidence that it is not an Acquiring Person, including evidence of the identity of the current or former Beneficial Owners thereof and their Affiliates and Associates. If any Person shall fail to comply with any
request to provide such evidence, the Company shall be entitled conclusively to deem the Rights held by such Person to be null and void pursuant to Section 11.1.2 and not transferable or exercisable or exchangeable in connection herewith. In
the event that the Board of Directors determines, before the Distribution Date, to effect an exchange, the Board of Directors may delay the occurrence of the Distribution Date to such time as the Board of Directors deems advisable. 

25.    Notice of Certain Events. 

25.1    If the Company shall after the Distribution Date propose (i) to pay any dividend payable in stock of any
class to the holders of its Preferred Shares or to make any other distribution to the holders of its Preferred Shares (other than a regular quarterly cash dividend); (ii) to offer to the holders of its Preferred Shares rights or warrants to
subscribe for or to purchase any additional Preferred Shares or shares of stock of any class or any other securities, rights or options; (iii) to effect any reclassification of its Preferred Shares (other than a reclassification involving only
the subdivision of outstanding Preferred Shares); (iv) to effect any consolidation or merger into or with any other Person, or to effect any sale or other transfer (or to permit one or more of its Subsidiaries to effect any sale or other
transfer), in one or more transactions, of 50% or more of the assets or Earning Power of the Company and its Subsidiaries (taken as a whole) to any other Person; (v) to effect the liquidation, dissolution or
winding-up of the Company; or (vi) to declare or pay any dividend on the Common Shares payable in Common Shares, or to effect a subdivision, combination or consolidation of the Common Shares (by
reclassification or otherwise than by payment of dividends in Common Shares), then, in each such case, the Company shall give to each holder of a Right Certificate and the Rights Agent, in accordance with Section 26, a reasonably detailed
notice of such proposed action, which shall specify the record date for the purposes of such stock dividend, or distribution of rights or warrants, or the date on which such reclassification, consolidation, merger, sale, transfer, liquidation,
dissolution or winding-up is to take place and the date of participation therein by the holders of the Common Shares or Preferred Shares or both, if any such date is to be fixed, and such notice shall be so
given in the case of any action covered by clause (i) or (ii) above at least ten days prior to the record date for determining holders of the Preferred Shares for purposes of such action, and in the case of any such other action, at least
ten days prior to the date of the taking of such proposed action or the date of participation therein by the holders of the Common Shares or Preferred Shares or both, whichever shall be the earlier. 

  
 - 32 - 

 25.2    The Company shall, as soon as practicable after a Stock
Acquisition Date, give to the Rights Agent and each holder of a Right Certificate, in accordance with Section 26, a notice that describes the transaction in which a Person became an Acquiring Person and the consequences of the transaction to
holders of Rights under Section 11.1.2. 
 26.    Notices. Notices or demands authorized by this Agreement to be given or made by
the Rights Agent or by the holder of any Right Certificate to or on the Company shall be sufficiently given or made if in writing and when sent by overnight delivery service or first-class mail, postage prepaid, properly addressed (until another
address is filed in writing with the Rights Agent) as follows: 
 Tenneco Inc. 

500 North Field Drive 
 Lake
Forest, Illinois 60045 
 Attention:         Brandon B. Smith 

Subject to the provisions of Section 21, any notice or demand authorized by this Agreement to be given or made by the Company or by the holder of any
Right Certificate to or on the Rights Agent shall be deemed given upon receipt and shall be sufficiently given or made if in writing when sent by overnight delivery service or registered or certified mail properly addressed (until another address is
filed in writing with the Company) as follows: 
 Equiniti Trust Company 

1110 Centre Pointe Curve, Suite 101 

Mendota Heights, MN 55120-4100 

Attention:         Account Management Team 

Notices or demands authorized by this Agreement to be given or made by the Company or the Rights Agent to the holder of any Right Certificate shall be
sufficiently given or made if in writing, when sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Company. 

27.    Supplements and Amendments. The Company may from time to time, and the Rights Agent shall if the Company so directs in writing,
supplement or amend this Agreement without the approval of any holders of Right Certificates in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions
herein, or to make any change to or delete any provision hereof or to adopt any other provisions with respect to the Rights which the Company may deem necessary or desirable; provided, that, at any time after the Close of Business on the
tenth day following the Stock Acquisition Date (or, if the tenth day following the Stock Acquisition Date occurs before the Record Date, the Close of Business on the Record Date), this Agreement shall not be amended or supplemented in any manner
which would adversely affect the interests of the holders of Rights (other than an Acquiring Person and its Affiliates and Associates). For the avoidance of doubt, the Company shall be entitled to adopt and implement such procedures and arrangements

  
 - 33 - 

 
(including with third parties) as it may deem necessary or desirable to facilitate the exercise, exchange, trading, issuance or distribution of the Rights (and Preferred Shares) as contemplated
hereby and to ensure that an Excluded Person does not obtain the benefits thereof, and amendments in respect of the foregoing shall not be deemed to adversely affect the interests of the holders of Rights. Any supplement or amendment authorized by
this Section 27 will be evidenced by a writing signed by the Company and the Rights Agent, subject to certification by any of the officers of the Company listed in Section 20.2 that any such supplement or amendment complies with this
Section 27. Notwithstanding anything in this Agreement to the contrary, the Rights Agent shall not be required to execute any supplement or amendment to this Agreement that it has determined would adversely affect its own rights, duties,
obligations or immunities hereunder. No supplement or amendment to this Agreement shall be effective unless duly executed by the Rights Agent. 

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

30.    Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or
other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated;
provided, that if such excluded provision shall affect the rights, immunities, liabilities, duties or obligations of the Rights Agent, the Rights Agent shall be entitled to resign immediately upon written notice to the Company. 

31.    Governing Law. This Agreement and each Right Certificate issued hereunder shall be deemed to be a contract made under the laws of
the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts to be made and performed entirely within the State of Delaware; provided, that all
provisions regarding the rights, duties, liabilities and obligations of the Rights Agent shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within the
State of New York. 
 32.    Counterparts. This Agreement may be executed in any number of 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. A signature to this Agreement transmitted electronically shall have the same authority, effect and
enforceability as an original signature. 

  
 - 34 - 

 33.    Descriptive Headings and Construction. Descriptive headings of the sections of
this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. In this Agreement, (i) the word “including” (in its various forms) means “including,
without limitation,” and (ii) the words “hereunder,” “hereof,” “hereto” and words of similar import are references to this Agreement as a whole and not to any particular provision of this Agreement. 

34.    Administration. Other than with respect to rights, duties, obligations and immunities of the Rights Agent, the Board of Directors,
or a duly authorized committee of the Board of Directors, shall have the exclusive power and authority to administer and interpret the provisions of this Agreement and to exercise all rights and powers specifically granted to the Board of Directors
or the Company or as may be necessary or advisable in the administration of this Agreement. All such actions, calculations, determinations and interpretations which are done or made by the Board of Directors, or a duly authorized committee of the
Board of Directors, in good faith shall be final, conclusive and binding on the Company, the Rights Agent, holders of the Rights and all other parties and shall not subject the Board of Directors, or a duly authorized committee of the Board of
Directors, to any liability to the holders of the Rights. The Rights Agent is entitled always to assume that the Board of Directors, or a duly authorized committee of the Board of Directors, as applicable, acted in good faith and shall be fully
protected and incur no liability in reliance thereon. 
 35.    Force Majeure. Notwithstanding anything to the contrary contained
herein, the Rights Agent shall not be liable for any delays or failures in performance resulting from acts beyond its reasonable control including acts of God, terrorist acts, pandemics, shortage of supply, breakdowns or malfunctions, interruptions
or malfunction of any utilities, communications, or computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest. 

36.    Process to Seek Exemption. Any Person who desires to effect any acquisition of Class A Common Shares that might, if
consummated, result in such Person beneficially owning 4.9% or more of the Class A Common Shares then outstanding (such Person, a “Requesting Person”) may request that the Board of Directors grant an exemption with respect to
such acquisition under this Agreement so that such Person would be deemed to be an Exempt Person for purposes of this Agreement (such request, an “Exemption Request”). An Exemption Request shall be in proper form and shall be
delivered by registered mail, return receipt requested, to the Secretary of the Company at the principal executive office of the Company. The Exemption Request shall be deemed made upon receipt by the Secretary of the Company. To be in proper form,
an Exemption Request shall set forth (i) the name and address of the Requesting Person, (ii) the number and percentage of Class A Common Shares then Beneficially Owned by the Requesting Person, together with all Affiliates and
Associates of the Requesting Person and (iii) a reasonably detailed description of the transaction or transactions by which the Requesting Person would propose to acquire Beneficial Ownership of Class A Common Shares aggregating 4.9% or
more of the Class A Common Shares then outstanding and the maximum number and percentage of Class A Common Shares that the Requesting Person proposes to acquire. The Board of Directors shall endeavor to respond to an Exemption Request
within 20 Business Days after receipt of such Exemption Request; provided, that the failure of the Board of Directors to make a determination within 20 Business Days after receipt of an Exemption Request shall be deemed to constitute denial
by the Board of Directors of the Exemption Request. The Requesting Person shall respond promptly to reasonable and appropriate requests for additional information from 

  
 - 35 - 

 
the Company or the Board of Directors and its advisors to assist the Board of Directors in making its determination. The Board of Directors shall only grant an exemption in response to an
Exemption Request if it receives, at the request of the Board of Directors, a report from the Company’s advisors to the effect that the acquisition of Beneficial Ownership of Class A Common Shares by the Requesting Person does not create a
significant risk of material adverse tax consequences to the Company or the Board of Directors otherwise determines in its sole and absolute discretion that the exemption is in the best interests of the Company. Any exemption granted hereunder may
be granted in whole or in part, and may be subject to limitations or conditions (including a requirement that the Requesting Person agree that it will not acquire Beneficial Ownership of Class A Common Shares in excess of the maximum number and
percentage of shares approved by the Board of Directors), in each case as and to the extent the Board of Directors shall determine necessary or desirable to provide for the protection of the Company’s Tax Attributes. Any Exemption Request must
be submitted on a confidential basis and, except to the extent required by applicable law, the Company shall maintain the confidentiality of such Exemption Request and the determination of the Board of Directors with respect thereto, unless the
information contained in the Exemption Request or the determination of the Board of Directors with respect thereto otherwise becomes publicly available. The Exemption Request shall be considered and evaluated by the directors who are independent of
the Requesting Person and disinterested with respect to the Exemption Request and the action of a majority of such directors shall be deemed to be the determination of the Board of Directors for purposes of such Exemption Request. 

[Signature Pages Follow] 

  
 - 36 - 

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

			
	TENNECO INC.
		
	By:	 	                 /s/
Brandon B. Smith

	Name:	 	Brandon B. Smith
	Title:	 	Senior Vice President, General Counsel and
		 	Corporate Secretary

  
 [Signature Page to
Section 382 Rights Agreement] 

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

			
	EQUINITI TRUST COMPANY
		
	By:	 	
                    /s/
Martin J. Knapp

	Name:	 	Martin J. Knapp
	Title:	 	Vice President

  
 [Signature Page to
Section 382 Rights Agreement] 

 EXHIBIT A 

FORM 
 of 

CERTIFICATE OF DESIGNATIONS 
 of

 SERIES A PREFERRED STOCK 
 of

 TENNECO INC. 
  

 
 (Pursuant to
Section 151 of the Delaware General 
 Corporation Law) 

 
  

Tenneco Inc., a corporation organized and existing under the General Corporation Law of the State of Delaware (the
“Corporation”), hereby certifies that the following resolution was adopted by the Board of Directors of the Corporation (the “Board of Directors”) as required by Section 151 of the General Corporation Law on
April 15, 2020: 
 RESOLVED, that pursuant to the authority vested in the Board of Directors in accordance with the provisions of the
Amended and Restated Certificate of Incorporation of the Corporation, a series of preferred stock, par value $0.01 per share, of the Corporation be and it hereby is created, and that the designation and amount thereof and the powers, preferences and
relative, participating, optional and other special rights of the shares of such series, and the qualifications, limitations or restrictions thereof are as follows: 

Section 1.    Designation and Amount. The shares of this series shall be designated as Series A Preferred
Stock (the “Series A Preferred Stock”), and the number of shares constituting the Series A Preferred Stock shall be 125,000. Such number of shares may be increased or decreased by resolution of the Board of Directors;
provided, that no decrease shall reduce the number of shares of Series A Preferred Stock to a number less than the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding options,
rights or warrants or upon the conversion of any outstanding securities issued by the Corporation convertible into Series A Preferred Stock. 

 Section 2.    Dividends and Distributions. 

(A)    Subject to the rights of the holders of any shares of any series of preferred stock, par value $0.01 per share, of
the Corporation (“Preferred Stock”) (or any other stock of the Corporation) ranking prior and superior to the Series A Preferred Stock with respect to dividends, the holders of shares of Series A Preferred Stock shall be entitled to
receive, when, as and if declared by the Board of Directors out of funds legally available for the purpose, quarterly dividends payable in cash on the last day of March, June, September and December in each year (each such date a “Quarterly
Dividend Payment Date”), commencing on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series A Preferred Stock, in an amount (if any) per share (rounded to the nearest cent), subject
to the provision for adjustment hereinafter set forth, equal to 1,000 multiplied by the aggregate per share amount of all cash dividends, and 1,000 multiplied by the aggregate per share amount (payable in kind) of all
non-cash dividends or other distributions, other than a dividend payable in shares of Class A Voting Common Stock, par value $0.01 per share, of the Corporation (the “Class A
Common Stock”), shares of Class B Non-Voting Common Stock, par value $0.01 per share, of the Corporation (the “Class B Common Stock” and, together with the
Class A Common Stock, the “Common Stock”) or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise) declared on the Common Stock since the immediately preceding Quarterly Dividend Payment
Date or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A Preferred Stock. In the event that the Corporation shall at any time declare or pay any dividend on the
Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a
greater or lesser number of shares of Common Stock, then in each such case the amount to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event under the preceding sentence shall be adjusted by multiplying
such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such
event. 
 (B)    The Corporation shall declare a dividend or distribution on the Series A Preferred Stock as provided in
paragraph (A) of this Section 2 immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock). 

  
 - A-2 - 

 (C)    Dividends due pursuant to paragraph (A) of this
Section 2 shall begin to accrue and be cumulative on outstanding shares of Series A Preferred Stock from the Quarterly Dividend Payment Date next preceding the date of issue of such shares, unless the date of issue of such shares is prior to
the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after
the record date for the determination of holders of shares of Series A Preferred Stock entitled to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be
cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the shares of Series A Preferred Stock in an amount less than the total amount of such dividends at the time accrued and
payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Board of Directors may fix a record date
for the determination of holders of shares of Series A Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which record date shall be not more than 60 days prior to the date fixed for the payment thereof.

 Section 3.    Voting Rights. The holders of shares of Series A Preferred Stock shall have the following
voting rights: 
 (A)    Subject to the provision for adjustment hereinafter set forth, each share of Series A Preferred
Stock shall entitle the holder thereof to 1,000 votes on all matters submitted to a vote of the stockholders of the Corporation. In the event that the Corporation shall at any time declare or pay any dividend on the Common Stock payable in
shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of
shares of Common Stock, then in each such case the number of votes per share to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying such number by a fraction, the
numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 

(B)    Except as otherwise provided in the Amended and Restated Certificate of Incorporation of the Corporation (the
“Certificate of Incorporation”), including any other Certificate of Designations creating a series of Preferred Stock or any similar stock, or by law, the holders of shares of Series A Preferred Stock and the holders of shares of
Common Stock and any other capital stock of the Corporation having general voting rights shall vote together as one class on all matters submitted to a vote of stockholders of the Corporation. 

(C)    Except as set forth herein, or as otherwise required by law, holders of Series A Preferred Stock shall have no
special voting rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking any corporate action. 

  
 - A-3 - 

 Section 4.    Certain Restrictions. 

(A)    Whenever quarterly dividends or other dividends or distributions payable on the Series A Preferred Stock as
provided in Section 2 are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series A Preferred Stock outstanding shall have been paid in full, the Corporation shall not:

 (i)    declare or pay dividends, or make any other distributions, on any shares of stock ranking junior (either as
to dividends or upon liquidation, dissolution or winding-up) to the Series A Preferred Stock; 

(ii)    declare or pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as
to dividends or upon liquidation, dissolution or winding-up) with the Series A Preferred Stock, except dividends paid ratably on the Series A Preferred Stock and all such parity stock on which dividends are
payable or in arrears in proportion to the total amounts to which the holders of all such shares are then entitled; or 

(iii)    redeem or purchase or otherwise acquire for consideration shares of any stock ranking junior (either as to
dividends or upon liquidation, dissolution or winding-up) to the Series A Preferred Stock, provided that the Corporation may at any time redeem, purchase or otherwise acquire shares of any such junior stock in
exchange for shares of any stock of the Corporation ranking junior (as to dividends and upon dissolution, liquidation or winding-up) to the Series A Preferred Stock. 

(B)    The Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for
consideration any shares of stock of the Corporation unless the Corporation could, under paragraph (A) of this Section 4, purchase or otherwise acquire such shares at such time and in such manner. 

Section 5.    Reacquired Shares. Any shares of Series A Preferred Stock purchased or otherwise acquired by the
Corporation in any manner whatsoever shall be retired and canceled promptly after the acquisition thereof. The Corporation shall take all such actions as are necessary to cause all such shares to become authorized but unissued shares of Preferred
Stock that may be reissued as part of a new series of Preferred Stock subject to the conditions and restrictions on issuance set forth herein or in the Certificate of Incorporation, including any Certificate of Designations creating a series of
Preferred Stock or any similar stock, or as otherwise required by law. 
 Section 6.    Liquidation, Dissolution
or Winding-Up. 
 (A)    Upon any liquidation, dissolution or winding-up of the Corporation, voluntary or otherwise, no distribution shall be made to the holders of stock ranking junior (either as to dividends or upon liquidation, dissolution or
winding-up) to the Series A Preferred Stock unless, prior thereto, the holders of Series A Preferred Stock shall have received an amount per share (the “Series A Liquidation Preference”) equal
to an amount per share, subject to the provision for adjustment hereinafter set forth, equal to 1,000 multiplied by the aggregate amount to be distributed per share to holders of shares of Common Stock plus an amount equal to any accrued and
unpaid dividends. In the event that the Corporation shall at any time declare 

  
 - A-4 - 

 
or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification
or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the aggregate amount to which holders of shares of Series A Preferred Stock were entitled
immediately prior to such event under the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of
which is the number of shares of Common Stock that were outstanding immediately prior to such event. 
 (B)    If there
are not sufficient assets available to permit payment in full of the Series A Liquidation Preference and the liquidation preferences of all other classes and series of stock of the Corporation, if any, that rank on a parity with the Series A
Preferred Stock in respect thereof, then the assets available for such distribution shall be distributed ratably to the holders of the Series A Preferred Stock and the holders of such parity shares in proportion to their respective liquidation
preferences. 
 (C)    Neither the merger or consolidation of the Corporation into or with another entity nor the merger
or consolidation of any other entity into or with the Corporation shall be deemed to be a liquidation, dissolution or winding-up of the Corporation within the meaning of this Section 6. 

Section 7.    Consolidation, Merger, Etc. If the Corporation shall enter into any consolidation, merger,
combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case each share of Series A Preferred Stock shall at the same time be
similarly exchanged or changed into an amount per share, subject to the provision for adjustment hereinafter set forth, equal to 1,000 multiplied by the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as
the case may be, into which or for which each share of Common Stock is changed or exchanged. In the event that the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a
subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each
such case the amount set forth in the preceding sentence with respect to the exchange or change of shares of Series A Preferred Stock shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of
Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 

Section 8.    Amendment. While any Series A Preferred Stock is issued and outstanding, the Certificate of
Incorporation shall not be amended in any manner, including in a merger or consolidation, which would alter, change or repeal the powers, preferences or special rights of the Series A Preferred Stock so as to affect them adversely without the
affirmative vote of the holders of at least two-thirds of the outstanding shares of Series A Preferred Stock, voting together as a single class. 

  
 - A-5 - 

 Section 9.    Rank. The Series A Preferred Stock shall rank,
with respect to the payment of dividends and upon liquidation, dissolution and winding-up, junior to all other series of Preferred Stock, unless the terms of any such series shall provide otherwise, and shall
rank senior to the Common Stock as to such matters. 
 IN WITNESS WHEREOF, this Certificate of Designations is executed on behalf of the
Corporation by its duly authorized officer this 15th day of April 2020. 
  

			
	  Tenneco Inc.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 - A-6 - 

 EXHIBIT B 

Form of Right Certificate 
  

			
	 Certificate No.
R-            
	  	             [Class A // B] Rights

 NOT EXERCISABLE AFTER THE FINAL EXPIRATION DATE (AS SUCH TERM IS DEFINED IN THE RIGHTS AGREEMENT) OR EARLIER IF
REDEMPTION, EXCHANGE OR TERMINATION OCCURS. THE RIGHTS ARE SUBJECT TO REDEMPTION AT $0.001 PER RIGHT AND TO EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS THAT ARE OR WERE ACQUIRED OR BENEFICIALLY OWNED
BY AN ACQUIRING PERSON OR ANY ASSOCIATES OR AFFILIATES THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT), OR ANY SUBSEQUENT HOLDER OF SUCH RIGHTS, MAY BECOME NULL AND VOID. 

Class [A // B] Right Certificate 

TENNECO INC. 
 This certifies
that
                                        ,
or his, her or its registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to the terms, provisions and conditions of the Section 382 Rights Agreement (as may be
amended from time to time, the “Rights Agreement”), dated as of April 15, 2020, between Tenneco Inc., a Delaware corporation (the “Company”), and Equiniti Trust Company (d/b/a EQ Shareowner Services), a New
York limited trust company, as rights agent (or any successor rights agent) (the “Rights Agent”), to purchase from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement) and prior to
the Final Expiration Date (as such term is defined in the Rights Agreement) or earlier under certain circumstances set forth in the Rights Agreement, at the office or offices of the Rights Agent designated for such purpose, or at the office of its
successor as Rights Agent, one one-thousandth of a fully paid non-assessable share of Series A Preferred Stock, par value $0.01 per share, of the

 
Company (the “Preferred Shares”), at a purchase price of $27.00 per one one-thousandth of a Preferred Share (the “Purchase
Price”), upon presentation and surrender of this Right Certificate with the Form of Election to Purchase properly completed and duly executed, accompanied by such documentation as the Rights Agent may reasonably request. The number of
Rights evidenced by this Right Certificate (and the number of one one-thousandths of a Preferred Share which may be purchased upon exercise hereof) set forth above, and the Purchase Price set forth above, are
the number and Purchase Price as of April 15, 2020, based on the Preferred Shares as constituted at such date. As provided in the Rights Agreement, the Purchase Price and the number of one one-thousandths
of a Preferred Share which may be purchased upon the exercise of the Rights evidenced by this Right Certificate are subject to modification and adjustment upon the happening of certain events. 

From and after the occurrence of a Stock Acquisition Date (as defined in the Rights Agreement), if the Rights evidenced by this Right
Certificate are or were acquired or Beneficially Owned by an Acquiring Person or an Associate or Affiliate of an Acquiring Person, such Rights shall become void, and any holder of such Rights shall thereafter have no right to exercise such Rights.

 This Right Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and
conditions are incorporated herein by this reference and made a part hereof, and to which Rights Agreement reference is made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights
Agent, the Company and the holders of the Right Certificates. Copies of the Rights Agreement are on file at the principal executive offices of the Company and the office or offices of the Rights Agent designated for such purpose. 

This Right Certificate, with or without other Right Certificates, upon surrender at the office or offices of the Rights Agent designated for
such purpose, accompanied by such documentation as the Rights Agent may reasonably request, may be exchanged for another Right Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like
aggregate number of Preferred Shares as the Rights evidenced by the Right Certificate or Right Certificates surrendered shall have entitled such holder to purchase. If this Right Certificate shall be exercised in part, the holder shall be entitled
to receive upon surrender hereof another Right Certificate or Right Certificates for the number of whole Rights not exercised. 
 Subject to
the provisions of the Rights Agreement, at the Company’s option, the Rights evidenced by this Certificate (i) may be redeemed by the Company at a redemption price of $0.001 per Right or (ii) may be exchanged in whole or in part for
shares of the Company’s Class A Voting Common Stock, par value $0.01 per share, Class B Non-Voting Common Stock, par value $0.01 per share, Preferred Shares, cash, debt securities, or other
assets, property or instruments, as applicable. The shares and other securities transferred as part of the exchange may be transferred to a trust created upon such terms as the Board of Directors of the Company may determine. 

  
 - B-2 - 

 No fractional Preferred Shares will be issued upon the exercise of any Right or Rights
evidenced hereby (other than fractions which are integral multiples of one one-thousandth of a Preferred Share, which may, at the election of the Company, be evidenced by depositary receipts), but in lieu
thereof a cash payment will be made, as provided in the Rights Agreement. 
 No holder of this Right Certificate, as such, shall be entitled
to vote or receive dividends or be deemed for any purpose the holder of the Preferred Shares or of any other securities of the Company which may at any time be issuable on the exercise or exchange hereof, nor shall anything contained in the Rights
Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or
to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Right
or Rights evidenced by this Right Certificate shall have been exercised or exchanged as provided in the Rights Agreement. 
 This Right
Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Rights Agent. 

  
 - B-3 - 

 WITNESS the facsimile signature of the proper officers of the Company and its corporate
seal. Dated as of ____________. 
  

							
	Attest:	 		 	Tenneco Inc.
				
	  
	 	                	 	By:	 	  

 Countersigned: 
  

                          
                                   

Equiniti Trust Company, Rights Agent 
  

			
	 By:
	 	  

		 	 Authorized Signature

  
 - B-4 - 

 Form of Reverse Side of Right Certificate 

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

FOR VALUE RECEIVED,
                                         
        hereby sells, assigns and transfers unto
                                         
  
 (Please print name and address of transferee) 

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

									
	 Date:
	 	                    	  	                    	  	  
	  	            
		 		  		  	 Signature
	  	

 Signature Medallion Guaranteed: 

Signatures must be guaranteed by an eligible guarantor institution (bank, stock broker or savings and loan association with membership in an
approved signature medallion program). 
  

                          
                                         
              
 The undersigned hereby certifies that the Rights
evidenced by this Right Certificate are not Beneficially Owned by, were not acquired by the undersigned from, and are not being assigned to an Acquiring Person or an Affiliate or Associate thereof and are not issued with respect to Class A
Common Shares underlying a Derivative Position described in the definition of Beneficial Owner (as such terms are defined in the Rights Agreement). 
  

	
	  

	 Signature

  

                          
                                         
              

  
 - B-5 - 

 Form of Reverse Side of Right Certificate — continued 

FORM OF ELECTION TO PURCHASE 

(To be executed if holder desires to exercise the Right Certificate.) 

TO TENNECO INC.: 
 The undersigned hereby
irrevocably elects to exercise                      Rights represented by this Right Certificate to purchase the Preferred Shares issuable
upon the exercise of such Rights and requests that certificates for such Preferred Shares be issued in the name of: 
 Please insert Social Security or
other identifying 
 number:
                                         
                                         
                              . 

 
  

(Please print name and address) 
  

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

Please insert Social Security or other identifying 
 number:
                                         
                                         
                              . 

 
  

(Please print name and address) 
  

 
  

							
	 Dated:
                             ,         
	  	                            	  	  
	  	            
		  		  	 Signature
	  	

 (Signature must conform to the holder specified on the Right Certificate) 

Signature Medallion Guaranteed: 
 Signatures
must be guaranteed by an eligible guarantor institution (bank, stock broker or savings and loan association with membership in an approved signature medallion program). 

  
 - B-6 - 

 Form of Reverse Side of Right Certificate — continued 

 

                       
                                         
                     
 The
undersigned hereby certifies that the Rights evidenced by this Right Certificate are not Beneficially Owned by, were not acquired by the undersigned from, and are not being assigned to an Acquiring Person or an Affiliate or Associate thereof and are
not issued with respect to Class A Common Shares underlying a Derivative Position described in the definition of Beneficial Owner (as such terms are defined in the Rights Agreement). 

 

	
	  

	 Signature

  

                          
                                         
              
 NOTICE 

The signature in the foregoing Forms of Assignment and Election to Purchase must conform to the name as written upon the face of this Right
Certificate in every particular, without alteration or enlargement or any change whatsoever. 
 In the event that the certification set
forth above in the Form of Assignment or the Form of Election to Purchase, as the case may be, is not completed, such assignment or election to purchase will not be honored. 

  
 - B-7 - 

 EXHIBIT C 

UNDER CERTAIN CIRCUMSTANCES, RIGHTS THAT ARE OR WERE ACQUIRED OR BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR ANY ASSOCIATES OR AFFILIATES
THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT), OR ANY SUBSEQUENT HOLDER OF SUCH RIGHTS, MAY BECOME NULL AND VOID 
 SUMMARY OF
RIGHTS TO PURCHASE 
 PREFERRED SHARES 

On April 15, 2020, the Board of Directors of Tenneco Inc. (the “Company”) declared a dividend of (i) one preferred
share purchase right (a “Class A Right”) for each outstanding share of Class A Voting Common Stock, par value $0.01 per share, of the Company (the “Class A Common
Shares”) and (ii) one preferred share purchase right (a “Class B Right” and, together with the Class A Rights, the “Rights”) for each outstanding share of Class B Non-Voting Common Stock, par value $0.01 per share, of the Company (the “Class B Common Shares” and, together with the Class A Common Shares, the “Common
Shares”), outstanding on April 27, 2020 (the “Record Date”) to the stockholders of record on that date. Each Right entitles the registered holder to purchase from the Company one
one-thousandth of a share of Series A Preferred Stock, par value $0.01 per share, of the Company (the “Preferred Shares”), at a price of $27.00 per one
one-thousandth of a Preferred Share represented by a Right (the “Purchase Price”), subject to adjustment. The description and terms of the Rights are set forth in a Section 382 Rights
Agreement (the “Rights Agreement”), dated as of April 15, 2020, between the Company and Equiniti Trust Company (d/b/a EQ Shareowner Services), a New York limited trust company, as Rights Agent. Capitalized terms used but not
defined in this summary have the meanings ascribed to such terms in the Rights Agreement. 
 The Rights Agreement is intended to, among
other things, avoid an “ownership change” within the meaning of Section 382 of the Internal Revenue Code of 1986, as amended, and thereby preserve the ability of the Company to utilize certain tax attributes of the Company and its
subsidiaries. 
 Until the earlier to occur of (i) the Close of Business on the tenth day following the acquisition of Beneficial
Ownership of 4.9% or more of the outstanding Class A Common Shares (including ownership of a Derivative Position) by a Person or group of affiliated or associated Persons (an “Acquiring Person”) (or, in the event that an
exchange is effected in accordance with Section 24 of the Rights Agreement and the Board of Directors determines that a later date is advisable, then such later date) and (ii) ten Business Days (or such later date as may be determined
by action of the Board of Directors prior to such time as any Person becomes an Acquiring Person) following the commencement of a tender offer or exchange offer the consummation of which would result in the Beneficial Ownership by a Person or group
of 4.9% or more of the outstanding Class A Common Shares (the earlier of such dates, the “Distribution Date”), the Rights will be evidenced by Common Share certificates with a copy of this Summary

 
of Rights attached thereto (unless such Rights are recorded in book-entry); provided, that each certificate (or other evidence of book-entry or other uncertificated ownership) representing
Common Shares outstanding as of the Close of Business on the Record Date evidencing the Rights shall be deemed to incorporate by reference the terms of the Rights Agreement. 

A Person shall not be deemed to be an Acquiring Person if such Person, together with all Affiliates and Associates of such Person, at the time
of the first public announcement of the Rights Agreement, is a Beneficial Owner of 4.9% or more of the Class A Common Shares then outstanding (a “Grandfathered Stockholder”); provided, that if a Grandfathered Stockholder
becomes (other than pursuant to the vesting or exercise of any equity awards issued to a member of the Board of Directors or pursuant to additional grants of any such equity awards to a member of the Board of Directors), after the date of the Rights
Agreement, the Beneficial Owner of any additional Class A Common Shares (regardless of whether, thereafter or as a result thereof, there is an increase, decrease or no change in the percentage of Class A Common Shares then outstanding
Beneficially Owned by such Grandfathered Stockholder) then such Grandfathered Stockholder shall be deemed to be an Acquiring Person unless, upon such acquisition of Beneficial Ownership of additional Class A Common Shares, such Person is not
the Beneficial Owner of 4.9% or more of the Class A Common Shares then outstanding; provided, further, that upon the first decrease of a Grandfathered Stockholder’s Beneficial Ownership below 4.9% of the outstanding
Class A Common Shares, such Grandfathered Stockholder shall no longer be deemed to be a Grandfathered Stockholder. For the avoidance of doubt, in the event that after the time of the first public announcement of the Rights Agreement, any
agreement, arrangement or understanding pursuant to which any Grandfathered Stockholder is deemed to be the Beneficial Owner of Class A Common Shares expires, is settled in whole or in part, terminates or no longer confers any benefit to or
imposes any obligation on the Grandfathered Stockholder, any direct or indirect replacement, extension or substitution of such agreement, arrangement or understanding with respect to the same or different Class A Common Shares that confers
Beneficial Ownership of Class A Common Shares shall be considered the acquisition of Beneficial Ownership of additional Class A Common Shares by the Grandfathered Stockholder and render such Grandfathered Stockholder an Acquiring Person
for purposes of the Rights Agreement unless, upon such acquisition of Beneficial Ownership of additional Class A Common Shares, such Person is not the Beneficial Owner of 4.9% or more of the Class A Common Shares then outstanding. 

“Beneficial Ownership” shall include any securities (i) which a Person or any of such Person’s Affiliates or
Associates (a) would be deemed to actually or constructively own for purposes of Section 382 of the Code or the Treasury Regulations promulgated thereunder, including any coordinated acquisition of securities by any Persons who have a
formal or informal understanding with respect to such acquisition (to the extent ownership of such securities would be attributed to such Persons under Section 382 of the Code and the Treasury Regulations promulgated thereunder), (b)
beneficially owns, directly or indirectly, within the meaning of Rules 13d-3 or 13d-5 promulgated under the Exchange Act or (c) has the right or ability to vote, or
the right to acquire, pursuant to any agreement, arrangement or understanding (except under limited circumstances), (ii) which are directly or indirectly Beneficially Owned by any other Person with which a Person has any agreement, arrangement or
understanding for the purpose of acquiring, holding or voting such securities, or changing, obtaining or influencing control of the Company or (iii) which are the subject of, or reference securities for, or that underlie, certain derivative
positions of any Person or any of such Person’s Affiliates or Associates. 

  
 - C-2 - 

 Any Person, together with all Affiliates and Associates of such Person, who proposes to
acquire 4.9% or more of the outstanding Class A Common Shares may apply to the Board of Directors in advance for an exemption in accordance with and pursuant to the terms of the Rights Agreement. 

The Rights Agreement provides that, until the Distribution Date (or the earlier expiration or redemption of the Rights), the Rights will be
transferred with and only with the Common Shares. New Rights will accompany any new Common Shares issued by the Company after the Record Date, until the Distribution Date (or the earlier expiration or redemption of the Rights). Until the
Distribution Date (or earlier redemption or expiration of the Rights), new Common Share certificates issued after the Record Date or upon transfer or new issuance of Common Shares will contain a notation incorporating the Rights Agreement by
reference. Until the Distribution Date (or earlier redemption or expiration of the Rights), the surrender for transfer of any certificates for Common Shares outstanding as of the Record Date, even without such notation or a copy of this Summary of
Rights being attached thereto, will also constitute the transfer of the Rights associated with the Common Shares represented by such certificate. As soon as practicable following the Distribution Date, separate certificates evidencing the Rights
(“Right Certificates”) will be mailed to holders of record of the Common Shares as of the Distribution Date, and such separate Right Certificates alone will evidence the Rights (unless such Rights are recorded in book-entry). 

The Rights are not exercisable until the Distribution Date. The Rights will expire on the earliest to occur of (i) the Close of Business
on the day following the certification of the voting results of the Company’s 2021 annual meeting of stockholders, if at such stockholder meeting a proposal to approve the Rights Agreement has not been passed by the affirmative vote of the
holders of a majority in voting power of the shares of stock of the Company which are present in person or by proxy and entitled to vote thereon at the 2021 annual meeting or any other meeting of stockholders of the Company duly held prior to such
meeting, (ii) the date on which the Board of Directors determines in its sole discretion that (x) the Rights Agreement is no longer necessary for the preservation of material valuable Tax Attributes or (y) the Tax Attributes have been
fully utilized and may no longer be carried forward and (iii) the Close of Business on October 2, 2021 (the “Final Expiration Date”). 

The Purchase Price payable, and the number of Preferred Shares or other securities or property issuable, upon exercise of the Rights is
subject to adjustment from time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Preferred Shares; (ii) upon the grant to holders of the Preferred Shares of
certain rights or warrants to subscribe for or purchase Preferred Shares at a price, or securities convertible into Preferred Shares with a conversion price, less than the then current market price of the Preferred Shares; or (iii) upon the
distribution to holders of the Preferred Shares of evidences of indebtedness or assets (excluding regular periodic cash dividends paid out of earnings or retained earnings or dividends payable in Preferred Shares) or of subscription rights or
warrants (other than those referred to above). 

  
 - C-3 - 

 The number of outstanding Rights and the number of Preferred Shares issuable upon exercise
of each Right are also subject to adjustment in the event of a stock split of the Common Shares or a stock dividend on the Common Shares payable in Common Shares or subdivisions, consolidations or combinations of the Common Shares occurring, in any
such case, prior to the Distribution Date. 
 Preferred Shares purchasable upon exercise of the Rights will not be redeemable. Each
Preferred Share will be entitled to a quarterly dividend payment of 1,000 multiplied by the dividend declared per Common Share. In the event of liquidation, the holders of the Preferred Shares will be entitled to a payment per share equal to
1,000 multiplied by the aggregate payment made per Common Share. Each Preferred Share will have 1,000 votes, voting together with the Common Shares. In the event of any merger, consolidation or other transaction in which Common Shares are
exchanged, each Preferred Share will be entitled to receive 1,000 multiplied by the amount received per Common Share. 
 From and after the
time any Person becomes an Acquiring Person, if the Rights evidenced by a Right Certificate are or were acquired or Beneficially Owned by an Acquiring Person or an Associate or Affiliate of an Acquiring Person (as such terms are defined in the
Rights Agreement), such Rights shall become void, and any holder of such Rights shall thereafter have no right to exercise such Rights. 

If any Person becomes an Acquiring Person, proper provision shall be made so that each holder of a Class A Right or a Class B Right,
other than Rights Beneficially Owned by the Acquiring Person and its Affiliates and Associates (all of which will thereafter be void), will thereafter have the right to receive upon exercise that number of Class A Common Shares or Class B
Common Shares, as applicable, having a market value of two times the exercise price of the Right. If the Board of Directors so elects, the Company may deliver upon payment of the exercise price of a Right an amount of cash, securities, or other
property equivalent in value to the Class A Common Shares or Class B Common Shares, as applicable, issuable upon exercise of a Right. 

If, at any time after a Person becomes an Acquiring Person, the Company is acquired in a merger or other business combination transaction or
50% or more of its consolidated assets or Earning Power are sold, proper provision will be made so that each holder of a Right will thereafter have the right to receive, upon the exercise thereof at the then current exercise price of the Right, that
number of shares of common stock of the acquiring company which at the time of such transaction will have a market value of two times the exercise price of the Right. 

At any time after any Person becomes an Acquiring Person and prior to the acquisition by any Person or group of a majority of the outstanding
Class A Common Shares, the Board of Directors may exchange the (i) Class A Rights (other than Rights owned by such Person or group which have become void), in whole or in part, at an exchange ratio of one Class A Common Share per
Right (subject to adjustment) and (ii) Class B Rights (other than Rights owned by such Person or group which have become void), in whole or in part, at an exchange ratio of one Common Share per Right (subject to adjustment). The shares and
other securities transferred as part of the exchange may be transferred to a trust created upon such terms as the Board of Directors of the Company may determine. 

  
 - C-4 - 

 With certain exceptions, no adjustment in the Purchase Price will be required until
cumulative adjustments require an adjustment of at least 1% in such Purchase Price. No fractional Preferred Shares will be issued (other than fractions which are integral multiples of one one-thousandth of a
Preferred Share, which may, at the election of the Company, be evidenced by depositary receipts), and in lieu thereof, an adjustment in cash will be made based on the market price of the Preferred Shares on the last trading day prior to the date of
exercise. 
 At any time prior to the earlier to occur of (i) the Close of Business on the tenth day following the Stock Acquisition
Date (or, if the tenth day following the Stock Acquisition Date occurs before the Record Date, the Close of Business on the Record Date) and (ii) the Final Expiration Date, the Board of Directors may redeem the Rights in whole, but not in part,
at a price of $0.001 per Right (the “Redemption Price”). The redemption of the Rights may be made effective at such time, on such basis and with such conditions as the Board of Directors in its sole discretion may establish.
Immediately upon any redemption of the Rights, the right to exercise the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price. 

The terms of the Rights may be amended by the Board of Directors without the consent of the holders of the Rights. However, at any time after
the Close of Business on the tenth day following the Stock Acquisition Date (or, if the tenth day following the Stock Acquisition Date occurs before the Record Date, the Close of Business on the Record Date), the Rights Agreement shall not be
amended or supplemented in any manner which would adversely affect the interests of the holders of Rights (other than an Acquiring Person and its Affiliates and Associates). 

Until a Right is exercised, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation,
the right to vote or to receive dividends. 
 A copy of the Rights Agreement has been filed with the Securities and Exchange Commission as
an Exhibit to a Current Report on Form 8-K. A copy of the Rights Agreement is available free of charge from the Company. The foregoing summary of the Rights does not purport to be complete and is
qualified in its entirety by reference to the Rights Agreement, which is hereby incorporated herein by reference. 

  
 - C-5 -Exhibit 10.1

AMENDED AND RESTATED CONVERTIBLE PROMISSORY
NOTE

 

THE SECURITY REPRESENTED BY
THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR QUALIFIED UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION
STATEMENT IS IN EFFECT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
LAWS. THE HOLDER OF THIS SECURITY IS SUBJECT TO THE TERMS OF THE NOTE PURCHASE AGREEMENT, DATED AS OF MAY 8, 2015 (THE “PURCHASE
AGREEMENT”), AMONG IMPAC MORTGAGE HOLDINGS, INC., A MARYLAND CORPORATION (THE “COMPANY”), AND
THE PURCHASERS NAMED THEREIN. A COPY OF SUCH PURCHASE AGREEMENT IS AVAILABLE AT THE OFFICES OF THE COMPANY.

 

AMENDED AND RESTATED CONVERTIBLE PROMISSORY
NOTE DUE 2020

 

	No. __	$_____________

 

Impac Mortgage Holdings, Inc.,
a corporation duly organized and existing under the laws of Maryland (herein called the “Company,” which term
includes any successor person under the Purchase Agreement), for value received, hereby promises to pay to _____________, or registered
assigns, the principal sum of _____________ ($_____________) on or before November 9, 2020 (the “Stated Maturity
Date”) in accordance with the terms of this Note. This Note amends and restates in its entirety the Convertible Promissory
Note Due 2020 dated May 8, 2015, which was issued to the holder of this Note pursuant to the Purchase Agreement. Nothing in
this Note shall be deemed to waive or otherwise impair any rights or remedies inuring to the benefit of Noteholders pursuant to
any of the Financing Documents prior to the date of this Note. As inducement and partial consideration for the holder to enter
into this Note, the Company will issue to holder a Warrant to Purchase Common Stock of the Company dated as of the date hereof
(the “Warrant”). The issuance of this Note shall take place simultaneously with,
and be conditioned on, the execution of the Warrant.

 

Reference is hereby
made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place.

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed under its corporate seal.

 

 

	Dated: April 15, 2020	 
	 	IMPAC MORTGAGE HOLDINGS, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	Attest:	 
	 	 
	By:	 	 
	Title:	 	 
	 	 	 	 

 

    1

     

    

 

1.            General. This Note is one of a duly authorized issue of Notes of the Company designated as its Amended and Restated
Convertible Promissory Notes Due 2020 (the “Notes”), limited in aggregate principal amount to $25,000,000,
in each case, issued pursuant to the Note Purchase Agreement, dated as of May 8, 2015 (the “Purchase
Agreement”), among the Company and the Purchasers named therein, to which Purchase Agreement and all amendments
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company and the Noteholders (including both the Purchasers and subsequent holders of the Notes) and of the
terms upon which the Notes are, and are to be, issued and delivered.

 

Payments of principal
and interest on this Note shall be made, in accordance with the Purchase Agreement and subject to applicable laws and regulations,
by wire transfer in immediately available funds to such account as any holder hereof shall designate by written instructions received
by the Company no less than 5 days prior to any applicable Interest Payment Date (as defined infra) or other applicable
payment date hereunder, which wire instructions shall continue in effect until such time as the holder otherwise notifies the Company
or such holder no longer is the registered owner of this Note.

 

2.            Payments
of Principal and Interest. The Company promises to pay interest on the outstanding principal amount of this Note from the date
of issuance of this Note (or any Predecessor Note), or from the most recent Interest Payment Date to which interest has been paid
or duly provided for, quarterly in arrears on March 31, June 30, September 30 and December 31 in each year
commencing June 30, 2015 (each, an “Interest Payment Date”) and on the Stated Maturity Date, at an interest
rate equal to (i) 7.5% per annum for the period of May 8, 2015 to April 14, 2020 and (ii) 7.0% per annum from
April 15, 2020 until the principal hereof is fully repaid; provided, however, that if any Interest Payment Date falls on a
date which is not a Business Day, interest due on such Interest Payment Date shall be paid on the Business Day immediately preceding
such Interest Payment Date; provided, further, that such interest payment shall include interest accruing to the calendar day immediately
preceding such Interest Payment Date. Principal on this Note shall be due and payable in full on the Stated Maturity Date.

 

To the extent that the
payment of such interest shall be legally enforceable, in the event of any Default on this Note, (x) the interest rate borne
by this Note shall immediately increase by, and (y) any principal of, or installment of interest on, this Note which is overdue
shall bear interest, in each case, at the rate of 2% per annum in excess of the rate of interest then borne by this Note from the
date of such Default until cured or waived.

 

Interest on this Note
shall be computed on the basis of a 360 day year of twelve (12) months each comprised of thirty (30) days.

 

All interest and principal
payable on any Interest Payment Date or other applicable payment date hereunder will, as provided in the Purchase Agreement, be
paid to the person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the “Regular
Record Date”, which shall be the fifteenth calendar day (whether or not a Business Day) immediately preceding such Interest
Payment Date or other applicable payment date. Notwithstanding the foregoing, if this Note is issued after a Regular Record Date
and prior to the first Interest Payment Date, the record date for the first Interest Payment Date hereunder shall be the original
issue date.

 

3.            Prepayment.
This Note may not be prepaid, in whole or in part, without the prior written consent of the holder of this Note, except as expressly
permitted by the terms of this Section 3 or by clause (i) of Section 6 of this Note.

 

(a)           Prepayment
Right. The Company shall have the right, but not the obligation, to prepay at any time prior to the Stated Maturity Date all,
but not less than all, amounts then owing under all of the Notes, subject to the conditions set forth in this Section 3 (the
 “Prepayment”).

 

    2

     

    

 

(b)           Notice
of Prepayment. The Company may exercise the right provided in Section 3(a) hereof by delivering written notice (the
 “Prepayment Notice”) of its election to make the Prepayment, in accordance with the provisions of Section 11.1
of the Purchase Agreement, to the holder of each Note, not less than thirty (30) calendar days prior to the date (which shall be
a Business Day) that the Prepayment is to be made (the “Prepayment Date”), and further stating therein:

 

(i)            the
Prepayment Date;

 

(ii)           the
total amount, including the Prepayment Premium (as defined below), payable to such holder with respect to said Note on the Prepayment
Date in connection with the Prepayment (the “Total Prepayment Amount”);

 

(iii)          that,
on the Prepayment Date, the Total Prepayment Amount will become due and payable in full to such holder, as proportionally reduced
in the event that all or a portion of the outstanding principal under said Note is the subject of a Conversion (as defined below)
noticed or elected as described in Section 3(e); and

 

(iv)          that
said Note is to be surrendered to the Company on the Prepayment Date.

 

(c)           Prepayment
Premium. The Company shall pay to the holder of each Note a prepayment premium (the “Prepayment Premium”)
on the Prepayment Date, as follows: in the event that the Prepayment is effected prior to the expiration of the thirty (30)-month
period following the Closing Date, then the Company shall pay to such holder on the Prepayment Date a Prepayment Premium in an
amount equal to the entire amount of interest under said Note through the third (3rd) anniversary of the Closing Date
that is forgone by such holder as a result of the occurrence of the Prepayment; in the event that the Prepayment is effected after
the expiration of such thirty (30)-month period and prior to the Stated Maturity Date, then the Company shall pay to such holder
on the Prepayment Date a Prepayment Premium in an amount equal to the entire amount of the interest under said Note that is forgone
by such holder as a result of the occurrence of the Prepayment (x) for a period of six (6) months, or, if shorter, (y) for
the period commencing on the Prepayment Date and ending on the Stated Maturity Date.

 

(d)           Failure
to Effectuate Prepayment. In the event that the Company fails to comply with any of its obligations under this Section 3
in attempting to effectuate a purported Prepayment, the subject Prepayment Notice shall thereupon be deemed null and void ab
initio for all purposes hereof, and any sums paid to the holder of this Note in connection with such purported Prepayment shall
be promptly returned by such holder to the Company, and, if this Note was surrendered to the Company in connection with such purported
Prepayment, the Company shall promptly return this Note to such holder.

 

(e)           Superseding
Conversion Notice or Election. In the event that, during the period commencing with the delivery of the Prepayment Notice to
the holder of this Note and ending on the day preceding the Prepayment Date, the holder of this Note either delivers a Conversion
Notice (as defined below) pursuant to the provisions of Section 5(b) hereof or receives delivery of a Company Conversion
Notice (as defined below) pursuant to the provisions of Section 5(d) hereof, or the Electing Holders (as defined below)
timely make an election under clause (ii) of Section 6 hereof, then the Prepayment shall be immediately and automatically
deemed to apply only to that portion, if any, of the outstanding principal of this Note that is not subject to the Conversion so
noticed or elected.

 

4.            OMITTED.

 

    3

     

    

 

5.            Conversion.

 

(a)           Optional
Conversion by Holder. Subject to and in accordance with the provisions of this Section 5, at any time after January 1,
2016 and through to and including the Stated Maturity Date, the holder hereof may elect, in its sole discretion, to effect the
conversion of all or any portion of the outstanding principal under this Note into shares of the Common Stock (“Conversion”).
The number of shares of Common Stock into which the outstanding principal under this Note shall be converted pursuant to this Section 5(a) shall
be determined by dividing the amount of such principal the holder hereof has elected to convert by $21.50 (including as adjusted
pursuant to the terms of this Section 5, the “Conversion Price”). The Conversion Price, and the number
and nature of the securities into which this Note is convertible, are subject to adjustment as provided in Section 5(f) hereof.
Upon such Conversion, the entire amount of accrued and unpaid interest (and all other amounts owing) under this Note through the
effective date of Conversion shall be immediately due and payable in cash to the holder of this Note, and such date shall thereupon
be deemed an Interest Payment Date for purposes of Section 2 hereof.

 

(b)           Manner
of Effecting Section 5(a) Conversion. If the holder hereof elects to effect a Conversion pursuant to Section 5(a) hereof,
the holder hereof shall deliver, in accordance with the provisions of Section 11.1 of the Purchase Agreement, a duly executed
written notice to the Company of such election specifying the amount of principal to be converted (the “Conversion Notice”),
and in such event the Conversion shall be deemed to have been effected at the close of business on the date such Conversion Notice
is given. Upon any Conversion of this Note pursuant to Section 5(a) hereof, the rights of the holder hereof with respect
to the outstanding principal thereby converted shall cease, and the holder hereof shall thereupon be deemed to have become the
holder of record of the shares of Common Stock (or other securities) into which this Note shall have been converted, provided that,
if the holder hereof elects to convert only a portion of the outstanding principal pursuant to Section 5(a) hereof, then
the Company will promptly deliver a new note to the holder hereof, on the same terms and conditions as this Note, with respect
to the portion of the outstanding principal that is not converted (the “New Note”). Concurrently with the delivery
of a Conversion Notice, the holder hereof shall surrender this Note to the Company. Promptly upon its receipt of a Conversion Notice,
the Company shall (i) deliver to or upon the written order of the holder hereof a certificate or certificates for the number
of shares of Common Stock (or other securities) issuable upon such Conversion, (ii) make a cash payment to the holder in respect
of any fraction of a share as provided in Section 5(e) hereof and in the amount required pursuant to the last sentence
of Section 5(a) hereof, and (iii) if applicable, deliver a New Note to the holder hereof as set forth in this Section 5(b).

 

(c)           Optional
Conversion by Company. In the event that the market price per share of the Common Stock, as measured by the average volume-weighted
closing stock price per share of the Common Stock on the NYSE MKT (or any other U.S. national securities exchange then serving
as the principal such exchange on which the shares of Common Stock are listed) for any twenty (20) trading days in any period after
January 1, 2016 of thirty (30) consecutive trading days, reaches the level of $30.10 (as adjusted, mutatis mutandis,
pursuant to the adjustment principles set forth in Section 5(f) infra) (the “Optional Conversion Threshold”),
then the Company shall have the right, but not the obligation, to effect, without the consent of any holder of a Note, the Conversion
of the entire outstanding principal balance of all of the Notes, and no lesser portion thereof, into shares of Common Stock at
the Conversion Price as in effect at the effective time of such Conversion (including as adjusted as provided in Section 5(f) hereof).
Upon such Conversion, the entire amount of accrued and unpaid interest (and all other amounts owing) under this Note through the
effective date of Conversion shall be immediately due and payable in cash to the holder of this Note. In addition, if the Conversion
effected pursuant to this Section 5(c) occurs prior to the third anniversary of the Closing Date, the entire amount of
the interest under this Note through said third anniversary that is forgone by the holder of this Note as a result of the occurrence
of this Conversion shall also be immediately due and payable in cash to said holder.

 

    4

     

    

 

(d)           Manner
of Effecting Section 5(c) Conversion. The Company may exercise the right provided in Section 5(c) hereof
by delivering a written notice of exercise (which shall include in reasonable detail the Company’s bases for concluding that
the Optional Conversion Threshold has been attained) (the “Company Conversion Notice”), in accordance with the
provisions of Section 11.1 of the Purchase Agreement, to the holder of each Note not less than fifteen (15) calendar days
prior to the effective date of the subject Conversion, which effective date may not be more than sixty (60) calendar days after
the date that the Optional Conversion Threshold was attained, as set forth in the Company Conversion Notice, and in such event
the Conversion shall be deemed to have been effected at the close of business on the date such Company Conversion Notice is given.
Any failure by the Company, on any individual occasion of attaining the Optional Conversion Threshold, to effect a Conversion pursuant
to Sections 5(c) and 5(d) hereof shall in no way affect any future right of the Company to effect such a Conversion on
a subsequent date, assuming that all of the conditions to effecting such a Conversion are separately satisfied as of such subsequent
date. Upon any Conversion of this Note pursuant to Section 5(c) hereof, the rights of the holder hereof with respect
to the outstanding principal thereby converted shall cease, and the holder hereof shall thereupon be deemed to have become the
holder of record of the shares of Common Stock (or other securities) into which this Note shall have been converted. Upon receipt
of the Company Conversion Notice, the holder hereof shall surrender this Note to the Company, and the Company shall thereupon (i) deliver
to or upon the written order of the holder hereof a certificate or certificates for the number of shares of Common Stock (or other
securities) issuable upon such Conversion, and (ii) make a cash payment to the holder in respect of any fraction of a share
as provided in Section 5(e) hereof and in the amount required pursuant to the last two sentences of Section 5(c) hereof.

 

(e)           Fractional
Shares. No fractional shares shall be issued upon any Conversion. Instead of any fractional share which would otherwise be
issuable upon a Conversion, the Company shall pay a cash amount to the holder of this Note in respect of such fractional share
in an amount based upon (i) the closing price of the Common Stock on the trading day immediately preceding the date of such
Conversion on the principal national securities exchange on which the Common Stock is then listed, or (ii) if the Common Stock
is not then so listed, the current fair market value of a share of Common Stock as determined in good faith by the Board of Directors
of the Company.

 

(f)           Adjustments.
The Conversion Price and the aggregate number and nature of the securities issuable upon the exercise of this Note (the “Conversion
Rate”) shall be subject to adjustment from time to time upon the occurrence of the events enumerated in this Section 5(f),
as follows.

 

If the Company:

 

(1)            pays
a dividend or makes any other distribution on the Common Stock in shares of the Common Stock or other capital stock of the Company;
or

 

(2)            subdivides,
combines or reclassifies the outstanding shares of Common Stock;

 

then, in each case, the Conversion Rate
and the Conversion Price in effect immediately prior to such action shall be proportionately adjusted so that the holder of this
Note may upon payment of the same aggregate Conversion Price payable immediately prior to such action receive the aggregate number
and kind of shares of capital stock of the Company which the holder would have owned immediately following such action if this
Note had been converted immediately prior to such action.

 

Any such adjustment shall
become effective immediately after the record date of such dividend or distribution or the effective date of such subdivision,
combination or reclassification.

 

If after an adjustment
the holder of this Note upon conversion of this Note may receive shares of two or more classes of capital stock of the Company,
the Board of Directors of the Company shall determine the allocation of the adjusted Conversion Price between the classes of capital
stock. After such allocation, the Conversion Rate and the Conversion Price of each such class of capital stock shall thereafter
be subject to adjustment on terms comparable to those applicable to Common Stock in this Section 5(f).

 

Such adjustment shall
be made successively whenever any event listed above shall occur.

 

    5

     

    

 

In the event of any such
adjustment, a Financial Officer of the Company shall, within three (3) Business Days thereof, notify the holder of this Note,
in accordance with the provisions of Section 11.1 of the Purchase Agreement, of such adjustment and, in reasonable detail,
the method of computing the adjusted Conversion Rate and the adjusted Conversion Price.

 

(g)           Registration
Rights. Pursuant to Section 11.15 of the Purchase Agreement, all of the shares of Common Stock issuable upon a Conversion
pursuant to this Section 5 (as well as upon a Conversion pursuant to Section 6 hereof) shall have the benefit of registration
rights on the terms set forth in the Registration Rights Agreement.

 

(h)           Pre-Conversion
Dividends. Upon the occurrence of any Conversion pursuant to this Section 5 (as well as upon a Conversion pursuant to
Section 6 hereof), the Company shall, within three (3) Business Days thereof, pay to the holder of this Note (x) the
sum of the applicable per share amounts of each cash dividend and other cash distribution paid by the Company with respect
to all shares of Common Stock during the period commencing on the Closing Date and ending on the effective date of such Conversion,
as if such Conversion had occurred immediately prior to the record date for said dividend or other distribution at the Conversion
Price in effect immediately prior to said record date, (y) less the amount of all interest paid by the Company under this
Note prior to the date of said dividend or distribution.

 

6.            Change
in Control. Notwithstanding any other provision of this Note, upon the occurrence of one or more events constituting a Change
in Control, and on each such occasion during the term of this Note, the holders holding a majority of the outstanding principal
balance of the Notes (the “Electing Holders”) shall have the right, in their sole and absolute discretion, by
written election, to either (i) cause each of the outstanding Notes, and all amounts of unpaid principal, accrued but unpaid
interest and other amounts owing thereunder, to become immediately due and payable in full simultaneously with such occurrence;
(ii) cause the entire unpaid principal balance of each outstanding Note to be converted as of the logical instant immediately
prior to such occurrence into shares of the Common Stock at a conversion price per share equal to the Conversion Price as then
in effect, with the entire amount of accrued but unpaid interest and other amounts owing under each Note becoming immediately due
and payable in cash to the holder of said Note; or (iii) cause the outstanding Notes, and all of the terms and provisions
thereof, to continue in full force and effect notwithstanding the occurrence of said Change in Control. The Company shall provide
each holder of a Note written notice of any contemplated Change in Control, specifying with reasonable particularity the nature,
terms and contemplated timing thereof, not less than fifteen (15) Business Days prior to the scheduled or first anticipated date
of the consummation thereof. The holders of the Notes shall have ten (10) Business Days from the date such notice is given
to respond to the Company in writing with respect to electing the option set forth in either clause (i), (ii) or (iii) supra.
In the event that the Electing Holders fail to make timely any such election, they will be deemed to have made the election set
forth in clause (iii). In the event that the Electing Holders elect the option set forth in clause (i) or (ii), the Company
shall promptly take all necessary and desirable actions to effectuate the full payment, or entire conversion of the aggregate principal
balance, as applicable, of all of the Notes.

 

7.            Events
of Default. If an Event of Default shall occur and be continuing, the principal of this Note may be declared, or may automatically
become, due and payable in the manner and with the effect provided in the Purchase Agreement.

 

8.            Amendments,
Modifications and Waivers. The Purchase Agreement permits, with certain exceptions as therein provided, the amendment thereof
and of the Notes and the modification of the rights and obligations of the Company and certain rights of the Noteholders under
the Purchase Agreement and the Notes at any time by the Company with the consent of the Required Holders. The Purchase Agreement
also contains provisions permitting the Required Holders, on behalf of the Noteholders of all the Notes, to waive compliance by
the Company with certain provisions of the Purchase Agreement and of the Notes and past defaults under the Purchase Agreement and
their consequences. Any such consent or waiver shall be conclusive and binding upon such Noteholder and upon all future Noteholders
of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Note.

 

    6

     

    

 

9.            Restrictions
on Transfer; Registration of Transfer. This Note is subject to restrictions on transfer as set forth in the Purchase Agreement.
As provided in the Purchase Agreement and subject to certain limitations therein set forth, the transfer of this Note is registrable
in the Security Register, upon surrender of this Note for registration of transfer at the principal offices of the Company, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company duly executed by, the holder
hereof or its attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.

 

The Notes are issuable
only in registered form without coupons in denominations authorized under the Purchase Agreement. As provided in the Purchase Agreement
and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of
a different authorized denomination, as requested by the Noteholder surrendering the same.

 

No service charge shall
be made for any such registration of transfer or exchange.

 

Prior to due presentment
of this Note for registration of transfer as permitted by the terms of the Purchase Agreement, the Company and any agent of the
Company may treat the person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note
be overdue, and neither the Company nor any such agent shall be affected by notice to the contrary.

 

10.         Notice
of Certain Events. If the Company proposes at any time (a) to declare any dividend or distribution upon its shares of
Common Stock (or other class of its securities into which this Note may be converted), other than a cash dividend or distribution
as referenced in Section 5(h) hereof, whether in property, stock or other securities (including, without limitation,
stock or other securities of any subsidiary of the Company, whether in connection with a spin-off of such subsidiary, or otherwise);
(b) to offer rights for subscription pro rata to the holders of any class securities into which this Note may be converted;
(c) to effect any reclassification or recapitalization of any class of securities into which this Note may be converted; or
(d) to merge or consolidate with or into any other corporation, or sell, lease, license, or convey all or substantially all
of its assets, or to liquidate, dissolve or wind up; then, in connection with each such event, the Company shall give the holder
of this Note (x) at least fifteen (15) days’ prior written notice of the date on which a record will be taken for such
dividend, distribution or subscription rights (and specifying the date on which the holders of the applicable securities will be
entitled thereto) or for determining the rights, if any, of holders of such securities to vote in respect of the matters referred
to in (c) and (d) above; and (y) in the case of the matters referred to in (c) and (d) above at least
fifteen (15) days’ prior written notice of the date when the same will take place (and specifying the date on which the holders
of the applicable securities will be entitled to exchange such securities for securities or other property deliverable upon the
occurrence of such event).

 

11.         Miscellaneous.
All terms used in this Note which are defined in the Purchase Agreement and not otherwise defined in this Note shall have the meanings
respectively assigned to them in the Purchase Agreement.

 

THIS NOTE SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES
THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

    7

     

    

 

The terms and conditions of this Amended
and Restated Convertible Promissory Note are acknowledged and agreed to by Holder as of April 15, 2020:

 

HOLDER

 

_____________

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    8

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