Document:

EX-4.2

 Exhibit 4.2 

FINAL VERSION 
  

 
 MULTI-COLOR ESCROW ISSUER, LLC

 MULTI-COLOR CORPORATION 
  

 
 ESCROW AND
SECURITY AGREEMENT 
 Dated as of October 4, 2017 

 
  

U.S. BANK NATIONAL ASSOCIATION, 

as Escrow Agent and Trustee 
  

 
  

 

 ESCROW AND SECURITY AGREEMENT 

This ESCROW AND SECURITY AGREEMENT, dated as of October 4, 2017 (this “Agreement”), is by and among MULTI-COLOR
ESCROW ISSUER, LLC, a Delaware limited liability company (“Escrow Issuer”), MULTI-COLOR CORPORATION, an Ohio corporation (“Multi-Color” and together with the Escrow Issuer, the “Companies”), U.S.
BANK NATIONAL ASSOCIATION, a national banking association, in its capacities as escrow agent, depositary bank and securities intermediary (the “Escrow Agent”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, in
its capacity as trustee under the Indenture for the Notes described below (the “Trustee”), paying agent, transfer agent and registrar. 

RECITALS 
 Escrow Issuer
has been assigned all of the rights and obligations of Multi-Color under that certain purchase agreement dated as of September 20, 2017 (as the same may be amended and restated or otherwise modified from time to time, the “Notes
Purchase Agreement”) by and among Multi-Color and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”) and Citigroup Global Markets Inc. (“Citi”), as a representative of the several
initial purchasers named in Schedule A to the Notes Purchase Agreement (collectively, the “Initial Purchasers”). 

Pursuant to that certain indenture (as the same may be amended, supplemented, amended and restated or otherwise modified from time to time,
the “Indenture”), dated as of October 4, 2017, by and among the Escrow Issuer and the Trustee, the Escrow Issuer will issue $600,000,000 in aggregate principal amount of its 4.875% Senior Notes due 2025 (the
“Notes”). In connection with the issuance of the Notes, the Companies prepared an Offering Memorandum, dated as of September 20, 2017 (the “Offering Memorandum”). Capitalized terms that are used but not defined
herein have the meanings assigned to them in the Notes Purchase Agreement. 
 Pursuant to the “Use of Proceeds” section of the
Final Offering Memorandum, Multi-Color intends to use the proceeds from the issuance and sale of the Notes and cash on hand (i) to repay outstanding borrowings under the Existing Credit Facilities; (ii) to fund a portion of the purchase
price payable in connection with the consummation of the Constantia Labels Acquisition; and (iii) to pay fees and expenses in connection therewith and the offering of the Notes. As the consummation of the Constantia Labels Acquisition will not
occur contemporaneously with the issuance of the Notes, the Companies have agreed with the Initial Purchasers in the Notes Purchase Agreement and with the Trustee in the Indenture to enter into this Agreement and to escrow the proceeds from the
offering of the Notes and other funds as provided herein. 
 For good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree as follows: 

1.    Appointment of and Acceptance by Escrow Agent. The Escrow Issuer, Multi-Color and the Trustee hereby appoint
the Escrow Agent to serve as escrow agent hereunder. The Escrow Agent hereby accepts such appointment and, upon receipt by wire transfer of the Initial Deposit (as defined below) in accordance with Section 2 hereof, agrees to hold, invest and
disburse the Escrow Property (as defined below) in accordance with this Agreement. 

 2.    Deposit of Escrow Funds. The initial funds to be deposited with
the Escrow Agent will be as follows: 
 (a)    Concurrently with the execution and delivery hereof and
the issuance of the Notes: 
 (i)    as provided in the Notes Purchase Agreement, the Escrow Issuer, will
deposit with the Escrow Agent in cash or by wire transfer in immediately available funds the sum representing 100% of the gross proceeds of the issuance of the Notes (which, for the avoidance of doubt, shall equal $600,000,000) (the
“Proceeds Deposit”); and 
 (ii)    the Escrow Issuer will deposit with the Escrow Agent
in cash or by wire transfer in immediately available funds an amount that, together with the Proceeds Deposit, is not less than the amount required to redeem in cash, on the third Business Day following January 16, 2018 (the “Escrow
Outside Date”), the Notes at 100% of the principal amount thereof pursuant to the terms of the Indenture, together with any accrued and unpaid interest to, but not including, the Special Mandatory Redemption (the “Escrow Issuer
Deposit”). 
 As a result of the Proceeds Deposit and the Escrow Issuer Deposit made pursuant to clauses (i) and (ii) above,
the aggregate amount deposited with the Escrow Agent on the date hereof will be $608,693,750.00 (the “Initial Deposit”). 

(b)    The Escrow Agent will accept the Initial Deposit and will hold such funds, all investments thereof,
any Distributions (as defined below) and the proceeds of the foregoing in a registered money market securities account created by the Escrow Agent prior to or concurrently with the issuance of the Notes. Such securities account shall have account
number 276278000 and shall be maintained by the Escrow Agent in the name of the Trustee (the “Escrow Account”) for disbursement in accordance with the provisions hereof. The Trustee will be the “Entitlement Holder” and
“Customer” of the Escrow Agent with respect to the Escrow Account. The Escrow Issuer will not have any access to the Escrow Account or funds, investments or other assets credited thereto, other than the limited contractual right to receive
the Escrow Property (as defined below) under the circumstances specified in Section 4 hereof. The Initial Deposit, the Escrow Account and all funds, securities or other property now or hereafter credited to the Escrow Account, all investments
of any of the foregoing, plus all interest, dividends and other distributions and payments with respect to any of the foregoing (collectively the “Distributions”) received or receivable by the Escrow Agent and all proceeds of the
foregoing, but excluding any property and/or funds distributed or paid in accordance with this Agreement (other than such property and/or funds distributed or paid to the Trustee in accordance with this Agreement), are collectively referred to
herein as the “Escrow Property.” 

  
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 3.    Limited Rights in Escrow Property; Security Interest. 

(a)    It is the intention of the parties hereto that this Agreement create a true escrow and neither the
Escrow Issuer nor Multi-Color shall have any ownership of, or rights in, the Escrow Account or the Escrow Property, other than the limited contractual right to receive the Escrow Property under the circumstances specified in Section 4 hereof.

 (b)    As security for the due and punctual payment when due of all amounts that may be payable from
time to time under the Notes Purchase Agreement, the Indenture and the Notes, now or hereafter arising, the Escrow Issuer hereby pledges, assigns and grants to the Trustee, for the benefit of the holders of the Notes, a continuing security interest
in, and a lien on, all of its rights, title and interest to, and arising under, this Agreement, whether now owned or hereafter acquired. If, notwithstanding the intention of the parties set forth in Section 3(a) hereof, the Escrow Issuer is
determined to have any right, title or interest in any of the Escrow Property whether now owned or hereafter acquired, then as security for the due and punctual payment when due of all amounts that may be payable from time to time under the Notes
Purchase Agreement, the Indenture and the Notes, now or hereafter arising, the Escrow Issuer hereby pledges, assigns and grants to the Trustee, for the benefit of the holders of the Notes, a continuing security interest in, and a lien on, the Escrow
Property. The Escrow Issuer represents and warrants that the security interest of the Trustee in this Agreement and, to the extent that any such party has rights therein, the Escrow Property, will, after execution and delivery of this Agreement by
all parties hereto, at all times be valid, perfected and enforceable (subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law) as a first-priority security interest (subject to non-consensual liens of the Escrow Agent, in its capacity as such, which arise by
operation of law) by the Trustee against the Escrow Issuer and all third parties in accordance with the terms of this Agreement to the extent such Escrow Property may be perfected (i) by “control” or “possession” under the
UCC (as defined below), or (ii) by the filing of a UCC financing statement in accordance with Section 3(g) hereof, assuming such filing is in fact made. 

(c)    The parties hereto acknowledge and agree that: (i) the Escrow Account will be treated as a
“Securities Account,” (ii) the Escrow Property will be treated as “Financial Assets,” (iii) this Agreement governs the Escrow Account and provides rules governing the priority among possible “Entitlement Orders”
received by the Escrow Agent as “Securities Intermediary” from the Escrow Issuer, Multi-Color, the Trustee and any other persons entitled to give “Entitlement Orders” with respect to such Financial Assets and (iv) the
“Securities Intermediary’s Jurisdiction” is the State of New York. The Escrow Agent represents and warrants that the Escrow Agent is a “Securities Intermediary” with respect to the Escrow Account and the “Financial
Assets” credited to the Escrow Account. Except as specifically provided herein, the terms of the New York Uniform Commercial Code, as amended, or any successor provision (the “UCC”), will apply to this Agreement, and all terms
quoted in Section 2(b) hereof and clauses (c) and (e) of this Section 3 will have the meanings assigned to them by Article 8 of the UCC. 

  
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 (d)    The Escrow Agent hereby agrees that all property
delivered to the Escrow Agent for crediting to the Escrow Account will be promptly credited to the Escrow Account by the Escrow Agent. The Escrow Agent represents and warrants that it has not entered into, and agrees that it will not enter into, any
control agreement or any other agreement relating to the Escrow Account or the Escrow Property with any other third party, except for this Escrow Agreement. 

(e)    Each of the parties hereto acknowledge and agree that the Escrow Account will be under the control
(within the meanings of Sections 8-106, 9-106 and 9-104 of the UCC) of the Trustee and, notwithstanding any other provision of
this Agreement, the Escrow Agent will comply with all “Entitlement Orders” and instructions given by the Trustee with respect to the Escrow Account or Escrow Property without further consent of the Escrow Issuer or any other person. Except
as expressly set forth in Sections 4 and 7 hereof, neither the Escrow Issuer nor Multi-Color shall have any right to give any “Entitlement Orders” or instructions. 

(f)    Notwithstanding anything contained herein to the contrary, prior to the Escrow Outside Date,
the Trustee agrees to only deliver any “Entitlement Order” in the event that an Event of Default has occurred and is continuing under the Indenture. 

(g)    The Escrow Issuer agrees to take all steps necessary or as may be reasonably requested by the
Trustee in connection with the perfection of the Trustee’s security interest in this Agreement and the Escrow Property and, without limiting the generality of the foregoing, the Escrow Issuer hereby authorizes the Trustee to file one or more
UCC financing statements, in such jurisdictions and filing offices and containing such description of collateral as reasonably necessary or advisable in order to perfect the security interest granted herein. Each of the Escrow Issuer and Multi-Color
represents and warrants that as of the date hereof it has been duly formed or incorporated, as applicable, and is validly existing as a limited liability company or corporation, as applicable, under the laws of the state of Delaware or Ohio, as
applicable, and is not organized under the laws of any other jurisdiction, and each of the Escrow Issuer and Multi-Color hereby agrees that, prior to the termination of this Agreement, it will not change its legal name or jurisdiction of
organization without giving the Trustee, not less than fifteen (15) days prior written notice thereof and without taking all necessary steps reasonably required to continue the perfection of the security interest granted herein. 

(h)    Upon the release of any Escrow Property pursuant to Section 4 hereof, the security interest of
the Trustee for the benefit of the holders of the Notes will automatically terminate with respect to any such Escrow Property without any further action and such Escrow Property will be delivered to Multi-Color or at the direction of the Escrow
Issuer, free and clear of any and all liens, claims or encumbrances of any person, including, without limitation, the Escrow Agent, the Trustee and the holders of the Notes. At the written request of the Escrow Issuer or Multi-Color, the Trustee
will give all necessary authorizations to allow the Escrow Issuer or its designee to terminate 

  
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any financing statements and will execute such other documents without recourse, representation or warranty of any kind as the Escrow Issuer may reasonably request in writing to evidence or
confirm the termination of the security interest in such released Escrow Property. 
 4.    Disbursement of Escrow
Property. Subject to Section 3(e) hereof, the Escrow Agent is directed to hold and distribute the Escrow Property in the following manner: 

(a)    The Escrow Agent will only release the Escrow Property in the cases specifically provided for in
this Section 4 hereof. 
 (b)    Promptly, and in any event, within two (2) Business Days
following receipt of a notice in the form of the Officer’s Certificate from the Escrow Issuer and Multi-Color attached hereto as Exhibit A and signed by their Authorized Officers (as set forth on Schedule A), a copy of which shall
be delivered to the Trustee and MLPF&S on the same day delivery is made to the Escrow Agent, upon which the Escrow Agent may conclusively rely, the Escrow Agent will liquidate all investments and release the Escrow Property as follows: 

(i)    first, an amount in cash equal to the Escrow Purchasers’ Commission to MLPF&S, by wire
transfer of immediately available funds in accordance with the wire transfer instructions set forth in Section 5 hereof; and 

(ii)    second, any and all remaining Escrow Property to Multi-Color by wire transfer of immediately
available funds in accordance with the wire instructions set forth in Section 5 hereof. 
 (c)    If
either (1) the Escrow Agent shall not have received an Officer’s Certificate as contemplated by clause (b) of this Section 4, on or prior to the Escrow Outside Date, or (2) Multi-Color shall provide the Escrow Issuer, the
Escrow Agent and the Trustee(with a copy to MLPF&S ) with written notice in the form of the Officer’s Certificate from Multi-Color attached hereto as Exhibit B and signed by its Authorized Officers (as set forth on Schedule
A), then within two (2) Business Days of the earlier of the dates as set forth in clauses (1) and (2) of this clause (c) (such earlier date being the “Acquisition Deadline”), the Escrow Issuer shall send or cause to be
sent a notice of Special Mandatory Redemption to all holders of the Notes. On the day falling three (3) Business Days after the Acquisition Deadline (the “Escrow Redemption Date”), the Notes will be redeemed at a price equal to
100.00% of the principal thereof, plus, in each case, accrued and unpaid interest on the Notes from the issue date of the Notes to, but not including, the date of such redemption (the “Escrow Redemption Price”). After its receipt of
instructions from Multi-Color, the Escrow Agent will, on the Business Day immediately prior to the Escrow Redemption Date, liquidate all investments of Escrow Property then held by it and on the Escrow Redemption Date release all of the Escrow
Property as follows: 
 (i)    first, to the Trustee under the Indenture, an amount of Escrow Property in
cash equal to the Escrow Redemption Price for payment to the holders of the Notes in accordance with the Special Mandatory Redemption provisions contained in the Indenture; such release of Escrow Property to the Trustee under the Indenture will be
made by wire transfer of immediately available funds in accordance with the wire instructions set forth in Section 5 hereof; provided that if the amount of the Escrow Property is less than the amount required to be paid for the Escrow
Redemption Price, Multi-Color will deliver to the Escrow Agent, at least one (1) Business Day prior to the Escrow Redemption Date, an amount equal to the deficiency; 

  
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 (ii)    second, an amount in cash equal to the Escrow
Purchasers’ Commission to MLPF&S, by wire transfer of immediately available funds in accordance with the wire transfer instructions set forth in Section 5 hereof; provided that if the amount of the Escrow Property is less than the
amount required to be paid for the Escrow Purchasers’ Commission, Multi-Color will deliver to the Escrow Agent, at least one (1) Business Day prior to the Escrow Redemption Date, an amount equal to the deficiency; and 

(iii)    third, to Multi-Color, any Escrow Property remaining after the distributions in the immediately
preceding (i) and (ii) above, by wire transfer of immediately available funds in accordance with the wire instructions set forth in Section 5 hereof. 

5.    Wire Transfer Instructions. 

(a)    Unless otherwise indicated in writing, all cash (including the cash proceeds from liquidation of any
Escrow Property) distributed from the Escrow Account to the Escrow Issuer or Multi-Color will be transferred by wire transfer of immediately available funds in accordance with the following wire transfer instructions: 

 

			
	 Bank:
	 	PNC Bank
	 ABA No.:
	 	041000124
	 Account No.
	 	4105756128
	 SWIFT:
	 	PNCCUS33
	 Account Name:
	 	Multi-Color Corp Main

 (b)    All funds distributed from the Escrow Account to MLPF&S, on
behalf of the Initial Purchasers, for payment of the Escrow Purchasers’ Commission will be transferred by wire transfer of immediately available funds in accordance with the following wire transfer instructions: 

 

			
	 Bank:
	 	BANK OF AMERICA, NA
	 ABA No.:
	 	0260-0959-3
	 Account No.
	 	3750672743
	 SWIFT:
	 	BOFAUS3N
	 Beneficiary:
	 	Merrill Lynch Pierce Fenner & Smith Inc

  
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 (c)    All cash distributed from the Escrow Account to the
Trustee will be transferred by wire transfer of immediately available funds in accordance with the following wire transfer instructions. 
  

			
	 Bank:
	 	US Bank
	 ABA No.:
	 	091000022
	 Account No.
	 	180121167365
	 FBO:
	 	U.S. Bank Trust NA
	 Ref:
	 	Multi-Color – Trust
	 Attention:
	 	Daniel Boyers

 6.    Suspension of Performance; Disbursement Into Court. If, at any time,
(i) there shall exist any dispute by or among the Escrow Issuer, Multi-Color and/or any other person or entity with respect to the holding or disposition of all or any portion of the Escrow Property or any other obligations of the Escrow Agent
hereunder, (ii) the Escrow Agent is unable to determine, to the Escrow Agent’s reasonable satisfaction, the proper disposition of all or any portion of the Escrow Property or the Escrow Agent’s proper actions with respect to its
obligations hereunder, or (iii) the Escrow Issuer has not within thirty (30) days of the receipt by the Escrow Issuer of the notice of resignation of Escrow Agent pursuant to Section 8 hereof, appointed a successor Escrow Agent to act
hereunder, then the Escrow Agent may, in its sole discretion, take either or both of the following actions: 

(a)    suspend the performance of any of its obligations (including without limitation any disbursement
obligations) under this Agreement until such dispute or uncertainty shall be resolved to the sole satisfaction of the Escrow Agent or until a successor Escrow Agent shall have been appointed (as the case may be); or 

(b)    petition (by means of an interpleader action or any other appropriate method) any court of competent
jurisdiction in any venue convenient to the Escrow Agent, for instructions with respect to such dispute or uncertainty, and to the extent required or permitted by law, pay into such court, for holding and disposition in accordance with the
instructions of such court, all Escrow Property, after deduction and payment to the Escrow Agent of all fees and expenses (including court costs and attorneys’ fees) payable to, incurred by, or expected to be incurred by the Escrow Agent in
connection with the performance of its duties and the exercise of its rights hereunder. 
 The Escrow Agent shall have no liability to the Escrow Issuer,
Multi-Color and/or any other person or entity with respect to any such suspension of performance or disbursement into court, specifically including any liability that may arise, or be alleged to have arisen, as a result of any delay in disbursement
of the Escrow Property or any delay with respect to any other action required or requested of the Escrow Agent. 

7.    Investment of Funds. The Escrow Agent is directed and instructed by the Escrow Issuer and Multi-Color to
invest and reinvest the Escrow Property, without distinction between principal and income, in the SEC-registered money market fund investing solely in U.S. 

  
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government securities and repurchase agreements fully collateralized by such obligations, with Standard & Poor’s AAAm rating and Moody’s Aaa-mf rating, as described on
Schedule B hereto. The Escrow Agent will credit all such investments to the Escrow Account and hereby agrees to treat any such investment as a “Financial Asset” within the meaning of
Section 8-102(a)(9) of the UCC. The Escrow Agent may sell or liquidate any of the foregoing investment at any time if the proceeds thereof are required for any disbursement of Escrow Property permitted or
required hereunder. All investment earnings shall become part of the Escrow Property and investment losses shall be charged against the Escrow Property. The Escrow Agent shall not be liable or responsible for loss in the value of any investment made
pursuant to this Agreement, or for any loss, cost or penalty resulting from any sale or liquidation of the Escrow Property. With respect to any Escrow Property received by the Escrow Agent after twelve o’clock, p.m., Eastern Time, the Escrow
Agent shall not be required to invest such funds until the next Business Day. 
 8.    Resignation or Removal of
Escrow Agent. 
 (a)    The Escrow Agent may resign and be discharged from the performance of its
duties hereunder at any time by giving thirty (30) days prior written notice to the Escrow Issuer specifying a date when such resignation shall take effect. The Escrow Issuer may, with notice to the Trustee, remove the Escrow Agent at any time
by giving the Escrow Agent thirty (30) days prior written notice signed by the Escrow Issuer. 

(b)    Within thirty (30) days after receiving the foregoing notice of resignation from the Escrow
Agent or after giving the foregoing notice of removal to the Escrow Agent, the Escrow Issuer and Multi-Color jointly shall appoint a successor Escrow Agent hereunder prior to the effective date of such resignation or removal. The Escrow Issuer shall
cause any successor Escrow Agent to assume the obligations of the Escrow Agent hereunder or to enter into an escrow and security agreement substantially in the form of this Agreement. If the Escrow Issuer and Multi-Color fail to appoint a successor
Escrow Agent within such time, the Escrow Agent shall have the right, in its sole discretion, to deliver the Escrow Property to the Trustee at the address provided herein or to petition a court of competent jurisdiction to appoint a successor escrow
agent, and all costs and expenses (including without limitation attorneys’ fees) related to such petition shall be paid solely by the Escrow Issuer and Multi-Color, jointly and severally. 

(c)    The retiring Escrow Agent shall transmit all records pertaining to the Escrow Property and pay all
Escrow Property to the successor Escrow Agent, after making copies of such records as the retiring Escrow Agent deems advisable and after deduction and payment to the retiring Escrow Agent of all fees and expenses (including court costs and
attorneys’ fees) payable to, incurred by, or expected to be incurred by the retiring Escrow Agent in connection with the performance of its duties and the exercise of its rights hereunder. After any retiring Escrow Agent’s resignation, the
provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Escrow Agent under this Agreement. Any corporation or association into which the Escrow Agent may be merged or converted or
with which it may be consolidated, or any corporation or association to which all or substantially all of the escrow business of the Escrow Agent’s corporate trust line of business may be transferred, shall be the Escrow Agent under this
Agreement without further act. 

  
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 9.    Liability of Escrow Agent. The Escrow Agent undertakes to
perform only such duties as are expressly set forth herein and no duties shall be implied. The Escrow Agent shall have no liability under and no duty to inquire as to the provisions of any agreement other than this Agreement, including without
limitation any other agreement between any or all of the parties hereto or any other persons even though reference thereto may be made herein. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith except to the
extent that a court of competent jurisdiction in a final, non-appealable decision determines that the Escrow Agent’s material breach, gross negligence or willful misconduct was the primary cause of any
loss to the Escrow Issuer or Multi-Color. The Escrow Agent’s sole responsibility shall be for the safekeeping and disbursement of the Escrow Property in accordance with the terms of this Agreement. The Escrow Agent shall not be charged with
knowledge or notice of any fact or circumstance not specifically set forth herein. The Escrow Agent may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the
truth and accuracy of any information contained therein, which the Escrow Agent shall believe to be genuine and to have been signed or presented by the person or parties purporting to sign the same. In no event shall the Escrow Agent be liable for
incidental, indirect, special, consequential or punitive damages (including, but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. The Escrow Agent
shall not be responsible for delays or failures in performance resulting from acts beyond its control. Such acts shall include but not be limited to acts of God, strikes, lockouts, riots, acts of war or terror, epidemics, governmental regulations
superimposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters. The Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the
Escrow Property, any account in which Escrow Property are deposited, this Agreement, the Notes Purchase Agreement or the Indenture, or to appear in, prosecute or defend any such legal action or proceeding. The Escrow Agent may consult legal counsel
selected by it in the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability
and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instruction of such counsel. The Escrow Issuer and Multi-Color, jointly and severally, shall promptly pay, upon demand, the reasonable fees and
expenses of any such counsel. The Escrow Issuer and Multi-Color agree to perform or procure the performance of all further acts and things, and execute and deliver such further documents, as may be required by law or as the Escrow Agent may
reasonably require to carry out its duties under this Agreement. 
 The Escrow Agent is authorized, in its sole discretion, to comply with
final orders issued or process entered by any court with respect to the Escrow Property, without determination by the Escrow Agent of such court’s jurisdiction in the matter. If any portion of the Escrow Property is at any time attached,
garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in case any order, judgment or decree shall be made or
entered by any court affecting such property or any part thereof, then in any such event, the Escrow Agent is 

  
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authorized, in its sole discretion, to rely upon and comply with any such order, writ, judgment or decree which it is advised by legal counsel selected by it is binding upon it without the need
for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order,
writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated. 

10.    Indemnification of Escrow Agent. From and at all times after the date of this Agreement, the Escrow Issuer
and Multi-Color, jointly and severally, shall, to the fullest extent permitted by law, defend, indemnify and hold harmless the Escrow Agent and each director, officer, employee, attorney, agent and affiliate of the Escrow Agent against any and all
actions, claims (whether or not valid), losses, damages, liabilities, penalties, costs and expenses of any kind or nature whatsoever (including without limitation reasonable attorneys’ fees, costs and expenses) incurred by or asserted, whether
direct, indirect or consequential, as a result of or arising from or in any way relating to any claim, demand, suit, action or proceeding (including any inquiry or investigation) by any person, including without limitation the Escrow Issuer or
Multi-Color, whether threatened or initiated, arising from or in connection with the negotiation, preparation, execution, performance or failure of performance of this Agreement or any transactions contemplated herein (“Losses”);
provided, however, that the Escrow Issuer and Multi-Color shall not be liable pursuant to this Section 10 for any Losses which resulted from the Escrow Agent’s material breach, gross negligence or willful misconduct as determined by a
final non-appealable decision of a court of competent jurisdiction. The obligations of the Escrow Issuer and Multi-Color under this section shall survive any termination of this Agreement and the resignation
or removal of the Escrow Agent. 
 11.    Fees and Expenses of Escrow Agent. The Escrow Issuer and Multi-Color
shall compensate the Escrow Agent for its services hereunder in accordance with Schedule C attached hereto. All of the compensation and reimbursement obligations set forth in this Section 11 shall be payable by the Escrow Issuer and
Multi-Color, jointly and severally, upon demand by the Escrow Agent. The obligations of the Escrow Issuer and Multi-Color under this Section 11 shall survive any termination of this Agreement and the resignation or removal of the Escrow Agent.
The Escrow Issuer and Multi-Color shall, jointly and severally, promptly after receipt of an itemized invoice, pay, upon demand, any compensation and reimbursement of
out-of-pocket expenses due and payable hereunder (including any amount to which the Escrow Agent or any indemnified party is entitled to seek indemnification pursuant to
this Agreement). 
 12.    Representations, Warranties and Security Procedures. The Escrow Issuer and Multi-Color
jointly and severally make the following representations and warranties to the Escrow Agent: 

(a)    Each Company has full power and authority to execute and deliver this Agreement and to perform its
obligations hereunder; and this Agreement has been duly approved by all necessary action of such Company and constitutes its valid and binding agreement enforceable against such Company in accordance with its terms. 

  
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 (b)    The applicable persons designated on Schedule A
attached hereto have been duly appointed to act as authorized representatives of the Escrow Issuer and Multi-Color, as the case may be, and have full power and authority to execute and deliver any Officer’s Certificate, to amend, modify or
waive any provision of this Agreement and to take any other actions as authorized representatives under this Agreement; provided that any modification of such authorized representatives shall be provided by written notice delivered to each party to
this Agreement in accordance with Section 14 hereof. The Escrow Agent is authorized, but is not required, to seek confirmation of funds transfer instructions by telephone call-back to applicable persons designated on Schedule A, and the
Escrow Agent may rely upon the confirmation of anyone purporting to be the person or persons so designated. The persons and telephone numbers for call-backs may be changed only in writing. If the Escrow Agent is unable to contact any of such
authorized representatives, the Escrow Agent is authorized to seek confirmation by telephone call-back to any of the applicable party’s executive officers (the “Executive Officers”), which shall include the Chief Executive
Officer, President and Vice President, as the Escrow Agent may select. Such Executive Officer shall deliver to Escrow Agent an incumbency certificate and the Escrow Agent may rely upon the confirmation of anyone purporting to be any such officer.
When directed to transfer funds, the Escrow Agent may conclusively rely upon any account numbers or similar identifying numbers provided to the Escrow Agent to identify (a) the beneficiary, (b) the beneficiary’s bank, or (c) an
intermediary bank. The Escrow Issuer and Multi-Color acknowledge that these security procedures are commercially reasonable. 

13.    Governing Law; Consent to Jurisdiction and Venue. This Agreement shall be construed and interpreted in
accordance with the internal laws of the State of New York without giving effect to the conflict of laws principles thereof. In the event that any party hereto commences a lawsuit or other proceeding relating to or arising from this Agreement, the
parties hereto agree that the U.S. District Court for the Southern District of New York shall have the sole and exclusive jurisdiction over any such proceeding. If such court lacks federal subject matter jurisdiction, the parties agree that any
state court located in the City and County of New York shall have sole and exclusive jurisdiction. Any of these courts shall be proper venue for any such lawsuit or judicial proceeding and the parties hereto waive any objection to such venue. The
parties hereto consent to and agree to submit to the jurisdiction of any of the courts specified herein and agree to accept service of process to vest personal jurisdiction over them in any of these courts. The State of New York shall be deemed to
be the Escrow Agent’s jurisdiction for purposes of the UCC. 
 14.    Notice. All notices, approvals,
consents, requests, and other communications hereunder shall be in writing and shall be delivered by hand, overnight delivery service, electronic mail (electronic mail shall be accompanied by a telephone call to the receiver of the message) or
facsimile transmitter (with confirmed receipt) to the physical address, electronic address or facsimile number set forth in this section, or to such other address as each party may designate for itself by like notice, and shall be deemed to have
been given on the date received. 

  
 11 

					
	If to the Escrow Issuer
or Multi-Color at:	 	Multi-Color Corporation
		 	ATTN: Sharon E. Birkett
			
		 	Address:	 	4053 Clough Woods Drive
		 		 	Batavia, OH 45103
		 	Facsimile:	 	(513) 345-1102
		 	Telephone:	 	(513) 381-1480
		 	E-mail:	 	sbirkett@mcclabee.com
		
	with a copy to:	 	Keating Muething & Klekamp PLL
		 	ATTN: Michael J. Moeddel, Esq.
		 	Kelley B. Tracy, Esq.
			
		 	Address:	 	One East Fourth Street
		 		 	Cincinnati, OH 45202
		 	Facsimile:	 	(513) 579-6457
		 	Telephone:	 	(513) 639-3962
		 	E-mail:	 	mmoeddel@kmklaw.com
		 		 	ktracy@kmklaw.com
		
	If to the Escrow Agent at:	 	U.S. Bank National Association, as Escrow Agent
		 	ATTN: Daniel Boyers, Corporate Trust Services
			
		 	Address:	 	425 Walnut Street
		 		 	CN-OH-W6CTCincinnati, OH 45202
		 	Facsimile:	 	(513) 632-5511
		 	Telephone:	 	(513) 632-2077
		 	E-mail:	 	daniel.boyers@usbank.com
	If to the Trustee at:	 		 	
		 	U.S. Bank National Association, as Trustee
		 	ATTN: Daniel Boyers, Corporate Trust Services
			
		 	Address:	 	425 Walnut Street
		 		 	CN-OH-W6CTCincinnati, OH 45202
		 	Facsimile:	 	(513) 632-5511
		 	Telephone:	 	(513) 632-2077
		 	E-mail:	 	daniel.boyers@usbank.com

  
 12 

					
	with a copy to:	  	Taft Stettinius & Hollister LLP
		  	Attn: Bridget C. Hoffman, Esq.
			
		  	Address:	  	425 Walnut Street, Suite 1800
		  		  	Cincinnati, OH 45202
		  	Facsimile:	  	(513) 381-0205
		  	Telephone:	  	(513) 357-9363
		  	E-mail:	  	hoffman@taftlaw.com
		
	If to MLPF&S at:	  	Merrill Lynch, Pierce, Fenner & Smith Incorporated
		  	High Yield Desk Syndicate
			
		  	Address:	  	One Bryant Park
		  		  	New York, NY 10036
		  	Facsimile:	  	
		
	with a copy to:	  	Cahill Gordon & Reindel LLP
		  	ATTN: Josiah M. Slotnick, Esq.
			
		  	Address:	  	80 Pine Street
		  		  	New York, NY 10005
		  	Facsimile:	  	(212) 269-5420
		  	Telephone:	  	(212) 701-3000
		  	E-mail:	  	jstotnick@cahill.com

 15.    Amendment or Waiver. This Agreement may be changed, waived, discharged or
terminated only by a writing signed by all parties hereto. No provisions of this Agreement (including, without limitation, those relating to the release of the Escrow Property) may be amended or waived in a manner that would be materially adverse to
the holders of the Notes without the consent of the Trustee on behalf of such holders. No delay or omission by any party in exercising any right with respect hereto shall operate as a waiver. A waiver on any one occasion shall not be construed as a
bar to, or waiver of, any right or remedy on any future occasion. 
 16.    Severability. To the extent any
provision of this Agreement is prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of
this Agreement. 
 17.    Entire Agreement. This Agreement constitutes the entire agreement between the parties
relating to the holding, investment and disbursement of the Escrow Property and sets forth in their entirety the obligations and duties of the Escrow Agent with respect to the Escrow Property. 

  
 13 

 18.    Binding Effect. All of the terms of this Agreement, as amended
from time to time, shall be binding upon, inure to the benefit of and be enforceable by the respective successors and assigns of the Escrow Issuer, Multi-Color and the Escrow Agent. 

19.    Assignment. This Agreement and the rights and obligations hereunder of parties hereto may not be assigned
except with the prior written consent of the other parties hereto and any purported assignment without such consent shall be null and void. 

20.    Execution in Counterparts. This Agreement and any Officer’s Certificate may be executed in two or more
counterparts, which when so executed shall constitute one and the same agreement or direction. Copies (whether facsimile, electronically reproduced, photostatic or otherwise) of signatures to this Agreement and any Officer’s Certificate shall
be deemed to be originals and may be relied on to the same extent as the originals. 
 21.    Termination. Upon
the disbursement of all Escrow Property from the Escrow Account in accordance with Section 4 hereof, or the disbursement of all amounts in the Escrow Account into court pursuant to the terms hereof, this Agreement shall terminate and the Escrow
Agent shall have no further obligation or liability whatsoever with respect to this Agreement or the Escrow Property. 

22.    Dealings. The Escrow Agent and any stockholder, director, officer or employee of the Escrow Agent may buy,
sell, and deal in any of the securities of the Escrow Issuer or Multi-Color and become pecuniarily interested in any transaction in which the Escrow Issuer or Multi-Color may be interested, and contract and lend money to the Escrow Issuer or
Multi-Color and otherwise act as fully and freely as though it were not Escrow Agent under this Agreement. Nothing herein shall preclude the Escrow Agent from acting in any other capacity for the Escrow Issuer or Multi-Color or for any other entity.

 23.    Statements. The Escrow Agent will provide to the Escrow Issuer Multi-Color and the Trustee monthly
statements identifying transactions, transfers or holders of Escrow Property, and each such statement will be deemed to be correct and final, absent manifest error, upon receipt thereof by the Escrow Issuer unless the Escrow Agent is notified in
writing to the contrary within thirty (30) Business Days of the date of such statement. The parties acknowledge that to the extent regulations of the Comptroller of Currency or other applicable regulatory entity grant a right to receive
brokerage confirmations of security transactions of the Escrow Account, the parties waive receipt of such confirmations, to the extent permitted by law. The Escrow Agent shall furnish a statement of security transactions on its regular monthly
reports. 
 24.    Tax Reporting. Each of the Escrow Issuer and Multi-Color shall promptly deliver to the Escrow
Agent a properly completed and signed Internal Revenue Service (“IRS”) Form W-9, or if applicable, an original IRS Form W-8. The Escrow Agent shall have
no responsibility for the tax consequences of this Agreement. Any interest or income on the Escrow Property shall be reported on an accrual basis and deemed to be for the account of Multi-Color, unless determined otherwise in accordance with the
terms of this Agreement. The Escrow Issuer and Multi-Color shall prepare and file all required tax returns with the IRS and any other taxing authority as required by law. Without limiting any other term of this Agreement, the Escrow

  
 14 

 Issuer and Multi-Color shall provide to the Escrow Agent in writing all information that the Escrow Agent
requires to comply with IRS 1099-B reporting obligations. Information shall be provided timely so the Escrow Agent can meet obligations to send 1099-B information to
shareholders and the IRS by applicable reporting deadlines, and the Escrow Agent shall report to the IRS and, as appropriate, withhold and remit taxes to the IRS, or any other taxing authority as required by law, based upon the information so
provided. 
 25.    Identifying Information. To help the government fight the funding of terrorism and money
laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. For a non-individual person such as a business
entity, a charity, a trust, or other legal entity, the Escrow Agent requires documentation to verify its formation and existence as a legal entity. The Escrow Agent may ask to see financial statements, licenses, identification and authorization
documents from individuals claiming authority to represent the entity or other relevant documentation. The Escrow Issuer and Multi-Color acknowledge that a portion of the identifying information set forth herein is being requested by the Escrow
Agent in connection with the USA Patriot Act, Pub.L.107-56 (the “Act”), and the Escrow Issuer and Multi-Color agree to provide any additional information requested by the Escrow Agent in
connection with the Act or any similar legislation or regulation to which the Escrow Agent is subject, in a timely manner. 
 [Signature
pages follow] 

  
 15 

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

			
	MULTI-COLOR CORPORATION
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Vice President and Treasurer
	
	ESCROW ISSUER:
	
	MULTI-COLOR ESCROW ISSUER, LLC
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Vice President and Treasurer

  
 16 

 
			
	ESCROW AGENT:
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Daniel Boyers

	Name:	 	Daniel Boyers
	Title:	 	Vice President
	
	TRUSTEE:
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Daniel Boyers

	Name:	 	Daniel Boyers
	Title:	 	Vice President

  
 17 

 EXHIBIT A 

FORM OF OFFICER’S CERTIFICATE 

OF 
 MULTI-COLOR ESCROW
ISSUER, LLC 
 AND 

MULTI-COLOR CORPORATION 

Date:                      

This certificate is being delivered to U.S. Bank National Association, as Trustee and as Escrow Agent pursuant to Section 4(b) of the
Escrow and Security Agreement, dated as of October 4, 2017 (the “Escrow Agreement”), by and among Multi-Color Escrow Issuer, LLC, a Delaware limited liability company (the “Escrow Issuer”), Multi-Color
Corporation, an Ohio corporation (“Multi-Color” and together with Escrow Issuer, the “Companies”), U.S. Bank National Association, a national banking association, in its capacities as escrow agent, depositary bank
and securities intermediary (the “Escrow Agent”), and U.S. Bank National Association, a national banking association, in its capacity as trustee (the “Trustee”) under that certain indenture (as the same may be
amended, supplemented, amended and restated or otherwise modified from time to time, the “Indenture”), dated as of October 4, 2017, by and among the Escrow Issuer and the Trustee, for the Notes. Capitalized terms used but not
defined herein have the respective meanings specified in the Notes Purchase Agreement. 
 The Companies hereby certify through the
undersigned officers, in their capacities as such, that the following conditions have been satisfied or will be satisfied substantially concurrently with or promptly following the release of the Escrow Property (as defined in the Escrow Agreement)
from the Escrow Account (as defined in the Escrow Agreement): 
 (i)    the Constantia Labels Acquisition shall be
consummated on the terms contemplated in the Acquisition Agreement as in effect on the Issue Date, without any waiver or other modification thereof or consent thereunder that is materially adverse to the interest of the holders of the Notes (as
reasonably determined by Multi-Color); 
 (ii)    the MCC Supplemental Indenture shall have been executed and delivered;

 (iii)    the Notes Assumption shall have occurred; 

(iv)    the Escrow Property shall be applied by Multi-Color in the manner described under the heading “Use of
Proceeds” in the Final Offering Memorandum; 
 (v)    the Issuers shall have caused the Initial Purchasers to be
paid pursuant to the terms of the Escrow Agreement all amounts owed under the Notes Purchase Agreement; 

  
 Exhibit A-1 

 (vi)    Multi-Color and the other parties thereto shall have entered into the
New Credit Agreement and the initial borrowings thereunder shall have been consummated; 
 (vii)    the release of the
guarantees by, and the release of the security interest and liens on, Constantia Labels under its existing senior facilities shall have occurred; and 

(viii)    the Escrow Purchasers’ Commission to MLPF&S is $9,000,000.00. 

IN WITNESS WHEREOF, the Companies, through the undersigned officers, in their capacities as such, have signed this Officer’s Certificate
as of the first date written above. 
  

			
	MULTI-COLOR ESCROW ISSUER, LLC

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 
			
	
	MULTI-COLOR CORPORATION

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Exhibit A-2 

 EXHIBIT B 

FORM OF OFFICER’S CERTIFICATE 

OF 
 MULTI-COLOR
CORPORATION 

Date:                     

This certificate is being delivered to the Trustee and the Escrow Agent pursuant to Section 4(c) of the Escrow and Security Agreement,
dated as of October 4, 2017 (the “Escrow Agreement”), by and among Multi-Color Escrow Issuer, LLC, a Delaware limited liability company (“Escrow Issuer”), Multi-Color Corporation, an Ohio corporation
(“Multi-Color”), U.S. Bank National Association, a national banking association, in its capacities as escrow agent, depositary bank and securities intermediary (the “Escrow Agent”), and U.S. Bank National
Association, a national banking association, in its capacity as trustee (the “Trustee”) under that certain indenture (as the same may be amended, supplemented, amended and restated or otherwise modified from time to time, the
“Indenture”), dated as of October 4, 2017, by and among the Escrow Issuer and the Trustee, for the Notes. Capitalized terms used but not defined herein have the respective meanings specified in the Escrow Agreement. 

Multi-Color hereby certifies pursuant to Section 4(c) of the Escrow Agreement through the undersigned officers, in their capacities as
such, that: 
  

	 	(i)	[the conditions contained in the Officer’s Certificate described in Section 4(b) of the Escrow Agreement have not been fulfilled on or prior to the Escrow Outside Date][the Companies have determined that the
Escrow Conditions (as defined in the Notes Purchase Agreement) will not Occur prior to the Escrow Outside Date [and][the Acquisition Agreement (as defined in the Notes Purchase Agreement) has been terminated]; 

 

	 	(ii)	the Escrow Redemption Date will be [    ]. 

 Pursuant to the terms of the Escrow Agreement,
the Escrow Agent is hereby instructed, on the Business Date prior to the Special Mandatory Redemption Date, to release: 

(1)    $[    ], representing the Special Mandatory Redemption Price, to the Trustee by wire transfer of
immediately available funds pursuant to the wire instructions specified in the Escrow Agreement; 

(2)    $[    ], representing the Escrow Purchasers’ Commission, to MLPF&S by wire transfer of
immediately available funds pursuant to the wire instructions specified in the Escrow Agreement; and 
 (3)    after
payment of the amounts specified in the foregoing clauses (1) and (2), the remainder of all the Escrow Property Multi-Color pursuant to the wire instructions specified in the Escrow Agreement. 

[Signature page follows] 

  
 Exhibit B-1 

 IN WITNESS WHEREOF, Multi-Color, through the undersigned officer, in her capacity as such, has
signed this Officer’s Certificate as of the first date written above. 
  

			
	MULTI-COLOR CORPORATION

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Exhibit B-2 

 SCHEDULE A 

Authorized Officers: 
 Escrow Issuer: 

The following person(s) are hereby designated and appointed as authorized officers of the Escrow Issuer under the Escrow Agreement (only one signature shall be
required for any direction): 
  

			
	 Name
	  	 Title

	Sharon E. Birkett	  	Vice President, Chief Financial Officer and Secretary
	Mary T. Fetch	  	Vice President and Treasurer
	Timothy P. Lutz	  	Chief Accounting Officer

 Multi-Color: 
 The
following person(s) are hereby designated and appointed as authorized officers of Multi-Color under the Escrow Agreement (only one signature shall be required for any direction): 

 

			
	 Name
	  	 Title

	Sharon E. Birkett	  	Vice President, Chief Financial Officer and Secretary
	Mary T. Fetch	  	Vice President and Treasurer
	Timothy P. Lutz	  	Chief Accounting Officer

  
 Exhibit B-3 

 SCHEDULE B 

FIRST AMERICAN FUNDS 

AUTOMATIC MONEY MARKET INVESTMENT AUTHORIZATION 

Based upon client’s prior review of investment alternatives, in the absence of further specific written direction to the contrary, U.S. Bank National
Association (“USBNA”) or U.S. Bank Trust National Association (“USBTNA”) is hereby directed to invest and reinvest proceeds and other available moneys in the following fund as permitted by the operative documents: 

First American Government Obligations Fund Class Institutional Investor Shares 

PLEASE REFER TO THE PROSPECTUS OF FIRST AMERICAN FUNDS, INC. WHICH YOU HEREBY ACKNOWLEDGE HAS PREVIOUSLY BEEN PROVIDED. NOTE THAT THE ABOVE FUNDS’
INVESTMENT ADVISOR, CUSTODIAN, DISTRIBUTOR AND OTHER SERVICE PROVIDERS AS DISCLOSED IN THE FUNDS PROSPECTUS ARE U.S. BANK NATIONAL ASSOCIATION AND AFFILIATES THEREOF.    U.S. BANK DOES NOT HAVE A DUTY NOR WILL IT UNDERTAKE ANY
DUTY TO PROVIDE INVESTMENT ADVICE TO YOU. U.S. BANK, WHEN ACTING AS AN INDENTURE TRUSTEE OR IN A SIMILAR CAPACITY, IS NOT REQUIRED TO REGISTER AS A MUNICIPAL ADVISOR WITH THE SECURITIES AND EXCHANGE COMMISSION FOR PURPOSES OF COMPLYING WITH THE
DODD-FRANK WALL STREET REFORM & CONSUMER PROTECTION ACT. INVESTMENT ADVICE, IF NEEDED, SHOULD BE OBTAINED FROM YOUR FINANCIAL ADVISOR. FOR INFORMATION ABOUT OTHER AVAILABLE SWEEP OPTIONS, CONTACT YOUR ACCOUNT MANAGER. 

U.S. Bank National Association (or U.S. Bank Trust National Association) will not vote proxies for the First American Funds. Proxies will be mailed to you for
voting. 
 SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION 

The Shareholder Communications Act of 1985 and its regulation require that banks and trust companies make an effort to facilitate communication between
registrants of U.S. securities and the parties who have the authority to vote or direct the voting of those securities regarding proxy dissemination and other corporate communications. Unless you indicate your objection below, we will provide the
obligatory information to the registrant upon request. Your objection will apply to all securities held for you in the account now and in the future unless you notify us in writing. 

I object to US Bank providing my name, address, and securities positions to requesting issuers. 

(Initial, check, or place an X on the [blank] to indicate your objection) 

Acknowledgments. Client Acknowledges that: 
 1.1.
Shares of Mutual Funds are not deposits or obligations of, or guaranteed by, any bank, including any bank affiliated with U.S. Bancorp. Nor does the Federal Deposit Insurance Corporations, the Federal Reserve Board, or any other government agency
insure such products. An investment in such products involves investment risks, including the possible loss of principal, due to fluctuations in each product’s net asset value. 

1.2. Same-day Settlement. If USBNA (or USBTNA) receives a direction to purchase or redeem Sweep Vehicle shares by the fund’s established U.S. Bank
cut-off time (the “Internal Trading Cut-off”), then such entity will settle the purchase or redemption on the same business day, subject to the Sweep
Vehicle’s cut-off and policy for determining when a purchase or redemption order is considered to be received. Meeting the Internal Trading Cut-off does not
guarantee same-business-day settlement. 
 1.3. Advance of Funds. If USBNA (or USBTNA) receives a direction
to redeem Sweep Vehicle shares (the “Redemption Direction”) and to disburse or invest the proceeds thereof before the redeemed shares settle (the “Proceeds Direction”), then they have the power to (i) determine the dollar
amount of anticipated proceeds based on 

  
 Exhibit B-4 

 
the net asset value (“NAV”) most recently determined (ii) advance funds in that dollar amount in furtherance of settling the redemption and, as applicable, the purchase;
(iii) determine the number of shares redeemed based on the NAV at settlement; and (iv) as part of USBNA’s (or USBTNA’s) compensation for servicing the Account, retain the yield paid on Sweep Vehicle shares that were treated as
redeemed. USBNA (or USBTNA) reserves the right not to advance funds, including where the Sweep Vehicle has a floating NAV and the dollar amount of the Proceeds Direction is at least 99% of the dollar value of all Sweep Vehicle shares in the Account
based on the NAV most recently determined. 
 1.4. Fund-level Fees. USBNA (or USBTNA), U.S. Bancorp Asset Management, Inc. (“USBAM”), U.S.
Bancorp Fund Services, LLC, (“USBFS”) and Quasar Distributors, LLC (“Quasar”) are affiliates of U.S. Bancorp (collectively with U.S. Bancorp, “U.S. Bank”). USBAM is the investment advisor to the Mutual Funds in the
First American Funds, Inc. family (the “First American Funds”). U.S. Bank may enter into agreements with First American Funds, other Mutual Funds, or any Mutual Funds’ service providers (including investment advisers, administrators,
transfer agents, or distributors) whereby U.S. Bank provides services to Mutual Funds, including, as applicable, services provided by USBAM (investment advisory, shareholder services), by USBNA (or USBTNA) (custody, securities-lending, shareholder
services, National Securities Clearing Corporation (NSCC) networking), by USBFS (accounting, administration, transfer agency, sub-transfer agency), and by Quasar (distribution, principal underwriting) and
receives fees for these services. The fees received by Quasar may include distribution and service fees paid under a plan of distribution adopted pursuant to Rule 12b-1 under the Investment Company Act of
1940. The fees may be received from the Mutual Fund or its investment advisor, administrator, transfer agent, distributor, or other agent; are based on investment in a Mutual Fund, may vary by Mutual Fund and by class of shares issued by the Mutual
Fund, are charged against the Mutual Fund’s assets, and reduce the Mutual Fund’s average daily balance and investment yields. From time to time, a Mutual Fund’s service provider may voluntarily waive a portion of the fees it is
entitled to receive for serving the Mutual Fund. If a waiver is in effect, then the Client’s approval of the fees described herein includes approval up to the Sweep Vehicle’s total annual operating expenses before waivers; if the service
provider terminates the waiver as provided in the Sweep Vehicle’s prospectus, the approval persists. 
 1.5. Directed Account. USBNA (or
USBTNA) (i) has no discretion to invest Account assets (such as discretion to select the Sweep Vehicle; determine whether, or what amount of, Account assets will be used to purchase a position in the Sweep Vehicle; or redeem Sweep Vehicle
shares) and (ii) does not render investment advice with respect to Account assets. Nor will USBNA’s (or USBTNA’s) power to advance funds in furtherance of settlement, whether exercised or not, be deemed to be such discretion or
advice. 
 1.6. Revocation. The Client may revoke the foregoing designation of the Sweep Vehicle at any time without penalty. 

2. Representations and Warranties. Represents and warrants that (i) the Client is independent of U.S. Bank; has discretionary authority to select
the investments and approve the fees described herein for the Account; received, read, and understood the Sweep Vehicle’s prospectus and fund fact-sheet, including the sections thereof describing fees, gates, expenses, cut-offs, and compensation, before Account assets were first invested in the Sweep Vehicle; and understands and approves the services and fees described herein; (ii) if the Account assets are subject to the
Employee Retirement Income Security Act of 1974, as amended, (“ERISA”), then the Client is a trustee under ERISA §403(a) with respect to the assets, a “named fiduciary” with respect to the plan within the meaning of ERISA
§402(a), or an “investment manager” within the meaning of ERISA §3(38) with respect to the assets that has been delegated the authority to manage, acquire, and dispose of such assets pursuant to ERISA §402(c)(3); and
(iii) the foregoing designation, direction, acknowledgments, representations and warranties are made according to the Account’s governing service agreement and are not contrary to applicable law. 

  
 Exhibit B-5 

 SCHEDULE C 

Schedule of Fees for Services as Escrow Agent 
  

					
	I.	  	Administration Fee, One-Time:	  	$2,000

 One-time fee for the routine duties of the Escrow Agent associated with the
administration of the account. Administration fees are payable in advance. In the event that the Agreement is not terminated within one year, then an additional administrative fee of $1,000 shall be due for each year or part thereof. This assumes
that the Escrow Agent will be directed to invest in an automated sweep vehicle available through the Escrow Agent’s trust accounting system. 
  

					
	II.	  	Disbursement Processing Fees:	  	N/A

 Processing fees are not applicable for ten or fewer disbursements per year based on the anniversary date of this Agreement.
This includes payment by check or wire. This assumes that the Escrow Agent will receive complete and accurate payment information, upon which it can conclusively rely. 
  

					
	III.	  	Out-of-Pocket Expenses (if any):	  	At Cost

 Reimbursement of expenses associated with the performance of Escrow Agent’s duties, including but not limited to fees and
expenses of legal counsel, accountants and other agents, tax preparation, reporting and filing, publications, and filing fees. 
  

					
	IV.	  	Extraordinary Fees (if any):	  	

 Extraordinary fees are payable to the agent for duties or responsibilities not expected to be incurred at the outset of the
transaction, not routine or customary, and not incurred in the ordinary course of business. Payment of extraordinary fees is appropriate where particular inquiries, events or developments are unexpected, even if the possibility of such things could
have been identified at the inception of the transaction. Extraordinary services might include, without limitation, amendments or supplements, specialized reporting, non-routine calculations, foreign currency
conversions, use investments not automated with the Escrow Agent’s trust accounting system, and actual or threatened litigation or arbitration proceedings. 

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT 

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and
record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust or other legal entity we will ask for documentation to verify its
formation and existence as a legal entity. Escrow Agent may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation. 

  
 Exhibit B-6THE
REGISTERED HOLDER OF THIS PLACEMENT AGENT’S WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR
ASSIGN THIS PLACEMENT AGENT’S WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PLACEMENT AGENT’S
WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PLACEMENT AGENT’S WARRANT OR CAUSE IT
TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC
DISPOSITION OF THE PLACEMENT AGENT WARRANT BY ANY PERSON FOR A PERIOD BEGINNING FROM THE EFFECTIVENESS OF THE REGISTRATION STATEMENT
(DEFINED BELOW) UNTIL 180 DAYS AFTER THE CLOSING DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I) NETWORK 1 FINANCIAL SECURITIES,
INC. (“NETWORK 1”) OR AN PLACEMENT AGENT OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE
OFFICER OR PARTNER OF NETWORK 1 OR OF ANY SUCH PLACEMENT AGENT OR SELECTED DEALER AND IN ACCORDANCE WITH FINRA RULE 5110(G)(2).

 

PLACEMENT
AGENT’S WARRANT

 

Warrant
Certificate No: ___

 

Original
Issue Date: ___

 

For
the Purchase of

 

___
Shares

 

of

 

GREENPRO
CAPITAL CORP.

 

1.
Placement Agent’s Warrant.

 

THIS
CERTIFIES THAT, for value received, [NAME OF HOLDER], a [JURISDICTION AND TYPE OF ENTITY], or its registered assigns (“Holder”),
as registered owner of this Placement Agent’s Warrant, to GREENPRO CAPITAL CORP. (“Company”), Holder is entitled,
at any time or from time to time from ______, 2017 (six months after the Closing Date (as the term is defined in the Placement
Agency Agreement dated [*], 2017) of the offering (the “Offering”), as set forth in the Company’s registration
statement on Form S-1 (No. 333-219625) (the “Registration Statement”) (the “Expiration Date”), and at
or before 5:00 p.m., Eastern Time, ____________, 2020, (the three-year anniversary of the Closing Date of the Offering) but not
thereafter, to subscribe for, purchase and receive, in whole or in part, up to ___ (___) Shares of the Company. If the Expiration
Date is a day on which banking institutions are authorized by law to close, then this Placement Agent’s Warrant may be exercised
on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending on the Expiration
Date, the Company agrees not to take any action that would terminate the Placement Agent’s Warrant. This Placement Agent’s
Warrant is initially exercisable at $[ ] per Share (120% of the price of the Shares at the effective date of the Offering) so
purchased; provided, however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted
by this Placement Agent’s Warrant, including the exercise price per share and the number of Shares to be received upon such
exercise, shall be adjusted as therein specified. The term “Exercise Price” shall mean the initial exercise price
or the adjusted exercise price, depending on the context.

 

2.
Exercise.

 

2.1
Exercise Form. In order to exercise this Placement Agent’s Warrant, the exercise form attached hereto must be duly
executed and completed and delivered to the Company, together with this Placement Agent’s Warrant and payment of the Exercise
Price for the Share being purchased payable in cash or by certified check or official bank check. If the subscription rights represented
hereby shall not be exercised at or before 5:00 p.m., Eastern Time, on the Expiration Date, this Placement Agent’s Warrant
shall become and be void without further force or effect, and all rights represented hereby shall cease and expire.

 

    	 

    	 

    

 

2.2
Legend. Each certificate for the securities purchased under this Placement Agent’s Warrant shall bear a legend as
follows unless such securities have been registered under the Securities Act of 1933, as amended (“Act”):

 

“The securities represented by this certificate have not been registered under the Securities
Act of 1933, as amended (“Act”) or applicable state law. The securities may not be offered for sale, sold or otherwise
transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration
under the Act and applicable state law.”

 

2.3
Cashless Exercise.

 

2.3.1
Determination of Amount. In lieu of the payment of the Exercise Price multiplied by the number of Shares for which this
Placement Agent’s Warrant is exercisable in the manner required by Section 2.1, the Holder shall have the right (but not
the obligation) to convert any exercisable but unexercised portion of this Placement Agent’s Warrant into Shares (“Conversion
Right”). Upon a “cashless exercise”, the Holder shall surrender this Warrant to the Company, together with the
Election to Purchase, and the Company shall issue to the Holder the number of Shares determined as follows:

 

X
= Y (A-B)/A

 

where:

 

 
X = The number of Shares to be issued to the Holder.

 

 
Y = The number of Shares with respect to which this Warrant is being exercised.

 

 
A = The fair market value of one Share.

 

 
B = The Exercise Price.

 

    	 

    	 

    

 

For
purposes of this Section 2.3, the fair market value of one Share shall be determined by the first of the following clauses
that applies:

 

(i)
if the Common Stock is traded on a national securities exchange, the fair market value shall be the last sale price on the trading
day immediately prior to the Date of Exercise or, if no sale of the Company’s Common Stock took place on the trading day
immediately prior to the Date of Exercise, then the fair market value shall be the last sale price on the most recent day prior
to the Date of Exercise on which trades were made and reported;

 

(ii)
if the Common Stock is traded over-the-counter, the fair market value shall be deemed to be the last sale price on the trading
day immediately prior to the Date of Exercise or, if no sale of the Company’s Common Stock took place on the trading day
immediately prior to the Date of Exercise, then the fair market value shall be the last sale price on the most recent day prior
to the Date of Exercise on which trades were made and reported; or

 

(iii)
if there is no active public market for the Common Stock, the fair market value thereof shall be determined in good faith by the
Company’s Board of Directors (the “Board”).

 

(a)
For purposes of Rule 144 of the Act, it is intended, understood and acknowledged that the t Shares issued in a cashless exercise
transaction shall be deemed to have been acquired by the Holder, and the holding period for the Shares shall be deemed to have
been commenced, on the Issuance Date.

 

2.3.2
Mechanics of Cashless Exercise. The Cashless Exercise Right may be exercised by the Holder on any business day on or after
the Commencement Date and not later than the Expiration Date by delivering the Placement Agent’s Warrant with a duly executed
exercise form attached hereto with the cashless exercise section completed to the Company, exercising the Cashless Exercise Right
and specifying the total number of Shares the Holder will purchase pursuant to such Cashless Exercise Right.

 

2.4
No Obligation to Net Cash Settle. Notwithstanding anything to the contrary contained in this Placement Agent Warrant, in
no event will the Company be required to net cash settle the exercise of the Placement Agent Warrant. The holder of the Placement
Agent Warrant will not be entitled to exercise the Placement Agent Warrant unless it exercises such Purchase Warrant pursuant
to the cashless exercise right or a registration statement is effective, or an exemption from the registration requirements is
available at such time and, if the Holder is not able to exercise the Placement Agent Warrant, the Placement Agent Warrant will
expire worthless.

 

3.
Transfer.

 

3.1
General Restrictions. The registered Holder of this Placement Agent’s Warrant agrees that it will not sell, transfer,
assign, pledge or hypothecate this Placement Agent’s Warrant, or any portion thereof, or be the subject of any hedging,
short sale, derivative, put or call transaction that would result in the effective economic disposition of such securities for
a period beginning from the effectiveness of the Registration Statement until 180 days after the Closing Date to anyone other
than (i) NETWORK 1 or an Placement Agent or a selected dealer participating in the Offering, or (ii) a bona fide officer or partner
of NETWORK 1 or of any such Placement Agent or selected dealer. After a period of 180 days following the Closing Date, transfers
to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted
assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed, together with
the Placement Agent’s Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall
within five business days transfer this Placement Agent’s Warrant on the books of the Company and shall execute and deliver
a new Placement Agent’s Warrant or Placement Agent’s Warrants of like tenor to the appropriate assignee(s) expressly
evidencing the right to purchase the aggregate number of Shares purchasable hereunder or such portion of such number as shall
be contemplated by any such assignment.

 

    	 

    	 

    

 

3.2
Restrictions Imposed by the Act. The securities evidenced by this Placement Agent’s Warrant shall not be transferred
unless and until (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant
to an exemption from registration under the Act and applicable state securities laws, the availability of which is established
to the reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of Mei & Mark LLP shall be deemed
satisfactory evidence of the availability of an exemption), or (ii) a registration statement or a post-effective amendment to
the Registration Statement relating to the offer and sale of such securities has been filed by the Company and declared effective
by the Securities and Exchange Commission and compliance with applicable state securities law has been established.

 

4.
New Placement Agent’s Warrants to be Issued.

 

4.1
Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Placement Agent’s Warrant may
be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of
this Placement Agent’s Warrant for cancellation, together with the duly executed exercise or assignment form and funds sufficient
to pay any Exercise Price and/or transfer tax if exercised pursuant to Section 2.1 hereto, the Company shall cause to be delivered
to the Holder without charge a new Placement Agent’s Warrant of like tenor to this Placement Agent’s Warrant in the
name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder as to which this
Placement Agent’s Warrant has not been exercised or assigned.

 

4.2
Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation
of this Placement Agent’s Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall
execute and deliver a new Placement Agent’s Warrant of like tenor and date. Any such new Placement Agent’s Warrant
executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation
on the part of the Company.

 

5.
Registration Rights. The Company has filed the Registration Statement, including a related prospectus, with the Securities
and Exchange Commission, which has been declared effective on Form S-1 (File No. 333-219625). The Registration Statement registers
the Shares.

 

5.1
General Terms.

 

5.1.1
Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration
statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section
20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense
or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing
or defending against litigation, commenced or threatened, or any claim whatsoever) to which any of them may become subject under
the Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same
effect as the provisions pursuant to which the Company has agreed to indemnify the Placement Agents contained in Section 5 of
the Placement Agency Agreement in the Offering. The Holder(s) of the Registrable Securities to be sold pursuant to such registration
statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, its officers and directors
and each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20(a) of the Exchange
Act, against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses
reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under
the Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors
or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect as the
provisions contained in Section 5 of the Placement Agency Agreement pursuant to which the Placement Agents have agreed to indemnify
the Company.

 

5.1.2
Exercise of Placement Agent’s Warrants. Nothing contained in this Placement Agent’s Warrant shall be construed
as requiring the Holder(s) to exercise their Placement Agent’s Warrants prior to or after the initial filing of any registration
statement or the effectiveness thereof.

 

5.1.5
Rule 144 Sale. Notwithstanding anything contained in this Section 5 to the contrary, the Company shall have no obligation
to maintain the effectiveness of the Registration Statement covering the Shares held by any Holder, where such Holder would then
be entitled to sell under Rule 144 within any three-month period (or such other period prescribed under Rule 144 as may be provided
by amendment thereof) all of the Registrable Securities then held by such Holder.

 

    	 

    	 

    

 

5.1.6
Supplemental Prospectus. Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event
as a result of which the prospectus included in the Registration Statement, as then in effect, includes an untrue statement of
a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing, or that would otherwise require disclosure of material nonpublic information
that, if disclosed at such time, would be materially harmful to the Company, such Holder will immediately discontinue disposition
of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such Holder’s
receipt of the copies of a supplemental or amended prospectus, or the public disclosure and dissemination of such information,
as the case may be, and, if so desired by the Company, such Holder shall deliver to the Company (at the expense of the Company)
or destroy (and deliver to the Company a certificate of such destruction) all copies, other than permanent file copies then in
such Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such
notice.

 

6.
Adjustments.

 

6.1
Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Placement
Agent’s Warrant shall be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1
Stock Dividends; Split Ups. If after the date hereof, and subject to the provisions of Section 6.3 below, the number of
outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock or by a split up of shares
of Common Stock or other similar event, then, on the effective day thereof, the number of Shares purchasable hereunder shall be
increased in proportion to such increase in outstanding shares of Common Stock. For example, if the Company declares a two-for-one
stock dividend and at the time of such dividend this Placement Agent’s Warrant is for the purchase of one Share at $6.25
per Share, upon effectiveness of the dividend, this Placement Agent’s Warrant will be adjusted to allow for the purchase
of one Share for $3.125. In such example, the number of Shares purchasable hereunder would be doubled.

 

6.1.2
Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 6.3, the number of outstanding
shares of Common Stock is decreased by a consolidation, combination or reclassification of Shares or other similar event, then,
on the effective date thereof, the number of Shares underlying this Placement Agent’s Warrant each of purchasable hereunder
shall be decreased in proportion to such decrease in outstanding shares.

 

6.1.3
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding
shares of Common Stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of the
shares of Common Stock, or in the case of any merger or consolidation of the Company with or into another corporation (other than
a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding shares of Common Stock, or in the case of any sale or conveyance to another corporation or
entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved,
the Holder of this Placement Agent’s Warrant shall have the right thereafter (until the expiration of the right of exercise
of this Placement Agent’s Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder
immediately prior to such event, the kind and amount of shares of stock or other securities or property (including cash) receivable
upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer,
by a Holder of the number of shares of Common Stock of the Company obtainable upon exercise of this Placement Agent’s Warrant
immediately prior to such event; and if any reclassification also results in a change in the number of shares of Common Stock
covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3.
The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations,
sales or other transfers.

 

6.1.4
Changes in Form of Placement Agent’s Warrant. This form of Placement Agent’s Warrant need not be changed because
of any change pursuant to this Section, and Placement Agent’s Warrants issued after such change may state the same Exercise
Price and the same number of Shares are stated in the Placement Agent’s Warrants initially issued pursuant to this Agreement.
The acceptance by any Holder of the issuance of new Placement Agent’s Warrant reflecting a required or permissive change
shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation thereof.

 

    	 

    	 

    

 

6.2
Substitute Placement Agent’s Warrant. In case of any consolidation of the Company with, or merger of the Company
with or into, another corporation (other than a consolidation or merger which does not result in any reclassification or change
of the outstanding Shares), the corporation formed by such consolidation or merger shall execute and deliver to the Holder a supplemental
Placement Agent’s Warrant providing that the holder of each Placement Agent’s Warrant then outstanding or to be outstanding
shall have the right thereafter (until the stated expiration of such Placement Agent’s Warrant) to receive, upon exercise
of such Placement Agent’s Warrant, the kind and amount of Shares and other securities and property receivable upon such
consolidation or merger, by a holder of the number of Shares of the Company for which such Placement Agent’s Warrant might
have been exercised immediately prior to such consolidation, merger, sale or transfer. Such supplemental Placement Agent’s
Warrant shall provide for adjustments which shall be identical to the adjustments provided in Section 6. The above provision of
this Section shall similarly apply to successive consolidations or mergers.

 

6.3
Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of
Shares upon the exercise of the Placement Agent’s Warrant, nor shall it be required to issue scrip or pay cash in lieu of
any fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any
fraction up to the nearest whole number of Warrants, Shares or other securities, properties or rights.

 

7.
Reservation and Listing. The Company shall at all times reserve and keep available out of its authorized Shares, solely
for the purpose of issuance upon exercise of the Placement Agent’s Warrants, such number of shares of Shares, or other securities,
properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of the
Placement Agent’s Warrants and payment of the Exercise Price therefor, in accordance with the terms hereby, all Shares and
other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to
preemptive rights of any stockholder. As long as the Placement Agent’s Warrants shall be outstanding, the Company shall
use its commercially reasonable efforts to cause all Shares issuable upon exercise of the Placement Agent’s Warrants, to
be listed (subject to official notice of issuance) on all securities exchanges on which the Shares, issued to the public in the
Offering may then be listed and/or quoted.

 

8.
Certain Notice Requirements.

 

8.1
Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote
or consent or to receive notice as a stockholder for the election of directors or any other matter, or as having any rights whatsoever
as a stockholder of the Company. If, however, at any time prior to the expiration of the Placement Agent’s Warrants and
their exercise, any of the events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall
give written notice of such event at least fifteen days prior to the date fixed as a record date or the date of closing the transfer
books for the determination of the stockholders entitled to such dividend, distribution, conversion or exchange of securities
or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify
such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company
shall deliver to each Holder a copy of each notice given to the other stockholders of the Company at the same time and in the
same manner that such notice is given to the stockholders.

 

8.2
Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more
of the following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them
to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than
out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company,
(ii) the Company shall offer to all the holders of its Shares any additional Shares of the Company or securities convertible into
or exchangeable for Shares of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation
or winding up of the Company (other than in connection with a consolidation or merger) or a sale of all or substantially all of
its property, assets and business shall be proposed.

 

8.3
Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price
pursuant to Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice
shall describe the event causing the change and the method of calculating same and shall be certified as being true and accurate
by the Company’s Chief Financial Officer.

 

    	 

    	 

    

 

8.4
Transmittal of Notices. All notices, requests, demands and other communications which are required or may be given under
this Placement Agent’s Warrant shall be in writing and shall be deemed to have been duly given: (a) when received, if personally
delivered; (b) when transmitted, if transmitted by telecopy, electronic or digital transmission method with confirmation of transmission
by the transmitting equipment; (c) the day after it is sent, if sent for next day delivery to a domestic address by a recognized
overnight delivery service (e.g., Federal Express); and (d) upon receipt, if sent by certified or registered mail, return
receipt requested. In each case, notice shall be sent to the parties at the following address (or to such other address as a party
may have specified by notice given to the other party pursuant to this provision)::

 

Greenpro
Capital Corp.

Room
1701-03, 17/F, The Metropolis Tower

10
Metropolis Drive, Hung Hom,

Kowloon,
Hong Kong

Attention:
Chief Executive Officer

Facsimile:
+852 3111 7720

E-mail:
admin@greenprocapital.com

 

with
a copy to:

 

Loeb
& Loeb LLP

345
Park Avenue, 19th Floor

New
York, NY 10154

Attention:
Mitchell S. Nussbaum, Esq.

Facsimile:
212-407-4990

Email:
mnussbaum@loeb.com

 

9.
Miscellaneous.

 

9.1
Amendments. The Company and NETWORK 1 may from time to time supplement or amend this Placement Agent’s Warrant without
the approval of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that
may be defective or inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions
arising hereunder that the Company and NETWORK 1 may deem necessary or desirable and that the Company and NETWORK 1 deem shall
not adversely affect the interest of the Holders. All other modifications or amendments shall require the written consent of and
be signed by the party against whom enforcement of the modification or amendment is sought.

 

9.2
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way
limit or affect the meaning or interpretation of any of the terms or provisions of this Placement Agent’s Warrant.

 

10.
Entire Agreement. This Placement Agent’s Warrant (together with the other agreements and documents being delivered
pursuant to or in connection with this Placement Agent’s Warrant) constitutes the entire agreement of the parties hereto
with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written,
with respect to the subject matter hereof.

 

10.1
Binding Effect. This Placement Agent’s Warrant shall inure solely to the benefit of and shall be binding upon, the
Holder and the Company and their permitted assignees, respective successors, legal representative and assigns, and no other person
shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Placement
Agent’s Warrant or any provisions herein contained.

 

10.2
Governing Law; Submission to Jurisdiction. This Placement Agent’s Warrant shall be governed by and construed and
enforced in accordance with the laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees
that any action, proceeding or claim against it arising out of, or relating in any way to this Placement Agent’s Warrant
shall be brought and enforced in the courts of the State of New York or of the United States of America for the Southern District
of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served
upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage
prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall
be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing
party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees
and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor.

 

    	 

    	 

    

 

10.3
Waiver, Etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Placement Agent’s
Warrant shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Placement
Agent’s Warrant or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision
of this Placement Agent’s Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of
this Placement Agent’s Warrant shall be effective unless set forth in a written instrument executed by the party or parties
against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment
shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

 

10.4
Execution in Counterparts. This Placement Agent’s Warrant may be executed in one or more counterparts, and by the
different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together
shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each
of the parties hereto and delivered to each of the other parties hereto.

 

[Remainder
of page deliberately left blank]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Placement Agent’s Warrant to be signed by its duly authorized officer as of
the ___ day of __________, 2017.

 

	 	GREENPRO
    CAPITAL CORP.
	 	 	 
	 	By:	
	 	Name:	Lee
    Chong Kuang
	 	Its:	Chief
    Executive Officer

 

    	 

    	 

    

 

Form
to be used to exercise Placement Agent’s Warrant:

 

Greenpro
Capital Corp.

Room
1701-03, 17/F, The Metropolis Tower

10
Metropolis Drive, Hung Hom,

Kowloon,
Hong Kong

Attention:
Chief Executive Officer

 

Date: _________________, 201__

 

The
undersigned hereby elects irrevocably to exercise the within Placement Agent’s Warrant and to purchase __________ Shares
of Greenpro Capital Corp. and hereby makes payment of $____________ (at the rate of $_________ per Share) in payment of the Exercise
Price pursuant thereto. Please issue the Shares as to which this Placement Agent’s Warrant is exercised in accordance with
the instructions given below.

 

or

 

The
undersigned hereby elects irrevocably to convert its right to purchase _________ Shares purchasable under the within Placement
Agent’s Warrant by surrender of the unexercised portion of the attached Placement Agent’s Warrant (with a “Value”
based of $_______ based on a “Market Price” of $_______). Please issue the Shares as to which this Placement Agent’s
Warrant is exercised in accordance with the instructions given below.

 

	 	 
	 	Signature
	 	 
	 	Signature
    Guaranteed

 

    	 

    	 

    

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

Name:_____________________________________________________________

(Print
in Block Letters)

 

Address:___________________________________________________________

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the within Placement Agent’s Warrant
in every particular without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a
savings bank, or by a trust company or by a firm having membership on a registered national securities exchange.

 

    	 

    	 

    

 

Form
to be used to assign Placement Agent’s Warrant:

 

ASSIGNMENT

 

(To
be executed by the registered Holder to effect a transfer of the within Placement Agent’s Warrant):

 

FOR
VALUE RECEIVED, _________________________ does hereby sell, assign and transfer unto_______________ the right to purchase __________
Shares of Greenpro Capital Corp. (“Company”) evidenced by the within Placement Agent’s Warrant and does hereby
authorize the Company to transfer such right on the books of the Company.

 

Dated:
___________________, 201

 

	 	 
	 	Signature
	 	 
	 	 
	 	Signature
    Guaranteed

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the within Placement Agent’s Warrant
in every particular without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a
savings bank, or by a trust company or by a firm having membership on a registered national securities exchange.

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