Document:

Exhibit 4.1

 EXECUTION VERSION 
  
  
  
 WARRANT AGREEMENT 
 Dated as of 
 December 3, 2009 
 between 
 CAPITAL ONE FINANCIAL CORPORATION 
 and 
 COMPUTERSHARE TRUST COMPANY, N.A. 
 as Warrant Agent 
  
  
 Warrants for

 Common Stock 
  
  
  
  
  

 Table of Contents 
  

					
	 	  	 	  	Page
	ARTICLE I
	
	DEFINITIONS
			
	Section 1.01.	  	Definitions.	  	1
	Section 1.02.	  	Other Definitions.	  	2
	Section 1.03.	  	Rules of Construction.	  	3
	
	ARTICLE II
	
	WARRANTS
			
	Section 2.01.	  	Form.	  	3
	Section 2.02.	  	Execution and Countersignature.	  	4
	Section 2.03.	  	Registry.	  	5
	Section 2.04.	  	Transfer and Exchange.	  	5
	Section 2.05.	  	Definitive Warrants.	  	7
	Section 2.06.	  	Replacement Certificates.	  	8
	Section 2.07.	  	Outstanding Warrants.	  	9
	Section 2.08.	  	Cancellation.	  	9
	Section 2.09.	  	CUSIP Numbers.	  	9
	
	ARTICLE III
	
	EXERCISE TERMS
			
	Section 3.01.	  	Exercise.	  	10
	Section 3.02.	  	Manner of Exercise and Issuance of Shares.	  	10
	Section 3.03.	  	Covenant to Make Stock Certificates Available.	  	10
	
	ARTICLE IV
	
	ANTIDILUTION PROVISIONS
			
	Section 4.01.	  	Antidilution Adjustments; Notice of Adjustment.	  	11
	Section 4.02.	  	Adjustment to Warrant Certificate.	  	11
	
	ARTICLE V
	
	WARRANT AGENT
			
	Section 5.01.	  	Appointment of Warrant Agent.	  	11
	Section 5.02.	  	Rights and Duties of Warrant Agent.	  	11
	Section 5.03.	  	Individual Rights of Warrant Agent.	  	12
	Section 5.04.	  	Warrant Agent’s Disclaimer.	  	13
	Section 5.05.	  	Compensation and Indemnity.	  	13

  

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	Section 5.06.	  	Successor Warrant Agent.	  	14
	
	ARTICLE VI
	
	MISCELLANEOUS
			
	Section 6.01.	  	Persons Benefitting.	  	15
	Section 6.02.	  	Amendment.	  	15
	Section 6.03.	  	Notices.	  	16
	Section 6.04.	  	Governing Law.	  	17
	Section 6.05.	  	Successors.	  	17
	Section 6.06.	  	Multiple Originals.	  	17
	Section 6.07.	  	Inspection of Agreement.	  	17
	Section 6.08.	  	Table of Contents.	  	17
	Section 6.09.	  	Severability.	  	17
			
	EXHIBIT A	  	Form of Warrant	  	

  

 WARRANT AGREEMENT dated as of December 3, 2009 (this “Agreement”), between
Capital One Financial Corporation (the “Company”), and Computershare Trust Company, N.A., a federally chartered, limited purpose trust company, as Warrant Agent (the “Warrant Agent”). 
 The Company has issued the warrants described herein (each, a “Warrant” and collectively, the “Warrants”) to the U.S.
Department of the Treasury (“Treasury”) in connection with Treasury’s Capital Purchase Program pursuant to the Letter Agreement dated November 14, 2008 between the Company and Treasury, which agreement incorporates by reference
the Securities Purchase Agreement – Standard Terms attached thereto as Exhibit A. Each Warrant entitles the registered holder thereof (the “Holder”) to purchase one share of Common Stock, subject to the provisions of this Agreement
and the relevant Warrant Certificate. Each Warrant Certificate (including any Global Warrant) shall evidence such number of Warrants as is set forth therein, subject to adjustment pursuant to the provisions of the Warrant Certificate. 
 Treasury desires to sell all or a portion of the Warrants at any time or from time to time. The Warrants and the shares of Common Stock
issuable upon exercise of the Warrants will be freely transferable by Holders that are not Affiliates of the Company. The Company desires the Warrant Agent to act on behalf of the Company in connection with the registration, transfer, exchange,
redemption, exercise and cancellation of the Warrants as provided herein and the Warrant Agent is willing to so act. 
 Each
party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of Warrants: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01. Definitions. 
 “Affiliate” means, with respect
to any Person, any Person directly or indirectly controlling, controlled by or under common control with, such other Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled
by” and “under common control with”) when used with respect to any Person, means the possession, directly or indirectly, of the power to cause the direction of management and/or policies of such Person, whether through the ownership
of voting securities by contract or otherwise. 
 “Agent Members” means the securities brokers and dealers,
banks and trust companies, clearing organizations and certain other organizations that are participants in the Depositary’s system. 
 “business day” means any day except Saturday, Sunday and any day on which The New York Stock Exchange is authorized or required by law or other governmental actions to close. 

“Common Stock” means the common stock, par value $.01 per share, of the Company. 
  

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 “Definitive Warrant” means a Warrant Certificate in definitive form that is
not deposited with the Depositary or with the Warrant Agent as custodian for the Depositary. 
 “Depositary”
means The Depository Trust Company, its nominees and their respective successors. 
 “Exchange Act” means the
U.S. Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder. 
 “Exercise Price” has the meaning set forth in the form of Warrant Certificate attached as Exhibit A hereto. 
 “Officer” means the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Company. 
 “Officers’ Certificate” means a certificate signed by two Officers. 
 “Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Warrant Agent. Such
counsel may be an employee of or counsel to the Company or the Warrant Agent. 
 “Person” means an individual,
corporation, partnership, joint venture, association, joint-stock company, limited liability company, limited liability partnership, trust, unincorporated organization, or government or any agency or political subdivision thereof or any other
entity. 
 “Shares” has the meaning ascribed to it in the Warrant. 
 “Warrant Certificate” means any fully registered certificate (including a Global Warrant) issued by the Company and
authenticated by the Warrant Agent under this Agreement evidencing Warrants, in the form attached as Exhibit A hereto. 
 “Warrant Share Number” has the meaning set forth in the form of Warrant Certificate attached as Exhibit A hereto. 
 Section 1.02. Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	 “Agreement”
	  	Recitals
	 “Company”
	  	Recitals
	 “Global Warrant”
	  	2.01(a)
	 “Holders”
	  	Recitals
	 “Registry”
	  	2.03
	 “Stock Transfer Agent”
	  	3.05
	 “Treasury”
	  	Recitals
	 “Warrant”
	  	Recitals
	 “Warrant Agent”
	  	Recitals

  

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 Section 1.03. Rules of Construction. 
 Unless the text otherwise requires: 
 (i) a defined term has the meaning assigned to it; 
 (ii) an
accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles as in effect on the date hereof; 
 (iii) “or” is not exclusive; 
 (iv) “including” means including, without limitation; and 
 (v) words in the singular include the plural and words in the plural include the singular. 
 ARTICLE II 
 WARRANTS 
 Section 2.01. Form. 
 (a) Global Warrants. Except as provided in Section 2.04 or 2.05, Warrants issued upon any transfer or exchange thereof shall be
issued in the form of one or more permanent global Warrants in fully registered form with the global securities legend set forth in Exhibit A hereto (each, a “Global Warrant”), which shall be deposited on behalf of the Company with the
Warrant Agent, as custodian for the Depositary (or with such other custodian as the Depositary may direct), and registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and countersigned by the Warrant
Agent as hereinafter provided. 
 (b) Book-Entry Provisions. This Section 2.01(b) shall apply only to a Global
Warrant deposited with or on behalf of the Depositary. 
 (i) The Company shall execute and the Warrant Agent
shall, in accordance with Section 2.02, countersign, by either manual or facsimile signature, and deliver one or more Global Warrants that (A) shall be registered in the name of the

  

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Depositary or the nominee of the Depositary and (B) shall be delivered by the Warrant Agent to the Depositary or pursuant to the Depositary’s instructions or held by the Warrant Agent
as custodian for the Depositary. Each Global Warrant shall be dated the date of its countersignature. 
 (ii)
Agent Members shall have no rights under this Agreement with respect to any Global Warrant held on their behalf by the Depositary or by the Warrant Agent as the custodian of the Depositary or under such Global Warrant except to the extent set forth
herein or in a Warrant Certificate, and the Depositary may be treated by the Company, the Warrant Agent and any agent of the Company or the Warrant Agent as the absolute owner of such Global Warrant for all purposes whatsoever. Notwithstanding the
foregoing, nothing herein shall (A) prevent the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization furnished by the Depositary or
(B) impair, as between the Depositary and the Agent Members, the operation of customary practices of the Depositary governing the exercise of the rights of a holder of a beneficial interest in any Warrant. The rights of beneficial owners in a
Global Warrant shall be exercised through the Depositary subject to the applicable procedures of the Depositary except to the extent set forth herein or in a Warrant Certificate. 
 (c) Definitive Securities. Except as provided in Section 2.04 or 2.05, owners of beneficial interests in Global Warrants will
not be entitled to receive physical delivery of Definitive Warrants. 
 (d) Warrant Certificates. Warrant Certificates
shall be in substantially the form attached as Exhibit A hereto and shall be typed, printed, lithographed or engraved or produced by any combination of such methods or produced in any other manner permitted by the rules of any securities exchange on
which the Warrants may be listed, all as determined by the Officer or Officers executing such Warrant Certificates, as evidenced by their execution thereof. Any Warrant Certificate shall have such insertions as are appropriate or required or
permitted by this Agreement and may have such letters, numbers or other marks of identification and such legends and endorsements, stamped, printed, lithographed or engraved thereon, (i) as the Company may deem appropriate and as are not
inconsistent with the provisions of this Agreement, (ii) such as may be required to comply with this Agreement, any law or any rule of any securities exchange on which the Warrants may be listed, and (iii) such as may be necessary to
conform to customary usage. 
 Section 2.02. Execution and Countersignature. 
 At least one Officer shall sign the Warrant Certificates for the Company by manual or facsimile signature. 
 If an Officer whose signature is on a Warrant Certificate no longer holds that office at the time the Warrant Agent countersigns the Warrant
Certificate, the Warrants evidenced by such Warrant Certificate shall be valid nevertheless. 
  

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 The Warrant Agent shall initially countersign, by either manual or facsimile signature, and
deliver Warrant Certificates entitling the Holders thereof to purchase in the aggregate not more than 12,657,960 shares of Common Stock (subject to adjustment as provided in such Warrant Certificates) upon a written order of the Company signed by
one Officer of the Company. Each Warrant Certificate shall be dated the date of its countersignature. 
 At any time and from
time to time after the execution of this Agreement, the Warrant Agent shall upon receipt of a written order of the Company signed by an Officer of the Company countersign, by either manual or facsimile signature, for issue a Warrant Certificate
evidencing the number of Warrants specified in such order; provided, however, that the Warrant Agent shall be entitled to receive an Officers’ Certificate and an Opinion of Counsel of the Company that it may reasonably request in
connection with such countersignature of Warrants. Such order shall specify the number of Warrants to be evidenced on the Warrant Certificate to be countersigned, the date on which such Warrant Certificate is to be countersigned and the number of
Warrants then authorized. 
 The Warrants evidenced by a Warrant Certificate shall not be valid until an authorized signatory of
the Warrant Agent countersigns the Warrant Certificate either manually or by facsimile signature. Such signature shall be solely for the purpose of authenticating the Warrant Certificate and shall be conclusive evidence that the Warrant Certificate
so countersigned has been duly authenticated and issued under this Agreement. 
 Section 2.03. Registry. 
 The Warrants shall be issued in registered form only. The Warrant Agent shall keep a registry (the “Registry”) of the Warrant
Certificates and of their transfer and exchange. The Registry shall show the names and addresses of the respective Holders and the date and number of Warrants evidenced on the face of each of the Warrant Certificates. The Holder of any Global
Warrant will be the Depositary or a nominee of the Depositary in whose name the Global Warrant is registered. The Warrant holdings of Agent Members will be recorded on the books of the Depositary. The beneficial interests in the Global Warrant held
by customers of Agent Members will be reflected on the books and records of such Agent Members and will not be known to the Warrant Agent, the Company or to the Depositary. 
 Except as otherwise provided herein or in the Warrant Certificate, the Company and the Warrant Agent may deem and treat any Person in whose
name a Warrant Certificate is registered in the Registry as the absolute owner of such Warrant Certificate for all purposes whatsoever and neither the Company nor the Warrant Agent shall be affected by notice to the contrary. 
 Section 2.04. Transfer and Exchange. 
 (a) Transfer and Exchange of Global Warrants. 
 (i)
Registration of the transfer and exchange of Global Warrants or beneficial interests therein shall be effected through the book-entry system maintained by the Depositary, in accordance with this Agreement and the procedures of the Depositary
therefor. A transferor of a beneficial interest in a Global Warrant (or the relevant Agent

  

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Member on behalf of such transferor) shall deliver to the Warrant Agent (x) a written order given in accordance with the Depositary’s procedures containing information regarding the
account of the Agent Member to be credited with a beneficial interest in the Global Warrant and (y) a written instruction of transfer in form satisfactory to the Warrant Agent, duly executed by the Holder thereof or by his attorney, duly
authorized in writing. Additionally, prior to the Holder registering the transfer or making the exchange as requested, the requirements for such transfer or exchange to be issued in a name other than the registered Holder shall be met. Such
requirements include, inter alia, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of authority that
may be required by the Warrant Agent. Upon satisfaction of the conditions in this Clause (i), the Warrant Agent shall, in accordance with such instructions, instruct the Depositary to credit to the account of the Agent Member specified in such
instructions a beneficial interest in the Global Warrant and to debit the account of the Agent Member making the transfer of the beneficial interest in the Warrant being transferred. 
 (ii) Notwithstanding any other provisions of this Agreement (other than the provisions set forth in Section 2.05), a
Global Warrant may only be transferred as a whole, and not in part, and only by (i) the Depositary to a nominee of the Depositary, (ii) a nominee of the Depositary to the Depositary or another nominee of the Depositary or (iii) the
Depositary or any such nominee to a successor Depositary or its nominee. 
 (iii) In the event that a Global
Warrant is exchanged and transferred for Definitive Warrants pursuant to Section 2.05, such Warrants may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.04 and the
requirements of any Warrant Certificate and such other procedures as may from time to time be adopted by the Company that are not inconsistent with the terms of this Agreement or of any Warrant Certificate. 
 (b) Cancellation or Adjustment of Global Warrant. At such time as all beneficial interests in a Global Warrant have been exchanged
for Definitive Warrants, redeemed, repurchased or canceled, such Global Warrant shall be returned to the Depositary for cancellation or retained and canceled by the Warrant Agent. At any time prior to such cancellation, if any beneficial interest in
a Global Warrant is transferred or exchanged for Definitive Warrants, redeemed, repurchased or canceled, the number of Warrants represented by such Global Warrant shall be reduced and an adjustment shall be made on the books and records of the
Warrant Agent to reflect such reduction. 
 (c) Obligations with Respect to Transfers and Exchanges of Warrants.

 (i) To permit registrations of transfers and exchanges, the Company shall execute and the Warrant Agent shall
countersign, by either manual or facsimile signature, Global Warrants and Definitive Warrants as required pursuant to the provisions of Section 2.02 and this Section 2.04. 
  

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 (ii) No service charge shall be made to a Holder for any registration of
transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith. 
 All Warrants issued upon any registration of transfer or exchange pursuant to the terms of this Agreement shall be the valid obligations of
the Company, entitled to the same benefits under this Agreement as the Warrants surrendered upon such registration for transfer or exchange. 
 (d) No Obligation of the Warrant Agent. 
 (i) The Warrant
Agent shall have no responsibility or obligation to any beneficial owner of a Global Warrant, any Agent Member or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with
respect to any ownership interest in the Warrants or with respect to the delivery to any Agent Member, beneficial owner or other Person (other than the Depositary) of any notice or the payment of any amount, under or with respect to such Warrants.
All notices and communications to be given to the Holders and all payments to be made to Holders under the Warrants shall be given or made only to or upon the order of the registered Holders (which shall be the Depositary or its nominee in the case
of a Global Warrant). The rights of beneficial owners in any Global Warrant shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Warrant Agent may rely and shall be fully protected in
relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. 
 (ii) The Warrant Agent shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Agreement or under applicable law with
respect to any transfer of any interest in any Warrant (including any transfer between or among the Agent Members or beneficial owners in any Global Warrant) other than to require delivery of such certificates and other documentation or evidence as
are expressly required by, and to do so if and when expressly required by, the terms of this Agreement, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 Section 2.05. Definitive Warrants. 
 (a) Beneficial interests in a Global Warrant deposited with the Depositary or with the Warrant Agent as custodian for the Depositary pursuant to Section 2.01 shall be transferred pursuant to the
requirements set forth in Section 2.04 (a)(i) hereof, to each beneficial owner thereof in the form of Definitive Warrants evidencing a number of Warrants equivalent to such owner’s beneficial interest in such Global Warrant, in exchange
for such Global Warrant, only if such transfer complies with Section 2.04 and (i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Warrant or if at any time the Depositary ceases
to be a “clearing agency” registered under the Exchange Act and, in each such

  

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case, a successor Depositary is not appointed by the Company within 90 days of such notice, (ii) the Company, in its sole discretion, notifies the Warrant Agent in writing that it elects to
cause the issuance of Definitive Warrants under this Agreement, or (iii) the Company shall be adjudged a bankrupt or insolvent or make an assignment for the benefit of its creditors or institute proceedings to be adjudicated a bankrupt or shall
consent to the filing of a bankruptcy proceeding against it, or shall file a petition or answer or consent seeking reorganization under Federal bankruptcy laws or any other similar applicable Federal or State law, or shall consent to the filing of
any such petition, or shall consent to the appointment of a receiver or custodian of all or any substantial part of its property, or shall admit in writing its inability to pay or meet its debts as they mature, or if a receiver or custodian of it or
all or any substantial part of its property shall be appointed, or if a public officer shall have taken charge or control of the Company or of its property or affairs, for the purpose of rehabilitation, conservation or liquidation. 
 (b) Any Global Warrant that is transferable to the beneficial owners thereof in the form of Definitive Warrants pursuant to this
Section 2.05 shall be surrendered by the Depositary to the Warrant Agent, to be so transferred, in whole or from time to time in part, without charge, and the Warrant Agent shall countersign, by either manual or facsimile signature, and deliver
to each beneficial owner in the name of such beneficial owner, upon such transfer of each portion of such Global Warrant, Definitive Warrants evidencing a number of Warrants equivalent to such beneficial owner’s beneficial interest in the
Global Warrant. The Warrant Agent shall register such transfer in the Registry, and upon such transfer the surrendered Global Warrant shall be cancelled by the Warrant Agent. 
 (c) All Definitive Warrants issued upon registration of transfer pursuant to this Section 2.05 shall be the valid obligations of the
Company, evidencing the same obligations of the Company and entitled to the same benefits under this Agreement and the Global Warrant surrendered for registration of such transfer. 
 (d) Subject to the provisions of Section 2.05(b), the registered Holder of a Global Warrant may grant proxies and otherwise authorize
any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this Agreement or the Warrants. 
 (e) In the event of the occurrence of any of the events specified in Section 2.05(a), the Company will promptly make available to the
Warrant Agent a reasonable supply of Definitive Warrants in definitive, fully registered form. 
 (f) Neither the Company nor
the Warrant Agent will be liable or responsible for any registration or transfer of any Warrants that are registered or to be registered in the name of a fiduciary or the nominee of a fiduciary. 
 Section 2.06. Replacement Certificates. 
 If a mutilated Warrant Certificate is surrendered to the Warrant Agent or if the Holder of a Warrant Certificate claims that the Warrant Certificate has been lost, destroyed or wrongfully taken, the
Company shall issue and the Warrant Agent shall countersign, by either manual or facsimile signature, a replacement Warrant Certificate of like tenor and representing

  

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an equivalent number of Warrants, if the reasonable requirements of the Warrant Agent and of Section 8-405 of the Uniform Commercial Code as in effect in the State of New York are met. If
required by the Warrant Agent or the Company, such Holder shall furnish an indemnity bond sufficient in the judgment of the Company and the Warrant Agent to protect the Company and the Warrant Agent from any loss that either of them may suffer if a
Warrant Certificate is replaced. The Company and the Warrant Agent may charge the Holder for their expenses in replacing a Warrant Certificate. Every replacement Warrant Certificate evidences an additional obligation of the Company. 
 Section 2.07. Outstanding Warrants. 
 Warrants outstanding at any time are all Warrants evidenced on all Warrant Certificates authenticated by the Warrant Agent except for those canceled by it and those delivered to it for cancellation. A
Warrant ceases to be outstanding if the Company or an Affiliate of the Company holds the Warrant. 
 If a Warrant Certificate is
replaced pursuant to Section 2.06, the Warrants evidenced thereby cease to be outstanding unless the Warrant Agent and the Company receive proof satisfactory to them that the replaced Warrant Certificate is held by a bona fide purchaser.

 Section 2.08. Cancellation. 
 In the event the Company shall purchase or otherwise acquire Definitive Warrants, the same shall thereupon be delivered to the Warrant Agent for cancellation. 
 The Warrant Agent and no one else shall cancel and destroy all Warrant Certificates surrendered for registration of transfer, exchange,
replacement, exercise or cancellation and deliver a certificate of such destruction to the Company unless the Company directs the Warrant Agent to deliver canceled Warrant Certificates to the Company. The Company may not issue new Warrant
Certificates to replace Warrant Certificates to the extent they evidence Warrants that have been exercised or Warrants that the Company has purchased or otherwise acquired. 
 Section 2.09. CUSIP Numbers. 
 The Company in issuing the Warrants may use “CUSIP” numbers (if then generally in use) and, if so, the Warrant Agent shall use “CUSIP” numbers in notices as a convenience to Holders;
provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Warrant Certificates or as contained in any notice and that reliance may be placed only on
the other identification numbers printed on the Warrant Certificates. 
  

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 ARTICLE III 
 EXERCISE TERMS 
 Section 3.01. Exercise. 
 The Exercise Price of each Warrant, the Warrant Share Number, the number of Warrants evidenced by any Warrant Certificate and the expiration
time of each Warrant shall be set forth in the related Warrant Certificate. The Exercise Price of each Warrant and the Warrant Share Number are subject to adjustment pursuant to the terms set forth in the Warrant Certificate. 
 Section 3.02. Manner of Exercise and Issuance of Shares. 
 Warrants may be exercised in the manner set forth in Section 3 of the Warrant Certificate, and upon any such exercise, Shares shall be issued in the manner set forth in Section 4 of the Warrant
Certificate. 
 Section 3.03. Covenant to Make Stock Certificates Available. 
 (a) The Warrant Agent is hereby authorized to requisition from time to time from any stock transfer agents of the Company stock certificates
required to honor outstanding Warrants upon exercise thereof in accordance with the terms of this Agreement, and the Company agrees to authorize and direct such transfer agents to comply with all such requests of the Warrant Agent. The Company shall
supply such transfer agents with duly executed stock certificates for such purposes and shall provide or otherwise make available any cash or scrip that may be payable upon exercise of Warrants as provided herein and in each Warrant Certificate.

 (b) The Warrant Agent is hereby authorized to create a special account for the reserve of shares of Common Stock to be issued
upon exercise of the Warrants. 
 (c) In connection with the shares of Common Stock to be issued upon exercise, the Company
shall provide an opinion of counsel, stating that all such shares, when issued, will be: 
 (i) registered under
the Securities Act of 1933, as amended, and all material and necessary State securities law filings will have been made with respect to such shares; and 
 (ii) validly issued, fully paid and non-assessable. 
  

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 ARTICLE IV 
 ANTIDILUTION PROVISIONS 
 Section 4.01. Antidilution Adjustments;
Notice of Adjustment. 
 The Exercise Price and the Warrant Share Number shall be subject to adjustment from time to time as
provided in Section 12 of the Warrant Certificate. Whenever the Exercise Price or the Warrant Share Number is so adjusted or is proposed to be adjusted as provided in Section 12 of the Warrant Certificate, the Company shall deliver to the
Warrant Agent the notices or statements, and shall cause a copy of such notices or statements to be sent or communicated to each Holder pursuant to Section 6.03, as provided in Sections 12(H) and (I) of the Warrant Certificate. 

Section 4.02. Adjustment to Warrant Certificate. 
 The form of Warrant Certificate need not be changed because of any adjustment made pursuant to the Warrant Certificate, and Warrant Certificates issued after such adjustment may state the same Exercise
Price and the same Warrant Share Number as are stated in the Warrant Certificates initially issued pursuant to this Agreement. The Company, however, may at any time in its sole discretion make any change in the form of Warrant Certificate that it
may deem appropriate to give effect to such adjustments and that does not affect the substance of the Warrant Certificate, and any Warrant Certificate thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant
Certificate or otherwise, may be in the form as so changed. 
 ARTICLE V 
 WARRANT AGENT 
 Section 5.01. Appointment of
Warrant Agent. 
 The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the provisions
of this Agreement and the Warrant Agent hereby accepts such appointment. The Warrant Agent shall not be liable for, and shall be indemnified and held harmless by the Company against, anything that it may do or refrain from doing in connection with
this Agreement, except for its own gross negligence, willful misconduct or bad faith. 
 Section 5.02. Rights and Duties of
Warrant Agent. 
 (a) Agent for the Company. In acting under this Warrant Agreement and in connection with the Warrant
Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligation or relationship or agency or trust for or with any of the holders of Warrant Certificates or beneficial owners of Warrants. 
 (b) Counsel. The Warrant Agent may consult with counsel satisfactory to it (who may be counsel to the Company), and the advice of
such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice of such counsel. 
  

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 (c) Documents. The Warrant Agent shall be protected and shall incur no liability for
or in respect of any action taken or thing suffered by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been
presented or signed by the proper parties. 
 (d) No Implied Obligations. The Warrant Agent shall be obligated to perform
only such duties as are specifically set forth herein and in the Warrant Certificates, and no implied duties or obligations of the Warrant Agent shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant
Agent shall not be under any obligation to take any action hereunder that may tend to involve it in any expense or liability for which it does not receive indemnity if such indemnity is reasonably requested. The Warrant Agent shall not be
accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates countersigned by the Warrant Agent and delivered by it to the Holders or on behalf of the Holders pursuant to this Agreement or for the
application by the Company of the proceeds of the Warrants. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant
Certificates or in the case of the receipt of any written demand from a Holder with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings
at law or otherwise. 
 (e) Not Responsible for Adjustments or Validity of Stock. The Warrant Agent shall not at any time
be under any duty or responsibility to any Holder to determine whether any facts exist that may require an adjustment of the Warrant Share Number or the Exercise Price, or with respect to the nature or extent of any adjustment when made, or with
respect to the method employed, or herein or in any supplemental agreement provided to be employed, in making the same. The Warrant Agent shall not be accountable with respect to the validity or value of any Shares or of any securities or property
that may at any time be issued or delivered upon the exercise of any Warrant or upon any adjustment pursuant to Section 12 of the Warrant Certificate, and it makes no representation with respect thereto. The Warrant Agent shall not be
responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver any Shares or stock certificates upon the surrender of any Warrant Certificate for the purpose of exercise or upon any adjustment pursuant to
Section 12 of the Warrant Certificate, or to comply with any of the covenants of the Company contained in the Warrant Certificate. 
 (f) If the Warrant Agent shall receive any notice or demand (other than Notice of Exercise of Warrants) addressed to the Company by the Holder of a Warrant, the Warrant Agent shall promptly forward such
notice or demand to the Company. 
 Section 5.03. Individual Rights of Warrant Agent. 
 The Warrant Agent and any stockholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or
other securities of the Company or

  

 12 

 
its affiliates or become pecuniarily interested in transactions in which the Company or its affiliates may be interested, or contract with or lend money to the Company or its affiliates or
otherwise act as fully and freely as though it were not the Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. 
 Section 5.04. Warrant Agent’s Disclaimer. 
 The Warrant Agent shall not be responsible for, and makes no representation as to the validity or adequacy of, this Agreement or the Warrant Certificates and it shall not be responsible for any statement
in this Agreement or the Warrant Certificates other than its countersignature thereon. 
 Section 5.05. Compensation and
Indemnity. 
 (a) The Company agrees to pay the Warrant Agent from time to time reasonable compensation for its services as
agreed and to reimburse the Warrant Agent upon request for all reasonable out-of-pocket expenses incurred by it, including the reasonable compensation and expenses of the Warrant Agent’s agents and counsel as agreed. The Company shall indemnify
the Warrant Agent, its officers, directors, agents and counsel against any loss, liability or expense (including reasonable agents’ and attorneys’ fees and expenses) incurred by it without gross negligence, willful misconduct or bad faith
on its part arising out of or in connection with the acceptance or performance of its duties under this Agreement. The Warrant Agent shall notify the Company promptly of any claim for which it may seek indemnity. The Company need not reimburse any
expense or indemnify against any loss or liability incurred by the Warrant Agent through willful misconduct, gross negligence or bad faith. The Company’s payment obligations pursuant to this Section shall survive the termination of this
Agreement: 
 (b) The Warrant Agent shall be responsible for and shall indemnify and hold the Company harmless from and against
any and all losses, damages, costs, charges, counsel fees, payments, expenses and liability arising out of or attributable to the Warrant Agent’s refusal or failure to comply with the terms of this Agreement, or which arise out of Warrant
Agent’s gross negligence, bad faith or willful misconduct or which arise out of the breach of any representation or warranty of the Warrant Agent hereunder, for which the Warrant Agent is not entitled to indemnification under this Agreement;
provided, however, the Warrant Agent’s aggregate liability hereunder during any term of this Agreement with respect to, arising from, or arising in connection with this Agreement, whether in contract, or in tort, or otherwise, is
limited to, and shall not exceed, the amounts paid under this Agreement by the Company to the Warrant Agent as fees and charges, but not including reimbursable expenses 
 To secure the Company’s payment obligations under this Agreement, the Warrant Agent shall have a lien prior to the Holders on all money or property held or collected by the Warrant Agent. 

 

 13 

 Section 5.06. Successor Warrant Agent. 
 (a) Company to Provide and Maintain Warrant Agent. The Company agrees for the benefit of the Holders that there shall at all times be
a Warrant Agent hereunder until all the Warrants have been exercised or cancelled or are no longer exercisable. 
 (b)
Resignation and Removal. The Warrant Agent may at any time resign by giving written notice to the Company of such intention on its part, specifying the date on which its desired resignation shall become effective; provided,
however, that such date shall not be less than 60 days after the date on which such notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing
signed by or on behalf of the Company and specifying such removal and the date when it shall become effective, which date shall not be less than 60 days after such notice is given unless the Warrant Agent otherwise agrees. Any removal under this
Section shall take effect upon the appointment by the Company as hereinafter provided of a successor Warrant Agent (which shall be (i) a bank or trust company, (ii) organized under the laws of the United States of America or one of the
states thereof, (iii) authorized under the laws of the jurisdiction of its organization to exercise corporate trust powers, (iv) having a combined capital and surplus of at least $50,000,000 (as set forth in its most recent reports of
condition published pursuant to law or to the requirements of any United States federal or state regulatory or supervisory authority) and (v) having an office in the Borough of Manhattan, The City of New York) and the acceptance of such
appointment by such successor Warrant Agent. 
 (c) Company to Appoint Successor. In the event that at any time the
Warrant Agent shall resign, or shall be removed, or shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or under any
other applicable Federal or State bankruptcy, insolvency or similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant
Agent or its property or affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a
decree or order for relief by a court having jurisdiction in the premises shall have been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable
Federal or State bankruptcy, insolvency or similar law, or a decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar
official) of the Warrant Agent or of its property or affairs, or any public officer shall take charge or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a
successor Warrant Agent, qualified as aforesaid, shall be appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. In the event that a successor Warrant Agent is not appointed by the Company, a successor Warrant
Agent, qualified as aforesaid, shall be appointed by the Warrant Agent or the Warrant Agent shall petition a court to appoint a successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor
Warrant Agent of such appointment, the Warrant Agent shall cease to be Warrant Agent hereunder; provided, however, that in the event of the resignation of the Warrant Agent under this subsection (c), such resignation shall be effective
on the earlier of (i) the date specified in the Warrant Agent’s notice of resignation and (ii) the appointment and acceptance of a successor Warrant Agent hereunder. 
  

 14 

 (d) Successor to Expressly Assume Duties. Any successor Warrant Agent appointed
hereunder shall execute, acknowledge and deliver to its predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested
with all the rights and obligations of such predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to
transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent hereunder. 
 (e) Successor by Merger. Any corporation into which the Warrant Agent hereunder may be merged or consolidated, or any corporation
resulting from any merger or consolidation to which the Warrant Agent shall be a party, or any corporation to which the Warrant Agent shall sell or otherwise transfer all or substantially all of its assets and business, shall be the successor
Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided, however, that it shall be qualified as aforesaid. 
 ARTICLE VI 
 MISCELLANEOUS 
 Section 6.01. Persons Benefitting. 
 Nothing in this Agreement is intended or shall be construed to confer upon any Person other than the Company and the Warrant Agent and the
Holders any right, remedy or claim under or by reason of this Agreement or any part hereof. 
 Section 6.02. Amendment.

 This Agreement and the Warrants may be amended by the parties hereto without the consent of any Holder for the purpose of
curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or therein or adding or changing any other provisions with respect to matters or questions arising under this Agreement or the Warrants as the
Company and the Warrant Agent may deem necessary or desirable; provided, however, that such action shall not adversely affect the rights of any of the Holders in any material respect. Any amendment or supplement to this Agreement or
the Warrants that has a material adverse effect on the interests of any of the Holders or owners of a beneficial interest in a Global Warrant shall require the written consent of the Holders of a majority of the then outstanding Warrants;
provided that the consent of each Holder affected thereby shall be required for any amendment pursuant to which the Exercise Price would be increased or the Warrant Share Number would be decreased (in each case, other than pursuant to
adjustments provided for in Section 12 of the Warrant Certificate). In determining whether the Holders of the required number of Warrants have concurred in any direction, waiver or consent, Warrants

  

 15 

 
owned by the Company or by any Affiliate of the Company shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Warrant Agent shall be
protected in relying on any such direction, waiver or consent, only Warrants that the Warrant Agent knows are so owned shall be so disregarded. Also, subject to the foregoing, only Warrants outstanding at the time shall be considered in any such
determination. 
 Section 6.03. Notices. 
 Any notice or communication shall be in writing and delivered in person or mailed by first-class mail addressed as follows: 
 if to the Company: 
 Capital One Financial Corporation 
 1680 Capital One Drive 
 McLean, Virginia 22102 

	 	Attention:	    Shaheen Rezai. 

	 	  	    Chief Counsel, Transaction 

 Telephone: (703) 720-2267 
 Facsimile: (703) 720-2221 
 with a copy to: 
 Gibson, Dunn & Crutcher LLP 
 200 Park Avenue 
 New York, NY 10166 
 Attention: Steven R. Finley 
 Telephone: (212) 351-4000 
 Facsimile: (212) 351-4001 
 if to the Warrant Agent: 
 Computershare Trust Company, N.A. 
 250 Royall Street 
 Canton, MA 02021 
 Attention: Corporate Actions 
 Telephone: 800-546-5141 
 Facsimile: 781-575-2901 
 The Company or the Warrant Agent by notice to the other may designate additional or
different addresses for subsequent notices or communications. 
 Unless the Warrant is a Global Warrant, any notice or
communication mailed to a Holder shall be mailed to the Holder at the Holder’s address as it appears on the Registry and shall be sufficiently given if so mailed within the time prescribed. Any notice to the owners of a beneficial interest in a
Global Warrant shall be distributed through the Depositary in accordance with the procedures of the Depositary. Communications to such Holder shall be deemed to be effective at the time of dispatch to the Depositary. 
  

 16 

 Failure to provide a notice or communication to a Holder or any defect in it shall not
affect its sufficiency with respect to other Holders. If a notice or communication is provided in the manner provided above, it is duly given, whether or not the intended recipient actually receives it. 
 Section 6.04. Governing Law. 
 This Agreement will be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State. 
 Section 6.05. Successors. 
 All agreements of the Company in this Agreement and the Warrants shall bind its successors. All agreements of the Warrant Agent in this Agreement shall bind its successors. 
 Section 6.06. Multiple Originals. 
 The parties may sign any number of copies of this Agreement. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this
Agreement. 
 Section 6.07. Inspection of Agreement. 
 A copy of this Agreement shall be made available for inspection by any registered Holder or owner of a beneficial interest in a Global
Warrant at the principal office of the Warrant Agent (or successor warrant agent). 
 Section 6.08. Table of Contents.

 The table of contents and headings of the Articles and Sections of this Agreement have been inserted for convenience of
reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
 Section 6.09. Severability. 
 The provisions of this Agreement are severable,
and if any clause or provision shall be held invalid, illegal or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect in that jurisdiction only such clause or provision, or part thereof, and
shall not in any manner affect such clause or provision in any other jurisdiction or any other clause or provision of this Agreement in any jurisdiction. 
  

 17 

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

			
	CAPITAL ONE FINANCIAL CORPORATION
		
	by	 	 /s/ Stephen Linehan

	Name:	 	Stephen Linehan
	Title:	 	Treasurer
	
	COMPUTERSHARE TRUST COMPANY, N.A,
as Warrant Agent,
		
	by	 	 /s/ Neda Sheridan

	Name:	 	Neda Sheridan
	Title:	 	Vice President

 EXHIBIT A 
 FORM OF WARRANT 
 [Global Securities Legend] 
 UNLESS THIS GLOBAL WARRANT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL WARRANT
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE WARRANT AGREEMENT REFERRED TO ON THE REVERSE HEREOF. 
  

 1 

 WARRANTS 
 to purchase 
 Shares of 
 Common Stock 
 of 
 Capital One Financial Corporation 
  

							
	No.	 	[        ]	  	CUSIP No:	 	[                ]

 1. Definitions. Unless the context otherwise requires, when used herein the
following terms shall have the meanings indicated. Any capitalized terms used but not defined herein that are defined in the Warrant Agreement shall have the meanings set forth in the Warrant Agreement. 
 “Affiliate” means, with respect to any Person, any Person directly or indirectly controlling, controlled by or under common
control with, such other Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) when used with respect to any Person, means
the possession, directly or indirectly, of the power to cause the direction of management and/or policies of such Person, whether through the ownership of voting securities by contract or otherwise. 
 “Agent Members” means the securities brokers and dealers, banks and trust companies, clearing organizations and certain
other organizations that are participants in the Depositary’s system. 
 “Board of Directors” means the
board of directors of the Company, including any duly authorized committee thereof. 
 “Business Combination”
means a merger, consolidation, statutory share exchange or similar transaction that requires the approval of the Company’s stockholders. 
 “business day” means any day except Saturday, Sunday and any day on which banking institutions in the State of New York generally are authorized or required by law or other governmental
actions to close. 
 “Capital Stock” means (A) with respect to any Person that is a corporation or
company, any and all shares, interests, participations or other equivalents (however designated) of capital or capital stock of such Person and (B) with respect to any Person that is not a corporation or company, any and all partnership or
other equity interests of such Person. 
 “Charter” means, with respect to any Person, its certificate or
articles of incorporation, articles of association, or similar organizational document. 
  

 2 

 “Common Stock” means the common stock, par value $.01 per share, of the
Company. 
 “Company” means Capital One Financial Corporation, a corporation duly organized and existing under
the laws of the State of Delaware. 
 “conversion” has the meaning set forth in Section 12(B). 

“convertible securities” has the meaning set forth in Section 12(B). 
 “Definitive Warrant” means a Warrant Certificate in definitive form that is not deposited with the Depositary or with the
Warrant Agent as custodian for the Depositary. 
 “Depositary” means The Depository Trust Company, its nominees
and their respective successors. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or
any successor statute, and the rules and regulations promulgated thereunder. 
 “Exercise Price” means $42.13,
subject to adjustment as set forth herein. 
 “Expiration Time” has the meaning set forth in Section 3.

 “Fair Market Value” means, with respect to any security or other property, the fair market value of such
security or other property as determined by the Board of Directors, acting in good faith. 
 “Global Warrant”
means a Warrant Certificate in global form that is deposited with the Depositary or with the Warrant Agent as custodian for the Depositary. 
 “Governmental Entities” means, collectively, all United States and other governmental, regulatory or judicial authorities. 
 “Issue Date” means November 14, 2008. 
 “Market Price” means, with respect to a particular security, on any given day, the last reported sale price regular way or, in case no such reported sale takes place on such day, the
average of the last closing bid and ask prices regular way, in either case on the principal national securities exchange on which the applicable securities are listed or admitted to trading, or if not listed or admitted to trading on any national
securities exchange, the average of the closing bid and ask prices as furnished by two members of the Financial Industry Regulatory Authority, Inc. selected from time to time by the Company for that purpose. “Market Price” shall be
determined without reference to after hours or extended hours trading. If such security is not listed and traded in a manner that the quotations referred to above are available for the period required hereunder, the Market Price per share of Common
Stock shall be deemed to be the fair market value per share of such security as determined in good faith by the Board of Directors in reliance on an opinion of a nationally recognized independent investment banking corporation retained by the
Company for this purpose; provided that if any such security is listed or traded on a non-U.S. market, such fair market value shall be determined by reference to the closing price of such

  

 3 

 
security as of the end of the most recently ended business day in such market prior to the date of determination; and further provided that if making such determination requires the
conversion of any currency other than U.S. dollars into U.S. dollars, such conversion shall be done in accordance with customary procedures based on the relevant noon buying rate published by the Federal Reserve Bank of New York on such exercise
date. For the purposes of determining the Market Price of the Common Stock on the “trading day” preceding, on or following the occurrence of an event, (i) that trading day shall be deemed to commence immediately after the regular
scheduled closing time of trading on the New York Stock Exchange or, if trading is closed at an earlier time, such earlier time and (ii) that trading day shall end at the next regular scheduled closing time, or if trading is closed at an
earlier time, such earlier time (for the avoidance of doubt, and as an example, if the Market Price is to be determined as of the last trading day preceding a specified event and the closing time of trading on a particular day is 4:00 p.m. and the
specified event occurs at 5:00 p.m. on that day, the Market Price would be determined by reference to such 4:00 p.m. closing price). 
 “Ordinary Cash Dividends” means a regular quarterly cash dividend on shares of Common Stock out of surplus or net profits legally available therefor (determined in accordance with generally accepted
accounting principles in effect from time to time), provided that Ordinary Cash Dividends shall not include any cash dividends paid subsequent to the Issue Date to the extent the aggregate per share dividends paid on the
outstanding Common Stock in any quarter exceed $0.375, as adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction. 
 “Person” has the meaning given to it in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and
14(d)(2) of the Exchange Act. 
 “Per Share Fair Market Value” has the meaning set forth in Section 12(B).

 “Pro Rata Repurchases” means any purchase of shares of Common Stock by the Company or any Affiliate thereof
pursuant to (A) any tender offer or exchange offer subject to Section 13(e) or 14(e) of the Exchange Act or Regulation 14E promulgated thereunder or (B) any other offer available to substantially all holders of Common Stock, in the
case of both (A) or (B), whether for cash, shares of Capital Stock of the Company, other securities of the Company, evidences of indebtedness of the Company or any other Person or any other property (including, without limitation, shares of
Capital Stock, other securities or evidences of indebtedness of a subsidiary), or any combination thereof, effected while this Warrant Certificate is outstanding. The “Effective Date” of a Pro Rata Repurchase shall mean the date of
acceptance of shares for purchase or exchange by the Company under any tender or exchange offer which is a Pro Rata Repurchase or the date of purchase with respect to any Pro Rata Repurchase that is not a tender or exchange offer. 
 “SEC” means the U.S. Securities and Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations
promulgated thereunder. 
 “Shares” has the meaning set forth in Section 2. 
  

 4 

 “trading day” means (A) if the shares of Common Stock are not traded
on any national or regional securities exchange or association or over-the-counter market, a business day or (B) if the shares of Common Stock are traded on any national or regional securities exchange or association or over-the-counter market,
a business day on which such relevant exchange or quotation system is scheduled to be open for business and on which the shares of Common Stock (i) are not suspended from trading on any national or regional securities exchange or association or
over-the-counter market for any period or periods aggregating one half hour or longer; and (ii) have traded at least once on the national or regional securities exchange or association or over-the-counter market that is the primary market for
the trading of the shares of Common Stock. The term “trading day” with respect to any security other than the Common Stock shall have a correlative meaning based on the primary exchange or quotation system on which such security is listed
or traded. 
 “Transfer Agent” means Computershare Trust Company, N.A., as transfer agent of the Company, and
any successor transfer agent. 
 “U.S. GAAP” means United States generally accepted accounting principles.

 “Warrant” means a right to purchase a number of shares of the Company’s Common Stock equal to the
Warrant Share Number as provided herein. 
 “Warrant Certificate” means a fully registered certificate
evidencing Warrants. 
 “Warrantholder” means a registered owner of Warrants as set forth in the Registry.

 “Warrant Share Number” means one share of Common Stock, as subsequently adjusted pursuant to the terms of
this Warrant and the Warrant Agreement. 
 “Warrant Agreement” has the meaning set forth in Section 16.

 2. Number of Shares; Exercise Price. This certifies that, for value received, [Cede &
Co.] 1, and any of its registered assigns, is the
registered owner of [the number of Warrants set forth on Schedule A hereto]2 [                     Warrants]3, each of which entitles the Warrantholder to purchase from the Company, upon the terms and subject to the conditions
hereinafter set forth, a number of fully paid and nonassessable shares of Common Stock (each a “Share” and collectively the “Shares”) equal to the Warrant Share Number at a purchase price equal to the Exercise
Price. The Warrant Share Number and the Exercise Price are subject to adjustment as provided herein, and all references to “Common Stock,” “Warrant Share Number,” “Shares” and “Exercise Price” herein shall be
deemed to include any such adjustment or series of adjustments. 
 3. Exercise of Warrant; Term. Subject to
Section 2, to the extent permitted by applicable laws and regulations, all or a portion of the Warrants evidenced by this Warrant Certificate are exercisable by the Warrantholder, at any time or from time to time after the execution and
delivery of this Warrant Certificate by the Company on the date hereof, but in no event later than 5:00 p.m., New York City time on the tenth anniversary of the Issue Date (the 
  
  

	1	 Include for Global Warrant 

	2	 Include for Global Warrant 

	3	 Include for Definitive Warrants

  

 5 

 
“Expiration Time”), by (A) delivery to the Warrant Agent of a Notice of Exercise in the form annexed hereto, duly completed and executed (or to the Company or to such
other office or agency of the Company in the United States as the Company may designate by notice in writing to the Warrantholders pursuant to Section 18), and (B) payment of the Exercise Price for the Shares thereby purchased by having
the Company withhold, from the shares of Common Stock that would otherwise be delivered to such Warrantholder upon such exercise, Shares issuable upon exercise of the Warrants so exercised equal in value to the aggregate Exercise Price as to such
Shares, based on the Market Price of the Common Stock on the trading day on which such Warrants are exercised and the Notice of Exercise is delivered to the Warrant Agent pursuant to this Section 3. For the avoidance of doubt, if Warrants are
exercised such that the Exercise Price would exceed the value of the Shares issuable upon exercise, no amount shall be due and payable by the Warrantholder to the Company. In the case of a Global Warrant, any person with a beneficial interest in
such Global Warrant shall effect compliance with the requirements in clauses (A) and (B) above through the relevant Agent Member in accordance with procedures of the Depositary. 
 In the case of a Global Warrant, whenever some but not all of the Warrants represented by such Global Warrant are exercised in accordance
with the terms thereof and of the Warrant Agreement, such Global Warrant shall be surrendered by the Warrantholder to the Warrant Agent, which shall cause an adjustment to be made to Schedule A to such Global Warrant so that the number of Warrants
represented thereby will be equal to the number of Warrants theretofor represented by such Global Warrant less the number of Warrants then exercised. The Warrant Agent shall thereafter promptly return such Global Warrant to the Warrantholder or its
nominee or custodian. In the case of a Definitive Warrant, whenever some but not all of the Warrants represented by such Definitive Warrant are exercised in accordance with the terms thereof and of the Warrant Agreement, the Warrantholder shall be
entitled, at the request of such Warrantholder, to receive from the Company within a reasonable time, and in any event not exceeding three business days, a new Definitive Warrant in substantially identical form for the number of Warrants equal to
the number of Warrants theretofor represented by such Definitive Warrant less the number of Warrants then exercised. 
 If this
Warrant Certificate shall have been exercised in full, the Warrant Agent shall promptly cancel such certificate following its receipt from the Warrantholder or the Depositary, as applicable. 
 Notwithstanding anything in this Warrant Certificate to the contrary, in the case of Warrants evidenced by a Global Warrant any Agent Member
may, without the consent of the Warrant Agent or any other person, on its own behalf and on behalf of any beneficial owner for which it is acting, enforce, and may institute and maintain, any suit, action or proceeding against the Company suitable
to enforce, or otherwise in respect of, its right to exercise, and to receive Shares for, its Warrants as provided in the Global Warrant, and to enforce the Warrant Agreement. 
 4. Issuance of Shares; Authorization; Listing. Shares issued upon exercise of Warrants evidenced by this Warrant Certificate shall be
(i) issued in such name or names as the exercising Warrantholder may designate and (ii) delivered by the Transfer Agent to such Warrantholder or its nominee or nominees (A) via book-entry transfer crediting the account of 

 

 6 

 
such Warrantholder (or the relevant Agent Member for the benefit of such Warrantholder) through the Depositary’s DWAC system (if the Transfer Agent participates in such system), or
(B) otherwise in certificated form by physical delivery to the address specified by the Warrantholder in the Notice of Exercise. The Company shall use its commercially reasonable efforts to cause its Transfer Agent to be a participant in the
Depositary’s DWAC system. The Company shall cause the number of full Shares to which such Warrantholder shall be entitled to be so delivered by the Transfer Agent within a reasonable time, not to exceed three business days after the date on
which Warrants evidenced by this Warrant Certificate have been duly exercised in accordance with the terms hereof. 
 The
Company hereby represents and warrants that any Shares issued upon the exercise of Warrants evidenced by this Warrant Certificate in accordance with the provisions of Section 3 will be duly and validly authorized and issued, fully paid and
nonassessable and free from all taxes, liens and charges (other than liens or charges created by a Warrantholder, income and franchise taxes incurred in connection with the exercise of the Warrant or taxes in respect of any transfer occurring
contemporaneously therewith). The Company agrees that the Shares so issued will be deemed to have been issued to a Warrantholder as of the close of business on the date on which Warrants evidenced by this Warrant Certificate have been duly
exercised, notwithstanding that the stock transfer books of the Company may then be closed or certificates representing such Shares may not be actually delivered on such date. The Company will at all times until the Expiration Time (or, if such date
shall not be a business day, then on the next succeeding business day) reserve and keep available, out of its authorized but unissued Common Stock, solely for the purpose of providing for the exercise of Warrants evidenced by this Warrant
Certificate, the aggregate number of shares of Common Stock then issuable upon exercise hereof at any time. The Company will (A) procure, at its sole expense, the listing of the Shares issuable upon exercise hereof at any time, subject to
issuance or notice of issuance, on all principal stock exchanges on which the Common Stock is then listed or traded and (B) maintain such listings of such Shares at all times after issuance. The Company will use reasonable best efforts to
ensure that the Shares may be issued without violation of any applicable law or regulation or of any requirement of any securities exchange on which the Shares are listed or traded. 
 5. No Fractional Shares or Scrip. No fractional Shares or scrip representing fractional Shares shall be issued upon any exercise of
Warrants evidenced by this Warrant Certificate. In lieu of any fractional Share to which a Warrantholder would otherwise be entitled, such Warrantholder shall be entitled to receive a cash payment equal to the Market Price of the Common Stock on the
date of exercise. The beneficial owners of the Warrants and the Warrantholder, by their acceptance hereof, expressly waive their right to receive any fraction of a share of Common Stock or a certificate representing a fraction of a share of Common
Stock or Warrant Certificate representing a fractional Warrant upon exercise of any Warrant. 
 6. No Rights as Stockholders;
Transfer Books. Warrants evidenced by this Warrant Certificate do not entitle the Warrantholder or the owner of any beneficial interest in such Warrants to any voting rights or other rights as a stockholder of the Company prior to the date of
exercise hereof. The Company will at no time close its transfer books against transfer of Warrants in any manner which interferes with the timely exercise hereof. 
  

 7 

 7. Charges, Taxes and Expenses. Issuance of Shares in certificated or book-entry form
to the Warrantholder upon the exercise of Warrants evidenced by this Warrant Certificate shall be made without charge to the Warrantholder for any issue or transfer tax or other incidental expense in respect of the issuance of such Shares (other
than liens or charges created by a Warrantholder, income and franchise taxes incurred in connection with the exercise of the Warrant or taxes in respect of any transfer occurring contemporaneously therewith), all of which taxes and expenses shall be
paid by the Company. 
 8. Transfer/Assignment. This Warrant Certificate and all rights hereunder are transferable, in
whole or in part, upon the books of the Company (or an agent duly appointed by the Company) by the registered holder hereof in person or by duly authorized attorney, and one or more new Warrant Certificates shall be made and delivered by the
Company, of the same tenor and date as this Warrant Certificate but registered in the name of one or more transferees, upon surrender of this Warrant Certificate, duly endorsed, to the office or agency of the Company described in Section 3;
provided that if this Warrant Certificate is a Global Warrant registered in the name of the Depositary, transfers of such Global Warrant may only be made as a whole, and not in part, and only by (i) the Depositary to a nominee of the
Depositary, (ii) a nominee of the Depositary to the Depositary or another nominee of the Depositary or (iii) the Depositary or any such nominee to a successor Depositary or its nominee. All expenses (other than stock transfer taxes) and
other charges payable in connection with the preparation, execution and delivery of the new Warrants pursuant to this Section 8 shall be paid by the Company. 
 If this Warrant Certificate is a Global Warrant, than so long as the Global Warrant is registered in the name of the Depositary, the holders of beneficial interests in the Warrants evidenced thereby shall
have no rights under this Agreement with respect to the Global Warrant held on their behalf by the Depositary or the Warrant Agent as its custodian, and the Depositary may be treated by the Company, the Warrant Agent and any agent of the Company or
the Warrant Agent as the absolute owner of the Global Warrant for all purposes whatsoever except to the extent set forth herein. Accordingly, any such owner’s beneficial interest in the Global Warrant will be shown only on, and the transfer of
such interest shall be effected only through, records maintained by the Depositary or the Agent Members, and neither the Company nor the Warrant Agent shall have any responsibility with respect to such records maintained by the Depositary or the
Agent Members. Notwithstanding the foregoing, nothing herein shall (i) prevent the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization
furnished by the Depositary or (ii) impair, as between the Depositary and the Agent Members, the operation of customary practices governing the exercise of the rights of a holder of a beneficial interest in any Warrant. Except as may otherwise
provided in this Warrant Certificate or the Warrant Agreement, the rights of beneficial owners in a Global Warrant shall be exercised through the Depositary subject to the applicable procedures of the Depositary. Any holder of the Global Warrant
shall, by acceptance of the Global Warrant, agree that transfers of beneficial interests in the Global Warrant may be effected only through a book-entry system maintained by the Depositary, and that ownership of a beneficial interest in the Warrants
represented thereby shall be required to be reflected in book-entry form. 
  

 8 

 A Global Warrant shall be exchanged for Definitive Warrants, and Definitive Warrants may be
transferred or exchanged for a beneficial interest in a Global Warrant, only at such times and in the manner specified in the Warrant Agreement. The holder of a Global Warrant may grant proxies and otherwise authorize any person, including Agent
Members and persons that may hold beneficial interests in such Global Warrant through Agent Members, to take any action that a Warrantholder is entitled to take under a Warrant or the Warrant Agreement. 
 9. Exchange and Registry of Warrants. This Warrant Certificate is exchangeable, upon the surrender hereof by the Warrantholder to the
Company, for a new Warrant Certificate or Warrant Certificates of like tenor and representing the same aggregate number of Warrants. The Company or an agent duly appointed by the Company (which initially shall be the Warrant Agent) shall maintain a
Registry showing the name and address of the Warrantholder as the registered holder of this Warrant Certificate. This Warrant Certificate may be surrendered for exchange or exercise in accordance with its terms, at the office of the Company or any
such agent, and the Company shall be entitled to rely in all respects, prior to written notice to the contrary, upon such Registry. 
 10. Loss, Theft, Destruction or Mutilation of Warrant Certificate. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant Certificate, and in the case of
any such loss, theft or destruction, upon receipt of a bond, indemnity or security reasonably satisfactory to the Company, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant Certificate, the Company shall make
and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of like tenor and representing the same aggregate number of Warrants as provided for in such lost, stolen, destroyed or mutilated
Warrant Certificate. 
 11. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action
or the expiration of any right required or granted herein shall not be a business day, then such action may be taken or such right may be exercised on the next succeeding day that is a business day. 
 12. Adjustments and Other Rights. The Exercise Price and the Warrant Share Number shall be subject to adjustment from time to time as
follows; provided that if more than one subsection of this Section 12 is applicable to a single event, the subsection shall be applied that produces the largest adjustment and no single event shall cause an adjustment under more than one
subsection of this Section 12 so as to result in duplication: 
 (A) Stock Splits, Subdivisions, Reclassifications or
Combinations. If the Company shall (i) declare and pay a dividend or make a distribution on its Common Stock in shares of Common Stock, (ii) subdivide or reclassify the outstanding shares of Common Stock into a greater number of
shares, or (iii) combine or reclassify the outstanding shares of Common Stock into a smaller number of shares, the Warrant Share Number at the time of the record date for such dividend or distribution or the effective date of such subdivision,
combination or reclassification shall be proportionately adjusted so that the holder of a Warrant after such date shall be entitled to purchase the number of shares of Common Stock which such holder would have owned or been entitled to receive in
respect of the Warrant Share Number had such Warrant been exercised immediately prior to such date. In such event, the Exercise Price in effect 
  

 9 

 
immediately prior to the record date for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be adjusted by multiplying such Exercise
Price by the quotient of (x) the Warrant Share Number immediately prior to such adjustment divided by (y) the new Warrant Share Number determined pursuant to the immediately preceding sentence. 
 (B) Other Distributions. In case the Company shall fix a record date for the making of a distribution to all holders of shares of its
Common Stock of securities, evidences of indebtedness, assets, cash, rights or warrants (excluding Ordinary Cash Dividends, dividends of its Common Stock and other dividends or distributions referred to in Section 12(A)), in each such case, the
Exercise Price in effect prior to such record date shall be reduced immediately thereafter to the price determined by multiplying the Exercise Price in effect immediately prior to the reduction by the quotient of (x) the Market Price of the
Common Stock on the last trading day preceding the first date on which the Common Stock trades regular way on the principal national securities exchange on which the Common Stock is listed or admitted to trading without the right to receive such
distribution, minus the amount of cash and/or the Fair Market Value of the securities, evidences of indebtedness, assets, rights or warrants to be so distributed in respect of one share of Common Stock (such amount and/or Fair Market Value, the
“Per Share Fair Market Value”) divided by (y) such Market Price on such date specified in clause (x); such adjustment shall be made successively whenever such a record date is fixed. In such event, the Warrant Share Number
shall be increased to the number obtained by multiplying the Warrant Share Number immediately prior to such adjustment by the quotient of (x) the Exercise Price in effect immediately prior to the distribution giving rise to this adjustment
divided by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. In the case of adjustment for a cash dividend that is, or is coincident with, a regular quarterly cash dividend, the Per Share Fair Market
Value would be reduced by the per share amount of the portion of the cash dividend that would constitute an Ordinary Cash Dividend. In the event that such distribution is not so made, the Exercise Price and the Warrant Share Number then in effect
shall be readjusted, effective as of the date when the Board of Directors determines not to distribute such shares, evidences of indebtedness, assets, rights, cash or warrants, as the case may be, to the Exercise Price and the Warrant Share Number
that would then be in effect if such record date had not been fixed. 
 (C) Certain Repurchases of Common Stock. In case
the Company effects a Pro Rata Repurchase of Common Stock, then the Exercise Price shall be reduced to the price determined by multiplying the Exercise Price in effect immediately prior to the Effective Date of such Pro Rata Repurchase by a fraction
of which the numerator shall be (i) the product of (x) the number of shares of Common Stock outstanding immediately before such Pro Rata Repurchase and (y) the Market Price of a share of Common Stock on the trading day immediately
preceding the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase, and of which the denominator shall be the
product of (i) the number of shares of Common Stock outstanding immediately prior to such Pro Rata Repurchase minus the number of shares of Common Stock so repurchased and (ii) the Market Price per share of Common Stock on the trading day
immediately preceding the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase. In such event, the Warrant Share Number shall be increased to the number obtained by multiplying the
Warrant Share Number immediately prior to 
  

 10 

 
such adjustment by the quotient of (x) the Exercise Price in effect immediately prior to the Pro Rata Repurchase giving rise to this adjustment divided by (y) the new Exercise Price
determined in accordance with the immediately preceding sentence. For the avoidance of doubt, no increase to the Exercise Price or decrease in the Warrant Share Number shall be made pursuant to this Section 12(C). 
 (D) Business Combinations. In case of any Business Combination or reclassification of Common Stock (other than a reclassification of
Common Stock referred to in Section 12(A)), a Warrantholder’s right to receive Shares upon exercise of a Warrant shall be converted into the right to exercise such Warrant to acquire the number of shares of stock or other securities or
property (including cash) which the Common Stock issuable (at the time of such Business Combination or reclassification) upon exercise of such Warrant immediately prior to such Business Combination or reclassification would have been entitled to
receive upon consummation of such Business Combination or reclassification; and in any such case, if necessary, the provisions set forth herein with respect to the rights and interests thereafter of the Warrantholder shall be appropriately adjusted
so as to be applicable, as nearly as may reasonably be, to such Warrantholder’s right to exercise a Warrant in exchange for any shares of stock or other securities or property pursuant to this paragraph. In determining the kind and amount of
stock, securities or the property receivable upon exercise of a Warrant following the consummation of such Business Combination, if the holders of Common Stock have the right to elect the kind or amount of consideration receivable upon consummation
of such Business Combination, then the consideration that a Warrantholder shall be entitled to receive upon exercise shall be deemed to be the types and amounts of consideration received by the majority of all holders of the shares of Common Stock
that affirmatively make an election (or of all such holders if none make an election). For purposes of determining any amount to be withheld pursuant to Section 3 from stock, securities or the property that would otherwise be delivered to a
Warrantholder upon exercise of Warrants following any Business Combination, the amount of such stock, securities or property to be withheld shall have a Market Price equal to the aggregate Exercise Price as to which such Warrants are so exercised,
based on the fair market value of such stock, securities or property on the trading day on which such Warrants are exercised and the Notice of Exercise is delivered to the Warrant Agent; provided that in the case of any property that is not a
security, the Market Price of such property shall be deemed to be its fair market value as determined in good faith by the Board of Directors in reliance on an opinion of a nationally recognized independent investment banking corporation retained by
the Company for this purpose; and further provided that if making such determination requires the conversion of any currency other than U.S. dollars into U.S. dollars, such conversion shall be done in accordance with customary
procedures based on the relevant noon buying rate published by the Federal Reserve Bank of New York on such exercise date. 
 (E) Rounding of Calculations; Minimum Adjustments. All calculations under this Section 12 shall be made to the nearest one-tenth (1/10th) of a cent or to the nearest one-hundredth (1/100th) of a share, as the case may
be. Any provision of this Section 12 to the contrary notwithstanding, no adjustment in the Exercise Price or the Warrant Share Number shall be made if the amount of such adjustment would be less than $0.01 or one-tenth (1/10th) of a share
of Common Stock, but any such amount shall be carried forward and an adjustment with respect thereto shall be made at the time of and together with any subsequent adjustment which, together with such amount and any other amount or amounts so carried
forward, shall aggregate $0.01 or 1/10th of a share of Common Stock, or more, or on exercise of a Warrant if it shall earlier occur. 
  

 11 

 (F) Timing of Issuance of Additional Common Stock Upon Certain Adjustments. In any
case in which the provisions of this Section 12 shall require that an adjustment shall become effective immediately after a record date for an event, the Company may defer until the occurrence of such event (i) issuing to a Warrantholder
of Warrants exercised after such record date and before the occurrence of such event the additional shares of Common Stock issuable upon such exercise by reason of the adjustment required by such event over and above the shares of Common Stock
issuable upon such exercise before giving effect to such adjustment and (ii) paying to such Warrantholder any amount of cash in lieu of a fractional share of Common Stock; provided, however, that the Company upon request shall
deliver to such Warrantholder a due bill or other appropriate instrument evidencing such Warrantholder’s right to receive such additional shares, and such cash, upon the occurrence of the event requiring such adjustment. 
 (G) Other Events. Neither the Exercise Price nor the Warrant Share Number shall be adjusted in the event of a change in the par value
of the Common Stock or a change in the jurisdiction of incorporation of the Company. 
 (H) Statement Regarding
Adjustments. Whenever the Exercise Price or the Warrant Share Number shall be adjusted as provided in Section 12, the Company shall forthwith file at the principal office of the Company a statement showing in reasonable detail the facts
requiring such adjustment and the Exercise Price that shall be in effect and the Warrant Share Number after such adjustment. The Company shall deliver to the Warrant Agent a copy of such statement and shall cause a copy of such statement to be sent
or communicated to the Warrantholders pursuant to Section 18. 
 (I) Notice of Adjustment Event. In the event that
the Company shall propose to take any action of the type described in this Section 12 (but only if the action of the type described in this Section 12 would result in an adjustment in the Exercise Price or the Warrant Share Number or a
change in the type of securities or property to be delivered upon exercise of a Warrant), the Company shall deliver to the Warrant Agent a notice and shall cause such notice to be sent or communicated to the Warrantholders in the manner set forth in
Section 12(H), which notice shall specify the record date, if any, with respect to any such action and the approximate date on which such action is to take place. Such notice shall also set forth the facts with respect thereto as shall be
reasonably necessary to indicate the effect on the Exercise Price and the number, kind or class of shares or other securities or property which shall be deliverable upon exercise of a Warrant. In the case of any action which would require the fixing
of a record date, such notice shall be given at least 10 days prior to the date so fixed, and in case of all other action, such notice shall be given at least 15 days prior to the taking of such proposed action. Failure to give such notice, or any
defect therein, shall not affect the legality or validity of any such action. 
 (J) Proceedings Prior to Any Action
Requiring Adjustment. As a condition precedent to the taking of any action which would require an adjustment pursuant to this Section 12, the Company shall take any action which may be necessary, including obtaining regulatory, New York
Stock Exchange, NASDAQ Stock Market or other applicable national securities exchange or stockholder approvals or exemptions, in order that the Company may thereafter validly and legally issue as fully paid and nonassessable all Shares that a
Warrantholder is entitled to receive upon exercise of a Warrant pursuant to this Section 12. 
  

 12 

 (K) Adjustment Rules. Any adjustments pursuant to this Section 12 shall be made
successively whenever an event referred to herein shall occur. If an adjustment in Exercise Price made hereunder would reduce the Exercise Price to an amount below par value of the Common Stock, then such adjustment in Exercise Price made hereunder
shall reduce the Exercise Price to the par value of the Common Stock. 
 13. No Impairment. The Company will not, by
amendment of its Charter or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant Certificate and in taking of all such action as may be necessary or appropriate in order to protect
the rights of the Warrantholder. 
 14. Governing Law. This Warrant Certificate and the Warrants evidenced hereby
shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State. 
 15. Binding Effect; Countersignature by Warrant Agent. This Warrant Certificate shall be binding upon any successors or assigns of the Company. This Warrant Certificate shall not be valid until an
authorized signatory of the Warrant Agent (as defined below) or its agent as provided in the Warrant Agreement (as defined below) countersigns this Warrant Certificate. Such signature shall be solely for the purpose of authenticating this Warrant
Certificate and shall be conclusive evidence that this Warrant Certificate has been countersigned under the Warrant Agreement. 
 16. Warrant Agreement; Amendments. This Warrant Certificate is issued under and in accordance with a Warrant Agreement dated as of December 3, 2009 (the “Warrant Agreement”), between the Company and
Computershare Trust Company, N.A. (the “Warrant Agent,” which term includes any successor Warrant Agent under the Warrant Agreement), and is subject to the terms and provisions contained in the Warrant Agreement, to all of which
terms and provisions the beneficial owners of the Warrants and the Warrantholders consent by acceptance hereof. The Warrant Agreement is hereby incorporated herein by reference and made a part hereof. Reference is hereby made to the Warrant
Agreement for a statement of the respective rights, limitations of rights, duties and obligations of the Company, the Warrant Agent and the Warrantholders and beneficial owners of the Warrants. A copy of the Warrant Agreement may be obtained for
inspection by the Warrantholders upon written request to the Warrant Agent at 250 Royall Street, Canton, MA 02021, Attention: Client Administration. The Warrant Agreement and this Warrant Certificate may be amended and the observance of any term of
the Warrant Agreement or this Warrant Certificate may be waived only to the extent provided in the Warrant Agreement. 
  

 13 

 17. Prohibited Actions. The Company agrees that it will not take any action which
would entitle the Warrantholder to an adjustment of the Exercise Price if the total number of shares of Common Stock issuable after such action upon exercise of the Warrants evidenced by this Warrant Certificate, together with all shares of Common
Stock then outstanding and all shares of Common Stock then issuable upon the exercise of all outstanding options, warrants, conversion and other rights, would exceed the total number of shares of Common Stock then authorized by its Charter.

 18. Notices. Unless this Warrant Certificate is a Global Warrant, any notice or communication mailed to the
Warrantholder shall be mailed to the Warrantholder at the Warrantholder’s address as it appears in the Registry and shall be sufficiently given if so mailed within the time prescribed. Any notice to holders of a beneficial interest in a Global
Warrant shall be distributed through the Depositary in accordance with the procedures of the Depositary. Communications to such holders shall be deemed to be effective at the time of dispatch to the Depositary. 
 [Remainder of page intentionally left blank] 
  

 14 

 IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly executed by a
duly authorized officer. This Warrant Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Warrant Agent. 
 Dated:                      
  

			
	 CAPITAL ONE FINANCIAL CORPORATION

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	 Countersigned:

	
	COMPUTERSHARE TRUST COMPANY, N.A.,
as Warrant Agent
		
	 By:
	 	  

		 	Authorized Signatory

  

 15 

 [Schedule A to Global Warrant]4 
 The initial number of Warrants represented by the Global Warrant is 12,657,960. 
 The following decreases in the number of Warrants represented by the Global Warrant have been made as a result of the exercise of certain
Warrants represented by the Global Warrant: 
  

							
	 Date of Exercise
 of Warrants
	 	 Number of
 Warrants Exercised
	 	 Total Number of Warrants
Represented Hereby

 Following Such Exercise
	  	Notation Made
by Warrant
Agent
		 		 		  	

  
  

	4	 Include if the Warrant is a Global Warrant 

  

 1 

 [Form of Notice of Exercise] 
 (to be executed only upon exercise of Warrants) 
 Date:
                     
  

	TO:	Capital One Financial Corporation (the “Company”) 

  

	RE:	Election to Purchase Common Stock 

 The undersigned registered holder of [                    ] Warrants irrevocably elects to exercise the number of Warrants set forth
below represented by the Global Warrant (or, in the case of a Definitive Warrant, the Warrant Certificate enclosed herewith), and surrenders all right, title and interest in the number of Warrants exercised hereby to the Company, and directs that
the shares of Common Stock or other securities or property delivered upon exercise of such Warrants, and any interests in the Global Warrant or Definitive Warrant representing unexercised Warrants, be registered or placed in the name and at the
address specified below and delivered thereto. 
  

					
	Number of Warrants	    	  
	  	

  
  

			
	Holder:	 	  

	By:	 	  

	Name:	 	  

	Title:	 	  

 Signature guaranteed by (if a guarantee is required): 
  

			
		
	  
	 	

  

 1 

 Securities and/or check to be issued to: 
  

					
	If in book-entry form through the Depositary:
			
		 	Depositary Account Number:	 	  

			
		 	Name of Agent Member:	 	  

	
	If in definitive form:
			
		 	 Social Security Number
 or Other Identifying Number:
	 	  

			
		 	Name:	 	  

			
		 	Street Address:	 	  

			
		 	Cit, State and Zip Code:	 	  

	
	Any unexercised Warrants evidenced by the exercising Warrantholder’s interest in the Global Warrant or Definitive Warrant, as the case may be, to be issued
to:
	
	If in book-entry form through the Depositary:
			
		 	Depositary Account Number:	 	  

			
		 	Name of Agent Member:	 	  

	
	If in definitive form:
			
		 	 Social Security Number
 or
Other Identifying Number:
	 	  

			
		 	Name:	 	  

			
		 	Street Address:	 	  

			
		 	Cit, State and Zip Code:	 	  

  

 2 

 [Form of Assignment] 
 For value received, the undersigned registered Warrantholder of the within Warrant Certificate hereby sells, assigns and transfers unto the
Assignee(s) named below (including the undersigned with respect to any Warrants constituting a part of the Warrants evidenced by the within Warrant Certificate not being assigned hereby) all of the right, title and interest of the undersigned under
the within Warrant Certificate with respect to the number of Warrants set forth below. 
  

							
	 Name of Assignees
	    	 Address
	    	 Number of Warrants
	    	 Social Security Number
 or other Identifying
 Number

				
		    		    		    	
				
		    		    		    	

 and does irrevocably constitute and appoint
[                    ], the undersigned’s attorney, to make such transfer on the books of the Company maintained for the purpose, with
full power of substitution in the premises. 
 Dated: 
  
  

			
	Holder:	 	  

	By:	 	  

	Name:	 	  

	Title:	 	  

 Signature guaranteed by (if a guarantee is required): 
  

			
		
	  
	 	

  

 3Severance Agreement of James N. Eisen

 Exhibit 10.1 
 ECCA MANAGEMENT SERVICES, LTD. 
 December 3, 2009 
 James Eisen 
 11103 West Avenue 
 San Antonio, TX 78213 
  

			
	 Re:
	  	Severance

 Dear Mr. Eisen: 
 This letter agreement (the “Agreement”) sets forth certain conditions with regard to your employment and post-employment activities as well as the conditions under which you will be entitled to
receive severance benefits. For definitions of capitalized terms used in this Agreement, see Appendix A. The term of this Agreement is from December 3, 2009 to December 31, 2011 and replaces and supersedes the letter agreement dated
September 17, 2008 as well as any other prior agreements pertaining to the subject matter hereof. This Agreement applies to terminations of employment during this term. 
 In consideration of your promotion to President of ECCA effective December 3, 2009 and with both parties intending to be legally
bound, the Company and you agree as follows:  
 Amount of Severance. If you qualify for severance, you will be
entitled to receive a total of two hundred percent (200%) of your base annual salary paid over the course of two years in equal monthly installments. 
 Incentive Plan Payments. If you qualify for severance, you will also receive (i) any Annual Executive Incentive Plan (“AEIP”) payment for the calendar year preceding your
termination, if it was not previously paid to you, and (ii) a portion of the AEIP payment you have earned during the year of termination, prorated based upon the number of your complete months of employment during the year. These AEIP payments
will be made at the same time such payments are normally made for the applicable year to executives who continue in employment, but in any event by March 15 of the calendar year following your termination of employment. Amounts are payable
based on actual performance. 
 In addition, if you qualify for severance and you have five or more years of service or you have
attained age 55, you will be eligible for payment of an award under the Long-Term Incentive Plan (LTIP), regardless of your age at termination, as follows. For termination before a Change in Control, your award will be determined and paid in the
same manner as awards to employees who retire at or after age 55 under the LTIP. For termination after a Change in Control, awards will be paid in accordance with the terms of the LTIP. 
 Benefits. The Company will also provide payment for continued medical, dental and vision coverage you elect under COBRA for up to
eighteen (18) months’ following your termination. 
 In addition, as a participant in the HVHC Executive Retirement
Plan (ERP) in which the Company is a participating employer, if: (i) you qualify for severance and (ii) you have five or

 
more years of service, you will be eligible for participation in the ERP regardless of your age at termination. However, benefits under the ERP may not commence prior to age fifty-five (55). If,
after a Change in Control and after you have attained age fifty-five (55), your employment is terminated other than for Cause, or as a result of a Material Change, you will be eligible for participation in such ERP, even if you have not earned five
or more years of service. 
 Except as provided above or as provided to terminated employees under the specific terms of a
qualified or non-qualified employee benefit plan, fringe benefit or compensation program in which you are eligible to participate, you will not be entitled to any other benefits or compensation from the Company after (or as a result of) your
termination of employment. You also will not receive severance under any other agreement, plan or arrangement with the Company, ECCA or HVHC. 
 Qualifying for Severance. You will qualify for severance under this Agreement if, during the term of this Agreement, (i) we terminate your employment for reasons other than Cause, or
(ii) you elect to resign within sixty (60) days after you have knowledge of a Material Change before or after a Change in Control. As noted above, these capitalized terms are defined in Appendix A. In any case, you must timely sign and
return a General Release and Waiver Agreement (and not revoke it) provided by the Company in order to receive severance or benefits under this Agreement. A copy of the Release that the Company currently uses is available for review upon request.

 However, you will NOT qualify for severance if any of the following apply: (i) you are terminated for Cause,
(ii) you choose to remain employed by the Company (or a successor entity) more than sixty (60) days after the occurrence of a Material Change, (iii) you voluntarily resign or retire (other than due to a Material Change),
(iv) your termination is due to long-term disability entitling you to disability benefits from the Company or due to death, (v) you decline to sign and return the General Release and Waiver Agreement within the time specified by the
Company, or you attempt to revoke it; or (vi) you violate any of your covenants set forth below. 
 A
payment scheduled to be made under this Agreement as a result of your termination of employment will be paid or commence as soon as practicable after you timely sign and return the General Release and Waiver Agreement and any period specified for
you to revoke the General Release and Waiver Agreement has expired. Any amount payable hereunder will be paid or commence to be paid during the same calendar year as your termination or (if later) by the 15th day of the third calendar month following your termination of
employment. In no event, however, will you be permitted to designate the calendar year of the payment. 
 Your Covenants.
Regardless of whether you qualify for severance, you agree to the following: 
  

	(1)	 During your employment you have been and will continue to be provided with Confidential Information. Thus, after your separation (for whatever reason),
you will not disclose the Company’s Confidential Information to others (except as required in the normal performance of your duties for the Company) or use such information for your own advantage or for the advantage of others. All records,
files, materials and Confidential Information obtained by you in the course of your employment with the

  

 2 

	 	 
Company are confidential and proprietary and shall remain the exclusive property of the Company. This provision does not preclude you from providing truthful information to the extent required by
subpoena, court order, search warrant or other legal process, but you must immediately notify the Company’s counsel of such request in order to provide us with the opportunity to object in the appropriate forum and obtain a ruling on our
objection. 

  

	(2)	Upon the Company’s request at any time, or upon separation from employment (for whatever reason), you will deliver to the Company (a) all documents and
materials containing Company trade secrets and other Confidential Information, and (b) all other documents, materials and other property belonging to the Company that are in your possession or under your control, including, but not limited to,
Company-provided automobiles, computers, cellular telephones, pagers, rolodexes or address/telephone books. 

  

	(3)	During the term of this Agreement and for twenty-four (24) months after your separation (for whatever reason), you will not directly or indirectly, in any capacity
whatsoever, entice, induce or solicit, or attempt to entice, induce or solicit, any individual or entity having a business relationship with the Company, whether as an employee, consultant, customer or otherwise, to terminate or cease such
relationship or to divert any business from the Company. 

  

	(4)	During the term of this Agreement and for twenty-four (24) months after your separation (for whatever reason), you will not own (other than as a shareholder of
less than 1% of a publicly traded entity), accept employment in any capacity with, serve as a consultant for, or otherwise provide services or support of any nature to, any entity, company, corporation or person engaged in a business that competes
with the Company in the eye care industry. This includes any business, entity or person engaged in the sale (whether wholesale or retail), delivery, distribution, manufacture, design or licensing of lenses, frames and eyewear and/or the
administration or underwriting of vision and vision-related programs, benefits and services. After separation, you may ask the Chairman of ECCA, by written request, to reduce or modify the scope of this non-competition clause. The decision to grant
or deny such a request shall be within the sole discretion of ECCA’s Chairman and shall be effective only if it is in writing. 

 By signing this Agreement, you agree that these covenants are reasonable as to time, geographical area and scope of activity and do not impose a restriction greater than is necessary to protect the
Company’s goodwill, proprietary information and business interests. You also agree that this Agreement provides enhanced protections and benefits you would otherwise not be entitled to, and that these protections and benefits constitute
valuable consideration sufficient to support the obligations described above. Further, you agree that if the Company reasonably believes that you have breached the terms of this agreement, then the Company will be relieved from making any further
payments. You also agree that any breach of these covenants is likely to cause irreparable injury to the Company and that damages for any breach are difficult to calculate. Therefore, the Company shall, at its election, be entitled to a temporary
restraining order and a temporary injunction and to other equitable relief from a court pending a final decision in the arbitration, in addition to whatever other relief or remedies, including damages, may be available. 
  

 3 

 Arbitration and Waiver of Jury Trial. 
  

	(1)	Any dispute between us under this Agreement including, without limitation, any dispute about the enforceability of the non-competition covenant, shall be resolved by
final and binding arbitration; provided, however, that the Company, in its sole discretion, may enforce the covenants set out above under “Your Covenants” by seeking emergency or temporary injunctive relief in any court of competent
jurisdiction. The arbitration shall be held in San Antonio, Texas and shall be conducted in accordance with the then-prevailing Employment Arbitration Rules of the American Arbitration Association. The arbitrator shall be acceptable to both the
Company and to you. If we cannot agree on an acceptable arbitrator, the dispute shall be heard by a panel of three arbitrators, one appointed by each of us, and the third selected by the other two arbitrators. You, the Company and the arbitrator(s)
shall treat all aspects of the arbitration proceedings, including without limitation, discovery, testimony and other evidence, briefs and the award, as strictly confidential; provided, however, that any award or order rendered by the arbitrator(s)
under this Agreement may be entered as a judgment or order in a court of competent jurisdiction and may be disclosed by the Company as necessary to enforce the terms of your covenants described above. 

  

	(2)	You and the Company each acknowledge and agree that such party has had an opportunity to consult with legal counsel and that such party knowingly and voluntarily waives
any right to a trial by jury of any dispute pertaining to or relating in any way to the subject of this Agreement, the provisions of any federal, state, or local law, regulation, or ordinance notwithstanding. 

 Miscellaneous. This Agreement: (i) may be amended only by a written instrument which is executed by both parties,
(ii) shall be governed by the laws of Texas, without regard to its conflict of law provisions, (iii) is intended to be legally valid and binding, (iv) contains our entire agreement relative to its subject matter and supersedes all
severance agreements or understandings in effect prior to its execution, and (v) does not establish a durational term of employment or alter the nature of the at-will relationship between the two parties. Payments hereunder are deemed to be
separate payments for purposes of applying the short-term deferral rule in Treas. Reg. § 1.409A-1(b)(4) and in determining separation pay due to involuntary separation from service under Treas. Reg. § 1.409A-1(b)(9)(iii). No reimbursements
required to be made within a limited period of time under Treas. Reg. § 1.409 A-1(b)(9)(iii) shall relate to claims incurred after the period specified above or be paid later than the last day of the third calendar year following the calendar
year in which occurs the covered termination of employment. The parties intend that any payments contemplated by this Agreement constituting “deferred compensation” under Internal Revenue Code Section 409A will comply with the
requirements of that section. Thus, no such deferred compensation will be subject to acceleration or to any other change in the specified time or method of payment, except as consistent with Code Section 409A. In no event will the Company have
any liability with respect to taxes for which you may become liable as a result of the application of Code Section 409A. 
  

 4 

 You also agree that: (i) if a tribunal determines a portion of this Agreement to be
invalid or unenforceable, the remainder of this Agreement shall not be affected and shall be enforceable to the fullest extent permitted by law, (ii) the Company may withhold taxes from payments made under the Agreement, and (iii) you may
not assign any rights or obligations you have under the Agreement. The Company’s rights and duties under this Agreement shall be transferred to, and shall be binding upon, any corporation or other entity which succeeds to the rights and
obligations of the Company by operation of law or otherwise. 
 If you agree to the terms and conditions of this Agreement,
please countersign below, retain a copy for your files, and return this original to me. 
  

			
	Sincerely,
	
	ECCA Management Services, Ltd.
	By:	 	ECCA Management, Inc.,
		 	General Partner
		
	By:	 	 /s/ David L. Holmberg

		 	Authorized Signatory

  

	
	 /s/ James N. Eisen

	Executive

  

 5 

 APPENDIX A 
 DEFINITIONS 
 “Cause” means: (i) the
willful or gross neglect of your duties, including your refusal to follow written directives of the Chairperson of the Board of Directors of ECCA or his designee; (ii) your conviction of a felony; (iii) willful or gross misconduct by you
which materially injures the Company, ECCA, or a subsidiary or affiliate thereof, monetarily or otherwise; or (iv) your material breach of any obligation under this letter agreement. 
 “Change in Control” means: 
  

	(A)	any Person or Group acquires stock of ECCA, ECCA Holdings Corporation or of HVHC that, together with stock held by such Person or Group, constitutes more than 50% of
the total fair market value or total voting power of the stock of ECCA or of HVHC. However, if any Person or Group is considered to own more than 50% of the total fair market value or total voting power of the stock of ECCA or of HVHC, the
acquisition of additional stock by the same Person or Group in such entity is not considered to cause a Change in Control of ECCA or of HVHC, as the case may be. An increase in the percentage of stock owned by any Person or Group as a result of a
transaction in which ECCA or HVHC acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of this subsection. This subsection applies only when there is a transfer of stock of ECCA or of HVHC; or

  

	(B)	any Person or Group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Group) assets from ECCA
that have a total gross fair market value exceeding 50% of the total gross fair market value of all of the assets of ECCA immediately prior to such acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets
of ECCA, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. However, no Change in Control shall be deemed to occur under subsection (B) as a result of a transfer to:

  

	 	(1)	A shareholder of ECCA (immediately before the asset transfer) in exchange for or with respect to its stock; 

  

	 	(2)	An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by ECCA; 

  

	 	(3)	A Person or Group that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of ECCA; or 

 

	 	(4)	An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in clause (3) above.

 For this purpose, the term “Person” means an individual, corporation, association, joint stock company, business
trust or other similar organization, partnership, limited liability company, joint venture, trust, unincorporated organization or government or agency, instrumentality or

  

 6 

 
political subdivision thereof (for clarification, other than the Company or Highmark Inc. or any successor thereof or subsidiary thereof). The term “Group” will have the meaning set
forth in Rule 13d-5 of the Securities Exchange Commission (“SEC”), modified to the extent necessary to comply with Treasury Regulation Section 1.409A-3(i)(5)(v)(B) and (D), as applicable, or any successor thereto. For the avoidance of
doubt, the consummation of the proposed consolidation of Highmark Inc. and Independence Blue Cross will not constitute a Change in Control hereunder. 
 “Company” refers to ECCA Management Services, Ltd. However, for purposes of the covenants in the letter agreement, HVHC and affiliates of HVHC including subsidiaries and joint venture partners,
are included in the definition. 
 “ECCA” refers to Eye Care Centers of America, Inc. 
 “HVHC” refers to HVHC Inc. 
 “Material Change” before or after a Change in Control means the occurrence of any of the following events, without your written consent, which event remains uncorrected for thirty (30) days
after you have made written demand to the Chairperson of the Board of Directors of ECCA for correction: (i) any material reduction in or failure to pay base salary; (ii) any material reduction in your target percentages under the Long-Term
Incentive Plan (if applicable) or the Annual Executive Incentive Plan; (iii) any reduction of more than 10% in your aggregate performance-based compensation opportunity (i.e., annual incentive payment, long-term incentive payment, and
split dollar life insurance premium, if any), reasonably determined by the Company, ECCA or HVHC at the time performance criteria are established; or (iv) any material reduction in the aggregate employee benefits available to you, other than an
amendment, modification or termination of an employee benefit that applies on a non-discriminatory basis to similarly situated employees. The demand for correction described above must be provided within sixty (60) days after you have knowledge
of a Material Change. If demand for correction is timely provided, the sixty (60) day period for resignation described in “Qualifying for Severance” above will not end prior to the end of the thirty (30) day correction period.

 In addition, “Material Change” after a Change in Control shall also include the occurrence of one of the following
events, without your written consent, which event remains uncorrected for thirty (30) days after you have made written demand to the Chairperson of the Board of Directors of ECCA for correction: (i) material reduction of your position
responsibilities or authorities from your position immediately prior to the Change in Control, or assignment of duties or responsibilities materially inconsistent with such position; or (ii) relocation of your primary office more than fifty
(50) miles from your then current office location, but not closer to your principal residence. As described in the preceding paragraph, the demand for correction described above must be provided within sixty (60) days after you have
knowledge of a Material Change, and if demand for correction is timely provided, the sixty (60) day period for resignation described in “Qualifying for Severance” above will not end prior to the end of the thirty (30) day
correction period. 
  

 7

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