Document:

exv4w1

Exhibit 4.1

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD
OR TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE AND CURRENT REGISTRATION STATEMENT OR POST-EFFECTIVE
AMENDMENT THERETO FOR SUCH SHARES UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY AN
OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY ACCEPTABLE TO THE COMPANY THAT REGISTRATION IS
NOT REQUIRED UNDER THE ACT. THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF
THIS WARRANT MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR
FINANCING ARRANGEMENT SECURED BY SUCH SECURITIES.

			
	 	 	 
	Warrant No. ___
	 	Date of Issuance: ___, 2008
	 	 	 
	 
	 	Number of Shares: ___

(subject to adjustment)

VIRNETX HOLDING CORPORATION

COMMON
STOCK PURCHASE
WARRANT1

     VirnetX Holding Corporation, a Delaware corporation (the “Company”), for value
received, hereby certifies that ___, or its registered assigns (the
“Registered Holder”), is entitled, subject to the terms set forth below, to purchase from
the Company, at any time after the date hereof and on or before
___, 2010 (the
“Expiration Date”) shares of the Company’s Common Stock (the “Common Stock”) at a
per share purchase price equal to
___ dollars ($___) (the “Purchase Price”), as adjusted
from time to time pursuant to the provisions of this Warrant. The shares purchasable upon exercise
of this Warrant, as adjusted from time to time pursuant to the provisions of this Warrant, are
hereinafter referred to as the “Warrant Stock”.

     This Warrant is issued pursuant to, and is subject to the terms and conditions of:

     1. Number of Shares. Subject to the terms and conditions hereinafter set forth, the
Registered Holder is entitled, upon surrender of this Warrant, to purchase from the Company the
number of shares (subject to adjustment as provided herein) of Warrant Stock first set forth above.

     2. Exercise.

          (a) Manner of Exercise. This Warrant may be exercised by the Registered Holder, in
whole or in part, by surrendering this Warrant, with the purchase/exercise form appended hereto as
Exhibit A duly executed by such Registered Holder or by such Registered Holder’s duly
authorized attorney, at the principal office of the Company, or at such other office or agency as
the Company may designate, accompanied by payment in full of the Purchase Price payable in respect
of the number of shares of Warrant Stock purchased upon such exercise. The Purchase Price may be
paid by cash, check, wire transfer or pursuant to the cashless exercise provisions of Section 2(b).

          (b) Cashless Exercise. Notwithstanding anything contained herein to the contrary, if
an effective registration statement covering the Warrant Stock that is the subject of the Exercise
Notice

			
	
    1
    		
    This form of common stock purchase
warrant will be used for the three types of warrants offered by
VirnetX Holding Corporation in this offering. Each warrant will have
a different Purchase Price. Warrants covering 1,500,000 shares of
common stock will have a Purchase Price of $2.00 per share. Warrants
covering 1,500,000 shares of common stock will have a Purchase Price
of $3.00 per share. Warrants covering 1,500,000 shares of common
stock will have a Purchase Price of $4.00 per share.

 

 

is not available for the resale of such
Warrant Stock (the “Unavailable Warrant Shares”), the Holder may, in its sole discretion, exercise this Warrant in whole or in part
and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such
exercise in payment of the Purchase Price, elect instead to receive upon such exercise
the “Net Number” of shares of Common Stock determined according to the following formula (a
“Cashless Exercise”):

	 	 	 
	Net Number =

	 	(A x B) — (A x C)
	 

	 	             B

               For purposes of the foregoing formula:

          A= the total number of shares with respect to which this Warrant is then being exercised.

          B= the closing sale price of the shares of Common Stock on the date immediately preceding the
date of the Exercise Notice.

          C= the Purchase Price then in effect for the applicable Warrant Stock at the time of such
exercise.

          (c) Effective Time of Exercise. Each exercise of this Warrant shall be deemed to have
been effected immediately prior to the close of business on the day on which this Warrant shall
have been surrendered to the Company as provided in Section 2(a). At such time, the person or
persons in whose name or names any certificates for Warrant Stock shall be issuable upon such
exercise as provided in Section 2(d) shall be deemed to have become the holder or holders of record
of the Warrant Stock represented by such certificates.

          (d) Delivery to Holder. As soon as practicable after the exercise of this Warrant in
whole or in part, and in any event. Within ten (10) days thereafter, the Company at its expense will
cause to be issued in the name of, and delivered to, the Registered Holder, or as such Holder (upon
payment by such Holder of any applicable transfer taxes) may direct:

               (i) a certificate or certificates, or book-entry position, for the number of shares of Warrant
Stock to which such Registered Holder shall be entitled, and

               (ii) in case such exercise is in part only, a new warrant or warrants (dated the date hereof)
of like tenor, calling in the aggregate on the face or faces thereof for the number of shares of
Warrant Stock equal (without giving effect to any adjustment therein) to the number of such shares
called for on the face of this Warrant minus the number of such shares purchased by the Registered
Holder upon such exercise as provided in Section 2(a).

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     3. Company Call. If, prior to the exercise or earlier expiration of this Warrant
pursuant to the terms hereof, the last average of the sale prices of the Common Stock on the American Stock
Exchange, or any successor national securities exchange thereto, equals or exceeds two (2) times
the Purchase Price on any five (5) consecutive trading days, the Company shall be
entitled, within 10 trading days of the last of such five (5) consecutive trading days, at its
option, to issue a notice (a “Call Notice”) to the holder of this Warrant to the effect
that the Company is exercising its rights pursuant to this Section 3. Upon receipt of a Call Notice
(which receipt will be deemed to occur on the one (1) business day following the dispatch of such
Call Notice by the Company by a nationally recognized overnight courier), the Registered Holder
shall have until 5:00 p.m., Scotts Valley, California time, on the 10th business day following
receipt of the Call Notice to exercise the Warrant in full in accordance with Section 2 hereof.
Upon the expiration of such 10 day period, if not sooner exercised, this Warrant will terminate and
the Registered Holder’s and the Company’s rights and obligations hereunder will cease without
payment of consideration. Notwithstanding the foregoing provisions of this Section 3, the Company
may not issue a Call Notice unless and until a registration statement is effective, or no longer
required, with respect to the resale of the Warrant Stock and the Company's 10 trading day period in which to give
a Call Notice shall be extended up to 90 days to the extent necessary to have an effective registration statement with respect
to resale of the Warrant Stock.

     4. Adjustments.

          (a) Stock Splits and Dividends. If outstanding shares of the Company’s Common Stock
shall be subdivided into a greater number of shares or a dividend in Common Stock shall be paid in
respect of Common Stock, the Purchase Price in effect immediately prior to such subdivision or at
the record date of such dividend shall simultaneously with the effectiveness of such subdivision or
immediately after the record date of such dividend be proportionately reduced. If outstanding
shares of Common Stock shall be combined into a smaller number of shares, the Purchase Price in
effect immediately prior to such combination shall, simultaneously with the effectiveness of such
combination, be proportionately increased. When any adjustment is required to be made in the
Purchase Price, the number of shares of Warrant Stock purchasable upon the exercise of this Warrant
shall be changed to the number determined by dividing (i) an amount equal to the number of shares
issuable upon the exercise of this Warrant immediately prior to such adjustment, multiplied by the
Purchase Price in effect immediately prior to such adjustment, by (ii) the Purchase Price in effect
immediately after such adjustment.

          (b) Reclassification, Etc. In case there occurs any reclassification or change of the
outstanding securities of the Company or of any reorganization of the Company (or any other
corporation the stock or securities of which are at the time receivable upon the exercise of this
Warrant) or any similar corporate reorganization on or after the date hereof, then and in each such
case the Registered Holder, upon the exercise hereof at any time after the consummation of such
reclassification, change, or reorganization shall be entitled to receive, in lieu of the stock or
other securities and property receivable upon the exercise hereof prior to such consummation, the
stock or other securities or property to which such Holder would have been entitled upon such
consummation if such Holder had exercised this Warrant immediately prior thereto, all subject to
further adjustment pursuant to the provisions of this Section 4.

          (c) Adjustment Certificate. When any adjustment is required to be made in the Warrant
Stock or the Purchase Price pursuant to this Section 4, the Company shall promptly mail to the
Registered Holder a certificate setting forth (i) a brief statement of the facts requiring such
adjustment, (ii) the Purchase Price after such adjustment and (iii) the kind and amount of stock or
other securities or property into which this Warrant shall be exercisable after such adjustment.

          (d) Reorganizations, Mergers and Consolidations. 
If at any time or from time to time after the date hereof there is a reorganization of the Company
(other than a recapitalization, subdivision, combination, reclassification or exchange of shares
provided for elsewhere in this Section 4) or a merger or consolidation of the Company with or into
another corporation, then, as a part of such reorganization, merger or consolidation, provision
shall be made so that the Registered Holder of this Warrant thereafter shall be entitled to
receive, upon exercise of this Warrant, the number of shares of stock or other securities or
property of the Company, or of such successor corporation resulting from such reorganization,
merger or consolidation, to which a holder of Common Stock would have been entitled on such
reorganization, merger or consolidation. In any such case, appropriate adjustment shall be made in
the application of the provisions of this Section 4 with respect to the rights of the Registered
Holder of this Warrant after the reorganization, merger or consolidation to the end that the
provisions of this Section 4 (including adjustment of the Purchase Price then in effect and number
of shares issuable upon exercise of this Warrant, as applicable) shall be applicable after that
event and be as nearly equivalent to the provisions hereof as may be
practicable. This Section 4(d)
shall similarly apply to successive reorganizations, mergers and consolidations. Notwithstanding
the foregoing, if any such reorganization, merger or consolidation constitutes or results in (a) a
“going private” transaction as defined in Rule 13e-3 under the Exchange Act, (b) an acquisition of
the Company primarily for cash, or (c) an acquisition, merger or sale with or into a Person not
traded on an Eligible Market (as defined below), then the Company (or any such successor or
surviving entity) shall require that the Registered Holder waive the above requirements of this
Section 4(d) in exchange for a payment of cash on the closing date of such reorganization, merger
or consolidation, equal to the Black Scholes Value of the remaining unexercised portion of this
Warrant on the closing date of such reorganization, merger or consolidation, provided that the per
share consideration to be received by the holders of shares of Common Stock upon the consummation
of such reorganization, merger or consolidation is less than the Exercise Price. Concurrently with
such payment, this Warrant shall be cancelled. “Black Scholes Value” means the value of
this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on
Bloomberg determined as of the day immediately following the public announcement of the applicable
reorganization, merger or consolidation and reflecting (i) a risk-free interest rate corresponding
to the U.S. Treasury rate for a period equal to the remaining term of this Warrant as of such date
and (ii) an expected volatility equal to the ___ – day volatility obtained from the HVT function on
Bloomberg. “Eligible Market” means the American Stock Exchange, The New York Stock
Exchange, Inc., The Nasdaq Capital Market, The NASDAQ Global Market or The NASDAQ Global Select
Market.

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          (e) Pro
Rata Rights Upon Distributions of Assets. If the Company shall declare or make
any dividend or other distribution of its assets (or rights to acquire its assets) to holders of
shares of Common Stock (which dividend or other distribution has not already been given to the
Registered Holders of the Warrants), including, without limitation, any distribution of cash,
equity or debt securities or rights or warrants to subscribe for or purchase any equity or debt
security, or other property or assets at any time after the issuance of this Warrant and prior to
the Expiration Date, then, in each such case (in each case, “Distributed Property”), the Registered
Holder shall be entitled upon exercise of this Warrant for the purchase of any or all of the
Warrant Stock, to receive the amount of Distributed Property which would have been payable to the
Registered Holder had such Registered Holder been the holder of such Warrant Stock on the record
date for the determination of shareholders entitled to such Distributed Property. The Company will
at all times set aside and keep available for distribution to such holder upon exercise of this
Warrant a portion of the Distributed Property to satisfy the distribution to which such Registered
Holder is entitled pursuant to the preceding sentence.

     5. Transfers.

          (a) Registration Statement. Each holder of this Warrant acknowledges that this Warrant
and the Warrant Stock have been registered under the Securities Act of 1933, as amended (the
“Securities Act”), pursuant to a registration statement on Form S-1 which must be amended on a post-effective basis
from time to time in order to maintain its accuracy and keep it
up-to-date, and agrees not to sell, pledge, distribute, offer for sale, transfer or
otherwise dispose of this Warrant or any Warrant Stock issued upon its exercise in the absence of
(i) an effective registration statement under the Securities Act as to the sale of any such
securities and registration or qualification of such securities under any applicable U.S. federal
or state securities law then in effect, or (ii) an opinion of counsel, satisfactory to the Company,
that such registration and qualification are not required. Each certificate or other instrument
for Warrant Stock issued upon the exercise of this Warrant shall bear a legend substantially to the
foregoing effect and as described in Section 15.

          (b) Transferability. Prior to the Expiration Date and subject to compliance with any
applicable securities laws and the conditions set forth in this
Section 5, this Warrant and all
rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the
principal office of the Company, together with a written assignment of this Warrant substantially
in the form attached hereto as Exhibit B duly executed by the Registered Holder or its
agent or attorney, and funds sufficient to pay any transfer taxes payable upon the making of such
transfer. The transferee shall also sign an investment letter in form and substance reasonably
satisfactory to the Company. Upon such surrender and, if required, such payment, the Company shall
execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the
denomination or denominations specified in such instrument of assignment, and shall issue to the
assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. A Warrant, if properly assigned, may be exercised by a new holder for
the purchase of Warrant Stock without having a new Warrant issued.

          (c) Warrant Register. The Company will maintain a register containing the names and
addresses of the Registered Holders of this Warrant. Until any transfer of this Warrant is made in
the warrant register, the Company may treat the Registered Holder of this Warrant as the absolute
owner hereof for all purposes; provided, however, that if this Warrant is properly
assigned in blank, the Company may (but shall not be required to) treat the bearer hereof as the
absolute owner hereof for all purposes, notwithstanding any notice to the contrary. Any Registered
Holder may change such Registered Holder’s address as shown on the warrant register by written
notice to the Company requesting such change.

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     6. No Impairment. The Company will not, by amendment of its charter or through
reorganization, consolidation, merger, dissolution, sale of assets or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will
(subject to Section 13) at all times in good faith assist in the carrying out of all such terms and
in the taking of all such action as may be necessary or appropriate in order to protect the rights
of the holder of this Warrant against impairment.

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     7. Notices of Certain Transactions. In case:

          (a) the Company shall take a record of the holders of its Common Stock (or other stock or
securities at the time deliverable upon the exercise of this Warrant) for the purpose of entitling
or enabling them to receive any dividend or other distribution, or to receive any right to
subscribe for or purchase any shares of stock of any class or any other securities, or to receive
any other right, to subscribe for or purchase any shares of stock of any class or any other
securities, or to receive any other right, or

          (b) of any capital reorganization of the Company, any reclassification of the capital stock of
the Company, any consolidation or merger of the Company, any consolidation or merger of the Company
with or into another corporation (other than a consolidation or merger in which the Company is the
surviving entity), or any transfer of all or substantially all of the assets of the Company, or

          (c) of
the voluntary or involuntary dissolution, liquidation or winding-up
of the
Company,

then, and in each such case, the Company will mail or cause to be mailed to the Registered Holder
of this Warrant a notice specifying, as the case may be, (i) the date on which a record is to be
taken for the purpose of such dividend, distribution or right, and stating the amount and character
of such dividend, distribution or right, or (ii) the effective date on which such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation, winding-up, redemption
or conversion is to take place, and the time, if any is to be fixed, as of which the holders of
record of Common Stock (or such other stock or securities at the time deliverable upon such
reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation,
winding-up, redemption or conversion) are to be determined. Such notice shall be mailed at least
ten (10) days prior to the record date or effective date for the event specified in such notice.

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     8. Reservation of Stock. The Company will at all times reserve and keep available,
solely for the issuance and delivery upon the exercise of this Warrant, such shares of Warrant
Stock and other stock, securities and property, as from time to time shall be issuable upon the
exercise of this Warrant.

     9. Fully Paid and Non-assessable. The Company covenants that all Warrant Stock
shall, upon issuance and the payment of the applicable Purchase Price in accordance with the terms
hereof, be duly and validly authorized, issued and fully paid and non-assessable.

     10. Exchange of Warrants. Upon the surrender by the Registered Holder of any Warrant
or Warrants, properly endorsed, to the Company at the principal office of the Company, the Company
will, subject to the provisions of Section 5, issue and deliver to or upon the order of such
Registered Holder, at the Company’s expense, a new Warrant or Warrants of like tenor, in the name
of such Registered Holder or as such Registered Holder (upon payment by such Registered Holder of
any applicable transfer taxes) may direct, calling in the aggregate on the face or faces thereof
for the number of shares of Warrant Stock called for on the face or faces of the Warrant or
Warrants so surrendered.

     11. Replacement of Warrants. Upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant and (in the case of loss,
theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably required)
in an amount reasonably satisfactory to the Company, or (in the case of mutilation) upon surrender
and cancellation of this Warrant, the Company will issue, in lieu thereof, a new Warrant of like
tenor.

     12. Notices. Any notice required or permitted pursuant to this Warrant shall be in
writing and shall be deemed sufficient upon receipt, when delivered personally or by overnight
courier or sent by email or fax (upon customary confirmation of receipt), or forty-eight (48) hours
after being deposited in the regular mail, as certified or registered mail (airmail if sent
internationally), with postage prepaid, addressed (a) if to the Registered Holder, to the address
of the Registered Holder most recently furnished in writing to the Company and (b) if to the
Company, to the address set forth below or subsequently modified by written notice to the
Registered Holder.

     13. No Rights as Stockholder. Until the exercise of this Warrant, the Registered
Holder of this Warrant shall not have or exercise any rights by virtue hereof as a stockholder of
the Company. Notwithstanding the foregoing, the Company shall provide the Registered Holder with
copies of the same notices and other information given to the stockholders of the Company
generally, contemporaneously with the giving thereof to the stockholders.

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     14. No Fractional Shares. No fractional shares of Common Stock shall be issued upon
exercise of this Warrant. In lieu of any fractional shares which would otherwise be issuable upon
exercise of this Warrant, the Company shall round up such fractional interest to the next whole
share.

     15. Warrant Legends. 

     (a) Each Warrant shall contain a legend in substantially the following form:

“THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF
THIS WARRANT MAY NOT BE SOLD OR TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE AND CURRENT REGISTRATION STATEMENT OR POST-EFFECTIVE AMENDMENT
THERETO FOR SUCH SHARES UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”) OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE ACT AND
IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY AN
OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY ACCEPTABLE TO THE
COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT. THIS WARRANT
AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN OR FINANCING ARRANGEMENT SECURED BY SUCH SECURITIES.”

     (b) Each certificate representing the Warrant Stock, unless registered under the Securities
Act shall contain a legend substantially in the following form:

“THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR
TRANSFERRED WITHOUT AN EFFECTIVE AND CURRENT REGISTRATION STATEMENT OR
POST-EFFECTIVE AMENDMENT THERETO FOR SUCH SHARES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, (THE “ACT”) OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY AN OPINION OF COUNSEL IN FORM AND
SUBSTANCE REASONABLY ACCEPTABLE TO THE COMPANY THAT REGISTRATION IS NOT
REQUIRED UNDER THE ACT. THE SHARES REPRESENTED BY THIS CERTIFICATE MAY
BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
OR FINANCING ARRANGEMENT SECURED BY SUCH SECURITIES.”

     16. Amendment or Waiver. Any term of this Warrant may be amended or waived upon
written consent of the Company and the holders of at least a majority of the shares of the
Company’s

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equity securities issuable upon exercise of outstanding warrants purchased pursuant to that
certain Subscription Agreement, dated __________, __________, among the Company and the investors
signatory thereto (the “Agreement”). By acceptance hereof, the Registered Holder
acknowledges that in the event the required consent is obtained, any term of this Warrant may be
amended or waived with or without the consent of the Registered Holder; provided,
however, that any amendment hereof that would materially adversely affect the Registered
Holder in a manner different from the holders of the remaining warrants issued pursuant to the
Agreement shall also require the consent of Registered Holder.

     17. Headings. The headings in this Warrant are for purposes of reference only and
shall not limit or otherwise affect the meaning of any provision of this Warrant.

     18. Governing Law. This Warrant shall be governed, construed and interpreted in
accordance with the laws of the State of New York, without giving effect to principles of conflicts
of law.

     19. Survival of Representations. Unless otherwise set forth in this Warrant, the
representations, warranties and covenants contained in or made pursuant to this Warrant shall
survive the execution and delivery of this Warrant.

     20. Successors and Assigns. The terms and conditions of this Warrant shall inure to
the benefit of and be binding upon the respective successors and assigns of the parties. Nothing
in this Warrant, express or implied, is intended to confer upon any party other than the parties
hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Warrant, except as expressly provided in this Warrant.

     21. Counterparts. This Warrant may be executed in one or more counterparts, each of
which shall be deemed an original and all of which together shall constitute one instrument.

     22. Attorney’s Fees. If any action at law or in equity (including arbitration) is
necessary to enforce or interpret the terms of any of this Warrant, the prevailing party shall be
entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other
relief to which such party may be entitled.

     23. Severability. If one or more provisions of this Warrant are held to be
unenforceable under applicable law, the parties agree to renegotiate such provision in good faith.
In the event that the parties cannot reach a mutually agreeable and enforceable replacement for
such provision, then (a) such provision shall be excluded from this Warrant, (b) the balance of
this Warrant shall be interpreted as if such provision were so excluded and (c) the balance of this
Warrant shall be enforceable in accordance with its terms.

     24. Delays or Omissions. No delay or omission to exercise any right, power or remedy
accruing to any party under this Warrant, upon any breach or default of any other party under this
Warrant, shall impair any such right, power or remedy of such non-breaching or non-defaulting party
nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein,
or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single
breach or default be deemed a waiver of any other breach or default theretofore or thereafter
occurring. Any waiver, permit, consent or approval of any kind or character on the part of any
party of any breach or default under this Warrant, or any waiver on the part of any party of any
provisions or conditions of this Warrant, must be in writing and shall be effective only to the
extent specifically set forth in such writing. All remedies, either under this Warrant or by law
or otherwise afforded to any party, shall be cumulative and not alternative.

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     25. Remedies, Other Obligations, Breaches and Injunctive Relief. The remedies
provided in this Warrant shall be cumulative and in addition to all other remedies available under
this Warrant, at law or in equity (including a decree of
specific performance and/or other injunctive relief), and nothing herein shall limit the right of
the Registered Holder to pursue actual damages for any failure by the Company to comply with the terms of this
Warrant. The Company acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Registered Holder and that the remedy at law for any such breach may be inadequate.
The Company therefore agrees that, in the event of any such breach or
threatened breach, the Registered Holder shall be entitled to seek, in addition to all other available remedies, to an
injunction restraining any breach, without the necessity of showing economic loss and without any
bond or other security being required

     26. Entire Agreement. This Warrant, and the documents referred to herein constitute
the entire agreement between the parties hereto pertaining to the subject matter hereof, and any
and all other written or oral agreements relating to the subject matter hereof existing between the
parties hereto are expressly canceled.

[Signature Page Follows]

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     IN
WITNESS WHEREOF, the Company and the Registered Holder have executed this Warrant as of the date first
set forth above.

	 	 	 	 	 
	 	 	THE COMPANY:
	 
	 	 	 	 
	 	 	VIRNETX HOLDING CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	(Signature)
	 
	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 

	 	Address:	 	 
	 
	 	 	 	 
	 	 	5615 Scotts Valley Drive, Suite 110
	 	 	Scotts Valley, California 95066
	 	 	Fax: (831) 438-8700

	 	 	 	 	 
	ACKNOWLEDGED AND
AGREED TO BY THE REGISTERED HOLDER:	 	 
	 
	 	 	 	 
	 	 	 
	(Registered Holder)	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	(Signature)
	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Address:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 	 	 
	Fax:
	 	 	 	 
	 

	 	 	 	 

 

 

EXHIBIT A

PURCHASE/EXERCISE FORM

	 	 	 
	To: VirnetX Holding Corporation

	 	Dated:

     The undersigned, pursuant to the provisions set forth in the attached Warrant No. ___, hereby
irrevocably elects to purchase ___shares of the Common Stock covered by such
Warrant and herewith makes payment of $___, representing the full Purchase Price
for such shares at the price per share provided for in such Warrant.

     Payment shall take the form of (check applicable box):

	 	 	 	 
	 	 ̈ 	 	in lawful money of the United States; or
	 
	 	 	 
	 	 ̈ 	 	the cancellation of such amount of Warrant Stock as is necessary, in accordance
with the formula set forth in Section 2(b), to exercise this Warrant with respect to
the maximum amount of Warrant Stock purchasable pursuant to the cashless exercise
procedure set forth in Section 2(b).

     The undersigned acknowledges that it has reviewed the representations and warranties of the
Registered Holder set forth in the Warrant and by its signature below hereby makes such
representations and warranties to the Company. Defined terms contained in such representations and
warranties shall have the meanings assigned to them in the Warrant, provided that the term
“Securities” shall refer to the Warrant Stock.

	 	 	 	 	 
	ACKNOWLEDGED AND
AGREED TO BY THE REGISTERED HOLDER:	 	 
	 
	 	 	 	 
	 	 	 
	(Registered Holder)	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	(Signature)
	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Address:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 	 	 
	Fax:
	 	 	 	 
	 

	 	 	 	 

 

 

EXHIBIT B

ASSIGNMENT FORM

     FOR VALUE RECEIVED, ___hereby sells, assigns and transfers all of the
rights of the undersigned under the attached Warrant with respect to the number of shares of
capital stock covered thereby set forth below, unto:

	 	 	 	 	 
	Name of Assignee
	 	Address/Facsimile Number
	 	No. of Shares

	 	 	 	 	 
	ACKNOWLEDGED AND
AGREED TO BY THE REGISTERED HOLDER:	 	 
	 
	 	 	 	 
	 	 	 
	(Registered Holder)	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	(Signature)
	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Address:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 	 	 
	Fax:exv4w1

Exhibit 4.1

Dated [•], 2008

KfW

as Issuer

and

DEUTSCHE BANK AKTIENGESELLSCHAFT

as registrar and paying agent

in respect of the Issuer’s global bonds denominated in Euro and

global notes in currencies other than U.S. dollars, Euro or and Canadian dollars

and

DEUTSCHE BANK TRUST COMPANY AMERICAS

c/o DEUTSCHE BANK NATIONAL TRUST COMPANY

as registrar and paying agent

in respect of the Issuer’s global notes denominated in U.S. dollars and Canadian dollars

 

AMENDED AND RESTATED

AGENCY AGREEMENT

 

HENGELER MUELLER

Frankfurt am Main

 

 

THIS AGREEMENT is made on [•], 2008 BETWEEN:

	(1)	 	KfW (the “Issuer”),
	 
	(2)	 	DEUTSCHE BANK AKTIENGESELLSCHAFT (“Deutsche Bank”), and
	 
	(3)	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, c/o DEUTSCHE BANK NATIONAL TRUST COMPANY (“DBTCA”).

WHEREAS:

	(A)	 	The Issuer, Deutsche Bank and DBTCA have entered into an Agency Agreement dated January 16,
2003 as amended and restated by Amended and Restated Agency Agreements dated October 7, 2004,
December 16, 2004, December 15, 2006 and September 14, 2007 (together, as so amended, the
“Agency Agreement”) recording the arrangements between them in relation to the offering and
selling from time to time of global notes by the Issuer denominated in Euro (“Euro-Bonds”),
U.S. dollars (“USD-Notes”), Canadian dollars (“CAD-Notes”) and any currency other than U.S.
dollars, Euro or Canadian dollars (the “Designated Currencies”) as designated from time to
time in the Conditions applicable to a particular issue of Notes (the “Designated
Currency-Notes”).
	 
	(B)	 	The Issuer wishes to engage Deutsche Bank as registrar and paying agent in respect of its
Euro-Bonds and Designated Currency-Notes, and DBTCA to act in a similar capacity in respect of
its USD-Notes and its CAD-Notes.
	 
	(C)	 	The parties hereto wish to record the relevant arrangements made between them in respect of
said functions of Deutsche Bank and DBTCA and to amend and restate the Agency Agreement as set
out herein.

IT IS HEREBY AGREED as follows:

	1.	 	AMENDMENT AND RESTATEMENT; CERTAIN DEFINITIONS AND INTERPRETATION
	 
	1.1	 	The parties hereto agree that, with effect from the date hereof, the Agency Agreement shall
for all purposes be amended and restated by this Agreement; provided, however, that the agency
agreement dated December 15, 2006 shall be applicable if so provided in the relevant
Supplemental Agency Agreement.
	 
	1.2	 	The following terms shall, unless the context otherwise requires, have the respective
meanings indicated below:
	 
	 	 	“Agent(s)” means the Euro Registrar, the Euro Paying Agent, the Registrar for Designated
Currency-Notes, the Paying Agent for Designated Currency-Notes, the U.S. Registrar, the
U.S. Paying Agent, the CAD Registrar, the CAD Paying Agent, the Calculation Agent (if
applicable), the Determination Agent (if applicable) and the Exchange Rate Agent (if
applicable).
	 
	 	 	“Calculation Agent”, if applicable, means the Relevant Paying Agent in its capacity as
calculation agent in respect of the Notes or any other calculation agent appointed by the
Issuer in accordance with this Agency Agreement.
	 
	 	 	“Clearing System(s)” means Clearstream Banking AG, Frankfurt am Main (also known as CBF),
Euroclear Bank SA/NV (also known as Euroclear), Clearstream Banking, société anonyme,
Luxembourg (also known as CBL and together with Euroclear the “ICSDs”), and The Depositary
Trust Company (also known as DTC) as the case may be; and “Relevant Clearing System” means,
in the case of Euro-Bonds, CBF and DTC, in the case of Designated Currency-Notes, the ICSDs
and DTC, and in the case of USD-Notes and CAD-Notes, DTC.

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	 	 	“Conditions” means the terms and conditions applicable to a particular issue of Euro-Bonds,
Designated Currency-Notes, USD-Notes or CAD-Notes, forming part of the Global
Certificate(s), and “Master Conditions” means the forms of the terms and conditions set out
in Schedule 1A (in respect of Euro-Bonds), Schedule 1B (in respect of
Designated Currency-Notes), Schedule 1C (in respect of USD-Notes), and
Schedule 1D (in respect of CAD-Notes) attached hereto.
	 
	 	 	“Determination Agent”, if applicable, means any determination agent appointed by the
Issuer in accordance with this Agency Agreement.
	 
	 	 	“Exchange Rate Agent”, if applicable, means Deutsche Bank in its capacity as exchange rate
agent for the purpose of converting the Conversion Amount into U.S. dollars (i) in the
cases of Euro-Bonds and Designated Currency-Notes, where DTC-Holders do not elect to
receive payments in Euro or the Designated Currency, as applicable, and (ii) in the cases
of CAD-Notes where Holders do not elect to receive payments in Canadian dollars, or any
other exchange rate agent that the Issuer may appoint in accordance with this Agency
Agreement.
	 
	 	 	“Frankfurt Business Day” means any day (other than a Saturday or Sunday) on which credit
institutions are open for business in Frankfurt am Main.
	 
	 	 	“Global Certificate” means each of the CBF Global Certificate and the DTC Global
Certificate representing a particular issue of Euro-Bonds; the ICSD Global Certificate and
the DTC Global Certificate representing a particular issue of Designated Currency-Notes;
and the Global Certificate representing a particular issue of USD-Notes or CAD-Notes. A
Global Certificate kept in custody for DTC representing a particular issue of Euro-Bonds,
Designated Currency-Notes, USD-Notes or CAD-Notes, as the case may be, may consist of one
or more global certificates to the extent required by the rules and procedures of DTC. In
the event that more than one global certificate is required, each such global certificate
shall be identical except for the principal amount thereof and any identifying notations.
References herein to “Global Certificate kept in custody for DTC” include, if applicable,
any such multiple global certificates.
	 
	 	 	“Master Global Certificates” means the forms of Global Certificates set out in
Schedule 2A (in respect of Euro-Bonds), Schedule 2B (in respect of
Designated Currency-Notes), Schedule 2C (in respect of USD-Notes) and Schedule
2D (in respect of CAD-Notes) attached hereto.
	 
	 	 	“New York Business Day” means any day other than a Saturday or Sunday, that is neither a
legal holiday nor a day on which commercial banks are authorized or required by law,
regulation or executive order to close in New York.
	 
	 	 	“Note(s)” means any of the Euro-Bonds, the Designated Currency-Notes, the USD-Notes or the
CAD-Notes, or all of them.
	 
	 	 	“Paying Agent(s)” means any of the Euro Paying Agent, the Paying Agent for Designated
Currency-Notes, the U.S. Paying Agent or the CAD Paying Agent, or all of them, and
“Relevant Paying Agent” means the Paying Agent who acts as Paying Agent for a particular
issue of Notes.
	 
	 	 	“Registrar(s)” means any of the Euro Registrar, the Registrar for Designated
Currency-Notes, the U.S. Registrar or the CAD Registrar, or all of them, and “Relevant
Registrar” means the Registrar who acts as Registrar for a particular issue of Notes.
	 
	 	 	“Supplemental Agency Agreement” means an agreement in or substantially in the form of
Schedule 3 attached hereto (or in such other form as the parties thereto may agree)
which shall be supplemental to this Agreement.
	 
	1.3	 	Terms not defined in this Agreement shall have the same meanings as in the Master Conditions.
Any reference herein to “Frankfurt” shall be a reference to Frankfurt am Main,

3

 

	 	 	Federal Republic of Germany (“Germany”) and any reference herein to “New York” shall be a
reference to The City of New York in the State of New York, United States of America
(“USA”). Any reference herein to the “Principal Financial Centre of the Designated
Currency” shall be a reference to the principal financial centre of the country issuing the
Designated Currency if and to the extent so specified in § 5(4) of the Conditions of the
relevant Designated Currency-Notes.
	 
	2.	 	APPOINTMENTS 
	 
	2.1	 	The Issuer hereby appoints:

	 	2.1.1	 	Deutsche Bank to act as Registrar and Paying Agent in respect of Euro-Bonds
of the Issuer (in such respective capacities the “Euro Registrar” and the “Euro Paying
Agent”);
	 
	 	2.1.2	 	Deutsche Bank to act as Registrar and Paying Agent in respect of Designated
Currency-Notes of the Issuer (in such respective capacities, the “Registrar for
Designated Currency-Notes” and the “Paying Agent for Designated Currency-Notes”);
	 
	 	2.1.3	 	DBTCA to act as Registrar and Paying Agent in respect of USD-Notes of the
Issuer (in such respective capacities, the “U.S. Registrar” and the “U.S. Paying
Agent”) and, to the extent required by law, Deutsche Bank to act as additional Paying
Agent;
	 
	 	2.1.4	 	DBTCA to act as Registrar and Paying Agent in respect of CAD-Notes of the
Issuer (in such respective capacities, the “CAD Registrar” and the “CAD Paying Agent”)
and, to the extent required by law, Deutsche Bank to act as additional Paying Agent;

	2.2	 	Deutsche Bank and DBTCA hereby accept their respective appointments, and agree to act in such
capacities, on the terms and conditions set out in this Agency Agreement, the Conditions of
the relevant Notes and any Supplemental Agency Agreement.
	 
	2.3	 	Deutsche Bank agrees to perform its obligations hereunder through DBTCA, to the extent that
this is necessary or appropriate in order to make payments to, or to the order of, the
Registered Holder of the DTC Global Certificate.
	 
	2.4	 	Where Notes are intended to be listed on the Luxembourg Stock Exchange, Deutsche Bank agrees
to procure the appointment of a Luxembourg listing and paying agent (for as long as such
appointment is required by the rules of the Luxembourg Stock Exchange).
	 
	3.	 	SUPPLEMENTAL AGENCY AGREEMENTS; THE NOTES
	 
	3.1	 	On or before the Closing Date (as defined in Clause 3.2) for any issue of Notes, the Issuer
and the Relevant Agent shall enter into a Supplemental Agency Agreement subjecting such Notes
to the provisions of this Agency Agreement and appointing any additional Agent as the case may
be. The form(s) of the Global Certificate(s) and of the Conditions applicable to the Notes
shall be appended to the Supplemental Agency Agreement.
	 
	3.2	 	Any issue of Notes will be represented by one or more Global Certificates as shall be
specified in the Conditions. The Conditions shall be attached to, or endorsed upon, each
Global Certificate. Each Global Certificate shall be signed manually by two authorized
representatives of the Issuer and dated the date for payment of the net subscription amount
for the Notes to the Issuer (the “Closing Date”). Each Global Certificate shall be
authenticated manually by or on behalf of the Relevant Registrar.
	 
	3.3	 	The parties expect that the Global Certificate(s) and the Conditions will generally be
substantially in the form of the Master Global Certificates and the Master Conditions.

4

 

	4.	 	ISSUANCE OF NOTES
	 
	4.1	 	Upon the conclusion of any subscription agreement for the issuance of any Notes, the Issuer
shall deliver to Deutsche Bank for authentication the Global Certificate(s) executed on behalf
of the Issuer in relation to a specific issuance. In respect of USD-Notes, CAD-Notes and the
DTC Global Certificate in case of Euro-Bonds and Designated Currency-Notes, Deutsche Bank
shall hold the Global Certificate(s) in escrow for on-ward delivery to DBTCA. In respect of
the CBF Global Certificate in case of Euro-Bonds, the Issuer shall deliver the authenticated
CBF Global Certificate directly to CBF, unless otherwise agreed with Deutsche Bank.
	 
	4.2	 	The Relevant Registrar, as the case may be, shall hold in safe custody all unauthenticated
Global Certificates delivered to it in accordance with Subsection 4.1 above and shall ensure
that the same are authenticated and delivered only in accordance with the terms hereof and, if
applicable, the relevant Global Certificate(s).
	 
	4.3.	 	The Relevant Registrar is authorized by the Issuer to authenticate such Global Certificate as
may be required hereunder by the signature of any person duly authorized for such purpose by
such Registrar.
	 
	4.4	 	In respect of USD-Notes, CAD-Notes and the DTC Global Certificate in case of Euro-Bonds and
Designated Currency-Notes, DBTCA will act as custodian for DTC.
	 
	5.	 	PAYING AGENCY
	 
	5.1	 	In order to provide for the payment of the principal of, and interest on, the Notes, as such
payment shall become due and payable the Issuer shall:

	 	5.1.1	 	in the case of Euro-Bonds pay to the Euro Paying Agent the amount in Euro of
interest on, or principal of, all the Notes outstanding or maturing on such due date
in same day funds by 10.00 a.m. in Frankfurt on each payment date to such account at
such bank in Frankfurt as the Euro Paying Agent may specify;
	 
	 	5.1.2	 	in the case of USD-Notes pay to the U.S. Paying Agent the amount in USD of
interest on, or principal of, all the Notes outstanding or maturing on such due date
in same day funds by 10.00 a.m. in New York on each payment date to such account at
such bank in New York as the U.S. Paying Agent may specify;
	 
	 	5.1.3	 	in the case of CAD-Notes pay to the CAD Paying Agent the amount in CAD of
interest on, or principal of, all the Notes outstanding or maturing on such due date
in same day funds by 10.00 a.m. in New York on each payment date to such account at
such bank in New York as the CAD Paying Agent may specify;
	 
	 	5.1.4	 	in the case of Designated Currency-Notes pay to the Paying Agent for
Designated Currency-Notes the amount in the Designated Currency of interest on, or
principal of, all the Notes outstanding or maturing on such due date in same day funds
by 10.00 a.m. in the Principal Financial Centre of the Designated Currency or such
other time as may be specified by the Paying Agent for Designated Currency-Notes with
three Frankfurt and New York Business Days prior notice to the Issuer on each payment
date to such account at such bank in the Principal Financial Centre of the Designated
Currency as the Paying Agent for Designated Currency-Notes may specify.

	 	 	The Issuer hereby authorizes and directs the Relevant Paying Agent, from the amounts so
paid to it to make payment of the principal of, and interest on, the Notes, as specified in
Clause 5.2 below, on the relevant payment date as set forth in the Conditions.
	 
	5.2	 	The Relevant Paying Agent shall give payment instructions by facsimile or authenticated SWIFT
message to the Issuer not later than five Frankfurt Business Days prior to each payment date
stating the amount of principal and/or interest payable by the Issuer on the payment date and
the account and bank to which payment is to be made.

5

 

	5.3	 	Out of the sums paid to the Euro Paying Agent in respect of interest and principal on the
Euro-Bonds, the Euro Paying Agent shall make payment to CBF in Euro and through DBTCA to, or
to the order of, the Registered Holder of the DTC Global Certificate, as stipulated in Clause
10.1 and 10.2 below, in the amounts specified in the payment provisions of the Conditions.
The Euro Paying Agent shall obtain from the Euro Registrar, and such Registrar shall supply,
such details as are required for the Euro Paying Agent to make payment as stated above.
	 
	 	 	Out of the sums paid to the Paying Agent for Designated Currency-Notes in respect of
interest and principal on the Designated Currency-Notes, such Paying Agent shall make
payments to, or to the order of, the Registered Holder of the ICSD Global Certificate in
the designated currency and to, or to the order of, the Registered Holder of the DTC Global
Certificate, as stipulated in Clause 10.3 and 10.4 below, in the amounts specified in the
payment provisions of the Conditions. The Paying Agent for Designated Currency-Notes shall
obtain from the Registrar for Designated Currency-Notes, and such Registrar shall supply,
such details as are required for the Paying Agent for Designated Currency-Notes to make
payments as stated above.
	 
	 	 	Out of the sums paid to the U.S. Paying Agent in respect of interest and principal on the
USD-Notes, the U.S. Paying Agent shall make payment to, or to the order of, the Registered
Holder of the Global Certificate as specified in the Conditions.
	 
	 	 	Out of the sums paid to the CAD Paying Agent in respect of interest and principal on the
CAD-Notes, the CAD Paying Agent shall make payment to, or to the order of, the Registered
Holder of the Global Certificate, as stipulated in Clause 10.5 and 10.6 below, in the
amounts specified in the payment provisions of the Conditions.
	 
	 	 	If for any reason (other than negligence or willful misconduct on the part of the Relevant
Paying Agent or its officers, employees or agents) the Relevant Paying Agent does not, by
the time specified in Clause 5.1, receive unconditionally the full amount payable by the
Issuer on the relevant payment date in respect of all the outstanding Notes, the Relevant
Paying Agent shall forthwith notify the Issuer by facsimile and shall not be bound to make
any payment of principal or interest in respect of the Notes until it has received to its
order the full amount of the moneys then due and payable in respect of all the outstanding
Notes, provided, however, that if the Relevant Paying Agent shall, in its discretion, make
any payment of principal or interest on or after the payment date therefore in respect of
the Notes prior to its unconditional receipt of the full amount payable in respect of all
outstanding Notes, the Issuer will promptly pay such amount to the Relevant Paying Agent
and shall compensate the Relevant Paying Agent at an agreed-upon rate for the use of such
funds.
	 
	5.4	 	Without prejudice to the obligations of the Issuer to make payments in accordance with the
provisions of Clause 5.1, if payment of the appropriate amount shall be made by or on behalf
of the Issuer later than the time specified in Clause 5.1, but otherwise in accordance with
the provisions thereof, the Relevant Paying Agent shall forthwith give notice to the Relevant
Clearing System that it has received such amount. Promptly after the receipt of the
appropriate amount the Relevant Paying Agent shall make or cause to be made payments as
provided in Clauses 5.1, 5.2 and 5.3.
	 
	5.5	 	If the Issuer should default in the payment of principal under the Notes, the Relevant Paying
Agent agrees, upon consultation with the Issuer, to calculate the default rate of interest,
from time to time applicable, referred to in the interest provisions of the Conditions.
	 
	5.6	 	In respect of monies paid to it relating to any Notes, the Relevant Paying Agent

	 	5.6.1	 	shall not be entitled to exercise any lien, right of set-off or similar claim, and
	 
	 	5.6.2	 	shall not be liable for interest thereon.

6

 

	5.7	 	All payments by the Relevant Paying Agent hereunder shall be made without the Relevant Paying
Agent charging any commission, fee or cost to the Relevant Clearing System or to any Holder,
except as expressly provided for in the payment provisions of the Conditions.
	 
	5.8	 	The Relevant Paying Agent shall maintain records of all payments made in respect of the Notes
and shall make such records available to the Issuer upon reasonable request.
	 
	6.	 	PUBLICATION OF NOTICES AND DOCUMENTS FOR INSPECTION 
	 
	6.1	 	On behalf and at the request and expense of the Issuer, the Relevant Paying Agent shall cause
to be published any notices and give any notices to the Relevant Clearing System required to
be given by the Issuer in accordance with the Conditions.
	 
	6.2	 	The Issuer shall provide the Relevant Paying Agent at the time agreed with the Relevant
Paying Agent from time to time with a copy of all notices in final form (prior to publication)
to be issued in connection with the Notes.
	 
	6.3	 	The Issuer shall provide to the Relevant Paying Agent sufficient copies of all documents
required by the Conditions to be available for issue or inspection, and the Relevant Paying
Agent shall make such copies available to Holders upon their request.
	 
	7.	 	EARLY REDEMPTION AND REPAYMENT OF NOTES
	 
	7.1	 	If the Issuer decides to redeem any outstanding Notes prior to their Maturity Date in
accordance with the Conditions, it shall give notice of such decision to the Relevant Paying
Agent not later than 3.00 p.m., Frankfurt time, on the fifth Frankfurt Business Day
immediately preceding the date on which the notice shall be published in accordance with the
Conditions. The Relevant Paying Agent shall publish and deliver to the Relevant Clearing
System such notice not later than three Frankfurt Business Days immediately preceding such
date.
	 
	7.2	 	The Relevant Paying Agent shall, upon receipt of any repayment notice by the Registered
Holder of the Global Certificate(s) representing Notes the Conditions of which provide for
repayment at the option of the Holders, notify forthwith the Issuer thereof. The Relevant
Paying Agent shall, upon payment by the Issuer of the applicable repayment price, together
with accrued interest to the applicable repayment date, cancel the Notes in accordance with
Clause 8.
	 
	8.	 	CANCELLATION OF NOTES
	 
	8.1	 	Promptly upon the Issuer’s request, the Relevant Registrar shall take all measures necessary
to cancel any Notes which the Issuer has repurchased or whose maturity has been accelerated
pursuant to the Conditions and which the Issuer has transferred for that purpose to the
Registrar’s account with the Relevant Clearing System. The Relevant Registrar shall cause any
such Notes (i) when represented by a CBF Global Certificate, to be cancelled in accordance
with the procedures established for that purpose by CBF, resulting in a decrease in the
aggregate amount of Notes represented by such CBF Global Certificate by the aggregate amount
of Notes so cancelled, (ii) when represented by a ICSD Global Certificate, to be cancelled in
accordance with the procedures established for that purpose by the ICSDs, resulting in a
decrease in the aggregate amount of Notes represented by such ICSD Global Certificate by the
aggregate amount of Notes so cancelled, and (iii) when represented by a Global Certificate in
the case of USD-Notes and CAD-Notes , or a DTC Global Certificate in the case of Euro-Bonds or
Designated Currency-Notes, respectively, to be cancelled in accordance with the procedures
established for that purpose by DTC, resulting in a decrease in the aggregate amount of Notes
represented by such Global Certificates by the aggregate amount of Notes so cancelled.
	 
	8.2	 	On the same day such cancellation is effected, the Relevant Registrar shall record such
cancellation of Notes on the Register in such a way that the aggregate amount of Notes

7

 

	 	 	cancelled at any time together with the aggregate principal amount of Notes then
outstanding and represented by the Global Certificate shall equal the aggregate principal
amount of Notes originally issued by the Issuer.
	 
	8.3	 	The Relevant Registrar shall furnish the Issuer within ten Frankfurt Business Days from the
date of such cancellation with a certificate of cancellation signed by an authorized officer
confirming cancellation of such Notes and the corresponding decrease of the relevant Global
Certificate.
	 
	9.	 	DUTIES OF THE REGISTRAR
	 
	9.1	 	Each of the Euro Registrar and the Registrar for Designated Currency-Notes shall maintain the
Register pertaining to Euro-Bonds and Designated Currency-Notes, as the case may be, in
Frankfurt, the U.S. Registrar and the CAD Registrar shall maintain the Register pertaining to
USD-Notes and CAD-Notes in New York, in each case in accordance with the Conditions and
subject to reasonable market practice. The respective Register shall show the aggregate amount
of Notes represented by each Global Certificate at the date of issue and all subsequent
transfers and exchanges involving a change in such amounts and the names of the Relevant
Clearing System or its nominee (each a “Payee”). In accordance with reasonable practice, on
the first Frankfurt Business Day after the Record Date for any interest payment on the
Euro-Bonds or the Designated Currency-Notes, as the case may be, the Relevant Registrar shall
send the payment details in respect of the Payee and the accounts to which transfers should be
made to the Relevant Paying Agent. On the first New York Business Day after the Record Date
for any interest payment on the USD-Notes or the CAD-Notes, the Relevant Registrar shall send
the payment details in respect of the Payee and the respective accounts to which transfers
should be made to the Relevant Paying Agent.
	 
	9.2	 	Transfers or exchanges of Euro-Bonds will be made in accordance with the Conditions, the
procedures established for this purpose between CBF, DTC and the Euro Registrar, and CBF’s and
DTC’s regulations applicable to such transfers or exchanges. Any such transfer or exchange
which results in a change to the principal amount of Euro-Bonds held through CBF and DTC,
respectively, is required to be notified by CBF and DTC to the Euro Registrar as a transfer
from one Global Certificate to the other. The Euro Registrar shall enter promptly details of
the transfer or exchange in the Register pertaining to the Euro-Bonds, which entry shall,
without further action, cause the principal amount of each Global Certificate to be amended
accordingly.
	 
	9.3	 	Transfers or exchanges of Designated Currency-Notes will be made in accordance with the
Conditions, the procedures established for this purpose between the ICSDs, DTC and the
Registrar for Designated Currency-Notes, and the ICSDs’ and DTC’s regulations applicable to
such transfers or exchanges. Any such transfer or exchange which results in a change to the
principal amount of Designated Currency-Notes held through the ICSDs and DTC, respectively, is
required to be notified by the ICSDs and DTC to the Registrar for Designated Currency-Notes as
a transfer from one Global Certificate to the other. The Registrar for Designated
Currency-Notes shall enter promptly details of the transfer or exchange in the Register
pertaining to the Designated Currency-Notes, which entry shall, without further action, cause
the principal amount of each Global Certificate to be amended accordingly.
	 
	9.4	 	Each of the Euro Registrar and the Registrar for Designated Currency-Notes shall ensure that
no transfers or exchanges of Euro-Bonds or Designated Currency-Notes, as the case may be,
shall take place during the period commencing on the Record Date and ending on the related
payment date (both dates inclusive) as provided in the Conditions.
	 
	9.5	 	Each Registrar shall at all reasonable times during office hours make the relevant Register
available to the Issuer and the Paying Agent or any person authorized by either of them for
inspections and for the taking of copies thereof or extracts therefrom, and the Registrar
shall deliver to such persons information contained in the Register or relating to the Notes
as they may reasonably request.

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	10.	 	PAYMENTS TO DTC HOLDERS IN RESPECT OF EURO-BONDS OR DESIGNATED CURRENCY-NOTES AND
PAYMENTS TO HOLDERS OF CAD-NOTES 
	 
	10.1	 	All amounts of principal and interest due in respect of the Euro-Bonds which are represented
by the DTC Global Certificate (each a “DTC EUR Amount”) shall be paid in U.S. dollars (each
such payment being referred to herein as a “Dollar Payment”), unless DTC has advised that the
relevant Holder has made an effective election to receive all or a portion of its payment in
Euro outside DTC (each a “Euro Payment”) in accordance with the procedures described in the
payment provisions of the Conditions.
	 
	10.2	 	The Euro Paying Agent shall, from each DTC EUR Amount received by it, make Dollar Payments
and Euro Payments in accordance with the payment provisions of the Conditions.
	 
	10.3	 	All amounts of principal and interest due in respect of the Designated Currency-Notes which
are represented by the DTC Global Certificate (each a “DTC Designated Currency Amount”) shall
be paid in U.S. dollars (each such payment being referred to herein as a “Dollar Payment”),
unless DTC has advised that the relevant Holder has made an effective election to receive all
or a portion of its payment in the Designated Currency outside DTC (each a “Designated
Currency Payment”) in accordance with the procedures described in the payment provisions of
the Conditions.
	 
	10.4	 	The Paying Agent for Designated Currency-Notes shall, from each DTC Designated Currency
Amount received by it, make Dollar Payments and Designated Currency Payments in accordance
with the payment provisions of the Conditions.
	 
	10.5	 	All amounts of principal and interest due in respect of the CAD-Notes (each a “CAD Amount”)
shall be paid in U.S. dollars (each such payment being referred to herein as a “Dollar
Payment”), unless DTC has advised that the relevant Holder has made an effective election to
receive all or a portion of its payment in Canadian dollars outside DTC (each a “CAD Payment”)
in accordance with the procedures described in the payment provisions of the Conditions.
	 
	10.6	 	The CAD Paying Agent shall, from each CAD Amount received by it, make Dollar Payments and CAD
Payments in accordance with the payment provisions of the Conditions.
	 
	11.	 	FURTHER DUTIES OF THE ISSUER

If the Issuer is, in respect of any payment, required to withhold or deduct any amount for or on
account of taxes or duties of whatever nature as specifically contemplated under the Conditions,
the Issuer shall give notice thereof to the Relevant Paying Agent as soon as it becomes aware of
the requirement to make such withholding or deduction and shall give to the Relevant Paying Agent
such information as it shall require to enable it to comply with such requirement.

	12.	 	APPOINTMENT AND DUTIES OF THE EXCHANGE RATE AGENT 
	 
	12.1	 	Deutsche Bank shall act as Exchange Rate Agent in respect of a specific issuance of Notes for
which an Exchange Rate Agent is needed, unless another institution is appointed as Exchange
Rate Agent in respect of such issuance in accordance with the Conditions. The Relevant Paying
Agent shall inform the Exchange Rate Agent in a timely manner before any date on which a
conversion is required to be made, taking into consideration the Conditions.
	 
	12.2	 	Notwithstanding the Relevant Paying Agent’s obligations with respect to the conversion of the
Conversion Amount pursuant to the Conditions, the Exchange Rate Agent shall in respect of each
issuance of Notes in relation to which it is appointed act as agent for the Relevant Paying
Agent and perform such determinations and calculations as specified in the Conditions.

9

 

	13.	 	APPOINTMENT AND DUTIES OF THE CALCULATION AGENT
	 
	13.1	 	The Calculation Agent in respect of a specific issuance of Notes shall act in accordance with
the Conditions. If the Relevant Paying Agent shall act as Calculation Agent, such fact will
be indicated in the Supplemental Agency Agreement. The Issuer will notify the Calculation
Agent by forwarding the applicable pricing prospectus according to the time-line agreed with
the Calculation Agent.
	 
	13.2	 	Subject to Clause 13.4, the Calculation Agent shall in respect of each issuance of Notes in
relation to which it is appointed as such:

13.2.1 obtain such quotes and rates and/or make such determinations, calculations,
adjustments and notifications as may be required to be made by it as specified in the
Conditions;

13.2.2 maintain a record of all quotations obtained by it and of all amounts, rates and
other items determined or calculated by it and make such record available for
inspection at all reasonable times during normal business hours by the Issuer and the
Relevant Paying Agent; and

13.2.3 shall communicate to the Relevant Paying Agent in a timely manner the determinations
and calculations made by such Calculation Agent in respect of such Notes.

	13.3	 	If the Calculation Agent is unable for any reason to perform the duties specified in
Clause 13.2.1 above, it shall forthwith notify the Issuer and the Relevant Paying Agent of
such fact.
	 
	13.4	 	If the Issuer has appointed a Determination Agent with respect to which the Calculation Agent
is appointed, the determinations made by such Determination Agent in respect of the bases
(such as interest rates, conversion rates, prices, indices or otherwise) for the calculations
to be made by such Calculation Agent communicated by the Determination Agent to the
Calculation Agent shall be binding on the Calculation Agent.
	 
	14.	 	CONDITIONS OF APPOINTMENT
	 
	14.1	 	The obligations of the Agents hereunder shall be several, and not joint.
	 
	14.2	 	The Issuer will pay to the Agents a remuneration for all services rendered by the Agents in
connection with the Notes and reimburse the Agents for the expenses incurred in connection
with their appointment or the exercise of their powers and duties hereunder; all as separately
agreed upon by the Agents and the Issuer.
	 
	14.3	 	The Issuer will indemnify and hold harmless each of the Agents against any loss, liability or
expense which it may incur or which may be made against it arising out of or in connection
with its appointment or the exercise of its power and duties hereunder, except such as may
result from such Agent’s own negligence or willful misconduct or that of its officers,
employees or agents.
	 
	14.4	 	Each Agent will indemnify and hold harmless the Issuer against any loss, liability or expense
incurred by the Issuer resulting from the negligence or willful misconduct on the part of such
Agent (or such Agent’s officers, employees or agents) and arising out of or in connection with
such Agent’s duties hereunder.
	 
	14.5	 	The indemnity provisions under Clauses 14.3 and 14.4 shall survive the termination or expiry
of this Agreement.
	 
	14.6	 	Any Agent may consult with legal and other professional advisers selected in good faith and
satisfactory to it, and the legal or other professional opinion of such advisers, as the case
may

10

 

	 	 	be, shall be full and complete protection in respect of any action taken, omitted or
suffered hereunder in good faith and in accordance with such opinion.
	 
	14.7	 	Each of the Agents shall be protected and shall incur no liability for or in respect of any
action taken, omitted or suffered in reliance upon any instruction or communication from the
Issuer or any document reasonably believed by it to be genuine and to have been delivered,
signed or sent by the proper party or parties, except as may result from its own negligence or
willful misconduct or that of its officers, employees or agents.
	 
	14.8	 	In acting hereunder and in connection with the Notes, the Agents do not assume any
relationship of agency or trust for the Holders, and shall not have any obligation towards
them; except that all funds held by the Paying Agent for payment of principal of or interest
on the Notes shall be held exclusively for the benefit of and for payment to the Holders, but
need not be segregated from other funds, except as required by law and as set forth herein and
in the Conditions, and shall be applied as set forth herein and in the Conditions.
	 
	14.9	 	Nothing herein shall be deemed to require any Agent to advance its own funds in the
performance of its duties hereunder.
	 
	15.	 	CHANGES IN AGENTS
	 
	15.1	 	The Issuer may terminate the appointment of any Agent at any time by giving to the relevant
Agent at least 30 days’ written notice to that effect specifying the date on which such
removal shall become effective.
	 
	15.2	 	Any Agent may resign at any time by giving the Issuer at least 45 days’ written notice to
that effect specifying the date on which such resignation shall become effective.
	 
	15.3	 	No removal under Clause 15.1 or resignation under Clause 15.2 shall take effect until a
successor Agent has been appointed by the Issuer and such Agent has accepted such appointment.
A successor Agent shall be appointed by the Issuer by an instrument in writing given to the
successor Agent. The Issuer will inform the superseded Agent in written form about its
successor Agent immediately after the appointment of a successor Agent and acceptance by the
latter of such appointment. Upon the appointment of such successor Agent, the acceptance by it
of such appointment and the expiry of the notice period set forth under Clause 15.1 or Clause
15.2, respectively, the Agent so superseded shall cease to be an Agent hereunder.
	 
	15.4	 	In case of a resignation of any Agent in accordance with Clause 15.2, that Agent shall be
entitled on behalf of and in consultation with the Issuer to appoint as a successor Agent in
its place a reputable financial institution having the capability to assume the function of
its predecessor Agent, if the Issuer has not appointed a successor Agent by the day falling 10
days before the expiry of the notice period set forth under Clause 15.2. The Agent will inform
the Issuer in written form about its successor Agent immediately after the appointment of such
successor Agent and acceptance by the latter of such appointment. Upon the appointment of such
successor Agent, the acceptance by it of such appointment and the expiry of the notice to be
given under Clause 15.2, the Agent so superseded shall cease to be an Agent hereunder.
	 
	15.5	 	Notwithstanding the foregoing, the Issuer may terminate the appointment of any Agent at any
time with immediate effect and without notice (fristlos) by an instrument in writing if such
Agent or any affiliated company (verbundenes Unternehmen) of such Agent shall become unable to
properly perform its duties under this Agreement, or shall admit in writing its inability to
pay or meet its debts as they severally mature, or shall be subject to a banking moratorium
declared under any law, or shall make an assignment or an arrangement for the benefit of its
creditors, or shall enter into liquidation, or shall file a petition in bankruptcy or become
or be declared bankrupt or insolvent, or if an order of any court shall be entered approving
any petition filed by or against the Agent or any affiliated company of such Agent under the
provisions of the relevant bankruptcy legislation or under the provisions of any similar
legislation, or the Agent or any affiliated company of such Agent shall consent to the

11

 

	 	 	appointment of a receiver or an administrator of all or any substantial part of its
property or such receiver or administrator shall be appointed, or if any public officer
shall take charge or control of the Agent or any affiliated company of such Agent or of its
property or affairs, or in the case of any event similar to the foregoing affecting such
Agent or any affiliated company of such Agent. As soon as reasonably practicable the Issuer
shall appoint a successor Agent in written form, such appointment becoming effective with
its acceptance by the successor Agent. Until the effectiveness of the appointment of the
successor Agent all rights and duties of any such Agent hereunder will be assumed by the
Issuer.
	 
	15.6	 	Any Agent appointed hereunder shall execute and deliver to the Issuer an instrument accepting
such appointment and, without any further act, deed or conveyance, upon its appointment
becoming effective, any successor Agent shall become vested with all the authorities, rights,
powers, immunities, duties and obligations of such predecessor with like effect as if
originally named as Agent in accordance with this Agreement, and such predecessor Agent, if
any, upon payment by the Issuer of any amounts due and payable to any Agent pursuant to this
Agreement, shall thereupon become obliged to deliver and pay over to any such successor Agent,
and any such successor Agent shall be entitled to receive, all moneys, documents and records
held by it hereunder. On the termination of its appointment the Agent shall pass all records
and documents held by it pursuant to this Agreement to the respective successor Agent.
	 
	15.7	 	Upon its resignation or removal taking effect, the Paying Agent shall hold all moneys
deposited with or held by it hereunder in respect of the Notes to the order of the successor
Paying Agent, but shall have no other duties or responsibilities hereunder and shall be
entitled to the payment by the Issuer of its remuneration for services rendered hereunder and
to the reimbursement of its expenses incurred up to its resignation or removal taking effect
in accordance with the terms of Clause 15.3.
	 
	15.8	 	Each Agent shall give not less than 30 days’ written notice to the Issuer of any proposed
change in its specified office.
	 
	15.9	 	Any change in any Agent shall be notified by the Issuer to the other Agents and to the
Payees. The Issuer shall also give or cause notice thereof to be given to the Holders in
accordance with the Conditions.
	 
	16.	 	NOTICES
	 
	16.1	 	Unless hereunder otherwise specifically provided, any order, notice, request, direction or
other communication from the Issuer made or given in relation to the Notes under any provision
of this Agreement shall be sufficient if it is signed by two duly authorized officers of the
Issuer, and delivered by the Issuer to the Registrar and the Paying Agent.
	 
	16.2	 	Notices shall be addressed to the relevant party hereto as follows:
	 
	(a)	 	If to the Issuer:

	 	 	KfW

Palmengartenstraße 5-9

60325 Frankfurt am Main

Federal Republic of Germany
	 
	 	 	Telefax: 0049 69 7431 4324

Attention: Bereich FM
	 
	(b)	 	If to the Euro Registrar or the Registrar for Designated Currency-Notes:
	 
	 	 	Deutsche Bank Aktiengesellschaft

Große Gallusstraße 10-14

12

 

	 	 	60272 Frankfurt am Main

Federal Republic of Germany
	 
	 	 	Telephone: 0049 69 910 62591

Telefax: 0049 69 910 43242

Attention: Trust and Security Services
	 
	(c)	 	If to the Euro Paying Agent or the Paying Agent for Designated Currency-Notes:
	 
	 	 	Deutsche Bank Aktiengesellschaft

Große Gallusstraße 10-14

60272 Frankfurt am Main

Federal Republic of Germany
	 
	 	 	Telephone: 0049 69 910 30094

Telefax: 0049 69 910 38672

Attention: Trust and Security Services

	 	 	 	 	 
	 

	 	If to the U.S. Registrar or the CAD Registrar:	 	 
	 

	 	Deutsche Bank Trust Company Americas	 	 
	 

	 	c/o Deutsche Bank National Trust Company
	 	Deutsche Bank Trust Company
	 

	 	Americas	 	 
	 

	 	Trust & Securities Services
	 	60 Wall Street
	 

	 	25 DeForest Avenue
	 	27th Floor
	 

	 	2nd Floor
	 	New York, 10005
	 

	 	Summit, NJ 07901
	 	United States
	 

	 	United States	 	 
	 
	 	 	 	 
	 

	 	Telefax: 001 732 578 4635	 	 
	 

	 	Attention: Trust and Securities Services
	 	Trust and Securities Services

	(d)	 	If to the U.S. Paying Agent or the CAD Paying Agent:

	 	 	 	 	 
	 

	 	Deutsche Bank Trust Company Americas	 	 
	 

	 	c/o Deutsche Bank National Trust Company
	 	Deutsche Bank Trust Company Americas
	 

	 	Trust & Securities Services
	 	60 Wall Street
	 

	 	25 DeForest Avenue
	 	27th Floor
	 

	 	2nd Floor
	 	New York, 10005
	 

	 	Summit, NJ 07901
	 	United States
	 

	 	United States	 	 
	 
	 	 	 	 
	 

	 	Telefax: 001 732 578 4635	 	 
	 

	 	Attention: Trust and Securities Services
	 	Trust and Securities Services

	 	 	or at any other address of which any of the foregoing shall have notified the others
in accordance with this Clause 16.2.

	17.	 	MISCELLANEOUS
	 
	17.1	 	This Agreement 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 in any manner which the parties hereto may mutually deem
necessary or desirable and which shall not be inconsistent with the Notes and which shall not,
in their opinion, be materially prejudicial to the interest of the Holders.
	 
	17.2	 	This Agreement shall in all respects be governed by and construed in accordance with the laws
of the Federal Republic of Germany without regard to conflict of laws principles.

13

 

	17.3	 	Any action or other legal proceedings arising out of or in connection with this Agreement
shall be brought in the District Court (Landgericht) in Frankfurt am Main, Germany.
	 
	17.4	 	This Agreement may be executed in one or more counterparts and, if executed in more than one
counterpart, the executed counterparts hereof shall constitute a single instrument.

This Agreement has been entered into on the date stated at the beginning.

KfW

	 	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	DEUTSCHE BANK AKTIENGESELLSCHAFT	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS	 	 
	c/o DEUTSCHE BANK NATIONAL TRUST COMPANY	 	 
	 
	 	 	 	 
	 

	 	 	 	 

14

 

Schedule 1A

German Language Version

ANLEIHEBEDINGUNGEN FÜR EURO-BONDS

[to be inserted]

Non-binding English Translation of the

TERMS AND CONDITIONS OF THE EURO-BONDS

[to be inserted]

Schedule 1B

English Language Version of the

TERMS AND CONDITIONS OF THE DESIGNATED CURRENCY-NOTES

[to be inserted]

Non-binding German Translation of the

TERMS AND CONDITIONS OF THE DESIGNATED CURRENCY-NOTES

[to be inserted]

Schedule 1C

English Language Version of the

TERMS AND CONDITIONS OF THE USD-NOTES

[to be inserted]

Non-binding German Translation of the

TERMS AND CONDITIONS OF THE USD-NOTES

[to be inserted]

Schedule 1D

English Language Version of the

TERMS AND CONDITIONS OF THE CAD-NOTES

[to be inserted]

Non-binding German Translation of the

TERMS AND CONDITIONS OF THE CAD-NOTES

[to be inserted]

15

 

Schedule 2A

German Language Version of the

FORM OF THE CBF GLOBAL CERTIFICATE FOR EURO-BONDS

[to be inserted]

Non-binding English Translation of the

FORM OF THE CBF GLOBAL CERTIFICATE FOR EURO-BONDS

[to be inserted]

German Language Version of the

FORM OF THE DTC GLOBAL CERTIFICATE FOR EURO-BONDS

[to be inserted]

Non-binding English Translation of the

FORM OF THE DTC GLOBAL CERTIFICATE FOR EURO-BONDS

[to be inserted]

Schedule 2B

English Language Version of the

FORM OF THE ICSD GLOBAL CERTIFICATE FOR DESIGNATED CURRENCY-NOTES

[to be inserted]

Non-binding German Translation of the

FORM OF THE ICSD GLOBAL CERTIFICATE FOR DESIGNATED CURRENCY-NOTES

[to be inserted]

English Language Version of the

FORM OF THE DTC GLOBAL CERTIFICATE FOR DESIGNATED CURRENCY-NOTES

[to be inserted]

Non-binding German Translation of the

FORM OF THE DTC GLOBAL CERTIFICATE FOR DESIGNATED CURRENCY-NOTES 

[to be inserted]

16

 

Schedule 2C

English Language Version of the

FORM OF THE GLOBAL CERTIFICATES FOR USD-NOTES

[to be inserted]

Non-binding German Translation of the

FORM OF THE GLOBAL CERTIFICATES FOR USD-NOTES

[to be inserted]

Schedule 2D

English Language Version of the

FORM OF THE GLOBAL CERTIFICATE FOR CAD-NOTES

[to be inserted]

Non-binding German Translation of the

FORM OF THE GLOBAL CERTIFICATE FOR CAD-NOTES

[to be inserted]

17

 

Schedule 3

FORM OF SUPPLEMENTAL AGENCY AGREEMENT

Supplement No.: l to the

Amended and Restated Agency Agreement

dated [l] between

KfW (the “Issuer”),

Deutsche Bank Aktiengesellschaft (“Deutsche Bank”),

and Deutsche Bank Trust Company Americas, c/o Deutsche Bank National Trust (“DBTCA”),

as amended from time to time

This Agreement between the Issuer and [DBTCA][Deutsche Bank] as registrar and paying agent [as well
as Deutsche Bank as additional paying agent] (the “Agent[s]”) is in relation to the issue of debt
securities (the “Issue”) identified below and supplemental to the above-referenced Amended and
Restated Agency Agreement (the “Amended and Restated Agency Agreement”). The parties hereby
reconfirm the terms and conditions of the Amended and Restated Agency Agreement and agree that the
Issue shall be subject in all respects to such terms and conditions.

The term “Issue” means the [insert currency and amount] [Floating Rate] Global [Bonds] [Notes] due
[l] (the [“Notes”] [“Bonds”]) to be issued on [l] which will be evidenced by the Global
Certificates attached hereto in Annexes 1 and 2 and governed by the Terms and Conditions of the
[Notes] [Bonds] (the “Conditions”) attached hereto in Annex 3.

[KfW hereby appoints the Agent as Calculation Agent in relation to this Issue.]

This Agreement constitutes an authorization of the Agent to authenticate the Global Certificates.

KfW

	 	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	DEUTSCHE BANK AKTIENGESELLSCHAFT	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	[DEUTSCHE BANK TRUST COMPANY AMERICAS,	 	 
	c/o DEUTSCHE BANK NATIONAL TRUST COMPANY	 	 
	 
	 	 	 ]	 
	 

	 	 	 	 
	 
	 	 	 	 
	Dated: [l]
	 	 	 	 

18

 

Annex 1

[English][German] Language Version of the

FORM OF THE GLOBAL CERTIFICATES

[To be attached]

Annex 2

Non-Binding [English][German] Translation of the

FORM OF THE GLOBAL CERTIFICATES

[To be attached]

Annex 3

TERMS AND CONDITIONS OF THE NOTES

[To be attached]

19

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