Document:

Exhibit

EXHIBIT 10.65

CONFIDENTIAL TREATMENT REQUESTED
 
INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS OMITTED AND NOTED WITH “****”. AN UNREDACTED VERSION OF THIS DOCUMENT HAS ALSO BEEN PROVIDED TO THE SECURITIES AND EXCHANGE COMMISSION.

Execution Version
CONFIDENTIAL
Amendment No. 4 to Sales Agreement
This Amendment No. 4 to Sales Agreement (this “Amendment”) is made by and between (i) NTP Radioisotopes (SOC) Ltd., a commercial company registered and existing under the laws of the Republic of South Africa, having its registered office at Building 1700, Pelindaba, R104 Elias Motswaledi Extension, Brits District, North West Province of South Africa (“NTP”), and (ii) Lantheus Medical Imaging, Inc., a corporation organized and existing under the laws of Delaware with a place of business at 331 Treble Cove Road, North Billerica, Massachusetts, United States of America 01862 (“Lantheus”), effective as of December 29, 2017 (the “Amendment Effective Date”).  
WHEREAS:
		
	1.
	Lantheus and NTP, on behalf of itself and its former Subcontractor, IRE, entered into a Sales Agreement, effective as of April 1, 2009 (the “Sales Agreement”);

		
	2.
	Lantheus and NTP, on behalf of itself and its former Subcontractor, IRE, entered into Amendment No. 1 to the Sales Agreement effective as of January 1, 2010 (“Amendment No. 1”);

		
	3.
	Lantheus and NTP, on behalf of itself and its former and current Subcontractors, IRE and ANSTO, respectively, entered into Amendment No. 2 to the Sales Agreement effective as of April 1, 2011 (“Amendment No. 2”);

		
	4.
	Lantheus and NTP, on behalf of itself and its current Subcontractor, ANSTO, entered into Amendment No. 3 to the Sales Agreement effective as of October 1, 2012 (“Amendment No. 3”) (the Sales Agreement, Amendment No. 1, Amendment No. 2 and Amendment No. 3, collectively, the “Existing Agreement”); 

		
	5.
	Lantheus and NTP, on behalf of itself and its current Subcontractor, ANSTO/ANM, wish to further amend the Existing Agreement by amending, restating and/or supplementing certain provisions of the Existing Agreement as of the Amendment Effective Date (the Existing Agreement, as amended by this Amendment, the “Agreement”), in order to:

		
	(a)
	extend the term of the Existing Agreement and specify pricing and volume levels for the supply of Product during that extended term;

		
	(b)
	enable Lantheus to maintain a diversified, balanced, reliable and responsive supply chain for (i) LEU-based Product for routine supply and, (ii) to the extent of any outages, shortages or other emergencies affecting any portion of Lantheus’ LEU-based Product supply chain and sufficient LEU-based Product supply is not available 

from NTP and its Subcontractor, HEU-based Product on a back-up basis consistent with U.S. law (AMIPA) and international efforts to eliminate the use of HEU in medical isotope production;
		
	(c)
	enhance the reliability of transportation and logistics related to Lantheus’ Product supply to the extent reasonably practicable;

		
	(d)
	implement incremental capacity improvement and continuous production improvement efforts and optimize the alignment of NTP’s and ANSTO/ANM’s reactor schedules to ensure the ability to efficiently meet Lantheus’ **** requirements related to LEU-based Product and HEU-based Product supplied from NTP and ANSTO/ANM; 

		
	(e)
	provide **** to (i) ensure reservation of supply capacity to enable NTP and its Subcontractor to supply all of Lantheus’ forecasted Product demand during the Term, (ii) ensure delivery of all of Lantheus’ standard orders on time and in the quantities ordered and (iii) **** NTP for ****; 

		
	(f)
	enable NTP to ****; and

		
	(g)
	provide mechanisms potentially enabling NTP to share **** (clauses (a) through (g), collectively, the “Stated Purposes”).

NOW, THEREFORE, in consideration of the mutual promises and covenants hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
		
	1.
	Definitions.  Certain capitalized terms used in this Amendment are defined in Exhibit A to this Amendment.  Capitalized terms used but not defined in this Amendment (including Exhibit A) have the meanings ascribed to those terms in the Existing Agreement.  

		
	2.
	Amendments.

		
	(a)
	The Parties acknowledge and agree that the Stated Purposes set forth above are essential to the purposes of the Agreement, and the Parties will perform their obligations under the Agreement to fulfill, and otherwise use commercially reasonable efforts to undertake activities necessary to fulfill, those Stated Purposes.

		
	(b)
	The Parties acknowledge and agree that (i) NTP and its Subcontractor are in the process of converting their production capabilities to supply Product derived exclusively from LEU, but that, (ii) to the extent of any outages, shortages or other emergencies affecting NTP’s and its Subcontractor’s ability to fulfill Lantheus’ orders exclusively with LEU-based Product, NTP and its Subcontractor may, with Lantheus’ prior consent, fulfill Lantheus’ orders with HEU-based Product in such situations.  In furtherance of the foregoing, in situations in which Lantheus consents to accept HEU-based Product, all provisions in the Agreement relating to LEU-based 

will (x) apply to such HEU-based Product, mutatis mutandis, and (x) supersede the provisions relating to HEU-based Product in this Agreement.
		
	(c)
	Section 1.2 of the Existing Agreement is hereby amended by adding the following sentence to the end of that section:

Neither NTP nor its Subcontractor shall subcontract any of their respective obligations under this Agreement (other than to Subcontractor, as expressly set forth in this Agreement) without Lantheus’ prior written consent.
		
	(d)
	Section 2.1(b) of the Existing Agreement is hereby amended and restated in its entirety as follows:

Commencing on the **** and continuing through ****, (i) Lantheus shall place routine orders on a regular **** basis for, and purchase from NTP and its Subcontractor, through NTP, volumes of Product representing at least that percentage of its total **** Product requirements set forth in the following table (as may be adjusted pursuant to the last sentence of Section 5.1(b)(iii) and/or the last paragraph of this Section 2.1(b)), and (ii) NTP and its Subcontractor shall promptly accept such orders and supply to Lantheus all Product necessary to meet such Product requirements:
	
		
	Time Period
	Percentage of Lantheus’ Total  
Worldwide Requirements of Product

	**** through and including ****
	**** percent (****%)

	**** through and including ****
	**** percent (****%)

	**** through and including ****
	**** percent (****%)

	**** through and including ****
	**** percent (****%)

 
NTP and its Subcontractor shall supply all such orders placed by Lantheus; provided that, as set forth in the next sentence and Section 2.1(c), Lantheus’ purchase volume obligations set forth herein shall only apply in those periods in which NTP and its Subcontractors are able to satisfy, and NTP and its Subcontractors do satisfy, all Product orders for those periods.  In addition, to the extent that NTP and its Subcontractors are unable to supply all quantities of Product requested by Lantheus hereunder, the Parties acknowledge and agree that Lantheus shall have the right to purchase Product from any third party supplier of Product only during the period of such unavailability and for a reasonable period of time before or after such period and, to the extent and for the duration of such third party purchases, Lantheus shall not be in violation of the purchase volume obligations set forth herein and shall be relieved of its purchase volume obligations for such period.  Lantheus will continue to provide NTP in good faith a non-binding forecast (each, a “Forecast”) on the **** of each ****.  Lantheus will also continue to provide NTP with firm orders for Product at least **** (****) in advance of the required date of Product shipment.  The Parties hereby agree to meet no later than the end of **** to commence discussions in good faith regarding the terms of a supply agreement beyond the term of this Agreement, and the Parties will use their reasonable, good faith efforts to agree on the terms of any such extension by the end of ****.
Notwithstanding anything to the contrary in this Agreement, commencing with the ****, Lantheus shall have the right (exercisable**** during the Term upon advance written notice provided to NTP on or prior to **** of the calendar year immediately preceding the first full calendar year with respect to which such rights are being exercised) to commit to 

purchase up to **** percent (****%) of its **** requirements from **** for each **** during the Term, in which case, the purchase commitments to NTP and its Subcontractor in the table above (as adjusted from time to time in accordance with this Agreement) for each remaining calendar year during the Term will be automatically decreased to take into account the supply of Product that Lantheus will purchase from that other supplier for each such calendar year (for example, if Lantheus commits **** percent (****%) of its requirements to the other supplier ****, then it will provide written notice to NTP on or before **** and Lantheus’ commitment under this Agreement for each of the **** will decrease from **** percent (****%) to **** percent (****%) of its requirements for the ****, respectively); provided, however, if and to the extent that the Parties and the alternate supplier mutually agree to have the alternate supplier join this Agreement instead, then (i) the alternate supplier will become a Subcontractor of NTP under this Agreement, (ii) this Agreement will be amended appropriately and (iii) the alternate supplier will enter into a separate joinder, amendment or side agreement with Lantheus, NTP and its Subcontractor(s), in the case of each of clauses (i) through (iii), as mutually agreed and in accordance with all applicable laws, including antitrust and competition laws; provided further that, in the event of Lantheus’ election to purchase any such alternate supply, (x) the Parties will in good faith discuss, negotiate and (by **** of the immediately preceding calendar year) attempt to agree on whether to **** under this Agreement for each remaining **** during the Term, taking into account the **** under this Agreement for such **** and ****, but (y) neither Party will be obligated to agree to any such ****, in which case the **** set forth in this Agreement will continue to apply during the remainder of the Term.
If Lantheus fails to fulfill its Product purchase obligations in accordance with the provisions of this Agreement (for the avoidance of doubt, which obligations are subject to, among other things, NTP and its Subcontractor’s ability to supply Product and Lantheus’ rights to purchase Product from alternate suppliers in specified circumstances) in any calendar year, then Lantheus shall pay to NTP an amount equal to (i) **** that Lantheus so failed to purchase in that calendar year, multiplied by (ii) the **** applicable in that ****.
		
	(e)
	Section 2.1(c) of the Existing Agreement is hereby amended and restated in its entirety as follows:

Subject to Section 3.8, such Product shall be supplied and delivered to John F. Kennedy International Airport, Jamaica, New York (“JFK”) or Logan International Airport, Boston, Massachusetts (“BOS”) (or other mutually agreed upon delivery location) on a mutually agreed schedule with follow-on trucking delivery to the Lantheus facility in North Billerica, Massachusetts; provided that, subject to Section 3.8, Product supplied by the Subcontractor will be supplied and delivered to Lantheus’ designated carrier at Sydney (Kingsford Smith) Airport, Mascot, New South Wales, Australia (“SYD”) (or other mutually agreed upon delivery location) on a mutually agreed schedule with follow-on delivery to the Lantheus facility in North Billerica, Massachusetts.  Lantheus shall provide NTP with notice of its intention to change such location at least **** (****) in advance of the required inception date of such changes.  NTP and its Subcontractor shall be responsible to ensure that Lantheus’ full order of Product is delivered to Lantheus (other than during scheduled outages for routine maintenance and unscheduled outages or failures of the production lines of NTP and its Subcontractors) (i.e., under conditions of normal operations prevailing at NTP and its Subcontractors’ facilities), but in all cases subject to compliance with Section 2.1(d), (e), (f), (h) and (i) and the last sentence of this Section 2.1(c).  The Parties agree that supply of Lantheus’ annual Product requirements will, in general, be ****, and the Account Manager at NTP (“Account Manager”) will allocate Product supply among NTP and its Subcontractor accordingly; provided that Lantheus will have the communication and coordination rights set forth in Section 3.8.  Lantheus shall be advised in a timely way of the manner in which 

supply obligations hereunder will be allocated among NTP and its Subcontractor.  NTP and its Subcontractor will schedule deliveries of Product to Lantheus during scheduled outages at either facility in such a way that the full amount of Product ordered by Lantheus (including, subject to the provisions of Section 2.1(d), any specific quantities of LEU-based Product) will be maintained under such circumstances.
		
	(f)
	Section 2.1(d) of the Existing Agreement is hereby amended and restated in its entirety as follows:

For any supply of Product by NTP and its Subcontractor during the Term, NTP and its Subcontractor will increase production levels of LEU-based Product so as to make available to Lantheus up to **** percent (****%) of its demand for LEU-based Product, unless otherwise directed by Lantheus.
Lantheus will include the amount of HEU and LEU-based Product that it expects to order from NTP and its Subcontractor in each Forecast.  Both Parties acting in good faith will use commercially reasonable efforts to achieve the common goal described herein relating to the development of a more robust supply of LEU-based Product by NTP and its Subcontractor and an associated increase in demand from Lantheus.  To the extent that the total volume of LEU-based Product available for sale by NTP and its Subcontractor is not (or will not be) sufficient to meet all customer orders for any reason on any given ****, NTP and its Subcontractor shall supply Lantheus’ orders **** by providing Lantheus with at least (i)  **** of the Supply Available (as defined below) on ****, plus, (ii) if the shortage on **** was reasonably foreseeable as of the ****, **** of the Supply Available on the **** that was not utilized to fulfill Lantheus’ orders for **** (calibrated in accordance with Section 2.5 as of ****), up **** (referred to herein as a “****”).  An illustration of the calculation of **** is set forth in Exhibit B.  For purposes of clarity, the Parties acknowledge and agree that, in the event of an outage or supply shortage affecting Lantheus’ supply of Product, any amounts of Product ordered by Lantheus hereunder on **** (including ****) shall be filled by NTP and its Subcontractors with LEU-based Product on a ****.  The Parties further acknowledge and agree that NTP’s and its Subcontractor’s supply of LEU-based Product to Lantheus on a **** and the purchase volume commitments set forth in Section 2.1(b) are essential to the purpose of this Agreement (including, but not limited to, the extended term set forth herein).  NTP and its Subcontractor shall use their best efforts to supply any amounts of LEU-based Product ordered by Lantheus, with the understanding that NTP’s or its Subcontractor’s ability to completely supply such LEU-based Product may be affected by their scheduled outages for routine maintenance or unscheduled outages or failures of production lines (provided that nothing in this sentence affects NTP’s and its Subcontractor’s obligations to coordinate Product supply during outages or shortages and to allocate available Product supply to Lantheus in accordance with the requirements of this Agreement).  The Parties will work together in good faith to establish supply schedules for the production and supply of LEU-based Product from NTP and its Subcontractor based on the market demand for the manufacture and supply of Lantheus’ Technetium-99m generators.  NTP and its Subcontractor will also ensure the segregation of HEU and LEU-based Product when a mix of such Product is delivered to Lantheus in one aggregate shipment.  The Parties acknowledge and agree that the levels of LEU-based Product set forth in this Section 2.1(d) shall not be construed as a “take-or-pay” or minimum volume requirement that otherwise modifies Section 2.1(b) hereof.  
As used in this Agreement, the term **** means, for any ****, a percentage (not to exceed **** percent (****%)) equal to:

(i) the actual aggregate number of curies of Product purchased **** from NTP and its Subcontractors on **** of the **** over the immediately preceding **** (****) full calendar ****, 
divided by 
(ii) the actual aggregate number of curies of Product purchased by **** from NTP and its Subcontractors on **** of the **** over the immediately preceding **** (****) full calendar ****; 
ignoring, for purposes of this ****calculation, any periods of extended shutdown of NTP’s and/or its Subcontractor’s facilities during which Lantheus did not receive its full orders but which, if included for purposes of this calculation, would have the effect of reducing Lantheus’ ultimate ****.
As used in this Agreement:
(i) the term “Supply Available” means, for any given ****, the aggregate number of curies of Product actually available at NTP and its Subcontractor for delivery on **** to ****; 
(ii) the term **** means, for any given ****, Lantheus and each **** ordering Product for delivery (or use in technetium generators sold) in ****, with delivery of such order scheduled for ****;
(iii) the term **** means, for any given ****, Lantheus and each **** ordering Product for delivery (or use in technetium generators sold) ****, with delivery of such order scheduled for ****;
provided that, for clarity, NTP and each of its Subcontractors will each be deemed to be ****.
As used in this Agreement, the term “best efforts” means (a) taking all steps necessary and proper to achieve the relevant objective, (b) attempting all reasonably feasible alternatives with immediacy and urgency and (c) carrying out such activities to their logical conclusions, in the case of each of clauses (a)-(c), in a good faith, sustained manner that (i) gives due deference to Lantheus’ specifically negotiated rights and interests under this Agreement and (ii) is consistent with the highest standards of care, diligence, judgment and skill exercised by the best suppliers of molybdenum-99m in the world.  Solely for purposes of illustration, the use of best efforts may, in certain specific facts and circumstances, require NTP and its Subcontractor to take actions such as the following: (v) NTP and its Subcontractor at all times maintaining sufficient levels of targets, fuel rods, irradiation and processing capacity, staffing, subject matter experts, containers, logistics arrangements and other resources to ensure NTP and its Subcontractor will be in a position to, and actually will, satisfy all of the Product orders submitted by Lantheus, (w) ****, (x) coordinating fulfillment obligations among NTP, its Subcontractor and their backup suppliers, (y) if it is reasonably foreseeable that one or more specific shipments may be untimely, at Lantheus’ request, turn over the responsibility for coordinating logistics for those specific shipments and (z) giving immediate notice to Lantheus whenever any of the foregoing undertakings cannot be met.  Nothing in the foregoing definition of best efforts is intended to restrict or limit NTP or its Subcontractor’s obligations to undertake other efforts or actions in this Agreement. 

		
	(g)
	Section 2.1(g) of the Existing Agreement is hereby amended and restated in its entirety as follows:

Compliance with requirements of Section 2.1 will be confirmed at the end of the second and fourth quarters of each calendar year, at which time NTP will furnish to Lantheus a certificate, executed by a duly authorized officer of NTP stating that such officer has reviewed the supply of Product during such period and that NTP and its Subcontractors have complied with Section 2.1.  Lantheus will have the right to audit NTP’s and its Subcontractor’s compliance with those provisions through an independent third party that has entered into a nondisclosure agreement in favor of NTP and/or its Subcontractors, as applicable, in reasonable, customary form that permits disclosure by that third party to Lantheus of (i) the fact that NTP and its Subcontractors have complied with those provisions and (ii) the underlying facts of any instances of noncompliance (provided that in no event will the names of NTP’s or its Subcontractor’s customers be disclosed to Lantheus).  Non-compliance with Section 2.1(d)-(i) or the third sentence of Section 2.1(c) will constitute a material breach of this Agreement.
		
	(h)
	The first and second sentences of Section 2.1(h) of the Existing Agreement are hereby amended and restated as follows:

NTP represents, warrants, acknowledges and covenants to Lantheus that, as of the Amendment Effective Date and throughout the term of this Agreement:
(i)    NTP Supply Agreements.  It has entered into (A) a backup supply agreement with IRE that supports (and that compels IRE to support) NTP and its Subcontractor to fully perform all of their obligations and supply Product to Lantheus under this Agreement (as may be amended, modified, supplemented, renewed or superseded from time to time, the “NTP/IRE Backup Supply Agreement”) and (B) a supply agreement and a license agreement with ANSTO/ANM that enables (and that compels ANSTO/ANM to enable) NTP and its Subcontractor to fully perform all of their obligations and supply Product to Lantheus under this Agreement, including by imposing on ANSTO/ANM obligations which are the same, in all material and operationally-relevant respects, as those imposed on NTP and its Subcontractor in this Agreement, for the benefit of Lantheus (the agreements described in clause (B) (as may be amended, modified, supplemented, renewed or superseded from time to time) are referred to, collectively, as the “NTP/ANSTO Supply Agreements”) (the NTP/IRE Backup Supply Agreement and the NTP/ANSTO Supply Agreements are referred to, collectively, as the “NTP Supply Agreements”).
(ii)    Enforceability.  Each of this Agreement and the NTP Supply Agreements (A) has been duly executed and delivered by NTP and the relevant counterparty thereto and (B) constitutes, and throughout the term of this Agreement will continue to be effective and will continue to constitute, NTP’s and that counterparty’s legal, valid and binding obligation, each enforceable between NTP and that counterparty in accordance with its respective terms.  The execution, delivery and performance by NTP and that counterparty of that agreement does not and will not (1) violate or conflict with, result in a breach of, or constitute a default (or an event which, with or without notice or lapse of time or both, would constitute a default) under, any contract to which NTP, that counterparty or any of their respective affiliates is a party or by which NTP, that counterparty or any of their respective affiliates is bound, including any of the other NTP Supply Agreements, (2) violate any law applicable to NTP, that counterparty or any of their respective affiliates or (3) violate or conflict with any provision of the organizational documents of NTP, that counterparty or any of their respective affiliates.

(iii)    No Adverse Modifications.  None of the NTP Supply Agreements nor any of their respective provisions will be amended, modified, terminated, waived, enforced or (upon expiration) not renewed on the same terms, to the extent doing so would be to the direct or indirect detriment of Lantheus (i.e., in any manner that adversely affects (or that could adversely affect) NTP’s and its Subcontractor’s ability to fully perform their obligations and supply Product to Lantheus in accordance with this Agreement) (each such event, an “Material Adverse Event”) without Lantheus’ prior written approval.  The Parties acknowledge that NTP is negotiating a new agreement with ANSTO/ANM, including but not limited to a “back-to-back” supply agreement, to replace one or more of the current NTP/ANSTO Supply Agreements upon their current expiration on ****, that will impose on ANSTO/ANM obligations which are the same, in all material and operationally-relevant respects, as those imposed on NTP and its Subcontractor in this Agreement and that has a term contemporaneous with the entire term of this Agreement, for the benefit of Lantheus.  For clarity, ****  In the event that a Material Adverse Event occurs or is reasonably likely to occur, NTP will notify Lantheus immediately by telephone and follow up in writing promptly with a reasonably detailed explanation of the situation and the Material Adverse Event.  NTP will keep Lantheus fully and promptly apprised of all significant developments in such matters.  NTP will take all actions necessary to eliminate the Material Adverse Event as soon as possible.  The Material Adverse Event will constitute a material breach of this Agreement and, because of the risk introduced into Lantheus’ Product supply chain, for as long as such Material Adverse Event remains in effect, ****.  
(iv)    Counterparty Breach.  In the event that any counterparty to any of the NTP Supply Agreements either (x) breaches any of its obligations to NTP under that NTP Supply Agreement and/or (y) takes, fails to take, or is unwilling to take, any other actions, the result of which adversely affects (or could adversely affect) NTP’s and/or its Subcontractor’s ability to fully perform their obligations and supply Product to Lantheus in accordance with this Agreement (each such event described in clauses (x) through (y), but subject to the last sentence of this clause (iv) below, a “Counterparty Breach”) (the counterparty associated with a Counterparty Breach, the relevant “Breaching Counterparty”), then:
(A)    NTP will notify Lantheus immediately by telephone and follow up in writing promptly with a reasonably detailed explanation of the situation and the Counterparty Breach, 
(B)    NTP will keep Lantheus fully and promptly apprised of all significant developments in such matters; and
(C)    (1) NTP will enforce its rights against that Breaching Counterparty under all NTP Supply Agreement(s) with that Breaching Counterparty to the fullest extent (including, without limitation, by **** and (2) NTP will take all other actions, and use its best efforts to compel that Breaching Counterparty to take all actions, in the case of each of clauses (1) and (2), in an expeditious and diligent manner, to the extent necessary to (I) fully perform (and to ensure NTP and its Subcontractor are performing and remain able and willing to perform) their obligations and supply Product to Lantheus under this Agreement and (II) fully compensate Lantheus for all direct and incidental damages (including reasonable attorneys’ fees) incurred by Lantheus as a result of the Counterparty Breach.  
Notwithstanding anything to the contrary, a failure to fully perform and supply Product to Lantheus in accordance with this Agreement will not constitute a Counterparty Breach if (i) such failure resulted from a scheduled outage for routine maintenance or an unscheduled outage or failure of production line, and (ii) such failure (and the underlying outage or production line failure) did not arise as a result of NTP’s or the Counterparty’s intentional 

or negligent act or omission, and (iii) such failure (and the underlying outage or production line failure) was outside the reasonable control of NTP and the Counterparty, and (iv) NTP and its Subcontractor have complied with their obligations under Sections 2.1(d), (e), (f), (h) and (i) and the last sentence of Section 2.1(c).
(v)    Indirect Enforcement Rights.  (A) It is crucial to ensure that Lantheus’ interests in a diversified, balanced, reliable and responsive Product supply chain (as expressed through the terms and conditions of this Agreement) are fully addressed by NTP and its Subcontractor; (B) as such, it is necessary for Lantheus to have a right, but not the obligation, to be involved in or jointly control the enforcement by NTP of its rights under the NTP/ANSTO Supply Agreements against ANSTO/ANM; (C) each of the Parties acknowledges its preference is to attempt to resolve any Counterparty Breach situation with a Breaching Counterparty amicably and cost effectively, utilizing litigation only as a measure of last resort; (D) the Parties acknowledge that NTP will first attempt to resolve any Counterparty Breach situation with a Breaching Counterparty in an amicable manner (i.e., discussions and negotiations) before resorting to litigation, if appropriate; and (E) therefore, if (1) Lantheus in good faith believes that NTP’s efforts to resolve a Counterparty Breach in an amicable manner is ****, then NTP will provide more frequent and detailed updates about the matter and NTP will in good faith consider permitting Lantheus to be directly involved in the discussions and negotiations with the Breaching Counterparty to seek a resolution of the matter, and (2) if NTP **** to the extent necessary to cause ANSTO/ANM to (I) fully perform (and to ensure NTP and its Subcontractor are performing and remain able and willing to perform) their obligations and supply Product to Lantheus under this Agreement and (II) fully compensate Lantheus for all direct and incidental damages (including reasonable attorneys’ fees) incurred by Lantheus as a result of the Counterparty Breach in an expeditious or diligent manner (as mutually determined by NTP and Lantheus, each acting reasonably and in good faith and giving due deference to Lantheus’ specifically negotiated rights and interests under this Agreement), then Lantheus will have the right (exercisable upon **** (****) business days’ written notice to NTP or less, if required to preserve Lantheus’ rights under the circumstances), but not the obligation, to confer with, to be directly apprised by, and/or to control (jointly with NTP, each acting reasonably and in good faith), the legal and other counsel representing NTP in such matter (which counsel must be mutually acceptable to NTP and Lantheus, each acting reasonably and in good faith, and must be appointed in accordance with NTP’s internal processes), and NTP will instruct such counsel to take direction from Lantheus, all at NTP’s sole cost and expense; provided that, in the event that the Parties cannot reach mutual agreement regarding whether resolution of a Counterparty Breach is being expeditiously and diligently pursued under clause (E)(2) above, then Lantheus will have the right to control such counsel ****.  In furtherance of the forgoing, NTP will (and will cause such counsel to) (x) fully and promptly cooperate with Lantheus in such matters, (y) keep Lantheus fully and promptly apprised of all significant developments in such matters and (z) provide to Lantheus copies of, and full access to, all documentation and other information relating to such matter, including copies of the NTP/ANSTO Agreements under reasonable conditions of confidentiality and privilege, and related correspondence.  NTP will notify Lantheus in writing reasonably in advance of filing a lawsuit against a Breaching Counterparty, and Lantheus shall have the option to exercise its rights under this clause (v) in connection with the filing of that lawsuit.
(vi)    Remedies for a Continuing Counterparty Breach.  Throughout the period during which a Counterparty Breach is continuing and not resolved in a manner that (A) assures NTP and its Subcontractor will fully perform their obligations and supply Product to Lantheus under this Agreement and (B) fully compensates Lantheus for all direct and incidental damages (including reasonable attorneys’ fees) incurred by Lantheus as a result of the Counterparty Breach, (x) NTP shall have the option to source Product from an alternate supplier of Product (the use of which is approved by the U.S. Food and Drug Administration 

in the manufacture of Lantheus’ TechneLite®) and NTP will supply that Product to Lantheus at the ****, but (y)  for any period during which NTP is unable to source such alternative supply for any reason (including during the pendency of any required U.S. Food and Drug Administration approval), Lantheus may itself proceed to source substitute Product from an alternate supplier and (in the case of this clause (y)) the following will apply:
		
	(1)
	****, to partly compensate Lantheus for its additional efforts in securing substitute Product supply from an alternate supplier; provided that, once the Counterparty Breach is fully resolved and Lantheus is fully compensated (as contemplated above), ****; and

		
	(2)
	****

(vii)    Solvency and Financial Ability.  NTP is and will continue to be solvent, and it has and will continue to have sufficient financial resources to perform its obligations under this Agreement, including this Section 2.1(h).
(viii)    Equitable Remedies.  Irreparable damage would occur if any provision of this Agreement were not performed by NTP and its Subcontractor in accordance with the terms of this Agreement and that Lantheus will be entitled to specific performance of the provisions of this Agreement and provisional remedies, in addition to any other remedy to which it is entitled under this Agreement, at law, in equity, by statute, in any other agreement between the Parties or otherwise.
(ix)    Cumulative Remedies.  All of Lantheus’ rights and remedies provided in this Agreement are cumulative and not exclusive, and the exercise by it of any right or remedy does not preclude its exercise of any other rights or remedies that may now or subsequently be available under this Agreement, at law, in equity, by statute, in any other agreement between the Parties or otherwise.
(x)    Essential Purpose.  This Section 2.1(h) and the existence, legal effectiveness and performance by NTP and its counterparties of each of the NTP Supply Agreements are essential to the purposes of this Agreement, and Lantheus would not have entered into this Agreement in the absence of this Section 2.1(h) or those NTP Supply Agreements.
		
	(i)
	Section 2.1(i) of the Existing Agreement is hereby amended by replacing the phrase “on a **** basis” with the phrase “on a **** basis.”

		
	(j)
	Section 3.1 of the Existing Agreement is hereby amended to replace the phrase “the supply schedule provided pursuant to Section 2.2” with the phrase “its purchase order.”

		
	(k)
	A new Section 3.8 of the Existing Agreement is hereby added as follows:

Notwithstanding anything to the contrary in this Section 3, (a) if Lantheus requests, NTP and/or its Subcontractor will use Lantheus’ designated freight forwarder to arrange shipment of Product and, (b) if Lantheus requests, Lantheus will assume responsibility for arranging transportation of Product at a designated point, in which case, title and risk of loss will transfer to Lantheus at the point at which Product is loaded onto Lantheus’ designated carrier.  In such an event, with respect to any particular Product shipment, Lantheus will be entitled to communicate and coordinate directly with NTP or its Subcontractor, as applicable (i.e., 

whichever supplier from which that originates), the freight forwarder and the transport company with respect to that shipment.
		
	(l)
	A new Section 10.3 of the Existing Agreement is hereby added as follows:

Notwithstanding any of the provisions of this Agreement, (a) NTP’s liability in respect of all claims for damages and losses instituted against NTP by Lantheus in terms of this Agreement shall be limited to direct and incidental damages actually suffered by Lantheus as a result of NTP’s or its Subcontractor’s negligence, willful misconduct or material breach of this Agreement, and (b) Lantheus’ liability in respect of all claims for damages and losses instituted against Lantheus by NTP or its Subcontractor in terms of this Agreement shall be limited to direct and incidental damages actually suffered by NTP or its Subcontractor as a result of Lantheus’ negligence, willful misconduct or material breach of this Agreement. 
		
	(m)
	Section 5.1(a) of the Existing Agreement is hereby amended and restated in its entirety as follows:

Commencing on the Amendment Effective Date and continuing through the term of this Agreement, but subject to the last two paragraphs of this Section 5.1(a), the unit price of Product to be invoiced to Lantheus by NTP shall be the applicable price per Curie (at the calibration date and time) set forth in the table below (the “Invoice Price”).  The calibration date and time shall be in accordance with Section 2.5.
	
			
	Time Period
	Invoice Price Per Curie of  
NTP-Supplied Product
	Invoice Price Per Curie of  
Subcontractor-Supplied Product*

	**** 
through and including ****
	$****
	$****

	****  
through and including ****
	$****
	$****

	****  
through and including ****
	$****
	$****

	**** 
 through and including ****
	$****
	$****

		
	*
	The Invoice Price for Subcontractor-supplied Product ****:

		
	(i)
	the Invoice Price for Subcontractor-supplied Product will be first ****, on a prospective basis, for purchase orders issued on and after the date on ****;

		
	(ii)
	the Invoice Price for Subcontractor-supplied Product will next ****, on a prospective basis, for purchase orders issued on and after the date on ****; 

		
	(iii)
	the Invoice Price for Subcontractor-supplied Product will next ****, on a prospective basis, for orders placed on and after the date on ****;

		
	(iv)
	the Invoice Price for Subcontractor-supplied Product will next ****, on a prospective basis, for orders placed on and after the date on ****; and

		
	(v)
	thereafter, the Invoice Price for Subcontractor-supplied Product will ****;

provided, however, that the Invoice Price for Subcontractor-supplied Product will ****.  
For purposes of clauses (iii) and (iv) above, the term “Satisfactory Performance” means “Silver-level performance” (as described on Exhibit A to the Amendment) in reference to Subcontractor-supplied Product only (but including on a backup basis to cover any NTP outages or shortages), and ignoring for such purposes any Delivery Failures (as defined on Exhibit A to the Amendment) otherwise directly caused by NTP or relating to NTP-supplied Product only.
For the avoidance of doubt, the price per Curie of Product for Product ordered for delivery during the period from **** through the **** before the **** is as set forth in the invoice previously received by Lantheus.  
Notwithstanding anything to the contrary in this Agreement, (i) from the **** and until the earlier of (A) **** and (B) ****, the **** per Curie of Product will be **** **** Curie of Product ****, mutatis mutandis.  Once **** into and/or the **** is no longer in effect, as applicable, the **** per Curie of Product will **** to the **** per Curie of Product applicable under the other provisions of this Section 5.1(a).
		
	(n)
	Section 5.1(b) of the Existing Agreement is hereby amended and restated in its entirety as follows:

(i)    To mitigate the period of increased Product supply volatility tied to the implementation of the double run capability at NTP and the startup of additional Subcontractor-capacity at the Subcontractor, the provisions set forth in Exhibit A to the Amendment will apply from the Amendment Effective Date until the Compliance Date (the “Incentive Program Term”), to provide monetary incentives and reward NTP for delivering Lantheus’ normal orders on time and in the quantities ordered and **** for **** to Lantheus in **** (the “Incentive Program”). 
(ii)    The Parties agree that Lantheus will not be responsible for paying for ****, except to the extent used to fill:
(A)    ****; or
(B)    ****; provided, however, that (i) Lantheus agrees in advance to pay **** and (ii) NTP and its Subcontractor will not burden Lantheus with the ****.
For clarity, Lantheus will **** only as follows:
****
*    Purchase orders issued to NTP and its Subcontractor ****.
**    Purchase orders issued to NTP and its Subcontractor for ****.
(iii)    In the event that Lantheus has the opportunity to ****, at Lantheus’ request, the Parties will negotiate reasonably and in good faith potential, mutually beneficial adjustments to the terms of the Agreement in order to enable Lantheus to ****.  In the event that Lantheus sources Product from another supplier for this purpose, ****.
(iv)    Separately, to the extent that Lantheus’**** during any **** as compared to the **** Lantheus will make to NTP ****.  Conversely, to the extent that Lantheus’ ****.  For the avoidance of doubt, changes in the ****.  For clarity, Exhibit C to the Amendment provides illustrative examples.

For the avoidance of doubt, NTP will invoice Lantheus for Product at the applicable Invoice Price set forth in the table above.
The calculations in this Section 5(b)(iv) will be based on specially-prepared, TechneLite® generator product-level financial statements prepared by Lantheus in accordance with U.S. generally accepted accounting principles, consistently applied, and Lantheus will furnish to NTP on an annual basis a certificate, executed by a duly authorized officer of Lantheus stating whether and to what extent this Section 5.1(b)(iv) is triggered.  NTP will have the right to audit such financial statements through an independent third party that has entered into a nondisclosure agreement in favor of Lantheus in reasonable, customary form that permits disclosure by that third party to NTP of the aggregate amount of any discrepancies found (provided that in no event will the amounts of individual line items be disclosed to NTP).  
In addition, within **** (****) days after the end of each ****, Lantheus will notify NTP and its Subcontractor whether it has actually accrued in its financial statements ****for that **** and, if so, the amount of that accrual.  
The ****for any given **** will be due within **** (****) days after the date on which Lantheus files its annual report on Form 10-K for that year with the U.S. Securities and Exchange Commission.  
Notwithstanding the foregoing, no **** will be due to NTP and its Subcontractor with respect to any year in which (i) the Baseline (as defined in Exhibit A to the Amendment) for a “model week” **** by more than **** percent (****%) of that initial level or (ii) Lantheus’ **** on TechneLite® generator sales is within ****and **** (****) percentage points lower than the ****.
		
	(o)
	Section 5.1(c) of the Existing Agreement is hereby deleted in its entirety.

		
	(p)
	Section 5.1(d) of the Existing Agreement is hereby amended and restated as follows:

For so long as Lantheus has satisfied its purchase volume commitments set forth in Section 2.1(b) as measured with reference to the average volume of Curies purchased over the immediately preceding **** period and Lantheus is **** as measured during such period (as calculated consistent with calibrations as set out in Section 2.5), the prices payable by Lantheus for Product **** than the purchase price (as calculated consistent with calibration as set out in Section 2.5) paid by **** from NTP or its Subcontractors for delivery into or use ****, regardless of whether such delivery or use is direct or indirect.  For purposes of calculating the purchase price paid **** in order to determine if any price adjustment shall be made hereunder, the Parties agree that the purchase price paid by **** will be calculated after giving effect to all rebates, discounts, and similar pricing concessions or incentives available to **** (but excluding ****) and after giving effect to all incentives (whether relating to ****) paid or payable to NTP and/or its Subcontractor, and, if such purchase price is paid in a currency different from the United States dollar pursuant to a written contract or spot order, such purchase price shall be determined using the exchange rate of the United States dollar against such different currency applicable to such purchases as of the date of entering into, or modifying the pricing-related terms of, such contracts or spot orders. For the sake of clarity, no such price adjustment shall apply where **** paid by ****, in US dollar terms, (i) occurs solely after **** and (ii) are solely caused by ****. In addition, noncompliance with the foregoing provisions will result in a **** the price payable by Lantheus for Product hereunder only during the period in which the purchase price of ****.  Compliance with requirements of this Section 5.1(d) will be confirmed at the end of 

**** of each ****, at which time NTP will furnish to Lantheus a certificate, executed by a duly authorized officer of NTP stating that such officer has reviewed the sales of such Product during such period and that NTP and its Subcontractors have complied with this Section 5.1(d).  Lantheus will have the right to audit NTP’s and its Subcontractor’s compliance with this Section 5.1(d) through an independent third party that has entered into a nondisclosure agreement in favor of NTP and/or its Subcontractors, as applicable, in reasonable, customary form that permits disclosure by that third party to Lantheus of (i) the fact that NTP and its Subcontractors have complied with this Section 5.1(b) and (ii) the underlying facts of any instances of noncompliance (provided that in no event will the names of NTP’s or its Subcontractor’s customers be disclosed to Lantheus).  To the extent it is determined that NTP is not in compliance with this Section 5.1(d), NTP will adjust the pricing payable by Lantheus and credit Lantheus with the difference between the price paid by Lantheus and the amount otherwise contemplated by this Section 5.1(d).
		
	(q)
	The last sentence of Section 8.1 of the Existing Agreement is hereby deleted in its entirety.

		
	(r)
	A new Section 10.2 is hereby added to the Existing Agreement:

(a)    In the event that (i) NTP is required to **** arising solely as a result of **** and (ii) the conduct of NTP that serves as a basis of such action or claim did not adversely affect Lantheus (such action or claim meeting the requirements of clauses (i) and (ii), an “NTP Qualifying Action”), then Lantheus shall reasonably assist NTP (initially, at NTP’s reasonable cost and expense) in defending against such NTP Qualifying Action.  If NTP is finally adjudicated by a **** court of competent jurisdiction to be liable in such NTP Qualifying Action (or, with Lantheus’ prior consent (not to be unreasonably withheld, conditioned or delayed), settles such NTP Qualifying Action), then each of the Parties shall ****.  For the avoidance of doubt, Lantheus will not be responsible for any ****.
(b)    In the event that (i) Lantheus is required to **** arising solely as a result of **** and (ii) the conduct of Lantheus that serves as a basis of such action or claim did not adversely affect NTP (such action or claim meeting the requirements of clauses (i) and (ii), a “Lantheus Qualifying Action”), then NTP shall reasonably assist Lantheus (initially, at ****) in defending against such Lantheus Qualifying Action.  If Lantheus is finally adjudicated by a **** court of competent jurisdiction to be liable in such Lantheus Qualifying Action (or, with NTP’s prior consent (not to be unreasonably withheld, conditioned or delayed), settles such Lantheus Qualifying Action), then each of the Parties shall ****.  For the avoidance of doubt, NTP will not be responsible for any ****.
		
	(s)
	Section 11.1 of the Existing Agreement is hereby amended by (i) replacing “31st Day of December 2017” with “31st Day of December 2020” and (ii) inserting the following as the last sentence of Section 11.1:

At any Party’s request, the Parties will negotiate reasonably and in good faith a further proposed amendment to the Agreement pursuant to which (i) the term of the Agreement would be extended through the ****, (ii) Lantheus would commit to purchase ****% or more of its Product demand in each of those calendar years from NTP and its Subcontractors and (iii) the **** price per Curie of Product (i.e., ****) would be reset to **** (which will be determined using the same method described under Section 5.1(d)), subject to a cap on such **** of **** percent (****%) of ****.  

		
	(t)
	Section 13.10 of the Existing Agreement is hereby amended by adding the following sentence to the end of that section:

Notwithstanding anything to the contrary, this Section 13.10 does not prohibit any announcement that may be required by applicable law, regulation or order of a governmental authority of competent jurisdiction.
		
	3.
	General.  Except as specifically amended by this Amendment, the Existing Agreement remains in full force and effect and otherwise unamended by this Amendment.  This Amendment constitutes a final written expression of the terms hereof and is a complete and exclusive statement of those terms.  This Amendment shall be governed by and construed in accordance with the laws of England, without reference to the choice of laws rules of any jurisdiction.  

[The remainder of this page is left blank intentionally.]

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date first written above.
For and on behalf of NTP:
NTP Radioisotopes (SOC) Ltd.

/s/ Thabo Tselane 
                            Thabo Tselane 
                            Acting Group Managing Director

For and on behalf of Lantheus:
Lantheus Medical Imaging, Inc.

/s/ Mary Anne Heino 
Mary Anne Heino 
President and Chief Executive Officer

Exhibit A
Incentive Program
To mitigate the period of increased Product supply volatility tied to the implementation of the double run capability at NTP and the startup of Subcontractor capacity at Subcontractor, this Incentive Program will apply during the Incentive Program Term to provide monetary incentives and reward NTP for delivering Lantheus’ normal orders on time and in the quantities ordered and for allocating available supply to Lantheus in shortage situations.  
		
	1.
	Baseline Curies.  The Parties will, acting reasonably and in good faith, agree to a baseline number of Curies for each ***** of Product production during a ***** that is necessary to satisfy Lantheus’ forecasted Product requirements under the Agreement for that “model ****” (with respect to each such ***** as updated from time to time, its “Baseline Curies” and, on a ***** basis, the “Baseline”) during the period from the Amendment Effective Date through ****; provided that (i) the initial level of Baseline Curies will reflect no less than the number of Curies of Product that Lantheus requested from NTP and its Subcontractor on each ***** during the **** and ****; and (ii)(A) on ****, the Parties will, acting reasonably and in good faith, update the level of Baseline Curies for each *****in order to reflect any ***** in Lantheus’ forecasted Product requirements, and NTP’s and its Subcontractor’s reasonable best ability to supply such *****, for each ***** during the upcoming **** (****) month period; and (B) any such updates will be effective as of each ****, as applicable, unless otherwise agreed.

		
	2.
	**** Performance Evaluation.  At the end of each ***** (each, a *****), NTP and its Subcontractor’s daily Product supply performance during that ***** will be compared against each corresponding purchase order (or portion thereof) placed by Lantheus to the extent reflecting no more than the Baseline Curies for **** in the ***** (each such corresponding purchase order (or portion thereof), a “Normal PO”).  For clarity, in the event that Lantheus’ Product supply requirements increase after the Parties have already reached agreement on the applicable Baseline Curies, but before the next period during which the Baseline Curies are due to be updated in accordance with Section 1 above (for instance, as a result of *****), the Parties will still refer to that initial, agreed upon level of Baseline Curies for purposes of evaluating NTP and its Subcontractor’s Product supply performance under this Incentive Program until the updated level of Baseline Curies takes effect.

		
	3.
	Incentive Payments.  

		
	(a)
	For Normal Supply.  For each *****, NTP will be entitled to an incentive payment in an aggregate amount equal to:

		
	(i)
	the number of weeks (“Weeks”) in that ***** in which no Delivery Failure (as defined below) occurred and no Event of Force Majeure (as defined in the Existing Agreement) occurred,    

 

 
     multiplied by 
		
	(ii)
	the applicable “Weekly Amount” set forth in the table below:

	
			
	Performance Level  
for the ****
	No. of Weeks **** With At Least One  
Delivery Failure
	Weekly Amount

	Gold
	****
	$****

	Silver
	****
	$****

	Bronze
	****
	$****

	Other
	****
	$****

		
	(b)
	For Backup Supply.  In addition to any incentive payments payable under Section 3(a) above, for each *****, NTP will be entitled to an additional, $**** incentive payment for each Week in that ***** in which NTP and its Subcontractor supplies to Lantheus on a timely basis all Curies of Product that Lantheus specifies in a supplemental purchase order to cover *****.  For clarity, NTP and its Subcontractor can earn incentive payments for ***** under this Section 3(b), regardless of whether they have earned incentive payments for Normal POs under Section 3(a) above for the same *****.

		
	(c)
	Illustrative Example.  For illustrative purposes only:

if NTP and its Subcontractor fulfilled all **** (except for **** Delivery Failures and an Event of Force Majeure that delayed an entire Product shipment, each occurring in separate ***) and fulfilled ***** in **** separate ****during the *****, as follows:
	
														
	**** #
	1
	2
	3
	4
	5
	6
	7
	8
	9
	10
	11
	12
	13

	*****
	****
	****
	****
	****
	****
	****
	****
	****
	****
	****
	****
	****
	****

	*****
	****
	****
	****
	****
	****
	****
	****
	****
	****
	****
	****
	****
	****

Key:    ü = delivery fulfilled        DF = Delivery Failure        EoFM = Event of Force Majeure that prevents delivery        
then NTP would be entitled to $**** in incentive payments, calculated as follows:
	
			
	 
	Incentive Payments for ****
	 

	**** Amount
	No. of **** for which 
Incentive Payments are Earned
	Total Incentive Payments  
Earned for **** in *****

	Only **** Delivery Failures
ü ****-level performance

**** Amount = $****
	

       *****
     – **** with Delivery Failures
     – **** with an Event of Force Majeure    that prevents delivery      

**** for which incentive payments are earned the ***** 
	$***** 10 Weeks

= $**** in performance incentives 
 in ****

	
			
	 
	Incentive Payments for Filling *****
	 

	**** Amount
	No. of **** for which 
Incentive Payments are Earned
	Total Incentive Payments  
Earned for *****

	**** Amount = $****
	**** in which ***** were fulfilled
	 
$**** * ****

= $**** in performance incentives 
 ***** 

		
	4.
	*****.  Incentive payments earned for any ***** will be aggregated and become due and payable **** (****) **** after the end of that *****.

		
	5.
	Miscellaneous.  For purposes of these provisions:

		
	(a)
	A “Delivery Failure” occurs whenever any of the following occurs:

		
	(i)
	NTP and its Subcontractor fail to supply to Lantheus on a timely basis any Curies of Product specified in any **** (other than as a result of an Event of Force Majeure); or 

		
	(ii)
	Lantheus issues a purchase order reflecting a number of Curies of Product *****, simply in order to obtain (as of Lantheus’ corresponding **** of TechneLite® generator manufacture and after taking into account *****) a number of Curies of Product equal to the Baseline Curies (e.g., *****). 

		
	(b)
	Delivery of Product is considered “timely” only if it arrives at Lantheus’ dock on its delivery date within **** (****) ****of its scheduled delivery time, each as indicated in the applicable purchase order. 

		
	(c)
	Notwithstanding anything to the contrary, in the event that Lantheus’ total requirements for Product across all suppliers ***** more than **** percent (****%) of its requirements as of signing for **** (****) ****, then this Incentive Program will automatically terminate.  

		
	(d)
	Notwithstanding anything to the contrary, no incentive payments under the Incentive Program will be earned with respect to any Week in which *****.

Exhibit B
Illustration of ***** Calculations
	
											
	Example #1: Assuming a **** on **** that was reasonably foreseeable as of the **** (i.e., ****) before that ****.

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	**** of the **** on which Shortage Occurs
	No. of Curies Ordered by Lantheus 
for ****
	No. of Curies Purchased by  
***** 
on **** 
(over the **** full calendar ****)
	No. of Curies  
Purchased by  
***** 
on ****  
(over the **** full calendar ****)
	Lantheus'  
***** 
on ****
	Total 
“Supply Available” for ***** 
on ****
	No. of Curies Representing  
Lantheus'  
***** 
on ****
	Lantheus’  
*****for the **** 
  
minus  
 
No. of Curies Actually Delivered to Lantheus  
for **** 
(pre-decay)
	Lantheus’  
*****for the **** 
 
minus  
 
No. of Curies Actually Delivered to Lantheus  
for ****  
(post-**** of decay)
	Maximum  
No. of Curies Allocated to  
Lantheus  
for ****
	No. of Curies  
to be Delivered  
to Lantheus  
for **** *

	****
	****
	****
	****
	****%
	****
	                 ****
	****
	****
	                 ****
	                 ****

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Example #2: Assuming a shortage on **** that was not reasonably foreseeable as of **** (i.e., ****) before ****.

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	**** of the **** on which Shortage Occurs
	No. of Curies Ordered by Lantheus 
for ****
	No. of Curies Purchased by  
***** 
on **** 
(over the **** full calendar ****)
	No. of Curies  
Purchased by  
***** 
on **** 
(over the **** full **** months)
	Lantheus'  
***** 
on ****
	Total 
“Supply Available”  
on ****
	No. of Curies Representing  
Lantheus'  
***** 
on ****
	Lantheus’  
*****for the **** 
  
minus  
 
No. of Curies Actually Delivered to Lantheus  
for **** 
(pre-decay)
	Lantheus’  
*****for the **** 
 
minus  
 
No. of Curies Actually Delivered to Lantheus  
for ****  
(post-**** of decay)
	Maximum  
No. of Curies Allocated to  
Lantheus  
for ****
	No. of Curies  
to be Delivered  
to Lantheus  
for **** *

	****
	****
	****
	****
	****%
	****
	                 ****
	****
	****
	                 ****
	                 ****

* Note: NTP and its Subcontractor would be able to *****.

Exhibit C
Illustrations of *****
	
								
	For the **** and the ****

	 
	 
	 
	 
	 
	 
	 
	 

	*****  Pricing Scenario
	Reference ***** 
(for ****)
	***** 
(for the ****)
	Change in *****
	Change in *****  
in excess of  
the ***** or ****% *****
	Dollar Value of 
Change in ***** or ****% *****
	Percentage of Lantheus'  
Total Mo-99 Requirements Supplied by NTP/ANM  
(in that period)
	***** 
(for that period)

	Significant Increase
	****%
	****%
	****%
	****%
	 $       ****
	****%
	 $       ****

	Increase
	****%
	****%
	****%
	****%
	 $         **** 
	****%
	 $        ****

	Flat
	****%
	****%
	****%
	****%
	$         ****
	****%
	$         ****

	Decrease
	****%
	****%
	****%
	****%
	 $        ****
	****%
	 $       ****

	Significant Decrease
	****%
	****%
	****%
	****%
	 $      ****
	****%
	 $        ****

	 
	 
	 
	 
	 
	 
	 
	 

	* Assumption: for purposes of simplicity, these illustrations assume a hypothetical ***** and that a **** change in ***** equates to a **** change in *****.

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	For the ****

	 
	 
	 
	 
	 
	 
	 
	 

	*****  Pricing Scenario
	Reference ***** 
(for ****)
	***** 
(for the **** 
*****)
	Change in *****
	Change in ***** or ****% *****
	Dollar Value of 
Change in *****or ****% *****
	Percentage of Lantheus'  
Total Mo-99 Requirements Supplied by NTP/ANM  
(in that year)
	***** 
(for that year)

	Significant Increase
	****%
	****%
	****%
	****%
	 $       **** 
	****%
	$        ****

	Increase
	****%
	****%
	****%
	****%
	$       ****
	****%
	 $        ****

	Flat
	****%
	****%
	****%
	****%
	$       ****   
	****%
	$        ****

	Decrease
	****%
	****%
	****%
	****%
	$       ****
	****%
	$        ****

	Significant Decrease
	****%
	****%
	****%
	****%
	$       ****
	****%
	 $        ****

	 
	 
	 
	 
	 
	 
	 
	 

	* Assumption: for purposes of simplicity, these illustrations assume a hypothetical *****and that a **** (****) ****change in ***** equates to a **** change in *****.EX-4.1

 Exhibit 4.1 
  

 
 RIGHTS AGREEMENT 

Dated as of February 24, 2018 

between 
 Spectrum Brands
Holdings, Inc. 
 and 

COMPUTERSHARE TRUST COMPANY, N.A. 

as Rights Agent 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	Section 1.	 	Definitions	  	 	1	 
			
	Section 2.	 	Appointment of Rights Agent	  	 	7	 
			
	Section 3.	 	Issue of Right Certificates	  	 	7	 
			
	Section 4.	 	Form of Right Certificates	  	 	9	 
			
	Section 5.	 	Countersignature and Registration	  	 	9	 
			
	Section 6.	 	Transfer, Split-up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates	  	 	9	 
			
	Section 7.	 	Exercise of Rights; Purchase Price; Expiration Date of Rights	  	 	10	 
			
	Section 8.	 	Cancellation and Destruction of Right Certificates	  	 	12	 
			
	Section 9.	 	Status and Availability of Preferred Shares	  	 	12	 
			
	Section 10.	 	Preferred Shares Record Date	  	 	12	 
			
	Section 11.	 	Adjustment of Purchase Price, Number of Shares or Number of Rights	  	 	13	 
			
	Section 12.	 	Certificate of Adjustment	  	 	19	 
			
	Section 13.	 	Consolidation, Merger, Sale or Transfer of Assets or Earning Power	  	 	19	 
			
	Section 14.	 	Fractional Rights and Fractional Shares	  	 	20	 
			
	Section 15.	 	Rights of Action	  	 	21	 
			
	Section 16.	 	Agreement of Right Holders	  	 	21	 
			
	Section 17.	 	Right Certificate Holder Not Deemed a Stockholder	  	 	22	 
			
	Section 18.	 	Concerning the Rights Agent	  	 	22	 
			
	Section 19.	 	Merger or Consolidation or Change of Name of Rights Agent	  	 	23	 
			
	Section 20.	 	Duties of Rights Agent	  	 	23	 
			
	Section 21.	 	Change of Rights Agent	  	 	26	 
			
	Section 22.	 	Issuance of New Right Certificates	  	 	27	 
			
	Section 23.	 	Redemption	  	 	27	 
			
	Section 24.	 	Exchange	  	 	28	 
			
	Section 25.	 	Notice of Certain Events	  	 	29	 
			
	Section 26.	 	Notices	  	 	30	 
			
	Section 27.	 	Supplements and Amendments	  	 	31	 
			
	Section 28.	 	Successors	  	 	31	 
			
	Section 29.	 	Benefits of this Agreement	  	 	31	 

  
 - i - 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	Section 30.	 	Severability	  	 	31	 
			
	Section 31.	 	Governing Law	  	 	32	 
			
	Section 32.	 	Counterparts	  	 	32	 
			
	Section 33.	 	Descriptive Headings	  	 	32	 
			
	Section 34.	 	Administration	  	 	32	 
			
	Section 35.	 	Force Majeure	  	 	32	 

  
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 RIGHTS AGREEMENT 

This Rights Agreement (this “Agreement”), dated as of February 24, 2018, is between Spectrum Brands Holdings, Inc., a
Delaware corporation (the “Company”), and Computershare Trust Company, N.A., a federally chartered trust company (the “Rights Agent”). 

The Company has generated certain Tax Benefits for United States federal income tax purposes and the Company desires to avoid an
“ownership change” within the meaning of Section 382 of the Code and to preserve the Company’s ability to utilize such Tax Benefits. 

The Board of Directors of the Company (the “Board of Directors”) has authorized and declared a dividend of one preferred
share purchase right (a “Right”) for each share of Common Stock, par value $0.01 per share, of the Company outstanding on the Close of Business on March 8, 2018 (the “Record Date”) and has authorized the
issuance of one Right with respect to each additional Common Share issued by the Company between the Record Date and the earliest of (i) the Close of Business on the Distribution Date, (ii) the Redemption Date and (iii) the Final
Expiration Date, and additional Common Shares that shall become outstanding after the Distribution Date as provided in Section 22 of this Agreement, each Right initially representing the right to purchase one
one-thousandth of a Preferred Share, subject to adjustment, upon the terms and subject to the conditions hereof. 

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

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

1.1 “Acquiring Person” means any Person (other than an Exempt Person) who or which, together with all Affiliates and
Associates of such Person shall be the Beneficial Owner of 4.9 % or more of the Common Shares of the Company then outstanding, but shall not include (i) the Company, (ii) any Subsidiary of the Company, (iii) HRG Group, Inc., a
Delaware corporation (“HRG”), (iv) any Subsidiary of HRG, (v) any employee benefit plan of the Company or of any Subsidiary of the Company, (vi) any entity holding Common Shares for or pursuant to the terms of any such
employee benefit plan or (vii) any Person who or which, at the time of the first public announcement of this Agreement, is a Beneficial Owner of 4.9% or more of the Common Shares of the Company then outstanding (a “Grandfathered
Stockholder”); provided, however, that if a Grandfathered Stockholder becomes, after such time, the Beneficial Owner of any additional Common Shares then such Grandfathered Stockholder shall no longer be deemed to be a
Grandfathered Stockholder unless, upon such acquisition of Beneficial Ownership of additional Common Shares, such Person is not the Beneficial Owner of 4.9% or more of the Common Shares then outstanding; provided, further, that
upon the first decrease of a Grandfathered Stockholder’s Beneficial Ownership below 4.9%, such Grandfathered Stockholder shall no longer be deemed to be a Grandfathered Stockholder and this clause (vii) shall have no further force or
effect with respect to such Person. For the avoidance of doubt, in the event that after the time of the first public announcement of this Agreement, any agreement, arrangement or understanding pursuant to which any Grandfathered Stockholder is
deemed to be the Beneficial Owner of Common Shares expires, terminates or no longer confers any benefit to 

  
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or imposes any obligation on the Grandfathered Stockholder, any direct or indirect replacement, extension or substitution of such agreement, arrangement or understanding with respect to the same
or different Common Shares that confers Beneficial Ownership of Common Shares shall be considered the acquisition of Beneficial Ownership of additional Common Shares by the Grandfathered Stockholder and render such Grandfathered Stockholder an
Acquiring Person for purposes of this Agreement unless, upon such acquisition of Beneficial Ownership of additional Common Shares, such person is not the Beneficial Owner of 4.9% or more of the Common Shares then outstanding. 

Notwithstanding the foregoing, no Person shall become an Acquiring Person as the result of an acquisition of Common Shares by the Company (or
any other action of the Company or to which the Company is a party having the effect of reducing the number of shares outstanding) which, by reducing the number of shares outstanding, increases the proportionate number of shares Beneficially Owned
by such Person to 4.9% (or such other percentage as would otherwise result in such Person becoming an Acquiring Person) or more of the Common Shares of the Company then outstanding; provided, however, that if a Person would, but for
the provisions of this paragraph, become an Acquiring Person by reason of such action and following such action, such Person becomes the Beneficial Owner of any additional Common Shares of the Company such that the Person is or thereby becomes the
Beneficial Owner of 4.9% (or such other percentage as would otherwise result in such Person becoming an Acquiring Person) or more of the Common Shares of the Company then outstanding (other than as a result of any action of the Company or to which
the Company is a party described in this paragraph), then such Person shall be deemed to be an Acquiring Person. 
 Notwithstanding the
foregoing, if the Board of Directors determines in good faith that a Person who would otherwise be an Acquiring Person has become such inadvertently, and such Person divests as promptly as practicable a sufficient number of Common Shares so that
such Person would no longer be an Acquiring Person, then such Person shall not be deemed to have become an Acquiring Person. Notwithstanding the foregoing, if a bona fide swaps dealer who would otherwise be an “Acquiring Person” has become
so as a result of its actions in the ordinary course of its business that the Board of Directors determines, in its sole discretion, were taken without the intent or effect of evading or assisting any other Person to evade the purposes and intent of
this Agreement, or otherwise seeking to control or influence the management or policies of the Company, then, and unless and until the Board of Directors shall otherwise determine, such Person shall not be deemed to be an “Acquiring
Person.” 
 Notwithstanding the foregoing, no Person shall become an Acquiring Person solely as a result of an Exempt Transaction. 

“Notwithstanding anything in this Agreement to the contrary, none of HRG, HRG SPV Sub I, Inc., a Delaware corporation and direct wholly
owned subsidiary of HRG (“Merger Sub 1”), HRG SPV Sub II, LLC, a Delaware limited liability company and a direct wholly owned subsidiary of HRG (“Merger Sub 2”) or their Subsidiaries, Affiliates or Associates (in
each case excluding the Company and its Subsidiaries, as applicable) shall be, or shall be deemed to be, an Acquiring Person for purposes of this Agreement as a result of one or more of (i) the adoption, approval, execution or delivery of the
Agreement and Plan of Merger, dated as of February 24, 2018, among the Company, HRG, Merger Sub 1 and Merger Sub 2 (the “Merger Agreement”), 

  
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(ii) the public announcement of the Merger Agreement or any of the transactions contemplated by the Merger Agreement (including the Merger (as defined in the Merger Agreement)), or (iii) the
consummation of the Merger or any of the other transactions contemplated by the Merger Agreement (each event described in the preceding clauses (i) through (iii), an “Exempt Event”). 

1.2 “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 promulgated under the Exchange Act, as in effect on the date of this Agreement. 
 1.3 A
Person shall be deemed the “Beneficial Owner” of and shall be deemed to “Beneficially Own,” or have “Beneficial Ownership” of, any securities: 

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

1.3.2 which such Person or any of such Person’s Affiliates or Associates beneficially owns, directly or indirectly, within the meaning of
Rules 13d-3 or 13d-5 promulgated under the Exchange Act, as in effect on the date of this Agreement; 

1.3.3 which such Person or any of such Person’s Affiliates or Associates has (i) the right or ability to vote, cause to be voted or
control or direct the voting of pursuant to any agreement, arrangement or understanding, whether or not in writing; provided, however, that a Person shall not be deemed the Beneficial Owner of, or to Beneficially Own, any security if
the agreement, arrangement or understanding to vote such security (A) arises solely from a revocable proxy or consent given to such Person in response to a public proxy or consent solicitation made pursuant to, and in accordance with, the
applicable rules and regulations promulgated under the Exchange Act and (B) is not also then reportable on a statement on Schedule 13D under the Exchange Act (or any comparable or successor report) or (ii) the right or the obligation
to become the Beneficial Owner (whether such right is exercisable or such obligation is required to be performed immediately or only after the passage of time, the occurrence of conditions or the satisfaction of regulatory requirements) pursuant to
any agreement, arrangement or understanding, whether or not in writing (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities), written or otherwise, or upon
the exercise of conversion rights, exchange rights, rights (other than the Rights), warrants or options, or otherwise, through conversion of a security, pursuant to the power to revoke a trust, discretionary account or similar arrangement, pursuant
to the power to terminate a repurchase or similar so-called “stock-borrowing” agreement or arrangement, or pursuant to the automatic termination of a trust, discretionary account or similar
arrangement; provided, however, that a Person shall not be deemed to be the Beneficial Owner of, or to Beneficially Own, securities tendered pursuant to a tender or exchange offer made pursuant to, and in accordance with, the
applicable rules and regulations promulgated under the Exchange Act until such tendered securities are accepted for purchase or exchange; 

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

1.3.5 which are the subject of, or the reference securities for, or that underlie, any Derivative Position of such Person or any of such
Person’s Affiliates or Associates, with the number of Common Shares deemed Beneficially Owned in respect of a Derivative Position being the notional or other number of Common Shares in respect of such Derivative Position that is specified in
(i) one or more filings with the Securities and Exchange Commission by such Person or any of such Person’s Affiliates or Associates or (ii) the documentation evidencing such Derivative Position as the basis upon which the value or
settlement amount of such Derivative Position, or the opportunity of the holder of such Derivative Position to profit or share in any profit, is to be calculated in whole or in part (whichever of (i) or (ii) is greater), or if no such number of
Common Shares is specified in such filings or documentation (or such documentation is not available to the Board of Directors), as determined by the Board of Directors in its reasonable discretion. 

Notwithstanding anything in this definition of Beneficial Owner to the contrary, the phrase “then outstanding,” when used
with reference to a Person’s Beneficial Ownership of securities of the Company, means the number of such securities then issued and outstanding together with the number of such securities not then actually issued and outstanding which such
Person would be deemed to Beneficially Own hereunder. 
 1.4 “Business Day” means any day other than a Saturday, a Sunday or
a day on which banking institutions in the state of New York are authorized or obligated by law or executive order to close. 
 1.5
“Close of Business” on any given date means 5:00 p.m., New York time, on such date; provided, however, that if such date is not a Business Day, it means 5:00 p.m., New York time, on the next succeeding
Business Day. 
 1.6 “Code” shall mean the Internal Revenue Code of 1986, as amended. 

1.7 “Common Shares,” when used with reference to the Company, means the shares of Common Stock, par value $0.01 per share, of
the Company. “Common Shares,” when used with reference to any Person other than the Company, means the capital stock (or equity interest) with the greatest voting power of such other Person or, if such other Person is a Subsidiary
of another Person, the Person or Persons which ultimately control such first-mentioned Person. 
 1.8 “Common Stock
Equivalents” has the meaning set forth in Section 11.1.3(ii)(C). 
 1.9 “Current Per Share Market Price” has
the meaning set forth in Section 11.4.1. 
 1.10 “Current Value” has the meaning set forth in
Section 11.1.3(i)(A). 

  
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 1.11 “Derivative Position” shall mean any option, warrant, convertible security,
stock appreciation right, or other security, contract right or derivative position or similar right (including any “swap” transaction with respect to any security, other than a broad based market basket or index), whether or not presently
exercisable, that has an exercise or conversion privilege or a settlement payment or mechanism at a price related to the value of the Common Shares or a value determined in whole or in part with reference to, or derived in whole or in part from, the
value of the Common Shares and that increases in value as the market price or value of the Common Shares increases or that provides an opportunity, directly or indirectly, to profit or share in any profit derived from any increase in the value of
the Common Shares, in each case regardless of whether (i) it conveys any voting rights in such Common Shares to any Person, (ii) it is required to be, or capable of being, settled through delivery of Common Shares or (iii) any Person
(including the holder of such Derivative Position) may have entered into other transactions that hedge its economic effect. 
 1.12
“Distribution Date” has the meaning set forth in Section 3.1. 
 1.13 “Earning Power” has the meaning
set forth in Section 13.3. 
 1.14 “Equivalent Preferred Shares” has the meaning set forth in Section 11.2. 

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

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

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

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

1.19 “Exempt Person” shall mean any Person that the Board of Directors determines is exempt from this Agreement, which
determination shall be made in the sole and absolute discretion of the Board of Directors; provided, that any Person will cease to be an Exempt Person if the Board of Directors makes a contrary determination with respect to such Person
regardless of the reason therefor. 
 1.20 “Exempt Transaction” means any transaction that the Board of Directors determines
is exempt from this Agreement, which determination shall be made in the sole and absolute discretion of the Board of Directors, including for the avoidance of doubt, the Exempt Event. 

1.21 “Final Expiration Date” means the earlier of (i) Close of Business on the
one-year anniversary date of the date of this Agreement and (ii) immediately prior to the Effective Time (as defined in the Merger Agreement). 

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

1.23 “NYSE” means the New York Stock Exchange. 

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

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

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

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

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

1.29 “Right Certificate” means a certificate evidencing a Right substantially in the form of
Exhibit B hereto. 
 1.30 “Spread” has the meaning set forth in Section 11.1.3(i). 

1.31 “Stock Acquisition Date” means the earliest of the date of (i) the public announcement by the Company or an
Acquiring Person that an Acquiring Person has become such (which, for purposes of this definition, shall include a statement on Schedule 13D filed pursuant to the Exchange Act), (ii) the public disclosure of facts by the Company or an Acquiring
Person that reveals the existence of an Acquiring Person or indicating that an Acquiring Person has become an Acquiring Person, and (iii) the Board of Directors becoming aware of the existence of an Acquiring Person; provided, however, that
notwithstanding anything in this Agreement to the contrary, a Stock Acquisition Date shall not occur and shall not be deemed to have occurred as a result of an Exempt Event. 

1.32 “Subsidiary” of any Person means any Person of which a majority of the voting power of the voting equity securities or
equity interest is owned, directly or indirectly, by such Person. 
 1.33 “Substitution Period” has the meaning set forth in
Section 11.1.3. 
 1.34 “Summary of Rights” means the Summary of Rights to Purchase Preferred Shares substantially in
the form of Exhibit C hereto. 
 1.35 “Tax Benefits” shall mean the net operating loss carryovers,
capital loss carryovers, general business credit carryovers, alternative minimum tax credit carryovers and foreign tax credit carryovers, as well as any loss or deduction attributable to a “net unrealized
built-in loss” within the meaning of Section 382 of the Code and the Treasury Regulations promulgated thereunder, of HRG, the Company or any of its Subsidiaries. 

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

1.37 “Treasury Regulations” shall mean any final, temporary and proposed regulation of the Department of Treasury under the
Code and any successor regulation, including any amendments thereto. 
 1.38 “Trust” has the meaning set forth in
Section 24.6. 
 2. Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act as rights agent for the Company in accordance with
the express terms and conditions hereof (and no implied terms or conditions), and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint such co-rights agents as it may
deem necessary or desirable, upon ten (10) days’ prior written notice to the Rights Agent. The Rights Agent shall have no duty to supervise, and shall in no event be liable for, the acts or omissions of any such co-rights agent. In the event the Company appoints one or more co-rights agents, the respective duties of the Rights Agent and any
co-rights Agent shall be as the Company shall reasonably determine, provided that such duties and determination are consistent with the terms and provisions of this Agreement and that contemporaneously with
such appointment, if any, the Company shall notify the Rights Agent in writing thereof. 
 3. Issue of Right Certificates. 

3.1 Until the earlier of (i) the Close of Business on the tenth day after the Stock Acquisition Date (or, in the event the Board of
Directors determines on or before such tenth day to effect an exchange in accordance with Section 24 and determines in accordance with Section 24.6 that a later date is advisable, such later date) or (ii) the Close of Business on the
tenth Business Day (or such later date as may be determined by action of the Board of Directors prior to such time as any Person becomes an Acquiring Person) after the date of the commencement by any Person (other than a Person who is not an
Acquiring Person) of a tender or exchange offer the consummation of which would result in any Person becoming an Acquiring Person (such date being herein referred to as the “Distribution Date”; provided however, that notwithstanding
anything in this Agreement to the contrary, a Distribution Date shall not occur and shall not be deemed to have occurred as the result of an Exempt Transaction) (provided, however, that if such tender or exchange offer is terminated
prior to the occurrence of a Distribution Date, then no Distribution Date shall occur as a result of such tender or exchange offer), (x) the Rights will be evidenced by the certificates (or other evidence of book-entry or other uncertificated
ownership) for Common Shares registered in the names of the holders thereof (which shall also be deemed to be Right Certificates) and not by separate Right Certificates, and (y) the right to receive Right Certificates will be transferable only
in connection with the transfer of Common Shares. As soon as practicable after the Distribution Date, the Company will prepare and execute, the Rights Agent will countersign, and the Company will send or cause to be sent (and the Rights Agent will,
if requested, at the expense of the Company and upon receipt of all relevant information, send) by first-class, postage-prepaid mail, to each record holder of Common Shares as of the Close of Business on the Distribution Date, at the address of such
holder shown on the records of the Company, a Right Certificate, substantially in the form of Exhibit B hereto, evidencing one 

  
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Right for each Common Share so held, subject to adjustment as provided herein; provided, however, that the Rights may instead be recorded in book-entry or other uncertificated form,
in which case such book-entries or other evidence of ownership shall be deemed to be Rights Certificates for all purposes of this Agreement; provided, further, that all procedures relating to actions to be taken or information to be
provided with respect to such Rights recorded in book-entry or other uncertificated forms, and all requirements with respect to the form of any Rights Certificate set forth in this Agreement, may be modified as necessary or appropriate to reflect
book-entry or other uncertificated ownership. As of the Distribution Date, the Rights will be evidenced solely by such Right Certificates. 

3.2 As soon as practicable after the Record Date, the Company will make available a copy of the Summary of Rights to any holder of Rights who
may request it prior to the Final Expiration Date. The Company shall provide the Rights Agent with written notice of the occurrence of the Final Expiration Date and the Rights Agent shall not be deemed to have knowledge of the occurrence of the
Final Expiration Date, unless and until it shall have received such written notice. 
 3.3 Certificates for Common Shares which become
outstanding (including, without limitation, reacquired Common Shares referred to in the last sentence of this Section 3.3) after the Record Date but prior to the earliest of (i) the Close of Business on the Distribution Date, (ii) the
Redemption Date and (iii) the Final Expiration Date shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following form: 

This certificate also evidences and entitles the holder hereof to certain Rights as set forth in a Rights Agreement between Spectrum Brands
Holdings, Inc. and Computershare Trust Company, N.A., as Rights Agent (or any successor rights agent), dated as of February 24, 2018, as it may from time to time be amended or supplemented pursuant to its terms (the “Rights
Agreement”), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of Spectrum Brands Holdings, Inc. The Rights are not exercisable prior to the occurrence of
certain events specified in the Rights Agreement. Under certain circumstances, as set forth in the Rights Agreement, such Rights will be evidenced separately and will no longer be evidenced by this certificate. Spectrum Brands Holdings, Inc. will
mail to the holder of this certificate a copy of the Rights Agreement without charge after receipt of a written request therefor. Under certain circumstances, Rights that are or were acquired or Beneficially Owned by Acquiring Persons (as defined in
the Rights Agreement) may become null and void. 
 If the Company purchases or acquires any Common Shares after the Record Date but prior to the Close of
Business on the Distribution Date, any Rights associated with such Common Shares shall be deemed canceled and retired so that the Company shall not be entitled to exercise any Rights associated with the Common Shares which are no longer outstanding.

  
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 4. Form of Right Certificates. Right Certificates (and the forms of election to purchase Preferred Shares and of
assignment to be printed on the reverse thereof) shall be substantially the same as Exhibit B hereto and may have such marks of identification or designation and such legends, summaries or endorsements printed thereon as
the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement (but which do not affect the rights, duties, liabilities or responsibilities of the Rights Agent), or as may be required to comply with any applicable
law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which the Rights may from time to time be listed, or to conform to usage. Subject to the other provisions of this Agreement, the Right
Certificates shall entitle the holders thereof to purchase such number of one one-thousandths of a Preferred Share as shall be set forth therein at the Purchase Price, but the amount and type of securities
purchasable upon exercise and the Purchase Price shall be subject to adjustment as provided herein. 
 5. Countersignature and Registration. Right
Certificates shall be duly executed on behalf of the Company by its Chief Financial Officer or such other executive officer of the Company designated by the Chief Financial Officer of the Company, either manually or by facsimile signature, and shall
be attested by the Secretary of the Company or such other executive officer of the Company designated by the Secretary of the Company, either manually or by facsimile signature. Upon written request by the Company, the Right Certificates shall be
countersigned, either manually or by facsimile signature, by an authorized signatory of the Rights Agent, but it shall not be necessary for the same signatory to countersign all of the Right Certificates hereunder. No Right Certificate shall be
valid for any purpose unless so countersigned, either manually or by facsimile. If any officer of the Company who shall have signed any of the Right Certificates shall cease to be such officer of the Company before countersignature by the Rights
Agent and issuance and delivery by the Company, such Right Certificates nevertheless may be countersigned by the Rights Agent and issued and delivered by the Company with the same force and effect as though the Person who signed such Right
Certificates had not ceased to be such officer of the Company. Any Right Certificate may be signed on behalf of the Company by any Person who, at the actual date of the execution of such Right Certificate, is a proper officer of the Company to sign
such Right Certificate, even if at the date of the execution of this Agreement such Person was not such an officer. 
 Following the
Distribution Date, and receipt by the Rights Agent of written notice to that effect and all other relevant information referred to in this Agreement, the Rights Agent will keep or cause to be kept, at its office or offices designated for such
purpose, books for registration of the transfer of the Right Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Right Certificates, the number of Rights evidenced on its face by each of the
Right Certificates, and the date of each of the Right Certificates. 
 6. Transfer, Split-up, Combination and
Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates. 
 6.1 Subject to the provisions of Section 14,
at any time after the Close of Business on the Distribution Date, and prior to the earlier of the Redemption Date and the Close of Business on the Final Expiration Date, any Right Certificate (other than a Right Certificate representing Rights that
have become void pursuant to Section 11.1.2 or that have been exchanged pursuant to Section 24) may be transferred, split up, combined or exchanged for another Right Certificate, entitling the registered holder to purchase a like number of
Preferred Shares as the 

  
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Right Certificate surrendered then entitled such holder to purchase. Any registered holder desiring to transfer, split up, combine or exchange any Right Certificate shall make such request in
writing delivered to the Rights Agent, and shall surrender (together with any required form of assignment and certificate duly executed and properly completed) the Right Certificate to be transferred, split up, combined or exchanged at the office or
offices of the Rights Agent designated for such purpose, accompanied by a signature guarantee and such other documentation as the Rights Agent may reasonably request. Neither the Rights Agent nor the Company shall be obligated to take any action
whatsoever with respect to the transfer of any such surrendered Right Certificate until the registered holder shall have properly completed and duly executed the certificate contained in the form of assignment on the reverse side of such Right
Certificate and shall have provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) thereof, as the Company or the Rights Agent shall reasonably request. Thereupon, the Rights Agent shall countersign and
deliver to the Person entitled thereto a Right Certificate or Right Certificates, as the case may be, as so requested. The Company or the Rights Agent may require payment from the holders of the Rights Certificates of a sum sufficient for any tax or
governmental charge that may be imposed in connection with any transfer, split-up, combination or exchange of Right Certificates. The Rights Agent shall not have any duty or obligation to take any action under
any section of this Agreement that requires the payment of taxes and/or charges unless and until it is satisfied that all such payments have been made. 

6.2 Subject to the provisions of Section 14, at any time after the Close of Business on the Distribution Date, and prior to the earlier of
the Redemption Date or the Close of Business on the Final Expiration Date, upon receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Right Certificate, and the
identity of the Beneficial Owner (or former Beneficial Owner) thereof (including a signature guarantee and such other documentation as the Rights Agent may reasonably request) and, in case of loss, theft or destruction, of indemnity or security
satisfactory to them, and, at the Company’s or the Rights Agent’s request, reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto, and, in the case of mutilation, upon surrender to the Rights Agent
and cancellation of the Right Certificate, the Company will make and deliver a new Right Certificate of like tenor to the Rights Agent for countersignature and delivery to the registered holder in lieu of the Right Certificate so lost, stolen,
destroyed or mutilated. 
 7. Exercise of Rights; Purchase Price; Expiration Date of Rights. 

7.1 The registered holder of any Right Certificate (other than a holder whose Rights have become void pursuant to Section 11.1.2 or have
been exchanged pursuant to Section 24) may exercise the Rights evidenced thereby in whole or in part at any time after the Distribution Date upon surrender of the Right Certificate, with the appropriate form of election to purchase on the
reverse side thereof properly completed and duly executed, to the Rights Agent at the offices of the Rights Agent designated for such purpose, accompanied by a signature guarantee and such other documentation as the Rights Agent may reasonably
request, together with payment of the Purchase Price for each one one-thousandth of a Preferred Share represented by a Right that is exercised and an amount equal to any applicable transfer tax or charges
required to be paid pursuant to Section 9, prior to the earliest of (i) the Final Expiration Date, (ii) the time at which the Rights are redeemed pursuant to Section 23, and (iii) the time at which the Rights are exchanged
pursuant to Section 24. 

  
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 7.2 The purchase price to be paid upon the exercise of each Right to purchase one one-thousandth of a Preferred Share represented by a Right shall initially be $462.00 (the “Purchase Price”) and shall be payable in lawful money of the United States of America in accordance with
Section 7.3. Each Right shall initially entitle the holder to acquire one one-thousandth of a Preferred Share upon exercise of the Right. The Purchase Price and the number of Preferred Shares or other
securities for which a Right is exercisable shall be subject to adjustment from time to time as provided in Sections 11 and 13. 

7.3 Upon receipt of a Right Certificate representing exercisable Rights, with the form of election to purchase and certificate properly
completed and duly executed, accompanied by payment of the Purchase Price for the number of Rights exercised and an amount equal to any applicable transfer tax required to be paid by the holder of such Right Certificate in accordance with
Section 9 by cash, certified check, cashier’s check or money order payable to the order of the Company, the Rights Agent shall thereupon promptly (i)(a) requisition from any transfer agent of the Preferred Shares (or from the Company
if there shall be no such transfer agent, or make available, if the Rights Agent is the transfer agent) certificates for the number of Preferred Shares to be purchased, and the Company hereby irrevocably authorizes its transfer agent to comply with
all such requests, or (b) requisition from any depositary agent for the Preferred Shares depositary receipts representing such number of Preferred Shares as are to be purchased (in which case certificates for the Preferred Shares represented by
such receipts shall be deposited by the transfer agent with the depositary agent), and the Company hereby directs any such depositary agent to comply with such request; (ii) when necessary to comply with this Agreement, requisition from the
Company the amount of cash to be paid in lieu of issuance of fractional Preferred Shares in accordance with Section 14; (iii) after receipt of such certificates or depositary receipts, cause the same to be delivered to or upon the order of
the registered holder of such Right Certificate, registered in such name or names as may be designated in writing by such holder; and (iv) when necessary to comply with this Agreement, after receipt, deliver such cash to or upon the order of
the registered holder of such Right Certificate. In the event that the Company is obligated to issue other securities of the Company, pay cash and/or distribute other property pursuant to this Agreement, the Company will make all arrangements
necessary so that such other securities, cash and/or other property are available for distribution by the Rights Agent, if and when necessary to comply with this Agreement. 

7.4 If the registered holder of any Right Certificate shall exercise less than all the Rights evidenced thereby, a new Right Certificate
evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent and delivered to the registered holder of such Right Certificate or to such holder’s duly authorized assigns, subject to the provisions of
Section 14. 
 7.5 Notwithstanding anything in this Agreement or the Rights Certificate to the contrary, neither the Rights Agent nor
the Company shall be obligated to undertake any action with respect to a registered holder of Rights or other securities of the Company upon the occurrence of any purported transfer or exercise as set forth in this Section 7 unless such
registered holder shall have (i) properly completed and duly executed the certificate contained in 

  
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the appropriate form of election to purchase set forth on the reverse side of the Right Certificate surrendered for such exercise and (ii) provided such additional evidence of the identity
of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company and the Rights Agent shall reasonably request. 
 8.
Cancellation and Destruction of Right Certificates. All Right Certificates surrendered for the purpose of exercise, transfer, split-up, combination or exchange shall, if surrendered to the Company or to any of
its agents (other than the Rights Agent), be delivered to the Rights Agent for cancellation or in canceled form, or, if surrendered to the Rights Agent, shall be canceled by it, and no Right Certificates shall be issued in lieu thereof except as
expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel and retire, any other Right Certificate purchased or acquired by the
Company otherwise than upon the exercise thereof. At the expense of the Company, the Rights Agent shall deliver all canceled Right Certificates which have been canceled by the Rights Agent to the Company, or shall, at the written request of the
Company, destroy such canceled Right Certificates, and in such case shall deliver a certificate of destruction thereof to the Company. 
 9. Status and
Availability of Preferred Shares. 
 9.1 The Company covenants and agrees that it will cause to be reserved and kept available, out of its
authorized and unissued Preferred Shares or any Preferred Shares held in its treasury, the number of Preferred Shares that will be sufficient to permit the exercise in full of all outstanding Rights in accordance with Section 7. 

9.2 The Company covenants and agrees that it will take all such action as may be necessary to ensure that all Preferred Shares delivered upon
exercise of Rights shall, at the time of delivery of the certificates for such Preferred Shares (subject to payment of the Purchase Price), be duly and validly authorized and issued and fully paid and
non-assessable shares. 
 9.3 The Company further covenants and agrees that it will pay when due and
payable any and all federal and state transfer taxes and charges which may be payable in respect of the issuance or delivery of the Right Certificates or of any Preferred Shares upon the exercise of Rights. The Company shall not, however, be
required to pay any transfer tax which may be payable in respect of any transfer or delivery of Right Certificates to a Person other than, or the issuance or delivery of certificates or depositary receipts for the Preferred Shares in a name other
than that of, the registered holder of the Right Certificate evidencing Rights surrendered for exercise, and shall not be required to issue or deliver any certificates or depositary receipts for Preferred Shares upon the exercise of any Rights until
any such tax or charge shall have been paid (any such tax or charge being payable by the holder of such Right Certificate at the time of surrender) or until it has been established to the Company’s and the Rights Agent’s reasonable
satisfaction that no such tax is due. 
 10. Preferred Shares Record Date. Each Person in whose name any certificate for Preferred Shares is issued upon the
exercise of Rights shall for all purposes be deemed to have become the holder of record of the Preferred Shares represented thereby on, and such certificate shall be dated, the date upon which the Right Certificate evidencing such Rights was duly
surrendered 

  
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and payment of the Purchase Price (and any applicable transfer taxes) was made; provided, however, that, if the date of such surrender and payment is a date upon which the Preferred
Shares transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding Business Day on which the Preferred Shares transfer books of
the Company are open. Prior to the exercise of the Rights evidenced thereby, the holder of a Right Certificate shall not be entitled to any rights of a holder of Preferred Shares for which the Rights shall be exercisable, including, without
limitation, the right to vote, to receive dividends or other distributions, or to exercise any preemptive rights, and shall not be entitled to receive any notice of any proceedings of the Company, except as provided herein. 

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

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

11.1.2 Subject to the second paragraph of this Section 11.1.2 and to Section 24, from and after the Stock Acquisition Date, each
holder of a Right shall have a right to receive, upon exercise of each Right, in accordance with the terms of this Agreement and in lieu of Preferred Shares, such number of Common Shares of the Company as shall equal the result obtained by dividing
the then current Purchase Price by 50% of the then Current Per Share Market Price of the Company’s Common Shares (determined pursuant to Section 11.4) on the Stock Acquisition Date. 

From and after the Stock Acquisition Date, any Rights that are or were acquired or Beneficially Owned by (1) an Acquiring Person (or any
Associate or Affiliate of such Acquiring Person), (2) a transferee of any Acquiring Person (or of any such Associate or Affiliate) who becomes such a transferee after the Acquiring Person becomes an Acquiring Person or (3) a transferee of an
Acquiring Person (or of any such Associate or Affiliate) who becomes such a transferee prior to or concurrently with the Acquiring Person becoming an Acquiring Person and who receives such Rights (I) with actual knowledge that the transferor is
or was an Acquiring 

  
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Person or (II) pursuant to either (x) a transfer (whether or not for consideration) from the Acquiring Person (or any such Associate or Affiliate) to holders of equity interests in such
Acquiring Person (or any such Associate or Affiliate) or to any Person with whom the Acquiring Person (or such Associate or Affiliate) has any continuing agreement, arrangement, understanding or relationship (whether or not in writing) regarding the
transferred Rights or (y) a transfer which the Board of Directors has determined is part of a plan, arrangement or understanding (whether or not in writing) which has as a primary purpose or effect of the avoidance of this Section 11.1.2,
(each such Person described in (1)-(3) above, an “Excluded Person”) shall, in each such case, be null and void, and any holder of such Rights (whether or not such holder is an Acquiring Person or an Associate or Affiliate of an
Acquiring Person) shall thereafter have no right to exercise such Rights under any provision of this Agreement. No Right Certificates shall be issued pursuant to Sections 3, 6, 7.4 or 11 or otherwise hereof that represents Rights that are or have
become null and void pursuant to the provisions of this paragraph and any Right Certificate delivered to the Rights Agent that represents Rights that are or have become null and void pursuant to the provisions of this paragraph shall, upon receipt
of written notice directing it to do so, be canceled by the Rights Agent. Notwithstanding anything to the contrary in this Agreement, in no event shall any Rights held by HRG or any of its Subsidiaries become null or void pursuant to this
Section 11.1.2 or any other provision of this Agreement. 
 11.1.3 If there are not sufficient authorized but unissued Common Shares to
permit the exercise in full of the Rights in accordance with Section 11.1.2 or the exchange of the Rights in accordance with Section 24, or should the Board of Directors so elect, the Company may with respect to such deficiency,
(i) determine the excess (the “Spread”) of (A) the value of the Common Shares issuable upon the exercise of a Right as provided in Section 11.1.2 (the “Current Value”) over (B) the Purchase
Price, and (ii) with respect to each Right, make adequate provision to substitute for such Common Shares, upon payment of the applicable Purchase Price, any one or more of the following having an aggregate value determined by the Board of
Directors to be equal to the Current Value: (A) cash, (B) a reduction in the Purchase Price, (C) Common Shares or other equity securities of the Company (including, without limitation, shares, or units of shares, of preferred stock
which the Board of Directors has determined to have the same value as Common Shares (“Common Stock Equivalents”)), (D) debt securities of the Company or (E) other assets, property or instruments. The Company shall provide
the Rights Agent with prompt reasonably detailed written notice of any final determination under the previous sentence. 
 If the Board of
Directors shall determine in good faith that additional Common Shares should be authorized for issuance upon exercise in full of the Rights, the Company may suspend the exercisability of the Rights in order to seek any authorization of
additional shares, decide the appropriate form of distribution to be made and determine the value thereof. If the exercisability of the Rights is suspended pursuant to this Section 11.1.3, the Company shall make a public announcement, and shall
promptly deliver to the Rights Agent a statement, stating that the exercisability of the Rights has been temporarily suspended. When the suspension is no longer in effect, the Company shall make another public announcement, and promptly deliver to
the Rights Agent a statement, so stating. For purposes of this Section 11.1.3, the value of the Common Shares shall be the Current Per Share Market Price (as determined pursuant to Section 11.4.1) of the Common Shares as of the Stock
Acquisition Date, and the value of any Common Stock Equivalent shall be deemed to have the same value as the Common Shares on such date. 

  
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 11.2 If the Company fixes a record date for the issuance of rights, options or warrants to all
holders of Preferred Shares entitling them (for a period expiring within forty-five calendar days after such record date) to subscribe for or purchase Preferred Shares (or shares having the same rights, privileges and preferences as the Preferred
Shares (“Equivalent Preferred Shares”)) or securities convertible into Preferred Shares or Equivalent Preferred Shares at a price per Preferred Share or Equivalent Preferred Share (or having a conversion price per share, if a
security convertible into Preferred Shares or Equivalent Preferred Shares) less than the then Current Per Share Market Price of the Preferred Shares (as defined in Section 11.4.2) on such record date, the Purchase Price to be in effect after
such record date shall be adjusted by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, (i) the numerator of which shall be (A) the number of Preferred Shares outstanding on such record date plus
(B) the number of Preferred Shares which the aggregate offering price of the total number of Preferred Shares or Equivalent Preferred Shares to be offered (or the aggregate initial conversion price of the convertible securities to be offered)
would purchase at such Current Per Share Market Price and (ii) the denominator of which shall be (A) the number of Preferred Shares outstanding on such record date plus (B) the number of additional Preferred Shares or Equivalent
Preferred Shares to be offered for subscription or purchase (or into which the convertible securities to be offered are initially convertible); provided, however, that in no event shall the consideration to be paid upon the exercise of
one Right be less than the aggregate par value of the Preferred Shares issuable upon exercise of one Right. If such subscription price may be paid in a consideration part or all of which shall be in a form other than cash, the value of such
consideration shall be as determined in good faith by the Board of Directors, whose determination shall be described in a statement filed with the Rights Agent. Preferred Shares owned by or held for the account of the Company shall not be deemed
outstanding for the purpose of any such computation. Such adjustment shall be made successively whenever such a record date is fixed. If such rights, options or warrants are not so issued, the Purchase Price shall be adjusted to be the Purchase
Price that would then be in effect if such record date had not been fixed. 
 11.3 If the Company fixes a record date for the making of a
distribution to all holders of the Preferred Shares (including any distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation) of evidences of indebtedness or assets (other than a
regular quarterly cash dividend or a dividend payable in Preferred Shares) or subscription rights or warrants (excluding those referred to in Section 11.2), the Purchase Price to be in effect after such record date shall be determined by
multiplying the Purchase Price in effect immediately prior to such record date by a fraction, (i) the numerator of which shall be the then Current Per Share Market Price of the Preferred Shares on such record date, less the fair market value
(as determined in good faith by the Board of Directors, whose determination shall be described in a statement filed with the Rights Agent) of the portion of the assets or evidences of indebtedness to be distributed or of such subscription rights or
warrants applicable to one Preferred Share and (ii) the denominator of which shall be the then Current Per Share Market Price of the Preferred Shares; provided, however, that in no event shall the consideration to be paid upon the
exercise of one Right be less than the aggregate par value of the Preferred Shares to be issued upon exercise of one Right. Such adjustments shall be made successively whenever such a record date is fixed. If such distribution is not so made, the
Purchase Price shall again be adjusted to be the Purchase Price that would then be in effect if such record date had not been fixed. 

  
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 11.4 Current Per Share Market Price. 

11.4.1 For the purpose of any computation hereunder, the “Current Per Share Market Price” of any security on any date shall be
deemed to be the average of the daily closing prices per share of such security for the thirty consecutive Trading Days immediately prior to such date; provided, however, that if the Current Per Share Market Price of the security is
determined during a period (i) following the announcement by the issuer of such security of (A) a dividend or distribution on such security payable in shares of such security or other securities convertible into such shares, or
(B) any subdivision, combination or reclassification of such security, and (ii) prior to the expiration of thirty Trading Days after the ex-dividend date for such dividend or distribution, or the
record date for such subdivision, combination or reclassification, then, and in each such case, the Current Per Share Market Price shall be appropriately adjusted to reflect the current market price per share equivalent of such security. The closing
price for each day shall be the last sale price or, if no such sale takes place on such day, the average of the closing bid and asked prices, in either case as reported by the NYSE, or, if on any such date the security is not listed on the NYSE, the
average of the closing bid and asked prices as furnished by a professional market maker making a market in the security selected by the Board of Directors. If on any such date no such market maker is making a market in the security, the fair value
of the security on such date as determined in good faith by the Board of Directors shall be used. 
 11.4.2 For the purpose of any
computation hereunder, the “Current Per Share Market Price” of the Preferred Shares shall be determined in accordance with the method set forth in Section 11.4.1. If the Preferred Shares are not publicly traded,
the “Current Per Share Market Price” of the Preferred Shares shall be conclusively deemed to be the Current Per Share Market Price of the Common Shares as determined pursuant to Section 11.4.1 (appropriately adjusted to reflect
any stock split, stock dividend or similar transaction occurring after the date hereof) multiplied by one thousand. If neither the Common Shares nor the Preferred Shares are publicly held or so listed or traded, “Current Per
Share Market Price” means the fair value per share as determined in good faith by the Board of Directors, whose determination shall be described in a statement filed with the Rights Agent. 

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

  
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 11.6 If, as a result of an adjustment made pursuant to Section 11.1, the holder of any Right
thereafter exercised shall become entitled to receive any shares of capital stock of the Company other than Preferred Shares, the number of such other shares so receivable upon exercise of any Right shall thereafter be subject to adjustment from
time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Shares contained in Sections 11.1 through 11.3, inclusive, and the provisions of Sections 7, 9, 10 and 13 with
respect to the Preferred Shares shall apply on like terms to any such other shares. 
 11.7 All Rights originally issued by the Company
subsequent to any adjustment made to the Purchase Price hereunder shall evidence the right to purchase, at the adjusted Purchase Price, the number of Preferred Shares purchasable from time to time hereunder upon exercise of the Rights, all subject
to further adjustment as provided herein. 
 11.8 Unless the Company exercises its election as provided in Section 11.9, upon each
adjustment of the Purchase Price as a result of the calculations made in Sections 11.2 and 11.3, each Right outstanding immediately prior to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted
Purchase Price, that number of one one-thousandth of a Preferred Share (calculated to the nearest one ten-millionth of a Preferred Share) obtained by
(i) multiplying the number of one one-thousandth of a Preferred Share covered by a Right immediately prior to this adjustment by the Purchase Price in effect immediately prior to such adjustment of
the Purchase Price and (ii) dividing the product by the Purchase Price in effect immediately after such adjustment of the Purchase Price. 

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

  
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 11.10 Irrespective of any adjustment or change in the Purchase Price or the number of Preferred
Shares issuable upon the exercise of the Rights, the Right Certificates theretofore and thereafter issued may continue to express the Purchase Price and the number of Preferred Shares which were expressed in the initial Right Certificates issued
hereunder. 
 11.11 Before taking any action that would cause an adjustment reducing the Purchase Price below the then par value of the
Preferred Shares issuable upon exercise of the Rights, the Company shall take any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and non-assessable Preferred Shares at such adjusted Purchase Price. 
 11.12 If this Section 11 requires
that an adjustment in the Purchase Price be made effective as of a record date for a specified event, the Company may defer, until the occurrence of such event, issuing to the holder of any Right exercised after such record date Preferred Shares and
other capital stock or securities of the Company, if any, issuable upon such exercise over and above the Preferred Shares and other capital stock or securities of the Company, if any, issuable upon such exercise on the basis of the Purchase Price in
effect prior to such adjustment; provided, however, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right to receive such additional shares upon the occurrence of
the event requiring adjustment. 
 11.13 Anything in this Section 11 to the contrary notwithstanding, the Company shall be entitled to
make such reductions in the Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that it in its sole discretion shall determine to be advisable in order that any (i) combination or
subdivision of the Preferred Shares, (ii) issuance wholly for cash of any Preferred Shares at less than the Current Per Share Market Price, (iii) issuance wholly for cash of Preferred Shares or securities which by their terms are
convertible into or exchangeable for Preferred Shares, (iv) dividends on Preferred Shares payable in Preferred Shares, or (v) issuance of any rights, options or warrants referred to in Section 11.2 made by the Company after the date
of this Agreement to holders of its Preferred Shares shall not be taxable to such stockholders. 
 11.14 If, at any time after the date of
this Agreement and prior to the Distribution Date, the Company (i) declares or pays any dividend on the Common Shares payable in Common Shares or (ii) effects a subdivision, combination or consolidation of the Common Shares (by
reclassification or otherwise other than by payment of dividends in Common Shares) into a greater or lesser number of Common Shares, then in any such case (a) the number of one one-thousandths of a
Preferred Share purchasable after such event upon exercise of each Right shall be determined by multiplying the number of one one-thousandths of a Preferred Share so purchasable immediately prior to such event
by a fraction, the numerator of which is the number of Common Shares outstanding immediately before such event and the denominator of which is the number of Common Shares outstanding immediately after such event, and (b) each Common Share
outstanding immediately after such event shall have issued with respect to it that number of Rights which each Common Share outstanding immediately prior to such event had issued with respect to it. The adjustments provided for in this
Section 11.14 shall be made successively whenever such a dividend is declared or paid or such a subdivision, combination or consolidation is affected. 

  
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 12. Certificate of Adjustment. Whenever an adjustment is made as provided in Sections 11 and 13, the
Company shall promptly (i) prepare a certificate setting forth such adjustment and a reasonably detailed statement of the facts, computation, methodology and accounting for such adjustment, (ii) promptly file with the Rights Agent and with
each transfer agent for the Common Shares or the Preferred Shares a copy of such certificate, and (iii) if such adjustment occurs following a Distribution Date, mail a brief summary thereof to each holder of a Right Certificate in accordance
with Section 25. The Rights Agent shall be fully protected in relying on any such certificate and on any adjustment or statement therein contained and shall not be obligated or responsible for calculating any adjustment, nor shall the Rights
Agent be deemed to have knowledge of such an adjustment or any such event, unless and until it shall have received such certificate. 
 13. Consolidation,
Merger, Sale or Transfer of Assets or Earning Power. 
 13.1 If, at any time after a Stock Acquisition Date, (i) the Company
consolidates with, or merges with and into, any other Person; (ii) any Person consolidates with the Company, or merges with and into the Company, and the Company is the continuing or surviving corporation of such merger and, in connection with
such merger, all or part of the Common Shares are or will be changed into or exchanged for stock or other securities of any other Person (or the Company) or cash or any other property; or (iii) the Company sells or otherwise transfers (or one
or more of its Subsidiaries sell or otherwise transfer), in one or more transactions, assets or Earning Power aggregating 50% or more of the assets or Earning Power of the Company and its Subsidiaries (taken as a whole) to any other Person other
than the Company or one or more of its wholly owned Subsidiaries, then proper provision shall be made so that (A) each holder of a Right (except as otherwise provided herein) shall have the right to receive, upon the exercise of each Right in
accordance with the terms of this Agreement and in lieu of Preferred Shares, such number of Common Shares of such other Person (including the Company as successor thereto or as the surviving corporation) equal to the result obtained by dividing the
then current Purchase Price by 50% of the then Current Per Share Market Price of the Common Shares of such other Person (determined pursuant to Section 11.4 hereof) on the date of consummation of such consolidation, merger, sale or transfer;
(B) the issuer of such Common Shares shall thereafter be liable for, and shall assume, by virtue of such consolidation, merger, sale or transfer, all the obligations and duties of the Company pursuant to this Agreement; (C) the term
“Company” shall thereafter be deemed to refer to such issuer; and (D) such issuer shall take steps (including, but not limited to, the reservation of a sufficient number of shares of its common stock in accordance with Section 9)
in connection with such consummation as may be necessary to ensure that the provisions hereof shall thereafter be applicable in relation to the common stock thereafter deliverable upon the exercise of the Rights. 

13.2 The Company shall not enter into any transaction of the kind referred to in this Section 13 if, at the time of such transaction,
there are any rights, warrants, instruments or securities outstanding or any agreements or arrangements which, as a result of the consummation of such transaction, would eliminate or substantially diminish the benefits intended to be afforded by the
Rights. The provisions of this Section 13 shall apply to successive mergers or consolidations or sales or other transfers. Notwithstanding anything in this Agreement to the contrary, this Section 13 shall not apply to any Exempt
Transaction. 

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

14. Fractional Rights and Fractional Shares. 

14.1 The Company shall not be required to issue fractions of Rights or to distribute Right Certificates which evidence fractional Rights. In
lieu of such fractional Rights, the Company may instead pay to the registered holders of the Right Certificates with regard to which such fractional Rights would otherwise be issuable an amount in cash equal to the same fraction of the current
market value of a whole Right. For the purposes of this Section 14.1, the current market value of a whole Right shall be the closing price of the Rights (as determined pursuant to the second sentence of Section 11.4.1) for the Trading Day
immediately prior to the date on which such fractional Rights would have been otherwise issuable. 
 14.2 The Company shall not be required
to issue fractions of Preferred Shares (other than fractions which are integral multiples of one one-thousandth of a Preferred Share) upon exercise of the Rights or to distribute certificates which evidence
fractional Preferred Shares (other than fractions which are integral multiples of one one-thousandth of a Preferred Share). Fractions of Preferred Shares in integral multiples of one one-thousandth of a Preferred Share may, at the election of the Company, be evidenced by depositary receipts, pursuant to an agreement between the Company and a depositary selected by the Company; provided,
that such agreement shall provide that the holders of such depositary receipts shall have all the rights, privileges and preferences to which they are entitled as Beneficial Owners of the Preferred Shares represented by such depositary receipts. In
lieu of fractional Preferred Shares that are not integral multiples of one one-thousandth of a Preferred Share, the Company shall pay to each registered holder of Right Certificates at the time such Rights are
exercised as herein provided an amount in cash equal to the same fraction of the current market value of one Preferred Share as the fraction of one Preferred Share that such holder would otherwise receive upon the exercise of the aggregate number of
rights exercised by such holder. For the purposes of this Section 14.2, the current market value of a Preferred Share shall be the closing price of a Preferred Share (pursuant to Section 11.4.1) for the Trading Day immediately prior
to the date of such exercise. 
 14.3 The closing price for any day shall be the last quoted price or, if not so quoted, the average of the
high bid and low asked prices as reported by the NYSE, or if on any such date the Rights or Preferred Shares, as applicable, are not listed on the NYSE, the average of the closing bid and asked prices as furnished by a professional market maker
making a market in the Rights or Preferred Shares, as applicable, selected by the Board of Directors. If on any such date no such market maker is making a market in the Rights or Preferred Shares, as applicable, the fair value of the Rights or
Preferred Shares, as applicable, on such date as determined in good faith by the Board of Directors shall be used. 

  
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 14.4 The holder of a Right by the acceptance of the Right expressly waives any right to receive
fractional Rights or fractional shares upon exercise of a Right (except as provided in this Section 14). 
 14.5 Whenever a payment for
fractional Rights or fractional shares is to be made by the Rights Agent under any section of this Agreement, the Company shall (i) promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts
related to such payments and the prices and formulas utilized in calculating such payments, and (ii) provide sufficient monies to the Rights Agent in the form of fully collected funds to make such payments. The Rights Agent shall be fully
protected in relying upon such a certificate and shall have no duty with respect to, and shall not be deemed to have knowledge of, any payment for fractional Rights or fractional shares under any section of this Agreement relating to the payment of
fractional Rights or fractional shares unless and until the Rights Agent shall have received such a certificate and sufficient monies. 
 15. Rights of
Action. All rights of action in respect of this Agreement, excepting the rights of action given to the Rights Agent under Section 18, are vested in the respective registered holders of the Right Certificates. Any registered holder of any Right
Certificate may, without the consent of the Rights Agent or of the holder of any other Right Certificate, on such holder’s own behalf and for such holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding
against the Company to enforce, or otherwise act in respect of, such holder’s right to exercise the Rights evidenced by such Right Certificate in the manner provided in such Right Certificate and in this Agreement. Without limiting the
foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement by the Company and will be entitled to specific
performance of the obligations under, and injunctive relief against actual or threatened violations of the obligations hereunder of the Company. 
 16.
Agreement of Right Holders. Every holder of a Right, by accepting the same, consents and agrees with the Company and the Rights Agent and with every other holder of a Right that: 

16.1 prior to the Distribution Date, the Rights will be transferable only in connection with the transfer of the Common Shares; 

16.2 after the Distribution Date, the Right Certificates are transferable only on the registry books maintained by the Rights Agent if
surrendered at the office or offices of the Rights Agent designated for such purpose, duly endorsed or accompanied by a proper instrument of transfer with the appropriate form of certification, properly completed and duly executed, accompanied by a
signature guarantee and such other documentation as the Rights Agent may reasonably request; 
 16.3 the Company and the Rights Agent may
deem and treat the Person in whose name the Right Certificate (or, prior to the Distribution Date, the associated Common Shares certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any
notations of ownership or writing on the Right Certificates or the associated Common Shares certificate made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent shall be
affected by any notice to the contrary; and 

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

18. Concerning the Rights Agent. The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder accordance
with a fee schedule to be mutually agreed upon, and, from time to time, on demand of the Rights Agent, to reimburse the Rights Agent for all of its reasonable expenses and counsel fees and other disbursements incurred in the preparation, delivery,
negotiation, administration, execution and amendment, of this Agreement and the exercise and performance of its duties hereunder. The Company also covenants and agrees to indemnify the Rights Agent for, and to hold it harmless against, any and all
loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost or expense (including, without limitation, the reasonable fees and expenses of legal counsel) that may be paid, incurred or suffered by it, or which it may become
subject, without gross negligence, bad faith or willful misconduct on the part of the Rights Agent (which gross negligence, bad faith, or willful misconduct must be determined by a final, non-appealable
judgment of a court of competent jurisdiction), for any action taken, suffered or omitted to be taken by the Rights Agent in connection with the execution, acceptance and, administration of, exercise and performance of its duties under this
Agreement, including the costs and expenses of defending against any claim or liability arising therefrom or in connection therewith, directly or indirectly. The provisions under this Section 18 and Section 20 below shall survive the
expiration of the Rights and the termination of this Agreement and the resignation, replacement or removal of the Rights Agent. The reasonable costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company to the
extent that the Rights Agent is successful in so enforcing its right of indemnification. 

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

 20. Rights and Duties of Rights Agent. The Rights Agent undertakes to perform only the duties and obligations expressly set forth in this Agreement and no
implied duties or obligations shall be read into this Agreement against the Rights Agent. The Rights Agent shall perform its duties and obligations hereunder upon the following terms and conditions, by all of which the Company and the holders of
Right Certificates, by their acceptance thereof, shall be bound: 

  
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 20.1 The Rights Agent may consult with legal counsel (who may be legal counsel for the Company or
an employee or legal counsel of the Rights Agent), and the advice or opinion of such counsel shall be full and complete authorization and protection to the Rights Agent and the Rights Agent shall incur no liability for or in respect of as to any
action taken or omitted by it in the absence of bad faith and in accordance with such advice or opinion. 
 20.2 Whenever in the performance
of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact or matter (unless
other evidence in respect thereof is specifically prescribed herein) may be deemed to be conclusively proved and established by a certificate signed by a person reasonably believed by the Rights Agent to be any one of the Chief Financial Officer or
the Secretary of the Company or any person authorized by the Chief Financial Officer or the Secretary of the Company to sign such certificate and delivered to the Rights Agent, and such certificate shall be full authorization to the Rights Agent and
the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it in the absence of bad faith under the provisions of this Agreement in reliance upon such certificate. The Rights Agent shall have
no duty to act without such a certificate as set forth in this Section 20.2. 
 20.3 The Rights Agent shall be liable to the Company and
any other Person hereunder only for its own gross negligence, bad faith or willful misconduct (which gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable judgment of
a court of competent jurisdiction). Notwithstanding anything in this Agreement to the contrary, any liability of the Rights Agent under this Agreement will be limited to the amount of annual fees paid by the Company to the Rights Agent during the
twelve (12) months immediately preceding the event for which recovery from the Rights Agent is being sought. 
 20.4 The Rights Agent
shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Right Certificates (except as to its countersignature thereof) or be required to verify the same. All such statements and
recitals are and shall be deemed to have been made by the Company only. 
 20.5 The Rights Agent shall not have any liability for or be under
any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the legality or validity or execution of any Right Certificate (except its
countersignature thereof); nor shall it be responsible for any determination by the Board of Directors with respect to the Rights or breach by the Company of any covenant or failure by the Company to satisfy any condition contained in this Agreement
or in any Right Certificate; nor shall it be liable or responsible for any modification by or order of any court, tribunal or governmental authority in connection with the foregoing, any change in the exercisability of the Rights or any adjustment
required under the provisions of Sections 11 or 13 or for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment (except with respect to the exercise of
Rights evidenced by Right Certificates after receipt of a certificate furnished pursuant to Section 12 

  
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describing such adjustment); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Preferred Shares to be
issued pursuant to this Agreement or any Right Certificate or as to whether any Preferred Shares will, when so issued, be validly authorized and issued, fully paid, and non-assessable. 

20.6 The Company agrees that it will perform, execute, acknowledge and deliver, or cause to be performed, executed, acknowledged and delivered,
all such further and other acts, instruments and assurances as may reasonably be required or reasonably requested by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Agreement. 

20.7 The Rights Agent is hereby authorized and directed to accept written instructions with respect to the performance of its duties hereunder
and certificates delivered pursuant to any provision hereof from any person reasonably believed by the Rights Agent to be from any one of the Chief Financial Officer or Secretary of the Company, and to apply to such officers for advice or
instructions in connection with its duties under this Agreement, and such advice or instructions shall provide full authorization and protection to the Rights Agent, and the Rights Agent shall not be liable for any action taken, suffered or omitted
to be taken by it in accordance with the written advice or instructions of any such officer or for any delay in acting while waiting for these instructions. The Rights Agent shall be fully authorized and protected in relying upon the most recent
advice or instructions received by any such officer. Any application by the Rights Agent for written instructions from the Company may, at the option of the Rights Agent, set forth in writing any action proposed to be taken or omitted by the Rights
Agent with respect to its duties or obligations under this Agreement. 
 20.8 The Rights Agent and any affiliate, stockholder, director,
officer, agent, representative or employee of the Rights Agent may buy, sell or deal in any of the Rights or other securities of the Company, or become pecuniarily interested in any transaction in which the Company may be interested, or contract
with or lend money to the Company, or otherwise act as fully and freely as though it were not the Rights Agent under this Agreement, in each case in compliance with applicable laws. Nothing herein shall preclude the Rights Agent and such other
Persons from acting in any other capacity for the Company or for any other legal entity. 
 20.9 The Rights Agent may execute and exercise
any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or agents. The Rights Agent shall not be answerable or accountable for any act, omission, default, neglect, or misconduct of
any such attorneys or agents or for any loss to the Company or any other Person resulting from any such act, omission, default, neglect or misconduct, absent gross negligence or bad faith in the selection and continued employment of such attorneys
or agents thereof (which gross negligence or bad faith must be determined by a final, non-appealable judgment of a court of competent jurisdiction). 

20.10 No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder or in the exercise of its rights if the Rights Agent believes that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it. 

  
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 20.11 The Rights Agent shall not be required to take notice or be deemed to have notice of any
fact, event or determination (including, without limitation, any dates or events defined in this Agreement or the designation of any Person as an Acquiring Person, Affiliate or Associate) under this Agreement unless and until the Rights Agent shall
be specifically notified in writing by the Company of such fact, event or determination, and all notices or other instruments required by this Agreement to be delivered to the Rights Agent must, in order to be effective, be received by the Rights
Agent as specified in Section 26 hereof, and in the absence of such notice so delivered, the Rights Agent may conclusively assume no such event or condition exists. 

20.12 The Rights Agent shall have no responsibility to the Company or any holders of the Rights Certificates for interest or earnings on any
moneys held by the Rights Agent pursuant to this Agreement. 
 21. Change of Rights Agent . The Rights Agent or any successor Rights Agent may resign and be
discharged from its duties under this Agreement upon thirty days’ notice in writing mailed to the Company and, in the event that the Rights Agent or one of its Affiliates is not also the transfer agent for the Company, to each transfer agent of
the Common Shares and the Preferred Shares pursuant to Section 26. The Company may remove the Rights Agent or any successor Rights Agent upon thirty days’ notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case
may be, and to each transfer agent of the Common Shares and the Preferred Shares by registered or certified mail, and, after the Distribution Date, to the holders of the Right Certificates by first class mail. In the event the transfer agency
relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed to have resigned automatically and be discharged from its duties as Rights Agent under this Agreement as of the effective date of such
termination, and the Company shall be responsible for sending any required notice. If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Rights Agent. If the
Company shall fail to make such appointment within a period of thirty days after giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent, then the
incumbent Rights Agent or registered holder of any Right Certificate may apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall
be (a) a Person (other than a natural person) organized and doing business under the laws of the United States or of any state of the United States, in good standing, which is authorized under such laws to exercise stock transfer powers, is
subject to supervision or examination by federal or state authority, and has, along with its Affiliates, at the time of its appointment as Rights Agent a combined capital and surplus of at least $50 million or (b) an Affiliate of a Person
described in clause (a) of this sentence. After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed,
and the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and shall execute and deliver any further assurance, conveyance, act or deed necessary for the purpose but such
predecessor Rights Agent shall not be required to make any additional expenditure or assume any additional liability in connection with the foregoing, and shall thereafter be discharged from all duties and obligations hereunder. Not later than the
effective date of any such appointment the Company shall file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Shares and the 

  
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Preferred Shares, and, after the Distribution Date, mail a notice in writing to the registered holders of the Right Certificates. Failure to give any notice provided for in this Section 21,
however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be. 

22. Issuance of New Right Certificates . Notwithstanding any of the provisions of this Agreement or of the Right Certificates to the contrary, the Company may,
at its option, issue new Right Certificates evidencing Rights in such form as may be approved by its Board of Directors to reflect any adjustment or change in the Purchase Price and the number or kind or class of shares or other securities or
property purchasable under the Right Certificates made in accordance with the provisions of this Agreement. In addition, in connection with the issuance or sale of Common Shares following the Distribution Date and prior to the earlier of the
Redemption Date and the Close of Business on the Final Expiration Date, the Company may, with respect to Common Shares so issued or sold (i) pursuant to the exercise of stock options; (ii) under any employment plan or arrangement;
(iii) upon the exercise, conversion or exchange of securities, notes or debentures issued by the Company; or (iv) pursuant to a contractual obligation of the Company, in each case existing prior to the Distribution Date, issue Right
Certificates representing the appropriate number of Rights in connection with such issuance or sale. 
 23. Redemption. 

23.1 The Board of Directors may, at its option, at any time prior to such time as any Person becomes an Acquiring Person, redeem all, but not
less than all, of the then outstanding Rights at a redemption price of $0.00001 per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (the “Redemption
Price”). The redemption of the Rights by the Board of Directors may be made effective at such time, on such basis and subject to such conditions as the Board of Directors in its sole discretion may establish. 

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

  
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 24. Exchange. 

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

24.2 Immediately upon the action of the Board of Directors ordering the exchange of any Rights pursuant to Section 24.1, and without any
further action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of Common Shares equal to the number of such Rights held by such holder
multiplied by the Exchange Ratio. The Company shall promptly give reasonably detailed written notice of any such exchange to the Rights Agent, and shall promptly give public notice of any such exchange; provided, however, that the
failure to give, or any defect in, any such notice shall not affect the validity of such exchange. Within ten Business Days after action by the Board of Directors ordering the exchange of any Rights pursuant to Section 24.1, the Company shall
mail, or cause the Rights Agent to mail, a notice of any such exchange to the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent. Any notice mailed in the manner herein provided shall be deemed
given, whether or not the holder receives the notice. Each such notice of exchange will state the method by which the exchange of the Common Shares for Rights will be effected and, in the event of any partial exchange, the number of Rights which
will be exchanged. Any partial exchange shall be effected pro rata based on the number of Rights (other than Rights which have become void pursuant to the provisions of Section 11.1.2) held by each holder of Rights. 

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

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

24.6 Notwithstanding anything in this Section 24 to the contrary, the exchange of the Rights may be made effective at such time, on such
basis and subject to such conditions as the Board of Directors in its sole discretion may establish. Without limiting the preceding sentence, the Board of Directors may (i) in lieu of issuing Common Shares or any other securities contemplated
by this Section 24 to the Persons entitled thereto in connection with the exchange (such Persons, the “Exchange Recipients,” and such shares and other securities, together with any dividends or distributions made on such shares
or other securities, the “Exchange Property”) issue, transfer or deposit the Exchange Property to or into a trust or other entity (the “Trust”) created upon such terms as the Board of Directors may determine to hold
all or a portion of the Exchange Property for the benefit of the Exchange Recipients, (ii) permit the Trust to exercise all of the rights that a stockholder of record would possess with respect to any shares deposited in the Trust and
(iii) direct that all holders of Rights entitled to receive Exchange Property shall be entitled to receive such Exchange Property only from the Trust and only upon compliance with the relevant terms and provisions of the Trust and subject to
such conditions as the Board of Directors in its sole discretion may establish. Prior to effecting an exchange of Rights, the Company may require (or cause the trustee or other governing body of the Trust to require), as a condition thereof, that
any Exchange Recipient provide evidence that it is not an Acquiring Person, including, without limitation, evidence of the identity of the current or former Beneficial Owners thereof and their Affiliates and Associates. If any Person shall fail to
comply with any request to provide such evidence, the Company shall be entitled conclusively to deem the Rights held by such Person to be null and void pursuant to Section 11.1.2 and not transferable or exercisable or exchangeable in connection
herewith. In the event the Board of Directors determines, before the Distribution Date, to effect an exchange, the Board of Directors may delay the occurrence of the Distribution Date to such time as the Board of Directors deems advisable. 

25. Notice of Certain Events. 
 25.1 If the
Company shall after the Distribution Date propose (i) to pay any dividend payable in stock of any class to the holders of its Preferred Shares or to make any other distribution to the holders of its Preferred Shares (other than a regular
quarterly cash dividend); (ii) to offer to the holders of its Preferred Shares rights or warrants to subscribe for or to purchase any additional Preferred Shares or shares of stock of any class or any other securities, rights or options;
(iii) to effect any reclassification of its Preferred Shares (other than a reclassification involving only the subdivision of outstanding Preferred Shares); (iv) to effect any consolidation or merger into or with any other Person, or to
effect any sale or other transfer (or to permit one or more of its Subsidiaries to effect any sale or other transfer), in one or more transactions, of 50% 

  
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or more of the assets or Earning Power of the Company and its Subsidiaries (taken as a whole) to any other Person; (v) to effect the liquidation, dissolution or winding-up of the Company; or (vi) to declare or pay any dividend on the Common Shares payable in Common Shares, or to effect a subdivision, combination or consolidation of the Common Shares (by
reclassification or otherwise than by payment of dividends in Common Shares), then, in each such case, the Company shall give to each holder of a Right Certificate and the Rights Agent, in accordance with Section 26, a reasonably detailed
notice of such proposed action, which shall specify the record date for the purposes of such stock dividend, or distribution of rights or warrants, or the date on which such reclassification, consolidation, merger, sale, transfer, liquidation,
dissolution or winding-up is to take place and the date of participation therein by the holders of the Common Shares or Preferred Shares or both, if any such date is to be fixed, and such notice shall be so
given in the case of any action covered by clause (i) or (ii) above at least ten days prior to the record date for determining holders of the Preferred Shares for purposes of such action, and in the case of any such other action, at least
ten days prior to the date of the taking of such proposed action or the date of participation therein by the holders of the Common Shares or Preferred Shares or both, whichever shall be the earlier. 

25.2 The Company shall, as soon as practicable after a Stock Acquisition Date, give to the Rights Agent and each holder of a Right Certificate,
in accordance with Section 26, a notice that describes the transaction in which a Person became an Acquiring Person and the consequences of the transaction to holders of Rights under Section 11.1.2. 

26. Notices. Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right Certificate to or on the
Company shall be sufficiently given or made if in writing and when sent by overnight delivery service or first-class mail, postage prepaid, properly addressed (until another address is filed in writing with the Rights Agent) as follows: 

Spectrum Brands Holdings, Inc. 

3001 Deming Way 
 Middleton, WI
53562 
 Attention: General Counsel 
 Subject
to the provisions of Section 21, any notice or demand authorized by this Agreement to be given or made by the Company or by the holder of any Right Certificate to or on the Rights Agent shall be deemed given upon receipt and shall be
sufficiently given or made if in writing when sent by overnight delivery service or registered or certified mail properly addressed (until another address is filed in writing with the Company) as follows: 

Computershare Trust Company, N.A. 

250 Royall Street 
 Canton, MA
02021 
 Attention: Client Services 
 Notices
or demands authorized by this Agreement to be given or made by the Company or the Rights Agent to the holder of any Right Certificate shall be sufficiently given or made if in writing, when sent by first-class mail, postage prepaid, addressed to
such holder at the address of such holder as shown on the registry books of the Company. 

  
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 27. Supplements and Amendments. The Company may from time to time, and the Rights Agent shall if the Company so
directs in writing, supplement or amend this Agreement without the approval of any holders of Right Certificates in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective or inconsistent with any
other provisions herein, or to make any change to or delete any provision hereof or to adopt any other provisions with respect to the Rights which the Company may deem necessary or desirable; provided, however, that, from and after
such time as any Person becomes an Acquiring Person, this Agreement shall not be amended or supplemented in any manner which would adversely affect the interests of the holders of Rights (other than an Acquiring Person and its Affiliates and
Associates). For the avoidance of doubt, the Company shall be entitled to adopt and implement such procedures and arrangements (including with third parties) as it may deem necessary or desirable to facilitate the exercise, exchange, trading,
issuance or distribution of the Rights (and Preferred Shares) as contemplated hereby and to ensure that an Excluded Person does not obtain the benefits thereof, and amendments in respect of the foregoing shall not be deemed to adversely affect the
interests of the holders of Rights. Any supplement or amendment authorized by this Section 27 will be evidenced by a writing signed by the Company and the Rights Agent, subject to certification by any of the officers of the Company listed in
Section 20.2 that any such supplement or amendment complies with this Section 27. Notwithstanding anything in this Agreement to the contrary, the Rights Agent shall not be required to execute any supplement or amendment to this Agreement
that it has reasonably determined would adversely affect its own rights, duties, obligations or immunities under this Agreement. No supplement or amendment to this Agreement shall be effective unless duly executed by the Rights Agent. 

28. Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit
of their respective successors and assigns hereunder. 
 29. Benefits of this Agreement. Nothing in this Agreement shall be construed to give to any Person
or entity other than the Company, the Rights Agent and the registered holders of the Right Certificates any legal or equitable right, remedy or claim under this Agreement. This Agreement shall be for the sole and exclusive benefit of the Company,
the Rights Agent and the registered holders of the Right Certificates. 
 30. Severability. If any term, provision, covenant or restriction of this Agreement
is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be
affected, impaired or invalidated; provided, however, that if such excluded provision shall affect the rights, immunities, liabilities, duties or obligations of the Rights Agent, the Rights Agent shall be entitled to resign immediately
upon written notice to the Company. 

  
 - 31 - 

 31. Governing Law . This Agreement and each Right Certificate issued hereunder shall be deemed to be a contract
made under the laws of the state of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such state applicable to contracts to be made and performed entirely within such state; provided,
however, that all provisions regarding the rights, duties, liabilities and obligations of the Rights Agent shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be
performed entirely within the State of New York. 
 32. Counterparts. This Agreement may be executed in any number of counterparts, and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement transmitted electronically shall have the same authority, effect and
enforceability as an original signature. 
 33. Descriptive Headings. Descriptive headings of the sections of this Agreement are inserted for convenience
only and shall not control or affect the meaning or construction of any of the provisions hereof. 
 34. Administration. Other than with respect to rights,
duties, obligations and immunities of the Rights Agent, the Board of Directors shall have the exclusive power and authority to administer and interpret the provisions of this Agreement and to exercise all rights and powers specifically granted to
the Board of Directors or the Company or as may be necessary or advisable in the administration of this Agreement. All such actions, calculations, determinations and interpretations which are done or made by the Board of Directors in good faith
shall be final, conclusive and binding on the Company, the Rights Agent, holders of the Rights and all other parties and shall not subject the Board of Directors to any liability to the holders of the Rights. The Rights Agent is entitled always to
assume the Board of Directors acted in good faith and shall be fully protected and incur no liability in reliance thereon. 
 35. Force Majeure.
Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for any delays or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts,
shortage of supply, breakdowns or malfunctions, interruptions or malfunction of any utilities, communications, or computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems,
labor difficulties, war, or civil unrest. 
 [Signature Pages Follow] 

  
 - 32 - 

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

			
	Spectrum Brands Holdings, Inc.
		
	By:	 	/s/ Nathan E. Fagre
		 	Name: Nathan E. Fagre
		 	 Title: Senior Vice President, General Counsel and Secretary

 [Signature Page to Rights Agreement] 

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

			
	Computershare Trust Company, N.A.
		
	By:	 	/s/ Megan Roe
		 	Name: Megan Roe
		 	Title: Vice President - Client Services

 [Signature Page to Rights Agreement] 

 EXHIBIT A 

FORM 
 of 

CERTIFICATE OF DESIGNATION 
 of

 SERIES R PREFERRED STOCK 
 of

 SPECTRUM BRANDS HOLDINGS, INC. 
  

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

 
  

Spectrum Brands Holdings, Inc., a corporation organized and existing under General Corporation Law of the State of Delaware
(“DGCL”) (the “Corporation”), hereby certifies that pursuant to the authority conferred upon the Board of Directors of the Corporation (the “Board of Directors”) by the Amended and Restated
Certificate of Incorporation of the Corporation (the “Certificate of Incorporation”), the Board of Directors on February 24, 2018 adopted the following resolution creating a series of Preferred Stock designated as Series R
Preferred Stock (as hereinafter defined): 
 RESOLVED, that pursuant to the authority vested in the Board of Directors in accordance with
the provisions of the Certificate of Incorporation, a series of Preferred Stock, par value $0.01 per share, of the Corporation be and it hereby is created, and that the designation and amount thereof and the powers, preferences and relative,
participating, optional and other special rights of the shares of such series, and the qualifications, limitations or restrictions thereof are as follows: 

 Section 1. Designation and Amount. The shares of this series shall be designated as
Series R Preferred Stock (the “Series R Preferred Stock”), and the number of shares constituting the Series R Preferred Stock shall be 250,000. Such number of shares may be increased or decreased by resolution of the Board of
Directors; provided, that no decrease shall reduce the number of shares of Series R Preferred Stock to a number less than the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding
options, rights or warrants or upon the conversion of any outstanding securities issued by the Corporation convertible into Series R Preferred Stock. 

Section 2. Dividends and Distributions. 

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

(C) Dividends due pursuant to paragraph (A) of this Section 2 shall begin to accrue and be cumulative on outstanding shares of Series
R Preferred Stock from the Quarterly Dividend Payment Date next preceding the date of issue of such shares, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on
such shares shall begin to accrue from the date of issue of such shares, or 

  
 - A-2 - 

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

Section 3. Voting Rights. The holders of shares of Series R Preferred Stock shall have the following voting rights: 

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

(B) Except as otherwise provided in the Certificate of Incorporation, including any other Certificate of Designation creating a series of
Preferred Stock or any similar stock, or by law, the holders of shares of Series R Preferred Stock and the holders of shares of Common Stock and any other capital stock of the Corporation having general voting rights shall vote together as one class
on all matters submitted to a vote of stockholders of the Corporation. 
 (C) Except as set forth herein, or as otherwise required by law,
holders of Series R Preferred Stock shall have no special voting rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking any corporate action. 

Section 4. Certain Restrictions. 

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

  
 - A-3 - 

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

(ii) declare or pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as to dividends or upon
liquidation, dissolution or winding-up) with the Series R Preferred Stock, except dividends paid ratably on the Series R Preferred Stock and all such parity stock on which dividends are payable or in arrears
in proportion to the total amounts to which the holders of all such shares are then entitled; or 
 (iii) redeem or purchase or otherwise
acquire for consideration shares of any stock ranking junior (either as to dividends or upon liquidation, dissolution or winding-up) to the Series R Preferred Stock, provided that the Corporation may at any
time redeem, purchase or otherwise acquire shares of any such junior stock in exchange for shares of any stock of the Corporation ranking junior (as to dividends and upon dissolution, liquidation or
winding-up) to the Series R Preferred Stock. 
 (B) The Corporation shall not permit any subsidiary
of the Corporation to purchase or otherwise acquire for consideration any shares of stock of the Corporation unless the Corporation could, under paragraph (A) of this Section 4, purchase or otherwise acquire such shares at such time and in
such manner. 
 Section 5. Reacquired Shares. Any shares of Series R Preferred Stock purchased or otherwise acquired by the
Corporation in any manner whatsoever shall be retired and canceled promptly after the acquisition thereof. The Corporation shall take all such actions as are necessary to cause all such shares to become authorized but unissued shares of Preferred
Stock that may be reissued as part of a new series of Preferred Stock subject to the conditions and restrictions on issuance set forth herein or in the Certificate of Incorporation, including any Certificate of Designation creating a series of
Preferred Stock or any similar stock, or as otherwise required by law. 
 Section 6. Liquidation, Dissolution or Winding-Up. 
 (A) Upon any liquidation, dissolution or winding-up of
the Corporation, voluntary or otherwise, no distribution shall be made to the holders of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding-up) to the Series R Preferred
Stock unless, prior thereto, the holders of Series R Preferred Stock shall have received an amount per share (the “Series R Liquidation Preference”) equal to an amount per share, subject to the provision for adjustment hereinafter
set forth, equal to 1,000 multiplied by the aggregate amount to be distributed per share to holders of shares of Common Stock plus an amount equal to any accrued and unpaid dividends. In the event the Corporation shall at any time declare or
pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of
Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the aggregate amount to which holders of shares of Series R Preferred Stock were entitled immediately prior to such event under the preceding sentence
shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event. 

  
 - A-4 - 

 (B) If there are not sufficient assets available to permit payment in full of the Series R
Liquidation Preference and the liquidation preferences of all other classes and series of stock of the Corporation, if any, that rank on a parity with the Series R Preferred Stock in respect thereof, then the assets available for such distribution
shall be distributed ratably to the holders of the Series R Preferred Stock and the holders of such parity shares in proportion to their respective liquidation preferences. 

(C) Neither the merger or consolidation of the Corporation into or with another entity nor the merger or consolidation of any other entity into
or with the Corporation shall be deemed to be a liquidation, dissolution or winding-up of the Corporation within the meaning of this Section 6. 

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

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

Section 9. Rank. The Series R Preferred Stock shall rank, with respect to the payment of dividends and upon liquidation,
dissolution and winding-up, junior to all other series of Preferred Stock, unless the terms of any such series shall provide otherwise, and shall rank senior to the Common Stock as to such matters. 

[Signature Page Follows] 

  
 - A-5 - 

 IN WITNESS WHEREOF, this Certificate of Designation is executed on behalf of the Corporation by
its duly authorized officer this          day of February, 2018. 
  

			
	Spectrum Brands Holdings, Inc.
		
	By:	 	 
		 	Name:
		 	Title:

  
 - A-6 - 

 EXHIBIT B 

Form of Right Certificate 
  

					
	Certificate No. R-                	  		  	             Rights

 NOT EXERCISABLE AFTER THE FINAL EXPIRATION DATE (AS DEFINED IN THE RIGHTS AGREEMENT) OR EARLIER IF REDEMPTION,
EXCHANGE OR TERMINATION OCCURS. THE RIGHTS ARE SUBJECT TO REDEMPTION AT $0.00001 PER RIGHT AND TO EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS THAT ARE OR WERE ACQUIRED OR BENEFICIALLY OWNED BY AN
ACQUIRING PERSON OR ANY ASSOCIATES OR AFFILIATES THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT), OR ANY SUBSEQUENT HOLDER OF SUCH RIGHTS, MAY BECOME NULL AND VOID. 

Right Certificate 
 Spectrum
Brands Holdings, Inc. 
 This certifies that
                                         
           , or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to the terms, provisions and conditions of
the Rights Agreement (the “Rights Agreement”), dated as of February 24, 2018, between Spectrum Brands Holdings, Inc., a Delaware corporation (the “Company”), and Computershare Trust Company, N.A., a federally
chartered trust company, as Rights Agent (or any successor rights agent) (the “Rights Agent”), as may be amended from time to time, to purchase from the Company at any time after the Distribution Date (as such term is defined in the
Rights Agreement) and prior to the Final Expiration Date (as such term is defined in the Rights Agreement) or earlier under certain circumstances set forth in the Agreement, at the offices of the Rights Agent designated for such purpose, or at the
office of its successor as Rights Agent, one one-thousandth of a fully paid non-assessable share of Series R Preferred Stock, par value $0.01 per share (the
“Preferred  

 
Shares”), of the Company, at a purchase price of $462.00 per one one-thousandth of a Preferred Share (the “Purchase Price”),
upon presentation and surrender of this Right Certificate with the Form of Election to Purchase properly completed and duly executed, accompanied by such documentation as the Rights Agent may reasonably request. The number of Rights evidenced by
this Right Certificate (and the number of one one-thousandths of a Preferred Share which may be purchased upon exercise hereof) set forth above, and the Purchase Price set forth above, are the number and
Purchase Price as of February 24, 2018, based on the Preferred Shares as constituted at such date. As provided in the Rights Agreement, the Purchase Price and the number of one one-thousandths of a
Preferred Share which may be purchased upon the exercise of the Rights evidenced by this Right Certificate are subject to modification and adjustment upon the happening of certain events. 

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

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

This Right Certificate, with or without other Right Certificates, upon surrender at the office or offices of the Rights Agent designated for
such purpose, accompanied by such documentation as the Rights Agent may reasonably request, may be exchanged for another Right Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like
aggregate number of Preferred Shares as the Rights evidenced by the Right Certificate or Right Certificates surrendered shall have entitled such holder to purchase. If this Right Certificate shall be exercised in part, the holder shall be entitled
to receive upon surrender hereof another Right Certificate or Right Certificates for the number of whole Rights not exercised. 
 Subject to
the provisions of the Rights Agreement, at the Company’s option, the Rights evidenced by this Certificate (i) may be redeemed by the Company at a redemption price of $0.00001 per Right or (ii) may be exchanged in whole or in part for
shares of the Company’s Common Stock, par value $0.01 per share, Preferred Shares, cash, debt securities or other assets, property or instruments. The shares and other securities transferred as part of the exchange may be transferred to a trust
created upon such terms as the Board of Directors of the Company may determine. 
 No fractional Preferred Shares will be issued upon the
exercise of any Right or Rights evidenced hereby (other than fractions which are integral multiples of one one-thousandth of a Preferred Share, which may, at the election of the Company, be evidenced by
depositary receipts), but in lieu thereof a cash payment will be made, as provided in the Rights Agreement. 

  
 - B-2 - 

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

  
 - B-3 - 

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

							
	Attest:	 		 	Spectrum Brands Holdings, Inc.
				
	  
	 		 	By:	 	 
				
	Countersigned:	 		 		 	
				
	  
	 		 		 	
				
	  
	 		 		 	
	Rights Agent	 		 		 	

  

			
	By:	 	 
		 	Authorized Signature

  
 - B-4 - 

 Form of Reverse Side of Right Certificate 

FORM OF ASSIGNMENT 
 (To be
executed by the registered holder if such holder desires to transfer the Right Certificate.) 
 FOR VALUE RECEIVED,
                                         
                                         
       hereby sells, assigns and transfers unto
                                         
                                         
                                         
                                         
                               

(Please print name and address of transferee) 

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

 

							
	Date:
                                         
   	 		 		 	 
		 		 		 	Signature

 Signature Guaranteed: 

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

————————————————————————————————
 
 The undersigned hereby certifies that the Rights evidenced by this Right Certificate are not Beneficially Owned by and were not acquired
by the undersigned from an Acquiring Person or an Affiliate or Associate thereof (as such terms are defined in the Rights Agreement). 
  

	
	   

	Signature

————————————————————————————————
 

  
 - B-5 - 

 Form of Reverse Side of Right Certificate — continued 

FORM OF ELECTION TO PURCHASE 

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

TO SPECTRUM BRANDS HOLDINGS, INC.: 
 The
undersigned hereby irrevocably elects to exercise                          Rights represented by this Right Certificate to
purchase the Preferred Shares issuable upon the exercise of such Rights and requests that certificates for such Preferred Shares be issued in the name of: 

Please insert Social Security or other identifying
number:                                        
                                         
        . 
  
  

(Please print name and address) 
  

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

Please insert Social Security or other identifying
number:                                        
                                         
        . 
  
  

(Please print name and address) 
  

 
  

							
	Dated:
                                        
         ,                     	 		 		 	 
		 		 		 	Signature

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

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

  
 - B-6 - 

 Form of Reverse Side of Right Certificate — continued 

————————————————————————————————
 
 The undersigned hereby certifies that the Rights evidenced by this Right Certificate are not Beneficially Owned by, were not acquired by
the undersigned from and are not being assigned to an Acquiring Person or an Affiliate or Associate thereof (as such terms are defined in the Rights Agreement). 

 

	
	   

	Signature

————————————————————————————————
 
 NOTICE 
 The
signature in the foregoing Forms of Assignment and Election to Purchase must conform to the name as written upon the face of this Right Certificate in every particular, without alteration or enlargement or any change whatsoever. 

In the event the certification set forth above in the Form of Assignment or the Form of Election to Purchase, as the case may be, is not
completed, such assignment or election to purchase will not be honored. 

  
 - B-7 - 

 EXHIBIT C 

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

On February 24, 2018, the Board of Directors of Spectrum Brands Holdings, Inc. (the “Company”) declared a dividend of
one preferred share purchase right (a “Right”) for each outstanding share of Common Stock, par value $0.01 per share (the “Common Shares”), outstanding on March 8, 2018 (the “Record Date”) to
the stockholders of record on that date. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series R Preferred Stock, par value $0.01 per share (the
“Preferred Shares”), of the Company, at a price of $462.00 per one one-thousandth of a Preferred Share represented by a Right (the “Purchase Price”), subject to adjustment.
The description and terms of the Rights are set forth in a Rights Agreement (the “Rights Agreement”), dated as of February 24, 2018, between the Company and Computershare Trust Company, N.A., a federally chartered trust
company, as Rights Agent. Capitalized terms used but not defined in this summary have the meanings ascribed to such terms in the Rights Agreement. 

The Rights Agreement is intended to, among other things, avoid an “ownership change” within the meaning of Section 382 of the
Internal Revenue Code of 1986, as amended, and thereby preserve the current ability of the Company to utilize certain net operating loss carryovers and other tax benefits of the Company and its subsidiaries. 

Until the earlier to occur of (i) 10 days following a public announcement that a Person or group of affiliated or associated Persons (other than an
Exempt Person) has acquired Beneficial Ownership of 4.9% or more of the outstanding Common Shares (an “Acquiring Person”) (or, in the event an exchange is effected in accordance with Section 24 of the Rights Agreement and the
Board of Directors determines that a later date is advisable, then such later date) or (ii) 10 business days (or such later date as may be determined by action of the Board of Directors prior to such time as any Person becomes an Acquiring
Person) following the commencement of a tender offer or exchange offer the consummation of which would result in the Beneficial Ownership by a Person or group of 4.9% or more of the outstanding Common Shares (the earlier of such dates, the
“Distribution Date”), the Rights will be evidenced, with respect to any of the Common Share certificates outstanding as of the Record Date, by such Common Share certificate with a copy of this Summary of Rights attached thereto
(unless such Rights are recorded in book entry). 

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

“Beneficial Ownership” shall include any securities such Person or any of such Person’s Affiliates or Associates
(a) would be deemed to actually or constructively own for purposes of Section 382 of the Code or the Treasury Regulations promulgated thereunder, including any coordinated acquisition of securities by any Persons who have a formal or
informal understanding with respect to such acquisition (to the extent ownership of such securities would be attributed to such Persons under Section 382 of the Code and the Treasury Regulations promulgated thereunder), (b) beneficially owns,
directly or indirectly, within the meaning of Rules 13d-3 or 13d-5 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), (c) has the right to acquire or vote pursuant to any agreement, arrangement or understanding (except under limited circumstances), (d) which are directly or indirectly beneficially owned by any other Person with which such Person has
any agreement, arrangement or understanding for the purpose of acquiring, holding or voting such securities, or obtaining, changing or influencing control of the Company or (e) in respect of which such Person has a derivative position. 

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

  
 - C-2 - 

 The Rights are not exercisable until the Distribution Date. The Rights will expire on the earlier
of (i) Close of Business on the one-year anniversary date of the date of this Agreement and (ii) immediately prior to the Effective Time (as defined in the Merger Agreement) (the “Final
Expiration Date”). 
 The Purchase Price payable, and the number of Preferred Shares or other securities or property issuable, upon
exercise of the Rights is subject to adjustment from time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Preferred Shares; (ii) upon the grant to holders of
the Preferred Shares of certain rights or warrants to subscribe for or purchase Preferred Shares at a price, or securities convertible into Preferred Shares with a conversion price, less than the then current market price of the Preferred Shares; or
(iii) upon the distribution to holders of the Preferred Shares of evidences of indebtedness or assets (excluding regular periodic cash dividends paid out of earnings or retained earnings or dividends payable in Preferred Shares) or of
subscription rights or warrants (other than those referred to above). 
 The number of outstanding Rights and the number of Preferred Shares
issuable upon exercise of each Right are also subject to adjustment in the event of a stock split of the Common Shares or a stock dividend on the Common Shares payable in Common Shares or subdivisions, consolidations or combinations of the Common
Shares occurring, in any such case, prior to the Distribution Date. 
 Preferred Shares purchasable upon exercise of the Rights will not be
redeemable. Each Preferred Share will be entitled to a quarterly dividend payment of 1,000 multiplied by the dividend declared per Common Share. In the event of liquidation, the holders of the Preferred Shares will be entitled to a payment per share
equal to 1,000 multiplied by the aggregate payment made per Common Share. Each Preferred Share will have 1,000 votes, voting together with the Common Shares. In the event of any merger, consolidation or other transaction in which Common
Shares are exchanged, each Preferred Share will be entitled to receive 1,000 multiplied by the amount received per Common Share. 
 Because
of the nature of the dividend, liquidation and voting rights of the Preferred Shares, the value of the one one-thousandth of a Preferred Share purchasable upon exercise of each Right should approximate the
value of one Common Share. 
 From and after the time any Person becomes an Acquiring Person, if the Rights evidenced by this Right
Certificate are or were acquired or Beneficially Owned by an Acquiring Person or an Associate or Affiliate of an Acquiring Person (as such terms are defined in the Rights Agreement), such Rights shall become void, and any holder of such Rights shall
thereafter have no right to exercise such Rights. 

  
 - C-3 - 

 If any Person becomes an Acquiring Person, proper provision shall be made so that each holder of
a Right, other than Rights Beneficially Owned by the Acquiring Person and its Affiliates and Associates (all of which will thereafter be void), will thereafter have the right to receive upon exercise that number of Common Shares having a market
value of two times the exercise price of the Right. If the Board of Directors so elects, the Company shall deliver upon payment of the exercise price of a Right an amount of cash or securities equivalent in value to the Common Shares issuable upon
exercise of a Right; provided that, if the Company fails to meet such obligation within 30 days following the date a Person becomes an Acquiring Person, the Company must deliver, upon exercise of a Right but without requiring payment of
the exercise price then in effect, Common Shares (to the extent available) and cash equal in value to the difference between the value of the Common Shares otherwise issuable upon the exercise of a Right and the exercise price then in effect. The
Board of Directors may extend the 30-day period described above to permit the taking of action that may be necessary to authorize sufficient additional Common Shares to permit the issuance of Common Shares
upon the exercise in full of the Rights. 
 If, at any time after a Person becomes an Acquiring Person, the Company is acquired in a merger
or other business combination transaction or 50% or more of its consolidated assets or Earning Power (as defined in the Rights Agreement) are sold, proper provision will be made so that each holder of a Right will thereafter have the right to
receive, upon the exercise thereof at the then current exercise price of the Right, that number of shares of common stock of the acquiring company which at the time of such transaction will have a market value of two times the exercise price of the
Right. 
 At any time after any Person becomes an Acquiring Person and prior to the acquisition by any Person or group of a majority of the
outstanding Common Shares, the Board of Directors may exchange the Rights (other than Rights owned by such Person or group which have become void), in whole or in part, at an exchange ratio of one Common Share per Right (subject to adjustment). The
shares and other securities transferred as part of the exchange may be transferred to a trust created upon such terms as the Board of Directors of the Company may determine. 

With certain exceptions, no adjustment in the Purchase Price will be required until cumulative adjustments require an adjustment of at least
1% in such Purchase Price. No fractional Preferred Shares will be issued (other than fractions which are integral multiples of one one-thousandth of a Preferred Share, which may, at the election of the
Company, be evidenced by depositary receipts), and in lieu thereof, an adjustment in cash will be made based on the market price of the Preferred Shares on the last trading day prior to the date of exercise. 

At any time prior to the time any Person becomes an Acquiring Person, the Board of Directors may redeem the Rights in whole, but not in part,
at a price of $0.00001 per Right (the “Redemption Price”). The redemption of the Rights may be made effective at such time, on such basis and with such conditions as the Board of Directors in its sole discretion may establish.
Immediately upon any redemption of the Rights, the right to exercise the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price. 

The terms of the Rights may be amended by the Board of Directors without the consent of the holders of the Rights. However, from and after
such time as any Person becomes an Acquiring Person, the Rights Agreement shall not be amended or supplemented in any manner which would adversely affect the interests of the holders of Rights (other than an Acquiring Person and its Affiliates and
Associates). 

  
 - C-4 - 

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

  
 - C-5 -

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