Document:

rgld_exh_10-1

		

			 

		

		
			Exhibit 10.1
		

		
			EXECUTION VERSION
		

		
			SECOND AMENDMENT TO
		

		
			REVOLVING FACILITY CREDIT AGREEMENT
		

		
			This SECOND AMENDMENT TO REVOLVING FACILITY CREDIT AGREEMENT, dated as of June 3, 2019 (this “Amendment”), is by and among ROYAL GOLD, INC., a corporation organized under the laws of the State of Delaware, as borrower (“Borrower”), RG ROYALTIES, LLC (f/k/a RG Mexico, Inc.), a limited liability company organized under the laws of the State of Delaware, as a guarantor (“RG Royalties”), ROYAL GOLD INTERNATIONAL HOLDINGS, INC., a corporation organized under the laws of the State of Delaware, as a guarantor (“RG International” and together with RG Royalties and RG International, collectively, the “Guarantors” and each, a “Guarantor”), and, for the purposes of paragraph 3(c), below, and otherwise as acknowledged and agreed by RGLD UK HOLDINGS LIMITED, a private limited company incorporated in England and Wales, as a pledgor, (the, “Pledgor”), those banks and financial institutions identified as a “Lender” on the signature pages hereto (individually, each a “Lender” and collectively, the “Lenders”), and THE BANK OF NOVA SCOTIA, in its capacity as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders.
		

		
			Recitals
		

		
			A.        The Administrative Agent, the Lenders, the Borrower and the Guarantors are parties to that certain Revolving Facility Credit Agreement, dated as of June 2, 2017 (as amended by the Amendment and Consent to Revolving Facility Credit Agreement, dated as of May 15, 2018, and as further amended, modified, supplemented and restated from time to time, the “Credit Agreement”).
		

		
			B.         The Borrower desires to (i) decrease the Applicable Rate and (ii) extend the Maturity Date.
		

		
			C.         The Borrower has requested that the Administrative Agent and each Lender consent to the modifications contemplated by this Amendment.
		

		
			D.        The Administrative Agent and each Lender is willing to agree to such request, subject to and in accordance with the terms and conditions set forth in this Amendment.
		

		
			Agreement
		

		
			NOW, THEREFORE, in consideration of the premises and the mutual agreements, representations and warranties herein set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		

		
			1.         Defined Terms.  Capitalized terms used but not defined in this Amendment shall have the meanings given thereto in the Credit Agreement.
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
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			2.         Amendments to the Credit Agreement.  Subject to the terms and conditions of this Amendment, including, without limitation, the conditions to effectiveness set forth in Section 4 below, the Credit Agreement is hereby amended as follows:
		

		
			a.           The table in the definition of “Applicable Rate” in Section 1.1 of the Credit Agreement is hereby deleted and replaced in its entirety as follows:
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Level

					
					
						Leverage Ratio

					
					
						LIBOR Loan Applicable Rate

					
					
						Base Rate Loan Applicable Rate

					
					
						Commitment Fee

				
	
					
						1

					
					
						< 0.50x

					
					
						1.10% per annum 

					
					
						0.10% per annum

					
					
						0.22% per annum

				
	
					
						2

					
					
						< 1.00x but > 0.50x

					
					
						1.20% per annum 

					
					
						0.20% per annum

					
					
						0.24% per annum

				
	
					
						3

					
					
						< 2.00x but > 1.00x

					
					
						1.45% per annum 

					
					
						0.45% per annum 

					
					
						0.29% per annum

				
	
					
						4

					
					
						< 3.00x but > 2.00x

					
					
						1.70% per annum 

					
					
						0.70% per annum 

					
					
						0.34% per annum

				
	
					
						5

					
					
						> 3.00x

					
					
						2.20% per annum

					
					
						1.20% per annum

					
					
						0.44% per annum

				

		
			b.          The definition of “Maturity Date” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:
		

		
			“Maturity Date” means June 3, 2024.
		

		
			c.           Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions in the appropriate alphabetical order therein:
		

		
			“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
		

		
			“Covered Entity” means any of the following:  (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
		

		
			“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
		

		
			“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).
		

		
			“Second Amendment Effective Date” means the first date that all of the conditions in Section 4 of that certain Second Amendment to Revolving Facility Credit Agreement, dated as of June 3, 2019, by and among Borrower, Guarantors, and, in respect of paragraph 3(c) thereof only, the Pledgor, Administrative Agent and each Lender are satisfied.
		

		
			
		

		
			

		 

		

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			“Supplemental UK Pledge Agreement” means that certain Pledge Agreement, dated on or about the Second Amendment Effective Date, between RG International and the Administrative Agent, in respect of the shares of RGLD UK.
		

		
			d.          The definition of “Pledge Agreements” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:
		

		
			“Pledge Agreements” means the Canadian Pledge Agreement, the U.S. Pledge Agreement, the Swiss Pledge Agreement, the UK Pledge Agreement, the Supplemental UK Pledge Agreement, and any other pledge and/or security documents executed pursuant to Section 11.1(s).
		

		
			e.           Article 15 of the Credit Agreement is hereby amended to add Section 15.17 as follows:
		

		
			“Acknowledgement Regarding Any Supported QFCs.
		

		
			To the extent that the Credit Documents provide support, through a guarantee or otherwise, for any Hedging Agreement or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Credit Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):
		

		
			In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Credit Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Credit Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no
		

		
			
		

		
			

		 

		

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			event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.
		

		
			3.         Representations and Warranties; Reaffirmation of Security Interests.
		

		
			a.           The Borrower and each other Obligor hereby (i) confirms that all of the representations and warranties set forth in the Credit Agreement are true and correct in all material respects (without duplication of any materiality qualifier in the text of such representation or warranty) with respect to such Obligor as of the Second Amendment Effective Date except to the extent that any such representation or warranty relates to a specific date in which case such representation or warranty shall be true and correct as of such earlier date, and (ii) covenants to perform its respective obligations under the Credit Agreement.
		

		
			b.          The Borrower and each other Obligor hereby further represents and warrants that (i) this Amendment has been duly authorized, executed and delivered by each of them, (ii) this Amendment is binding upon and enforceable against each of them in accordance with its terms, (iii) no Default or Event of Default has occurred and is continuing or will occur as a result of the consummation of the transactions contemplated hereby, and (iv) the Recitals set forth above are true and correct in all respects.
		

		
			c.           The Borrower, each other Obligor, and the Pledgor hereby irrevocably confirms and agrees that each Pledge Agreement and other Credit Documents to which it is a party, and all guaranties, grants of security, debentures, mortgages, liens, deeds, pledges and rights thereunder, respectively, are hereby continued, ratified and confirmed, remain in full force and effect, remain fully perfected, and apply to the Credit Agreement as amended and extended hereby.
		

		
			4.         Conditions Precedent.  This Amendment shall become effective as of the date hereof upon (and only upon) satisfaction of the following conditions precedent (the “Second Amendment Effective Date”):
		

		
			a.           The Administrative Agent shall have received duly executed originals of this Amendment from each Obligor, Pledgor and each Lender;
		

		
			b.          The Administrative Agent shall have received evidence that all material governmental, shareholder, board of director and third party consents and approvals necessary in connection with the execution, delivery and performance of this Amendment and the other transactions contemplated thereby have been obtained;
		

		
			c.           The Administrative Agent shall have received a duly executed Supplemental UK Pledge Agreement from RG International;
		

		
			d.          The Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent, a certificate from the secretary of each Obligor and the Pledgor, together with certified copies of each of the following attachments:
		

		
			(i)      copies of or, to the extent such document has not changed since the last delivery thereof to the Administrative Agent, a certification of no change to the articles of incorporation or other charter documents, as applicable,
		

		
			
		

		
			

		 

		

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			of such Obligor and the Pledgor certified to be true and complete as of a recent date by the appropriate governmental authority of the jurisdiction of its incorporation or organization;
		

		
			(ii)     a copy of or, to the extent such document has not changed since the last delivery thereof to the Administrative Agent, a certification of no change to the bylaws or comparable operating agreement of such Obligor and the Pledgor;
		

		
			(iii)    copies of certificates of good standing, existence or its equivalent with respect to such Obligor certified as of a recent date by the appropriate governmental authorities of the jurisdiction of incorporation or organization and each other jurisdiction in which the failure to so qualify and be in good standing could reasonably be expected to have a Material Adverse Effect on the business or operations of such Obligor;
		

		
			(iv)    copies of resolutions of the board of directors of such Obligor and such Pledgor approving and adopting this Amendment, the transactions contemplated herein and authorizing execution and delivery thereof; and
		

		
			(v)      incumbency signatures of appropriate officers or authorized signatories of such Obligor and the Pledgor, including each officer or authorized signatory executing this Amendment;
		

		
			e.           The Administrative Agent shall have received a certificate of a senior officer of the Borrower, in such capacity, certifying that, to the best of his knowledge after due inquiry, (i) no Default or Event of Default has occurred and is continuing or will occur as a result of the consummation of the transactions contemplated hereby and (ii) all representations and warranties contained in the Credit Documents are true and correct in all material respects (without duplication of any materiality qualifier in the text of such representation or warranty);
		

		
			f.           The Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent and Lenders, opinions of legal counsel (including local counsel to the extent required by the Administrative Agent) for the Pledgor and Obligors dated as of the date hereof and addressed to the Administrative Agent and each Lender;
		

		
			g.          The Borrower shall have paid to the Lead Arrangers (as defined in the Fee Letter (defined below)), the Administrative Agent and the Lenders all fees and expenses required to be paid on the Second Amendment Effective Date pursuant to the Credit Documents and the Fee Letter, dated as of June 3, 2019, among the Borrower and the Lead Arrangers (the “Fee Letter”); and
		

		
			h.          The Borrower shall have paid all reasonable costs, fees and expenses paid or incurred by the Administrative Agent incident to this Amendment and the transactions contemplated hereby and thereby, including, without limitation, the reasonable fees and expenses of the Administrative Agent’s counsel in connection with the negotiation, preparation, delivery and execution of this Amendment and any related documents and instruments, in each case, to the extent invoiced at least (2) two Banking Days prior to the Second Amendment Effective Date.
		

		
			
		

		
			

		 

		

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			5.         Limitation.  The amendments evidenced by this Amendment are effective only to the extent specifically set forth herein and shall be limited precisely as written, and nothing in this Amendment shall be deemed to: (a) constitute a waiver of compliance by the Borrower, any other Obligor, or the Pledgor with respect to any other term, provision or condition of the Credit Agreement or any other Credit Document; (b) constitute a consent to any other, further or future action, undertaking, obligation, liability or departure other than as specifically consented to hereby; or (c) waive, release, limit or prejudice any right or remedy that the Administrative Agent or the Lenders at any time may now have or may have in the future under or in connection with the Credit Agreement or any other Credit Document.
		

		
			6.         Miscellaneous Provisions.
		

		
			a.           This Amendment is a Credit Document.  The Credit Agreement (as amended by this Amendment) and the other Credit Documents are hereby ratified, approved, confirmed and continued in each and every respect, and the parties hereto agree that the Credit Agreement and the other Credit Documents remain in full force and effect in accordance with their respective terms.  Nothing in this Amendment shall be deemed or construed to constitute, and there has not otherwise occurred, a novation, cancellation, satisfaction, release, extinguishment or substitution of the indebtedness or the other obligations of the Borrower, any other Obligor, or the Pledgor, in whole or in part, under any Credit Document or any guaranty, lien, mortgage, deed, pledge or security interest granted pursuant thereto, each of which remains in full force and effect.  All references to the Credit Agreement in each of the Credit Documents and in any other document or instrument shall hereafter be deemed to refer to the Credit Agreement as amended hereby.  This Amendment shall not be construed as a waiver or amendment of any other provision of the Credit Agreement or the other Credit Documents or for any purpose, or a consent to any other, further or future action on the part of the Borrower, any other Obligor, or the Pledgor that would require the waiver or consent of the Lenders, except, in each case, as expressly set forth herein.  Nothing in this Amendment shall affect, limit or impair the right of the Administrative Agent and the Lenders to demand compliance (i) by the Obligors with all of the terms and conditions of the Credit Agreement and (ii) by the Obligors and the Pledgor with all of the terms and conditions of the other Credit Documents in all other instances.
		

		
			b.          This Amendment shall be governed by and construed in accordance with the laws of the State of New York, excluding that body of law relating to conflict of laws.
		

		
			c.           This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  This Amendment may be validly executed and delivered by facsimile, portable document format (.pdf) or other electronic transmission, and a signature by facsimile, portable document format (.pdf) or other electronic transmission shall be as effective and binding as delivery of a manually executed original signature.
		

		
			d.          The execution, delivery and effectiveness of this Amendment shall not prejudice, limit, or operate, or be deemed to operate, as a waiver of, any rights, powers or remedies of the Administrative Agent or the Lenders under the Credit Agreement or any other Credit Document or constitute a waiver of any provision thereof, except as expressly set forth herein.
		

		
			
		

		
			

		 

		

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			e.           This Amendment shall be binding upon and inure to the benefit of the Lenders, the Borrower, the other Obligors, and the Pledgor and their respective successors and assigns permitted by the Credit Agreement.
		

		
			 
		

		
			 
		

		
			

		 

		

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			IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective proper and duly authorized officers as of the date first above written.
		

			
					
						 

					
					
						Borrower:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						ROYAL GOLD, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						William Heissenbuttel

				
	
					
						 

					
					
						Title:

					
					
						Chief Financial Officer and

				
	
					
						 

					
					
						 

					
					
						Vice President Strategy

				

		
			 
		

		
			 
		

			
					
						 

					
					
						Guarantors:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						RG ROYALTIES, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						William Heissenbuttel

				
	
					
						 

					
					
						Title:

					
					
						Vice President and Treasurer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						ROYAL GOLD INTERNATIONAL HOLDINGS, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						William Heissenbuttel

				
	
					
						 

					
					
						Title:

					
					
						Vice President and Treasurer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						Pledgor:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Signed for the purposes of paragraph 3(c) and otherwise acknowledged and agreed on behalf of

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						RGLD UK HOLDINGS LIMITED

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						William Heissenbuttel

				
	
					
						 

					
					
						Title:

					
					
						Director

				

		
			 
		

		
			
		

		
			

		 

		

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						Administrative Agent:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						THE BANK OF NOVA SCOTIA

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

			
					
						 

					
					
						Lender:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						THE BANK OF NOVA SCOTIA

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

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						Lender:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						HSBC BANK USA, NATIONAL ASSOCIATION

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

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						Lender:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						CANADIAN IMPERIAL BANK OF COMMERCE

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

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						Lender:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						BANK OF AMERICA, N.A.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

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						Lender:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						BANK OF MONTREAL, CHICAGO BRANCH

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

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						Lender:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						ROYAL BANK OF CANADA

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

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						Lender:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						GOLDMAN SACHS BANK USA

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

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						Lender:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						NATIONAL BANK OF CANADA

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		 

		

			RGI / BNS / Second AmendmentEX-4.7

 Exhibit 4.7 

MOHAWK GROUP HOLDINGS, INC. 

Warrant To Purchase Common Stock 
 Warrant
No.: 2019-UW- 
 Number of Shares of Common Stock: 

Date of Issuance: June     , 2019 (“Issuance Date”) 

Mohawk Group Holdings, Inc., a Delaware corporation (the “Company”), hereby certifies that, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,                 , the registered holder hereof or its permitted assigns
(the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, upon surrender of this Warrant to Purchase Common Stock (including any
Warrants to Purchase Common Stock issued in exchange, transfer or replacement hereof, this “Warrant”), at any time or times on or after the Issuance Date (the “Exercisability Date”), but not after 11:59 p.m., New
York time, on the Expiration Date (as defined below), fully paid and non-assessable shares of Common Stock (the “Warrant Shares”). Except as otherwise defined herein, capitalized terms in this
Warrant shall have the meanings set forth in Section 15. This Warrant is one of a series of warrants (collectively, the “Warrants”) containing substantially identical terms and conditions issued pursuant to
Section 4(e) of the Underwriting Agreement, dated as of June , 2019, by and among the Company, the Holder, and the other underwriters identified therein (the “Underwriting Agreement”). 

1.    EXERCISE OF WARRANT. 

(a)    Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the
limitations set forth in Section 1(f)), this Warrant may be exercised by the Holder on any day on or after the Exercisability Date, in whole or in part (but not as to fractional shares), by delivery of a
written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”) of the Holder’s election to exercise this Warrant. No ink-original Exercise Notice shall be
required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Exercise Notice be required. Except in connection with a cashless exercise pursuant to Section 1(c), the Holder shall, upon
delivery of such Exercise Notice, pay to the Company an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash or
wire transfer of immediately available funds. The Holder shall not be required to surrender this Warrant in order to effect an exercise hereunder; provided, however, that in the event that this Warrant is exercised in full or for the remaining
unexercised portion hereof, the Holder shall deliver this Warrant to the Company for cancellation within a reasonable time after such exercise, but in any event within five (5) Trading Days of the delivery of the Exercise Notice. On or before
the first (1st) Trading Day following the date on which the Company has received the Exercise Notice and, except in connection with a cashless exercise pursuant to
Section 1(c), the Aggregate Exercise Price (such date, the “Exercise Date”), the Company shall transmit by facsimile or e-mail transmission an acknowledgment of
confirmation of receipt of the Exercise Notice to the Holder and the Company’s transfer agent for the Common Stock (the “Transfer Agent”). The Company shall deliver any objection to the Exercise Notice on or before the first
(1st) Trading Day following the 

  
 Mohawk Group Holdings,
Inc. 
 Initial Public Offering 

Underwriter Warrant 
  

 
date on which the Company has received the Exercise Notice. On or before the second (2rd) Trading Day following the date on which the Company
has received the Exercise Notice and, except in connection with a cashless exercise pursuant to Section 1(c), the Aggregate Exercise Price, the Company shall, (X) provided that the Transfer Agent is
participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program (the “FAST Program”) and so long as the certificates therefor are not required to bear a legend regarding restriction
on transferability, upon the request of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its
Deposit/Withdrawal at Custodian system, or (Y), if the Transfer Agent is not participating in the FAST Program or if the certificates are required to bear a legend regarding restriction on transferability, issue and dispatch by overnight courier to
the address as specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such
exercise. Upon delivery of the Exercise Notice and, except in connection with a cashless exercise pursuant to Section 1(c), payment of the Aggregate Exercise Price, the Holder shall be deemed for all corporate purposes to
have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates
evidencing such Warrant Shares, as the case may be. The Company shall pay any and all taxes and other expenses of the Company (including overnight delivery charges) that may be payable with respect to the issuance and delivery of Warrant Shares upon
exercise of this Warrant; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or Warrants in a
name other than that of the Holder or an affiliate thereof. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof. 

(b)    Exercise Price. For purposes of this Warrant, “Exercise Price” means
$                 per share of Common Stock, subject to adjustment as provided herein. 

(c)    Cashless Exercise. This Warrant may be exercised at any time or from time to time by means of a
“cashless exercise” in which the Holder shall be entitled to receive a certificate for the number of Warrant Shares calculated in accordance with the following formula: 

X = Y [(A-B)/A] 

where: 
 (A) = the Weighted
Average Price for shares of Common Stock for the Trading Day immediately prior to the date of delivery of the Exercise Notice; 
 (B) = the
Exercise Price of this Warrant, as adjusted; and 
 (X) = the number of Warrant Shares to be issued to the Holder. 

  
 Mohawk Group Holdings,
Inc. 
 Initial Public Offering 

Underwriter Warrant 
  

2 

 (Y) = the number of Warrant Shares with respect to which this Warrant is being exercised.

 For purposes of Rule 144 promulgated under the Securities Act of 1933, as amended, it is intended, understood and acknowledged that the
Warrant Shares issued in a cashless exercise transaction shall be deemed to have been acquired by the holder, and the holding period for the Warrant shall be deemed to have commenced, on the date the applicable warrant was originally issued. 

(d)    Company’s Failure to Timely Deliver Securities. If the Company shall fail for any reason
or for no reason to issue to the Holder within three (3) Trading Days of the Exercise Date a certificate for the number of shares of Common Stock to which the Holder is entitled and register such shares of Common Stock on the Company’s
share register or to credit the Holder’s balance account with DTC for such number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise of this Warrant, and if on or after such Trading Day the Holder
purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of Warrant Shares that the Holder anticipated receiving from the Company upon such exercise (a “Buy-In”), then the Company shall, within three (3) Trading Days after the Holder’s written request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount
equal to the Holder’s total purchase price (including brokerage commissions and out-of-pocket expenses, if any) for the shares of Common Stock so purchased (the
“Buy-In Price”), at which point the Company’s obligation to deliver such certificate (and to issue such Warrant Shares) shall terminate, or (ii) promptly honor its
obligation to deliver to the Holder a certificate or certificates representing such Warrant Shares and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of
(A) such number of shares of Common Stock, times (B) the Weighted Average Price (as reported by Bloomberg) on the date of the event giving rise to the Company’s obligation to deliver such certificate. Nothing herein shall limit the
Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver
certificates representing shares of Common Stock upon exercise of this Warrant as required pursuant to the terms hereof. 

(e)    Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic
calculation of the Warrant Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed. 

(f)    Beneficial Ownership. The Company shall not effect the exercise of this Warrant, and the Holder shall not
have the right to exercise this Warrant, to the extent that after giving effect to such exercise, such Person (together with such Person’s affiliates) would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the
shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such Person and its affiliates shall include the number
of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock which would be issuable upon (i) exercise of the remaining,
unexercised portion 

  
 Mohawk Group Holdings,
Inc. 
 Initial Public Offering 

Underwriter Warrant 
  

3 

 
of this Warrant beneficially owned by such Person and its affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company
beneficially owned by such Person and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein.
Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
it being acknowledged that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act, and the Holder is solely responsible for any schedules required to be filed in accordance
therewith. For purposes of this Warrant, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in the most recent of (1) the Company’s most
recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the
Securities and Exchange Commission, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For
any reason at any time, upon the written or oral request of the Holder, where such request indicates that it is being made pursuant to this Warrant, the Company shall within two (2) Trading Days confirm to the Holder the number of shares of
Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder and its affiliates
since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the Holder may from time to time increase or decrease the Maximum Percentage to any other percentage not in excess of 9.99%
specified in such notice; provided that any such increase will not be effective until the sixty-first (61st) day after such notice is delivered to the Company and any such increase or decrease shall apply only to the Holder and not to any other
holder of the Warrants. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 1(f) to correct this paragraph (or any
portion hereof) which may be defective or inconsistent with the intended beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. 

2.    ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. 

The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows: 

(a)    Voluntary Adjustment by Company. The Company may, but shall have no obligation to, at any time during the
term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board of Directors of the Company. 

(b)    Adjustment upon Subdivision or Combination of Common Stock. If the Company at any time on or after the
Issuance Date subdivides (by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in
effect 

  
 Mohawk Group Holdings,
Inc. 
 Initial Public Offering 

Underwriter Warrant 
  

4 

 
immediately prior to such subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately increased. If the Company at any time on or after the Issuance Date
combines (by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately
prior to such combination will be proportionately increased and the number of Warrant Shares will be proportionately decreased. Any adjustment under this Section 2(b) shall become effective at the close of business on the
date the subdivision or combination becomes effective. 
 (c)    Other Events. If any event occurs of the type
contemplated by the provisions of this Section 2 but not expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights or phantom stock rights), then the Company’s
Board of Directors will make an appropriate adjustment in the Exercise Price and the number of Warrant Shares so as to protect the rights of the Holder; provided that no such adjustment pursuant to this Section 2(c) will
increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 2. 

3.    PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS. 

(a)    Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at
any time prior to the Expiration Date the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property to the record holders of any class of Common Stock on a pro rata basis
(the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares
of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or,
if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights. 

(b)    Fundamental Transactions. The Company shall not enter into or be party to a Fundamental Transaction unless
the Successor Entity assumes in writing (unless the Company is the Successor Entity) all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(b) pursuant to written
agreements in form and substance reasonably satisfactory to the Required Holders and approved by the Required Holders prior to such Fundamental Transaction, including agreements to deliver to each holder of the Warrants in exchange for such Warrants
a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant and reflecting the satisfaction of the other requirements of this Section 3(b). Upon the
occurrence of any Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall
refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company
herein. Upon consummation of the Fundamental Transaction, the Successor Entity shall deliver to the Holder confirmation that there shall be issued 

  
 Mohawk Group Holdings,
Inc. 
 Initial Public Offering 

Underwriter Warrant 
  

5 

 
upon exercise of this Warrant at any time after the consummation of the Fundamental Transaction, in lieu of the shares of Common Stock (or other securities, cash, assets or other property)
issuable upon the exercise of this Warrant prior to such Fundamental Transaction, such shares of the Successor Entity (including its Parent Entity) (or other securities, cash, assets or other property) which the Holder would have been entitled to
receive upon the happening of such Fundamental Transaction had this Warrant been exercised for cash immediately prior to such Fundamental Transaction, as adjusted in accordance with the provisions of this Warrant. In addition to and not in
substitution for any other rights hereunder, prior to the consummation of any Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets with respect to or in exchange for shares of
Common Stock (a “Corporate Event”), the Company shall make appropriate provision to ensure that the Holder will thereafter have the right to receive upon an exercise of this Warrant at any time after the consummation of the
Corporate Event but prior to the Expiration Date, in lieu of shares of Common Stock (or other securities, cash, assets or other property) purchasable upon the exercise of this Warrant prior to such Corporate Event, such shares of stock, securities,
cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights) which the Holder would have been entitled to receive upon the happening of such Corporate Event had this Warrant been exercised for cash
immediately prior to such Corporate Event. Any provision made pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Required Holders. 

(c)    Applicability to Successive Transactions. The provisions of this Section shall apply similarly and equally
to successive Fundamental Transactions and Corporate Events and shall be applied without regard to any limitations on the exercise of this Warrant. 

4.    NONCIRCUMVENTION. 

The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation, Bylaws or through any
reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and
will at all times in good faith comply with all the provisions of this Warrant and take all actions consistent with effectuating the purposes of this Warrant. Without limiting the generality of the foregoing, the Company (i) shall not increase
the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long as this Warrant is outstanding, take all action necessary to reserve and keep available out of its authorized and
unissued shares of Common Stock, solely for the purpose of effecting the exercise of this Warrant, the number of shares of Common Stock which are then issuable upon exercise of this Warrant (without regard to any limitations on exercise). 

5.    WARRANT HOLDER NOT DEEMED A STOCKHOLDER. 

Except as otherwise specifically provided herein, the Holder, solely in such Person’s 

  
 Mohawk Group Holdings,
Inc. 
 Initial Public Offering 

Underwriter Warrant 
  

6 

 
capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in
this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action
(whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the
Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise
of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. 

6.    REISSUANCE OF WARRANTS. 

(a)    Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the
Company and deliver the completed and executed Assignment Form, in the form attached hereto as Exhibit B, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with
Section 6(d)), registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less than the total number of Warrant Shares then underlying this
Warrant are being transferred, a new Warrant (in accordance with Section 6(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred. The acceptance of the new Warrant by the
transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of the new Warrant that the Holder has in respect of this Warrant. 

(b)    Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in reasonable and customary form and, in the case of mutilation,
upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 6(d)) representing the right to purchase the Warrant Shares then underlying this
Warrant. 
 (c)    Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by
the Holder at the principal office of the Company, for a new Warrant or Warrants (in accordance with Section 6(d)) representing in the aggregate the right to purchase the number of Warrant Shares then underlying this
Warrant, and each such new Warrant will represent the right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, that no Warrants for fractional shares of Common Stock shall
be given. 
 (d)    Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to
the terms of this Warrant, such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant (or in the
case of a new Warrant being issued 

  
 Mohawk Group Holdings,
Inc. 
 Initial Public Offering 

Underwriter Warrant 
  

7 

 
pursuant to Section 6(a) or Section 6(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock
underlying the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same
as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant. 
 7.    SECURITIES LAW REPORTING
REQUIREMENTS. 
 The Company covenants and agrees that, during the term of this Warrant, it will use commercially reasonable efforts to
comply with the reporting requirements of Sections 13 and 15(d) of the Exchange Act and will use commercially reasonable efforts to comply with all other public information reporting requirements of the Securities and Exchange Commission (including
Rule 144 promulgated under the Securities Act of 1933, as amended (the “Securities Act”)), from time to time in effect and applicable to the Company and relating to the availability of an exemption from the Securities Act for the
sale of restricted securities. 
 8.    NOTICES. 

Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in writing, and
(a) if delivered within the domestic United States by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, or by facsimile or email or (b) if delivered from outside the United
States, by International Federal Express or facsimile, and (c) will be deemed given upon the earlier of actual receipt or (i) if delivered by first-class registered or certified mail domestic, three (3) Business Days after so mailed,
(ii) if delivered by nationally recognized overnight carrier, one (1) Business Day after so mailed, (iii) if delivered by International Federal Express, two (2) Business Days after so mailed and (iv) if delivered by
facsimile or email, upon electronic confirmation of receipt, and will be delivered and addressed as follows: 
 (i) if to the
Company, to: 
 Mohawk Group Holdings, Inc. 

37 East 18th Street, 7th Floor 

New York, New York 10003 

Attention: Chief Financial Officer 

E-Mail: fabrice@mohawkgp.com 

(ii) if to the Holder, at the address of the Holder appearing on the books of the Company. 

9.    AMENDMENT AND WAIVER. 

Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company may take any action herein prohibited, or
omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of Roth Capital Partners, LLC. Any such amendment shall apply to all Warrants and be binding upon all registered holders of such
Warrants. 

  
 Mohawk Group Holdings,
Inc. 
 Initial Public Offering 

Underwriter Warrant 
  

8 

 10.    GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. 

This Warrant shall be governed by, and construed in accordance with, the internal laws of the State of Delaware, without reference to the
choice of law provisions thereof. The Company and, by accepting this Warrant, the Holder, each irrevocably submits to the exclusive jurisdiction of the courts of the State of Delaware and the United States District Court for the District of Delaware
for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Warrant and the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each party
hereto anywhere in the world by the same methods as are specified for the giving of notices under this Warrant. The Company and, by accepting this Warrant, the Holder, each irrevocably consents to the jurisdiction of any such court in any such suit,
action or proceeding and to the laying of venue in such court. The Company and, by accepting this Warrant, the Holder, each irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and
irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE COMPANY AND, BY ITS ACCEPTANCE HEREOF, THE HOLDER, HEREBY WAIVES ANY RIGHT TO REQUEST A TRIAL
BY JURY IN ANY LITIGATION WITH RESPECT TO THIS WARRANT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER. 

11.    CONSTRUCTION; HEADINGS. 

This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any person as the drafter
hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant. 

12.    DISPUTE RESOLUTION. 

In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall
submit the disputed determinations or arithmetic calculations via email or facsimile within two (2) Trading Days of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are
unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within five (5) Trading Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall,
within two (2) Trading Days submit via e-mail or facsimile (a) the disputed determination of the Exercise Price to an independent, reputable investment bank selected by the Company and approved by
the Holder, which approval shall not be unreasonably withheld, or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause the investment bank or the
accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later than ten (10) Trading Days from the time it receives the disputed determinations or calculations. The
prevailing party (which, for purposes of this Warrant, is the party whose determinations or calculations is closest to those of the investment bank or the accountant, as the case may be) in any dispute resolved

  
 Mohawk Group Holdings,
Inc. 
 Initial Public Offering 

Underwriter Warrant 
  

9 

 
pursuant to this Section 12 shall be entitled to the full amount of all reasonable expenses, including all costs and fees paid or incurred in good faith, in relation to
the resolution of such dispute. Such investment bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error. 

13.    REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. 

The remedies provided in this Warrant shall be cumulative and in addition to all other remedies available under this Warrant, at law or in
equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. 

14.    TRANSFER. 

Subject to applicable laws and the restrictions set forth in this Section 14, this Warrant may be offered for sale,
sold, transferred or assigned without the consent of the Company. The Holder agrees that, during the Lock-Up Period (as defined below) and in accordance with Rule 5110(g)(1) of the Financial Industry
Regulatory Authority, Inc. (“FINRA”), it will not (a) sell, transfer, assign, pledge, hypothecate or otherwise transfer this Warrant (including any Warrant Shares issued or issuable hereunder) other than to a bona fide officer
or partner of the Holder or any selected dealer in connection with the offering contemplated by the Underwriting Agreement, in each case in accordance with FINRA Rule 5110(g)(1), or (b) cause this Warrant or any Warrant Shares issued or
issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of this Warrant or any Warrant Shares issued or issuable hereunder, except as provided for
in FINRA Rule 5110(g)(2). As used herein, the term “Lock-Up Period” means the period beginning on the date that the Company’s Registration Statement on Form
S-1 (File No.: 333-231381) is declared effective by the Securities and Exchange Commission (the “Effective Date”) and ending on the one hundred eighty
day anniversary of the Effective Date. In addition, notwithstanding the other terms of this Warrant or any agreement between the Company and the Holder, the Holder agrees that, as required by FINRA Rule 5110(f)(2)(G): (i) this Warrant may not be
exercised more than five years from the Effective Date; (ii) the Holder shall not have more than one demand registration right at the Company’s expense; (iii) the Holder shall not have the right to demand registration of this Warrant
or the Warrant Shares more than five years from the earlier of the Effective Date or the commencement of sales of shares of Common Stock in the public offering contemplated by the Underwriting Agreement; (iv) the Holder shall not have the right
to piggyback registration with respect to this Warrant or the Warrant Shares more than seven years from the earlier of the Effective Date or the commencement of sales of shares of Common Stock in the public offering contemplated by the Underwriting
Agreement; (v) this Warrant may not have anti-dilution terms that allow the Holder and related persons to receive more shares or to exercise at a lower price than originally agreed upon at the time of the public offering, when the public
shareholders have not been proportionally affected by a stock split, stock dividend, or other similar event; and (vi) this Warrant may not have anti-dilution terms that allow the Holder and related persons to receive or accrue cash dividends
prior to the exercise or conversion of this Warrant. 
 15.    CERTAIN DEFINITIONS. 

  
 Mohawk Group Holdings,
Inc. 
 Initial Public Offering 

Underwriter Warrant 
  

10 

 For purposes of this Warrant, the following terms shall have the following meanings: 

 

	 	(a)	 “Bloomberg” means Bloomberg Financial Markets. 

 

	 	(b)	 “Business Day” means any day other than Saturday, Sunday or other day on which commercial
banks in the City of New York are authorized or required by law to remain closed. 

  

	 	(c)	 “Common Stock” means (i) the Company’s shares of Common Stock, par value $0.00001
per share, and (ii) any share capital into which such Common Stock shall have been changed or any share capital resulting from a reclassification of such Common Stock. 

 

	 	(d)	 “Convertible Securities” means any stock or securities (other than Options) directly or
indirectly convertible into or exercisable or exchangeable for shares of Common Stock. 

  

	 	(e)	 “Eligible Market” means the Principal Market, The New York Stock Exchange, Inc., The NYSE
American, The Nasdaq Global Market or The Nasdaq Global Select Market. 

  

	 	(f)	 “Expiration Date” means the fifth (5th) anniversary of the Effective Date.

  

	 	(g)	 “Fundamental Transaction” means that the Company (or, in the case of clause (vi), any
“person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act)) shall, directly or indirectly, in one or more related transactions, (i) consolidate or merge with or into (whether
or not the Company is the surviving corporation) another Person (but excluding a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company), or (ii) sell, assign, transfer, convey or otherwise
dispose of all or substantially all of the properties or assets of the Company to another Person, or (iii) allow another Person to make a purchase, tender or exchange offer that is accepted by the holders of more than 50% of the outstanding
shares of Common Stock (not including any shares of Common Stock held by the Person or Persons making or party to, or associated or affiliated with the Persons making or party to, such purchase, tender or exchange offer), or (iv) consummate a
stock purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such
stock purchase agreement or other business combination), or (v) reorganize, recapitalize or reclassify its Common Stock, or (vi) become the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of 50% or more of the aggregate ordinary voting power represented by issued and outstanding Common Stock. 

  
 Mohawk Group Holdings,
Inc. 
 Initial Public Offering 

Underwriter Warrant 
  

11 

	 	(h)	 “Options” means any rights, warrants or options to subscribe for or purchase shares of Common
Stock or Convertible Securities. 

  

	 	(i)	 “Parent Entity” of a Person means an entity that, directly or indirectly, controls the
applicable Person and whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization
as of the date of consummation of the Fundamental Transaction. 

  

	 	(j)	 “Person” means an individual, a limited liability company, a partnership, a joint venture, a
corporation, a trust, an unincorporated organization, any other entity and a government or any department or agency thereof. 

  

	 	(k)	 “Principal Market” means The Nasdaq Capital Market. 

 

	 	(l)	 “Required Holders” means, as of any date, the holders of at least a majority of the Warrants
outstanding as of such date. 

  

	 	(m)	 “Successor Entity” means the Person (or, if so elected by the Holder, the Parent Entity)
formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction shall have been entered into. 

 

	 	(n)	 “Trading Day” means any day on which the Common Stock is traded on the Principal Market, or,
if the Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded; provided that “Trading Day” shall not include
any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or
market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time). 

  

	 	(o)	 “Weighted Average Price” means, for any security as of any date, the dollar volume-weighted
average price for such security on the Principal Market during the period beginning at 9:30:01 a.m., New York time (or such other time as the Principal Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York
time (or such other time as the Principal Market publicly announces is the official close of trading), as reported by Bloomberg through its “Volume at Price” function or, if the foregoing does not apply, the dollar volume-weighted average
price of such security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time (or
such other time as the Principal Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as the Principal Market publicly announces is the official close of trading), as reported by
Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for 

  
 Mohawk Group Holdings,
Inc. 
 Initial Public Offering 

Underwriter Warrant 
  

12 

	 	
such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the “pink sheets” by OTC Markets
Group, Inc. If the Weighted Average Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Weighted Average Price of such security on such date shall be the fair market value as mutually determined by the
Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to Section 12 with the term “Weighted Average
Price” being substituted for the term “Exercise Price.” All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation
period. 

 [Signature Page Follows] 

  
 Mohawk Group Holdings,
Inc. 
 Initial Public Offering 

Underwriter Warrant 
  

13 

 IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to
be duly executed as of the Issuance Date set out above. 
  

			
	MOHAWK GROUP HOLDINGS, INC. 
		
	By:	 	                                     
                                         
           
	Name:	 	
	Title:	 	

  
 Mohawk Group Holdings,
Inc. 
 Initial Public Offering 

Underwriter Warrant 
  

14 

 EXHIBIT A 

EXERCISE NOTICE 
 TO BE
EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS 
 WARRANT TO PURCHASE COMMON STOCK 

MOHAWK GROUP HOLDINGS, INC. 

The undersigned holder hereby exercises the right to purchase of the shares of Common Stock (“Warrant Shares”) of Mohawk
Group Holdings, Inc. a Delaware corporation (the “Company”), evidenced by the Warrant to Purchase Common Stock (the “Warrant”) of which the undersigned is the registered holder. Capitalized terms used herein and not
otherwise defined shall have the respective meanings set forth in the Warrant. 
 1. Form of Exercise Price. The undersigned holder
intends that payment of the Exercise Price shall be made as: 
  

	            	 A cash exercise, and the holder shall pay the Aggregate Exercise Price in the sum of
$                         to the Company in accordance with the terms of the Warrant. 

 

	            	 A cashless exercise in accordance with the terms of the Warrant. 

2. Delivery of Warrant Shares. The Company shall deliver to the holder
                     Warrant Shares in accordance with the terms of the Warrant and, after delivery of such Warrant Shares,
                     Warrant Shares remain subject to the Warrant. 

3. Representations and Warranties. By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that
in giving effect to the exercise evidenced hereby, the Holder will not beneficially own in excess of the number of shares of Common Stock (determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted
to be owned under Section 1(f) of the Warrant. 
  

							
	Date:                                 
        ,                	  		  	If Warrant Shares are to be delivered by DWAC, please include DWAC instructions below:
		  		  	  

			
	  
 Name of Registered
Holder
	  		  	  

				
	By:	  	  
	  		  	  

		  	Name:	  		  	
		  	Title:	  		  	
	
	(Signature must conform in all respects to name of the Holder as specified on the face of the Warrant)

  
 Mohawk Group Holdings,
Inc. 
 Initial Public Offering 

Underwriter Warrant 
  

15 

 EXHIBIT B 

ASSIGNMENT FORM 
 MOHAWK
GROUP HOLDINGS, INC. 
 (To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to
purchase shares.) 
 FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to: 

 

			
	Name:	  	
		  	  
 (Please Print)

	Address:	  	
		  	  
 (Please Print)

	
	Dated:                              ,
            
		
	Holder’s Signature:
                                         
               	  	
		
	Holder’s Address:
                                         
                 	  	

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without
alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant. 

  
 Mohawk Group Holdings,
Inc. 
 Initial Public Offering 

Underwriter Warrant 
  

16

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