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Exhibit 4.3    
    

 
 

FORM OF WARRANT FOR PREFERRED SHAREHOLDERS    
    
    MERRILL CORPORATION    
    

Warrant for the Purchase of

Class B Common Shares of Merrill Corporation  

	No.	 	Warrant to Purchase

[    ] Shares

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD EXCEPT IN COMPLIANCE THEREWITH.
THIS SECURITY IS ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER, VOTING AND OTHER MATTERS AS SET FORTH IN THE
INVESTORS' AGREEMENT (AS HEREIN DEFINED), COPIES OF WHICH ARE ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE COMPANY OR ANY SUCCESSOR THERETO.

        FOR VALUE RECEIVED, MERRILL CORPORATION, a Minnesota corporation (the "Company"), hereby
certifies that [HOLDER NAME], its successor or permitted assigns (the "Holder"),
is entitled, subject to the provisions of this Warrant, to purchase from the Company, at the times specified herein, [NO] fully
paid and non-assessable shares of Class B Common Stock of the Company, par value $0.01 per share (the "Warrant Shares"), at a
purchase price per share equal to the Exercise Price (as hereinafter defined). The number of Warrant Shares to be received upon the exercise of this Warrant and the price to be paid for a Warrant
Share are subject to adjustment from time to time as hereinafter set forth. 

        (a)    DEFINITIONS.    

        (1)   The
following terms, as used herein, have the following meanings: 

        "Affiliate" shall have the meaning given to such term in Rule 12b-2 promulgated under the Securities and Exchange Act
of 1934, as amended. 

 

        "Business Day" means any day except a Saturday, Sunday or other day on which commercial banks in The City of New York are authorized by
law to close. 

        "Class B Common Share" means a Class B Common Share, par value $0.01, of the Company or other capital stock of the Company
that is not preferred as to liquidation or dividends. 

        "Duly Endorsed" means duly endorsed in blank by the Person or Persons in whose name a stock certificate is registered or accompanied by a
duly executed stock assignment separate from the certificate with the signature(s) thereon guaranteed by a commercial bank or trust company or a member of a national securities exchange or of the
National Association of Securities Dealers, Inc. 

        "Exercise Price" means $0.01 per Warrant Share, as such Exercise Price is adjusted from time to time as provided herein. 

        "Expiration Date" means November 15, 2011 at 5:00 p.m. New York City time. 

        "Fair Market Value" means, with respect to one Class B Common Share on any date, the Current Market Price Per Class B Common
Share for purposes of paragraph (h)(6) hereof. 

        "Investors Agreement" means the Investors Agreement dated as of the date hereof among Viking Merger Sub, Inc., DLJ Merchant Banking
Partners II, L.P., DLJ Merchant Banking Partners II-A, L.P., DLJ Offshore Partners II, C.V., DLJ Diversified Partners, L.P., DLJ Diversified Partners-A, L.P., DLJ Millennium
Partners, L.P., DLJ Millennium Partners-A, L.P., DLJ Funding II, Inc., DLJ EAB Partners, L.P., DLJ ESC II L.P., DLJ First ESC, L.P., DLJ Investment Partners II, L.P., DLJ Investment
Funding II, Inc. and the other stockholders listed on the signature pages thereto. 

        "Person" means an individual, partnership, corporation, limited liability company, trust, joint stock company, association, joint venture,
or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

        "Principal Holders" means, on any date, the holders of at least 25% of the Warrants. 

        "Senior Note Warrants" means the warrants attached to the Senior Notes due 2009 of Merrill Corporation issued on or about
November 23, 1999. 

        "Transfer" shall have the meaning assigned to such term in the Investors' Agreement. 

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        "Warrants" means the Warrants issued to the subscriber under the Subscription Agreement dated as of the date hereof among the Company and
the subscribers listed on the signature pages thereof. 

        (2)   Capitalized
terms used but not defined herein shall have the meanings assigned to such terms in the Investors' Agreement. 

        (b)    EXERCISE OF WARRANT.    

        (1)   The
Holder is entitled to exercise this Warrant in whole or in part at any time, or from time to time, until the Expiration Date or, if such day is not a Business Day,
then on the next succeeding day that shall be a Business Day. To exercise this Warrant, the Holder shall execute and deliver to the Company a Warrant Exercise Subscription Form forming a part hereof
duly executed by the Holder and payment of the applicable Exercise Price for each Warrant Share subject to such exercise. Upon such delivery and payment, the Holder shall be deemed to be the holder of
record of the Warrant Shares subject to such exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing such Warrant Shares shall not
then be actually delivered to the Holder. Notwithstanding anything herein to the contrary, in lieu of payment in cash of the applicable Exercise Price, the Holder may elect (i) to receive upon
exercise of this Warrant, the number of Warrant Shares reduced by a number of Class B Common Shares having the aggregate Fair Market Value equal to the aggregate Exercise Price for the Warrant
Shares, (ii) to deliver as payment, in whole or in part of the aggregate Exercise Price, Class B Common Shares having the aggregate Fair Market Value equal to the aggregate Exercise
Price for the Warrant Shares in respect of which the Exercise Price is not being paid in cash or (iii) to deliver as payment, in whole or in part of the aggregate Exercise Price, such number of
Warrants which, if exercised, would result in a number of Class B Common Shares having an aggregate Fair Market Value equal to the aggregate Exercise Price for the Warrant Shares in respect of
which the Exercise Price is not being paid in cash. Notwithstanding anything to the contrary in this paragraph (b)(1), if the aggregate Fair Market Value of the Class B Common Shares
applied or delivered pursuant to (i), (ii) or (iii) above exceeds the aggregate Exercise Price, in no event shall the Holder be entitled to receive any amounts from the Company. 

        (2)   The
Exercise Price may be paid in cash or by certified or official bank check or bank cashier's check payable to the order of the Company or by any combination of such
cash or check. The Company shall pay any and all documentary, stamp or similar 

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issue
or transfer taxes payable in respect of the issue or delivery of the Warrant Shares. 

        (3)   If
the Holder exercises this Warrant in part, this Warrant Certificate shall be surrendered by the Holder to the Company and a new Warrant Certificate of the same tenor
and for the unexercised number of Warrant Shares shall be executed by the Company. The Company shall register the new Warrant Certificate in the name of the Holder or in such name or names of its
transferee pursuant to
paragraph (f) hereof as may be directed in writing by the Holder and deliver the new Warrant Certificate to the Person or Persons entitled to receive the same. 

        (4)   Upon
surrender of this Warrant Certificate in conformity with the foregoing provisions, the Company shall transfer to the Holder of this Warrant Certificate appropriate
evidence of ownership of Class B Common Shares or other securities or property (including any money) to which the Holder is entitled, registered or otherwise placed in, or payable to the order
of, the name or names of the Holder or such transferee as may be directed in writing by the Holder, and shall deliver such evidence of ownership and any other securities or property (including any
money) to the Person or Persons entitled to receive the same, including an amount in cash in lieu of any fraction of a share as provided in paragraph (e) below. 

        (c)    RESTRICTIVE LEGEND.    Certificates representing Class B Common Shares issued pursuant to this Warrant
shall bear a legend substantially in the form of the legend set forth on the first page of this Warrant Certificate to the extent that and for so long as such legend is required pursuant to the
Investors' Agreement or applicable securities laws. 

        (d)    RESERVATION OF SHARES.    The Company hereby agrees that at all times there shall be reserved for issuance and
delivery upon exercise of this Warrant such number of its authorized but unissued Class B Common Shares or other securities of the Company from time to time issuable upon exercise of this
Warrant as will be sufficient to permit the exercise in full of this Warrant. All such shares shall be duly authorized and, when issued upon such exercise, shall be validly issued, fully paid and
non-assessable, free and clear of all liens, security interests, charges and other encumbrances or restrictions on sale and free and clear of all preemptive rights, except to the extent
set forth in the Investors' Agreement. 

        (e)    FRACTIONAL SHARES.    No fractional shares or scrip representing fractional shares shall be issued upon the
exercise of this Warrant and in lieu of delivery of any such fractional share upon any exercise hereof, the Company shall pay to the Holder an amount in cash equal to such fraction multiplied by the 

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Current
Market Price Per Class B Common Share (as defined in paragraph (h)(6)) at the date of such exercise. 

        The
Company further agrees that it will not change the par value of the Class B Common Shares to any higher par value which exceeds the Exercise Price then in effect, and will
reduce the par value of the
Class B Common Shares upon any event described in paragraph (h) that (i) provides for an increase in the number of Class B Common Shares subject to purchase upon exercise
of this Warrant, in inverse proportion to and effective at the same time as such number of shares is increased, but only to the extent that such increase in the number of shares, together with all
other such increases after the date hereof, causes the aggregate Exercise Price of all Warrants (without giving effect to any exercise thereof) to be greater than $3,442.63 or (ii) would, but
for this provision, reduce the Exercise Price below the par value of the Class B Common Stock. 

        (f)    EXCHANGE, TRANSFER OR ASSIGNMENT OF WARRANT.    

        (1)   This
Warrant and the Warrant Shares are subject to the provisions of the Investors' Agreement, including the applicable restrictions on transfer. Each taker and holder
of this Warrant Certificate by taking or holding the same, consents and agrees that the registered holder hereof may be treated by the Company and all other persons dealing with this Warrant
Certificate as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented hereby. The Holder, by its acceptance of this Warrant, will be subject to the
provisions of, and will have the benefits of, the Investors' Agreement to the extent set forth therein, including the applicable transfer restrictions and the registration rights included therein. 

        (2)   Subject
to compliance with the transfer restrictions set forth in the Investors' Agreement and with applicable securities laws, upon surrender of this Warrant to the
Company, together with the attached Warrant Assignment Form duly executed, the Company shall, without charge, execute and deliver a new Warrant in the name of the assignee or assignees named in such
instrument of assignment and, if the Holder's entire interest is not being assigned, in the name of the Holder and this Warrant shall promptly be canceled. 

        (g)    LOSS OR DESTRUCTION OF WARRANT.    Upon receipt by the Company of evidence satisfactory to it (in the exercise
of its reasonable discretion) of the loss, theft, destruction or mutilation of this Warrant Certificate, and (in the case of loss, theft or destruction) of reasonably satisfactory indemnification, and
upon surrender and cancellation of this Warrant Certificate, if mutilated, the Company shall execute and deliver a new Warrant Certificate of like tenor and date. 

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        (h)    ANTI-DILUTION PROVISIONS.    The Exercise Price of this Warrant and the number of Class B
Common Shares for which this Warrant may be exercised shall be subject to adjustment from time to time upon the occurrence of certain events as provided in this paragraph (h). 

        (1)   In
case the Company shall at any time after the date hereof (i) declare a dividend or make a distribution on Class B Common Shares payable in
Class B Common Shares, (ii) subdivide or split the outstanding Class B Common Shares, (iii) combine or reclassify the outstanding Class B Common Shares into a
smaller number of shares, or (iv) issue any shares of its capital stock in a reclassification of Class B Common Shares (including any such reclassification in connection with a
consolidation or merger in which the Company is the continuing corporation), the Exercise Price in effect at the time of the record date for such dividend or distribution or of the effective date of
such subdivision, split, combination or reclassification shall be proportionately adjusted so that, giving effect to paragraph (h)(9), the exercise of this Warrant after such time shall entitle
the holder to receive the aggregate number of Class B Common Shares or other securities of the Company (or shares of any security into which such shares of Class B Common Stock have been
reclassified pursuant to clause (iii) or (iv) above) which, if this Warrant had been exercised immediately prior to such time, such holder would have owned upon such exercise and been
entitled to receive by virtue of such dividend, distribution, subdivision, split, combination or reclassification. Such adjustment shall be made successively whenever any event listed above shall
occur. 

        (2)   In
case the Company shall issue or sell any Class B Common Shares (other than Class B Common Shares issued (I) upon exercise of the Warrants or the
Senior Note Warrants, (II) pursuant to any stock option, co-investment or other stock related employee compensation plan of the Company approved by the Company's Board of Directors,
(III) upon exercise or conversion of any security the issuance of which caused an adjustment under paragraphs (h)(3) or (h)(4) hereof or (IV) in any bona fide registered public
offering), the Exercise Price to be in effect after such issuance or sale shall be determined by multiplying the Exercise Price in effect immediately prior to such issuance or sale by a fraction, the
numerator of which shall be the sum of (x) the number of Class B Common Shares outstanding immediately prior to the time of such issuance or sale multiplied by the Current Market Price
Per Class B Common Share immediately prior to such issuance or sale and (y) the aggregate consideration, if any, to be received by the Company upon such issuance or sale, and the
denominator of which shall be the product of the aggregate number 

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of
Class B Common Shares outstanding immediately after such issuance or sale and the Current Market Price Per Class B Common Share immediately prior to such issuance or sale but in no
event will such fraction exceed 1. In case any portion of the consideration to be received by the Company shall be in a form other than cash, the fair market value of such noncash consideration shall
be utilized in the foregoing computation. Such fair market value shall be determined by the Board of Directors of the Company; provided that if the
Principal Holders shall object to any such determination, the Board of Directors shall retain an independent appraiser reasonably satisfactory to the Principal Holders to determine such fair market
value. The Holder shall be notified promptly of any consideration other than cash to be received by the Company and furnished with a description of the consideration and the fair market value thereof,
as determined by the Board of Directors. 

        (3)   In
case the Company shall fix a record date for the issuance of rights, options or warrants to the holders of its Class B Common Shares or other securities
entitling such holders to subscribe for or
purchase for a period expiring within 60 days of such record date Class B Common Shares (or securities convertible into Class B Common Shares) at a price per Class B Common
Share (or having a conversion price per share of Class B Common Share, if a security convertible into Class B Common Shares) less than the Current Market Price Per Class B Common
Share on such record date, the maximum number of Class B Common Shares issuable upon exercise of such rights, options or warrants (or conversion of such convertible securities) shall be deemed
to have been issued and outstanding as of such record date and the Exercise Price shall be adjusted pursuant to paragraph (h)(2) hereof, as though such maximum number of Class B Common
Shares had been so issued for the aggregate consideration payable by the holders of such rights, options, warrants or convertible securities prior to their receipt of such Class B Common
Shares. In case any portion of such consideration shall be in a form other than cash, the fair market value of such noncash consideration shall be determined as set forth in paragraph (h)(2)
hereof. Such adjustment shall be made successively whenever such record date is fixed; and in the event that such rights, options or warrants are not so issued or expire unexercised, or in the event
of a change in the number of Class B Common Shares to which the holders of such rights, options or warrants are entitled (other than pursuant to adjustment provisions therein which are no more
favorable in their entirety than those contained in this paragraph (h)), the Exercise Price shall again be adjusted to be the Exercise Price which would then be in effect if such record date
had not been fixed, in the 

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former
event, or the Exercise Price which would then be in effect if such holder had initially been entitled to such changed number of Class B Common Shares, in the latter event. 

        (4)   In
case the Company shall sell or issue rights, options (other than options issued pursuant to a plan described in clause II of paragraph (h)(2)) or
warrants (other than Senior Notes Warrants) entitling the holders thereof to subscribe for or purchase Class B Common Shares (or securities convertible into Class B Common Shares) or
shall issue convertible securities and the price per Class B Common Share of such rights, options, warrants or convertible securities (including, in the case of rights, options, warrants or
convertible securities, the price at which they may be exercised or converted) is less than the Current Market Price Per Class B Common Share, the maximum number of Class B Common Shares
issuable upon exercise of such rights, options or warrants or upon conversion of such convertible securities shall be deemed to have been issued and outstanding as of the date of such sale or
issuance, and the Exercise Price shall be adjusted pursuant to paragraph (h)(2) hereof as though such maximum number of Class B Common Shares had been so issued for an aggregate
consideration equal to the aggregate consideration paid for such rights, options, warrants or convertible securities and the aggregate consideration payable by the holders of such rights, options,
warrants or convertible securities prior to their receipt of such Class B Common Shares. In case any portion of such consideration shall be in a form other than cash, the fair market value of
such noncash consideration shall be determined as set forth in paragraph (h)(2) hereof. Such adjustment shall be made successively whenever such rights, options, warrants or convertible
securities are issued; and in the event that such rights, options or warrants expire unexercised, or in the event of a change in the number of shares of Class B Common Shares to which the
holders of such rights, options, warrants or convertible securities are entitled (other than pursuant to adjustment provisions therein which are no more favorable in their entirety than those
contained in this paragraph (h)), the Exercise Price shall again be adjusted to be the Exercise Price which would then be in effect if such rights, options, warrants or convertible securities
had not been issued, in the former event, or the Exercise Price which would then be in effect if such holders had
initially been entitled to such changed number of Class B Common Shares, in the latter event. No adjustment of the Exercise Price shall be made pursuant to this paragraph (h)(4) to the
extent that the Exercise Price shall have been adjusted pursuant to paragraph (h)(3) upon the setting of any record date relating to such rights, options, warrants or convertible securities and
such adjustment fully reflects the number of Class B 

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Common
Shares to which the holders of such rights, options, warrants or convertible securities are entitled and the price payable therefor. 

        (5)   In
case the Company shall fix a record date for the making of a distribution to holders of Class B Common Shares (including any such distribution made in
connection with a consolidation or merger, other than the merger referred to in paragraph (o), in which the Company is the continuing corporation) of evidences of indebtedness, cash, assets or
other property (other than dividends payable in Class B Common Shares or rights, options or warrants referred to in, and for which an adjustment is made pursuant to, paragraphs (h)(3) or (h)(4)
hereof), the Exercise Price to be in effect after such record date shall be determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the numerator of
which shall be the Current Market Price Per Class B Common Share on such record date, less the fair market value (determined as set forth in paragraph (h)(2) hereof) of the portion of
the assets, cash, other property or evidence of indebtedness so to be distributed which is applicable to one Class B Common Share, and the denominator of which shall be such Current Market
Price Per Class B Common Share. Such adjustments shall be made successively whenever such a record date is fixed; and in the event that such distribution is not so made, the Exercise Price
shall again be adjusted to be the Exercise Price which would then be in effect if such record date had not been fixed. 

        (6)   For
the purpose of any computation under paragraph (e) or paragraph (h)(2), (3), (4) or (5) hereof, on any determination date, the Current
Market Price Per Class B Common Share shall be deemed to be the average (weighted by daily trading volume) of the Daily Prices (as defined below) per Class B Common Share for the 20
consecutive trading days ending three days prior to such date. "Daily Price" means (1) if the Class B Common Shares then are listed and
traded on the New York Stock Exchange, Inc. ("NYSE"), the closing price on such day as reported on the NYSE Composite Transactions Tape;
(2) if the Class B Common Shares then are not listed and traded on the NYSE, the closing price on such day as reported by the principal national securities exchange on which the shares
are listed and traded; (3) if the Class B Common Shares then are not listed and traded on any such securities exchange, the last reported sale price on such day on the National Market of
the National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ"); (4) if the Class B Common Shares then
are not listed and traded on any such securities exchange and not traded on the NASDAQ National 

9

 

Market,
the average of the highest reported bid and lowest reported asked price on such day as reported by NASDAQ; or (5) if such shares are not listed and traded on any such securities
exchange, not traded on the NASDAQ National Market and bid and asked prices are not reported by NASDAQ, then the average of the closing bid and asked prices, as reported by The Wall Street Journal for
the over-the-counter market. If on any determination date the Class B Common Shares are not quoted by any such organization, the Current Market Price Per Class B
Common Share shall be the fair market value of such shares on such determination date as determined by the Board of Directors, without regard to considerations of the lack of liquidity, applicable
regulatory restrictions or any of the transfer restrictions or other obligations imposed on such shares set forth in the Investors' Agreement. If the Principal Holders shall object to any
determination by the Board of Directors of the Current Market Price Per Class B Common Share, the Current Market Price Per Class B Common Share shall be the fair market value per
Class B Common Share as determined by an independent appraiser retained by the Company at its expense and reasonably acceptable to the Principal Holders. For purposes of any computation under
this paragraph (h), the number of Class B Common Shares outstanding at any given time shall not include shares owned or held by or for the account of the Company. 

        (7)   No
adjustment in the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least one percent in such price;  provided that any adjustments which by reason of
this paragraph (h)(7) are not required to be made shall be carried forward and taken into
account in any subsequent adjustment. All calculations under this paragraph (h) shall be made to the nearest one hundredth of a cent or to the nearest hundredth of a share, as the case may be. 

        (8)   In
the event that, at any time as a result of the provisions of this paragraph (h), the holder of this Warrant upon subsequent exercise shall become entitled to
receive any shares of capital stock or other securities of the Company other than Class B Common Shares, the number of such other shares so receivable upon exercise of this Warrant shall
thereafter be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions contained herein. 

        (9)   Upon
each adjustment of the Exercise Price as a result of the calculations made in paragraphs (h)(1), (2), (3), (4) or (5) hereof, the number of shares for
which this Warrant is exercisable immediately prior to the making of such adjustment shall thereafter 

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evidence
the right to purchase, at the adjusted Exercise Price, that number of Class B Common Shares obtained by (i) multiplying the number of shares covered by this Warrant immediately
prior to this adjustment of the number of shares by the Exercise Price in effect immediately prior to such
adjustment of the Exercise Price and (ii) dividing the product so obtained by the Exercise Price in effect immediately after such adjustment of the Exercise Price. 

        (10) The
Company shall notify all Holders of the fixing of a record date for the purpose of payment of a cash dividend to holders of Class B Common Shares as soon as
reasonably practicable, but in no event less than 20 days prior to any such record date. 

        (11) Not
less than 10 nor more than 30 days prior to the record date or effective date, as the case may be, of any action which requires or might require an
adjustment or readjustment pursuant to this paragraph (h), the Company shall forthwith file in the custody of this Secretary or an Assistant Secretary at its principal executive office and with
its stock transfer agent or its warrant agent, if any, an officers' certificate showing the adjusted Exercise Price determined as herein provided, setting forth in reasonable detail the facts
requiring such adjustment and the manner of computing such adjustment. Each such officers' certificate shall be signed by the chairman, president or chief financial officer of the Company and by the
secretary or any assistant secretary of the Company. Each such officers' certificate shall be made available at all reasonable times for inspection by the Holder or any holder of a Warrant executed
and delivered pursuant to paragraph (f) and the Company shall, forthwith after each such adjustment, mail a copy, by first-class mail, of such certificate to the Holder. 

        (12) The
Holder shall, at its option, be entitled to receive, in lieu of the adjustment pursuant to paragraph (h)(5) otherwise required thereof, on the date of
exercise of the Warrants, the evidences of indebtedness, other securities, cash, property or other assets which such Holder would have been entitled to receive if it had exercised its Warrants for
Class B Common Shares immediately prior to the record date with respect to such distribution. The Holder may exercise its option under this paragraph (h)(12) by delivering to the Company
a written notice of such exercise within seven days of its receipt of the certificate of adjustment required pursuant to paragraph (h)(11) to be delivered by the Company in connection with such
distribution. 

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        (i)    CONSOLIDATION, MERGER, OR SALE OF ASSETS.    In case of any consolidation of the Company with, or merger of the
Company into, any other Person, any merger of another Person into the Company (other than a merger which does not result in any reclassification, conversion, exchange or cancellation of outstanding
Class B Common Shares) or any sale or transfer of all or substantially all of the assets of the Company or of the Person formed by such consolidation or resulting from such merger or which
acquires such assets, as the case may be, the Holder shall have the right thereafter to exercise this Warrant for the kind and amount of securities, cash and other property receivable upon such
consolidation, merger, sale or transfer by a holder of the number of Class B Common Shares for which this Warrant may have been exercised immediately prior to such consolidation, merger, sale
or transfer, assuming (i) such holder of Class B Common Shares is not a Person with which the Company consolidated or into which the Company merged or which merged into the Company or to
which such sale or transfer was made, as the case may be ("constituent Person"), or an Affiliate of a constituent
Person and (ii) in the case of a consolidation, merger, sale or transfer which includes an election as to the consideration to be received by the holders, such holder of Class B Common
Shares failed to exercise its rights of election, as to the kind or amount of securities, cash and other property receivable upon such consolidation, merger, sale or transfer (provided that if the
kind or amount of securities, cash and other property receivable upon such consolidation, merger, sale or transfer is not the same for each Class B Common Share held immediately prior to such
consolidation, merger, sale or transfer by a Person other than a constituent Person or an Affiliate thereof and in respect of which such rights of election shall not have been exercised
("non-electing share"), then for the purpose of this paragraph (i) the kind and amount of securities, cash and other property
receivable upon such consolidation, merger, sale or transfer for each non-electing share shall be deemed to be the kind and amount so receivable per share by a plurality of the
non-electing shares). Adjustments for events subsequent to the effective date of such a consolidation, merger and sale of assets shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Warrant. In any such event, effective provisions shall be made in the certificate or articles of incorporation of the resulting or surviving corporation, in any
contract of sale, conveyance, lease or transfer, or otherwise so that the provisions set forth herein for the protection of the rights of the Holder shall thereafter continue to be applicable; and any
such resulting or surviving corporation shall expressly assume the obligation to deliver, upon exercise, such shares of stock, other securities, cash and property. The provisions of this
paragraph (i) shall similarly apply to successive consolidations, mergers, sales, leases or transfers. Notwithstanding the foregoing provisions of this paragraph (i), the treatment of
this Warrant in connection with the merger of the Company with and into Merrill Corporation shall be governed by paragraph (o). 

        (j)    NOTICES.    Any notice, demand or delivery authorized by this Warrant Certificate shall be in writing and shall
be given to the Holder or the Company as the case may be, at its address (or telecopier number) set forth below, 

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or
such other address (or telecopier number) as shall have been furnished to the party giving or making such notice, demand or delivery: 

	If to the Company:	Merrill Corporation

One Merrill Circle

St. Paul, MN 55108

Telecopy: 651-632-4141

Attention: Corporate Secretary
	

If to the Holder:	
[HOLDER NAME AND ADDRESS]

        Each
such notice, demand or delivery shall be effective (i) if given by telecopy, when such telecopy is transmitted to the telecopy number specified herein and the intended
recipient confirms the receipt of such telecopy or (ii) if given by any other means, when received at the address specified herein. 

        (k)    RIGHTS OF THE HOLDER.    Prior to the exercise of any Warrant, the Holder shall not, by virtue hereof, be
entitled to any rights of a shareholder of the Company, including, without limitation, the right to vote, to receive dividends or other distributions or to receive any notice of meetings of
shareholders or any notice of any proceedings of the Company except as may be specifically provided for herein. 

        (l)    REGISTRATION RIGHTS.    The Holder of this Warrant is entitled to the registration rights relating to the
Warrants and the Warrant Shares set forth in the Investors' Agreement. 

        (m)    GOVERNING LAW.    THIS WARRANT CERTIFICATE AND ALL RIGHTS ARISING HEREUNDER SHALL BE
CONSTRUED AND DETERMINED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS AND THE PERFORMANCE THEREOF SHALL BE GOVERNED AND ENFORCED IN
ACCORDANCE WITH SUCH LAWS.  

        (n)    AMENDMENTS; WAIVERS.    Any provision of this Warrant Certificate may be amended or
waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by the Holder and the Company, or in the case of a waiver, by the party against whom the waiver
is to be
effective. No failure or delay by either party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies
provided by law. 

        (o)    CONVERSION UPON MERGER.    In lieu of the provisions of paragraph (i), upon the consummation of the
merger of the Company with and 

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into
Merrill Corporation on the date hereof pursuant to the Agreement and Plan of Merger dated as of July 14, 1999 between the Company and Merrill Corporation, as amended, this Warrant shall
automatically and without further action on the part of the Holder constitute a Warrant to acquire shares of voting Class B Common Stock $.01 per share of Merrill Corporation on the terms and
conditions as are set forth herein. 

        IN
WITNESS WHEREOF, the Company has duly caused this Warrant Certificate to be signed by its duly authorized officer and to be dated effective as of March 8, 2000. 

	 	 	MERRILL CORPORATION
	

 	
 	

By:	
 	

    
 Steven J. Machov

Vice President-General Counsel and

Secretary

14

 
 
 

WARRANT SUBSCRIPTION FORM    

To:
Merrill Corporation 

        The
undersigned irrevocably exercises the Warrant for the purchase of                        Class B Common Shares (the
"Shares"), par
value $0.01 per share, of Merrill Corporation (the "Company") at $            per Share (the Exercise Price currently in effect pursuant to the
Warrant) and herewith makes payment of $                        (such payment being made in cash or by certified or official bank
or bank cashier's check payable to the order of the Company or by any
permitted combination of such cash or check), all on the terms and conditions specified in the within Warrant Certificate, surrenders this Warrant Certificate and all right, title and interest therein
to the Company and directs that the Shares deliverable upon the exercise of this Warrant be registered or placed in the name and at the address specified below and delivered thereto. 

-OR-

        The
undersigned irrevocably exercises the Warrant for the purchase of                        Class B Common Shares (the
"Shares"), par
value $0.01 per share, of Merrill Corporation (the "Company") at $            per Share (the Exercise Price currently in effect pursuant to the
Warrant) (provided that in lieu of payment of $                        , the undersigned will receive a number of Shares reduced
by a number of Class B Common Shares having an aggregate Fair Market
Value (as defined in the Warrant) equal to the aggregate Exercise Price for the Shares), all on the terms and conditions specified in the within Warrant Certificate, surrenders this Warrant
Certificate and all right, title and interest therein to the Company and directs that the Shares deliverable upon the exercise of this Warrant be registered or placed in the name and at the address
specified below and delivered thereto. 

-OR-

        The
undersigned irrevocably exercises the Warrant for the purchase                        Class B Common Shares (the
"Shares"), par value
$0.01 per share, of Merrill Corporation (the "Company") at $            per Share (the Exercise Price currently in effect pursuant to the
Warrant),
and herewith makes payment of $            of the aggregate Exercise Price for the Shares in cash, certified or official bank or bank cashier's check (or a combination of cash and check),
and
herewith delivers as payment of $            of the aggregate Exercise Price that number of Class B Common Shares having an aggregate Fair Market Value (as defined in the Warrant) equal
to
such non-cash portion of the aggregate Exercise Price for the Shares, all on the terms and conditions specified in the within Warrant Certificate, surrenders this Warrant Certificate and
all right, title and interest therein to the Company and directs that the Shares deliverable upon the exercise of this Warrant be registered or placed in the name and at the address specified below
and delivered thereto. 

15

 
-OR-

        The
undersigned irrevocably exercises the Warrant for the purchase of                        Class B Common Shares, par value
$0.01 per share, of Merrill Corporation (the
"Company") at $            per share (the Exercise Price currently in effect pursuant to the Warrant), and herewith makes payment of
$            of the aggregate Exercise Price for the Shares in cash, certified or official bank or bank cashier's check (or a combination of cash and check), and herewith delivers as payment
of
$            of the aggregate Exercise Price that number of Warrants which, if exercised, would result in a number of Class B Common Shares having an aggregate Fair Market Value (as
defined
in the Warrant) equal to such non-cash portion of the aggregate Exercise Price for the Shares, all on the terms and conditions specified in the within Warrant Certificate, surrenders this
Warrant Certificate and all right, title and interest therein to the Company and directs that the Shares deliverable upon the exercise of this Warrant be registered or placed in the name and at the
address specified below and delivered thereto. 

        Date:                            ,
            .

	 	 	    
 (Signature of Owner)
	

 	
 	

    
 (Street Address)
	

 	
 	

    
 (City) (State) (Zip Code)

16

   
Securities and/or check to be issued to: 

Please
insert social security or identifying number: 

Name:

Street
Address: 

City,
State and Zip Code: 

Any
unexercised portion of the Warrant evidenced by the 

within
Warrant Certificate to be issued to: 

Please
insert social security or identifying number: 

Name:

Street
Address: 

City,
State and Zip Code: 

17

 
WARRANT ASSIGNMENT FORM  

	 	 	Dated	 	 
	 	 	 	 	

	FOR VALUE RECEIVED,	 	 	 	 	 	 
	 	 	

	

hereby sells, assigns and transfers unto,
	

 	
 	

 	
 	

 	
 	

(the "Assignee"),
	
 (please type or print in block letters)	 	 
	

 (insert address)

its
right to purchase up to              Class B Common Shares represented by this Warrant and does hereby irrevocably constitute and appoint
                                         
        Attorney, to transfer the same on the books of the Company, with full power of substitution in the premises. 

	 	 	Signature	 
	 	 	 	

18

QuickLinks

Exhibit 4.3

FORM OF WARRANT FOR PREFERRED SHAREHOLDERS MERRILL CORPORATION

WARRANT SUBSCRIPTION FORMQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 4.4    
    

        THIS
SECURITY (OR ITS PREDECESSOR) AND THE WARRANT SHARES TO BE ISSUED UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT, AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, UNITED STATES PERSONS, EXCEPT AS SET FORTH IN THE NEXT SENTENCE. BY ITS ACQUISITION HEREOF OR OF A
BENEFICIAL INTEREST HEREIN, THE HOLDER: 

        (1)   REPRESENTS
THAT (A) IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A "QIB"), (B) IT HAS ACQUIRED THIS SECURITY
IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF
REGULATION D UNDER THE SECURITIES ACT) (AN "IAI"), 

        (2)   AGREES
THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, (B) TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (C) IN AN OFFSHORE TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (C) IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S OF THE SECURITIES ACT, (D) IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (E) TO AN IAI THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE WARRANT AGENT A SIGNED LETTER CONTAINING CERTAIN
REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS SECURITY (THE FORM OF WHICH CAN BE OBTAINED FROM THE WARRANT AGENT) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PURCHASE AMOUNT
OF LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY) OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN
ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, 

        (3)   AGREES
NOT TO ENGAGE IN ANY HEDGING TRANSACTION UNLESS IN COMPLIANCE WITH THE SECURITIES ACT AND 

        (4)   AGREES
THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. 

        AS
USED HEREIN, THE TERMS "OFFSHORE TRANSACTION" AND "UNITED STATES" HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT. THE WARRANT
AGREEMENT CONTAINS A PROVISION REQUIRING THE 

WARRANT
AGENT TO REFUSE TO REGISTER ANY TRANSFER OF THIS SECURITY IN VIOLATION OF THE FOREGOING. 

        THIS
GLOBAL WARRANT IS HELD BY THE DEPOSITARY (AS DEFINED IN THE WARRANT AGREEMENT GOVERNING THIS WARRANT) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND
IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (i) THE WARRANT AGENT MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.5 OF THE WARRANT
AGREEMENT, (ii) THIS GLOBAL WARRANT MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.5(A) OF THE WARRANT AGREEMENT, (iii) THIS GLOBAL WARRANT MAY BE DELIVERED TO
THE WARRANT AGENT FOR CANCELLATION PURSUANT TO SECTION 3.8 OF THE WARRANT AGREEMENT AND (iv) THIS GLOBAL WARRANT MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN
CONSENT OF MERRILL CORPORATION (THE "COMPANY"). 

        THE
WARRANTS EVIDENCED BY THIS CERTIFICATE ARE INITIALLY ISSUED AS PART OF AN ISSUANCE OF UNITS (THE "UNITS"), EACH OF WHICH CONSIST OF $1,000 PRINCIPAL AMOUNT AT MATURITY OF THE 12%
SENIOR SUBORDINATED NOTES DUE 2009 (THE "NOTES") OF MERRILL CORPORATION AND ONE WARRANT (THE "WARRANTS") INITIALLY ENTITLING THE HOLDER THEREOF TO PURCHASE 1.22987 SHARES, PAR VALUE $0.01 PER SHARE,
OF MERRILL CORPORATION COMMON STOCK. 

        PRIOR
TO THE EARLIEST TO OCCUR OF (i) 180 DAYS AFTER THE CLOSING OF THE OFFERING OF THE UNITS, (ii) THE DATE ON WHICH A REGISTRATION STATEMENT WITH RESPECT TO A
REGISTERED EXCHANGE OFFER FOR THE NOTES IS DECLARED EFFECTIVE UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE "SECURITIES ACT"), (iii) THE DATE A SHELF REGISTRATION STATEMENT WITH RESPECT
TO THE NOTES or the warrants IS DECLARED EFFECTIVE UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), (iv) SUCH DATE AS DONALDSON, LUFKIN & JENRETTE SECURITIES
CORPORATION IN ITS SOLE DISCRETION SHALL DETERMINE AND (v) THE DATE ON WHICH THE ISSUER OF THE NOTES GIVES THE NOTICE REQUIRED BY THE INDENTURE GOVERNING THE NOTES UPON THE OCCURRENCE OF A
CHANGE OF CONTROL (AS DEFINED IN THE INDENTURE GOVERNING THE NOTES), THE WARRANTS EVIDENCED BY THIS CERTIFICATE MAY NOT BE TRANSFERRED OR EXCHANGED SEPARATELY FROM, BUT MAY BE TRANSFERRED OR EXCHANGED
ONLY TOGETHER WITH, THE NOTES 

	No.1	 	140,000 Warrants
	CUSIP No. 590175113	 	 

Warrant
Certificate 

MERRILL
CORPORATION 

        This
Warrant Certificate certifies that Cede & Co., or its registered assigns, is the registered holder of Warrants expiring May 1, 2009 (the "Warrants") to purchase Common Stock,
par value $.01 (the "Common Stock"), of Merrill Corporation, a Minnesota corporation. Each Warrant entitles the registered holder upon exercise at any time from the opening of business on
November 1, 2001 (the "Exercise Date") until 5:00 p.m. New York City Time on May 1, 2009, to receive from the Company 1.22987 fully paid and nonassessable shares of Common Stock
(the "Warrant Shares") at the initial exercise price (the "Exercise Price") of $22.00 per share payable upon surrender of this Warrant
Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent, but only subject to the conditions set forth herein and in the Warrant Agreement referred to on the reverse
hereof. The Exercise Price and number of Warrant Shares issuable upon exercise of the Warrants are subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement. 

        No
Warrant may be exercised after 5:00 p.m., New York City Time on May 1, 2009, and to the extent not exercised by such time, such Warrants shall become void. 

        Reference
is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as
though fully set forth at this place. 

        This
Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. 

        This
Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York. 

        IN
WITNESS WHEREOF, the Company has caused this Warrant Certificate to be signed below. 

Dated: November 23, 1999 

	 	 	 	 	MERRILL CORPORATION
	

 	
 	

 	
 	

By:	
 	

/s/  JOHN CASTRO      
 Name:

Title:
	

Countersigned:	
 	

 	
 	

 
	

 	
 	
NORWEST BANK MINNESOTA, N.A.
 as Warrant Agent	
 	

 	
 	

 
	By:	 	/s/  ILLEGIBLE      
 Authorized Signature	 	 	 	 

[Reverse of Warrant Certificate] 

        The
Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants expiring at 5:00 p.m. New York City time on May 1, 2009 entitling the holder on
exercise to receive shares of Common Stock, and are issued or to be issued pursuant to a Warrant Agreement dated as of November 23, 1999 {the "Warrant Agreement"), duly executed and delivered
by the Company to Norwest Bank Minnesota, N.A., as warrant agent (the "Warrant Agent"), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby
referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words "holders" or "holder"
meaning the registered holders or registered holder) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. 

        Warrants
may be exercised at any time on or after November 1, 2001 and on or before 5:00 p.m. New York City time on May 1, 2009; provided that holders shall be able to
exercise their Warrants only if a registration statement relating to the Warrants Shares is then in effect, or the exercise of such Warrants is exempt from the registration requirements of the
Securities Act of 1933, as amended (the "Securities Act"), and such securities are qualified for sale or exempt from qualification under the applicable securities laws of the states in which the
various holders of the Warrants or other persons to whom it is proposed that the Warrant Shares be issued on exercise of the Warrants reside. In order to exercise all or any of the Warrants
represented by this Warrant Certificate, the holder must deliver to the Warrant Agent at its New York corporate trust office set forth in Section 19 of the Warrant Agreement this Warrant
Certificate and the form of election to purchase on the reverse hereof duly filled in and signed which signature shall be medallion guaranteed by an institution which is a member of a Securities
Transfer Association recognized signature guarantee program, and upon payment to the Warrant Agent for the account of the Company of the Exercise Price, as adjusted as provided in the Warrant
Agreement, for the number of Warrant Shares in respect of which such Warrants are then exercised. No adjustment shall be made for any dividends on any Common Stock issuable upon exercise of this
Warrant. 

        The
Warrant Agreement provides that upon the occurrence of certain events the Exercise Price set forth on the face hereof may, subject to certain conditions, be adjusted. If the Exercise
Price is adjusted, the Warrant Agreement provides that the number of shares of Common Stock issuable upon the exercise of each Warrant shall be adjusted. No fractions of a share of Common Stock will
be issued upon the exercise of any Warrant, but the Company will pay the cash value thereof determined as provided in the Warrant Agreement. 

        The
Company has agreed pursuant to a Warrant Registration Rights Agreement dated as of November 23, 1999 (the "Warrant Registration Rights Agreement") to file within 120 days
after the issuance of the Warrants and use its reasonable best efforts to make effective on or before 180 days after such date a shelf registration statement on the appropriate form under the
Securities Act, and to use its reasonable best efforts to keep such registration statement continuously effective under the
Securities Act in order to permit the resale of the Warrants and Warrant Shares by the holders thereof for the period of time referred to in the immediately preceding sentence. 

        Warrant
Certificates, when surrendered at the office of the Warrant Agent by the registered holder thereof in person or by legal representative or attorney duly authorized in writing,
may be 

exchanged,
in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like
tenor evidencing in the aggregate a like number of Warrants. 

        Upon
due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and
evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement,
without charge except for any tax or other governmental charge imposed in connection therewith. 

        The
Company and the Warrant Agent may deem and treat the registered holder(s) thereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or
other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent
shall be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder to the Company. 

(To
Be Executed Upon Exercise Of Warrant) 

The
undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive                      shares of
Common Stock and herewith
tenders payment for such shares to the order of Merrill Corporation, in the amount of $                     in accordance with the terms
hereof. The undersigned requests that a
certificate for such shares be registered in the name of                     , whose address is
                     and that such shares
to be delivered to                     , whose address is
                    . If said number of shares is less than all of the shares of Common Stock
purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares be registered in the name of
                    , whose address is
                    , and that such Warrant Certificate be delivered to whose address is
                    . 

	 	 	 
	 	 	
 Signature
	

Date:	
 	

 
	 	 	 
	 	 	
 Signature Guaranteed

Signatures
must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Warrant Agent, which requirements include membership or participation in the Security Transfer
Agent Medallion Program ("STAMP") or such other "signature guarantee program" as may be determined by the Warrant Agent in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. 

SCHEDULE
OF EXCHANGES OF INTERESTS OF GLOBAL WARRANTS 

The
following exchanges of a part of this Global Warrant have been made: 

	Date of Exchange
	 	Amount of decrease in Number of warrants in this Global Warrant
	 	Amount of increase in Number of Warrants in this Global Warrant
	 	Number of Warrants in this Global Warrant following such decrease or increase
	 	Signature of authorized officer of Warrant Agent

	 	 	 	 	 	 	 	 	 

QuickLinks

Exhibit 4.4

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