Document:

Registration Rights Agreement

Exhibit 4.4 
 
REGISTRATION RIGHTS AGREEMENT 
 
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of February
            , 2003 by and among K2 Inc., a Delaware corporation (the “Company”), and the undersigned (together with their respective affiliates and any assignee or
transferee of all of their respective rights hereunder, the “Initial Investors”). 
 
WHEREAS: 
 
A. In connection with the Securities Purchase Agreement by and among the parties hereto of even date herewith (the
“Securities Purchase Agreement”), the Company has agreed, upon the terms and subject to the conditions contained therein, to issue and sell to the Initial Investors (i) convertible subordinated debentures (the
“Debentures”) that are convertible into shares of the Company’s common stock, par value $1.00 per share (the “Common Stock”), upon the terms and subject to the limitations and conditions set forth in such
Debentures and (ii) warrants (the “Warrants”) to acquire Five Hundred Twenty Four Thousand Three Hundred Twenty Nine (524,329) shares of Common Stock, upon the terms and conditions and subject to the limitations and conditions set
forth in the Stock Purchase Warrant, dated February             , 2003, issuable in connection with the Debentures; and 
 
B. To induce the Initial Investors to execute and deliver the Securities Purchase Agreement, the
Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “1933 Act”), and applicable state
securities laws; 
 
NOW, THEREFORE, in
consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Initial Investors hereby agree as follows: 
 

 
1.
DEFINITIONS. 
 
 
a. As used in this Agreement, the following terms shall have the following meanings: 
 
 
(i) “Investors” means, collectively, the Initial Investors and any transferee or assignee of an Initial Investor who agrees to become bound by the provisions of this Agreement in
accordance with Section 9 hereof. 
 
(ii) “register,” “registered,” and “registration” refer to a registration effected by preparing and filing a Registration Statement or Statements in compliance with the 1933 Act and
pursuant to Rule 415 under the 1933 Act or any successor rule providing for offering securities on a continuous basis (“Rule 415”), and the declaration or ordering of effectiveness of such Registration Statement by the United States
Securities and Exchange Commission (the “SEC”). 
 
(iii) “Registrable Securities” means (A) the Conversion Shares (as defined in the Securities Purchase Agreement) issued or issuable upon conversion of or otherwise pursuant to the
Debenture and Section 2(c) herein; (B) the Warrant Shares (as defined in the Securities Purchase Agreement) issued or issuable and any shares of capital stock issued or issuable upon exercise of the Warrants; and (C) any shares of capital stock
issued or issuable as a dividend on or in exchange for or otherwise with respect to any of the foregoing. 
 
(iv) “Registration Statement(s)” means a registration statement(s) of the Company under the 1933 Act.

 
 
b. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Securities Purchase Agreement. 
 
 
2. REGISTRATION. 
 
 
a. Mandatory Registration. The Company shall prepare, and, on or prior to the date (the “Filing Date”)
which is sixty (60) calendar days after the Closing Date (as defined in the Securities Purchase Agreement), file with the SEC a Registration Statement on Form S-3 (or, if Form S-3 is not then available, on such form of Registration Statement as is
then available to effect a registration of the Registrable Securities, subject to the consent of the Initial Investors, which consent will not be unreasonably withheld) covering the resale of the Registrable Securities, which Registration Statement,
to the extent allowable under the 1933 Act and the rules and regulations promulgated thereunder (including Rule 416), shall state that such Registration Statement also covers such indeterminate number of additional shares of Common Stock as may
become issuable upon conversion of or otherwise pursuant to the Debenture and exercise of or otherwise pursuant to the Warrants (i) to prevent dilution resulting from stock splits, stock dividends or similar transactions or (ii) by reason of changes
in the Conversion Price (as defined in the Debenture) of the Debenture in accordance with the terms thereof or the exercise price of the Warrants in accordance with the terms thereof. The number of shares of Common Stock initially included in such
Registration Statement shall be no less than one hundred twenty percent of the aggregate number of Conversion Shares and Warrant Shares that 
 

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are then issuable upon
conversion of or otherwise pursuant to the Debentures (based on Conversion Price then in effect) and the exercise of or otherwise pursuant to the Warrants, in each case without regard to any limitation on the Investor’s ability to convert the
Debenture or exercise the Warrants. The Company acknowledges that the number of shares initially included in the Registration Statement represents a good faith estimate of the maximum number of shares issuable upon conversion of or otherwise
pursuant to the Debenture and exercise of or otherwise pursuant to the Warrants. The Registration Statement (and each amendment or supplement thereto, and each request for acceleration of effectiveness thereof) shall be provided to the Initial
Investors and their counsel prior to its filing or other submission in accordance with Section 3(h) hereof. 
 
b. Underwritten Offering. If any offering pursuant to a Registration Statement pursuant to Section 2(a) hereof
involves an underwritten offering, the Investors who hold a majority in interest of the Registrable Securities subject to such underwritten offering, with the consent of the Initial Investors, shall have the right to select one legal counsel to
administer the offering, which legal counsel shall be reasonably satisfactory to the Company. In the event that any Investors elect not to participate in such underwritten offering, the Registration Statement covering all of the Registrable
Securities shall contain appropriate plans of distribution reasonably satisfactory to the Investors participating in such underwritten offering and the Investors electing not to participate in such underwritten offering (including, without
limitation, the ability of non-participating Investors to sell from time to time at any time during the effectiveness of such Registration Statement). 
 
c. Payments by the Company. The Company shall use its best efforts to obtain effectiveness of the Registration
Statement as soon as practicable, but in any event not later than the one hundred twentieth (120th) day after the Closing Date (the “Registration Deadline”). If (i) the Registration Statement(s) covering the Registrable Securities
required to be filed by the Company pursuant to Section 2(a) hereof is not declared effective by the SEC by the Registration Deadline, or (ii) after the Registration Statement has been declared effective by the SEC, sales of all of the Registrable
Securities cannot be made pursuant to the Registration Statement, or (iii) the Common Stock is not listed or included for quotation on the New York Stock Exchange (the “NYSE”) (any such event described in the preceding clauses (i),
(ii) or (iii), a “Registration Default”), then the Company agrees to pay in cash liquidated damages (the “Liquidated Damages”) to each Investor, with respect to the first 90-day period immediately following the
occurrence of the Registration Default in an amount equal to $.05 per week per $1,000 principal amount of the Debentures held by such Investor. The amount of the Liquidated Damages will increase by an additional $.05 per week per $1,000 principal
amount of the Debentures with respect to each subsequent 90-day period until all Registration Defaults have been cured, up to a maximum amount of Liquidated Damages of $.20 per week per $1,000 principal amount of the Debentures. All accrued
Liquidated Damages will be paid by the Company on each date on which interest on the Debentures is otherwise payable. At the option of the Company or the Investors, upon written notice to the other party, the Company or the Investors shall have the
right to deliver or receive in lieu of cash payment on any Liquidated Damages then due and owing the number of shares of Common Stock equal to the Liquidated Damages then due and owing divided by the Conversion Price (as defined in the Debentures).
Following the cure of all Registration Defaults, the accrual of Liquidated Damages will cease; provided, however, that there shall be excluded from such period any delays which are solely 
 

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attributable to changes
required by the Investors in the Registration Statement with respect to information relating to the Investors, including, without limitation, changes to the plan of distribution, or to the failure of the Investors to conduct their review of the
Registration Statement pursuant to Section 3(h) below in a reasonably prompt manner. 
 
d. Piggy-Back Registrations. Subject to the last sentence of this Section 2(d), if at any time prior to the expiration of the Registration Period (as hereinafter defined) the
Company shall determine to file with the SEC a Registration Statement relating to an offering for its own account or the account of others under the 1933 Act of any of its equity securities (other than on Form S-4 or Form S-8 or their then
equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with stock option or other employee benefit plans), the Company shall send to each
Investor who is entitled to registration rights under this Section 2(d) written notice of such determination and, if within ten (10) calendar days after the effective date of such notice, such Investor shall so request in writing, the Company shall
include in such Registration Statement all or any part of the Registrable Securities such Investor requests to be registered, except that if, in connection with any underwritten public offering for the account of the Company the managing
underwriter(s) thereof shall impose a limitation on the number of shares of Common Stock which may be included in the Registration Statement because, in such underwriter(s)’ judgment, marketing or other factors dictate such limitation is
necessary to facilitate public distribution, then the Company shall be obligated to include in such Registration Statement only such limited portion of the Registrable Securities with respect to which such Investor has requested inclusion hereunder
as the underwriter shall permit. Any exclusion of Registrable Securities shall be made pro rata among the Investors seeking to include Registrable Securities in proportion to the number of Registrable Securities sought to be included by such
Investors; provided, however, that the Company shall not exclude any Registrable Securities unless the Company has first excluded all outstanding securities, the holders of which are not entitled by contract to inclusion of such
securities in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities; and provided, further, however, that, after giving effect to the immediately preceding proviso, any exclusion
of Registrable Securities shall be made pro rata with holders of other securities having the contractual right to include such securities in the Registration Statement other than holders of securities entitled to inclusion of their securities in
such Registration Statement by reason of demand registration rights. No right to registration of Registrable Securities under this Section 2(d) shall be construed to limit any registration required under Section 2(a) hereof. If an offering in
connection with which an Investor is entitled to registration under this Section 2(d) is an underwritten offering, then each Investor whose Registrable Securities are included in such Registration Statement shall, unless otherwise agreed by the
Company, offer and sell such Registrable Securities in an underwritten offering using the same underwriter or underwriters and, subject to the provisions of this Agreement, on the same terms and conditions as other shares of Common Stock included in
such underwritten offering. Notwithstanding anything to the contrary set forth herein, the registration rights of the Investors pursuant to this Section 2(d) shall only be available in the event the Company fails to timely file, obtain effectiveness
or maintain effectiveness of any Registration Statement to be filed pursuant to Section 2(a) in accordance with the terms of this Agreement. 
 
e. Eligibility for Form S-3. The Company represents and warrants that it meets the registrant eligibility and
transaction requirements for the use of Form S-3 for 
 

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registration of the sale by the Initial Investors and any other Investors of the Registrable Securities
and the Company shall file all reports required to be filed by the Company with the SEC in a timely manner so as to maintain such eligibility for the use of Form S-3. 
 
3. OBLIGATIONS OF THE COMPANY. 
 
 
In connection with the registration of the Registrable Securities, the Company shall have the following obligations: 
 
a. The Company shall prepare promptly, and file with the SEC as soon as practicable after the Closing Date (but in no event later
than the Filing Date), a Registration Statement with respect to the number of Registrable Securities provided in Section 2(a), and thereafter use its best efforts to cause such Registration Statement relating to Registrable Securities to become
effective as soon as possible after such filing, (but in no event later than the Registration Deadline), and keep the Registration Statement effective pursuant to Rule 415 at all times until such date as is the earlier of (i) the date on which all
of the Registrable Securities have been sold and (ii) the date on which the Registrable Securities may be immediately sold to the public without registration or restriction (including without limitation as to volume by each holder thereof) under the
1933 Act (the “Registration Period”) (which shall be confirmed by an opinion of counsel of the Company or the Investors, such opinion of counsel to be reasonable satisfactory to the Company), which Registration Statement (including
any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein not
misleading. 
 
b. The Company shall prepare
and file with the SEC such amendments (including post-effective amendments) and supplements to the Registration Statements and the prospectus used in connection with the Registration Statements as may be necessary to keep the Registration Statements
effective at all times during the Registration Period, and, during such period, comply with the provisions of the 1933 Act with respect to the disposition of all Registrable Securities of the Company covered by the Registration Statements until such
time as all of such Registrable Securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in the Registration Statements. In the event that on any Trading Day (as defined in
the Debenture) (the “Registration Trigger Date”) the number of shares available under a Registration Statement filed pursuant to this Agreement is insufficient to cover all of the Registrable Securities issued or issuable upon
conversion of or otherwise pursuant to the Debenture (based on the Conversion Price (as defined in the Debenture) then in effect) and exercise of or otherwise pursuant to the Warrants, in each case without giving effect to any limitations on the
Investors’ ability to convert the Debenture or exercise the Warrants, the Company shall amend the Registration Statement, or file a new Registration Statement (on the short form available therefore, if applicable), or both, so as to cover one
hundred twenty percent (120%) of all of the Registrable Securities so issued or issuable (without giving effect to any limitations on conversion or exercise contained in the Debenture or Warrants, as applicable) as of the Registration Trigger Date,
in each case, as soon as practicable, but in any event within twenty (20) business days after the necessity therefor arises (based on the market price of the Common Stock and other relevant factors on which the Company reasonably elects to rely).
The Company shall use its best efforts to cause such 
 

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amendment and/or new Registration Statement to become effective as soon as practicable following the
filing thereof, but in any event within ninety (90) calendar days of the Registration Trigger Date. The provisions of Section 2(c) above shall be applicable with respect to the Company’s obligations under this Section 3(b). 
 
c. The Company shall furnish to each Investor whose
Registrable Securities are included in a Registration Statement and its legal counsel (i) promptly after the same is prepared and publicly distributed, filed with the SEC, or received by the Company, one copy of each Registration Statement and any
amendment thereto, each preliminary prospectus and prospectus and each amendment or supplement thereto, and, in the case of the Registration Statement referred to in Section 2(a), each letter written by or on behalf of the Company to the SEC or the
staff of the SEC, and each item of correspondence from the SEC or the staff of the SEC, in each case relating to such Registration Statement (other than any portion of any thereof which contains information for which the Company has sought
confidential treatment), and (ii) such number of copies of a prospectus, including a preliminary prospectus, and all amendments and supplements thereto and such other documents as such Investor may reasonably request in order to facilitate the
disposition of the Registrable Securities owned by such Investor. The Company will promptly notify each Investor by facsimile of the effectiveness of each Registration Statement or any post-effective amendment. The Company will promptly respond to
any and all comments received from the SEC, with a view towards causing each Registration Statement or any amendment thereto to be declared effective by the SEC as soon as practicable and shall file an acceleration request as soon as practicable
following the resolution or clearance of all SEC comments or, if applicable, following notification by the SEC that any such Registration Statement or any amendment thereto will not be subject to review. 
 
d. The Company shall use reasonable efforts to (i)
register and qualify the Registrable Securities covered by the Registration Statements under such other securities or “blue sky” laws of such jurisdictions in the United States as the Investors who hold a majority in interest of the
Registrable Securities being offered reasonably request, (ii) prepare and file in those jurisdictions such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the
effectiveness thereof during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions
reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (a) qualify to do
business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d), (b) subject itself to general taxation in any such jurisdiction, (c) file a general consent to service of process in any such jurisdiction,
(d) provide any undertakings that cause the Company undue expense or burden, or (e) make any change in its charter or bylaws, which in each case the Board of Directors of the Company determines to be contrary to the best interests of the Company and
its stockholders. 
 
e. In the event
Investors who hold a majority-in-interest of the Registrable Securities being offered in the offering (with the approval of the Initial Investors) select underwriters for the offering, the Company shall enter into and perform its obligations under
an underwriting agreement, in usual and customary form, including, without limitation, customary indemnification and contribution obligations, with the underwriters of such offering. 
 

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f. As
promptly as practicable after becoming aware of such event, the Company shall notify each Investor of the happening of any event, of which the Company has knowledge, as a result of which the prospectus included in any Registration Statement, as then
in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and use its best efforts promptly to prepare a supplement or
amendment to any Registration Statement to correct such untrue statement or omission, and deliver such number of copies of such supplement or amendment to each Investor as such Investor may reasonably request. 
 
g. The Company shall use its best efforts to prevent
the issuance of any stop order or other suspension of effectiveness of any Registration Statement, and, if such an order is issued, to obtain the withdrawal of such order at the earliest possible moment and to notify each Investor who holds
Registrable Securities being sold (or, in the event of an underwritten offering, the managing underwriters) of the issuance of such order and the resolution thereof. 
 
h. The Company shall permit a single firm of counsel designated by the Initial Investors to review and
comment upon such Registration Statement, and all amendments and supplements thereto (as well as all requests for acceleration or effectiveness thereof and any correspondence between the Company and the SEC relating to the Registration Statement)
(collectively, the “Registration Documents”), a reasonable period of time (not to exceed three (3) business days) prior to their filing with the SEC. The Company agrees that it will, and it will cause its counsel to, consider in good faith
any comments or objections from counsel selected by the Initial Investors as to the form or content of such Registration Statement or such amendments or supplements thereto. The sections of such Registration Statement covering information with
respect to the Investors, the Investors’ beneficial ownership of securities of the Company or the Investors intended method of disposition of Registrable Securities shall conform to the information provided to the Company by each of the
Investors. 
 
i. The Company shall make
generally available to its security holders as soon as practicable, but not later than ninety (90) calendar days after the close of the period covered thereby, an earnings statement (in form complying with the provisions of Rule 158 under the 1933
Act) covering a twelve-month period beginning not later than the first day of the Company’s fiscal quarter next following the effective date of the Registration Statement. 
 
j. At the request of any Investor, the Company shall furnish, on the date that Registrable Securities
are delivered to an underwriter, if any, for sale in connection with any Registration Statement or, if such securities are not being sold by an underwriter, on the date of effectiveness thereof (i) an opinion, dated as of such date, from counsel
representing the Company for purposes of such Registration Statement, in form, scope and substance as is customarily given in an underwritten public offering, addressed to the underwriters, if any, and the Investors and (ii) a letter, dated such
date, from the Company’s independent certified public accountants in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters, if
any, and the Investors. 
 
k. The Company
shall make available for inspection by (i) any Investor, (ii) any underwriter participating in any disposition pursuant to a Registration Statement, (iii) one 
 

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firm of attorneys and one firm
of accountants or other agents retained by the Initial Investors, and (iv) one firm of attorneys retained by all such underwriters (collectively, the “Inspectors”) all pertinent financial and other records, and pertinent corporate
documents and properties of the Company (collectively, the “Records”), as shall be reasonably deemed necessary by each Inspector to enable each Inspector to exercise its due diligence responsibility, and cause the Company’s
officers, directors and employees to supply all information which any Inspector may reasonably request for purposes of such due diligence; provided, however, that each Inspector shall hold in confidence and shall not make any
disclosure (except to an Investor) of any Record or other information which the Company determines in good faith to be confidential, and of which determination the Inspectors are so notified, unless (a) the disclosure of such Records is necessary to
avoid or correct a misstatement or omission in any Registration Statement, (b) the release of such Records is ordered pursuant to a subpoena or other order from a court or government body of competent jurisdiction, or (c) the information in such
Records has been made generally available to the public other than by disclosure in violation of this or any other agreement. The Company shall not be required to disclose any confidential information in such Records to any Inspector until and
unless such Inspector shall have entered into confidentiality agreements (in form and substance satisfactory to the Company) with the Company with respect thereto, substantially in the form of this Section 3(k). Each Investor agrees that it shall,
upon learning that disclosure of such Records is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate action
to prevent disclosure of, or to obtain a protective order for, the Records deemed confidential. Nothing herein (or in any other confidentiality agreement between the Company and any Investor) shall be deemed to limit the Investor’s ability to
sell Registrable Securities in a manner which is otherwise consistent with applicable laws and regulations. 
 
l. The Company shall hold in confidence and not make any disclosure of information concerning an Investor provided to the Company
unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the
release of such information is ordered pursuant to a subpoena or other order from a court or governmental body of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation
of this or any other agreement. The Company agrees that it shall, upon learning that disclosure of such information concerning an Investor is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt
notice to such Investor prior to making such disclosure, and allow the Investor, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information. 
 
m. The Company shall (i) cause all the Registrable
Securities covered by the Registration Statement to be listed on the NYSE. 
 
n. The Company shall provide a transfer agent and registrar, which may be a single entity, for the Registrable Securities not later than the effective date of the Registration Statement.

 

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o. The
Company shall cooperate with the Investors who hold Registrable Securities being offered and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends)
representing Registrable Securities to be offered pursuant to such Registration Statement and enable such certificates to be in such denominations or amounts, as the case may be, as the managing underwriter or underwriters, if any, or the Investors
may reasonably request and registered in such names as the managing underwriter or underwriters, if any, or the Investors may request, and, within three (3) business days after a Registration Statement which includes Registrable Securities is
ordered effective by the SEC, the Company shall deliver, and shall cause legal counsel selected by the Company to deliver, to the transfer agent for the Registrable Securities (with copies to the Investors whose Registrable Securities are included
in such Registration Statement) an instruction in the form attached hereto as Exhibit 1 and an opinion of such counsel in the form attached hereto as Exhibit 2. 
 
p. At the request of the holders of a majority-in-interest of the Registrable Securities, the Company
shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a Registration Statement and any prospectus used in connection with the Registration Statement as may be necessary in order to change the
plan of distribution set forth in such Registration Statement. 
 
q. The Company shall not, and shall not agree to, allow the holders of any securities of the Company to include any of their securities in any Registration Statement under Section 2(a) hereof or any amendment or supplement
thereto under Section 3(b) hereof without the consent of the holders of a majority-in-interest of the Registrable Securities. In addition, the Company shall not offer any securities for its own account or the account of others in any Registration
Statement under Section 2(a) hereof or any amendment or supplement thereto under Section 3(b) hereof without the consent of the holders of a majority-in-interest of the Registrable Securities. 
 
r. The Company shall take all other reasonable actions
necessary to expedite and facilitate disposition by the Investors of Registrable Securities pursuant to a Registration Statement. 
 
s. The Company shall comply with all applicable laws related to a Registration Statement and offering and sale of securities and
all applicable rules and regulations of governmental authorities in connection therewith (including without limitation the 1933 Act and the 1934 Act and the rules and regulations promulgated by the SEC). 
 
t. Notwithstanding anything to the contrary herein, at
any time after the Registration Statement has been declared effective by the SEC, the Company may suspend the use or effectiveness of the Registration Statement if (i) in the good faith judgement of the Company the effectiveness of the Registration
Statement would require premature disclosure of material information relating to a pending corporate development or (ii) an event occurs and is continuing as a result of which the Registration Statement would, in the good faith judgement of the
Company, contain an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading and in any such event the Company may
delay the disclosure of 
 

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material non-public
information concerning the Company the disclosure of which at the time is not, in the good faith judgement of the Company, in the best interests of the Company (clauses (i) and (ii) together, a “Grace Period”); provided, that the Company
shall promptly (i) notify the Investors in writing of the existence of such event or of such material non-public information giving rise to a Grace Period (provided that in each notice the Company will not disclose the content of such material
non-public information to the Investors) and the date on which the Grace Period will begin, and (ii) notify the Investors in writing of the date on which the Grace Period ends; and, provided further, that during any three hundred sixty five (365)
day period no more than two such Grace Periods shall be permitted and such Grace Periods shall not exceed an aggregate of ninety (90) days (an “Allowable Grace Period”). For purposes of determining the length of a Grace Period above, the
Grace Period shall begin on and include the date the Investors receive the notice referred to in clause (i) and shall end on and include the later of the date the Investors receive the notice referred to in clause (ii) and the date referred to in
such notice. The provisions of Section 3(g) hereof shall not be applicable during the period of any Allowable Grace Period. Upon expiration of the Grace Period, the Company shall again be bound by the first sentence of Section 3(f) with respect to
the information giving rise thereto unless such material non-public information is no longer applicable. Each Investor agrees, if (i) timely requested by the Company in writing in an underwritten sale of securities of the Company and (ii) either (A)
at the time of the receipt of such written request an Investor is represented on the Board of Directors of the Company or (B) the Investors, taken as a whole, own directly or beneficially more than 10% of the Company’s Common Stock, not to make
any public sale or distribution under the 1933 Act of any Registrable Securities (except as part of such registration), during the time period reasonably requested by the sole or lead managing underwriter not to exceed ninety (90) days (the
“Black-out Period”). Notwithstanding the foregoing, in no event shall all Grace Periods and/or Black-out Periods in any three hundred sixty five (365) day period exceed a total of ninety (90) days. 
 
4. OBLIGATIONS OF THE INVESTORS. 
 
In connection with the registration of the Registrable
Securities, the Investors shall have the following obligations: 
 
a. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the Registrable Securities of a particular Investor that such Investor shall
furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect the registration of such
Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request. At least three (3) business days prior to the first anticipated filing date of the Registration Statement, the
Company shall notify each Investor of the information the Company requires from each such Investor. 
 
b. Each Investor, by such Investor’s acceptance of the Registrable Securities, agrees to cooperate with the Company as
reasonably requested by the Company in connection with the preparation and filing of the Registration Statements hereunder, unless such Investor has notified the Company in writing of such Investor’s election to exclude all of such
Investor’s Registrable Securities from the Registration Statements. 
 

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c. In
the event Investors holding a majority-in-interest of the Registrable Securities being registered (with the approval of the Initial Investors) determine to engage the services of an underwriter, each Investor agrees to enter into and perform such
Investor’s obligations under an underwriting agreement, in usual and customary form, including, without limitation, customary indemnification and contribution obligations, with the managing underwriter of such offering and take such other
actions as are reasonably required in order to expedite or facilitate the disposition of the Registrable Securities, unless such Investor has notified the Company in writing of such Investor’s election to exclude all of such Investor’s
Registrable Securities from such Registration Statement. 
 
d. Each Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(f) or 3(g), such Investor will immediately discontinue disposition of Registrable
Securities pursuant to the Registration Statement covering such Registrable Securities until such Investor’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(f) or 3(g) and, if so directed by the
Company, such Investor shall deliver to the Company (at the expense of the Company) or destroy (and deliver to the Company a certificate of destruction) all copies in such Investor’s possession, of the prospectus covering such Registrable
Securities current at the time of receipt of such notice. 
 
e. No Investor may participate in any underwritten registration hereunder unless such Investor (i) agrees to sell such Investor’s Registrable Securities on the basis provided in any underwriting arrangements in usual and
customary form entered into by the Company, (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, and (iii)
agrees to pay its pro rata share of all underwriting discounts and commissions and any expenses in excess of those payable by the Company pursuant to Section 5 below. 
 
5. EXPENSES OF REGISTRATION. 
 
All reasonable expenses, other than underwriting discounts and commissions, incurred in connection with
registrations, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualification fees, printers and accounting fees, the fees and disbursements of counsel for the Company, and the
reasonable fees and disbursements of one counsel selected by the Initial Investors pursuant to Sections 2(b) and 3(h) hereof shall be borne by the Company, subject however to the reimbursement limitations set forth in Section 4(e) of the Securities
Purchase Agreement. 
 
6.
INDEMNIFICATION. 
 
In the event any
Registrable Securities are included in a Registration Statement under this Agreement: 
 
a. To the extent permitted by law, the Company will indemnify, hold harmless and defend (i) each Investor who holds such Registrable Securities, (ii) the directors, officers, partners,
employees, agents and each person who controls any Investor within the 
 

11 

 
meaning of the 1933 Act or the
Securities Exchange Act of 1934, as amended (the “1934 Act”), if any, (iii) any underwriter (as defined in the 1933 Act) for the Investors, and (iv) the directors, officers, partners, employees and each person who controls any such
underwriter within the meaning of the 1933 Act or the 1934 Act, if any (each, an “Indemnified Person”), against any joint or several losses, claims, damages, liabilities or expenses (collectively, together with actions, proceedings
or inquiries by any regulatory or self-regulatory organization, whether commenced or threatened, in respect thereof, “Claims”) to which any of them may become subject insofar as such Claims arise out of or are based upon: (i) any
untrue statement or alleged untrue statement of a material fact in a Registration Statement or the omission or alleged omission to state therein a material fact required to be stated or necessary to make the statements therein not misleading; (ii)
any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus if used prior to the effective date of such Registration Statement, or contained in the final prospectus (as amended or supplemented, if the
Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under which the statements
therein were made, not misleading; or (iii) any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the
offer or sale of the Registrable Securities (the matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”). Subject to the restrictions set forth in Section 6(c) with respect to the number of legal
counsel, the Company shall reimburse the Indemnified Person, promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them in connection with investigating or defending
any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim arising out of or based upon a Violation which occurs in reliance upon and in
conformity with information furnished in writing to the Company by any Indemnified Person or underwriter for such Indemnified Person expressly for use in connection with the preparation of such Registration Statement or any such amendment thereof or
supplement thereto; (ii) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld; and (iii) with respect to any
preliminary prospectus, shall not inure to the benefit of any Indemnified Person if the untrue statement or omission of material fact contained in the preliminary prospectus was corrected on a timely basis in the prospectus, as then amended or
supplemented, such corrected prospectus was timely made available by the Company pursuant to Section 3(c) hereof, and the Indemnified Person was promptly advised in writing not to use the incorrect prospectus prior to the use giving rise to a
Violation and such Indemnified Person, notwithstanding such advice, used it. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the
Registrable Securities by the Investors pursuant to Section 9. 
 
b. In connection with any Registration Statement in which an Investor is participating, each such Investor agrees severally and not jointly to indemnify, hold harmless and defend, to the same extent and in the same manner set
forth in Section 6(a), the Company, each of its directors, each of its officers who signs the Registration Statement, each person, if any, who controls the Company within the meaning of the 1933 Act or the 1934 Act, any underwriter and any other
stockholder selling securities pursuant to the Registration Statement or any of its 
 

12 

 
directors or officers or any
person who controls such stockholder or underwriter within the meaning of the 1933 Act or the 1934 Act (collectively and together with an Indemnified Person, an “Indemnified Party”), against any Claim to which any of them may become
subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim arises out of or is based upon any Violation by such Investor, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in
conformity with written information furnished to the Company by such Investor expressly for use in connection with such Registration Statement; and subject to Section 6(c), such Investor will reimburse any legal or other expenses (promptly as such
expenses are incurred and are due and payable) reasonably incurred by them in connection with investigating or defending any such Claim; provided, however, that the indemnity agreement contained in this Section 6(b) shall not apply to
amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of such Investor, which consent shall not be unreasonably withheld; provided, further, however, that the Investor shall be
liable under this Agreement (including this Section 6(b) and Section 7) for only that amount as does not exceed the net proceeds to such Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement. Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 9. Notwithstanding
anything to the contrary contained herein, the indemnification agreement contained in this Section 6(b) with respect to any preliminary prospectus shall not inure to the benefit of any Indemnified Party if the untrue statement or omission of
material fact contained in the preliminary prospectus was corrected on a timely basis in the prospectus, as then amended or supplemented. 
 
c. Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any
action (including any governmental action), such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of
the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof
with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its
own counsel with the fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the
indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding. The indemnifying party shall pay for
only one separate legal counsel for the Indemnified Persons or the Indemnified Parties, as applicable, and such legal counsel shall be selected by Investors holding a majority-in-interest of the Registrable Securities included in the Registration
Statement to which the Claim relates (with the approval of a majority-in-interest of the Initial Investors), if the Investors are entitled to indemnification hereunder, or the Company, if the Company is entitled to indemnification hereunder, as
applicable. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party
under this Section 6, except to the extent that the indemnifying party is actually prejudiced in its ability to defend such action. The indemnification required by this 
 

13 

 
Section 6 shall be made by
periodic payments of the amount thereof during the course of the investigation or defense, as such expense, loss, damage or liability is incurred and is due and payable. 
 
7. CONTRIBUTION. 
 
To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying
party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however, that (i) no contribution shall be made under
circumstances where the maker would not have been liable for indemnification under the fault standards set forth in Section 6, (ii) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the 1933 Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of such fraudulent misrepresentation, and (iii) contribution (together with any indemnification or other obligations under this Agreement)
by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities. 
 
8. REPORTS UNDER THE 1934 ACT. 
 
With a view to making available to the Investors the benefits
of Rule 144 promulgated under the 1933 Act or any other similar rule or regulation of the SEC that may at any time permit the investors to sell securities of the Company to the public without registration (“Rule 144”), the Company
agrees to: 
 
a. make and keep public
information available, as those terms are understood and defined in Rule 144; 
 
b. file with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so long as the Company remains subject to such requirements
(it being understood that nothing herein shall limit the Company’s obligations under Section 4(c) of the Securities Purchase Agreement) and the filing of such reports and other documents is required for the applicable provisions of Rule 144;
and 
 
c. furnish to each Investor so long
as such Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144, the 1933 Act and the 1934 Act, (ii) a copy of the most recent annual or
quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Investors to sell such securities pursuant to Rule 144 without registration.

 
9. ASSIGNMENT OF REGISTRATION RIGHTS.

 
The rights under this Agreement shall be
automatically assignable by the Investors to any transferee of all or any portion of Registrable Securities if: (i) the Investor agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement is furnished to
the Company within a reasonable time after such assignment, (ii) the Company is prior to such transfer or assignment, furnished with written notice of (a) the name and address of such 
 

14 

 
transferee or assignee, and
(b) the securities with respect to which such registration rights are being transferred or assigned, (iii) following such transfer or assignment, the further disposition of such securities by the transferee or assignee is restricted under the 1933
Act and applicable state securities laws, (iv) at or before the time the Company receives the written notice contemplated by clause (ii) of this sentence, the transferee or assignee agrees in writing with the Company to be bound by all of the
provisions contained herein, (v) such transfer shall have been made in accordance with the applicable requirements of the Securities Purchase Agreement, and (vi) such transferee shall be an “accredited investor” as that term defined
in Rule 501 of Regulation D promulgated under the 1933 Act. 
 
10. AMENDMENT OF REGISTRATION RIGHTS. 
 
Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with written consent of the Company, the
Initial Investors (to the extent the Initial Investors still own Registrable Securities) and Investors who hold a majority interest of the Registrable Securities. Any amendment or waiver effected in accordance with this Section 10 shall be binding
upon each Investor and the Company. 
 
11.
MISCELLANEOUS. 
 
a. A person or
entity is deemed to be a holder of Registrable Securities whenever such person or entity owns of record such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more persons or entities with
respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered owner of such Registrable Securities. 
 
b. Any notices required or permitted to be given under the terms hereof shall be sent by certified or
registered mail (return receipt requested) or delivered personally or by courier (including a recognized overnight delivery service) or by facsimile and shall be effective five (5) calendar days after being placed in the mail, if mailed by regular
United States mail, or upon receipt, if delivered personally or by courier (including a recognized overnight delivery service) or by facsimile, in each case addressed to a party. The addresses for such communications shall be: 
 
If to the Company: 
 
K2 Inc. 
4900 South Eastern Avenue 
Los Angeles, California 90040 
Attention: Chief Financial
Officer 
Facsimile: (323) 724-0470 
 
With copy to: 
 
Gibson, Dunn & Crutcher LLP 
333 South Grand Avenue 
Los Angeles, California 90071 
 

15 

 
Attention: Andy Bogen, Esq. 
Facsimile: (213) 229-7520 
 
If to an Investor: to the address set forth immediately below such
Investor’s name on the signature pages to the Securities Purchase Agreement. 
 
With copy to: 
 
Martin T. Schrier, Esq. 
Akerman, Senterfitt & Eidson, P.A. 
One Southeast Third
Avenue 
Miami, Florida 33131 
Facsimile: (305) 374-5095 
 
c. Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such
right or remedy, shall not operate as a waiver thereof. 
 
d. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed in the State of New York (without regard to principles of conflict of
laws). Both parties irrevocably consent to the exclusive jurisdiction of the United States federal courts and the state courts located in the City of New York, Borough of Manhattan, with respect to any suit or proceeding based on or arising under
this Agreement, the agreements entered into in connection herewith or the transactions contemplated hereby or thereby and irrevocably agree that all claims in respect of such suit or proceeding may be determined in such courts. Both parties
irrevocably waive the defense of an inconvenient forum to the maintenance of such suit or proceeding. Both parties further agree that service of process upon a party mailed by first class mail shall be deemed in every respect effective service of
process upon the party in any such suit or proceeding. Nothing herein shall affect either party’s right to serve process in any other manner permitted by law. Both parties agree that a final non-appealable judgment in any such suit or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on such judgment or in any other lawful manner. 
 
e. This Agreement and the Securities Purchase Agreement (including all schedules and exhibits thereto) constitute the entire
agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein. This Agreement and the
Securities Purchase Agreement supersede all prior agreements and understandings among the parties hereto with respect to the subject matter hereof and thereof. 
 
f. Subject to the requirements of Section 9 hereof, this Agreement shall inure to the benefit of and be binding upon the successors
and assigns of each of the parties hereto. 
 
g.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 

16 

 
h. This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by
facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement. 
 
i. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and
deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby. 
 
j. Except as
otherwise provided herein, all consents and other determinations to be made by the Investors pursuant to this Agreement shall be made by Investors holding a majority of the Registrable Securities, determined as if the all of the Debenture then
outstanding have been converted into for Registrable Securities. 
 
k. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to each Investor by vitiating the intent and purpose of the transactions contemplated hereby. Accordingly, the Company
acknowledges that the remedy at law for breach of its obligations hereunder will be inadequate and agrees, in the event of a breach or a threatened breach in writing by the Company of any of the provisions hereunder, that each Investor shall be
entitled, in addition to all other available remedies in law or in equity, to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof, without the
necessity of showing economic loss and without any bond or other security being required. 
 
l. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any
party. 
 
m. In the event that any provision
of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule
of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision hereof. 
 
n. The initial number of Registrable Securities included in any Registration Statement and each
increase to the number of Registrable Securities included therein shall be allocated pro rata among the Investors based on the number of Registrable Securities held by each Investor at the time of such establishment or increase, as the case may be.
In the event an Investor shall sell or otherwise transfer any of such holder’s Registrable Securities, each transferee shall be allocated a pro rata portion of the number of Registrable Securities included in a Registration Statement for such
transferor. Any shares of Common Stock included on a Registration Statement and which remain allocated to any person or entity which does not hold any Registrable Securities shall be allocated to the remaining Investors, pro rata based on the number
of shares of Registrable Securities then held by such Investors. For the avoidance of 
 

17 

 
doubt, the number of
Registrable Securities held by an Investor shall be determined as if all Debenture and Warrants then outstanding and held by an Investor were converted into or exercised for Registrable Securities. 
 
[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
 

18 

 
IN WITNESS
WHEREOF, the Company and the undersigned Initial Investors have caused this Agreement to be duly executed as of the date first above written. 
 

	 K2 Inc.

	
	 By:
	 	  
 /s/ John J. Rangel

	 Name:
	 	 John J. Rangel

	 Title:
	 	 Senior Vice President—Finance

 

	 SPORTING GOODS INVESTMENT I, LP

	
	 By:
	 	 K-1 USA VENTURES, INC.,
 its sole general partner

	 	 	 

 

	 
	
	 By:
	 	  

	 	 	 Name:
 Title:

 

	 SPORTING GOODS INVESTMENT II, LP

	
	 By:
	 	 K-1 HOLDINGS EQUITY I, INC.,
 its general partner

	 	 	 

 

	 
	
	 By:
	 	  

	 	 	 Name:
 Title:

 

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Exhibit 4.27    
  

GRUPO TMM, S.A.  

 Warrants to Purchase

9,826,389 American Depositary Shares  

 WARRANT AGREEMENT  

Dated as of March [    ], 2003 

THE BANK OF NEW YORK  

Warrant Agent 

   
        WARRANT AGREEMENT (the "Warrant Agreement"), dated as of March [    ], 2003, between Grupo TMM, S.A., a sociedad
anonima organized under the laws of the United Mexican States (the "Company"), and The Bank of New York, a New York banking
corporation, as warrant agent (the "Warrant Agent"). 

        WHEREAS,
the Company proposes to issue warrants (the "Warrants") to initially purchase up to an aggregate of 9,826,389 American Depositary
Shares (the "ADSs") of the Company (the ADSs issuable on exercise of the Warrants being referred to herein as the "Warrant
Shares"), in connection with the offer (the "Offer") by the Company and TMM Holdings, S.A. de C.V., a  sociedad anonima de capital
variable organized under the laws of the United Mexican States ("Holdings"),
of up to 9,826,389 Warrants and up to $176,875,000 principal amount of the Company's 10.75% Senior Notes due 2010 (the "Notes"), which are
unconditionally guaranteed by Holdings in exchange for up to all of the Company's existing 91/2% Senior Notes due 2003 (the "2003
Notes"). 

        WHEREAS,
the Warrants are being issued in the Offering pursuant to a registration statement under the Securities Act of 1933, as amended (the "Securities
Act"). 

        WHEREAS,
the ADSs are represented by American Depositary Receipts ("ADRs") issued under the Deposit Agreement, dated as of
December 26, 2001 (the "Deposit Agreement"), between the Company and Citibank, N.A., as depositary bank (the "Depositary
Bank"), with each ADR representing the right to receive one ADS. 

        WHEREAS,
each ADS represents the right to receive CPOs (the "CPOs"), each of which represents an economic interest in one share of
Series A Shares (the "Series A Shares") of the Company. 

        WHEREAS,
the Notes are to be issued under an indenture (the "Indenture") among the Company, Holdings and The Bank of New York, as trustee
(the "Trustee"), dated the date hereof. 

        WHEREAS,
the Company and the Warrant Agent desire to enter into this Agreement to set forth the terms and conditions of the Warrants and the rights of the holders of Warrants. 

        NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein set forth and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

SECTION 1. CERTAIN DEFINITIONS.  

        As used in this Agreement, the following terms shall have the following respective meanings: 

        "2003 Notes" has the meaning assigned to it in the recitals hereof. 

        "ADRs" has the meaning assigned to it in the recitals hereof. 

        "Affiliate" of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, "control," as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided that
beneficial ownership of 10% or more of the voting stock of a Person will be deemed to be control. No natural person who is an executive officer or director of a Person shall, solely by virtue of such
position, be deemed to control such Person. 

        "Applicable Procedures" means, with respect to any transfer or exchange of or for beneficial interests in any Global Warrant, the rules
and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 

        "Clearstream" means Clearstream Banking, S.A. 

1

 

        "Closing Date" means the date hereof. 

        "Commission" means the Securities and Exchange Commission. 

        "Company" has the meaning assigned to it in the recitals hereof. 

        "Definitive Warrant" means a certificated Warrant registered in the name of the holder thereof and issued in accordance with
Section 3.5(a) hereof, substantially in the form of Exhibit A hereto except that such Warrant shall not bear the Global Warrant Legend and shall not have the "Schedule of Exchanges of
Interests in the Global Warrant" attached thereto. 

        "Deposit Agreement" has the meaning assigned to it in the recitals hereof. 

        "Depositary" means, with respect to the Warrants issuable or issued in whole or in part in global form, the Person specified in
Section 3.3 hereof as the Depositary with respect to the Warrants, and any and all successors thereto appointed as Depositary hereunder and having become such pursuant to the applicable
provision of the Indenture. 

        "Depositary Bank" has the meaning assigned to it in the recitals hereof. 

        "DTC" has the meaning assigned to it in Section 3.3 hereof. 

        "Euroclear" means Euroclear Bank S.A./N.V., as operator of the Euroclear system. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        "Exercise Period" has the meaning assigned to it in Section 4(a) hereof. 

        "Exercise Price" means the Initial Exercise Price subject to the conditions and adjustments described in this Warrant Agreement. 

        "Global Warrants" means the Global Warrants substantially in the form of Exhibit A hereto issued in accordance with
Section 3.1(b) and 3.5 hereof. 

        "Global Warrant Legend" means the legend set forth in Section 3.5(f), which is required to be placed on all Global Warrants issued
under this Warrant Agreement. 

        "Holdings" has the meaning assigned to it in the recitals hereof. 

        "Indenture" has the meaning assigned to it in the recitals hereof. 

        "Initial Exercise Price" means $9.00 per Warrant Share. 

        "Indirect Participant" means a Person who holds a beneficial interest in a Global Warrant through a Participant. 

        "Issue Date" means the date the Warrants are issued. 

        "Market Value" means the value per share of the Company's Series A Shares as of any date, which shall equal (i) if such
Series A Shares are primarily traded on a securities exchange, the last sale price on such securities exchange on the trading day immediately prior to the date of determination, or if no sale
occurred on such day, the mean between the closing "bid" and "asked" prices on such day, (ii) if the principal market for such Series A Shares is in the
over-the-counter market, the closing sale price on the trading day immediately prior to the date of the determination, as published by the National Association of Securities
Dealers Automated Quotation System or similar organization, or if such price is not so published on such day, the mean between the closing "bid" and "asked" prices, if available, on such day, which
prices may be obtained from any reputable pricing service, broker or dealer, and (iii) if neither clause (i) nor clause (ii) is applicable, the fair market value on the date of
determination of such Series A Shares as determined in good faith by the board of directors of the Company. 

        "Notes" has the meaning assigned to it in the recitals hereof. 

2

 

        "Offer" has the meaning assigned to it in the recitals hereof. 

        "Officer" means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating
Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Senior or Executive Vice-President of such Person. 

        "Participant" means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear
or Clearstream, respectively (and, with respect to The Depository Trust Company, shall include Euroclear and Clearstream). 

        "Person" means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated
organization, limited liability company or government or other entity. 

        "Redemption Date" has the meaning assigned to it in Section 4 hereof. 

        "Securities Act" has the meaning assigned to it in the recitals hereof.. 

        "Trustee" has the meaning assigned to it in the recitals hereof. 

        "Warrants" has the meaning assigned to it in the recitals hereof. 

        "Warrant Agent" has the meaning assigned to it in the recitals hereof. 

        "Warrant Certificates" has the meaning assigned to it in Section 3.1(a) hereof. 

        "Warrant Countersignature Order" has the meaning assigned to it in Section 3.2 hereof. 

        "Warrant Registrar" has the meaning assigned to it in Section 3.3 hereof. 

        "Warrant Shares" has the meaning assigned to it in the recitals hereof. 

SECTION 2. APPOINTMENT OF WARRANT AGENT.  

        The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the instructions set forth hereinafter in this Agreement and the
Warrant Agent hereby accepts such appointment. 

SECTION 3. ISSUANCE OF WARRANTS; WARRANT CERTIFICATES.  

        3.1.    Form and Dating.    

        (a)  General. 

        The
Warrants shall be substantially in the form of Exhibit A hereto (the "Warrant Certificates"). The Warrants may have notations,
legends or endorsements required by law, stock exchange rule or customary usage. Each Warrant shall be dated the date of the countersignature by the Warrant Agent. 

        The
terms and provisions contained in the Warrants shall constitute, and are hereby expressly made, a part of this Warrant Agreement. The Company and the Warrant Agent, by their
execution and delivery of this Warrant Agreement, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Warrant conflicts with the express
provisions of this Warrant Agreement, the provisions of this Warrant Agreement shall govern and be controlling. 

        (b)  Global Warrants.

        Warrants
issued in global form shall be substantially in the form of Exhibit A attached hereto (including the Global Warrant Legend thereon and the "Schedule of Exchanges of
Interests in the Global Warrant" attached thereto). Warrants issued in definitive form shall be substantially in the form of Exhibit A attached hereto (but without the Global Warrant Legend
thereon and without the "Schedule of Exchanges of Interests in the Global Warrant" attached thereto). Each Global Warrant 

3

 

shall represent such of the outstanding Warrants as shall be specified therein and each shall provide that it shall represent the number of outstanding Warrants from time to time endorsed thereon and
that the number of outstanding Warrants represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Warrant to
reflect the amount of any increase or decrease in the number of outstanding Warrants represented thereby shall be made by the Warrant Agent in accordance with instructions given by the holder thereof
as required by Section 3.5 hereof. 

        (c)  Euroclear and Clearstream Procedures Applicable.

        The
provisions of the "Operating Procedures of the Euroclear System" and "Terms and Conditions Governing Use of Euroclear" and the "General Terms and Conditions of Clearstream Banking"
and "Customer Handbook" of Clearstream will be applicable to transfers of beneficial interests in the Global Warrants that are held by Participants through Euroclear or Clearsteam. 

        3.2.    Execution.    

        An
Officer shall sign the Warrants for the Company by manual or facsimile signature. 

        If
the Officer whose signature is on a Warrant no longer holds that office at the time a Warrant is countersigned, the Warrant shall nevertheless be valid. 

        A
Warrant shall not be valid until countersigned by the manual signature of the Warrant Agent. The signature (which may be a facsimile) shall be conclusive evidence that the Warrant has
been properly issued under this Warrant Agreement. 

        The
Warrant Agent shall, upon a written order of the Company signed by an Officer (a "Warrant Countersignature Order"), countersign
Warrants for original issue up to the number stated in the preamble hereto. 

        The
Warrant Agent may appoint an agent acceptable to the Company to countersign Warrants. Such an agent may countersign Warrants whenever the Warrant Agent may do so. Each reference in
this Warrant Agreement to a countersignature by the Warrant Agent includes a countersignature by such agent. Such an agent has the same rights as the Warrant Agent to deal with holders of Warrants,
the Company or an Affiliate of the Company. 

        3.3.    Warrant Registrar; Depositary.    

        The
Company shall maintain an office or agency where Warrants may be presented for registration of transfer or for exchange ("Warrant
Registrar"). The Warrant Registrar shall keep a register of the Warrants and of their transfer and exchange. The Company may appoint one or more co-Warrant
Registrars. The term "Warrant Registrar" includes any co-Warrant Registrar. The Company may change any Warrant Registrar without notice to any holder. The Company shall notify the Warrant
Agent in writing of the name and address of any agent not a party to this Warrant Agreement. If the Company fails to appoint or maintain another entity as Warrant Registrar, the Warrant Agent shall
act as such. The Company or any of its subsidiaries may act as Warrant Registrar. 

        The
Company initially appoints The Depository Trust Company ("DTC") to act as Depositary with respect to the Global Warrants. 

        The
Company initially appoints the Warrant Agent to act as the Warrant Registrar with respect to the Global Warrants. 

        3.4.    Holder Lists.    

        The
Warrant Agent shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all holders of Warrrants. If the
Warrant Agent is not the Warrant Registrar, the Company shall promptly furnish to the Warrant Agent at such times as the 

4

 

Warrant Agent may request in writing, a list in such form and as of such date as the Warrant Agent may reasonably require of the names and addresses of the holders of Warrants. 

        3.5.    Transfer and Exchange.    

        (a)  Transfer and Exchange of Global Warrants.

        A
Global Warrant may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the
Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Warrants will be exchanged by the Company for Definitive Warrants
if (i) the Company delivers to the Warrant Agent notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered
under the Exchange
Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such notice from the Depositary; or (ii) in the case of a Global Warrant
held for an account of Euroclear or Clearstream, Euroclear or Clearstream, as the case may be, (a) is closed for business for a continuous period of 14 days (other than by reason of
statutory or other holidays), or (b) announces an intention permanently to cease business or does in fact do so. Upon the occurrence of any of the preceding events in (i) or
(ii) above, Definitive Warrants shall be issued in such names as the Depositary shall instruct the Warrant Agent. Global Warrants also may be exchanged or replaced, in whole or in part, as
provided in Sections 3.6 and 3.7 hereof. A Global Warrant may not be exchanged other than as provided in this Section 3.5(a), however, beneficial interests in a Global Warrant may be
transferred and exchanged as provided in Section 3.5(b) hereof. 

        (b)  Transfer and Exchange of Beneficial Interests in the Global Warrants.

        Notwithstanding
any other provision of this Warrant Agreement, Definitive Warrants shall be initially issued only pursuant to Section 3.5(a) hereof, and thereafter may be issued,
exchanged and transferred in accordance with this agreement. The transfer and exchange of beneficial interests in the Global Warrants shall be effected through the Depositary, in accordance with the
Applicable Procedures. 

        (c)  Transfer and Exchange of Definitive Warrants for Definitive Warrants.

        A
holder of Definitive Warrants may transfer such Warrants to a Person who takes delivery thereof in the form of an Definitive Warrant. Upon request by a holder of Definitive Warrants
and such holder's compliance with the provisions of this Section 3.5(c), the Warrant Registrar shall register the transfer or exchange of Definitive Warrants. Prior to such registration of
transfer or exchange, the requesting holder shall present or surrender to the Warrant Registrar the Definitive Warrants duly endorsed or accompanied by a written instruction of transfer in form
satisfactory to the Warrant Registrar duly executed by such Warrant holder or by its attorney, duly authorized in writing. 

        (d)  Legends.

        Each
Global Warrant shall bear a legend in substantially the following form unless otherwise agreed by the Company and the holder thereof: 

        "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 

5

 

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 GRUPO TMM, S.A. (THE "cOMPANY")." 

        (e)  Cancellation and/or Adjustment of Global Warrants. 

        At
such time as all beneficial interests in a particular Global Warrant have been exercised or exchanged for Definitive Warrants or a particular Global Warrant has been exercised,
redeemed, repurchased or canceled in whole and not in part, each such Global Warrant shall be returned to or retained and canceled by the Warrant Agent in accordance with Section 3.8 hereof. At
any time prior to such cancellation, if any beneficial interest in a Global Warrant is exercised or exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial
interest in another Global Warrant or for Definitive Warrants, the amount of Warrants represented by such Global Warrant shall be reduced accordingly and an endorsement shall be made on such Global
Warrant by the Warrant Agent or by the Depositary at the direction of the Warrant Agent to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who
will take delivery thereof in the form of a beneficial interest in another Global Warrant, such other Global Warrant shall be increased accordingly and an endorsement shall be made on such Global
Warrant by the Warrant Agent or by the Depositary at the direction of the Warrant Agent to reflect such increase. 

        (f)    General Provisions Relating to Transfers and Exchanges.

          (i)  To
permit registrations of transfers and exchanges, the Company shall execute and the Warrant Agent shall countersign Global Warrants and Definitive Warrants upon the
Company's order or at the Warrant Registrar's request. 

        (ii)  No
service charge shall be made to a holder of a beneficial interest in a Global Warrant or to a holder of a Definitive Warrant for any registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith. 

        (iii)  All
Global Warrants and Definitive Warrants issued upon any registration of transfer or exchange of Global Warrants or Definitive Warrants shall be the duly
authorized, executed and issued warrants to purchase ADSs of the Company, not subject to any preemptive rights, and entitled to the same benefits under this Warrant Agreement, as the Global Warrants
or Definitive Warrants surrendered upon such registration of transfer or exchange. 

        (iv)  Prior
to due presentment for the registration of a transfer of any Warrant, the Warrant Agent, and the Company may deem and treat the Person in whose name any Warrant
is registered as the absolute owner of such Warrant for all purposes and none of the Warrant Agent, or the Company shall be affected by notice to the contrary. 

        (v)  The
Warrant Agent shall countersign Global Warrants and Definitive Warrants in accordance with the provisions of Section 3.2 hereof. 

        (g)  Facsimile Submissions to Warrant Agent.

        All
certifications and certificates required to be submitted to the Warrant Registrar pursuant to this Section 3.5 to effect a registration of transfer or exchange may be
submitted by facsimile. The Warrant Registrar shall not be responsible for confirming the truth or accuracy of representations made in any such certifications or certificates. 

        3.6.    Replacement Warrants.    

        If
any mutilated Warrant is surrendered to the Warrant Agent or the Company and the Warrant Agent receives evidence to its satisfaction of the destruction, loss or theft of any Warrant,
the Company shall issue and the Warrant Agent, upon receipt of a Warrant Countersignature Order, shall countersign 

6

 

a replacement Warrant if the Warrant Agent's requirements are met. If required by the Warrant Agent or the Company, an indemnity bond must be supplied by the Warrant holder that is sufficient in the
judgment of the Warrant Agent and the Company to protect the Company, the Warrant Agent, any Agent and any agent for purposes of the countersignature from any loss that any of them may suffer if a
Warrant is replaced. The Company may charge for its expenses in replacing a Warrant. 

        Every
replacement Warrant is an additional warrant of the Company and shall be entitled to all of the benefits of this Warrant Agreement equally and proportionately with all other
Warrants duly issued hereunder. 

        3.7.    Temporary Warrants.    

        Until
certificates representing Warrants are ready for delivery, the Company may prepare and the Warrant Agent, upon receipt of a Warrant Countersignature Order, shall issue temporary
Warrants. Temporary Warrants shall be substantially in the form of certificated Warrants but may have variations that the Company considers appropriate for temporary Warrants and as shall be
reasonably acceptable to the Warrant Agent. Without unreasonable delay, the Company shall prepare and the Warrant Agent, as soon as practicable upon receipt of the written order of the Company signed
by an officer of the Company, shall countersign definitive Warrants in exchange for temporary Warrants. 

        Holders
of temporary Warrants shall be entitled to all of the benefits of this Warrant Agreement. 

        3.8.    Cancellation.    

        Subject
to Section 3.5(g) hereof, the Company at any time may deliver Warrants to the Warrant Agent for cancellation. The Warrant Registrar shall forward to the Warrant Agent any
Warrants surrendered to them for registration of transfer, exchange or exercise. The Warrant Agent and no one else shall cancel all Warrants surrendered for registration of transfer, exchange,
exercise, replacement or cancellation and shall dispose of such canceled Warrants in its customary manner. The Company may not issue new Warrants to replace Warrants that have been exercised or that
have been delivered to the Warrant Agent for cancellation. 

SECTION 4. TERMS OF WARRANTS; EXERCISE OF WARRANTS  

        (a)  The
Notes and Warrants will be separately transferable from and after the Issue Date. Subject to the terms of this Agreement, each Warrant holder shall have the right,
which may be exercised at any time during the period commencing at the opening of business on the Issue Date until the close of business on the [seventh anniversary of the Issue
Date] (the "Exercise Period"), to receive from the Company the number of Warrant Shares, representing fully paid and nonassessable
Series A Shares, which the holder may at the time be entitled to receive on exercise of such Warrants and payment of the Exercise Price. The Exercise Price shall be payable solely by tendering
Notes having a principal amount at least equal to the Exercise Price. In the event Notes are tendered having a principal amount in excess of the aggregate Exercise Price for Warrants exercised, the
tendering Warrant holder shall be deemed to forfeit such excess and neither the Company nor the Warrant Agent shall have any obligation to compensate such Warrant holder. Each Warrant not exercised
prior to the close of business on [March    , 2010] (the "Expiration Date") shall become void and all rights
thereunder and all rights in respect thereof under this agreement shall cease as of such time. Notwithstanding the foregoing, if all Notes have been mandatorily redeemed pursuant to Section
[    ] of the Indenture or if all of the Notes shall have been repurchased pursuant to Section [    ] or
[    ] of the Indenture (the "Redemption Date"), each Warrant shall become void and all rights thereunder and all
rights in respect thereof under this Agreement shall cease as of the Redemption Date. 

        (b)  In
order to exercise all or any of the Warrants represented by a Warrant Certificate, the holder thereof must deliver to the Warrant Agent at its corporate trust office
set forth in Section 15 hereof the Warrant Certificate and the form of election to purchase on the reverse thereof duly filled 

7

 

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, which is set forth in the form of Warrant Certificate attached hereto as Exhibit A, as adjusted as herein provided, for the
number of Warrant Shares in respect of which such Warrants are then exercised. Payment of the aggregate Exercise Price shall be made in the manner provided in Section 4(a) hereof. 

        (c)  Subject
to the provisions of Section 5 hereof, upon compliance with clause (b) above, the Warrant Agent shall deliver or cause to be delivered with all
reasonable dispatch, to or upon the written order of the holder and in such name or names as the Warrant holder may designate, a certificate or certificates for the number of whole Warrant Shares
issuable upon the exercise of such Warrants or other securities or property to which such holder is entitled hereunder. Such certificate or certificates shall be deemed to have been issued and any
person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Shares as of the date of the surrender of such Warrants and payment of the Exercise Price. 

        (d)  The
Warrants shall be exercisable, at the election of the holders thereof, either in full or from time to time in part pursuant to the terms of this Section 4. If
less than all the Warrants represented by a Warrant Certificate are exercised, such Warrant Certificate shall be surrendered and a new Warrant Certificate of the same tenor and for the number of
Warrants which were not exercised shall be executed by the Company and delivered to the Warrant Agent and the Warrant Agent shall countersign the new Warrant Certificate, registered in such name or
names as may be directed in writing by the holder, and shall deliver the new Warrant Certificate to the Person or Persons entitled to receive the same. 

        (e)  All
Warrant Certificates surrendered upon exercise of Warrants shall be cancelled by the Warrant Agent. Such cancelled Warrant Certificates shall then be disposed of by
the Warrant Agent in its customary manner. The Warrant Agent shall account promptly to the Company with respect to Warrants exercised and concurrently pay to the Company all monies received by the
Warrant Agent for the purchase of the Warrant Shares through the exercise of such Warrants. All Notes tendered in payment of the Exercise Price shall be delivered by the Warrant Agent to the Trustee
and the Company shall concurrently deliver to the Trustee an order of cancellation with respect to such Notes. 

        (f)    The
Warrant Agent shall keep copies of this Agreement and any notices given or received hereunder available for inspection by the holders upon reasonable prior written
notice during normal business hours at its office. The Company shall supply the Warrant Agent from time to time with such numbers of copies of this Agreement as the Warrant Agent may request. 

        (g)  The
holders of the Warrants will have no right to vote on matters submitted to the stockholders of the Company and will have no right to receive dividends. The holders
of the warrants will not be entitled to share in the assets of the Company in the event of liquidation, dissolution or the winding up of the Company. 

SECTION 5. PAYMENT OF TAXES.  

        The Company will pay all documentary stamp taxes attributable to the initial issuance of Warrant Shares upon the exercise of Warrants;  provided that the Company shall not be required to pay any tax or taxes which may be payable in respect of any transfer involved in the issue of any
Warrant Certificates or any certificates for Warrant Shares in a name other than that of the registered holder of a Warrant Certificate surrendered upon the exercise of a Warrant, and the Company
shall not be required to issue or deliver such Warrant Certificates unless or until the person or persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall
have established to the satisfaction of the Company that such tax has been paid; provided further that the Company shall not be required to pay any tax
or taxes which may be payable in the event of a taxable distribution to 

8

 

holders of the Company's common stock that results in an adjustment to the number of Warrant Shares or other consideration for which a Warrant may be exercised, and results in the holders of the
Warrants to be deemed to have received a distribution subject to United States federal income tax as a dividend. 

SECTION 6. COVENANTS OF THE COMPANY  

        (a)  The
Company shall not amend or supplement the Deposit Agreement in any way that will have an adverse effect on the interests of the holders of the Warrants without
obtaining the written consent of a majority of the then outstanding Warrants (excluding Warrants held by the Company or any of its Affiliates). If the ADSs representing the Series A Shares
cease to exist or the Deposit Agreement terminates, the Company will deliver Series A Shares at such times and in such amounts as are necessary and appropriate to preserve the benefits to the
Warrant holders under this Agreement to the greatest extent practical. If the delivery of Series A Shares is impractical, the Company shall, upon exercise of the Warrant, settle with the holder
in cash. 

        (b)  In
the event that no exemption from registration under the Securities Act is available to holders of ADSs issued upon exercise of the Warrant, the Company will promptly
file and use commercially reasonable efforts to cause to be declared effective a registration statement under the Securites Act of 1933 registering resales of Warrant Shares by the holders thereof. 

SECTION 7. RESERVATION OF WARRANT SHARES.  

        (a)  The
Company will at all times reserve and keep available, free from preemptive rights, out of the aggregate of its authorized but unissued Series A Shares or its
authorized and issued Series A Shares held in its treasury, for the purpose of enabling it to satisfy any obligation to issue Warrant Shares upon exercise of Warrants, the maximum number of
Series A Shares underlying the maximum number of ADSs which may then be deliverable upon the exercise of all outstanding Warrants. 

        (b)  The
Company or the Depositary Bank in respect of the ADSs and every subsequent Depositary Bank for the ADSs issuable upon the exercise of any of the rights of purchase
aforesaid will be irrevocably authorized and directed at all times to reserve such number of authorized ADSs as shall be required for such purpose. The Company will keep a copy of this Agreement on
file with the Depositary Bank and with every subsequent Depositary Bank for any ADSs issuable upon the exercise of the rights of purchase represented by the Warrants. The Warrant Agent is hereby
irrevocably authorized to requisition from time to time from such Depositary Bank the ADRs required to honor outstanding Warrants upon exercise thereof in accordance with the terms of this Agreement.
The Company will supply such Depositary with duly executed certificates for such purposes. The Company will furnish such Depositary Bank a copy of all notices of adjustments, and certificates related
thereto, transmitted to each holder pursuant to Section 12 hereof. 

        (c)  The
Company covenants that all Warrant Shares issued upon exercise of Warrants will, upon issue, represent Series A Shares that are fully paid, nonassessable,
free of preemptive rights and free from all taxes, liens, charges and security interests with respect to the issuance thereof. 

SECTION 8. OBTAINING STOCK EXCHANGE LISTINGS.  

        The Company will from time to time take all action which may be necessary so that the Warrant Shares, immediately upon their issuance upon the exercise of
Warrants, will be listed on the principal securities exchanges, automated quotation systems or other markets within the United States of America, if any, on which other shares of capital stock are
then listed, if any. 

9

   SECTION 9. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES ISSUABLE.  

        The Exercise Price and the number of Warrant Shares issuable upon the exercise of each Warrant are subject to adjustment from time to time upon the occurrence of
the events enumerated in this Section 9. For purposes of this Section 9, "Common Stock" means shares now or hereafter authorized of any
class of common stock of the Company and any other stock of the Company, however designated, that has the right (subject to any prior rights of any class or series of preferred stock) to participate
in any distribution of the assets or earnings of the Company without limit as to per share amount. 

        (a)  Adjustment for Change in Capital Stock.

        If
the Company (i) pays a dividend or makes a distribution on its Common Stock in shares of its Common Stock, (ii) subdivides its outstanding shares of Common Stock into a
greater number of shares, (iii) combines its outstanding shares of Common Stock into a smaller number of shares, (iv) makes a distribution on its Common Stock in shares of its capital
stock other than Common Stock or (v) issues by reclassification of its Common Stock any shares of its capital stock, then the Exercise Price in effect immediately prior to such action shall be
proportionately adjusted so that the holder of any Warrant thereafter exercised may receive the aggregate number and kind of shares of capital stock of the Company which he would have owned
immediately following such action if such Warrant had been exercised immediately prior to such action. 

        The
adjustment shall become effective immediately after the record date in the case of a dividend or distribution and immediately after the effective date in the case of a subdivision,
combination or reclassification. If, after an adjustment, a holder of a Warrant upon exercise of it may receive shares of two or more classes of capital stock of the Company, the Company shall
determine, in good faith, the allocation of the adjusted Exercise Price between the classes of capital stock. After such allocation, the exercise privilege and the Exercise Price of each class of
capital stock shall thereafter be subject to adjustment on terms comparable to those applicable to Common Stock in this Section 9. Such adjustment shall be made successively whenever any event
listed above shall occur. 

        (b)  Adjustment for Cash Dividends.

        In
case at any time or from time to time the Company shall take a record of the holders of its Common Stock for the purpose of entitling them to receive any dividend or other
distribution of cash, then the number of ADSs thereafter comprising a Warrant shall be proportionately adjusted to that number determined by multiplying the number of ADSs comprising a Warrant
immediately prior to such adjustment by a fraction (i) the numerator of which shall be the Market Price per share of Common Stock at the date of taking such record, and (ii) the
denominator of which shall be such Market Price per share of Common Stock minus the portion applicable to one share of Common Stock of any such cash so distributable. 

        (c)  When De Minimis Adjustment May Be Deferred.

        No
adjustment in the Exercise Price need be made unless the adjustment would require an increase or decrease of at least 1% in the Exercise Price; provided
however, that any adjustments that are not made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Section 9 shall
be made to the nearest cent or to the nearest 1/10,000th of a share, as the case may be, it being understood that no such rounding shall be made under subsection (j). 

        (d)  When No Adjustment Required.

        No
adjustment need be made for a transaction referred to Section 9(a) or (b) hereof, if Warrant holders are to participate (without being required to exercise their
Warrants) in the transaction on a basis and with notice that the Board of Directors determines to be fair and appropriate in light of the 

10

 

basis and notice on which holders of Common Stock participate in the transaction. To the extent the Warrants become convertible into cash, no adjustment need be made thereafter as to the cash.
Interest will not accrue on the cash. No adjustment shall be made pursuant to this Section 9 if such adjustment causes the Exercise Price to fall below the par value per Warrant Share. 

        (e)  Notice of Adjustment.

        Whenever
the Exercise Price is adjusted, the Company shall provide the notices required by Section 11 hereof. 

        (f)    Reorganization of Company.

        Immediately
after the date hereof, if the Company consolidates or merges with or into, or transfers or leases all or substantially all its assets to, any person, upon consummation of
such transaction the Warrants shall automatically become exercisable if such transaction occurs within the Exercise Period for the kind and amount of securities, cash or other assets which the holder
of a Warrant would have owned immediately after the consolidation, merger, transfer or lease if the holder had exercised the Warrant immediately before the effective date of the transaction.
Concurrently with the consummation of such transaction, the corporation formed by or surviving any such consolidation or merger if other than the Company, or the person to which such sale or
conveyance shall have been made, shall enter into a supplemental Warrant Agreement so providing and further providing for adjustments which shall be as nearly equivalent as may be practical to the
adjustments provided for in this Section 9(f). The successor Company shall mail to Warrant holders a notice describing the supplemental Warrant Agreement. If the issuer of securities
deliverable upon exercise of Warrants under the supplemental Warrant Agreement is an affiliate of the formed, surviving, transferee or lessee corporation, that issuer shall join in the supplemental
Warrant Agreement. If this Section 9(f) applies, Sections 9(a) and (b) hereof do not apply. 

        (g)  Company Determination Final.

        Any
determination that the Company or the Board of Directors must make pursuant to Section 9(a), (b), (c), (d), (e), (f), or (g) hereof is conclusive. 

        (h)  Warrant Agent's Disclaimer. 

        The
Warrant Agent has no duty to determine when an adjustment under this Section 9 should be made, how it should be made or what it should be. The Warrant Agent has no duty to
determine whether any provisions of a supplemental Warrant Agreement under Section 9(f) hereof are correct. The Warrant Agent makes no representation as to the validity or value of any
securities or assets issued upon exercise of Warrants. The Warrant Agent shall not be responsible for the Company's failure to comply with this Section 9. 

        (i)    When Issuance or Payment May Be Deferred.

        In
any case in which this Section 9 shall require that an adjustment in the Exercise Price be made effective as of a record date for a specified event, the Company may elect to
defer until the occurrence of such event (i) issuing to the holder of any Warrant exercised after such record date the Warrant Shares and other capital stock of the Company, if any, issuable
upon such exercise over and above the Warrant Shares and other capital stock of the Company, if any, issuable upon such exercise on the basis of the Exercise Price and (ii) paying to such
holder any amount in cash in lieu of a fractional share pursuant to Section 10 hereof; provided that the Company shall deliver to such holder a due bill or other appropriate instrument
evidencing such holder's right to receive such additional Warrant Shares, other capital stock and cash upon the occurrence of the event requiring such adjustment. 

11

 

        (j)    Adjustment in Number of Shares.

        Upon
each adjustment of the Exercise Price pursuant to this Section 9, each Warrant outstanding prior to the making of the adjustment in the Exercise Price shall thereafter
evidence the right to receive upon payment of the adjusted Exercise Price that number of shares of Common Stock (calculated to the nearest hundredth) obtained from the following formula: 

	 	 	N' = N × E 	 	 
	 	 	E'	 	 

where:

	 	 	N'	 	=	 	the adjusted number of Warrant Shares issuable upon exercise of a Warrant by payment of the adjusted Exercise Price.
	

 	
 	

N	
 	

=	
 	

the number or Warrant Shares previously issuable upon exercise of a Warrant by payment of the Exercise Price prior to adjustment.
	

 	
 	

E'	
 	

=	
 	

the adjusted Exercise Price. E = the Exercise Price prior to adjustment.

        (k)  Form of Warrants.

        Irrespective
of any adjustments in the Exercise Price or the number or kind of shares purchasable upon the exercise of the Warrants, Warrants theretofore or thereafter issued may
continue to express the same price and number and kind of shares as are stated in the Warrants initially issuable pursuant to this Agreement. 

SECTION 10. FRACTIONAL INTERESTS.  

        The Company shall not be required to issue fractional Warrant Shares on the exercise of Warrants. If more than one Warrant shall be presented for exercise in full
at the same time by the same holder, the number of full Warrant Shares which shall be issuable upon the exercise thereof shall be computed on the basis of the aggregate number of Warrant Shares
purchasable on exercise of the Warrants so presented. If any fraction of a Warrant Share would, except for the provisions of this Section 10, be issuable on the exercise of any Warrants (or
specified portion thereof), the Company shall pay an amount in cash equal to the Market Value per Warrant Share, as determined on the day immediately preceding the date the Warrant is presented for
exercise, multiplied by such fraction, computed to the nearest whole U.S. cent. 

SECTION 11. NOTICES TO WARRANT HOLDERS.  

        (a)  Upon
any adjustment of the Exercise Price pursuant to Section 9 hereof, the Company shall promptly thereafter (i) cause to be filed with the Warrant Agent
a certificate of a firm of independent public accountants of recognized standing selected by the Board of Directors of the Company (who may be the regular auditors of the Company) setting forth the
Exercise Price after such adjustment and setting forth in reasonable detail the method of calculation and the facts upon which such calculations are based and setting forth the number of Warrant
Shares (or portion thereof) issuable after such adjustment in the Exercise Price, upon exercise of a Warrant and payment of the adjusted Exercise Price, which certificate shall be conclusive evidence
of the correctness of the matters set forth therein, and (ii) cause to be given to each of the registered holders of Warrants at the address appearing on the Warrant register for each such
registered holder written notice of such adjustments by first-class mail, postage prepaid. Where appropriate, such notice may be given in advance and included as a part of the notice required to be
mailed under the other provisions of this Section 11. 

12

 

        (b)  If
(i) the Company takes any action that would require an adjustment in the Exercise Price pursuant to Section 9(a) or (b) hereof and if the Company
does not arrange for Warrant holders to participate pursuant to Section 9(d) hereof, (ii) the Company takes any action that would require a supplemental Warrant Agreement pursuant to
Section 9(f) hereof or (iii) there is a liquidation or dissolution of the Company, then the Company shall mail to Warrant holders a notice stating the proposed record date for a dividend
or distribution or the proposed effective date of a subdivision, combination, reclassification, consolidation, merger, transfer, lease, liquidation or dissolution. The Company shall mail the notice at
least 15 days before such date. Failure to mail the notice or any defect in it shall not affect the validity of the transaction. 

        (c)  The
Company shall provide notice to all warrant holders, at the earliest time as is legally practicable, but in any case not less than 30 days before any record
date or other date set for definitive action, upon the occurrence (i) the making of certain distributions to all holders of the Company's capital stock of any of our assets or debt securities
or any rights or warrants to purchase such securities, (ii) a purchase or offer to purchase by the Company or any of its subsidiaries with respect to its capital stock; or (iii) the
redemption or repurchase of the Notes in whole of in part by the Company through a tender offer or privately negotiated transaction. Any notice provided in this section will be in writing and will
specify the material terms sufficient to allow warrant holders a reasonable opportunity to evaluate whether to hold, sell or exercise their warrants, including any relevant record date or other timing
provisions, economic terms, consideration and/or value of the assets to be distributed. 

        (d)  Nothing
contained in this Agreement or in any of the Warrant Certificates shall be construed as conferring upon the holders of Warrants the right to vote or to consent
or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter, or any rights whatsoever as stockholders of the
Company. 

        (e)  No
notice need be given for (i) any issuance of rights to purchase any capital stock pursuant to a Company plan for reinvestment of dividends or interest or
(ii) a change in the par value or no par value of the capital stock of the Company. 

SECTION 12. MERGER, CONSOLIDATION OR CHANGE OF NAME OF WARRANT AGENT.  

        (a)  Any
corporation into which the Warrant Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which
the Warrant Agent shall be a party, or any corporation succeeding to all or substantially all of the business of the Warrant Agent, shall be the successor to the Warrant Agent hereunder without the
execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such corporation would be eligible for appointment as a successor warrant agent under the
provisions of Section 13 hereof. In case at the time such successor to the Warrant Agent shall succeed to the agency created by this Agreement, and in case at that time any of the Warrant
Certificates shall have been countersigned but not delivered, any such successor to the Warrant Agent may adopt the countersignature of the
original Warrant Agent; and in case at that time any of the Warrant Certificates shall not have been countersigned, any successor to the Warrant Agent may countersign such Warrant Certificates either
in the name of the predecessor Warrant Agent or in the name of the successor to the Warrant Agent; and in all such cases such Warrant Certificates shall have the full force and effect provided in the
Warrant Certificates and in this Agreement. 

        (b)  In
case at any time the name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been countersigned but not delivered, the
Warrant Agent whose name has been changed may adopt the countersignature under its prior name, and in case at that time any of the Warrant Certificates shall not have been countersigned, the Warrant
Agent may countersign such Warrant Certificates either in its prior name or in its changed name, and in all such cases such 

13

 

Warrant Certificates shall have the full force and effect provided in the Warrant Certificates and in this Agreement. 

SECTION 13. WARRANT AGENT.  

        The Warrant Agent undertakes only those duties and obligations specifically imposed on it by this Agreement upon the following terms and conditions, by all of
which the Company and the holders of Warrants, by their acceptance thereof, shall be bound: 

        (a)  The
statements contained herein and in the Warrant Certificates shall be taken as statements of the Company, and the Warrant Agent assumes no responsibility for the
correctness of any of the same except such as describe the Warrant Agent or action taken or to be taken by it. The Warrant Agent assumes no responsibility with respect to the distribution of the
Warrant Certificates except as herein otherwise provided. 

        (b)  The
Warrant Agent shall not be responsible for any failure of the Company to comply with any of the covenants contained in this Agreement or in the Warrant Certificates
to be complied with by the Company. 

        (c)  The
Warrant Agent may consult at any time with counsel satisfactory to it (who may be counsel for the Company) and shall incur no liability or responsibility to the
Company or to any holder of any Warrant Certificate in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the opinion or the advice of such counsel. 

        (d)  The
Warrant Agent shall incur no liability or responsibility to the Company or to any holder of any Warrant Certificate for any action taken in reliance on any Warrant
Certificate, certificate of shares,
notice, resolution, waiver, consent, order, certificate, or other paper, document or instrument (whether in original or facsimile form) believed by it to be genuine and to have been signed, sent or
presented by the proper party or parties. The Warrant Agent need not investigate any fact or matter stated in such document. 

        (e)  The
Company agrees to pay to the Warrant Agent reasonable compensation for all services rendered by the Warrant Agent in the execution of this Agreement, to reimburse
the Warrant Agent for all expenses, taxes and governmental charges and other charges of any kind and nature incurred by the Warrant Agent in the execution of this Agreement. The Company shall
indemnify the Warrant Agent and its agents, employees, officers, directors and shareholders for, and hold same harmless against, any and all losses, liabilities, claims, damages or expenses (including
without limitation reasonable attorney's fees and expenses) incurred by it arising out of or in connection with the acceptance or administration of its duties under this Warrant Agreement, including
the costs and expenses of enforcing this Warrant Agreement against the Company and defending itself against any claim (whether asserted by the Company or any Warrant holder or any other person) or
liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense is determined by a court of competent
jurisdiction to have been cause by its gross negligence or willful misconduct. The Warrant Agent shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Warrant
Agent to so notify the Company shall not relieve the Company of its obligations hereunder. At the Warrant Agent's sole discretion, the Company shall defend the claim and the Warrant Agent shall
cooperate in the defense at the Company's expense. The Warrant Agent may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for
any settlement made without its consent, which consent shall not be unreasonably withheld. The benefits of this Section shall survive termination of this Agreement or change of Warrant Agent. 

        (f)    The
Warrant Agent shall be under no obligation to institute any action, suit or legal proceeding or to take any other action likely to involve expense unless the Company
or one or more 

14

 

registered holders of Warrants shall furnish the Warrant Agent with reasonable security and indemnity satisfactory to it for any costs and expenses which may be incurred, but this provision shall not
affect the power of the Warrant Agent to take such action as it may consider proper, whether with or without any such security or indemnity. All rights of action under this Agreement or under any of
the Warrants may be enforced by the Warrant Agent without the possession of any of the Warrant Certificates or the production thereof at any trial or other proceeding relative thereto, and any such
action, suit or proceeding instituted by the Warrant Agent shall be brought in its name as Warrant Agent and any recovery of judgment shall be for the ratable benefit of the registered holders of the
Warrants, as their respective rights or interests may appear. 

        (g)  The
Warrant Agent, and any stockholder, director, officer or employee of it, may buy, sell or deal in any of the Warrants or other securities of the Company or become
pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent
under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. 

        (h)  The
Warrant Agent shall act hereunder solely as agent for the Company, and its duties shall be determined solely by the provisions hereof. The Warrant Agent shall not be
liable for anything which it may do or refrain from doing in connection with this Agreement except for its own gross negligence or willful misconduct. 

        (i)    The
Warrant Agent shall not at any time be under any duty or responsibility to any holder of any Warrant Certificate to make or cause to be made any adjustment of the
Exercise Price or number of the Warrant Shares or other securities or property deliverable as provided in this Agreement, or to determine whether any facts exist which may require any of such
adjustments, or with respect to the nature or extent of any such adjustments, when made, or with respect to the method employed in making the same. The Warrant Agent shall not be accountable with
respect to the validity or value or the kind or amount of any Warrant Shares or of any securities or property which may at any time be issued or delivered upon the exercise of any Warrant or with
respect to whether any such Warrant Shares or other securities will when issued be validly issued and fully paid and nonassessable, and makes no representation with respect thereto. 

        (j)    The
Warrant Agent shall not be required to, and shall not, expend or risk any of its own funds or otherwise incur any financial liability in the performance of any of
its duties hereunder. 

        (k)  In
no event shall the Warrant Agent be liable for any consequential, punitive or special damages, or for the acts or omissions of its nominees, correspondents,
designees, subagents or subcustodians. 

        (l)    The
Warrant Agent shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence
beyond the control of the Warrant Agent (including but not limited to any act or provision of any present or future law or regulation or governmental authority, any act of God or war, or the
unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility). 

        (m)  In
the event of any ambiguity or uncertainty hereunder or in any notice, instruction or other communication received by the Warrant Agent hereunder, the Warrant Agent
may, in its sole discretion, refrain from taking any action other than retain possession of the Warrant Shares, unless the Warrant Agent receives written instructions, signed by the Company, which
eliminates such ambiguity or uncertainty. 

15

 

SECTION 14. CHANGE OF WARRANT AGENT.  

        If the Warrant Agent shall become incapable of acting as Warrant Agent, the Company shall appoint a successor to such Warrant Agent. If the Company shall fail to
make such appointment within a period of 30 days after it has been notified in writing of such incapacity by the Warrant Agent or by the registered holder of a Warrant Certificate, then the
registered holder of any Warrant or the Warrant Agent may petition at the expense of the Company to any court of competent jurisdiction for the appointment of a successor to the Warrant Agent. Pending
appointment of a successor to such Warrant Agent, either by the Company or by such a court, the duties of the Warrant Agent shall be carried out by the Company. The holders of a majority of the
unexercised Warrants shall be entitled at any time to remove the Warrant Agent and appoint a successor to such Warrant Agent. Such successor to the Warrant Agent need not be approved by the Company or
the former Warrant Agent. After appointment the successor to the Warrant Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Warrant
Agent without further act or deed; provided that the former Warrant Agent shall deliver and transfer to the successor to the Warrant Agent any property at the time held by it hereunder and execute and
deliver any further assurance, conveyance, act or deed necessary for the purpose. Failure to give any notice provided for in this Section 13, however, or any defect therein, shall not affect
the legality or validity of the appointment of a successor to the Warrant Agent. 

SECTION 15. REPORTS.  

        (a)  Whether
or not required by the rules and regulations of the Commission, so long as any Warrants or the Warrant Shares are outstanding, the Company shall make available
to the Warrant Agent and the holders of Warrants or Warrant Shares (i) all annual financial information that are filing with the Commission on Form 20-F, including a
"Operating and Financial Review and Prospects" and a report thereon by the Company's certified independent accountants and (ii) all reports that filed with the Commission on
Form 6-K. Delivery of such reports, information and documents to the Warrant Agent is for informational purposes only and the Warrant Agent's receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including the Company's compliance with any of its covenants hereunder (as to which the
Warrant Agent is entitled to rely exclusively on Officers' Certificates). 

        (b)  The
Company shall provide the Warrant Agent with a sufficient number of copies of all such reports that the Warrant Agent may be required to deliver to the holders of
the Warrants and the Warrant Shares under this Section 14. 

SECTION 16. NOTICES TO COMPANY AND WARRANT AGENT.  

        Any notice or demand authorized by this Agreement to be given or made by the Warrant Agent or by the registered holder of any Warrant to or on the Company shall
be sufficiently given or made when received if deposited in the mail, first class or registered, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant
Agent) as follows: 

Grupo
TMM, S.A.

Avenida de la Cúspide, No. 4755

Colonia Parques del Pedregal, 14010 Mexico, D.F.

Telecopier No.: (5255) 5666-1486

Attention: Chief Financial Officer 

16

 

With
a copy to: 

Milbank,
Tweed, Hadley & McCloy LLP

601 South Figueroa Street

Suite 3000

Los Angeles, California 90017

Telecopier No.: (213) 892-4773

Attention: Thomas Janson 

        In
case the Company shall fail to maintain such office or agency or shall fail to give such notice of the location or of any change in the location thereof, presentations may be made and
notices and demands may be served at the principal office of the Warrant Agent. 

        Any
notice pursuant to this Agreement to be given by the Company or by the registered holder of any Warrant to the Warrant Agent shall be sufficiently given when and if deposited in the
mail, first-class or registered, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company) to the Warrant Agent as follows: 

The
Bank of New York

101 Barclay Street, Fl. 8W

New York, NY 10286

Telecopier No.: (212) 815-5704

Attention: Corporate Trust Administration 

SECTION 17. SUPPLEMENTS AND AMENDMENTS.  

        The Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any holders of Warrants in order to cure any
ambiguity or to correct or supplement any provision contained herein which may be defective or inconsistent with any other provision herein, or to make any other provisions in regard to matters or
questions arising hereunder which the Company and the Warrant Agent may deem necessary or desirable and which shall not in any way adversely affect the interests of the holders of Warrants. Any
amendment or supplement to this Agreement that has an adverse effect on the interests of the holders of Warrants shall require the written consent of the holders of a majority of the then outstanding
Warrants (excluding Warrants held by the Company or any of its affiliates). The consent of each holder of Warrants affected shall be required (i) for any amendment pursuant to which the
Exercise Price would be increased or the number of Warrant Shares purchasable upon exercise of Warrants would be decreased (other than pursuant to adjustments provided in this Agreement) and
(ii) any reduction in the number of Warrants outstanding the consent of whose holders is required for any supplement or amendment. 

SECTION 18. SUCCESSORS.  

        All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their
respective successors and assigns hereunder. 

SECTION 19. TERMINATION.  

        This Agreement shall terminate at 5:00 p.m., New York City time on [            ]. Notwithstanding the foregoing, this
Agreement
will terminate on any earlier date if all Warrants have been exercised or on the Redemption Date. The provisions of Section 12 shall survive such termination. 

17

 

SECTION 20. GOVERNING LAW.  

        This Agreement and each Warrant Certificate issued hereunder shall be deemed to be a contract made under the laws of the State of New York and for all purposes
shall be construed in accordance with the internal laws of said State. 

SECTION 21. BENEFITS OF THIS AGREEMENT.  

        Nothing in this Agreement shall be construed to give to any person or corporation other than the Company, the Warrant Agent and the registered holders of Warrants
any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the registered holders of
Warrants. 

SECTION 22. COUNTERPARTS.  

        This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument. 

[Signature
Page Follows] 

18

 

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

	 	 	GRUPO TMM S.A.
	

 	
 	

By:	
 	

    
 Name:

Title:
	

 	
 	
THE BANK OF NEW YORK, as Warrant Agent
	

 	
 	

By:	
 	

    
 Name:

Title:

19

  

 
 

EXHIBIT A    
  

[Form of Warrant Certificate] 

[Face] 

        Global Warrant Legend.    Each Global Warrant shall bear the following legend (the "Global Warrant
Legend") on the face thereof: 

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 GRUPO TMM, S.A.
(THE "COMPANY"). 

1

  

No.                        Warrants

CUSIP No.            

THIS
WARRANT MAY ONLY BE EXERCISED BY THE DELIVERY TO THE COMPANY OR THE WARRANT AGENT OF CERTIFICATES REPRESENTING THE COMPANY'S 103/4% SENIOR NOTES DUE 2010 (THE "NOTES) HAVING A
PRINCIPAL AMOUNT EQUAL TO THE EXERCISE PRICE FOR THE WARRANTS TO BE EXERCISED. NOTES MAY ONLY BE SURRENDERED IN PRINCIPAL AMOUNTS OF $1,000 AND INTEGRAL MULTIPLES THEREOF. IN THE EVENT NOTES ARE
TENDERED HAVING PRINCIPAL AMOUNT IN EXCESS OF THE AGGREGATE EXERCISE PRICE FOR THE WARRANTS EXERCISED, THE WARRANT HOLDER SHALL BE DEEMED TO FORFEIT SUCH EXCESS AND NEITHER THE COMPANY NOR THE WARRANT
AGENT SHALL HAVE ANY OBLIGATION TO COMPENSATE THE WARRANT HOLDER. 

 
 

Warrant Certificate    
    
    GRUPO TMM, S.A.    
  

        This Warrant Certificate certifies that Cede & Co., or its registered assigns, is the registered holder of Warrants expiring
[            ] (the "Warrants") to purchase American Depositary Shares ("ADSs"), each ADS representing one Series A Share (the "Series A Shares"), of Grupo
TMM, S.A., a sociedad anonima organized under the laws of the United Mexican States. Each Warrant entitles the registered holder upon exercise at any
time on or after the opening of business on [            ] until 5:00 p.m., New York City time, on the seventh anniversary of the Issue Date (the "Exercise Period),
to receive from the Company one fully paid and nonassessable ADS (the "Warrant Shares") at the initial exercise price (the "Exercise Price") of $[    ] per ADS
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. Notwithstanding the foregoing, if the Notes have been redeemed pursuant to Section [    ] of the Indenture or repurchased
in whole pursuant to Section [    ] or [    ] of the Indenture (the "Redemption
Date"), each Warrant shall become void and all rights thereunder and all rights in respect thereof under this Agreement shall cease as of the Redemption Date. 

        No
Warrant may be exercised after 5:00 p.m., New York City time on [            ], 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. 

1

 

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

	Dated: March [    ], 2003	 	 	 	 
	

 	
 	

 	
 	
GRUPO TMM, S.A.
	

 	
 	

 	
 	

By:	
 	

    
 Name:

Title:
	

Countersigned:	
 	

 	
 	

 
	
THE BANK OF NEW YORK

as Warrant Agent	
 	

 	
 	

 
	

By:	
 	

    
 Authorized Signature	
 	

 	
 	

 

2

[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
[            ] entitling the holder upon exercise to receive ADSs, each ADS representing one Class A Share of the Company, and are issued or to be issued pursuant to
a Warrant Agreement dated as of March [    ], 2003 (the "Warrant Agreement"), duly executed and delivered by the Company to The Bank of New York, 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 the opening of business on [            ], 2003 and on or before 5:00 p.m., New York City time, on
[    ][; 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 15 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. Notwithstanding the foregoing, if the Escrow Corp. Merger has not been consummated and the Notes have been
redeemed pursuant to Section [    ] of the Indenture or repurchased in whole pursuant to Section [    ] or
[    ] of the Indenture (the "Redemption Date"), each Warrant shall become void and all rights thereunder and all
rights in respect thereof under this Agreement shall cease as of the Redemption Date. 

        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 March [    ], 2003 (the "Warrant Registration Rights
Agreement") to file within 90 days after the issuance of the
Warrants and use its reasonable best efforts to make effective, subject to certain exceptions detailed in the Warrant Registration Rights Agreement, on or before 180 days after such date a
shelf registration statement covering the resale of the Warrants, the issuance of the Warrant Shares upon the exercise of the Warrants resold pursuant to such registration statement and the resale of
the Warrant Shares by the holder thereof on the appropriate form under the Securities Act, and to use its reasonable best efforts (subject to certain "black-out" periods not to exceed
60 days in any calendar year subject to extension for 30 days in certain circumstances) to keep such registration statement continuously effective under the Securities Act, subject to
certain exceptions, until two years following the Closing Date.] 

        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 of the Company. 

[Form of Election to Purchase]  

 (To Be Executed Upon Exercise Of Warrant)  

        The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to
receive                        American Depositary Shares
("ADSs"), each ADS representing one Class A Share of the
Company and herewith tenders payment for such shares to the order of Grupo TMM, S.A. 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 be delivered
to                        , whose address
is                        . If said number of
ADSs is less than all of the ADSs purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such ADSs 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 4.27

EXHIBIT A

Warrant Certificate GRUPO TMM, S.A.

SCHEDULE OF EXCHANGES OF INTERESTS OF GLOBAL WARRANTS

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