Document:

Exhibit 4.2

 Exhibit 4.2 

 

					
	 NUMBER
	  		  	UNITS
	
U-                     

	  		  	
			
	 SEE REVERSE FOR

CERTAIN DEFINITIONS
	  	MADISON SQUARE CAPITAL, INC.	  	
			
		  		  	CUSIP                      

UNITS CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT TO PURCHASE 

ONE SHARE OF COMMON STOCK 

THIS CERTIFIES THAT
                             is the owner of
                                 Units. 

Each Unit (“Unit”) consists of one (1) share of common stock, par value $0.01 per share (“Common Stock”), of Madison Square
Capital, Inc., a Maryland corporation (the “Company”), and one (1) warrant (the “Warrant(s)”). Each Warrant entitles the holder to purchase one (1) share of Common Stock for
$         per share (subject to adjustment). Each Warrant will become exercisable on the date the Common Stock and Warrants comprising the Units represented by this certificate are permitted to be
transferred separately and will expire unless exercised before 5:00 p.m., New York time, on             , 20     or earlier upon redemption (the
“Expiration Date”). The Common Stock and Warrants comprising the Units represented by this certificate are not transferable separately prior to             , 2010, subject
to earlier separation in the discretion of Lazard Capital Markets LLC and Stifel, Nicolaus & Company, Incorporated. The Warrants are governed by the Warrant Agreement, dated as of
            , 2010, between the Company and Registrar and Transfer Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and
provisions the holder of this certificate consents to by acceptance hereof. A copy of the Warrant Agreement is on file at the office of the Warrant Agent at 10 Commerce Drive, Cranford, New Jersey 07016, and is available for inspection, at all
reasonable times, by the registered holder of any warrant. 
 This certificate is not valid unless countersigned by the transfer
agent and registrar of the Company. 
 Witness the facsimile seal of the Company and the facsimile signatures of its duly
authorized officers. 
  

											
	By:	 	  
	 		  	[Corporate Seal]	 		  	  

		 	Chairman of the Board	 		  		 		  	Secretary

 Madison Square Capital, Inc. 

The Company will furnish to any holder of Units, Warrants or Capital Stock, on request and without charge, a full statement of the
information required by Section 2-211(b) of the Corporations and Associations Article of the Annotated Code of Maryland with respect to the designations and any preferences, conversion and other rights, voting powers, restrictions, limitations
as to dividends and other distributions, qualifications, and terms and conditions of redemption of the stock of each class which the Company has authority to issue and, if the Company is authorized to issue any preferred or special class in series,
(i) the differences in the relative rights and preferences between the shares of each series to the extent set, and (ii) the authority of the Board of Directors to set such rights and preferences of subsequent series. The foregoing summary
does not purport to be complete and is subject to and qualified in its entirety by reference to the charter of the Company, a copy of which will be sent without charge to each holder of Units, Warrants or Capital Stock who so requests. Such request
must be made to the secretary of the Company at its principal office. 
 The shares of Common Stock are subject to restrictions
on Beneficial and Constructive Ownership and Transfer for the purpose, among others, of the Company’s maintenance of its status as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended (the “Code”).
Subject to certain further restrictions and except as expressly provided in the Company’s charter, (i) no Person may Beneficially or Constructively Own shares of any class or series of the Company’s Capital Stock in excess of 9.8
percent (in value or number of shares, whichever is more restrictive) unless such Person is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (ii) no Person may Beneficially or Constructively Own shares of
Capital Stock that would result in the Company being “closely held” under Section 856(h) of the Code or otherwise cause the Company to fail to qualify as a REIT; and (iii) no Person may Transfer shares of Capital Stock if such
Transfer would result in the Capital Stock of the Company being owned by fewer than 100 Persons. Any Person who acquires or attempts or intends to acquire Beneficial or Constructive Ownership which causes or will cause a Person to Beneficially or
Constructively Own shares of Capital Stock in excess or in violation of the above limitations must immediately notify the Company. If any of the restrictions on transfer or ownership are violated, the shares of Capital Stock represented hereby will
be automatically transferred to a Trustee of a Trust for the benefit of one or more Charitable Beneficiaries. In addition, the Company may redeem shares upon the terms and conditions specified by the Board of Directors in its sole discretion if the
Board of Directors determines that ownership or a Transfer or other event may violate the restrictions described above. Furthermore, upon the occurrence of certain events, attempted Transfers in violation of the restrictions described above may be
void ab initio. No Warrant may be exercised if it would cause the holder to Beneficially Own or Constructively Own outstanding Common Stock in excess of the Stock Ownership Limit or Excepted Holder Limit. All capitalized terms in this legend
have the meanings defined in the charter of the Company, as the same may be amended from time to time, a copy of which, including the restrictions on transfer and ownership, will be furnished to each holder of Units, Warrants or Capital Stock of the
Company on request and without charge. Requests for such a copy may be directed to the secretary of the Company at its principal office. 

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written
out in full according to applicable laws or regulations: 
  

							
	TEN COM –	  	as tenants in common	  	UNIF GIFT MIN ACT –	  	             Custodian
            
	TEN ENT –	  	as tenants by the entireties	  		  	(Cust)                    (Minor)
	JT TEN –	  	 as joint tenants with right of

survivorship and not as tenants

in common
	  		  	 under Uniform Gifts to Minors Act
  

 

		  		  		  	(State)

 Additional Abbreviations may also be
used though not in the above list. 
 For value received,
                             hereby sell, assign and transfer unto  

PLEASE INSERT SOCIAL SECURITY OR OTHER 

IDENTIFYING NUMBER OF ASSIGNEE 
  

	
	 
	 

	
	  

	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	
	  

	
	  

	
	  

	
	                             
                                         
                                         
                                         
                                         
            Units represented by the within Certificate, and do hereby irrevocably constitute and appoint
	
	                             
                                         
                                         
                                         
                                         
            Attorney to transfer the said Units on the books of the within named Company will full power of substitution in the premises.

Dated                      

 

			
	  

	Notice:	  	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change
whatever.

  

	
	Signature(s) Guaranteed:
	
	  

	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).Exhibit 4.3

 Exhibit 4.3 

 

					
	 NUMBER

                  
  -
	  	 (SEE REVERSE SIDE FOR LEGEND)

THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO

5:00 P.M. NEW YORK CITY TIME,             , 20
    
	  	WARRANTS

 MADISON
SQUARE CAPITAL, INC. 
 CUSIP             

 WARRANT 

THIS CERTIFIES THAT, for value received
                                         
        is the registered holder of a Warrant or Warrants expiring at 5:00 p.m., New York time, on             ,
20     or earlier upon redemption (the “Warrant”) to purchase one (1) fully paid and non-assessable share (“Share(s)”) of common stock, par value $0.01 per share (“Common Stock”), of
Madison Square Capital, Inc., a Maryland corporation (the “Company”), for each Warrant represented by this Warrant Certificate. The Warrant is governed by the Warrant Agreement, dated as of
            , 2010 (the “Warrant Agreement”), between the Company and Registrar and Transfer Company, as Warrant Agent, and is subject to the terms and provisions contained
therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Capitalized terms used but not defined herein have the meanings give to such terms in the Warrant Agreement. 

The Warrant entitles the holder thereof to purchase from the Company, commencing on the date the Common Stock and Warrants comprising units of the
Company issued pursuant to that certain Underwriting Agreement, by and between the Company, Lazard Capital Markets LLC and Stifel, Nicolaus & Company, Incorporated, dated as
            , 20     (the “Units”), are permitted to be transferred separately, such number of Shares of the Company at the price of
$         per share (subject to adjustment), upon surrender of this Warrant Certificate and payment of the Warrant Price at the office or agency of the Warrant Agent, Registrar and Transfer Company, but
only subject to the conditions set forth herein and in the Warrant Agreement. The Common Stock and Warrants comprising the Units are not transferable separately prior to
            , 2010, subject to earlier separation in the discretion of Lazard Capital Markets LLC and Stifel, Nicolaus & Company, Incorporated. Subject to Section 7.4
of the Warrant Agreement, the Company shall not be obligated to deliver any securities pursuant to the exercise of a Warrant and shall have no obligation to settle a Warrant exercise unless a registration statement under the Securities Act of 1933,
as amended (the “Act”), with respect to the Common Stock is effective and a current prospectus relating to the Common Stock is available, or in the opinion of counsel to the Company, the exercise of the Warrant is exempt from the
registration requirements of the Act and the Common Stock is qualified for sale or exempt from qualification under applicable securities laws of the state or other jurisdiction in which the holder hereof resides. In the event that a registration
statement with respect to the Common Stock underlying a Warrant is not effective under the Act and a current prospectus relating to such Common Stock is not available, the holder of such Warrant shall not be entitled to exercise such Warrant and
such Warrant may have no value and expire worthless. No Warrant may be exercised if it would cause the holder to Beneficially Own or Constructively Own, within the meaning of the Company’s charter, outstanding Common Stock in excess of the
Stock Ownership Limit or Excepted Holder Limit. In no event will the Company be required to net cash settle the warrant exercise. The Warrant Agreement provides that upon the occurrence of certain events the Warrant Price and the number of Shares
purchasable hereunder, set forth on the face hereof, may, subject to certain conditions, be adjusted. 
 No fraction of a Share will be issued
upon any exercise of a Warrant. If the holder of a Warrant would be entitled to receive a fraction of a Share upon any exercise of a Warrant, the Company shall, upon such exercise, pay an amount in cash equal to the fair market value on the day
immediately preceding the date the Warrant is presented for exercise, multiplied by such fraction. 
 Upon any exercise of the Warrant for less
than the total number of full Shares provided for herein, there shall be issued to the registered holder hereof or the registered holder’s assignee a new Warrant Certificate covering the number of Shares for which the Warrant has not been
exercised. 
 Warrant Certificates, when surrendered to the Warrant Agent with a written request for exchange, may be exchanged in the manner
and subject to the limitations provided in the Warrant Agreement, without payment of any service charge, for another Warrant Certificate or Warrant Certificates representing in the aggregate a like number of Warrants. 

 Upon due presentment for registration of transfer of the Warrant Certificate at the office or agency of the
Warrant Agent, a new Warrant Certificate or Warrant Certificates of like tenor and representing in the aggregate a like number of Warrants shall be issued to the transferee in exchange for this Warrant Certificate, subject to the limitations
provided in the Warrant Agreement, without charge except for any applicable tax or other governmental charge. 
 The Company and the Warrant
Agent may deem and treat the registered holder as the absolute owner 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
registered holder, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 

This Warrant does not entitle the registered holder to any of the rights of a stockholder of the Company. 

The Company reserves the right to call the Warrant at any time prior to its exercise, with a notice of call in writing to the holders of record of the
Warrant, giving 30 days’ notice of such call at any time after the Warrant becomes exercisable if the reported last sale price of the Shares equals or exceeds $         per share for any 20 trading
days within any 30 trading day period ending on the third business day prior to the date on which notice of such call is given. The call price of the Warrants is to be $0.01 per Warrant. Any Warrant either not exercised or tendered back to the
Company by the end of the date specified in the notice of call shall be canceled on the books of the Company and have no further value except for the $0.01 call price. 
  

					
	By:	 	  
	    	  

		 	Secretary	    	Chairman of the Board

 EXERCISE FORM 

To Be Executed by the Registered Holder in Order to Exercise Warrants 

The undersigned Registered Holder irrevocably elects to exercise
                     Warrants represented by this Warrant Certificate, and to purchase the shares of Common Stock issuable upon the exercise
of such Warrants, and requests that Certificates for such shares shall be issued in the name of 
  

 
 (PLEASE TYPE OR PRINT NAME AND
ADDRESS) 
  
  

 
  
  

 
 (SOCIAL SECURITY OR TAX
IDENTIFICATION NUMBER) 
  

			
	 and be delivered to
	 	  

(PLEASE PRINT OR TYPE NAME AND ADDRESS) 
  

 
 and, if such number of Warrants shall not be all
the Warrants represented by this Warrant Certificate, that a new Warrant Certificate for the balance of such Warrants be registered in the name of, and delivered to, the Registered Holder at the address stated below: 

 

							
	Dated:	 	  
	 		  	  

		 		 		  	(SIGNATURE)
				
		 		 		  	  

(ADDRESS)

		 		 		  	  

				
		 		 		  	  
 (TAX IDENTIFICATION NUMBER)

 ASSIGNMENT 

To Be Executed by the Registered Holder in Order to Assign Warrants 

For Value Received,
                                         
                    hereby sell, assign, and transfer unto 
  

 
 (PLEASE TYPE OR PRINT NAME AND
ADDRESS) 
  
  

 
  
  

 
 (SOCIAL SECURITY OR TAX
IDENTIFICATION NUMBER) 
  

	
	
and be delivered to                  
                                         
                                         
                                         
                                         
                                       

 (PLEASE PRINT OR TYPE NAME AND ADDRESS) 

                    of the Warrants
represented by this Warrant Certificate, and hereby irrevocably constitute and appoint
                                        
Attorney to transfer this Warrant Certificate on the books of the Company, with full power of substitution in the premises. 
  

					
	Dated:
                                         
               	 		 	  

		 		 	(SIGNATURE)

 THE SIGNATURE
TO THE ASSIGNMENT OF THE SUBSCRIPTION FORM MUST CORRESPOND TO THE
NAME WRITTEN UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY
PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST
BE GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER
FIRM OF THE NEW YORK STOCK EXCHANGE, NYSE AMEX EQUITIES, PACIFIC
STOCK EXCHANGE OR CHICAGO STOCK EXCHANGE.

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