Document:

exv4w7

Exhibit 4.7

AMERIGROUP
CORPORATION,

                                                            , As Depositary,

AND

THE
HOLDERS FROM TIME TO TIME OF

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

 

FORM
OF

DEPOSIT AGREEMENT

 

Dated as of [DATE]

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE I DEFINITIONS

	 
	 	 	 	 	 	 
	ARTICLE II FORM OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND DELIVERY, TRANSFER, 

SURRENDER AND REDEMPTION OF RECEIPTS

	Section 2.1

	 	Form and Transfer of Receipts
	 	 	2	 
	Section 2.2

	 	Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof
	 	 	4	 
	Section 2.3

	 	Redemption of Stock
	 	 	4	 
	Section 2.4

	 	Registration of Transfer of Receipts
	 	 	6	 
	Section 2.5

	 	Split-Ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock
	 	 	6	 
	Section 2.6

	 	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts
	 	 	7	 
	Section 2.7

	 	Lost Receipts, Etc
	 	 	8	 
	Section 2.8

	 	Cancellation and Destruction of Surrendered Receipts
	 	 	8	 
	 
	 	 	 	 	 	 
	ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY

	 
	Section 3.1

	 	Filing Proofs, Certificates and Other Information
	 	 	8	 
	Section 3.2

	 	Payment of Taxes or Other Governmental Charges
	 	 	9	 
	Section 3.3

	 	Representation and Warranty as to Stock
	 	 	9	 
	 
	 	 	 	 	 	 
	ARTICLE IV THE DEPOSITED SECURITIES; NOTICES

	Section 4.1

	 	Cash Distributions
	 	 	9	 
	Section 4.2

	 	Distribution Other than Cash, Rights, Preferences or Privileges
	 	 	10	 
	Section 4.3

	 	Subscription Rights, Preferences or Privileges
	 	 	10	 
	Section 4.4

	 	Notice of Dividends, Etc.; Fixing of Record Date for Holders of Receipts.	 	 	11	 
	Section 4.5

	 	Voting Rights
	 	 	12	 
	Section 4.6

	 	Changes Affecting Deposited Securities and Reclassifications, Recapitalization, Etc
	 	 	12	 
	Section 4.7

	 	Inspection of Reports
	 	 	13	 
	Section 4.8

	 	Lists of Receipt Holders
	 	 	13	 

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE V THE DEPOSITARY, THE DEPOSITARY’S AGENTS, 

THE REGISTRAR AND THE COMPANY
	 
	Section 5.1

	 	Maintenance of Offices, Agencies and Transfer Books By the Depositary; Registrar
	 	 	13	 
	Section 5.2

	 	Prevention of or Delay in Performance By the Depositary, The Depositary’s Agents, the Registrar or the Company
	 	 	14	 
	Section 5.3

	 	Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company
	 	 	15	 
	Section 5.4

	 	Resignation and Removal of the Depositary; Appointment of Successor Depositary
	 	 	15	 
	Section 5.5

	 	Corporate Notices and Reports
	 	 	16	 
	Section 5.6

	 	Indemnification By the Company
	 	 	16	 
	Section 5.7

	 	Charges and Expenses
	 	 	17	 
	Section 5.8

	 	Tax Compliance
	 	 	17	 
	 
	 	 	 	 	 	 
	ARTICLE VI AMENDMENT AND TERMINATION

	Section 6.1

	 	Amendment
	 	 	18	 
	Section 6.2

	 	Termination
	 	 	18	 
	 
	 	 	 	 	 	 
	ARTICLE VII MISCELLANEOUS

	Section 7.1

	 	Counterparts
	 	 	18	 
	Section 7.2

	 	Exclusive Benefit of Parties
	 	 	18	 
	Section 7.3

	 	Invalidity of Provisions
	 	 	19	 
	Section 7.4

	 	Notices
	 	 	19	 
	Section 7.5

	 	Depositary’s Agents
	 	 	19	 
	Section 7.6

	 	Holders of Receipts are Parties
	 	 	19	 
	Section 7.7

	 	Governing Law
	 	 	20	 
	Section 7.8

	 	Inspection of Deposit Agreement
	 	 	20	 
	Section 7.9

	 	Headings
	 	 	20	 

ii

 

     DEPOSIT AGREEMENT dated as of [DATE], among AMERIGROUP CORPORATION, a Delaware corporation
(the “Company”),                     , a                      corporation (the “Depositary”), and the holders from time
to time of the Receipts described herein.

     WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the
deposit of shares of                                          preference shares, $                     par value each, of the Company with
the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder
of Receipts evidencing Depositary Shares in respect of the Stock so deposited; and

     WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed hereto, with
appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit
Agreement;

     NOW, THEREFORE, in consideration of the premises contained herein and such other good and
valuable consideration, receipt of which is hereby acknowledged, the parties hereto agree as
follows:

ARTICLE I

DEFINITIONS

     The following definitions shall for all purposes, unless otherwise indicated, apply to the
respective terms used in this Deposit Agreement:

     “Certificate of Designation” shall mean the Certificate of Designation establishing and
setting forth the rights, preferences, privileges and limitations of the Stock.

     “Certificate of Incorporation” shall mean the amended and restated certificate of
incorporation of the Company, together with any amendments thereto, filed with the Secretary of
State of the State of Delaware.

     “Company” shall mean AMERIGROUP Corporation, a Delaware corporation, and its successors.

     “Deposit Agreement” shall mean this Deposit Agreement, as amended, modified or supplemented
from time to time in accordance with the terms hereof.

     “Depositary” shall mean                     , and any successor as Depositary hereunder.

     “Depositary Shares” shall mean an interest in [fraction] of a share of Stock deposited with
the Depositary hereunder and the same proportionate interest in any and all other property received
by the Depositary in respect of such share of Stock and held under this Deposit Agreement, all as
evidenced by the Receipts issued hereunder. Subject to the terms of this Deposit Agreement, each
owner of a Depositary Share is entitled,

 

 

proportionately, to all the rights, preferences and privileges of the Stock represented by
such Depositary Share, including the dividend, voting and liquidation rights contained in the
Certificate of Designation, and to the benefits of all obligations of the Company under the
Certificate of Designation.

     “Depositary’s Agent” shall mean an agent appointed by the Depositary pursuant to Section 7.5.

     “Depositary’s Office” shall mean the office of the Depositary, in the Borough of Manhattan,
New York, New York, at which at any particular time its depositary receipt business shall be
administered, which at the date of this Deposit Agreement is located at                     .

     “Receipt” shall mean one of the depositary receipts substantially in the form set forth as
Exhibit A annexed hereto, issued hereunder, whether in definitive or temporary form evidencing the
number of Depositary Shares held of record by the holder of such Depositary Shares.

     “Record Holder,” as applied to a Receipt, shall mean the individual entity or person in whose
name a Receipt is registered on the books of the Depositary or any register of any Registrar
maintained for such purpose.

     “Registrar” shall mean any bank or trust company which shall be appointed by the Depositary to
register ownership and transfers of Receipts as herein provided and which may include the
Depositary.

     “Securities Act” shall mean the Securities Act of 1933.

     “Stock” shall mean shares of the Company’s                      Preference Shares, $                     par value per
share.

     “Transfer Agent” shall mean the Registrar.

ARTICLE II

FORM OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND DELIVERY,

TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

     Section 2.1 Form and Transfer of Receipts. 

     Definitive Receipts shall be in the form set forth in Exhibit A annexed to this Deposit
Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided.
Pending the preparation of definitive Receipts, the Depositary, upon the written order of the
Company delivered in compliance with Section 2.2, shall execute and deliver temporary receipts
which shall be printed, lithographed, typewritten or otherwise substantially of the tenor of the
definitive Receipts in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the persons executing such Receipts may determine,
as evidenced by their execution of

2

 

such Receipts. If temporary Receipts are issued, the Company and the Depositary will cause
definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive
Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of
the temporary Receipts at the Depositary’s Office, without charge to the holder. Upon surrender for
cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in
exchange therefor definitive Receipts representing the same number of Depositary Shares as
represented by the surrendered temporary Receipt or Receipts registered in the name (and only the
name) of the holder of the temporary Receipt. Such exchange shall be made at the Company’s expense
and without any charge therefor to the holder. Until so exchanged, the temporary Receipts shall in
all respects be entitled to the same benefits under this Deposit Agreement, and with respect to the
Stock, as definitive Receipts.

     Receipts shall be executed by the Depositary by the manual signature of a duly authorized
signatory of the Depositary; provided, that such signature may be a facsimile if a Registrar for
the Receipts (other than the Depositary) shall have been appointed and such Receipts are
countersigned by manual signature of a duly authorized signatory of the Registrar. No Receipt
shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any
purpose unless it shall have been executed manually by a duly authorized signatory of the
Depositary or, if a Registrar for the Receipts (other than the Depositary) shall have been
appointed, by manual or facsimile signature of a duly authorized signatory of the Depositary and
countersigned manually by a duly authorized signatory of such Registrar. The Depositary shall
record on its books each Receipt so signed and delivered as hereinafter provided. Receipts bearing
the manual or facsimile signatures of individuals who were at any time proper officers of the
Depositary or the Registrar, as the case may be, shall constitute adequate signatures hereunder,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the
delivery of such Receipt or did not hold such offices on the date of delivery of such Receipts.

     Receipts shall be in denominations of any number of whole Depositary Shares.

     Receipts may be endorsed with or have incorporated in the text thereof such legends or
recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be
required by the Depositary or required to comply with any applicable law or any regulation or with
the rules and regulations or any securities exchange upon which the Stock, the Depositary Shares or
the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any
special limitations or restrictions to which any particular Receipts are subject.

     Title to Depositary Shares evidenced by a Receipt which is properly endorsed, or accompanied
by a properly executed instrument of transfer, shall be transferable by delivery with the same
effect as in the case of a negotiable instrument; provided, however, that until transfer of a
Receipt shall be registered on the books of the Depositary as provided in Section 2.4, the
Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such
time as the absolute owner thereof for

3

 

the purpose of determining the person entitled to distributions of dividends or other
distributions with respect to the Stock or to any notice provided for in this Deposit Agreement and
for all other purposes.

     The Depositary shall not lend any Stock deposited hereunder.

	 	 	Section 2.2 Deposit of Stock; Execution and Delivery of Receipts in Respect
Thereof.

     Subject to the terms and conditions of this Deposit Agreement, the Company or any other person
authorized by the Company, as notified in writing to the Depositary, may from time to time deposit
shares of the Stock under this Deposit Agreement by delivery to the Depositary of a certificate or
certificates for the Stock to be deposited. Such certificate or certificates representing the
Stock shall be properly endorsed or accompanied, if required by the Depositary, by a duly executed
instrument of transfer or endorsement, in form satisfactory to the Depositary, together with such
certifications as may be required by the Depositary in accordance with the provisions of this
Deposit Agreement, and together with a written order of the Company, directing the Depositary to
execute and deliver to the person or persons named in such order, a Receipt or Receipts evidencing
in the aggregate the number of Depositary Shares representing such deposited Stock.

     All Stock deposited by the Company with the Depositary shall be held by the Depositary at the
Depositary’s Office or at such other place or places as the Depositary shall determine.

     Upon receipt by the Depositary of a certificate or certificates for Stock deposited with the
Depositary by the Company in accordance with the provisions of this Section, together with the
other documents required as above specified, and upon recordation of the Stock on the books of the
Company in the name of the Depositary or its nominee, the Depositary shall execute and deliver to
the person or persons named in the written order delivered to the Depositary a Receipt or Receipts,
evidencing in the aggregate the number of Depositary Shares representing the Stock so deposited.
Such Receipt or Receipts shall be registered by the Depositary or the Registrar in such name or
names as may be requested by the person or persons as specified in the written order. The
Depositary shall execute and deliver such Receipts at the Depositary’s Office or such other
offices, if any, as such person may designate. Delivery at other offices shall be at the risk and
expense of the person requesting such delivery. The Depositary may not execute and deliver Receipts
pursuant to this Section prior to receipt of Stock.

     Other than in the case of splits, combinations or other reclassifications affecting the Stock,
or in the case of dividends or other distributions of Stock, if any, there shall be deposited
hereunder not more than [     ] shares of Stock.

     Section 2.3 Redemption of Stock.

     Whenever the Company shall elect or be required to redeem shares of Stock in accordance with
the provisions of the Certificate of Designation, it shall (unless

4

 

otherwise agreed to in writing with the Depositary) give or cause to be given to the
Depositary not less than 10 days’ prior notice of the proposed date of the mailing of a notice of
redemption of Stock to the record holders of receipts and of the number of such shares held by the
Depositary to be so redeemed and the applicable redemption price, which notice shall be accompanied
by a certificate from the Company stating that such redemption of Stock is in accordance with the
provisions of the Certificate of Designation. On the date of such redemption, provided that the
Company shall then have paid or caused to be paid in full to the Depositary the redemption price of
the Stock to be redeemed, plus an amount equal to any accrued and unpaid dividends thereon to the
date fixed for redemption, in accordance with the provisions of the Certificate of Designation, the
Depositary shall redeem the number of Depositary Shares representing such Stock. The Depositary
shall mail notice of the Company’s redemption of Stock and the proposed simultaneous redemption of
the number of Depositary Shares representing the Stock to be redeemed by first-class mail, postage
prepaid, not less than 30 and not more than 90 days prior to the date fixed for redemption of such
Stock and Depositary Shares (the “Redemption Date”), to the record holders of the Receipts
evidencing the Depositary Shares to be so redeemed, at the addresses of such holders as they appear
on the records of the Depositary on the [     ] day prior to the date of such notice; but neither
failure to mail any such notice of redemption of Depositary Shares to one or more such holders nor
any defect in any notice of redemption of Depositary Shares to one or more such holders shall
affect the sufficiency of the proceedings for redemption as to other holders. Each such notice
shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if
less than all the Depositary Shares to be redeemed, the number of such Depositary Shares held by
such holder to be so redeemed; (iii) the redemption price; (iv) the place or places where Receipts
evidencing Depositary Shares are to be surrendered for payment of the redemption price; and (v) the
dividends in respect of the Stock represented by the Depositary Shares to be redeemed will cease to
accumulate on such Redemption Date. In case less than all the outstanding Depositary Shares are to
be redeemed, the Depositary Shares to be so redeemed shall be selected by lot or pro rata (as
nearly as may be) as may be determined by the Depositary or any other method which may be
determined by the Depositary in its sole discretion to be equitable.

     Notice having been mailed by the Depositary as aforesaid, from and after the Redemption Date
(unless the Company shall have failed to provide the funds necessary to redeem the Stock evidenced
by the Depositary Shares called for redemption), (i) dividends in respect of the shares of Stock so
called for redemption shall cease to accrue from and after such date, (ii) the Depositary Shares
being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of
the holders of Receipts evidencing such Depositary Shares (except the right to receive the
redemption price) shall, to the extent of such Depositary Shares, cease and terminate and, (iv)
upon surrender in accordance with such redemption notice of the Receipts evidencing any such
Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the
Depositary shall so require), such Depositary Shares shall be redeemed by the Depositary at a
redemption price per Depositary Share equal to [                     ] [     ]% of the redemption price per share paid in
respect of the shares of Stock plus all money and other property, if any, represented by such
Depositary Shares, including all amounts

5

 

paid by the Company in respect of dividends which on the Redemption Date have accumulated on
the shares of Stock to be so redeemed and have not theretofore been paid.

     If fewer than all the Depositary Shares evidenced by a Receipt are called for redemption, the
Depositary will deliver to the holder of such Receipt upon its surrender to the Depositary,
together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by
such prior Receipt and not called for redemption. The Depositary shall remit to the Company any
funds deposited by or for the account of the Company for the purpose of redeeming any Depositary
Shares that the holders thereof have failed to redeem after two years from the date of such
deposit, without further action necessary on the part of the Company.

     Section 2.4 Registration of Transfer of Receipts. 

     Subject to the terms and conditions of this Deposit Agreement, the Registrar, on behalf of the
Depositary, shall register on its books from time to time transfers of Receipts upon notice to the
Registrar by the Depositary of any surrender of a Receipt for transfer by the holder in person or
by duly authorized attorney, which Receipt in each case must be properly endorsed or accompanied by
a properly executed instrument of transfer. Upon surrender of a properly endorsed Receipt or
Receipts, accompanied by a properly executed instrument of transfer, the Depositary shall execute a
new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those
evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or
upon the order of the transferee named in the endorsement or instrument of transfer.

	 	 	Section 2.5 Split-Ups and Combinations of Receipts; Surrender of Receipts and
Withdrawal of Stock.

     Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as
it may designate for the purpose of effecting a split-up or combination of such Receipt or
Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall
execute and deliver a new Receipt or Receipts to the holder thereof or to such holder’s order in
the denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the
Receipt or Receipts surrendered. The Depositary shall give prompt notice of such action and the
certificate numbers to the Registrar, if applicable, for the purpose of recording such split-up or
consolidation.

     Any holder of a Receipt or Receipts representing any number of whole shares of Stock may
(unless the related Depositary Shares have previously been called for redemption) withdraw the
number of whole shares of Stock underlying such Depositary Shares and all money and other property,
if any, represented thereby by surrendering such Receipt or Receipts, at the Depositary’s Office or
at such other offices as the Depositary may designate for such withdrawals. Thereafter, without
unreasonable delay, the Depositary shall deliver to such holder, or to the person or persons
designated by such holder as hereinafter provided, the number of whole shares of Stock and all
money and

6

 

other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal,
but holders of such whole shares of Stock will not thereafter be entitled to deposit such Stock
hereunder or to receive Depositary Shares therefor. If a Receipt or Receipts delivered by the
holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary
Shares in excess of the number of Depositary Shares representing the number of whole shares of
Stock to be so withdrawn, the Depositary shall at the same time, in addition to such number of
whole shares of Stock and such money and other property, if any, to be so withdrawn, deliver to
such holder, or (subject to Sections 2.4 and 3.2) upon his order, a new Receipt evidencing such
excess number of Depositary Shares not withdrawn. Delivery of the Stock and money and other
property, if any, being withdrawn may be made by the delivery of such certificates, documents of
title and other instruments as the Depositary may deem appropriate.

     If the Stock and the money and other property, if any, being withdrawn are to be delivered to
a person or persons other than the record holder of the Receipt or Receipts being surrendered for
withdrawal of Stock, such holder shall execute and deliver to the Depositary a written order so
directing the Depositary, and the Depositary may require that the Receipt or Receipts surrendered
by such holder for withdrawal of such shares of Stock be properly endorsed in blank or accompanied
by a properly executed instrument of transfer in blank.

     Delivery of the Stock and the money and other property, if any, represented by Receipts
surrendered for withdrawal shall be made by the Depositary at the Depositary’s Office, except that,
at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the
account of the holder thereof, such delivery may be made at such other place as may be designated
by such holder.

	 	 	Section 2.6 Limitations on Execution and Delivery, Transfer, Surrender and
Exchange of Receipts.

     As a condition precedent to the execution and delivery, registration of transfer, split-up,
combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents
or the Company may require payment to it of a sum sufficient for the payment (or, in the event that
the Depositary or the Company shall have made such payment, the reimbursement to it) of any charges
or expenses payable by the holder of a Receipt pursuant to Section 5.7, may require the production
of evidence satisfactory to it as to the identity and genuineness of any signature; and may also
require compliance with the rules and regulations of any governmental body, any stock exchange or
applicable self-regulatory body, including without limitation, the Financial Industry Regulatory
Authority (“FINRA”) or such regulations, if any, as the Depositary or the Company may establish
consistent with the provisions of this Deposit Agreement.

     The deposit of Stock may be refused, the delivery of Receipts against Stock deposited with the
Depositary may be suspended, the registration of transfer of Receipts may be refused and the
registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during
any period when the register of stockholders of the Company is closed with respect to the Stock,
(ii) if any such action is

7

 

deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company
at any time or from time to time because of any requirement of law or of any government or
governmental body or commission, stock exchange or FINRA or under any provision of this Deposit
Agreement, or (iii) with the approval of the Company, for any other reason. Without limitation of
the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement
any shares of Stock that are required to be registered under the Securities Act unless a
registration statement under the Securities Act is in effect as to such shares of Stock.

     Section 2.7 Lost Receipts, Etc.

     If any mutilated Receipt is surrendered to the Depositary, the Depositary may, in its
discretion, execute and deliver in exchange therefor a new Receipt of like form and tenor in
exchange and substitution for such mutilated Receipt. In case any Receipt shall be destroyed, lost
or stolen, the Depositary shall execute and deliver a Receipt to the holder thereof of like form
and tenor in exchange and substitution for such destroyed, lost or stolen Receipt, upon (i) the
filing by the holder thereof with the Depositary of evidence satisfactory to the Depositary of such
destruction or loss or theft of such Receipt, of the authenticity thereof and of such holder’s
ownership thereof, (ii) the holder’s furnishing the Depositary with reasonable indemnification
satisfactory to the Depositary and the Company and (iii) payment of any expense (including fees,
charges and expenses of the Depositary) in connection with such execution and delivery.

     Section 2.8 Cancellation and Destruction of Surrendered Receipts.

     All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the
Depositary. Except as prohibited by applicable law or regulation, the Depositary is authorized to
destroy all Receipts so cancelled, and provide the Company a certificate of designation therefor.

ARTICLE III

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY

     Section 3.1 Filing Proofs, Certificates and Other Information.

     Any holder of a Receipt may be required from time to time to file such proof of residence, or
other matters or other information, to obtain such guarantees of signature, to execute such
certificates and to make such representations and warranties consistent with the terms of the Stock
as the Depositary or the Company may reasonably deem necessary or proper. The Depositary or the
Company may withhold the delivery, or delay the registration of transfer, redemption or exchange,
of any Receipt or the withdrawal of the Stock represented by the Depositary Shares evidenced by any
Receipt and the delivery of all money or other property, if any, represented by the Depositary
Shares represented by such Receipt or the distribution of any dividend or other distribution or the
sale of any rights or of the proceeds thereof until such proof or other

8

 

information is filed or such certificates are executed or such representations and warranties
are made.

     Section 3.2 Payment of Taxes or Other Governmental Charges.

     Holders of Receipts shall be obligated to make payments to the Depositary of certain charges
and expenses, as provided in Section 5.7. Registration of transfer of any Receipt or any
withdrawal of Stock and all money or other property, if any, represented by the Depositary Shares
evidenced by such Receipt may be refused until any such payment due is made, and any dividends,
interest payments or other distributions may be withheld or any part of or all the Stock or other
property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold
may be sold for the account of the holder thereof (after attempting by reasonable means to notify
such holder prior to such sale), and such dividends, interest payments or other distributions or
the proceeds of any such sale may be applied to any payment of such charges or expenses, the holder
of such Receipt remaining liable for any deficiency.

     Section 3.3 Representation and Warranty as to Stock.

     In the case of the initial deposit of the Stock, the Company and, in the case of subsequent
deposits thereof, each person so depositing Stock under this Deposit Agreement shall be deemed
thereby to represent and warrant that such Stock and each certificate therefor are valid, fully
paid and nonassessable and that the person making such deposit is duly authorized to do so. Such
representations and warranties shall survive the deposit of the Stock and the issuance of Receipts.

ARTICLE IV

THE DEPOSITED SECURITIES; NOTICES

     Section 4.1 Cash Distributions.

     Whenever the Depositary shall receive any cash dividend or other cash distribution with
respect to the Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to record
holders of Receipts on the record date fixed pursuant to Section 4.4 the pro rata portion, as
nearly as practicable, of such dividend or distribution applicable to the number of Depositary
Shares evidenced by the Receipts held by such holders; provided, however, that in case the Company
or the Depositary shall be required to withhold and shall withhold any monies from any cash
dividend or other cash distribution in respect of the Stock an amount on account of taxes, the
distribution in respect of Depositary Shares shall be reduced accordingly. The Depositary shall
distribute or make available for distribution, as the case may be, only such amount, however, as
can be distributed without attributing to any holder of Depositary Shares a fraction of one cent,
and any balance not so distributable shall be held by the Depositary (without liability for
interest thereon) and shall be added to and be treated as part of the next succeeding distribution
to record holders of Receipts then outstanding.

9

 

     Section 4.2 Distribution Other than Cash, Rights, Preferences or Privileges.

     Whenever the Depositary shall receive any property (including securities) for distribution in
a form other than cash, with respect to the Stock, the Depositary shall, subject to Sections 3.1
and 3.2, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4
the pro rata portion, as nearly as practicable of such property (including securities) received by
it applicable to the number of Depositary Shares evidenced by the Receipts held by such holders, in
any manner that the Depositary may deem equitable and practicable for accomplishing such
distribution. If in the opinion of the Depositary such distribution cannot be made proportionately
among such record holders, or if for any other reason (including any requirement that the Company
or the Depositary withhold an amount on account of taxes) the Depositary deems, after consultation
with the Company, such distribution not to be feasible, the Depositary may, with the approval of
the Company, adopt such method as it deems equitable and practicable for the purpose of effecting
such distribution, including the sale of the property thus received, or any part thereof, in a
commercially reasonable manner. The net proceeds of any such sale shall, subject to Sections 3.1
and 3.2, be distributed or made available for distribution, as the case may be, by the Depositary
to record holders of Receipts as provided by Section 4.1 in the case of a distribution received in
cash. The Depositary shall not make any distribution of such securities unless the Company shall
have provided an opinion of counsel stating that such securities have been registered under the
Securities Act or do not need to be registered.

     Section 4.3 Subscription Rights, Preferences or Privileges.

     If the Company shall at any time offer or cause to be offered to the persons in whose names
Stock is recorded on the books of the Company any rights, preferences or privileges to subscribe
for or to purchase any securities or any rights, preferences or privileges of any other nature,
such rights, preferences or privileges shall in each such instance be made available by the
Depositary to the record holders of Receipts, pro rata in proportion to the Stock represented by
the Depositary Shares evidenced by such Receipt, in such manner as the Depositary may determine,
either by the issue to such record holders of warrants representing such rights, preferences or
privileges or by such other method as may be approved by the Depositary in its discretion with the
approval of the Company; provided, however, that (i) if at the time of issue or offer of any such
rights, preferences or privileges the Depositary determines that it is not lawful or (after
consultation with the Company) not feasible to make such rights, preferences or privileges
available to holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the
extent so instructed by holders of Receipts who do not desire to exercise such rights, preferences
or privileges, then the Depositary, in its discretion (with the approval of the Company, in any
case where the Depositary has determined that it is not feasible to make such rights, preferences
or privileges available), may, if applicable laws or the terms of such rights, preferences or
privileges permit such transfer, sell such rights, preferences or privileges at public or private
sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any
such sale shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the record

10

 

holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution
received in cash. The Depositary shall not make any distribution of any such rights, preferences
or privileges unless the Company shall have provided an opinion of counsel stating that such
rights, preferences or privileges have been registered under the Securities Act or do not need to
be registered.

     If registration under the Securities Act of the securities to which any rights, preferences or
privileges relate is required in order for holders of Receipts to be offered or sold the securities
to which such rights, preferences or privileges relate, the Company agrees with the Depositary that
it will file promptly a registration statement pursuant to the Securities Act with respect to such
rights, preferences or privileges and securities and use its best efforts and take all steps
available to it to cause such registration statement to become effective sufficiently in advance of
the expiration of such rights, preferences or privileges to enable such holders to exercise such
rights, preferences or privileges. In no event shall the Depositary make available to the holders
of Receipts any right, preference or privilege to subscribe for or to purchase any securities
unless and until such registration statement shall have become effective, or unless the offering
and sale of such securities to such holders are exempt from registration under the provisions of
the Securities Act.

     If any other action under the laws of any jurisdiction or any governmental or administrative
authorization, consent or permit is required in order for such rights, preferences or privileges to
be made available to holders of Receipts, the Company agrees with the Depositary that the Company
will use its best efforts to take such action or obtain such authorization, consent or permit
sufficiently in advance of the expiration of such rights, preferences or privileges to enable such
holders to exercise such rights, preferences or privileges.

     Section 4.4 Notice of Dividends, Etc.; Fixing of Record Date for Holders of
Receipts.

     Whenever any cash dividend or other cash distribution shall become payable or any distribution
of property (including securities) other than cash shall be made, or if rights, preferences or
privileges shall at any time be offered, with respect to Stock, or whenever the Depositary shall
receive notice of (i) any meeting at which holders of Stock are entitled to vote or of which
holders of Stock are entitled to notice, or (ii) any election on the part of the Company to redeem
any shares of Stock, the Depositary shall in each such instance fix a record date (which shall be
the same date as the record date fixed by the Company with respect to the Stock) for the
determination of the holders of Receipts who shall be entitled to receive such dividend,
distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give
instructions for the exercise of voting rights at any such meeting, or to receive notice of such
meeting or for any other appropriate reasons.

11

 

     Section 4.5 Voting Rights.

     Upon receipt of notice of any meeting at which the holders of Stock are entitled to vote, the
Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a
notice which shall contain (i) such information as is contained in such notice of meeting and (ii)
a statement that the holders may, subject to any applicable restrictions, instruct the Depositary
as to the exercise of the voting rights pertaining to the amount of Stock represented by their
respective Depositary Shares (including an express indication that instructions may be given to the
Depositary to give a discretionary proxy to a person designated by the Company) and a brief
statement as to the manner in which such instructions may be given. Upon the written request of
the holders of Receipts on the applicable record date, the Depositary shall endeavor insofar as
practicable, to vote or cause to be voted, in accordance with the instructions set forth in such
requests, the maximum number of whole shares of Stock represented by the Depositary Shares
evidenced by all Receipts as to which any particular voting instructions are received. The Company
hereby agrees to take all action which may be deemed necessary by the Depositary in order to enable
the Depositary to vote such Stock or cause such Stock to be voted. In the absence of specific
instructions from the holder of a Receipt, the Depositary will either vote the Shares or abstain
from voting in accordance with applicable stock exchange rules on which the Shares may be listed
(but, at its discretion, not from appearing at any meeting with respect to such Stock unless
directed to the contrary by the holders of all the Receipts) to the extent of the Stock represented
by the Depositary Shares evidenced by such Receipt.

     Section 4.6 Changes Affecting Deposited Securities and Reclassifications,
Recapitalization, Etc.

     Upon any change in par or stated value or liquidation preference, split-up, combination or any
other reclassification of the Stock, or upon any recapitalization, reorganization, merger,
amalgamation or consolidation to which the Company is a party or sale of all or substantially all
of the Company’s assets, the Depositary may in its discretion with the approval of, and shall upon
the instructions of, the Company, and (in either case) in such manner as to retain as nearly as
possible the percentage ownership interest in the Stock of holders of the Receipts immediately
prior to such event, (i) make such adjustments in (x) the fraction of an interest represented by
one Depositary Share in one share of Stock and (y) the ratio of the redemption price per Depositary
Share to the redemption price of a share of Stock, in each case, as may be necessary fully to
reflect the effects of such change in par or stated value or liquidation preference, split- up,
combination or other reclassification of Stock, or of such recapitalization, reorganization,
merger, amalgamation or consolidation or sale and (ii) treat any securities which shall be received
by the Depositary in exchange for or upon conversion of or in respect of the Stock as new deposited
securities so received in exchange for or upon conversion or in respect of such Stock. In any such
case the Depositary may in its discretion, with the approval of the Company, execute and deliver
additional Receipts, or may call for the surrender of all outstanding Receipts to be exchanged for
new Receipts specifically describing such new deposited securities.

12

 

     Anything to the contrary herein notwithstanding, holders of Receipts shall have the right from
and after the effective date of any such change in par or stated value or liquidation preference,
split-up, combination or other reclassification of the Stock or any such recapitalization,
reorganization, merger, amalgamation or consolidation or sale to the extent that holders of Stock
had the right, prior to or on the applicable effective date, to convert, exchange or surrender the
Stock represented thereby only into or for, as the case may be, the kind and amount of shares of
stock and other securities and property and cash into which such Stock might have been exchange or
surrendered immediately prior to the effective date of such transaction.

     Section 4.7 Inspection of Reports.

     The Depositary shall transmit to the record holders of Receipts, at the addresses of such
record holders as set forth on the books of the Depositary, and shall make available for inspection
by holders of Receipts at the Depositary’s Office, and at such other places as it may from time to
time deem advisable, any reports and communications received from the Company which are received by
the Depositary as the holder of Stock.

     Section 4.8 Lists of Receipt Holders.

     Promptly upon request from time to time by the Company, the Depositary shall furnish to it a
list, as of a recent date, of the names and addresses of all persons in whose names Receipts are
registered on the books of the Depositary and the amount of Stock represented thereby.

ARTICLE V

THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE COMPANY

     Section 5.1 Maintenance of Offices, Agencies and Transfer Books By the
Depositary; Registrar.

     Upon execution of this Deposit Agreement, the Depositary shall maintain, at the Depositary’s
Office, facilities for the execution and delivery, registration and registration of transfer,
surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any,
facilities for the delivery, registration of transfer, surrender and exchange of Receipts and the
deposit and withdrawal of Stock, all in accordance with the provisions of this Deposit Agreement.

     The Depositary shall, with the approval of the Company, appoint a Registrar for registration
of the Receipts or the Depositary Shares in accordance with any requirements of any applicable
stock exchange on which the Receipts or the Depositary Shares are listed. Such Registrar (which
may be the Depositary if so permitted by the requirements of such exchange) may be removed and a
substitute registrar appointed by the Depositary upon the request or with the approval of the
Company. If the Receipts, the Depositary Shares or the Stock are listed on one or more other stock
exchanges, the

13

 

Depositary will, at the request of the Company, arrange such facilities for the delivery,
registration, registration of transfer, surrender and exchange of such Receipts, such Depositary
Shares or such Stock as may be required by law or applicable stock exchange regulation.

     The Registrar shall keep books at the Depositary’s Office for the registration and
registration of transfer of Receipts or at such other place as shall be approved by the Company and
of which the holders of Receipts shall have reasonable notice, which books at all reasonable times
shall be open for inspection by the record holders of Receipts during normal business hours as and
to the extent provided by applicable law; provided, that any such holder requesting to exercise
such right shall certify to the Registrar that such inspection shall be for a proper purpose
reasonably related to such person’s rights as an owner of Depositary Shares evidenced by the
Receipts.

     The Depositary may cause the Registrar to close such books, at any time or from time to time,
when the register of stockholders of the Company is closed with respect to the Stock or when such
action is deemed necessary or advisable by the Depositary or any Depositary’s Agent because of any
requirement of law or of any government, governmental body or commission, stock exchange or any
applicable self-regulatory body, including without limitation, FINRA.

			
	     Section 5.2	 	Prevention of or Delay in Performance By the Depositary, The
Depositary’s Agents, the Registrar or the Company.

     Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Company shall
incur any liability to any holder of any Receipt if by reason of any provision of any present or
future law, or regulation thereunder, of the United States of America or of any other governmental
authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar, by reason of
any provision, present or future, of the Company’s Certificate of Incorporation or Certificate of
Designation or by reason of any act of God or war or other circumstance beyond the control of the
relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Company shall be
prevented, delayed or forbidden from doing or performing any act or thing which the terms of this
Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s
Agent, any Registrar or the Company incur any liability or be subject to any obligation (i) by
reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing
which the terms of this Deposit Agreement provide shall or may be done or performed, or (ii) by
reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit
Agreement except, in case of any such exercise or failure to exercise discretion not caused as
aforesaid, if caused by the negligence, fraud, dishonesty, or willful misconduct of the party
charged with such exercise or failure to exercise.

14

 

     Section 5.3 Obligations of the Depositary, the Depositary’s Agents, the
Registrar and the Company.

     Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Company shall be
under any obligation to appear in, prosecute or defend any action, suit or other proceeding in
respect of the Stock, the Depositary Shares or the Receipts which in its opinion may involve it in
expense or liability unless indemnity satisfactory to it against all expense and liability be
furnished as often as may be required.

     Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Company shall be
liable for any action or any failure to act by it in reliance upon the written advice of legal
counsel or accountants, any holder of a Receipt or any other person believed by it in good faith to
be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar and
the Company may each rely and shall each be protected in acting upon any written notice, request,
direction or other document believed by it to be genuine and to have been signed or presented by
the proper party or parties specified in this Deposit Agreement.

     The Depositary shall not be responsible for any failure to carry out any instruction to vote
any of the shares of Stock or for the manner or effect of any such vote made, as long as any such
action or non-action is in good faith. The Depositary undertakes, and any Registrar shall be
required to undertake, to perform such duties and only such duties as are specifically set forth in
this Deposit Agreement using its best efforts and in good faith. The parties hereto acknowledge
that no implied covenants or obligations shall be read into this Depositary Agreement against the
Depositary or any Registrar. The Depositary will indemnify the Company against any liability that
may arise out of acts performed or omitted by the Depositary or the Depositary’s Agents due to its
or their negligence, bad faith, willful misconduct, fraud or dishonesty. The Depositary, the
Depositary’s Agents, and any Registrar may own and deal in any class of securities of the Company
and its affiliates and in Receipts. The Depositary may also act as transfer agent or registrar of
any of the securities of the Company and its affiliates.

     Section 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary.

     The Depositary may at any time resign as Depositary hereunder by notice of its election so to
do delivered to the Company, such resignation to take effect upon the appointment of a successor
Depositary and its acceptance of such appointment as hereinafter provided.

     The Depositary may at any time be removed by the Company by notice of such removal delivered
to the Depositary, such removal to take effect upon the appointment of a successor Depositary and
its acceptance of such appointment as hereinafter provided.

     In case at any time the Depositary acting hereunder shall resign or be removed, the Company
shall, within 60 days after the delivery of the notice or resignation

15

 

or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust
company having its principal office in the United States of America and having a combined capital
and surplus of at least $50,000,000. If no successor Depositary shall have been so appointed and
have accepted appointment within 60 days after delivery of such notice, the resigning or removed
Depositary may petition any court of competent jurisdiction for the appointment of a successor
Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the
Company an instrument in writing accepting its appointment hereunder, and agreeing to become a
party to this Deposit Agreement and thereupon such successor Depositary, without any further act or
deed, shall become fully vested with all the rights, powers, duties and obligations of its
predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such
predecessor, upon payment of all sums due it and on the written request of the Company, shall
execute and deliver an instrument transferring to such successor all rights and powers of such
predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the
Stock and any moneys or property held hereunder to such successor, and shall deliver to such
successor a list of the record holders of all outstanding Receipts. Any successor Depositary shall
promptly mail notice of its appointment to the record holders of Receipts.

     Any corporation or other entity into or with which the Depositary may be merged, consolidated
or converted or to which the Depositary may sell all or substantially all of its assets shall be
the successor of such Depositary without the execution or filing of any document or any further
act, and notice thereof shall not be required hereunder. Such successor Depositary may
authenticate the Receipts in the name of the predecessor Depositary or in the name of the successor
Depositary.

     Section 5.5 Corporate Notices and Reports.

     The Company agrees that it will deliver to the Depositary and the Depositary will, promptly
after receipt thereof, transmit to the record holders of Receipts, in each case at the addresses
furnished to it pursuant to Section 4.8, all notices and reports (including without limitation
financial statements) required by law, by the rules of any national securities exchange upon which
the Stock, the Depositary Shares or the Receipts are listed or by the Company’s Certificate of
Incorporation and Certificate of Designation to be furnished by the Company to holders of Stock.
Such transmission will be at the Company’s expense and the Company will provide the Depositary with
such number of such documents as the Depositary may reasonably request.

     Section 5.6 Indemnification By the Company.

     The Company shall indemnify the Depositary, any Depositary’s Agent and any Registrar against,
and hold each of them harmless from, any loss, liability or expense (including the costs and
expenses of defending itself and reasonable counsel fees) which may arise out of (a) acts performed
or omitted in connection with this Deposit Agreement and the Receipts (i) by the Depositary, any
Registrar or any of their respective agents (including any Depositary’s Agent), except for any
liability arising out of negligence, willful misconduct, fraud, dishonesty or bad faith on the
respective parts of any such

16

 

person or persons, or (ii) by the Company or any of its agents, or (b) the offer, sale or
registration of the Receipts, the Depositary Shares or the Stock pursuant to the provisions hereof.

     Section 5.7 Charges and Expenses.

     The Company shall pay all transfer and other taxes and governmental charges arising solely
from the existence of the depositary arrangements hereunder. The Company shall pay all charges of
the Depositary in connection with the initial deposit of the Stock and the initial issuance of the
Depositary Shares, redemption of the Stock at the option of the Company and all withdrawals of
shares of the Stock by owners of Depositary Shares. All other transfer and other taxes and
governmental charges shall be at the expense of holders of Depositary Shares. If, at the request
of a holder of Receipts, the Depositary incurs charges or expenses for which it is not otherwise
liable hereunder, such holder will be liable for such charges and expenses. All other charges and
expenses of the Depositary and any Depositary’s Agent hereunder and of any Registrar (including, in
each case, reasonable fees and expenses of counsel) incident to the performance of their respective
obligations hereunder will be paid upon consultation and agreement between the Depositary and the
Company as to the amount and nature of such charges and expenses. The Depositary shall present its
statement for charges and expenses to the Company once every three months or at such other
intervals as the Company and the Depositary may agree.

     Section 5.8 Tax Compliance.

     (a) The Depositary, on its own behalf and on behalf of the Company, will comply with all
applicable certification, information reporting and withholding (including “backup” withholding)
requirements imposed by applicable tax laws, regulations or administrative practice with respect to
(i) any payments made with respect to the Depositary Shares or (ii) the issuance, delivery,
holding, transfer, redemption or exercise of rights under the Receipts or the Depositary Shares.
Such compliance shall include, without limitation, the preparation and timely filing of required
returns and the timely payment of all amounts required to be withheld to the appropriate taxing
authority or its designated agent.

     (b) The Depositary shall comply with any direction received from the Company with respect to
the application of such requirements to particular payments or holders or in other particular
circumstances, and may for purposes of this Deposit Agreement rely on any such direction in
accordance with the provisions of Section 5.3 hereof.

     (c) The Depositary shall maintain all appropriate records documenting compliance with such
requirements, and shall make such records available on request of the Company or to its authorized
representatives.

17

 

ARTICLE VI

AMENDMENT AND TERMINATION

     Section 6.1 Amendment.

     The form of the Receipts and any provisions of this Deposit Agreement may at any time and from
time to time be amended by agreement between the Company and the Depositary in any respect which
they may deem necessary or desirable; provided, however, that no such amendment which would
materially and adversely alter the rights of the holders of Receipts shall be effective unless such
amendment shall have been approved by the holders of Receipts evidencing at least a majority of the
Depositary Shares then outstanding. Every holder of an outstanding Receipt at the time any such
amendment becomes effective, or any transferee of such holder, shall be deemed, by continuing to
hold such Receipt, or by reason of the acquisition thereof, to consent and agree to such amendment
and to be bound by the Deposit Agreement as amended thereby.

     Section 6.2 Termination.

     This Deposit Agreement may be terminated by the Company or the Depositary only after (i) all
outstanding Depositary Shares shall have been redeemed pursuant to Section 2.3 or (ii) there shall
have been made a final distribution in respect of the Stock in connection with any liquidation,
dissolution or winding up of the Company and such distribution shall have been distributed to the
holders of Receipts evidencing the Depositary Shares pursuant to Section 4.1 or 4.2, as applicable.

     Upon the termination of this Deposit Agreement, the parties hereto shall be discharged from
all obligations under this Deposit Agreement except for their respective obligations under Sections
5.3, 5.6 and 5.7.

ARTICLE VII

MISCELLANEOUS

     Section 7.1 Counterparts.

     This Deposit Agreement may be executed in any number of counterparts, and by each of the
parties hereto on separate counterparts, each of which counterparts, when so executed and
delivered, shall be deemed an original, but all such counterparts taken together shall constitute
one and the same instrument.

     Section 7.2 Exclusive Benefit of Parties.

     This Deposit Agreement is for the exclusive benefit of the parties hereto, and their
respective successors hereunder, and shall not be deemed to give any legal or equitable right,
remedy or claim to any other person whatsoever.

18

 

     Section 7.3 Invalidity of Provisions.

     In case any one or more of the provisions contained in this Deposit Agreement or in the
Receipts should be or become invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein or therein shall in no way
be affected, prejudiced or disturbed thereby.

     Section 7.4 Notices.

     Any and all notices to be given to the Company hereunder or under the Receipts shall be in
writing and shall be deemed to have been duly given if personally delivered or sent by mail or
telegram, confirmed by letter, addressed to the Company at 4425 Corporation Lane, Virginia Beach,
Virginia 23462, to the attention of the General Counsel, or at any other address of which the
Company shall have notified the Depositary in writing.

     Any and all notices to be given to the Depositary hereunder or under the Receipts shall be in
writing and shall be deemed to have been duly given if personally delivered or sent by mail or by
telegram, confirmed by letter, addressed to the Depositary at the Depositary’s Office, at [     
], or at any other address of which the Depositary shall have notified the Company and the
record holders of the Receipts in writing.

     Any and all notices to be given to any record holder of a Receipt hereunder or under the
Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or
sent by mail or by telegram, confirmed by letter, addressed to such record holder at the address of
such record holder as it appears on the books of the Depositary, or if such holder shall have filed
with the Depositary a written request that notices intended for such holder be mailed to some other
address, at the address designated in such request.

     Delivery of a notice sent by mail or by telegram, shall be deemed to be effected at the time
when a duly addressed letter containing the same (or a confirmation thereof in the case of a
telegram) is deposited, postage prepaid, in a post office letter box. The Depositary or the
Company may, however, act upon any telegram message received by it from the other or from any
holder of a Receipt, notwithstanding that such telegram, telecopy or telex message shall not
subsequently be confirmed by letter or as aforesaid.

     Section 7.5 Depositary’s Agents.

     The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the
Depositary for the purposes of this Deposit Agreement and may at any time appoint additional
Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The
Depositary will notify the Company of any such action.

     Section 7.6 Holders of Receipts are Parties.

     By acceptance of delivery of the Receipts, the holder of any such Receipt from time to time
shall be deemed to have agreed to become a party to this Deposit

19

 

Agreement and to be bound by all of the terms and conditions hereof and of the Receipts to the
same extent as though such person executed this Deposit Agreement.

     Section 7.7 Governing Law.

     THIS DEPOSIT AGREEMENT AND THE RECEIPTS AND ALL RIGHTS HEREUNDER AND THEREUNDER AND PROVISIONS
HEREOF AND THEREOF SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK (WITHOUT REFERENCE TO APPLICABLE CONFLICTS OF LAWS PROVISIONS).

     Section 7.8 Inspection of Deposit Agreement.

     Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s
Agents and shall be open to inspection during business hours at the Depositary’s Office and the
respective offices of the Depositary’s Agent, if any, by any holder of a Receipt.

     Section 7.9 Headings.

     The headings of articles and sections in this Deposit Agreement and in the form of the Receipt
set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as
a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or
interpretation of any provision contained herein or in the Receipts.

20

 

     IN WITNESS WHEREOF, the Company and the Depositary have duly executed this Deposit Agreement
as of the day and year first above set forth, and all holders of Receipts shall become parties
hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms
hereof.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	AMERIGROUP CORPORATION	 	 
	Attested by
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	[          ], as Depositary	 	 
	Attested by:
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 

 

 

Exhibit A

[FORM OF FACE OF RECEIPT]

TEMPORARY
RECEIPT - Exchangeable for Definitive Engraved Receipt When Ready for Delivery

NUMBER

DEPOSITARY SHARES

CERTIFICATE FOR NOT MORE THAN [     ] DEPOSITARY SHARES

TDR

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES, REPRESENTING

[     ] PREFERRED SHARES OF AMERIGROUP CORPORATION

CUSIP [          ]               

ORGANIZED UNDER THE LAWS OF THE STATE OF DELAWARE (SEE REVERSE FOR CERTAIN DEFINITIONS)

[               ], as Depositary (the “Depositary”), hereby certifies that [     ] is the registered owner of [               ]
DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing [               ]
of one share of [insert title of stock], (the “Stock”), of AMERIGROUP
Corporation, a Delaware corporation (the “Company”), on deposit with the Depositary, subject to the
terms and entitled to the benefits of the Deposit Agreement dated as of [DATE] (the “Deposit
Agreement”), between the Company, the Depositary and the holders from time to time of the Receipts
issued thereunder. By accepting this Depositary Receipt the holder hereof becomes a party to and
agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary
Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the
Deposit Agreement unless it shall have been executed by the Depositary by the manual signature of a
duly authorized officer or, if executed in facsimile by the Depository, countersigned by a
Registrar in respect of the Depositary Receipts by the manual signature of a duly authorized
officer thereof.

	 	 	 	 	 	 	 	 	 	 	 
	Dated:
	 	 	 	Countersigned:
	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Depositary	 	 	 	Registrar	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	
 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Authorized Officer	 	 	 	Authorized Officer	 	 

 

 

[FORM OF REVERSE OF RECEIPT]

AMERIGROUP CORPORATION

     AMERIGROUP CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH RECEIPT HOLDER WHO SO REQUESTS A
COPY OF THE DEPOSIT AGREEMENT AND A STATEMENT OR SUMMARY OF THE POWERS, DESIGNATIONS, PREFERENCES
AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES
THEREOF WHICH THE COMPANY IS AUTHORIZED TO ISSUE AND OF THE QUALIFICATIONS, LIMITATIONS OR
RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE
TRANSFER AGENT NAMED ON THE FACE OF THIS RECEIPT.

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

TEN COM - as tenants in common

TEN ENT - as tenants by the entireties Act

			
	JT TEN - 	 	as joint tenants with right
of survivorship and not as
tenants in common

UNIF GIFT MIN ACT                      Custodian                     

                                            (Cust)                             (Minor)

Under Uniform Gifts to Minors Act                                         

                                                                             (State)

 

 

Additional abbreviations may also be used though not in the above list.

[FORM OF ASSIGNMENT]

For value received,                                         hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

                                                            
Depositary Shares represented by the within Receipt, and
do hereby irrevocably constitute and appoint

                                                             [his/her]
Attorney, to transfer the said Depositary Shares on the books of the within-named Depositary with
full power of substitution in the premises.

Signature:                                                             

[DATE]

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

(GUARANTEE OF SIGNATURE/S)

	 	 	 	 	 	 	 	 	 
	Authorized Signature	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Name and Title	 	 	 	 
	 	 	 	 	 	 	 
	Dated	 	 	 	 
	 	 	 	 	 
	Name of Firm:	 	 	 	 
	`	 	 	 	 	 	 

			
	Notice:	 	If applicable, all signatures on this assignment must be guaranteed by a firm that is a
member of a registered national securities exchange of the National Association of Securities
Dealers, Inc., or by a commercial bank or trust company having an office or correspondent in
the United States (an “Eligible Institution”). However, signatures need not be guaranteed if
this assignment is made for the account of an Eligible Institution.exv4w8xay

Exhibit 4.8(a)

[Form of Warrant Agreement for Warrants Sold Alone]

AMERIGROUP CORPORATION

and

[                    ],

as Warrant Agent

 

WARRANT AGREEMENT

Dated as of [          ]

 

Warrants to Purchase [          ]

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	PAGE
	ARTICLE 1 ISSUANCE OF WARRANTS AND EXECUTION AND DELIVERY OF WARRANT CERTIFICATES	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 1.01.

	 	Issuance of Warrants
	 	 	2	 
	SECTION 1.02.

	 	Execution and Delivery of Warrant Certificates
	 	 	2	 
	SECTION 1.03.

	 	Issuance of Warrant Certificates
	 	 	3	 
	 
	 	 	 	 	 	 
	ARTICLE 2 WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 2.01.

	 	Warrant Price
	 	 	4	 
	SECTION 2.02.

	 	Duration of Warrants
	 	 	4	 
	SECTION 2.03.

	 	Exercise of Warrants
	 	 	4	 
	 
	 	 	 	 	 	 
	ARTICLE 3 OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 3.01.

	 	No Rights as Warrant Securityholder Conferred by Warrants or Warrant Certificates
	 	 	6	 
	SECTION 3.02.

	 	Lost, Mutilated, Stolen or Destroyed Warrant Certificates
	 	 	6	 
	SECTION 3.03.

	 	Enforcement of Rights
	 	 	6	 
	SECTION 3.04.

	 	Merger, Consolidation, Conveyance or Transfer
	 	 	7	 
	 
	 	 	 	 	 	 
	ARTICLE 4 EXCHANGE AND TRANSFER	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 4.01.

	 	Exchange and Transfer
	 	 	7	 
	SECTION 4.02.

	 	Treatment of Holders of Warrant Certificates
	 	 	8	 
	SECTION 4.03.

	 	Cancellation of Warrant Certificates
	 	 	8	 
	 
	 	 	 	 	 	 
	ARTICLE 5 CONCERNING THE WARRANT AGENT	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 5.01.

	 	Warrant Agent
	 	 	9	 
	SECTION 5.02.

	 	Conditions of Warrant Agent’s Obligations
	 	 	9	 
	SECTION 5.03.

	 	Resignation and Appointment of Successor
	 	 	11	 
	 
	 	 	 	 	 	 
	ARTICLE 6 MISCELLANEOUS	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 6.01.

	 	Amendment
	 	 	12	 
	SECTION 6.02.

	 	Notices and Demands to the Company and Warrant Agent
	 	 	12	 

i

 

	 	 	 	 	 	 	 
	 	 	 	 	PAGE
	SECTION 6.03.

	 	Addresses
	 	 	13	 
	SECTION 6.04.

	 	Applicable Law
	 	 	13	 
	SECTION 6.05.

	 	Delivery of Prospectus
	 	 	13	 
	SECTION 6.06.

	 	Obtaining of Governmental Approval
	 	 	13	 
	SECTION 6.07.

	 	Persons Having Rights Under Warrant Agreement
	 	 	13	 
	SECTION 6.08.

	 	Headings
	 	 	14	 
	SECTION 6.09.

	 	Counterparts
	 	 	14	 
	SECTION 6.10.

	 	Inspection of Agreement
	 	 	14	 
	SECTION 6.11.

	 	Notices to Holders of Warrants
	 	 	14	 
	 
	 	 	 	 	 	 
	EXHIBIT A -

	 	Form of Warrant Certificate
	 	 	A-1	 

ii

 

WARRANT AGREEMENT1

     THIS AGREEMENT dated as of [          ] between AMERIGROUP CORPORATION, a Delaware
corporation (the “Company”), and [          ], a [bank] [trust company] duly incorporated and
existing under the laws of [          ], as Warrant Agent (the “Warrant Agent”),

W I T N E S S E T H :

     [WHEREAS, the Company has entered into an Indenture dated as of [Date] (the “Senior
Indenture”) between the Company and [     ], as Trustee (the “Senior Indenture Trustee”), and an
Indenture dated as of [Date] (the “Subordinated Indenture”) between the Company and [     ], as Trustee
(the “Subordinated Indenture Trustee”) (together the “Trustees” or “Trustee” and “Indentures” or
“Indenture”), providing for the issuance from time to time of its unsecured debt securities to be
issued in one or more series as provided in the Indenture; and]

     WHEREAS, the Company proposes to sell [title of such securities being offered] (the “Offered
Securities”) with one or more warrants (the “Warrants”) representing the right to purchase [title
of such securities purchasable through exercise of Warrants] (the “Warrant Securities”), the
Warrants to be evidenced by warrant certificates issued pursuant to this Agreement (the “Warrant
Certificates”); and

     WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company in connection
with the issuance, transfer, exchange, exercise and replacement of the Warrant Certificates, and in
this Agreement wishes to set forth, among other things, the form and provisions of the Warrant
Certificates and the terms and conditions on which they may be issued, transferred, exchanged,
exercised and replaced;

     NOW, THEREFORE, in consideration of the premises and of the mutual agreements herein
contained, the parties hereto agree as follows:

 

			
	1	 	Complete or modify the provisions of this form as
appropriate to reflect the terms of the Warrants and Warrant Securities.
Monetary amounts may be in U.S. dollars, in a foreign currency or in a
composite currency, including but not limited to the euro.

1

 

ARTICLE 1

ISSUANCE OF WARRANTS AND EXECUTION AND DELIVERY OF WARRANT CERTIFICATES

     SECTION 1.01. Issuance of Warrants. 

     The Warrants shall be evidenced by one or more Warrant Certificates. Each Warrant evidenced
thereby shall represent the right, subject to the provisions contained herein and therein, to
purchase
[                     shares of the Warrant Securities] [                     aggregate principal amount of Warrant
Securities].

     SECTION 1.02. Execution and Delivery of Warrant Certificates. 

     Each Warrant, whenever issued, shall be evidenced by a Warrant Certificate in registered form
substantially in the form set forth in Exhibit A hereto, shall be dated and may have such letters,
numbers or other marks of identification or designation and such legends or endorsements printed,
lithographed or engraved thereon as the officers of the Company executing the same may approve
(execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the
provisions of this Agreement, or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any stock exchange on which the
Warrants may be listed, or to conform to usage. The Warrant Certificates shall be signed on behalf
of the Company by its Chairman or Vice Chairman of the Board of Directors, the Chief Financial
Officer, the President, any Vice President, any Assistant Vice President, the Treasurer or any
Assistant Treasurer of the Company, which may but need not be attested by its Secretary or one of
its Assistant Secretaries. Such signatures may be manual or facsimile signatures of such authorized
officers and may be imprinted or otherwise reproduced on the Warrant Certificates.

     No Warrant Certificate shall be valid for any purpose, and no Warrant evidenced thereby shall
be exercisable, until such Warrant Certificate has been countersigned by the Warrant Agent by
manual signature. Such signature by the Warrant Agent upon any Warrant Certificate executed by the
Company shall be conclusive evidence, and the only evidence, that the Warrant Certificate so
countersigned has been duly issued hereunder.

     In case any officer of the Company who shall have signed any of the Warrant Certificates
either manually or by facsimile signature shall cease to be such officer before the Warrant
Certificates so signed shall have been countersigned and delivered by the Warrant Agent as provided
herein, such Warrant Certificates may be countersigned and delivered notwithstanding that the
person who signed such Warrant Certificates ceased to be such officer of the Company; and any
Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual date
of the execution of such Warrant Certificate, shall be the proper officers of the Company, although
at the date of the execution of this Agreement any such person was not such officer.

     The term “Holder,” when used with respect to any Warrant Certificate shall mean

2

 

any person in whose name at the time such Warrant Certificate shall be registered upon the
books to be maintained by the Warrant Agent for that purpose.

     SECTION 1.03. Issuance of Warrant Certificates. 

     Warrant
Certificates evidencing the right to purchase [___ shares of the Warrant Securities]
[an aggregate principal amount not exceeding ___ aggregate principal amount of Warrant
Securities] (except as provided in Sections 2.03, 3.02 and 4.01) may be executed by the Company and
delivered to the Warrant Agent upon the execution of this Warrant Agreement or from time to time
thereafter. The Warrant Agent shall, upon receipt of Warrant Certificates duly executed on behalf
of the Company, countersign Warrant Certificates evidencing [          ]Warrants representing the right
to purchase up to [                    shares of the Warrant Securities] [                     aggregate principal amount of
Warrant Securities] and shall deliver such Warrant Certificates to or upon the order of the
Company. Subsequent to such original issuance of the Warrant Certificates, the Warrant Agent shall
countersign a Warrant Certificate only if the Warrant Certificate is issued in exchange or
substitution for one or more previously countersigned Warrant Certificates or in connection with
their transfer as hereinafter provided or as provided in the antepenultimate paragraph of Section
2.03.

     Pending the preparation of definitive Warrant Certificates evidencing Warrants, the Company
may execute and the Warrant Agent shall countersign and deliver temporary Warrant Certificates
evidencing such Warrants (printed, lithographed, typewritten or otherwise produced, in each case in
form satisfactory to the Warrant Agent). Such temporary Warrant Certificates shall be issuable
substantially in the form of the definitive Warrant Certificates but with such omissions,
insertions and variations as may be appropriate for temporary Warrant Certificates, all as may be
determined by the Company with the concurrence of the Warrant Agent. Such temporary Warrant
Certificates may contain such reference to any provisions of this Warrant Agreement as may be
appropriate. Every such temporary Warrant Certificate shall be executed by the Company and shall be
countersigned by the Warrant Agent upon the same conditions and in substantially the same manner,
and with like effect, as the definitive Warrant Certificates. Without unreasonable delay, the
Company shall execute and shall furnish definitive Warrant Certificates and thereupon such
temporary Warrant Certificates may be surrendered in exchange therefor without charge pursuant to
and subject to the provisions of Section 4.01, and the Warrant Agent shall countersign and deliver
in exchange for such temporary Warrant Certificates definitive Warrant Certificates of authorized
denominations evidencing a like aggregate number of Warrants evidenced by such temporary Warrant
Certificates. Until so exchanged, such temporary Warrant Certificates shall be entitled to the same
benefits under this Warrant Agreement as definitive Warrant Certificates.

3

 

ARTICLE 2

WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS

     SECTION 2.01. Warrant Price. 

     On [          ], the exercise price of each Warrant will be [          ]. During the period from [          ], through and including [          ], the exercise price
of each Warrant will be [          ] [plus
[accrued amortization of the original issue discount] [accrued interest] from ___.] [In each
case, the original issue discount will be amortized at a [     ]% annual rate, computed on an annual
basis using the “interest” method and using a 360-day year consisting of twelve 30-day months].
Such exercise price of Warrant Securities is referred to in this Agreement as the “Warrant Price.”
[The original issue discount for each principal amount of
Warrant Securities is ______ ].

     SECTION 2.02. Duration of Warrants.

     Subject to Section 4.03(b), each Warrant may be exercised [in whole but not in part] [in whole
or in part] [at any time, as specified herein, on or after [the date thereof] [                    ] and at or
before [time, location] on [          ] (each day during such period may hereinafter be referred to as
an “Exercise Date”)] [on [list of specific dates] (each, an “Exercise Date”)], or such later date
as the Company may designate by notice to the Warrant Agent and the Holders of Warrant Certificates
[in registered form and to the beneficial owners of the Global Warrant Certificate] (the
“Expiration Date”). Each Warrant not exercised at or before [time, location] on the Expiration Date
shall become void, and all rights of the Holder [and any beneficial owners] of the Warrant
Certificate evidencing such Warrant under this Agreement shall cease.

     SECTION 2.03. Exercise of Warrants.

     [With respect to Warrants evidenced by Warrant Certificates in registered form, during]
[During] the period specified in Section 2.02, any whole number of Warrants may be exercised by
providing certain information as set forth on the reverse side of the Warrant Certificates
evidencing such Warrants and by paying in full [in lawful money of the United States of America]
[in applicable currency] [in cash] [by certified check or official bank check or by bank wire
transfer, in each case,] [by bank wire transfer] [in immediately available funds,] the Warrant
Price for each Warrant exercised [(plus accrued interest, if any, on the Warrant Securities to be
issued upon exercise of such Warrant from and including the Interest Payment Date (as defined in
the Indenture), if any, in respect of such Warrant Securities immediately preceding the Exercise
Date to and including the Exercise Date (unless the Exercise Date is after the Regular Record Date
(as defined in the Indenture), if any, for such Interest Payment Date, but on or before the
immediately succeeding Interest Payment Date for such Warrant Securities, in which event no such
accrued interest shall be payable))] to the Warrant Agent at its corporate trust office at
[address] [or at ], provided that such exercise is subject to receipt within five business
days of such [payment] [wire transfer] by the Warrant Agent of the Warrant Certificate evidencing
each Warrant exercised with the form of election to purchase Warrant

4

 

Securities set forth on the reverse side of the Warrant Certificate properly completed and
duly executed. [Cashless Exercise Option].

     The date on which payment in full of the Warrant Price (plus any such accrued interest) is
received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid, be
deemed to be the date on which the Warrant is exercised. The Warrant Agent shall deposit all funds
received by it in payment for the exercise of Warrants in an account of the Company maintained with
it (or in such other account as may be designated by the Company) and shall advise the Company, by
telephone or by facsimile transmission or other form of electronic communication available to both
parties, at the end of each day on which a payment for the exercise of Warrants is received of the
amount so deposited to its account. The Warrant Agent shall promptly confirm such advice to the
Company in writing.

     If a day on which Warrants may be exercised in the city in which such Warrants are to be
exercised shall be a Saturday or Sunday or a day on which banking institutions in such city are
authorized or required to be closed, then, notwithstanding any other provision of this Agreement or
the Warrant Certificate evidencing such Warrants, but subject to the limitation that no Warrant may
be exercised after the Expiration Date, the Warrants shall be exercisable on the next succeeding
day which in such city is not a Saturday or Sunday or a day on which banking institutions in such
city are authorized or required to be closed.

     The Warrant Agent shall, from time to time, as promptly as practicable, advise the Company
[and the Trustee] in writing of (i) the number of Warrants exercised, (ii) the instructions of each
Holder of the Warrant Certificates evidencing such Warrants with respect to delivery of the Warrant
Securities to be issued upon such exercise, (iii) delivery of any Warrant Certificates evidencing
the balance, if any, of the Warrants remaining after such exercise, and (iv) such other information
as the Company or the Trustee shall reasonably require.

     As soon as practicable after the exercise of any Warrant, but subject to receipt by the
Warrant Agent of the Warrant Certificate evidencing such Warrant as provided in this Section, the
Company shall issue [, pursuant to the Indenture, in authorized denominations to or upon the order
of the Holder of the Warrant Certificate evidencing each Warrant,] the Warrant Securities to which
such Holder is entitled, in fully registered form, registered in such name or names as may be
directed by such Holder. If fewer than all of the Warrants evidenced by such Warrant Certificate
are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall
manually countersign and deliver, a new Warrant Certificate evidencing the number of such Warrants
remaining unexercised.

     The Company shall not be required to pay any stamp or other tax or other governmental charge
required to be paid in connection with any transfer involved in the issuance of the Warrant
Securities, and in the event that any such transfer is involved, the Company shall not be required
to issue or deliver any Warrant Security until such tax or other charge shall have been paid or it
has been established to the Company’s satisfaction that no such tax or other charge is due.

5

 

ARTICLE 3

OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT

	 	 	SECTION 3.01. No Rights as Warrant Securityholder Conferred by Warrants or Warrant
Certificates. 

     No Warrant Certificate or Warrant evidenced thereby shall entitle the Holder or any beneficial
owner thereof to any of the rights of a holder or beneficial owner of Warrant Securities,
including, without limitation, [the right to receive the payment of principal of (premium, if any)
or interest, if any, on Warrant Securities or to enforce any of the covenants in the Indenture]
[the right to receive dividend payments on the Warrant Securities or any voting rights].

     SECTION 3.02. Lost, Mutilated, Stolen or Destroyed Warrant Certificates.

     Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it and the Company of
the ownership of and the loss, mutilation, theft or destruction of any Warrant Certificate and of
such security or indemnity as may be required by the Company and the Warrant Agent to hold each of
them and any agent of them harmless and, in the case of mutilation of a Warrant Certificate, upon
surrender thereof to the Warrant Agent for cancellation, then, in the absence of notice to the
Company or the Warrant Agent that such Warrant Certificate has been acquired by a bona fide
purchaser, the Company shall execute, and an authorized officer of the Warrant Agent shall manually
countersign and deliver, in exchange for or in lieu of the lost, mutilated, stolen or destroyed
Warrant Certificate, a new Warrant Certificate of the same tenor and evidencing a like number of
Warrants. Upon the issuance of any new Warrant Certificate under this Section, the Company may
require the payment of a sum sufficient to cover any stamp or other tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and
expenses of the Warrant Agent) in connection therewith. Every substitute Warrant Certificate
executed and delivered pursuant to this Section in lieu of any lost, mutilated, stolen or destroyed
Warrant Certificate shall represent an additional contractual obligation of the Company, whether or
not the lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone,
and shall be entitled to the benefits of this Agreement equally and proportionately with any and
all other Warrant Certificates duly executed and delivered hereunder. The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement of lost, mutilated, stolen or destroyed Warrant Certificates.

     SECTION 3.03. Enforcement of Rights.

     Notwithstanding any of the provisions of this Agreement, any Holder of a Warrant Certificate,
without the consent of the Warrant Agent, the Trustee, the holder of any Offered Securities or the
Holder of any other Warrant Certificate, may, in its own behalf and for its own benefit, enforce,
and may institute and maintain any suit, action or proceeding against the Company suitable to
enforce, or otherwise in respect of, its right to

6

 

exercise its Warrants in the manner provided in its Warrant Certificate and in this Agreement.

     SECTION 3.04. Merger, Consolidation, Conveyance or Transfer.

     (a) If at any time there shall be a merger or consolidation of the Company or a conveyance or
transfer of its property and assets substantially as an entirety [as permitted under the
Indenture], then in any such event the successor or assuming corporation referred to therein shall
succeed to and be substituted for the Company, with the same effect [, subject to the Indenture,]
as if it had been named herein and in the Warrant Certificates as the Company; the Company shall
thereupon, except in the case of a transfer by way of lease, be relieved of any further obligation
hereunder and under the Warrants and the Warrant Certificates, and the Company as the predecessor
corporation, except in the case of a transfer by way of lease, may thereupon or at any time
thereafter be dissolved, wound up or liquidated. Such successor or assuming corporation may
thereupon cause to be signed, and may issue either in its own name or in the name of the Company,
Warrant Certificates evidencing any or all of the Warrants issuable hereunder which theretofore
shall not have been signed by the Company, and may execute and deliver Warrant Securities in its
own name [, pursuant to the Indenture], in fulfillment of its obligations to deliver Warrant
Securities upon exercise of the Warrants. All the Warrants so issued shall in all respects have the
same legal rank and benefit under this Agreement as the Warrants theretofore or thereafter issued
in accordance with the terms of this Agreement as though all of such Warrants had been issued at
the date of the execution hereof. In any case of any such merger, consolidation, conveyance or
transfer, such changes in phraseology and form (but not in substance) may be made in the Warrant
Certificates representing the Warrants thereafter to be issued as may be appropriate.

     (b) The Warrant Agent may receive a written opinion of legal counsel (who shall be acceptable
to the Warrant Agent) as conclusive evidence that any such merger, consolidation, conveyance or
transfer complies with the provisions of this Section and the Indentures.

     [Add Anti-Dilution provisions as necessary.]

ARTICLE 4

EXCHANGE AND TRANSFER

     SECTION 4.01. Exchange and Transfer.

     (a) Upon surrender at the corporate trust office of the Warrant Agent at [address] [or ],
Warrant Certificates evidencing Warrants may be exchanged for Warrant Certificates in other
authorized denominations evidencing such Warrants or the transfer thereof may be registered in
whole or in part; provided, however, that such other Warrant Certificates shall evidence the same
aggregate number of Warrants as the Warrant Certificates so surrendered.

     (b) The Warrant Agent shall keep, at its corporate trust office at [address] [and at

7

 

], books in which, subject to such reasonable regulations as it may prescribe, it shall
register Warrant Certificates and exchanges and transfers of outstanding Warrant Certificates upon
surrender of such Warrant Certificates to the Warrant Agent at its corporate trust office at
[address] [or ] for exchange or registration of transfer, properly endorsed [or accompanied
by appropriate instruments of registration of transfer and written instructions for transfer, all
in form satisfactory to the Company and the Warrant Agent.]

     (c) No service charge shall be made for any exchange or registration of transfer of Warrant
Certificates, but the Company may require payment of a sum sufficient to cover any stamp or other
tax or other governmental charge that may be imposed in connection with any such exchange or
registration of transfer.

     (d) Whenever any Warrant Certificates, are so surrendered for exchange or registration of
transfer, an authorized officer of the Warrant Agent shall manually countersign and deliver to the
person or persons entitled thereto a Warrant Certificate or Warrant Certificates, duly authorized
and executed by the Company, as so requested. The Warrant Agent shall not effect any exchange or
registration of transfer which will result in the issuance of a Warrant Certificate, evidencing a
fraction of a Warrant or a number of full Warrants and a fraction of a Warrant.

     (e) All Warrant Certificates, issued upon any exchange or registration of transfer of Warrant
Certificates shall be the valid obligations of the Company, evidencing the same obligations, and
entitled to the same benefits under this Agreement, as the Warrant Certificates surrendered for
such exchange or registration or transfer.

     SECTION 4.02. Treatment of Holders of Warrant Certificates.

     Each Holder of a Warrant Certificate, by accepting the same, consents and agrees with the
Company, the Warrant Agent and every subsequent Holder of such Warrant Certificate that until the
transfer of such Warrant Certificate is registered on the books of such Warrant Agent, the Company
and the Warrant Agent may treat the registered Holder of such Warrant Certificate as the absolute
owner thereof for any purpose and as the person entitled to exercise the rights represented by the
Warrants evidenced thereby, any notice to the contrary notwithstanding.

     SECTION 4.03. Cancellation of Warrant Certificates.

     [(a)] Any Warrant Certificate surrendered for exchange or registration of transfer or exercise
of the Warrants evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant
Agent, and all Warrant Certificates surrendered or so delivered to the Warrant Agent shall be
promptly cancelled by the Warrant Agent and shall not be reissued and, except as expressly
permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor
or in lieu thereof. The Warrant Agent shall cause all cancelled Warrant Certificates to be
destroyed and shall deliver a certificate of such destruction to the Company.

8

 

     [(b) If the Company notifies the Trustee of its election to redeem [, as a whole but not in
part,] the Warrant Securities pursuant to the Indenture or the terms thereof, the Company may
elect, and shall give notice to the Warrant Agent of its election, to cancel the unexercised
Warrants, the Warrant Certificates and the rights evidenced thereby. Promptly after receipt of such
notice by the Warrant Agent, the Company shall, or, at the Company’s request, the Warrant Agent
shall in the name of and at the expense of the Company, give notice of such cancellation to the
Holders of the Warrant Certificates, such notice to be so given not less than 30 nor more than 60
days prior to the date fixed for the redemption of the Warrant Securities pursuant to the Indenture
or the terms thereof. The unexercised Warrants, the Warrant Certificates and the rights evidenced
thereby shall be cancelled and become void on the 15th day prior to such date fixed for
redemption.]

ARTICLE 5

CONCERNING THE WARRANT AGENT

     SECTION 5.01. Warrant Agent.

     The Company hereby appoints [          ] as Warrant Agent of the Company in respect of the
Warrants and the Warrant Certificates upon the terms and subject to the conditions herein and in
the Warrant Certificates set forth; and [          ] hereby accepts such appointment. The Warrant
Agent shall have the powers and authority granted to and conferred upon it in the Warrant
Certificates and herein and such further powers and authority to act on behalf of the Company as
the Company may hereafter grant to or confer upon it. All of the terms and provisions with respect
to such powers and authority contained in the Warrant Certificates are subject to and governed by
the terms and provisions hereof.

     SECTION 5.02. Conditions of Warrant Agent’s Obligations.

     The Warrant Agent accepts its obligations herein set forth upon the terms and conditions
hereof, including the following, to all of which the Company agrees and to all of which the rights
hereunder of the Holders from time to time of the Warrant Certificates shall be subject:

     (a) Compensation and Indemnification. The Company agrees promptly to pay the Warrant Agent the
compensation to be agreed upon with the Company for all services rendered by the Warrant Agent and
to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable
attorneys’ fees) incurred by the Warrant Agent without negligence, bad faith or willful misconduct
or breach of this Agreement on its part in connection with the services rendered hereunder by the
Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless
against, any loss, liability or expense incurred without negligence, bad faith or willful
misconduct on the part of the Warrant Agent, arising out of or in connection with its acting as
Warrant Agent hereunder, as well as the reasonable costs and expenses of defending against any
claim of such liability.

     (b) Agent for the Company. In acting under this Agreement and in connection with

9

 

the Warrants and the Warrant Certificates, the Warrant Agent is acting solely as agent of the
Company and does not assume any obligation or relationship of agency or trust for or with any of
the Holders of Warrant Certificates or beneficial owners of Warrants.

     (c) Counsel. The Warrant Agent may consult with counsel satisfactory to it in its reasonable
judgment, and the advice of such counsel shall be full and complete authorization and protection in
respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance
with the advice of such counsel.

     (d) Documents. The Warrant Agent shall be protected and shall incur no liability for or in
respect of any action taken or thing suffered by it in reliance upon any Warrant Certificate,
notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably
believed by it to be genuine and to have been presented or signed by the proper parties.

     (e) Certain Transactions. The Warrant Agent, and its officers, directors and employees, may
become the owner of, or acquire any interest in, Warrants, with the same rights that it or they
would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable
law, it or they may engage or be interested in any financial or other transaction with the Company
and may act on, or as depositary, trustee or agent for, any committee or body of holders of Warrant
Securities or other obligations of the Company as freely as if it were not the Warrant Agent
hereunder. [Nothing in this Warrant Agreement shall be deemed to prevent the Warrant Agent from
acting as Trustee under the Indenture.]

     (f) No Liability for Interest. The Warrant Agent shall have no liability for interest on any
monies at any time received by it pursuant to any of the provisions of this Agreement or of the
Warrant Certificates.

     (g) No Liability for Invalidity. The Warrant Agent shall not be under any responsibility with
respect to the validity or sufficiency of this Agreement or the execution and delivery hereof
(except the due authorization to execute this Agreement and the due execution and delivery hereof
by the Warrant Agent) or with respect to the validity or execution of any Warrant Certificates
(except its countersignature thereof).

     (h) No Liability for Recitals. The recitals contained herein shall be taken as the statements
of the Company and the Warrant Agent assumes no liability for the correctness of the same.

     (i) No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties
as are herein and in the Warrant Certificates specifically set forth and no implied duties or
obligations shall be read into this Agreement or the Warrant Certificates against the Warrant
Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may
tend to involve it in any expense or liability, the payment of which within a reasonable time is
not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under
any duty or responsibility for the use by

10

 

the Company of any of the Warrant Certificates countersigned by the Warrant Agent and
delivered by it to the Company pursuant to this Agreement or for the application by the Company of
the proceeds of the Warrant Certificates. The Warrant Agent shall have no duty or responsibility in
case of any default by the Company in the performance of its covenants or agreements contained
herein or in the Warrant Certificates or in the case of the receipt of any written demand from a
Holder of a Warrant Certificate with respect to such default, including, without limiting the
generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any
proceedings at law or otherwise or, except as provided in Section 6.02, to make any demand upon the
Company.

     SECTION 5.03. Resignation and Appointment of Successor.

     (a) The Company agrees, for the benefit of the Holders from time to time of the Warrant
Certificates, that there shall at all times be a Warrant Agent hereunder until all the Warrants
have been exercised or are no longer exercisable.

     (b) The Warrant Agent may at any time resign as such by giving written notice of its
resignation to the Company, specifying the desired date on which its resignation shall become
effective; provided, however, that such date shall be not less than 90 days after the date on which
such notice is given unless the Company agrees to accept shorter notice. Upon receiving such notice
of resignation, the Company shall promptly appoint a successor Warrant Agent (which shall be a bank
or trust company in good standing, authorized under the laws of the jurisdiction of its
organization to exercise corporate trust powers) by written instrument in duplicate signed on
behalf of the Company, one copy of which shall be delivered to the resigning Warrant Agent and one
copy to the successor Warrant Agent. The Company may, at any time and for any reason, remove the
Warrant Agent and appoint a successor Warrant Agent (qualified as aforesaid) by written instrument
in duplicate signed on behalf of the Company and specifying such removal and the date when it is
intended to become effective, one copy of which shall be delivered to the Warrant Agent being
removed and one copy to the successor Warrant Agent. Any resignation or removal of the Warrant
Agent and any appointment of a successor Warrant Agent shall become effective upon acceptance of
appointment by the successor Warrant Agent as provided in this subsection (b). In the event a
successor Warrant Agent has not been appointed and accepted its duties within 90 days of the
Warrant Agent’s notice of resignation, the Warrant Agent may apply to any court of competent
jurisdiction for the designation of a successor Warrant Agent. Upon its resignation or removal, the
Warrant Agent shall be entitled to the payment by the Company of the compensation and to the
reimbursement of all reasonable out-of-pocket expenses (including reasonable attorneys’ fees)
incurred by it hereunder as agreed to in Section 5.02(a).

     (c) The Company shall remove the Warrant Agent and appoint a successor Warrant Agent if the
Warrant Agent (i) shall become incapable of acting, (ii) shall be adjudged bankrupt or insolvent,
(iii) shall commence a voluntary case or other proceeding seeking liquidation, reorganization or
other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law
now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian
or other similar official of it or any substantial part of its property, (iv) shall consent to, or
shall have had entered against it a

11

 

court order for, any such relief or to the appointment of or taking possession by any such
official in any involuntary case or other proceedings commenced against it, (v) shall make a
general assignment for the benefit of creditors or (vi) shall fail generally to pay its debts as
they become due. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by
it of such appointment, the predecessor Warrant Agent shall, if not previously disqualified by
operation of law, cease to be Warrant Agent hereunder.

     (d) Any successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to
its predecessor and the Company an instrument accepting such appointment hereunder, and thereupon
such successor Warrant Agent, without any further act, deed or conveyance, shall become vested with
all the authority, rights, powers, immunities, duties and obligations of such predecessor with like
effect as if originally named as Warrant Agent hereunder, and such predecessor shall thereupon
become obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be
entitled to receive, all monies, securities and other property on deposit with or held by such
predecessor as Warrant Agent hereunder.

     (e) Any corporation into which the Warrant Agent hereunder may be merged or converted or any
corporation with which the Warrant Agent may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation
to which the Warrant Agent shall sell or otherwise transfer all or substantially all the assets and
business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the
successor Warrant Agent under this Agreement without the execution or filing of any paper or any
further act on the part of any of the parties hereto.

ARTICLE 6

MISCELLANEOUS

     SECTION 6.01. Amendment.

     This Agreement and the terms of the Warrants and the Warrant Certificates may be amended by
the parties hereto, without the consent of the Holder of any Warrant Certificate or the beneficial
owner of any Warrant, for the purpose of curing any ambiguity, or of curing, correcting or
supplementing any defective or inconsistent provision contained herein or in the Warrant
Certificates, or making any other provisions with respect to matters or questions arising under
this Agreement as the Company and the Warrant Agent may deem necessary or desirable, provided that
such action shall not affect adversely the interests of the Holders of the Warrant Certificates or
the beneficial owners of Warrants in any material respect.

     SECTION 6.02. Notices and Demands to the Company and Warrant Agent.

     If the Warrant Agent shall receive any notice or demand addressed to the Company by the Holder
of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent
shall promptly forward such notice or demand to the Company.

12

 

     SECTION 6.03. Addresses.

     Any communication from the Company to the Warrant Agent with respect to this Agreement shall
be addressed to [          ], Attention: [          ], and any communication from the Warrant
Agent to the Company with respect to this Agreement shall be addressed to AMERIGROUP Corporation,
4425 Corporation Lane, Virginia Beach, Virginia 23462, Attention: General Counsel (or such other
address as shall be specified in writing by the Warrant Agent or by the Company).

     SECTION 6.04. Applicable Law.

     The validity, interpretation and performance of this Agreement and each Warrant Certificate
issued hereunder and of the respective terms and provisions hereof and thereof shall be governed
by, and construed in accordance with, the laws of the State of New York.

     SECTION 6.05. Delivery of Prospectus.

     The Company will furnish to the Warrant Agent sufficient copies of a prospectus relating to
the Warrant Securities deliverable upon exercise of Warrants (the “Prospectus”), and the Warrant
Agent agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the Holder of
the Warrant Certificate evidencing such Warrant, prior to or concurrently with the delivery of the
Warrant Securities issued upon such exercise, a Prospectus. The Warrant Agent shall not, by reason
of any such delivery, assume any responsibility for the accuracy or adequacy of such Prospectus.

     SECTION 6.06. Obtaining of Governmental Approval.

     The Company will from time to time take all action which may be necessary to obtain and keep
effective any and all permits, consents and approvals of governmental agencies and authorities and
securities acts filings under United States federal and state laws (including without limitation a
registration statement in respect of the Warrants and Warrant Securities under the Securities Act
of 1933), which may be or become requisite in connection with the issuance, sale, transfer and
delivery of the Warrant Certificates, the exercise of the Warrants, the issuance, sale, transfer
and delivery of the Warrant Securities issued upon exercise of the Warrants or upon the expiration
of the period during which the Warrants are exercisable.

     SECTION 6.07. Persons Having Rights Under Warrant Agreement.

     Nothing in this Agreement shall give to any person other than the Company, the Warrant Agent
and the Holders of the Warrant Certificates any right, remedy or claim under or by reason of this
Agreement.

13

 

     SECTION 6.08. Headings.

     The descriptive headings of the several Articles and Sections of this Agreement are inserted
for convenience only and shall not control or affect the meaning or construction of any of the
provisions hereof.

     SECTION 6.09. Counterparts.

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

     SECTION 6.10. Inspection of Agreement.

     A copy of this Agreement shall be available at all reasonable times at the principal corporate
trust office of the Warrant Agent for inspection by the Holder of any Warrant Certificate. The
Warrant Agent may require such Holder to submit his Warrant Certificate for inspection by it.

     SECTION 6.11. Notices to Holders of Warrants.

     Any notice to Holders of Warrants evidenced by Warrant Certificates which by any provisions of
this Warrant Agreement is required or permitted to be given shall be given by first class mail
prepaid at such Holder’s address as it appears on the books of the Warrant Agent.

14

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	AMERIGROUP CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	[WARRANT AGENT]	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 

15

 

EXHIBIT A

[FORM OF WARRANT CERTIFICATE]

[Face]

	 	 	 
	Form of Legend if

	 	[Prior to                                         ,
	Warrants are not

	 	Warrants evidenced by this
	immediately exercisable:

	 	Warrant Certificate cannot be
exercised.]

EXERCISABLE ONLY IF AUTHENTICATED BY THE WARRANT

AGENT AS PROVIDED HEREIN

VOID AFTER THE CLOSE OF BUSINESS ON                                         ,                     

AMERIGROUP CORPORATION

Warrant Certificate representing

Warrants to purchase

[Title of Warrant Securities]

as described herein

 

No.

Warrants

     This certifies that [                                        ] or registered assigns is the registered owner of
the above indicated number of Warrants, each Warrant entitling such registered owner to purchase,
at any time [after the close of business on                                         ,                     , and] on or before the close of
business on
                                        ,                     , [             
        shares of the [Title of equity securities]] [$                    
aggregate principal amount of [Title of debt securities]](the “Warrant Securities”) of AMERIGROUP
Corporation (the “Company”)[, issued or to be issued under the Indenture (as hereinafter defined),]
on the following basis.2 [During the period from                                         ,                     
through and including
                                        ,                     , each Warrant shall entitle the Holder thereof, subject to the provisions of this
Agreement, to purchase from the Company the [principal] amount of Warrant Securities stated above
in this Warrant Certificate at the exercise price of [     ] [                    % of the principal amount thereof
[plus accrued amortization, if any, of the original issue discount of the Warrant Securities][plus
accrued interest, if any, from the most recent date from which interest shall have been paid on the
Warrant Securities or, if no interest shall have been paid on the Warrant Securities, from
                                        ,                     ]; [in each case, the original issue discount ($   
                                     
for each $1,000 principal amount of Warrant Securities) will be amortized at a                     % annual rate,

 

			
	2	 	Complete and modify the following provisions as
appropriate to reflect the terms of the Warrants and the Warrant Securities.

A-1

 

computed on a[n] [semi-]annual basis[, using a 360-day year constituting of twelve 30-day
months]] (the “Exercise Price”). The Holder of this Warrant Certificate may exercise the Warrants
evidenced hereby, in whole or in part, by surrendering this Warrant Certificate, with the purchase
form set forth hereon duly completed, accompanied [by payment in full, in lawful money of the
United States of America, [in cash or by certified check or official bank check in New York
Clearing House funds] [by bank wire transfer in immediately available funds]], the Exercise Price
for each Warrant exercised, to the Warrant Agent (as hereinafter defined), at the corporate trust
office of [name of Warrant Agent], or its successor as warrant agent (the “Warrant Agent”) [or at
                                        ,] at the addresses specified on the reverse hereof and upon compliance with and
subject to the conditions set forth herein and in the Warrant Agreement (as hereinafter defined).
This Warrant Certificate may be exercised only for the purchase of [      shares of] Warrant
Securities [in the principal amount of           ] or any integral multiple thereof. [Cashless Exercise
Option].

     The term “Holder” as used herein shall mean the person in whose name at the time such Warrant
Certificate shall be registered upon the books to be maintained by the Warrant Agent for that
purpose pursuant to Section 3.01 of the Warrant Agreement.

     Any whole number of Warrants evidenced by this Warrant Certificate may be exercised to
purchase Warrant Securities in registered form. Upon any exercise of fewer than all of the Warrants
evidenced by this Warrant Certificate, there shall be issued to the registered owner hereof a new
Warrant Certificate evidencing the number of Warrants remaining unexercised.

     This Warrant Certificate is issued under and in accordance with the Warrant Agreement dated as
of                                         ,                      (the “Warrant Agreement”), between the Company and the Warrant Agent and is
subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and
provisions the Holder of this Warrant Certificate consents by acceptance hereof. Copies of the
Warrant Agreement are on file at the above-mentioned office of the Warrant Agent [and at
                                        ].

     [The Warrant Securities to be issued and delivered upon the exercise of Warrants evidenced by
this Warrant Certificate will be issued under and in accordance with an Indenture, dated as of
          
                               (the “Indenture”), between the Company and                                         , a [corporation]
[national banking association] organized under the laws of the State of                                         , as trustee
(such trustee, and any successors to such trustee, the “Trustee”) and will be subject to the terms
and provisions contained in the Warrant Securities and in the Indenture. Copies of the Indenture,
including the form of the Warrant Securities, are on file at the corporate trust office of the
Trustee [and at

       
       ].]

     This Warrant Certificate, and all rights hereunder, may be transferred when surrendered at the
corporate trust office of the Warrant Agent [or                                         ] by the registered owner or his assigns,
in person or by an attorney duly authorized in writing, in the manner and subject to the
limitations provided in the Warrant Agreement.

A-2

 

     After authentication by the Warrant Agent and prior to the expiration of this Warrant
Certificate, this Warrant Certificate may be exchanged at the corporate trust office of the Warrant
Agent [or at                                         ] for Warrant Certificates representing the same aggregate number of
Warrants.

     This Warrant Certificate shall not entitle the registered owner hereof to any of the rights of
a registered holder of the Warrant Securities, including, without limitation, [the right to receive
payments of principal of (and premium, if any) or interest, if any, on the Warrant Securities or to
enforce any of the covenants of the Indenture] [the right to receive dividend payments on the
Warrant Securities or any voting rights].

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

     This Warrant Certificate shall not be valid or obligatory for any purpose until authenticated
by the Warrant Agent.

     IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly executed.

     Dated:                                        

	 	 	 	 	 
	 	AMERIGROUP CORPORATION

 	 
	 	By:  	 	 

	 	 	 	 	 
	 	Attest:

 	 
	 	 	 

Certificate of Authentication

     This is one of the Warrant Certificates referred to in the within-mentioned Warrant Agreement.

	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	As Warrant Agent 	 

	 	 	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Authorized Signature 	 
	 	 	 	 
	 

A-3

 

[REVERSE] [FORM OF WARRANT CERTIFICATE]

(Instructions for Exercise of Warrants)

     To exercise any Warrants evidenced hereby, the Holder of this Warrant Certificate must pay [in
cash or by certified check or official bank check in New York Clearing House funds or by bank wire
transfer in immediately available funds], the Exercise Price in full for each of the Warrants
exercised, to                     , Corporate Trust Department,                                         ,
 Attn:                                          [or
                                        ], which payment should specify the name of the Holder of this Warrant Certificate
and the number of Warrants exercised by such Holder. In addition, the Holder of this Warrant
Certificate should complete the information required below and present in person or mail by
registered mail this Warrant Certificate to the Warrant Agent at the addresses set forth below.

[FORM OF EXERCISE]

(To be executed upon exercise of Warrants.)

     The undersigned hereby irrevocably elects to exercise                      Warrants, represented by this
Warrant Certificate, to purchase [                     shares of [Title of equity securities]] [$                    
aggregate principal amount of the [Title of debt securities]] (the “Warrant Securities”) of
AMERIGROUP Corporation and represents that he has tendered payment for such Warrant Securities [in
cash or by certified check or official bank check in New York Clearing House funds or by bank wire
transfer in immediately available funds] to the order of AMERIGROUP Corporation, c/o [     ] in the
amount of $                     in accordance with the terms hereof. The undersigned requests that said
[principal] amount of Warrant Securities be in fully registered form, in the authorized
denominations, registered in such names and delivered, all as specified in accordance with the
instructions set forth below.

     If said [principal] amount of Warrant Securities is less than all of the Warrant Securities
purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the
remaining balance of the Warrants evidenced hereby be issued and delivered to the undersigned
unless otherwise specified in the instructions below.

	 	 	 	 	 
	Dated:
	 	 	 	 
	 

	 	 

	 	 
	Name
	 	 	 	 
	 

	 	 

(Please Print)
	 	 
	 
	 	 	 	 
	 	 	 
	(Insert Social Security or Other Identifying Number of Holder)	 	 
	 
	 	 	 	 
	Address
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	Signature
	 	 	 	 
	 

	 	 

	 	 

A-4

 

(Signed
exactly as name appears

on the other side of this Warrant

Certificate)

          This Warrant may be exercised at the following addresses:

	 	 	 	 	 
	By hand at

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	By mail at
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

     (Instructions as to form and delivery of Warrant Securities and/or Warrant Certificates):

A-5

 

[[FORM OF ASSIGNMENT]

(TO BE EXECUTED TO TRANSFER THE WARRANT CERTIFICATE)

     FOR VALUE RECEIVED                                                             
 hereby sells, assigns and transfers unto

Please
insert social

security or other

identifying number

	 	 	 
	 

	 	 
	 
	 	 
	 

(Please print name and address including zip code)

	 	 
	 
	 	 

 

                                        the right
represented by the within Warrant Certificate and does hereby irrevocably constitute and appoint
                                        , Attorney, to transfer said Warrant Certificate on the books of the Warrant Agent
with full power of substitution.

Dated:                                         

	 	 	 
	 

	 	 
	 

Signature

	 	 
	(Signed exactly as name appears on the
	 	 
	other side of this Warrant Certificate)
	 	 

Signature Guarantee:

	 	 	 
	 

Participant in a recognized Signature

	 	 
	Guarantee Medallion Program (or other
	 	 
	signature guarantor program reasonably
	 	 
	acceptable to the Warrant Agent)
	 	 

A-6

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