Document:

Document

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Exhibit 10.2
SEPARATION AGREEMENT

This Separation Agreement (the “Agreement”) is entered into by and between Scott Price (“Executive”) and United Parcel Service, Inc. (“UPS” or the “Company”).  Executive and UPS are collectively referred to herein as the “Parties.”
WHEREAS, Executive’s employment with the Company will end on March 31, 2022; and
WHEREAS, Executive and the Company wish to memorialize in writing certain terms of Executive’s separation from the Company.
THEREFORE, Executive and the Company agree as follows:
1.Date of Separation.  Executive shall cease serving as the Company’s President, UPS International effective March 31, 2022 (the “Separation Date”).  As of the Separation Date, Executive shall resign from all other positions that Executive holds (if any) as an officer, employee or director of the Company or any of its subsidiaries, affiliates or related business entities (collectively, the “UPS Entities”), and shall promptly execute any documents and take any actions as may be necessary or reasonably requested by the Company to effectuate or memorialize Executive’s termination from all positions with the UPS Entities.
2.Continuing Performance.  Executive shall devote substantially all of Executive’s professional time and attention during usual business hours to the performance of his President, UPS International duties for the Company until the Separation Date.  Executive acknowledges that March 31, 2022 will be his last day of employment by the Company.
3.Executive Benefits Upon Separation.  
a.Accrued Compensation.  The Company shall pay to Executive, in a lump sum in cash within 30 days after the Separation Date (or earlier, if required by applicable law), the aggregate of the following amounts:  the sum of (i) Executive’s base salary through the Separation Date to the extent not theretofore paid, (ii) Executive’s business expenses that are reimbursable pursuant to applicable Company policies and procedures but have not been reimbursed by the Company as of the Separation Date (the sum of the amounts described in subclauses (i) and (ii), the “Accrued Cash Amounts”);
b.Other Benefits.  Executive shall be entitled to accrued, vested benefits under any benefit plans, programs or arrangements of the Company in which Executive participates that are not otherwise addressed in this Section 3 (including any vested benefits under the Company’s qualified and nonqualified retirement plans but specifically excluding any other severance plans, agreements or arrangements), subject to the terms of such plans, programs or arrangements (the “Accrued Benefits,” and, together with the Accrued Cash Amounts, the “Accrued Obligations”).  Except as otherwise expressly stated herein or as otherwise required by law, as of the Separation Date Executive shall cease to participate in all employee benefits, plans, policies and practices provided by the Company.
c.Severance Compensation.  In consideration for and contingent upon Executive (X) signing this Agreement, and (Y) signing, no earlier than the Separation Date and no later than 21 days following the Separation Date (the “Release Deadline”), the General Waiver and Release attached hereto as Attachment 1 (the “Release”), and letting the Release become effective as set forth in the Release, Executive shall become entitled to the payments and benefits set forth in this Section 3.c (the “Severance Benefits”).  If Executive does not sign the Release on or before the Release Deadline, or if Executive revokes the Release in accordance with its terms, then Executive shall forfeit any right to the Severance Benefits.  The Severance Benefits are as follows:
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i.Lump Sum Cash Severance.  The Company shall pay to Executive a lump sum amount in cash equal to $912,151. 20, representing (A) one-year of Executive’s base salary and (B) a pro-rata portion of Executive’s target award under the Company’s 2022 Management Incentive Program.  This amount shall be paid to Executive within 30 days of the Separation Date.
ii.Treatment of Outstanding Equity Awards.  Equity compensation awards granted by the Company to Executive pursuant to the United Parcel Service, Inc. 2015 Omnibus Incentive Compensation Plan (the “2015 Plan”), the United Parcel Service, Inc. 2018 Omnibus Incentive Compensation Plan (the “2018 Plan”) and the United Parcel Service, Inc. 2021 Omnibus Incentive Compensation Plan (the “2021 Plan,” together with the 2015 Plan and 2018 Plan, the “Equity Plans”) and outstanding as of the Separation Date shall be treated as set forth below:
4,089 unvested restricted performance units (“RPUs”) granted to Executive under the Company’s 2021 Management Incentive Plan on February 9, 2022, plus any dividend equivalent units (“DEUs”) credited with respect to such RPUs, shall vest in full immediately following the Separation Date and convert to shares of the Company’s class A common stock at the time that such RPUs would convert had Executive continued to be employed with the Company.
Outstanding RPUs granted to Executive under the Company’s Long-Term Incentive Performance (“LTIP”) program, plus DEUs credited with respect to such RPUs, shall vest as follows:
The target award of 33,012 RPUs (including DEUs) granted to Executive on May 13, 2020 shall be pro-rated to be 24,759 target RPUs (with the remaining target RPUs for such award forfeited). The actual number of RPUs (and any related DEUs) earned shall be determined based on actual Company performance following the completion of the performance period and shall be issued and converted to shares of the Company’s class A common stock as follows: 50% of the actual number of RPUs (and any related DEUs) earned shall be issued and converted to shares of the Company’s class A common stock at the time that such RPUs would be issued and converted had Executive continued to be employed with the Company; and the remaining 50% of such earned RPUs (and any related DEUs) will be issued on December 1, 2023. 
The target award of 18,347 RPUs (including DEUs) granted to Executive on March 25, 2021 shall be pro-rated to be 7,645 target RPUs (with the remaining target RPUs for such award forfeited).  The actual number of RPUs (and any related DEUs) earned shall be determined based on actual Company performance following the completion of the performance period and such number of RPUs shall be issued and converted to shares of the Company’s class A common stock at the time that such RPUs would be issued and converted had Executive continued to be employed with the Company; and
Except as otherwise described above, such LTIP RPU awards shall continue in accordance with their terms (including with respect to the applicable performance objectives) as though Executive had remained continuously employed by the Company through the end of the applicable performance period.
Outstanding stock options granted to Executive pursuant to the Equity Plans under the Company’s UPS Stock Option Program (“Options”) that are unvested as of the Separation Date shall be forfeited upon the Separation Date.  Outstanding Options that are vested as of the Separation Date shall expire and terminate at 4:00 p.m. Eastern Time on the 90th day following the Separation Date.
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iii.Health Coverage. Executive will have the opportunity to purchase continued healthcare coverage through March 31, 2024.  Executive is responsible for paying the full cost of coverage.  Executive will receive information from the COBRA administrator for the UPS Flexible Benefits Plan regarding continuation of healthcare coverage.  Continued coverage is dependent on timely payment of premiums. 
The Severance Benefits and the Accrued Obligations shall be in full satisfaction of any amounts due to Executive under any compensation or benefit arrangements of the Company, including but not limited to the Equity Plans.  Executive acknowledges and agrees that, if Executive violates or breaches any term of this Agreement, including but not limited to Section 5 hereof, Executive will forfeit any portion of the Severance Benefits that have not already been paid to Executive at the time of the violation or breach.  Executive further acknowledges and agrees that the Severance Benefits do not constitute benefits to which Executive would otherwise be entitled as a result of Executive’s termination of employment with the Company, that such Severance Benefits would not be due unless Executive signs the Release, and that such Severance Benefits constitute fair and adequate consideration for Executive’s promises and covenants set forth in this Agreement and the Release.  
4.Continuing Duties.
a.Post-Separation Transition.  During the three-month period following the Separation Date, and from time to time after that as may be necessary, Executive agrees to cooperate in good faith with the Company regarding reasonable transitional assistance that may be requested by the Company, including but not limited to (i) answering questions about matters relating to the business of the Company or its affiliates as to which Executive has knowledge, and (ii) forwarding to an appropriate person designated by the Company any email, voicemail message or other communication received by Executive after the Separation Date that relates to the Company, its affiliates, or their respective businesses.  The Company agrees to make reasonable efforts to minimize the burden on Executive with regard to the foregoing transitional activities, including scheduling telephone calls and meetings at times and locations that are reasonably convenient for Executive.
b.Cooperation.  As further consideration for the covenants set forth herein, Executive hereby agrees to reasonably cooperate in good faith with any lawyer, law firm, or consultant that the Company designates with respect to any litigation, deposition, hearing, arbitration, inquiry, investigation or other proceeding, in any jurisdiction arising out of or relating to matters of which Executive was involved prior to the Separation Date with the Company or which Executive gained knowledge of during his employment with the Company (including, but not limited to, support of the Company’s, or that of any of its affiliates’, position in defending any general liability-related lawsuits, employment-related lawsuits or claims concerning which Executive has knowledge, or audits, investigations, lawsuits, complaints or proceedings by government entities of state or federal law compliance) where the legal or financial interests of the Company or any of its affiliates are at material issue.  Executive further covenants that, except with respect to an investigation or proceeding conducted by a governmental entity or where prohibited by law, Executive will (i) contact the Company as soon as reasonably practicable, but in no event longer than seventy-two (72) hours, in the event that Executive is served with or notified of any subpoena, notice or other instruction directing Executive to appear, or produce documents or other information, in any legal proceeding involving the Company or any of its affiliates, and (ii) will make no such appearance or disclosure, unless required by law, until the Company has had a reasonable opportunity to contest the right of the requesting person or entity to such appearance or disclosure.  The Company shall timely reimburse Executive for reasonable travel expenses and other reasonable out-of-pocket expenses associated with Executive’s compliance with the obligations in this Section 4.  The Company will exercise its rights in good faith under this Section 4 so as not to unreasonably interfere with Executive’s professional activities.
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5.Restrictive Covenants.
a.Acknowledgments.
i.Key Employee.  Executive acknowledges and agrees that, by reason of his highly specialized skillset and the Company’s investment of time, training, money, trust, and exposure to Confidential Information, Executive is intimately involved in the planning and direction of the Company’s global business operations.
ii.Consideration.  Executive acknowledges and agrees that his execution of and compliance with this Agreement are material factors in the Company’s decision to provide Executive with the compensation and benefits provided for in this Agreement, as well as access to Confidential Information that is not provided to other employees of the Company, which constitute good and valuable consideration for the covenants set forth in this Agreement.
iii.Potential Unfair Competition.  Executive acknowledges and agrees that, as a result of his receipt of Confidential Information, his role at UPS, and his relationships with UPS customers and employees, Executive would have an unfair competitive advantage if Executive were to violate this Agreement.
iv.No Undue Hardship.  Executive acknowledges and agrees that, in the event that his employment with the Company terminates for any reason, Executive possesses marketable skills and abilities that will enable him to find suitable employment without violating the covenants set forth in this Agreement.
v.Voluntary Execution.  Executive acknowledges and affirms that Executive is executing this Agreement freely, knowingly and voluntarily, that Executive has read this Agreement carefully, that Executive has had a full and reasonable opportunity to consider this Agreement (including an opportunity to consult with legal counsel), and that Executive has not been pressured or in any way coerced, threatened or intimidated into signing this Agreement.
b.Definitions.
i.“Company” means, solely for purposes of this Section 5, United Parcel Service, Inc., a Delaware corporation with its principal place of business in Atlanta, Georgia, and all of its Affiliates (as defined in O.C.G.A. § 13-8-51(1)).
ii.“Confidential Information” means all information regarding the Company, its activities, businesses or customers which Executive learned as a result of his employment, that is valuable to the Company and that is not generally disclosed by practice or authority to persons not employed or otherwise engaged by the Company, but that does not rise to the level of a Trade Secret. “Confidential Information” shall include, but is not limited to, financial plans and data; legal affairs; management planning information; business plans; acquisition plans; operational methods and technology; market studies; marketing plans or strategies; product development techniques or plans; customer lists; details of customer contracts; current and anticipated customer requirements and specifications; customer pricing and profitability data; past, current and planned research and development; employee-related information and new personnel acquisition plans. “Confidential Information” shall not include information that is or becomes generally available to the public by the act of one who has the right to disclose such information without violating any right or privilege of the Company. However, although certain information may be generally known in the relevant industry, the fact that the Company uses such information may not be so known and in such instance the information would compromise Confidential Information. This definition shall not limit any definition of “confidential information” or any equivalent term under applicable state or federal law.
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iii.“Protected Customers” means customers or actively sought potential customers (A) who Executive dealt with on behalf of the Company; (B) whose dealings with the Company are or were coordinated or supervised by Executive; or (C) about whom Executive obtained Confidential Information as a result of his employment with the Company.
iv.“Protected Employee” means an employee of the Company who is employed by the Company at the time of any solicitation or attempted solicitation by Executive.
v.“Restricted Competitors” means the companies and/or organizations listed on Attachment 2 to this Agreement, and incorporated herein by reference.
vi.“Restricted Period” means during Executive’s employment with UPS and for a period of two (2) years thereafter.
vii.“Trade Secret” means all of the Company’s information that Executive learned about as a result of his employment, without regard to form, including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, distribution lists or a list of actual or potential customers, advertisers or suppliers, that (A) derives economic value, actual or potential, from not being generally known to the public or to other persons who can obtain economic value from its disclosure or use; and (B) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. This definition shall not limit any definition of “trade secrets” or any equivalent term under applicable law.
c.Non-Disclosure and Prohibition Against Use of Confidential Information and Trade Secrets.  Executive agrees that he will not, directly or indirectly, reveal, divulge, or disclose any Confidential Information or Trade Secrets to any Person not expressly authorized by the Company to receive such information. Executive further agrees that he will not, directly or indirectly, use or make use of any Confidential Information or Trade Secrets in connection with any business activity other than business activity that Executive is pursuing on behalf of the Company. Executive acknowledges and agrees that this Agreement is not intended to, and does not, alter either the Company’s rights or Executive’s obligations under any state or federal statutory or common law regarding trade secrets and unfair trade practices. Executive also understands that nothing contained in this Agreement limits Executive’s ability to communicate with any federal, state or local governmental agency or commission (“Government Agencies”) or otherwise participate in any investigation or proceeding that may be conducted by any Government Agencies in connection with any charge or complaint, whether filed by Executive, on his behalf, or by any other individual. Executive additionally understands and agrees that if he makes a confidential disclosure of a Company Trade Secret (as defined in 18 U.S.C. §1839) to a government official or an attorney for the sole purpose of reporting or investigating a suspected violation of law, or in a court filing under seal, Executive shall not be held liable under this Agreement or under any federal or state trade secret law for such a disclosure.
d.Non-Solicitation of Protected Employees.  During the Restricted Period, Executive will not, without the prior written consent of the Company, directly or indirectly, solicit or induce or attempt to solicit or induce any Protected Employee to terminate his/her employment relationship with the Company or to enter into employment with Executive or any other person or entity.
e.Non-Solicitation of Protected Customers.  During the Restricted Period, Executive will not, without the prior written consent of the Company, directly or indirectly, solicit, divert, take away or attempt to solicit, divert or take away a Protected Customer for purposes of providing products and services that are competitive with those provided by the Company.
f.Covenant Not to Compete.  During the Restricted Period, Executive will not, without the prior written consent of the Company, (i) work for a Restricted Competitor; (ii) provide 
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advice or consulting services to a Restricted Competitor; or (iii) otherwise provide services to a Restricted Competitor that are similar to those services that Executive provided to the Company and that are competitive with the transportation, delivery or logistics services provided by the Company during Executive’s employment. Executive understands and agrees that this non-compete provision is limited to the geographic area where the Company did business during Executive’s employment.
g.Non-Disparagement.  The Company will not make any statements that are derogatory or disparaging towards Executive and, except as otherwise provided in Section 6 below,  Executive will not make any statements that are derogatory or disparaging towards any of the Company, its affiliates and related entities, and each of their respective current and former officers, directors, shareholders, managers, members, partners, employees, agents, employee benefit plans and fiduciaries, insurers, attorneys, agents, trustees, professional employer organizations, successors and assigns (each a “Non-Disparagement Party” and collectively, the “Non-Disparagement Parties”). For the purposes of this Agreement, the term “disparage” includes, without limitation, comments or statements made in any manner or medium (including, without limitation, to the press and/or media, the Non-Disparagement Parties or any individual or entity) which would adversely affect in any manner (i) the conduct of the business of any of the Non-Disparagement Parties (including, without limitation, any Non-Disparagement Party’s business plans or prospects) or (ii) the business reputation of any Non-Disparagement Party.
h.Enforcement of Protective Covenants.  Executive acknowledges and agrees that the covenants in Sections 5.c through 5.g (the “Protective Covenants”) are necessary to protect the Company’s legitimate business interests. In the event that Executive breaches, or threatens to breach, the Protective Covenants, Executive agrees that the Company shall have the right and remedy to: (i) enjoin Executive, preliminarily and permanently (without the necessity of posting bond), from violating or threatening to violate the Protective Covenants because any breach or threatened breach of the Protective Covenants would cause irreparable injury to the Company and that money damages would not provide an adequate remedy; (ii) require Executive to account for and pay over to the Company all compensation, profits, monies, or other benefits derived or received by Executive as the result of any breach of the Protective Covenants; and (iii) require Executive to pay the reasonable attorneys’ fees and costs incurred by the Company in enforcing the Protective Covenants.  In addition to and not in lieu of any other remedy to which the Company may be entitled, no further payments or benefits of any kind that would otherwise inure to Executive pursuant to Section 3.c of this Agreement shall accrue or be owed, and all future payments and benefits thereunder shall be forfeited, immediately upon Executive’s breach of any of the covenants in this Section 5.
i.Severability/Reformation.  Executive acknowledges and agrees that the Protective Covenants are reasonable in time, scope and all other respects and that they will be considered and construed as separate and independent covenants. Should any part or provision of any of the Protective Covenants be held invalid, void or unenforceable in any court of competent jurisdiction, Executive understands and agrees that such invalidity, voidness or unenforceability does not invalidate, void or otherwise render unenforceable any other part or provision of this Agreement. Executive further agrees that, in the event any court of competent jurisdiction finds any of the Protective Covenants to be invalid or unenforceable (in whole or in part), the invalid or unenforceable term must be modified or redefined, or a new enforceable term provided, so that the Protective Covenants are enforceable to the fullest extent permitted by law.
j.Tolling During Litigation.  Executive understands and agrees that if Executive violates any of the Protective Covenants, the period of restriction applicable to each obligation violated will not run during any litigation over such violation, provided that such litigation was initiated during the period of the restriction.
k.Waiver.  Executive acknowledges that any waiver by the Company of any breach of this Agreement by Executive shall not be effective unless confirmed in writing, and that no such 
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waiver shall operate or be construed as a waiver of the same breach or another breach on a subsequent occasion.
l.Disclosure of Agreement.  Executive agrees to disclose the existence and terms of this Agreement to any prospective employer, partner, co-venturer, investor or lender prior to entering into an employment, partnership or other business relationship with such prospective employer, partner, co-venturer, investor or lender.
6.Permitted Disclosures.  Nothing contained in this Agreement limits Executive’s ability to file a charge or complaint with the Equal Employment Opportunity Commission or any other federal, state or local governmental agency or commission (collectively, “Government Agencies”), or prevents Executive from providing truthful testimony in response to a lawfully issued subpoena or court order.  Further, this Agreement does not limit Executive’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company, and for purposes of clarity Executive is not prohibited from providing information voluntarily to the Securities and Exchange Commission pursuant to Section 21F of the Securities Exchange Act of 1934, as amended.  Executive is hereby notified that under the Defend Trade Secrets Act:  (a) no individual will be held criminally or civilly liable under federal or state trade secret law for disclosure of a trade secret (as defined in the Economic Espionage Act) that is:  (i) made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and made solely for the purpose of reporting or investigating a suspected violation of law; or (ii) made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and (b) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order.  The Company nonetheless asserts and does not waive its attorney-client privilege over any information appropriately protected by privilege.
7.Return of Materials.  Immediately following the termination of Executive’s employment or upon request from the Company at any other time, Executive agrees to return all materials, documents, and/or information in Executive’s possession or control relating to the Company without retaining any copies in either electronic or hard copy form. Executive also agrees that following his termination, or upon request from the Company, he will return all in reasonable working order materials, documents, and/or information that he received or created in connection with his work for the Company and its affiliates, including but not limited to Confidential Information and Trade Secrets. Such documents, materials and information shall include, without limitation, documents, materials, equipment, keys, credit cards, financial information, correspondence, computer equipment and data, and other documents and things belonging to the Company, including but not limited to Confidential Information and Trade Secrets.
8.No Re-Employment.  Executive agrees that he will not seek or accept employment with the Company, including assignment to or on behalf of the Company as an independent contractor or through any third party, and the Company has no obligation to consider Executive for any future employment or assignment.
9.No Admission of Liability.  Executive agrees not to assert that this Agreement is an admission of guilt or wrongdoing by the Company or any Non-Disparagement Party, and Executive 
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acknowledges that the Company and the Non-Disparagement Parties deny that they have engaged in wrongdoing of any kind or nature.
10.Taxation and Withholding; 409A Compliance.
a.Executive acknowledges that payments and benefits hereunder may be taxable and that the Company makes no representation or warranty regarding the income tax effects of any payment or benefit provided hereunder.  Executive shall be solely responsible for any tax liability with respect to all payments and benefits provided under this Agreement.  The Company may withhold from any amounts payable under this Agreement such federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation.
b.If, (i) as of the date hereof, Executive is or was party to an agreement or arrangement with the Company that entitled Executive to compensation or benefits which is considered deferred compensation for purposes of Section 409A (in each case, an “Other Severance Arrangement”), and (ii) the time and form of the payments under this Agreement would result in tax penalties under Section 409A of the Internal Revenue Code (“Section 409A”), then, to the extent necessary to avoid tax penalties under Section 409A, any amounts owed pursuant to this Agreement shall instead be paid (to the extent possible) at the time and in the manner provided for in such Other Severance Arrangement.
c.It is the intention of both Executive and the Company that the benefits and rights to which Executive is entitled pursuant to this Agreement are exempt from or comply with Section 409A, to the extent that the requirements of Section 409A are applicable thereto, and the provisions of this Agreement shall be construed in a manner consistent with that intention.  If Executive or the Company believe, at any time, that any such benefit or right that is subject to Section 409A does not so comply, Executive or the Company shall promptly advise the other and shall negotiate reasonably and in good faith to amend the terms of such benefits and rights such that they comply with Section 409A (with the most limited possible economic effect on Executive and the Company).
d.Notwithstanding any provision of this Agreement to the contrary, to the extent any reimbursement or in-kind benefit provided under this Agreement is nonqualified deferred compensation within the meaning of Section 409A: (i) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year; (ii) the reimbursement of an eligible expense must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred; and (iii) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
e.Notwithstanding anything herein to the contrary, if, as of the date of Executive’s separation from service (i) Executive is a “specified employee” as determined under Section 409A, then any portion of the compensation provided for herein that is subject to and not exempt from Section 409A and that would otherwise be payable within the first six (6) months following such separation from service shall be delayed until the first regular payroll date of the Company following the six (6) month anniversary of Executive’s separation from service to the extent required for compliance with Section 409A.
11.Severability.  In the event any portion or clause of this Agreement is deemed invalid or unenforceable in a court of law, the remainder of the Agreement shall be severed from the invalid or unenforceable portion.
12.Entire Agreement.  Except as otherwise expressly provided in this Agreement, any prior agreement (whether written or oral) between the parties with respect to the subject matter of this Agreement, including the offer letter with Executive dated November 25, 2017 and the UPS Protective Covenant Agreement between the Company and Executive dated as of November 26, 2017, is null and 
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void, as this Agreement expresses the entire agreement of the parties with respect to its subject matter.  This Agreement may only be modified in writing signed by both Parties.
13.Assignment.  This Agreement shall accrue to the benefit of the Company and its successors and assigns, and shall be freely assignable to any entity with which the Company may merge or otherwise combine, or to which the Company may transfer substantial assets.  This Agreement is personal to Executive and may not be assigned by Executive.
14.Governing Law.  This Agreement shall be construed in accordance with, and governed by, the laws of the State of Georgia.  The Company and Executive agree that the federal or state courts of Georgia have exclusive jurisdiction over any dispute relating to this Agreement and specifically consent to personal jurisdiction in such courts, even if Executive no longer resides in Georgia at the time of any dispute arising out of or involving this Agreement.
15.Interpretation.  This Agreement shall be construed as a whole according to its fair meaning.  It shall not be construed strictly for or against either Party.  Unless the context indicates otherwise, the singular or plural number shall be deemed to include the other.  Captions are intended solely for convenience of reference and shall not be used in the interpretation of this Agreement.
16.Counterparts.  This Agreement may be executed in counterparts, including those transmitted by electronic means, each of which shall be deemed an original and all of which taken together shall constitute one and the same document.
17.Survival of Obligations.  Notwithstanding any provision herein to the contrary, Sections 5, 6, and 7 of this Agreement shall survive any termination of Executive’s employment with the Company and continue in full force and effect.
18.Authorizations.  The Parties hereby represent and warrant that it or he (as applicable) has the power and authority to execute, deliver and perform this Agreement, that this Agreement has been duly authorized by all necessary corporate action on the part of such Party, that this Agreement constitutes a legal, valid and binding obligation of each such Party and that the execution, delivery and performance of this Agreement by such Party does not contravene or conflict with any provision of law or of its charter or bylaws or any material agreement, instrument or order binding on such Party.

[Signature Page Follows]
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IN WITNESS WHEREOF, the Parties have executed this Agreement effective as of the Effective Date.
						
	

	United Parcel Service, Inc.
By:/s/ Norman M. Brothers, Jr.
Name:  Norman M. Brothers, Jr.
Title:  Chief Legal and Compliance Officer

	

	/s/ Scott Price
Name:  Scott Price

[Signature Page to Separation Agreement]

ATTACHMENT 1

GENERAL WAIVER AND RELEASE
This General Waiver and Release (this “Release”) is provided by Scott Price (“Executive”), pursuant to the Separation Agreement by and between United Parcel Service, Inc. (the “Company”) and Executive dated as of the applicable date referenced therein (the “Separation Agreement”).  Capitalized terms used but not defined herein have the meanings assigned to them in the Separation Agreement.
1.Conditions Precedent.  Executive acknowledges and agrees that his ongoing compliance with the terms and conditions of the Separation Agreement and this Release is a condition precedent to the Company’s obligation to provide the Severance Benefits.
2.Executive Released Claims.
a.For and in consideration of the Severance Benefits, the adequacy of which is hereby acknowledged, Executive hereby fully and completely releases, acquits and forever discharges the Company, its affiliates and related entities, and each of their respective current and former officers, directors, shareholders, managers, members, partners, employees, agents, employee benefit plans and fiduciaries, insurers, attorneys, agents, trustees, professional employer organizations, successors and assigns (each a “Released Party” and collectively, the “Released Parties”), collectively, separately, and severally, of and from any and all claims, demands, damages, causes of action, debts, liabilities, controversies, judgments, and suits of every kind and nature whatsoever, known or unknown, which Executive has had, now has, or may have against the Released Parties (or any of them) from the beginning of time through the date Executive signs this Release, with the exception of any claims that cannot legally be waived by private agreement (the claims released in this Release are collectively referred to as the “Released Claims”).  The Released Claims include:  (i) all claims arising under any federal, state or local statute or ordinance, constitutional provision, public policy or common law, including all claims under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967 (the “ADEA”), the Equal Pay Act, the Civil Rights Act of 1866, the Employee Retirement Income Security Act, COBRA, the Americans with Disabilities Act, the Family and Medical Leave Act, the Worker Adjustment and Retraining Notification Act, the Georgia Equal Pay Act, the Georgia Prohibition of Age Discrimination in Employment Act, and the Georgia Equal Employment for People with Disabilities Code, all as amended; (ii) all claims arising under discrimination laws, whistleblower laws and laws relating to violation of public policy, retaliation, or interference with legal rights; (iii) all claims for compensation of any type whatsoever, including but not limited to claims for wages, bonuses, commissions, incentive compensation, equity, vacation, PTO and severance; (iv) all claims arising under tort, contract and/or quasi-contract law; (v) all claims for monetary or equitable relief, including but not limited to attorneys’ fees, back pay, front pay, reinstatement, experts’ fees, medical fees or expenses, costs and disbursements; and (vi) all claims, counterclaims, demands, debts, actions, causes of action, suits, expenses, costs, attorneys’ fees, accountants’ fees, damages, indemnities, obligations and/or liabilities of any nature whatsoever, whether known or unknown, in law or in equity, which are related to, or directly or indirectly arise from, the assessment against, or any other application or possible application to, Executive of any penalties or additional tax under Section 409A of the Internal Revenue Code of 1986, as amended, related in any way to the payments and benefits provided pursuant to the Separation Agreement.  Executive hereby waives any right to seek or recover any individual relief (including any money damages, reinstatement, or other relief) in connection with any of the Released Claims through any charge, complaint, lawsuit, or other proceeding, whether commenced or maintained by Executive or by any other 
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person or entity, with the exception of any right to seek an award for information provided to a government agency pursuant to Section 21F of the Securities Exchange Act of 1934 or other whistleblower statute.
b.Release of ADEA Claims.  The Released Claims include any claims Executive may have against any of the Released Parties under the ADEA.  Executive has twenty one (21) calendar days to consider this Release and decide whether to sign it (the “Consideration Period”).  If Executive decides to sign this Release before the expiration of the Consideration Period, which is solely Executive’s choice, Executive represents that his decision is knowing and voluntary.  Executive agrees that any revisions made to this Release after it was initially delivered to Executive, whether material or immaterial, do not restart the Consideration Period.  The Company advises Executive to consult with an attorney prior to signing this Release.
c.Right to Revoke.  Executive may revoke this Release within seven (7) calendar days after Executive has signed it.  This Release will not become effective or enforceable until the eighth (8th) calendar day after Executive has signed this Release without having revoked it (the “Effective Date”).  If Executive chooses to revoke this Release, Executive must notify the Company in writing addressed to the Company’s designated agent for this purpose:

Norman M. Brothers Jr.
Chief Legal and Compliance Officer
UPS
55 Glenlake Parkway NE
Atlanta, Georgia 30328

Any such notice of revocation must be delivered to the Company at the foregoing address in a manner calculated to ensure receipt prior to 11:59 p.m. on the day prior to the Effective Date.  If Executive revokes this Release, Executive will not be entitled to the Severance Benefits.
d.Unknown Claims.  Executive understands that the Released Claims may be known or unknown to him at the time of his execution of this Release.  It is Executive’s knowing and voluntary intent, even though he recognizes that someday he might learn that some or all of the facts he currently believes to be true are untrue and even though he might then regret having signed this Release.  Nevertheless, Executive is assuming that risk and Executive agrees that this Release shall remain effective in all respects in any such case.  Executive expressly waives all rights he might have under any law that is intended to protect Executive from waiving unknown claims.  Executive understands the significance of doing so.
3.Covenant Not to Sue.  Except as otherwise provided in Section 7 below, Executive promises that he will not file, instigate or participate in any proceeding against any of the Released Parties relating to any of the Released Claims.  In the event Executive breaches the covenant contained in this Section 3, Executive agrees to indemnify the Released Parties for all damages and expenses, including attorneys’ fees, incurred by any Released Parties in defending, participating in or investigating any matter or proceeding covered by this Section 3.
4.Excluded Claims.  The Released Claims do not release or impair (a) the Company’s promises and obligations under the Separation Agreement; (b) any rights under any grants of stock options, restricted stock, or other forms of equity that may have been provided to Executive during his employment (such grants to be governed by the applicable incentive plan and grant agreement(s) and the Separation Agreement); (c) any rights under applicable workers compensation laws; (d) any vested rights under a qualified retirement plan; (e) any other claims that cannot lawfully be released; (f) his ability to respond truthfully to a valid subpoena issued by, file a charge with, or participate in any investigation conducted by, a governmental agency; 
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(g) any claims arising after the date of his execution of this Release; (h) any rights to insurance benefits under any Directors & Officers liability insurance policy maintained by the Company; or (i) any right that the Executive may have to indemnification or insurance coverage under the Separation Agreement, the Company’s organizational documents, or any directors and officers insurance policy.
5.Continuing Effectiveness of Separation Agreement.  Executive acknowledges and agrees that the Separation Agreement, and specifically Sections 4, 5, and 6 of the Separation Agreement, shall survive and continue in full force and effect following the date of termination of Executive’s employment pursuant to its terms.
6.Enforcement.  Executive acknowledges that any breach of any covenants set forth in this Release or Sections 4, 5, or 6 of the Separation Agreement would cause irreparable harm to the Company, the exact amount of which would be difficult to determine, and that the remedies at law for any such breach would be inadequate.  Accordingly, Executive agrees that if he breaches or threatens to breach any of such covenants, the Company will be entitled to (a) cease or withhold payment to Executive of the Severance Benefits and (b) obtain specific performance and injunctive and other equitable relief, without posting bond or other security, to enforce or prevent any further violation of such covenants.  In any action for injunctive relief, the prevailing party will be entitled to collect reasonable attorneys’ fees and other reasonable costs from the non-prevailing party.
7.Permitted Disclosures.  Nothing contained in this Release limits Executive’s ability to file a charge or complaint with the Equal Employment Opportunity Commission or any other federal, state or local governmental agency or commission (collectively, “Government Agencies”), or prevents Executive from providing truthful testimony in response to a lawfully issued subpoena or court order.  Further, this Release does not limit Executive’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company, and for purposes of clarity Executive is not prohibited from providing information voluntarily to the Securities and Exchange Commission pursuant to Section 21F of the Securities Exchange Act of 1934, as amended.  Executive is hereby notified that under the Defend Trade Secrets Act:  (a) no individual will be held criminally or civilly liable under federal or state trade secret law for disclosure of a trade secret (as defined in the Economic Espionage Act) that is:  (i) made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and made solely for the purpose of reporting or investigating a suspected violation of law; or (ii) made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and (b) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order.  The Company nonetheless asserts and does not waive its attorney-client privilege over any information appropriately protected by privilege.
8.Executive’s Representations.  Executive represents and warrants that (a) he has been properly paid for all hours worked and he has received all wages, bonuses, vacation pay, expense reimbursements and any other sums due from the Company; (b) he has returned all of the Company’s property in his possession or control and he has permanently deleted any Confidential Information and Trade Secrets stored on any networks, computers or information storage devices that are not owned by the Company but within his possession or control; (c) he has suffered no harassment, retaliation, employment discrimination, or work-related injury or illness while employed by the Company; (d) he is not aware of any activity by the Company or any other Released Party that he believes to be unlawful or potentially unlawful; (e) he has filed 
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no claim, charge, suit or other action or proceeding against the Company or any other Released Party; and (f) he has not sold, assigned, transferred, conveyed or otherwise disposed of any of the claims, demands, obligations, or causes of action released in this Release.  By signing this Release Executive acknowledges that Executive has read this Release carefully and understands all of its terms.  Further, Executive acknowledges that Executive is entering into this Release voluntarily and of his own free will.  In signing this Release, Executive acknowledges that Executive has not relied on any statements or explanations made by anyone associated with or employed by the Company.
9.Further Pursuit of Claims Under Company EDR Program.  Executive understands that by signing this Release he is waiving any rights pursuant to the Company’s Employee Dispute Resolution Program (“EDR”) to challenge or seek reconsideration of any employment action or to seek reconsideration of the terms of this Release.
10.General Provisions.  The Released Parties expressly deny that they have any liability to the Executive, and this Release is not to be construed as an admission of any such liability.  This Release is to be construed under the laws of the State of Georgia.  This Release constitutes the entire agreement between the Executive and the Company with respect to the issues addressed in this Release.  Both parties represent that they are not relying on any other agreements or oral representations not fully expressed in this Release.  This Release may not be modified except in writing signed by the Executive and an authorized Company representative.  The headings in this Release are for reference only, and do not in any way affect the meaning or interpretation of this Release.  As used herein, the phrase “including” means “including, but not limited to” in each instance.  “Or” is used in the inclusive sense of “and/or.”  As used herein, the plural includes the singular, and the singular includes the plural: Use of the plural, or the singular, as the case may be, throughout this Release shall be construed to give this Release a broader meaning and scope, rather than a narrower one.  Should any part of this Release be found to be void or unenforceable by a court of competent jurisdiction or Government Agency, such determination will not affect the remainder of this Release.  A facsimile or scanned (e.g., .PDF, .GIF, etc.) signature shall be deemed to be an original.
If Executive wishes to accept the Company’s offer to provide the Severance Benefits, please sign, date and return a copy of this Release to the Company within twenty one (21) days after the Separation Date.  Executive is not to sign this Release prior to the Separation Date.  If not accepted, the Company’s offer to enter into this Release and provide the Severance Benefits will expire at the close of business on the date that is twenty one (21) days after the Separation Date.

[Signature Page Follows]
4

AGREED AND ACCEPTED BY:

Signature: /s/ Scott Price
Print Name: Scott Price

Dated:  March 1, 2022EX-4.11

 Exhibit 4.11 
  

 
 IMPERIAL PETROLEUM INC. 

and 
 AMERICAN STOCK
TRANSFER & TRUST COMPANY, LLC as 
 Warrant Agent 
  

 
 Warrant Agency Agreement 

Dated as of ________, 2022 

 WARRANT AGENCY AGREEMENT 

WARRANT AGENCY AGREEMENT, dated as of ______ , 2022 (“Agreement”), between Imperial Petroleum Inc., a corporation organized
under the laws of the Republic of the Marshall Islands (the “Company”), and American Stock Transfer & Trust Company, LLC (the “Warrant Agent”). 

W I T N E S S E T H 
 WHEREAS,
pursuant to a registered offering by the Company of _______ Units (the “Offering”), with each Unit consisting of one Common Share of the Company, par value $0.01 per share (the “Common Share”) (or one pre-funded warrant to purchase one Common Shares at an exercise price of $0.01 per share (the “Pre-Funded Warrants”) for any purchaser who, as a result of
purchasing securities in the Offering, would, together with its affiliates and other related parties, beneficially own more than 4.99% of the Company’s outstanding Common Shares immediately following the consummation of the Offering) and one
Class C warrant (the “Class C Warrants”, together with the Pre-Funded Warrants, the “Warrants”, and the Common Shares issuable upon exercise of the
Warrants, the “Warrant Shares”) to purchase one Common Share at a price of $____ per share (or ____ % of the price of each Unit sold in the Offering); and 

WHEREAS, the Company granted an over-allotment option to purchase up to fifteen percent (15%) of the aggregate number of Shares and/or
Prefunded Warrants and/or Warrants sold, including warrants to purchase an additional _______ Common Shares (the “Over-Allotment Option”) to the Underwriters (for the avoidance of doubt, the defined term “Warrants”
includes any Warrants issued as part of the Over-Allotment Option); and 
 WHEREAS, upon the terms and subject to the conditions hereinafter
set forth and pursuant to an effective registration statement on Form F-1, as amended (File No. 333-_______) (the “Registration Statement”), and the terms and conditions of the Warrant
Certificate, the Company wishes to issue the Warrants in book entry form entitling the respective holders of the Warrants (the “Holders,” which term shall include a Holder’s transferees, successors and assigns and
“Holder” shall include, if the Warrants are held in “street name,” a Participant (as defined below) or a designee appointed by such Participant); and 

WHEREAS, the Common Shares (or Pre-Funded Warrants) and Warrants to be issued in connection with the
Offering shall be immediately separable and will be issued separately, but will be purchased together in the Offering; and 
 WHEREAS, the
Company wishes the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrants and, in the Warrant
Agent’s capacity as the Company’s transfer agent, the delivery of the Warrant Shares (as defined below). 
 NOW, THEREFORE, in
consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows: 
 Section 1. Certain
Definitions. For purposes of this Agreement, all capitalized terms not herein defined shall have the meanings hereby indicated: 
 (a)
“Affiliate” has the meaning ascribed to it in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

(b) “Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United
States or any day on which the Nasdaq Stock Market is authorized or required by law or other governmental action to close. 
 (c)
“Close of Business” on any given date means 5:00 p.m., New York City time, on such date; provided, however, that if such date is not a Business Day it means 5:00 p.m., New York City time, on the next succeeding
Business Day. 

  
 2 

 (d) “Person” means an individual, corporation, association, partnership,
limited liability company, joint venture, trust, unincorporated organization, government or political subdivision thereof or governmental agency or other entity. 

(e) “Warrant Certificate” means a certificate in substantially the form attached as Exhibit 1A (as it relates to the
Class C Warrants) or Exhibit 1B (as it relates to the Pre-Funded Warrants) hereto, representing such number of Warrant Shares as is indicated therein, provided that any reference to the delivery of
a Warrant Certificate in this Agreement shall include delivery of a Definitive Certificate or a Global Warrant (each as defined below). 

All other capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Warrant Certificate.

 Section 2. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company in
accordance with the terms and conditions hereof, and the Warrant Agent hereby accepts such appointment. 
 Section 3. Global
Warrants. 
 (a) The Warrants shall be registered securities and shall be evidenced by a global warrant (the “Global
Warrants”), in the form of the Warrant Certificate, which shall be deposited with the Warrant Agent and registered in the name of Cede & Co., a nominee of The Depository Trust Company (the “DTC”), or as otherwise
directed by the DTC. Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) the DTC or its nominee for each Global Warrant or
(ii) institutions that have accounts with the DTC (such institution, with respect to a Warrant in its account, a “Participant”). 

(b) If the DTC subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the Warrant
Agent regarding other arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, book-entry form, the Warrant Agent shall provide written instructions
to the DTC to deliver to the Warrant Agent for cancellation of each Global Warrant, and the Company shall instruct the Warrant Agent to deliver to each Holder a Warrant Certificate. 

(c) A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate
Request Notice (as defined below). Upon written notice by a Holder to the Company and the Warrant Agent for the exchange of some or all of such Holder’s Global Warrants for a separate certificate in the form attached hereto as Exhibit 1A
or Exhibit 1B, as the case may be (such separate certificate, a “Definitive Certificate”) evidencing the same number of Warrants, which request shall be in the form attached hereto as Exhibit 2 (a “Warrant
Certificate Request Notice” and the date of delivery of such Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the surrender by the Holder to the Warrant Agent of a number
of Global Warrants for the same number of Warrants evidenced by a Warrant Certificate, a “Warrant Exchange”), the Company and the Warrant Agent shall promptly effect the Warrant Exchange and the Company shall promptly issue and
deliver to the Holder a Definitive Certificate for such number of Warrants in the name set forth in the Warrant Certificate Request Notice. Such Definitive Certificate shall be dated the Initial Exercise Date of the Warrants, shall be manually
executed by an authorized signatory of the Company, shall be in the form attached hereto as Exhibit 1A or Exhibit 1B, as the case may be, and shall be reasonably acceptable in all respects to such Holder. In connection with a Warrant
Exchange, the Company agrees to deliver the Definitive Certificate to the Holder within ten (10) Business Days of the Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice
(“Warrant Certificate Delivery Date”). If the Company fails for any reason to deliver to the Holder the Definitive Certificate subject to the Warrant Certificate Request Notice by the Warrant Certificate Delivery Date, the Company
shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Definitive Certificate (based on the VWAP (as defined in the Warrants) of the Common Shares on the Warrant Certificate
Request Notice 

  
 3 

 
Date), $10 per Business Day for each Business Day after such Warrant Certificate Delivery Date until such Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate,
the Holder rescinds such Warrant Exchange. The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate Request Notice, the Holder shall be deemed to be the holder of the Definitive Certificate and, notwithstanding
anything to the contrary set forth herein, the Definitive Certificate shall be deemed for all purposes to contain all of the terms and conditions of the Warrants evidenced by such Warrant Certificate and the terms of this Agreement, other than
Sections 3(c), 3(d) and 9 herein, shall not apply to the Warrants evidenced by the Definitive Certificate. Notwithstanding anything herein to the contrary, the Company shall act as warrant agent with respect to any Definitive Certificate requested
and issued pursuant to this section. Notwithstanding anything to the contrary contained in this Agreement, in the event of inconsistency between any provision in this Agreement and any provision in a Definitive Certificate, as it may from time to
time be amended, the terms of such Definitive Certificate shall control. 
 (d) A Holder of a Definitive Certificate (pursuant to a Warrant
Exchange or otherwise) has the right to elect at any time or from time to time a Global Warrants Exchange (as defined below) pursuant to a Global Warrants Request Notice (as defined below). Upon written notice by a Holder to the Company for the
exchange of some or all of such Holder’s Warrants evidenced by a Definitive Certificate for a beneficial interest in Global Warrants held in book-entry form through the DTC evidencing the same number of Warrants, which request shall be in the
form attached hereto as Exhibit 3 (a “Global Warrants Request Notice” and the date of delivery of such Global Warrants Request Notice by the Holder, the “Global Warrants Request Notice Date” and the surrender
upon delivery by the Holder of the Warrants evidenced by Definitive Certificates for the same number of Warrants evidenced by a beneficial interest in Global Warrants held in book-entry form through the DTC, a “Global Warrants
Exchange”), the Company shall promptly effect the Global Warrants Exchange and shall promptly direct the Warrant Agent to issue and deliver to the Holder Global Warrants for such number of Warrants in the Global Warrants Request Notice,
which beneficial interest in such Global Warrants shall be delivered by the DTC’s Deposit or Withdrawal at Custodian system to the Holder pursuant to the instructions in the Global Warrants Request Notice. In connection with a Global Warrants
Exchange, the Company shall direct the Warrant Agent to deliver the beneficial interest in such Global Warrants to the Holder within ten (10) Business Days of the Global Warrants Request Notice pursuant to the delivery instructions in the
Global Warrant Request Notice (“Global Warrants Delivery Date”). If the Company fails for any reason to deliver to the Holder Global Warrants subject to the Global Warrants Request Notice by the Global Warrants Delivery Date, the
Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Global Warrants (based on the VWAP (as defined in the Warrants) of the Common Stock on the Global Warrants
Request Notice Date), $10 per Business Day for each Business Day after such Global Warrants Delivery Date until such Global Warrants are delivered or, prior to delivery of such Global Warrants, the Holder rescinds such Global Warrants Exchange. The
Company covenants and agrees that, upon the date of delivery of the Global Warrants Request Notice, the Holder shall be deemed to be the beneficial holder of such Global Warrants. 

Section 4. Form of Warrant Certificates. The Warrant Certificate, together with the form of election to purchase Common Shares
(“Notice of Exercise”) and the form of assignment to be printed on the reverse thereof, shall be substantially in the form of Exhibit 1A or Exhibit 1B, as the case may be, hereto. 

Section 5. Countersignature and Registration. The Global Warrant shall be executed on behalf of the Company by its Chief Executive
Officer, Chief Financial Officer or Vice President, by facsimile signature, and have affixed thereto the Company’s seal or a facsimile thereof which shall be attested by the Secretary or an Assistant Secretary of the Company, by facsimile
signature. The Global Warrant shall be countersigned by the Warrant Agent by electronic or facsimile signature and shall not be valid for any purpose unless so countersigned. In case any officer of the Company who shall have signed any of the Global
Warrant shall cease to be such officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company, such Global Warrant, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the
same force and effect as though the person who signed such Global Warrant had not ceased to be such officer of the Company; and any Global Warrant may be signed on behalf of the Company by any person who, at the actual date of the execution of such
Global Warrant, shall be a proper officer of the Company to sign such Global Warrant, although at the date of the execution of this Agreement any such person was not such an officer. 

  
 4 

 The Warrant Agent will keep or cause to be kept, at one of its offices, or at the office of
one of its agents, books for registration and transfer of the Global Warrants issued hereunder. Such books shall show the names and addresses of the respective Holders of the Global Warrant, the number of warrants evidenced on the face of each of
such Global Warrant and the date of each of such Global Warrant. The Warrant Agent will create a special account for the issuance of Global Warrants. The Company will keep or cause to be kept at one of its offices, books for the registration and
transfer of any Definitive Certificates issued hereunder and the Warrant Agent shall not have any obligation to keep books and records with respect to any Definitive Warrants. Such Company books shall show the names and addresses of the respective
Holders of the Definitive Certificates, the number of warrants evidenced on the face of each such Definitive Certificate and the date of each such Definitive Certificate. 

Section 6. Transfer, Split Up, Combination and Exchange of Warrant Certificates; Mutilated, Destroyed, Lost or Stolen Warrant
Certificates. With respect to the Global Warrant, subject to the provisions of the Warrant Certificate and the last sentence of this first paragraph of Section 6 and subject to applicable law, rules or regulations, or any “stop
transfer” instructions the Company may give to the Warrant Agent, at any time after the closing date of the Offering, and at or prior to the Close of Business on the Termination Date (as such term is defined in the Warrant Certificate), any
Global Warrant or Global Warrants may be transferred, split up, combined or exchanged for another Global Warrant or Global Warrants, entitling the Holder to purchase a like number of Common Shares as the Global Warrant or Global Warrants surrendered
then entitled such Holder to purchase. Any Holder desiring to transfer, split up, combine or exchange any Global Warrant shall make such request in writing delivered to the Warrant Agent, and shall surrender the Global Warrant to be transferred,
split up, combined or exchanged at the principal office of the Warrant Agent. Any requested transfer of Warrants, whether in book-entry form or certificate form, shall be accompanied by reasonable evidence of authority of the party making such
request that may be required by the Warrant Agent. Thereupon the Warrant Agent shall, subject to the last sentence of this first paragraph of Section 6, countersign and deliver to the Person entitled thereto a Global Warrant or Global Warrants,
as the case may be, as so requested. The Company may require payment from the Holder of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer, split up, combination or exchange of Global
Warrants. The Company shall compensate the Warrant Agent per the fee schedule mutually agreed upon by the parties hereto and provided separately on the date hereof. 

Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of a Warrant
Certificate, which evidence shall include an affidavit of loss, or in the case of mutilated certificates, the certificate or portion thereof remaining, and, in case of loss, theft or destruction, of indemnity in customary form and amount (but, with
respect to any Definitive Certificates, shall not include the posting of any bond by the Holder), and satisfaction of any other reasonable requirements established by Section 8-405 of the Uniform
Commercial Code as in effect in the State of Delaware, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if
mutilated, the Company will make and deliver a new Warrant Certificate of like tenor to the Warrant Agent for delivery to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated. 

Section 7. Exercise of Warrants; Exercise Price; Termination Date. 

(a) The Warrants shall be exercisable commencing on the Initial Exercise Date. The Warrants shall cease to be exercisable as set forth in the
Warrant Certificate. Subject to the foregoing and to Section 7(b) below, the Holder of a Warrant may exercise the Warrant in whole or in part pursuant to Section 2 of the Warrant Certificate. Subject to Section 7(b) below, payment of
the Exercise Price (unless exercised via a cashless exercise) may be made, at the option of the Holder, by wire transfer or by certified or official bank check in United States dollars, to the Warrant Agent at the principal office of the Warrant
Agent or to the office of one of its agents as may be designated by the Warrant Agent from time to time. In the case of the Holder of a Global Warrant, the Holder shall deliver the executed Notice of Exercise and the payment of the Exercise Price as
described herein. Notwithstanding any other provision in this Agreement, a holder whose interest in a Global Warrant is a beneficial interest in a Global Warrant held in book-entry form through the DTC (or another established clearing corporation
performing similar functions), shall effect exercises by 

  
 5 

 
delivering to the DTC (or such other clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by the
DTC (or such other clearing corporation, as applicable). The Company acknowledges that the bank accounts maintained by the Warrant Agent in connection with the services provided under this Agreement will be in its name and that the Warrant Agent may
receive investment earnings in connection with the investment at Warrant Agent’s risk and for its benefit of funds held in those accounts from time to time. Neither the Company nor the Holders will receive interest on any deposits or Exercise
Price. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. The Company hereby
acknowledges and agrees that, with respect to a holder whose interest in a Global Warrant is a beneficial interest in a Global Warrant held in book-entry form through the DTC (or another established clearing corporation performing similar
functions), upon delivery of irrevocable instructions to such holder’s Participant to exercise such warrants, that solely for purposes of Regulation SHO that such holder shall be deemed to have exercised such warrants. 

(b) Upon receipt of a Notice of Exercise for a Cashless Exercise, the Company will promptly calculate and transmit to the Warrant Agent the
number of Warrant Shares issuable in connection with such Cashless Exercise and deliver a copy of the Notice of Exercise to the Warrant Agent, which shall issue such number of Warrant Shares in connection with such Cashless Exercise. 

(c) Upon the exercise of the Warrant Certificate pursuant to the terms of Section 2 of the Warrant Certificate, the Warrant Agent shall
cause the Warrant Shares underlying such Warrant Certificate or Global Warrant to be delivered to or upon the order of the Holder of such Warrant Certificate or Global Warrant, registered in such name or names as may be designated by such Holder, no
later than the Warrant Share Delivery Date (as such term is defined in the Warrant Certificate). If the Company is then a participant in the DWAC system of the DTC and either (A) there is an effective registration statement permitting the
issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) the Warrant is being exercised via Cashless Exercise, then the certificates for Warrant Shares shall be transmitted by the Warrant Agent to the Holder by
crediting the account of the Holder’s broker with the DTC through its DWAC system. For the avoidance of doubt, if the Company becomes obligated to pay any amounts to any Holders pursuant to Section 2(d)(i) or 2(d)(iv) of the Warrant
Certificate, such obligation shall be solely that of the Company and not that of the Warrant Agent. Notwithstanding anything else to the contrary in this Agreement, except in the case of a Cashless Exercise, if any Holder fails to duly deliver
payment to the Warrant Agent of an amount equal to the aggregate Exercise Price of the Warrant Shares to be purchased upon exercise of such Holder’s Warrant as set forth in Section 7(a) hereof by the Warrant Share Delivery Date, the
Warrant Agent will not obligated to deliver such Warrant Shares (via DWAC or otherwise) until following receipt of such payment, and the applicable Warrant Share Delivery Date shall be deemed extended by one day for each day (or part thereof) until
such payment is delivered to the Warrant Agent.  
 (d) The Warrant Agent shall
deposit all funds received by it in payment of the Exercise Price for all Warrants in the account of the Company maintained with the Warrant Agent for such purpose (or to such other account as directed by the Company in writing) and shall advise the
Company via email at the end of each day on which notices of exercise are received or funds for the exercise of any Warrant are received of the amount so deposited to its account. 

Section 8. Cancellation and Destruction of Warrant Certificates. All Warrant Certificates surrendered for the purpose of exercise,
transfer, split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Warrant Agent for cancellation or in canceled form, or, if surrendered to the Warrant Agent, shall be canceled by it, and
no Warrant Certificate shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Warrant Agent for cancellation and retirement, and the Warrant Agent shall so cancel
and retire, any other Warrant Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Warrant Agent shall deliver all canceled Warrant Certificates to the Company, or shall, at the written request of the
Company, destroy such canceled Warrant Certificates, and in such case shall deliver a certificate of destruction thereof to the Company, subject to any applicable law, rule or regulation requiring the Warrant Agent to retain such canceled
certificates. 

  
 6 

 Section 9. Certain Representations; Reservation and Availability of Common Shares or
Cash. 
 (a) This Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution
and delivery hereof by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance with its terms, and the Warrants have been duly authorized, executed and issued by the Company
and, assuming due authentication thereof by the Warrant Agent pursuant hereto and payment therefor by the Holders as provided in the Registration Statement, constitute valid and legally binding obligations of the Company enforceable against the
Company in accordance with their terms and entitled to the benefits hereof; in each case except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’
rights generally or by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

(b) As of the date hereof, the authorized capital stock of the Company consists of (i) 2,000,000,000 Common Shares, of which approximately
_______ Common Shares are issued and outstanding, and ________ Common Shares are reserved for issuance upon exercise of the Warrants, and (ii) 200,000,000 preferred shares, par value $0.01 per share, of which ________ Series A Preferred
Shares are currently issued and outstanding. Except as disclosed in the Registration Statement, there are no other outstanding obligations, warrants, options or other rights to subscribe for or purchase from the Company any class of capital stock of
the Company. 
 (c) The Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued
Common Shares or its authorized and issued Common Shares held in its treasury, free from preemptive rights, the number of Common Shares that will be sufficient to permit the exercise in full of all outstanding Warrants. 

(d) The Warrant Agent will create a special account for the issuance of Common Shares upon the exercise of Warrants. 

(e) The Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges
which may be payable in respect of the original issuance or delivery of the Warrant Certificates or certificates evidencing Common Shares upon exercise of the Warrants. The Company shall not, however, be required to pay any tax or governmental
charge which may be payable in respect of any transfer involved in the transfer or delivery of Warrant Certificates or the issuance or delivery of certificates for Common Shares in a name other than that of the Holder of the Warrant Certificate
evidencing Warrants surrendered for exercise or to issue or deliver any certificate for Common Shares upon the exercise of any Warrants until any such tax or governmental charge shall have been paid (any such tax or governmental charge being payable
by the Holder of such Warrant Certificate at the time of surrender) or until it has been established to the Company’s reasonable satisfaction that no such tax or governmental charge is due. 

Section 10. Common Share Record Date. Each Person in whose name any certificate for Common Shares is issued (or to whose
broker’s account is credited Common Shares through the DWAC system) upon the exercise of Warrants shall for all purposes be deemed to have become the holder of record for the Common Shares represented thereby on, and such certificate shall be
dated, the date on which submission of the Notice of Exercise was made, provided that the Warrant Certificate evidencing such Warrant is duly surrendered (but only if required herein) and payment of the Exercise Price (and any applicable transfer
taxes) is received on or prior to the Warrant Share Delivery Date; provided, however, that if the date of submission of the Notice of Exercise is a date upon which the Common Shares transfer books of the Company are closed, such Person
shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding day on which the Common Shares transfer books of the Company are open. 

Section 11. Adjustment of Exercise Price, Number of Common Shares or Number of the Company Warrants. The Exercise Price, the
number of shares covered by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time as provided in Section 3 of the Warrant Certificate. In the event that at any time, as a result of an adjustment made
pursuant to Section 3 of the Warrant 

  
 7 

 
Certificate, the Holder of any Warrant thereafter exercised shall become entitled to receive any shares of capital stock of the Company other than Common Shares, thereafter the number of such
other shares so receivable upon exercise of any Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the shares contained in Section 3 of the
Warrant Certificate and the provisions of Sections 7, 11 and 12 of this Agreement with respect to the Common Shares shall apply on like terms to any such other shares. All Warrants originally issued by the Company subsequent to any adjustment made
to the Exercise Price pursuant to the Warrant Certificate shall evidence the right to purchase, at the adjusted Exercise Price, the number of Common Shares purchasable from time to time hereunder upon exercise of the Warrants, all subject to further
adjustment as provided herein. 
 Section 12. Certification of Adjusted Exercise Price or Number of Common Shares. Whenever the
Exercise Price or the number of Common Shares issuable upon the exercise of each Warrant is adjusted as provided in Section 11 or 13, the Company shall (a) promptly prepare a certificate setting forth the Exercise Price of each Warrant as
so adjusted, and a brief statement of the facts accounting for such adjustment, (b) promptly file with the Warrant Agent and with each transfer agent for the Common Shares a copy of such certificate and (c) instruct the Warrant Agent to
send a brief summary thereof to each Holder of a Warrant Certificate. 
 Section 13. Fractional Shares of Common Shares. 

(a) The Company shall not issue fractions of Warrants or distribute Warrant Certificates which evidence fractional Warrants. Whenever any
fractional Warrant would otherwise be required to be issued or distributed, the actual issuance or distribution shall reflect a rounding of such fraction to the nearest whole Warrant (rounded up). 

(b) The Company shall not issue fractions of Common Shares upon exercise of Warrants or distribute stock certificates which evidence fractional
Common Shares. Whenever any fraction of a Common Share would otherwise be required to be issued or distributed, the actual issuance or distribution in respect thereof shall be made in accordance with Section 2(d)(v) of the Warrant Certificate.

 Section 14. Conditions of the 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
detailed on the fee schedule mutually agreed upon by the parties hereto and provided separately on the date hereof for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable counsel fees) incurred without gross negligence or willful misconduct by the Warrant Agent 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 gross negligence or willful misconduct on the part of the Warrant Agent, arising out of or in connection
with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such liability. The Warrant Agent shall be under no obligation to institute or defend any action, suit, or legal proceeding in
connection herewith or to take any other action likely to involve the Warrant Agent in expense, unless first indemnified to the Warrant Agent’s satisfaction. The indemnities provided by this paragraph shall survive the resignation or discharge
of the Warrant Agent or the termination of this Agreement. Anything in this Agreement to the contrary notwithstanding, in no event shall the Warrant Agent be liable under or in connection with the Agreement for indirect, special, incidental,
punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Warrant Agent has been advised of the possibility thereof and regardless of the form of action in
which such damages are sought, and the Warrant Agent’s aggregate liability to the Company, or any of the 

  
 8 

	 	
Company’s representatives or agents, under this Section 14(a) or under any other term or provision of this Agreement, whether in contract, tort, or otherwise, is expressly limited to,
and shall not exceed in any circumstances, one (1) year’s fees received by the Warrant Agent as fees and charges under this Agreement, but not including reimbursable expenses previously reimbursed to the Warrant Agent by the Company
hereunder. 

  

	 	(b)	 Agent for the Company. In acting under this Agreement and in connection with the Warrant Certificates,
the Warrant Agent is acting solely as agent of the Company and does not assume any obligations 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, which may include counsel for
the Company, and the written 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 omitted 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
Agreement shall be deemed to prevent the Warrant Agent from acting as trustee under any indenture to which the Company is a party. 

  

	 	(f)	 No Liability for Interest. Unless otherwise agreed with the Company, 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 have no liability with respect to any invalidity of
this Agreement or the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon). 

  

	 	(h)	 No Responsibility for Representations. The Warrant Agent shall not be responsible for any of the
recitals or representations herein or in the Warrant Certificate (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by the Company. 

 

	 	(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 the Company of any of the Warrant Certificates authenticated 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 Certificate. 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. 

  
 9 

 Section 15. Purchase or Consolidation or Change of Name of Warrant Agent. Any
corporation into which the Warrant Agent or any successor Warrant Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Warrant Agent or any successor Warrant Agent shall
be party, or any corporation succeeding to the corporate trust business of the Warrant Agent or any successor Warrant Agent, shall be the successor to the 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, provided that such corporation would be eligible for appointment as a successor Warrant Agent under the provisions of Section 17. In case at the time such successor Warrant Agent shall succeed to
the agency created by this Agreement any of the Warrant Certificates shall have been countersigned but not delivered, any such successor Warrant Agent may adopt the countersignature of the predecessor Warrant Agent and deliver such Warrant
Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned, any successor Warrant Agent may countersign such Warrant Certificates either in the name of the predecessor Warrant Agent or
in the name of the successor Warrant Agent; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement. 

In case at any time the name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been
countersigned but not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver such Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been
countersigned, the Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this
Agreement. 
 Section 16. Duties of Warrant Agent. The Warrant Agent undertakes the duties and obligations imposed by this
Agreement upon the following terms and conditions, by all of which the Company, by its acceptance hereof, shall be bound: 
 (a) The Warrant
Agent may consult with legal counsel reasonably acceptable to the Company (who may be legal counsel for the Company), and the opinion of such counsel shall be full and complete authorization and protection to the Warrant Agent as to any action taken
or omitted by it in good faith and in accordance with such opinion. 
 (b) Whenever in the performance of its duties under this Agreement the
Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein
specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by the Chief Executive Officer, Chief Financial Officer or Vice President of the Company; and such certificate shall be full authentication to
the Warrant Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such certificate. 

(c) Subject to the limitation set forth in Section 14, the Warrant Agent shall be liable hereunder only for its own gross negligence or
willful misconduct, or for a breach by it of this Agreement. 
 (d) The Warrant Agent shall not be liable for or by reason of any of the
statements of fact or recitals contained in this Agreement or in the Warrant Certificate (except its countersignature thereof) by the Company or be required to verify the same, but all such statements and recitals are and shall be deemed to have
been made by the Company only. 
 (e) The Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement or
the execution and delivery hereof (except the due execution hereof by the Warrant Agent) or in respect of the validity or execution of any Warrant Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the
Company of any covenant or condition contained in this Agreement or in any Warrant Certificate; nor shall it be responsible for the adjustment of the Exercise Price or the making of any change in the number of Common Shares required under the
provisions of Section 11 or 13 or responsible for the manner, method or amount of any such change or the ascertaining of the existence 

  
 10 

 
of facts that would require any such adjustment or change (except with respect to the exercise of Warrants evidenced by the Warrant Certificates after actual notice of any adjustment of the
Exercise Price); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Common Shares to be issued pursuant to this Agreement or any Warrant Certificate or as to whether any
Common Shares will, when issued, be duly authorized, validly issued, fully paid and nonassessable. 
 (f) Each party hereto agrees that it
will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the other party hereto for the carrying out or
performing by any party of the provisions of this Agreement. 
 (g) The Warrant Agent is hereby authorized to accept instructions with
respect to the performance of its duties hereunder from the Chief Executive Officer, Chief Financial Officer or Vice President of the Company, and to apply to such officers for advice or instructions in connection with its duties, and it shall not
be liable and shall be indemnified and held harmless for any action taken or suffered to be taken by it in good faith in accordance with instructions of any such officer, provided Warrant Agent carries out such instructions without gross negligence
or willful misconduct. 
 (h) The Warrant Agent and any shareholder, director, officer or employee of the Warrant Agent may buy, sell or deal
in any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it
were not Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. 

(i) The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or
by or through its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorney or agents or for any loss to the Company resulting from any such act, default,
neglect or misconduct, provided reasonable care was exercised in the selection and continued employment thereof. 
 Section 17.
Change of Warrant Agent. The Warrant Agent may resign and be discharged from its duties under this Agreement upon 30 days’ notice in writing sent to the Company and to each transfer agent of the Common Shares and to the Holders of the
Warrant Certificates. The Company may remove the Warrant Agent or any successor Warrant Agent upon 30 days’ notice in writing, sent to the Warrant Agent or successor Warrant Agent, as the case may be, and to each transfer agent of the Common
Shares, and to the Holders of the Warrant Certificates. If the Warrant Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Warrant Agent. If the Company shall fail to make such
appointment within a period of 30 days after such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Warrant Agent or by the Holder of a Warrant Certificate (who shall, with such
notice, submit his Warrant Certificate for inspection by the Company), then the Holder of any Warrant Certificate may apply to any court of competent jurisdiction for the appointment of a new Warrant Agent, provided that, for purposes of this
Agreement, the Company shall be deemed to be the Warrant Agent until a new warrant agent is appointed. Any successor Warrant Agent, whether appointed by the Company or by such a court, shall be a corporation organized and doing business under the
laws of the United States or of a state thereof, in good standing, which is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination by federal or state authority and which has at the time of its
appointment as Warrant Agent a combined capital and surplus of at least $50,000,000. After appointment, the successor Warrant Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as
Warrant Agent without further act or deed; but the predecessor Warrant Agent shall deliver and transfer to the successor Warrant Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or
deed necessary for the purpose. Not later than the effective date of any such appointment, the Company shall file notice thereof in writing with the predecessor Warrant Agent and each transfer agent of the Common Shares, and mail a notice thereof in
writing to the Holders of the Warrant Certificates. However, failure to give any notice provided for in this Section 17, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Warrant Agent or the
appointment of the successor Warrant Agent, as the case may be. 

  
 11 

 Section 18. Issuance of New Warrant Certificates. Notwithstanding any of the
provisions of this Agreement or of the Warrants to the contrary, the Company may, at its option, issue new Warrant Certificates evidencing Warrants in such form as may be approved by its Board of Directors to reflect any adjustment or change in the
Exercise Price per share and the number or kind or class of shares of stock or other securities or property purchasable under the several Warrant Certificates made in accordance with the provisions of this Agreement. 

Section 19. Notices. Notices or demands authorized by this Agreement to be given or made (i) by the Warrant Agent or by the
Holder of any Warrant Certificate to or on the Company, (ii) subject to the provisions of Section 17, by the Company or by the Holder of any Warrant Certificate to or on the Warrant Agent or (iii) by the Company or the Warrant Agent
to the Holder of any Warrant Certificate shall be deemed given (a) on the date delivered, if delivered personally, (b) on the first Business Day following the deposit thereof with Federal Express or another recognized overnight courier, if
sent by Federal Express or another recognized overnight courier, (c) on the fourth Business Day following the mailing thereof with postage prepaid, if mailed by registered or certified mail (return receipt requested), and (d) the date of
transmission, if such notice or communication is delivered via facsimile or email attachment at or prior to 5:30 p.m. (New York City time) on a Business Day and (e) the next Business Day after the date of transmission, if such notice or
communication is delivered via facsimile or email attachment on a day that is not a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, in each case to the parties at the following addresses (or at such other address for a
party as shall be specified by like notice): 
  

	 	(a)	 If to the Company, to: 

Imperial Petroleum Inc. 
 331
Kifissias Avenue 
 Erithrea 14561, Athens, Greece 
  

	 	(b)	 If to the Warrant Agent, to: 

American Stock Transfer & Trust Company, LLC 

6201 15th Ave 

Brooklyn, NY 11219 

Attention: Reorg Department—Warrants 

For any notice delivered by email to be deemed given or made, such notice must be followed by notice sent by overnight courier service to be delivered on the
next business day following such email, unless the recipient of such email has acknowledged via return email receipt of such email. 
 (c) If
to the Holder of any Warrant Certificate to the address of such Holder as shown on the registry books of the Company. Any notice required to be delivered by the Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of the
Company. Notwithstanding any other provision of this Agreement, where this Agreement provides for notice of any event to a Holder of any Warrant, such notice shall be sufficiently given if given to the DTC (or its designee) pursuant to the
procedures of the DTC or its designee. 
 Section 20. Supplements and Amendments. 

(a) The Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders of Global
Warrants in order to add to the covenants and agreements of the Company for the benefit of the Holders of the Global Warrants or to surrender any rights or power reserved to or conferred upon the Company in this Agreement, provided that such
addition or surrender shall not adversely affect the interests of the Holders of the Global Warrants or Warrant Certificates in any material respect. 

  
 12 

 (b) In addition to the foregoing, with the consent of Holders of Warrants entitled, upon
exercise thereof, to receive not less than a majority of the Common Shares issuable under Warrants which are not beneficially owned by Affiliates of the Company, the Company and the Warrant Agent may modify this Agreement for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or modifying in any manner the rights of the Holders of the Global Warrants; provided, however, that no modification of the terms
(including but not limited to the adjustments described in Section 11) upon which the Warrants are exercisable or the rights of holders of Warrants to receive liquidated damages or other payments in cash from the Company or reducing the
percentage required for consent to modification of this Agreement may be made without the consent of the Holder of each outstanding Warrant Certificate affected thereby; provided, further, however, that no amendment hereunder
shall affect any terms of any Warrant Certificate issued in a Warrant Exchange. As a condition precedent to the Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant Agent a certificate from a duly authorized
officer of the Company that states that the proposed amendment complies with the terms of this Section 20. 
 Section 21.
Successors. All covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 

Section 22. Benefits of this Agreement. Nothing in this Agreement shall be construed to give any Person other than the Company,
the Holders of Warrant Certificates and the Warrant Agent any legal or equitable right, remedy or claim under this Agreement. This Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrant
Certificates. Notwithstanding anything to the contrary contained herein, to the extent any provision of a Warrant Certificate conflicts with any provision of this Agreement, the provisions of the Warrant Certificate shall govern and be controlling.

 Section 23. Governing Law. This Agreement and each Warrant Certificate and Global Warrant issued hereunder shall be governed
by, and construed in accordance with, the laws of the State of New York, without giving effect to the conflicts of law principles thereof. 

Section 24. Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

Section 25. Captions. The captions of the sections of this Agreement have been inserted for convenience only and shall not control
or affect the meaning or construction of any of the provisions hereof. 
 Section 26. Information. The Company agrees to
promptly provide to the Holders of the Warrants any information it provides to the holders of the Common Shares, except to the extent any such information is publicly available on the EDGAR system (or any successor thereof) of the Securities and
Exchange Commission. 
 [Signature page to follow] 

  
 13 

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

			
	IMPERIAL PETROLEUM INC.
		
	By:	 	          

		 	Name:
		 	Title:
	
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 14 

 Exhibit 1A and Exhibit 1B 

Form of Warrant Certificates 

 Exhibit 2 

Form of Warrant Certificate Request Notice 

WARRANT CERTIFICATE REQUEST NOTICE 
 To: American
Stock Transfer & Trust Company, as Warrant Agent for Imperial Petroleum Inc. (the “Company”) 
 The undersigned Holder of Common Share
Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company hereby elects to receive a Warrant Certificate evidencing the Warrants held by the Holder as specified below: 

 

	1.	 Name of Holder of Warrants in form of Global Warrants: _____________________________ 

 

	2.	 Name of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of Global
Warrants): ________________________________ 

  

	3.	 Number of Warrants in name of Holder in form of Global Warrants: ___________________ 

 

	4.	 Number of Warrants for which Warrant Certificate shall be issued: __________________ 

 

	5.	 Number of Warrants in name of Holder in form of Global Warrants after issuance of Warrant Certificate, if any:
___________ 

  

	6.	 Warrant Certificate shall be delivered to the following address: 

 

                          
                                       

 

                          
                                       

 

                          
                                       

 

                          
                                       

The undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate, the Holder is
deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced by the Warrant Certificate. 

[SIGNATURE OF HOLDER] 
 Name of Investing Entity:
____________________________________________________ 
 Signature of Authorized Signatory of Investing Entity: ______________________________ 

Name of Authorized Signatory: ________________________________________________ 

Title of Authorized Signatory: _________________________________________________ 

Date: _______________________________________________________________ 

 Exhibit 3 

Form of Global Warrant Request Notice 

GLOBAL WARRANT REQUEST NOTICE 
 To: American
Stock Transfer & Trust Company, as Warrant Agent for Imperial Petroleum Inc. (the “Company”) 
 The undersigned Holder of Common Share
Purchase Warrants (“Warrants”) in the form of Warrants Certificates issued by the Company hereby elects to receive a Global Warrant evidencing the Warrants held by the Holder as specified below: 

 

	1.	 Name of Holder of Warrants in form of Warrant Certificates: _____________________________

  

	2.	 Name of Holder in Global Warrant (if different from name of Holder of Warrants in form of Warrant
Certificates): ________________________________ 

  

	3.	 Number of Warrants in name of Holder in form of Warrant Certificates: ___________________

  

	4.	 Number of Warrants for which Global Warrant shall be issued: __________________ 

 

	5.	 Number of Warrants in name of Holder in form of Warrant Certificates after issuance of Global Warrant, if any:
___________ 

  

	6.	 Global Warrant shall be delivered to the following address: 

 

                          
                               

 

                          
                               

 

                          
                               

 

                          
                               

The undersigned hereby acknowledges and agrees that, in connection with this Global Warrant Exchange and the issuance of the Global Warrant, the Holder is
deemed to have surrendered the number of Warrants in form of Warrant Certificates in the name of the Holder equal to the number of Warrants evidenced by the Global Warrant. 

[SIGNATURE OF HOLDER] 
 Name of Investing Entity:
____________________________________________________ 
 Signature of Authorized Signatory of Investing Entity: ______________________________ 

Name of Authorized Signatory: ________________________________________________ 

Title of Authorized Signatory: _________________________________________________ 

Date: _______________________________________________________________

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