Document:

EX-4.2

 Exhibit 4.2 

Kennedy-Wilson Holdings, Inc. 

WARRANT AGREEMENT 

Dated as of [__] 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 Section 1.
	 	Definitions	  	 	1	 
	 Section 2.
	 	Rules of Construction	  	 	6	 
	 Section 3.
	 	The Warrants	  	 	7	 
	 (a)
	 	Original Issuance of Warrants	  	 	7	 
	 (b)
	 	Form, Dating and Denominations	  	 	7	 
	 (c)
	 	Execution and Delivery	  	 	7	 
	 (d)
	 	Method of Payment	  	 	8	 
	 (e)
	 	Registrar and Exercise Agent	  	 	8	 
	 (f)
	 	Legends	  	 	8	 
	 (g)
	 	Transfers and Exchanges; Transfer Taxes; Certain Transfer Restrictions	  	 	9	 
	 (h)
	 	Exchange and Cancellation of Exercised Warrants	  	 	11	 
	 (i)
	 	Replacement Certificates	  	 	12	 
	 (j)
	 	Registered Holders	  	 	12	 
	 (k)
	 	No Rights as a Stockholder	  	 	12	 
	 (l)
	 	Cancellation	  	 	12	 
	 (m)
	 	Outstanding Warrants	  	 	12	 
	 Section 4.
	 	No Right of Redemption by the Company	  	 	13	 
	 Section 5.
	 	Exercise of Warrants	  	 	13	 
	 (a)
	 	Generally	  	 	13	 
	 (b)
	 	Exercise of Warrants	  	 	13	 
	 (c)
	 	Exercise Procedures	  	 	13	 
	 (d)
	 	Settlement upon Exercise	  	 	14	 
	 (e)
	 	Strike Price and Warrant Entitlement Adjustments	  	 	15	 
	 (f)
	 	Voluntary Adjustments	  	 	27	 
	 (g)
	 	Effect of Common Stock Change Event	  	 	28	 
	 Section 6.
	 	Certain Provisions Relating to the Issuance of Common Stock	  	 	30	 
	 (a)
	 	Equitable Adjustments to Prices	  	 	30	 
	 (b)
	 	Reservation of Shares of Common Stock	  	 	30	 
	 (c)
	 	Status of Shares of Common Stock; Covenant Regarding Par Value	  	 	30	 
	 (d)
	 	Taxes Upon Issuance of Common Stock	  	 	31	 
	 Section 7.
	 	Calculations	  	 	31	 
	 (a)
	 	Responsibility; Schedule of Calculations	  	 	31	 
	 (b)
	 	Calculations Aggregated for Each Holder	  	 	31	 
	 Section 8.
	 	Miscellaneous	  	 	31	 
	 (a)
	 	Notices	  	 	31	 
	 (b)
	 	Stamp and Other Taxes	  	 	32	 
	 (c)
	 	Governing Law; Waiver of Jury Trial	  	 	32	 
	 (d)
	 	Submission to Jurisdiction	  	 	32	 
	 (e)
	 	No Adverse Interpretation of Other Agreements	  	 	32	 
	 (f)
	 	Successors; Benefits of Warrant Agreement	  	 	32	 
	 (g)
	 	Severability	  	 	33	 
	 (h)
	 	Counterparts	  	 	33	 

  
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	 (i)
	 	Table of Contents, Headings, Etc.	  	 	33	 
	 (j)
	 	Withholding Taxes	  	 	33	 
	 (k)
	 	Entire Agreement	  	 	33	 
	 (l)
	 	No Other Rights	  	 	33	 

 Exhibits 
  

					
	 Exhibit A: Form of Warrant Certificate
	  	 	A-1	 
		
	 Exhibit B: Form of Restricted Security Legend
	  	 	B-1	 
		
	 Exhibit C: Transfer Restriction Legend
	  	 	C-1	 

  
 - ii - 

 WARRANT AGREEMENT 

WARRANT AGREEMENT, dated as of [__], between Kennedy-Wilson Holdings, Inc., a Delaware corporation, as issuer (the
“Company”), and the other signatories to this Warrant Agreement (as defined below), as the initial Holders (as defined in this Warrant Agreement). 

Each party to this Warrant Agreement (as defined below) agrees as follows. 

Section 1. DEFINITIONS. 

“Affiliate” has the meaning set forth in Rule 144. 

“Agent” means any Registrar or Exercise Agent. 

“Aggregate Strike Price” means, with respect to the exercise of any Warrant that will be settled by Physical Settlement, an
amount equal to the product of (a) the Warrant Entitlement on the Exercise Date for such exercise; and (b) the Strike Price on the Exercise Date for such exercise; provided, however, that the Aggregate Strike Price will be
subject to Section 5(g). 
 “Board of Directors” means the Company’s board of directors or a
committee of such board duly authorized to act on behalf of such board. 
 “Business Day” means any day other than a
Saturday, a Sunday or any day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed. 

“Capital Stock” of any Person means any and all shares of, interests in, rights to purchase, warrants or options for,
participations in, or other equivalents of, in each case however designated, the equity of such Person, but excluding any debt securities convertible into such equity. 

“Cashless Settlement” has the meaning set forth in Section 5(d)(i). 

“Certificate” means a Physical Certificate or an Electronic Certificate. 

“Close of Business” means 5:00 p.m., New York City time. 

“Common Stock” means the common stock, $0.0001 par value per share, of the Company, subject to
Section 5(g). 
 “Common Stock Change Event” has the meaning set forth in
Section 5(g)(i). 
 “Company” means Kennedy-Wilson Holdings, Inc., a Delaware corporation. 

“Dividend Threshold” has the meaning set forth in Section 5(e)(i)(4). 

  
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 “Ex-Dividend Date” means, with
respect to an issuance, dividend or distribution on the Common Stock, the first date on which shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance, dividend or
distribution (including pursuant to due bills or similar arrangements required by the relevant stock exchange). For the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of the Common Stock under
a separate ticker symbol or CUSIP number will not be considered “regular way” for this purpose. 
 “Electronic
Certificate” means any electronic book entry maintained by the Registrar that represents any Warrants. 
 “Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended. 
 “Exercise” means the exercise of any Warrant.

 “Exercise Agent” has the meaning set forth in Section 3(e)(i). 

“Exercise Consideration” means, with respect to the exercise of any Warrant, the type and amount of consideration payable to
settle such exercise, determined in accordance with Section 5. 
 “Exercise Date” means, with
respect to the Exercise of any Warrant, the first Business Day on which the requirements set forth in Section 5(c)(i) for such exercise are satisfied. 

“Exercise Period” means the period from, and including, the Initial Issue Date to, and including, the Exercise Period
Expiration Date. 
 “Exercise Period Expiration Date” means the seventh anniversary of the Initial Issue Date. 

“Exercise Share” means any share of Common Stock issued or issuable upon exercise of any Warrant. 

“Expiration Date” has the meaning set forth in Section 5(e)(i)(5). 

“Exercise Notice” means a notice substantially in the form of the “Exercise Notice” set forth in Exhibit A.

 “Expiration Time” has the meaning set forth in Section 5(e)(i)(5). 

“Holder” means a person in whose name any Warrant is registered on the Registrar’s books. 

“Initial Issue Date” means [__]. 

  
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 “Last Reported Sale Price” of the Common Stock for any Trading Day means
the closing sale price per share (or, if no closing sale price is reported, the average of the last bid price and the last ask price per share or, if more than one in either case, the average of the average last bid prices and the average last ask
prices per share) of the Common Stock on such Trading Day as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is then listed. If the Common Stock is not listed on a U.S.
national or regional securities exchange on such Trading Day, then the Last Reported Sale Price will be the last quoted bid price per share of Common Stock on such Trading Day in the
over-the-counter market as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted on such Trading Day, then the Last Reported
Sale Price will be the average of the mid-point of the last bid price and the last ask price per share of Common Stock on such Trading Day from a nationally recognized independent investment banking firm the
Company selects. 
 “Market Disruption Event” means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the Common Stock is listed for trading or trades, of
any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common
Stock. 
 “Officer” means the Chairman of the Board of Directors, the Chief Executive Officer, the President, the Chief
Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of the Company. 

“Open of Business” means 9:00 a.m., New York City time. 

“Permitted Transferee” means Fairfax Financial Holdings Limited and its Affiliates. 

“Person” or “person” means any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof. Any division or series of a limited liability company, limited partnership or trust will constitute a
separate “person” under this Warrant Agreement. 
 “Physical Certificate” means any certificate (other than an
Electronic Certificate) representing any Warrant(s), which certificate is substantially in the form set forth in Exhibit A, registered in the name of the Holder of such Warrant(s) and duly executed by the Company. 

“Physical Settlement” has the meaning set forth in Section 5(d)(i). 

“Purchase Agreement” means that certain 4.75% Series B Cumulative Perpetual Preferred Stock and Warrant Purchase Agreement,
dated as of February 23, 2022, among the Corporation and the purchasers named therein. 

  
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 “Record Date” means, with respect to any dividend or distribution on, or
issuance to holders of, Common Stock, the date fixed (whether by law, contract or the Board of Directors or otherwise) to determine the holders of Common Stock that are entitled to such dividend, distribution or issuance. 

“Reference Property” has the meaning set forth in Section 5(g)(i). 

“Reference Property Unit” has the meaning set forth in Section 5(g)(i). 

“Register” has the meaning set forth in Section 3(e)(ii). 

“Registrar” has the meaning set forth in Section 3(e)(i). 

“Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of [__], among the Company and the
investors named therein. 
 “Restricted Security Legend” means a legend substantially in the form set forth in Exhibit
B. 
 “Rule 144” means Rule 144 under the Securities Act (or any successor rule thereto), as the same may be amended
from time to time. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Security” means any Warrant or Exercise Share. 

“Series B Extinguishment” means the extinguishment of any shares of Series B Preferred Stock pursuant to, and subject to the
conditions of, Section 8 of the Certificate of Designations governing the Series B Preferred Stock in full or partial satisfaction of the Aggregate Strike Price for any exercised Warrants. 

“Series B Preferred Stock” means the 4.75% Series B Cumulative Perpetual Preferred Stock, $0.0001 par value per share, of the
Company. 
 “Setoff Price” has the meaning set forth in the Certificate of Designations governing the Series B Preferred
Stock. 
 “Settlement Method” means Cashless Settlement or Physical Settlement. 

“Specified Courts” has the meaning set forth in Section 8(d). 

“Spin-Off” has the meaning set forth in
Section 5(e)(i)(3)(B). 
 “Spin-Off Valuation Period” has
the meaning set forth in Section 5(e)(i)(3)(B). 
 “Strike Price” initially means $23.00 per
share of Common Stock; provided, however, that the Strike Price is subject to adjustment pursuant to Sections 5(e) and 5(f). Each reference in this Warrant Agreement or any Certificate to the Strike Price as of a
particular date without setting forth a particular time on such date will be deemed to be a reference to the Strike Price immediately after the Close of Business on such date. 

  
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 “Subsidiary” means, with respect to any Person, (a) any corporation,
association or other business entity (other than a partnership or limited liability company) of which more than 50% of the total voting power of the Capital Stock entitled (without regard to the occurrence of any contingency, but after giving effect
to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association or other business entity is owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person; and (b) any partnership or limited liability company where (x) more than fifty percent (50%) of the capital accounts, distribution
rights, equity and voting interests, or of the general and limited partnership interests, as applicable, of such partnership or limited liability company are owned or controlled, directly or indirectly, by such Person or one or more of the other
Subsidiaries of such Person, whether in the form of membership, general, special or limited partnership or limited liability company interests or otherwise; and (y) such Person or any one or more of the other Subsidiaries of such Person is a
controlling general partner of, or otherwise controls, such partnership or limited liability company. 
 “Successor Person”
has the meaning set forth in Section 5(g)(ii). 
 “Tender/Exchange Offer Valuation Period” has
the meaning set forth in Section 5(e)(i)(5). 
 “Trading Day” means any day on which
(a) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities
exchange, on the principal other market on which the Common Stock is then traded; and (b) there is no Market Disruption Event. If the Common Stock is not so listed or traded, then “Trading Day” means a Business Day. 

“Transfer-Restricted Security” means any Security that constitutes a “restricted security” (as defined in Rule
144); provided, however, that such Security will cease to be a Transfer-Restricted Security upon the earliest to occur of the following events: 

(a) such Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to a
registration statement that was effective under the Securities Act at the time of such sale or transfer; 
 (b) such Security is sold or
otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to an available exemption (including Rule 144) from the registration and prospectus-delivery requirements of, or in a transaction not subject to, the
Securities Act and, immediately after such sale or transfer, such Security ceases to constitute a “restricted security” (as defined in Rule 144); and 

  
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 (c) such Security is eligible for resale, by a Person that is not an Affiliate of the
Company and that has not been an Affiliate of the Company during the immediately preceding three (3) months, pursuant to Rule 144 without any limitations thereunder as to volume, manner of sale, availability of current public information or
notice. 
 “Transfer Restriction Legend” means a legend substantially in the form set forth in Exhibit C. 

“Warrant” means each warrant issued by the Company pursuant to, and having the terms, and conferring to the Holders thereof
the rights, set forth in, this Warrant Agreement. Subject to the terms of this Warrant Agreement, each Warrant will be exercisable for shares of Common Stock based on the Warrant Entitlement and Strike Price. 

“Warrant Agreement” means this Warrant Agreement, as amended or supplemented from time to time. 

“Warrant Entitlement” initially means 1.0000 share of Common Stock per Warrant; provided, however, that the
Warrant Entitlement is subject to adjustment pursuant to Sections 5(e) and 5(f). Each reference in this Warrant Agreement or any Certificate to the Warrant Entitlement as of a particular date without setting forth a particular
time on such date will be deemed to be a reference to the Warrant Entitlement immediately after the Close of Business on such date. 

Section 2. RULES OF CONSTRUCTION. For purposes of this Warrant
Agreement: 
 (a) “or” is not exclusive; 

(b) “including” means “including without limitation”; 

(c) “will” expresses a command; 

(d) the “average” of a set of numerical values refers to the arithmetic average of such numerical values; 

(e) a merger involving, or a transfer of assets by, a limited liability company, limited partnership or trust will be deemed to include any
division of or by, or an allocation of assets to a series of, such limited liability company, limited partnership or trust, or any unwinding of any such division or allocation; 

(f) words in the singular include the plural and in the plural include the singular, unless the context requires otherwise; 

(g) “herein,” “hereof” and other words of similar import refer to this Warrant Agreement as a whole and not to any
particular Section or other subdivision of this Warrant Agreement, unless the context requires otherwise; 
 (h) references to currency mean
the lawful currency of the United States of America, unless the context requires otherwise; and 

  
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 (i) the exhibits, schedules and other attachments to this Warrant Agreement are deemed to
form part of this Warrant Agreement. 
 Section 3. THE WARRANTS. 

(a) Original Issuance of Warrants. On the Initial Issue Date, there will be originally issued an aggregate of thirteen million
forty-three thousand four hundred seventy-eight (13,043,478) Warrants, which Warrants will be initially registered in the name of the purchasers listed on Schedule I to the Purchase Agreement. 

(b) Form, Dating and Denominations. 

(i) Form and Date of Certificates Representing Warrants. Each Certificate representing any Warrant will (1) be
substantially in the form set forth in Exhibit A; (2) bear the legends required by Section 3(f) and may bear notations, legends or endorsements required by law, stock exchange rule or usage; and (3) be
dated as of the date it is executed by the Company. 
 (ii) Electronic Certificates; Physical Certificates. The
Warrants will be originally issued initially in the form of one or more Physical Certificates. Electronic Certificates may be exchanged for Physical Certificates, and Physical Certificates may be exchanged for Electronic Certificates, upon request
by the Holder thereof pursuant to customary procedures, Section 3(g). 
 (iii) Electronic
Certificates; Interpretation. For purposes of this Warrant Agreement, (1) each Electronic Certificate will be deemed to include the text of the form of Certificate set forth in Exhibit A; (2) any legend, registration number or
other notation that is required to be included on a Certificate will be deemed to be affixed to any Electronic Certificate notwithstanding that such Electronic Certificate may be in a form that does not permit affixing legends thereto; (3) any
reference in this Warrant Agreement to the “delivery” of any Electronic Certificate will be deemed to be satisfied upon the registration of the electronic book entry representing such Electronic Certificate in the name of the applicable
Holder; (4) upon satisfaction of any applicable requirements of the Delaware General Corporation Law, the Certificate of Incorporation and the Bylaws of the Company, and any related requirements of the Registrar, in each case for the issuance
of Warrants in the form of one or more Electronic Certificates, such Electronic Certificates will be deemed to be executed by the Company. 

(iv) No Bearer Certificates; Denominations. The Warrants will be issued only in registered form and only in
denominations equal to a whole numbers of Warrants. 
 (v) Registration Numbers. Each Certificate representing any
Warrant(s) will bear a unique registration number that is not affixed to any other Certificate representing any other outstanding Warrant. 

(c) Execution and Delivery. 

  
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 (i) Due Execution by the Company. A duly authorized Officer will sign
each Certificate representing any Warrant on behalf of the Company by manual or facsimile signature. 
 (d) Method of Payment. The
Company will pay all cash amounts due on any Warrant of any Holder by check mailed to the address of such Holder set forth in the Register; provided, however, that the Company will instead pay such cash amounts by wire transfer of
immediately available funds to the account of such Holder specified in a written request of such Holder delivered to the Company no later than the Close of Business on the date that is ten (10) Business Days immediately before the date such
payment is due (or specified in the related Exercise Notice, if applicable). 
 (e) Registrar and Exercise Agent. 

(i) Generally. At all times when any Warrant is outstanding, the Company will maintain an office in the continental
United States where Warrants may be presented for (1) registration of transfer or for exchange (the “Registrar”); and (2) exercise (the “Exercise Agent”). The Company appoints Continental Stock
Transfer & Trust Co., at its offices in New York, New York, as the initial Registrar and the initial Exercise Agent. 

(ii) Maintenance of the Register. The Company will keep, or cause there to be kept, a record (the
“Register”) of the names and addresses of the Holders, the number of Warrants held by each Holder and the transfer, exchange and exercise of the Warrants. Absent manifest error, the entries in the Register will be conclusive and the
Company and each Agent may treat each Person whose name is recorded as a Holder in the Register as a Holder for all purposes. The Register will be in written form or in any form capable of being converted into written form reasonably promptly. The
Company will provide a copy of the Register to any Holder upon its request as soon as reasonably practicable. 
 (iii)
Subsequent Appointments. By notice to each Holder, the Company may, at any time, appoint any Person (including any Subsidiary of the Company) to act as Registrar or Exercise Agent. 

(f) Legends. 

(i) Restricted Security Legend. Each Certificate representing any Warrant that is a Transfer-Restricted Security will
bear the Restricted Security Legend. 
 (ii) Transfer Restriction Legend. Each Certificate representing any Warrant
will bear the Transfer Restriction Legend. 
 (iii) Other Legends on Certificates. The Certificate representing any
Warrant may bear any other legend or text, not inconsistent with this Warrant Agreement, as may be required by applicable law or by any securities exchange or automated quotation system on which such Warrant is traded or quoted or as may be
otherwise reasonably determined by the Company to be appropriate. 

  
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 (iv) Acknowledgement and Agreement by the Holders. A Holder’s
acceptance of any Warrant represented by a Certificate bearing any legend required by this Section 3(f) will constitute such Holder’s acknowledgement of, and agreement to comply with, the restrictions set forth in such
legend. 
 (v) Legends on Exercise Shares. 

(1) Each Exercise Share will bear a legend substantially to the same effect as the Restricted Security Legend if the Warrant
upon the exercise of which such Exercise Share was issued was (or would have been had it not been exercised) a Transfer-Restricted Security at the time such Exercise Share was issued; provided, however, that such Exercise Share need
not bear such a legend if (i) the Exercise Share would not be a Transfer-Restricted Security or (ii) the Company determines, in its reasonable discretion, that such Exercise Share need not bear such a legend. 

(2) Notwithstanding anything to the contrary in Section 3(f)(v)(1), an Exercise Share need not bear a
legend pursuant to Section 3(f)(v)(1) if such Exercise Share is issued in an uncertificated form that does not permit affixing legends thereto, provided the Company takes measures (including, if applicable, the
assignment thereto of a “restricted” CUSIP number) that it reasonably deems appropriate to enforce the transfer restrictions referred to in such legend. 

(g) Transfers and Exchanges; Transfer Taxes; Certain Transfer Restrictions. 

(i) Provisions Applicable to All Transfers and Exchanges. 

(1) Permitted Transferees. Notwithstanding anything to the contrary in this Warrant Agreement, without the prior written
consent of the Company, no Warrant, or any beneficial or other interest therein, will be transferred, pledged or otherwise disposed of to any Person that is not a Permitted Transferee. Any purported transfer, pledge or other disposition in violation
of this Section 3(g)(i)(1) will be void and without any force or effect. 
 (2) No Services
Charge; Transfer Taxes. The Company and the Agents will not impose any service charge on any Holder for any transfer, exchange or exercise of any Warrant, but the Company, the Registrar and the Exercise Agent may require payment of a sum
sufficient to cover any transfer tax or similar governmental charge that may be imposed in connection with any transfer, exchange or exercise of any Warrant, other than exchanges pursuant to Section 3(h) not involving any
transfer. 
 (3) No Transfers or Exchanges of Fractional Shares. Notwithstanding anything to the contrary in this
Warrant Agreement, all transfers or exchanges of Warrants must be in an amount representing a whole number of Warrants, and no fractional Warrant may be transferred or exchanged. 

(4) Legends. Each Certificate representing any Warrant that is issued upon transfer of, or in exchange for, another
Warrant will bear each legend, if any, required by Section 3(f). 

  
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 (5) Settlement of Transfers and Exchanges. Upon satisfaction of the
requirements of this Warrant Agreement to effect a transfer or exchange of any Warrant, the Company will cause such transfer or exchange to be effected as soon as reasonably practicable but in no event later than the fifth (5th) Business Day after
the date of such satisfaction. 
 (ii) Transfers and Exchanges of Warrants. 

(1) Subject to this Section 3(g), a Holder of any Warrant(s) represented by a Certificate may
(x) transfer any whole number of such Warrant(s) to one or more other Person(s); and (y) exchange any whole number of such Warrant(s) for an equal number of Warrants represented by one or more other Certificates; provided,
however, that, to effect any such transfer or exchange, such Holder must (A) if such Certificate is a Physical Certificate, surrender such Physical Certificate to the office of the Registrar, together with any endorsements or transfer
instruments reasonably required by the Company or the Registrar; and (B) deliver to the Company and the Registrar such certificates or other documentation or evidence as the Company and the Registrar may reasonably require to determine that
such transfer complies with the Securities Act and other applicable securities laws. 
 (2) Upon the satisfaction of the
requirements of this Warrant Agreement to effect a transfer or exchange of any whole number of a Holder’s Warrant(s) represented by a Certificate (such Certificate being referred to as the “old Certificate” for purposes of this
Section 3(g)(ii)(2)): 
 (A) such old Certificate will be promptly cancelled pursuant to
Section 3(l); 
 (B) if only part of the Warrants represented by such old Certificate is to be so
transferred or exchanged, then the Company will issue, execute and deliver, in accordance with Section 3(c), one or more Certificates that (x) each represent a whole number of Warrants and, in the aggregate, represent
a total number of Warrants equal to the number of Warrants represented by such old Certificate not to be so transferred or exchanged; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by
Section 3(f); 
 (C) in the case of a transfer to a transferee, the Company will issue, execute
and deliver, in accordance with Section 3(c), one or more Certificates that (x) each represent a whole number of Warrants and, in the aggregate, represent a total number of Warrants equal to the number of Warrants to
be so transferred; (y) are registered in the name of such transferee; and (z) bear each legend, if any, required by Section 3(f); and 

  
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 (D) in the case of an exchange, the Company will issue, execute and
deliver, in accordance with Section 3(c), one or more Certificates that (x) each represent a whole number of Warrants and, in the aggregate, represent a total number of Warrants equal to the number of Warrants to be so
exchanged; (y) are registered in the name of the Person to whom such old Certificate was registered; and (z) bear each legend, if any, required by Section 3(f). 

(iii) Transfers of Warrants Subject to Exercise. Notwithstanding anything to the contrary in this Warrant Agreement, the
Company and the Registrar will not be required to register the transfer of or exchange any Warrant that has been surrendered for exercise. 

(h) Exchange and Cancellation of Exercised Warrants. 

(i) Partial Exercises of Physical Certificates. If only a portion of a Holder’s Warrants represented by a Physical
Certificate (such Physical Certificate being referred to as the “old Physical Certificate” for purposes of this Section 3(h)(i)) is exercised pursuant to Section 5, then, as soon as
reasonably practicable after such old Physical Certificate is surrendered for such exercise, the Company will cause such old Physical Certificate to be exchanged, pursuant and subject to Section 3(g)(ii), for (1) one
or more Physical Certificates that each represent a whole number of Warrants and, in the aggregate, represent a total number of Warrants equal to the number of Warrants represented by such old Physical Certificate that are not to be so exercised and
deliver such Physical Certificate(s) to such Holder; and (2) a Physical Certificate representing a whole number of Warrants equal to the number of Warrants represented by such old Physical Certificate that are to be so exercised, which Physical
Certificate will be exercised pursuant to the terms of this Warrant Agreement; provided, however, that the Physical Certificate referred to in this clause (2) need not be issued at any time after which such Warrants subject
to such exercise are deemed to cease to be outstanding pursuant to Section 3(m). 
 (ii)
Cancellation of Warrants that Are Exercised. If a Holder’s Warrant(s) represented by a Certificate (or any portion thereof that has not theretofore been exchanged pursuant to Section 3(h)(i)) (such Certificate
being referred to as the “old Certificate” for purposes of this Section 3(h)(ii)) are exercised pursuant to Section 5, then, promptly after the later of the time such Warrant(s) are
deemed to cease to be outstanding pursuant to Section 3(m) and the time such old Certificate is surrendered for such exercise, (1) such old Certificate will be cancelled pursuant to
Section 3(l); and (2) in the case of a partial exercise, the Company will issue, execute and deliver to such Holder, in accordance with Section 3(c), one or more Certificates that
(x) each represent a whole number of Warrants and, in the aggregate, represent a total number of Warrants equal to the number of Warrants represented by such old Certificate that are not to be so exercised; (y) are registered in the name
of such Holder; and (z) bear each legend, if any, required by Section 3(f). 

  
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 (i) Replacement Certificates. If a Holder of any Warrant(s) claims that the
Certificate(s) representing such Warrant(s) have been mutilated, lost, destroyed or wrongfully taken, then the Company will issue, execute and deliver, in accordance with Section 3(c), a replacement Certificate representing
such Warrant(s) upon surrender to the Company or the Registrar of such mutilated Certificate, or upon delivery to the Company or the Registrar of evidence of such loss, destruction or wrongful taking reasonably satisfactory to the Company and the
Registrar. In the case of a lost, destroyed or wrongfully taken Certificate representing any Warrant(s), the Company and Registrar Agent may require the Holder thereof to provide such security or indemnity that is reasonably satisfactory to the
Company and the Registrar to protect the Company and the Registrar from any loss that any of them may suffer if such Certificate is replaced. 

Every replacement Warrant issued pursuant to this Section 3(i) will, upon such replacement, be deemed to be an
outstanding Warrant, entitled to all of the benefits of this Warrant Agreement equally and ratably with all other Warrants then outstanding. 

(j) Registered Holders. Only the Holder of any Warrant(s) will have rights under this Warrant Agreement as the owner of such Warrant(s).

 (k) No Rights as a Stockholder. Except as otherwise specifically provided in this Warrant Agreement or in Section 9(a) of the
Certificate of Designations governing the Series B Preferred Stock, prior to the time at which a Holder that exercises any Warrant is deemed, pursuant to Section 5(c)(ii), to become the holder of record of the Exercise
Share(s) issuable to settle such exercise, (i) the Holder shall not be entitled to vote or receive dividends on, or be deemed the holder of, such Exercise Share(s) for any purpose; and (ii) nothing contained in this Warrant Agreement will
be construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock,
consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise. 
 (l)
Cancellation. The Company may at any time deliver any Warrant to the Registrar for cancellation. The Exercise Agent will forward to the Registrar each Warrant duly surrendered to them for transfer, exchange, payment or exercise. The Company
will cause the Registrar to promptly cancel all Warrants so surrendered to it in accordance with its customary procedures. 
 (m)
Outstanding Warrants. 
 (i) Generally. The Warrants that are outstanding at any time will be deemed to
be those Warrants that, at such time, have been duly executed by the Company, excluding those Warrants that have theretofore been (1) cancelled by the Registrar or delivered to the Registrar for cancellation in accordance with
Section 3(l); (2) paid or settled in full upon their exercise in accordance with this Warrant Agreement; or (3) deemed to cease to be outstanding to the extent provided in, and subject to, clause
(ii) (iii) or (iv) of this Section 3(m). 

  
 - 12 - 

 (ii) Replaced Warrants. If any Certificate representing any Warrant
is replaced pursuant to Section 3(i), then such Warrant will cease to be outstanding at the time of such replacement, unless the Registrar and the Company receive proof reasonably satisfactory to them that such Warrant is
held by a “bona fide purchaser” under applicable law. 
 (iii) Exercised Warrants. If any Warrant(s)
are exercised, then, at the Close of Business on the Exercise Date for such exercise (unless there occurs a default in the delivery of the Exercise Consideration due pursuant to Section 5 upon such exercise): (1) such
Warrant(s) will be deemed to cease to be outstanding; and (2) the rights of the Holder(s) of such Warrant(s), as such, will terminate with respect to such Warrant(s), other than the right to receive such Exercise Consideration as provided in
Section 5. 
 (iv) Warrants Remaining Unexercised as of the Exercise Period Expiration Date.
If any Warrant(s) are otherwise outstanding as of the Close of Business on the Exercise Period Expiration Date, then such Warrant(s) will cease to be outstanding as of immediately after the Close of Business on the Exercise Period Expiration Date.

 Section 4. NO RIGHT OF REDEMPTION BY
THE COMPANY 
 The Company does not have the right to redeem the Warrants at its election. 

Section 5. EXERCISE OF WARRANTS. 

(a) Generally. The Warrants may be exercised only pursuant to the provisions of this Section 5. 

(b) Exercise of Warrants. 

(i) Exercise Right; When Warrants May Be Submitted for Exercise. Subject to
Section 5(c)(i)(3), Holders will have the right to submit all, or any whole number of Warrants that is less than all, of their Warrants for Exercise at any time during the Exercise Period. 

(ii) Exercises of Fractional Warrants Not Permitted. Notwithstanding anything to the contrary in this Warrant Agreement,
in no event will any Holder be entitled to exercise a number of Warrants that is not a whole number. 
 (c) Exercise Procedures. 

(i) Requirements for Holders to Exercise Their Exercise Right. 

(1) Generally. To exercise any Warrant represented by a Certificate, the Holder of such Warrant must (v) complete,
sign and deliver to the Exercise Agent an Exercise Notice (at which time, in the case such Certificate is an Electronic Certificate, such Exercise will become irrevocable); (w) if such Certificate is a Physical Certificate, deliver such Physical
Certificate to the Exercise Agent (at which time such Exercise will become irrevocable); (x) furnish any endorsements and transfer documents that the Company or the Exercise Agent may reasonably require; (y) (subject to
Section 5(g)) deliver the Aggregate Strike Price for such exercise in accordance with Section 5(c)(i)(2) (if Physical Settlement applies to such exercise); and (z) if applicable, pay any
documentary or other taxes pursuant to Section 6(d). 

  
 - 13 - 

 (2) Delivery of Aggregate Strike Price. Subject to
Section 5(g), the Holder of an exercised Warrant that will be settled by Physical Settlement will deliver the Aggregate Strike Price for such exercise to the Company in any combination of the following: (A) in cash (by
(x) certified or official bank check payable to the order of the Company and delivered to the Company at its principal executive offices in the United States; or (y) such other method as may be acceptable to the Company); or (B) by
Series B Extinguishment. If any portion of the Aggregate Exercise Price is to be paid by a Series B Extinguishment of any shares of Series B Preferred Stock, then, on the date on which such shares of Series B Preferred Stock have been delivered to
the Company for cancellation in accordance Section 8 of the Certificate of Designations governing the Series B Preferred Stock and all other conditions with respect thereto set forth in Section 8(b) of such Certificate of Designations have
been satisfied, an amount equal to the Setoff Price for such shares of Series B Preferred Stock will be deemed to have been paid in respect of such portion of the Aggregate Exercise Price. If any portion of the Aggregate Exercise Price is to be paid
in cash, then such portion will be deemed to have been paid on the date on which such cash is actually received by the Company. For the avoidance of doubt, if the Setoff Price for any shares of Series B Preferred Stock that are extinguished pursuant
to a Series B Extinguishment is less than the Aggregate Strike Price due in respect of the exercise of any Warrant, then the shortfall must be paid in cash or by a Series B Extinguishment of additional share(s) of Series B Preferred Stock. 

(3) Exercise Permitted only During Business Hours. Warrants may be surrendered for Exercise only after the Open of
Business and before the Close of Business on a day that is a Business Day that occurs during the Exercise Period. 
 (ii)
When Holders Become Stockholders of Record of the Shares of Common Stock Issuable Upon Exercise. The Person in whose name any share of Common Stock is issuable upon exercise of any Warrant will be deemed to become the holder of record
of such share as of the Close of Business on the Exercise Date for such exercise. 
 (d) Settlement upon Exercise. 

(i) Settlement Method. Upon the exercise of any Warrant, the Company will settle such exercise by paying or delivering,
as applicable and as provided in this Section 5(d), shares of Common Stock, together, if applicable, with cash in lieu of fractional shares, in the amounts set forth in either
(x) Section 5(d)(ii)(1) (a “Physical Settlement”); or (y) Section 5(d)(ii)(2) (a “Cashless Settlement”), subject to
Section 5(d)(v). The Settlement Method applicable to the exercise of any Warrant will be the Settlement Method set forth in the Optional Exercise Notice for such exercise, subject to
Section 5(d)(v). 

  
 - 14 - 

 (ii) Exercise Consideration. Subject to
Section 5(d)(iii), Section 5(g) and Section 7(b), the consideration due upon settlement of the exercise of each Warrant will consist of the following: 

(1) Physical Settlement. If Physical Settlement applies to such exercise, a number of shares of Common Stock equal to
the Warrant Entitlement in effect immediately after the Close of Business on the Exercise Date for such exercise; or 
 (2)
Cashless Settlement. If Cashless Settlement applies to such exercise, a number of shares of Common Stock equal to the greater of (x) zero; and (y) an amount equal to: 

 
 

 
 where: 
  

					
	WE	  	=	  	the Warrant Entitlement in effect immediately after the Close of Business on the Exercise Date for such exercise;
			
	VP	  	=	  	the Last Reported Sale Price per share of Common Stock on the Exercise Date for such exercise; and
			
	SP	  	=	  	the Strike Price in effect immediately after the Close of Business on such Exercise Date.

 (iii) Payment of Cash in Lieu of any Fractional Share of Common Stock. Subject to
Section 7(b), in lieu of delivering any fractional share of Common Stock otherwise due upon exercise of any Warrant, the Company will pay cash based on the Last Reported Sale Price per share of Common Stock on the Exercise
Date for such exercise (or, if such Exercise Date is not a Trading Day, the immediately preceding Trading Day). 
 (iv)
Delivery of Exercise Consideration. Except as provided in Sections 5(e)(i)(3)(B), 5(e)(i)(5) and 5(g)(i)(C), the Company will pay or deliver, as applicable, the Exercise Consideration due upon exercise of any
Warrant on or before the second (2nd) Business Day immediately after the Exercise Date for such exercise. 
 (v) No
Cashless Settlement if any Shares of Series B Preferred Stock Remain Outstanding. Notwithstanding anything to the contrary in this Warrant Agreement, Cashless Settlement of any Warrant will not be permitted unless and until no shares of Series B
Preferred Stock issued pursuant to the Purchase Agreement remain outstanding. 
 (e) Strike Price and Warrant Entitlement Adjustments.

  
 - 15 - 

 (i) Events Requiring an Adjustment to the Strike Price and the Warrant
Entitlement. Each of the Strike Price and the Warrant Entitlement will be adjusted from time to time as follows: 

(1) Stock Dividends, Splits and Combinations. If the Company issues solely shares of Common Stock as a dividend or
distribution on all or substantially all shares of the Common Stock, or if the Company effects a stock split or a stock combination of the Common Stock (in each case excluding an issuance solely pursuant to a Common Stock Change Event, as to which
Section 5(g) will apply), then each of the Strike Price and the Warrant Entitlement will be adjusted based on the following formulas: 
  

 
 and 
  

 
 where: 
  

					
	SP0	  	=	  	the Strike Price in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately before the Open of Business on the effective date
of such stock split or stock combination, as applicable;
			
	SP1	  	=	  	the Strike Price in effect immediately after the Open of Business on such Ex-Dividend Date or effective date, as applicable;
			
	WE0	  	=	  	the Warrant Entitlement in effect immediately before the Open of Business on such Ex-Dividend Date or effective date, as applicable;
			
	WE1	  	=	  	the Warrant Entitlement in effect immediately after the Open of Business on such Ex-Dividend Date or effective date, as applicable;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date or effective date, as applicable, without giving effect to such dividend,
distribution, stock split or stock combination; and
			
	OS1	  	=	  	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, stock split or stock combination.

  
 - 16 - 

 If any dividend, distribution, stock split or stock combination of the type described in
this Section 5(e)(i)(1) is declared or announced, but not so paid or made, then each of the Strike Price and the Warrant Entitlement will be readjusted, effective as of the date the Board of Directors determines not to pay
such dividend or distribution or to effect such stock split or stock combination, to the Strike Price and the Warrant Entitlement, respectively, that would then be in effect had such dividend, distribution, stock split or stock combination not been
declared or announced. 
 (2) Rights, Options and Warrants. If the Company distributes, to all or substantially all
holders of Common Stock, rights, options or warrants (other than rights issued or otherwise distributed pursuant to a stockholder rights plan, as to which Section 5(e)(i)(3)(A) and Section 5(e)(vi)
will apply) entitling such holders, for a period of not more than sixty (60) calendar days after the Record Date of such distribution, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the
Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced, then each of the Strike Price and the Warrant
Entitlement will be adjusted based on the following formulas: 
  
 

 
 and 
  

 
 where: 
  

					
	SP0	  	=	  	the Strike Price in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;
			
	SP1	  	=	  	the Strike Price in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	WE0	  	=	  	the Warrant Entitlement in effect immediately before the Open of Business on such Ex-Dividend Date;
			
	WE1	  	=	  	the Warrant Entitlement in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	OS	  	=	  	the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date;

  
 - 17 - 

					
	Y	  	=	  	a number of shares of Common Stock obtained by dividing (x) the aggregate price payable to exercise such rights, options or warrants by (y) the average of the Last Reported Sale Prices per share of Common Stock for the ten
(10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced; and
			
	X	  	=	  	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants.

 To the extent such rights, options or warrants are not so distributed, each of the Strike Price and the
Warrant Entitlement will be readjusted to the Strike Price and the Warrant Entitlement, respectively, that would then be in effect had the adjustment thereto for such distribution been made on the basis of only the rights, options or warrants, if
any, actually distributed. In addition, to the extent that shares of Common Stock are not delivered after the expiration of such rights, options or warrants (including as a result of such rights, options or warrants not being exercised), the Strike
Price and the Warrant Entitlement will be readjusted to the Strike Price and the Warrant Entitlement, respectively, that would then be in effect had the adjustment thereto for such distribution been made on the basis of delivery of only the number
of shares of Common Stock actually delivered upon exercise of such rights, option or warrants. 
 For purposes of this
Section 5(e)(i)(2), in determining whether any rights, options or warrants entitle holders of Common Stock to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last
Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date the distribution of such rights, options or warrants is announced, and in determining
the aggregate price payable to exercise such rights, options or warrants, there will be taken into account any consideration the Company receives for such rights, options or warrants and any amount payable on exercise thereof, with the value of such
consideration, if not cash, to be determined by the Board of Directors. 
 (3) Spin-Offs and Other Distributed
Property. 
 (A) Distributions Other than Spin-Offs. If the Company distributes shares of its Capital Stock,
evidences of the Company’s indebtedness or other assets or property of the Company, or rights, options or warrants to acquire the Company’s Capital Stock or other securities, to all or substantially all holders of the Common Stock,
excluding: 
 (I) dividends, distributions, rights, options or warrants for which an adjustment to the Strike Price and the
Warrant Entitlement is required (or would be required without regard to Section 5(e)(iii)) pursuant to Section 5(e)(i)(1) or 5(e)(i)(2); 

  
 - 18 - 

 (II) dividends or distributions paid exclusively in cash for which an
adjustment to the Strike Price and the Warrant Entitlement is required (or would be required assuming the Dividend Threshold were zero and or would be required without regard to Section 5(e)(iii)) pursuant to
Section 5(e)(i)(4); 
 (III) rights issued or otherwise distributed pursuant to a stockholder
rights plan, except to the extent provided in Section 5(e)(vi); 
 (IV) Spin-Offs for which an
adjustment to the Strike Price and the Warrant Entitlement is required (or would be required without regard to Section 5(e)(iii)) pursuant to Section 5(e)(i)(3)(B); 

(V) a distribution solely pursuant to a tender offer or exchange offer for shares of Common Stock, as to which
Section 5(e)(i)(5) will apply; and 
 (VI) a distribution solely pursuant to a Common Stock Change
Event, as to which Section 5(g) will apply, 
 then each of the Strike Price and the Warrant Entitlement will be
adjusted based on the following formulas: 
  
 

 
 and 
  

 
 where: 
  

					
	SP0	  	=	  	the Strike Price in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;
			
	SP1	  	=	  	the Strike Price in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	WE0	  	=	  	the Warrant Entitlement in effect immediately before the Open of Business on such Ex-Dividend Date;
			
	WE1	  	=	  	the Warrant Entitlement in effect immediately after the Open of Business on such Ex-Dividend Date;

  
 - 19 - 

 
					
	P	  	=	  	the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before such
Ex-Dividend Date; and
			
	FMV	  	=	  	the fair market value (as determined by the Company in good faith and in a commercially reasonable manner), as of such Ex-Dividend Date, of the shares of Capital Stock, evidences of
indebtedness, assets, property, rights, options or warrants distributed per share of Common Stock pursuant to such distribution;

 provided, however, that, if FMV is equal to or greater than P, then, in lieu
of the foregoing adjustments to the Strike Price and the Warrant Entitlement, each Holder will receive, for each Warrant held by such Holder on the Record Date for such distribution, at the same time and on the same terms as holders of Common Stock,
the amount and kind of shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants that such Holder would have received in such distribution if such Holder had owned, on such Record Date, a number of shares of
Common Stock equal to the Warrant Entitlement in effect on such Record Date. 
 To the extent such distribution is not so paid or made, each
of the Strike Price and the Warrant Entitlement will be readjusted to the Strike Price and the Warrant Entitlement, respectively, that would then be in effect had the adjustment thereto been made on the basis of only the distribution, if any,
actually made or paid. 
 (B) Spin-Offs. If the Company distributes or dividends shares of Capital Stock of any class
or series, or similar equity interests, of or relating to an Affiliate or Subsidiary or other business unit of the Company to all or substantially all holders of the Common Stock (other than solely pursuant to (x) a Common Stock Change Event,
as to which Section 5(g) will apply; or (y) a tender offer or exchange offer for shares of Common Stock, as to which Section 5(e)(i)(5) will apply), and such Capital Stock or equity interests
are listed or quoted (or will be listed or quoted upon the consummation of the transaction) on a U.S. national securities exchange (a “Spin-Off”), then each of the Strike Price and the Warrant
Entitlement will be adjusted based on the following formulas 
  
 

 

  
 - 20 - 

 and 
  

 
 where: 
  

					
	SP0	  	=	  	the Strike Price in effect immediately before the Open of Business on the Ex-Dividend Date for such Spin-Off;
			
	SP1	  	=	  	the Strike Price in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	WE0	  	=	  	the Warrant Entitlement in effect immediately before the Open of Business on such Ex-Dividend Date;
			
	WE1	  	=	  	the Warrant Entitlement in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	P	  	=	  	the average of the Last Reported Sale Prices per share of Common Stock for each Trading Day in the Spin-Off Valuation Period; and
			
	FMV	  	=	  	the product of (x) the average of the Last Reported Sale Prices per share or unit of the Capital Stock or equity interests distributed in such Spin-Off over the ten (10) consecutive
Trading Day period (the “Spin-Off Valuation Period”) beginning on, and including, such Ex-Dividend Date (such average to be determined as if references
to Common Stock in the definitions of “Last Reported Sale Price,” “Trading Day” and “Market Disruption Event” were instead references to such Capital Stock or equity interests); and (y) the number of shares or
units of such Capital Stock or equity interests distributed per share of Common Stock in such Spin-Off.

 The adjustment to the Strike Price and the Warrant Entitlement pursuant to this
Section 5(e)(i)(3)(B) will be calculated as of the Close of Business on the last Trading Day of the Spin-Off Valuation Period but will be given effect immediately after the Open of
Business on the Ex-Dividend Date for the Spin-Off, with retroactive effect. If any Warrant is exercised and the Exercise Date for such exercise occurs during the Spin-Off Valuation Period, then, notwithstanding anything to the contrary in this Warrant Agreement, the Company will, if necessary, delay the settlement of such exercise until the second (2nd) Business Day after
the Last Trading Day of the Spin-Off Valuation Period. 

  
 - 21 - 

 To the extent any dividend or distribution of the type described in this
Section 5(e)(i)(3)(B) is declared but not made or paid, each of the Strike Price and the Warrant Entitlement will be readjusted to the Strike Price and the Warrant Entitlement, respectively, that would then be in effect had
the adjustment thereto been made on the basis of only the dividend or distribution, if any, actually made or paid. 
 (4)
Cash Dividends or Distributions. If any cash dividend or distribution is made to all or substantially all holders of Common Stock (other than a regular quarterly cash dividend that does not exceed the Dividend Threshold per share of Common
Stock), then each of the Strike Price and the Warrant Entitlement will be adjusted based on the following formulas: 
  

 
 and 
  

 
 where: 

 

					
	SP0	  	=	  	the Strike Price in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution;
			
	SP1	  	=	  	the Strike Price in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	WE0	  	=	  	the Warrant Entitlement in effect immediately before the Open of Business on such Ex-Dividend Date;
			
	WE1	  	=	  	the Warrant Entitlement in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	P	  	=	  	the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before such Ex-Dividend Date;
			
	D	  	=	  	the cash amount distributed per share of Common Stock in such dividend or distribution; and
			
	T	  	=	  	an amount (subject to the proviso below, the “Dividend Threshold”) initially equal to $0.24 per share of Common Stock; provided, however, that (x) if such dividend or distribution is not a regular
quarterly cash dividend on the Common Stock, then the Dividend Threshold will be deemed to be zero ($0.00) per share of

  
 - 22 - 

 Common Stock with respect to such dividend or distribution; and (y) the Dividend
Threshold will be adjusted in the same manner as, and at the same time and for the same events for which, the Strike Price is adjusted pursuant to Section 5(e)(i)(1); 

provided, however, that, if D is equal to or greater than P, then, in lieu of the foregoing adjustments to the
Strike Price and the Warrant Entitlement, each Holder will receive, for each Warrant held by such Holder on the Record Date for such dividend or distribution, at the same time and on the same terms as holders of Common Stock, the amount of cash that
such Holder would have received in such dividend or distribution if such Holder had owned, on such Record Date, a number of shares of Common Stock equal to the Warrant Entitlement in effect on such Record Date. To the extent such dividend or
distribution is declared but not made or paid, each of the Strike Price and the Warrant Entitlement will be readjusted to the Strike Price and the Warrant Entitlement, respectively, that would then be in effect had the adjustment thereto been made
on the basis of only the dividend or distribution, if any, actually made or paid. 
 (5) Tender Offers or Exchange
Offers. If the Company or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer for shares of Common Stock (other than solely pursuant to an odd-lot tender offer pursuant
to Rule 13e-4(h)(5) under the Exchange Act), and the value (determined as of the Expiration Time by the Company in good faith and in a commercially reasonable manner) of the cash and other consideration paid
per share of Common Stock in such tender or exchange offer exceeds the Last Reported Sale Price per share of Common Stock on the Trading Day immediately after the last date (the “Expiration Date”) on which tenders or exchanges may
be made pursuant to such tender or exchange offer (as it may be amended), then each of the Strike Price and the Warrant Entitlement will be adjusted based on the following formulas: 

 
 

 
 and 
  

 
 where: 
  

					
	SP0	  	=	  	the Strike Price in effect immediately before the time (the “Expiration Time”) such tender or exchange offer expires;
			
	SP1	  	=	  	the Strike Price in effect immediately after the Expiration Time;

  
 - 23 - 

 
					
	WE0	  	=	  	the Warrant Entitlement in effect immediately before the Expiration Time;
			
	WE1	  	=	  	the Warrant Entitlement in effect immediately after the Expiration Time;
			
	P	  	=	  	the average of the Last Reported Sale Prices per share of Common Stock over the ten (10) consecutive Trading Day period (the “Tender/Exchange Offer Valuation Period”) beginning on, and including, the Trading
Day immediately after the Expiration Date;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately before the Expiration Time (including all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);
			
	AC	  	=	  	the aggregate value (determined as of the Expiration Time by the Company in good faith and in a commercially reasonable manner) of all cash and other consideration paid for shares of Common Stock purchased or exchanged in such
tender or exchange offer; and
			
	OS1	  	=	  	the number of shares of Common Stock outstanding immediately after the Expiration Time (excluding all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);

 provided, however, that the Strike Price will in no event be adjusted up, and the Warrant
Entitlement will in no event be adjusted down, pursuant to this Section 5(e)(i)(5), except to the extent provided in the last paragraph of this Section 5(e)(i)(5). 

The adjustment to the Strike Price and the Warrant Entitlement pursuant to this Section 5(e)(i)(5) will be calculated
as of the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period but will be given effect immediately after the Expiration Time, with retroactive effect. If any Warrant is exercised and the Exercise Date for such
exercise occurs on the Expiration Date or during the Tender/Exchange Offer Valuation Period, then, notwithstanding anything to the contrary in this Warrant Agreement, the Company will, if necessary, delay the settlement of such exercise until the
second (2nd) Business Day after the last Trading Day of the Tender/Exchange Offer Valuation Period. 

  
 - 24 - 

 To the extent such tender or exchange offer is announced but not consummated (including as a
result of being precluded from consummating such tender or exchange offer under applicable law), or any purchases or exchanges of shares of Common Stock in such tender or exchange offer are rescinded, each of the Strike Price and the Warrant
Entitlement will be readjusted to the Strike Price and the Warrant Entitlement, respectively, that would then be in effect had the adjustment thereto been made on the basis of only the purchases or exchanges of shares of Common Stock, if any,
actually made, and not rescinded, in such tender or exchange offer. 
 (ii) No Adjustments in Certain Cases. 

(1) Where Holders Participate in the Transaction or Event Without Exercising. Notwithstanding anything to the contrary
in Section 5(e)(i), the Company is not required to adjust the Strike Price or the Warrant Entitlement for a transaction or other event otherwise requiring an adjustment pursuant to Section 5(e)(i)
(other than a stock split or combination of the type set forth in Section 5(e)(i)(1) or a tender or exchange offer of the type set forth in Section 5(e)(i)(5)) if each Holder participates, at the
same time and on the same terms as holders of Common Stock, and solely by virtue of being a Holder of the Warrants, in such transaction or event without having to exercise such Holder’s Warrants and as if such Holder had owned, on the Record
Date for such transaction or event, a number of shares of Common Stock equal to the product of (i) the Warrant Entitlement in effect on such Record Date; and (ii) the number of Warrants held by such Holder on such Record Date. 

(2) Certain Events. The Company will not be required to adjust the Strike Price or the Warrant Entitlement except
pursuant to Section 5(e)(i). Without limiting the foregoing, the Company will not be required to adjust the Strike Price or the Warrant Entitlement on account of: 

(A) except as otherwise provided in Section 5(e)(i), the sale of shares of Common Stock for a
purchase price that is less than the market price per share of Common Stock or less than the Strike Price; 
 (B) the
issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common
Stock under any such plan; 
 (C) the issuance of any shares of Common Stock or options or rights to purchase shares of
Common Stock pursuant to any present or future employee, director or consultant benefit plan or program of, or assumed by, the Company or any of its Subsidiaries; 

(D) the issuance of any shares of Common Stock pursuant to any option, warrant, right or convertible or exchangeable security
of the Company outstanding as of the Initial Issue Date; or 

  
 - 25 - 

 (E) solely a change in the par value of the Common Stock. 

(iii) Adjustment Deferral. If an adjustment to the Strike Price and the Warrant Entitlement otherwise required by this
Warrant Agreement would result in a change of less than one percent (1%) to the Strike Price, then the Company may, at its election, defer such adjustment to the Strike Price and the Warrant Entitlement, except that all such deferred adjustments
must be given effect immediately upon the earliest of the following: (1) when all such deferred adjustments would result in a change of at least one percent (1%) to the Strike Price; and (2) the Exercise Date of any Warrant. 

(iv) Adjustments Not Yet Effective. Notwithstanding anything to the contrary in this Warrant Agreement, if: 

(1) a Warrant is exercised; 

(2) the Record Date, effective date or Expiration Time for any event that requires an adjustment to the Strike Price pursuant
to Section 5(e)(i) has occurred on or before the Exercise Date for such exercise, but an adjustment to the Strike Price or the Warrant Entitlement for such event has not yet become effective as of such Exercise Date; 

(3) the Exercise Consideration due upon such exercise includes any whole shares of Common Stock; and 

(4) such shares are not entitled to participate in such event (because they were not held on the related Record Date or
otherwise), 
 then, solely for purposes of such exercise, the Company will, without duplication, give effect to such adjustment on such
Exercise Date. In such case, if the date on which the Company is otherwise required to deliver the Exercise Consideration due upon such exercise is before the first date on which the amount of such adjustment can be determined, then the Company will
delay the settlement of such exercise until the second (2nd) Business Day after such first date. 
 (v) Adjustments Where
Exercising Holders Participate in the Relevant Transaction or Event. Notwithstanding anything to the contrary in this Warrant Agreement, if: 

(1) an adjustment to the Strike Price or the Warrant Entitlement for any dividend or distribution becomes effective on any Ex-Dividend Date pursuant to Section 5(e)(i); 
 (2) a Warrant is
exercised; 
 (3) the Exercise Date for such exercise occurs on or after such
Ex-Dividend Date and on or before the related Record Date; 

  
 - 26 - 

 (4) the Exercise Consideration due upon such exercise includes any whole
shares of Common Stock based on a Strike Price or Warrant Entitlement that is adjusted for such dividend or distribution; and 

(5) such shares would be entitled to participate in such dividend or distribution (including pursuant to
Section 5(c)(ii)), 
 then such adjustment will not be given effect for such exercise and the shares of Common
Stock issuable upon such exercise based on such unadjusted Strike Price and unadjusted Warrant Entitlement will not be entitled to participate in such dividend or distribution, but there will be added, to the Exercise Consideration otherwise due
upon such exercise, the same kind and amount of consideration that would have been delivered in such dividend or distribution with respect to such shares of Common Stock had such shares been entitled to participate in such dividend or distribution.

 (vi) Stockholder Rights Plans. If any shares of Common Stock are to be issued upon exercise of any Warrant and, at
the time of such exercise, the Company has in effect any stockholder rights plan, then the Holder of such Warrant will be entitled to receive, in addition to, and concurrently with the delivery of, the consideration otherwise due upon such exercise,
the rights set forth in such stockholder rights plan, unless such rights have separated from the Common Stock at such time, in which case, and only in such case, the Strike Price and the Warrant Entitlement will be adjusted pursuant to
Section 5(e)(i)(3)(A) on account of such separation as if, at the time of such separation, the Company had made a distribution of the type referred to in such Section 5(e)(i)(3)(A) to all holders
of Common Stock, subject to potential readjustment in accordance with the last paragraph of Section 5(e)(i)(3)(A). 

(vii) Determination of the Number of Outstanding Shares of Common Stock. For purposes of
Section 5(e)(i), the number of shares of Common Stock outstanding at any time will (1) include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock; and
(2) exclude shares of Common Stock held in the Company’s treasury (unless the Company pays any dividend or makes any distribution on shares of Common Stock held in its treasury). 

(viii) Rounding of Calculations. All calculations with respect to the Strike Price and adjustments thereto will be made
to the nearest cent (with half of one cent rounded upwards), and all calculations with respect to the Warrant Entitlement and adjustments thereto will be made to the nearest 1/10,000th of a share of Common Stock (with 5/100,000ths rounded upward).

 (f) Voluntary Adjustments. 

(i) Generally. To the extent permitted by law and applicable stock exchange rules, the Company, from time to time, may
(but is not required to) decrease the Strike Price by any amount, or increase the Warrant Entitlement by any amount, if (1) the Board of Directors determines that such decrease or increase, as applicable, is in the Company’s best interest
or that such decrease or increase, as applicable, is advisable to avoid or diminish any income tax imposed on holders of Common Stock or rights to purchase Common Stock as a result of any dividend or distribution of shares (or rights to acquire
shares) of Common Stock or any similar event; (2) such decrease or increase, as applicable, is in effect for a period of at least twenty (20) Business Days; and (3) such decrease or increase, as applicable, is irrevocable during such
period. 

  
 - 27 - 

 (ii) Notice of Voluntary Adjustment. If the Board of Directors
determines to decrease the Strike Price or increase the Warrant Entitlement pursuant to Section 5(f)(i), then, no later than the first Business Day of the related twenty (20) Business Day period referred to in
Section 5(f)(i), the Company will send notice to each Holder (with a copy to the Exercise Agent) of such decrease or increase, as applicable, quantifying the amount thereof and stating the period during which such decrease
or increase, as applicable, will be in effect. 
 (g) Effect of Common Stock Change Event. 

(i) Generally. If there occurs any: 

(1) recapitalization, reclassification or change of the Common Stock, other than (x) changes solely resulting from a
subdivision or combination of the Common Stock, (y) a change only in par value or from par value to no par value or no par value to par value or (z) stock splits and stock combinations that do not involve the issuance of any other series
or class of securities; 
 (2) consolidation, merger, combination or binding or statutory share exchange involving the
Company; 
 (3) sale, lease or other transfer of all or substantially all of the assets of the Company and its Subsidiaries,
taken as a whole, to any Person; or 
 (4) other similar event, 

and, as a result of which, the Common Stock is converted into, or is exchanged for, or represents solely the right to receive, other
securities, cash or other property, or any combination of the foregoing (such an event, a “Common Stock Change Event,” and such other securities, cash or property, the “Reference Property,” and the amount and kind
of Reference Property that a holder of one (1) share of Common Stock would be entitled to receive on account of such Common Stock Change Event (without giving effect to any arrangement not to issue or deliver a fractional portion of any
security or other property), a “Reference Property Unit”), then, notwithstanding anything to the contrary in this Warrant Agreement, 

(A) from and after the effective time of such Common Stock Change Event, (I) the consideration due upon exercise of any
Warrant will be determined in the same manner as if each reference to any number of shares of Common Stock in this Section 5 or in Section 6, or in any related definitions, were instead a reference
to the same number of Reference Property Units; 

  
 - 28 - 

 (B) if such Reference Property Unit includes, but does not consist entirely
of, cash (it being understood, for the avoidance of doubt, that clause (C) below will apply instead of this clause (B) if such Reference Property Unit consists entirely of cash), then, from and after the effective time of
such Common Stock Change Event, there will be deducted or removed, as applicable, from the Aggregate Strike Price otherwise payable to exercise any Warrant pursuant to Section 5(c)(i), and from the cash that would otherwise
be included in the Exercise Consideration due, pursuant to Section 5(d), to settle such exercise, in each case pursuant to Physical Settlement, a cash amount, per Warrant, equal to the product of (I) the Warrant
Entitlement on the Exercise Date for such exercise; and (II) the lesser of (x) the Strike Price on the Exercise Date for such exercise; and (y) the amount of cash included in such Reference Property Unit; 

(C) if such Reference Property Unit consists entirely of cash, then (I) from and after the effective time of such Common
Stock Change Event, no delivery of the Aggregate Strike Price will be required to exercise any Warrant; and (II) the Company will settle each exercise of any Warrant whose Exercise Date occurs on or after the date of the effective time of such
Common Stock Change Event by paying, on or before the tenth (10th) Business Day immediately after such Exercise Date, cash in an amount, per Warrant, equal to the product of (I) the Warrant Entitlement; and (II) the excess, if any, of
(x) the amount of cash included in such Reference Property Unit over (y) the Strike Price (it being understood, for the avoidance of doubt, that the amount set forth in this clause (II) will be zero if the amount set forth in
clause (x) is not greater than the amount set forth in clause (y)); and 
 (D) for these purposes, the
Last Reported Sale Price of any Reference Property Unit or portion thereof that does not consist of a class of securities will be the fair value of such Reference Property Unit or portion thereof, as applicable, determined in good faith by the
Company (or, in the case of cash denominated in U.S. dollars, the face amount thereof). 
 If the Reference Property consists of more than a
single type of consideration to be determined based in part upon any form of stockholder election, then the composition of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of consideration actually
received, per share of Common Stock, by the holders of Common Stock. The Company will notify the Holders of such weighted average as soon as practicable after such determination is made. For the avoidance of doubt, the occurrence of a Common Stock
Change Event will not, in itself, impact a Holder’s ability to deliver the Aggregate Strike Price by Series B Extinguishment pursuant to Section 5(c)(i)(2) of shares of Series B Preferred Stock that are then
outstanding. 

  
 - 29 - 

 (ii) Execution of Supplemental Instruments. On or before the date the
Common Stock Change Event becomes effective, the Company and, if applicable, the resulting, surviving or transferee Person (if not the Company) of such Common Stock Change Event (the “Successor Person”) will execute and deliver such
supplemental instruments, if any, as the Company reasonably determines are necessary or desirable (which supplemental instruments will, for the avoidance of doubt, not require the consent of any Holder) to (y) provide for subsequent adjustments
to the Strike Price and the Warrant Entitlement pursuant to Section 5(e)(i) in a manner consistent with this Section 5(g) (including giving effect, in the Company’s reasonable discretion, to
the Dividend Threshold in a manner that reflects the nature and value of the Reference Property Unit); and (z) contain such other provisions, if any, as the Company reasonably determines are appropriate to preserve the economic interests of the
Holders and to give effect to Section 5(g)(i). If the Successor Person is not the Company, or the Reference Property includes shares of stock or other securities or assets (other than cash) of a Person other than the
Successor Person, then the Company will cause such Successor Person or Person, as applicable, to execute and deliver a joinder to this Warrant Agreement assuming the obligations of the Company under this Warrant Agreement, or the obligation to
deliver such Reference Property upon exercise of the Warrants, as applicable. 
 (iii) Notice of Common Stock Change
Event. The Company will provide notice of each Common Stock Change Event to Holders no later than the second (2nd) Business Day after the effective date of the Common Stock Change Event. 

Section 6. CERTAIN PROVISIONS RELATING TO THE
ISSUANCE OF COMMON STOCK. 
 (a) Equitable Adjustments to
Prices. Whenever this Warrant Agreement requires the Company to calculate the average of the Last Reported Sale Prices, or any function thereof, over a period of multiple days (including to calculate or an adjustment to the Strike Price), the
Company will make appropriate adjustments, if any, to those calculations to account for any adjustment to the Strike Price pursuant to Section 5(e)(i) that becomes effective, or any event requiring such an adjustment to the
Strike Price where the Ex-Dividend Date, effective date or Expiration Date, as applicable, of such event occurs, at any time during such period. 

(b) Reservation of Shares of Common Stock. At all times when any Warrant is outstanding, the Company will reserve (out of its authorized
and not outstanding shares of Common Stock that are not reserved for other purposes), for delivery upon exercise of the Warrants, a number of shares of Common Stock that would be sufficient to settle the exercise of all Warrant(s) then outstanding
(assuming, for these purposes, that each such Warrant is settled by the delivery of a number of shares of Common Stock equal to the then-applicable Warrant Entitlement). 

(c) Status of Shares of Common Stock; Covenant Regarding Par Value. Each share of Common Stock delivered upon exercise of any
Warrant of any Holder will be a newly issued or treasury share and will be duly authorized, validly issued, fully paid, non-assessable, free from preemptive rights and free of any lien or adverse claim (except
to the extent of any lien or adverse claim created by the action or inaction of such Holder or the Person to whom such share of Common Stock will be delivered). If the Common Stock is then listed on any securities exchange, or quoted on any
inter-dealer quotation system, then the Company will use commercially reasonable efforts to cause each such share of Common Stock, when so delivered, to be admitted for listing on such exchange or quotation on such system. The Company will not
engage in any transaction or take any action that would cause the Strike Price to be less than the par value per share of Common Stock. 

  
 - 30 - 

 (d) Taxes Upon Issuance of Common Stock. The Company will pay any documentary, stamp
or similar issue or transfer tax or duty due on the issue of any shares of Common Stock upon exercise of any Warrant of any Holder, except any tax or duty that is due because such Holder requests those shares to be registered in a name other than
such Holder’s name. 
 Section 7. CALCULATIONS. 

(a) Responsibility; Schedule of Calculations. Except as otherwise provided in this Warrant Agreement, the Company will be responsible
for making all calculations called for under this Warrant Agreement or the Warrants, including determinations of the Strike Price and the Last Reported Sale Prices. The Company will make all calculations in good faith, and, absent manifest error,
its calculations will be final and binding on all Holders. The Company will provide a schedule of such calculations to any Holder upon written request. 

(b) Calculations Aggregated for Each Holder. The composition of the Exercise Consideration due upon exercise of any Warrant of any
Holder will be computed based on the total number of Warrants of such Holder being exercised with the same Exercise Date. Any cash amounts due to such Holder in respect thereof will, after giving effect to the preceding sentence, be rounded to the
nearest cent. 
 Section 8. MISCELLANEOUS. 

(a) Notices. 

(i) Notices to Holders. All notices or communications required to be made to a Holder pursuant to this Warrant Agreement
must be made in writing and will be deemed to be duly sent or given in writing if (1) mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery, to its address
shown on the Register; or (2) transmitted by facsimile or by electronic transmission or other similar means of unsecured electronic communication to the facsimile or electronic address, as applicable, of such Holder shown on the Register,
provided receipt of such facsimile or electronic transmission or communication is acknowledged. The failure to send a notice or communication to a Holder, or any defect in such notice or communication, will not affect its sufficiency with
respect to any other Holder. 
 (ii) Notice Effectiveness. If a notice or communication is mailed or sent in the
manner provided above in this Section 8(a) within the time prescribed, it will be deemed to have been duly given, whether or not the addressee receives it (except to the extent, but only to the extent, acknowledgement of
receipt is expressly required by this Section 8(a)). 

  
 - 31 - 

 (b) Stamp and Other Taxes The Company will be responsible for paying all present or
future stamp, court or documentary, intangible, recording, filing or similar taxes that arise from any payment or issuance made under, from the execution, delivery, performance or enforcement of, or otherwise with respect to, this Warrant Agreement,
except any such tax that is due because a Holder requests any shares of Common Stock due upon exercise of any Warrant of such Holder to be registered in a name other than such Holder’s name. 

(c) Governing Law; Waiver of Jury Trial. THIS WARRANT AGREEMENT AND THE WARRANTS, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR
RELATED TO THIS WARRANT AGREEMENT OR THE WARRANTS, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THE COMPANY AND EACH HOLDER (BY ITS ACCEPTANCE OF ANY WARRANT) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS WARRANT AGREEMENT, THE WARRANTS OR THE TRANSACTIONS CONTEMPLATED BY THIS WARRANT AGREEMENT OR THE WARRANTS. 

(d) Submission to Jurisdiction. Any legal suit, action or proceeding arising out of or based upon this Warrant Agreement or the
transactions contemplated by this Warrant Agreement may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York, in each case located in the City of New York
(collectively, the “Specified Courts”), and each party irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process,
summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court) to such party’s address set forth in Section 8(a) will be effective service of process for any such suit, action
or proceeding brought in any such court. Each of the Company and each Holder (by its execution and delivery of this Warrant Agreement or by its acceptance of any Warrant) irrevocably and unconditionally waives any objection to the laying of venue of
any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waives and agrees not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum. 

(e) No Adverse Interpretation of Other Agreements. Neither this Warrant Agreement nor the Warrants may be used to interpret any other
agreement of the Company or its Subsidiaries or of any other Person, and no such other agreement may be used to interpret this Warrant Agreement or the Warrants. 

(f) Successors; Benefits of Warrant Agreement. All agreements of the Company in this Warrant Agreement and the Warrants will bind its
successors. Subject to the preceding sentence, this Warrant Agreement is for the sole benefit of the parties hereto and for the Holders, as such, from time to time, and nothing in this Warrant Agreement, or anything that may be implied from any
provision of this Warrant Agreement, will confer on any other Person any right, claim or remedy. 

  
 - 32 - 

 (g) Severability. If any provision of this Warrant Agreement or the Warrants is
invalid, illegal or unenforceable, then the validity, legality and enforceability of the remaining provisions of this Warrant Agreement or the Warrants will not in any way be affected or impaired thereby. 

(h) Counterparts. The parties may sign any number of copies of this Warrant Agreement. Each signed copy will be an original, and all of
them together represent the same agreement. Delivery of an executed counterpart of this Warrant Agreement by facsimile, electronically in portable document format or in any other format will be effective as delivery of a manually executed
counterpart. 
 (i) Table of Contents, Headings, Etc. The table of contents and the headings of the Sections and sub-Sections of this Warrant Agreement have been inserted for convenience of reference only, are not to be considered a part of this Warrant Agreement and will in no way modify or restrict any of the terms or
provisions of this Warrant Agreement. 
 (j) Withholding Taxes. Each Holder of a Warrant agrees that if the Company or other
applicable withholding agent pays withholding taxes or backup withholding on behalf of such Holder or beneficial owner as a result of an adjustment or the non-occurrence of an adjustment to the Strike Price or
the Warrant Entitlement, then the Company or such withholding agent, as applicable, may, at its option, set off such payments against payments of cash or the delivery of other Exercise Consideration on such Warrant, any payments on the Common Stock
or sales proceeds received by, or other funds or assets of, such Holder or the beneficial owner of such Warrant. 
 (k) Entire
Agreement. This Warrant Agreement, including all Exhibits hereto, together with the Purchase Agreement, the Registration Rights Agreement and the Certificate of Designations governing the Series B Preferred Stock constitute the entire agreement
of the Parties with respect to the specific subject matter covered hereby and thereby, and supersedes in their entirety all other agreements or understandings between or among the parties with respect to such specific subject matter. 

(l) No Other Rights. The Warrants will confer no rights to the Holders thereof except as provided in this Warrant Agreement. For the
avoidance of doubt, and without limiting the operation of Sections 5(e)(v), 5(e)(ii)(1) and 5(c)(ii), and the provisos to Sections 5(e)(i)(3)(A) and 5(e)(i)(4), the Warrants will not confer to the
Holders thereof any rights as stockholders of the Company. 
 [The Remainder of This Page Intentionally Left Blank; Signature
Page Follows] 

  
 - 33 - 

 IN WITNESS WHEREOF, the parties to this Warrant Agreement have caused this Warrant
Agreement to be duly executed as of the date first written above. 
  

			
	KENNEDY-WILSON HOLDINGS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
Warrant Agreement] 

 
			
	[INITIAL HOLDER #1 LEGAL NAME]
		
	By:	 	  

		 	Name:
		 	Title:

  

					
	Contact Information:	 		 	
			
	Address:	 	  
	 	
			
		 	  
	 	
			
		 	  
	 	
			
	Attention:	 	  
	 	
			
	Facsimile Number:	 	  
	 	
			
	Email Address:	 	  
	 	

  

  
 [Signature Page to
Warrant Agreement] 

 EXHIBIT A 

FORM OF WARRANT 

[Insert Restricted Security Legend, if applicable] 

[Insert Transfer Restriction Legend, if applicable] 

Kennedy-Wilson Holdings, Inc. 

Warrants 
 Certificate No. [___] 

Kennedy-Wilson Holdings, Inc., a Delaware corporation (the “Company”), certifies that [___] is the registered owner of [___]
Warrants represented by this certificate (this “Certificate”). The terms of the Warrants are set forth in the Warrant Agreement, dated as of [__], between the Company and the initial Holders (the “Warrant
Agreement”). Capitalized terms used in this Certificate without definition have the respective meanings ascribed to them in the Warrant Agreement. 

Additional terms of this Certificate are set forth on the other side of this Certificate. 

[The Remainder of This Page Intentionally Left Blank; Signature Page Follows] 

  
 A-1 

 IN WITNESS WHEREOF, Kennedy-Wilson Holdings, Inc. has caused this instrument to be
duly executed as of the date set forth below. 
  

									
		 		 		 	KENNEDY-WILSON HOLDINGS, INC.
					
	Date:	 	  
	 		 	By:	 	  

		 		 		 		 	Name:
		 		 		 		 	Title:

  
 A-2 

 Kennedy-Wilson Holdings, Inc. 

Warrants 
 This
Certificate represents one or more duly issued and outstanding Warrants. Certain terms of the Warrants are summarized below. Notwithstanding anything to the contrary in this Certificate, to the extent that any provision of this Certificate conflicts
with the provisions of the Warrant Agreement, the provisions of the of the Warrant Agreement will control. 
 1. Warrant Entitlement.
The number of shares of Common Stock for which each Warrant represented by this Certificate may be exercised is equal to the Warrant Entitlement, which may be adjusted from time to time in accordance with the terms of the Warrant Agreement. The
Warrant Entitlement is initially 1.0000 share of Common Stock per Warrant. 
 2. Method of Payment. Cash amounts due on the Warrants
represented by this Certificate will be paid in the manner set forth in Section 3(d) of the Warrant Agreement. 
 3. Persons Deemed
Owners. The Person in whose name this Certificate is registered will be treated as the owner of the Warrant(s) represented by this Certificate for all purposes, subject to Section 3(j) of the Warrant Agreement. 

4. Denominations; Transfers and Exchanges. All Warrants will be in registered form an in denominations equal to any whole number of
Warrants. Subject to the terms of the Warrant Agreement, the Holder of the Warrants represented by this Certificate may transfer or exchange such Warrants by presenting this Certificate to the Registrar and delivering any required documentation or
other materials. 
 5. No Right of Redemption by the Company. The Company will not have the right to redeem the Warrants at its
election. 
 6. Exercise Rights. The Warrants will be exercisable for Exercise Consideration in the manner, and subject to the terms,
set forth in Section 5 of the Warrant Agreement. 
 7. Abbreviations. Customary abbreviations may be used in the name of a Holder
or its assignee, such as TEN COM (tenants in common), TEN ENT (tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (custodian), and U/G/M/A (Uniform Gift to Minors Act). 

* * * 

  
 A-3 

 To request a copy of the Warrant Agreement, which the Company will provide to any Holder at
no charge, please send a written request to the following address: 
 Kennedy-Wilson Holdings, Inc. 

151 S El Camino Drive 
 Beverly
Hills, CA 90212 
 Attention: Chief Financial Officer 

  
 A-4 

 EXERCISE NOTICE 

Kennedy-Wilson Holdings, Inc. 
 Subject to the
terms of the Warrant Agreement, by executing and delivering this Exercise Notice, the undersigned Holder of the Warrant(s) identified below directs the Company to exercise (check one): 

 

	☐	 all of the Warrants 

 

	☐	
                    * Warrant(s) 

 identified by Certificate No.
                    . 

Settlement Method (check one): 
  

	 	☐	 Physical Settlement. 

 

	 	☐	 Cashless
Settlement†. 

 (If Physical Settlement)
Aggregate Strike Price Delivery Method (check all that apply): 
  

	 	☐	 Cash in an amount equal to
$                                     . 

 

	 	☐	 Series B Extinguishment of
                        * shares of Series B Preferred Stock.

 (Optional) Identify account within the United States to which any cash Exercise Consideration will be wired: 

 

					
	Bank Routing Number:	  	  
	  	
	SWIFT Code:	  	  
	  	
	Bank Address:	  	  
	  	
		  	  
	  	
	Account Number:	  	  
	  	
	Account Name:	  	  
	  	

									
	Date:	 	                                    	 		 	  

		 		 		 		 	(Legal Name of Holder)
					
		 		 		 	By:	 	  

		 		 		 		 	Name:
		 		 		 		 	Title:

  

	* 	 Must be a whole number. 

	†	 The availability of Cashless Settlement is subject to Section 5(d)(v) of the Warrant Agreement.

  
 A-5 

 ASSIGNMENT FORM 

Kennedy-Wilson Holdings, Inc. 
 Subject to the
terms of the Warrant Agreement, the undersigned Holder of the Warrant(s) identified below assigns (check one): 
  

	☐	 all of the Warrants 

  

	☐	
                    1 Warrant(s) 

 identified by Certificate No.
                        , and all rights thereunder, to: 

 

			
	Name:	  	  

		
	Address:	  	  

		
		  	  

		
	Social security or tax identification number:	  	  

        

             

		
	and irrevocably appoints:	  	

  
  

as agent to transfer the within Warrant(s) on the books of the Company. The agent may substitute another to act for him/her. 

 

									
	Date:	 	                                	 		 	  

		 		 		 		 	(Legal Name of Holder)
					
		 		 		 	By:	 	  

		 		 		 		 	Name:
		 		 		 		 	Title:

  

	1 	 Must be a whole number. 

  
 A-6 

 EXHIBIT B 

FORM OF RESTRICTED SECURITY LEGEND 
 THE
OFFER AND SALE OF THIS SECURITY AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS SECURITY AND SUCH SHARES MAY NOT
BE OFFERED, SOLD OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT; OR (B) PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT. 

  
 B-1 

 EXHIBIT C 

FORM OF TRANSFER RESTRICTION LEGEND 

TRANSFERS, PLEDGES OR OTHER DISPOSITIONS HEREOF, OR OF ANY BENEFICIAL OR OTHER INTEREST HEREIN, ARE SUBJECT TO RESTRICTIONS SET FORTH IN THE WARRANT AGREEMENT
REFERRED TO HEREIN. ANY PURPORTED TRANSFER, PLEDGE OR OTHER DISPOSITION IN VIOLATION OF SUCH RESTRICTIONS WILL BE VOID AND OF NO FORCE OR EFFECT. 

  
 C-1EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
 KENNEDY-WILSON HOLDINGS, INC.

 4.75% SERIES B CUMULATIVE PERPETUAL PREFERRED STOCK 

AND 
 WARRANT 

PURCHASE AGREEMENT 

dated as of 

February 23, 2022 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE 1
	 	DEFINITIONS AND INTERPRETATION	  	 	1	 
			
	 1.1
	 	Defined Terms	  	 	1	 
			
	 1.2
	 	Interpretation	  	 	5	 
			
	 ARTICLE 2
	 	SUMMARY OF TRANSACTIONS	  	 	6	 
			
	 2.1
	 	Sale and Purchase of Purchase Securities	  	 	6	 
			
	 2.2
	 	Purchase Price	  	 	7	 
			
	 2.3
	 	Underlying Securities	  	 	7	 
			
	 ARTICLE 3
	 	CLOSING AND CLOSING CONDITIONS	  	 	7	 
			
	 3.1
	 	Time and Place of the Closing	  	 	7	 
			
	 3.2
	 	Actions at the Closing	  	 	7	 
			
		 	 3.2.1   Delivery of Purchase Securities
	  	 	7	 
			
		 	 3.2.2   Payment of Purchase Price
	  	 	7	 
			
		 	 3.2.3   Opinions
	  	 	7	 
			
		 	 3.2.4   Officers’ Certificate
	  	 	7	 
			
		 	 3.2.5   NYSE Matters
	  	 	8	 
			
		 	 3.2.6   Filing of Certificate of Designations.
	  	 	8	 
			
		 	 3.2.7   Warrant Agreement
	  	 	8	 
			
		 	 3.2.8   Registration Rights Agreement
	  	 	8	 
			
		 	 3.2.9   Good Standing Certificate
	  	 	8	 
			
		 	 3.2.10  Secretary’s Certificate
	  	 	9	 
			
		 	 3.2.11  Additional Actions
	  	 	9	 
			
	 3.3
	 	Conditions Precedent to Obligations of each Purchaser	  	 	9	 
			
		 	 3.3.1   Accuracy of Representations and Warranties
	  	 	9	 
			
		 	 3.3.2   Performance of Closing Actions
	  	 	9	 
			
		 	 3.3.3   No Material Adverse Effect
	  	 	9	 
			
		 	 3.3.4   Regulatory Approvals
	  	 	10	 
			
	 3.4
	 	Conditions Precedent to Obligations of the Company	  	 	10	 
			
		 	 3.4.1   Performance of Closing Actions
	  	 	10	 
			
		 	 3.4.2   Withholding Certificates
	  	 	10	 
			
		 	 3.4.3   Regulatory Approvals
	  	 	10	 
			
	 ARTICLE 4
	 	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	  	 	10	 

  
 i 

							
	 4.1
	 	No Registration Required; Rule 144A Eligibility	  	 	10	 
			
	 4.2
	 	No Integration of Offerings or General Solicitation	  	 	11	 
			
	 4.3
	 	Accurate Disclosure; Public Filings	  	 	11	 
			
	 4.4
	 	The Purchase Agreement	  	 	11	 
			
	 4.5
	 	The Purchase Securities	  	 	11	 
			
	 4.6
	 	Outstanding Capital Stock	  	 	11	 
			
	 4.7
	 	The Underlying Securities	  	 	11	 
			
	 4.8
	 	The Certificate of Designations, Warrant Agreement and Warrants	  	 	12	 
			
	 4.9
	 	No Convertible Stock	  	 	12	 
			
	 4.10
	 	No Material Adverse Change	  	 	12	 
			
	 4.11
	 	Independent Accountants	  	 	12	 
			
	 4.12
	 	Preparation of the Financial Statements	  	 	12	 
			
	 4.13
	 	Incorporation and Good Standing of the Company	  	 	13	 
			
	 4.14
	 	Incorporation and Good Standing of the Subsidiaries	  	 	13	 
			
	 4.15
	 	Non-Contravention of Existing Instruments; No Further Authorizations or Approvals Required	  	 	13	 
			
	 4.16
	 	No Material Actions or Proceedings	  	 	14	 
			
	 4.17
	 	Absence of Labor Dispute; Compliance with Labor Laws	  	 	15	 
			
	 4.18
	 	Intellectual Property Rights	  	 	15	 
			
	 4.19
	 	All Necessary Permits, etc.	  	 	15	 
			
	 4.20
	 	Title to Properties	  	 	15	 
			
	 4.21
	 	Tax Law Compliance	  	 	16	 
			
	 4.22
	 	Company Not an “Investment Company”	  	 	16	 
			
	 4.23
	 	Insurance	  	 	16	 
			
	 4.24
	 	Compliance with Sarbanes-Oxley	  	 	16	 
			
	 4.25
	 	Internal Controls	  	 	17	 
			
	 4.26
	 	Disclosure Controls and Procedures	  	 	17	 
			
	 4.27
	 	Compliance with Environmental Laws	  	 	17	 
			
	 4.28
	 	Periodic Review of Costs of Environmental Compliance	  	 	18	 
			
	 4.29
	 	Related Party Transactions	  	 	18	 
			
	 4.30
	 	Solvency	  	 	19	 
			
	 4.31
	 	Brokers	  	 	19	 
			
	 4.32
	 	Registration Rights Agreement; Registration Rights	  	 	19	 
			
	 4.33
	 	ERISA Compliance	  	 	19	 
			
	 4.34
	 	Anti-Corruption	  	 	20	 

  
 ii 

							
	 4.35
	 	Money Laundering Laws	  	 	20	 
			
	 4.36
	 	OFAC	  	 	21	 
			
	 4.37
	 	Cybersecurity	  	 	21	 
		
	 ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS
	  	 	22	 
			
	 5.1
	 	Representations and Warranties of Purchaser	  	 	22	 
			
		 	 5.1.1   Organization, Authority and Power
	  	 	22	 
			
		 	 5.1.2   Valid and Binding Obligations
	  	 	22	 
			
		 	 5.1.3   Securities Law Matters
	  	 	22	 
			
		 	 5.1.4   Legends.
	  	 	23	 
			
		 	 5.1.5   Restricted Securities
	  	 	23	 
			
		 	 5.1.6   Access to Information; Independent Review
	  	 	23	 
			
		 	 5.1.7   Financial Capability
	  	 	23	 
			
		 	 5.1.8   Ownership of Company Securities
	  	 	23	 
			
		 	 5.1.9   Interested Stockholder
	  	 	23	 
			
		 	 5.1.10  [Reserved.]
	  	 	24	 
			
		 	 5.1.11  Reliance Upon Purchaser’s Representations
	  	 	24	 
			
		 	 5.1.12  Exculpation
	  	 	24	 
			
		 	 5.1.13  Certain ERISA Matters
	  	 	24	 
			
		 	 5.1.14  Non-Reliance
	  	 	24	 
			
		 	 5.1.15  Appropriate Investment;
Non-Violation
	  	 	24	 
			
		 	 5.1.16  Placement Agent
	  	 	25	 
		
	 ARTICLE 6 ADDITIONAL COVENANTS
	  	 	25	 
			
	 6.1
	 	No Integration	  	 	25	 
			
	 6.2
	 	Underlying Securities	  	 	25	 
			
	 6.3
	 	Transfer Agent	  	 	25	 
			
	 6.4
	 	Available Shares of Common Stock	  	 	25	 
			
	 6.5
	 	No Restricted Resales	  	 	26	 
			
	 6.6
	 	Regulatory Filings	  	 	26	 
			
	 6.7
	 	Ratings	  	 	26	 
			
	 6.8
	 	Standstill	  	 	26	 
			
	 6.9
	 	DTC	  	 	27	 
			
	 6.10
	 	Certain Information Rights	  	 	27	 
			
	 6.11
	 	Transfers and Exchanges	  	 	28	 
			
	 6.12
	 	Purchase Price Allocation	  	 	28	 

  
 iii 

							
	 ARTICLE 7 TERMINATION
	  	 	28	 
			
	 7.1
	 	Termination	  	 	28	 
			
	 7.2
	 	Effect of Termination	  	 	29	 
		
	 ARTICLE 8 MISCELLANEOUS
	  	 	29	 
			
	 8.1
	 	Notices	  	 	29	 
			
	 8.2
	 	Survival	  	 	30	 
			
	 8.3
	 	Entire Agreement; Amendments	  	 	31	 
			
	 8.4
	 	Successors and Assigns	  	 	31	 
			
	 8.5
	 	Governing Law	  	 	31	 
			
	 8.6
	 	Expenses	  	 	31	 
			
	 8.7
	 	Captions	  	 	31	 
			
	 8.8
	 	Severability	  	 	31	 
			
	 8.9
	 	Counterparts	  	 	31	 
			
	 8.10
	 	No Waiver	  	 	31	 
			
	 8.11
	 	Damages Waiver	  	 	31	 
			
	 8.12
	 	Reliance by J.P. Morgan	  	 	32	 
			
	 8.13
	 	Action by Purchasers	  	 	32	 

  

	
	SCHEDULE I: PURCHASERS
	EXHIBIT A-1: FORM OF CERTIFICATE OF DESIGNATIONS
	EXHIBIT A-2: FORM OF WARRANT AGREEMENT
	EXHIBIT B: FORM OF REGISTRATION RIGHTS AGREEMENT
	EXHIBIT C: FORM OF OPINION OF LATHAM & WATKINS LLP

  
 iv 

 4.75% SERIES B CUMULATIVE PERPETUAL PREFERRED STOCK AND 

WARRANT PURCHASE AGREEMENT 

THIS 4.75% SERIES B CUMULATIVE PERPETUAL PREFERRED STOCK AND WARRANT PURCHASE AGREEMENT (this “Agreement”), dated as of
February 23, 2022, is entered into by and among Kennedy-Wilson Holdings, Inc., a Delaware corporation (the “Company”), and the parties listed on Schedule I hereto (each a “Purchaser” and, collectively,
the “Purchasers”) (the Company and the Purchasers being sometimes hereinafter referred to individually as a “Party” and collectively as the “Parties”), with reference to the following: 

RECITALS 
 The Company
desires to sell, and each Purchaser desires to purchase, the number of shares of the Company’s 4.75% Series B Cumulative Perpetual Preferred Stock, par value $0.0001 per share and liquidation preference $1,000 per share (the “Series B
Preferred Stock”) specified opposite such Purchaser’s name in Schedule I hereto and the number of Warrants (collectively, the “Warrants” and each, individually, a “Warrant”) to acquire Common
Stock (as defined below) of the Company specified opposite such Purchaser’s name in Schedule I hereto and to be set forth in the Warrant Agreement by and among the Company and the respective Purchasers in the form attached hereto as
Exhibit A-2 (the “Warrant Agreement”). The 300,000 shares of the Series B Preferred Stock to be issued and sold in the aggregate hereunder are referred to herein as the
“Shares” and, together with the Warrants to be issued and sold in the aggregate hereunder, the “Purchase Securities.” 

NOW, THEREFORE, in consideration of the mutual covenants and agreements in this Agreement and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound, agree as follows: 
 ARTICLE 1

 DEFINITIONS AND INTERPRETATION 

1.1 Defined Terms. Capitalized terms used in this Agreement (including in the Preamble and the Recitals hereto) without other
definition shall have the following meanings, unless the context clearly requires otherwise: 
 “Affiliate” has the meaning
ascribed to such term in Rule 501 under the Securities Act. 
 “Agreement” means this Series B Cumulative Perpetual
Preferred Stock Purchase Agreement, including all Exhibits and other attachments hereto. 
 “Aggregate Purchase Price” has
the meaning ascribed to such term in Section 2.2 hereof. 
 “Applicable Purchase Price” has the meaning ascribed to
such term in Section 2.2 hereof. 

  
 1 

 “Board of Directors” or “Board” means the board of
directors (or similar governing body) of the Company. 
 “Business Day” means any day other than a Saturday, Sunday or
other day on which commercial banks in New York, New York are required or authorized by law to close. 
 “Certificate of
Designations” means the Certificate of Designations of the Series B Preferred Stock in the form set forth as Exhibit A-1 to this Agreement. 

“Closing” has the meaning ascribed to such term in Section 3.1 hereof. 

“Closing Actions” has the meaning ascribed to such term in Section 3.2 hereof. 

“Closing Date” has the meaning ascribed to such term in Section 3.1 hereof. 

“Code” means the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder.

 “Common Stock” means the common stock of the Company, par value $0.0001 per share. 

“Company” has the meaning ascribed to such term in the Preamble to this Agreement. 

“Control” means, for any person, the power to direct the management and policies of that person, directly or indirectly,
whether through the ownership of voting securities or beneficial interests, by contract or otherwise. The terms “Controlling” and “Controlled” have meanings correlative to the foregoing. 

“Convertible Securities” means any securities or other instruments that are convertible into or exercisable or exchangeable
for Common Stock, including, without limitation, the Warrants. 
 “Disclosure Schedules” means the disclosure schedules to
this Agreement of the Parties. 
 “ERISA” means the Employee Retirement Income Security Act of 1974 and the regulations and
published interpretations thereunder. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations of the SEC promulgated thereunder. 
 “Fairfax” means Fairfax Financial Holdings Limited, a
corporation organized under the laws of Canada. 
 “Fairfax Group” means, collectively, Fairfax, the Purchasers and their
respective Affiliates. 
 “Fairfax Beneficial Ownership Percentage” means the total number of shares of Common Stock
beneficially owned by the Fairfax Group, expressed as a percentage of the total number of shares of Common Stock which would be outstanding on a Fully-Diluted Basis and calculated in the same manner that would be required if the same were disclosed
in a table pursuant to Item 403 of Regulation S-K under the Securities Act. 

  
 2 

 “Fairfax Share Percentage” means, as of any date, the percentage calculated
as follows: 
  
 

 
 where 
  

	 	X =	 the total number of shares of Common Stock held by the Fairfax Group on such date 

 

	 	Y =	 the total number of Underlying Securities into which all of the Warrants held by the Fairfax Group on such date
may be exercised 

  

	 	Z =	 the total number of Underlying Securities into which all of the Warrants issued on the Closing Date may be
exercised, as adjusted for stock splits and combinations and similar events. 

 “FINRA” means the United
States Financial Industry Regulatory Authority. 
 “Fraud” means (a) with respect to the Company, the actual fraud of
the Company with respect to the making of any representations and warranties in Article 4 of this Agreement or in any certificate delivered herewith or therewith, which involves a knowing and intentional misrepresentation or omission with the intent
to deceive the Purchasers or their Affiliates and upon which the Purchasers or such Affiliates actually have relied (it being understood and agreed that, for the avoidance of doubt, the Purchasers and their Affiliates have relied upon the
representations and warranties in this Agreement and in any certificate delivered herewith or therewith), and for the avoidance of doubt, does not include claims based on constructive knowledge, negligent misrepresentation or a similar theory under
applicable tort laws, and (b) with respect to any Purchaser, the actual fraud of such Purchaser with respect to the making of any representations and warranties in Article 5 of this Agreement or in any certificate delivered herewith or
therewith, which involves a knowing and intentional misrepresentation or omission with the intent to deceive the Company or its Affiliates and upon which the Company or such Affiliates actually have relied (it being understood and agreed that, for
the avoidance of doubt, the Company and its Affiliates have relied upon the representations and warranties in this Agreement and in any certificate delivered herewith or therewith), and for the avoidance of doubt, does not include claims based on
constructive knowledge, negligent misrepresentation or a similar theory under applicable tort laws. 
 “Fully-Diluted
Basis” means, without duplication, the number of shares of Common Stock which would be outstanding, as of the date of computation, if all vested and outstanding Purchase Rights and Convertible Securities had been converted, exercised or
exchanged; provided, however, that any Purchase Rights and Convertible Securities which are subject to vesting but have not vested as of the date of computation will be disregarded for purposes of determining Fully-Diluted Basis. 

  
 3 

 “Governmental Entity” has the meaning ascribed to such term in
Section 4.15 hereof. 
 “HSR Act” means the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 

“J.P. Morgan” has the meaning ascribed to such term in Section 4.31 hereof. 

“Material Adverse Effect” has the meaning ascribed to such term in Section 4.10 hereof. 

“NYSE” means the New York Stock Exchange. 

“Party” or “Parties” has the meaning ascribed to such term in the Preamble to this Agreement. 

“Permitted Transferee” means Fairfax and its Affiliates. 

“Person” or “person” means any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof. Any division or series of a limited liability company, limited partnership or trust will constitute a
separate “person” under this Agreement. 
 “Preferred Stock” means shares of capital stock of the Company which
shall be entitled to preference or priority over any other shares of capital stock of the Company in respect of either the payment of dividends or the distribution of assets upon liquidation. 

“Public Filings” means, collectively, (i) the Company’s annual report on
Form 10-K for the year ended December 31, 2020 (including any information incorporated by reference therein), (ii) the Company’s quarterly reports on Form
10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021, and (iii) the current reports on Form 8-K filed (but not furnished)
by the Company since January 1, 2021. 
 “Purchase Rights” means options, warrants, including the Warrants to be
issued and sold pursuant to this Agreement, or other rights to purchase or subscribe for Common Stock or Convertible Securities. 

“Purchase Securities” has the meaning ascribed to such term in the Recitals hereto. 

“Purchaser” has the meaning ascribed to such term in the Preamble to this Agreement. 

“Registration Rights Agreement” means the registration rights agreement substantially in the form set forth as
Exhibit B to this Agreement. 
 “SEC” means the U.S. Securities and Exchange Commission, or
any other U.S. federal agency at the time administering the Securities Act. 

  
 4 

 “Securities” or “Security” means Common Stock, Preferred
Stock, Convertible Securities, Purchase Rights and any other shares of capital stock or equity interests or debt securities of the Company, whether or not issued or outstanding on the date of this Agreement. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC thereunder. 

“Series B Preferred Stock” has the meaning ascribed to such term in the Recitals to this Agreement. 

“Shares” has the meaning ascribed to such term in the Recitals to this Agreement. 

“Standstill Termination Date” means the date on which the total number of shares of Common Stock beneficially owned by the
Purchasers and their Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Purchasers for purposes of Section 13(d) of the Exchange Act (including any Underlying Securities for which the
Warrants are exercisable) is less than 5% of the Company’s outstanding Common Stock on a Fully-Diluted Basis. 

“subsidiary” means with respect to the Company and at any time, any entity at such time directly or indirectly
(i) wholly or majority owned by any of the Company or any other subsidiary of the Company or (ii) Controlled by any of the Company or any other subsidiary of the Company. 

“Transactions” has the meaning ascribed to such term in Section 3.3.4 hereof. 

“Underlying Securities” has the meaning ascribed to such term in Section 2.3 hereof. 

“Voting Stock” means, with respect to any entity, all classes and series of capital stock of such entity the holders of which
are ordinarily, in the absence of contingencies, entitled to vote in the election of the directors, managers or trustees (or other persons performing similar functions), as the case may be, of such entity. 

“Warrant” or “Warrants” has the meaning ascribed to such term in the Recitals hereto. 

“Warrant Agreement” has the meaning ascribed to such term in the Recitals hereto. 

1.2 Interpretation. Except where otherwise expressly provided or unless the context otherwise necessarily requires, in this
Agreement (including in the Recitals hereto): 
 (a) Reference to a given Article, Section, Subsection, clause, or Exhibit is
a reference to an Article, Section, Subsection, clause, or Exhibit of this Agreement. 
 (b) The terms “hereof”,
“herein”, “hereto”, “hereunder” and “herewith” refer to this Agreement as a whole. 

  
 5 

 (c) Reference to a given agreement, instrument, document or law is a
reference to that agreement, instrument, document or law as modified, amended, supplemented and restated through the date as of which such reference is made, and, as to any law, any successor law. 

(d) Reference to a person includes its predecessors, successors and permitted assigns. 

(e) The singular includes the plural and the masculine includes the feminine, and vice versa. 

(f) “Includes” or “including” means “including, for example and without limitation.” 

(g) References to “days” means calendar days. 

(h) Any item disclosed by a Party on any schedule to this Agreement shall be deemed to be disclosed and incorporated by
reference into each other schedule or representation or warranty delivered or made by such Party in this Agreement, as though fully set forth therein. 

ARTICLE 2 
 SUMMARY OF
TRANSACTIONS 
 2.1 Sale and Purchase of Purchase Securities. Subject to the terms and conditions hereof, at the Closing,
(i) the Company agrees to issue and sell to each Purchaser, and each Purchaser agrees to purchase and acquire, (x) the number of Shares specified opposite such Purchaser’s name in Schedule I hereto and (y) the number of
Warrants specified opposite such Purchaser’s name in Schedule I hereto, with each Warrant exercisable for one share of Underlying Securities (as defined below), subject to adjustment as provided in the Warrant, at an exercise price of
$23.00 per Warrant, and (ii) the Parties shall take or cause to be taken the other actions described in Section 3.2. Each Purchaser shall, severally and not jointly, be liable for only the purchase of the Purchase Securities that appear on
Schedule I hereto that relate to such Purchaser. The Company’s agreement with each Purchaser is a separate agreement, and the sale of the Purchase Securities to be purchased by each Purchaser is a separate sale. The obligations of each
Purchaser hereunder are expressly not conditioned on the purchase by the other Purchaser of the Purchase Securities such other Purchaser has agreed to purchase. 

  
 6 

 2.2 Purchase Price. The aggregate amount payable by each Purchaser for all of
the Purchase Securities to be purchased by such Purchaser hereunder is set forth opposite such Purchaser’s name on Schedule I hereto (such amount, as applicable to a Purchaser, the “Applicable Purchase Price” and, as
aplicable to all Purchasers in the aggregate, the “Aggregate Purchase Price”). The Company shall, no later than two Business Days prior to the Closing Date, notify each Purchaser in writing of the account to which payment of the
Applicable Purchase Price shall be made at the Closing. Each Purchaser shall pay the Applicable Purchase Price in immediately available funds at the Closing in accordance with Section 3.2.2, subject to the satisfaction or waiver of the
conditions to closing contained herein. 
 2.3 Underlying Securities. The Warrants will be exercisable into shares of Common
Stock, in the manner set forth in the Warrant Agreement. The shares of Common Stock issuable upon exercise of the Warrants are referred to collectively herein as the “Underlying Securities.” 

ARTICLE 3 
 CLOSING AND
CLOSING CONDITIONS 
 3.1 Time and Place of the Closing. Subject to the terms and conditions hereof, the closing of the
transactions contemplated by Section 2.1 (the “Closing”) shall take place at the offices of Latham & Watkins LLP, 355 South Grand Avenue, Suite 100, Los Angeles, CA, 90071 at 10:00 A.M., New York time, on the
second Business Day after fulfillment or waiver of the closing conditions, or at such other time on the same or such other date as the Company and the Purchasers mutually agree (the actual date of the Closing is referred to herein as the
“Closing Date”). 
 3.2 Actions at the Closing. At the Closing, the Company and the Purchasers (as applicable)
shall take or cause to be taken the following actions (the “Closing Actions”): 
 3.2.1 Delivery
of Purchase Securities. In exchange for the payment referenced in Section 3.2.2 below, the Company shall deliver to each Purchaser the Shares, through the facilities of the Depository Trust Company (“DTC”), and the Warrants
to be purchased by such Purchaser hereunder. 
 3.2.2 Payment of Purchase Price. Each Purchaser shall pay the
Applicable Purchase Price to the Company by wire transfer in immediately available funds to the account designated by the Company pursuant to Section 2.2. 

3.2.3 Opinions. The Company shall cause to be delivered to the Purchasers the opinion of Latham &
Watkins LLP, special counsel for the Company, dated as of the Closing Date, substantially in the form set forth as Exhibit C to this Agreement. 

3.2.4 Officers’ Certificate. The Chief Executive Officer or President of the Company and the
Chief Financial Officer or Chief Accounting Officer of the Company shall deliver to the Purchasers a written certificate executed by such officers, in their capacity as such, dated as of the Closing Date, to the effect that: 

  
 7 

 (a) for the period from and after the date of this Agreement and prior to
the Closing, there has not occurred any downgrading, nor has any notice been given of any intended or potential downgrading or of any review for a possible change that does not indicate the direction of the possible change, in the corporate rating
accorded the Company and its subsidiaries or in the rating accorded any securities or indebtedness of the Company or any of its subsidiaries, in each case, by any “nationally recognized statistical rating organization” as such term is
defined in Section 3(a)(62) of the Exchange Act; 
 (b) for the period from and after the date of this Agreement and
prior to the Closing, there has not occurred any Material Adverse Effect; 
 (c) to the knowledge of such officers, the
representations and warranties of the Company set forth in Article 4 were true and correct as of the date hereof and are true and correct as of the Closing Date (except to the extent that such representation or warranty speaks to an earlier date, in
which case such representation of warranty shall be true and correct as of such earlier date), except where the failure of such representations and warranties to be so true and correct, individually or in the aggregate, has not had, and would not
reasonably be expected to result in, a Material Adverse Effect; and 
 (d) the Company has performed in all material respects
all the covenants and agreements required to be performed by it at or prior to the Closing Date. 
 3.2.5 NYSE
Matters. With respect to the Purchase Securities: 
 (a) the Company shall have submitted a supplemental listing
application to the NYSE for the Underlying Securities; and 
 (b) no objection shall have been made by the NYSE relating to
the issuance of the Shares, the Warrants or the Underlying Securities that remains unresolved. 
 3.2.6 Filing of
Certificate of Designations. The Company shall cause the Certificate of Designations to be filed with the Secretary of State of the State of Delaware before the Closing. 

3.2.7 Warrant Agreement. Each of the Company and the Purchasers shall execute and deliver the Warrant Agreement.

 3.2.8 Registration Rights Agreement. Each of the Company and the Purchasers shall execute and deliver the
Registration Rights Agreement. 
 3.2.9 Good Standing Certificate. The Company shall cause to be
delivered to the Purchasers a certificate of the Secretary of State of the State of Delaware, dated not more than three business days prior to the Closing Date (which shall be brought down on the Closing Date), to the effect that the Company is
validly existing and in good standing. 

  
 8 

 3.2.10 Secretary’s Certificate. The
Company shall cause to be delivered to the Purchasers a certificate of the Secretary or Assistant Secretary of the Company, certifying as to (1) the Company’s charter documents and by-laws,
(2) board resolutions authorizing the entering into of this Agreement, the issuance of the Purchase Securities and the taking of all other actions contemplated by this Agreement to be taken by the Company, and (3) the incumbency of the
officer authorized to execute this Agreement, the Registration Rights Agreement, the Warrant Agreement and the certificates evidencing the Purchase Securities, setting forth the name and title and bearing the signatures of such officer. 

3.2.11 Additional Actions. The Parties shall execute and deliver, or cause to be executed and delivered, all
other documents, and take such other actions, in each case as shall be necessary or appropriate, to consummate the transactions contemplated hereby, all in accordance with the provisions of this Agreement. 

3.3 Conditions Precedent to Obligations of each Purchaser. The obligation of each Purchaser to consummate the purchase of the
Purchase Securities to be purchased by such Purchaser at Closing shall be subject to each of the following conditions, any of which conditions may be waived by such Purchaser in its sole discretion: 

3.3.1 Accuracy of Representations and Warranties. Each of the representations and warranties on the part of the
Company set forth in Article 4 hereof shall be true and correct (without giving effect to any limitation or qualification as to “material” “materiality” or “Material Adverse Effect” set forth therein) as of the date
hereof and as of the Closing Date (except to the extent that such representation or warranty speaks to an earlier date, in which case such representation or warranty shall be true and correct as of such earlier date), as though then made, and the
representations and warranties set forth in the officers’ certificate delivered pursuant to Section 3.2.4 shall be true and correct, except, in each case, where the failure of such representations and warranties to be so true and correct
would not, individually or in the aggregate, have a Material Adverse Effect. 
 3.3.2 Performance of Closing
Actions. The Company shall have performed in all material respects all the covenants and agreements required to be performed by it at or before Closing, including its Closing Actions. 

3.3.3 No Material Adverse Effect. For the period from and after the date of this Agreement and prior to the
Closing: 
 (a) there shall not have occurred any Material Adverse Effect; and 

(b) there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential
downgrading or of any review for a possible change that does not indicate the direction of the possible change, in the corporate rating accorded the Company and its subsidiaries or in the rating accorded any securities or indebtedness of the Company
or any of its subsidiaries, in each case, by any “nationally recognized statistical rating organization” as such term is defined in Section 3(a)(62) of the Exchange Act. 

  
 9 

 3.3.4 Regulatory Approvals. Any waiting period (and any
extension thereof) applicable under the HSR Act with respect to the execution, delivery or performance of this Agreement and the transactions contemplated hereby, including the purchase and sale of the Purchase Securities and/or the issuance of the
Underlying Securities (collectively, the “Transactions”) shall have been terminated or shall have expired. 
 3.4
Conditions Precedent to Obligations of the Company. The obligation of the Company to consummate the sale of the applicable number of Purchase Securities to each Purchaser at the Closing shall be subject to the accuracy of the representations
and warranties on the part of such Purchaser set forth in Article 5 hereof as of the date hereof and as of the Closing Date (except to the extent that such representation or warranty speaks to an earlier date, in which case such representation
or warranty shall be true and correct as of such earlier date), as though then made, and to each of the following additional conditions, any of which conditions may be waived by the Company in its sole discretion: 

3.4.1 Performance of Closing Actions. Such Purchaser shall have performed in all material respects all the
covenants and agreements required to be performed by it at or before Closing, including its Closing Actions. 
 3.4.2
Withholding Certificates. Such Purchaser shall at the Closing, and subsequently as requested by the Company, provide to the Company a duly completed and valid IRS Form W-9 or W-8 (of the type applicable to such Purchaser), as applicable, executed in its name or, if the Purchaser is a single-member entity that is disregarded for U.S. federal income tax purposes, the name of its
single owner. 
 3.4.3 Regulatory Approvals. Any waiting period (and any extension thereof) applicable under
the HSR Act with respect to the execution, delivery or performance of this Agreement and the Transactions shall have been terminated or shall have expired. 

ARTICLE 4 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

Except as set forth in the Disclosures Schedules to this Agreement (each of which qualifies (a) the correspondingly numbered
representation, warranty or covenant if specified therein and (b) such other representations, warranties or covenants where its relevance as an exception to (or disclosure for purposes of) such other representation, warranty or covenant is
reasonably apparent on its face), the Company hereby represents and warrants to the Purchasers as of the date hereof and as of the Closing Date that: 

4.1 No Registration Required; Rule 144A Eligibility. Subject to compliance by the Purchasers with the representations and
warranties set forth in Article 5 hereof, it is not necessary in connection with the offer, sale, issuance and delivery of the Purchase Securities to the Purchasers in the manner contemplated by this Agreement to register the Purchase
Securities under the Securities Act. The Purchase Securities will not be, at the time of Closing, of the same class as securities listed on a national securities exchange registered under Section 6 of the Exchange Act, or quoted in a U.S.
automated interdealer quotation system. The Company is subject to the reporting requirements of Section 13 of the Exchange Act. 

  
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 4.2 No Integration of Offerings or General Solicitation. None of the Company,
its Affiliates or, to the knowledge of the Company, any person acting on its or any of their behalf has, directly or indirectly, sold, solicited any offer to buy or offered to sell, or will, directly or indirectly, sell, solicit any offer to buy or
offer to sell, in the United States or to any United States citizen or resident, any security (as defined in the Securities Act) which is or would be integrated with the offering and sale of the Purchase Securities in a manner that would require the
Purchase Securities to be registered under the Securities Act. None of the Company, its Affiliates, or any person acting on its or any of their behalf has engaged or will engage, in connection with the offering of the Purchase Securities, in any
form of general solicitation or general advertising within the meaning of Rule 502 under the Securities Act. 
 4.3 Accurate
Disclosure; Public Filings. Each Public Filing did not, when filed, and the Public Filings, taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading. The Public Filings, at the time they were filed with the SEC or, prior to the Closing Date, are filed with the SEC, complied or will comply in all material respects with the
requirements of the Exchange Act. 
 4.4 The Purchase Agreement. This Agreement has been duly authorized, executed and
delivered by the Company, and is a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or
other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles. 
 4.5 The
Purchase Securities. The Purchase Securities have been duly and validly authorized for issuance, sale and delivery pursuant to this Agreement by all necessary corporate action on the part of the Company and, when issued and delivered by the
Company against payment therefor in accordance with the terms of this Agreement, the Certificate of Designations and the Warrant Agreement, as applicable, the Purchase Securities will be duly and validly issued, fully paid and non-assessable, will not be subject to any preemptive or other similar rights or contractual encumbrances and will be convertible at the option of the holders thereof into the Underlying Securities in accordance
with the Warrant Agreement. 
 4.6 Outstanding Capital Stock. The issued and outstanding shares of capital stock of the Company
have been duly authorized and validly issued and are fully paid and non-assessable; none of the issued and outstanding shares of capital stock of the Company was issued in violation of any preemptive rights,
rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. 
 4.7 The Underlying
Securities. The Underlying Securities have been duly authorized and reserved for issuance upon exercise of the Warrants by all necessary corporate action, and when issued and delivered upon exercise of the Warrants, in the manner contemplated by
the Warrant Agreement, will be validly issued, fully paid and non-assessable; and no preemptive or other similar rights or contractual encumbrances exist with respect to any of the Underlying Securities. 

  
 11 

 4.8 The Certificate of Designations, Warrant Agreement and Warrants. Each of
the Certificate of Designations, the Warrant Agreement and the Warrants has been duly authorized by the Company. 
 4.9 No
Convertible Stock. Other than as disclosed in the Public Filings, there are no outstanding securities of the Company convertible into, exchangeable for or evidencing the right to purchase or subscribe for any shares of capital stock of the
Company and there are no outstanding or authorized options, warrants or rights of any character obligating the Company to issue any shares of its capital stock or any securities convertible or exchangeable into or evidencing the right to purchase or
subscribe for any shares of such stock. 
 4.10 No Material Adverse Change. Except as otherwise disclosed in the Public Filings
(excluding forward-looking disclosures contained in “Risk Factors” and “Forward-Looking Statements” or other similar sections thereof that disclose forward-looking information), since September 30, 2021, (i) there has been
no material adverse change, or any development that could reasonably be expected to result in a material adverse change, in the condition, financial or otherwise, or in the earnings, business, properties, operations or prospects of the Company and
its subsidiaries, considered as one enterprise, whether or not arising from transactions in the ordinary course of business (a “Material Adverse Effect”); (ii) the Company and its subsidiaries, considered as one enterprise,
have not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business nor entered into any material transaction or agreement; (iii) except for regular quarterly dividends on the Common
Stock, in amounts per share that are consistent with past practice, there has been no cash dividend or distribution of any kind declared, paid or made by the Company on any class of capital stock; and (iv) the Company and its subsidiaries have
not issued or sold any shares of capital stock or other equity interests or any Convertible Securities, other than the Purchase Securities. Since September 30, 2021, the business of the Company and its subsidiaries has been conducted in the
ordinary course of business in all material respects. 
 4.11 Independent Accountants. KPMG LLP, who have expressed their
opinion with respect to certain of the financial statements included in the Public Filings, are independent registered public accountants with respect to the Company as required by the Securities Act, the Exchange Act and the Public Company
Accounting Oversight Board, and any non-audit services provided by KPMG LLP to the Company or any of its subsidiaries have been approved by the Audit Committee of the Board of Directors. 

4.12 Preparation of the Financial Statements. The consolidated financial statements of the Company, including the notes thereto,
included in the Public Filings present fairly the consolidated financial position of the Company and its consolidated subsidiaries at the dates indicated and the statement of operations, stockholders’ equity and cash flows of the Company and
its consolidated subsidiaries for the periods specified (subject in the case of unaudited statements to normal year-end audit adjustments, none of which are material). Such financial statements comply in all
material respects as to form with the applicable accounting requirements of Regulation S-X under the Securities Act and have been prepared in conformity 

  
 12 

 
with generally accepted accounting principles as applied in the United States (“GAAP”) applied on a consistent basis throughout the periods involved (except as may be indicated
in the notes thereto and subject, in the case of unaudited statements, to normal year-end audit adjustments). The financial statement schedules attached to such financial statements present fairly in
accordance with Regulation S-X under the Securities Act the information required to be stated therein. Except as included therein, no historical or pro forma financial statements or supporting
schedules are required to be included in the Public Filings under the Exchange Act. 
 4.13 Incorporation and Good Standing of the
Company. The Company has been duly incorporated and is validly existing as a corporation and in good standing under the laws of the jurisdiction of its incorporation and has corporate power and authority to own or lease, as the case may be, and
operate its properties and to conduct its business as described in the Public Filings and to enter into and perform its obligations under each of this Agreement, the Registration Rights Agreement, the Warrant Agreement, the Certificate of
Designations and the Shares. The Company is duly qualified as a foreign corporation to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property
or the conduct of business, except for such jurisdictions where the failure to so qualify or to be in good standing would not, individually or in the aggregate, result in a Material Adverse Effect. 

4.14 Incorporation and Good Standing of the Subsidiaries. Except as would not, individually or in the aggregate, result in a
Material Adverse Effect, each subsidiary of the Company has been duly incorporated or formed , as applicable, and is validly existing as a corporation, limited partnership or limited liability company, as applicable, and in good standing under the
laws of the jurisdiction of its incorporation or formation, as applicable, and has corporate, partnership or limited liability company, as applicable, power and authority to own or lease, as the case may be, and operate its properties and to conduct
its business as described in the Public Filings. Each subsidiary of the Company is duly qualified as a foreign corporation, limited partnership or limited liability company, as applicable, to transact business and is in good standing or equivalent
status in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except for such jurisdictions where the failure to so qualify or to be in good standing or
equivalent status would not, individually or in the aggregate, result in a Material Adverse Effect. All of the issued and outstanding shares of capital stock, or similar equity interest, of each subsidiary of the Company have been duly authorized
and validly issued, are fully paid and nonassessable. None of the outstanding shares of capital stock of any subsidiary of the Company were issued in violation of any preemptive or other similar rights or contractual encumbrances. The only
subsidiaries of the Company are (i) listed in Section 4.14 of the Disclosure Schedules and (ii) certain other subsidiaries which, considered in the aggregate as a single subsidiary, do not constitute a “significant
subsidiary” as defined in Rule 1-02 of Regulation S-X. 

4.15 Non-Contravention of Existing Instruments; No Further Authorizations or Approvals
Required. Neither the Company nor any of its subsidiaries is (i) in violation of its charter or bylaws (or other organizational document), (ii) in default (“Default”) in the performance or observance of any obligation,
agreement, covenant or condition under any indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which it or any of

  
 13 

 
them may be bound, or to which any of the properties or assets of the Company or any of its subsidiaries is subject (each, an “Existing Instrument”), or (iii) is in
violation of any statute, law, rule, regulation, judgment, order or decree of any arbitrator, court, governmental body, regulatory body, administrative agency or other authority having jurisdiction over the Company or any of its subsidiaries or any
of their respective properties, assets or operations (each, a “Governmental Entity”), except with respect to clauses (ii) and (iii), for such Defaults or violations as would not, individually or in the aggregate, have a
Material Adverse Effect. 
 The Company’s execution, delivery and performance of this Agreement, the Registration Rights Agreement, the
Warrant Agreement, the issuance and delivery of the Purchase Securities or the Underlying Securities, the Company’s compliance with the Certificate of Designations and the consummation of the transactions contemplated hereby and thereby
(i) have been duly authorized by all necessary corporate action and do not and will not, whether with or without the giving of notice or lapse of time or both, result in any violation of the charter or by laws (or other applicable
organizational document) of the Company or any subsidiary, (ii) will not conflict with or constitute a breach of, or Default or a Debt Repayment Triggering Event (as defined below) under, or result in the creation or imposition of any lien,
charge or encumbrance upon any properties or assets of the Company or any of its subsidiaries pursuant to any Existing Instrument and (iii) will not result in any violation of any statute, law, rule, regulation, judgment, order or decree
applicable to the Company or any of its subsidiaries of any Governmental Entity, except with respect to clauses (ii) and (iii), for such conflicts, breaches, Defaults, Debt Repayment Triggering Events, liens, charges, encumbrances or violations
as would not, individually or in the aggregate, have a Material Adverse Effect. As used herein, a “Debt Repayment Triggering Event” means any event or condition which gives the holder of any note, debenture or other evidence of
indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of its subsidiaries. 

No consent, approval, authorization or other order of, or registration or filing with, any Governmental Entity is required for the
Company’s execution, delivery and performance of this Agreement, the Registration Rights Agreement, the Warrant Agreement or the issuance and delivery of the Purchase Securities or the Underlying Securities or the Company’s compliance with
the Certificate of Designations, or the consummation of the transactions contemplated hereby and thereby, except for the filings contemplated by Section 6.6 or such as have been or will be obtained or made by the Company and are or will be in
full force and effect under the Securities Act, and applicable state securities or blue sky laws within the appropriate time periods therefor. 

4.16 No Material Actions or Proceedings. Except as otherwise disclosed in the Public Filings, there are no legal or governmental
actions, suits, proceedings, inquiries or investigations pending or, to the Company’s knowledge, threatened (i) against the Company or any of its subsidiaries or (ii) which has as the subject thereof any property owned or leased by,
the Company or any of its subsidiaries, which, in the case of clause (i) or (ii) above, would, individually or in the aggregate, reasonably be expected to be material to the Company and its subsidiaries, considered as one enterprise, or
materially and adversely affect the consummation of the transactions contemplated by this Agreement or the performance by the Company of its obligations hereunder or under the Warrant Agreement, the Warrants, Certificate of Designations or the
Shares. 

  
 14 

 4.17 Absence of Labor Dispute; Compliance with Labor Laws. No labor dispute
with the employees of the Company or any of its subsidiaries exists or, to the knowledge of the Company, is imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its or any of its
subsidiaries’ suppliers, manufacturers, customers or contractors that, in either case, would reasonably be expected to have a Material Adverse Effect. Except as would not, individually or in the aggregate, result in a Material Adverse Effect,
(A) there is (i) no unfair labor practice complaint pending or, to the best of the Company’s knowledge, threatened against the Company or any of its subsidiaries before the National Labor Relations Board, and no grievance or
arbitration proceeding arising out of or under collective bargaining agreements pending, or to the best of the Company’s knowledge, threatened, against the Company or any of its subsidiaries, (ii) no strike, labor dispute, slowdown or
stoppage pending or, to the best of the Company’s knowledge, threatened against the Company or any of its subsidiaries and (iii) no union representation question existing with respect to the employees of the Company or any of its
subsidiaries and, to the best of the Company’s knowledge, no union organizing activities taking place and (B) there has been no violation of any federal, state or local law relating to discrimination in hiring, promotion or pay of
employees or of any applicable wage or hour laws. 
 4.18 Intellectual Property Rights. The Company and its subsidiaries own or
possess sufficient trademarks, trade names, patent rights, copyrights, licenses, approvals, trade secrets and other similar rights (collectively, the “Intellectual Property Rights”) reasonably necessary for the conduct of the
Company’s business as now conducted; and the expected expiration of any of such Intellectual Property Rights would not result in a Material Adverse Effect. Neither the Company nor any of its subsidiaries has received any notice of infringement
of or conflict with asserted Intellectual Property Rights of others, which infringement or conflict, if the subject of an unfavorable decision, would result in a Material Adverse Effect. 

4.19 All Necessary Permits, etc. The Company and its subsidiaries possess such licenses, certificates, authorizations, consents
or permits (collectively, “Governmental Licenses”) issued by the appropriate Governmental Entities necessary to own, lease and operate their respective properties and to conduct their respective businesses except where the failure
to so possess would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and neither the Company nor any of its subsidiaries has received any notice of proceedings relating to the revocation or
modification of, or non-compliance with, any Governmental Licenses which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to have a
Material Adverse Effect. 
 4.20 Title to Properties. The Company and each of its subsidiaries have good and marketable title
to all the properties and assets reflected as owned by them in the Public Filings, in each case free and clear of any security interests, mortgages, liens, encumbrances, equities, claims and other defects, except such as (A) are described in
the Public Filings or (B) do not materially and adversely affect the value of such property and do not materially interfere with the use made or proposed to be made of such property by the Company or such subsidiary and except where failure to
have such good and marketable title would not, individually or in the 

  
 15 

 
aggregate, reasonably be expected to be material to the Company and its subsidiaries, considered as one enterprise. The real property, improvements, equipment and personal property held under
lease by the Company or any of its subsidiaries are held under valid and enforceable leases, with such exceptions as are not material and do not materially interfere with the use made or proposed to be made of such real property, improvements,
equipment or personal property by the Company or such subsidiary, except where the failure to hold such valid and enforceable leases would not, individually or in the aggregate, reasonably be expected to be material to the Company and its
subsidiaries, considered as one enterprise. 
 4.21 Tax Law Compliance. Except as would not, individually or in the aggregate
reasonably be expected to result in a Material Adverse Effect, (i) the Company and its subsidiaries have filed all necessary federal, state, local and foreign tax returns or have properly requested extensions thereof and have paid all taxes
required to be paid by any of them and, if due and payable, any related or similar assessment, fine or penalty levied against any of them and (ii) the Company has made adequate charges, accruals and reserves in accordance with GAAP in the
financial statements included in the Public Filings in respect of all federal, state, local and foreign taxes for all periods as to which the tax liability of the Company or any of its subsidiaries has not been finally determined. 

4.22 Company Not an “Investment Company”. The Company is not, and, upon the issuance and sale of the Purchase
Securities, receipt of payment for the Purchase Securities and application of the proceeds therefrom will not be, required to register as an “investment company” within the meaning of the Investment Company Act. 

4.23 Insurance. The Company and its subsidiaries are insured by recognized, financially sound and reputable institutions with
policies in such amounts and with such deductibles and covering such risks as are generally deemed adequate and customary for their businesses including, but not limited to, policies covering real property (other than immaterial owned or leased real
property) owned or leased by the Company and its subsidiaries against damage, destruction, acts of vandalism, flood and earthquakes. All policies of insurance and fidelity or surety bonds insuring the Company or any of its subsidiaries or their
respective businesses, assets, employees, officers and directors are in full force and effect, except where failure to be in full force and effect would not, individually or in the aggregate, reasonably be expected to be material to the Company and
its subsidiaries considered as one enterprise. Neither the Company nor any such subsidiary has been refused any insurance coverage sought or applied for. The Company has no reason to believe that it or any of its subsidiaries will not be able
(A) to renew its existing insurance coverage as and when such policies expire or (B) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct their respective businesses as now conducted and at
a cost that would not be reasonably expected to have a Material Adverse Effect.
 4.24 Compliance with Sarbanes-Oxley. The
Company and its subsidiaries and, to the Company’s knowledge, their respective officers and directors have been and are in compliance in all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002 (the
“Sarbanes-Oxley Act,” which term, as used herein, includes the rules and regulations of the SEC promulgated thereunder). 

  
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 4.25 Internal Controls. The Company and its subsidiaries maintain a system of
internal accounting controls that is in compliance with the Sarbanes-Oxley Act in all material respects and is sufficient to provide reasonable assurance that (A) transactions are executed in accordance with management’s general or
specific authorization, (B) transactions are recorded as necessary to permit preparation of the Company’s financial statements in conformity with GAAP and to maintain accountability for assets, (C) access to assets is permitted only
in accordance with management’s general or specific authorization, (D) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences and
(E) the interactive data in eXtensible Business Reporting Language included in the Public Filings fairly presents the information called for in all material respects and is prepared in accordance with the SEC’s rules and guidelines
applicable thereto. 
 4.26 Disclosure Controls and Procedures. The Company has established and maintains disclosure controls
and procedures (as such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act); such disclosure controls and procedures are designed to ensure that material
information relating to the Company and its subsidiaries is made known to the chief executive officer and chief financial officer of the Company by others within the Company or any of its subsidiaries, and such disclosure controls and procedures are
reasonably effective to perform the functions for which they were established subject to the limitations of any such control system; the Company’s auditors and the Audit Committee of the Board of Directors of the Company have been advised of:
(i) any identified significant deficiencies or material weaknesses in the design or operation of internal controls which could adversely affect the Company’s ability to record, process, summarize, and report financial data; and
(ii) any identified fraud, whether or not material, that involves management or other employees who have a role in the Company’s internal controls; and since the date of the most recent evaluation of such disclosure controls and
procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses. 

4.27 Compliance with Environmental Laws. Except as would not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect: (A) each of the Company and its subsidiaries and their respective operations and facilities are in compliance with, and not subject to any known liabilities under applicable Environmental Laws, which compliance
includes, without limitation, having obtained and being in compliance with any permits, licenses or other governmental authorizations or approvals, and having made all filings and provided all financial assurances and notices, required for the
ownership and operation of the business, properties and facilities of the Company or its subsidiaries under applicable Environmental Laws, and compliance with the terms and conditions thereof; (B) neither the Company nor any of its subsidiaries
has received any written communication, whether from a governmental authority, citizens group, employee or otherwise, that alleges that the Company or any of its subsidiaries is in violation of any Environmental Law; (C) there is no claim,
action or cause of action filed with a court or governmental authority, no investigation with respect to which the Company has received written notice, and no written notice by any person or entity alleging actual or potential liability on the part
of the Company or any of its subsidiaries based on or pursuant to any Environmental Law pending or, to the best of the Company’s knowledge, threatened against the Company or any of its subsidiaries or any person or entity whose liability under
or pursuant to any Environmental Law the Company or any of its subsidiaries has retained 

  
 17 

 
or assumed either contractually or by operation of law; (D) neither the Company nor any of its subsidiaries is conducting or paying for, in whole or in part, any investigation, response or
other corrective action pursuant to any Environmental Law at any site or facility, nor is any of them subject or a party to any order, judgment, decree, contract or agreement which imposes any obligation or liability under any Environmental Law;
(E) no lien, charge, encumbrance or restriction has been recorded pursuant to any Environmental Law with respect to any assets, facility or property owned, operated or leased by the Company or any of its subsidiaries; and (F) to the
Company’s knowledge, there are no past or present actions, activities, circumstances, conditions or occurrences, including, without limitation, the Release (as defined below) or threatened Release of any Material of Environmental Concern (as
defined below), that could reasonably be expected to result in a violation of or liability under any Environmental Law (as defined below) on the part of the Company or any of its subsidiaries, including without limitation, any such liability which
the Company or any of its subsidiaries has retained or assumed either contractually or by operation of law. 
 For purposes of this
Agreement, “Environment” means ambient air, indoor air, surface water, groundwater, drinking water, soil, surface and subsurface strata, and natural resources such as wetlands, flora and fauna. “Environmental Laws”
means the common law and all federal, state, local and foreign laws or regulations, ordinances, codes, orders, decrees, judgments and injunctions issued, promulgated or entered thereunder, relating to pollution or protection of the Environment or
human health, including without limitation, those relating to (A) the Release or threatened Release of Materials of Environmental Concern; and (B) the manufacture, processing, distribution, use, generation, treatment, storage, transport,
handling or recycling of Materials of Environmental Concern. “Materials of Environmental Concern” means any substance, material, pollutant, contaminant, chemical, waste, compound, or constituent, in any form, including without
limitation, petroleum and petroleum products, subject to regulation or which can give rise to liability under any Environmental Law. “Release” means any release, spill, emission, discharge, deposit, disposal, leaking, pumping,
pouring, dumping, emptying, injection or leaching into the Environment, or into, from or through any building, structure or facility. 

4.28 Periodic Review of Costs of Environmental Compliance. In the ordinary course of its business, the Company conducts a
periodic review of the effect of Environmental Laws on the business, operations and properties of the Company and its subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation,
any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and
any potential liabilities to third parties). On the basis of such review and the amount of its established reserves, the Company has reasonably concluded that such associated costs and liabilities would not, individually or in the aggregate, result
in a Material Adverse Effect. 
 4.29 Related Party Transactions. Except for any relationship as a result of the transactions
contemplated by this Agreement, no relationship, direct or indirect, exists between or among any of the Company or any Affiliate of the Company, on the one hand, and any director, officer, member, stockholder, customer or supplier of the Company or
any Affiliate of the Company, on the other hand, which is required by the Exchange Act to be disclosed in 

  
 18 

 
reports filed under the Exchange Act which is not so disclosed in the Public Filings. Except as otherwise disclosed in the Public Filings, there are no outstanding loans, advances (except
advances for business expenses in the ordinary course of business) or guarantees of indebtedness by the Company or any Affiliate of the Company to or for the benefit of any of the officers or directors of the Company or any Affiliate of the Company
or any of their respective family members. 
 4.30 Solvency. The Company is, and immediately after the Closing Date will be,
Solvent. As used herein, the term “Solvent” means, with respect to any person on a particular date, that on such date (i) the fair market value of the assets of such person is greater than the total amount of liabilities
(including contingent liabilities) of such person, (ii) the present fair salable value of the assets of such person is greater than the amount that will be required to pay the probable liabilities of such person on its debts as they become
absolute and matured, (iii) such person is able to realize upon its assets and pay its debts and other liabilities, including contingent obligations, as they mature and (iv) such person does not have unreasonably small capital. 

4.31 Brokers. Except for J.P. Morgan Securities LLC (“J.P. Morgan”) as placement agent, there is no broker,
finder or other party that is entitled to receive from the Company any brokerage or finder’s fee or other fee or commission as a result of any transactions contemplated by this Agreement. 

4.32 Registration Rights Agreement; Registration Rights. The Registration Rights Agreement has been duly authorized and, at the
Closing Date, will have been duly executed and delivered by the Company, and will be a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as the enforcement thereof may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles and except as rights to indemnification under the Registration Rights Agreement
may be limited by applicable law. There are no persons with registration rights or other similar rights to have any securities registered for sale or sold by the Company under the Securities Act, other than those rights provided for in the
Registration Rights Agreement and that certain Registration Rights Agreement dated as of November 7, 2019 by and among the Company, Quinton Heights, LLC and Security Benefit Life Insurance Company. 

4.33 ERISA Compliance. Except as would not reasonably be expected to result in a Material Adverse Effect, (A) the
Company, each of its subsidiaries and each “employee benefit plan” (as defined in Section 3(3) of ERISA) established or maintained by the Company or any of its subsidiaries are in compliance with the applicable provisions of ERISA
and, to the knowledge of the Company, each “multiemployer plan” (as defined in Section 4001(a)(3) of ERISA) to which the Company, any of its subsidiaries or any of their ERISA Affiliates (as defined below) contributes (a
“Multiemployer Plan”) is in compliance with ERISA; (B) no “reportable event” (as defined under Section 4043(c) of ERISA, other than an event for which the 30-day notice
requirement is waived) has occurred or is reasonably expected to occur with respect to any “employee benefit plan” subject to Title IV of ERISA that is established or maintained by the Company, any of its subsidiaries or any of their ERISA
Affiliates; (C) no “single employer plan” (as defined in Section 4001(a)(15) of ERISA) established or maintained by the Company, any of 

  
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its subsidiaries or any of their ERISA Affiliates, if such “employee benefit plan” were terminated, would have any “amount of unfunded benefit liabilities” (as defined in
Section 4001(a)(18) of ERISA); (D) none of the Company, any of its subsidiaries and any of their ERISA Affiliates has incurred or reasonably expects to incur any liability under (i) Title IV of ERISA with respect to the termination
of, or withdrawal from, any “employee benefit plan” or (ii) Sections 412, 4971 or 4980B of the Code; (E) neither the Company nor any of its subsidiaries has incurred or reasonably expects to incur any liability under
Section 4975 of the Code; and (F) each “employee benefit plan” established or maintained by the Company or any of its subsidiaries that is intended to be qualified under Section 401 of the Code is the subject of a favorable
determination or opinion letter from the Internal Revenue Service to the effect that it is so qualified and, to the knowledge of the Company, nothing has occurred, whether by action or failure to act, which would reasonably be expected to cause the
loss of such qualification. “ERISA Affiliate” means, with respect to the Company or a subsidiary, any member of any group of organizations described in Section 414(b), (c), (m) or (o) of the Code of which the Company
or such subsidiary is a member. 
 4.34 Anti-Corruption. Except as would not, individually or in the aggregate, reasonably be
expected to be material to the Company and its subsidiaries, considered as one enterprise, neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or Affiliate of the Company or
any of its subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the
“FCPA”), or any other applicable anti-corruption laws, including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or
authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any government official, including any officer or employee of a foreign government or government-controlled
entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or official thereof, or candidate for political office (each, a “Government
Official”), or to any other person while knowing that all or some portion of the money or value will be offered, given or promised to a Government Official for the purposes of obtaining or retaining business or securing any other improper
advantage, in each case in violation of the FCPA or any other applicable anti-corruption laws; and the Company, its subsidiaries and, to the knowledge of the Company, its Affiliates have conducted their businesses in compliance with all applicable
anti-corruption laws and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith, except for such failures to comply or to institute and
maintain policies and procedures that would not, individually or in the aggregate, reasonably be expected to be material to the Company and its subsidiaries, considered as one enterprise. 

4.35 Money Laundering Laws. The operations of the Company and its subsidiaries are and have been conducted at all times in
compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any Governmental Entity (collectively, the “Money Laundering Laws”), except for

  
 20 

 
such non-compliance as would not, individually or in the aggregate, reasonably be expected to be material to the Company and its subsidiaries, considered
as one enterprise, and no action, suit or proceeding by or before any Governmental Entity involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.

 4.36 OFAC. Except as would not, individually or in the aggregate, reasonably be expected to be material to the Company and
its subsidiaries, considered as one enterprise, none of the Company, its subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee, Affiliate or representative of the Company or any of its subsidiaries is an individual
or entity (“Person”) that is (and, to the knowledge of the Company, none of the foregoing persons or entities is owned or controlled by a Person that is) currently the subject or target of any sanctions administered or enforced by
the United States Government, including, without limitation, the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”), the United Nations Security Council (“UNSC”), the European Union, Her
Majesty’s Treasury (“HMT”), or other relevant sanctions authority (collectively, “Sanctions”), nor is the Company or any of its subsidiaries located, organized or resident in a country or territory that is the
subject of Sanctions; and the Company will not directly or indirectly use the proceeds of the sale of the Purchase Securities, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person,
(i) for the purpose of financing any activities of or business with any Person, or in any country or territory that, at the time of such financing, is the subject of Sanctions or (ii) in any other manner that will, to the Company’s
knowledge, result in a violation by any Person (including any Person participating in the transaction, whether as an underwriter, advisor, investor or otherwise) of Sanctions. 

4.37 Cybersecurity. Except as would not, individually or in the aggregate, reasonably be expected to be material to the Company
and its subsidiaries, considered as one enterprise, (A) there has been no security breach or incident, unauthorized access or disclosure, or other compromise of or relating to any of the Company’s or its subsidiaries’ information
technology and computer systems, networks, hardware, software, data and databases (including the data and information of their respective customers, employees, suppliers, vendors and any third party data maintained, processed or stored by the
Company and its subsidiaries, and any such data processed or stored by third parties on behalf of the Company and its subsidiaries), equipment or technology (collectively, “IT Systems and Data”): (B) neither the Company nor its
subsidiaries have been notified of, and each of them have no knowledge of any event or condition that could result in, any security breach or incident, unauthorized access or disclosure or other compromise to their IT Systems and Data and
(C) the Company and its subsidiaries have implemented appropriate controls, policies, procedures, and technological safeguards to maintain and protect the integrity, continuous operation, redundancy and security of their IT Systems and Data
reasonably consistent with industry standards and practices, or as required by applicable regulatory standards. The Company and its subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and
regulations of any Governmental Entity, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or
modification, except for such non-compliance that would not, individually or in the aggregate, reasonably be expected to be material to the Company and its subsidiaries, considered as one enterprise. 

  
 21 

 ARTICLE 5 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS 

5.1 Representations and Warranties of Purchaser. Each Purchaser hereby represents and warrants to the Company, severally and not
jointly, that: 
 5.1.1 Organization, Authority and Power. Such Purchaser is duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization and has the requisite power and authority to enter into this Agreement, to consummate each of the transactions and undertakings contemplated hereby, and to perform all the
terms and conditions hereof to be performed by it. The execution, delivery and performance of this Agreement and the Registration Rights Agreement and consummation of each of the transactions and undertakings contemplated hereby and thereby have
been duly authorized by all requisite action on its part under such Purchaser’s constituent or governing documents and applicable law. 

5.1.2 Valid and Binding Obligations. This Agreement has been duly and validly executed and delivered, and
is enforceable against such Purchaser in accordance with the terms thereof except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies
of creditors or by general equitable principles. 
 5.1.3 Securities Law Matters. Such Purchaser hereby
acknowledges that the offer and sale of the Purchase Securities and the Underlying Securities to such Purchaser are being made as a private placement pursuant to Section 4(a)(2) of the Securities Act and are not being registered under the
Securities Act. Such Purchaser hereby acknowledges that neither the offer and sale of the Purchase Securities nor the offer and sale of the Underlying Securities have been registered under the Securities Act, or registered or qualified under any
state securities laws, and the Purchase Securities and the Underlying Securities cannot be resold without registration thereunder or exemption therefrom. Such Purchaser is an “accredited investor,” as such term is defined in
Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act, and will acquire the Purchase Securities and Underlying Securities for its own account, not as a nominee or agent, and not with a view to a sale or distribution
thereof in violation of the Securities Act, any applicable state “blue sky” laws or any other applicable securities laws, and such Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the
Purchase Securities or the Underlying Securities. Such Purchaser is an Institutional Account as defined in FINRA Rule 4512(c). Such Purchaser has sufficient knowledge and experience in financial and business matters to enable it to evaluate the
risks of investment in the Purchase Securities and Underlying Securities, is purchasing the Purchase Securities with a full understanding of all of the terms, conditions and risks thereof, and at the Closing will bear and have the ability to bear
the economic risk of this investment for an indefinite period of time, including, but not limited to, loss of such Purchaser’s entire investment therein. Such Purchaser understands and agrees to the terms and conditions under which the Purchase
Securities are being offered. 

  
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 5.1.4 Legends. Such Purchaser acknowledges that (a) each
certificate evidencing the Shares shall be endorsed with the legends substantially in the form set forth in the Certificate of Designations and (b) each Warrant and Underlying Securities shall be endorsed with the legends substantially in the
form set forth in the Warrant Agreement, in each case as well as any additional legend imposed or required by applicable securities laws. 

5.1.5 Restricted Securities. Such Purchaser acknowledges that the Purchase Securities and the Underlying
Securities are “restricted securities” (as such term is defined in Rule 144 under the Securities Act) and must be held by such Purchaser unless subsequently resold or transferred in a transaction that is registered under the
Securities Act or exempt from such registration. Such Purchaser agrees: (i) that such Purchaser will not sell, assign, pledge, give, transfer or otherwise dispose of the Purchase Securities or the Underlying Securities, or any interest therein,
or make any offer or attempt to do any of the foregoing, except pursuant to an effective registration statement covering the Purchase Securities or the Underlying Securities, as applicable, under the Securities Act and all applicable state or local
securities laws, or in a transaction that is exempt from the registration provisions of the Securities Act and all applicable state or local securities laws and (ii) that the Company shall not be required to give effect to any purported
transfer of the Purchase Securities or the Underlying Securities except upon compliance with the foregoing restrictions. 

5.1.6 Access to Information; Independent Review. Such Purchaser acknowledges that it has been afforded an
opportunity to request and to review all information considered by such Purchaser to be necessary to make an investment decision with respect to the Purchase Securities. Such Purchaser has received and reviewed information about the Company, has had
an opportunity to discuss the Company’s business, management and financial affairs with its management and has conducted its own independent due diligence with respect to the Transactions. 

5.1.7 Financial Capability. Such Purchaser at the Closing will have available funds necessary to consummate the
Closing of the Purchase Securities to be purchased by it on the terms and conditions contemplated by this Agreement and to make any other necessary payment contemplated to be made hereunder at the Closing. Such Purchaser is not aware of any reason
why the funds sufficient to fulfill its obligations under Article 2 (including the Applicable Purchase Price) will not be available at the Closing. 

5.1.8 Ownership of Company Securities.. The beneficial ownership of Common Stock of such Purchaser (if any), and
collectively the Fairfax Group, before the initial issuance of the Purchase Securities pursuant to this Agreement is specified in the Schedule 13G filed with the SEC by certain members of the Fairfax Group on February 14, 2022. 

5.1.9 Interested Stockholder. As of the date hereof, such Purchaser is not an “interested
stockholder” (as defined in Section 203(c)(5) of the General Corporation Law of the State of Delaware) of the Company. 

  
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 5.1.10 [Reserved.] 

5.1.11 Reliance Upon Purchaser’s Representations. Such Purchaser understands and acknowledges
that: (a) neither the Purchase Securities nor the Underlying Securities have been registered under the Securities Act; and (b) its representations and warranties contained herein are being relied upon by the Company as a basis for
exemption of the sale of the Purchase Securities under the Securities Act. If any of the representations made by the Purchaser in connection with its purchase of Purchase Securities are no longer accurate, such Purchaser will promptly notify the
Company. 
 5.1.12 Exculpation. Such Purchaser acknowledges that it is not relying upon J.P. Morgan in making
its investment or decision to invest in the Company. 
 5.1.13 Certain ERISA Matters. Such Purchaser represents
that the assets used to purchase the Purchase Securities will either (a) not constitute the assets of any plan subject to Part 4 of Title I of ERISA, Section 4975 of the Code or substantially similar law; or (b) will
constitute the assets of such a plan, but the acquiring, holding and disposition of Purchase Securities will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code, or a violation under any applicable substantially similar law.  
 5.1.14 Non-Reliance. Except as expressly set forth in Article 4, such Purchaser acknowledges and agrees that none of the Company or any of its subsidiaries, nor any other person, has made any representation or
warranty, express or implied, at law or in equity, by statute or otherwise, and any other representations or warranties are hereby expressly disclaimed by the Company, including, without limitation, any implied representation or warranty as to
condition, merchantability, suitability or fitness for a particular purpose and except as expressly covered by a representation and warranty contained in Article 4, none of the Company or any of its subsidiaries, nor any other person, has made any
representation or warranty to such Purchaser or any of its Affiliates with respect to (i) any projections, estimates or budgets of future revenues, expenses or expenditures or future results of operations of the Company and its subsidiaries
heretofore delivered to or made available to such Purchaser or its Affiliates or their respective counsel, accountants or advisors or (ii) any other information or documents (financial or otherwise) made available to such Purchaser or its
Affiliates or their respective counsel, accountants or advisors with respect to the Company and its subsidiaries. Notwithstanding anything to the contrary herein, nothing in this Agreement shall operate to limit any claim by such Purchaser or any of
its Affiliates for Fraud (it being understood and agreed that any such claim may only be asserted and/or prosecuted on behalf of a Purchaser by or under the direction of Fairfax). 

5.1.15 Appropriate Investment; Non-Violation. Such Purchaser has
determined based on its own independent review and such professional advice as it deems appropriate that its purchase of Purchase Securities hereunder and participation in the Transactions (i) are fully consistent with such Purchaser’s
financial needs, objectives and condition, (ii) comply and are fully consistent with all investment policies, guidelines 

  
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and other restrictions applicable to such Purchaser, (iii) have been duly authorized and approved by all necessary action, (iv) do not and will not violate or constitute a default under
such Purchaser’s charter, by-laws or other constituent document or under any law, rule, regulation, agreement or other obligation by which such Purchaser is bound and (v) are a fit, proper and
suitable investment for such Purchaser, notwithstanding the substantial risks inherent in investing in or holding the Purchase Securities. 

5.1.16 Placement Agent. Such Purchaser hereby acknowledges and agrees that (a) J.P. Morgan is acting solely
as placement agent in connection with the Transactions and is not acting as an underwriter or in any other capacity and is not and shall not be construed as a fiduciary for such Purchaser, the Company or any other person or entity in connection with
the Transactions, (b) J.P. Morgan has not made and will not make any representation or warranty, whether express or implied, of any kind or character and has not provided any advice or recommendation in connection with the Transactions,
(c) J.P. Morgan will have no responsibility with respect to (i) any representations, warranties or agreements made by any person or entity under or in connection with the Transactions or any of the documents furnished pursuant thereto or
in connection therewith, or the execution, legality, validity or enforceability (with respect to any person) or any thereof, or (ii) the business, affairs, financial condition, operations, properties or prospects of, or any other matter
concerning the Company or Transactions, and (d) J.P. Morgan shall have no liability or obligation (including without limitation, for or with respect to any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs,
expenses or disbursements incurred by such Purchaser, the Company or any other person or entity), whether in contract, tort or otherwise, to such Purchaser, or to any person claiming through such Purchaser, in respect of the Transactions. 

ARTICLE 6 
 ADDITIONAL
COVENANTS 
 6.1 No Integration. The Company agrees that it will not and will cause its Affiliates not to sell, offer for
sale or solicit offers to buy any security of the Company of any class if, as a result of the doctrine of “integration” referred to in Rule 502 under the Securities Act, such sale, offer for sale or solicitation of an offer to buy
would render invalid (for the purpose of the sale of the Purchase Securities by the Company to the Purchasers) the exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof or otherwise. 

6.2 Underlying Securities. The Company will cause the Underlying Securities to be approved for supplemental listing on the NYSE
on or prior to the Closing Date. 
 6.3 Transfer Agent. The Company shall engage and maintain, at its expense, a registrar and
transfer agent for the Purchase Securities and the Common Stock. 
 6.4 Available Shares of Common Stock. The Company will
reserve and keep available at all times, free of preemptive or other similar rights or contractual encumbrances (except for any preemptive rights held by the Purchasers), the full number of Underlying Securities. 

  
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 6.5 No Restricted Resales. The Company will not, and will not permit any of
its affiliates (as defined in Rule 144 under the Securities Act) to resell any of the Purchase Securities which constitute “restricted securities” under Rule 144 that have been reacquired by any of them. 

6.6 Regulatory Filings. The Company and the Purchasers shall, as promptly as reasonably practicable, (i) make or cause their
Affiliates to make all required filings with the U.S. Federal Trade Commission (“FTC”), Department of Justice (“DOJ”) and any other governmental entity required under the HSR Act with respect to the
Transactions, (ii) make or cause their Affiliates to make any filing or notice required under any other antitrust or competition law or other law or regulation agreed by the parties to be applicable to the Transactions (iii) provide any
supplemental information requested in connection with the HSR Act or such other antitrust, competition or other laws or regulations as promptly as practicable after such request is made; and (iv) use their reasonable best efforts to obtain, or
cause to be obtained, all consents, authorizations, orders and approvals from all Governmental Entities that may be or become necessary in connection with the Transactions; provided that nothing in this Section 6.6 shall require,
or be construed to require, the Purchasers or any of their Affiliates to agree to (x) sell, hold, divest, discontinue or limit, before or after the Closing Date, any assets, businesses or interests of the Purchasers or any of their Affiliates;
(y) any material conditions relating to, or changes or restrictions in, the operations of any such assets, businesses or interests; or (z) any material modification or waiver of the terms and conditions of this Agreement. The Company and
each Purchaser shall, and shall cause its Affiliates to, furnish to the other such information and assistance as the other may reasonably request in connection with its preparation of any filing or submission which is necessary under the HSR Act or
such other applicable law or which is otherwise requested by the FTC or DOJ or other governmental entity and shall keep each other apprised of the status of any communications with, and inquiries or requests for additional information from, the FTC
and DOJ or other governmental entity. The Company shall bear all filing fees of the Parties incurred pursuant to this Section 6.6. 

6.7 Ratings. If reasonably requested by the Purchasers, the Company shall, as soon as practicable, cause S&P Global Ratings,
a division of S&P Global, Inc., or Moody’s Investors Service, Inc., or any other rating agency reasonably satisfactory to the Purchasers, to rate the Series B Preferred Stock and to make such rating publicly available, and the Company shall
cause one such ratings agency to continue to rate the Series B Preferred Stock so long as any Shares remain outstanding. The Company shall bear the cost and reasonable, documented expenses incurred by the Parties pursuant to this Section 6.7.

 6.8 Standstill. Each Purchaser hereby agrees that, until the Standstill Termination Date, unless specifically consented in
writing by the Company to do so, neither such Purchaser nor its Affiliates will, or will cause or knowingly permit any of its or their directors, officers, partners, managers or employees to, in any manner, directly or indirectly: (i) effect or
seek, initiate, offer or propose (whether publicly or otherwise) to effect, or cause or participate in or in any way advise or, assist any other person to effect or seek, initiate, offer or propose (whether publicly or otherwise) to effect or cause
or participate in, any acquisition of any equity or equity-linked securities (or beneficial ownership thereof); any tender or exchange offer, merger, consolidation or other business combination involving the Company; any recapitalization,
restructuring, liquidation, dissolution or other extraordinary transaction with respect to the 

  
 26 

 
Company; or any “solicitation” of “proxies” (as such terms are used in the proxy rules of the SEC) or consents to vote any voting securities of the Company, provided,
however, that notwithstanding the foregoing, nothing in this clause (i) shall prevent or limit (a) the ability of any director of the Company that is affiliated with such Purchaser to acquire, exercise or dispose of any stock
options or other equity securities of the Company received as compensation for serving as a director, or perform his or her duties as a director of the Company or (b) the Purchasers and their Affiliates (and their respective directors,
officers, partners, managers or employees) from purchasing equity or equity linked securities of the Company representing in the aggregate, together with the Underlying Securities, up to 20% of the outstanding Common Stock on a Fully-Diluted Basis
in the aggregate for the Purchasers and their Affiliates; (ii) form, join or in any way participate in a “group” (as defined under the Exchange Act) with respect to any securities of the Company that seeks to do any of the actions
prohibited by clause (i) above; (iii) otherwise act, alone or in concert with others, to seek to control or influence the management, Board of Directors or policies of the Company, provided, however, that notwithstanding the
foregoing, nothing in this clause (iii) shall prevent or limit the ability of any director of the Company that is affiliated with such Purchaser to serve as a director, or perform his or her duties as a director of the Company or any related
activities of such Purchaser’s officers, employees or representatives in support of such director; (iv) take any action which could reasonably be expected to force the Company to make a public announcement regarding any of the types of
matters set forth in this Section 6.8 (other than actions taken by a director of the Company in the performance of his or her duties as such); or (v) enter into any agreements, discussions or arrangements with any third party with respect
to any of the foregoing (other than ordinary course discussions by a director of the Company in the performance of his or her duties as such). 

6.9 DTC. The Company shall cause the Shares to be delivered through the facilities of DTC on the Closing Date. 

6.10 Certain Information Rights. (a) The Company shall promptly advise the Purchasers in writing of the occurrence of any
matter or event that would cause a Material Adverse Effect, that occurs on or after the date of this Agreement and prior to the Closing. 

(b) Prior to the Closing and, so long as (i) the Fairfax Share Percentage is equal to or greater than 50% and
(ii) the Fairfax Beneficial Ownership Percentage is equal to or greater than 5%, at any time from and after the Closing, the Company shall, and shall cause its subsidiaries to, afford and its accountants, counsel and other representatives, upon
reasonable notice and at such reasonable times as may be requested by any Purchaser, reasonable access, to (x) consult with the management on significant business issues relating to the operation of the Company and its subsidiaries as may be
reasonably requested by such Purchaser and (y) materials within the control of the Company as may be reasonably requested by such Purchaser; provided that if the Company reasonably believes it would be in the best interests of the
Company to not provide any such materials to such Purchaser due to the sensitive nature of such materials (such materials, “Restricted Materials”), the Company shall notify such Purchaser of such determination and in good faith
discuss the basis for such determination with such Purchaser and, following such discussion, the Company shall have no obligation to disclose to such Purchaser any materials that the Company reasonably believes are Restricted Materials, subject, in
the case of clauses (x) and (y), to appropriate confidentiality undertakings with respect to any proprietary information and facilities. 

  
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 (c) During any period in which the Company is not subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act and so long as (i) the Fairfax Share Percentage is equal to or greater than 50% and (ii) the Fairfax Beneficial Ownership Percentage is equal to or greater than 5%, the Company
shall provide to the Purchasers (i) within 120 days after the end of each fiscal year of the Company, audited consolidated financial statements of the Company for such fiscal year and (ii) within 45 days after the end of each fiscal
quarter, unaudited consolidated financial statements of the Company for such fiscal quarter, provided that the Company shall not be required to deliver any such report with respect to the fourth fiscal quarter. 

(d) Notwithstanding anything to the contrary, the rights set forth in clauses (b) and (c) above will not be exercisable by
any person other than the Purchasers (regardless of any transfer of any Purchase Securities or Underlying Securities). 
 6.11
Transfers and Exchanges. Notwithstanding anything to the contrary in this Agreement and the Warrant Agreement, without the prior written consent of the Company, no Warrants, or any beneficial or other interest therein, will be transferred,
pledged or otherwise disposed of to any Person that is not a Permitted Transferee. Any purported transfer, pledge or other disposition in violation of this Section 6.11 will be void and without any force or effect. 

6.12 Purchase Price Allocation. The Company and the Fairfax Group will cooperate in good faith to determine, by no later than the
Closing Date, the allocation of the Aggregate Purchase Price between the Shares and the Warrants. 
 ARTICLE 7 

TERMINATION 
 7.1
Termination. This Agreement may be terminated at any time prior to the Closing, only in the following manner: 
 (a)
By mutual written agreement of the Company and the Purchasers; 
 (b) By the Company upon written notice to the Purchasers
or, solely, with respect to the sale of the Purchase Securities to be purchased by it, by any Purchaser upon written notice to the Company if the Closing shall not have occurred on or before December 31, 2022; provided, that such
date may be extended by written notice by the Company or (solely with respect to the sale of the Purchase Securities to be purchased by it) any Purchaser, as the case may be, for a period not to exceed an additional 30 days, if the reason for
such extension is 

  
 28 

 
the failure to satisfy one or more conditions to the applicable Closing and such Purchaser or the Company, as the case may be, reasonably believes that condition(s) to such Closing can be
satisfied by the new termination deadline. Notwithstanding the foregoing, termination under this provision shall not be available to the requesting Party if the applicable Closing has not occurred solely by reason of any breach by such requesting
Party under this Agreement; 
 (c) Solely with respect to the sale of the Purchase Securities to be purchased by it, by any
Purchaser upon written notice to the Company, if, (i) trading in securities generally on either the NYSE shall have been suspended or materially limited, or minimum or maximum prices shall have been generally established on any of such stock
exchanges by the SEC or the FINRA; (ii) a general banking moratorium shall have been declared by any federal or New York authority or a material disruption in commercial banking or securities settlement or clearance services in the United
States has occurred; or (iii) there shall have occurred any outbreak or escalation of national or international hostilities or any crisis or calamity, or any change in the United States or international financial markets, or any substantial
change or development involving a prospective substantial change in United States’ or international political, financial or economic conditions, as in the judgment of such Purchaser is material and adverse and makes it impracticable or
inadvisable to proceed with the Closing of the Purchase Securities to be purchased by it or to enforce contracts for the sale of securities. 

7.2 Effect of Termination. In the event of any termination of this Agreement pursuant to Section 7.1, this Agreement shall
become null and void and have no further effect, with no liability on the part of the Company or the Purchasers (or the applicable Purchaser, as the case may be), or their respective Affiliates, with respect to this Agreement, except (a) for
the terms of this Section 7.2 and Article 8, which shall survive the termination of this Agreement, and (b) that nothing in this Section 7.2 shall relieve any party hereto from liability or damages incurred or suffered by any other
party resulting from any intentional (x) breach of any representation or warranty of such first party or (y) failure of such first party to perform a covenant thereof. As used in the foregoing sentence, “intentional” shall mean
an act or omission by such party which such party actually knew, or reasonably should have known, would constitute a breach of this Agreement by such party. 

ARTICLE 8 

MISCELLANEOUS 
 8.1
Notices. Any notice, statement, demand, claim, offer or other written instrument required or permitted to be given pursuant to this Agreement shall be in writing signed by the Party giving such notice and shall be sent by electronic mail,
facsimile, hand messenger delivery, overnight courier service, or certified mail (receipt requested) to the other Party at the address set forth below: 

  
 29 

	 	(a)	 If to the Company, to it at: 

Kennedy-Wilson Holdings, Inc. 

151 S. El Camino Drive 
 Beverly
Hills, CA 90212 
 Email: mwindisch@kennedywilson.com and ilee@kennedywilson.com 

Attention: Matthew Windisch and In Ku Lee 

with a copy to: 

Latham & Watkins LLP 

355 South Grand Avenue, Suite 100 

Los Angeles, CA, 90071 
 Email:
julian.kleindorfer@lw.com 
 Attention: Julian Kleindorfer 
  

	 	(b)	 If to the Purchasers: 

c/o Hamblin Watsa Investment Counsel Ltd. 

95 Wellington Street West, Suite 802 

Toronto, ON, Canada M5J 2N7 

Email: GeneralCounsel@fairfax.ca 

Attention: General Counsel 
 in
each case, with a copy to: 
 Shearman & Sterling LLP 

Commerce Court West 
 199 Bay
Street, Suite 4405 
 P.O. Box 247 

Toronto, ON, Canada M5L 1E8 

Email: JLehner@Shearman.com 

Attention: Jason Lehner 
 Each
Party shall have the right to change the place to which notices shall be sent or delivered or to specify one additional address to which copies of notices may be sent, in either case by similar notice sent or delivered in like manner to the other
Party. Any notice delivered electronically shall only be deemed to be duly given pursuant to this Agreement if such notice is also be sent not later than the following Business Day via overnight courier service or next day certified mail (receipt
requested) to the applicable address specified in the preceding sentence. 
 8.2 Survival. The agreements contained in this
Agreement shall survive the execution and delivery of this Agreement and the delivery of and payment for the Purchase Securities and, unless otherwise set forth in this Agreement, the representations and warranties contained in this Agreement or in
any certificate of officers of the Company delivered pursuant hereto shall survive until and including June 30, 2023 and shall in no way be affected by any investigation or knowledge of the subject matter thereof made by or on behalf of any
Party. 

  
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 8.3 Entire Agreement; Amendments. This Agreement and any ancillary agreements
among the Parties delivered in connection herewith constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, of the Parties with respect to the subject matter hereof. Any oral representations or
modifications concerning this instrument shall be of no force or effect unless contained in a subsequent written modification signed by the party to be charged. This Agreement may be amended, waived or modified only by a written instrument executed
by the Parties. 
 8.4 Successors and Assigns. This Agreement shall be binding upon, and shall inure to the benefit of, and
shall be enforceable by, the Parties and their respective successors and permitted assigns. Neither this Agreement, nor any right hereunder, may be assigned by any Party without the prior written consent of the other Party; except that consent shall
not be required for an assignment by Purchaser to any Affiliate of Purchaser, provided that Purchaser shall provide written notice to the Company of any such assignment. 

8.5 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 

8.6 Expenses. The Company shall bear (a) all of the Company’s expenses incurred in connection with this Agreement and
the transactions contemplated hereby,(b) all of the fees and expenses of the Purchasers’ legal counsel reasonably incurred in connection with this Agreement and the transactions contemplated hereby and (c) 50% of the fees payable in respect of
any filing(s) required under the HSR Act with respect to the Transactions. 
 8.7 Captions. The captions contained in this
Agreement are for convenience and reference only and in no way define, describe, extend or limit the scope or intent of this Agreement or the intent of any provision contained herein. 

8.8 Severability. The invalidity or unenforceability of any section, paragraph or provision of this Agreement shall not affect
the validity or enforceability of any other section, paragraph or provision hereof. If any section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor
changes (and only such minor changes) as are necessary to make it valid and enforceable. 
 8.9 Counterparts. This Agreement
may be executed in one or more counterparts, including by facsimile, PDF or electronic signature, each of which shall constitute an original but all of which, taken together, shall constitute but one agreement. 

8.10 No Waiver. Any failure of a Party to enforce any of the provisions of this Agreement or to require compliance with any of
its terms at any time during the pendency of this Agreement shall in no way affect the validity of this Agreement, or any part hereof, and shall not be deemed a waiver of the right of such Party thereafter to enforce any and each such provision.

 8.11 Damages Waiver. No Party shall be liable for any special, punitive, exemplary, indirect or incidental damages or any
other damages that were not reasonably foreseeable. 

  
 31 

 8.12 Reliance by J.P. Morgan. J.P. Morgan, acting as financial advisor to the
Company, may rely on each representation and warranty of the Company in this Agreement and on each representation and warranty of the Purchasers made under Sections 5.1.3, 5.1.6, 5.1.12 and 5.1.16 hereof, in each case with the same force and effect
as if such representation or warranty were made directly to J.P. Morgan. J.P. Morgan will be a third-party beneficiary of this Agreement to the extent provided in this Section 8.12. 

8.13 Action by Purchasers. Whenever any action is required to be taken by the Purchasers, collectively, under this Agreement,
such action shall be deemed to have been duly taken if such action is indicated to have been taken by Fairfax, for itself and on behalf of the other Purchaser. 

  
 32 

 IN WITNESS WHEREOF, the Purchasers and the Company have caused this Agreement to be duly
executed and delivered. 
  

			
	KENNEDY-WILSON HOLDINGS, INC.
		
	By:	 	 /s/ Matt Windisch

		 	Name: Matt Windisch
		 	Title: Executive Vice President

 [Signature Page to Series B Preferred Stock Purchase Agreement] 

 
			
	PURCHASERS:
	
	ZENITH INSURANCE COMPANY, by its investment manager, Hamblin Watsa Investment Counsel Ltd.
		
	By:	 	 /s/ Peter Clarke

		 	Name: Peter Clarke
		 	Title: Chief Risk Officer
	
	ODYSSEY REINSURANCE COMPANY, by its investment manager, Hamblin Watsa Investment Counsel Ltd.
		
	By:	 	 /s/ Peter Clarke

		 	Name: Peter Clarke
		 	Title: Chief Risk Officer
	
	HUDSON INSURANCE COMPANY, by its investment manager, Hamblin Watsa Investment Counsel Ltd.
		
	By:	 	 /s/ Peter Clarke

		 	Name: Peter Clarke
		 	Title: Chief Risk Officer
	
	HUDSON EXCESS INSURANCE COMPANY, by its investment manager, Hamblin Watsa Investment Counsel Ltd.
		
	By:	 	 /s/ Peter Clarke

		 	Name: Peter Clarke
		 	Title: Chief Risk Officer

  
 [Signature Page to
Series B Preferred Stock Purchase Agreement] 

 
			
	TRUSTEES OF NEWLINE SYNDICATE 1218, by its investment manager, Hamblin Watsa Investment Counsel Ltd.
		
	By:	 	 /s/ Peter Clarke

		 	Name: Peter Clarke
		 	Title: Chief Risk Officer
	
	NEWLINE INSURANCE COMPANY LIMITED, by its investment manager, Hamblin Watsa Investment Counsel Ltd.
		
	By:	 	 /s/ Peter Clarke

		 	Name: Peter Clarke
		 	Title: Chief Risk Officer
	
	UNITED STATES FIRE INSURANCE COMPANY, by its investment manager, Hamblin Watsa Investment Counsel Ltd.
		
	By:	 	 /s/ Peter Clarke

		 	Name: Peter Clarke
		 	Title: Chief Risk Officer
	
	THE NORTH RIVER INSURANCE COMPANY, by its investment manager, Hamblin Watsa Investment Counsel Ltd.
		
	By:	 	 /s/ Peter Clarke

		 	Name: Peter Clarke
		 	Title: Chief Risk Officer

  
 [Signature Page to
Series B Preferred Stock Purchase Agreement] 

 
			
	NORTHBRIDGE GENERAL INSURANCE CORPORATION, by its investment manager, Hamblin Watsa Investment Counsel Ltd.
		
	By:	 	 /s/ Peter Clarke

		 	Name: Peter Clarke
		 	Title: Chief Risk Officer
	
	FEDERATED INSURANCE COMPANY OF CANADA, by its investment manager, Hamblin Watsa Investment Counsel Ltd.
		
	By:	 	 /s/ Peter Clarke

		 	Name: Peter Clarke
		 	Title: Chief Risk Officer

  
 [Signature Page to
Series B Preferred Stock Purchase Agreement] 

 SCHEDULE I 

PURCHASERS 
  

													
	 Name of Purchaser
	  	Number of
Shares
to be Purchased	 	  	Number of
Warrants to be
Purchased	 	  	Applicable
Purchase Price	 
	 Zenith Insurance Company
	  	 	5,000	 	  	 	217,391	 	  	$	5,000,000	 
	 Odyssey Reinsurance Company
	  	 	82,000	 	  	 	3,565,216	 	  	$	82,000,000	 
	 Hudson Insurance Company
	  	 	50,000	 	  	 	2,173,913	 	  	$	50,000,000	 
	 Hudson Excess Insurance Company
	  	 	25,000	 	  	 	1,086,957	 	  	$	25,000,000	 
	 Trustees of Newline Syndicate 1218
	  	 	10,000	 	  	 	434,783	 	  	$	10,000,000	 
	 Newline Insurance Company Limited
	  	 	3,000	 	  	 	130,435	 	  	$	3,000,000	 
	 United States Fire Insurance Company
	  	 	25,000	 	  	 	1,086,957	 	  	$	25,000,000	 
	 The North River Insurance Company
	  	 	25,000	 	  	 	1,086,957	 	  	$	25,000,000	 
	 Northbridge General Insurance Corporation
	  	 	70,000	 	  	 	3,043,478	 	  	$	70,000,000	 
	 Federated Insurance Company of Canada
	  	 	5,000	 	  	 	217,391	 	  	$	5,000,000	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	300,000	 	  	 	13,043,478	 	  	$	300,000,000	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
 Schedule I-1

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