Document:

Exhibit 4.1

 

Execution Version

 

AMENDMENT AGREEMENT

 

THIS AMENDMENT AGREEMENT
(this “Agreement”) is entered into and effective as of October 19, 2021, by and among Legato Merger Corp.,
a Delaware corporation (“Legato”), Algoma Steel Group Inc. (formerly known as 1295908 B.C. Ltd.), a company organized
under the laws of the Province of British Columbia (“Algoma”), Continental Stock Transfer & Trust Company,
a New York limited purpose trust company (“Continental”), as warrant agent, and TSX Trust Company, a company existing
under the laws of Canada (“TSX”), as Canadian co-warrant agent (“Co-Agent”). Capitalized terms used
but not defined herein have the meanings given to such terms in the Warrant Agreement (as defined below).

 

WHEREAS, Legato and Continental
have previously entered into a warrant agreement, dated as of January 19, 2021 (the “Warrant Agreement”), governing
the terms of Legato’s outstanding warrants to purchase shares of common stock of Legato (the “Warrants”);

 

WHEREAS, Legato has entered
into an Agreement and Plan of Merger, dated as of May 24, 2021 (the “Merger Agreement”), by and among Legato, Algoma,
Algoma Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of Algoma (“Merger Sub”), pursuant
to which Merger Sub, will merge through a statutory merger with and into Legato, with Legato surviving the merger as a direct, wholly-owned
subsidiary of Algoma (the transactions contemplated by the Merger Agreement are referred to herein as the “Merger”);

 

WHEREAS, at the closing of
the Merger (the “Closing”), each outstanding share of Legato’s common stock, par value $0.0001 per share, will
be converted into and exchanged for the right to receive one common share of Algoma (the “Common Shares”);

 

WHEREAS, pursuant to Section 2.8(c) of
the Merger Agreement and Section 4.5 of the Warrant Agreement, upon the Closing, each Warrant issued and outstanding immediately
prior thereto will be converted into a warrant to purchase Common Shares (collectively, the “Algoma Warrants”), and
the rights and obligations of Legato under the Warrant Agreement shall become rights and obligations of Algoma;

 

WHEREAS, as a result of the
foregoing, the parties hereto wish for Legato to cease to have any rights, interests or obligations in or under the Warrant Agreement
and for Algoma to accept and become entitled to and possess all such rights and interests and become subject to all such obligations thereunder,
in each case, effective upon the Closing; and

 

WHEREAS, in connection with
the foregoing, the Company desires that TSX be appointed as Co-Agent for the Warrants under the Warrant Agreement, and TSX is willing
to so act as Co-Agent, in connection with the issuance, registration, transfer, exchange, redemption, and exercise of the Warrants;

 

NOW, THEREFORE, for good
and valuable consideration, receipt of which is hereby acknowledged, the parties hereby agree as follows:

 

1. Amendment
of Warrant Agreement. Effective as of the Closing, Legato shall hereby cease to have any rights, interest or obligation in or under
the Warrant Agreement and Algoma hereby agrees to accept and to become entitled to and possess all of Legato’s rights and interests,
and to become subject to all of Legato’s obligations, in and under the Warrant Agreement, and Algoma hereby confirms that it agrees
to all rights, interests and obligations under the Algoma Warrants. Unless the context otherwise requires, from and after the Closing,
any references in the Warrant Agreement or the Warrants to: (i) the “Company” shall mean Algoma; (ii) “Common
Stock” or “shares” shall mean the Common Shares; and (iii) the “Board of Directors” or any committee
thereof shall mean the board of directors of Algoma or any committee thereof.

 

2. Replacement
Instruments. As of the Closing, all outstanding instruments evidencing Warrants shall automatically be deemed to evidence Algoma Warrants
reflecting the conversion and adjustment to the terms and conditions described herein and in Section 4.5 of the Warrant Agreement.
Following the Closing, upon request by any holder of a Algoma Warrant, Algoma shall issue a new instrument for such Algoma Warrant to
the holder thereof.

 

     

     

    

 

3. Appointment
of Co-Agent. The Company hereby appoints TSX to act as Co-Agent for the Company for the Warrants in Canada, and TSX hereby accepts
such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement and the Warrant
Agreement.

 

4. Amendments
to Warrant Agreement. To the extent required by this Agreement, the Warrant Agreement is hereby deemed amended pursuant to Section 9.8
thereof to reflect the subject matter contained in this Agreement, effective as of the Closing, including as set forth below:

 

		(a)	Except as context or applicable law or regulations, including those of any securities exchange on which
the Warrants are listed, require otherwise, all references to “Warrant Agent” shall be deemed to refer to the Warrant
Agent and the Co-Agent, as applicable.

 

		(b)	Section 2.2 of the Warrant Agreement is hereby amended by deleting such Section and replacing it
entirely as follows:

 

2.2. Uncertificated
Warrants. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and be represented
by, a Unit, and any Warrant may be issued in uncertificated or book-entry form through (i) the Warrant Agent and/or the facilities of
The Depository Trust Company (“DTC”), in the United States or (ii) the Co-Agent and/or the facilities of CDS Clearing
and Depository Services Inc. in Canada (“CDS” and, each DTC and CDS, a “Depositary”), or other book-entry
depositary system, in each case as determined by the Board of Directors of the Company or by an authorized committee thereof. Any Warrant
so issued shall be evidenced by a book position on the register of holders to be maintained by the Warrant Agent pursuant to this Agreement
and such Warrants shall have the same terms, force and effect as a certificated Warrant that has been duly countersigned by the Warrant
Agent in accordance with the terms of this Agreement.

 

Upon
the written order of the Company, the Warrant Agent shall authenticate uncertified warrants (whether upon original issuance, exchange,
registration of transfer or otherwise) by completing its internal procedures and the Company shall, and hereby acknowledges that it shall,
thereupon be deemed to have duly and validly issued such uncertified warrants under this Agreement. Such authentication shall be conclusive
evidence that such uncertificated warrant has been duly issued hereunder and that the holder or holders are entitled to the benefits of
this Agreement. The Warrant Register shall be final and conclusive evidence as to all matters relating to uncertificated warrants with
respect to which this Agreement requires the Warrant Agent to maintain records or accounts. In case of differences between the register
at any time and any other time, the register at the later time shall be controlling, absent manifest error and such uncertificated warrants
are binding on the Company.

 

		(c)	Section 2.3 of the Warrant Agreement is hereby amended by deleting such Section and replacing it
entirely as follows:

 

2.3. Effect of Countersignature.
Certificated Warrants will be countersigned by the Warrant Agent upon the receipt of a written order of the Company. Except with respect
to uncertificated Warrants as described above, unless and until countersigned by the Warrant Agent pursuant to this Agreement, the Warrant
shall be invalid and of no effect and may not be exercised by the holder thereof.

 

No certified warrant shall
be considered issued and shall be obligatory or shall entitle the holder thereof to the benefits of this Agreement, until it has been
certified by manual signature by or on behalf of the Warrant Agent. The authentication of the Warrant Agent of the warrant certificates
and uncertificated warrants issued hereunder shall not be construed as a representation or warranty by such Warrant Agent as to the validity
of this Agreement or the Warrants (except the due authentication thereof) and such Warrant Agent shall in no respect be liable or answerable
for the use made of the Warrants or any of them or of the consideration thereof except as otherwise specified herein.

 

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		(d)	Section 2.4.1 of the Warrant Agreement is hereby amended by deleting such Section and replacing
it entirely as follows:

 

2.4.1. Warrant
Register. Each of the Warrant Agent and the Co-Agent shall maintain books (“Warrant Register”) for the registration
of original issuance and the registration of transfer of the Warrants relating to the Warrants held in their respective jurisdictions.
Upon the issuance of the Warrants, the Warrant Agent or the Co-Agent, as applicable, shall issue and register the Warrants in the names
of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent or
the Co-Agent by the Company. Any registered holders of Warrants who hold such securities on the Warrant Register maintained by the Warrant
Agent shall surrender their Warrants for exchange, transfer or exercise to the Warrant Agent. Any registered holders of Warrants who hold
such securities on the Warrant Register maintained by the Co-Agent shall surrender their Warrants for exchange, transfer or exercise to
the Co-Agent. 

 

		(e)	Section 2.5 of the Warrant Agreement is hereby amended by adding the words “and Toronto”
after the words “New York City” in the first sentence thereof.

 

		(f)	The Warrant Agreement is hereby amended by adding the following Sections.

 

2.8. Book Entry (Non
Certificated) Warrants. Notwithstanding any other provision in this Agreement, no Warrants issued in the name of a Depository (“Global
Warrants”) may be exchanged in whole or in part for Warrants registered, and no transfer of any Global Warrants in whole or
in part may be registered, in the name of any person other than the Depository for such Global Warrants or a nominee thereof unless:

 

	 	a)	the Depository notifies the Company that it is unwilling or unable to continue to act as depository in connection with the Warrants and the Company is unable to locate a qualified successor;

 

	 	b)	the Company determines that the Depository is no longer willing, able or qualified to discharge properly its responsibilities as holder of the Global Warrants and the Company is unable to locate a qualified successor;

 

	 	c)	the Depository ceases to be a clearing agency or otherwise ceases to be eligible to be a depository and the Company is unable to locate a qualified successor;

 

	 	d)	the Company determines that the Warrants shall no longer be held as uncertified warrants through the Depository; 

 

	 	e)	such right is required by applicable law, as determined by the Company and the Company’s counsel; or
	 	 	 
	 	f)	such right is requested by a beneficial owner and approved by the Company in its sole discretion.

 

Following which, Warrants
for those holders requesting the same shall be registered to the beneficial owners of such Warrants or their nominees as directed by the
Depository. The Company shall provide an officer’s certificate giving notice to the Warrant Agent of the occurrence of any event
outlined in this Section 2.8.

 

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Subject
to the provisions of this Section 2.8 any exchange of Global Warrants for Warrants which are not Global Warrants may be made in whole
or in part in accordance with the provisions of this Agreement. All such Warrants issued in exchange for a Global Warrant or any portion
thereof shall be registered in such names as the Depository for such Global Warrants shall direct and shall be entitled to the same benefits
and subject to the same terms and conditions (except insofar as they relate specifically to Global Warrants) as the Global Warrants or
portion thereof surrendered upon such exchange. 

 

The rights of beneficial owners
of Warrants who hold securities entitlements in respect of the Warrants through the book entry registration system shall be limited to
those established by applicable law and agreements between the Depository and institutions that participate in the applicable Depository’s
book-entry registration system (“Book Entry Participants”) and between such Book Entry Participants and the beneficial
owners of Warrants who hold securities entitlements in respect of the Warrants through the book entry registration system, and such rights
must be exercised through a Book Entry Participant in accordance with the rules and procedures of the Depository.

 

Notwithstanding anything herein
to the contrary, neither the Company nor the Warrant Agent nor the Co-Agent nor any agent thereof shall have any responsibility or liability
for:

 

	 	a)	the electronic records maintained by the Depository relating to any ownership interests or any other interests in the Warrants or the depository system maintained by the Depository, or payments made on account of any ownership interest or any other interest of any person in any Warrant represented by an electronic position in the book entry registration system (other than the Depository or its nominee);

 

	 	b)	maintaining, supervising or reviewing any records of the Depository or any Book Entry Participant relating to any such interest; or

 

	 	c)	any advice or representation made or given by the Depository or those contained herein that relate to the rules and regulations of the Depository or any action to be taken by the Depository on its own direction or at the direction of any Book Entry Participant.

 

The Company may terminate
the application of the Section 2.8 in its sole direction in which case all Warrants shall be evidenced by warrant certificates registered
in the name of a person other than the Depository.

 

Section
2.9 Authorization of Warrants and underlying Common Shares. Subject to the terms and conditions of this Agreement, and subject
to any adjustment hereunder, a total of 24,329,000 Warrants (comprising the maximum amount of Public Warrants, Private Warrants and Working
Capital Warrants to be issued) plus any Post IPO Warrants issued after the date hereof, entitling the holders thereof to acquire up to
24,329,000 Common Shares, plus any shares underlying the exercise of any Post IPO Warrants, are hereby authorized to be issued hereunder
upon the terms and conditions herein set forth.

 

		(g)	Section 3.2 of the Warrant Agreement is hereby amended by
deleting the first sentence of such Section and replacing it entirely as follows:

 

3.2.    Duration
of Warrants. A Warrant may be exercised only during the period commencing on the date that is thirty (30) days after the
consummation by the Company of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other
similar business combination with one or more businesses or entities (“Business Combination”) (as described more fully
in the Registration Statement), and terminating at 5:00 p.m., New York City time on the earlier to occur of (i) the date that is
five (5) years after the date on which the Company consummates a Business Combination, (ii) other than with respect to the Private
Warrants and Working Capital Warrants then held by the initial purchasers or their respective Permitted Transferees with respect to a
redemption pursuant to Section 6.1 (an “Inapplicable Redemption”), at 5:00 p.m., New York City time on the Redemption
Date as provided in Section 6.2 of this Agreement and (iii) the liquidation of the Trust Account (defined below) (“Expiration
Date”).

 

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		(h)	Section 3.3.1 of the Warrant Agreement is hereby amended
by deleting the first paragraph of such Section and replacing it entirely as follows:

 

3.3.1. Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned or authenticated by the Warrant Agent, may
be exercised by the registered holder thereof by surrendering it, at the offices of the Warrant Agent or the Co-Agent, as applicable,
or at the office of any successor as Warrant Agent, in the Borough of Manhattan, City and State of New York or the City of Toronto in
the Province of Ontario, with the subscription form, as set forth in the Warrant, duly executed, and by paying in full the Warrant Price
(in U.S. dollars) for each Common Share as to which the Warrant is exercised and any and all applicable taxes due in connection with the
exercise of the Warrant, as follows:

 

		(i)	Section 3.3.1(c) of the Warrant Agreement is hereby amended
by adding the words “on a cashless basis” following the words “or their permitted transferees,” in the first sentence
thereof:

 

		(j)	Section 3.3.1 of the Warrant Agreement is hereby amended
by adding the following two paragraphs after paragraph (d) thereof as follows:

 

A beneficial owner of uncertificated
warrants evidenced by a security entitlement in respect of Warrants in the book-based registration system who desires to exercise Warrants
must do so by causing a Book Entry Participant to deliver to the Depository on behalf of the entitlement holder, notice of the owner’s
intention to exercise Warrants in a manner acceptable to the Depository. Forthwith upon receipt by the Depository of such notice, as well
as payment for the aggregate Warrant Price, the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise
Warrants (“Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the book-based
registration system.

 

Payment representing the aggregate
Warrant Price must be provided to the appropriate office of the Book-Entry Participant in a manner acceptable to it. A notice in form
acceptable to the Book-Entry Participant and payment from such beneficial owner should be provided to the Book-Entry Participant sufficiently
in advance so as to permit the Book-Entry Participant to deliver notice and payment to the Depository and for the Depository in turn to
deliver notice and payment to the Warrant Agent prior to the Expiration Date. The Depository will initiate the exercise by way of the
Confirmation and forward the Warrant Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by causing
the issuance to the Depository through the book-based registration system the Common Stock to which the exercising holder is entitled
pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising
the Warrants and/or the Book-Entry Participant exercising the Warrants on its behalf.

 

		(k)	Section 3.3.5 of the Warrant Agreement is hereby amended
by adding the following two paragraphs at the end thereof as follows:

 

As
a result of these limitations, in all instances whereby the holder of a Warrant has elected to be subject to the provisions contained
in this subsection 3.3.5, such warrant exercises will be forwarded to the Company for their approval. Such approval will be provided to
the Warrant Agent or the Co-Agent in the form of a certificate of the Company confirming that such holder will not beneficially own in
excess of the Maximum Percentage of the issued and outstanding Common Shares as a result of such exercise and therefore instructing the
Warrant Agent or the Co-Agent to proceed with the exercise requested and the Warrant Agent or the Co-Agent shall be fully protected in
relying on such certificate.

 

Neither
the Warrant Agent nor the Co-Agent will not process any exercise of Warrants from holders of a Warrant who have elected to be subject
to the provisions contained in this subsection 3.3.5 unless it has received the above certificate from the Company. For greater certainty,
neither the Warrant Agent nor the Co-Agent will have responsibility for monitoring the beneficial ownership level of the Common Shares
held by holders and neither will have any liability in regards to the determinations made of whether or not a holder would become a beneficial
holder in excess of the Maximum Percentage of the issued and outstanding Common Shares, such determinations will be the sole responsibility
of the Company.

 

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		(l)	The Warrant Agreement is hereby amended by adding the following
Section:

 

4.11 Protection of
Warrant Agent and Co-Agent. Each of the Warrant Agent and Co-Agent shall not:

 

(a) at any time be under any duty or
responsibility to any holder to determine whether any facts exist which may require any adjustment contemplated by Section 4 or with respect
to the nature or extent of any such adjustment when made, or with respect to the method employed in making the same;

 

(b) be accountable with respect to the
validity or value (or the kind of amount) of any Common Shares or any shares or other securities or property which may at any time be
issued or delivered upon the exercise of the rights attaching to any Warrant; or

 

(c) be responsible for any failure of
the Company to issue, transfer or deliver shares or certificates for the same upon the surrender of any Warrants for the purpose of the
exercise of such rights or to comply with any of the covenants contained in this Article 4.

 

The Warrant Agent and Co-Agent
shall be entitled to act and rely upon the certificates or adjustment calculations for the Company or the Company’s auditors and
any other documents filed by the Company pursuant to Section 4 without verification or liability.

 

		(m)	Section 5.1 of the Warrant Agreement is hereby amended by
deleting such Section and replacing it entirely as follows:

 

5.1. Registration
of Transfer. The Warrant Agent or Co-Agent, as applicable, shall register the transfer, from time to time, of any outstanding Warrant
upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures, in the case of certificated
Warrants, properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing
an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent or the Co-Agent. In
the case of certificated Warrants, the Warrants so cancelled by the Warrant Agent shall be delivered by the Warrant Agent to the Company
from time to time upon request. All transfers of Warrants held in book entry form with the applicable Depository will not be reflected
on the Warrant Register.

 

		(n)	The Warrant Agreement is hereby amended by adding the following
Section:

 

6.5 Responsibility
for Calculations. All calculations required to be made under Section 3.3.1(b), Section 3.3.1(c), Section 3.3.1(d), Section 3.3.5 and
Section 6 will be the responsibility of the Company and confirmed by written notice to the Warrant Agent (or Co-Agent, if applicable)
of which can be relied upon for all purposes.

 

		(o)	Section 7.2 of the Warrant Agreement is hereby amended by
deleting such Section and replacing it entirely as follows:

 

7.2. Lost, Stolen,
Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on
such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include
the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed.
Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated,
or destroyed Warrant shall be at any time enforceable by anyone. The applicant for the issuance of a new warrant certificate pursuant
to this Section 7.2 shall bear the reasonable cost of the issue thereof and in case of loss, destruction or theft shall, as a condition
precedent to the issue thereof, furnish to the Company and to the Warrant Agent evidence of ownership and of the loss, destruction or
theft of the warrant certificate so lost, destroyed or stolen satisfactory to the Warrant Agent and the Company in its sole discretion,
acting reasonably, and such applicant may also be required to furnish an indemnity and surety bond in amount and form satisfactory to
the Warrant Agent in its sole discretion, acting reasonably, and shall pay the reasonable charges of the Company and the Warrant Agent
in connection therewith.

 

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		(p)	Section 8.2.1 of the Warrant Agreement is hereby amended
by deleting such Section and replacing it entirely as follows:

 

8.2.1. Appointment
of Successor Warrant Agent. The Warrant Agent, Co-Agent, or any respective successor hereafter appointed, may resign its duties and
be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company.
If the office of the Warrant Agent or Co-Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint
in writing a successor Warrant Agent or Co-Agent in place of the resigning or incapacitated Warrant Agent or Co-Agent. If the Company
shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity
by such Warrant Agent or Co-Agent or by the holder of the Warrant (who shall, with such notice, submit his Warrant for inspection by the
Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment
of a successor Warrant Agent or Co-Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or
by such court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and having its
principal office in the Borough of Manhattan, City and State of New York (in the case of the Warrant Agent, or a corporation organized
and existing under the laws of Canada or a Province thereof and having its principal office in the City of Toronto in the Province of
Ontario, in the case of the Co-Agent), and in each case authorized under applicable laws to exercise corporate trust powers and subject
to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent or Co-Agent, as applicable,
shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent or Co-Agent,
as applicable, with like effect as if originally named as Warrant Agent or Co-Agent hereunder, without any further act or deed; but if
for any reason it becomes necessary or appropriate, the predecessor Warrant Agent or Co-Agent shall, upon payment of any outstanding fees
and expenses, execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent or Co-Agent,
as applicable, all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant
Agent or Co-Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually
vesting in and confirming to such successor Warrant Agent or Co-Agent all such authority, powers, rights, immunities, duties, and obligations.

 

		(q)	Section 8.4.3. of the Warrant Agreement is hereby amended
by adding the following sentences at the end thereof:

 

No duty
shall rest with the Warrant Agent to determine compliance of the transferor or transferee with applicable securities laws. The Warrant
Agent shall be entitled to assume that all transfers are legal and proper. The Warrant Agent shall not incur any liability or responsibility
whatever or be in any way responsible for the consequence of any breach on the part of the Company of any of the covenants herein contained
or of any acts of any directors, officers, employees, agents or servants of the Company.

 

		(r)	The Warrant Agreement is hereby amended by adding the following
Section:

 

8.6
Action by the Warrant Agent. The obligation of the Warrant Agent to commence or continue any act, action or proceeding for the purpose
of enforcing any rights of the Warrant Agent or the holders hereunder shall be conditional upon holders furnishing, when required by notice
by the Warrant Agent, sufficient funds to commence or continue such act, action or proceeding and indemnity reasonably satisfactory to
the Warrant Agent to protect and hold harmless the Warrant Agent against the costs, charges and expenses and liabilities to be incurred
thereby and any loss and damage it may suffer by reason thereof. None of the provisions contained in this Agreement shall require the
Warrant Agent to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties or in the
exercise of any of its rights or powers unless indemnified as aforesaid.

 

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		(s)	Section 9.2 of the Warrant Agreement is hereby amended by
deleting such Section and replacing it entirely as follows:

 

9.2. Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant
to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery, by pdf via email, or if sent by certified
mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address
is filed in writing by the Company with the Warrant Agent), as follows:

 

Algoma
Steel Group Inc.

105
West Street

Sault
Ste. Marie, Ontario P6A 7B4

Attention:
John Naccarato

 

Any notice,
statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant
Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service
within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent
with the Company), as follows:

 

Continental
Stock Transfer & Trust Company

1
State Street

New
York, New York 10004

Attn:
Compliance Department

 

TSX
Trust Company

301
- 100 Adelaide Street

Toronto,
Ontario M5H 4H1

Attn:
Vice President, Trust Services

Email:
tmxestaff-corporatetrust@tmx.com

 

with a copy
in each case to:

 

Paul,
Weiss, Rifkind, Wharton & Garrison LLP

1285
Avenue of the Americas

New
York, New York 10019

Attention:
Adam M. Givertz

Email:
agivertz@paulweiss.com

 

		(t)	Section 9.5 of the Warrant Agreement is hereby amended by
deleting such Section and replacing it entirely as follows:

 

9.5. Examination of
the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the
Borough of Manhattan, City and State of New York and the office of the Co-Agent in the City of Toronto in the Province of Ontario, for
inspection by the registered holder of any Warrant. The Warrant Agent or Co-Agent, as applicable, may require any such holder to submit
his Warrant for inspection by it.

 

		(u)	The Warrant Agreement is hereby amended by adding the following
Sections:

 

9.10 Currency.
All dollar amounts herein are expressed in United States dollars.

 

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9.11 Day not a Business
Day. If any day on or before which any action or notice is required to be taken or given hereunder is not a Business Day, then such
action or notice shall be required to be taken or given on or before the requisite time on the next succeeding day that is a Business
Day.

 

5. Applicable
Law. The validity, interpretation, and performance of this Agreement shall be governed in all respects by the laws of the State of
New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another
jurisdiction.

 

6. Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. Execution and delivery
of this Agreement by electronic mail or exchange of facsimile of .pdf copies bearing the facsimile signature of a party hereto shall constitute
a valid and binding execution and delivery of this Agreement by such party.

 

7. Successors.
All the covenants and provisions of this Agreement shall bind and inure to the benefit of each party’s respective successors and
assigns.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, this Agreement has been duly
executed by the parties hereto as of the day and year first above written.

 

	 	LEGATO MERGER CORP.
	 	 	 
	 	By:	
    /s/ David Sgro

	 	 	Name: 	David Sgro
	 	 	Title:	Chief Executive Officer

 

	 	ALGOMA STEEL GROUP INC.
	 	 	 
	 	By:	
    /s/ Michael McQuade

	 	 	Name: 	Michael McQuade
	 	 	Title:	Chief Executive Officer and Director

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	
    /s/ Douglas Reed

	 	 	Name: 	Douglas Reed
	 	 	Title:	Vice President of Account Administration

 

	 	TSX TRUST COMPANY
	 	 	 
	 	By:	
    /s/ Donald Crawford

	 	 	Name: 	Donald Crawford 
	 	 	Title:	Senior Trust Officer
	 	 	 
	 	By:	
    /s/ Dalisha Dyal

	 	 	Name:	Dalisha Dyal
	 	 	Title:	Corporate Trust Officer

 

[Signature Page to Amendment Agreement]ircp_ex416.htm

EXHIBIT 4.16
  
 ———————-- TRADUCCIÓN PÚBLICA———————-- 
 ———————--- SWORN TRANSLATION———————-- 
 ——————————————————————--- 
 [All the pages of the original document are initialed at the bottom]—————--- 
 ——————————————————————--- 
 —--- THIRTEENTH AGREEMENT FOR THE IMPLEMENTATION OF 
 ————————---- AMENDMENTS————————---- 
 ——-- TO THE CORPORATE SERVICES MASTER AGREEMENT——-- 
  
 ——————————————————————--- 
 Agreement made in the Autonomous City of Buenos Aires on the 30th day of June of 2021 by and between:——————————————————————--- 
 ——————————————————————--- 
 (i) CRESUD S.A.C.I.F. y A., domiciled at Della Paolera 261, 9th Floor, Autonomous City of Buenos Aires, represented hereat by the undersigned attorneys-in-fact (hereinafter “CRESUD”), party of the first part; 
 ——————————————————————--- 
 (ii) IRSA Propiedades Comerciales S.A., domiciled at Della Paolera 261, 8th Floor, Autonomous City of Buenos Aires, represented hereat by the undersigned attorneys-in-fact (hereinafter “IRSAPC”), party of the second part, and——————————————————- 
 ——————————————————————--- 
 (iii) IRSA Inversiones y Representaciones Sociedad Anónima, domiciled at Della Paolera 261, 9th Floor, Autonomous City of Buenos Aires, represented hereat by the undersigned attorneys-in-fact, party of the third part (hereinafter “IRSA” and collectively with CRESUD and IRSAPC referred to as “THE PARTIES”).——————————————————————--- 
 ——————————————————————--- 
 WHEREAS:——————————————————— 
 ——————————————————————--- 
 (i) On June 30, 2004 THE PARTIES executed a Master Agreement for the Exchange of Corporate Services (hereinafter “the Master Agreement”);————————————---- 
 ——————————————————————--- 
 (ii) On August 23, 2007 THE PARTIES executed the First Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “First Agreement”), whereby certain amendments were introduced to the Areas of Exchange of Corporate Services and the Cost Distribution Bases, and new Individually Responsible Persons were appointed; —————————--- 
 ——————————————————————--- 
 (iii) On August 14, 2008 and November 27, 2009, THE PARTIES executed the Second Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Second Agreement”) and the Third Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Third Agreement”), respectively, whereby new amendments were introduced to the Areas of Exchange of Corporate Services and the Cost Distribution Bases; 
 ——————————————————————--- 
 (iv) On March 12, 2010, THE PARTIES executed an Addendum to the Master Agreement for the Exchange of Corporate Services (hereinafter the “Addendum”) whereby THE PARTIES agreed to unify in CRESUD the services of the Areas of Exchange of Corporate Services, for which purposes the employment agreements of most of the employees of such areas were transferred and the procedure to allocate the costs of potential labor expenses arising from departure of employees was established; ——————-- 
 ——————————————————————--- 
  
 	 
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 (v) On July 11, 2011, THE PARTIES executed the Fourth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Fourth Agreement”); on October 15, 2012, THE PARTIES executed the Fifth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the "Fifth Agreement"); on November 12, 2013, THE PARTIES executed the Sixth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Sixth Agreement”); and on February 18, 2015, THE PARTIES executed the Seventh Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Seventh Agreement” and together with the First Agreement, the Second Agreement, the Third Agreement, the Fourth Agreement, the Fifth Agreement and the Sixth Agreement, the “Agreements”), whereby new amendments were introduced to the Areas of Exchange of Corporate Services and the Cost Distribution Bases;——————————————————————--- 
 ——————————————————————--- 
 (vi) Pursuant to the structuring process of a new organizational model of division of areas by business, an agreement was reached to transfer to IRSA and/or IRSAPC the employment agreements of those employees who render services related to the Technical, Infrastructure and Services, Purchases, Architecture and Design and Works Development Area, Real Estate Business Management, Real Estate Business Human Resources, Safety and Real Estate Areas, all of them related to the real estate business. On February 24, 2014 THE PARTIES executed a Second Addendum to the Master Agreement for the Exchange of Corporate Services (hereinafter the “Second Addendum”) whereby the mechanisms to be used for the allocation of the costs of potential labor expenses that such process would involve were established. ———-- 
 ——————————————————————--- 
 (vii) On November 12, 2015, THE PARTIES executed the Eighth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Eighth Agreement”) 
 ——————————————————————--- 
 (viii) On May 5, 2017, THE PARTIES executed the Ninth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Ninth Agreement”).—-- 
 ——————————————————————--- 
 (ix) On June 29, 2018, THE PARTIES executed the Tenth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Tenth Agreement”).—-- 
 ——————————————————————--- 
 (x) On June 28, 2019, THE PARTIES executed the Eleventh Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Eleventh Agreement”). 
 ——————————————————————--- 
 (xi) On June 30, 2020, THE PARTIES executed the Twelfth Agreement for the Implementation of Amendments to the Corporate Services Master Agreement (hereinafter the “Twelfth Agreement”). 
  
 	 
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 (xii) THE PARTIES have been performing the Master Agreement based on an Implementation Manual originally drafted by Deloitte & Co. S.R.L., updated in due time; ————————- 
 ——————————————————————--- 
 (xiii) In accordance with the recommendations made by Deloitte on its reports, new operational changes have been implemented in the Areas of Exchange of Corporate Services and the Cost Distribution Bases starting in July 2018, which THE PARTIES wish to acknowledge in writing;—————--- 
 ——————————————————————--- 
 (xiv) THE PARTIES have disclosed the content of the THIRTEENTH AGREEMENT FOR THE IMPLEMENTATION OF AMENDMENTS TO THE CORPORATE SERVICES MASTER AGREEMENT (hereinafter the “Thirteenth Agreement”) to their respective Audit Committees; and 
 ——————————————————————--- 
 (xv) THE PARTIES execute this Thirteenth Agreement ad referendum the effective approval thereof by the Board of Directors of THE PARTIES;————————————--- 
 ——————————————————————--- 
 NOW IN CONSIDERATION OF THE FOREGOING, THE PARTIES hereby agree to execute this Thirteenth Agreement subject to the following terms and conditions: ————---- 
 ——————————————————————--- 
 ONE: THE PARTIES ratify that the Areas (as defined in the Master Agreement) and the calculation method applicable to the Exchange of Operational Services (also as defined in the Master Agreement) have been changed as from the dates listed below, amending therefore Exhibits I and II, as amended by the Agreements, to the Master Agreement as per the following detail:—————————- 
 ——————————————————————--- 
 (i) Starting in July 2020, the Attorneys-in-fact department changed its Cost distribution method from “Proportional among the three companies” to “Time spent in tasks performed.” As a consequence, Exhibit II was modified to reflect these changes. ————————————--- 
 ——————————————————————--- 
 (ii) Starting in July 2020, the Corporate Accounting and Reporting department reporting to the Administration and Finance department merged into the Accounting and Reporting department. Additionally, their Cost distribution method changed to “Weighted between payroll for tasks performed and number of vouchers recorded by the three companies and their managed subsidiaries.” As a consequence, Exhibits I and II were modified to reflect these changes.—————————————---- 
 ——————————————————————--- 
 (iii) Starting in July 2020, the Information security sector, reporting to the Compliance department, changed the Cost distribution method from “Weighted time spent in each task performed” to “Incidents closed by company”. As a consequence, Exhibit II was modified to reflect these changes.—————- 
 ——————————————————————--- 
 (iv) Starting in February 2021, the tasks performed by the Governmental Affairs division were absorbed by the Investment sector.
 As a consequence, Exhibits I and II were modified to reflect these changes.———- 
 ——————————————————————--- 
 (v) Starting in January 2021, the Compliance department changed its Cost distribution method from “Proportional among the three companies” to “Each sector comprising the Management is weighted.” As a consequence, Exhibit II was modified to reflect these changes.——————-- 
 ——————————————————————--- 
  
 	 
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 (vi) Starting in July 2021, the Investments area, the Project Management area and the Commercial Design area were consolidated in a single sector named “Investments”. As a consequence, Exhibits II was modified to reflect these changes.——————————————————---- 
 ——————————————————————--- 
 (vii) Starting in July 2021, the Real Estate Business Board of Directors to be Distributed shall no longer participate in the Shared Services agreement. As a consequence, Exhibits I and II were modified to reflect these changes.————————————————————-- 
 ——————————————————————--- 
 In consideration of the foregoing, the PARTIES hereby put on record that, subject to the clarifications detailed in the preceding clauses and for purposes of updating Exhibits I and II, they shall be read as hereto attached for the periods and as from the dates indicated.——————————-- 
 ——————————————————————--- 
 TWO: THE PARTIES represent that all the sections of the Master Agreement, the Agreements, the Addendum and the Second Addendum that have not been amended pursuant to this Thirteenth Agreement continue to be in full force and effect.————————————————--- 
 ——————————————————————--- 
 In witness whereof, this Agreement has been executed in three (3) counterparts of the same tenor and to a single effect in the place and on the date first written.——————————-- 
 ——————————————————————--- 
 ——————————————————————--- 
 CRESUD S.A.C.I.F.y A.———————————————---- 
 ——————————————————————--- 
 DocuSigned by: Alejandro Casaretto – E86265F152B0479...——————---- 
 DocuSigned by: Mariano Garriga – EF1486AD5220449...———————-- 
 Attorneys-in-fact —————————————————— 
 ——————————————————————--- 
 IRSA Inversiones y Representaciones Sociedad Anónima——————— 
 ——————————————————————--- 
 DocuSigned by: José Luis Rinaldini – 07E0139A20E543F...——————---- 
 DocuSigned by: Daniel Sanguinetti – 91A3F0CBD3CF4A2...——————-- 
 Attorneys-in-fact—————————————————— 
 ——————————————————————--- 
 IRSA Propiedades Comerciales S.A.————————————--- 
 ——————————————————————--- 
 DocuSigned by: Gastón Lernoud – C4A2CF6C34904D9...———————- 
 DocuSigned by: Cristina Johnson – 2068C13B24B44F2...———————-- 
 Attorneys-in-fact—————————————————— 
 ——————————————————————--- 
  
 	 
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 ——————————————————————--- 
 ——————————-- Exhibit I—————————--- 
 ——————————————————————--- 
 ————--- Description of Corporate Services Exchange Areas———---- 
 ————————————————————————————- 
 Corporate Human Resources———————————————————---- 
 ————————————————————————————- 
 The Human Resources sector renders to THE PARTIES the service consisting in Human Resources Administration; Human Resources Management, and Organizational Culture Management. Within the main activities of the sector we may mention labor relationships, selection of managerial positions, leadership training and interpersonal skills, compensation and benefits, internal communications, etc.——————————————————————--- 
 ————————————————————————————- 
 Administration and Finance————————————————————- 
 ————————————————————————————- 
 The Administration and Finance sector renders to THE PARTIES the service consisting in Investor Relations, Capital Markets, Financial Risk and Management of Financial Transactions. In addition, it renders to THE PARTIES the service consisting in planning and defining the companies’ fiscal policies.—————————————---- 
 ————————————————————————————- 
 Planning —————————————————————————-- 
 ————————————————————————————- 
 The Planning area is responsible for medium- and long-term planning, for aligning THE PARTIES’ objectives and individual goals, for coordinating THE PARTIES’ investment analysis, controlling the Shared Services Center’s, the Board’s and corporate expenses management and budgeting, and for coordinating all the management information flowing through the businesses and submitted to the respective Boards of Directors.——————————————————- 
 ————————————————————————————- 
 Institutional Relations—————————————————————— 
 ————————————————————————————- 
 The Institutional Relations department renders to THE PARTIES the service consisting in relations with the media and communities where the company does business, consisting in drafting of newsletters and statements, preparation of brochures and institutional events, CSR strategy, relationship with NGOs and planning and preparation of CSR actions. ——— 
 ————————————————————————————- 
 Compliance————————————————————————---- 
 ————————————————————————————- 
 The Compliance sector is responsible for information security and Internal Control, controlling the proper management of the different processes that constitute the administrative and accounting system and participating in their continuous improvement. In addition, it is in charge of verifying compliance with controls defined in the processes as well as with the regulations, principles and procedures that govern the governing bodies of the Parties. In addition, it provides support and assistance to the Audit Committee for compliance with its duties. Furthermore, it renders to THE PARTIES Corporate Fraud Prevention services. 
 ————————————————————————————- 
 Shared Services Center—————————————————————- 
 ————————————————————————————- 
 The Shared Services Center provides THE PARTIES with all the transactional and operational services associated with income and expense management, to the services inherent in managing human resources benefits and payroll processing, in commercial contract management, in errand running services and in general services. And it is also responsible for managing, maintaining and providing support to systems, technology and processes and the companies’ tax calculation processes.———-- 
 ————————————————————————————- 
 Safety——————————————————————————- 
 ————————————————————————————- 
 The Safety sector renders to THE PARTIES the surveillance service.—————————— 
  
 ————————————————————————————- 
 Legal Affairs - Corporate—————————————————————- 
 ————————————————————————————- 
 The Legal Affairs - Corporate sector renders to THE PARTIES the service consisting in aid to the preparation, analysis of and answer to legal briefs, agreements, official letters, etc. In addition, it renders to THE PARTIES the service consisting in managing their assets’ coverage by negotiating, purchasing and monitoring insurance policies, dealing with claims in terms of coverage, collection, etc.————————————————————————- 
 ————————————————————————————- 
  
 	 
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 Technical, Infrastructure and Services—————————————————- 
 ————————————————————————————- 
 The Technical, Infrastructure and Services sector renders to THE PARTIES the services consisting in Operation, maintenance and preservation of real estate assets and land reserves of the Companies.—————————-- 
 ————————————————————————————- 
 Purchases and Hirings—————————————————————--- 
  
 ——————————————————————--- ————————————————————————————- 
 The Purchases and Hirings sector renders to THE PARTIES the services consisting in procuring the most appropriate goods and/or service for the purpose for which they will be used. Quality, costs and terms of delivery are essential when taking the decision to hire. In addition, this sector deals with the necessary means to obtain appropriate financing of the purchases from suppliers.————————————————————————————- 
 ————————————————————————————- 
 Proceedings and Permits————————————————————---- 
 ————————————————————————————- 
  
 The Proceedings and Permits sector renders to IRSA and IRSA PC the service consisting in management of national and municipal permits and licenses before the controlling entities. ——————————————- 
  
 ————————————————————————————- 
 Corporate Quality and Environment—————————————————— 
  
 ————————————————————————————- 
  
 The Corporate Environment Sector assesses the environmental impact of projects and activities in order to determine preventive and corrective actions. This sector seeks to minimize potential impacts, following the working methodology set forth in an Environmental Management System. This area also manages the environmental records that are required by operation of law. ————————————————————————————- 
  
 ————————————————————————————- 
 Investments————————————————————————--- 
  
 ————————————————————————————- 
 The Investments sector renders to IRSA and IRSA PC the services consisting in sales, acquisitions, Commercial design and Project management of real estate. In addition, it takes part in the businesses of IRSA and IRSA PC arising from governmental grants (exploitation concessions and private initiatives).——————————————---- 
 It renders to IRSA the services consisting in the integration of the different areas of hotels along with their business relations. It carries out activities to optimize and control hotels’ management and organization.—————-- 
 It renders to IRSA the services consisting in the integration of the different areas of IRSA International Businesses with its business relationships and performs tasks intended to optimize and control management of such companies.—-- 
 ————————————————————————————- 
 Rental Offices———————————————————————— 
  
 ————————————————————————————- 
 The Rental Offices sector renders to IRSA and IRSA PC the services consisting in commercial management of offices and other real properties of the real estate business.—————————————————— 
 ————————————————————————————- 
 Bolívar——————————————————————————- 
  
 ————————————————————————————- 
 Bolívar includes the employees performing activities of support and assistance to the Parties’ Board of Directors. 
 ————————————————————————————- 
 Attorneys-in-Fact———————————————————————- 
 ————————————————————————————- 
 The Attorneys-in-Fact sector groups the employees who perform activities consisting in representing THE PARTIES before different governmental agencies.—————————————————————---- 
 ————————————————————————————- 
 General Management Department to be Distributed—————————————-- 
  
 ————————————————————————————- 
 The General Management Department to be Distributed sector includes employees performing activities of support and assistance to the Parties’ General Management Departments.——————————————--- 
 ————————————————————————————- 
 Board of Directors’ Safety————————————————————--- 
  
 ————————————————————————————- 
  
 	 
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 The Board of Directors’ Safety sector renders to the Parties the service consisting in comprehensive safety for the main officers acting in their Board of Directors.——————————————————— 
 ————————————————————————————- 
 Real Estate Business Management —————————————————---- 
  
 ————————————————————————————- 
 The Real Estate Business Management sector renders the following services to IRSA and IRSAPC: budget and management control, analysis of new businesses, marketing and leadership agreements for the business legal aspects.——- 
 ————————————————————————————- 
 Real Estate Business HR ————————————————————--- 
  
 ————————————————————————————- 
 The Real Estate Business HR sector renders to IRSA and IRSAPC the service consisting in Human Resource Administration; Human Resource Management; Workplace Safety, Hygiene and Environment; Organizational Culture Management and Project Management. The main sector activities include, among others: personnel management, recruitment and training, compensation and benefits, internal communication, etc.————————————————---- 
 ————————————————————————————- 
 Accounting and Reporting————————————————————---- 
  
 ————————————————————————————- 
 The Accounting and Reporting sector renders to the Parties the services consisting in accounting and preparation of non-consolidated and consolidated financial statements of IRSA Inversiones y Representaciones S.A., IRSA Propiedades Comerciales S.A. and CRESUD S.A.C.I.F. y A. and of the respective managed subsidiaries.———————-- 
 ————————————————————————————- 
  
 	 
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 ——————————- Exhibit II—————————-- 
 ————————-- Cost Distribution Bases———————--- 
 ——————————————————————--- 
 	  
 Corporate Departments
  
	  
 Department
  
	  
 Division / Subdivision
  
	  
 Distribution Method
  

	  
 Corporate Human Resources
  
	  
 Corporate Human Resources 
  
	  
  
  
	  
 By headcount (non-corporate personnel) and weighting the percentages of other areas (corporate personnel).
  

	 Administration and Finance
	 Finance Department
	  
	 The percentages of all the sectors making up the area are weighted.

	 Capital Markets
	  
	 Number of financial transactions conducted in the period weighted at 70% and the remaining 30% corresponds to updates of offering memoranda and “horizontal” works (20F, annual reports, Press Release, etc.) 

	 Relations with Investors
	  
	 Number of business highlights during the six-month period, number of earnings releases, number of meetings with investors (current or potential) to discuss the companies’ business and strategy, number of active coverages, number of earnings release conferences, the complexity of the website of each company, number of material events published in the Argentine Securities Commission and the US Securities and Exchange Commission, and number of Roadshows (Deal or Non-Deal). All items involved are weighted in equal parts. 
  

	 Financial Planning and Risks
	  
	 Fifty percent (50 %) for Financial Risks will be distributed pro rata based on the following: Number of risk notes made for balance sheets, Valuation of instruments, Fair Value of Liabilities (number of valued debts), yield/risk analysis for assets and Liabilities. Fifty percent (50%) for Financial Planning will be distributed pro rata based on the number of consolidated companies in each cash report submitted on a monthly basis and those companies in which a quarterly report is separately sent for the company because there is a partner.

	 Financial Administration
	  
	 Total Assets weighted at 60% and total Liabilities weighted at 40%. The resulting percentage shall be weighted at 50% over the total. Thirty percent (30%) corresponds to the number of transactions performed for each vehicle and its subsidiaries. The remaining 20% will correspond to the number of vehicles for which transactions are performed and number of inquiries for special transactions.

  
 	  
 Corporate Departments
  
	  
 Department
  
	  
 Division / Subdivision
  
	  
 Distribution Method
  

	  
	 Corporate Tax
	  
	 Salaries are weighted by position and by tasks performed (by company)

	  
 Planning
  
	  
 Planning Department
  
	  
  
  
	  
 Each one of the sectors making up the area is weighted.
  

	  
 Corporate Budget and Management Control
  
	  
  
  
	  
 Overhead expenses budget for the period is pro-rated.
  

	  
 Strategic Analysis
  
	  
  
  
	  
 Tasks performed and the time spent in each.
  

	  
 Institutional Relations
  
	  
  
  
	  
  
  
	  
 Area expenses budget for the period is pro-rated
  

	 Compliance
	 Compliance Department
	  
	 Each sector comprising the Management is weighted.

	 Risk Management and Audit
	  
	 Time estimated/projected in the annual plan.

	 Information security
	  
	 Incidents closed by company.

	 Shared Services Center (CSC)
  
	 CSC Department
	  
	 The percentage corresponding to each sector falling within the scope of the CSC area is weighted on the basis of the impact exerted by the relevant sector’s projected salaries on the total salaries of the CSC.

	 Revenues Administration
	  
	 Number of Revenue Transactions performed for each Company + Direct Allocation of Resources

	 Expenses Administration
	  
	 Number of Expense Transactions performed for each Company + Direct Allocation of Resources

	 Customer Administration
	  
	 Direct Allocation of Resources

	 Collections Administration
	  
	 Direct Allocation of Resources

	 Treasury Administration
	  
	 Number of Treasury Transactions performed for each Company.

	 Own Account Administration
	  
	 Number of Transactions performed for each Company.

	 Technology
	  
	 Weighting of time spent in each task (related to the services).

	 IT Services
	  
	 Number of CASTI incidents processed for each Company.

	 Master Data
	  
	 Number of transactions processed by each Company.

	 Systems and Applications
	  
	 Hours devoted to each task.

	 Project Systems
	  
	 Hours devoted to each task.

	 Systems Maintenance
	  
	 Hours devoted to each task.

	 Commercial Transactions
	  
	 Number of agreements signed by Company

	 Data Management
	  
	 Hours devoted to each task.

	 Process Quality
	  
	 Weighting of time spent in each task.

	 CSC Human Resources
	  
	 75% weighting of % of CSC sectors; and 25% weighting % of Corporate sectors.

	 Errand Running Service
	  
	 Number of errands run.

	 Back office
	  
	 Hours spent in each task.

	 General Services
	  
	 Hours spent in each task.

	 Administrative operations
	  
	 The percentage of each sector served is weighted.

	 Services Control
	  
	 Number of documents controlled by company

	 CSC Taxes
	  
	 Salaries are weighted by position and by tasks performed (by company)

	 Real Estate Business Management 
  
	 Real Estate Business Administration Department
	  
	 Each of the Departments comprising the Area is weighted. It does not render services to Cresud.

	 Real Estate Business Analysis
	  
	 Hours devoted to reviewed projects as applicable to IRSA PC or IRSA.

	 Real Estate Legal Affairs
	  
	 Weighting of hours and salaries.

	 Real Estate Budget and Management Control
	  
	 Actual revenues per company. 

	 Real Estate Business HR
	  
	  
	 By payroll

	 Safety
	  
	  
	 Per hour

	 Legal Affairs - Corporate
	  
	  
	 Weighted between number of minutes analyzed and premium amount of the annual insurance program.

  
 	 
	8
	

	 

  
 	  
 Corporate Departments
  
	  
 Department
  
	  
 Division / Subdivision
  
	  
 Distribution Method
  

	 Corporate Environment and Quality
	  
	  
	 Area expenses budget for the period is pro-rated.

	 Technical, Infrastructure and Services
	 Technical, Infrastructure and Services
  
 (IRSAPC – IRSA: Weighted average from the Departments reporting to it less the percentage allocated to CRESUD. CRESUD: a percentage is calculated based on the hours spent in the tasks performed/planned) 
  
  
	 Planning and Control
	 By allocation of resources

	 Logistics
	 Weighted between directly assigned personnel and centralized personnel distributed per square meter of the real property (IRSA and IRSAPC) and time spent in tasks (CRESUD).

	 Distributed Operations
  
  
	 Square meters of real property held, operated and to which maintenance services are provided (IRSA and IRSAPC) and time spent in tasks (CRESUD).

	 Third parties' services
	 Distribution by resource allocation. 

	 Traveling Personnel
	 Maintenance hours (IRSA and IRSAPC) and time spent in tasks (CRESUD). 

	 Engineering and Maintenance
	 Square meters of real property held, to which maintenance, engineering and other services are provided (IRSA and IRSAPC) and time spent in tasks (CRESUD). 

	 Architecture
	 Personnel distributed by footage and number of stores. 

	 Buildings Personnel To be distributed
	 By number of buildings in each company.

	 Purchases and Hirings
	  
	  
	 Purchase orders through a weighting of their volume and amount.

	 Proceedings and Permits
	  
	  
	 Tasks performed and time spent in each.

	 Investments
	  
	  
	 Tasks performed and time spent in each.

	 Rental Offices
	  
	  
	 By total book value of the properties in each company 

	 Attorneys-in-fact
	  
	  
	 Time spent in tasks performed.

	 Bolívar
	  
	  
	 Proportional among the three companies. 

	 Board of Directors’ Safety
	  
	  
	 Proportional among the three companies. 

	 General Management to be distributed
	  
	  
	 Proportional among the three companies. 

	 Accounting and Reporting
	  
	  
	 Weighted between payroll for tasks performed and number of vouchers recorded for the three companies and their managed subsidiaries. 

 ——————————————————————-- 
 THIS DOCUMENT IS A TRUE AND ACCURATE TRANSLATION into English of the document in Spanish I have had before me in Buenos Aires, on this 25th day of August, 2021.————---- 
 [For authentication purposes only:]—————————————-- 
 ES TRADUCCIÓN FIEL al inglés del documento adjunto redactado en español que he tenido ante mí y al cual me remito en Buenos Aires, a los 25 días de agosto de 2021.———————- 
  
 	 
	9

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