Document:

EX-4.2

 Exhibit 4.2 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made as of July 1, 2013 by and among KCG Holdings, Inc., a Delaware corporation (the “Company”) and the parties identified as the “Holders” on the
signature page hereto (each, a “Holder” and, collectively, the “Holders”). Capitalized terms used but not otherwise defined herein are defined in Section 12 hereof. 

R E C I T A L S: 
 WHEREAS, the Company, GETCO Holding Company, LLC, a Delaware limited liability company (“GETCO”), GA-GTCO, LLC, a Delaware limited liability company, and Knight Capital
Group, Inc., a Delaware corporation, entered into an Amended and Retated Agreement and Plan of Merger, dated as of December 19, 2012, as amended and restated April 15, 2013 and as further supplemented and amended (the “Merger
Agreement”), providing for, among other things, the merger of GA-GTCO, LLC with and into GA-GTCO Acquisition, LLC, the merger of GETCO Acquisition, LLC with and into GETCO, and the merger of Knight Acquisition Corp with and into Knight
Capital Group, Inc. (the “Mergers”); 
 WHEREAS, prior to the Mergers the Holders were direct or
indirect holders of equity interests of GETCO; 
 WHEREAS, the Mergers occurred on the date hereof and, pursuant to the
Merger Agreement and in connection with the Mergers, the Holders received shares of Common Stock, par value $0.01 per share, of the Company (the “Common Stock”) and Warrants of the Company (the
“Warrants”) granted under the Warrant Agreement (as defined below); 
 WHEREAS, the Company and
Computershare Shareowner Services LLC (as warrant agent) are parties to a Warrant Agreement, dated July 1, 2013 (the “Warrant Agreement”); 
 WHEREAS, the Merger Agreement requires that the Holders and the Company execute this Agreement granting the Holders certain registration rights covering (i) the shares of Common Stock acquired
by the Holders from the Company as a result of the consummation of the Mergers, including without limitation any shares of Common Stock acquired by investment funds managed by General Atlantic Service Company, LLC or their Affiliates (as defined
below) in connection with the funding of the equity commitment contemplated by the Merger Agreement (ii) the Warrants acquired by the Holders from the Company as a result of the consummation of the Mergers and (iii) any shares of Common
Stock issued or issuable under the Warrants (together with the Common Stock and the Warrants, the “Securities”); and 
 WHEREAS, each of the parties hereto desires to enter into this Agreement in order to grant the Holders certain registration rights with respect to the Securities. 

 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and each of the Holders hereby agree as follows: 
 Section 1. Shelf Registrations. 
 (a) Filing. The Company shall
file with the Commission by no later than 45 calendar days following the date of this Agreement (or if such date is not a Business Day, the next succeeding Business Day) a shelf registration statement (the “Shelf”) on Form
S-3, if then available, or Form S-1, if Form S-3 is not available, covering the resale by Holders of the Registrable Securities in accordance with and pursuant to Rule 415 promulgated under the Securities Act. The Company shall give the Holders ten
Business Days written notice prior to the date for the filing of the Shelf Registration Statement (the “Filing Date”). The Company shall include in a Prospectus Supplement (that shall be deemed to be part of the Shelf
Registration Statement) all Registrable Securities with respect to which the Company has received written requests for inclusion therein by 5:00 pm New York Time on the business day prior to the Filing Date (the “Initial Questionnaire
Date”); provided, however, that in order to be named as a selling securityholder in the Prospectus Supplement, each Holder must furnish to the Company in writing such information as may be reasonably requested by the
Company for the purpose of including such Holder’s Registrable Securities in the Prospectus Supplement (the “Selling Holder Information” which shall be provided on the Notice and Eligible Holder Information Questionnaire
in the form attached hereto as Exhibit A). The Company shall include in a Prospectus Supplement the Selling Holder Information received, to the extent necessary and in a manner so that, upon filing of such Prospectus Supplement, or promptly
thereafter, any such Holder shall be named, to the extent required by the rules promulgated under the Securities Act by the Commission, as a selling securityholder and be permitted to deliver (or be deemed to deliver) a Prospectus to purchasers of
the Registrable Securities in accordance with applicable law. If the Company files an amended version of the Prospectus, the Company shall include in such Prospectus the Selling Holder Information that was not included in any previous filed version
of the Prospectus. If any Registrable Securities remain issued and outstanding after three years following the initial effective date of such Shelf (the “Initial Shelf Effective Date”), the Company shall either (x) in
the case of a Form S-3 Shelf, file prior to the expiration of such Shelf, or (y) otherwise, no less than 90 days prior to the expiration of such Shelf, file a new Shelf covering such Registrable Securities, and shall thereafter use its
reasonable best efforts to cause to be declared effective as promptly as practical such new Shelf. The Company shall maintain the effectiveness of the Shelf in accordance with the terms hereof for so long as any Registrable Securities remain issued
and outstanding. 
 (b) Requests for Underwritten Shelf Takedowns. Any one or more Holders of Registrable Securities may
request to sell all or any portion of their Registrable Securities in an underwritten offering that is registered pursuant to the Shelf (each, an “Underwritten Shelf Takedown”); provided that in the case of each such
Underwritten Shelf Takedown, such Holder or Holders will be entitled to make such demand only if the proceeds from the sale of Registrable Securities in the offering (before the deduction of underwriting discounts) is reasonably expected to exceed,
in the aggregate, $50 million. 

  
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 (c) Requests for Non-Underwritten Shelf Takedowns. If a Holder desires to initiate an
offering or sale of all or part of such Holder’s Registrable Securities that does not constitute an Underwritten Shelf Takedown (a “Non-Underwritten Shelf Takedown”), such Holder shall so indicate in a written request
delivered to the Company no later than two Business Days (or in the event any amendment or supplement to the Shelf is necessary, no later than five Business Days) prior to the expected date of such Non-Underwritten Shelf Takedown, which request
shall include (i) the total number of Registrable Securities expected to be offered and sold in such Non-Underwritten Shelf Takedown, (ii) the expected plan of distribution of such Non-Underwritten Shelf Takedown and (iii) the action
or actions required (including the timing thereof) in connection with such Non-Underwritten Shelf Takedown (including the delivery of one or more stock or warrant certificates representing Registrable Securities to be sold in such Non-Underwritten
Shelf Takedown), and, to the extent necessary, the Company shall file and effect an amendment or supplement to its Shelf for such purpose as soon as practicable; provided, however, that the Company shall not be required to file an
amendment or supplement to its Shelf within 30 days of a previous amendment or supplement with respect to a Non-Underwritten Shelf Takedown. For the avoidance of doubt, unless otherwise agreed to by the requesting selling Holder, no other Holder
shall have the right to participate in a Non-Underwritten Shelf Takedown. 
 (d) Demand Notices. All requests (a
“Demand”) for Underwritten Shelf Takedowns shall be made by the Holder making such request (the “Demand Holder”) by giving written notice to the Company (the “Demand Notice”).
Each Demand Notice shall specify the approximate number of Registrable Securities to be sold in the Underwritten Shelf Takedown and the expected price range (net of underwriting discounts and commissions) of such Underwritten Shelf Takedown. Within
two (2) Business Days after receipt of any Demand Notice, the Company shall send written notice of such requested Underwritten Shelf Takedown to all other Holders of Registrable Securities (the “Company Notice”) and,
subject to the provisions of Section 1(e) below, shall include in such Underwritten Shelf Takedown all Registrable Securities with respect to which the Company has received written requests for inclusion therein within five
(5) Business Days after sending the Company Notice (except that each Holder shall have two (2) days after receipt of the Company Notice to request inclusion of Registrable Securities in the Underwritten Shelf Takedown in the case of a
“bought deal”, “registered direct offering” or “overnight transaction” where no preliminary prospectus is used). 
 (e) Priority on Underwritten Shelf Takedowns. Subject to the rights of parties to the Existing Registration Rights Agreement, the Company shall not include in any Underwritten Shelf Takedown any
securities which are not Registrable Securities without the prior written consent of the Holders of a majority of the Registrable Securities requested to be included in the Underwritten Shelf Takedown. If the managing underwriters for such
Underwritten Shelf Takedown advise the Company in writing that in their opinion the number of Registrable Securities and, if permitted hereunder, Other Securities requested to be included in such Underwritten Shelf Takedown exceeds the number of
Registrable Securities and Other Securities, if any, which can be sold in an orderly manner in such offering within a price range acceptable to the Holders of a majority of the Registrable Securities requested to be included in the Underwritten
Shelf Takedown, the Company shall include in such Underwritten Shelf Takedown the number of Registrable Securities which can be so sold in the following order of priority: (i) first, the Registrable Securities requested to be included in
such Underwritten Shelf 

  
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Takedown by the Holders, which in the opinion of such underwriter can be sold in an orderly manner within the price range of such offering, pro rata among the respective Holders of such
Registrable Securities on the basis of the number of Registrable Securities held by each such Holder, and (ii) second, Other Securities, including Company Held Securities that the Company proposes to register for its own account,
requested to be included in such Underwritten Shelf Takedown to the extent permitted hereunder. 
 (f) Restrictions on
Underwritten Shelf Takedowns and Use of Registration Statement. 
 (i) The Company shall not be obligated to effect more
than three (3) Underwritten Shelf Takedowns during any period of twelve (12) consecutive months and shall not be obligated to effect an Underwritten Shelf Takedown within ninety (90) days after the pricing of a previous Underwritten
Shelf Takedown; provided, that, if such Underwritten Shelf Takedown is terminated by any stop order, injunction, or other order of the Commission or if the conditions to closing specified in any underwriting agreement or any other agreement
entered into in connection with such Underwritten Shelf Takedown are not satisfied, other than by reason of some act or omission by a Holder, such Underwritten Shelf Takedown will be deemed not to have been in effect and will not count as an
Underwritten Shelf Takedown for purposes of the limitations in this Section 1(f)(i). Notwithstanding anything herein to the contrary, a registration will not be deemed to have been effected unless (i) it has been declared effective
by the Commission or has otherwise become effective under the Securities Act, or (ii) it has been filed with the Commission but abandoned or withdrawn at the request of the Demand Holder prior to effectiveness, other than an abandonment or
withdrawal requested because of: (A) the stock price of the Company’s Common Stock falling 15% or more since the delivery of a request for registration (provided that such registration shall be deemed to have been effected, unless
the Holders participating in the registration reimburse the Company for Registration Expenses incurred or payable by the Company up until the receipt of notice of an abandonment or withdrawal pursuant to this clause (A) and for the withdrawal
of the registration statement), (B) the delivery of a postponement notice by the Company pursuant to the Suspension Period, (C) a material adverse change in the Company’s and its Subsidiaries’ prospects, business, operations,
properties, assets, liabilities, financial condition or results of operations, taken as a whole, which became known to the Holders or the public after the delivery of a request for registration pursuant to a Demand, or (D) the discovery of
materially adverse, non-public information concerning the Company and its subsidiaries, taken as a whole. 
 (ii) Upon written
notice to the Holders of Registrable Securities, the Company shall be entitled to suspend, for a period of time, the use of any Registration Statement or Prospectus and shall not be required to amend or supplement the Registration Statement, any
related Prospectus or any document incorporated therein by reference (1) during any Scheduled Black-Out Period or (2) if the board of directors, chief executive officer or chief financial officer of the Company determines in its reasonable
good faith judgment that the Registration Statement or any Prospectus may contain an untrue statement of a material fact or may omit any fact necessary to make the statements in the Registration Statement or Prospectus not misleading (each, a
“Suspension Period”) provided, that (A) there are no more than two (2) Suspension Periods in any 12-month period, (B) the total duration of all Suspension Periods in any 12-month period may not exceed 90
days and (C) the Company shall use its good faith efforts to amend the 

  
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Registration Statement and/or Prospectus to correct such untrue statement or omission as promptly as reasonably practicable unless, the Company determines in good faith that such amendment would
reasonably be expected to have a materially detrimental effect on the Company with respect to any proposal or plan of the Company to effect a merger, acquisition, disposition, financing, reorganization, recapitalization or similar transaction or any
negotiations, discussions or pending proposals with respect thereto. 
 (g) Piggyback Registration Rights. 

(i) Subject to the rights of parties to the Existing Registration Rights Agreement, in the event that the Company proposes to register
any of its Securities or any other equity securities under the Securities Act in connection with an underwritten offering solely for cash (each, a “Piggyback Takedown”), it shall at each such time give prompt written notice
(the “Piggyback Notice”) to all Holders of Registrable Securities of its intention to effect such Piggyback Takedown. In the case of a Piggyback Takedown that is an Underwritten Shelf Takedown, such notice shall be sent not
less than ten (10) Business Days prior to the expected date of commencement of marketing efforts for such Piggyback Takedown. In the case of a Piggyback Takedown that is an underwritten offering under a Registration Statement that is not a
Shelf, such notice shall be given not less than ten (10) Business Days prior to the expected date of filing of such Registration Statement. Upon the written request of any Holder made within seven (7) Business Days after receipt of the
Piggyback Notice by such Holder (which request shall specify the number of Registrable Securities intended to be disposed of and the intended method of disposition of such Registrable Securities), subject to the other provisions of this Agreement,
the Company shall include in such Piggyback Takedown all Registrable Securities (of the same class of Securities as is proposed to be registered in the Piggyback Takedown) which the Company has been so requested to register; provided that the
Company shall only be required to effect such registration with respect to any Holder if the Demand Holder has made a written request of the Company to effect a registration of Registrable Securities in accordance with this sentence. Notwithstanding
the foregoing, in the event that the Piggyback Takedown is a “bought deal”, “registered direct offering” or “overnight transaction” where no preliminary prospectus is used, the first two time periods references in this
sub-paragraph shall be reduced to five (5) Business Days and the third time period shall be reduced to (2) days. Notwithstanding anything to the contrary contained in this Section 1(g), the Company shall not be required to
proceed with any Piggyback Takedown incidental to the registration of any of its securities on Forms S-4 or S-8 (or any similar or successor form providing for the registration of securities in connection with mergers, acquisitions, exchange offers,
subscription offers, dividend reinvestment plans or stock option or other executive or employee benefit or compensation plans) or any other form that would not be available for registration of Registrable Securities. 

(ii) Determination Not to Effect Registration. If at any time after giving such Piggyback Notice and prior to the effective date of the
registration statement filed in connection with such registration the Company shall decide not to proceed with any Piggyback Takedown, the Company may, at its election, give written notice of such determination to the selling Holders and thereupon
the Company shall be relieved of its obligation to proceed with any Piggyback Takedown, without prejudice, however, to the right of the Demand Holder (or any Person to whom a Demand Holder has transferred Registrable Securities) together with the
right to participate in the exercise of Demands pursuant to Section 1(d) and/or participate in a Piggyback Takedown, immediately to request that such registration be effected as a registration under Section 1 to the extent
permitted thereunder. 

  
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 (iii) Priority on Primary Piggyback Takedowns. If a Piggyback Takedown is to be a primary
underwritten registration on behalf of the Company, and the lead underwriter or managing underwriter advises the Company in writing (with a copy to each Person participating in such Piggyback Takedown) that, in such firm’s good faith view, the
number of Other Securities and Registrable Securities requested to be included in such Piggyback Takedown exceeds the number which can be sold in such offering without being likely to have an adverse effect upon the price, timing, marketing or
distribution of the offering and sale of the Other Securities and Registrable Securities then contemplated, the Company shall include in such Piggyback Takedown the number of Registrable Securities which can be sold in the following order of
priority: (a) first, all Company Held Securities; (b) second, the Registrable Securities requested to be included in such Piggyback Takedown pursuant to this Section 1(g) and the terms of any other registration rights agreement
to which the Company is a party that can be sold without having the adverse effect referred to above, pro rata among the respective Holders of such Registrable Securities on the basis of the number of Registrable Securities held by such
Holder; and (c) third, Other Securities requested to be included in such Piggyback Takedown pursuant to this Section 1(g) and the terms of any other registration rights agreement to which the Company is a party that can be sold
without having the adverse effect referred to above, pro rata on the basis of the relative number of such Other Securities owned by the Persons requesting to be included in such Piggyback Takedown. 

(iv) Priority in Secondary Piggyback Takedowns. If a Piggyback Takedown is to be an underwritten registration other than on behalf of
the Company, and the lead underwriter or managing underwriter advises the Persons participating in such Piggyback Takedown (with a copy to the Company) that, in such firm’s good faith view, the number of Registrable Securities and Other
Securities requested to be included in such Piggyback Takedown exceeds the number which can be sold in such offering without being likely to have an adverse effect upon the price, timing or distribution of the offering and sale of the Registrable
Securities and Other Securities then contemplated, the Company shall include in such Piggyback Takedown the number of Registrable Securities which can be sold in the following order of priority: (A) first, the Registrable Securities requested
to be included in such Piggyback Takedown by the Holders, which in the opinion of the managing underwriter can be sold in an orderly manner within the price range of such Piggyback Takedown, pro rata among the respective Holders of such
Registrable Securities on the basis of the total number of Registrable Securities held by each such Holder; (B) second, Other Securities (other than Company Held Securities) that are requested to be included in such Piggyback Takedown pursuant
to this Section 1(g) and the terms of any other registration rights agreement to which the Company is a party that can be sold without having the adverse effect referred to above, pro rata on the basis of the relative number of
such Other Securities owned by the Persons seeking to be included in such Piggyback Takedown; and (C) third, Company Held Securities. 
 (h) Selection of Underwriters. The Holders of a majority of the Registrable Securities requested to be included in an Underwritten Shelf Takedown shall have the right to select the investment
banker(s) and manager(s) to administer the offering (which shall consist of one or more reputable, nationally recognized investment banks), subject to the Company’s approval, which shall not be unreasonably withheld, conditioned or delayed.

  
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 (i) Automatic Shelf Registration. If, at any time after the filing of an Automatic
Shelf Registration Statement by the Company, the Automatic Shelf Registration Statement becomes unuseable by the Holders to sell their Registrable Securities because the Company was but is no longer a Well Known Seasoned Issuer (the
“Determination Date”), the Company shall, within 10 Business Days after such Determination Date, (A) give written notice thereof to all of the Holders and (B) file a Registration Statement on an appropriate form (or
a post-effective amendment converting the Automatic Shelf Registration Statement to an appropriate form) covering all of the Registrable Securities, and use its reasonable best efforts to have such Registration Statement declared effective as
promptly as practicable after the date the Automatic Shelf Registration Statement is no longer useable by the Holders to sell their Registrable Securities. If, following the Determination Date, the Company is required hereunder to file an additional
Registration Statement or amendment thereto, and the Company has resumed its status as a Well Known Seasoned Issuer, the Company shall use an Automatic Shelf Registration Statement to register the sale of all of the Registrable Securities in
accordance with the terms of this Agreement. The Company shall use its commercially reasonable efforts to file such Automatic Shelf Registration Statement as promptly as practicable and to cause such Automatic Shelf Registration Statement to remain
effective thereafter until the date on which all Registrable Securities have been sold pursuant to the Automatic Shelf Registration Statement or have otherwise ceased to be Registrable Securities. The Company shall give written notice of filing such
Automatic Shelf Registration Statement to all of the Holders as promptly as practicable thereafter. 
 (j) Other Registration
Rights. The Company shall not grant to any Person the right (other than as set forth herein and except with respect to registrations on Form S-8 and with respect to registrations on Form S-4 (or any successor forms thereto)), to request the
Company to register any securities of the Company, except such rights that do not adversely affect the rights or priorities of the Holders of Registrable Securities set forth herein. 

Section 2. Holdback Agreements. 
 (a) Holders of Registrable Securities. In connection with any Underwritten Shelf Takedown or other underwritten public offering of equity securities by the Company (a “Company
Underwritten Offering”), if requested by the managing underwriter for such offering, each Holder who Beneficially Owns 5% or more of the outstanding Common Stock and any other Holder participating in such offering agrees to enter into a
lock-up agreement containing customary restrictions on transfers of equity securities of the Company (except with respect to such securities as are proposed to be offered pursuant to the Underwritten Shelf Takedown or underwritten public equity
offering) or any securities convertible into or exchangeable or exercisable for such securities, without the prior written consent from the Company, during a period specified by the managing underwriter not to exceed seven days prior to and not to
exceed 90 days following the date of pricing of such Underwritten Shelf Takedown (subject to extension in connection with any earnings release or other release of material information pursuant to FINRA Rule 2711(f) to the extent applicable) (the
“Lock-Up Period”); provided, that the Holders shall not be subject to the provisions hereof unless the Company’s directors and executive 

  
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officers shall have signed, and Holders who Beneficially Own 5% or more of the outstanding Common Stock and any other Holders participating in such offering shall have been requested by the
managing underwriter to sign lock-up agreements containing substantially similar terms and if any such Person shall be subject to a shorter lock-up period, receives more advantageous terms relating to the Lock-Up Period or receives a waiver of its
lock-up period from the Company or an underwriter, then the Lock-Up Period shall be such shorter period, on such more advantageous terms and shall receive the benefit of such waiver; provided, further, that nothing herein will prevent (i)(a)
any Holder that is a partnership, limited liability company, corporation, trust or similar Person from making a distribution of Registrable Securities to its partners, members, stockholders, beneficiaries or similar Persons, (b) the transfer by
a Holder that is an investment advisor managing a separately managed account to the owner of the separately managed account, or (c) a transfer to an Affiliate that is otherwise in compliance with the applicable securities laws, so long as such
distributees or transferees agree to be bound by the restrictions set forth in this Section 2(a), (ii) the exercise, exchange or conversion of any security exercisable or exchangeable for, or convertible into, Common Stock,
provided the Common Stock issued upon such exercise or conversion shall be subject to the restrictions set forth in this Section 2(a), or (iii) any Holder from continuing market-making or other trading activities as a
broker-dealer in the ordinary course of business; provided, further, that there shall be a period of at least 30 days between the end of any Lock-Up Period and the pricing date of any subsequent Company Underwritten Offering. If requested by
the managing underwriter, each Holder agrees to execute a lock-up agreement in favor of the Company’s underwriters to such effect and, in any event, that the Company’s underwriters in any relevant Underwritten Shelf Takedown shall be third
party beneficiaries of this Section 2(a). The provisions of this Section 2(a) will no longer apply to a Holder once such Holder ceases to hold Registrable Securities. 

(b) The Company. In connection with any Underwritten Shelf Takedown by a Holder pursuant to this Agreement, if requested by the
managing underwriter for such offering, the Company shall not effect any public sale or distribution of its equity securities, or any securities convertible into or exchangeable or exercisable for such securities (except pursuant to registrations on
Form S-8 or Form S-4 under the Securities Act or any similar or successor form providing for the registration of securities in connection with mergers, acquisitions, exchange offers, subscription offers, dividend reinvestment plans or stock option
or other executive or employee benefit or compensation plans), during a period specified by the managing underwriter not to exceed seven days prior to and not to exceed 90 days following the date of pricing of such Underwritten Shelf Takedown
(subject to extension in connection with any earnings release or other release of material information pursuant to FINRA Rule 2711(f) to the extent applicable) (the “Company Lock-Up Period”); provided, further
that there shall be a period of at least 30 days between the end of any Company Lock-Up Period and the pricing date of any subsequent Underwritten Shelf Takedown. 
 Section 3. Company Undertakings. Whenever Registrable Securities are registered pursuant to this Agreement, the Company shall use its reasonable best efforts to effect the registration and the
sale of such Registrable Securities as soon as reasonably practicable in accordance with the intended method of disposition thereof, and pursuant thereto the Company shall as expeditiously as possible: 

(a) before filing a Registration Statement or Prospectus, any amendments or supplements thereto or any Issuer Free Writing
Prospectus, at the Company’s expense, furnish to counsel to the Holders copies of all such documents, other than documents that are incorporated by reference, proposed to be filed and such other documents reasonably requested by the Holders and
provide a reasonable opportunity for review and comment on such documents by counsel to the Holders; 

  
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 (b) use its commercially reasonable efforts to become a Well Known Seasoned
Issuer (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) prior to five years after the Closing Date, and to remain a Well Known Seasoned Issuer thereafter; 

(c) notify each Holder of Registrable Securities of the effectiveness of each Registration Statement and prepare and file
with the Commission such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective until the date on which all Registrable Securities
have been sold pursuant to the Registration Statement or have otherwise ceased to be Registrable, and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during
such period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement; 
 (d) refrain from naming any Holder as an underwriter in a registration statement, without first obtaining such Holder’s written consent; 

(e) furnish to each seller of Registrable Securities, and the managing underwriters (if any), without charge, such number
of copies of the applicable Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration Statement (including each preliminary Prospectus, final Prospectus, and any other Prospectus (including any
Prospectus filed under Rule 424, Rule 430A or Rule 430B promulgated under the Securities Act and any Issuer Free Writing Prospectus)), all exhibits and other documents filed therewith and such other documents as such seller or such managing
underwriters (if any) may reasonably request including in order to facilitate the disposition of the Registrable Securities owned by such seller, and upon request, a copy of any and all transmittal letters or other correspondence to or received
from, the Commission or any other governmental authority relating to such offer; 
 (f) (i) register or
qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests, (ii) keep such registration or qualification in effect for so long as the applicable Registration
Statement remains in effect, and (iii) use its commercially reasonable efforts to do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of
the Registrable Securities owned by such seller (provided that the Company shall not be required to (x) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subsection,
(y) subject itself to taxation in any such jurisdiction or (z) consent to general service of process in any such jurisdiction); 

  
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 (g) notify each seller of such Registrable Securities, counsel to the
Holders and the managing underwriters (if any) (i) at any time when a Prospectus relating to the applicable Registration Statement is required to be delivered under the Securities Act, (A) promptly upon discovery that, or upon the
happening of any event as a result of which, such Registration Statement, or the Prospectus or Free Writing Prospectus relating to such Registration Statement, or any document incorporated or deemed to be incorporated therein by reference contains
an untrue statement of a material fact or omits any fact necessary to make the statements in the Registration Statement or the Prospectus or Free Writing Prospectus relating thereto not misleading or otherwise requires the making of any changes in
such Registration Statement, Prospectus, Free Writing Prospectus or document, and, at the request of any such seller and subject to Section 1(e)(ii) hereof, the Company shall promptly prepare a supplement or amendment to such Prospectus
or Free Writing Prospectus, furnish a reasonable number of copies of such supplement or amendment to each seller of such Registrable Securities, counsel to the Holders and the managing underwriters (if any) and file such supplement or amendment with
the Commission so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus or Free Writing Prospectus as so amended or supplemented shall not contain an untrue statement of a material fact or omit to state any
fact necessary to make the statements therein not misleading, (B) promptly if the Company becomes aware of any request by the Commission or any Federal or state governmental authority for amendments or supplements to a Registration Statement or
related Prospectus or Free Writing Prospectus covering Registrable Securities or for additional information relating thereto, (C) promptly if the Company becomes aware of the issuance or threatened issuance by the Commission of any stop order
suspending or threatening to suspend the effectiveness of a Registration Statement covering the Registrable Securities (and use its commercially reasonable efforts to obtain the lifting of any such stop order as soon as reasonably practicable) or
(D) promptly upon the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any Registrable Security for sale in any jurisdiction, or the initiation or threatening of
any proceeding for such purpose; and (ii) when each such Registration Statement or any amendment thereto has been filed with the Commission and when each Registration Statement or the related Prospectus or Free Writing Prospectus or any
Prospectus Supplement or any post-effective amendment thereto has become effective; 
 (h) use its commercially
reasonable efforts to cause all such Registrable Securities (i) if the Registrable Securities are then listed on a securities exchange, to continue to be so listed, (ii) if the Registrable Securities are not then listed on a securities
exchange, to, as promptly as practicable be listed on the NYSE or NASDAQ (or any other national securities exchange), and (iii) to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable
the sellers thereof to consummate the disposition of the Registrable Securities; 

  
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 (i) provide and cause to be maintained a transfer agent and registrar for
all such Registrable Securities no later than the effective date of the applicable Registration Statement; 
 (j)
enter into and perform under such customary agreements (including underwriting agreements in customary form, including customary representations and warranties and provisions with respect to indemnification and contribution) and take such other
actions as may be reasonably requested by the selling Holders or the managing underwriter, if any, to complete the offer for sale or disposition of the Registrable Securities; 

(k) (A) subject to each selling Holder to whom a “comfort” letter is addressed providing a customary
representation letter to the independent registered public accounting firm of the Company (if so requested) in form and substance reasonably satisfactory to such accountants, use its commercially reasonable efforts to obtain customary
“comfort” letters from such accountants (to the extent deliverable in accordance with their professional standards) addressed to such selling Holder (to the extent consistent with Statement on Auditing Standards No. 72 of the American
Institute of Certified Public Accountants) and the managing underwriter, if any, in customary form and covering matters of the type customarily covered in “comfort” letters in connection with underwritten offerings; (B) use its
commercially reasonable efforts to obtain opinions of counsel to the Company (such counsel being reasonably satisfactory to the managing underwriter, if any) and updates thereof covering matters customarily covered in opinions of counsel in
connection with underwritten offerings, addressed to each selling Holder and the managing underwriter, if any, provided, that the delivery of any “10b-5 statement” may be conditioned on the prior or concurrent delivery of a
“comfort” letter pursuant to subsection (A) above; and (C) provide officers’ certificates and other customary closing documents customarily delivered in connection with underwritten offerings and reasonably requested by the
managing underwriter, if any; provided, that the Company shall only be required to comply with this clause (k) in connection with an Underwritten Shelf Takedown or Piggyback Takedown; 

(l) provide reasonable cooperation, including causing appropriate officers to attend and participate in “road
shows” and other informational meetings organized by the underwriters, if any, (provided that such cooperation does not unreasonably interfere with the operation of the business of the Company) with all out-of-pocket costs and expenses
incurred by the Company or such officers in connection with such attendance to be paid by the Company; 
 (m)
upon reasonable notice and during normal business hours, make available for inspection and copying by any Holder of Registrable Securities, counsel to the Holders, any underwriter participating in any disposition pursuant to a Registration Statement
or Underwritten Shelf Takedown, and any underwriter’s counsel, as applicable, all financial and other records and pertinent corporate documents of the Company that are reasonably requested, and cause the Company’s officers, directors,
employees and independent accountants to supply all information and participate in any due diligence sessions reasonably requested by any such Holder, counsel to the Holders, underwriter or underwriter’s counsel in connection with such
Registration Statement or Underwritten Shelf Takedown, as applicable; 

  
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 (n) permit any Holder of Registrable Securities, counsel to the Holders, any
underwriter participating in any disposition pursuant to a Registration Statement, and any other attorney, accountant or other agent retained by such Holder of Registrable Securities or underwriter, to participate (including, but not limited to,
reviewing, commenting on and attending all meetings) in the preparation of such Registration Statement and any Prospectus Supplements relating to a Underwritten Shelf Takedown, if applicable; 

(o) in the event of the issuance or threatened issuance of any stop order suspending the effectiveness of a Registration
Statement, or of any order suspending or preventing the use of any related Prospectus or suspending the qualification of any Registrable Securities included in such Registration Statement for sale in any jurisdiction, the Company shall use its
reasonable best efforts promptly to (i) prevent the issuance of any such stop order, and in the event of such issuance, to obtain the withdrawal of such order and (ii) obtain the withdrawal of any order suspending or preventing the use of
any related Prospectus or Free Writing Prospectus or suspending qualification of any Registrable Securities included in such Registration Statement for sale in any jurisdiction at the earliest practicable date; 

(p) with respect to each Free Writing Prospectus or other materials to be included in the Disclosure Package, ensure that
no Registrable Securities be sold “by means of” (as defined in Rule 159A(b) promulgated under the Securities Act) such Free Writing Prospectus or other materials without the prior written consent of the Holders of a majority of the
Registrable Securities that are being sold pursuant to such Free Writing Prospectus, which Free Writing Prospectuses or other materials shall be subject to the review of counsel to the Holders; provided, however, the Company shall not
be responsible or liable for any breach by a Holder that has not obtained the prior written consent of the Company pursuant to Section 11(o); 
 (q) provide a CUSIP number for the Registrable Securities prior to the effective date of the first Registration Statement including Registrable Securities; 

(r) promptly notify in writing the Holders, the sales or placement agent, if any, therefor and the managing underwriters
(if any) of the securities being sold, (i) when such Registration Statement or related Prospectus or Free Writing Prospectus or any Prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to any such
Registration Statement or any post-effective amendment, when the same has become effective and (ii) of any written comments by the Commission and by the blue sky or securities commissioner or regulator of any state with respect thereto;

 (s) (i) prepare and file with the Commission such amendments and supplements to each Registration
Statement as may be necessary to comply with the provisions of the Securities Act, including post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement

  
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continuously effective for the applicable time period required hereunder and if applicable, file any Registration Statements pursuant to Rule 462(b) promulgated under the Securities Act;
(ii) cause the related Prospectus to be supplemented by any required Prospectus Supplement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act;
(iii) comply with the provisions of the Securities Act and the Exchange Act and any applicable securities exchange or other recognized trading market with respect to the disposition of all securities covered by such Registration Statement
during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented; and (iv) provide additional information related to
each Registration Statement as requested by, and obtain any required approval necessary from, the Commission or any Federal or state governmental authority; 
 (t) provide officers’ certificates and other customary closing documents; 
 (u) cooperate with each Holder of Registrable Securities and each underwriter participating in the disposition of such Registrable Securities and underwriters’ counsel in connection with any filings
required to be made with FINRA; 
 (v) within the deadlines specified by the Securities Act, make all required
filing fee payments in respect of any Registration Statement or Prospectus used under this Agreement (and any offering covered thereby); 
 (w) if requested by any participating Holder of Registrable Securities or the managing underwriters (if any), promptly include in a Prospectus Supplement, Free Writing Prospectus or amendment such
information as the Holder or managing underwriters (if any) may reasonably request relating to the intended method of distribution of such securities, and make all required filings of such Prospectus Supplement, Free Writing Prospectus or amendment
as soon as reasonably practicable after the Company has received such request; 
 (x) in the case of certificated
Registrable Securities, if any, cooperate with the participating Holders of Registrable Securities and the managing underwriters (if any) to facilitate the timely preparation and delivery of certificates (not bearing any legends) representing
Registrable Securities to be sold after receiving written representations satisfactory to the Company from each participating Holder that the Registrable Securities represented by the certificates so delivered by such Holder will be transferred in
accordance with the Registration Statement, and enable such Registrable Securities to be in such denominations and registered in such names as the Holders or managing underwriters (if any) may reasonably request at least two Business Days prior to
any sale of Registrable Securities; and use its reasonable best efforts to take all other actions necessary to effect the registration and sale of the Registrable Securities contemplated hereby; and 

(y) use its reasonable best efforts to take all other actions necessary or customarily taken by issuers to effect the
registration of and its commercially reasonable efforts to take all other actions necessary to effect the sale of, the Registrable Securities contemplated hereby. 

  
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 Section 4. Registration Expenses. All Registration Expenses shall be borne by
the Company. All Selling Expenses relating to Registrable Securities registered shall be borne by the Holders of such Registrable Securities pro rata on the basis of the number of Registrable Securities sold. 

Section 5. Indemnification; Contribution. 
 (a) The Company agrees to indemnify and hold harmless each Holder of Registrable Securities, the Affiliates, directors, officers, employees, members, managers and agents of each such Holder and each
Person who controls any such Holder within the meaning of either the Securities Act or the Exchange Act, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, expenses and actions to
which they or any of them may become subject insofar as such losses, claims, damages, liabilities and expenses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact
contained in a Registration Statement as originally filed or in any amendment thereof, or the Disclosure Package, or any preliminary, final or summary Prospectus or Free Writing Prospectus included in any such Registration Statement, or in any
amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of the Disclosure
Package, or any preliminary, final or summary Prospectus or Free Writing Prospectus included in any such Registration Statement (in light of the circumstances under which they were made) not misleading, and agrees to reimburse each such indemnified
party, as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, expense or action (whether or not the indemnified party is a party to any
proceeding); provided, however, that the Company will not be liable in any case to the extent that any such loss, claim, damage, liability or expense arises (i) out of or is based upon any such untrue statement or alleged untrue
statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of any such Holder specifically for inclusion therein including, without limitation, any
notice and questionnaire, or (ii) out of sales of Registrable Securities made during a Suspension Period after notice is given pursuant to Section 1(f)(ii) hereof. This indemnity clause will be in addition to any liability which the
Company may otherwise have. 
 (b) Each Holder severally (and not jointly) agrees to indemnify and hold harmless the Company and
each of its Affiliates, directors, employees, members, managers and agents and each Person who controls the Company within the meaning of either the Securities Act or the Exchange Act, to the fullest extent permitted by applicable law, from and
against any and all losses, claims, damages or liabilities to which they or any of them may become subject insofar as such losses, claims, damages or liabilities arise out of or are based upon any untrue statement or alleged untrue statement of a
material fact contained in a Registration Statement as originally filed or in any amendment thereof, or in the Disclosure Package or any Holder Free Writing Prospectus, preliminary, final or summary Prospectus included in any such Registration
Statement, or in any amendment thereof or supplement thereto, or arise out of or are based upon 

  
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the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of the Disclosure Package, or any
preliminary, final or summary Prospectus or Free Writing Prospectus included in any such Registration Statement, in light of the circumstances under which they were made) not misleading, to the extent, but only to the extent, that any such untrue
statement or alleged untrue statement or omission or alleged omission is contained in any written information relating to such Holder furnished to the Company by or on behalf of such Holder specifically for inclusion therein, including, without
limitation, any notice and questionnaire; provided, however, that the total amount to be indemnified by such Holder pursuant to this Section 5(b) shall be limited to the net proceeds (after deducting underwriters’
discounts and commissions) received by such Holder in the offering to which such Registration Statement, Disclosure Package, Prospectus or Holder Free Writing Prospectus relates. This indemnity clause will be in addition to any liability which any
such Holder may otherwise have. 
 (c) Promptly after receipt by an indemnified party under this Section 5 of notice
of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 5, notify the indemnifying party in writing of the commencement thereof; but
the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or (b) above except to the extent such action and such failure materially prejudices the indemnifying party; and (ii) will
not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to participate
therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the
indemnified party, be counsel to the indemnifying party), and, except as provided in the next sentence, after notice from the indemnifying party to such indemnified party of its election to so assume the defense thereof, the indemnifying party shall
not be liable to such indemnified party for any legal expenses of other counsel or any other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation.
Notwithstanding the indemnifying party’s rights in the prior sentence, the indemnified party shall have the right to employ its own counsel (and one local counsel), but the indemnified party shall bear the reasonable fees, costs and expenses of
such separate counsel unless (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would be inappropriate due to a conflict of interest in the reasonable judgment of the indemnified party; (ii) the
actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other
indemnified parties which are different from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party
within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified party in writing to employ separate counsel at the expense of the indemnifying party. No indemnifying party
shall, in connection with any one action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general circumstances or allegations, be liable for the fees and expenses of more than one separate
firm of attorneys (in addition to any local counsel) for all indemnified parties unless the use of only one firm of attorneys would be inappropriate due to a 

  
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conflict of interest in the reasonable judgment of the indemnified party. An indemnifying party shall not be liable under this Section 5 to any indemnified party regarding any
settlement or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified
parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent is consented to in writing by such indemnifying party, which consent shall not be unreasonably withheld or delayed. No indemnifying party,
in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement or compromise if any pending or threatened proceeding in respect of which any
indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement or compromise (i) includes an unconditional release of such indemnified party from all liability on
claims that are the subject matter of such proceeding, (ii) does not involve the imposition of equitable remedies or the imposition of any obligations on such indemnified party, and does not otherwise adversely affect such indemnified party,
other than as a result of the imposition of financial obligations for which such indemnified party will be indemnified hereunder and (iii) does not include any statement as to or any admission of fault, culpability or a failure to act by or on
behalf of any indemnified party. 
 (d) In the event that the indemnity provided in Section 5(a) or
Section 5(b) above is held by a court of competent jurisdiction to be unavailable to or insufficient to hold harmless an indemnified party with respect to any loss, claim, damage, liability, expense or action referred to herein, then
each applicable indemnifying party agrees to contribute to the aggregate losses, claims, damages and liabilities (including, without limitation, legal or other expenses reasonably incurred in connection with investigating or defending same)
(collectively, “Losses”) to which such indemnifying party may be subject in such proportion as is appropriate to reflect the relative benefits received from the offering of the Securities, as applicable, and relative fault of
the indemnifying party on the one hand and the indemnified party on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant
equitable considerations. The relative benefit received by the Company shall be deemed to be equal to the total value received or proposed to be received (after deducting expenses) by the Company pursuant to the sale of Securities in an offering, if
any. The relative benefit received by the Holders shall be deemed to be equal to the total value received or proposed to be received (after deducting expenses) by the Holders of Securities in an offering, if any. The relative fault shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party on the one hand
or the indemnified party on the other and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties agree that it would not be just and equitable if contribution
pursuant to this Section 5(d) were determined by pro rata allocation (even if the Holders of Registrable Securities or any agents or underwriters or all of them were treated as one entity for such purpose) or by any other method
of allocation which does not take account of the equitable considerations referred to above in this Section 5(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in
respect thereof) referred to above in this Section 5(d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or

  
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defending any such action or claim. Notwithstanding the provisions of this Section 5(d), no Person guilty of fraud or fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraud or fraudulent misrepresentation. For purposes of this Section 5, each Person who controls any Holder of
Registrable Securities, agent or underwriter within the meaning of either the Securities Act or the Exchange Act and each director, officer, employee and agent of any such Holder, agent or underwriter shall have the same rights to contribution as
such Holder, agent or underwriter, and each Person who controls the Company within the meaning of either the Securities Act or the Exchange Act and each officer and director of the Company shall have the same rights to contribution as the Company,
subject in each case to the applicable terms and conditions of this Section 5(d). 
 (e) The provisions of this
Section 5 will remain in full force and effect, regardless of any investigation made by or on behalf of any Holder of Registrable Securities or the Company or any of the officers, directors or controlling Persons referred to in this
Section 5, and will survive the transfer of Registrable Securities. 
 Section 6. Participation in
Underwritten Offering/Sale of Registrable Securities. 
 (a) It shall be a condition precedent to the obligations of the
Company to include Registrable Securities of any Holder in any Registration Statement or Prospectus, as the case may be, that such Holder shall timely furnish to the Company (as a condition precedent to such Holder’s participation in such
registration) its Selling Holder Information in accordance with the terms hereof. Each selling Holder shall timely provide the Company with such information as may be reasonably requested to enable the Company to prepare a supplement or
post-effective amendment to any Shelf Registration or a supplement to any Prospectus relating to such Shelf Registration. 
 (b)
No Person may participate in any underwritten offering hereunder unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements in customary form entered into pursuant to this
Agreement and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 

(c) Each Person that has securities registered on a Registration Statement filed hereunder agrees that, upon receipt of any notice
contemplated in Section 1(f)(ii), such Person will forthwith discontinue the disposition of its Registrable Securities pursuant to the applicable Registration Statement. 

Section 7. Private Sale and Legends. (a) Except as provided in Section 2, the Company agrees that nothing in
this Agreement shall prohibit the Holders, at any time and from time to time, from selling or otherwise transferring Registrable Securities pursuant to a private sale or other transaction which is not registered pursuant to the Securities Act.

 (a) At the request of a Holder and to the extent the Registrable Securities are subject to a restrictive legend, whether such
securities are certificated or held in book-entry form, 

  
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the Company shall remove from each certificate evidencing Registrable Securities, any legend if the Company is reasonably satisfied (based upon an opinion of counsel or, in the case of a Holder
that is not an Affiliate of the Company proposing to transfer such securities pursuant to Rule 144(b)(1) of the Securities Act, other evidence) that the securities evidenced thereby may be publicly sold without registration under the Securities Act.

 (b) If any Holder seeks to effect an in-kind distribution of all or part of its Registrable Securities to its direct or
indirect equityholders, the Company will, subject to applicable laws, cooperate in good faith with such Holder and the Company’s transfer agent to effect such in-kind distribution in a manner reasonable requested by the Holder. 

Section 8. Rule 144 and Rule 144A; Other Exemptions. With a view to making available to the Holders of Registrable Securities
the benefits of Rule 144 and Rule 144A promulgated under the Securities Act and other rules and regulations of the Commission that may at any time permit a Holder of Registrable Securities to sell securities of the Company to the public without
registration, the Company covenants that it will (i) use its reasonable best efforts to file in a timely manner all reports and other documents required, if any, to be filed by it under the Securities Act and the Exchange Act and the rules and
regulations adopted thereunder and (ii) make available information necessary to comply with Rule 144 and Rule 144A, if available with respect to resales of the Registrable Securities under the Securities Act, at all times, all to the extent
required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (x) Rule 144 and Rule 144A promulgated under the Securities Act
(if available with respect to resales of the Registrable Securities), as such rules may be amended from time to time or (y) any other rules or regulations now existing or hereafter adopted by the Commission. 

Section 9. Transfer of Registration Rights. The rights of a Holder hereunder may be transferred, assigned, or otherwise
conveyed on a pro rata basis in connection with any transfer, assignment, or other conveyance of Registrable Securities to any transferee or assignee; provided that all of the following additional conditions are satisfied:
(a) such transferee or assignee, together with its Affiliates, will Beneficially Own Common Stock representing at least 5% of the then outstanding Securities (measured on an as-converted/exercised basis); (b) such transfer or assignment is
effected in accordance with applicable securities laws; (c) such transferee or assignee agrees in writing to become subject to the terms of this Agreement by delivering to the Company a duly executed joinder agreement in the form attached
hereto as Exhibit B; and (d) the Company is given written notice by such Holder of such transfer or assignment, stating the name and address of the transferee or assignee and identifying the Registrable Securities with respect to which
such rights are being transferred or assigned. Promptly following receipt by the Company of such written notice, the Company shall make any necessary filing to name transferee or assignee as a selling shareholder in any Registration Statement.

 Section 10. Amendment, Modification and Waivers; Further Assurances. 

(a) Amendment. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to or departures from the provisions hereof may not be given, without the written consent of the 

  
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Company and the Holders holding at least fifty percent (50%) of the Registrable Securities then issued and outstanding; provided that in the event that such amendment, modification,
supplement, waiver or consent would treat a Holder or group of Holders in a manner different from any other Holders, then such amendment or waiver will require the consent of such Holder or the Holders of a majority of the Registrable Securities of
such group adversely treated. 
 (b) Effect of Waiver. No waiver of any terms or conditions of this Agreement shall
operate as a waiver of any other breach of such terms and conditions or any other term or condition, nor shall any failure of any party to enforce any provision hereof operate or be construed as a waiver of such provision or of any other provision
hereof and shall not affect the right of such party thereafter to enforce each provision of this Agreement in accordance with its terms. No written waiver hereunder, unless it by its own terms explicitly provides to the contrary, shall be construed
to effect a continuing waiver of the provisions being waived and no such waiver in any instance shall constitute a waiver in any other instance or for any other purpose or impair the right of the party against whom such waiver is claimed in all
other instances or for all other purposes to require full compliance with such provision. 
 (c) Further Assurances. Each
of the parties hereto shall execute all such further instruments and documents and take all such further action as any other party hereto may reasonably require in order to effectuate the terms and purposes of this Agreement. 

Section 11. Miscellaneous; Remedies; Specific Performance. 

(a) Specific Performance. Any Person having rights under any provision of this Agreement shall be entitled to enforce such rights
specifically, to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The parties hereto agree and acknowledge that money damages would not be an adequate remedy
for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction for, and obtain from any such court, specific performance and/or injunctive relief
(without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement and shall not be required to prove irreparable injury to such party or that such party does not have an adequate remedy at law
with respect to any breach of this Agreement (each of which elements the parties admit). The parties hereto further agree and acknowledge that each and every obligation applicable to it contained in this Agreement shall be specifically enforceable
against it and hereby waives and agrees not to assert any defenses against an action for specific performance of their respective obligations hereunder. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of,
any rights or remedies available under this Agreement or otherwise. 
 (b) Successors and Assigns. Except as provided in
Sections 7 and 9, neither this Agreement nor any right, remedy, obligation nor liability arising hereunder or by reason hereof shall be assignable by any party hereto without the prior written consent of the other parties, and any
attempt to assign any right, remedy, obligation or liability hereunder without such consent shall be void, except an assignment by any Holder, in the case of a merger or consolidation where such party is not the surviving entity, or a sale of
substantially all of its assets, to the entity that is the survivor of such merger or consolidation or the purchaser in such sale. 

  
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 (c) Severability. Whenever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such
prohibition or invalidity, without prohibiting or invalidating the remainder of this Agreement. 
 (d) Existing Registration
Rights Agreement. Nothing in this Agreement is intended to, and the provisions of this Agreement shall be interpreted and applied so as not to, adversely affect the rights and priorities of the holders of securities under the Existing
Registration Rights Agreement. 
 (e) Counterparts. This Agreement may be executed simultaneously in two or more
counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same Agreement. 
 (f) Descriptive Headings; Interpretation; No Strict Construction. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this
Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns, pronouns, and verbs shall include the plural and vice versa.
Reference to any agreement, document, or instrument means such agreement, document, or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and, if applicable, hereof. The words “include,”
“includes” or “including” in this Agreement shall be deemed to be followed by “without limitation.” The use of the words “or,” “either” or “any” shall not be exclusive. The parties hereto
have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden
of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. All references to laws, rules, regulations and forms in this Agreement shall be deemed to be references to such laws,
rules, regulations and forms, as amended from time to time or, to the extent replaced, the comparable successor thereto in effect at the time. All references to agencies, self-regulatory organizations or governmental entities in this Agreement shall
be deemed to be references to the comparable successors thereto from time to time. 
 (g) Governing Law. This Agreement
and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or
any other jurisdiction) to the extent such rules or provisions would cause the application of the laws of any jurisdiction other than the State of New York. 
 (h) Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given
when (a) delivered personally to the recipient, (b) telecopied or sent 

  
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by facsimile to the recipient, or (c) one Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid). Such notices, demands and other
communications shall be sent to the Company at the address set forth below and to any Holder of Registrable Securities at the address set forth on the signature page hereto, or at such address or to the attention of such other Person as the
recipient party has specified by prior written notice to the sending party. The Company’s address is: 
 KCG Holdings, Inc.

 545 Washington Boulevard 
 Jersey City, New Jersey 07310 
 Attn: John McCarthy, Esq. 

with copies (which shall not constitute notice) to: 
 Sullivan & Cromwell LLP 
 125 Broad Street 

New York, New York 10004 
 Attn: John P. Mead, Esq. 
 If any time period for giving notice or taking action
hereunder expires on a day that is not a Business Day, the time period shall automatically be extended to the Business Day immediately following such Saturday, Sunday or legal holiday. 

(i) Delivery by Facsimile. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into
in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine or other electronic means, shall be treated in all manner and respects as
an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each
other party hereto or, thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or other electronic means to deliver a
signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or other electronic means as a defense to the formation or enforceability of a contract and each such party
forever waives any such defense. 
 (j) Waiver of Jury Trial. Each of the parties to this Agreement hereby agrees to
waive its respective rights to a jury trial of any claim or cause of action based upon or arising out of this Agreement. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that
relate to the subject matter of this Agreement, including contract claims, tort claims and all other common law and statutory claims. Each party hereto acknowledges that this waiver is a material inducement to enter into this Agreement, that each
has already relied on this waiver in entering into this Agreement, and that each will continue to rely on this waiver in their related future dealings. Each party hereto further warrants and represents that it has reviewed this waiver with its legal
counsel and that it knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER 

  
 -21-

 
IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 12(j) AND EXECUTED BY EACH OF
THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court.

 (k) Arm’s-Length Agreement. Each of the parties to this Agreement agrees and acknowledges that this Agreement has
been negotiated in good faith, at arm’s length, and not by any means prohibited by law. 
 (l) Sophisticated Parties;
Advice of Counsel. Each of the parties to this Agreement specifically acknowledges that (i) it is a knowledgeable, informed, sophisticated Person capable of understanding and evaluating the provisions set forth in this Agreement and
(ii) it has been fully advised and represented by legal counsel of its own independent selection and has relied wholly upon its independent judgment and the advice of such counsel in negotiating and entering into this Agreement. 

(m) Entire Agreement. This Agreement, together with the schedules and exhibits attached hereto, and any certificates, documents,
instruments and writings that are delivered pursuant hereto, constitutes the entire agreement and understanding of the parties in respect of the subject matter hereof and supersedes all prior understandings, agreements or representations by or among
the parties, written or oral, to the extent they relate in any way to the subject matter hereof. 
 (n) Attorneys’
Fees. In the event of litigation or other proceedings in connection with or related to this Agreement, the prevailing party in such litigation or proceeding shall be entitled to reimbursement from the opposing party of all reasonable expenses,
including, without limitation, reasonable attorneys’ fees and expenses of investigation in connection with such litigation or proceeding. 
 (o) Free Writing Prospectus Consent. No Holder shall use a Holder Free Writing Prospectus without the prior written consent of the Company, which consent shall not be unreasonably withheld,
conditioned or delayed. 
 (p) No Required Sale. Nothing in this Agreement shall be deemed to create an independent
obligation on the part of any Holder to sell any Registrable Securities pursuant to any effective registration statement. 
 (q)
Termination. The obligations of the Company and of any Holder, other than those obligations contained in Section 5, shall terminate with respect to the Company and such Holder as soon as such Holder no longer holds any Registrable
Securities. 
 (r) No Third-Party Beneficiaries or Other Right. Nothing herein shall grant to or create in any person not
a party hereto, or any such person’s dependents or heirs, any right to any benefits hereunder or any remedies hereunder, and no such party shall be entitled to sue any party to this Agreement with respect thereto; provided,
however, that the Affiliates, directors, officers, employees, members, managers and agents of each indemnified party and each Person 

  
 -22-

 
who controls any such indemnified party within the meaning of either the Securities Act or the Exchange Act are intended third-party beneficiaries of Section 5 and shall have the
right, power, and authority to enforce the provisions thereof as though they were a party hereto. 
 Section 12.
Definitions. 
 “Affiliate” of any particular Person means any other Person directly or
indirectly controlling, controlled by or under common control with such particular Person. 

“Agreement” has the meaning specified in the first paragraph hereof. 

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined
in Rule 405 promulgated under the Securities Act. 
 “Beneficial Ownership” and terms of similar import
shall be as defined under and determined pursuant to Rule 13d-3 promulgated under the Exchange Act. 
 “Business
Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York City are generally authorized or obligated by law or executive order to close. 

“Commission” means the United States Securities and Exchange Commission or any successor governmental agency.

 “Common Stock” has the meaning specified in the recitals. 

“Company” has the meaning specified in the first paragraph hereof. 

“Company Held Securities” means Other Securities sought to be included in a registration for the Company’s
account. 
 “Company Lock-Up Period” has the meaning specified in Section 2(b). 

“Company Notice” has the meaning specified in Section 1(d). 

“Company Underwritten Offering” has the meaning specified in Section 2(a). 

“control” (including the terms “controlling,” “controlled by” and “under common control
with”) means, unless otherwise noted, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting shares, by contract, or otherwise.

 “Demand” has the meaning specified in Section 1(d). 

“Demand Holder” has the meaning specified in Section 1(d). 

“Demand Notice” has the meaning specified in Section 1(d). 

“Determination Date” has the meaning specified in Section 1(i). 

  
 -23-

 “Disclosure Package” means, with respect to any offering of
securities, (i) the preliminary prospectus, (ii) each Free Writing Prospectus and (iii) all other information, in each case, that is deemed, under Rule 159 promulgated under the Securities Act, to have been conveyed to purchasers of
securities at the time of sale of such securities (including a contract of sale). 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time. 
 “Existing Registration Rights
Agreement” means the Registration Rights Agreement, dated August 6, 2012, among Knight Capital Group, Inc. and the purchasers of Series A Perpetual Convertible Preferred Stock, as such agreement is in effect on December 18,
2012. 
 “Filing Date” has the meaning specified in Section 1.1(a). 

“FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Form S-1” means such form under the Securities Act, as amended from time to time by the Commission. 

“Form S-3” means such form under the Securities Act, as amended from time to time by the Commission. 

“Free Writing Prospectus” means any “free writing prospectus” as defined in Rule 405 promulgated under
the Securities Act. 
 “GETCO” has the meaning specified in the recitals. 

“Holder” and “Holders” have the meanings specified in the first paragraph hereof.

 “Holder Free Writing Prospectus” means each Free Writing Prospectus prepared by or on behalf of the
relevant Holder or used or referred to by such Holder in connection with the offering of Registrable Securities. 

“Initial Questionnaire Date” has the meaning specified in Section 1(a). 

“Initial Shelf Effective Date” has the meaning specified in Section 1(a). 

“Issuer Free Writing Prospectus” means an “issuer free writing prospectus” under Rule 433 promulgated
under the Securities Act. 
 “Lock-Up Period” has the meaning specified in Section 2(a).

 “Losses” has the meaning specified in Section 5(d). 

“Merger Agreement” has the meaning specified in the recitals. 

“Mergers” has the meaning set forth in the recitals. 

  
 -24-

 “NASDAQ” means The NASDAQ Stock Market. 

“Non-Underwritten Shelf Takedown” has the meaning specified in Section 1(c). 

“NYSE” means the New York Stock Exchange. 

“Other Securities” means securities of the Company sought to be included in a registration other than Registrable
Securities. 
 “Person” means an individual, a partnership, a corporation, a limited liability company,
an association, a joint stock company, a trust, a joint venture, an unincorporated organization, a governmental entity or any department, agency or political subdivision thereof or any other entity. 

“Piggyback Notice” has the meaning specified in Section 1(g)(i). 

“Piggyback Takedown” has the meaning specified in Section 1(g)(i). 

“Prospectus” means the prospectus used in connection with a Registration Statement and any amendments or
supplements thereto. 
 “Prospectus Supplement” mean any supplement to any Prospectus used in connection
with a Registration Statement. 
 “Registrable Securities” means, at any time, (i) the Securities
and (ii) any shares of Common Stock issued upon the conversion, exercise or exchange, as applicable, of any other securities and/or interests issued pursuant to the exercise of any securities paid, issued or distributed in respect of any such
Common Stock by way of stock dividend, stock split or distribution, or in connection with a combination of shares, recapitalization, reorganization, merger or consolidation, or otherwise and excluding shares of Common Stock acquired after the
Closing Date; provided, however, that, as to any Registrable Securities, such securities shall cease to constitute Registrable Securities upon the earliest to occur of: (w) the date on which such securities are disposed of
pursuant to an effective registration statement under the Securities Act; (x) the date on which such securities are disposed of pursuant to Rule 144 (or any successor provision) promulgated under the Securities Act; (y) with respect to the
Registrable Securities held by any Holder, any time that such Holder, together with its Affiliates, Beneficially Owns Registrable Securities representing less than 5% of the then outstanding Securities (as measured on an as converted basis) and is
permitted to sell such Registrable Securities under Rule 144(b)(1); and (z) the date on which such securities cease to be outstanding. For the purposes of this Agreement, a Holder shall be deemed to be a holder of Registrable Securities
whenever such Person has the right to acquire such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitation upon the exercise of such right),
whether or not such acquisition has been effected. 
 “Registration Expenses” means all expenses (other
than underwriting discounts and commissions) arising from or incident to the registration of Registrable Securities in compliance with this Agreement, including, without limitation, (i) Commission, stock exchange, FINRA and other registration
and filing fees, (ii) all fees and expenses incurred in connection 

  
 -25-

 
with complying with any securities or blue sky laws (including, without limitation, fees, charges and disbursements of counsel in connection with blue sky qualifications of the Registrable
Securities), (iii) all printing, messenger and delivery expenses, (iv) the fees, charges and disbursements of counsel to the Company and of its independent public accountants and any other accounting and legal fees, charges and expenses
incurred by the Company (including, without limitation, any expenses arising from any special audits or “comfort” letters required in connection with or incident to any registration), (v) the fees and expenses incurred in connection
with the listing of the Registrable Securities on the NYSE or NASDAQ (or any other national securities exchange) or the quotation of Registrable Securities on any inter-dealer quotation system, (vi) the fees and expenses incurred by the Company
in connection with any road show for underwritten offerings and (vii) reasonable fees, charges and disbursements of counsel to the Holders, including, for the avoidance of doubt, any expenses of counsel to the Holders in connection with the
filing or amendment of any Registration Statement, Prospectus or Free Writing Prospectus hereunder; provided that Registration Expenses shall only include the fees and expenses of one counsel to the Holders (and one local counsel per jurisdiction)
with respect to any offering. 
 “Registration Statement” means any registration statement filed
hereunder. 
 “Scheduled Black-out Period” means the period from and including the fifteenth calendar
day preceding the last day of a fiscal quarter of the Company to and ending at the start of the second Business Day after the day on which the Company publicly releases its earnings for such fiscal quarter. 

“Securities” has the meaning specified in the recitals. 

“Securities Act” means the Securities Act of 1933, as amended from time to time. 

“Selling Expenses” means the underwriting fees, discounts, selling commissions and stock transfer taxes
applicable to all Registrable Securities registered by the Holders and legal expenses not included within the definition of Registration Expenses. 
 “Selling Holder Information” has the meaning specified in Section 1(a). 
 “Shelf” has the meaning specified in Section 1(a). 
 “Shelf Registration Statement” means a registration of securities pursuant to a registration statement filed with the Commission in accordance with and pursuant to Rule 415
promulgated under the Securities Act (or any successor rule then in effect). 
 “Suspension Period” has
the meaning specified in Section 1(f)(ii). 
 “Underwritten Shelf Takedown” has the meaning
specified in Section 1(b). 
 “Warrants” has the meaning specified in the recitals.

 “Warrant Agreement” has the meaning specified in the recitals. 

  
 -26-

 “Well Known Seasoned Issuer” means a “well known seasoned
issuer” under Rule 405 promulgated under the Securities Act. 
 [Signature Page Follows] 

  
 -27-

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

					
	KCG Holdings, Inc.
		
	By:	 	 /s/ Leonard J. Amoruso

		 	Name:	 	Leonard J. Amoruso
		 	Title:	 	Chief Executive Officer
	
	SERENITY INVESTMENTS, LLC
		
	By:	 	 /s/ Stephen Schuler

		 	Name:	 	Stephen Schuler
		 	Title:	 	 President of Manager of Serenity Investments, LLC

	
	Address for Notices:
	
	Serenity Investments, LLC
	830 North Blvd
	Oak Park, Illinois 60301
	
	  

	Facsimile:	 	 N/A

	Attention:	 	 Stephen Schuler

 [Signature Page to Common Stock Registration Rights Agreement] 

 
					
	DANIEL V. TIERNEY 2011 TRUST
		
	By:	 	 /s/ John Flynn and Emma Cuadrado

		 	Name:	 	John Flynn and Emma Cuadrado
		 	Title:	 	Co-Trustees of the Daniel V. Tierney 2011 Trust
	
	Address for Notices:
	
	 Daniel V. Tierney 2011 Trust
 c/o Wicklow Capital, Inc.

	Suite 1204
	53 W. Jackson Blvd.
	Chicago, IL 60604
	USA
		
	Facsimile:	 	  

	Attention:	 	 Emma Cuadrado, co-trustee

	
	GA-GTCO INTERHOLDCO, LLC
		
	By:	 	 /s/ Thomas J. Murphy

		 	Name:	 	Thomas J. Murphy
		 	Title:	 	Managing Director
	
	Address for Notices:
	
	 GA-GTCO Interholdco, LLC
 c/o Rene Kern

	Park Avenue Plaza
	55 East 52nd Street, 32nd Floor
		
	Facsimile:	 	  

	Attention:	 	 Thomas J. Murphy

 [Signature Page to Common Stock Registration Rights Agreement] 

 EXHIBIT A 
 FORM OF NOTICE AND ELIGIBLE HOLDER INFORMATION QUESTIONNAIRE 
 The
undersigned beneficial owner of securities of KCG Holdings, Inc., a Delaware corporation (the “Company”), understands that the Company has filed or intends to file with the Securities and Exchange Commission (the
“SEC”) one or more registration statements (collectively, the “Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the
“Securities Act”), of the Registrable Securities, in accordance with the terms of the Registration Rights Agreement (the “Registration Rights Agreement”), dated as of July 1, 2013 (the
“Effective Date”), by and among the Company and each of the other Persons signatory thereto. A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below. All
capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Registration Rights Agreement. 

Certain legal consequences arise from being named as a selling securityholder in the Registration Statement and the related prospectus,
as the case may be. Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as an Eligible Holder in the Registration
Statement and the related prospectus. 
 NOTICE 
 The undersigned beneficial owner (the “Eligible Holder”) of Registrable Securities hereby elects to include some or all of the Registrable Securities owned by it in the
Registration Statement. In order to sell or otherwise dispose of any Registrable Securities pursuant to the Registration Statement, a beneficial owner of Registrable Securities generally will be required to be named as a selling securityholder in
the related prospectus and deliver a prospectus to each purchaser of Registrable Securities. 
 If you wish to include
Registrable Securities beneficially owned by you in the Registration Statement (or a supplement or amendment thereto), you must complete, sign and deliver this Notice of Registration Statement and Eligible Holder Information Questionnaire
(“Notice and Questionnaire”) to the Company at the address set forth herein on or prior to 5:00 pm New York Time on [—], 201[—] (the “Initial Questionnaire Date”). If you do not manage to deliver the Notice and Questionnaire by the Initial Questionnaire Date, you may deliver the Notice
and Questionnaire by 5:00 pm New York Time on [—], 201[—] for inclusion of the Registrable Securities beneficially owned by you in a
Prospectus Supplement to be filed on [—], 201[—]. 
 COMPLETED NOTICE AND QUESTIONNAIRE 
 PLEASE SEND BY PDF A COPY OF THE
COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO: [—] WITH A COPY TO: [—]]. 

 The undersigned hereby provides the following information to the Company and represents and warrants that
such information is accurate: 
 QUESTIONNAIRE 

 

	1.	Name and Security Ownership 

  

	 	(a)	Full legal name of each registered holder of Registrable Securities and number of Registrable Securities held: 

 

			
	 Name
	  	Number of
Registrable
Securities
		  	
		  	
		  	

  

	 	(b)	Full legal name of each registered holder of any other securities of the Company and number of such securities held: 

 

			
	 Name
	  	Number of
Other
Securities
		  	
		  	
		  	

	2.	Securities To Be Included In the Registration Statement 

  

	 	(a)	Do you wish to include in the registration statement all of the Registrable Securities listed in item 1(a) above? 

Yes  ̈
                    No  ̈ 

 

	 	(b)	If your answer to item 2(a) above is “no,” please specify below the number of shares that you wish to include: 

 

			
	 Name
	  	Number of
Registrable
Securities
		  	
		  	
		  	

  

	3.	Beneficial Ownership of Securities of the Company Owned by the Eligible Holder(s) 

“Beneficial ownership” is determined according to rules of the SEC. Securities are “beneficially
owned” by any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares (i) voting power, which includes the power to vote, or to direct the voting of, such security,
and/or, (ii) investment power, which includes the power to dispose, or to direct the disposition of, such security. The definition of beneficial ownership often requires disclosure of the individual or groups of individuals who have or share
voting or investment power over the shares in question. 
 Please describe below or attach as a separate sheet a detailed
description of the beneficial ownership of the Registrable Securities and any other securities of the Company held by the Eligible Holder. We recommend that you consult with your own securities law counsel as some or all of the description below
will be included in the Registration Statement. You should also indicate clearly whether one or more of the beneficial owners disclaims beneficial ownership except to the extent of his, her or its pecuniary interest in the securities. Exhibit A
hereto provides a typical example of beneficial ownership disclosure. 
  

 
  

 
  

 
  

 
  

 

	4.	Relationships with the Company: 

 Except as set forth below, the undersigned has not held any position or office or had any other material relationship with the Company (or its predecessors or affiliates) during the past three
(3) years. 
 State any exceptions here: 
  

	5.	Broker-Dealer Status: 

  

	 	(a)	Is any Eligible Holder a broker-dealer? 

 Yes                     No 

 

	 	(b)	If the answer is “yes” to Section 5(a) above, did such Eligible Holder receive the Registrable Securities as compensation for investment banking services
to the Company? 

 Yes
                    No 

Note: If the answer is “no” to this Section 5(b), the SEC’s staff has indicated that you should be identified
as an underwriter in the Registration Statement. 
  

	 	(c)	Is any Eligible Holder an affiliate of a broker-dealer? 

 Yes                     No 

 

	 	(d)	If any of the Eligible Holders is an affiliate of a broker-dealer, do you certify that such Eligible Holder purchased the Registrable Securities in the ordinary course
of business, and at the time of the purchase of the Registrable Securities to be resold, had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities? 

Yes                     No 

Note: If the answer is “no” to this Section 5(d), the SEC’s staff has indicated that the Eligible Holder should
be identified as an underwriter in the Registration Statement. 

 Please provide any further information here: 

 

	6.	Address for Notices to Selling Holder: 

Contact Person: 
 Contact Person Email Address:

 Telephone: 
 Fax: 

The undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur
subsequent to the date hereof at any time while the Registration Statement remains effective. 
 By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items one (1) through five (5) and the inclusion of such information in the Registration Statement and the related prospectus and any amendments
or supplements thereto, as the case may be. The undersigned understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration Statement and the related prospectus. 

IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered
either in person or by its duly authorized agent. 
  

					
	Beneficial Owner(s):	 	  

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		
	Date:	 	  

 EXHIBIT B 
 FORM OF JOINDER AGREEMENT 
 Ladies and Gentlemen: 

Reference is made to the Registration Rights Agreement, dated as of [—], 2013 (as such
agreement may have been or may be amended from time to time) (the “Registration Rights Agreement”), by and among [NEWCO], a Delaware corporation (the “Company”), each of the other parties signatory
thereto and any other parties identified on the signature pages of any joinder agreements substantially similar to this joinder agreement executed and delivered pursuant to Section 10 of the Registration Rights Agreement. Capitalized terms used
but not otherwise defined herein have the meanings set forth in the Registration Rights Agreement. 
 In consideration of the
transfer to the undersigned of Registrable Securities of the Company, the undersigned represents that it is a transferee of [insert name of transferor] and agrees that, as of the date written below, the undersigned shall become a party to the
Registration Rights Agreement, and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Registration Rights Agreement as though an original party thereto. 

[SIGNATURE PAGE FOLLOWS] 

 
					
	[—]	 		 	
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Address for Notices:
	[—]	 		 	
	
	  

		
	Facsimile:	 	  

	Attention:	 	  

			
	[—]	 		 	
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Address for Notices:
	[—]	 		 	
		
	Facsimile:	 	  

	Attention:EX-4.3

 Exhibit 4.3 
 Execution Copy 
  
  

 
 WARRANT AGREEMENT

 Dated as of July 1, 2013 
 between 
 KCG Holdings, Inc. 

and 

Computershare Shareowner Services LLC, 
 as Warrant Agent 
 Warrants for 

Common Stock 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	ISSUANCE AND EXERCISE OF WARRANTS	  
			
	 Section 1.1
	 	 Form of Warrant
	  	 	1	  
	 Section 1.2
	 	 Countersignature of Warrants
	  	 	2	  
	 Section 1.3
	 	 Exercise Number; Exercise Price
	  	 	2	  
	 Section 1.4
	 	 Term of Warrants
	  	 	2	  
	 Section 1.5
	 	 Exercise of Warrants
	  	 	3	  
	 Section 1.6
	 	 Payment of Exercise Price
	  	 	3	  
	 Section 1.7
	 	 Registry of Warrants
	  	 	3	  
	 Section 1.8
	 	 Exchange of Warrant Certificates
	  	 	3	  
	 Section 1.9
	 	 Cancellation of Warrant Certificates
	  	 	4	  
	 Section 1.10
	 	 No Fractional Shares or Scrip
	  	 	4	  
	 Section 1.11
	 	 Lost, Stolen, Destroyed or Mutilated Warrants
	  	 	4	  
	 Section 1.12
	 	 Transferability and Assignment
	  	 	4	  
	 Section 1.13
	 	 Issuance of Warrant Certificates
	  	 	4	  
	 Section 1.14
	 	 Issuance of Warrant Shares
	  	 	5	  
	 Section 1.15
	 	 Charges, Taxes and Expenses
	  	 	5	  
	 Section 1.16
	 	 Issued Warrant Shares
	  	 	5	  
	 Section 1.17
	 	 Reservation of Sufficient Warrant Shares
	  	 	5	  
	 Section 1.18
	 	 Registration and Listing
	  	 	6	  
	 Section 1.19
	 	 No Impairment
	  	 	6	  
	 Section 1.20
	 	 CUSIP Numbers
	  	 	6	  
	 Section 1.21
	 	 Purchase of Warrants by the Company; Cancellation
	  	 	6	  
	 Section 1.22
	 	 No Rights as Stockholders
	  	 	6	  
	
	ARTICLE II	  
	ANTIDILUTION PROVISIONS	  
			
	 Section 2.1
	 	 Adjustments and Other Rights
	  	 	7	  
	 Section 2.2
	 	 Stock Splits, Subdivisions, Reclassifications or Combinations
	  	 	7	  
	 Section 2.3
	 	 Certain Issuances of Common Shares or Convertible Securities
	  	 	7	  
	 Section 2.4
	 	 Other Distributions
	  	 	8	  
	 Section 2.5
	 	 Certain Repurchases of Common Stock
	  	 	9	  
	 Section 2.6
	 	 Business Combinations or Reclassifications of Common Stock
	  	 	9	  
	 Section 2.7
	 	 Rounding of Calculations; Minimum Adjustments
	  	 	10	  
	 Section 2.8
	 	 Timing of Issuance of Additional Common Stock Upon Certain Adjustments
	  	 	10	  
	 Section 2.9
	 	 Other Events; Provisions of General Applicability
	  	 	10	  
	 Section 2.10
	 	 Statement Regarding Adjustments
	  	 	11	  
	 Section 2.11
	 	 Notice of Adjustment Event
	  	 	11	  
	 Section 2.12
	 	 Proceedings Prior to Any Action Requiring Adjustment
	  	 	11	  
	 Section 2.13
	 	 Adjustment Rules
	  	 	12	  

  
 -i-

							
	 Section 2.14
	 	 Prohibited Actions
	  	 	12	  
	 Section 2.15
	 	 Adjustment to Warrant Certificate
	  	 	12	  
	
	ARTICLE III	  
	WARRANT AGENT	  
			
	 Section 3.1
	 	 Appointment of Warrant Agent
	  	 	12	  
	 Section 3.2
	 	 Liability of Warrant Agent
	  	 	12	  
	 Section 3.3
	 	 Performance of Duties
	  	 	13	  
	 Section 3.4
	 	 Disposition of Proceeds on Exercise of Warrants
	  	 	13	  
	 Section 3.5
	 	 Reliance on Counsel
	  	 	13	  
	 Section 3.6
	 	 Reliance on Documents
	  	 	13	  
	 Section 3.7
	 	 Validity of Agreement
	  	 	13	  
	 Section 3.8
	 	 Instructions from Company
	  	 	14	  
	 Section 3.9
	 	 Proof of Actions Taken
	  	 	14	  
	 Section 3.10
	 	 Compensation
	  	 	14	  
	 Section 3.11
	 	 Indemnity
	  	 	14	  
	 Section 3.12
	 	 Legal Proceedings
	  	 	15	  
	 Section 3.13
	 	 Other Transactions in Securities of the Company
	  	 	15	  
	 Section 3.14
	 	 Identity of Transfer Agent
	  	 	15	  
	 Section 3.15
	 	 Company to Provide and Maintain Warrant Agent
	  	 	15	  
	 Section 3.16
	 	 Resignation and Removal
	  	 	15	  
	 Section 3.17
	 	 Company to Appoint Successor
	  	 	16	  
	 Section 3.18
	 	 Successor to Expressly Assume Duties
	  	 	16	  
	 Section 3.19
	 	 Successor by Merger
	  	 	17	  
	
	ARTICLE IV	  
	MISCELLANEOUS	  
			
	 Section 4.1
	 	 Notices
	  	 	17	  
	 Section 4.2
	 	 Supplements and Amendments
	  	 	17	  
	 Section 4.3
	 	 Successors
	  	 	18	  
	 Section 4.4
	 	 Governing Law; Jurisdiction; Waiver of Jury Trial
	  	 	18	  
	 Section 4.5
	 	 Benefits of this Agreement
	  	 	18	  
	 Section 4.6
	 	 Counterparts
	  	 	18	  
	 Section 4.7
	 	 Table of Contents; Headings
	  	 	18	  
	 Section 4.8
	 	 Severability
	  	 	19	  
	 Section 4.9
	 	 Availability of Agreement
	  	 	19	  
	 Section 4.10
	 	 Saturdays, Sundays, Holidays, etc.
	  	 	19	  
	 Section 4.11
	 	 Definitions
	  	 	19	  

  

					
	Exhibit A	  	—	  	Class A Warrant Certificate
	Exhibit B	  	—	  	Class B Warrant Certificate
	Exhibit C	  	—	  	Class C Warrant Certificate
	Exhibit D	  	—	  	Notice of Exercise

  
 -ii-

 WARRANT AGREEMENT (this “Agreement”), dated as of July 1, 2013,
between KCG Holdings, Inc., a Delaware corporation (the “Company”), and Computershare Shareowner Services LLC, a New Jersey limited liability company, as warrant agent (the “Warrant Agent”); 

WHEREAS, the Company, GETCO Holding Company, LLC, a Delaware limited liability company (“GETCO”), GA-GTCO, LLC, a
Delaware limited liability company (“GA-GTCO”), and Knight Capital Group, Inc., a Delaware corporation, entered into an Agreement and Plan of Merger, dated as of December 19, 2012, as amended and restated on April 15, 2013
and as my be further supplemented and amended from time to time (the “Merger Agreement”), providing for, among other things, the merger of GA-GTCO with and into GA-GTCO Acquisition, LLC, the merger of Knight Acquisition Corp with
and into Knight Capital Group, Inc., and the merger of GETCO Acquisition, LLC with and into GETCO (the “Mergers”); 
 WHEREAS, in partial consideration of the Mergers and the other transactions contemplated by the Merger Agreement, the Company has agreed to issue Class A warrants (each, a “Class A
Warrant” and collectively, the “Class A Warrants”), Class B warrants (each, a “Class B Warrant” and collectively, the “Class B Warrants”) and Class C warrants (each, a “Class C
Warrant” and collectively, the “Class C Warrants” and, the Class C Warrants together with the Class A Warrants and the Class B Warrants, the “Warrants”) to purchase shares of its Class A common
stock, par value $0.01 per share (the “Common Stock”), to certain former holders of GETCO and GA-GTCO as set forth in the Merger Agreement; 
 WHEREAS, the Company desires that the Warrant Agent act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, transfer, exchange, replacement, cancellation
and exercise of the Warrants; and 
 WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the
terms upon which the Warrants shall be issued and exercised and the respective rights and obligations of the Company, the Warrant Agent and the registered owners of the Warrants (each, a “Holder” and collectively, the
“Holders”). 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration
given to each party hereto, the receipt of which is hereby acknowledged, the Company and the Warrant Agent agree as follows: 

ARTICLE I 

ISSUANCE AND EXERCISE OF WARRANTS 
 Section 1.1 Form of Warrant. Each Class A Warrant, Class B Warrant and Class C Warrant shall be evidenced by a certificate substantially in the corresponding form attached hereto
as Exhibit A, Exhibit B and Exhibit C, respectively (any such certificate, a “Warrant Certificate” and collectively, “Warrant Certificates”). Each Warrant Certificate shall have such
insertions as the Company determines are required or permitted by this Agreement and may have such letters, numbers or other marks of identification and such legends and endorsements, stamped, printed, lithographed or engraved thereon, as the
Company determines may be required to comply with this Agreement, any applicable law or any rule of any securities exchange on 

 
which the Warrants or the Common Stock may be listed. Each Warrant Certificate shall be executed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer or one of its
Executive Vice Presidents, under its corporate seal reproduced thereon and attested by its Secretary or an Assistant Secretary. The signature of any such officers on the Warrant Certificates may be manual or facsimile. Warrant Certificates bearing
the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any one of them shall have ceased to hold such offices prior to the delivery
of such Warrants or did not hold such offices on the date of this Agreement. Each Warrant Certificate, when so signed on behalf of the Company, shall be delivered to the Warrant Agent together with an order for the countersignature and delivery of
such Warrant. 
 Section 1.2 Countersignature of Warrants. The Warrant Agent (or any successor to the
Warrant Agent then acting as warrant agent under this Agreement) shall, upon receipt of any Warrant Certificate executed on behalf of the Company, countersign such Warrant Certificate by manual or facsimile signature and such Warrant Certificate
shall not be valid for any purpose unless and until so countersigned. Warrant Certificates may be countersigned and delivered, notwithstanding the fact that the persons or any one of them who signed the Warrants on behalf of the Company shall have
ceased to be proper signatories prior to the delivery of such Warrants or were not proper signatories on the date of this Agreement. Each Warrant Certificate shall be dated as of the date of its countersignature by the Warrant Agent. The Warrant
Agent’s countersignature shall be conclusive evidence that the Warrant Certificate so countersigned has been duly authenticated and issued under this Agreement. 
 Section 1.3 Exercise Number; Exercise Price. Each Warrant initially entitles its Holder to purchase from the Company one (1) (the “Exercise Number”) share
of Common Stock (such share or shares of Common Stock issued or issuable upon exercise of any Warrant or Warrants, each, a “Warrant Share” and collectively, the “Warrant Shares”) for a purchase price per share of
Common Stock of (i) in the case of a Class A Warrant, $12.00, (ii) in the case of a Class B Warrant, $13.50, and (iii) in the case of a Class C Warrant, $15.00 (as applicable, the “Exercise Price”). The Exercise
Number and the Exercise Price are subject to adjustment as provided in Article II, and all references to “Exercise Number” and “Exercise Price” in this Agreement shall be deemed to include any such adjustment or series of
adjustments. Upon every adjustment of the Exercise Number or Exercise Price, the Company shall promptly thereafter give written notice thereof to the Warrant Agent in accordance with Section 2.11 hereof, and until such written notice is
received by the Warrant Agent, the Warrant Agent may presume conclusively that no such adjustment has been made. The Warrant Agent shall be fully protected in relying upon any such written notice delivered in accordance with Section 2.11
hereof, and on any adjustment therein contained. 
 Section 1.4 Term of Warrants. All or a portion of the
Warrants are exercisable by the Holder at any time and from time to time on or after the date of this Agreement until 5:00 p.m., New York City time, on (i) in the case of a Class A Warrant, the four (4)-year anniversary of the date of this
Agreement, (ii) in the case of a Class B Warrant, the five (5)-year anniversary of the date of this Agreement and (iii) in the case of a Class C Warrant, the six (6)-year anniversary of the date of this Agreement (as applicable, the
“Expiration Date”). 

  
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 Section 1.5 Exercise of Warrants. A Warrant may be exercised by surrender
of the Warrant Certificate or Certificates evidencing such Warrant to be exercised and by delivery to the Warrant Agent (or to such other office or agency of the Company in the United States as the Company may designate by notice in writing to the
Holders pursuant to Section 4.1) a notice of exercise in the form attached hereto as Exhibit D, properly completed and duly signed, which signature shall be guaranteed by a member of a recognized guarantee medallion program at a
guarantee level satisfactory to the Warrant Agent, together with payment of the Exercise Price for the Warrant Shares thereby purchased in accordance with Section 1.6, and all applicable taxes and charges. As promptly as practicable after
receiving a notice of exercise to purchase Warrant Shares, the Warrant Agent shall notify the Company of such exercise and concurrently pay to the Company all monies received by the Warrant Agent for the purchase of the Warrant Shares through the
exercise of such Warrants. 
 Section 1.6 Payment of Exercise Price. Payment of the aggregate Exercise Price
for all Warrant Shares purchased may be made, at the option of the Holder, either (a) in cash or by certified or official bank check payable to the Warrant Agent or (b) by delivering a written direction to the Warrant Agent that the Holder
desires to exercise the Warrants pursuant to a “cashless exercise,” in which case the Holder will receive a number of Warrant Shares that is equal to the aggregate number of Warrant Shares for which the Warrants are being exercised less
the number of Warrant Shares that have an aggregate Market Price on the trading day on which such Warrants are exercised that is equal to the aggregate Exercise Price for such Warrant Shares, as determined solely by the Company. For the avoidance of
doubt, if Warrants are exercised such that, in the Company’s sole determination, the aggregate Exercise Price would exceed the aggregate value (as measured by the Market Price) of the Warrant Shares issuable upon exercise, no amount shall be
due and payable by the Holder to the Company, and such exercise shall be null and void and no Warrant Shares shall thereupon be issued and the Warrants shall continue in effect. The Warrant Agent shall have no duty or obligation to make any
calculation or determination with respect to any “cashless exercise” or to investigate or confirm whether the Company’s determination of the number of Warrant Shares to be issued on such “cashless exercise,” pursuant to this
Section 1.6, is accurate or correct. 
 Section 1.7 Registry of Warrants. The Company or an agent duly
appointed by the Company (which initially shall be the Warrant Agent) shall maintain a registry showing the names and addresses of the respective Holders and the date and number of Warrants evidenced on the face of each of the Warrant Certificates.
Except as otherwise provided in this Agreement or in the Warrant Certificate, the Company and the Warrant Agent may deem and treat any Person in whose name a Warrant Certificate is registered in the registry as the absolute owner of such Warrant
Certificate. 
 Section 1.8 Exchange of Warrant Certificates. Each Warrant Certificate may be exchanged for
another Warrant Certificate or Certificates of like class and tenor and representing the same aggregate number of Warrants. Any Holder desiring to exchange a Warrant Certificate or Certificates shall deliver a written request to the Warrant Agent
and shall properly endorse and surrender the Warrant Certificate or Certificates to be so exchanged, all in form reasonably satisfactory to the Company and the Warrant Agent, and pay all applicable taxes and charges, if any. Thereupon, the Company
shall execute, and the Warrant Agent shall countersign and deliver to the Holder, a new Warrant Certificate or Certificates, as so requested, in such name or names as such Holder shall designate. 

  
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 Section 1.9 Cancellation of Warrant Certificates. If and when any Warrant
Certificate has been exercised in full, the Warrant Agent shall promptly cancel and destroy such Warrant Certificate following its receipt from the Holder. Upon exercise of a Warrant Certificate in part and not in full, the Warrant Agent shall issue
and deliver or shall cause to be issued and delivered to the Holder a new Warrant Certificate or Certificates evidencing the Holder’s remaining Warrants. The Warrant Agent is hereby irrevocably authorized and directed to countersign and deliver
such required new Warrant Certificate or Certificates, and the Company, whenever requested by the Warrant Agent, shall supply the Warrant Agent with Warrant Certificates duly executed on behalf of the Company for such purpose. The Warrant Agent and
no one else may cancel and destroy Warrant Certificates surrendered for transfer, exchange, replacement, cancellation or exercise. The Warrant Agent must deliver a certificate of such destruction and cancellation (or, if requested by the Company,
the cancelled Warrant Certificates) to the Company. The Company may not issue new Warrant Certificates to replace cancelled Warrant Certificates that have been exercised or purchased by it. 

Section 1.10 No Fractional Shares or Scrip. No fractional Warrant Shares or scrip representing fractional Warrant
Shares shall be issued upon any exercise of Warrants. In lieu of any fractional Warrant Shares that would otherwise be issued to a Holder upon exercise of any Warrants, such Holder shall receive a cash payment equal to the product of the Market
Price of the Common Stock on the trading day on which such Warrants are exercised and the fraction of a Warrant Share to which such Holder would otherwise be entitled, as determined solely by the Company. 

Section 1.11 Lost, Stolen, Destroyed or Mutilated Warrants. Upon receipt by the Company and the Warrant Agent of proof
reasonably satisfactory to them of the loss, theft, destruction or mutilation of any Warrant Certificate and, if requested, an indemnity or bond, and in the case of mutilation, upon surrender of such Warrant Certificate for cancellation, the Company
shall deliver or shall cause to be delivered, in lieu of such lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of like tenor and representing the same aggregate number of Warrants as provided for in such lost,
stolen, destroyed or mutilated Warrant Certificate. 
 Section 1.12 Transferability and Assignment. At the
option of the Holder thereof, the Warrants and all rights under the Warrant Certificate may be sold, assigned, transferred, pledged, encumbered or in any other manner transferred or disposed of, in whole or in part, by the registered Holder or by
duly authorized attorney, and one or more new Warrant Certificates shall be made and delivered and registered in the name of one or more transferees, upon surrender in accordance with Section 1.8 and upon compliance with all applicable laws, as
determined solely by the Company. 
 Section 1.13 Issuance of Warrant Certificates. When any Holder,
transferee of a Holder or other designee of a Holder is entitled to receive a new or replacement Warrant 

  
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Certificate, whether pursuant to Section 1.8, 1.9, 1.11 or 1.12, the Company shall issue or shall cause to be issued such new or replacement Warrant Certificate within a reasonable time, not
to exceed three (3) business days. The Company shall supply the Warrant Agent with Warrant Certificates duly executed on behalf of the Company for the purpose of issuing any new or replacement Warrant Certificates and written instructions to
the Warrant Agent with respect thereto, and the Warrant Agent shall countersign such Warrant Certificates in accordance with such written instructions. 
 Section 1.14 Issuance of Warrant Shares. Upon the exercise of any Warrants, the Company shall deliver or shall cause to be delivered the number of full Warrant Shares to which
such Holder shall be entitled, together with any cash to which such Holder shall be entitled in respect of fractional Warrant Shares pursuant to Section 1.10, within a reasonable time, not to exceed three (3) business days. All Warrant
Shares shall be issued in such name or names as the exercising Holder may designate and delivered to the exercising Holder or its nominee or nominees. 
 Section 1.15 Charges, Taxes and Expenses. The Company shall pay all documentary stamp taxes, if any, attributable to the initial issuance of Warrant Shares upon the exercise of
Warrants; provided, however, the Company shall not be required to pay any tax or charges which may be payable in respect of any transfer involved in the issue or delivery of any Warrants or certificates (if any) for Warrant Shares in a
name other than that of the registered holder of such Warrants; provided, further, that the Warrant Agent shall have no duty or obligation to take any action that requires the payment of any such taxes or charges unless and until the Warrant Agent
is satisfied that all such taxes and/or charges have been paid. 
 Section 1.16 Issued Warrant Shares. The
Company hereby represents and warrants that all Warrant Shares issued in accordance with the terms of this Agreement will be duly and validly authorized and issued, fully paid and nonassessable and free from all taxes, liens and charges (other than
liens or charges created by a Holder, income and franchise taxes incurred in connection with the exercise of the Warrant or taxes in respect of any transfer occurring contemporaneously therewith). The Company agrees that the Warrant Shares so issued
will be deemed to have been issued to a Holder as of the close of business on the date on which the Warrants were duly exercised, notwithstanding that the stock transfer books of the Company may then be closed or certificates (if any) representing
such Warrant Shares may not be actually delivered on such date. 
 Section 1.17 Reservation of Sufficient Warrant
Shares. There have been reserved, and the Company shall at all times through the Expiration Date keep reserved, out of its authorized but unissued Common Stock, solely for the purpose of the issuance of Warrant Shares in accordance with the
terms of this Agreement, a number of shares of Common Stock sufficient to provide for the exercise of the rights of purchase represented by the outstanding Warrants. The transfer agent for the Common Stock and every subsequent transfer agent for any
shares of the Company’s capital stock issuable upon the exercise of any of the rights of purchase aforesaid shall be irrevocably authorized and directed at all times to reserve such number of authorized shares as shall be required for such
purpose. The Company shall supply such transfer agents with duly executed stock certificates for such purposes and shall provide or otherwise make 

  
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available any cash that may be payable upon exercise of Warrants in respect of fractional Warrant Shares pursuant to Section 1.10. The Company shall furnish such transfer agent with a copy
of all notices of adjustments and certificates related thereto, transmitted to each Holder pursuant to Section 4.1. For the avoidance of doubt, except as expressly set forth herein, the Warrant Agent, in its capacity as warrant agent hereunder,
shall have no duties or responsibilities under this Agreement with respect to the issuance of any Warrant Shares or the payment of any cash that may be payable upon exercise of any Warrants. 

Section 1.18 Registration and Listing. The Company will use commercially reasonable efforts to (a) procure, at
its sole expense, the listing of the Warrant Shares issuable upon exercise of the Warrants at any time, subject to issuance or notice of issuance, on the principal stock exchanges on which the Common Stock is then listed or traded and
(b) maintain such listings at all times (during which the Company has Common Stock listed on a stock exchange) after issuance. The Company shall use reasonable best efforts to ensure that the Warrant Shares and the Warrants may be issued
without violation of any applicable law or regulation or of any requirement of any securities exchange on which such shares of its Common Stock (including the Warrant Shares) are listed or traded. 

Section 1.19 No Impairment. The Company will not, and the Company will cause its subsidiaries not to, avoid or seek to
avoid the observance or performance of any of the terms to be observed or performed by the Company under this Agreement. The Company shall at all times in good faith assist in the carrying out of all provisions of this Agreement and in the taking of
all such action as may be necessary or appropriate in order to protect the rights of the Holders. 
 Section 1.20
CUSIP Numbers. The Company, in issuing the Warrants, may use “CUSIP” numbers (if then generally in use) and, if so, the Warrant Agent, if requested in writing by the Company, shall use “CUSIP” numbers in notices as a
convenience to Holders; provided, however, that the Warrant Agent shall not be responsible for the correctness of any such numbers, and that, if requested by the Company in writing, any such notice may state that no representation is
made as to the correctness of such numbers either as printed on the Warrant Certificates or as contained in any notice and that reliance may be placed only on the other identification numbers printed on the Warrant Certificates. 

Section 1.21 Purchase of Warrants by the Company; Cancellation. The Company shall have the right, except as limited by
applicable law, other agreements or as provided herein, to purchase or otherwise acquire Warrants at such times, in such manner and for such consideration as it and the applicable Holder may deem appropriate. In the event the Company shall purchase
or otherwise acquire Warrants, the same shall thereupon be delivered to the Warrant Agent with written instruction that such Warrants be retired and, for the avoidance of doubt, if the approval of Holders is required to take any action, the
Company’s (or any of its subsidiaries’ or affiliates’) ownership in any Warrants shall not be considered in calculating whether the requisite number of Warrants have approved such action. 

Section 1.22 No Rights as Stockholders. A Warrant shall not, prior to its exercise, confer upon its Holder or such
Holder’s transferee, in such Holder’s or such transferee’s capacity as a Warrant Holder, the right to vote or receive dividends, or consent or receive notice as stockholders in respect of any meeting of stockholders for the election
of directors of the Company or any other matter, or any rights whatsoever as stockholders of the Company. 

  
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 ARTICLE II 
 ANTIDILUTION PROVISIONS 
 Section 2.1 Adjustments and Other
Rights. The Exercise Price and the Exercise Number shall be subject to adjustment from time to time as provided by this Article II; provided, however, that if more than one section of this Article II is applicable to a single
event, the section shall be applied that produces the largest adjustment, and no single event shall cause an adjustment under more than one section of this Article II so as to result in duplication. Whenever an adjustment is made pursuant to this
Article II, written notice of such adjustment shall be delivered to the Warrant Agent in accordance with Section 2.11 hereof, and until such written notice is received by the Warrant Agent, the Warrant Agent may presume conclusively that no
such adjustment has been made. 
 Section 2.2 Stock Splits, Subdivisions, Reclassifications or Combinations.
If the Company shall (a) declare and pay a dividend or make a distribution on its Common Stock in shares of Common Stock, (b) subdivide or reclassify the outstanding shares of Common Stock into a greater number of shares, or
(c) combine or reclassify the outstanding shares of Common Stock into a smaller number of shares, the Exercise Number at the time of the record date for such dividend or distribution or the effective date of such subdivision, combination or
reclassification shall be adjusted by multiplying the Exercise Number effective immediately prior to such event by a fraction (x) the numerator of which shall be the total number of outstanding shares of Common Stock immediately after such
event and (y) the denominator of which shall be the total number of outstanding shares of Common Stock immediately prior to such event. In such event, the Exercise Price per share of Common Stock in effect immediately prior to the record date
for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be adjusted by multiplying such Exercise Price by a fraction (i) the numerator of which shall be the Exercise Number immediately
prior to such adjustment and (ii) the denominator of which shall be the new Exercise Number determined pursuant to the immediately preceding sentence. 
 Section 2.3 Certain Issuances of Common Shares or Convertible Securities. If the Company shall issue shares of Common Stock (or rights or warrants or other securities exercisable or
convertible into or exchangeable (collectively, a “conversion”) for shares of Common Stock) (collectively, “convertible securities”) (other than in Permitted Transactions (as defined below) or a transaction to which
Section 2.2 is applicable) without consideration or at a consideration per share (or having a conversion price per share) that is less than 95% of the Market Price on the last trading day preceding the date of the agreement on pricing such
shares (or such convertible securities) then, in such event: 
 (a) the Exercise Number in effect immediately prior to such
event (the “Initial Number”) shall, on pricing of such shares (or of such convertible securities), be increased to the number obtained by multiplying the Initial Number by a fraction (i) the numerator of which shall be the sum
of (x) the number of shares of Common Stock of the Company outstanding on such 

  
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date and (y) the number of additional shares of Common Stock issued (or into which convertible securities may be exercised or convert) and (ii) the denominator of which shall be the sum
of (1) the number of shares of Common Stock outstanding on such date and (2) the number of shares of Common Stock which the aggregate consideration receivable by the Company for the total number of shares of Common Stock so issued (or into
which convertible securities may be exercised or convert) would purchase at the Market Price on the last trading day preceding the date of the agreement on pricing such shares (or such convertible securities); and 

(b) the Exercise Price in effect immediately prior to the date of the agreement on pricing of such shares (or of such convertible
securities) shall be adjusted by multiplying such Exercise Price by a fraction, the numerator of which shall be the number of shares of Common Stock issuable upon exercise of the applicable Warrant prior to such date and the denominator of which
shall be the number of shares of Common Stock issuable upon exercise of the applicable Warrant immediately after the adjustment described in paragraph (a) above. 
 For purposes of the foregoing, the aggregate consideration receivable by the Company in connection with the issuance of such shares of Common Stock or convertible securities shall be deemed to be equal to
the sum of the net offering price (after deduction of any related expenses payable to third parties) of all such securities plus the minimum aggregate amount, if any, payable upon exercise or conversion of any such convertible securities into shares
of Common Stock; and “Permitted Transactions” shall include issuances (i) as consideration for or to fund the acquisition of businesses and/or related assets and (ii) in connection with employee benefit plans and
compensation related arrangements approved by the Board of Directors. Any adjustment made pursuant to this Section 2.3 shall become effective immediately upon the date of such issuance. 

Section 2.4 Other Distributions. 
 (a) If the Company shall fix a record date for the making of a distribution to all holders of shares of its Common Stock of securities, evidences of indebtedness, assets, cash, rights or warrants
(excluding dividends of its Common Stock and other dividends or distributions referred to in Section 2.2), in each such case, the Exercise Price in effect prior to such record date shall be reduced immediately upon occurrence of the record date
to the price determined by multiplying the Exercise Price in effect immediately prior to the reduction by the quotient of (x) the Market Price of the Common Stock on the last trading day preceding the first date on which the Common Stock trades
regular way on the principal national securities exchange on which the Common Stock is listed or admitted to trading without the right to receive such distribution, minus the amount of cash and/or the Fair Market Value of the securities, evidences
of indebtedness, assets, rights or warrants to be so distributed in respect of one share of Common Stock (such total subtracted amount, the “Per Share Fair Market Value”) divided by (y) such Market Price on such date specified
in clause (x); such adjustment shall be made successively whenever such a record date is fixed. In such event, the Exercise Number shall be increased to the number obtained by multiplying the Exercise Number immediately prior to such adjustment by
the quotient of (x) the Exercise Price in effect immediately prior to the distribution giving rise to this adjustment divided by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. 

  
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 (b) No adjustment in the Exercise Price or Exercise Number need be made under
Section 2.4(a) if the Company agrees to issue or distribute, as applicable, to each Holder, upon payment of the Exercise Price, in addition to the applicable Warrant Shares issuable upon such payment, the assets referred to in that paragraph
which each Holder would have been entitled to receive had the Warrants been exercised prior to the happening of such event or the record date with respect thereto. 
 Section 2.5 Certain Repurchases of Common Stock. If the Company effects a Pro Rata Repurchase of Common Stock, then the Exercise Price shall be reduced to the price determined by
multiplying the Exercise Price in effect immediately prior to the Effective Date of such Pro Rata Repurchase by a fraction of which (a) the numerator shall be (i) the product of (x) the number of shares of Common Stock outstanding
immediately before such Pro Rata Repurchase and (y) the Market Price of a share of Common Stock on the trading day immediately preceding the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata
Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase, and of which (b) the denominator shall be the product of (i) the number of shares of Common Stock outstanding immediately prior to such Pro Rata
Repurchase minus the number of shares of Common Stock so repurchased and (ii) the Market Price per share of Common Stock on the trading day immediately preceding the first public announcement by the Company or any of its Affiliates of the
intent to effect such Pro Rata Repurchase. In such event, the Exercise Number shall be increased to the number obtained by multiplying the Exercise Number immediately prior to such adjustment by the quotient of (x) the Exercise Price in effect
immediately prior to the Pro Rata Repurchase giving rise to this adjustment divided by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. For the avoidance of doubt, no increase to the Exercise Price or
decrease in the Exercise Number shall be made pursuant to this Section 2.5. 
 Section 2.6 Business
Combinations or Reclassifications of Common Stock. In case of any Business Combination or reclassification of Common Stock (other than a reclassification of Common Stock referred to in Section 2.2), a Holder’s right to receive shares
upon exercise of a Warrant shall be converted into the right to exercise such Warrant to acquire the number of shares of stock or other securities or property (including cash) that the Common Stock issuable (at the time of such Business Combination
or reclassification) upon exercise of such Warrant immediately prior to such Business Combination or reclassification would have been entitled to receive upon consummation of such Business Combination or reclassification; and in any such case, if
necessary, the provisions set forth herein with respect to the rights and interests thereafter of the Holder shall be appropriately adjusted so as to be applicable, as nearly as may reasonably be, to such Holder’s right to exercise a Warrant in
exchange for any shares of stock or other securities or property pursuant to this section. In determining the kind and amount of stock, securities or the property receivable upon exercise of a Warrant following the consummation of such Business
Combination, if the holders of Common Stock have the right to elect the kind or amount of consideration receivable upon consummation of such Business Combination, then the consideration that a Holder shall be entitled to receive upon exercise shall
be deemed to be the types and amounts of consideration received by the majority of all holders of the shares of Common Stock that affirmatively make an election (or of all such holders if none make an election). For purposes of determining any
amount to be withheld in the case of a “cashless 

  
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exercise” pursuant to Section 1.6 from stock, securities or the property that would otherwise be delivered to a Holder upon exercise of Warrants following any Business Combination, the
amount of such stock, securities or property to be withheld shall have a Market Price equal to the aggregate Exercise Price as to which such Warrants are so exercised, based on the fair market value of such stock, securities or property on the
trading day on which such Warrants are exercised and the Notice of Exercise is delivered to the Warrant Agent; provided, however, that in the case of any property that is not a security, the Market Price of such property shall be
deemed to be its fair market value as determined in good faith by the Board of Directors in reliance on an opinion of a nationally recognized independent investment banking firm retained by the Company for this purpose; provided,
further, that if making such determination requires the conversion of any currency other than U.S. dollars into U.S. dollars, such conversion shall be done in accordance with customary procedures based on the rate for conversion of such
currency into U.S. dollars displayed on the relevant page by Bloomberg L.P. (or any successor or replacement service) on or by 4:00 p.m., New York City time, on such exercise date. 

Section 2.7 Rounding of Calculations; Minimum Adjustments. All calculations under this Article II shall be made by the
Company to the nearest one-tenth (1/10th) of a cent or to the nearest one-hundredth (1/100th) of a share, as the case may be. Any provision of this Article II to the contrary notwithstanding, no adjustment in the Exercise Price or the
Exercise Number shall be made if the amount of such adjustment would be less than $0.01 or one-tenth (1/10th) of a share of Common Stock, but any such amount shall be carried forward and an adjustment with respect thereto shall be made at the
time of and together with any subsequent adjustment which, together with such amount and any other amount or amounts so carried forward, shall aggregate $0.01 or 1/10th of a share of Common Stock, or more, or on exercise of a Warrant if it shall
earlier occur. 
 Section 2.8 Timing of Issuance of Additional Common Stock Upon Certain Adjustments. In any
case in which the provisions of this Article II shall require that an adjustment shall become effective immediately after a record date for an event, the Company may defer until the occurrence of such event (a) issuing to a Holder of Warrants
exercised after such record date and before the occurrence of such event the additional shares of Common Stock issuable upon such exercise by reason of the adjustment required by such event over and above the shares of Common Stock issuable upon
such exercise before giving effect to such adjustment and (b) paying to such Holder any amount of cash in lieu of a fractional share of Common Stock; provided, however, that the Company upon request shall deliver to such Holder a
due bill or other appropriate instrument evidencing such Holder’s right to receive such additional shares, and such cash, upon the occurrence of the event requiring such adjustment, subject to any retroactive readjustment in accordance with
Section 2.9(b). 
 Section 2.9 Other Events; Provisions of General Applicability. 

(a) Neither the Exercise Price nor the Exercise Number shall be adjusted in the event of, solely (i) a change in the par value of
the Common Stock or (ii) a change in the jurisdiction of incorporation of the Company. 

  
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 (b) In the event that any dividend or distribution described in this Article II is not so
made, the Exercise Price and the Exercise Number then in effect shall be readjusted, effective as of the date when the Board of Directors determines not to distribute such shares, evidences of indebtedness, assets, rights, cash or warrants, as the
case may be, to the Exercise Price and the Exercise Number that would then be in effect if such record date had not been fixed. 

(c) If an adjustment of the Exercise Price made hereunder would reduce the Exercise Price to an amount below par value of the Common
Stock, then such adjustment in Exercise Price made hereunder shall reduce the Exercise Price to the par value of the Common Stock. 
 Section 2.10 Statement Regarding Adjustments. Whenever the Exercise Price or the Exercise Number shall be adjusted as provided in this Article II, the Company shall forthwith file at
the principal office of the Company a statement showing in reasonable detail the facts requiring such adjustment and the Exercise Price that shall be in effect and the Exercise Number after such adjustment. The Company shall deliver to the Warrant
Agent a copy of such statement and shall cause a copy of such statement to be sent or communicated to the Holders pursuant to Section 4.1. 
 Section 2.11 Notice of Adjustment Event. In the event that the Company shall propose to take any action of the type described in this Article II (but only if the action of the type
described in this Article II would result in an adjustment in the Exercise Price or the Exercise Number or a change in the type of securities or property to be delivered upon exercise of a Warrant), the Company shall deliver to the Warrant Agent a
written notice and shall cause such written notice to be sent or communicated to the Holders in the manner set forth in Section 4.1, which notice shall specify the record date, if any, with respect to any such action and the approximate date on
which such action is to take place. Such notice shall also set forth the facts and calculations with respect thereto as shall be reasonably necessary to indicate the effect on the Exercise Price and the number, kind or class of shares or other
securities or property which shall be deliverable upon exercise of a Warrant. In the case of any action which would require the fixing of a record date, such notice shall be given at least ten (10) days prior to the date so fixed, and in case
of all other action, such notice shall be given at least fifteen (15) days prior to the taking of such proposed action. Failure to give such notice, or any defect therein, shall not affect the legality or validity of any such action. The
Warrant Agent shall be fully protected in relying upon any such written notice delivered in accordance with this Section 2.11, and on any adjustment or other information therein contained, and shall not be obligated to take any such action of
the type described in this Article II unless and until it shall have received such written notice. The Warrant Agent shall have no duty to determine when an adjustment pursuant to this Article II, or otherwise, should be made, how any such
adjustment should be calculated, or the amount of any such adjustment. 
 Section 2.12 Proceedings Prior to Any
Action Requiring Adjustment. As a condition precedent to the taking of any action which would require an adjustment pursuant to this Article II, the Company shall take any action which may be necessary, including obtaining regulatory, New York
Stock Exchange, NASDAQ Stock Market or other applicable national securities exchange or stockholder approvals or exemptions, in order that the Company may thereafter validly and legally issue as fully paid and nonassessable all Warrant Shares that a
Holder is entitled to receive upon exercise of a Warrant pursuant to this Article II. 

  
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 Section 2.13 Adjustment Rules. Any adjustments pursuant to this Article
II shall be made successively whenever an event referred to herein shall occur. If an adjustment in Exercise Price made under this Agreement would reduce the Exercise Price per share of Common Stock to an amount below par value of the Common Stock,
then such adjustment in Exercise Price made under this Agreement shall reduce the Exercise Price per share of Common Stock to the par value of the Common Stock. 
 Section 2.14 Prohibited Actions. The Company agrees that it will not take any action which would entitle a Holder to an adjustment of the Exercise Price if the total number of shares of
Common Stock issuable after such action upon exercise of the Warrants, together with all shares of Common Stock then outstanding and all shares of Common Stock then issuable upon the exercise of all outstanding options, warrants, conversion and
other rights, would exceed the total number of shares of Common Stock then authorized by its certificate of incorporation. 

Section 2.15 Adjustment to Warrant Certificate. The form of Warrant Certificate need not be changed because of any
adjustment made pursuant to the Warrant Certificate, and Warrant Certificates issued after such adjustment may state the same Exercise Price and the same Exercise Number as are stated in the Warrant Certificates initially issued pursuant to this
Agreement. The Company, however, may at any time in its sole discretion make any change in the form of Warrant Certificate that it may deem appropriate to give effect to such adjustments and that does not affect the substance of the Warrant
Certificate, and any Warrant Certificate thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant Certificate or otherwise, may be in the form as so changed. 

ARTICLE III 

WARRANT AGENT 
 Section 3.1 Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company with respect to the Warrants and in accordance with the express
provisions of this Agreement (and no implied terms or conditions), and the Warrant Agent hereby accepts such appointment. 

Section 3.2 Liability of Warrant Agent. The Warrant Agent shall act under this Agreement solely as agent for the
Company, and its duties shall be determined solely by the provisions of this Agreement. The Warrant Agent shall not assume any obligations or relationship of agency or trust with any of the owners or holders of the Warrants. The Warrant Agent shall
not be liable for anything that it may do or refrain from doing in connection with this Agreement, except for its own willful misconduct, gross negligence or bad faith. Notwithstanding anything in this Agreement to the contrary, the Warrant Agent
shall in no event be liable for any consequential, indirect, punitive, special or incidental damages of any kind whatsoever (including but not limited to lost profits), even if such losses or damages are reasonably foreseeable. The Warrant Agent
shall not incur any liability for not performing, or a delay in the performance of, any act, duty, obligation or responsibility by reason of any 

  
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occurrence beyond the reasonable control of the Warrant Agent (including without limitation any act or provision of any present or future law or regulation or governmental authority or any act of
God, war, civil or military disorder). The provisions of this section shall survive the termination of this Warrant Agreement and the resignation or removal of the Warrant Agent. 

Section 3.3 Performance of Duties. The Warrant Agent may execute and exercise any of the rights or powers hereby
vested in it or perform any duty under this Agreement either itself or by or through its attorneys or agents (which shall not include its employees). 
 Section 3.4 Disposition of Proceeds on Exercise of Warrants. The Warrant Agent shall account as promptly as practicable to the Company with respect to Warrants exercised and shall
concurrently pay to the Company all monies received by the Warrant Agent for the purchase of Warrant Shares through the exercise of such Warrants. If the Warrant Agent shall receive any notice, demand or other document addressed to the Company by a
Holder with respect to the Warrants, the Warrant Agent shall as promptly as practicable forward such notice, demand or other document to the Company. The Warrant Agent shall not be under any liability for interest on any monies at any time received
by it pursuant to any of the provisions of this Agreement. 
 Section 3.5 Reliance on Counsel. The Warrant
Agent may consult at any time with legal counsel satisfactory to it (who may be counsel to the Company), and the Warrant Agent shall incur no liability or responsibility for any action taken, suffered or omitted to be taken by it under this
Agreement in reasonable reliance on and in accordance with the advice of such counsel. 
 Section 3.6 Reliance on
Documents. The Warrant Agent will not incur any liability or responsibility for any action taken in reasonable reliance on any notice, written statement, resolution, waiver, consent, order, certificate or other paper, document or instrument
believed by it to be genuine and to have been signed, sent, presented or made by the proper party or parties. The statements contained herein and in the Warrants shall be taken as statements of the Company, and the Warrant Agent assumes no
responsibility for the correctness of any of the same, except as evidenced by action taken by the Warrant Agent. The Warrant Agent shall not be liable or responsible for any failure of the Company to comply with any of its obligations contained
herein or in any Warrant, including without limitation obligations under any applicable regulation or law, and shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained
herein or in any Warrant or in the case of the receipt of any written demand from any Warrant holder with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to
initiate any proceedings at law or otherwise or to make any demand upon the Company. 
 Section 3.7 Validity of
Agreement. The Warrant Agent shall not be responsible for the validity, sufficiency, execution or delivery of this Agreement (except the due execution of this Agreement by the Warrant Agent) or for the validity, sufficiency, execution or
delivery of any Warrant (except the due countersignature of such Warrant Certificate by the Warrant Agent), and the Warrant Agent shall not by any act under this Agreement be deemed to make any

  
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representation or warranty as to the authorization or reservation of any Warrant Shares (or other securities) to be issued pursuant to this Agreement or any Warrant, or as to whether any Warrant
Shares (or other securities) will, pursuant to this Agreement or any Warrant, when issued, be validly issued, fully paid and nonassessable. 
 Section 3.8 Instructions from Company. The Warrant Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties under this Agreement from
the Chief Executive Officer, Chief Financial Officer, one of its Executive Vice Presidents or Vice Presidents, the Treasurer or the Controller of the Company, and to make an application to such officers for advice or instructions in connection with
its duties, and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in reliance and in accordance with instructions of any such officer. The Warrant Agent shall not be liable for any action taken,
suffered or omitted to be taken by the Warrant Agent in accordance with a proposal included in any such application to such officers on or after the date specified in such application (which date shall not be less than five (5) business days
after the date any such officer of the Company actually receives such application, unless any such officer shall have consented in writing to an earlier date) unless, prior to taking any such action (or the effective date in the case of an
omission), the Warrant Agent shall have received written instructions in response to such application specifying the action to be taken or omitted. 
 Section 3.9 Proof of Actions Taken. Whenever in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any fact or matter be
proved or established by the Company prior to taking or suffering or omitting to take any action under this Agreement, such fact or matter may be deemed conclusively to be proved and established by a certificate signed by the Chief Executive
Officer, Chief Financial Officer, one of its Executive Vice Presidents or Vice Presidents, the Treasurer or the Controller of the Company and delivered to the Warrant Agent, and such certificate shall be full authorization to the Warrant Agent for
any action taken, suffered or omitted to be taken in the absence of bad faith by it under the provisions of this Agreement in reliance upon any such certificate. 
 Section 3.10 Compensation. The Company agrees to pay the Warrant Agent compensation to be agreed upon between the Warrant Agent and the Company for all services rendered by the
Warrant Agent in the performance of its duties under this Agreement, and to reimburse the Warrant Agent for all reasonable expenses (including attorney fees and expenses), taxes and governmental charges and other charges incurred by the Warrant
Agent in connection with the negotiation, preparation, delivery, administration, execution and amendment of this Agreement and the exercise and performance of its duties hereunder. The provisions of this section shall survive the termination of this
Warrant Agreement and the resignation or removal of the Warrant Agent. 
 Section 3.11 Indemnity. The
Company shall indemnify the Warrant Agent and save it harmless from and against any and all losses, liabilities, suits, actions, proceedings, judgments, claims (whether with or without basis in fact or law), demands, settlements, expenses, costs and
counsel fees and expenses, for anything done or omitted to be done by the Warrant Agent in connection with the preparation, delivery, acceptance, administration, execution and amendment of this Warrant Agreement and the exercise and performance of
its duties hereunder, including 

  
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the costs and expenses of defending against any claim of liability arising therefrom, directly or indirectly, and the costs and expenses of enforcing its rights hereunder, except as a result of
the Warrant Agent’s own willful misconduct, gross negligence or bad faith. Notwithstanding anything contained herein to the contrary, the Warrant Agent’s aggregate liability under this Agreement with respect to, arising from or arising in
connection with this Agreement, whether in contract, in tort or otherwise, is limited to and shall not exceed the amounts paid under this Agreement by the Company to the Warrant Agent as fees and charges, but not including reimbursable expenses. The
Warrant Agent shall not be obligated to expend or risk its own funds or to take any action that it believes would expose it to expense or liability or to a risk of incurring expense or liability, unless it has been furnished with assurances of
repayment or indemnity satisfactory to it. The provisions of this section shall survive the termination of this Warrant Agreement and the resignation or removal of the Warrant Agent. 

Section 3.12 Legal Proceedings. The Warrant Agent shall be under no obligation to institute any action, suit or legal
proceeding, provided, however, that if the Warrant Agent elects to institute any such action, suit or legal proceeding, it shall be under no obligation to take any action likely to involve expense unless it is furnished with reasonable security and
indemnity for any costs and expenses that may be incurred, but this provision shall not affect the power of the Warrant Agent to take such action as the Warrant Agent may consider proper, whether with or without any such security or indemnity. All
rights of action under this Agreement or under any of the Warrants may be enforced by the Warrant Agent without the possession of any of the Warrants or the production thereof at any trial or other proceeding relative thereto, and any such action,
suit or proceeding instituted by the Warrant Agent shall be brought in its name as warrant agent. In acting in the capacity of Warrant Agent under this Agreement, the Warrant Agent is acting solely as agent of the Company and does not assume any
obligation or relationship of agency or trust with any of the owners or holders of the Warrants. 
 Section 3.13
Other Transactions in Securities of the Company. The Warrant Agent and any member, stockholder, director, officer, agent or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company, or
become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not the Warrant Agent under this Agreement. Nothing in this
Agreement shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. 

Section 3.14 Identity of Transfer Agent. Upon the appointment of any subsequent transfer agent for the Common Stock,
or any other shares of the Company’s capital stock issuable upon the exercise of the Warrants, the Company shall file with the Warrant Agent a statement setting forth the name and address of such subsequent transfer agent. 

Section 3.15 Company to Provide and Maintain Warrant Agent. The Company agrees for the benefit of the Holders that
there shall at all times be a Warrant Agent under this Agreement until all the Warrants have been exercised or cancelled or are no longer exercisable. 
 Section 3.16 Resignation and Removal. The Warrant Agent may at any time resign by giving written notice to the Company of such intention on its part, specifying the date on which

  
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its desired resignation shall become effective. The Warrant Agent under this Agreement may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the
Company and specifying such removal and the date when it shall become effective. Any removal under this Section 3.16 shall take effect upon the appointment by the Company as hereinafter provided of a successor Warrant Agent (which shall be
(a) organized under the laws of the United States or one of the states thereof, (c) authorized under the laws of the jurisdiction of its organization to exercise shareowner services powers, (c) having a combined capital and surplus of
at least $50,000,000 (as set forth in its most recent reports of condition published pursuant to law or to the requirements of any United States federal or state regulatory or supervisory authority), or be an Affiliate of an entity having such a
combined capital and surplus. 
 Section 3.17 Company to Appoint Successor. If at any time the Warrant Agent
shall resign, shall be removed, shall become incapable of acting, shall be adjudged bankrupt or insolvent or shall commence a voluntary case under the federal bankruptcy laws, as now or hereafter constituted, or under any other applicable federal or
state bankruptcy, insolvency or similar law or shall consent to the appointment of or the taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or
affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or order for
relief by a court having jurisdiction in the premises shall have been entered in respect of the Warrant Agent in an involuntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or similar law, or a decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the
Warrant Agent or of its property or affairs, or any public officer shall take charge or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent,
qualified as aforesaid, shall be appointed by the Company. In the event that a successor Warrant Agent is not appointed by the Company within thirty (30) days, a successor Warrant Agent, qualified as aforesaid, may be appointed by the Warrant
Agent or the Warrant Agent may petition a court to appoint a successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such appointment, the Warrant Agent shall cease to
be Warrant Agent under this Agreement and shall have no further duties, obligations, responsibilities or liabilities hereunder, but shall be entitled to all rights that survive the termination of this Warrant Agreement and the resignation or removal
of the Warrant Agent, including but not limited to its right to indemnity hereunder; provided, however, that in the event of the resignation of the Warrant Agent under this Section 3.17, such resignation shall be effective on the
earlier of (i) the date specified in the Warrant Agent’s notice of resignation and (ii) the appointment and acceptance of a successor Warrant Agent under this Agreement. 

Section 3.18 Successor to Expressly Assume Duties. Any successor Warrant Agent appointed under this Agreement shall
execute, acknowledge and deliver to its predecessor and to the Company an instrument accepting such appointment under this Agreement, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested with
all the rights and obligations of such predecessor with like effect as if originally named as 

  
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the Warrant Agent under this Agreement, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and
such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as the Warrant Agent under this Agreement. 

Section 3.19 Successor by Merger. Any entity into which the Warrant Agent may be merged or consolidated, or any entity
resulting from any merger or consolidation to which the Warrant Agent shall be a party, or any entity to which the Warrant Agent shall sell or otherwise transfer all or substantially all of its assets and business, shall be the successor Warrant
Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided, however, that it shall be qualified as aforesaid. 

ARTICLE IV 

MISCELLANEOUS 
 Section 4.1 Notices. Any notice pursuant to this Agreement by the Company or by any Holder to the Warrant Agent, or by the Warrant Agent or by any Holder to the Company, shall be in
writing and shall be delivered in person or by facsimile transmission, or mailed first class, postage prepaid, (a) to the Company, at its offices at 545 Washington Boulevard, Jersey City, New Jersey 07310, Attention: General Counsel, or
(b) to the Warrant Agent, at its offices at Computershare Shareowner Services, 480 Washington Blvd., Jersey City, NJ 07310, Attention: Relationship Manager with a copy to Computershare Shareowner Services, 480 Washington Blvd., Jersey City, NJ
07310, Attention: Legal Department. Each party to this Agreement may from time to time change the address to which notices to it are to be delivered or mailed by notice to the other party. Any notice mailed pursuant to this Agreement by the Company
or the Warrant Agent to the Holders shall be in writing and shall be mailed first class, postage prepaid, or otherwise delivered, to such Holders at their respective addresses on the registry of the Warrant Agent. 

Section 4.2 Supplements and Amendments. The Company may from time to time supplement or amend this Agreement without
the approval of any Holder in order to cure any ambiguity or to correct or supplement any provision contained in this Agreement that may be defective or inconsistent with any other provision in this Agreement, or to make any other provisions in
regard to matters or questions arising under this Agreement that the Company may deem necessary or desirable; provided, however, that no such supplement or amendment to this Agreement shall be made that adversely affects the interests
or rights of any of the Holders in any respect. Notwithstanding the foregoing, a supplement or amendment to this Agreement may be made by one or more substantially concurrent written instruments duly signed by the Holders of a majority of the then
outstanding Warrants and delivered to the Company; provided, however, that the consent of each Holder affected thereby shall be required for any supplement or amendment pursuant to which: (a) the Exercise Price would be increased
or the Exercise Number would be decreased (in each case, other than pursuant to adjustments in accordance with Article II), (b) the time period during which the Warrants are exercisable would be shortened or (c) the antidilution provisions
set forth in Article II would be changed in such a way as to adversely affect such Holder; provided further, however, that the consent of the Holders of the 

  
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majority of the then outstanding Warrants of a class of Warrants shall be required if the supplement or amendment to this Agreement adversely affects the Warrants of that class in a manner not
shared by the other classes of Warrants. In determining whether the Holders of the required number of outstanding Warrants have approved any supplement or amendment to this Agreement, Warrants owned by the Company or its controlled Affiliates, if
any, shall be disregarded and deemed not to be outstanding. Prior to the Warrant Agent executing any supplement or amendment requested by the Company, the Company shall deliver a certificate from an appropriate officer of the Company that states
that the proposed supplement or amendment is in compliance with the terms of this Agreement and the Warrants. 

Section 4.3 Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company
or the Warrant Agent shall bind and inure to the benefit of the respective successors and assigns of the Company or the Warrant Agent under this Agreement. 
 Section 4.4 Governing Law; Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT AND EACH WARRANT ISSUED UNDER THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICT OF LAWS. IN CONNECTION WITH ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE WARRANTS, THE PARTIES HERETO AND EACH HOLDER IRREVOCABLY SUBMIT
TO THE EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT LOCATED WITHIN THE COUNTY OF WILMINGTON, STATE OF DELAWARE. NOTICE MAY BE SERVED UPON THE COMPANY AT THE ADDRESS SET FORTH IN SECTION 4.1 AND UPON ANY HOLDER AT THE ADDRESS FOR SUCH HOLDER
SET FORTH IN THE REGISTRY MAINTAINED BY THE COMPANY OR WARRANT AGENT PURSUANT TO SECTION 1.7. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO AND EACH HOLDER HEREBY UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT OR THE WARRANTS. 
 Section 4.5 Benefits of this Agreement. This
Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrants. Nothing in this Agreement shall be construed to give to any Person other than the Company, the Warrant Agent and the Holders any
legal or equitable right, remedy or claim under this Agreement; provided, that the Warrant Agent’s obligations hereunder shall be for the sole and exclusive benefit of the Company. 

Section 4.6 Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile,
PDF or other electronic means), and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

Section 4.7 Table of Contents; Headings. The table of contents and headings of the Articles and Sections of this
Agreement have been inserted for convenience of reference only, are not intended to be considered a part of this Agreement and shall not modify or restrict any of the terms or provisions of this Agreement. 

  
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 Section 4.8 Severability. The provisions of this Agreement are
severable, and if any clause or provision shall be held invalid, illegal or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect in that jurisdiction only such clause or provision, or part
thereof, and shall not in any manner affect such clause or provision in any other jurisdiction or any other clause or provision of this Agreement in any jurisdiction; provided, that if such invalid or unenforceable term affects the rights, duties,
obligations or liabilities of the Warrant Agent, the Warrant Agent shall be entitled to resign immediately. 

Section 4.9 Availability of Agreement. The Warrant Agent shall keep copies of this Agreement and any notices given or
received under this Agreement available for inspection by the Holders during normal business hours at its office designated for such purpose. The Company shall supply the Warrant Agent from time to time with such numbers of copies of this Agreement
as the Warrant Agent may request. 
 Section 4.10 Saturdays, Sundays, Holidays, etc. If the last or appointed
day for the taking of any action or the expiration of any right required or granted herein shall not be a business day, then such action may be taken or such right may be exercised on the next succeeding day that is a business day. 

Section 4.11 Definitions. As used in this Agreement, the following terms having the meanings ascribed thereto
below: 
 “Affiliate” means, with respect to any Person, any Person directly or indirectly controlling,
controlled by or under common control with, such other Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) when
used with respect to any Person, means the possession, directly or indirectly, of the power to cause the direction of management and/or policies of such Person, whether through the ownership of voting securities by contract or otherwise. 

“Agreement” has the meaning set forth in the preamble. 

“Board of Directors” means the board of directors of the Company, including any duly authorized committee thereof.

 “Business Combination” means a merger, consolidation, statutory share exchange or similar transaction that
requires the approval of the Company’s stockholders. 
 “business day” means any day except Saturday,
Sunday and (i) at any time when the Warrants are listed on the NASDAQ Stock Market or the New York Stock Exchange, any day on which the NASDAQ Stock Market or the New York Stock Exchange, as applicable, is authorized or required by law or other
governmental actions to close or (ii) at any time when the Warrants are not listed on the NASDAQ Stock Market or the New York Stock Exchange, any day on which banking institutions in the State of New York or the State of New Jersey are
authorized or required by law or other governmental actions to close. 
 “Class A Warrant” and “Class A
Warrants” has the meaning set forth in the recitals. 

  
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 “Class B Warrant” and “Class B Warrants” has the meaning
set forth in the recitals. 
 “Class C Warrant” and “Class C Warrants” has the meaning set
forth in the recitals. 
 “Common Stock” has the meaning set forth in the recitals. 

“Company” has the meaning set forth in the preamble. 

“conversion” has the meaning set forth in Section 2.3. 

“convertible securities” has the meaning set forth in Section 2.3. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Exercise Number” has the meaning set forth in Section 1.3. 

“Exercise Price” has the meaning set forth in Section 1.3. 

“Expiration Date” has the meaning set forth in Section 1.4. 

“Fair Market Value” means, with respect to any security or other property, the fair market value of such security or
other property as determined by the Board of Directors, acting in good faith. 
 “GA-GTCO” has the meaning set
forth in the recitals. 
 “GETCO” has the meaning set forth in the recitals. 

“Holder” and “Holders” has the meaning set forth in the recitals. 

“Initial Number” has the meaning set forth in Section 2.3. 

“Issue Date” means, with respect to a Warrant Certificate, the date set forth on such Warrant Certificate. 

“Market Price” means, with respect to a particular security, on any given day, the last reported sale price regular way
or, in case no such reported sale takes place on such day, the average of the last closing bid and ask prices regular way, in either case on the principal national securities exchange on which the applicable securities are listed or admitted to
trading (the “Principal Exchange”), or if not listed or admitted to trading on any national securities exchange, the average of the closing bid and ask prices as furnished by two (2) members of the Financial Industry Regulatory
Authority, Inc. selected from time to time by the Company for that purpose. “Market Price” shall be determined without reference to after hours or extended hours trading. If such security is not listed and traded in a manner that the
quotations referred to above are available for the period required under this Agreement, the Market Price per share of Common 

  
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Stock shall be deemed to be the fair market value per share of such security as determined in good faith by the Board of Directors in reliance on an opinion of a nationally recognized independent
investment banking corporation retained by the Company for such purpose; provided, however, that if any such security is listed or traded solely on a non-U.S. market, such fair market value shall be determined by reference to the
closing price of such security as of the end of the most recently ended business day in such market prior to the date of determination; provided, further, that if making such determination requires the conversion of any currency other
than U.S. dollars into U.S. dollars, such conversion shall be done in accordance with customary procedures based on the rate for conversion of such currency into U.S. dollars displayed on the relevant page by Bloomberg L.P. (or any successor or
replacement service) on or by 4:00 p.m., New York City time, on such conversion date. For the purposes of determining the Market Price of the Common Stock on the “trading day” preceding, on or following the occurrence of an event,
(i) that trading day shall be deemed to commence immediately after the regular scheduled closing time of trading on the Principal Exchange or, if trading is closed at an earlier time, such earlier time and (ii) that trading day shall end
at the next regular scheduled closing time, or if trading is closed at an earlier time, such earlier time (for the avoidance of doubt, and as an example, if the Market Price is to be determined as of the last trading day preceding a specified event
and the closing time of trading on a particular day is 4:00 p.m. and the specified event occurs at 5:00 p.m. on that day, the Market Price would be determined by reference to such 4:00 p.m. closing price). 

“Merger Agreement” has the meaning set forth in the recitals. 

“Mergers” has the meaning set forth in the recitals. 

“Per Share Fair Market Value” has the meaning set forth in Section 2.4(a). 

“Permitted Transactions” has the meaning set forth in Section 2.3. 

“Person” has the meaning given to it in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and
14(d)(2) of the Exchange Act. 
 “Pro Rata Repurchase” means any purchase of shares of Common Stock by the
Company or any Affiliate thereof pursuant to (i) any tender offer or exchange offer made to substantially all holders of Common Stock subject to Section 13(e) or 14(e) of the Exchange Act or Regulation 14E promulgated thereunder or
(ii) any other offer available to substantially all holders of Common Stock, in the case of both (i) and (ii), whether for cash, shares of Common Stock of the Company, other securities of the Company, evidences of indebtedness of the
Company or any other Person or any other property (including, without limitation, shares of Common Stock, other securities or evidences of indebtedness of a subsidiary), or any combination thereof, effected while any Warrants are outstanding. The
“Effective Date” of a Pro Rata Repurchase shall mean the date of acceptance of shares for purchase or exchange by the Company under any tender or exchange offer which is a Pro Rata Repurchase or the date of purchase with respect to
any Pro Rata Repurchase that is not a tender or exchange offer. 

  
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 “Subsidiary” means any corporation, limited liability company, partnership,
association, trust or other entity the accounts of which would be consolidated with those of such party in such party’s consolidated financial statements if such financial statements were prepared in accordance with U.S. GAAP, as well as any
other corporation, limited liability company, partnership, association, trust or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power (or, in the case of
a partnership, more than 50% of the general partnership interests or, in the case of a limited liability company, the managing member) are, as of such date, owned by such party or one or more Subsidiaries of such party or by such party and one or
more Subsidiaries of such party. 
 “trading day” means (i) if the shares of Common Stock are not traded
on any national or regional securities exchange or association or over-the-counter market, a business day or (ii) if the shares of Common Stock are traded on any national or regional securities exchange or association or over-the-counter
market, a business day on which such relevant exchange or quotation system is scheduled to be open for business and on which the shares of Common Stock (x) are not suspended from trading on any national or regional securities exchange or
association or over-the-counter market for any period or periods aggregating one half hour or longer; and (y) have traded at least once on the national or regional securities exchange or association or over-the-counter market that is the
primary market for the trading of the shares of Common Stock. The term “trading day” with respect to any security other than the Common Stock shall have a correlative meaning based on the primary exchange or quotation system on which such
security is listed or traded. 
 “U.S. GAAP” means United States generally accepted accounting principles.

 “Warrants” has the meaning set forth in the recitals. 

“Warrant Agent” has the meaning set forth in the preamble. 

“Warrant Certificate” and “Warrant Certificates” has the meaning set forth in Section 1.1.

 “Warrant Share” and “Warrant Shares” has the meaning set forth in Section 1.3.

 [Signature page follows] 

  
 -22-

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

					
	KCG Holdings, Inc.
			
	By:	 	 	 	/s/ Leonard J. Amoruso
		 	Name:	 	Leonard J. Amoruso
		 	Title:	 	Chief Executive Officer

  

					
	 Computershare Shareowner Services LLC,
 as Warrant Agent

			
	By:	 	 	 	/s/ Michael Legregin
		 	Name:	 	Michael Legregin
		 	Title:	 	Authorized Person

 [Signature Page to the Warrant Agreement] 

 EXHIBIT A 
 VOID AFTER 5:00 P.M., New York City Time, [                    ],
201[    ] 
 Class A Warrants to Purchase  

[                    ]

 Shares of Common Stock 
 KCG Holdings, Inc. 
 CLASS A COMMON STOCK PURCHASE WARRANTS

 This certifies that, for value received,
[                    ] or registered assigns (the “Holder”), is entitled, subject to the terms and conditions hereof,
to purchase from KCG Holdings, Inc., a Delaware corporation (the “Company”), at any time from 9:00 a.m., New York City time, on
[                    ], 201[    ] until 5:00 p.m., New York City time, on
201[    ]1 (the
“Expiration Date”), at the purchase price of $12.00 per share (the “Exercise Price”), the number of shares of Class A common stock, par value $0.01 per share, of the Company (the “Common
Stock”), shown above. The number of shares purchasable upon exercise of the Class A Common Stock Purchase Warrants (the “Warrants”) and the Exercise Price are subject to modification and adjustment from time to time as
set forth in the Warrant Agreement (as defined below). 
 The Warrants may be exercised in whole or in part by presentation of
this Warrant Certificate with the Notice of Exercise on the reverse side hereof duly executed and simultaneous payment of the Exercise Price at the office of Computershare Shareowner Services LLC (the “Warrant Agent”) designated for
such purpose. Payment of such price shall be made, at the option of the Holder, either (i) in cash or by certified or official bank check payable to the Warrant Agent or (ii) by delivering a written direction to the Warrant Agent that the
Holder desires to exercise Warrants pursuant to a “cashless exercise,” in which case the Holder will receive a number of shares of Common Stock that is equal to the aggregate number of shares of Common Stock for which the Warrants are
being exercised less the number of shares of Common Stock that have an aggregate Market Price (as defined in the Warrant Agreement) on the trading day on which such Warrants are exercised that is equal to the aggregate Exercise Price. 

This Warrant Certificate is issued under and in accordance with a Warrant Agreement, dated as of
May [    ], 2013, by and between the Company and the Warrant Agent (the “Warrant Agreement”), and is subject to the terms and provisions contained in the Warrant Agreement, to all of which the Holder
by acceptance hereof consents. A copy of the Warrant Agreement may be obtained by the Holder upon written request to the Company or at the office of the Warrant Agent. 
  

 

	1 	4-year term. 

  
 A-1

 Upon any partial exercise of the Warrants evidenced by this Warrant Certificate, there shall
be countersigned and issued to the Holder a new Warrant Certificate in respect of the shares of Common Stock as to which the Warrants evidenced by this Warrant Certificate shall not have been exercised. This Warrant Certificate may be exchanged at
the office of the Warrant Agent designated for such purpose by surrender of this Warrant Certificate properly completed and duly endorsed either separately or in combination with one or more other Warrant Certificates for one or more new Warrant
Certificates evidencing the right of the Holder to purchase the same aggregate number of shares of Common Stock as were purchasable on exercise of the Warrants evidenced by the Warrant Certificate or Certificates exchanged. No fractional shares will
be issued upon the exercise of any Warrant, but the Company will pay the cash value thereof determined as provided in the Warrant Agreement. 
 The Holder may be treated by the Company, the Warrant Agent and all other persons dealing with this Warrant Certificate as the absolute owner hereof. 

The Warrants may be sold, assigned, transferred, pledged, encumbered or in any other manner transferred or disposed of, in whole or in
part, but only in accordance with the terms of the Warrant Agreement and in compliance with all applicable laws. 
 This Warrant
Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Warrant Agent. 
  

					
	Dated:	  	[                    ],	  	201 [    ]

  
 A-2

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

			
	KCG Holdings, Inc.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 Countersigned:
  

Computershare Shareowner Services LLC,
 as
Warrant Agent

		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to Class A Warrant Certificate] 

 EXHIBIT B 
 VOID AFTER 5:00 P.M., New York City Time, [                    ],
201[    ] 
 Class B Warrants to Purchase  

[                    ]

 Shares of Common Stock  
 KCG Holdings, Inc. 
 CLASS B COMMON STOCK PURCHASE WARRANTS

 This certifies that, for value received,
[                    ] or registered assigns (the “Holder”), is entitled, subject to the terms and conditions hereof,
to purchase from KCG Holdings, Inc., a Delaware corporation (the “Company”), at any time from 9:00 a.m., New York City time, on
[                    ], 201[    ] until 5:00 p.m., New York City time, on
201[    ]2 (the
“Expiration Date”), at the purchase price of $13.50 per share (the “Exercise Price”), the number of shares of Class A common stock, par value $0.01 per share, of the Company (the “Common
Stock”), shown above. The number of shares purchasable upon exercise of the Class B Common Stock Purchase Warrants (the “Warrants”) and the Exercise Price are subject to modification and adjustment from time to time as set
forth in the Warrant Agreement (as defined below). 
 The Warrants may be exercised in whole or in part by presentation of this
Warrant Certificate with the Notice of Exercise on the reverse side hereof duly executed and simultaneous payment of the Exercise Price at the office of Computershare Shareowner Services LLC (the “Warrant Agent”) designated for such
purpose. Payment of such price shall be made, at the option of the Holder, either (i) in cash or by certified or official bank check payable to the Warrant Agent or (ii) by delivering a written direction to the Warrant Agent that the
Holder desires to exercise Warrants pursuant to a “cashless exercise,” in which case the Holder will receive a number of shares of Common Stock that is equal to the aggregate number of shares of Common Stock for which the Warrants are
being exercised less the number of shares of Common Stock that have an aggregate Market Price (as defined in the Warrant Agreement) on the trading day on which such Warrants are exercised that is equal to the aggregate Exercise Price. 

This Warrant Certificate is issued under and in accordance with a Warrant Agreement, dated as of May [    ],
2013, by and between the Company and the Warrant Agent (the “Warrant Agreement”), and is subject to the terms and provisions contained in the Warrant Agreement, to all of which the Holder by acceptance hereof consents. A copy of the
Warrant Agreement may be obtained by the Holder upon written request to the Company or at the office of the Warrant Agent. 
  

	2 	5-year term. 

  
 B-1

 Upon any partial exercise of the Warrants evidenced by this Warrant Certificate, there shall
be countersigned and issued to the Holder a new Warrant Certificate in respect of the shares of Common Stock as to which the Warrants evidenced by this Warrant Certificate shall not have been exercised. This Warrant Certificate may be exchanged at
the office of the Warrant Agent designated for such purpose by surrender of this Warrant Certificate properly completed and duly endorsed either separately or in combination with one or more other Warrant Certificates for one or more new Warrant
Certificates evidencing the right of the Holder to purchase the same aggregate number of shares of Common Stock as were purchasable on exercise of the Warrants evidenced by the Warrant Certificate or Certificates exchanged. No fractional shares will
be issued upon the exercise of any Warrant, but the Company will pay the cash value thereof determined as provided in the Warrant Agreement. 
 The Holder may be treated by the Company, the Warrant Agent and all other persons dealing with this Warrant Certificate as the absolute owner hereof. 

The Warrants may be sold, assigned, transferred, pledged, encumbered or in any other manner transferred or disposed of, in whole or in
part, but only in accordance with the terms of the Warrant Agreement and in compliance with all applicable laws. 
 This Warrant
Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Warrant Agent. 
  

					
	Dated:	  	[                    ],	  	201 [    ]

  
 B-2

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

			
	KCG Holdings, Inc.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 Countersigned:
  

Computershare Shareowner Services LLC,
 as
Warrant Agent

		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to Class B Warrant Certificate] 

 EXHIBIT C 
 VOID AFTER 5:00 P.M., New York City Time, [                    ],
201[    ] 
 Class C Warrants to Purchase 

[                    ]

 Shares of Common Stock 
 KCG Holdings, Inc. 
 CLASS C COMMON STOCK PURCHASE WARRANTS

 This certifies that, for value received,
[                    ] or registered assigns (the “Holder”), is entitled, subject to the terms and conditions hereof,
to purchase from KCG Holdings, Inc., a Delaware corporation (the “Company”), at any time from 9:00 a.m., New York City time, on
[                    ], 201[    ] until 5:00 p.m., New York City time, on
201[    ]3 (the
“Expiration Date”), at the purchase price of $15.00 per share (the “Exercise Price”), the number of shares of Class A common stock, par value $0.01 per share, of the Company (the “Common
Stock”), shown above. The number of shares purchasable upon exercise of the Class C Common Stock Purchase Warrants (the “Warrants”) and the Exercise Price are subject to modification and adjustment from time to time as set
forth in the Warrant Agreement (as defined below). 
 The Warrants may be exercised in whole or in part by presentation of this
Warrant Certificate with the Notice of Exercise on the reverse side hereof duly executed and simultaneous payment of the Exercise Price at the office of Computershare Shareowner Services LLC (the “Warrant Agent”) designated for such
purpose. Payment of such price shall be made, at the option of the Holder, either (i) in cash or by certified or official bank check payable to the Warrant Agent or (ii) by delivering a written direction to the Warrant Agent that the
Holder desires to exercise Warrants pursuant to a “cashless exercise,” in which case the Holder will receive a number of shares of Common Stock that is equal to the aggregate number of shares of Common Stock for which the Warrants are
being exercised less the number of shares of Common Stock that have an aggregate Market Price (as defined in the Warrant Agreement) on the trading day on which such Warrants are exercised that is equal to the aggregate Exercise Price. 

This Warrant Certificate is issued under and in accordance with a Warrant Agreement, dated as of May [    ],
2013, by and between the Company and the Warrant Agent (the “Warrant Agreement”), and is subject to the terms and provisions contained in the Warrant Agreement, to all of which the Holder by acceptance hereof consents. A copy of the
Warrant Agreement may be obtained by the Holder upon written request to the Company or at the office of the Warrant Agent. 
  

 

	3 	6-year term. 

  
 C-1

 Upon any partial exercise of the Warrants evidenced by this Warrant Certificate, there shall
be countersigned and issued to the Holder a new Warrant Certificate in respect of the shares of Common Stock as to which the Warrants evidenced by this Warrant Certificate shall not have been exercised. This Warrant Certificate may be exchanged at
the office of the Warrant Agent designated for such purpose by surrender of this Warrant Certificate properly completed and duly endorsed either separately or in combination with one or more other Warrant Certificates for one or more new Warrant
Certificates evidencing the right of the Holder to purchase the same aggregate number of shares of Common Stock as were purchasable on exercise of the Warrants evidenced by the Warrant Certificate or Certificates exchanged. No fractional shares will
be issued upon the exercise of any Warrant, but the Company will pay the cash value thereof determined as provided in the Warrant Agreement. 
 The Holder may be treated by the Company, the Warrant Agent and all other persons dealing with this Warrant Certificate as the absolute owner hereof. 

The Warrants may be sold, assigned, transferred, pledged, encumbered or in any other manner transferred or disposed of, in whole or in
part, but only in accordance with the terms of the Warrant Agreement and in compliance with all applicable laws. 
 This Warrant
Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Warrant Agent. 
  

					
	Dated:	  	[                    ],	  	201 [    ]

  
 C-2

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

			
	KCG Holdings, Inc.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 Countersigned:
  

Computershare Shareowner Services LLC,
 as
Warrant Agent

		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to Class C Warrant Certificate] 

 EXHIBIT D 
 NOTICE OF EXERCISE 
 (To be executed upon exercise of Warrant) 

To: KCG Holdings, Inc. 
 The
undersigned hereby irrevocably elects to exercise the right of purchase represented by the Warrant Certificate within for, and to purchase thereunder, __________ shares of the Class A common stock, par value $0.01 per share, of KCG
Holdings, Inc. (the “Common Stock”), as provided for therein, and tenders herewith payment of the purchase price. 
 The purchase price shall be paid: 
  

			
	_____	 	in cash, certified check or official bank check; or
		
	_____	 	by electing to receive a number of shares of Common Stock that is equal to the aggregate number of shares of Common Stock for which the Warrants are being exercised less the number
of shares of Common Stock that have an aggregate Market Price (as defined in the Warrant Agreement) on the trading day on which such Warrants are exercised that is equal to the aggregate Exercise Price (as defined in the Warrant
Agreement).

 Please issue a certificate or certificates for such shares of Common Stock in the name of, and pay any
cash for any fractional share to: 
 If in book-entry form: 
  

			
	DEPOSITORY ACCOUNT NUMBER:	 	 
		
	NAME OF AGENT MEMBER:	 	 

  
 D-1

 If in definitive/certificated form: 

 

					
	SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER OF ASSIGNEE, IF ANY:	  		 	NAME:
			
	 	  		 	 
		  		 	ADDRESS:
			
	SIGNATURE:	  		 	 
			
	NOTE:	  		 	The above signature should correspond exactly with the name on the face of this Warrant Certificate or with the name of the assignee appearing in the Permitted Transfer form below
and must be guaranteed by a member of a recognized guarantee medallion program at a guarantee level satisfactory to the Warrant Agent.

 And, if said number of shares shall not be all the shares purchasable under the within Warrant Certificate, a new Warrant
Certificate is to be issued in the name of said undersigned for the balance remaining of the shares purchasable thereunder less any fraction of a share paid in cash. 

  
 D-2

 PERMITTED TRANSFER 

(To be executed only upon transfer of Warrant Certificate to the extent such transfer is permissible under the terms of the Warrant
Agreement) 
 For value received, __________ hereby sells, assigns and transfers unto the within Warrant Certificate,
together with all right, title and interest therein, and does hereby irrevocably constitute and appoint __________ attorney, to transfer said Warrant Certificate on the books of KCG Holdings, Inc., with full power of substitution in the premises.

 Dated: ____________, 201_ 
  

					
		  	NOTE:	 	The above signature should correspond exactly with the name on the face of this Warrant Certificate and must be guaranteed by a member of a recognized guarantee medallion program at
a guarantee level satisfactory to the Warrant Agent.

  
 D-3

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