Document:

Form of Warrant Agreement

 Exhibit 4.1 
 WARRANT AGREEMENT 
 THIS WARRANT AGREEMENT is dated __, 2008, between Microvision, Inc., a Delaware
corporation (the “Company”) and the American Stock Transfer & Trust Company, acting as warrant agent (the “Warrant Agent”). 
 WHEREAS, the Company proposes to issue warrants (collectively, with any Additional Warrants, the “Warrants”) to acquire up to              shares, subject to adjustment
as provided herein, of common stock, $.001 par value (“Common Stock”), of the Company (collectively, the “Warrant Shares”); 
 WHEREAS, each Warrant shall represent the right to purchase from the Company, at an initial price of $             per share (the “Exercise Price”), the number of shares
specified on the certificates evidencing the Warrants (the “Warrant Certificates”); and 
 WHEREAS, the American Stock Transfer
& Trust Company is willing to serve as the Warrant Agent in connection with the issuance of Warrant Certificates and the other matters as provided herein. 
 NOW, THEREFORE, in consideration of the foregoing and for the purpose of defining the terms and provisions of the Warrants and the respective rights and obligations thereunder of the Company, the Warrant Agent and the
record holders from time to time of the Warrants (the “Holders”), the parties hereby agree as follows: 
 1. Definitions.
For the purposes hereof, the following terms shall have the following meanings: 
 “Business Day” means any day except Saturday,
Sunday and any day which shall be a federal legal holiday in the United States or a day on which banking institutions in The City of New York are authorized or required by law or other government action to close. 
 “Date of Exercise” means the date on which the Holder shall have delivered to the Company (i) a Warrant Certificate, (ii) the Form of
Election to Purchase attached thereto (with the Warrant Exercise Log attached to it), appropriately completed and duly signed, and (iii) in the case of a Cash Exercise, payment of the Exercise Price in accordance with Section 9 for the
number of Warrant Shares so indicated by the Holder to be purchased. 
 “Exchange Act” means the Securities Exchange Act of 1934,
as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder. 
 “Expiration Date”
means the date 5 years after the Initial Issuance Date. 
 “Initial Issuance Date” means __, 2008. 
 “Market Price” of a share of Common Stock on any date shall mean, (i) if the shares of Common Stock are traded on the Nasdaq Global
Market, the last bid price reported on that date; (ii) if the shares of Common Stock are no longer quoted on Nasdaq and are listed on any other national securities exchange, the last sale price of the Common Stock reported by such exchange

  

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on that date; (iii) if the shares of Common Stock are not quoted on a any such market or listed on any such exchange and the shares of Common Stock are
traded in the over-the-counter market, the last price reported on such day by the OTC Bulletin Board; (iv) if the shares of Common Stock are not quoted on a any such market, listed on any such exchange or quoted on the OTC Bulletin Board, then
the last price quoted on such day in the over-the-counter market as reported by the National Quotation Bureau Incorporated (or any similar organization or agency succeeding its functions of reporting prices); or (v) if none of clauses
(i)-(iv) are applicable, then as determined, in good faith, by the Board of Directors of the Company. 
 “Person” means a
corporation, association, partnership, limited liability corporation, organization, business, individual, government or political subdivision thereof or governmental agency. 
 “Trading Day” means (i) a day on which the shares of Common Stock are traded on the Nasdaq Global Market, Nasdaq Capital Market, New York
Stock Exchange or American Stock Exchange on which the shares of Common Stock are then listed or quoted, or (ii) if the shares of Common Stock are not listed on a any such exchange or market, a day on which the shares of Common Stock are traded
in the over-the-counter market, as reported by the OTC Bulletin Board, or (iii) if the shares of Common Stock are not quoted on the OTC Bulletin Board, a day on which the shares of Common Stock are quoted in the over-the-counter market as
reported by the National Quotation Bureau Incorporated (or any similar organization or agency succeeding its functions of reporting prices); provided, that in the event that the shares of Common Stock are not listed or quoted as set forth in
clause (i), (ii) or (iii) hereof, then Trading Day shall mean a Business Day. 
 2. Form of Warrant Certificates.

 (a) The Warrant Certificates shall be issued in registered form only as definitive Warrant Certificates and shall be substantially in the
form attached hereto as Exhibit A, shall be dated the date of issuance thereof (whether upon initial issuance, register of transfer, exchange or replacement) and shall bear such legends and endorsements typed, stamped, printed, lithographed
or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement. Warrant Certificates evidencing Warrants to purchase the number of shares of Common Stock specified on each Warrant
Certificate shall be signed by, or bear the facsimile signature of, the Chairman of the Board, Chief Executive Officer, President, any Vice President, Treasurer or Secretary of the Company. In the event the person whose facsimile signature has been
placed upon any Warrant Certificate shall have ceased to serve in the capacity in which such person signed the Warrant Certificate before such Warrant Certificate is issued, it may be issued with the same effect as if he or she had not ceased to be
such at the date of issuance. 
 (b) Effect of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this
Agreement, a Warrant Certificate shall be invalid and of no effect and may not be exercised by the holder thereof. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be conclusive evidence that such
Warrant Certificate has been duly issued under the terms of this Agreement. 
  

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 (c) Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”),
for the registration of original issuance and the registration of transfer of Warrant Certificates. Upon the initial issuance of the Warrant Certificates, the Warrant Agent shall issue and register the Warrant Certificates in the names of the
respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. The Company and the Warrant Agent may deem and treat the registered Holder of each Warrant Certificate as
the absolute owner of the Warrants represented thereby for the purpose of any exercise thereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 (d) Registration of Transfers. The Warrant Agent shall register the transfer of any portion of a Warrant Certificate in the Warrant Register, upon
surrender of the Warrant Certificate, with the Form of Assignment attached thereto duly completed and signed, to the Company at its address specified herein. Upon any such registration or transfer, a new Warrant Certificate substantially in the form
attached hereto as Exhibit A (any such new Warrant Certificate, a “New Warrant Certificate”), evidencing the portion of the Warrant Certificate so transferred shall be issued to the transferee and a New Warrant Certificate
evidencing the remaining portion of the Warrant Certificate not so transferred, if any, shall be issued to the transferring Holder. The delivery of the New Warrant Certificate by the Company to the transferee thereof shall be deemed to constitute
acceptance by such transferee of all of the rights and obligations of a holder of a Warrant Certificate. 
 3. Term of Warrants.
Warrants shall be exercisable by the registered Holder at any time and from time to time on or after the calendar day one year from the Initial Issuance Date to and including the Expiration Date. At 5:00 p.m., Seattle time on the Expiration
Date, any portion of a Warrant not exercised prior thereto shall be and become void and of no value. 
 4. Exercise of Warrants and
Delivery of Warrant Shares. 
 (a) If, and only if, an effective registration statement is then available for the issuance of the Warrant
Shares, a registered Holder may exercise the Warrants through a cash exercise (a “Cash Exercise”) or, if an effective registration statement is not then available for the issuance of the Warrant Shares, through a cashless exercise (a
“Cashless Exercise”) pursuant to Section 4(b) below. If an effective registration statement is available for the issuance of the warrants, the warrants may only be exercised through a cash exercise. 
 (b) The Holder may effect a Cashless Exercise by surrendering Warrant Certificates to the Warrant Agent and noting on the Form of Election to Purchase
that the Holder wishes to effect a Cashless Exercise, upon which the Company shall issue, or cause to be issued, to the Holder the number of Warrant Shares determined as follows: 
  

			
	 	  	X = Y x (A-B)/A
		
	where:	  	X = the number of Warrant Shares to be issued to the Holder;
		
		  	Y = the number of Warrant Shares with respect to which the Warrant Certificates are being exercised;
		
		  	A = the Market Price as of the Date of Exercise; and
		
		  	B = the Exercise Price.

  

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 (c) At such times, and upon such representations and agreements, if applicable, upon surrender of a
Warrant Certificate and delivery of the Form of Election to Purchase (with the Warrant Shares Exercise Log attached) to the Warrant Agent at its address for notice set forth in Section 14, and, in the case of a Cash Exercise, upon payment of
the Exercise Price multiplied by the number of Warrant Shares that the Holder intends to purchase thereunder (which must be a whole number) in accordance with Section 9 (the “Aggregate Exercise Price”), the Company shall promptly
issue and deliver to the Holder a certificate for the Warrant Shares issuable upon such exercise. Any Person so designated by the Holder to receive Warrant Shares shall be deemed to have become holder of record of such Warrant Shares as of the Date
of Exercise of the relevant Warrant Certificate. For so long as there is a then effective registration statement covering the issuance of the Warrant Shares or if a Holder effects a Cashless Exercise, the Warrant Shares shall be issued free of all
restrictive legends, and the Company shall, upon request of the Holder, if available, use commercially reasonable efforts to deliver Warrant Shares hereunder electronically through the Depository Trust Corporation or another established clearing
corporation performing similar functions. If fewer than all Warrant Shares issuable upon exercise of the relevant Warrant Certificate are purchased on such Date of Exercise, then the Company will execute and deliver to the Holder or its assigns a
New Warrant Certificate (dated the date thereof) evidencing the unexercised portion of the relevant Warrant Certificate. 
 5. Charges,
Taxes and Expenses. Issuance and delivery of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax, or transfer agent fee in respect of the issuance of such certificates, all of which taxes
shall be paid by the Company; provided, however, that the Company shall not be obligated to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or Warrants in a name
other than that of the Holder. The Holder shall be responsible for all other tax liabilities that may arise as a result of holding or transferring any Warrant Certificate or receiving Warrant Shares upon exercise thereof. 
 6. Replacement of Warrant Certificate. If any Warrant Certificate is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be
issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution for such Warrant Certificate, a New Warrant Certificate, but only upon receipt of evidence reasonably satisfactory to the Company of such loss,
theft or destruction and customary and reasonable indemnity, if requested. Applicants for a New Warrant Certificate under such circumstances shall also comply with such other reasonable regulations and procedures and pay such other reasonable
third-party costs as the Company may prescribe. 
 7. Reservation of Warrant Shares. The Company covenants that it will at all times
reserve and keep available out of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of all outstanding Warrants as herein provided, the number of Warrant
Shares which are then issuable and deliverable upon the exercise of all outstanding Warrants (taking into account the adjustments and restrictions of Section 8). The Company covenants that all Warrant Shares so issuable and deliverable shall,
upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized and issued, and be fully paid and nonassessable. 
  

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 8. Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of
each Warrant then outstanding are subject to adjustment from time to time as set forth in this Section 8. 
 (a) Stock Dividends and
Splits. If the Company, (i) pays a stock dividend on its Common Stock, (ii) subdivides outstanding shares of Common Stock into a greater number of shares, or (iii) combines outstanding shares of Common Stock into a lesser number
of shares, then in each such case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be the number of
shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of shareholders entitled to receive
such dividend, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination. 
 (b) Extraordinary Transactions. If, (i) the Company effects any merger or consolidation of the Company with or into another Person,
(ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any tender offer or exchange offer by the Company is completed pursuant to which holders of Common Stock are
permitted to tender or exchange their shares for other securities, cash or property, or (iv) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively
converted into or exchanged for other securities, cash or property (in any such case, an “Extraordinary Transaction”), then each Holder’s Warrants will become the right thereafter to receive, upon exercise of his or her Warrants, the
same amount and kind of securities, cash or property as such Holder would have been entitled to receive upon the occurrence of such Extraordinary Transaction if it had been, immediately prior to such Extraordinary Transaction, the holder of the
number of Warrant Shares then issuable upon exercise in full of the relevant Warrant (the “Alternate Consideration”) in lieu of Common Stock. The aggregate Exercise Price for each Warrant will not be affected by any such Extraordinary
Transaction, but the Company shall apportion such aggregate Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock
are given any choice as to the securities, cash or property to be received in a Extraordinary Transaction, then each Holder, to the extent practicable, shall be given the same choice as to the Alternate Consideration it receives upon any exercise of
his or her Warrant following such Extraordinary Transaction. In addition, at the request of each Holder, upon surrender of such Holder’s Warrant, any successor to the Company or surviving entity in such Extraordinary Transaction shall issue to
such Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to purchase the Alternate Consideration for the aggregate Exercise Price upon exercise thereof. Each Warrant (or any such replacement security)
will be similarly adjusted upon any subsequent transaction analogous to a Extraordinary Transaction. 
 (c) Number of Warrant Shares.
Simultaneously with any adjustment to the Exercise Price pursuant to paragraph (a) of this Section, the number of Warrant Shares that may be purchased upon exercise of each Warrant shall be increased or decreased proportionately, as the case
may be, so that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment. 
  

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 (d) Calculations. All calculations under this Section 8 shall be made to the nearest cent or
the nearest 1/100th of a share, as applicable. 
 (e) Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this
Section 8, the Company at its expense will promptly calculate such adjustment in accordance with the terms of this Agreement and prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and
adjusted number of Warrant Shares or type of Alternate Consideration issuable upon exercise of each Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment is
based. The Company will promptly deliver to each Holder who makes a request in writing and to the Warrant Agent, a copy of each such certificate. 
 (f) Notice of Corporate Events. If the Company (i) declares a dividend or any other distribution of cash, securities or other property in respect of its Common Stock (other than a dividend payable solely in shares of Common
Stock) or (ii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company, then the Company shall deliver to each Holder a notice describing the material terms and conditions of such dividend, distribution or
transaction. Notwithstanding anything to the contrary in this Section 8(f), the failure to deliver any notice under this Section 8(f) or any defect therein shall not affect the validity of the corporate action required to be described in
such notice. Until the exercise of its, his or her Warrant or any portion of such Warrant, a Holder shall not have nor exercise any rights by virtue of ownership of a Warrant as a shareholder of the Company (including without limitation the right to
notification of shareholder meetings or the right to receive any notice or other communication concerning the business and affairs of the Company other than as provided in this Section 8(f)). 
 9. Payment of Exercise Price. The Holder shall pay the Aggregate Exercise Price by paying, in lawful money of the United States, in cash,
certified check or bank draft payable to the order of the Company (or as otherwise agreed to by the Company) delivered to the Warrant Agent together with the Warrant Certificate and Form of Election to Purchase. 
 10. Company Call Right. Notwithstanding any other provision contained in this Warrant Agreement to the contrary, in the event that the average
closing bid prices per share of Common Stock, as quoted on the Nasdaq National Market (or such other exchange or stock market on which the Common Stock may then be listed or quoted) over a period of 20 consecutive Trading Days ending on or after the
one year anniversary of the Initial Issuance Date, equals or exceeds 200% of the Exercise Price (appropriately adjusted for any stock split, reverse stock split, stock dividend or other reclassification or combination of the Common Stock occurring
after the date hereof), thereafter the Company, upon fifteen (15) calendar days prior written notice (the “Notice Period”) ending at 5:00 p.m. (Seattle time) on the fifteenth calendar day (counting the day such notice is given as one
calendar day) given to the Holder within 10 Business Days of the end of such 20 consecutive Trading Day period, may call the Warrants, in whole or in part, at a redemption price equal to $0.01 per share of Common Stock then purchasable pursuant to
the Warrants called for redemption. The Holder shall have the right to exercise the Warrants prior to the end of the Notice Period. As of the last day of the Notice Period, any Warrants timely and validly called for redemption by the Company shall
terminate and permanently cease to be exercisable. 
  

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 11. Holder not Deemed a Stockholder. Except as otherwise specifically provided herein, the Holder,
solely in such Person’s capacity as a Holder, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in the Warrants be construed to confer upon
the Holder, solely in such Person’s capacity as a Holder, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of
stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares to which Person is then entitled to receive upon
the due exercise of the Warrants. 
 12. No Fractional Shares. No fractional shares will be issued in connection with any exercise of
a Warrant. In lieu of any fractional shares which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied by the Market Price on the Date of Exercise. 
 13. Exchange Act Filings. The Holder agrees and acknowledges that it shall have sole responsibility for making any applicable filings with the
U.S. Securities and Exchange Commission pursuant to Sections 13 and 16 of the Exchange Act as a result of its acquisition of any Warrant and the Warrant Shares and any future retention or transfer thereof. 
 14. Notices. Any and all notices or other communications or deliveries hereunder (including without limitation any Exercise Notice) shall be in
writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified in this Section prior to 5:00 p.m. (Seattle time)
on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified in this Section on a day that is not a Trading Day or later than
5:00 p.m. (Seattle time) on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to
be given. The addresses for such communications shall be: 
  

			
	if to the Company:	  	 Microvision, Inc.
 6222 185th Avenue NE
 Redmond, Washington, 98052
 Attn: General Counsel
 Facsimile No.: (425) 936-4413

		
	if to the Warrant Agent:	  	 American Stock Transfer & Trust Company
 59 Maiden
Lane, Plaza Level
 New York, NY 10005
 Attn: Office of General
Counsel

		
	if to the Holder:	  	to the address or facsimile number appearing on the Warrant Register or such other address or facsimile number as the Holder may provide to the Company in accordance with this Section 14.

  

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 15. Warrant Agent. 
 (a) The Company and the Warrant Agent hereby agree that the Warrant Agent will serve as an agent of the Company as set forth in this Agreement. 
 (b) The Warrant Agent shall not by any act hereunder be deemed to make any representation as to validity or authorization of the Warrants or the Warrant
Certificates (except as to its countersignature thereon) or of any securities or other property delivered upon exercise of any Warrant, or as to the number or kind or amount of securities or other property deliverable upon exercise of any Warrant or
the correctness of the representations of the Company made in such certificates that the Warrant Agent receives. 
 (c) The Warrant Agent
shall not have any duty to calculate or determine any required adjustments with respect to the Exercise Price or the kind and amount of securities or other property receivable by Holders upon the exercise of Warrants, nor to determine the accuracy
or correctness of any such calculation. 
 (d) The Warrant Agent shall not (i) be liable for any recital or statement of fact contained
herein or in the Warrant Certificates or for any action taken, suffered or omitted by it in good faith in the belief that any Warrant Certificate or any other document or any signature is genuine or properly authorized, (ii) be responsible for
any failure by the Company to comply with any of its obligations contained in this Agreement or in the Warrant Certificates, (iii) be liable for any act or omission in connection with this Agreement except for its own gross negligence or
willful misconduct or (iv) have any responsibility to determine whether a transfer of a Warrant complies with applicable securities laws. 
 (e) The Warrant Agent is hereby authorized to accept instructions with respect to the performance of its duties hereunder from the Chief Executive Officer, the President, any Vice President, the Treasurer, or the Secretary or any Assistant
Secretary of the Company and to apply to any such officer for written instructions (which will then be promptly given) and the Warrant Agent shall not be liable for any action taken or suffered to be taken by it in good faith in accordance with the
instructions of any such officer, except for its own gross negligence or willful misconduct, but in its discretion the Warrant Agent may in lieu thereof accept other evidence of such or may require such further or additional evidence as it may deem
reasonable. 
 (f) The Warrant Agent may exercise any of the rights and powers hereby vested in it or perform any duty hereunder either
itself or by or through its attorneys, agents or employees, provided reasonable care has been exercised in the selection and in the continued employment of any persons. The Warrant Agent shall not be under any obligation or duty to institute, appear
in or defend any action, suit or legal proceeding in respect hereof, unless first indemnified to its satisfaction. The Warrant Agent shall promptly notify the Company in writing of any claim made or action, suit or proceeding instituted against or
arising out of or in connection with this Agreement. 
  

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 (g) The Company will take such action as may reasonably be required by the Warrant Agent in order to
enable it to carry out or perform its duties under this Agreement. 
 (h) The Warrant Agent shall act solely as agent of the Company
hereunder. The Warrant Agent shall only be liable for the failure to perform such duties as are specifically set forth herein. 
 (i) The
Warrant Agent may consult with legal counsel satisfactory to it (who may be legal counsel for the Company), and the Warrant Agent shall incur no liability or responsibility to the Company or to any Holder for any action taken, suffered or omitted by
it in good faith in accordance with the opinion or advice of such counsel. 
 (j) The Company agrees to pay to the Warrant Agent compensation
for all services rendered by the Warrant Agent hereunder as the Company and the Warrant Agent may agree from time to time, and to reimburse the Warrant Agent for reasonable expenses incurred in connection with the execution and administration of
this Agreement (including the reasonable compensation and expenses of its counsel), and further agrees to indemnify the Warrant Agent for, and hold it harmless against, any loss, liability or expense incurred without gross negligence, bad faith or
willful misconduct on its part, arising out of or in connection with the acceptance and administration of this Agreement. 
 (k) The Warrant
Agent, and any shareholder, director, officer or employee of the Warrant Agent, may buy, sell or deal in any of the Warrants or other securities of the Company or its Affiliates or become pecuniarily interested in transactions in which the Company
or its Affiliates may be interested, or contract with or lend money to the Company or its Affiliates or otherwise act as fully and freely as though it were not the Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant Agent
from acting in any other capacity for the Company or for any other Person. 
 (l) No resignation or removal of the Warrant Agent and no
appointment of a successor warrant agent shall become effective until the acceptance of appointment by the successor warrant agent as provided herein. The Warrant Agent may resign its duties and be discharged from all further duties and liability
hereunder (except liability arising as a result of the Warrant Agent’s own gross negligence or willful misconduct) after giving written notice to the Company. The Company may remove the Warrant Agent upon written notice, and the Warrant Agent
shall thereupon in like manner be discharged from all further duties and liabilities hereunder, except as aforesaid. The Warrant Agent shall, at the Company’s expense, cause to be mailed (by first class mail, postage prepaid) to each Holder of
a Warrant at such Holder’s last address as shown on the register of the Company maintained by the Warrant Agent a copy of said notice of resignation or notice of removal, as the case may be. Upon such resignation or removal, the Company shall
appoint in writing a new warrant agent. If the Company fails to do so within a period of 30 days after it has been notified in writing of such resignation by the resigning Warrant Agent or after such removal, then the resigning Warrant Agent or the
Holder of any Warrant may apply to any court of competent jurisdiction for the appointment of a new warrant agent. After acceptance in writing of such appointment by the new warrant agent, it shall be vested with the same powers, rights, duties and
responsibilities as if it had been originally named herein as the Warrant Agent. Not later than the effective date of any such appointment, the Company shall give notice thereof to the resigning or removed Warrant Agent. Failure to give any notice
provided for in this Section 15(l), however, or any defect therein, shall not affect the legality or validity of the resignation of the Warrant Agent or the appointment of a new warrant agent, as the case may be. 
  

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 (m) Any corporation into which the Warrant Agent or any new warrant agent may be merged or any
corporation resulting from any consolidation to which the Warrant Agent or any new warrant agent shall be a party or any corporation to which the Warrant Agent transfers substantially all of its corporate trust business shall be a successor Warrant
Agent under this Agreement without any further act, provided that such corporation (i) would be eligible for appointment as successor to the Warrant Agent under the provisions of Section 15(l) or (ii) is a wholly owned subsidiary of
the Warrant Agent. Any such successor Warrant Agent shall promptly cause notice of its succession as Warrant Agent to be mailed (by first class mail, postage prepaid) to each Holder in accordance with Section 14. 
 16. Miscellaneous. 
 (a)
Successors and Assigns. This Agreement shall be binding on and inure to the benefit of the Company, the Warrant Agent and the Holders, and their respective successors and assigns. Subject to the preceding sentence, 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 cause of action under this Agreement. 
 (b) Amendments and Waivers. The Company may, without the consent of the Holders, by supplemental agreement or otherwise, (i) make any changes
or corrections in this Agreement that are required to cure any ambiguity or to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein or (ii) add to the covenants and agreements of the
Company for the benefit of the Holders, or surrender any rights or power reserved to or conferred upon the Company in this Agreement; provided that, in the case of (i) or (ii), such changes or corrections shall not adversely affect the
interests of Holders of then outstanding Warrants in any material respect. The Company may, with the consent, in writing or at a meeting, of the Holders of outstanding Warrants exercisable for two-thirds of the Warrant Shares, amend in any way, by
supplemental agreement or otherwise, this Agreement and/or all of the outstanding Warrant Certificates; provided, however, that no such amendment shall adversely affect any Warrant differently than it affects all other Warrants, unless the Holder
thereof consents thereto. The Warrant Agent shall at the request of the Company, and without need of independent inquiry as to whether such supplemental agreement is permitted by the terms of this Section 16(b), join with the Company in the
execution and delivery of any such supplemental agreements, but shall not be required to join in such execution and delivery for such supplemental agreement to become effective. 
 (c) Choice of Law, etc. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by
and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law,
any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. If either party shall commence an action or proceeding to enforce any provisions of this Agreement, then
the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. 

 

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 (d) Interpretation. The headings herein are for convenience only, do not constitute a part of this
Agreement and shall not be deemed to limit or affect any of the provisions hereof. 
 (e) Severability. In case any one or more of the
provisions of this Agreement shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt
in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement. 
 (f) Additional Warrants. The Company may from time to time issue additional warrants (the “Additional Warrants”) under this Warrant
Agreement, without requiring the consent of any Holder, with the same terms as the warrants initially issued hereunder. 
 [The remainder of
this page has been left intentionally blank.] 
  

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 IN WITNESS WHEREOF, the parties has caused this Agreement to be duly executed by its authorized officer
as of the date first indicated above. 
  

			
	MICROVISION, INC.
		
	By:	 	 
	 Name:
 Title:
	 	 Alexander Y. Tokman
 Chief Executive
Officer

  

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

 Exhibit A 
 EXERCISABLE ON OR AFTER 
 AND ON OR BEFORE THE EXPIRATION DATE 
 No.
                                         
                                         
              Warrant to Purchase Shares 
 Warrant Certificate

 WARRANTS TO ACQUIRE COMMON STOCK OF MICROVISION, INC. 
 This Warrant Certificate certifies that                      , or registered assigns, is the registered holder of a
Warrant (the “Warrant”) to acquire from Microvision, Inc., a Delaware corporation (the “Company”), the number of fully paid and non-assessable shares of Common Stock, $.001 par value, of the Company (the “Common Stock”)
specified above for consideration equal to the Exercise Price (as defined in the Warrant Agreement) per share of Common Stock. The Exercise Price and number of shares of Common Stock and/or type of securities or property issuable upon exercise of
the Warrant are subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement. The Warrant evidenced by this Warrant Certificate shall not be exercisable after and shall terminate and become void as of 5:00 P.M.,
Seattle time, on the Expiration Date. 
 The Warrant evidenced by this Warrant Certificate is part of a duly authorized issue of warrants
expiring on the Expiration Date entitling the Holder hereof to receive shares of Common Stock, $.001 par value, of the Company (the “Common Stock”), and is issued or to be issued pursuant to a Warrant Agreement dated
                    , 2008 (the “Warrant Agreement”), duly executed and delivered by the Company to the Company, as warrant agent (the
“Warrant Agent”, which term includes any successor Warrant Agent under the Warrant Agreement), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of
the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the Holders (“Holders” meaning, from time to time, the registered holders of the warrant issued thereunder). To the
extent any provisions of this Warrant Certificate conflicts with any provision of the Warrant Agreement, the provisions of the Warrant Agreement shall apply. A copy of the Warrant Agreement may be obtained by the Holder hereof upon written request
to the Company at 6222 185th Avenue NE, Redmond, Washington, 98052. Capitalized terms not defined herein have the meanings ascribed thereto in the Warrant Agreement. 
 This Warrant may be exercised, in whole or in part, at any time on or after                     , 2008 and on or
before the Expiration Date, subject to the terms of the Warrant Agreement including, but not limited to, Section 4 thereof, by surrendering this Warrant Certificate, with the Form of Election to Purchase set forth hereon properly completed and
executed, together with payment of the Aggregate Exercise Price in accordance with Section 4 of the Warrant Agreement. Each exercise must be for a whole number of Warrant Shares. In the event that upon any exercise of 

  

 1 

 
the Warrant evidenced hereby the number of shares of Common Stock acquired shall be less than the total number of shares of Common Stock which may be
purchased pursuant to this Warrant, there shall be issued to the Holder hereof or such Holder’s assignee a new Warrant Certificate evidencing the unexercised portion of this Warrant. 
 The Warrant Agreement provides that upon the occurrence of certain events the Exercise Price set forth on this Warrant Certificate may, subject to
certain conditions, be adjusted, and that upon the occurrence of certain events the number of shares of Common Stock and/or the type of securities or other property issuable upon the exercise of this Warrant shall be adjusted. No fractions of a
share of Common Stock will be issued upon the exercise of this Warrant, but the Company will pay the cash value thereof determined as provided in the Warrant Agreement. 
 Warrant Certificates, when surrendered at the office of the Warrant Agent by the registered Holder thereof in person or by such Holder’s legal representative or attorney duly appointed and authorized in writing,
may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate the right
to purchase a like number of Warrant Shares. 
 Each taker and holder of this Warrant Certificate, by taking or holding the same, consents
and agrees that the holder of this Warrant Certificate when duly endorsed in blank may be treated by the Company, the Warrant Agent and all other persons dealing with this Warrant Certificate as the absolute owner hereof for any purpose and as the
person entitled to exercise the rights represented hereby or the person entitled to the transfer hereof on the register of the Company maintained by the Warrant Agent, any notice to the contrary notwithstanding, provided that until such transfer on
such register, the Company and the Warrant Agent may treat the registered Holder hereof as the owner for all purposes. 
 This Warrant does
not entitle any Holder to any of the rights of a shareholder of the Company. 
 This Warrant Certificate and the Warrant Agreement are
subject to amendment as provided in the Warrant Agreement. 
 This Warrant Certificate shall not be valid or obligatory for any purpose until
it shall have been countersigned by the Warrant Agent. 
 [The remainder of this page has been left intentionally blank.] 
  

 2 

 IN WITNESS WHEREOF, the undersigned have caused this Certificate to be executed as of the date set forth
below. 
  

			
	MICROVISION, INC.
		
	By:	 	 
	 Name:
 Title:
	 	 Alexander Y. Tokman
 Chief Executive
Officer

 DATED: July     , 2008 
  

			
	 Countersigned:
 AMERICAN STOCK TRANSFER &
TRUST COMPANY LLC, as Warrant Agent

		
	By:	 	 
	 Name:
 Title:
	 	

  

 Warrant Certificate 

 FORM OF ELECTION TO PURCHASE 
 To Microvision, Inc.: 
 In accordance with the Warrant Certificate enclosed with this Form of Election
to Purchase, the undersigned hereby irrevocably elects to exercise the Warrant with respect to
                                 Warrant Shares in accordance with the terms of
the Warrant Agreement. 
 1. Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as: 
                  a Cash Exercise; or 
                  a Cashless Exercise. 
 2. Payment of Exercise Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to be issued
pursuant hereto, the Holder shall send pay the Aggregate Exercise Price, in lawful money of the United States, in cash, certified check or bank draft payable to the order of the Company (or as otherwise agreed to by the Company) delivered to the
Warrant Agent, together with any applicable taxes payable by the undersigned pursuant to the Warrant. 
 The undersigned requests that
certificates for the shares of Common Stock issuable upon this exercise be issued in the name of 
  

					
	Name:	  	  
		
	Address:	  	 
		
		  	 
		
		  	 
		
		  	 
		
	Social Security or Tax I.D. No.:	  	 

  

 4 

 Warrant Shares Exercise Log 
  

							
	 Date
	  	 Number of Warrant Shares
Available to be Exercised
	  	 Number of Warrant Shares
Exercised
	  	 Number of Warrant Shares
Remaining to be
Exercised

	 	  	 	  	 	  	 

  

 5 

 FORM OF ASSIGNMENT 
 [To be completed and signed only upon transfer of Warrant] 
 FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto                          the right represented by the within Warrant Certificate to
purchase                          shares of Common Stock of Microvision, Inc. to which the within Warrant Certificate
relates and appoints                          attorney to transfer said right on the books of Microvision, Inc. with
full power of substitution in the premises. 
 Dated:                    ,
 (Signature must conform in all respects to name of holder as specified on the front page of the Warrant Certificate) 
 Address of
Transferee 
 In the presence of: 
  

 6Articles of Association of the Company

 Exhibit 4.1 
  

					
	 STATUTEN
  
 der
  
 ACE Limited
 (ACE AG)

(ACE SA)
  
	 		  	 ARTICLES OF ASSOCIATION*
  
 of
  
 ACE Limited
 (ACE AG)
 (ACE SA)
  

			
	 I. Firma, Sitz und Zweck der Gesellschaft
  
 Artikel 1         Firma, Sitz und Dauer der
Gesellschaft
	 		  	 I. Name, Domicile and Purpose of the Company
  
 Article 1         Corporate Name, Registered
Office and Duration

			
	Unter der Firma	 		  	Under the corporate name
			
	 ACE Limited
 (ACE AG)
 (ACE SA)
	 		  	 ACE Limited
 (ACE AG)
 (ACE SA)

			
	besteht eine Aktiengesellschaft gemäss Artikel 620 ff. OR mit Sitz in Zürich. Die Dauer der Gesellschaft ist unbeschränkt.	 		  	a Company exists pursuant to art. 620 et seq. of the Swiss Code of Obligations (hereinafter “CO”) having its registered office in Zurich. The duration of the Company is
unlimited.
			
	 Artikel 2         Zweck
  
 a)         Hauptzweck der Gesellschaft ist der Erwerb, das Halten und der Verkauf von Beteiligungen an Unternehmen, insbesondere, jedoch nicht ausschliesslich, solcher der Direkt- und
Rückversicherungsbranche.
	 		  	 Article 2        Purpose
  
 a)         The
main purpose of the Company is to acquire, hold, manage and to sell equity participations, including in insurance and reinsurance companies as well as in other companies.

  

	*	Die deutsche Fassung der Statuten ist massgeblich. The German version of the articles of association is the governing version. 

					
	             Die Gesellschaft kann Finanz- und Management-Transaktionen
ausführen. Sie kann Zweigniederlassungen und Tochtergesellschaften im In- und Ausland errichten.
	  		  	             The Company may carry out finance and management transactions and set
up branches and subsidiaries in Switzerland and abroad.

			
	             Die Gesellschaft kann im In- und Ausland Grundstücke erwerben,
halten und veräussern.
	  		  	             The Company may acquire, hold and sell real estate in Switzerland
and abroad.

			
	 b)         Die Gesellschaft kann alle Geschäfte tätigen, die geeignet sind, den Zweck
der Gesellschaft zu fördern und mit dem Zweck im Zusammenhang stehen.
	  		  	 b)         The Company may engage in all types of transactions and may take all measures that
appear appropriate to promote the purpose of the Company or that are related to the same.

			
	II. Aktienkapital und Aktien	  		  	II. Share Capital and Shares
			
	 Artikel 3         Aktienkapital
  
 a)         Das
Aktienkapital der Gesellschaft beträgt CHF 11’311’110’325.34 und ist eingeteilt in 335’243’341 auf den Namen lautende Aktien im Nennwert von CHF 33.74 je Aktie. Das Aktienkapital ist vollständig
liberiert.
	  		  	 Article 3        Share Capital
  
 a)         The
share capital of the Company amounts to CHF 11,311,110,325.34 and is divided into 335,243,341 registered shares with a nominal value of CHF 33.74 per share. The share capital is fully paid-in.

			
	 b)         Auf Beschluss der Generalversammlung können jederzeit Namenaktien in
Inhaberaktien und Inhaberaktien in Namenaktien umgewandelt werden.
	  		  	 b)         Upon resolution of the General Meeting of Shareholders, registered shares may be
converted into bearer shares and bearer shares may be converted into registered shares, at any time.

			
	 Artikel 4         Bedingtes Aktienkapital für Anleihensobligationen und
ähnliche Instrumente der Fremdfinanzierung
	  		  	 Article 4         Conditional Share Capital for Bonds and Similar Debt Instruments

			
	 a)         Das Aktienkapital der Gesellschaft wird im Maximalbetrag von
CHF 1’113’420’000 durch Ausgabe von höchstens 33’000’000 vollständig zu liberierenden Namenaktien mit einem Nennwert von CHF 33.74 je Aktie erhöht, bei und im Umfang der Ausübung von Wandel-
und/oder Optionsrechten, welche im Zusammenhang mit von der Gesellschaft oder ihren Tochtergesellschaften emittierten oder noch zu emittierenden Anleihensobligationen, Notes oder ähnlichen Obligationen oder Schuldverpflichtungen eingeräumt
wurden/werden, einschliesslich Wandelanleihen.
	  		  	 a)         The share capital of the Company shall be increased
by an amount not exceeding CHF 1,113,420,000 through the issue of a maximum of 33,000,000 registered shares, payable in full, each with a nominal value of CHF 33.74 through the exercise of conversion and/or option or warrant rights granted in
connection with bonds, notes or similar instruments, issued or to be issued by the Company or by subsidiaries of the Company, including convertible debt instruments.

  

 2 

					
	 b)         Das Bezugsrecht der Aktionäre ist für diese Aktien ausgeschlossen. Das
Vorwegzeichnungsrecht der Aktionäre in Bezug auf neue Anleihensobligationen, Notes oder ähnlichen Obligationen oder Schuldverpflichtungen kann durch Beschluss des Verwaltungsrates zu folgenden Zwecken eingeschränkt oder ausgeschlossen
werden: Finanzierung und Refinanzierung des Erwerbs von Unternehmen, Unternehmensteilen oder Beteiligungen, von durch die Gesellschaft geplanten neuen Investitionen oder bei der Emission von Options- und Wandelanleihen über internationale
Kapitalmärkte sowie im Rahmen von Privatplatzierungen. Der Ausschluss des Vorwegszeichnungsrechts ist ausschliesslich unter folgenden kumulativen Bedingungen zulässig: (1) Die Instrumente müssen zu Marktkonditionen emittiert werden,
(2) die Frist, innerhalb welcher die Options- und Wandelrechte ausgeübt werden können, darf ab Zeitpunkt der Emission des betreffenden Instruments bei Optionsrechten 10 Jahre und bei Wandelrechten 20 Jahre nicht überschreiten und (3)
der Umwandlungs- oder Ausübungspreis für die neuen Aktien hat mindestens dem Marktpreis zum Zeitpunkt der Emission des betreffenden Instruments zu entsprechen.
	 		  	 b)         Shareholders’ pre-emptive rights are excluded. Shareholders’ advance
subscription rights with regard to the new bonds, notes or similar instruments may be restricted or excluded by decision of the Board of Directors in order to finance or re-finance the acquisition of companies, parts of companies or holdings, or new
investments planned by the Company, or in order to issue convertible bonds and warrants on the international capital markets or through private placement. If advance subscription rights are excluded, then (1) the instruments are to be placed at
market conditions, (2) the exercise period is not to exceed ten years from the date of issue for warrants and twenty years for conversion rights and (3) the conversion or exercise price for the new shares is to be set at least in line with the
market conditions prevailing at the date on which the instruments are issued.

			
	 c)         Der Erwerb von Namenaktien durch Ausübung von Wandel- und Optionsrechten sowie
sämtliche weiteren Übertragungen von Namenaktien unterliegen den Übertragungsbeschränkungen gemäss Art. 8 der Statuten.
	 		  	 c)         The acquisition of registered shares through the exercise of conversion rights or
warrants and any further transfers of registered shares shall be subject to the restrictions specified in Article 8 of the Articles of Association.

			
	 Artikel 5         Bedingtes Aktienkapital für
Mitarbeiterbeteiligungen
  
 a)         Das Aktienkapital der Gesellschaft wird im Maximalbetrag von CHF 1’113’420’000 durch Ausgabe von höchstens 33’000’000
	 		  	 Article 5         Conditional Share Capital for
Employee Benefit Plans
  
 a)         The share capital of the Company shall be increased by an amount not exceeding CHF 1,113,420,000 through the issue from time to

  

 3 

					
	             vollständig zu liberierenden Namenaktien mit einem Nennwert von
CHF 33.74 je Aktie erhöht bei und im Umfang der Ausübung von Optionen, welche Mitarbeitern der Gesellschaft oder ihrer Tochtergesellschaften sowie Beratern, Direktoren oder anderen Personen, welche Dienstleistungen für die
Gesellschaft oder ihre Tochtergesellschaften erbringen, eingeräumt wurden/werden.
	  		  	             time of a maximum of 33,000,000 registered shares, payable in full,
each with a nominal value of CHF 33.74, in connection with the exercise of option rights granted to any employee of the Company or a subsidiary, and any consultant, director, or other person providing services to the Company or a
subsidiary.

			
	 b)         Bezüglich dieser Aktien ist das Bezugsrecht der Aktionäre ausgeschlossen.
Neue Aktien dieser Art können unter dem aktuellen Marktpreis ausgegeben werden. Der Verwaltungsrat bestimmt bei einer solchen Emission die spezifischen Konditionen, inkl. den Preis der Aktien.
	  		  	 b)         Shareholders’ pre-emptive rights shall be excluded with regard to these shares.
These new registered shares may be issued at a price below the current market price. The Board of Directors shall specify the precise conditions of issue including the issue price of the shares.

			
	 c)         Der Erwerb von Namenaktien im Zusammenhang mit Mitarbeiterbeteiligungen sowie
sämtliche weiteren Übertragungen von Namenaktien unterliegen den Übertragungsbeschränkungen gemäss Art. 8 der Statuten.
	  		  	 c)         The acquisition of registered shares in connection with employee participation and any
further transfers of registered shares shall be subject to the restrictions specified in Article 8 of the Articles of Association.

			
	 Artikel 6         Genehmigtes Kapital zu allgemeinen Zwecken
	  		  	 Article 6         Authorized Share Capital for General
Purposes

			
	 a)         Der Verwaltungsrat ist ermächtigt das Aktienkapital jederzeit bis 14. Juli 2008
im Maximalbetrag von CHF 3’365’565’000 durch Ausgabe von höchstens 99’750’000 vollständig zu liberierenden Namenaktien mit einem Nennwert von CHF 33.74 je Aktie zu erhöhen.
	  		  	 a)         The Board of Directors is authorized to increase the share capital from time to
time and at any time until 14 July 2008 by an amount not exceeding CHF 3,365,565,000 through the issue of up to 99,750,000 fully paid up registered shares with a nominal value of CHF 33.74 each.

			
	 b)         Erhöhungen durch Festübernahme oder in Teilbeträgen sind zulässig.
Der Ausgabepreis, der Zeitpunkt der Dividendenberechtigung und die Art der Liberierung (inkl. Sacheinlage oder Sachübernahme) werden vom Verwaltungsrat bestimmt. Der Verwaltungsrat kann eingeräumte jedoch nicht ausgeübte Bezugsrechte
von der Kapitalerhöhung ausschliessen (sofern im Erhöhungsbeschluss ein Maximalbetrag angegeben wurde) oder diese zu marktüblichen Konditionen verkaufen.
	  		  	 b)         Increases through firm underwriting or in partial amounts are permitted. The issue
price, the period of entitlement to dividends and the type of consideration or the contribution or underwriting in kind shall be determined by the Board of Directors. The Board of Directors may exclude pre-emptive rights that have not been exercised
from the capital increase or may sell such pre-emptive rights at market conditions.

  

 4 

					
	 c)         Der Verwaltungsrat ist ermächtigt, Bezugsrechte der Aktionäre
auszuschliessen und diese Dritten zuzuweisen, wenn die neu auszugebenden Aktien zu folgenden Zwecken verwendet werden: (1) Für den Erwerb von Unternehmen, Unternehmensteilen oder Beteiligungen oder von neuen Investitionsvorhaben der
Gesellschaft, für Fusionen oder Aktientausche oder zur direkten oder indirekten Mittelaufnahme auf internationalen Kapitalmärkten, (2) zur Erweiterung des Aktionariats oder (3) zum Zwecke der Mitarbeiterbeteiligung.
	 		  	 c)         The Board of Directors is authorized to exclude the pre-emptive rights of the
shareholders and to allocate them to third parties in the event of the use of shares for the purpose of (1) acquisition of companies, parts of an enterprise or investments, for mergers and exchange of investments or in the case of a share placement
for the financing of such transactions, (2) broadening the shareholder constituency or (3) for the purpose of the participation of employees.

			
	 d)         Der Erwerb von Namenaktien aus genehmigtem Kapital zu allgemeinen Zwecken sowie
sämtliche weiteren Übertragungen von Namenaktien unterliegen den Übertragungsbeschränkungen gemäss Art. 8 der Statuten.
	 		  	 d)         The acquisition of registered shares out of authorized share capital for general
purposes and any further transfers of registered shares shall be subject to the restrictions specified in Article 8 of the Articles of Association.

			
	 Artikel 7         Aktienzertifikate
  
 a)         Die
Gesellschaft kann auf Druck und Auslieferung der Aktienzertifikate verzichten sowie bereits gedruckte Zertifikate annullieren. Letzteres setzt die Einlieferung der Zertifikate bei der Gesellschaft sowie das Einverständnis der Aktionäre
voraus. Der Aktionär kann jedoch von der Gesellschaft jederzeit kostenlos Druck und Auslieferung der Aktienzertifikate verlangen. Die Gesellschaft kann die Namenaktien ihrerseits jederzeit drucken.
	 		  	 Article 7         Share Certificates

 
 a)         The Company may forego the printing and delivery of registered shares and may cancel without replacement already printed shares. Registered shares already issued can only be cancelled
when they are returned to the Company and the shareholder agrees. The shareholder may request at any time, without cost, the printing and delivery of his registered shares. The Company may for its part print out the registered shares at any time.

			
	 b)         Nicht verurkundete Namenaktien einschliesslich der daraus entspringenden Rechte
können nur durch Zession übertragen werden. Die Zession bedarf zur Gültigkeit der Anzeige an die Gesellschaft. Die Berechtigung an den Zertifikaten der übertragenen Aktien wird durch rechtsgültige Zession übertragen und
bedarf keiner Zustimmung seitens der Gesellschaft. Die Bank, welche abgetretene Namenaktien für die Aktionäre verwaltet, kann von der Gesellschaft über die erfolgte Zession benachrichtigt werden.
	 		  	 b)         Registered shares not physically represented by certificates and the rights arising
therefrom can only be transferred by assignment. Such assignment shall not be valid unless notice is given to the Company. Title to the certificate of the transferred share is passed on to the transferee through legal and valid assignment and does
not need the explicit consent of the Company. The bank which handles the book entries of the assigned registered shares on behalf of the shareholders may be notified by the Company of the assignment.

  

 5 

					
	 c)         Nicht verurkundete Namenaktien sowie die daraus entspringenden Vermögensrechte
können ausschliesslich zugunsten der Bank, welche die Aktien im Auftrag des betreffenden Aktionärs verwaltet, verpfändet werden. Die Verpfändung bedarf eines schriftlichen Pfandvertrags. Eine Benachrichtigung der Gesellschaft ist
nicht erforderlich.
	  		  	 c)         Registered shares not physically represented by certificates and the financial rights
arising from these shares may only be pledged to the bank handling the book entries of such shares for the shareholder. The pledge must be made by means of a written pledge agreement. Notice to the Company is not required.

			
	 Artikel 8         Aktienregister; Beschränkungen
der Übertragbarkeit
  
 a)         Für die Namenaktien wird ein Aktienbuch geführt. Darin werden die Eigentümer und Nutzniesser mit Namen und Vornamen, Wohnort, Adresse und Staatsangehörigkeit (bei
juristischen Personen mit Sitz) eingetragen.
	  		  	 Article 8         Shareholder’s Register, Transfer
Restrictions
  
 a)         Registered shares are issued in the name of the owner or the usufructuary. This person shall be entered in the share register with his name, address, domicile and citizenship (domicile
in case of legal entities).

			
	 b)         Zur Eintragung ins Aktienbuch als Aktionär mit Stimmrecht ist die Zustimmung des
Verwaltungsrats notwendig. Die Eintragung als Aktionär mit Stimmrecht kann in den in Art. 8 lit. c), d), e) und f) der Statuten festgehaltenen Fällen abgelehnt werden. Lehnt der Verwaltungsrat die Eintragung des Erwerbers als Aktionär
mit Stimmrecht ab, benachrichtig er diesen innerhalb von 20 Tagen seit dem Eingang des Eintragungsgesuchs. Nicht anerkannte Erwerber werden als Aktionäre ohne Stimmrecht ins Aktienbuch eingetragen. Die entsprechenden Aktien gelten in der
Generalversammlung als nicht vertreten.
	  		  	 b)         Entry in the share register of registered shares with voting rights is subject to
the approval of the Board of Directors. Entry of registered shares with voting rights may be refused based on the grounds set out in Article 8 para. c), d), e) and f). If the Board of Directors refuses to register the acquirer as shareholder with
voting rights it shall notify the acquirer of such refusal within 20 days upon receipt of the application. Non-recognized acquirers shall be entered in the share register as shareholders without voting rights. The corresponding shares shall be
considered as not represented in the General Meeting of Shareholders.

			
	 c)         Eine natürliche oder juristische Person wird in dem Umfang nicht als
Aktionärin mit Stimmrecht im Aktienbuch eingetragen, in welchem die von ihr direkt oder indirekt im Sinne von Art. 14 der Statuten gehaltene oder sonstwie kontrollierte Beteiligung 10% oder mehr des im Handelsregister eingetragenen
Aktienkapitals beträgt. Dabei gelten Personen, die durch Absprache, Kapital, Stimmkraft, Leitung, Syndikat oder auf andere Weise miteinander verbunden sind, als eine Person. Im Umfang, in welchem eine derartige Beteiligung 10% oder mehr des
Aktienkapitals beträgt, werden die entsprechenden Aktien ohne Stimmrecht ins Aktienbuch eingetragen.
	  		  	 c)         No individual or legal entity may, directly or indirectly, formally, constructively or
beneficially own (as defined in Article 14 below) or otherwise control voting rights with respect to 10% or more of the registered share capital recorded in the Commercial Register. Those associated through capital, voting power, joint management or
in any other way, or joining for the acquisition of shares, shall be regarded as one person. The registered shares exceeding the limit of 10% shall be entered in the share register as shares without voting rights.

  

 6 

					
	 d)         Die oben erwähnte 10% Limite gilt auch bei der Zeichnung oder Erwerb von Aktien,
welche mittels Ausübung von Options- oder Wandelrechten aus Namen- oder Inhaberpapieren oder sonstigen von der Gesellschaft oder Dritten ausgestellten Wertpapieren oder welche mittels Ausübung von erworbenen Bezugsrechten aus Namen- oder
Inhaberaktien gezeichnet oder erworben werden. Im Umfang, in welchem eine daraus resultierende Beteiligung 10% oder mehr des Aktienkapitals beträgt, werden die entsprechenden Aktien ohne Stimmrecht ins Aktienbuch eingetragen.
	  		  	 d)         The limit of 10% of the registered share capital also applies to the subscription for,
or acquisition of, registered shares by exercising option or convertible rights arising from registered or bearer securities or any other securities issued by the Company or third parties, as well as by means of exercising purchased preemptive
rights arising from either registered or bearer shares. The registered shares exceeding the limit of 10% shall be entered in the share register as shares without voting rights.

			
	 e)         Der Verwaltungsrat verweigert die Eintragung ins Aktienbuch als Aktionär mit
Stimmrecht oder entscheidet über die Löschung eines bereits eingetragenen Aktionärs mit Stimmrecht aus dem Aktienbuch, wenn der Erwerber auf sein Verlangen hin nicht ausdrücklich erklärt, dass er die Aktien im eigenen Namen
und auf eigene Rechnung erworben hat.
	  		  	 e)         The Board of Directors shall reject entry of registered shares with voting rights in
the share register or shall decide on their cancellation when the acquirer or shareholder upon request does not expressly state that she/he has acquired or holds the shares in her/his own name and for her/his own account.

			
	 f)          Der Verwaltungsrat verweigert die Eintragung natürlicher und juristischer
Personen, welche Namenaktien für Dritte halten und dies schriftlich gegenüber der Gesellschaft erklären werden, als Treuhänder/Nominees mit unbeschränktem Stimmrecht ins Aktienbuch oder entscheidet über die
Löschung aus dem Aktienbuch , wenn sie sich nicht dazu verpflichten, gegenüber der Gesellschaft auf deren schriftliches Verlangen hin jederzeit die Namen, Adressen und Beteiligungsquote derjenigen Personen offenzulegen, für welche sie
die Namenaktien halten.
	  		  	 f)          The Board of Directors shall reject entry of individuals and legal entities, who
hold registered shares for third parties and state this in writing to the Company, as nominees in the share register with voting rights without limitation or shall decide on their cancellation when the nominee does not undertake the obligation to
disclose at any time to the Company at its written request the names, addresses and share holdings of each person for whom such nominee is holding shares.

			
	 g)         Der Verwaltungsrat kann in besonderen Fällen Ausnahmen von den obgenannten
Beschränkungen (Artikel 8 lit. c), d), e) and f) der Statuten) genehmigen. Sodann kann der Verwaltungsrat nach Anhörung der betroffenen Personen deren Eintragungen im Aktienbuch als Aktionäre rückwirkend streichen, wenn diese
durch falsche Angaben zustande gekommen sind oder wenn die betroffene Person die Auskunft gemäss Artikel 8 lit. f) verweigert.
	  		  	 g)         The Board of Directors may in special cases approve exceptions to the above
regulations (Article 8 para. c), d), e) and f)). The Board of Directors is in addition authorized, after due consultation with the person concerned, to delete with retroactive effect entries in the share register which were effected on the basis of
false information and/or to delete entries in case the respective person refuses to make the disclosers according to Article 8 para. f).

  

 7 

					
	 h)         Solange ein Erwerber nicht Aktionär mit Stimmrecht im Sinne von Art. 8 der
Statuten geworden ist, kann er weder die entsprechenden Stimmrechte noch die weiteren mit diesen in Zusammenhang stehenden Rechte wahrnehmen.
	  		  	 h)         Until an acquirer becomes a shareholder with voting rights for the shares in
accordance with this Article 8, she/he may neither exercise the voting rights connected with the shares nor other rights associated with the voting rights.

			
	III. Organisation	  		  	III. Organization
			
	A. Die Generalversammlung	  		  	A. The General Meeting
			
	 Artikel 9         Befugnisse
  
 Die Generalversammlung ist das oberste Organ der Gesellschaft. Sie hat die folgenden
unübertragbaren Befugnisse:
	  		  	 Article 9         Authorities
  
 The General Meeting is the supreme corporate body of the Company. It has the following
non-transferable powers:

			
	 1.         die Festsetzung und Änderung der Statuten;
	  		  	 1.         to adopt and amend the Articles of Association;

			
	 2.         die Wahl der Mitglieder des Verwaltungsrates und der Revisionsstelle;
	  		  	 2.         to elect and remove the members of the Board of Directors and the
Auditors;

			
	 3.         die Genehmigung des Jahresberichts, der Jahresrechnung und der Konzernrechnung sowie
die Beschlussfassung über die Verwendung des Bilanzgewinns, insbesondere die Festsetzung der Dividende;
	  		  	 3.         to approve the statutory required annual report, the annual accounts and the
consolidated financial statements as well as to pass resolutions regarding the allocation of profits as shown on the balance sheet, in particular to determine the dividends;

			
	 4.         die Entlastung der Mitglieder des Verwaltungsrats;
	  		  	 4.         to grant discharge to the members of the Board of Directors;
and

			
	 5.         die Beschlussfassung über die Gegenstände, die der Generalversammlung durch
das Gesetz oder die Statuten vorbehalten sind oder welche ihr vom Verwaltungsrat vorgelegt werden.
	  		  	 5.         to pass resolutions regarding items which are reserved to the General Meeting by
law or by the Articles of Association or which are presented to it by the Board of Directors.

  

 8 

					
	 Artikel 10       Generalversammlungen sowie deren Einberufung
	  		  	 Article 10       Meetings and Convening the Meeting

			
	 a)         Die ordentliche Generalversammlung findet alljährlich innerhalb von sechs Monaten
nach Abschluss des Geschäftsjahres statt. Zeitpunkt und Ort, welcher im In- oder Ausland sein kann, werden durch den Verwaltungsrat bestimmt.
	  		  	 a)         The ordinary General Meeting shall be held annually within six months after the close
of the business year at such time and at such location, which may be within or outside Switzerland, as determined by the Board of Directors.

			
	 b)         Ausserordentliche Generalversammlungen finden satt, wenn es die Generalversammlung,
die Revisionsstelle oder der Verwaltungsrat für notwenig erachten. Ausserdem müssen ausserordentliche Generalversammlungen einberufen werden, wenn stimmberechtigte Aktionäre, welche zusammen mindestens 10% des Aktienkapitals
vertreten, es verlangen.
	  		  	 b)         Extraordinary General Meetings may be called by resolution of the General Meeting, the
Auditors or the Board of Directors, or by shareholders with voting powers, provided they represent at least 10% of the share capital.

			
	 Artikel 11      Einberufung
  
 Die Generalversammlung wird durch den Verwaltungsrat, nötigenfalls durch die Revisionsstelle
oder die Liquidatoren, einberufen. Die Einladung erfolgt mindestens 20 Tage vor der Versammlung durch Publikation im Schweizerischen Handelsamtsblatt.
	  		  	 Article 11       Notice
  
 The General Meeting is summoned by the Board of Directors or if necessary by the Auditors or the
liquidators. Notice of the General Meeting shall be given by publication in the “Schweizerisches Handelsamtsblatt” at least 20 days before the date of the meeting.

			
	 Artikel 12      Traktanden
  
 a)         Der
Verwaltungsrat nimmt die Traktandierung der Verhandlungsgegenstände vor.
	  		  	 Article 12       Agenda
  
 a)         The
Board of Directors shall state the matters on the agenda.

			
	 b)         Ein oder mehrere mit Stimmrecht eingetragene Aktionäre können, gemäss
den gesetzlichen Bestimmungen, vom Verwaltungsrat die Traktandierung eines Verhandlungsgegenstandes verlangen. Das Begehren um Traktandierung ist schriftlich unter Angabe der Verhandlungsgegenstände und der Anträge an den Präsidenten
des Verwaltungsrates mindestens 45 Tage vor der Generalversammlung einzureichen.
	  		  	 b)         One or more registered Shareholders may in compliance with the legal requirements
demand that matters be included in the agenda. Such demands shall be in writing and shall specify the items and the proposals and has to be submitted to the Chairman up to 45 days before the date of the meeting.

  

 9 

					
	 c)         Über Anträge zu nicht gehörig angekündigten
Verhandlungsgegenständen, welche auch nicht im Zusammenhang mit einem gehörig traktandierten Verhandlungsgegenstand stehen, können keine Beschlüsse gefasst werden, ausser in den gesetzlich vorgesehenen
Fällen.
	  		  	 c)         No resolution shall be passed on matters proposed only at the General Meeting and
which have no bearing on any of the proposed items of the agenda, apart from those exceptions permitted by law.

			
	 d)         In der Einberufung der Versammlung werden die Traktanden und die Anträge des
Verwaltungsrates sowie derjenigen Aktionäre bekanntgegeben, welche die Traktandierung oder die Durchführung einer Generalversammlung verlangt haben.
	  		  	 d)         The notice of the meeting shall state the matters on the agenda and the proposals of
the Board of Directors and of those shareholders who have demanded that a meeting be called or that matters be included in the agenda.

			
	 Artikel 13      Vorsitz und Protokoll
  
 a)         Den
Vorsitz in der Generalversammlung führt der Präsident des Verwaltungsrates, bei dessen Verhinderung ein anderes vom Verwaltungsrat bezeichnetes Mitglied des Verwaltungsrates oder ein anderer von der Generalversammlung für den
betreffenden Tag bezeichneter Vorsitzender.
	  		  	 Article 13       Chair, Minutes
  
 a)         The
General Meeting shall be chaired by the Chairman, or, in his absence, by another member of the Board of Directors, or by another Chairman elected for that day by the General Meeting.

			
	 b)         Der Vorsitzende bezeichnet einen Protokollführer sowie die Stimmenzähler,
welche keine Aktionäre sein müssen.
	  		  	 b)         The Chairman designates a Secretary for the minutes as well as the scrutinizers who
need not be shareholders.

			
	 c)         Der Verwaltungsrat ist verantwortlich für die Protokollführung. Das
Protokoll wird vom Vorsitzenden und vom Protokollführer unterzeichnet.
	  		  	 c)         The Board of Directors is responsible for the keeping of the minutes, which are to be
signed by the Chairman and by the Secretary.

			
	 Artikel 14      Stimmrecht und Vertreter
  
 a)         Jede
Aktie berechtigt, unter Vorbehalt der Einschränkungen gemäss Art. 8 und Art. 14 lit. b) der Statuten, zu einer Stimme. Jeder stimmberechtigte Aktionär kann seine Aktien durch eine andere von ihm schriftlich bevollmächtigte
Person vertreten lassen, welche kein Aktionär sein muss.
	  		  	 Article 14       Voting Rights and Shareholders
Proxies
  
 a)         Each share is entitled to one vote subject to the provisions of Article 8 and Art. 14 para. b) below. Each shareholder may be represented at the General Meeting by another person who
is authorized by a written proxy and who does not need to be a shareholder.

  

 10 

					
	 b)         Ungeachtet lit. a) vorstehend, gilt Folgendes: Sobald und solange eine natürliche
oder juristische Person 10% oder mehr des im Handelsregister eingetragenen Aktienkapitals der Gesellschaft kontrolliert, ist diese bei ordentlichen oder ausserordentlichen Generalversammlungen maximal zu den gemäss nachfolgender Formel zu
eruierenden Stimmen (abgerundet auf die nächst tiefere, runde Zahl) berechtigt:
	  		  	 b)         Notwithstanding para. a) above, if and so long as the Controlled Shares of any
individual or legal entity constitute ten percent (10%) or more of the registered share capital recorded in the Commercial Register, such individual or legal entity shall be entitled to cast votes at any General Meeting or Extraordinary General
Meeting in the aggregate equal to the number (rounded down to the nearest whole number) obtained from following formula:

			
	              (T ÷ 10) - 1
	  		  	              (T ÷ 10) - 1

			
	 Wobei gilt:        “T” ist gleich der Gesamtanzahl der Stimmrechte, welche auf dem im
Handelsregister eingetragenen gesamten Aktienkapital der Gesellschaft verliehen werden.
	  		  	 Where:       “T” is the aggregate number of votes conferred by all the registered share capital
recorded in the Commercial Register.

			
	 c)         Als “kontrolliert” im Sinne dieses Artikels gelten folgende
Aktien:
	  		  	 c)         For purposes of this Article 14, “Controlled Shares” in reference to any
individual or entity means:

			
	 (aa)      alle Aktien der Gesellschaft, welche direkt oder indirekt von einer natürlichen oder juristischen
Person gehalten werden, wobei:
	  		  	 (aa)      all shares of the Company directly, indirectly or constructively owned by such individual or
entity; provided that

			
	 (i)        Aktien, welche direkt oder indirekt von einer Personengesellschaft (Partnership),
von einem Trust oder einer anderweitigen Vermögensmasse (z.B. Nachlass) gehalten werden, anteilsmässig auf die hinter diesen Strukturen stehenden Partner oder wirtschaftlich Berechtigten angerechnet werden; und
	  		  	 (i)        shares owned, directly or indirectly, by or for a partnership, or trust or estate will be
considered as being owned proportionately by its partners, or beneficiaries; and

			
	 (ii)       Aktien, welche direkt oder indirekt von einer körperschaftlich organisierten Gesellschaft
gehalten werden als anteilsmässig von den Aktionären solcher Gesellschaften, welche ihrerseits mehr als 50% der ausgegebenen stimmberechtigten Aktien ebensolcher halten, gehalten gelten; und
	  		  	 (ii)       shares owned, directly or indirectly, by or for a corporation will be considered as being owned
proportionately by any shareholder owning 50% or more of the outstanding voting shares of such corporation; and

  

 11 

					
	 (iii)      Aktien, welche durch die Ausübung von Wandel-, Options- oder ähnlichen Rechten entstehen
können, als vom Inhaber des entsprechenden Rechts gehalten gelten; und
	  		  	 (iii)      shares subject to options, warrants or other similar rights shall be deemed to be owned;
and

			
	 (bb)     alle Aktien der Gesellschaft, welche direkt oder indirekt von einer natürlichen oder juristischen
Person als wirtschaftlich Berechtigte gehalten werden, wobei als solche jede Person gilt, die:
	  		  	 (bb)     all Shares of the Company directly, indirectly beneficially owned by such individual or entity; provided
that

			
	 (i)        direkt oder indirekt, durch jede Art von Vertrag, Vereinbarung, anderweitige
Rechtsbeziehung oder sonstwie alleine oder zusammen mit anderen derartigen Personen über Folgendes verfügt:
	  		  	 (i)        a beneficial owner of a security includes any person who, directly or indirectly, through
any contract, arrangement, understanding, relationship, or otherwise has or shares:

			
	 (1)       Einfluss auf das Stimmrecht der betreffenden Aktien, sei dies direkt oder indirekt;
und/oder
	  		  	 (1)       voting power which includes the power to vote, or to direct the voting of, such security; and/or

			
	 (2)       Einfluss auf die Verfügungsberechtigung an den betreffenden Aktien, sei dies direkt oder
indirekt;
	  		  	 (2)       investment power which includes the power to dispose, or to direct the disposition of, such
security.

			
	 (ii)       direkt oder indirekt Trusts, Vollmachten, übrige Vertretungsberechtigungen oder sonstige
vertragliche Abreden errichtet oder benutzt in der Absicht, ihre wirtschaftliche Berechtigung an den Aktien zu überdecken, um die einschlägigen Bestimmungen dieser Statuten über die als kontrolliert geltenden Aktien zu
umgehen;
	  		  	 (ii)       Any person who, directly or indirectly, creates or uses a trust, proxy, power of attorney,
pooling arrangement or any other contract, arrangement, or device with the purpose or effect of divesting such person of beneficial ownership of shares of the Company or preventing the vesting of such beneficial ownership as part of a plan or scheme
to evade the provisions of these articles of association shall be deemed to be the beneficial owner of such shares.

  

 12 

					
	 (iii)      die das Recht hat innerhalb von 60 Tagen die wirtschaftliche Berechtigung an Aktien zu erwerben,
insbesondere, jedoch nicht abschliessend, durch: (A) Ausübung von Wandel-, Options- oder sonstigen Rechten; (B) durch die Umwandlung eines Wertpapiers; (C) durch die automatische Aufhebung eines Trusts, eines Vermögensverwaltungskontos
oder einer ähnlichen Vereinbarung; oder (D) durch Ablauf der Dauer eines Trusts, eines Vermögensverwaltungskontos oder einer ähnlichen Vereinbarung.
	 		  	 (iii)      A person shall be deemed to be the beneficial owner of shares if that person has the right to acquire
beneficial ownership of such shares within 60 days, including but not limited to any right to acquired: (A) through the exercise of any option, warrant or right; (B) through the conversion of a security; (C) pursuant to the power to revoke a trust,
discretionary account, or similar arrangement; or (D) pursuant to the automatic termination of a trust, discretionary account or similar arrangement.

			
	 d)         Der Verwaltungsrat hat das Recht die Bestimmungen des Artikels 14 der Statuten
auszulegen und die Berechtigung von natürlichen und juristischen Personen an Aktien der Gesellschaft zur Sicherstellung der Umsetzung dieser Bestimmungen festzulegen. Bei der Auslegung kann der Verwaltungsrat Gesetze, Reglemente und übrige
Bestimmungen sowie Rechtsprechung aus dem In- und Ausland beiziehen, welche Art. 14 der Statuten ähnlich sind.
	 		  	 d)         The Board of Directors shall have the authority to interpret the provisions of this
Article 14 and to determine the ownership of shares by any individual or entity so as to fully implement the provisions of this Article 14. In so interpreting this Article 14, the Board of Directors may look to laws, rules, regulations and court
decisions (including of countries outside of Switzerland) having language substantially similar to this Article 14.

			
	 e)         Der Verwaltungsrat kann in besonderen Fällen Ausnahmen von den vorerwähnten
Stimmrechtsbeschränkungen gewähren.
	 		  	 e)         The Board of Directors may in special cases allow exceptions from this limitation on
voting rights.

			
	 Artikel 15      Beschlüsse
  
 a)         Die
Generalversammlung ist beschlussfähig ohne Rücksicht auf die Zahl der anwesenden Aktionäre oder der vertretenen Aktien.
	 		  	 Article 15       Resolutions
  
 a)         The
General Meeting may pass resolutions without regard to the number of shareholders present or shares represented.

			
	 b)         Die Generalversammlung fasst ihre Beschlüsse und vollzieht ihre Wahlen mit der
absoluten Mehrheit der vertretenen Aktienstimmen, soweit das Gesetz oder diese Statuten nichts anderes vorsehen.
	 		  	 b)         The General Meeting shall pass its resolutions and carry out its elections with an
absolute majority of the share votes represented, to the extent that neither the law nor the Articles of Association provide otherwise.

  

 13 

					
	 c)         Der Vorsitzende bestimmt das Abstimmungsverfahren. Erfolgen die Wahlen nicht
elektronisch haben sie mittels Stimmzettel zu erfolgen, wenn mindestens 50 anwesende Aktionäre dies per Handzeichen verlangen. Die Weisungserteilung via Internet oder Telefon kann durch den Vorsitzenden gestattet werden.
	  		  	 c)         The Chairman of the General Meeting shall determine the voting procedure. Provided
that the voting is not done electronically, voting shall be by ballot if more than 50 of the shareholders present so demand by a show of hands. The accord of instructions by using the internet or the telephone can be permitted by the
Chairman.

			
	 Artikel 16      Quorum
  
 Ein Beschluss der Generalversammlung, der mindestens zwei Drittel der vertretenen Stimmen und die
absolute Mehrheit der vertretenen Aktiennennwerte auf sich vereinigt, ist erforderlich für:
	  		  	 Article 16       Quorums
  
 A resolution of the General Meeting passed by at least two thirds of the represented share votes and
the absolute majority of the represented shares par value is required for:

			
	 1.         die in Art. 704 Abs. 1 OR aufgeführten Geschäfte, d.h.
für:
	  		  	 1.         the cases listed in art. 704 para. 1 CO, i.e.:

			
	 (a)        die Änderung des Gesellschaftszwecks;
	  		  	 (a)       the change of the company purpose;

			
	 (b)        die Einführung von Stimmrechtsaktien;
	  		  	 (b)       the creation of shares with privileged voting rights;

			
	 (c)        die Beschränkung der Übertragbarkeit von Namenaktien;
	  		  	 (c)       the restriction of the transferability of registered shares;

			
	 (d)        eine genehmigte oder bedingte Kapitalerhöhung;
	  		  	 (d)       an increase of capital, authorized or subject to a condition;

			
	 (e)        die Kapitalerhöhung aus Eigenkapital, gegen Sacheinlage oder zwecks Sachübernahme
und die Gewährung von besonderen Vorteilen;
	  		  	 (e)       an increase of capital out of equity, against contribution in kind, or for the purpose of
acquisition of assets and the granting of special benefits;

			
	 (f)        die Einschränkung oder Aufhebung des Bezugsrechts;
	  		  	 (f)        the limitation or withdrawal of pre-emptive rights;

			
	 (g)       die Verlegung des Sitzes der Gesellschaft;
	  		  	 (g)       the change of the domicile of the Company;

			
	 2.         Fusion, Spaltung und Umwandlung der Gesellschaft (zwingende gesetzliche Bestimmungen
vorbehalten);
	  		  	 2.         the merger, de-merger or conversion of the Company (subject to mandatory
law);

			
	 3.         die Lockerung und die Aufhebung von Übertragungsbeschränkungen der
Namenaktien;
	  		  	 3.         the alleviating or withdrawal of restrictions upon the transfer of registered shares;

  

 14 

					
	 4.         die Umwandlung von Namenaktien in Inhaberaktien und umgekehrt;
	  		  	 4.         the conversion of registered shares into bearer shares and vice
versa;

			
	 5.         für die Auflösung der Gesellschaft mit Liquidation;
	  		  	 5.         the dissolution of the Company followed by liquidation;

			
	 6.         die Abberufung von Mitgliedern des Verwaltungsrates im Sinne von Art. 705 Abs. 1 OR;
und
	  		  	 6.         the dismissal of the members of the Board of Directors according to art. 705 para. 1
CO; and

			
	 7.         die Änderung oder Aufhebung der Art. 8, 14, 15 und 16 der
Statuten.
	  		  	 7.         the amendment or elimination of the provisions of Article 8, Article 14 and Article 15
of the Articles of Association as well as those contained in this Article 16.

			
	B. Der Verwaltungsrat	  		  	B. The Board of Directors
			
	 Artikel 17      Wahl, Konstituierung und
Entschädigung
  
 a)         Der Verwaltungsrat besteht aus wenigstens 3 und höchstens 20 Mitgliedern. Die Amtsdauer des Verwaltungsrats entspricht der gesetzlich zulässigen Maximaldauer längstens
aber drei Jahre. Die erste Amtsdauer wird für jedes Mitglied bei der ersten Wahl durch den Verwaltungsrat so festgelegt, dass jedes Jahr eine gleiche Anzahl Verwaltungsräte neu bzw. wiedergewählt werden müssen und spätestens
nach drei Jahren sämtliche Mitglieder des Verwaltungsrats sich einer Wiederwahl haben stellen müssen. Der Verwaltungsrat bestimmt die Reihenfolge der Wiederwahl, wobei die erste Amtszeit einzelner Mitglieder des Verwaltungsrats weniger als
drei Jahre betragen wird. Diesbezüglich ist unter einem Jahr der Zeitraum zwischen zwei ordentlichen, aufeinanderfolgenden Generalversammlungen zu verstehen. Im Falle einer Zu- oder Abnahme der Anzahl der Mitglieder des Verwaltungsrats,
bestimmt der Verwaltungsrat die neue Reihenfolge der Wiederwahlen. Infolgedessen kann die Amtsdauer einzelner Mitglieder des Verwaltungsrats weniger als
	  		  	 Article 17       Election, Constitution and Indemnification

  
 a)         The Board of Directors shall consist of 3 to 20 members. The term shall correspond to the maximum term legally allowed but shall not exceed three years. Each year the Board of
Directors shall be renewed by rotation, to the extent possible in equal numbers and in such manner that, after a period of three years, all members will have been subject to re-election. The Board of Directors shall establish the order of rotation,
whereas the first term of some members may be less than three years. In this regard, one year shall mean the period between two ordinary General Meetings. In the event of increase or a decrease in the number of Directors, the Board of Directors
shall establish a new order of rotation. In this context the terms of office of some members may be less than three years. The term of office of a member of the Board of Directors shall, subject to prior resignation or removal, expire upon the day
of the next ordinary General Meeting. Newly-appointed members shall complete the term of office of their predecessors.

  

 15 

					
	             drei Jahre betragen. Die Amtsdauer läuft mit dem Tag der
nächsten ordentlichen Generalversammlung ab, vorbehältlich vorgängigen Rücktritts oder Abwahl. Wenn vor Ablauf dieser Amtsdauer aus irgendeinem Grunde Verwaltungsräte ersetzt werden, läuft die Amtsdauer der neu hinzu
gewählten Mitglieder mit der ordentlichen Amtsdauer ihrer Vorgänger ab.
	 		  	
			
	 b)         Der Verwaltungsrat konstituiert sich selber. Der Verwaltungsrat wählt seinen
Präsidenten sowie einen Vizepräsidenten. Er bezeichnet einen Sekretär; dieser braucht nicht dem Verwaltungsrat anzugehören. Der Präsident hat bei Stimmengleichheit keinen Stichentscheid.
	 		  	 b)         The Board of Directors shall constitute itself. It appoints its Chairman, a
Vice-Chairman and a Secretary who does not need to be a member of the Board of Directors. The Chairman shall have no casting vote.

			
	 c)         Die Mitglieder des Verwaltungsrats erhalten für ihre Tätigkeit eine
Entschädigung, deren Höhe vom Verwaltungsrat festgelegt wird. Die Mitglieder des Verwaltungsrats sind ebenfalls berechtigt, an Mitarbeiterbeteiligungsprogrammen der Gesellschaft teilzunehmen.
	 		  	 c)         Members of the Board of Directors shall receive compensation for their work in an
amount to be determined by the Board. They may also participate in the Company’s employee benefit plans.

			
	 d)         Soweit es das Gesetz zulässt, werden die Mitglieder des Verwaltungsrates sowie
der Geschäftsleitung aus dem Gesellschaftsvermögen schadlos gehalten für Forderungen, Kosten, Verluste, Schäden, Bussen, und sonstige Auslagen, welche ihnen im Zusammenhang mit ihrer Tätigkeit für die Gesellschaft
entstehen bzw. gegen diese erhoben werden, es sei denn, ein rechtskräftiger Entscheid eines Gerichts oder einer anderen Behörde stelle fest, dass die betreffende Person die obgenannten Auslagen und Verpflichtungen aufgrund einer
vorsätzlichen oder grobfahrlässigen Pflichtverletzung verursacht hat.
	 		  	 d)         The Company shall indemnify and hold harmless, to the fullest extent permitted by law,
each of the members of the Board of Directors and officers out of the assets of the Company from and against all actions, costs, charges, losses, damages and expenses which they or any of them may incur or sustain by or by reason of any act done,
concurred in or omitted in or about the execution of their duty, or supposed duty on behalf of the Company; provided that this indemnity shall not extend to any matter in which any of said persons is found, in a final judgement or decree not subject
to appeal, to have committed fraud or dishonesty.

			
	             Unabhängig von vorstehender Bestimmung schiesst die Gesellschaft
den Mitgliedern des Verwaltungsrats sowie der Geschäftsleitung die im Zusammenhang mit oben erwähnten Angelegenheiten entstehenden Gerichts- und Anwaltskosten vor.
	 		  	             Without limiting the foregoing paragraph, the Company shall advance
court costs and attorney’s fees to the members of the Board of Directors and officers, except in cases where the Company itself is plaintiff. The Company may however recover such

  

 16 

					
	             Ausgenommen sind jene Fälle, in denen die Gesellschaft selbst
gegen die betreffenden Personen vorgeht. Die Gesellschaft kann die aufgewendeten Auslagen zurückfordern, wenn ein Gericht oder eine andere zuständige Behörde rechtskräftig feststellt, dass die betreffende Person gegenüber
der Gesellschaft eine Pflichtverletzung begangen hat.
	  		  	             advanced cost if a court or another competent authority holds that the
member of the Board of Directors or the officer in question has breached its duties to the Company.

			
	 Artikel 18      Zuständigkeit und Delegation
  
 a)         Der
Verwaltungsrat hat die Oberleitung der Gesellschaft sowie die Aufsicht über die Geschäftsleitung. Er vertritt die Gesellschaft gegenüber Dritten und kann in allen Angelegenheiten Beschluss fassen, welche nicht gemäss Gesetz,
Statuten oder Organisationsreglement einem anderen Organ zugewiesen sind.
	  		  	 Article 18       Ultimate Direction, Delegation
  
 a)         The
Board of Directors is entrusted with the ultimate direction of the Company as well as the supervision of the management. It represents the Company towards third parties and attends to all matters which are not delegated to or reserved for another
corporate body of the Company by law, the Articles of Association or the regulations.

			
	 b)         Der Verwaltungsrat kann aus seiner Mitte Ausschüssen bestellen oder einzelne
Mitglieder bestimmen, welche mit der Vorbereitung und/oder Ausführung seiner Beschlüsse oder der Überwachung bestimmter Geschäfte betraut sind. Der Verwaltungsrat erlässt hierzu die notwendigen organisatorischen Weisungen.
Mit Ausnahme der unübertragbaren Befugnisse kann der Verwaltungsrat die Geschäftsführung ganz oder teilweise an einzelne Mitglieder, an einen Ausschuss oder an Dritte, welche keine Aktionäre zu sein brauchen, übertragen.
Ebenso kann der Verwaltungsrat vorgenannten Personen die Befugnis erteilen, im Namen der Gesellschaft zu zeichnen. Der Verwaltungsrat erlässt hierzu die notwendigen Organisationsreglemente und erstellt die erforderlichen
Vertragsdokumente.
	  		  	 b)         The Board of Directors may delegate preparation and/or implementation of its decisions
and supervision of the business to committees or to individual members of the Board of Directors. The organizational regulations will be defined by the Board of Directors. While reserving its non-transferable powers, the Board of Directors may
further delegate the management of the business or parts thereof and representation of the Company to one or more persons, members of the Board of Directors or others who need not be shareholders. The Board of Directors shall record all such
arrangements in a set of regulations for the Company and set up the necessary contractual framework.

			
	 Artikel 19      Einzelne Befugnisse
  
 Der Verwaltungsrat hat folgende unübertragbare und unentziehbare Befugnisse:
	  		  	 Article 19       Duties
  
 The Board of Directors has the following non-transferable and inalienable
duties:

			
	 1.         die Oberleitung der Gesellschaft und die Erteilung der nötigen
Weisungen;
	  		  	 1.         to ultimately manage the Company and issue the necessary
directives;

  

 17 

					
	 2.         die Festlegung der Organisation;
	  		  	 2.         to determine the organization;

			
	 3.         die Ausgestaltung des Rechnungswesens, der Finanzkontrolle sowie der Finanzplanung,
sofern diese für die Führung der Gesellschaft notwendig ist;
	  		  	 3.         to organize the accounting, the financial control, as well as the financial planning;

			
	 4.         die Ernennung und Abberufung der mit der Geschäftsführung und der Vertretung
betrauten Personen, sowie die Erteilung der Zeichnungsberechtigungen;
	  		  	 4.         to appoint and remove the persons entrusted with the management and representation of
the Company and to grant signatory power;

			
	 5.         die Oberaufsicht über die mit der Geschäftsführung und der Vertretung
betrauten Personen, namentlich im Hinblick auf die Befolgung der Gesetze, Statuten, Reglemente und Weisungen;
	  		  	 5.         to ultimately supervise the persons entrusted with the management, in particular with
respect to compliance with the law and with the Articles of Association, regulations and directives;

			
	 6.         die Erstellung des Geschäftsberichtes sowie die Vorbereitung der
Generalversammlung und die Ausführung ihrer Beschlüsse;
	  		  	 6.         to prepare the business report, as well as the General Meeting and to implement the
latter’s resolutions;

			
	 7.         die Benachrichtigung des Richters im Falle der Überschuldung;
	  		  	 7.         to inform the judge in the event of overindebtedness;

			
	 8.         die Beschlussfassung über die nachträgliche Liberierung von nicht
vollständig liberierten Aktien;
	  		  	 8.         to pass resolutions regarding the subsequent payment of capital with respect to
non-fully paid-in shares;

			
	 9.         die Beschlussfassung über die Feststellung von Kapitalerhöhungen und die
entsprechenden Statutenänderungen;
	  		  	 9.         to pass resolutions confirming increases in share capital and regarding the amendments
to the Articles of Association entailed thereby;

			
	 10.       Überwachung der Fachkenntnisse der Spezialrevisionsstelle in den Fällen, in denen das
Gesetz den Einsatz einer solchen vorsieht.
	  		  	 10.       to examine the professional qualifications of the specially qualified Auditors in the cases in
which the law foresees the use of such Auditors.

  

 18 

					
	C. Revisionsstelle und Spezialrevisionsstelle	  		  	C. Auditors and Special Auditor
			
	 Artikel 20      Amtsdauer, Befugnisse und Pflichten
	  		  	 Article 20       Term, Powers and Duties

			
	 a)         Die Revisionsstelle wird von der Generalversammlung gewählt. Rechte und Pflichten
der Revisionsstelle bestimmen sich nach den gesetzlichen Vorschriften.
	  		  	 a)         The Auditors shall be elected by the General Meeting and shall have the powers and
duties vested in them by law.

			
	 b)         Die Generalversammlung kann eine Spezialrevisionsstelle ernennen, welche die vom
Gesetz bei Kapitalerhöhungen und Kapitalherabsetzungen verlangten Prüfungsbestätigungen abgibt.
	  		  	 b)         The General Meeting may appoint a special auditing firm entrusted with the
examinations required by applicable law in connection with share capital increases or share capital reductions.

			
	 c)         Die Amtsdauer der Revisionsstelle und (falls eingesetzt) der Spezialrevisionsstelle
beträgt ein Jahr. Die Amtsdauer beginnt mit dem Tag der Wahl und endet mit der ersten darauffolgenden ordentlichen Generalversammlung.
	  		  	 c)         The term of office of the Auditors and (if appointed) the special auditors shall be
one year. The term of office shall commence on the day of election, and shall terminate on the first annual ordinary General Meeting following their election.

			
	IV. Liquidation	  		  	IV. Liquidation
			
	 Artikel 21      Auflösung und Liquidation
  
 a)         Die
Generalversammlung kann jederzeit in Übereinstimmung mit den gesetzlichen und statutarischen Bestimmungen die Auflösung und die Liquidation der Gesellschaft beschliessen.
	  		  	 Article 21       Dissolution and Liquidation
  
 a)         The
General Meeting may at any time resolve the dissolution and liquidation of the Company in accordance with the provisions of the law and of the Articles of Association.

			
	 b)         Die Liquidation wird durch den Verwaltungsrat besorgt, sofern sie nicht durch einen
Beschluss der Generalversammlung anderen Personen übertragen wird.
	  		  	 b)         The liquidation shall be carried out by the Board of Directors to the extent that the
General Meeting has not entrusted the same to other persons.

  

 19 

					
	 c)         Die Liquidation ist gemäss Art. 742 ff. OR durchzuführen. Dabei können
die Liquidatoren über das Vermögen der Gesellschaft (einschliesslich Immobilien) durch privaten Rechtsakt verfügen.
	  		  	 c)         The liquidation of the Company shall take place in accordance with art. 742 et seq.
of the Swiss Code of Obligations. The liquidators are authorized to dispose of the assets (including real estate) by way of private contract.

			
	 d)         Das Vermögen der aufgelösten Gesellschaft wird nach Tilgung ihrer Schulden
unter die Aktionäre nach Massgabe der einbezahlten Beträge verteilt.
	  		  	 d)         After all debts have been satisfied, the net proceeds shall be distributed among
the shareholders in proportion to the amounts paid-in.

			
	V. Mitteilungen und Sprache der Statuten	  		  	V. Notices and Language of the Articles of Association
			
	 Artikel 22      Mitteilungen und Bekanntmachungen
  
 a)         Das
Schweizerische Handelsamtsblatt ist das offizielle Publikationsmittel der Gesellschaft.
	  		  	 Article 22       Communications and
Announcements
  
 a)         The official means of publication of the Company shall be the “Schweizerisches Handelsamtsblatt”.

			
	 b)         Mitteilungen der Gesellschaft an die Aktionäre sowie andere Bekanntmachungen
erfolgen durch Publikation im “Schweizerisches Handelsamtsblatt”.
	  		  	 b)         Shareholder invitations and communications of the Company shall be published in the
“Schweizerisches Handelsamtsblatt”.

			
	 Artikel 23      Sprache der Statuten
  
 Im Falle eines Widerspruchs zwischen der deutschen und jeder anderen Fassung dieser Statuten ist die
deutsche Fassung massgeblich.
	  		  	 Article 23       Language of the Articles of Association

  
 In the event of deviations between the German version of these Articles of Association
and any version in another language, the German authentic text prevails.

  

 20 

					
	Bermuda, 14. Juli 2008	  		  	Bermuda, 14 July 2008
			
	  
	  		  	  

	Robert F. Cusumano	  		  	Chris Kearns

  

 21

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