Document:

Exhibit
4.1

 

LEVER
GLOBAL CORPORATION

 

SUBSCRIPTION
AGREEMENT

 

(for
NON-u.s. investors only)

 

THE
SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES COMMISSION OF ANY STATE UNDER ANY STATE SECURITIES
LAW. THEY ARE BEING OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER REGULATION S (“REGULATION S”) OF THE
SECURITIES ACT. THE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO U.S. PERSONS (AS SUCH TERM
IS DEFINED IN REGULATION S) UNLESS THE SHARES ARE FIRST REGISTERED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN
OPINION OF COUNSEL IS OBTAINED THAT IS ACCEPTABLE TO THE COMPANY THAT SUCH OFFERS, SALES, AND TRANSFERS MAY BE MADE PURSUANT TO AN AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THOSE LAWS.

 

THIS
SUBSCRIPTION AGREEMENT (THE “SUBSCRIPTION”OR “AGREEMENT”) DOES NOT CONSTITUTE AN OFFER TO SELL
OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITY OTHER THAN THE SECURITIES OFFERED HEREBY, NOR DOES IT CONSTITUTE AN OFFER TO SELL
OR A SOLICITATION OF AN OFFER TO BUY SUCH SECURITIES BY ANYONE IN ANY JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION IS NOT AUTHORIZED,
OR IN WHICH THE PERSON MAKING SUCH OFFER OR SOLICITATION IS NOT QUALIFIED TO DO SO.

 

To
the Board of Directors

LEVER
GLOBAL CORPORATION

 

SUBSCRIPTION
AND PAYMENT: THE UNDERSIGNED (THE “SUBSCRIBER”) HEREBY SUBSCRIBES FOR (_______) SHARES OF $0.50 PAR
VALUE COMMON STOCK (THE “SHARES”) OF LEVER GLOBAL CORPORATION., A DELAWARE CORPORATION (THE “COMPANY”)
AT THE PRICE OF USD$0.50 PER SHARE. THEREAFTER THE DELIVERY OF THE CERTIFICATE(S) REPRESENTING THE COMMON STOCK PURCHASED WILL
BE SENT TO THE SUBSCRIBER BY THE COMPANY OR THE TRANSFER AGENT. THE COMPANY HAS THE RIGHT TO ACCEPT OR REJECT THIS SUBSCRIPTION (A) IF
IT IS DETERMINED THAT THE SUBSCRIBER IS NOT ELIGIBLE TO PURCHASE SHARES UNDER REGULATION S OR (B) IF THE COMPANY LEARNS THAT THE SUBSCRIBER
HAS MISREPRESENTED ANY INFORMATION IN ANY OF THE DOCUMENTS THE SUBSCRIBER SUBMITTED TO THE COMPANY IN CONNECTION WITH THIS SUBSCRIPTION.
ACCEPTANCE OF THIS SUBSCRIPTION BY THE COMPANY WILL BE EFFECTIVE ONLY WHEN SIGNED BY THE REPRESENTATIVE OF THE COMPANY. THE COMPANY NEED
NOT ACCEPT SUBSCRIPTIONS IN THE ORDER RECEIVED. THE COMPANY WILL HAVE THE RIGHT, IN ADDITION TO ANY OTHER RIGHTS THAT IT MAY HAVE, TO
ACQUIRE THE SUBSCRIBER’S SHARES FOR A PRICE EQUAL TO THE SUBSCRIBER’S SUBSCRIPTION PAYMENT IF THE COMPANY LEARNS AT ANY TIME
AFTER PURCHASE THAT THE SUBSCRIBER HAS MISREPRESENTED ANY MATERIAL INFORMATION IN ANY OF THE DOCUMENTS THAT SUBSCRIBER SUBMITTED TO THE
COMPANY IN CONNECTION WITH THIS SUBSCRIPTION.

 

    	 

     

    

 

	1.	Cancellation
                                            of Subscription Agreement. The Subscriber has no right to cancel, revoke or withdraw
                                            this subscription, except as may be provided under applicable securities laws.
	 	 
	2.	Conditions.
                                            The Shares will, when issued, be validly issued, fully paid, and non-assessable. The
                                            Company is duly organized, validly existing, and in good standing under the laws of the State
                                            of California. Subscriber acknowledges that the issued Shares, after being exchanged for
                                            payment in full, shall be forwarded by the Company or the Transfer Agent for delivery to
                                            Subscriber. Subscriber also acknowledges that the Shares will not be delivered to Subscriber
                                            until this Subscription Agreement has been (a) signed by Subscriber (b) delivered by Subscriber
                                            to the Company, and (c) accepted by and signed by a representative of the Company.
	 	 
	3.	Representations,
                                            Warranties, Covenants, and Acknowledgements. To induce the Company to issue the Shares,
                                            the Subscriber hereby represents, warrants, covenants, and acknowledges to the Company that:

 

The
Subscriber has full power to execute, deliver and perform under this Subscription Agreement. This Subscription Agreement is the legal
and binding obligation of and is enforceable against the Subscriber in accordance with its terms.

 

The
execution and delivery of this Subscription Agreement will not result in a breach of any agreement between Subscriber and a third party
nor will it violate the terms of any court or administrative order.

 

The
Subscriber understands that an investment in the Company is subject to substantial risks, including, but not limited to, the loss of
Subscribers entire investment.

 

The
Subscriber has been given access to full and complete information regarding the Company and has utilized such access to the Subscriber’s
satisfaction for the purpose of obtaining such information regarding the Company as the Subscriber has reasonably requested. In particular,
the Subscriber has been given a reasonable opportunity to review such documents as Subscriber has requested and to ask questions of,
and to receive answers from, representatives of the Company concerning the terms and conditions of the Shares and the business and affairs
of the Company and to obtain any additional information concerning the Company’s business to the extent reasonably available so
as to understand more fully the nature of the investment and to verify the accuracy of the information .

 

The
Subscriber, in determining to purchase the Shares, (i) has been encouraged to seek and has had the opportunity to rely upon the advice
of the Subscriber’s legal counsel, accountants, and other advisors with respect to the purchase of the Shares, and (ii) has relied
solely upon the advice of the Subscriber’s legal counsel, accountants, or other financial advisors with respect to the financial,
tax, and other considerations relating to the purchase of the Shares.

 

The
Subscriber and his, her, or its personal advisors have received from the Company all requested documents, records, and books pertaining
to the investment in the Shares so as to enable them to evaluate the merits and risks of this investment. The Subscriber understands
and acknowledges that all documents were prepared by the Company and that no independent legal counsel, accountant, or financial advisor
has passed upon or assumed any responsibility for the accuracy, completeness or fairness of information provided to the Subscriber and
no independent legal counsel, accountant, or financial advisor has independently verified or investigated in any way the accuracy, completeness
or fairness of such information.

 

The
Subscriber (i) can bear the economic risk of the purchase of the Shares, including a total loss of the Subscriber’s investment;
(ii) has such knowledge and experience in business and financial matters as to be capable of evaluating the merits and risks of an investment
in the Shares, or the Subscriber is being advised by others (acknowledged by the Subscriber as being the “Purchaser Representative(s)”
of the Subscriber) such that they and the Subscriber together are capable of making such evaluation; and (iii) understands the non-liquid
nature of an investment in the Shares.

 

    	2

     

    

 

The
Subscriber acknowledges and understands that the Shares are a speculative investment in a small-cap publicly owned company that involves
a high degree of risk and there can be no guaranty of the amount of or type of consideration, profit or loss to be realized, if any,
as a result of an investment in the Shares.

 

The
Subscriber is not a “United States Person” (as defined below) and is not purchasing the Shares for the account or benefit
of a United States Person. A “United States Person” means any natural person resident in the United States; any partnership
or corporation organized or incorporated under the laws of the United States, its territories or possessions or any state or the District
of Columbia; any estate of which any executor or administrator is a U.S. person; any trust of which any trustee is a U.S. person; any
agency or branch of a foreign entity located in the United States; any non-discretionary account or similar account (other than an estate
or trust) held by a dealer or other fiduciary for the account of a U.S. person; any discretionary account or similar account (other than
an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States;
and a partnership or corporation if (i) organized or incorporated under the laws of any foreign jurisdiction, and (ii) formed by a U.S.
Person principally for the purpose of investing in securities not registered under the Securities Act of 1933, as amended (the “Securities
Act”), unless it is organized or incorporated, and owned, by accredited investors (as defined in Rule 501(a) under the Securities
Act) who are not natural persons, estates or trusts.

 

The
Subscriber acknowledges and agrees that the Shares were not offered to the Subscriber in the United States, and at the time of execution
of this agreement and at the time of any offer to the Subscriber to purchase such securities hereunder, the Subscriber was physically
outside the United States.

 

The
Subscriber acknowledges that the Company is relying on exemptions from the registration requirements of the Securities Act and afforded
by applicable state statutes and regulations.

 

The
Subscriber understands that the Shares are not registered under the Securities Act or the securities laws of any state, are “restricted
securities” within the meaning of Regulation S and Rule 144 under the Securities Act, and are subject to substantial restrictions
on transfer.

 

The
Subscriber agrees that the Subscriber will not sell or otherwise transfer or dispose of the Shares or any portion thereof unless such
Shares have been registered under the Securities Act and any applicable state securities laws or the Subscriber obtains an opinion of
counsel that is satisfactory to the Company that such Shares may be sold in reliance on an exemption from such registration requirements;
provided, however, that nothing in this agreement shall restrict the rights of the Subscriber to transfer the Shares or any portion thereof
in compliance with Regulation S under the Securities Act. If any offshore sale is to be made pursuant to Regulation S, the Subscriber
agrees to cause the parties to such transaction to execute a Certificate of Compliance that will be attached to the Stock Certificate.

 

The
Subscriber acknowledges and agrees that there shall be endorsed on the certificates evidencing any of the Common Stock legends substantially
to the following effect:

 

“THESE
SECURITIES ARE NOT REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT, IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER REGULATION S PROMULGATED UNDER THE SECURITIES ACT. TRANSFER IS PROHIBITED EXCEPT IN ACCORDANCE WITH
THE PROVISIONS OF REGULATION S, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION;
AND HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”

 

    	3

     

    

 

The
Subscriber acknowledges and agrees that the Shares are being acquired for the Subscriber’s own account and not on behalf of or
for the benefit of any U.S. Person and the sale and resale of the Shares has not been prearranged with any U.S. Person or buyer in the
United States.

 

The
Subscriber represents and warrants that, as of the date of this agreement, the Subscriber has no present plan or intention to sell the
securities in the U.S. at any predetermined time. The Subscriber represents, warrants, and covenants that neither the Subscriber nor
its affiliates nor any person acting on its or their behalf has entered into, has the intention of entering, or will enter into any option,
equity swap or other similar derivative instrument in the U.S. with respect to the Common Stock of the Company at any time until the
end of a period of one year from the date of this Agreement. Nothing herein shall prevent the Subscriber from selling the securities
acquired hereunder in accordance with U.S. securities laws.

 

The
Subscriber understands that until such time as the Shares are registered with appropriate regulatory authorities allowing Shares to be
freely transferable, or the applicable holding period and other conditions for sale have been satisfied for the Shares to be sold pursuant
to an exemption from the requirements for registration of the Shares, the Subscriber may be precluded from selling or otherwise transferring
or disposing of the Shares.

 

The
Subscriber understands that, except upon certain limited circumstances, the restrictions on the sale, transfer, and disposition of the
Shares will also apply to any and all shares of capital stock or other securities issued or otherwise acquired with respect to the Shares
including, without limitation, any other shares or securities issued or acquired as a result of any stock dividend, stock split or exchange
or any distribution of shares or securities pursuant to any corporate reorganization, reclassification or similar event.

 

The
Subscriber understands that no federal or state agency, including the Securities and Exchange Commission or the securities commission
or authorities of any other state, has approved or disapproved the Shares, passed upon or endorsed the merits of the offering, or made
any finding or determination as to the fairness of the Shares for investment.

 

The
Subscriber represents, warrants and agrees that, if the Subscriber is acquiring the Shares as an agent or representative for another
person or legal entity, (i) these representations, warranties, agreements, acknowledgments, and understandings shall be deemed to have
been made on behalf of the person or persons for whose benefit such Shares are being acquired, (ii) the name of such person or persons
is indicated below under the Subscriber’s name, and (iii) such further information as the Company deems appropriate shall be furnished
regarding such person or persons.

 

Neither
the Company nor any person representing or acting on behalf of the Company, or purportedly representing or acting on behalf of the Company,
has made any representations, warranties, agreements or statements other than those identified herein that influenced or affected the
Subscriber’s decision to purchase the Shares, nor has the Subscriber relied on any representations, warranties, agreements or statements
in the belief that they were made on behalf of any of the forgoing, nor has the Subscriber relied on the absence of any such representations,
warranties, agreements or statements in reaching the decision to purchase the Shares.

 

The
Subscriber understands that the Shares are being offered and sold in reliance on Regulation S and any other available exemptions
from the registration requirements of federal and state laws and that the Company is relying upon the truth and accuracy of the representations,
warranties, acknowledgements and understandings set forth herein in order to determine the suitability of the Subscriber to acquire Shares.
The Subscriber agrees promptly to notify the Company of any changes to any of the foregoing.

 

    	4

     

    

 

If
Company accepts this Subscription, the Company has the unconditional right to immediately utilize the proceeds thereof regardless of
whether any other subscriptions are received or accepted by the Company, and if the Company rejects this subscription or if the offering
is terminated or withdrawn prior to acceptance of this Subscription, the funds deposited by the Subscriber will be refunded promptly
without interest.

 

Subscriber
understands that a portion of the purchase price of the Shares may be used by the Company to pay for the expenses of this offering, including
commissions, if any, paid to entities for the express purpose of locating investors for this Regulation S Offering. These expenses and
commissions, if any, will be paid by the Company from the proceeds of this Regulation S Offering.

 

	4.	Covenants
                                            and Indemnity.

 

The
foregoing representations and warranties, together with all other representations and warranties made or given by the Subscriber to the
Company in connection with the transactions contemplated hereby, shall be true and correct in all respects on the date of closing of
the purchase hereunder as if made on such date and shall survive such date.

 

The
Subscriber agrees to indemnify and hold harmless the Company from and against any loss, damage or liability due to or arising out of
a breach by Subscriber of any of the representations and warranties set forth in Section 3 of this Agreement.

 

	5.	Miscellaneous.

 

This
Subscription will be interpreted under the laws of the State of California. The Subscriber acknowledges and agrees that any action or
proceeding of any kind against the Subscriber arising out of or by reason of this subscription may be brought in the federal or state
court located in the County of Los Angeles, State of California, United States of America and hereby consents to the jurisdiction of
any such court.

 

This
subscription and the rights, powers and duties set forth herein will be binding upon the Subscriber, the Subscriber’s heirs, estate,
legal representatives, successors, and permitted assigns and will benefit the Company.

 

If
any provision of this subscription is invalid or unenforceable, then such provision will be inoperative and will be modified to conform
to such statute or rule of law, but this occurrence will not affect the validity or enforceability of any other provision of this Agreement.

 

This
Subscription may be executed through the use of separate signature pages or in any number of counterparts.

 

This
Subscription contains the entire agreement of the parties with respect to the subject matter hereof and there are no representations,
warranties, covenants or other agreements between the Subscriber and the Company.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	5

     

    

 

IN
WITNESS WHEREOF, the Subscriber has executed this Subscription Agreement as of the ____ day of ______________, 2022.

 

Subscriber
is a “qualified Regulation S investor” as defined herein and is (check one):

 

	 	
    _____  Individual

    _____  Joint Tenants with right
    of

    survivorship
	
    _____  Tenants-in-Common

    _____  Community
    Property

    _____  Corporation
	
    _____  Trust

    _____  Partnership

    _____  Retirement
    Account

 

	 	Name(s)
    in which Securities should

    be
    registered:
	 	Signature
    of Subscriber(s):
	 	 

    _____________________________________
	 	 

    _____________________________________

	 	 

    _____________________________________
	 	 

    _____________________________________

	 	 	 	(If
    subscriber is a corporation indicate state or country of organization)__________________ 
	 	Amount
    of Subscription:

     

    ___________
    Shares @ $0.50 per Share

     

     
	 	 
	 	 	Subscriber’s
    Address:

     

    _____________________________________

    (number
    and street)

     

    _____________________________________

    (city)
    (state) (zip code)

     

    _____________________________________

    (Country)

     

	 	 	Business Telephone Number:

                                                                                 

	 	 	 	_____________________________________

    Home
    Telephone Number:

     

    _____________________________________

	 	 	 	 	 	 	 

    	6

     

    

 

ACCEPTANCE

 

____________________________
hereby accepts the foregoing subscription subject to the terms and conditions hereof as of the ___ day of ________________, 2022.

 

	 	LEVER
    GLOBAL CORPORATION
	 	 	 
	 	By:	 
	 	 	Trent
    McKendrick, President and CEO

 

Please
email this page to: ________________

 

    	7​

Exhibit 4.8
WARRANT AGREEMENT
between
IMPAC MORTGAGE HOLDINGS, INC.
and
AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
Dated [●], 2022
THIS WARRANT AGREEMENT (this “Agreement”), dated as of [●], 2022, is by and between Impac Mortgage Holdings, Inc., a Maryland corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company, as warrant agent (in such capacity, the “Warrant Agent”, also referred to herein as the “Transfer Agent”).
WHEREAS, [on or before the date of this Agreement,]1 the Company has (a) launched an exchange offer (the “Exchange Offer”) for all of the outstanding shares of the Company’s 9.375% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series B Preferred Stock”), and the Company’s 9.125% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series C Preferred Stock”), and (b) sought approval from the stockholders of the Company for certain amendments (the “Amendments”) to the charter of the Company (the “Charter”), by (i) soliciting a written consent from the holders of Series B Preferred Stock and the holders of Series C Preferred Stock, and (ii) calling a special meeting of the holders of the Company’s common stock, par value $0.01 per share (the “Common Stock”); and
WHEREAS, subject to obtaining the stockholder consents and approvals, the Company proposes to (a) amend the Charter as set forth in the Amendments and (b) subject to the terms and conditions of the Exchange Offer, close the Exchange Offer; and
WHEREAS, after the closing of the Exchange Offer, the Company proposes to redeem all shares of Series B Preferred Stock and Series C Preferred Stock that remain outstanding after completion of the Exchange Offer on the terms and conditions set forth in the Amendments (the “Redemption” and, together with Exchange Offer, collectively, the “Transaction”); and
WHEREAS, in connection with the Transaction, the Company will issue up to 2,107,629 warrants (the “Warrants”) to former holders of the Series C Preferred Stock. Each Warrant entitles the holder thereof to purchase one share (each such share, a “Warrant Share” and, collectively, the “Warrant Shares”) of common stock of the Company, par value $0.01 per share (the “Common Stock”), for an exercise price of $5.00 per share, subject to the terms and subject to adjustments as described herein. Only whole Warrants are exercisable. A holder of Warrants will not be able to exercise any fraction of a Warrant. In connection with the Transaction, the Company will issue 1.5 Warrants to each holder of Series C Preferred Stock per share of Series C Preferred Stock held by such holder, except that the Company will not issue fractional Warrants; if any

	1
	Confirm timing of the execution of this Agreement in connection with closing of Exchange Offer.

​
​

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holder would be entitled to receive a fractional Warrant, the Company will round down to the nearest whole number of Warrants to be issued in lieu of the fraction of a Warrant; and
WHEREAS, the Company has filed with the Securities and Exchange Commission (the “Commission”) a Registration Statement on Form S-4, Commission File No. 333-[●], with the United States Securities and Exchange Commission under the Securities Act of 1933, as amended, and all amendments thereto (the “Securities Act”), and the related form of prospectus included therein (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended, of the Warrants; and
WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange and exercise of the Warrants and the Warrant Shares; and
WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent and the holders of the Warrants; and
WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent (if a physical certificate is issued), as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement.
NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:
1.Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.
2.Warrants.
2.1.Form of Warrant. Each Warrant shall initially be issued in registered form only upon consummation of the Exchange Offer (the date any Warrants are first issued pursuant to the consummation of the Exchange Offer, the “Exchange Offer Grant Date”) or upon consummation of the Redemption.
2.2.Effect of Countersignature. If the Company determines to issue any physical certificate representing a Warrant, a certificated Warrant shall be invalid and of no effect and may not be exercised by the holder thereof unless and until countersigned by the Warrant Agent pursuant to this Agreement.
2.3.Registration.
2.3.1.Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry form, the Warrant Agent shall
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2

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issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by institutions that have accounts with The Depository Trust Company (the “Depositary”) (such institution, with respect to a Warrant in its account, a “Participant”).
If the Depositary subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Warrant, and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical form evidencing such Warrants (“Definitive Warrant Certificates”), which shall be in the form annexed hereto as Exhibit A.
Physical certificates, if issued, shall be signed by, or bear the facsimile signature of, the President, Chief Financial Officer, or other principal officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant 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.
2.3.2.Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on any physical certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.
2.4.Fractional Warrants. The Company shall not issue fractional Warrants.
3.Terms and Exercise of Warrants.
3.1.Warrant Price. Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company one (1) share of Common Stock, at the exercise price of $5.00 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant to a “cashless exercise,” to the extent permitted hereunder) described in the prior sentence at which shares of Common Stock may be purchased at the time a Warrant is exercised.
3.2.Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) (A) commencing on the third (3rd) anniversary of the Exchange Offer Grant Date, or [●], 2025 (the “Initial Exercise Date”), and (B) terminating on the date which is ten (10) years after the Exchange Offer Grant Date (the “Expiration Date”); provided, however,
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3

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that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below, with respect to an effective registration statement or a valid exemption therefrom being available. Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m., Eastern Time, time on the Expiration Date.
3.3.Exercise of Warrants.
3.3.1.Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof by delivering to the Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised, or, in the case of a Warrant represented by a book-entry, the Warrants to be exercised (the “Book-Entry Warrants”) on the records of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant Agent to the Depositary from time to time, (ii) an election to purchase (“Election to Purchase”) any share of Common Stock pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the Definitive Warrant Certificate or, in the case of a Book-Entry Warrant, properly delivered by the Participant in accordance with the Depositary’s procedures, and (iii) the payment in full of the Warrant Price for each share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the shares of Common Stock and the issuance of such shares of Common Stock, as follows:
(a)in lawful money of the United States, in good certified check or good bank draft payable to the order of the Company; or
(b)on a cashless basis, as provided in Section 7.4 hereof.
3.3.2.Issuance of Shares of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it on the register of members of the Company, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant Certificate, as applicable, for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the shares of Common Stock underlying the Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4, or a valid exemption from registration is available. In addition, no Warrant shall be exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the shares of Common Stock issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt from registration or qualification under the securities laws of the state of residence of the Registered Holder of the Warrants. Subject to Section 4.7 of this Agreement, a Registered Holder of Warrants may exercise its Warrants only for a whole number of shares of Common
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Stock. The Company may require holders of Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share of Common Stock, the Company shall round down to the nearest whole number, the number of shares of Common Stock to be issued to such holder.
3.3.3.Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and nonassessable.
3.3.4.Date of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for shares of Common Stock is issued and who is registered as a stockholder of the Company shall for all purposes be deemed to have become the holder of record of such shares of Common Stock on the date on which the Warrant, or book-entry position representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender and payment is a date when the share transfer books of the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the share transfer books or book-entry system are open.
4.Adjustments.
4.1.Combinations and Sub-Divisions. The Purchase Price of the Warrants shall be proportionally decreased and the number of Warrant Shares issuable upon exercise of the Warrants (or any shares of stock or other securities at the time issuable upon exercise of this Warrant) shall be proportionally increased to reflect any stock split or sub-division of the Company’s Common Stock. The Purchase Price of the Warrants shall be proportionally increased and the number of Warrant Shares issuable upon exercise of the Warrants (or any shares of stock or other securities at the time issuable upon exercise of the Warrants) shall be proportionally decreased to reflect any combination of the Company’s Common Stock.
4.2.Extraordinary Dividends. In case the Company shall make or issue, or shall fix a record date for the determination of eligible holders entitled to receive, a dividend or other distribution with respect to its Common Stock (or any shares of stock or other securities at the time issuable upon exercise of the Warrant) payable in (a) securities of the Company or (b) assets (excluding cash dividends), then, in each such case, the Registered Holder on exercise hereof at any time after the consummation, effective date or record date of such dividend or other distribution, shall receive, in addition to the Warrant Shares (or such other stock or securities) issuable on such exercise prior to such date, and without the payment of additional consideration therefor, the securities or such other assets of the Company to which such Holder would have been entitled upon such date if such Holder had exercised this Warrant on the date hereof and had thereafter, during the period from the date hereof to and including the date of such exercise, retained such shares and all such additional securities or other assets distributed with respect to such shares as aforesaid during such period giving effect to all adjustments called for by this Section 4.
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4.3.Reclassification. If the Company, by reclassification of securities or otherwise, shall change any of the securities as to which purchase rights under this Agreement exist into the same or a different number of securities of any other class or classes, the Warrants shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities that were subject to the purchase rights under the Warrants immediately prior to such reclassification or other change, and the Purchase Price therefor shall be appropriately adjusted, all subject to further adjustment as provided in this Section 4. No adjustment shall be made pursuant to this Section 4.3 upon any conversion or redemption of the Common Stock which is the subject of Section 4.5.
4.4.Adjustment for Capital Reorganization, Merger or Consolidation. In case of any capital reorganization of the capital stock of the Company (other than a combination, reclassification, exchange or subdivision of shares otherwise provided for herein), or any merger or consolidation of the Company with or into another corporation, or the sale of all or substantially all the assets of the Company (together, a “Business Combination”) then, and in each such case, as a part of such reorganization, merger, consolidation, sale of all or substantially all the assets, lawful provision shall be made so that the Registered Holder shall thereafter be entitled to receive upon exercise of the Warrants, during the period specified herein and upon payment of the Purchase Price then in effect, the number of shares of stock or other securities or property of the successor corporation resulting from such reorganization, merger, consolidation, sale of all or substantially all the assets that a holder of the Warrant Shares deliverable upon exercise of the Warrants would have been entitled to receive in such reorganization, consolidation, merger, sale or transfer if the Warrants had been exercised immediately before such reorganization, merger, consolidation, sale or transfer, all subject to further adjustment as provided in this Section 4. The foregoing provisions of this Section 4.4 shall similarly apply to successive reorganizations, consolidations, mergers, sales of all or substantially all the assets and to the stock or securities of any other corporation that are at the time receivable upon the exercise of the Warrants. If the per-share consideration payable to the Holder hereof for shares in connection with any such transaction is in a form other than cash or marketable securities, then the value of such consideration shall be determined in good faith by the Company’s Board of Directors. In all events, appropriate adjustment (as determined in good faith by the Company’s Board of Directors) shall be made in the application of the provisions of this Agreement with respect to the rights and interests of the Registered Holder after the transaction, to the end that the provisions of this Warrant Agreement shall be applicable after that event, as near as reasonably may be, in relation to any shares or other property deliverable after that event upon exercise of the Warrants. In the event of any Business Combination, at the Company’s option, the Warrants shall convert into the number of shares of Common Stock, common stock of the successor or acquiring person, and/or other property that a holder immediately prior to such event of the number of shares of Common Stock for which such Warrants are exercisable would have owned or received immediately after and as a result of such event.
4.5.Redemption or Conversion of Common Stock. In case all or any portion of the authorized and outstanding shares of Common Stock of the Company are redeemed or converted or reclassified into other securities or property pursuant to the Charter or otherwise, or the Common Stock otherwise ceases to exist, then, in such case, the Registered Holder, upon exercise hereof at any time after the date on which the Common Stock is so redeemed or converted, reclassified or ceases to exist (the “Termination Date”), shall receive, in lieu of the number of
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Warrant Shares that would have been issuable upon such exercise immediately prior to the Termination Date, the securities or property that would have been received if the Warrants had been exercised in full and the Common Stock received thereupon had been simultaneously converted immediately prior to the Termination Date, all subject to further adjustment as provided in this Agreement. Additionally, the Purchase Price shall be immediately adjusted to equal the quotient obtained by dividing (x) the aggregate Purchase Price of the maximum number of Warrant Shares for which the Warrants were exercisable immediately prior to the Termination Date by (y) the number of Warrant Shares for which this Warrant is exercisable immediately after the Termination Date, all subject to further adjustment as provided herein.
4.6.Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in this Section 4 resulting in an adjustment, the Company shall give notice, including by electronic mail, of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.
4.7.No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round down to the nearest whole number the number of shares of Common Stock to be issued to such holder.
4.8.Form of Warrant. The form of Warrant Certificate, if any, need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrant Certificates initially issued pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion make any change in the form of Warrant Certificate that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant Certificate thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant Certificate or otherwise, may be in the form as so changed.
5.Transfer and Exchange of Warrants.
5.1.Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.
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5.2.Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that except as otherwise provided herein or with respect to any Book-Entry Warrant, each Book-Entry Warrant may be transferred only in whole and only to the Depositary, to another nominee of the Depositary, to a successor depository, or to a nominee of a successor depository.
5.3.Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result in the issuance of a Warrant Certificate or book-entry position for a fraction of a Warrant.
5.4.Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.
5.5.Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.
6.[RESERVED.]
7.Other Provisions Relating to Rights of Holders of Warrants.
7.1.No Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter.
7.2.Lost, Stolen, Mutilated, or Destroyed Warrant Certificates. If any Warrant Certificate is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant Certificate of like denomination, tenor, and date as the Warrant Certificate so lost, stolen, mutilated, or destroyed. Any such new Warrant Certificate shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.
7.3.Reservation of Shares of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants to be issued pursuant to this Agreement.
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7.4.Registration of Shares of Common Stock; Cashless Exercise at Company’s Option.
7.4.1.Registration of the Shares of Common Stock. The Company may, but is not required to, file with the Commission a registration statement for the registration, under the Securities Act, of the Warrant Shares before the Warrant becomes exercisable. Holders of the Warrants shall have the right, during any period when the Company has not maintained an effective registration statement covering the issuance of the Warrant Shares, only to exercise such Warrants on a “cashless basis,” pursuant to subsection 3.3.1, by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act or another exemption) for that number of shares of Common Stock equal to the quotient obtained by dividing (a) the product of (1) the number of shares of Common Stock underlying the Warrants and (2) the excess of the “Fair Market Value” (as defined below) over the Warrant Price by (b) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall mean (x) if the Common Stock is traded on a national securities exchange, the volume-weighted average price of the shares of Common Stock as reported during the five (5) trading day period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary, (y) if the Common Stock is actively traded over-the-counter, the average of the closing bid prices over the thirty (30)-day period ending immediately prior to the applicable date of valuation and (z) if there is no active public market for the Common Stock, the value determined in good faith by the Board of Directors. The date that notice of “cashless exercise” is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise” of a Warrant, the Company shall, upon reasonable request, and subject to any reasonable conditions, qualifications or requirements in order to comply with applicable law and regulation, provide the Warrant Agent with an opinion of counsel for the Company stating that (i) the exercise of the Warrant on a “cashless basis” in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and (ii) the shares of Common Stock issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act) of the Company and, accordingly, shall not be required to bear a restrictive legend. Upon receipt of an exercise notice for a “cashless exercise” of a Warrant, the Warrant Agent shall deliver a copy of the exercise notice to the Company and the Company shall promptly calculate and transmit to the Warrant Agent in writing, the number of Warrant Shares issuable in connection with such “cashless exercise.” The Warrant Agent shall have no obligation under this Agreement to calculate, the number of Warrant Shares issuable in connection with a “cashless exercise,” nor shall the Warrant Agent have any duty or obligation to investigate or confirm whether the Company’s determination of the number of Warrant Shares issuable upon such exercise, pursuant to Section 7.4, is accurate or correct.
7.4.2.Cashless Exercise at Company’s Option. If the shares of Common Stock are at the time of any exercise of a Warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, (a) require holders of Warrants who exercise Warrants to exercise such Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act as described in subsection 7.4.1 and (b) in the event the Company so elects, the Company shall (i) not be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of the shares of Common Stock issuable upon exercise of the Warrants,
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notwithstanding anything in this Agreement to the contrary, and (ii) use its commercially reasonable efforts to register or qualify for sale the shares of Common Stock issuable upon exercise of the Warrant under applicable blue sky laws of the state of the residence of the holder to the extent an exemption is not available.
8.Concerning the Warrant Agent and Other Matters.
8.1.Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.
8.2.Resignation, Consolidation, or Merger of Warrant Agent.
8.2.1.Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.
8.2.2.Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the Transfer Agent for the shares of Common Stock not later than the effective date of any such appointment.
8.2.3.Merger or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with which it may be consolidated or any entity resulting
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from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act.
8.3Fees and Expenses of Warrant Agent.
8.3.1.Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.
8.3.2.Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement.
8.4.Liability of Warrant Agent.
8.4.1.Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer, President or Chief Financial Officer of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.
8.4.2.Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct, fraud or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all out-of-pocket liabilities, including judgments, out-of-pocket costs and reasonable outside counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s gross negligence, willful misconduct, fraud or bad faith.
8.4.3.Exclusions. The Warrant Agent shall not be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock shall, when issued, be valid and fully paid and nonassessable.
8.5.Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of shares of Common Stock through the exercise of the Warrants.
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9.Miscellaneous Provisions.
9.1.Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns.
9.2.Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:
Impac Mortgage Holdings, Inc.
19500 Jamboree Road, 
Irvine, California 92612
Attention: General Counsel
E-mail: GeneralCounselDG@impacmail.com
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Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:
American Stock Transfer & Trust Company, LLC 
6201 15th Avenue 
Brooklyn, NY 11219 
Attention: Reorg Group/Warrants
ReorgWarrants@astfiancial.com
With copy to:
American Stock Transfer & Trust Company, LLC
48 Wall Street, 22nd Floor
New York, NY 10005
Attention: Legal Department
Email: legalteamAST@astfinancial.com
9.3.Applicable Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction. The Company hereby waives any objection to such jurisdiction and that such courts represent an inconvenient forum.
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9.4.Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants.
9.5.Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent.
9.6.Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
9.7.Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.
9.8.Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein (including conforming the provisions hereof to the description of the terms of the Warrants and this Agreement set forth in the Registration Statement) or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments, including but not limited to any modifications or amendment to increase the Warrant Price or shorten the Exercise Period (other than as contemplated by this Agreement) and any amendment to the terms of the Warrants, shall require the vote or written consent of the Registered Holders of a majority of the then outstanding Warrants.
9.9.Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.
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	IMPAC MORTGAGE HOLDINGS, INC.

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	By:
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	Title:

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	AMERICAN STOCK TRANSFER & TRUST 
COMPANY, LLC

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	as Warrant Agent

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	Title:

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[Signature Page to Warrant Agreement]

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EXHIBIT A
Form of Warrant Certificate
[FACE]
Number
Warrants
THIS WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO
THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR
IN THE WARRANT AGREEMENT DESCRIBED BELOW
IMPAC MORTGAGE HOLDINGS, INC.
Incorporated Under the Laws of the State of Maryland
CUSIP [●]
Warrant Certificate
This Warrant Certificate certifies that                                            , or registered assigns, is the registered holder of                                             (                ) warrant(s) evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase shares of Common Stock, $0.01 par value (the “Common Stock”), of Impac Mortgage Holdings, Inc., a Maryland corporation (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and nonassessable shares of Common Stock as set forth below, at the exercise price (the “Warrant Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Warrant Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.
Each whole Warrant is initially exercisable for one fully paid and nonassessable share of Common Stock. No fractional shares will be issued upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in a share of Common Stock, the Company will, upon exercise, round down to the nearest whole number the number of shares of Common Stock to be issued to the Warrant holder. The number of shares of Common Stock issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement.
The initial Warrant Price per one share of Common Stock for any Warrant is equal to $5.00 per share. The Warrant Price is subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement.
Subject to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise Period, such Warrants shall become void.
Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place.
This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.
This Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles thereof.
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	IMPAC MORTGAGE HOLDINGS, INC.
	    
	AMERICAN STOCK TRANSFER & TRUST COMPANY,

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	LLC

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	as Warrant Agent

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	By:
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	Name:

	Title:
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	Title:

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[Form of Warrant Certificate]
[Reverse]
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The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares of Common stock and are issued or to be issued pursuant to a Warrant Agreement dated as of [●], 2022 (the “Warrant Agreement”), duly executed and delivered by the Company to American Stock Transfer & Trust Company, LLC, a New York limited liability trust company, as warrant agent (the “Warrant Agent”), 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 (the words “holders” or “holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.
Warrants may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of Election to Purchase set forth hereon properly completed and executed, together with payment of the Warrant Price as specified in the Warrant Agreement (or through “cashless exercise” as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised.
Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement covering the issuance of the shares of Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating to the shares of Common Stock is current, except through “cashless exercise” as provided for in the Warrant Agreement.
The Warrant Agreement provides that upon the occurrence of certain events the number of shares of Common Stock issuable upon exercise of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive a fractional interest in a share of Common Stock, the Company shall, upon exercise, round down to the nearest whole number of shares of Common Stock to be issued to the holder of the Warrant.
Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative or attorney duly 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 a like number of Warrants.
Upon due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith.
The Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company.
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A -4

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Election to Purchase
(To Be Executed Upon Exercise of Warrant)
The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive shares of Common Stock and herewith tenders payment for such shares of Common Stock to the Company in the amount of $                                             in accordance with the terms hereof. The undersigned requests that a certificate for such shares of Common Stock be registered in the name of                                                                     , whose address is                                                                                                                                                               , and that such shares of Common Stock be delivered to                                                                                                  , whose address is                                                                                                                                                               . If said number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the name of                                                                                                                   , whose address is                                                                                                                                                               , and that such Warrant Certificate be delivered to                                                                                                            , whose address is                                                                                                                                                               .
In the event that the Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement.
In the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of shares of Common Stock that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive shares of Common Stock. If said number of shares is less than all of the shares of Common Stock purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the name of                                                                                                                                                                                      , whose address is                                                                                                                                                               , and that such Warrant Certificate be delivered to                                                                                                            , whose address is                                                                                                                                                               .
Date:                 , 20      
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	Signature Guaranteed:
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	(Signature)

	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED).
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	(Address)

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	(Tax Identification Number)

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A -5

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