Document:

EX-4.5

 Exhibit 4.5 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY ANY SUCH NOMINEE OF THE DEPOSITORY, OR BY THE DEPOSITORY OR NOMINEE OF SUCH SUCCESSOR DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE. 
  

			
	No. 1	 	CUSIP No.: 88947E AQ3

 5.625% Senior Notes due 2024 

TOLL BROTHERS FINANCE CORP. 
 a
Delaware corporation 
 promises to pay to CEDE & CO. 

or registered assigns the principal sum of TWO HUNDRED FIFTY MILLION DOLLARS ($250,000,000) on January 15, 2024 

5.625% Senior Notes due 2024 
 Interest Payment Dates:
January 15 and July 15 
 Record Dates: January 1 and July 1 

Authenticated: November 21, 2013 

 
			
	TOLL BROTHERS FINANCE CORP.
	
	[Seal]
		
	By	 	 
	Name:	 	Douglas C. Yearley, Jr.
	Title:	 	Chief Executive Officer

  

			
	By	 	 
	Name:	 	Martin P. Connor
	Title:	 	 Senior Vice President and
 Chief Financial
Officer

  

			
	By	 	 
	Name:	 	Joseph R. Sicree
	Title:	 	 Senior Vice President and
 Chief Accounting
Officer

 [Signature Page to 2024 Global Note] 

 THE BANK OF NEW YORK MELLON, as Trustee, certifies that this is one of the Securities referred to in the within
mentioned Indenture. 
  

			
	By:	 	 
		 	Authorized Signatory

 Dated: November 21, 2013 

[Signature Page to 2024 Global Note] 

 TOLL BROTHERS FINANCE CORP. 

5.625% SENIOR NOTES DUE 2024 
 1. Interest. 

TOLL BROTHERS FINANCE CORP. (the “Issuer”), a Delaware corporation, promises to pay interest on the principal amount of this Security at the rate per
annum shown above. The Issuer will pay interest semiannually on January 15 and July 15 of each year, commencing on July 15, 2014, until the principal is paid or made available for payment. Interest on the Securities will accrue from
the most recent date to which interest has been paid or duly provided for or, if no interest has been paid, from November 21, 2013, provided that, if there is no existing Default in the payment of interest and if this Security is authenticated
between a Record Date referred to on the face hereof and the next succeeding interest payment date, interest shall accrue from such interest payment date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

2. Method of Payment. 
 The Issuer will pay interest on the
Securities (except defaulted interest, if any, which will be paid on such special payment date to Holders of record on such special Record Date as may be fixed by the Issuer) to the Persons who are registered Holders of Securities at the close of
business on January 1 or July 1, as the case may be, preceding such interest payment date (capitalized terms not defined herein have the meanings given to those terms in the Indenture or the Authorizing Resolution pertaining to the
Securities of the Series of which this Security is a part, as applicable). Holders must surrender Securities to a Paying Agent to collect principal payments. The Issuer will pay principal and interest in money of the United States that at the time
of payment is legal tender for payment of public and private debts. 
 3. Paying Agent and Registrar. 

Initially, The Bank of New York Mellon (the “Trustee”) will act as Paying Agent and Registrar. The Issuer may change or appoint any Paying Agent,
Registrar or co-Registrar without notice. Toll Brothers, Inc. (the “Company”) or any of its Subsidiaries or any of their Affiliates may act as Paying Agent, Registrar or co-Registrar. 

4. Indenture. 
 The Issuer issued the Securities under an
Indenture dated as of February 7, 2012 (the “Indenture”), among the Issuer, the Company, the other Guarantors and the Trustee. The terms of the Securities and the Guarantee include those stated in the Indenture (including those terms
set forth in the Authorizing Resolution or supplemental indenture pertaining to the Securities of the Series of which this Security is a part) and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (the “TIA”)
as in effect on the date of the Indenture. The Securities and the Guarantee are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of them. 

  
 1 

 The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture and the
applicable Authorizing Resolution or supplemental indenture. Requests may be made to: Toll Brothers Finance Corp., c/o Toll Brothers, Inc., 250 Gibraltar Road, Horsham, Pennsylvania 19044, Attention: Chief Financial Officer. 

5. Optional Redemption. 
 Prior to October 15, 2023, the
Issuer may, at its option, redeem the Securities in whole at any time, or in part from time to time, by providing at least 30 but not more than 60 days’ prior notice thereof, at a redemption price equal to the greater of: 

 

	 	•	 	100% of the principal amount of the Securities being redeemed; and 

  

	 	•	 	the present value of the Remaining Scheduled Payments on the Securities being redeemed on the redemption date, discounted to the date of redemption, on a semiannual basis, at the Treasury Rate plus 50 basis points
(0.50%). 

 The Issuer will also pay accrued and unpaid interest on the Securities being redeemed to the date of redemption. 

On or after October 15, 2023, the Issuer may, at its option, redeem the Securities in whole at any time, or in part from time to time, at a redemption
price equal to 100% of the principal amount of the Securities being redeemed, plus accrued and unpaid interest on the principal amount of the Securities being redeemed to the redemption date. 

In determining the redemption price and accrued and unpaid interest, interest will be calculated on the basis of a 360-day year consisting of twelve 30-day
months. 
 If money sufficient to pay the redemption price of and accrued and unpaid interest on the Securities to be redeemed is deposited with the Trustee
on or before the redemption date, on and after the redemption date interest will cease to accrue on the Securities (or such portions thereof) called for redemption and such Securities (or such portions thereof) will cease to be outstanding. 

If less than all the Securities are to be redeemed, the Trustee shall select the Securities to be redeemed, if the Securities are listed on a national
securities exchange, in accordance with the rules of such exchange, or if the Securities are not so listed, on either a pro rata basis or by lot or by such method as the Trustee shall deem fair and appropriate. The Trustee shall make the selection
from Securities outstanding and not previously called for redemption. Securities in denominations of $2,000 may only be redeemed in whole. The Trustee may select for redemption portions (equal to $2,000 or any integral multiple of $1,000 thereof) of
the principal of Securities that have denominations larger than $2,000. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Securities are to be redeemed at the registered
address of such Holder. On and after the redemption dates, interest ceases to accrue on the Securities or portions thereof called for redemption, provided that if the Issuer shall default in the payment of such Securities at the redemption price
together with accrued and unpaid interest, interest shall continue to accrue at the rate borne by the Securities. 

  
 2 

 6. Special Mandatory Redemption. 

The Securities will be subject to a special mandatory redemption (a “Special Mandatory Redemption”) in the event that (i) the purchase
agreement, dated November 6, 2013, pursuant to which the Company has agreed to acquire all of the equity interests in Shapell Industries, Inc. (the “Acquisition”), is terminated on any date prior to May 31, 2014, (ii) the
Company publicly announces on any date prior to May 31, 2014 that the Acquisition will not be pursued or (iii) the Acquisition is not consummated prior to May 31, 2014 (the earliest of any such date, a “Trigger Date”). In
that event, the Issuer will cause a notice of Special Mandatory Redemption to be mailed to each Holder of the Securities at its registered address and to the Trustee promptly, but in any event not later than five Business Days after the Trigger
Date, and will redeem the Securities on the date specified in the notice of Special Mandatory Redemption (which shall be no later than five Business Days following the date of such notice). The aggregate redemption price for any Special Mandatory
Redemption will be equal to 100% of the aggregate principal amount of the Securities, together with accrued interest on the Securities from November 21, 2013 up to, but not including, the date of the Special Mandatory Redemption. 

7. Denominations, Transfer, Exchange. 
 The Securities are in
registered form only without coupons in denominations of $2,000 and integral multiples of $1,000 thereof. A Holder may transfer or exchange Securities by presentation of such Securities to the Registrar or a co-Registrar with a request to register
the transfer or to exchange them for an equal principal amount of Securities of other denominations. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture. The Registrar need not transfer or exchange any Security selected for redemption, except the unredeemed part thereof if the Security is redeemed in part, or transfer or exchange any Securities for a
period of 15 days before a selection of Securities to be redeemed. 
 8. Persons Deemed Owners. 

The registered Holder of this Security shall be treated as the owner of it for all purposes. 

9. Unclaimed Money. 
 If money for the payment of principal or
interest remains unclaimed for two years, the Trustee or Paying Agent will pay the money back to the Issuer at its request. After that, Holders entitled to the money must look to the Issuer for payment unless an abandoned property law designates
another Person. 

  
 3 

 10. Amendment, Supplement, Waiver. 

Subject to certain exceptions, the Indenture, the Guarantee or the Securities may be amended or supplemented by the Issuer with the consent of the Holders of
at least a majority in principal amount of the outstanding Securities and any past default or compliance with any provision relating to the Securities may be waived in a particular instance with the consent of the Holders of a majority in principal
amount of the outstanding Securities. Without the consent of any Holder, the Issuer may amend or supplement the Indenture, the Guarantee or the Securities to cure any ambiguity, omission, defect or inconsistency (provided such action does not
adversely affect the rights of the Holders), to evidence the succession of another Person to the Issuer or any Guarantor, to add covenants of the Issuer or of the Guarantors under Article Four of the Indenture for the benefit of the Holders or to
surrender rights or powers conferred upon the Issuer or the Guarantors by the Indenture, to add Events of Default for the benefit of the Holders, to change or eliminate any provisions of the Indenture (provided such change or elimination shall
become effective only when none of the Securities are outstanding), to add Guarantors, to provide for the acceptance of appointment by a successor Trustee or facilitate the administration of the trusts under the Indenture by more than one Trustee,
to close the Indenture as to authentication and delivery of additional Securities, to supplement Indenture provisions to permit or facilitate defeasance and discharge of the Securities (provided such action does not adversely affect the rights of
the Holders), to provide that specific Indenture provisions shall not apply to an unissued Series of Securities, to provide for uncertificated Securities in addition to or in place of certificated Securities, to create a Series and establish its
terms, to remove a Guarantor, other than the Company, which, in accordance with the terms of the Indenture, ceases to be liable in respect of the Guarantee, or to make any other change (provided such action does not adversely affect the rights of
any Holder). 
 11. Trustee Dealings with the Company. 
 The
Bank of New York Mellon, the Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its
Affiliates, as if it were not Trustee. 
 12. Discharge of Indenture. 

The Indenture contains certain provisions pertaining to defeasance, which provisions shall for all purposes have the same effect as if set forth herein. 

13. No Recourse against Others. 
 A director, officer, employee
or stockholder, as such, of the Issuer shall not have any liability for any obligations of the Issuer under the Securities or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each Holder by
accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 

  
 4 

 14. Authentication. 

This Security shall not be valid until the Trustee signs the certificate of authentication on the other side of this Security. 

15. Governing Law. 
 This Security shall be governed by and
construed in accordance with the laws of the State of New York. 
 16. Abbreviations. 

Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT
TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian) and U/G/M/A (= Uniform Gifts to Minors Act). 

  
 5 

 ASSIGNMENT FORM 

If you, the Holder, want to assign this Security, fill in the form below: 

I or we assign and transfer this Security to 
  

 

(Insert assignee’s social security or tax ID number) 

 
  
  

 
 (Print or type assignee’s name,
address, and zip code) 
 and irrevocably appoint agent to transfer this Security on the books of the Issuer. The agent may substitute another to act for
him. 
  

			
	Date:                         	  	Your signature: (Sign exactly as your name appears on the other side of this Security)

 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all
in accordance with the Securities Exchange Act of 1934, as amended. 

  
 6 

 GUARANTEE 

The Guarantors listed on Schedule I attached hereto (the “Guarantors”) have unconditionally guaranteed, jointly and severally on a
senior basis (such guarantee by each Guarantor being referred to herein as the “Guarantee”), (i) the due and punctual payment of the principal of and interest on the Securities, whether at maturity, by acceleration or otherwise, the
due and punctual payment of interest on the overdue principal and interest, if any, on the Securities, to the extent lawful, and the due and punctual performance of all other obligations of the Issuer to the Holders or the Trustee all in accordance
with the terms set forth in Article Nine of the Indenture and (ii) in case of any extension of time of payment or renewal of any Securities or any of such other obligations, that the same will be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. No past, present or future stockholder, partner, member, officer, director, manager, general partner, employee or incorporator, as such,
of any of the Guarantors shall have any liability under the Guarantee by reason of such Person’s status as stockholder, partner, member, officer, director, manager, general partner, employee or incorporator. Each Holder of a Security by
accepting a Security waives and releases all such liability. This waiver and release are part of the consideration for the issuance of the Guarantee. Each Holder of a Security by accepting a Security agrees that any Guarantor other than Toll
Brothers, Inc. shall have no further liability with respect to its Guarantee if such Guarantor otherwise ceases to be liable in respect of its Guarantee in accordance with the terms of the Indenture. 

  
 7 

 The Guarantee shall not be valid or obligatory for any purpose until the certificate of
authentication on the Securities upon which the Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized officers. 

 

			
	TOLL BROTHERS, INC.
		
	By:	 	 
	Name:	 	Martin P. Connor
	Title:	 	 Senior Vice President and
 Chief Financial
Officer

  

			
	 THE GUARANTORS LISTED ON
 SCHEDULE
I, ATTACHED HERETO

		
	By:	 	 
	Name:	 	Martin P. Connor
	Title:	 	Authorized Signatory
		
	Attest: 	 	 
	Name:	 	Joseph R. Sicree
	Title:	 	 Senior Vice President and
 Assistant
Secretary

 [Signature Page to 2024 Global Note Guarantee] 

 SCHEDULE I 

The Guarantors 
  

			
	 110-112 Third Ave. GC II LLC (NY)
 110-112 Third
Ave. GC LLC (NY)
 110-112 Third Ave. Realty Corp. (NY)
 126-142
Morgan Street Urban Renewal LLC (NJ)
 134 Bay Street LLC (DE)

1450 Washington LLC (NJ)
 1500 Garden St. LLC (NJ)

2301 Fallston Road LLC (MD)
 5-01 — 5-17 48th Avenue GC II
LLC (NY)
 5-01 — 5-17 48th Avenue GC LLC (NY)
 5-01 —
5-17 48th Avenue II LLC (NY)
 5-01 — 5-17 48th Avenue LLC (NY)

51 N. 8th Street GC II LLC (NY)
 51 N. 8th Street GC LLC (NY)

51 N. 8th Street I LLC (NY)
 51 N. 8th Street L.P. (NY)

700 Grove Street Urban Renewal, LLC (NJ)
 89 Park Avenue LLC
(NY)
 Amwell Chase, Inc. (DE)
 Arbor Hills Development LLC
(MI)
 Arthur’s Woods, LLC (MD)
 Ashford Land Company, L.P.
(DE)
 Audubon Ridge, L.P. (PA)
 Belmont Country Club I LLC
(VA)
 Belmont Country Club II LLC (VA)
 Belmont Land, L.P.
(VA)
 Binks Estates Limited Partnership (FL)
 Block 255 LLC
(NJ)
 Blue Bell Country Club, L.P. (PA)
 Brier Creek Country
Club I LLC (NC)
 Brier Creek Country Club II LLC (NC)
 Broad
Run Associates, L.P. (PA)
 C.B.A.Z. Construction Company LLC (AZ)

C.B.A.Z. Holding Company LLC (DE)
 CC Estates Limited Partnership
(MA)
 Cold Spring Hunt, L.P. (PA)
 Coleman-Toll Limited
Partnership (NV)
 Component Systems I LLC (DE)
 Component
Systems II LLC (DE)
 CWG Construction Company LLC (NJ)

Dominion Country Club, L.P. (VA)
 Dominion Valley Country Club I
LLC (VA)
	  	 Dominion Valley Country Club II LLC (VA)
 ESE
Consultants, Inc. (DE)
 Estates at Princeton Junction, L.P. (NJ)

Estates at Rivers Edge, L.P. (NJ)
 Fairfax Investment, L.P.
(VA)
 Fairway Valley, Inc. (DE)
 Farmwell Hunt, L.P. (VA)

First Brandywine Investment Corp. II (DE)
 First Brandywine
Investment Corp. IV (DE)
 First Brandywine LLC I (DE)
 First
Brandywine LLC II (DE)
 First Brandywine LLC III (DE)
 First
Brandywine LLC IV (DE)
 First Brandywine Partners, L.P. (DE)

First Huntingdon Finance Corp. (DE)
 Franklin Farms G.P., Inc.
(DE)
 Frenchman’s Reserve Realty, LLC (FL)
 Golf I Country
Club Estates at Moorpark LLC (CA)
 Golf II Country Club Estates at Moorpark LLC (CA)

Goshen Road Land Company LLC (PA)
 Great Falls Hunt, L.P. (VA)

Greens at Waynesborough, L.P. (PA)
 Greenwich Chase, L.P. (NJ)

Hatboro Road Associates LLC (PA)
 Hawthorn Woods Country Club II
LLC (IL)
 Hoboken Cove LLC (NJ)
 Hoboken Land I LLC (DE)

Hoboken Land LP (NJ)
 Hockessin Chase, L.P. (DE)

HQZ Acquisitions, Inc. (MI)
 Huckins Farm Limited Partnership
(MA)
 Jacksonville TBI Realty LLC (FL)
 Laurel Creek, L.P.
(NJ)
 Lighthouse Point Land Company, LLC (FL)
 Liseter Land
Company LLC (PA)
 Liseter, LLC (DE)
 Long Meadows TBI, LLC
(MD)
 Longmeadow Properties LLC (MD)
 Loudoun Valley
Associates, L.P. (VA)
 MA Limited Land Corporation (DE)

			
	 Martinsburg Ventures, L.L.C. (VA)
 Mizner
Realty, L.L.C. (FL)
 Morgan Street JV LLC (DE)
 Naples TBI
Realty, LLC (FL)
 NC Country Club Estates Limited Partnership (NC)

Orlando TBI Realty LLC (FL)
 Paramount Village LLC (CA)

Phillips Drive LLC (MD)
 Prince William Land I LLC (VA)

Prince William Land II LLC (VA)
 PT Maxwell Holdings, LLC (NJ)

PT Maxwell, L.L.C. (NJ)
 Regency at Denville LLC (NJ)

Regency at Dominion Valley LLC (VA)
 Regency at Long Valley I LLC
(NJ)
 Regency at Long Valley II LLC (NJ)
 Regency at Mansfield
I LLC (NJ)
 Regency at Mansfield II LLC (NJ)
 Regency at
Washington I LLC (NJ)
 Regency at Washington II LLC (NJ)
 SH
Homes Corporation (MI)
 SI Investment Corporation (MI)

Silverman-Toll Limited Partnership (MI)
 Sorrento at Dublin Ranch
I LP (CA)
 Sorrento at Dublin Ranch III LP (CA)
 South Riding
Amberlea LP (VA)
 South Riding Partners Amberlea LP (VA)
 South
Riding Partners, L.P. (VA)
 South Riding Realty LLC (VA)
 South
Riding, L.P. (VA)
 Southport Landing Limited Partnership (CT)

Springton Pointe, L.P. (PA)
 SR Amberlea LLC (VA)

SRLP II LLC (VA)
 Stone Mill Estates, L.P. (PA)

Swedesford Chase, L.P. (PA)
 Tampa TBI Realty LLC (FL)

TB Kent Partners LLC (DE)
 TB Proprietary Corp. (DE)

TBI/Naples Limited Partnership (FL)
 TBI/Palm Beach Limited
Partnership (FL)
 Tenby Hunt, Inc. (DE)
 The Bird Estate
Limited Partnership (MA)
 The Regency Golf Club I LLC (VA)
 The
Regency Golf Club II LLC (VA)
	  	 The Ridges at Belmont Country Club I LLC (VA)

The Ridges at Belmont Country Club II LLC (VA)
 The Silverman
Building Companies, Inc. (MI)
 Toll Architecture I, P.A. (DE)

Toll Architecture, Inc. (DE)
 Toll at Brier Creek Limited
Partnership (NC)
 Toll at Honey Creek Limited Partnership (MI)

Toll at Westlake, L.P. (NJ)
 Toll at Whippoorwill, L.P. (NY)

Toll Austin TX LLC (TX)
 Toll AZ GP Corp. (DE)

Toll BBC II LLC (TX)
 Toll BBC LLC (TX)

Toll Brooklyn L.P. (NY)
 Toll Bros. of Arizona, Inc. (AZ)

Toll Bros. of North Carolina II, Inc. (NC)
 Toll Bros. of North
Carolina III, Inc. (NC)
 Toll Bros. of North Carolina, Inc. (NC)

Toll Bros., Inc. (DE)
 Toll Bros., Inc. (PA)

Toll Bros., Inc. (TX)
 Toll Brothers AZ Construction Company
(AZ)
 Toll Brothers AZ Limited Partnership (AZ)
 Toll Brothers
Real Estate, Inc. (PA)
 Toll Brothers, Inc. (DE)
 Toll Buckeye
Corp. (DE)
 Toll CA GP Corp. (CA)
 Toll CA I LLC (CA)

Toll CA II, L.P. (CA)
 Toll CA III, L.P. (CA)

Toll CA IV, L.P. (CA)
 Toll CA IX, L.P. (CA)

Toll CA Note II LLC (CA)
 Toll CA V, L.P. (CA)

Toll CA VI, L.P. (CA)
 Toll CA VII, L.P. (CA)

Toll CA VIII, L.P. (CA)
 Toll CA X, L.P. (CA)

Toll CA XI, L.P. (CA)
 Toll CA XII, L.P. (CA)

			
	 Toll CA XIX, L.P. (CA)
 Toll CA, L.P. (CA)

Toll Cedar Hunt LLC (VA)
 Toll Centennial Corp. (DE)

Toll CO GP Corp. (CO)
 Toll CO I LLC (CO)

Toll CO II, L.P. (CO)
 Toll CO, L.P. (CO)

Toll Corners LLC (DE)
 Toll Corp. (DE)

Toll CT II Limited Partnership (CT)
 Toll CT III Limited
Partnership (CT)
 Toll CT IV Limited Partnership (CT)
 Toll CT
Limited Partnership (CT)
 Toll Dallas TX LLC (TX)
 Toll DE II
LP (DE)
 Toll DE LP (DE)
 Toll Development Company, Inc.
(MI)
 Toll Diamond Corp. (DE)
 Toll EB, LLC (DE)

Toll Equipment, L.L.C. (DE)
 Toll Estero Limited Partnership
(FL)
 Toll First Avenue LLC (NY)
 Toll FL GP Corp. (FL)

Toll FL I, LLC (FL)
 Toll FL II Limited Partnership (FL)

Toll FL III Limited Partnership (FL)
 Toll FL IV Limited
Partnership (FL)
 Toll FL IV LLC (FL)
 Toll FL Limited
Partnership (FL)
 Toll FL V Limited Partnership (FL)
 Toll FL V
LLC (FL)
 Toll FL VI Limited Partnership (FL)
 Toll FL VII
Limited Partnership (FL)
 Toll FL VIII Limited Partnership (FL)

Toll FL X Limited Partnership (FL)
 Toll Ft. Myers Limited
Partnership (FL)
 Toll GA GP Corp. (GA)
 Toll GA LP (GA)

Toll Glastonbury LLC (CT)
 Toll Golden Corp. (DE)

Toll Granite Corp. (DE)
 Toll Grove LP (NJ)

Toll Henderson LLC (NV)
 Toll Hoboken LLC (DE)

Toll Holdings, Inc. (DE)
	  	 Toll Houston TX LLC (TX)
 Toll Hudson LP
(NJ)
 Toll IL GP Corp. (IL)
 Toll IL HWCC, L.P. (IL)

Toll IL II, L.P. (IL)
 Toll IL III, L.P. (IL)

Toll IL IV, L.P. (IL)
 Toll IL WSB, L.P. (IL)

Toll IL, L.P. (IL)
 Toll IN LLC (IN)

Toll Jacksonville Limited Partnership (FL)
 Toll Jupiter LLC
(FL)
 Toll Land Corp. No. 10 (DE)
 Toll Land Corp.
No. 6 (PA)
 Toll Land Corp. No. 20 (DE)
 Toll Land
Corp. No. 43 (DE)
 Toll Land Corp. No. 50 (DE)
 Toll
Land IV Limited Partnership (NJ)
 Toll Land IX Limited Partnership (VA)

Toll Land V Limited Partnership (NY)
 Toll Land VI Limited
Partnership (NY)
 Toll Land VII LLC (NY)
 Toll Land X Limited
Partnership (VA)
 Toll Land XI Limited Partnership (NJ)
 Toll
Land XIV Limited Partnership (NY)
 Toll Land XIX Limited Partnership (CA)

Toll Land XV Limited Partnership (VA)
 Toll Land XVI Limited
Partnership (NJ)
 Toll Land XVIII Limited Partnership (CT)

Toll Land XX Limited Partnership (CA)
 Toll Land XXI Limited
Partnership (VA)
 Toll Land XXII Limited Partnership (CA)
 Toll
Land XXIII Limited Partnership (CA)
 Toll Land XXV Limited Partnership (NJ)

Toll Land XXVI Limited Partnership (OH)
 Toll Lexington LLC
(NY)
 Toll Livingston at Naples Limited Partnership (FL)
 Toll
MA I LLC (MA)
 Toll MA II LLC (MA)
 Toll MA III LLC (MA)

Toll MA IV LLC (MA)
 Toll MA Land Limited Partnership (MA)

Toll MD AF Limited Partnership (MD)
 Toll MD Builder Corp.
(MD)
 Toll MD Builder I, L.P. (MD)

			
	 Toll MD I, L.L.C. (MD)
 Toll MD II Limited
Partnership (MD)
 Toll MD II LLC (MD)
 Toll MD III Limited
Partnership (MD)
 Toll MD III LLC (MD)
 Toll MD IV Limited
Partnership (MD)
 Toll MD IV LLC (MD)
 Toll MD IX Limited
Partnership (MD)
 Toll MD Limited Partnership (MD)
 Toll MD V
Limited Partnership (MD)
 Toll MD VI Limited Partnership (MD)

Toll MD VII Limited Partnership (MD)
 Toll MD VIII Limited
Partnership (MD)
 Toll MD X Limited Partnership (MD)
 Toll MD
XI Limited Partnership (MD)
 Toll MI GP Corp. (MI)
 Toll MI II
Limited Partnership (MI)
 Toll MI III Limited Partnership (MI)

Toll MI IV Limited Partnership (MI)
 Toll MI Limited Partnership
(MI)
 Toll MI V Limited Partnership (MI)
 Toll Mid-Atlantic LP
Company, Inc. (DE)
 Toll Mid-Atlantic Note Company, Inc. (DE)

Toll Midwest LLC (DE)
 Toll Midwest Note Company, Inc. (DE)

Toll MN GP Corp. (MN)
 Toll MN II, L.P. (MN)

Toll MN, L.P. (MN)
 Toll Morgan Street LLC (DE)

Toll Naval Associates (PA)
 Toll NC GP Corp. (NC)

Toll NC I LLC (NC)
 Toll NC II LP (NC)

Toll NC III LP (NC)
 Toll NC IV LLC (NC)

Toll NC Note II LLC (NC)
 Toll NC Note LLC (NC)

Toll NC, L.P. (NC)
 Toll NH GP Corp. (NH)

Toll NH Limited Partnership (NH)
 Toll NJ Builder I, L.P. (NJ)

Toll NJ I, L.L.C. (NJ)
 Toll NJ II, L.L.C. (NJ)

Toll NJ II, L.P. (NJ)
 Toll NJ III, L.P. (NJ)

Toll NJ III, LLC (NJ)
	  	 Toll NJ IV, L.P. (NJ)
 Toll NJ V, L.P. (NJ)

Toll NJ VI, L.P. (NJ)
 Toll NJ VII, L.P. (NJ)

Toll NJ VIII, L.P. (NJ)
 Toll NJ XI, L.P. (NJ)

Toll NJ, L.P. (NJ)
 Toll NJX-I Corp. (DE)

Toll North LV LLC (NV)
 Toll North Reno LLC (NV)

Toll Northeast LP Company, Inc. (DE)
 Toll Northeast Note Company,
Inc. (DE)
 Toll Northeast Services, Inc. (DE)
 Toll Northville
Limited Partnership (MI)
 Toll NV GP Corp. (NV)
 Toll NV
Holdings LLC (NV)
 Toll NV Limited Partnership (NV)
 Toll NY II
LLC (NY)
 Toll NY III L.P. (NY)
 Toll NY IV L.P. (NY)

Toll NY L.P. (NY)
 Toll OH GP Corp. (OH)

Toll Orlando Limited Partnership (FL)
 Toll PA Builder Corp.
(PA)
 Toll PA GP Corp. (PA)
 Toll PA II GP Corp. (PA)

Toll PA II, L.P. (PA)
 Toll PA III GP Corp. (PA)

Toll PA III, L.P. (PA)
 Toll PA IV, L.P. (PA)

Toll PA IX, L.P. (PA)
 Toll PA V, L.P. (PA)

Toll PA VI, L.P. (PA)
 Toll PA VIII, L.P. (PA)

Toll PA X, L.P. (PA)
 Toll PA XI, L.P. (PA)

Toll PA XII, L.P. (PA)
 Toll PA XIII, L.P. (PA)

Toll PA XIV, L.P. (PA)
 Toll PA XV, L.P. (PA)

Toll PA, L.P. (PA)
 Toll Palmetto Corp. (DE)

Toll Peppertree, Inc. (NY)
 Toll Realty Holdings Corp. I (DE)

Toll Realty Holdings Corp. II (DE)
 Toll Realty Holdings LP
(DE)

			
	 Toll Realty L.L.C. (FL)
 Toll RI GP Corp.
(RI)
 Toll RI II, L.P. (RI)
 Toll RI, L.P. (RI)

Toll San Antonio TX LLC (TX)
 Toll SC GP Corp. (SC)

Toll SC II, L.P. (SC)
 Toll SC III, L.P. (SC)

Toll SC IV, L.P. (SC)
 Toll SC, L.P. (SC)

Toll South LV LLC (NV)
 Toll South Reno LLC (NV)

Toll Southeast LP Company, Inc. (DE)
 Toll Southeast Note Company,
Inc. (DE)
 Toll Southwest LLC (DE)
 Toll Southwest Note
Company, Inc. (DE)
 Toll Stonebrae LP (CA)
 Toll Stratford LLC
(VA)
 Toll SW Holding I Corp. (NV)
 Toll SW Holding LLC
(NV)
 Toll TN GP Corp. (TN)
 Toll TX GP Corp. (DE)

Toll TX Note LLC (TX)
 Toll VA GP Corp. (DE)

Toll VA II, L.P. (VA)
 Toll VA III L.L.C. (VA)

Toll VA III, L.P. (VA)
	  	 Toll VA IV, L.P. (VA)
 Toll VA L.L.C. (DE)

Toll VA Member Two, Inc. (DE)
 Toll VA V, L.P. (VA)

Toll VA VI, L.P. (VA)
 Toll VA VII, L.P. (VA)

Toll VA, L.P. (VA)
 Toll Van Wyck, LLC (NY)

Toll Vanderbilt I LLC (RI)
 Toll Vanderbilt II LLC (RI)

Toll WA GP Corp. (WA)
 Toll WA LP (WA)

Toll West Coast LLC (DE)
 Toll WestCoast Note Company, Inc.
(DE)
 Toll WV GP Corp. (WV)
 Toll WV LP (WV)

Toll YL II, L.P. (CA)
 Toll YL, Inc. (CA)

Toll YL, L.P. (CA)
 Toll-Dublin, L.P. (CA)

Toll-Dublin, LLC (CA)
 Vanderbilt Capital LLC (RI)

Village Partners, L.P. (PA)
 Virginia Construction Co. I, LLC
(VA)
 Virginia Construction Co. II, LLC (VA)
 West Amwell
Limited Partnership (NJ)
 Wilson Concord, L.P. (TN)EX-4.1

 Exhibit 4.1 

November 20, 2013 
 [FORM OF WARRANT]

 REAL GOODS SOLAR, INC. 

WARRANT TO PURCHASE COMMON STOCK 

Warrant No.:              

Date of Issuance: November             , 2013 (“Issuance Date”) 

Real Goods Solar, Inc., a Colorado corporation (the “Company”), hereby certifies that, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged,             , the registered holder hereof or its permitted assigns (the “Holder”), is entitled, subject to
the terms set forth below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, upon exercise of this Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange, transfer or
replacement hereof, the “Warrant”), at any time or times on or after the first (1st) anniversary of the Issuance Date (the “Initial Exercisability Date”),
but not after 11:59 p.m., New York time, on the Expiration Date (as defined below),             (subject to adjustment as provided herein) fully paid and non-assessable shares of Common
Stock (as defined below) (the “Warrant Shares”, and such number of Warrant Shares, the “Warrant Number”). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings set forth in
Section 16. This Warrant is issued pursuant the Company’s Registration Statement on Form S-3 (File number 333-190050) (the “Registration Statement”) and the Prospectus Supplement dated November
            , 2013. 
 1. EXERCISE OF WARRANT. 

(a) Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in
Section 1(f)), this Warrant may be exercised by the Holder on any day on or after the Initial Exercisability Date, in whole or in part, by delivery (whether via facsimile or otherwise) of a written notice, in the form attached hereto as
Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. Within one (1) Trading Day following an exercise of this Warrant as aforesaid, the Holder shall deliver payment to the
Company of an amount equal to the Exercise Price in effect on the date of such exercise multiplied by the number of Warrant Shares as to which this Warrant was so exercised (the “Aggregate Exercise Price”) in cash or via wire
transfer of immediately available funds if the Holder did not notify the Company in such Exercise Notice that such exercise was made pursuant to a Cashless Exercise (as defined in Section 1(d)). The Holder shall not be required to deliver the
original of this Warrant in order to effect an exercise hereunder. Execution and delivery of an Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original of this Warrant and
issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. Execution and delivery of an Exercise Notice for all of the then-remaining Warrant Shares shall have the same effect as cancellation of the original
of this Warrant after delivery of the Warrant Shares in accordance with the terms hereof. On or before the first (1st) Trading Day following the date on which the Company has received an
Exercise Notice, the Company shall transmit by facsimile an acknowledgment of confirmation of receipt of such Exercise Notice, in the form attached hereto 

  
 A-1 

 
as Exhibit B, to the Holder and the Company’s transfer agent (the “Transfer Agent”). On or before the third
(3rd) Trading Day following the date on which the Company has received such Exercise Notice, the Company shall (X) provided that the Transfer Agent is participating in The Depository
Trust Company (“DTC”) Fast Automated Securities Transfer Program, upon the request of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s
or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the Holder or, at
the Holder’s instruction pursuant to the Exercise Notice, the Holder’s agent or designee, in each case, sent by reputable overnight courier to the address as specified in the applicable Exercise Notice, a certificate, registered in the
Company’s share register in the name of the Holder or its designee (as indicated in the applicable Exercise Notice), for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. Upon delivery of an
Exercise Notice, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the
Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares (as the case may be). If this Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the number of Warrant
Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then, at the request of the Holder, the Company shall as soon as practicable and in no event later than three
(3) Business Days after any exercise and at its own expense, issue and deliver to the Holder (or its designee) a new Warrant (in accordance with Section 7(d)) representing the right to purchase the number of Warrant Shares purchasable
immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but rather the number
of shares of Common Stock to be issued shall be rounded to the nearest whole number. The Company shall pay any and all taxes and fees which may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant. The
Company shall not, however, be required to pay any such tax which may be payable in respect of any transfer involved in the issuance and delivery of Common Stock in any name other than that the Holder of this Warrant. Notwithstanding the foregoing,
except in the case where an exercise of this Warrant is validly made pursuant to a Cashless Exercise (as defined in Section 1(d)), the Company’s failure to deliver Warrant Shares to the Holder on or prior to the second (2nd) Trading
Day after the Company’s receipt of the Aggregate Exercise Price shall not be deemed to be a breach of this Warrant. 
 (b) Exercise
Price. For purposes of this Warrant, “Exercise Price” means $[ ], subject to adjustment as provided herein. 
 (c)
Company’s Failure to Timely Deliver Securities. If the Company shall fail, for any reason or for no reason, to issue to the Holder within the later of (i) three (3) Trading Days after receipt of the applicable Exercise Notice
and (ii) two (2) Trading Days after the Company’s receipt of the Aggregate Exercise Price (or valid notice of a Cashless Exercise) (such later date, the “Share Delivery Deadline”), a certificate for the number of
shares of Common Stock to which the Holder is entitled and register such shares of Common Stock on the Company’s share register or credit the Holder’s balance account with DTC for the number of shares of Common

  
 A-2 

 
Stock to which the Holder is entitled upon the Holder’s exercise hereunder (as the case may be), and if on or after such Share Delivery Deadline the Holder purchases (in an open market
transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal to all or any portion of the
number of shares of Common Stock, issuable upon such exercise that the Holder so anticipated receiving from the Company, then, in addition to all other remedies available to the Holder, the Company shall, within three (3) Business Days after
the Holder’s request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the
shares of Common Stock so purchased (including, without limitation, by any other Person in respect, or on behalf, of the Holder) (the “Buy-In Price”), at which point the Company’s obligation to so issue and deliver such
certificate or credit the Holder’s balance account with DTC for the number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise hereunder (as the case may be) (and to issue such shares of Common Stock) shall
terminate, or (ii) promptly honor its obligation to so issue and deliver to the Holder a certificate or certificates representing such shares of Common Stock or credit the Holder’s balance account with DTC for the number of shares of
Common Stock to which the Holder is entitled upon the Holder’s exercise hereunder (as the case may be) and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares
of Common Stock multiplied by (B) the lowest Closing Sale Price of the Common Stock on any Trading Day during the period commencing on the date of the applicable Exercise Notice and ending on the date of such issuance and payment under this
clause (ii). 
 (d) Cashless Exercise. Notwithstanding anything contained herein to the contrary (other than Section 1(f) below),
if a registration statement covering the Warrant Shares that are the subject of the Exercise Notice or an exemption from registration is not available for the resale of the Warrant Shares, then in lieu of making the cash payment otherwise
contemplated to be made to the Company upon such exercise, the Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise
in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”): 

Net Number = (A x B) - (A x C)  

                    D 

For purposes of the foregoing formula: 
  

	 	A =	the total number of shares with respect to which this Warrant is then being exercised. 

  

	 	B =	the quotient of (x) the sum of the VWAP of the Common Stock of each of the ten (10) Trading Days ending at the close of business on the Principal Market immediately prior to the time of exercise as set forth
in the applicable Exercise Notice, divided by (y) ten (10). 

  
 A-3 

	 	C =	the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise. 

  

	 	D =	the VWAP of the Common Stock at the close of business on the Principal Market on the date of the delivery of the applicable Exercise Notice. 

(e) Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of
Warrant Shares to be issued pursuant to the terms hereof, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in accordance with Section 13. 

(f) Limitations on Exercises. Notwithstanding anything to the contrary contained in this Warrant, this Warrant shall not be exercisable
by the Holder hereof to the extent (but only to the extent) that after giving effect to such exercise the Holder (together with any of its affiliates) would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the
Common Stock. To the extent the above limitation applies, the determination of whether this Warrant shall be exercisable (vis-à-vis other convertible, exercisable or exchangeable securities owned by the Holder or any of its affiliates)
and of which such securities shall be convertible, exercisable or exchangeable (as the case may be, as among all such securities owned by the Holder) shall, subject to such Maximum Percentage limitation, be determined on the basis of the first
submission to the Company for conversion, exercise or exchange (as the case may be). No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph with
respect to any subsequent determination of exercisability. For the purposes of this paragraph, beneficial ownership and all determinations and calculations (including, without limitation, with respect to calculations of percentage ownership) shall
be determined in accordance with Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder. The provisions of this paragraph shall be implemented in a manner otherwise than in strict conformity with the terms of this
paragraph to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Maximum Percentage beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to
properly give effect to such Maximum Percentage limitation. The limitations contained in this paragraph shall apply to a successor Holder of this Warrant. The holders of Common Stock shall be third party beneficiaries of this paragraph and the
Company may not waive this paragraph without the consent of holders of a majority of its Common Stock. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and
in writing to the Holder the number of shares of Common Stock then outstanding, including by virtue of any prior conversion or exercise of convertible or exercisable securities into Common Stock, including, without limitation, pursuant to this
Warrant. At any time the Holder may increase or decrease the Maximum Percentage to any other percentage not in excess of 9.99% as specified in a written notice by the Holder to the Company (subject to the Company’s consent to any such increase,
not to be unreasonably withheld); provided that (i) any such increase will not be effective until the 61st day after such notice is delivered to the Company, and (ii) any such increase or decrease will apply only to the Holder sending such
notice and not to any other holder of Warrants. 

  
 A-4 

 (g) Insufficient Authorized Shares. The Company shall at all times keep reserved for
issuance under this Warrant a number of shares of Common Stock at least equal to 125% of the maximum number of shares of Common Stock as shall be necessary to satisfy the Company’s obligation to issue shares of Common Stock hereunder (without
regard to any limitation otherwise contained herein with respect to the number of shares of Common Stock that may be acquirable upon exercise of this Warrant). If, notwithstanding the foregoing, and not in limitation thereof, at any time while any
of the Warrants remain outstanding the Company does not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon exercise of the Warrants at least a number of shares of
Common Stock (the “Required Reserve Amount”) equal to the number of shares of Common Stock as shall from time to time be necessary to effect the exercise of all of the Warrants then outstanding (an “Authorized Share
Failure”), then the Company shall take all action reasonably necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for all the Warrants
then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than seventy-five (75) days after the occurrence of such
Authorized Share Failure (the “Authorized Share Failure Deadline”), the Company shall hold a meeting of its stockholders for the approval of an increase in the number of authorized shares of Common Stock. In connection with such
meeting, the Company shall provide each stockholder with a proxy statement and shall use its reasonable best efforts to solicit its stockholders’ approval of such increase in authorized shares of Common Stock and to cause its board of directors
to recommend to the stockholders that they approve such proposal. If the Company is prohibited from issuing shares of Common Stock upon an exercise of this Warrant due to the failure by the Company to have sufficient shares of Common Stock available
out of the authorized but unissued shares of Common Stock (such unavailable number of shares of Common Stock, the “Authorization Failure Shares”), in lieu of delivering such Authorization Failure Shares to the Holder, the Company
shall pay cash in exchange for the cancellation of such portion of this Warrant exercisable into such Authorized Failure Shares at a price equal to the sum of (i) the product of (x) such number of Authorization Failure Shares and
(y) the greatest Closing Sale Price of the Common Stock on any Trading Day during the period commencing on the date the Holder delivers the applicable Exercise Notice with respect to such Authorization Failure Shares to the Company and ending
on the date of such issuance and payment under this Section 1(g) and (ii) to the extent the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of
Authorization Failure Shares, any brokerage commissions and other out-of-pocket expenses, if any, of the Holder incurred in connection therewith. 

(h) Registration of Warrant Shares. The Holder acknowledges that, as of the Issuance Date, the Warrant Shares were not registered for
sale to the Holder pursuant to the Securities Act of 1933, as amended (the “Act”), and accordingly cannot be issued absence such registration or an exemption from such requirement. The Company covenants and agrees to prepare and
file with the Securities and Exchange Commission a registration statement on Form S-3 (or, if Form S-3 is not then available to the Company, on such form of registration statement as is then available to effect a registration of the sale of the
Warrant Shares), covering the issuance and sale of the Warrant Shares to the Holder, and to cause such registration statement to be declared effective no later than the Exercisability Date and remain effective through the earlier of (i) the
Expiration Date and (ii) the date on which this Warrant shall have been exercised in full. 

  
 A-5 

 2. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and number of Warrant
Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 2. 
 (a)
Stock Dividends and Splits. Without limiting any provision of Section 2(b) or Section 4, if the Company, at any time on or after the Issuance Date, (i) pays a stock dividend on one or more classes of its then outstanding shares
of Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its then
outstanding shares of Common Stock into a larger number of shares or (iii) combines (by combination, reverse stock split or otherwise) one or more classes of its then outstanding shares of Common Stock into a smaller 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 stockholders entitled to receive such dividend or
distribution, 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. If any event requiring an adjustment under this paragraph
occurs during the period that an Exercise Price is calculated hereunder, then the calculation of such Exercise Price shall be adjusted appropriately to reflect such event. Simultaneously with any adjustment to the Exercise Price pursuant to this
paragraph (a) of this Section 2, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, 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 (without regard to any limitations on exercise contained herein). 

(b) Other Events. In the event that the Company (or any subsidiary) shall take any action to which the provisions hereof are not
strictly applicable, or, if applicable, would not operate to protect the Holder from dilution or if any event occurs of the type contemplated by the provisions of this Section 2 but not expressly provided for by such provisions (including,
without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features), then the Company’s board of directors shall in good faith determine and implement an appropriate adjustment in the
Exercise Price and the number of Warrant Shares (if applicable) so as to protect the rights of the Holder, provided that no such adjustment pursuant to this Section 2(b) will increase the Exercise Price or decrease the number of Warrant Shares
as otherwise determined pursuant to this Section 2, provided further that if the Holder does not accept such adjustments as appropriately protecting its interests hereunder against such dilution, then the Company’s board of directors and
the Holder shall agree, in good faith, upon an independent investment bank of nationally recognized standing to make such appropriate adjustments, whose determination shall be final and binding and whose fees and expenses shall be borne by the
Company. 
 (c) Calculations. All calculations under this Section 2 shall be made by rounding to the nearest cent or the nearest
1/100th of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company, and the
disposition of any such shares shall be considered an issue or sale of Common Stock. 

  
 A-6 

 3. RIGHTS UPON DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to Section 2 above, if
the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of
cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance
of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon
complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Maximum Percentage) immediately before the date on which a record is taken for such Distribution, or, if no such record is
taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distributions would
result in the Holder exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution to such extent (or the beneficial ownership of any such shares of Common Stock as a result of such Distribution to such
extent) and such Distribution to such extent shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Maximum Percentage). 

4. PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS. 

(a) Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time the Company grants, issues or sells
any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled
to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Maximum Percentage) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would
result in the Holder exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such
extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Maximum Percentage). 

(b) Fundamental Transactions. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor Entity
assumes in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 4(b) including agreements to deliver to the Holder in exchange for this Warrant a security of the Successor

  
 A-7 

 
Entity evidenced by a written instrument substantially similar in form and substance to this Warrant, including, without limitation, which is exercisable for a corresponding number of shares of
capital stock equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price
which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such
adjustments to the number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction). Upon the consummation of each
Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of the applicable Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the
“Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same
effect as if such Successor Entity had been named as the Company herein. Upon consummation of each Fundamental Transaction, the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any
time after the consummation of the applicable Fundamental Transaction, in lieu of the shares of Common Stock (or other securities, cash, assets or other property (except such items still issuable under Sections 3 and 4(a) above, which shall
continue to be receivable thereafter)) issuable upon the exercise of this Warrant prior to the applicable Fundamental Transaction, such shares of publicly traded common stock (or its equivalent) of the Successor Entity (including its Parent Entity)
which the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised immediately prior to the applicable Fundamental Transaction (without regard to any limitations on the
exercise of this Warrant), as adjusted in accordance with the provisions of this Warrant. Notwithstanding the foregoing, and without limiting Section 1(f) hereof, the Holder may elect, at its sole option, by delivery of written notice to the
Company to waive this Section 4(b) to permit the Fundamental Transaction without the assumption of this Warrant. In addition to and not in substitution for any other rights hereunder, prior to the consummation of each Fundamental Transaction
pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets with respect to or in exchange for shares of Common Stock (a “Corporate Event”), the Company shall make appropriate provision to
insure that the Holder will thereafter have the right to receive upon an exercise of this Warrant at any time after the consummation of the applicable Fundamental Transaction but prior to the Expiration Date, in lieu of the shares of the Common
Stock (or other securities, cash, assets or other property (except such items still issuable under Sections 3 and 4(a) above, which shall continue to be receivable thereafter)) issuable upon the exercise of the Warrant prior to such Fundamental
Transaction, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights) which the Holder would have been entitled to receive upon the happening of the applicable
Fundamental Transaction had this Warrant been exercised immediately prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant). Provision made pursuant to the preceding sentence shall be in a
form and substance reasonably satisfactory to the Holder. 
 (c) Black Scholes Redemption. Notwithstanding the foregoing and the
provisions of Section 4(b) above, at the request of the Holder delivered at any time commencing on the earliest to occur of (x) the public disclosure of any Fundamental Transaction, (y) the consummation of any Fundamental Transaction
and (z) the Holder first becoming aware of any Fundamental Transaction through the date that is twenty (20) Trading Days after the public disclosure of the consummation of such Fundamental Transaction by the Company pursuant to a Current
Report on Form 8-K filed with the SEC, the Company or the Successor Entity (as the case may be) shall purchase this Warrant from the Holder on the date of such request by paying to the Holder cash in an amount equal to the Black Scholes Value. 

(d) Application. The provisions of this Section 4 shall apply similarly and equally to successive Fundamental Transactions and
shall be applied as if this Warrant (and any such subsequent warrants) were fully exercisable and without regard to any limitations on the exercise of this Warrant (provided that the Holder shall continue to be entitled to the benefit of the Maximum
Percentage, applied however with respect to shares of capital stock registered under the 1934 Act and thereafter receivable upon exercise of this Warrant (or any such other warrant)) 

  
 A-8 

 5. NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of
its Certificate of Incorporation, Bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights of the Holder. Without limiting the generality of the
foregoing, the Company (i) shall not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, in accordance with Section 1(g) above, so long as any of the
Warrants are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the exercise of the Warrants, the maximum number of shares of Common
Stock as shall from time to time be necessary to effect the exercise of the Warrants then outstanding (without regard to any limitations on exercise). 
 6.
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in its capacity as a holder of this Warrant, 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 this Warrant be construed to confer upon the Holder, solely in its capacity as the Holder of this Warrant, 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 which it is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the
Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 6, the Company
shall provide the Holder with copies of the same notices and other information given to the stockholders of the Company generally, contemporaneously with the giving thereof to the stockholders. 

7. REISSUANCE OF WARRANTS. 
 (a)
Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with
Section 7(d)), registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being
transferred, a new Warrant (in accordance with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred. 

  
 A-9 

 (b) Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant (as to which a written certification and the indemnification contemplated below shall suffice as such evidence), and, in the case of loss, theft or
destruction, of any indemnification undertaking by the Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new
Warrant (in accordance with Section 7(d)) representing the right to purchase the Warrant Shares then underlying this Warrant. 
 (c)
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the
aggregate the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such
surrender; provided, however, no warrants for fractional shares of Common Stock shall be given. 
 (d) Issuance of New Warrants.
Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to
purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of
Common Stock underlying the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant
which is the same as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant. 
 8. NOTICES. Any and all notices or
other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission (with confirmation of receipt), if such notice or
communication is delivered via facsimile or email at the facsimile number or email address specified in this Section prior to 6:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission (with
confirmation of receipt), if such notice or communication is delivered via facsimile or email at the facsimile number or email address specified in this Section on a day that is not a Trading Day or later than 6:30 p.m. (New York City time) on any
Trading Day, (c) the Trading Day following the date of deposit with a nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The addresses, facsimile
numbers and email addresses for such notices and communications are those as may be designated by the Holder and the Company prior to the Issuance Date, and in writing hereafter, in the same manner, by any such Person. The Company shall provide the
Holder with prompt written notice of all actions taken pursuant to this Warrant, including in reasonable detail a description of such action and the reason therefor. Without limiting the generality of the foregoing, the Company will give written
notice to the Holder (i) immediately upon each adjustment of the Exercise Price and the number of Warrant Shares, setting forth in reasonable detail, and certifying, the calculation of such adjustment(s) and (ii) at least fifteen
(15) days prior to the date on which the Company closes its 

  
 A-10 

 books or takes a record (A) with respect to any dividend or distribution upon the shares of Common Stock,
(B) with respect to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property to holders of shares of Common Stock or (C) for determining rights to vote with
respect to any Fundamental Transaction, dissolution or liquidation, provided in each case that such information shall be made known to the public prior to or in conjunction with such notice being provided to the Holder and (iii) at least ten
(10) Trading Days prior to the consummation of any Fundamental Transaction. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of its Subsidiaries, the
Company shall simultaneously file such notice with the Securities and Exchange Commission pursuant to a Current Report on Form 8-K. It is expressly understood and agreed that the time of execution specified by the Holder in each Exercise Notice
shall be definitive and may not be disputed or challenged by the Company. 
 9. AMENDMENT AND WAIVER. Except as otherwise provided herein, the
provisions of this Warrant (other than Section 1(f)) may be amended and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of
the Holder. No waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party. 
 10. SEVERABILITY.
If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to
apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues
to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective
expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or
unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s). 

11. GOVERNING LAW. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other
jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York,
Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law. 

  
 A-11 

 Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other
legal action against the Company in any other jurisdiction to collect on the Company’s obligations to the Holder or to enforce a judgment or other court ruling in favor of the Holder. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY
HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY. 

12. CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any
Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant. 

13. DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Exercise Price, the Closing Sale Price, the Bid Price or fair market
value or the arithmetic calculation of the number of Warrant Shares (as the case may be), the Company or the Holder (as the case may be) shall submit the disputed determinations or arithmetic calculations (as the case may be) via facsimile
(i) within two (2) Business Days after receipt of the applicable notice giving rise to such dispute to the Company or the Holder (as the case may be) or (ii) if no notice gave rise to such dispute, at any time after the Holder learned
of the circumstances giving rise to such dispute. If the Holder and the Company are unable to agree upon such determination or calculation (as the case may be) of the Exercise Price, the Closing Sale Price, the Bid Price or fair market value or the
number of Warrant Shares (as the case may be) within three (3) Business Days of such disputed determination or arithmetic calculation being submitted to the Company or the Holder (as the case may be), then the Company shall, within two
(2) Business Days submit via facsimile (a) the disputed determination of the Exercise Price, the Closing Sale Price, the Bid Price or fair market value (as the case may be) to an independent, reputable investment bank selected by the
Holder that is reasonably acceptable to the Company or (b) the disputed arithmetic calculation of the number of Warrant Shares to an independent, outside accountant selected by the Holder that is reasonably acceptable to the Company. The
Company shall cause at its expense the investment bank or the accountant (as the case may be) to perform the determinations or calculations (as the case may be) and notify the Company and the Holder of the results no later than ten
(10) Business Days from the time it receives such disputed determinations or calculations (as the case may be). Such investment bank’s or accountant’s determination or calculation (as the case may be) shall be binding upon all parties
absent demonstrable error. 
 14. REMEDIES, CHARACTERIZATION, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant
shall be cumulative and in addition to all other remedies available under this Warrant and the other Transaction Documents, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall
limit the right of the Holder to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Warrant. The Company covenants to the Holder that there shall be no characterization concerning this instrument
other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, exercises and the like (and the computation thereof) shall be the amounts to be received by the 

  
 A-12 

 Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or
the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the
event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond or
other security being required. The Company shall provide all information and documentation to the Holder that is requested by the Holder to enable the Holder to confirm the Company’s compliance with the terms and conditions of this Warrant
(including, without limitation, compliance with Section 2 hereof). The issuance of shares and certificates for shares as contemplated hereby upon the exercise of this Warrant shall be made without charge to the Holder or such shares for any
issuance tax or other costs in respect thereof, provided that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other than the Holder
or its agent on its behalf. 
 15. TRANSFER. This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company.

 16. CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings: 

(a) “Approved Stock Plan” means any employee benefit plan which has been approved by the board of directors of the
Company prior to or subsequent to the date hereof pursuant to which shares of Common Stock and standard options to purchase Common Stock may be issued to any employee, officer or director for services provided to the Company in their capacity as
such. 
 (b) “Bid Price” means, for any security as of the particular time of determination, the bid price for such
security on the Principal Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not the principal securities exchange or trading market for such security, the bid price of such security on the principal
securities exchange or trading market where such security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply, the bid price of such security in the over-the-counter market on the
electronic bulletin board for such security as reported by Bloomberg as of such time of determination, or, if no bid price is reported for such security by Bloomberg as of such time of determination, the average of the bid prices of any market
makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC) as of such time of determination. If the Bid Price cannot be calculated for a security as of the particular time of
determination on any of the foregoing bases, the Bid Price of such security as of such time of determination shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon
the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section 13. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other
similar transaction during such period. 

  
 A-13 

 (c) “Black Scholes Value” means the value of the unexercised portion of
this Warrant remaining on the date of the Holder’s request pursuant to Section 4(c), which value is calculated using the Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg utilizing (i) an
underlying price per share equal to Closing Sale Price on the date of the consummation of the applicable Fundamental Transaction, (ii) a strike price equal to the Exercise Price in effect on the date of the Holder’s request pursuant to
Section 4(c), (iii) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Warrant as of the date of consummation of the applicable Fundamental Transaction, (iv) a zero cost
of borrow and (v) an expected volatility equal to the greater of 100% and the 30-day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the
earliest to occur of (x) the public disclosure of the applicable Fundamental Transaction, (y) the consummation of the applicable Fundamental Transaction and (z) the date on which the Holder first became aware of the applicable
Fundamental Transaction. 
 (d) “Bloomberg” means Bloomberg, L.P. 

(e) “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New
York are authorized or required by law to remain closed. 
 (f) “Closing Sale Price” means, for any security as of any date,
the last closing trade price for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing trade price, then the last trade price of
such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security, the last trade price of such security on the principal securities
exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing does not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security
as reported by Bloomberg, or, if no last trade price is reported for such security by Bloomberg, the average of the ask prices of any market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink
Sheets LLC). If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company
and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section 13. All such determinations shall be appropriately
adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period. 
 (g) “Common
Stock” means (i) the Company’s shares of class A common stock, of $.0001 par value per share, and (ii) any capital stock into which such class A common stock shall have been changed or any share capital resulting from a
reclassification of such common stock. 
 (h) “Convertible Securities” means any stock or other security (other than
Options) that is at any time and under any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any shares of Common Stock. 

  
 A-14 

 (i) “Eligible Market” means The New York Stock Exchange, the NYSE MKT, the
Nasdaq Global Select Market, the Nasdaq Global Market or the Principal Market. 
 (j) [Reserved] 

(k) “Expiration Date” means the date that is the five and one-half year anniversary of the Issuance Date or, if such
date falls on a day other than a Business Day or on which trading does not take place on the Principal Market (a “Holiday”), the next date that is not a Holiday. 

(l) “Fundamental Transaction” means that (i) the Company or any of its Subsidiaries shall, directly or indirectly, in one
or more related transactions, (1) consolidate or merge with or into (whether or not the Company or any of its Subsidiaries is the surviving corporation) any other Person, or (2) sell, lease, license, assign, transfer, convey or otherwise
dispose of all or substantially all of the Company and its Subsidiaries respective properties or assets to any other Person, or (3) allow any other Person to make a purchase, tender or exchange offer that is accepted by the holders of more than
50% of the outstanding shares of Voting Stock of the Company (not including any shares of Voting Stock of the Company held by the Person or Persons making or party to, or associated or affiliated with the Persons making or party to, such purchase,
tender or exchange offer), or (4) consummate a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other Person whereby
such other Person acquires more than 50% of the outstanding shares of Voting Stock of the Company (not including any shares of Voting Stock of the Company held by the other Person or other Persons making or party to, or associated or affiliated with
the other Persons making or party to, such stock or share purchase agreement or other business combination), or (ii) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934
Act and the rules and regulations promulgated thereunder) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued
and outstanding Voting Stock of the Company. 
 (m) “Options” means any rights, warrants or options to subscribe for
or purchase shares of Common Stock or Convertible Securities. 
 (n) “Parent Entity” of a Person means an entity that,
directly or indirectly, controls the applicable Person and whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity with the
largest public market capitalization as of the date of consummation of the Fundamental Transaction. 
 (o) “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity or a government or any department or agency thereof. 

(p) “Principal Market” means the Nasdaq Capital Market. 

  
 A-15 

 (q) “Successor Entity” means the Person (or, if so elected by the Holder, the
Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction shall have been entered into. 

(r) “Trading Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded, provided that “Trading Day” shall not include any day on which the
Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not
designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day in writing by the Holder. 

(s) “Voting Stock” of a Person means capital stock of such Person of the class or classes pursuant to which the holders
thereof have the general voting power to elect, or the general power to appoint, at least a majority of the board of directors, managers or trustees of such Person (irrespective of whether or not at the time capital stock of any other class or
classes shall have or might have voting power by reason of the happening of any contingency). 
 (t) “VWAP” means,
for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market (or, if the Principal Market is not the principal trading market for such security, then on the principal securities exchange or
securities market on which such security is then traded) during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its “Volume at Price” function or, if the
foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00
p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the
market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If VWAP cannot be calculated for such security on such date on any of the foregoing bases, the VWAP of such security on
such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the
procedures in Section 13. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period. 

[signature page follows] 

  
 A-16 

 IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to be
duly executed as of the Issuance Date set out above. 
  

			
	REAL GOODS SOLAR, INC.
		
	By:	 	 
		 	 Name:
 Title:

 EXHIBIT A 

EXERCISE NOTICE 
 TO BE
EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS 
 WARRANT TO PURCHASE COMMON STOCK 

REAL GOODS SOLAR, INC. 

The undersigned holder hereby exercises the right to purchase             of the
shares of Common Stock (“Warrant Shares”) of Real Goods Solar, Inc., a Colorado corporation (the “Company”), evidenced by Warrant to Purchase Common Stock
No.             (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant. 

1. Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as: 

 

							
		 	  
	 	 a “Cash Exercise” with respect
to                                        
     
 Warrant Shares; and/or
	  	
				
		 	  
	 	 a “Cashless Exercise” with respect
to                                        
 
 Warrant Shares.
	  	

 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 pay the Aggregate Exercise Price in the sum of $            to the Company in accordance with the terms of
the Warrant. 
 3. Delivery of Warrant Shares. The Company shall deliver to Holder, or its designee or agent as specified below,
            Warrant Shares in accordance with the terms of the Warrant. Delivery shall be made to Holder, or for its benefit, to the following address: 

 

	
	   

	   

	   

	   

  

			
	Date:                     ,         
	
	 
	Name of Registered Holder
		
	By: 	 	 
		 	 Name:
 Title:

 EXHIBIT B 

ACKNOWLEDGMENT 
 The
Company hereby acknowledges this Exercise Notice and hereby directs             to issue the above indicated number of shares of Common Stock in accordance with the Transfer Agent
Instructions dated             , 20    , from the Company and acknowledged and agreed to by             .

  

			
	REAL GOODS SOLAR, INC.
		
	By: 	 	 
		 	 Name:
 Title:

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