FINAL

FOURTH AMENDMENT AND CONSENT TO CREDIT AGREEMENT AND
FIRST AMENDMENT TO AMENDED AND RESTATED GUARANTY
This FOURTH AMENDMENT AND CONSENT TO CREDIT AGREEMENT AND FIRST AMENDMENT TO
AMENDED AND RESTATED GUARANTY (this “Amendment”), dated as of April 12, 2013,
among IMATION CORP., a Delaware corporation (“Imation”), IMATION ENTERPRISES
CORP., a Delaware corporation (“Enterprises”) (each of Imation and Enterprises
being referred to herein as a “US Borrower” and together as the “US Borrowers”),
IMATION EUROPE B.V., a company organized under the laws of the Netherlands with
a corporate seat in Amsterdam, the Netherlands (the “European Borrower” and
together with the US Borrowers, each a “Borrower” and collectively, the
“Borrowers”), each lender from time to time party to the Credit Agreement
referred to below (each, a “Lender”, and collectively, the “Lenders”), and BANK
OF AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative
Agent”) and L/C Issuer.
RECITALS
A.    The Borrowers, the Lenders, and the Administrative Agent are party to the
Amended and Restated Credit Agreement dated as of August 3, 2010 (as amended by
the First Amendment dated as of June 28, 2011, the Second Amendment and Consent
dated as of December 29, 2011, the Third Amendment dated as of May 18, 2012, and
this Amendment, and as may be further amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), pursuant to which
the Administrative Agent and the Lenders have extended certain credit facilities
to the Borrowers.
B.    The US Borrowers and certain of their respective Subsidiaries have
executed the Amended and Restated Guaranty dated as of August 3, 2010 (as may be
further amended, restated, supplemented or otherwise modified from time to time,
the “Guaranty”), pursuant to which the Guarantors (as defined therein) have
guaranteed, to the Guaranteed Parties (as defined therein) the payment and
performance of the Obligations.
C.    The Borrowers have requested that the Administrative Agent and the Lenders
(i) consent to the Memorex Divestiture (as defined below) on terms and
conditions set forth in an asset purchase agreement delivered to the
Administrative Agent on or prior to the Effective Date (the “Asset Purchase
Agreement”) to be entered into by Imation and its Affiliates (as defined in the
Asset Purchase Agreement, and together with Imation, the “Seller”) and (ii)
agree to certain amendments with respect to the Credit Agreement and the
Guaranty, and, subject to the terms and conditions set forth herein, the
Administrative Agent and each of the Lenders party hereto have agreed to grant
such requests of the Borrowers.
NOW, THEREFORE, for valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the parties hereto hereby agree as follows:
1.Defined Terms. Unless otherwise defined herein, capitalized terms used herein
(including, without limitation, in the introductory paragraph and the recitals
hereto) shall have the meanings assigned to such terms in the Credit Agreement
or the Guaranty, as applicable (in each case, as amended by this Amendment).
“Amendment Documents” means this Amendment, the Credit Agreement (as amended by
this Amendment), the Guarantor Consent, the Guaranty (as amended by this
Amendment)

1

--------------------------------------------------------------------------------

and each certificate and other document executed and delivered by the Borrowers
or any Guarantor pursuant to Section 5 hereof.

2.Interpretation. The rules of interpretation set forth in Sections 1.02 - 1.10
of the Credit Agreement shall be applicable to this Amendment and are
incorporated herein by this reference.

3.Consent. Subject to the terms and conditions hereof, the Lenders party hereto
consent to the Disposition by the Seller of certain assets related to the
Memorex brand consumer electronics business on the terms and conditions set
forth in the Asset Purchase Agreement (the “Memorex Divesture”); provided that,
the aggregate amount of cash and Cash Equivalents received by the Loan Parties
as consideration for the Memorex Divesture shall be not less than $12,500,000.
The Memorex Divesture shall not be included in calculations of the aggregate
amount of Dispositions made pursuant to Section 7.05(k) of the Credit Agreement.

4.Credit Agreement Amendments. The Credit Agreement is hereby amended as
follows:
(i)The definition of “Bank Product” is hereby amended by (x) inserting in the
introductory clause the words “(and in the cases of clauses (a) and (c) below,
to any Subsidiary thereof)” immediately following the words “products, services
or facilities” and inserting in clause (i) the words “(or Subsidiary thereof, if
applicable)” immediately following the words “Bank Product Provider and Loan
Party” and (y) deleting in clause (i) the words “Third Amendment”.

(ii)The definition of “Bank Product Debt” is hereby amended by inserting (x) in
the first sentence the words “(or Subsidiary thereof, if applicable)”
immediately following the words “of a Loan Party” and (y) in the second sentence
the words “(or Subsidiary thereof, if applicable)” immediately following the
words “and the Loan Party”.

(iii)The definition of “European Obligations” is hereby amended by inserting the
words “(including all advances to, and debts, liabilities, obligations,
covenants and duties of, any Subsidiary of the European Borrower constituting
Bank Product Debt)” immediately following the words “or Bank Product Debt”.

(iv)The definition of “US Obligations” is hereby amended by inserting the words
“(including all advances to, and debts, liabilities, obligations, covenants and
duties of, any Subsidiary of any US Loan Party constituting Bank Product Debt)”
immediately following the words “or Bank Product Debt”.

(v)Section 8.03(a) of the Credit Agreement is hereby amended by inserting (x) in
clause Seventh thereof the words “extended to any Loan Party” immediately
following the words “to payment of other Bank Product Debt” and (y) in clause
Tenth thereof the words “extended to any Loan Party” immediately following the
words “to payment of other Bank Product Debt”.

(vi)Section 8.03(a) of the Credit Agreement is hereby amended by inserting new
clauses Thirteenth and Fourteenth immediately following clause Twelfth and
renumbering the existing clauses Thirteenth and Fourteenth to read Fifteenth and
Sixteenth, respectively, such new clauses Thirteenth and Fourteenth to read as
follows:
“Thirteenth, to payment of other Bank Product Debt extended to any Subsidiary of
a Loan Party constituting US Obligations other than US Obligations due and owing
to Defaulting Lenders;

2

--------------------------------------------------------------------------------

Fourteenth, to payment of other Bank Product Debt extended to any Subsidiary of
a Loan Party constituting European Obligations other than European Obligations
due and owing to Defaulting Lenders;”
(vii)Section 8.03(b) of the Credit Agreement is hereby amended by inserting in
clause Seventh thereof the words “extended to any Loan Party” immediately
following the words “to payment of other Bank Product Debt”.

(viii)Section 8.03(b) of the Credit Agreement is hereby amended by inserting new
clause Ninth immediately following clause Eighth and renumbering existing clause
Ninth to read Tenth, and such new clause Ninth to read as follows:

“Ninth, to payment of other Bank Product Debt extended to any Subsidiary of a
Loan Party constituting European Obligations other than European Obligations due
and owing to Defaulting Lenders;”
Each of the Loan Parties acknowledges and agrees that its obligations under the
Loan Documents are, effective as of the Effective Date, modified as necessary to
accommodate the amendment of the Credit Agreement pursuant hereto.
5.Amended and Restated Guaranty Amendment. The Guaranty is hereby amended by (x)
in Section 2(a)(i), deleting the words “and performance of the” and inserting in
lieu thereof the words “and performance of the US Obligations, including,
without limitation, the” and (y) in Section 2(a)(ii), deleting the words “and
performance of the” and inserting in lieu thereof the words “and performance of
the European Obligations, including, without limitation, the”.

6.Conditions to Effectiveness. Upon the satisfaction of each of the following
conditions, this Amendment shall be deemed to be effective (the date such
conditions are satisfied, the “Effective Date”):

(a)the Administrative Agent shall have received counterparts of this Amendment
executed by the Administrative Agent, the Lenders and the Borrowers;

(b)the Administrative Agent shall have received counterparts of the Guarantor
Consent (substantially the form attached hereto as Exhibit A) executed by each
Guarantor;

(c)the Administrative Agent shall have received a copy of the Asset Purchase
Agreement, substantially in the form to be executed by the Seller;

(d)the Administrative Agent shall have received a certificate of a Responsible
Officer of each Borrower, certifying (i) that there has been no change to such
Borrower's Organization Documents, other than as attached to the certificate,
since true and complete copies of the same were delivered to the Administrative
Agent on May 18, 2012 or February 28, 2013, as applicable and (ii) that there
has been no change to the titles, names and signatures of each Person authorized
to sign the Loan Documents since an incumbency certificate of such Borrower was
delivered to the Administrative Agent on May 18, 2012 or February 28, 2013, as
applicable (the Administrative Agent may conclusively rely on this certificate
until it is otherwise notified by the applicable Borrower in writing);

(e)the Administrative Agent shall have received good standing certificates for
each Borrower, issued by the Secretary of State or other appropriate official of
such Borrower's jurisdiction of
organization and each other jurisdiction reasonably requested by the
Administrative Agent where such Borrower's conduct of business or ownership of
Property necessitates qualification;

3

--------------------------------------------------------------------------------

(f)the Administrative Agent shall have received pro forma Borrowing Base
Certificates in respect of each of the US Borrowing Base and the European
Borrowing Base, in each case after giving effect to the Memorex Divesture and
prepared as of February 28, 2013;

(g)Total Availability (after giving effect to all fees and expenses paid on the
Effective Date pursuant to this Amendment, the Credit Agreement and the other
Loan Documents) shall be greater than or equal to $75,000,000; and

(h)the Borrowers shall have paid all fees and expenses to be paid to the
Administrative Agent pursuant to the Credit Agreement and the other Loan
Documents, including without limitation, all reasonable out-of-pocket costs and
expenses of the Administrative Agent incurred in connection with the
development, preparation, negotiation, execution and delivery of this Amendment
and the reasonable fees and expenses of Winston & Strawn LLP.

7.Effect of the Agreement. Except as expressly provided herein, the Credit
Agreement and the other Loan Documents shall remain unmodified and in full force
and effect. Except as expressly set forth herein, this Amendment shall not be
deemed (a) to be a waiver of, or consent to, a modification or amendment of, any
other term or condition of the Credit Agreement or any other Loan Document, (b)
to prejudice any other right or rights which the Administrative Agent or the
Lenders may now have or may have in the future under or in connection with the
Credit Agreement or the other Loan Documents or any of the instruments or
agreements referred to therein, as the same may be amended, restated,
supplemented or otherwise modified from time to time, (c) to be a commitment or
any other undertaking or expression of any willingness to engage in any further
discussion with the Borrowers or any other Person with respect to any waiver,
amendment, modification or any other change to the Credit Agreement or the Loan
Documents or any rights or remedies arising in favor of the Lenders or the
Administrative Agent, or any of them, under or with respect to any such
documents or (d) to be a waiver of, or consent to or a modification or amendment
of, any other term or condition of any other agreement by and among the
Borrowers, on the one hand, and the Administrative Agent or any other Lender, on
the other hand.

8.Representations and Warranties. Each Borrower hereby represents and warrants
to the Administrative Agent and the Lenders as follows:

(a)Both before and after giving effect to this Amendment, no Default or Event of
Default has occurred and is continuing.

(b)The execution, delivery and performance by each Borrower of this Amendment
and each other document executed in connection herewith, and by each Guarantor
of the Guarantor Consent and each other document executed in connection
herewith, have been duly authorized by all necessary corporate and other action
and do not and will not require any registration with, consent or approval of,
or notice to or action by, any Person (including any Governmental Authority) in
order to be effective and enforceable.

(c)The Amendment Documents constitute the legal, valid and binding obligation of
each Borrower and each Guarantor, as applicable, and are enforceable against
each Borrower and each Guarantor, as applicable, in accordance with their
respective terms, without defense, counterclaim or offset.

(d)All representations and warranties of the Borrowers contained in Article V of
the Credit Agreement are true and correct on and as of the Effective Date,
except to the extent that any such representation and warranty specifically
relates to an earlier date.

(e)Each Borrower is entering into this Amendment and each Guarantor is entering
into the Guarantor Consent on the basis of its own investigation and for its own
reasons, without reliance upon the Administrative Agent, the Lenders or any
other Person.

4

--------------------------------------------------------------------------------

9.Miscellaneous.

(a)This Amendment shall be binding upon and inure to the benefit of the parties
hereto and thereto and their respective successors and assigns. No third party
beneficiaries are intended in connection with this Amendment.

(b)THIS AMENDMENT IS SUBJECT TO THE PROVISIONS OF SECTIONS 10.16 AND 10.17 OF
THE CREDIT AGREEMENT RELATING TO GOVERNING LAW, VENUE AND WAIVER OF RIGHT TO
TRIAL BY JURY, THE PROVISIONS OF WHICH ARE BY THIS REFERENCE INCORPORATED HEREIN
IN FULL.

(c)This Amendment may be executed in any number of counterparts, each of which
shall be deemed an original, but all such counterparts together shall constitute
but one and the same instrument. Transmission of signatures of any party by
facsimile shall for all purposes be deemed the delivery of original, executed
counterparts thereof and the Administrative Agent is hereby authorized to make
sufficient photocopies thereof to assemble complete counterparty documents.
(d)This Amendment, together with the other Amendment Documents, the Credit
Agreement and the Guaranty, contains the entire and exclusive agreement of the
parties hereto with reference to the matters discussed herein and therein. This
Amendment supersedes all prior drafts and communications with respect thereto.
This Amendment may not be amended except in accordance with the provisions of
Section 10.01 of the Credit Agreement.

(e)If any term or provision of this Amendment shall be deemed prohibited by or
invalid under any applicable law, such provision shall be invalidated without
affecting the remaining provisions of this Amendment, the Credit Agreement or
the Guaranty, respectively.

(f)Each Borrower covenants to pay to or reimburse the Administrative Agent, upon
demand, for all reasonable out-of-pocket costs and expenses incurred in
connection with the development, preparation, negotiation, execution and
delivery of this Amendment.

(g)This Amendment shall constitute a “Loan Document” under and as defined in the
Credit Agreement.

[SIGNATURE PAGES FOLLOW]

5

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.
IMATION CORP., as a Borrower

By:_______________________________________                    
Name:    Paul R. Zeller
Title:     Senior Vice President and Chief Financial
Officer

IMATION ENTERPRISES CORP., as a Borrower

By:________________________________________                        
Name:    Paul R. Zeller
Title:     Senior Vice President and Chief Financial
Officer

IMATION EUROPE B.V., as a Borrower

By:_________________________________________                        
Name:_______________________________________            
Title:________________________________________                        

[Fourth Amendment and Consent to Credit Agreement – Imation]

--------------------------------------------------------------------------------

BANK OF AMERICA, N.A., as Administrative Agent

By:_______________________________________                        
Name:    Jason Riley
Title:     Senior Vice President - Business Capital

BANK OF AMERICA, N.A., as L/C Issuer and as a
Lender

By:_______________________________________                        
Name:    Jason Riley
Title:     Senior Vice President - Business Capital

[Fourth Amendment and Consent to Credit Agreement – Imation]

--------------------------------------------------------------------------------

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender

By:_____________________________________                        
Name:___________________________________                
Title:____________________________________                        

[Fourth Amendment and Consent to Credit Agreement – Imation]

--------------------------------------------------------------------------------

JPMORGAN CHASE BANK, N.A., as a Lender

By:____________________________________                        
Name:__________________________________                
Title:___________________________________                        

[Fourth Amendment and Consent to Credit Agreement – Imation]

--------------------------------------------------------------------------------

Exhibit A to FOURTH AMENDMENT
Guarantor Consent
Each of the undersigned, in its capacity as a Guarantor, acknowledges that its
consent to the foregoing Amendment is not required, but each of the undersigned
nevertheless does hereby consent to the foregoing Amendment (together with all
prior amendments) and to the documents and agreements referred to therein.
Nothing herein shall in any way limit any of the terms or provisions of the
Guaranty of the undersigned or the Collateral Documents executed by the
undersigned in the Administrative Agent's and the Lenders' favor, or any other
Loan Document executed by the undersigned (as the same may be amended from time
to time), all of which are hereby ratified and affirmed in all respects.
IMATION FUNDING CORP., as a Guarantor

By:_______________________________________                        
Name:    Paul R. Zeller
Title:    Treasurer

IMATION LATIN AMERICA CORP., as a Guarantor

By:_______________________________________                        
Name:    Paul R. Zeller
Title:    President

MEMOREX PRODUCTS, INC., as a Guarantor

By:_______________________________________                        
Name:    Paul R. Zeller
Title:
Senior Vice President and Chief Financial

Officer

IMN DATA STORAGE LLC, as a Guarantor

By:______________________________________                        
Name:    Paul R. Zeller
Title:    Senior Vice President and Chief Financial
Officer

[Fourth Amendment and Consent to Credit Agreement – Imation]

--------------------------------------------------------------------------------

IMATION HOLDING B.V., as the European Holdco

By:___________________________________                        
Name:_________________________________                
Title:__________________________________                        

NEXSAN CORPORATION, as a Guarantor

By:___________________________________                        
Name:    John P. Breedlove
Title:    Vice President and Corporate Secretary

NEXSAN TECHNOLOGIES INCORPORATED, as a Guarantor

By:__________________________________                        
Name:    John P. Breedlove
Title:    Vice President and Corporate Secretary

[Fourth Amendment and Consent to Credit Agreement – Imation]