EX-10.72





 Exhibit 10.72 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER THE ACT AND ANY
APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO RULE 144 OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

WARRANT TO PURCHASE STOCK 
  

			
	 Company:
	  	 QUANTUM CORPORATION,

		  	 a Delaware corporation

	 Number of Shares
	  	 900,045 shares

	 Class of Stock:
	  	 Common Stock

	 Warrant Price:
	  	 $2.40 per share, subject to adjustment per Section 1.1(b) or Article 2

	 Issue Date:
	  	 November 30, 2018

	 Expiration Date:
	  	 November 30, 2023


 THIS WARRANT TO PURCHASE STOCK (THIS “WARRANT”) CERTIFIES THAT, for good and
valuable consideration, the receipt of which is hereby acknowledged, TCW Direct Lending, LLC is entitled to purchase the number of fully paid and non-assessable shares of the class of securities (the
“Shares”) of QUANTUM CORPORATION (the “Company”) at the Warrant Price, all as set forth above and as adjusted pursuant to the terms of this Warrant, subject to the provisions and upon the terms and conditions set
forth in this Warrant. Capitalized terms used herein but not specifically defined herein shall have the meanings ascribed to them in that certain Term Loan Credit and Security Agreement, dated as of October 21, 2016 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Company, the financial institutions from time to time party thereto (collectively, the “Lenders”), the Holder, as Agent
for the Lenders, and the other parties thereto. 
 ARTICLE 1  

EXERCISE 

1.1    Conditions to Exercise. 

(a)    This Warrant shall be exercisable for 900,045 shares of the Company’s Common
Stock (subject to adjustment as provided herein) in whole or in part at any time on or after February 1, 2019 until the Expiration Date. 

(b)    The exercise price for each share of Common Stock receivable hereunder shall be the
lower of (x) $2.40 (as adjusted per Article 2) and (y) as determined on February 1, 2019 the lowest of the 5-day volume-weighted average closing prices of the Company’s common stock for
the last 5 trading days in the months of November 2018, December 2018 and January 2019. 

(c)    To the extent that the Company has Paid in Full (as defined in the Credit Agreement)
in cash all of the Obligations (as defined in the Credit Agreement) under the Credit Agreement on or prior to December 30, 2018, then Quantum shall have the right to buy back up to fifty percent (50%) of this Warrant, for a price of $.001 per
share multiplied by the Shares issuable under the portion of the Warrant being repurchased, and the Warrant would only be exercisable for such reduced amount as of February 1, 2019 until the Expiration Date. In order to exercise such repurchase
right (if applicable), the Company must have given notice to the Holder on or prior to January 31, 2019. 












 1.2    Method of Exercise. Holder may exercise
any portion of this Warrant that is exercisable by delivering a duly completed and executed Notice of Exercise in substantially the form attached as Appendix I to the principal office of the Company. Unless Holder is exercising the cashless exercise
right set forth in Section 1.3, Holder shall also deliver to the Company a check, wire transfer (to an account designated in writing by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the
Shares being purchased. 
 1.3    Cashless Exercise Right. In lieu of exercising this Warrant as
specified in Section 1.2, Holder may from time to time, in its sole discretion, exercise this Warrant in whole or in part as to the portion of the Warrant that is exercisable and, in lieu of making the cash payment otherwise contemplated to be
made to the Company upon such exercise for the aggregate Warrant Price pursuant to Section 1.2, elect instead to receive upon such exercise the “net number” of shares of Common Stock determined according to the following formula (a
“Cashless Exercise”): 
  

									
		 	 X    
	 	 =
	  	         Y (A –
B)        
	 	
		  	               A
	 	

 Where: 
  

					
	 X
	  	 =
	  	 The number of Shares to be issued to Holder

			
	 Y
	  	 =
	  	 The number of Shares being exercised under this Warrant or, if only a portion of the Warrant is being exercised, the
portion of the Warrant being canceled (at the date of such calculation)

			
	 A
	  	 =
	  	 The fair market value of one Share (at the date of such calculation)

			
	 B
	  	 =
	  	 The Warrant Price per share (as adjusted to the date of such calculation)


 1.4    Calculation of FMV. For purposes of the calculation above,
the “fair market value” of one Share shall be the average for the five trading days immediately prior to the date of determination thereof of the last reported sale price regular way on each such day, or, in the case no such sale takes
place on any such day, the average of the reported closing bid and asked prices regular way of the shares of Common Stock on such day, in each case as quoted on the New York Stock Exchange, as reported by Bloomberg Markets, or such other principal
securities exchange or inter-dealer quotation system on which the shares of Common Stock are then traded. 

1.5    Delivery of Shares and New Warrant. Within two (2) business days after Holder exercises
this Warrant in the manner set forth in Section 1.2 or Section 1.3 above, the Company shall deliver to Holder the Shares so acquired, provided that such Shares shall be deemed delivered upon the Company’s delivery of evidence of a
book-entry or similar position through The Depository Trust & Closing Corporation or any other depository or similar functionary, credited to an account for the benefit of Holder. If this Warrant has not been fully exercised and has not
expired, then unless otherwise set forth in the Notice of Exercise a new warrant representing the Shares not so acquired shall be issued to Holder. 

1.6    Treatment of Warrant at Acquisition. In the event of an Acquisition, either (a) Holder
shall exercise or convert this Warrant in full (or shall be deemed to so convert pursuant to the immediately following sentence) with respect to all remaining Shares for which the Warrant is then exercisable and such exercise or conversion will be
deemed effective immediately prior to the consummation of such Acquisition or (b) if Holder elects in writing not to exercise or convert the Warrant, this Warrant will expire upon the consummation of such Acquisition. The Company shall provide
Holder with written notice of the foregoing (together with such reasonable information as Holder may request in connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten
(10) days prior to the closing of the proposed Acquisition and, unless the Company receives a notice in writing from Holder that it elects to have the unexercised portion of the Warrant expire, then if the Acquisition involves a price per share
of Common Stock that exceeds the Warrant Price the unexercised portion of the Warrant shall be deemed to be automatically exercised pursuant to Section 1.3 immediately prior to the Acquisition. 

  
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 For purposes of this Warrant, “Acquisition” shall mean:
(i) the acquisition of the Company by another entity by means of any transaction or series of related transactions to which the Company is a party (including, without limitation, any stock acquisition, reorganization, merger or consolidation,
but excluding any sale of stock for capital raising purposes and any transaction effected primarily for purposes of changing the Company’s jurisdiction of incorporation) other than a transaction or series of related transactions in which the
holders of the voting securities of the Company outstanding immediately prior to such transaction or series of related transactions retain, immediately after such transaction or series of transactions, at least a majority of the total voting power
represented by the outstanding voting securities of the Company or such other surviving or resulting entity (or if the Company or such other surviving or resulting entity is a wholly-owned subsidiary immediately following such acquisition, its
parent), or (ii) a sale, lease or other disposition of all or substantially all of the assets of the Company and its subsidiaries taken as a whole by means of any transaction or series of related transactions, except where such sale, lease or
other disposition is to a wholly-owned subsidiary or affiliate of the Company. 
 1.7    Replacement
of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction of this Warrant, upon delivery of an indemnity agreement
reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company at its expense shall, within a reasonable period of time, execute and deliver to Holder,
in lieu of this Warrant, a new warrant of like tenor and amount. 
 ARTICLE 2 

ADJUSTMENTS TO THE SHARES AND NOTIFICATION OF CERTAIN EVENTS 

2.1    Fractional Shares. No fractional Shares shall be issuable upon exercise of this Warrant and
the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise of this Warrant, the Company shall eliminate such fractional share interest by paying Holder an amount
computed by multiplying the fractional interest by the fair market value, calculated as provided in Section 1.4 above, of a lull Share. 

2.2    Adjustments. Subject to the expiration of this Warrant pursuant to Section 5.1, the
number and kind of shares purchasable hereunder and the Warrant Price therefor are subject to adjustment from time to time, as follows: 

2.2.1    Merger or Reorganization. If at any time there shall be any reorganization,
recapitalization, merger or consolidation (a “Reorganization”) involving the Company (other than an Acquisition which is subject to the provisions of Section 1.6) in which shares of the Company’s stock are converted
into or exchanged for securities, cash or other property, then, as a part of such Reorganization, lawful provision shall be made so that the Holder shall thereafter be entitled to receive upon exercise of this Warrant, the kind and amount of
securities, cash or other property of the successor corporation resulting from such Reorganization, equivalent in value to that which a holder of the Shares deliverable upon exercise of this Warrant would have been entitled in such Reorganization if
the right to purchase the Shares hereunder had been exercised immediately prior to such Reorganization. In any such case, appropriate adjustment (as determined in good faith by the Board of Directors of the successor corporation) shall be made in
the application of the provisions of this Warrant with respect to the rights and interests of the Holder after such Reorganization to the end that the provisions of this Warrant shall be applicable after the event, as near as reasonably may be, in
relation to any shares or other securities deliverable after that event upon the exercise of this Warrant. 

2.2.2    Reclassification of Shares. If the securities issuable upon exercise of
this Warrant are changed into the same or a different number of securities of any other class or classes by reclassification, capital reorganization or otherwise (other than as otherwise provided for herein) (a “Reclassification”),
then, in any such event, in lieu of the number of Shares which the Holder would otherwise have been entitled to receive, the Holder shall have the right thereafter to exercise this Warrant for a number of shares of such other class or classes of
stock that a holder of the number of securities deliverable upon exercise of this Warrant immediately before that change would have been entitled to receive in such Reclassification (at the same aggregate Warrant Price as would have applied prior to
such Reclassification), all subject to further adjustment as provided herein with respect to such other shares. 

  
 3 













 2.2.3    Subdivisions and
Combinations. In the event that the outstanding shares of the Company’s Common Stock are subdivided (by stock split, by payment of a stock dividend or otherwise) into a greater number of shares of such securities, the number of Shares
issuable upon exercise of the rights under this Warrant immediately prior to such subdivision shall, concurrently with the effectiveness of such subdivision, be proportionately increased, and the Warrant Price shall be proportionately decreased, and
in the event that the outstanding shares of Common Stock are combined (by reclassification or otherwise) into a lesser number of shares of such securities, the number of Shares issuable upon exercise of the rights under this Warrant immediately
prior to such combination shall, concurrently with the effectiveness of such combination, be proportionately decreased, and the Warrant Price shall be proportionately increased. 

2.2.4    Adjustment of Warrant Price Upon Issuance of Additional Shares of Common
Stock. If at any time or from time to time prior to February 1, 2019, the Company shall issue or sell any additional shares of Common Stock or Common Stock Equivalents for a consideration per share less than the fair market value (other
than Exempt Issuances, which shall not result in adjustments pursuant to this Section 2.2.4) then, effective on the date specified below, the Warrant Price then in effect shall be reduced to a price (calculated to the nearest one-hundredth of a cent) determined in accordance with the following formula: 
 WP2 = WP1* (A + B) ÷ (A + C). 

For purposes of the foregoing formula, the following definitions shall apply: 

i)    “WP2” shall mean
the Warrant Price in effect immediately after such issuance or deemed issuance of additional shares of Common Stock 

ii)    “WP1” shall mean
the Warrant Price in effect immediately prior to such issuance or deemed issuance of additional shares of Common Stock; 

iii)    “A” shall mean the number of shares of Common Stock Deemed Outstanding
immediately prior to such issuance or deemed issuance of additional shares of Common Stock; 

iv)    “B” shall mean the number of shares of Common Stock Deemed Outstanding
that would have been issued if such additional shares of Common Stock had been issued or deemed issued at a price per share equal to WP1 (determined by dividing the aggregate consideration
received by the Company in respect of such issue by WP1); and 

v)    “C” shall mean the number of such additional shares of Common Stock issued
in such transaction. 
 Upon each such adjustment of the Warrant Price hereunder, the number of Shares
issuable upon exercise of this Warrant shall be adjusted to the number of shares of Common Stock determined by multiplying the Warrant Price in effect immediately prior to such adjustment by the number of Shares issuable upon exercise of this
Warrant immediately prior to such adjustment and dividing the product thereof by the Warrant Price resulting from such adjustment. 

“Exempt Issuances” means any issuance of additional shares of Common Stock or Common Stock
Equivalents (a) for which an adjustment is otherwise provided under Section 2.2 hereof, (b) pursuant to the exercise of this Warrant (or any Warrant issued as a replacement for this Warrant or upon the transfer or partial exercise
hereof) in whole or in part, (c) pursuant to the exercise of any Common Stock Equivalents outstanding on the date hereof, (d) pursuant to the issuance of Common Stock or Common Stock Equivalents granted or to be granted under an equity
compensation plan approved by stockholders of the Company or (e) the issuance of shares of Common Stock or Common Stock Equivalents as consideration in connection with the acquisition of all or a controlling interest in another business
(whether by merger, purchase of stock or assets or otherwise) if such issuance is approved by the board of directors of the Company. 

  
 4 













 “The “Common Stock Deemed Outstanding”
means at any given time, the number of shares of Common Stock outstanding at such time, plus the number of shares of Common Stock issuable upon the conversion or exercise of Common Stock Equivalents then-outstanding regardless of whether such
securities are actually exercisable at such time. 
 “Common Stock Equivalents” means evidences of
indebtedness, shares of stock or other securities which are convertible into or exchangeable for, with or without payment of additional consideration, shares of Common Stock, either immediately or upon the arrival of a specified date or the
happening of a specified event or both. 
 2.2.5    No Impairment. The Company
shall not, by amendment of its charter documents or through any consolidation, merger, reorganization, transfer of assets, 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 the Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder against
dilution or other impairment. 
 2.2.6    Notice of Adjustments. Upon any
adjustment in accordance with this Section 2.2, the Company shall give notice thereof to the Holder, which notice shall state the event giving rise to the adjustment, the Warrant Price as adjusted and the number of securities or other property
purchasable upon the exercise of the rights under this Warrant, setting forth in reasonable detail the method of calculation of each. The Company shall, upon the written request of any Holder, furnish or cause to be furnished to such Holder a
certificate setting forth (i) such adjustments, (ii) the Warrant Price at the time in effect and (iii) the number of securities and the amount, if any, of other property that at the time would be received upon exercise of this
Warrant. 
 2.3    Notification of Certain Events. Prior to the Expiration Date, in the event
that the Company shall authorize: 
 2.3.1    the issuance of any dividend or other
distribution on the capital stock of the Company (other than (i) dividends or distributions otherwise provided for in Section 2.2.3, or (ii) any repurchases of the Company’s Common Stock), whether in cash, property, stock or
other securities; or 
 2.3.2    the voluntary liquidation, dissolution or winding up of
the Company, 
 the Company shall send to the Holder at least ten (10) days prior written notice of the date on which a record shall be
taken for any such dividend or distribution specified in clause 2.3.1 or the expected effective date of any such other event specified in clause 2.3.2. The notice provisions set forth in this section may be shortened or waived prospectively or
retrospectively by the consent of the Holder. 
 ARTICLE 3 

REPRESENTATIONS AND COVENANTS OF THE COMPANY 

3.1    Representations and Warranties. The Company hereby represents and warrants to Holder that
all Shares which may be issued upon the exercise of the purchase right represented by this Warrant shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens
and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. 

3.2    Reservation of Stock. The Company hereby represents and warrants to Holder that sufficient
shares of the Company’s Common Stock have been reserved and are available for issuance from its authorized and unissued shares of Common Stock for the purpose of effecting the exercise of this Warrant, and such shares will remain available at
all times until the date this Warrant has been exercised in full or, if earlier, the Expiration Date. 

  
 5 













 3.3    Capitalization. Immediately prior to the
issuance of this Warrant, the Company has 35,551,570 shares of Common Stock issued and outstanding, and 4,457,558 shares of Common Stock receivable under options, warrants and convertible securities of the Company. 

ARTICLE 4 
 INVESTMENT
REPRESENTATIONS AND COVENANTS OF HOLDER 
 With respect to the acquisition of this Warrant and any of the Shares, Holder
hereby represents and warrants to, and agrees with, the Company as follows: 
 4.1    Purchase
Entirely for Own Account. This Warrant is issued to Holder in reliance upon Holder’s representation to the Company that this Warrant and the Shares will be acquired for investment for Holder’s own account, not as a nominee or agent,
and not with a view to the resale or distribution of any part thereof other than to an affiliate, and that Holder has no present intention of selling, granting any participation in, or otherwise distributing the same other than to an affiliate. By
executing this Warrant, Holder further represents that Holder does not have any contract, undertaking, agreement or arrangement with any person, other than an affiliate, to sell, transfer or grant participations to such person or to any third person
with respect to any of the Shares. 
 4.2    Reliance upon Holder’s Representations. Subject
to Section 5.12, Holder understands that this Warrant and the Shares are not registered under the Act on the ground that the issuance of such securities is exempt from registration under the Act, and that the Company’s reliance on such
exemption is predicated on Holder’s representations set forth herein. 
 4.3    Accredited
Investor Status. Holder represents to the Company that Holder is an Accredited Investor (as defined in the Act). 

4.4    Restricted Securities. Holder understands that this Warrant and the Shares are
“restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such federal securities laws and applicable regulations such
securities may be resold without registration under the Act only in certain limited circumstances. 

4.5    Restrictions on Sale. Notwithstanding anything to the contrary contained herein, Holder
agrees that Holder, together with its affiliates will not sell on any one trading day more than 50,000 Shares obtained from the exercise of this Warrant or other warrants issued on the same issuance date as this Warrant without the prior written
consent of the Company. 
 ARTICLE 5 

MISCELLANEOUS 

5.1    Term; Exercise Upon Expiration. Subject to the terms of this Warrant, including Sections 1.1
and 1.6, this Warrant is exercisable in whole or in part, at any time and from time to time on or before the Expiration Date set forth above. The Company agrees that Holder may terminate this Warrant, upon written notice to the Company, at any time
in its sole discretion. 
 5.2    Legends. This Warrant and the Shares shall be imprinted with a
legend in substantially the following form: 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE
REGISTRATION THEREOF UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO RULE 144 OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

  
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 5.3    Compliance with Securities Laws on
Transfer. Without limitation of Section 5.12, this Warrant and the Shares issuable upon exercise of this Warrant may not be transferred or assigned in whole or in part without (i) compliance with applicable federal and state securities laws
by the transferor and the transferee, and (ii) if requested by Company, an opinion of counsel, reasonably satisfactory to Company, to the effect that such transfer or assignment is in compliance with applicable federal and state securities
laws. The Company may issue stop transfer instructions to its transfer agent in connection with the restrictions in this Section 5.3. 

5.4    Transfer Procedure. Subject to the provisions of Section 5.3, Holder may transfer all
or part of this Warrant to its affiliates, and such affiliate shall then be entitled to all the rights and bound by all of the obligations of Holder under this Warrant and any related agreements, and the Company shall cooperate fully in ensuring
that any stock issued upon exercise of this Warrant is issued in the name of the affiliate that exercises this Warrant. The terms and conditions of this Warrant shall inure to the benefit of, and be binding upon, the Company and the holder hereof
and its respective permitted successors and assigns. Any transferee shall be bound by the obligations and restrictions of this Warrant as if such transferee was the original holder hereof. 

5.5    Notices. All notices and other communications from the Company to Holder, or vice versa,
shall be deemed delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, or sent via a nationally recognized overnight courier service, fee prepaid, or on the first business day after
transmission by electronic mail, at such address or electronic mail address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time. Effective upon the receipt of the
executed Warrant, all notices to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 

TCW Direct Lending, LLC 

Attn: Mark Gertzof 

227 West Monroe Street, Suite 3225 

Chicago, IL 60606 

E-mail: mark.gertzof@tcw.com 

All notices to the Company shall be addressed as follows: 

Quantum Corporation 

Attn: Shawn Hall 

224 Airport Parkway, Suite 550 

San Jose, CA 95510 

E-mail: shawn.hall@quantum.com 

5.6    Amendments; Waiver. This Warrant and any term hereof may be amended, changed, waived,
discharged or terminated only by an instrument in writing signed by the party against which enforcement of such amendment, change, waiver, discharge or termination is sought. 

5.7    Attorneys’ Fees. In the event of any dispute between the parties concerning the terms
and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs reasonably incurred in such dispute, including reasonable and documented attorneys’ fees. 

5.8    Governing Law. This Warrant shall be governed by and construed in accordance with the laws
of the State of California, without giving effect to its principles regarding conflicts of law. 

5.9    Public Disclosure. The Company shall file a copy of this Warrant with the U.S. Securities
and Exchange Commission (“SEC”), within the time periods required by applicable SEC rules and regulations, in order to comply with its obligations under federal securities laws. 

  
 7 













 5.10    Rights as a Stockholder. No holder of
this Warrant, as such, shall be entitled to vote or receive dividends or be deemed the holder of Shares or any other securities of the Company which may at any time be issuable upon the exercise hereof for any purpose, nor shall anything contained
herein be construed to confer upon Holder, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to receive notice of
meetings, or to receive dividends or subscription rights or otherwise until this Warrant shall have been exercised as provided herein. 

5.11    Counterparts; Signatures. This Warrant may be executed in counterparts, all of which
together shall constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any
amendment thereto. 
 5.12    Registration Rights. 

(a)    If, at any time after February 1, 2019 where the Holder is not (upon reasonable
advice of counsel) entitled to sell Shares obtained pursuant to this Warrant under Rule 144(b)(1) as a non-affiliate, the Holder will have the right to demand up to two (2) public registrations covering
such Shares. Following a written request from the Holder, the Company will use its commercially reasonable efforts to expeditiously effect (but in any event no later than sixty (60) days after such request) the registration of such
Person’s interest in the Warrant and/or Shares whose holders request participation in such registration under the Securities Act. The Company may not include any other securities in any registration effected pursuant to this
Section 5.12(a) (other than additional Shares obtained through the Warrant or under warrants issued to the Holder or its affiliates) without the prior written consent of the Holder. Notwithstanding the foregoing, to the extent that the Company
is not eligible to register shares on a Form S-3 at a given time then the obligations of the Company to file new registration statements for the Holder under this Section 5.12(a) shall be suspended;
provided that (x) the Company agrees to promptly comply with this Section 5.12(a) following any correction of matters leading to such S-3 ineligibility and (y) to the extent that the Company
grants registration rights following the date of this Warrant to any person or entity that does not have similar suspension of obligations or otherwise grants more favorable rights, then the Holder shall be deemed to get the benefit of such more
favorable rights and the suspension of obligations set forth in this sentence shall not apply. For the avoidance of doubt, in no event will a registration effected pursuant to this Section 5.12(a) be an underwritten public offering. 

(b)    If, at any time and from time to time, the Company proposes to register any of its
shares of Common Stock under the Securities Act in connection with an underwritten public offering of such shares of Common Stock, then the Company will promptly give notice to the Holder of its intention to do so. Upon the request of the Holder
received within ten (10) days after receipt of any such notice from the Company, the Company will cause the Holder’s interest in the Shares to be registered under the Securities Act and registered or qualified, as the case may be, under
any state securities laws; provided, however, that the obligation to give such notice and to cause such registration shall not apply to any registration (a) on Form S-8 (or any successor form), (b) of
solely a dividend reinvestment plan or (c) for the sole purpose of offering registered securities to another Person in connection with the acquisition of assets or capital stock of such Person or in connection with a merger, consolidation,
combination or similar transaction with such Person. In connection with any underwritten offering of securities on behalf of the Company or any other holders of the Company’s capital stock, the Company is not required to include any interest in
the Warrant or Shares held by the Holder unless the Holder agrees to the reasonable and customary terms of the underwriting; provided, however, that the total indemnification or other liability of the Holder thereunder shall be limited to the
aggregate net cash proceeds received by the Holder from the sale of the Holder’s interest in the Shares in such offering. The Company will include in any registration effected pursuant to this Section 5.12(b) (i) first, securities
offered to be sold by the Company and by any holder of demand registration rights that is exercising such rights in connection with such registration, (ii) second, any interest in the Shares of the Holder requesting piggyback registration
rights hereunder, in each case pro rata based on the number of Shares issued or issuable under the Warrant thereby (in such quantity as will not, in the written opinion of the underwriters, jeopardize the success of the offering), and
(iii) third, any other securities requested to be included in such registration (in such quantity as will not, in the written opinion of the underwriters, jeopardize the success of the offering). 

  
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 (c)    The Company will pay all
Registration Expenses in connection with all registrations (which, for purposes of this Section 5.12, shall include any qualifications, notifications and exemptions) under this Section 5.12. “Registration Expenses” means
all expenses incident to the Company’s performance of or compliance with Section 5.12, including, without limitation, all registration and filing fees (including fees of the SEC a national stock exchange or national securities market), all
fees and expenses of complying with state securities or blue sky laws, all word processing, duplicating and printing expenses, messenger and delivery expenses, the fees and disbursements of counsel for the Company and of its independent public
accountants, including the expenses of any special audits or “cold comfort” letters in underwritten offerings required by or incident to such performance and compliance, the reasonable fees and disbursements of the Holder’s counsel
not to exceed $20,000 for any registration statement and any fees and disbursements of underwriters customarily paid by issuers or sellers of securities, but excluding underwriting discounts and commissions and transfer taxes, if any. 

[signature on following page] 

  
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	 QUANTUM CORPORATION

		
	 By:
	 	 /s/ J. Michael Dodson

	 Name:
	 	 J. Michael Dodson

	 Title:
	 	 CFO



 Accepted and Agreed: 

 

			
	 TCW DIRECT LENDING, LLC

		
	 By:
	 	 /s/ Mark Gertzof

	 Name:
	 	 Mark Gertzof

	 Title:
	 	 Authorized Officer



 [Signature Page to Warrant] 












 APPENDIX I 

NOTICE OF EXERCISE 

Reference is made to that certain Warrant to Purchase Stock, dated November 30, 2018, issued by Quantum Corporation to
[HOLDER] (the “Warrant”). 
 1.    The undersigned hereby elects to purchase
             shares of the Common Stock of Quantum Corporation pursuant to the terms of the Warrant. [As the Warrant is not fully exercised and has not expired, the Company will issue to
Holder a new warrant representing the Shares not acquired. –IF APPLICABLE AND IF THE ELECTION NOT TO RECEIVE A NEW WARRANT DESCRIBED IN THE FIRST SENTENCE OF PARAGRAPH 3 DOES NOT APPLY] 

2.    [IF APPLICABLE - The undersigned elects to make a Cashless Exercise (as such term is defined in
the Warrant) in the manner detailed in Section 1.3 of the Warrant.] 
 3.    [The Warrant
shall remain in full force and effect with respect to any Shares that remain exercisable under the Warrant following the exercise evidenced by this Notice of Exercise. - IF APPLICABLE AND IF THE ELECTION TO RECEIVE A NEW WARRANT DESCRIBED IN THE
LAST SENTENCE OF PARAGRAPH 1 DOES NOT APPLY.] The Warrant shall [also] apply to the shares receivable pursuant to this Notice of Exercise to the extent expressly set forth in the provisions of the Warrant. 

4.    Please issue the shares receivable pursuant to this Notice of Exercise [(taking into account the
Cashless Exercise)] in the name of the undersigned; payment for any fractional shares owed pursuant to Section 2.1 of the Warrant should also be paid to the undersigned. 

5.    The undersigned represents it is acquiring the shares solely for its own account and not as a
nominee for any other party and not with a view toward the resale or distribution thereof except in compliance with applicable securities laws. 
  

	
	 [HOLDER]

	
	  

(Signature)

	
	  
 (Name and
Title)

	
	 Dated:
                    , 20