Document:

EX-10.2

 Exhibit 10.2 

Execution Version 
 THIS PLEDGE AND SECURITY
AGREEMENT is subject to the terms and provisions of the Intercreditor Agreement, dated as of May 29, 2018 (as such agreement may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the
“Intercreditor Agreement”), among JPMorgan Chase Bank, N.A., as authorized representative for the Credit Agreement Secured Parties referred to therein and Wells Fargo Bank, National Association, as authorized representative for the Notes
Secured Parties referred to therein, and each of the other parties referred to therein. 
 PLEDGE AND SECURITY AGREEMENT

 THIS PLEDGE AND SECURITY AGREEMENT (as the same may be amended, restated, amended and restated, supplemented or otherwise
modified from time to time, this “Security Agreement”) is entered into as of May 29, 2018 (the “Security Agreement Effective Date”) by and among MICROCHIP TECHNOLOGY INCORPORATED, a Delaware corporation (the
“Issuer”), the Subsidiaries of the Issuer listed on the signature pages hereto (together with the Issuer, the “Initial Grantors,” and together with any additional Subsidiaries, whether now existing or hereafter
formed or acquired which become parties to this Security Agreement from time to time, in accordance with the terms of the Indenture (as defined below), by executing a supplement hereto in substantially the form of Annex I, the
“Grantors”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, in its capacity as collateral agent under the Indenture (the “Notes Collateral Agent”) for itself and for the Secured Parties
(as defined below). 
 PRELIMINARY STATEMENT 

The Issuer is party to the Indenture, dated as of May 29, 2018 (as amended, restated, amended and restated, supplemented or otherwise
modified from time to time, the “Indenture”), by and among the Issuer, the guarantors party thereto and Wells Fargo Bank, National Association, in its capacity as the trustee and the collateral agent, respectively, pursuant to which
the Issuer issued the 3.922% Senior Secured Notes due 2021 and the 4.333% Senior Secured Notes due 2023. It is a requirement under the Indenture that the Grantors shall execute and deliver this Security Agreement to the Notes Collateral Agent, for
the ratable benefit of the Secured Parties. 
 Agreement 

In consideration of the premises, each Grantor hereby agrees with the Notes Collateral Agent, for the ratable benefit of the Secured Parties,
as follows: 
 ARTICLE I 

DEFINITIONS 
 1.1. Terms
Defined in the Indenture. All capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Indenture. 

1.2. Terms Defined in UCC. Terms defined in the UCC which are not otherwise defined in this Security Agreement are used herein as
defined in the UCC. 
 1.3. Definitions of Certain Terms Used Herein. As used in this Security Agreement, in addition to the terms
defined in the Preliminary Statement, the following terms shall have the following meanings: 

 “Accounts” shall have the meaning set forth in Article 9 of the UCC. 

“Article” means a numbered article of this Security Agreement, unless another document is specifically referenced. 

“Chattel Paper” shall have the meaning set forth in Article 9 of the UCC. 

“Collateral” means all Accounts, Chattel Paper, Commercial Tort Claims, Copyrights, Deposit Accounts, Documents, Equipment,
Fixtures, General Intangibles, Goods, Instruments, Inventory, Investment Property, letters of credit, Letter-of-Credit Rights, Licenses, Patents, Pledged Deposits,
Supporting Obligations, Trademarks and Other Collateral, wherever located, in which any Grantor now has or hereafter acquires any right or interest, and the proceeds (including Stock Rights), insurance proceeds and products thereof, together with
all books and records, customer lists, credit files, computer files, programs, printouts and other computer materials and records related thereto; provided that, notwithstanding the foregoing, Collateral shall expressly exclude the Excluded
Assets. 
 “Collateral Disclosure Letter” means the collateral disclosure letter, dated as of the Security Agreement
Effective Date, as supplemented from time to time and delivered by the Grantors to the Notes Collateral Agent for the benefit of the Secured Parties. 

“Commercial Tort Claims” means commercial tort claims, as defined in the UCC of any Grantor, including each commercial tort
claim (with a value reasonably believed by such Grantor to be in excess of $10,000,000) specifically described in Schedule “F” to the Collateral Disclosure Letter. 

“Control” shall have the meaning set forth in Article 8 or, if applicable, in
Section 9-104, 9-105, 9-106 or 9-107 of Article 9 of the UCC. 

“Copyrights” means, with respect to any Person, all of such Person’s right, title, and interest in and to the following:
(a) all copyrights, rights and interests in copyrights, works protectable by copyright, copyright registrations, and copyright applications; (b) all renewals of any of the foregoing; (c) all income, royalties, damages, and payments
now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past, present, and future infringements of
any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world. 
 “Deposit
Accounts” shall have the meaning set forth in Article 9 of the UCC. 
 “Domestic Pledge Subsidiary” means each
Domestic Subsidiary, but excluding, for the avoidance of doubt, but only to the extent such Subsidiary is a Foreign Sub Holdco, Microchip Technology LLC, a Delaware limited liability company, and Silicon Storage Technology LLC, a Delaware limited
liability company. 
 “Domestic Subsidiary” means a Subsidiary organized under the laws of a jurisdiction located in the
United States of America, other than a Foreign Sub Holdco. 
 “Equipment” shall have the meaning set forth in Article 9 of
the UCC. 
 “Exhibit” refers to a specific exhibit to this Security Agreement, unless another document is specifically
referenced. 
 “Fixtures” shall have the meaning set forth in Article 9 of the UCC. 

  
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 “Foreign Subsidiary” means any Subsidiary which is not a Domestic Subsidiary.

 “Foreign Pledge Subsidiary” means each first tier Foreign Subsidiary of the Issuer or a Guarantor that is required to be
pledged to secure the Senior Credit Facilities. 
 “Foreign Sub Holdco” means any Subsidiary organized under the laws of a
jurisdiction located in the United States of America substantially all the assets of which consists of stock (or stock and debt obligations owed or treated as owed) in one or more “controlled foreign corporations” as defined in
Section 957 of the Code and/or one or more Subsidiaries described in this definition. 
 “General Intangibles” shall
have the meaning set forth in Article 9 of the UCC and, in any event, includes payment intangibles, contract rights, rights to payment, rights arising under common law, statutes, or regulations, choses or things in action, goodwill (including the
goodwill associated with any Trademark), Patents, Trademarks, Copyrights, URLs and domain names, other industrial or Intellectual Property or rights therein or applications therefor, whether under license or otherwise, programs, programming
materials, blueprints, drawings, purchase orders, customer lists, monies due or recoverable from pension funds, route lists, rights to payment and other rights under any royalty or licensing agreements, including Licenses, infringement claims,
computer programs, information contained on computer disks or tapes, software, literature, reports, catalogs, pension plan refunds, pension plan refund claims, insurance premium rebates, tax refunds, and tax refund claims, interests in a partnership
or limited liability company which do not constitute a security under Article 8 of the UCC, and any other personal property other than Commercial Tort Claims, money, Accounts, Chattel Paper, Deposit Accounts, Goods, Investment Property, negotiable
Collateral, and oil, gas, or other minerals before extraction. 
 “Goods” shall have the meaning set forth in Article 9 of
the UCC. 
 “Instruments” shall have the meaning set forth in Article 9 of the UCC. 

“Intellectual Property” means all Patents, Trademarks, Copyrights and any other intellectual property. 

“Inventory” shall have the meaning set forth in Article 9 of the UCC. 

“Investment Property” shall have the meaning set forth in Article 9 of the UCC. 

“Irish Pledge” shall have the meaning set forth in Section 4.4. 

“Letter-of-Credit Rights” shall have the
meaning set forth in Article 9 of the UCC. 
 “Licenses” means, with respect to any Person, all of such Person’s
right, title, and interest in and to (a) any and all licensing agreements or similar arrangements in and to its Patents, Copyrights, or Trademarks, (b) all income, royalties, damages, claims, and payments now or hereafter due or payable
under and with respect thereto, including, without limitation, damages and payments for past and future breaches thereof, and (c) all rights to sue for past, present, and future breaches thereof. 

“Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations or condition
(financial or otherwise) of the Issuer and the Subsidiaries taken as a whole (b) the validity or enforceability of the Notes Documents or (c) the rights or remedies of the Notes Collateral Agent under this Security Agreement and all other
Notes Documents taken as a whole. 

  
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 “Notes Documents” means the Indenture, the Notes and guarantees issued
thereunder, the Security Documents and all other documents, notes, guarantees, instruments, agreements and supplemental indenture entered into in connection therewith. 

“Other Collateral” means any personal property of the Grantors, not included within the defined terms Accounts, Chattel
Paper, Commercial Tort Claims, Copyrights, Deposit Accounts, Documents, Equipment, Fixtures, General Intangibles, Goods, Instruments, Inventory, Investment Property,
Letter-of-Credit Rights, Licenses, Patents, Pledged Deposits, Supporting Obligations and Trademarks, including, without limitation, all cash on hand, letters of credit,
Stock Rights or any other deposits (general or special, time or demand, provisional or final) with any bank or other financial institution, it being intended that the Collateral include all personal property of the Grantors, subject to the
limitations contained in Article II of this Security Agreement. 
 “Patents” means, with respect to any Person, all of such
Person’s right, title, and interest in and to: (a) any and all patents and patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues, divisions, continuations, renewals, extensions,
and continuations-in-part thereof; (d) all licenses of the foregoing whether as licensee or licensor; (e) all income, royalties, damages, claims, and payments
now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements thereof; (f) all rights to sue for past, present, and future infringements thereof; and
(g) all rights corresponding to any of the foregoing throughout the world. 
 “Pledged Collateral” means all
Instruments, Securities and other Investment Property of the Grantors that is included in the Collateral, whether or not physically delivered to the Notes Collateral Agent pursuant to this Security Agreement. 

“Pledged Deposits” means all time deposits of money (other than Deposit Accounts and Instruments), whether or not evidenced
by certificates, which a Grantor may from time to time designate as pledged to the Notes Collateral Agent or to any Secured Party as security for any Notes Obligations, and all rights to receive interest on said deposits. 

“Pledge Subsidiary” means each Domestic Pledge Subsidiary and each Foreign Pledge Subsidiary. 

“Receivables” means the Accounts, Chattel Paper, Documents, Investment Property, Instruments or Pledged Deposits, and any
other rights or claims to receive money which are General Intangibles or which are otherwise included as Collateral. 

“Section” means a numbered section of this Security Agreement, unless another document is specifically referenced. 

“Secured Parties” means the collectively reference to the Notes Collateral Agent, the Trustee, the holders of the Notes and
any other holders of the Notes Obligations (including without limitation, the Notes issued pursuant to the Indenture). 

“Security” shall have the meaning set forth in Article 8 of the UCC. 

“Stock Rights” means any securities, dividends, instruments or other distributions and any other right or property which any
Grantor shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any Equity Interest constituting Collateral, any right to receive an Equity Interest and any right to receive
earnings, in which any Grantor now has or hereafter acquires any right, issued by an issuer of such securities. 

  
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 “Supporting Obligation” shall have the meaning set forth in Article 9 of the
UCC. 
 “Taxes” means any present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or
other charges imposed by any governmental authority, including any interest, additions to tax or penalties applicable thereto. 

“Trademarks” means, with respect to any Person, all of such Person’s right, title, and interest in and to the following:
(a) all trademarks (including service marks), trade names, trade dress, and trade styles and the registrations and applications for registration thereof and the goodwill of the business symbolized by the foregoing; (b) all licenses of the
foregoing, whether as licensee or licensor; (c) all renewals of the foregoing; (d) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages, claims, and
payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and (f) all
rights corresponding to any of the foregoing throughout the world. 
 The foregoing definitions shall be equally applicable to both the
singular and plural forms of the defined terms. 
 ARTICLE II 

GRANT OF SECURITY INTEREST 
 Each
of the Grantors hereby pledges, collaterally assigns and grants to the Notes Collateral Agent, on behalf of and for the benefit of the Secured Parties, a security interest in all of such Grantor’s right, title and interest, whether now owned or
hereafter acquired, in and to the Collateral to secure the prompt and complete payment and performance of the Notes Obligations. For the avoidance of doubt, (i) the grant of a security interest herein shall not be deemed to be an assignment of
intellectual property rights owned by the Grantors and (ii) the security interest granted under this Security Agreement shall not extend to, and the definition of “Collateral” and definitions of and references to asset categories in
the definition of Collateral and elsewhere in this Security Agreement or any agreement entered into or pursuant to this Security Agreement shall not include, Excluded Assets and, for the avoidance of doubt, no provision of this Agreement including,
without limitation, any representation, warranty or covenant shall apply to any such Excluded Assets. 
 For the avoidance of doubt,
(i) Microchip Technology LLC and Silicon Storage Technology LLC shall be Grantors under this Security Agreement and (ii) in the aggregate (taking into account the pledges of all Grantors), 65% of voting Equity Interests and 100% of non-voting Equity Interests in Microchip Technology Malta Limited shall be pledged as Collateral. Notwithstanding anything to the contrary in any Notes Document, the guarantee provided by each of Microchip
Technology LLC and Silicon Storage Technology LLC, so long as each remains a Foreign Sub Holdco, shall be without recourse to voting Equity Interests in excess of 65%, in the aggregate, of Microchip Technology Malta Limited. 

Anything herein to the contrary notwithstanding, each Grantor shall remain liable under each of the contracts or agreements which arise out
of, or relate to, any of the Collateral to observe and perform all of the conditions and obligations to be observed and performed by it thereunder, all in accordance with and pursuant to the terms and provisions of each such contract or agreement to
the same extent as if this Security Agreement had not been executed. The exercise by the Notes Collateral Agent of any of its rights 

  
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hereunder shall not release any Grantor hereunder from any of its duties or obligations under the contracts and agreements included in the Collateral. Neither the Notes Collateral Agent nor any
other Secured Party shall have any obligation or liability under any contract by reason of or arising out of this Security Agreement, or the receipt by the Notes Collateral Agent or any other Secured Party of any payment relating to such contract
pursuant hereto, nor shall the Notes Collateral Agent or any other Secured Party be obligated in any manner to perform any of the obligations of the Grantor under or pursuant to any contract, to make any payment, to make any inquiry as to the nature
or the sufficiency of any performance by any party under any contract, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to any Secured Party or to which
it may be entitled at any time or times. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Each of the Initial Grantors represents and warrants to the Notes Collateral Agent and the other Secured Parties, and each Grantor that
becomes a party to this Security Agreement pursuant to the execution of a supplement to this Security Agreement, in substantially the form of Annex I, represents and warrants (after giving effect to supplements to the Collateral Disclosure
Letter with respect to such subsequent Grantor as attached to such Security Agreement Supplement) to the Notes Collateral Agent and the other Secured Parties, that: 

3.1. Title, Authorization, Validity and Enforceability. Such Grantor has good and valid rights in or the power to transfer the
Collateral owned by it and title to the Collateral with respect to which it has purported to grant a security interest hereunder, free and clear of all Liens except for Liens permitted under Section 4.1.3 hereof, and has
full corporate, limited liability company or partnership, as applicable, power and authority to grant to the Notes Collateral Agent the security interest in such Collateral pursuant hereto. The execution and delivery by such Grantor of this Security
Agreement have been duly authorized by proper corporate, limited liability company, limited partnership or partnership, as applicable, proceedings on the part of such Grantor, and this Security Agreement constitutes a legal, valid and binding
obligation of such Grantor and creates a security interest which is enforceable against such Grantor in all Collateral it now owns or hereafter acquires, except as enforceability may be limited by (i) bankruptcy, insolvency, fraudulent
conveyance, reorganization or similar laws relating to or affecting the enforcement of creditors’ rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law), and (iii) requirements of
reasonableness, good faith and fair dealing. When financing statements have been filed in the appropriate offices against such Grantor in the locations listed in Schedule “E” to the Collateral Disclosure Letter or any jurisdictions
that may be required from time to time pursuant to Section 4.1.4 hereof, the Notes Collateral Agent will have a fully perfected first priority security interest in the Collateral owned by such Grantor in which a security
interest may be perfected by filing of a financing statement under the UCC, subject only to Liens permitted under Section 4.1.3 hereof. 

3.2. Conflicting Laws and Contracts. Neither the execution and delivery by such Grantor of this Security Agreement, the creation and
perfection of the security interest in the Collateral granted hereunder, nor compliance by such Grantor with the terms and provisions hereof will violate (i) any law, rule, regulation, order, writ, judgment, injunction, decree or award binding
on such Grantor, or (ii) such Grantor’s charter, articles or certificate of incorporation, partnership agreement or by-laws (or similar constitutive documents), or (iii) the provisions of any
indenture or any material instrument or agreement to which such Grantor is a party or is subject, or by which it, or its property may be bound or affected, or conflict with or constitute a default thereunder, or result in or require the creation or
imposition of any Lien in, of or on the property of such Grantor pursuant to the terms of any such indenture or any material instrument or agreement (other than any Lien of the Notes Collateral Agent on behalf of the Secured Parties). 

  
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 3.3. Principal Location. As of the Security Agreement Effective Date (or in the case of a
subsequent Grantor, the date of the applicable Security Agreement Supplement), the location of such Grantor’s chief executive office is disclosed in Schedule “A” to the Collateral Disclosure Letter. 

3.4. Property Locations. As of the Security Agreement Effective Date (or in the case of a subsequent Grantor, the date of the applicable
Security Agreement Supplement), Schedule “A” to the Collateral Disclosure Letter lists each location where each Grantor maintains Inventory, Equipment and Fixtures (other than (i) moveable items of Collateral, such as laptop
computers and other mobile electronic equipment, and (ii) Inventory in transit) with a value exceeding $10,000,000 per location. All of said locations are owned by such Grantor except for locations which are leased by such Grantor as lessee and
designated in Schedule “A” to the Collateral Disclosure Letter. 
 3.5. No Other Names; Etc. Within the five-year
period ending as of the date such Person becomes a Grantor hereunder, such Grantor has not conducted business under any name, changed its jurisdiction of organization, merged with or into or consolidated with any other Person, except as disclosed in
Schedule “A” to the Collateral Disclosure Letter. The name in which such Grantor has executed this Security Agreement is the exact name as it appears in such Grantor’s organizational documents, as amended, as filed with such
Grantor’s jurisdiction of organization as of the date such Person becomes a Grantor hereunder. 
 3.6. [Intentionally Omitted].

 3.7. [Intentionally Omitted]. 

3.8. Filing Requirements. None of the Collateral owned by such Grantor is of a type for which security interests or liens may be
perfected by filing under any federal statute except for (i) motor vehicles described in Part B of Schedule “B” to the Collateral Disclosure Letter and (ii) Patents, Trademarks and Copyrights held by such Grantor and
described in Part C of Schedule “B” to the Collateral Disclosure Letter. 
 3.9. No Financing Statements, Security
Agreements. No financing statement or security agreement describing all or any portion of the Collateral which has not lapsed or been or will be terminated naming such Grantor as debtor has been filed or is of record in any jurisdiction except
financing statements (i) naming the Notes Collateral Agent on behalf of the Secured Parties as the secured party and (ii) in respect of Liens permitted by Section 4.08 of the Indenture. 

3.10. Federal Employer Identification Number; State Organization Number; Jurisdiction of Organization. As of the Security Agreement
Effective Date (or in the case of a subsequent Grantor, the date of the applicable Security Agreement Supplement), such Grantor’s federal employer identification number is, and if such Grantor is a registered organization, such Grantor’s
State of organization, type of organization and State of organization identification number are, listed in Schedule “G” to the Collateral Disclosure Letter. 

3.11. Pledged Securities and Other Investment Property. Schedule “D” to the Collateral Disclosure Letter sets forth a
complete and accurate list as of the Security Agreement Effective Date (or in the case of a subsequent Grantor, the date of the applicable Security Agreement Supplement) of the Instruments with a face value exceeding $10,000,000 and Equity Interests
in Pledge Subsidiaries constituting Collateral and delivered (or to be delivered) to the Notes Collateral Agent pursuant to the 

  
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terms of the Notes Documents. Each Grantor is the direct and beneficial owner of each Instrument and each Equity Interest in Pledge Subsidiaries listed in Schedule “D” to the
Collateral Disclosure Letter as being owned by it, free and clear of any Liens, except for the security interest granted to the Notes Collateral Agent for the benefit of the Secured Parties hereunder or as permitted by Section 4.08 of the
Indenture. Each Grantor further represents and warrants that (i) all Pledged Collateral owned by it constituting an Equity Interest has been (to the extent such concepts are relevant with respect to such Pledged Collateral) duly authorized and
validly issued, are fully paid and non-assessable and, in the case of Equity Interests in Pledge Subsidiaries, constitutes the percentage of the issued and outstanding shares of stock (or other Equity
Interests) of the respective issuers thereof indicated in Schedule “D” to the Collateral Disclosure Letter, and (ii) with respect to any certificates delivered to the Notes Collateral Agent representing an Equity Interest,
either such certificates are Securities as defined in Article 8 of the UCC of the applicable jurisdiction as a result of actions by the issuer or otherwise, or, if such certificates are not Securities, such Grantor has so informed the Notes
Collateral Agent so that the Notes Collateral Agent may take steps to perfect its security interest therein as a General Intangible, as indicated in Schedule “D”. Pursuant to the terms and conditions of Section 2.09 of the
Intercreditor Agreement, the Bank Agent will hold Collateral in its possession or control as gratuitous bailee for the Notes Collateral Agent solely for the purpose of perfecting the security interest granted in such Collateral pursuant to this
Security Agreement. 
 3.12. Intellectual Property. 

3.12.1 Part C of Schedule “B” to the Collateral Disclosure Letter contains a complete and accurate listing as
of the Security Agreement Effective Date of all the following owned by any Grantor: (i) U.S. trademark registrations and trademark applications, (ii) U.S. patent registrations and patents applications, together with all reissuances,
continuations, continuations in part, revisions, extensions, and reexaminations thereof, and (iii) U.S. copyright registrations and copyright applications. All of the material U.S. registrations, applications for registration or applications
for issuance of the Intellectual Property are valid and subsisting, in good standing and are recorded or in the process of being recorded in the name of the applicable Grantor. 

3.12.2 Such Intellectual Property is valid, subsisting, unexpired (where registered) and enforceable and has not been abandoned
or adjudged invalid or unenforceable, in whole or in part, except in each case as could not be reasonably expected to result in a Material Adverse Effect. 

3.12.3 [Intentionally Omitted]. 

3.12.4 Each Grantor has taken or caused to be taken steps so that none of its material Intellectual Property, the value of
which to the Grantors are contingent upon maintenance of the confidentiality thereof, have been disclosed by such Grantor to any Person other than employees, contractors, customers, representatives and agents of the Grantors and other third parties
who are parties to customary confidentiality and nondisclosure agreements with the Grantors. 
 3.12.5 To each Grantor’s
knowledge, no Person has violated, infringed upon or breached, or is currently violating, infringing upon or breaching, any of the rights of the Grantors to the Intellectual Property or has breached or is breaching any duty or obligation owed to the
Grantors in respect of the Intellectual Property except where those breaches, violations or infringements, individually or in the aggregate, could not be reasonably expected to result in a Material Adverse Effect. 

  
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 3.12.6 No settlement or consents, covenants not to sue, nonassertion assurances,
or releases have been entered into by any Grantor or to which any Grantor is bound that adversely affects its rights to own or use any Intellectual Property except as could not be reasonably expected to result in a Material Adverse Effect, in each
case individually or in the aggregate. 
 3.12.7 No Grantor has received any written notice that remains outstanding
challenging the validity, enforceability, or ownership of any Intellectual Property except where those challenges could not reasonably be expected to result in a Material Adverse Effect, and to such Grantor’s knowledge at the date hereof there
are no facts upon which such a challenge could be made. 
 3.12.8 Each Grantor owns directly or is entitled to use, by
license or otherwise, all Intellectual Property necessary for the conduct of such Grantor’s business. 
 3.12.9 Each
Grantor uses adequate standards of quality in the manufacture, distribution, and sale of all products sold and in the provision of all services rendered under or in connection with all trademarks and has taken all commercially reasonable action
necessary to insure that all licensees of the trademarks owned or licensed by such Grantor use such adequate standards of quality, except where the failure to use adequate standards of quality could not reasonably be expected to result in a Material
Adverse Effect. 
 3.12.10 The consummation of the transactions contemplated by the Notes Documents will not result in the
loss, termination or material impairment of any of the Intellectual Property that is material to any Grantor’s business. 
 ARTICLE IV

 COVENANTS 
 From the
Security Agreement Effective Date and thereafter until this Security Agreement is terminated, each of the Initial Grantors agrees, and from and after the effective date of any Security Agreement Supplement applicable to any Grantor (and after giving
effect to supplements to the Collateral Disclosure Letter with respect to such subsequent Grantor as attached to such Security Agreement Supplement) and thereafter until this Security Agreement is terminated, each such subsequent Grantor agrees:

 4.1. General. 

4.1.1 Maintenance of Perfected Security Interest; Financing Statements and Other Actions; Defense of Title. Subject to
the limitations and qualifications set forth in the Indenture and the Notes Documents, each Grantor shall maintain the security interest created hereunder on the Collateral as a perfected security interest in favor of the Notes Collateral Agent for
the benefit of the Secured Parties. Each Grantor agrees to prepare, execute and file such UCC financing statements as are necessary to establish and maintain a valid, enforceable, perfected security interest in the Collateral as provided herein to
the extent the security interest in the collateral may be perfected by the filing of such UCC financing statement, and no such filing shall be an obligation of any Secured Party. Each Grantor shall deliver to the Notes Collateral Agent promptly
following filing a file stamped copy of each such financing statement bearing evidence of its filing. Each Grantor will pay any applicable filing fees, recordation taxes and related expenses relating to its Collateral. Each Grantor hereby
authorizes, to the extent any such Grantor fails to comply with its covenants in the immediately preceding sentence, the Notes 

  
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Collateral Agent to file, and if requested will execute and deliver to the Notes Collateral Agent, all financing statements describing the Collateral owned by such Grantor and, subject to the
limitations set forth in the Indenture, take such other actions as may from time to time reasonably be requested by the Notes Collateral Agent in order to maintain a first priority, perfected security interest in and, if applicable, Control of, the
Collateral owned by such Grantor, subject to Liens permitted under Section 4.08 of the Indenture. Such financing statements may describe the Collateral in the same manner as described herein or may contain an indication or description of
collateral that describes such property in any other manner as the Notes Collateral Agent may determine, in its sole discretion, is necessary, advisable or prudent to ensure that the perfection of the security interest in the Collateral granted to
the Notes Collateral Agent herein, including, without limitation, describing such property as “all assets of the debtor whether now owned or hereafter acquired and wheresoever located, including all accessions thereto and proceeds
thereof.” Each Grantor will take any and all actions that are reasonable and necessary to defend title to any material portion of the Collateral owned by such Grantor against all persons and to defend the security interest of the Notes
Collateral Agent in such Collateral and the priority thereof against any Lien not expressly permitted hereunder. 
 4.1.2
Disposition of Collateral. No Grantor will sell, lease or otherwise dispose of the Collateral owned by such Grantor except as permitted by the Indenture. 

4.1.3 Liens. No Grantor will create, incur, or suffer to exist any Lien on the Collateral owned by such Grantor except
Liens permitted pursuant to Section 4.08 of the Indenture. 
 4.1.4 Change in Corporate Existence, Type or
Jurisdiction of Organization, Location, Name. Each Grantor will: 
  

	 	(a)	not change its type of legal entity; 

  

	 	(b)	not change its name or jurisdiction of organization; 

  

	 	(c)	not maintain its place of business (if it has only one) or its chief executive office (if it has more than one place of business) at a location other than a location specified in Schedule “A” to the
Collateral Disclosure Letter; and 

  

	 	(d)	not change its taxpayer identification number, 

 unless, in each such case, such Grantor shall
have delivered to the Notes Collateral Agent not less than five (5) Business Days’ (or such shorter time as may be acceptable to the Notes Collateral Agent) an Officer’s Certificate stating all financing statements and amendments or
supplements thereto, continuation statements required to be filed or recorded in order to perfect and protect the lien of the Collateral, to the extent such lien on the Collateral may be perfected by the filing of such financing statement,
amendment, supplement or continuation statement, have been filed or recorded in each office necessary for such purpose. The Notes Collateral Agent shall have no duty to determine whether any Grantor changes its name or changes its state of
incorporation, formation or organization, or takes or omits to take any action which would adversely affect or impair in any material respect the Liens in favor of the Notes Collateral Agent with respect to the Collateral, and shall have no
obligation under any provision of the UCC with respect thereto. 
 4.1.5 Other Financing Statements. Each Grantor
acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect to any financing statement filed in connection herewith except in compliance with the Notes Documents, subject to such
Grantor’s rights under Section 9-509(d)(2) of the UCC. 

  
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 4.2. Receivables. 

4.2.1 Delivery of Invoices. Each Grantor will deliver to the Notes Collateral Agent immediately upon its request after
the occurrence and during the continuance of an Event of Default duplicate invoices with respect to each Account owned by such Grantor bearing such language of assignment as the Notes Collateral Agent shall specify. 

4.2.2 [Intentionally Omitted]. 

4.3. Maintenance of Goods. Each Grantor will do all things necessary to maintain, preserve, protect and keep the Inventory and the
Equipment owned by such Grantor in good repair, working order and saleable condition (ordinary wear and tear excepted) and make all necessary and proper repairs, renewals and replacements so that its business carried on in connection therewith may
be properly conducted at all times, except in each case where the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

4.4. Instruments, Securities, Chattel Paper, Documents and Pledged Deposits. Subject to the Intercreditor Agreement, each Grantor will
(i) deliver to the Notes Collateral Agent (or prior to the Discharge of the Credit Agreement Obligations, the Bank Agent) immediately upon execution of this Security Agreement (or such later date as may be agreed by the Notes Collateral Agent)
the originals of all Chattel Paper with a face value exceeding $10,000,000, Instruments with a face value exceeding $10,000,000 and stock certificates and related stock powers in respect of Equity Interests in Pledge Subsidiaries (to the extent
certificated), in each case constituting Collateral (if any then exist), (ii) hold in trust for the Notes Collateral Agent upon receipt and, concurrently with the delivery of each compliance certificate provided to the Notes Collateral Agent
pursuant to 4.07 of the Indenture, deliver to the Notes Collateral Agent (or prior to the Discharge of the Credit Agreement Obligations, the Bank Agent), any Chattel Paper with a face value exceeding $10,000,000, Instruments with a face value
exceeding $10,000,000 and stock certificates and related stock powers in respect of Equity Interests in Pledge Subsidiaries (to the extent certificated), in each case constituting Collateral, (iii) upon the designation of any Pledged Deposits
(as set forth in the definition thereof), deliver to the Notes Collateral Agent (or prior to the Discharge of the Credit Agreement Obligations, the Bank Agent), concurrently with the delivery of each compliance certificate provided to the Notes
Collateral Agent pursuant to Section 4.07 of the Indenture, such Pledged Deposits with a value exceeding $10,000,000 which are evidenced by certificates included in the Collateral endorsed in blank, marked with such legends and assigned as the
Notes Collateral Agent shall specify, (iv) upon the Notes Collateral Agent’s request, after the occurrence and during the continuance of an Event of Default, deliver to the Notes Collateral Agent (or prior to the Discharge of the Credit
Agreement Obligations, the Bank Agent) (and thereafter hold in trust for the Notes Collateral Agent upon receipt and immediately deliver to the Notes Collateral Agent) any Document evidencing or constituting Collateral, and (v) if requested to
be delivered by the Bank Agent in regards to the Senior Credit Facilities (or after the Discharge of the Credit Agreement Obligations, with regards to the Notes Documents, the Notes Collateral Agent), deliver to the Notes Collateral Agent a duly
executed amendment to this Security Agreement, in the form of Appendix “A” hereto (the “Amendment”), pursuant to which such Grantor will pledge such additional Collateral. Such Grantor hereby authorizes the Notes
Collateral Agent to attach each Amendment to this Security Agreement and agrees that all additional Collateral owned by it set forth in such Amendments shall be considered to be part of the Collateral. Notwithstanding anything to the contrary
herein, it is understood and agreed that (i) the stock certificates and related stock powers thereto in respect of any Pledge Subsidiary of Microsemi and its Subsidiaries listed on Schedule “D” to the Collateral Disclosure
Letter as of the Security 

  
 11 

 
Agreement Effective Date are only required to be delivered on the Security Agreement Effective Date to the extent received from Microsemi and so long as the Issuer has used commercially
reasonable efforts to obtain them on the Security Agreement Effective Date, in which case such stock certificates and related stock powers in respect of any such Pledge Subsidiary shall be delivered within sixty (60) days (or such later date as
may be agreed upon by the Bank Agent) of the Security Agreement Effective Date and (ii) any share mortgage in respect of Microchip Technology Malta Limited (the “Irish Pledge”) shall not be required to be provided hereunder
until such time as such share mortgage is provided to the Bank Agent. 
 4.5. Uncertificated Securities and Certain Other Investment
Property. Each Grantor will permit the Notes Collateral Agent from time to time to cause the appropriate Pledge Subsidiaries of such Grantor that are issuers of uncertificated securities which are Collateral owned by such Grantor to mark their
books and records with the numbers and face amounts of all such uncertificated securities and all rollovers and replacements therefor to reflect the Lien of the Notes Collateral Agent granted pursuant to this Security Agreement. 

4.6. Stock and Other Ownership Interests. 

4.6.1 Changes in Capital Structure of Issuers. None of the Grantors will (i) permit or suffer any Subsidiary to
dissolve, liquidate, retire any of its capital stock or other Instruments or Securities evidencing ownership, reduce its capital or merge or consolidate with any other entity, or (ii) vote any of the Instruments, Securities or other Investment
Property in favor of any of the foregoing, in each case to the extent such actions are prohibited by the Indenture. 
 4.6.2
Registration of Pledged Securities and other Investment Property. Each Grantor will permit any registrable Collateral owned by such Grantor to be registered in the name of the Notes Collateral Agent or its nominee at any time following the
occurrence and during the continuance of an Event of Default and without any further consent of such Grantor. 
 4.6.3
Exercise of Rights in Pledged Securities and other Investment Property. Each Grantor will permit the Notes Collateral Agent or its nominee at any time during the continuance of an Event of Default, without notice, to exercise or refrain from
exercising any and all voting and other consensual rights pertaining to the Collateral owned by such Grantor or any part thereof, and to receive all dividends and interest in respect of such Collateral. 

4.7. [Intentionally Omitted]. 

4.8. [Intentionally Omitted]. 

4.9. [Intentionally Omitted]. 

4.10. No Interference. Each Grantor agrees that it will not interfere with any right, power and remedy of the Notes Collateral Agent
provided for in this Security Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the exercise or beginning of the exercise by the Notes Collateral Agent of any one or more of such rights, powers or remedies, in
each case to the extent exercised in accordance with the Notes Documents and applicable law. 
 4.11. [Intentionally Omitted]. 

4.12. Intellectual Property. 

  
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 4.12.1 If, after the date hereof, any Grantor registers, is issued, applies for,
or otherwise acquires ownership of any U.S. Patent, Trademark or Copyright in addition to the owned U.S. Patents, Trademarks and Copyrights described in Part C of Schedule “B” to the Collateral Disclosure Letter, which are all of such
Grantor’s U.S. trademark registrations and trademark applications, U.S. patents and patents applications, and U.S. copyright registrations and applications as of the Security Agreement Effective Date, or if any Grantor files a statement of use
or an amendment to allege use with respect to any intent-to-use trademark application, then such Grantor shall give the Notes Collateral Agent notice thereof, as part of
each compliance certificate provided pursuant to Section 4.07 of the Indenture. Each Grantor agrees, if requested to be delivered by the Bank Agent in regards to the Senior Credit Facilities, to promptly execute and deliver to the Notes
Collateral Agent any supplement to this Security Agreement or any other document reasonably requested by the Bank Agent in respect of the Senior Credit Facilities, substantially the same document in respect of the Notes Obligations, to evidence such
security interest in a form appropriate for recording in the applicable federal office. Each Grantor also hereby authorizes the Notes Collateral Agent to modify this Security Agreement unilaterally (i) by amending Part C of Schedule
“B” to the Collateral Disclosure Letter to include any of the foregoing U.S. Patents, Trademarks and/or Copyrights of which the Notes Collateral Agent receives notification from such Grantor pursuant hereto and (ii) by recording, in
addition to and not in substitution for this Security Agreement, a duplicate original of this Security Agreement containing in Part C of Schedule “B” to the Collateral Disclosure Letter a description of such owned U.S. Patents, Trademarks
and/or Copyrights. 
 4.12.2 As of the Security Agreement Effective Date, no Grantor has any interest in, or title to, any
owned U.S. trademark registrations, or trademark applications, U.S. patents or patents applications, or U.S. copyright registrations or copyright applications, except as set forth in Part C of Schedule “B” to the Collateral Disclosure
Letter. This Agreement is effective to create a valid and continuing Lien on such owned U.S. Copyrights, Patents and Trademarks and, upon filing of the Grant of Security Interest in Copyrights, a form of which is attached hereto as Exhibit A,
with the United States Copyright Office and filing of the Grant of Security Interest in Patents, a form of which is attached hereto as Exhibit B and the Grant of Security Interest in Trademarks, a form of which is attached hereto as
Exhibit C, with the United States Patent and Trademark Office, and filing the appropriate financing statements in the jurisdictions listed in Schedule “E” to the Collateral Disclosure Letter, all action necessary or desirable to
protect and perfect the security interest in, to and on each Grantor’s owned U.S. trademark registrations and trademark applications, U.S. patents and patent applications, and U.S. copyright registrations and copyright applications has been
taken and such perfected security interest is enforceable as such as against any and all creditors of and purchasers from any Grantor. As of the Security Agreement Effective Date, no Grantor has any interest in any owned U.S. copyright registration
or application that is necessary in connection with the operation of such Grantor’s business, except for those owned U.S. copyright registrations and applications identified in Part C of Schedule “B” to the Collateral Disclosure
Letter. 
 4.13. Commercial Tort Claims. If, after the date hereof, any Grantor identifies the existence of a Commercial Tort Claim
(with a value reasonably believed by such Grantor to be in excess of $10,000,000) belonging to such Grantor that has arisen in the course of such Grantor’s business in addition to the Commercial Tort Claims described in Schedule
“F” to the Collateral Disclosure Letter, which are all of such Grantor’s Commercial Tort Claims (with a value reasonably believed by such Grantor to be in excess of $10,000,000) as of the Security Agreement Effective Date, then
such Grantor shall give the Notes Collateral Agent notice thereof as part of the compliance certificate of the Issuer delivered pursuant to Section 4.07 of the Indenture. Each Grantor agrees, if requested to be delivered by the Bank Agent in
regards to the Senior Credit Facilities, to promptly execute and deliver to the Notes Collateral Agent any supplement to this Security Agreement or any other document reasonably requested by the Notes Collateral Agent to evidence the grant of a
security interest therein in favor of the Notes Collateral Agent. 

  
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 4.14. Updating of Collateral Disclosure Letter. The Issuer will provide to the Notes
Collateral Agent, concurrently with the delivery of the compliance certificate of the Issuer delivered pursuant to Section 4.07 of the Indenture in respect of each fiscal year of the Issuer, updated versions of the Collateral Disclosure Letter
(provided that if there have been no changes to any Schedules to the Collateral Disclosure Letter since the previous provision or updating thereof required hereby, the Issuer shall indicate that there has been “no change” to the applicable
Schedule(s)). 
 4.15. Limitation on Perfection Actions. Notwithstanding anything to the contrary in the Indenture, this Security
Agreement, or any other Note Document, neither the Issuer nor any other Grantor will be required to (i) obtain or deliver any landlord waivers, estoppels, collateral access agreements or any similar documents or instruments, (ii) enter
into any control agreements or other control arrangements, (iii) take any actions with respect to any fixtures, (iv) except for the Irish Pledge, take any action in any non-U.S. jurisdiction or any
action required by the laws of any non-U.S. jurisdiction in order to create any security interests in Collateral located in or titled outside of the United States or otherwise subject to the jurisdiction of
the laws of any non-U.S. jurisdiction (including any equity interests of any Foreign Subsidiary and foreign intellectual property), (v) except for the Irish Pledge, take any action with respect to any property
(whether now owned or hereafter acquired) located outside the United States or take any action to perfect any security interests or enter into any security agreements or pledge agreements governed under the laws of any
non-U.S. jurisdiction, (vi) take any actions to perfect a security interest in respect of Letter of Credit Rights to the extent not perfected by the filing of a Form
UCC-1 financing statement, (vii) take actions to perfect a security interest in any Collateral if the cost, burden, difficulty or consequence of granting or perfecting a security interest therein
outweighs the benefit of the security afforded thereby, as reasonably determined by the Issuer and the Bank Agent (or, after the Discharge of the Credit Agreement Obligations, the Notes Collateral Agent), (viii) take any action under the Federal
Assignment of Claims Act of 1940, as amended (31 U.S.C. Section 3727 et seq. and 41 U.S.C. Section 15 et seq.) or (ix) take any actions to perfect a security interest in a motor vehicle other than the filing of a Form UCC-1 financing statement. 
 ARTICLE V 

DEFAULT 
 5.1. The occurrence of
an Event of Default under and as defined in the Indenture shall constitute an Event of Default under this Security Agreement. 
 5.2.
Remedies. 
 5.2.1 Upon the occurrence and during the continuance of an Event of Default, the Notes Collateral Agent
may, and at the direction of the Holders pursuant to Section 8.21(b) shall, exercise any or all of the following rights and remedies: 
  

	 	(a)	Those rights and remedies provided in this Security Agreement or any other Notes Document, provided that this clause (a) shall not be understood to limit any rights or remedies available to the Notes
Collateral Agent and the Secured Parties prior to an Event of Default. 

  
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	 	(b)	Those rights and remedies available to a secured party under the UCC (whether or not the UCC applies to the affected Collateral) or under any other applicable law (including, without limitation, any law governing the
exercise of a bank’s right of setoff or bankers’ lien) when a debtor is in default under a security agreement. 

  

	 	(c)	[Intentionally Omitted]. 

  

	 	(d)	Without notice, demand or advertisement of any kind (in each case except as specifically provided in Section 8.1 hereof or elsewhere herein or in any other Notes Document) to any Grantor or any
other Person enter the premises of any Grantor where any Collateral is located (through self-help and without judicial process) to collect, receive, assemble, process, appropriate, sell, lease, assign, grant an option or options to purchase or
otherwise dispose of, deliver, or realize upon, the Collateral or any part thereof in one or more parcels at public or private sale or sales (which sales may be adjourned or continued from time to time with or without notice and may take place at
any Grantor’s premises or elsewhere), for cash, on credit or for future delivery without assumption of any credit risk, and upon such other terms as the Notes Collateral Agent may deem commercially reasonable. 

 

	 	(e)	Concurrently with written notice to the applicable Grantor, transfer and register in its name or in the name of its nominee the whole or any part of the Pledged Collateral, to exchange certificates or instruments
representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations, to exercise the voting and all other rights as a holder with respect thereto, to collect and receive all cash dividends, interest,
principal and other distributions made thereon and to otherwise act with respect to the Pledged Collateral as though the Notes Collateral Agent was the outright owner thereof. 

5.2.2 The Notes Collateral Agent, on behalf of the Secured Parties, may comply with any applicable state or federal law
requirements in connection with a disposition of the Collateral, and such compliance will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. 

5.2.3 The Notes Collateral Agent shall have the right upon any such public sale or sales and, to the extent permitted by law,
upon any such private sale or sales, to purchase for the benefit of the Notes Collateral Agent and the other Secured Parties, the whole or any part of the Collateral so sold, free of any right of equity redemption, which equity redemption the
Grantor hereby expressly releases to the extent permitted by applicable law. 
 5.2.4 Until the Notes Collateral Agent is
able to effect a sale, lease, or other disposition of Collateral, the Notes Collateral Agent shall have the right to hold or use Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving Collateral or its
value or for any other purpose deemed appropriate by the Notes Collateral Agent. The Notes Collateral Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of the Notes
Collateral Agent’s remedies (for the benefit of the Notes Collateral Agent and other Secured Parties), with respect to such appointment without prior notice or hearing as to such appointment. 

5.2.5 Notwithstanding the foregoing, neither the Notes Collateral Agent nor any other Secured Party shall be required to
(i) make any demand upon, or pursue or exhaust any of their rights or remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person 

  
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with respect to the payment of the Notes Obligations or to pursue or exhaust any of their rights or remedies with respect to any Collateral therefor or any direct or indirect guarantee thereof,
(ii) marshal the Collateral or any guarantee of the Notes Obligations or to resort to the Collateral or any such guarantee in any particular order, or (iii) effect a public sale of any Collateral. 

5.2.6 Each Grantor recognizes that the Notes Collateral Agent may be unable to effect a public sale of any or all the Pledged
Collateral and may be compelled to resort to one or more private sales thereof in accordance with Section 5.2.1 above. Each Grantor also acknowledges that any private sale may result in prices and other terms less favorable
to the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of such sale being private.
The Notes Collateral Agent shall be under no obligation to delay a sale of any of the Pledged Collateral for the period of time necessary to permit any Grantor or the issuer of the Pledged Collateral to register such securities for public sale under
the Securities Act of 1933, as amended, or under applicable state securities laws, even if the applicable Grantor and the issuer would agree to do so. 

5.3. Grantors’ Notes Obligations Upon Default. Upon the request of the Notes Collateral Agent (at the direction of the requisite
Holders pursuant to Section 8.21(b)) after the occurrence and during the continuance of an Event of Default, each Grantor will: 

5.3.1 Assembly of Collateral. Assemble and make available to the Notes Collateral Agent the Collateral and all books and
records relating thereto at any place or places specified by the Notes Collateral Agent. 
 5.3.2 Secured Party
Access. Permit the Notes Collateral Agent, by the Notes Collateral Agent’s representatives and agents, to enter, occupy and use any premises where all or any part of the Collateral, or the books and records relating thereto, or both, are
located, to take possession of all or any part of the Collateral, or the books and records relating thereto, or both, to remove all or any part of the Collateral, or the books and records relating thereto, or both, and to conduct sales of the
Collateral, without any obligation to pay the Grantor for such use and occupancy. 
 5.3.3 Prepare and file, or use
commercially reasonable efforts to cause an issuer of Pledged Collateral to prepare and file, with the Securities and Exchange Commission or any other applicable government agency, registration statements, a prospectus and such other documentation
in connection with the Pledged Collateral as the Notes Collateral Agent may request, all in form and substance reasonably satisfactory to the Notes Collateral Agent, and furnish to the Notes Collateral Agent, or use commercially reasonable efforts
to cause an issuer of Pledged Collateral to furnish to the Notes Collateral Agent, any information regarding the Pledged Collateral in such detail as the Notes Collateral Agent may specify. 

5.3.4 Take, or cause an issuer of Pledged Collateral to take, any and all actions necessary to register or qualify the Pledged
Collateral to enable the Notes Collateral Agent to consummate a public sale or other disposition of the Pledged Collateral. 
 5.4.
License. The Notes Collateral Agent is hereby granted (to the extent grantable without such Grantor breaching or violating any agreement) a non-exclusive license or other right to use (subject, in the
case of Trademarks, to sufficient rights to quality control and inspection in favor of such Grantor to avoid the risk of invalidation of such Trademarks and in the case of trade secrets, to an obligation of the Notes Collateral Agent to take
reasonable steps under the circumstances to keep the trade secrets confidential to avoid the risk of invalidation of such trade secrets), following the occurrence and during 

  
 16 

 
the continuance of an Event of Default, without charge, each Grantor’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks, customer
lists and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral, and, following the occurrence and during the continuance of an Event
of Default, such Grantor’s rights under all licenses and all franchise agreements shall inure to the Notes Collateral Agent’s benefit. In addition, each Grantor hereby irrevocably agrees that the Notes Collateral Agent may, following the
occurrence and during the continuance of an Event of Default, sell any of such Grantor’s Inventory directly to any person, including without limitation persons who have previously purchased such Grantor’s Inventory from such Grantor and in
connection with any such sale or other enforcement of the Notes Collateral Agent’s rights under this Security Agreement, may sell Inventory which bears any trademark owned by or licensed to such Grantor and any Inventory that is covered by any
copyright owned by or licensed to such Grantor and the Notes Collateral Agent may (but shall have no obligation to) finish any work in process and affix any trademark owned by or licensed to such Grantor and sell such Inventory as provided herein.
The license granted under this Section 5.4 shall continue in effect until payment in full of all of the Notes Obligations (other than obligations expressly stated to survive such payment) and termination of this Security Agreement in accordance
with its terms, at which time this license shall immediately terminate. 
 ARTICLE VI 

WAIVERS, AMENDMENTS AND REMEDIES 

No delay or omission of the Notes Collateral Agent or any Secured Party to exercise any right or remedy granted under this Security Agreement
shall impair such right or remedy or be construed to be a waiver of any Default or Event of Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude any other or further exercise thereof
or the exercise of any other right or remedy. No waiver, amendment or other variation of the terms, conditions or provisions of this Security Agreement whatsoever shall be valid unless in writing signed by the Notes Collateral Agent (and in
compliance with the Intercreditor Agreement and the Note Documents) and each Grantor, and then only to the extent in such writing specifically set forth, provided that the addition of any Subsidiary as a Grantor hereunder by execution of a Security
Agreement Supplement in the form of Annex I (with such modifications as shall be acceptable to the Notes Collateral Agent) and any supplements to the Collateral Disclosure Letter shall not require receipt of any consent from or execution of
any documentation by any other Grantor party hereto (or the Notes Collateral Agent in the case of supplements to the Collateral Disclosure Letter). All rights and remedies contained in this Security Agreement or by law afforded shall be cumulative
and all shall be available to the Notes Collateral Agent and the Secured Parties until the Notes Obligations (other than obligations expressly stated to survive such payment) have been paid in full. 

ARTICLE VII 
 APPLICATION OF
PROCEEDS 
 7.1. Application of Proceeds. The proceeds of the Collateral shall be applied by the Notes Collateral Agent to payment of
the Notes Obligations as provided under Section 6.13 of the Indenture, subject to the Intercreditor Agreement. 

  
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 ARTICLE VIII 

GENERAL PROVISIONS 
 8.1.
Notice of Disposition of Collateral; Condition of Collateral. Each Grantor hereby waives, to the fullest extent permitted by applicable law, notice of the time and place of any public sale or the time after which any private sale or other
disposition of all or any part of the Collateral may be made. To the extent such notice may not be waived under applicable law, any notice made shall be deemed reasonable if sent to the Issuer, addressed as set forth in Article IX, at least
ten (10) days prior to (i) the date of any such public sale or (ii) the time after which any such private sale or other disposition may be made. To the maximum extent permitted by applicable law, each Grantor waives all claims,
damages, and demands against the Notes Collateral Agent or any other Secured Party arising out of the repossession, retention or sale of the Collateral, except such as arise solely out of the gross negligence or willful misconduct of the Notes
Collateral Agent or such other Secured Party as finally determined by a court of competent jurisdiction. To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants
not to assert against the Notes Collateral Agent or any other Secured Party, any valuation, stay, appraisal, extension, moratorium, redemption or similar laws and any and all rights or defenses it may have as a surety now or hereafter existing
which, but for this provision, might be applicable to the sale of any Collateral made under the judgment, order or decree of any court, or privately under the power of sale conferred by this Security Agreement, or otherwise. Except as otherwise
specifically provided herein, each Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection with this Security Agreement or any Collateral. 

8.2. Limitation on Notes Collateral Agent’s and other Secured Parties’ Duty with Respect to the Collateral. The Notes
Collateral Agent shall have no obligation to clean-up or otherwise prepare the Collateral for sale. The Notes Collateral Agent and each other Secured Party shall use reasonable care with respect to the
Collateral in its possession or under its control. Neither the Notes Collateral Agent nor any other Secured Party shall have any other duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of
the Notes Collateral Agent or such other Secured Party, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. To the extent that applicable law imposes duties on the Notes Collateral
Agent to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it is commercially reasonable for the Notes Collateral Agent (i) to fail to incur to prepare Collateral for disposition or otherwise to
transform raw material or work in process into finished goods or other finished products for disposition, (ii) if not otherwise required by applicable law or contractual restriction, to fail to obtain third party consents for access to
Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of, (iii) to fail to exercise
collection remedies against account debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection remedies against account debtors and other Persons obligated on
Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized
nature, (vi) to contact other Persons, whether or not in the same business as such Grantor, for expressions of interest in acquiring all or any portion of such Collateral, (vii) to hire one or more professional auctioneers to assist in the
disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide for the auction of assets of the types included in the Collateral or that have the
reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to disclaim disposition warranties, such as title, possession or quiet enjoyment,
(xi) to purchase insurance or credit enhancements to insure the Notes Collateral Agent against risks of loss, 

  
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collection or disposition of Collateral or to provide to the Notes Collateral Agent a guaranteed return from the collection or disposition of Collateral, or (xii) to obtain the services of
other brokers, investment bankers, consultants and other professionals to assist the Notes Collateral Agent in the collection or disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this
Section 8.2 is to provide non-exhaustive indications of what actions or omissions by the Notes Collateral Agent would be commercially reasonable in the Notes Collateral Agent’s
exercise of remedies against the Collateral and that other actions or omissions by the Notes Collateral Agent shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 8.2.
Without limitation upon the foregoing, nothing contained in this Section 8.2 shall be construed to grant any rights to any Grantor or to impose any duties on the Notes Collateral Agent that would not have been granted or
imposed by this Security Agreement or by applicable law in the absence of this Section 8.2. 
 8.3. Compromises
and Collection of Collateral. Each Grantor and the Notes Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables
may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the
foregoing, each Grantor agrees that the Notes Collateral Agent may at any time and from time to time, if an Event of Default has occurred and is continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such
amount as the Notes Collateral Agent in its sole discretion shall determine or abandon any Receivable, and any such action by the Notes Collateral Agent shall be commercially reasonable so long as the Notes Collateral Agent acts in good faith based
on information known to it at the time it takes any such action. 
 8.4. Secured Party Performance of Grantor’s Notes
Obligations. Without having any obligation to do so, the Notes Collateral Agent may perform or pay any obligation which any Grantor has agreed to perform or pay in this Security Agreement and such Grantor shall reimburse the Notes Collateral
Agent for any reasonable amounts paid by the Notes Collateral Agent pursuant to this Section 8.4. Each Grantor’s obligation to reimburse the Notes Collateral Agent pursuant to the preceding sentence shall be an
Obligation payable on demand. 
 8.5. Authorization for Secured Party to Take Certain Action. Each Grantor, to the extent any such
Grantor fails to comply with its covenants in Section 4.1.4 irrevocably authorizes the Notes Collateral Agent at any time and from time to time in the sole discretion of the Notes Collateral Agent and appoints the Notes Collateral Agent as its
attorney in fact (i) to execute on behalf of such Grantor as debtor and to file financing statements necessary or desirable in the Notes Collateral Agent’s sole discretion to perfect and to maintain the perfection and priority of the Notes
Collateral Agent’s security interest in the Collateral, (ii) to indorse and collect any cash proceeds of the Collateral, (iii) to file a carbon, photographic or other reproduction of this Security Agreement or any financing statement
with respect to the Collateral as a financing statement and to file any other financing statement or amendment of a financing statement (which does not add new collateral or add a debtor) in such offices as the Notes Collateral Agent in its sole
discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the Notes Collateral Agent’s security interest in the Collateral, (iv) to contact and enter into one or more agreements with the issuers of
uncertificated securities which are Collateral owned by such Grantor and which are Securities or with financial intermediaries holding other Investment Property as may be necessary or advisable to give the Notes Collateral Agent Control over such
Securities or other Investment Property, (v) subject to the terms of Section 4.1.2 hereof, to enforce payment of the Instruments, Accounts and Receivables in the name of the Notes Collateral Agent or such Grantor,
(vi) to apply the proceeds of any Collateral received by the Notes Collateral Agent to the Notes Obligations as provided in Article VII and (vii) to discharge past due taxes, assessments, charges, fees or Liens on the Collateral
(except for such Liens as are specifically permitted hereunder or under any other Notes 

  
 19 

 
Document), and each Grantor agrees to reimburse the Notes Collateral Agent on demand for any reasonable payment made or any reasonable expense incurred by the Notes Collateral Agent in connection
therewith, provided that this authorization shall not relieve any Grantor of any of its Notes Obligations under this Security Agreement or under the Indenture; provided further that the Notes Collateral Agent may exercise the
authorizations in the foregoing clause (ii) and clauses (iv) through (vii) only during the existence of an Event of Default. 

8.6. [Intentionally Omitted]. 

8.7. Use and Possession of Certain Premises. Subject to the terms of the Intercreditor Agreement, upon the occurrence and during the
continuance of an Event of Default, the Notes Collateral Agent shall be entitled to occupy and use any premises owned or leased by the Guarantors where any of the Collateral or any records relating to the Collateral are located until the Notes
Obligations are paid in full or the Collateral is removed therefrom, whichever first occurs, without any obligation to pay any Grantor for such use and occupancy. 

8.8. Reinstatement. This Security Agreement shall remain in full force and effect and continue to be effective should any petition be
filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed for all or any significant part of
any Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount,
or must otherwise be restored or returned by any obligee of the Notes Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment or performance had not been made. In the
event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Notes Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

8.9. Benefit of Agreement; No Third Party Beneficiaries, etc. The terms and provisions of this Security Agreement shall be binding upon
and inure to the benefit of the Grantors, the Notes Collateral Agent and the Secured Parties and their respective successors and assigns (including all persons who become bound as a debtor to this Security Agreement), except that the Grantors shall
not have the right to assign their rights or delegate their obligations under this Security Agreement or any interest herein except as may be permitted under the Notes Collateral Documents. No sales of participations, assignments, transfers, or
other dispositions of any agreement governing the Notes Obligations or any portion thereof or interest therein shall in any manner impair the Lien granted to the Notes Collateral Agent, for the benefit of the Notes Collateral Agent and the other
Secured Parties, hereunder. No provision of this Security Agreement will inure to the benefit of any other creditor of any Grantor or any bankruptcy trustee,
debtor-in-possession, creditor trust or other representative of an estate, including where any such trustee, debtor-in-possession, creditor trust or other representative of an estate is the beneficiary of a Lien securing Collateral by virtue of the avoidance of such Lien in an insolvency, bankruptcy, reorganization
or liquidation proceeding. 
 8.10. Survival of Representations. All representations and warranties of the Grantors contained in this
Security Agreement shall survive the execution and delivery of this Security Agreement. 
 8.11. Expenses. Without duplication of any
amounts so paid pursuant to the Indenture, the Grantors shall reimburse the Notes Collateral Agent for any and all reasonable out-of-pocket expenses paid or incurred by
the Notes Collateral Agent in connection with the preparation, execution, delivery, administration, collection and enforcement of this Security Agreement and in the audit, analysis, administration, collection, preservation or sale of the Collateral
(including the expenses and charges associated with any periodic or special audit of the Collateral). Any and all costs and expenses incurred by the Grantors in the performance of actions required pursuant to the terms hereof shall be borne solely
by the Grantors. 

  
 20 

 8.12. Headings. The title of and section headings in this Security Agreement are for
convenience of reference only, and shall not govern the interpretation of any of the terms and provisions of this Security Agreement. 

8.13. Termination. This Security Agreement shall continue in effect until such time as the Liens granted under this Security Agreement
shall be released in accordance with Section 11.08 of the Indenture. 
 8.14. Entire Agreement. This Security Agreement, together
with the Notes Documents, embody the entire agreement and understanding between the Grantors and the Notes Collateral Agent relating to the Collateral and supersedes all prior agreements and understandings among the Grantors and the Notes Collateral
Agent relating to the Collateral. 
 8.15. Governing Law; Jurisdiction; Waiver of Jury Trial. 

8.15.1 Governing Law. 

THIS SECURITY AGREEMENT WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

8.15.2 Waiver of Jury Trial. 

EACH OF THE ISSUER, THE GRANTORS AND THE NOTES COLLATERAL AGENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT, THE SECURITY DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

8.16. Indemnity. Each Grantor hereby agrees, jointly with the other Grantors and severally, to indemnify the Notes Collateral Agent and
the Secured Parties, and their respective successors, assigns, agents and employees (each, and “Indemnitee”), from and against any and all liabilities, damages, penalties, suits and reasonable and documented out-of-pocket costs and expenses (including the reasonable and documented fees, charges and disbursements of any counsel for any Indemnitee) of any kind and nature (including,
without limitation, all expenses of litigation or preparation therefor whether or not the Notes Collateral Agent or any Secured Party is a party thereto) imposed on, incurred by or asserted against the Notes Collateral Agent or the Secured Parties,
or their respective successors, assigns, agents and employees, in any way relating to or arising out of this Security Agreement, or the manufacture, purchase, acceptance, rejection, ownership, delivery, lease, possession, use, operation, condition,
sale, return or other disposition of any Collateral (including, without limitation, latent and other defects, whether or not discoverable by the Notes Collateral Agent or the Secured Parties or any Grantor, and any claim for patent, trademark or
copyright infringement); provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final
and nonappealable judgment to have resulted from (x) the gross negligence or willful misconduct of such Indemnitee or (y) a material breach in bad faith by such Indemnitee of its express contractual Notes Obligations under this Security
Agreement or any other Notes Document pursuant to a claim made by such Grantor. This Section 8.16 shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim. 

  
 21 

 8.17. Subordination of Intercompany Indebtedness. Each Grantor agrees that any and all
claims of such Grantor against any other Grantor (each an “Obligor”) with respect to any “Intercompany Indebtedness” (as hereinafter defined), or against any of its properties, shall be subordinate and subject in right of
payment to the prior payment, in full and in cash, of all Notes Obligations (other than obligations expressly stated to survive such payment), provided that, and not in contravention of the foregoing, so long as no Event of Default has
occurred and is continuing, such Grantor may make loans to and receive payments with respect to such Intercompany Indebtedness from each such Obligor to the extent not prohibited by the terms of this Security Agreement and the other Notes Documents.
Notwithstanding any right of any Grantor to ask, demand, sue for, take or receive any payment from any Obligor, all rights, liens and security interests of such Grantor, whether now or hereafter arising and howsoever existing, in any assets of any
other Obligor shall be and are subordinated to the rights of the Secured Parties and the Notes Collateral Agent in those assets until the payment in full in cash, of all Notes Obligations (other than obligations expressly stated to survive such
payment or termination), provided that, and not in contravention of the foregoing, so long as no Event of Default has occurred and is continuing, such Grantor may ask, demand, take or receive any payment or take such other actions to the
extent not prohibited by the terms of this Security Agreement and the other Notes Documents. If an Event of Default exists, no Grantor shall have any right to possession of any such asset or to foreclose upon any such asset, whether by judicial
action or otherwise, unless and until this Security Agreement has terminated in accordance with Section 8.13. If all or any part of the assets of any Obligor, or the proceeds thereof, are subject to any distribution,
division or application to the creditors of such Obligor, whether partial or complete, voluntary or involuntary, and whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action
or proceeding, or if the business of any such Obligor is dissolved or if substantially all of the assets of any such Obligor are sold, then, and in any such event (such events being herein referred to as an “Insolvency Event”), any
payment or distribution of any kind or character, either in cash, securities or other property, which shall be payable or deliverable upon or with respect to any indebtedness of any Obligor to any Grantor (“Intercompany
Indebtedness”) shall, if an Event of Default has occurred and is continuing, be paid or delivered directly to the Notes Collateral Agent for application on any of the Notes Obligations, due or to become due, until such Notes Obligations
(other than contingent indemnity obligations) shall have first been fully paid and satisfied (in cash). Should any payment, distribution, security or instrument or proceeds thereof be received by the applicable Grantor upon or with respect to the
Intercompany Indebtedness after any Insolvency Event and prior to the termination of this Security Agreement in accordance with Section 8.13, such Grantor shall receive and hold the same in trust, as trustee, for the
benefit of the Secured Parties and shall, if an Event of Default has occurred and is continuing, forthwith deliver the same to the Notes Collateral Agent, for the benefit of the Secured Parties (or prior to the Discharge of the Credit Agreement
Obligations, the Bank Agent), in precisely the form received (except for the endorsement or assignment of the Grantor where necessary), for application to any of the Notes Obligations, due or not due, and, until so delivered, the same shall be held
in trust by the Grantor as the property of the Secured Parties. If any such Grantor fails to make any such endorsement or assignment to the Notes Collateral Agent, the Notes Collateral Agent or any of its officers or employees is irrevocably
authorized to make the same. Each Grantor agrees that until the termination of this Security Agreement in accordance with Section 8.13, except by operation of law pursuant to a merger permitted by the Indenture no Grantor
will assign or transfer to any Person (other than the Notes Collateral Agent or the Issuer or another Grantor) any claim any such Grantor has or may have against any Obligor. 

8.18. Severability. Any provision in this Security Agreement that is held to be inoperative, unenforceable, or invalid in any
jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to
this end the provisions of this Security Agreement are declared to be severable. 

  
 22 

 8.19. Counterparts. This Security Agreement may be executed in counterparts (and by
different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Security
Agreement by telecopy, e-mailed .pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this
Security Agreement. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Security Agreement and the
transactions contemplated hereby shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York
State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
 8.20.
California Waivers. To the extent California law applies, in addition to and not in lieu of any other provisions of this Security Agreement, each Grantor represents, warrants, covenants and agrees as follows: 

8.20.1 The obligations of such Grantor under this Security Agreement shall be performed without demand by any Secured Party and
shall be unconditional irrespective of the genuineness, validity, regularity or enforceability of any of the Notes Documents, and without regard to any other circumstance which might otherwise constitute a legal or equitable discharge of a surety or
a guarantor. Each Grantor hereby waives to the extent permitted by law any and all benefits and defenses under California Civil Code Section 2810 and agrees that by doing so such Grantor shall be liable even if the Issuer or the relevant
Subsidiary had no liability at the time of execution of the applicable Notes Documents or thereafter ceases to be liable. Each Grantor hereby waives to the extent permitted by law any and all benefits and defenses under California Civil Code
Section 2809 and agrees that by doing so such Grantor’s liability may be larger in amount and more burdensome than that of the Issuer and/or the relevant Subsidiary. Each Grantor hereby waives to the extent permitted by law the benefit of
all principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this Security Agreement and agrees that such Grantor’s obligations shall not be affected by any circumstances, whether or not
referred to in this Security Agreement which might otherwise constitute a legal or equitable discharge of a surety or a guarantor. Each Grantor hereby waives to the extent permitted by law the benefits of any right of discharge under any and all
statutes or other laws relating to guarantors or sureties and any other rights of sureties and guarantors thereunder. 

8.20.2 In accordance with Section 2856 of the California Civil Code, each Grantor hereby waives to the extent permitted by
law all rights and defenses arising out of an election of remedies by any Secured Party even though that election of remedies, such as a nonjudicial foreclosure with respect to security for the Notes Obligations, has destroyed or otherwise impaired
such Grantor’s rights of subrogation and reimbursement against the principal. Each Grantor hereby authorizes and empowers the Secured Parties to exercise, in their sole and absolute discretion, any right or remedy, or any combination thereof,
which may then be available, since it is the intent and purpose of such Grantor that its obligations under this Security Agreement shall be absolute, independent and unconditional under any and all circumstances. Specifically, and without in any way
limiting the foregoing, each Grantor hereby waives to the 

  
 23 

 
extent permitted by law any rights of subrogation, indemnification, contribution or reimbursement arising under Sections 2846, 2847, 2848 and 2849 of the California Civil Code or any other right
of recourse to or with respect to the Issuer or any Subsidiary, any constituent of the Issuer or any Subsidiary, any other Person, or the assets or property of any of the foregoing or to any collateral for the Notes Obligations until all of the
Notes Obligations (other than obligations expressly stated to survive such payment) have been paid and satisfied in full in cash. In connection with the foregoing, each Grantor expressly waives to the extent permitted by law any and all rights of
subrogation against the Issuer or any Subsidiary, and each Grantor hereby waives to the extent permitted by law any rights to enforce any remedy which any Secured Party may have against the Issuer or any Subsidiary and any right to participate in
any collateral for the Notes Obligations. 
 8.20.3 Without limiting the generality of the foregoing, each Grantor hereby
waives, to the fullest extent permitted by law, diligence in collecting the Notes Obligations, presentment, demand for payment, protest, all notices with respect to this Security Agreement, or any other Notes Document which may be required by
statute, rule of law or otherwise to preserve the Secured Parties’ rights against such Grantor under this Security Agreement, including, but not limited to, notice of acceptance, notice of any amendment of the Notes Documents, notice of the
occurrence of any Event of Default, notice of intent to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice of protest, and notice of the incurring by the Issuer or any Subsidiary of any obligation or Indebtedness.

 8.20.4 Without limiting the foregoing, each Grantor waives to the extent permitted by law all rights of subrogation,
reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to such Grantor by reason of California Civil Code Sections 2787 to 2855, inclusive, including any and all rights or defenses such
Grantor may have by reason of protection afforded to the Issuer or any Subsidiary with respect to any of the obligations of such Grantor under this Security Agreement by reason of a nonjudicial foreclosure or pursuant to the antideficiency or other
laws of the State of California limiting or discharging the Notes Obligations. Without limiting the generality of the foregoing, each Grantor hereby expressly waives to the extent permitted by law any and all benefits under California Code of Civil
Procedure Sections 580b(b) (which Section, if such Grantor had not given this waiver, would otherwise limit the Secured Parties’ right to recover a deficiency judgment with respect to purchase money obligations). 

8.20.5 Likewise, each Grantor waives to the extent permitted by law (i) any and all rights and defenses available to such
Grantor under California Civil Code Sections 2899 and 3433 and (ii) any rights or defenses such Grantor may have with respect to its obligations as a guarantor by reason of any election of remedies by any Secured Party. 

8.21. Intercreditor Agreement. (a) Notwithstanding anything to the contrary contained in this Security Agreement, the Liens, security
interests and rights granted pursuant to this Security Agreement or any other Notes Document shall be as set forth in, and subject to the terms and conditions of (and the exercise of any right or remedy by the Notes Collateral Agent hereunder or
thereunder shall be subject to the terms and conditions of), the Intercreditor Agreement. In the event of any conflict between this Security Agreement or any other Notes Document and the Intercreditor Agreement, the Intercreditor Agreement shall
control, and no right, power, or remedy granted to the Notes Collateral Agent hereunder or under any other Notes Document shall be exercised by the Notes Collateral Agent, and no direction shall be given by the Notes Collateral Agent in
contravention of the Intercreditor Agreement. 

  
 24 

	 	(b)	Notwithstanding anything herein to the contrary, the Notes Collateral Agent shall exercise rights and remedies under this Security Agreement and the Intercreditor Agreement at the direction of the Holders of the series
of Notes that constitute the largest outstanding principal amount of the then outstanding series of Notes under, and in accordance with the terms of, the Indenture; provided, however, if at any time the series of Notes under the Indenture are of
equal outstanding principal amount, the following shall apply: (x) at any time an Event of Default exists and is continuing in respect of either series of Notes (but not both series), the Holders of the series of Notes under and, in accordance
with the terms of, the Indenture in respect of which such Event of Default exists shall have the right to direct the Notes Collateral Agent to exercise rights and remedies under this Security Agreement and the Intercreditor Agreement and (y) at
any time an Event of Default exists and is continuing in respect of both series of Notes, the Holders of a majority in principal amount of both series, taken as a whole, shall have the right to direct the Notes Collateral Agent to exercise rights
and remedies under this Security Agreement and the Intercreditor Agreement. 

 ARTICLE IX 

NOTICES 
 9.1. Sending
Notices. Any notice required or permitted to be given under this Security Agreement shall be sent (and deemed received) in the manner and to the addresses set forth in Section 13.01 of the Indenture. Any notice delivered to the Issuer shall
be deemed to have been delivered to all of the Grantors. 
 9.2. Change in Address for Notices. Each of the Grantors and the Notes
Collateral Agent may change the address for service of notice upon it by a notice in writing to the other parties in accordance with Section 13.01 of the Indenture. 

ARTICLE X 
 THE NOTES COLLATERAL
AGENT 
 Wells Fargo Bank, National Association has been appointed Notes Collateral Agent for the Secured Parties hereunder pursuant to
Article XI of the Indenture. It is expressly understood and agreed by the parties to this Security Agreement that any authority conferred upon the Notes Collateral Agent hereunder is subject to the terms of the delegation of authority made by the
Secured Parties to the Notes Collateral Agent pursuant to the Indenture, and that the Notes Collateral Agent has agreed to act (and any successor Notes Collateral Agent shall act) as such hereunder only on the express conditions contained in such
Article XI and Article VII, as applicable. Appointment of a successor Notes Collateral Agent pursuant to the Note Documents shall also constitute appointment of a successor Notes Collateral Agent under this Security Agreement. Any successor Notes
Collateral Agent appointed pursuant to Article XI and Article VII, as applicable, of the Indenture shall be entitled to all the rights, interests and benefits of the Notes Collateral Agent hereunder. 

The Notes Collateral Agent shall be entitled to all rights, privileges, immunities and protections set forth in the Indenture with respect to
any matter arising under this Security Agreement as though fully set forth herein. The Notes Collateral Agent shall have the right hereunder to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain
from taking any action (including, without limitation, the release or substitution of the Collateral) in accordance with the terms of the Note Documents. Neither the Notes Collateral Agent nor any of its officers, directors, employees or

  
 25 

 
agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so. The powers conferred on the Notes Collateral Agent hereunder are solely
to protect the Notes Collateral Agent’s interests in the Collateral and shall not impose any duty upon the Notes Collateral Agent to exercise any such powers. The Notes Collateral Agent shall be accountable only for amounts that it actually
receives as a result of the exercise of such powers. The Notes Collateral Agent shall have no duty or liability as to the taking of any necessary steps to preserve or protect the Collateral or to preserve rights against prior parties. 

Any documents related to any termination, satisfaction, subordination or release of the security interest in the Collateral shall be prepared
by the Issuer, in each case without any recourse to, or representation or warranty by, either the Trustee or the Notes Collateral Agent, and the Issuer shall record or file any such instrument of termination, satisfaction, subordination or release.
Neither the Trustee nor the Notes Collateral Agent shall be liable for any such instrument of termination, satisfaction, subordination or release undertaken in good faith in reliance upon any Company request and delivery of an Officer’s
Certificate and an Opinion of Counsel pursuant to Section 13.02 of the Indenture. Notwithstanding any term in any Note Document to the contrary, the Collateral Agent shall not be under any obligation to execute and deliver any such instrument
of release, satisfaction, subordination or termination, and shall be under no obligation to prepare or to record or file any such instrument of termination, satisfaction, subordination or release, in each case unless and until it receives such
Issuer request, Officer’s Certificate and Opinion of Counsel. Promptly following the release of any Collateral pursuant to this Indenture, the Issuer and the Grantors, at their expense, shall prepare and deliver to the Notes Collateral Agent
for execution, appropriate instruments causing the lien and security interests related to the Collateral to be released and shall promptly file and record such instruments where required to reflect such release. 

[Signature Pages Follow] 

  
 26 

 IN WITNESS WHEREOF, each of the Grantors and the Notes Collateral Agent have executed this
Security Agreement as of the date first above written. 
  

			
	MICROCHIP TECHNOLOGY INCORPORATED, as a Grantor
		
	By:	 	/s/ J. Eric Bjornholt
	Name: J. Eric Bjornholt
	Title: Vice President and Chief Financial Officer
	
	MICROCHIP TECHNOLOGY LLC, as a Grantor
	
	 By: Microchip Technology Incorporated,

its sole member

		
	By:	 	/s/ J. Eric Bjornholt
	Name: J. Eric Bjornholt
	Title: Vice President and Chief Financial Officer
	
	 SILICON STORAGE TECHNOLOGY, INC.,

as a Grantor

		
	By:	 	/s/ J. Eric Bjornholt
	Name: J. Eric Bjornholt
	Title: Chief Financial Officer
	
	SILICON STORAGE TECHNOLOGY LLC, as a Grantor
	
	 By: Silicon Storage Technology, Inc.,

its sole member

		
	By:	 	/s/ J. Eric Bjornholt
	Name: J. Eric Bjornholt
	Title: Chief Financial Officer
	
	 MICROCHIP HOLDING CORPORATION,
 as a
Grantor

		
	By:	 	/s/ J. Eric Bjornholt
	Name: J. Eric Bjornholt
	Title: President

 Signature Page to Pledge and Security Agreement 

 
			
	 ATMEL CORPORATION,
 as a
Grantor

		
	By:	 	/s/ J. Eric Bjornholt
	Name: J. Eric Bjornholt
	Title: Vice President and Chief Financial Officer
	
	 ATMEL HOLDINGS, INC.,
 as a
Grantor

		
	By:	 	/s/ J. Eric Bjornholt
	Name: J. Eric Bjornholt
	Title: Vice President and Chief Financial Officer
	
	 MICROSEMI CORPORATION,
 as a
Grantor

		
	By:	 	/s/ J. Eric Bjornholt
	Name: J. Eric Bjornholt
	Title: Chief Financial Officer
	
	 MICROSEMI STORAGE SOLUTIONS, INC.,

as a Grantor

		
	By:	 	/s/ J. Eric Bjornholt
	Name: J. Eric Bjornholt
	Title: Chief Financial Officer

 Signature Page to Pledge and Security Agreement 

 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Notes Collateral Agent 

			
		
	By:	 	/s/ Maddy Hughes
	Name: Maddy Hughes
	Title: Vice President

 Signature Page to Pledge and Security Agreement 

 Appendix “A” 

(See Section 4.4 of Security Agreement) 

AMENDMENT 
 This Amendment, dated
                    , 20         is delivered pursuant to Section 4.4 of the Security Agreement referred
to below. All defined terms herein shall have the meanings ascribed thereto or incorporated by reference in the Security Agreement. The undersigned hereby certifies that the representations and warranties in Article III of the Security Agreement are
and continue to be true and correct. The undersigned further agrees that this Amendment may be attached to that certain Pledge and Security Agreement, dated May 29, 2018, between the undersigned, as the Grantors, and Wells Fargo Bank, National
Association, as the Notes Collateral Agent, (the “Security Agreement”) and that the Collateral listed on Schedule I to this Amendment is a part of the Collateral referred to in said Security Agreement and secures all Notes
Obligations referred to in said Security Agreement. 
  

			
	[GRANTORS]
		
	By:	 	 
		 	Name:
		 	Title:

  
 1 

 SCHEDULE I TO AMENDMENT 

STOCKS 
  

											
	 Name of Grantor
	  	 Issuer
	  	 Certificate Number(s)
(or state
whether
“Uncertificated”)
	  	 Number of Shares
	  	 Class of Stock
	  	 Percentage of
Outstanding Shares

BONDS 
  

											
	 Name of Grantor
	  	 Issuer
	  	 Number
	  	 Face Amount
	  	 Coupon Rate
	  	 Maturity

GOVERNMENT SECURITIES 
  

													
	 Name of Grantor
	  	 Issuer
	  	 Number
	  	 Type
	  	 Face Amount
	  	 Coupon Rate
	  	 Maturity

OTHER SECURITIES OR OTHER INVESTMENT PROPERTY 

(CERTIFICATED AND UNCERTIFICATED) 
  

							
	 Name of Grantor
	  	 Issuer
	  	 Description of Collateral
	  	 Percentage Ownership Interest

[Add description of custody accounts or arrangements with securities intermediary, if applicable] 

 ANNEX I 

to 
 PLEDGE AND SECURITY AGREEMENT

 Reference is hereby made to the Pledge and Security Agreement (as amended, restated, supplemented or otherwise modified from time to
time, the “Agreement”), dated as of May 29, 2018, made by each of MICROCHIP TECHNOLOGY INCORPORATED, a Delaware corporation (the “Issuer”), and the other Subsidiaries of the Issuer listed on the signature pages
thereto (together with the Issuer, the “Initial Grantors”, and together with any additional Subsidiaries, including the undersigned, which become parties thereto by executing a Supplement in substantially the form hereof, the
“Grantors”), in favor of the Notes Collateral Agent. Capitalized terms used herein and not defined herein shall have the meanings given to them in the Agreement. 

By its execution below, the undersigned, [NAME OF NEW GRANTOR], a
[                    ] [corporation/limited liability company/limited partnership] (the “New Grantor”) agrees to become, and does
hereby become, a Grantor under the Agreement and agrees to be bound by the Agreement as if originally a party thereto. The New Grantor hereby collaterally assigns and pledges to the Notes Collateral Agent for the benefit of the Secured Parties, and
grants to the Notes Collateral Agent for the benefit of the Secured Parties, a security interest in all of the New Grantor’s right, title and interest in and to the Collateral, whether now owned or hereafter acquired, to secure the prompt and
complete payment and performance of the Notes Obligations. For the avoidance of doubt, the grant of a security interest herein shall not be deemed to be an assignment of intellectual property rights owned by the New Grantor. 

By its execution below, the undersigned represents and warrants as to itself that all of the representations and warranties contained in the
Agreement are true and correct in all respects as of the date hereof. The New Grantor represents and warrants that the supplements to the Collateral Disclosure Letter attached hereto are true and correct in all respects and that such supplements set
forth all information required to be scheduled under the Agreement with respect to the New Grantor. The New Grantor shall take all steps necessary and required under the Agreement, subject to the limitations set forth in the Indenture, to perfect,
in favor of the Notes Collateral Agent, a first-priority security interest in and lien against the New Grantor’s Collateral. 
 THIS
AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 
 IN WITNESS WHEREOF, the New Grantor
has executed and delivered this Security Agreement Supplement as of this              day of         ,
20        . 
  

			
	[NAME OF NEW GRANTOR]
		
	By:	 	
                     
        

	Title:	 	  

  
 1 

 Exhibit A 

THIS GRANT OF SECURITY INTEREST IN COPYRIGHT RIGHTS is subject to the terms and provisions of the Intercreditor Agreement, dated as of May 29, 2018 (as
such agreement may be amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among JPMorgan Chase Bank, N.A., as authorized representative for the Credit Agreement Secured Parties referred
to therein and Wells Fargo Bank, National Association, as authorized representative for the Notes Secured Parties referred to therein, and each of the other Parties referred to therein. 

GRANT OF SECURITY INTEREST IN 

COPYRIGHT RIGHTS 
 This GRANT OF
SECURITY INTEREST IN COPYRIGHT RIGHTS (the “Agreement”), dated as of May 29, 2018, made by MICROCHIP TECHNOLOGY INCORPORATED, a Delaware corporation, together with the party listed on the signature page hereof (each a
“Grantor”, and collectively the “Grantors”), in favor of Wells Fargo Bank, National Association., a national banking association, with an address at 333 S. Grand Avenue, 5th Floor Suite 5A, Los Angeles, CA 90071, as
Notes Collateral Agent (in such capacity, the “Notes Collateral Agent”) for the holders of the Notes issued under the Indenture, dated as of May 29, 2018 (as may be amended, restated, supplemented or otherwise modified from
time to time, the “Indenture”), among Microchip Technology Incorporated, a Delaware corporation (“Issuer”), the subsidiary guarantors listed on the signature pages thereto and Wells Fargo Bank, National Association, as
Trustee and Notes Collateral Agent. 
 WHEREAS, pursuant to the Indenture, the Issuer and certain other Grantors (as defined in the Security
Agreement) have executed and delivered a Pledge and Security Agreement, dated as of May 29, 2018, in favor of the Notes Collateral Agent (together with all amendments, restatements, supplements and modifications, if any, from time to time
thereafter made thereto, the “Security Agreement”); 
 WHEREAS, pursuant to the Security Agreement, each Grantor granted to
the Notes Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in all of such Grantor’s right, title, and interest in and to the Collateral, including the Copyrights; and 

WHEREAS, each Grantor has duly authorized the execution, delivery and performance of this Agreement; 

NOW THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, each Grantor agrees as follows: 

1. Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement, including its preamble
and recitals, have the meanings provided or provided by reference in the Indenture and the Security Agreement. 
 2. Grant of Security
Interest. Each Grantor hereby grants to the Notes Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in and continuing lien on all of such Grantor’s right, title and interest in and to all Copyrights
(other than Excluded Assets) now owned or anytime hereafter acquired by such Grantor (including, without limitation, those items listed on Schedule A hereto) (collectively, the “Collateral”). 

3. Purpose. This Agreement has been executed and delivered by each Grantor for the purpose of recording the grant of security interest
herein with the United States Copyright Office. The security interest granted hereby has been granted to the Notes Collateral Agent, for the benefit of the Secured Parties in connection with the Security Agreement and is expressly subject to the
terms and conditions thereof. The Security Agreement (and all rights and remedies of the Notes Collateral Agent thereunder) shall remain in full force and effect in accordance with its terms. 

  
 2 

 4. Acknowledgement. Each Grantor does hereby further acknowledge and affirm that the
rights and remedies of the Notes Collateral Agent, for the benefit of the Secured Parties, with respect to the security interest in the Collateral granted hereby are more fully set forth in the Indenture and the Security Agreement, the terms and
provisions of which (including the remedies provided for therein) are incorporated by reference herein as if fully set forth herein. In the event of any conflict between the terms of this Agreement and the terms of the Security Agreement, the terms
of the Security Agreement shall govern. 
 5. Counterparts. This Agreement may be executed in counterparts, each of which will be
deemed an original, but all of which together constitute one and the same original. Delivery of an executed counterpart of a signature page of this Agreement by telecopy, e-mailed .pdf or any other electronic
means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. 

6. The Notes Collateral Agent. The Notes Collateral Agent shall be entitled to all rights, privileges, immunities and protections
set forth in the Notes Documents with respect to any matter arising under this Agreement as though fully set forth herein. 
 [Remainder
of page intentionally blank; signatures on following pages] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	 MICROCHIP TECHNOLOGY INCORPORATED,

as a Grantor

		
	By:	 	  

	Name:	 	J. Eric Bjornholt
	Title: 	 	Vice President and Chief Financial Officer
	
	 MICROSEMI CORPORATION,
 as a
Grantor

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 Wells Fargo Bank, National Association

as Notes Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:

  
 4 

 THIS GRANT OF SECURITY INTEREST IN COPYRIGHT RIGHTS is subject to the terms and provisions of the Intercreditor
Agreement, dated as of May 29, 2018 (as such agreement may be amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among JPMorgan Chase Bank, N.A., as authorized representative for
the Credit Agreement Secured Parties referred to therein and Wells Fargo Bank, National Association, as authorized representative for the Notes Secured Parties referred to therein, and each of the other Parties referred to therein. 

GRANT OF SECURITY INTEREST IN 

COPYRIGHT RIGHTS 
 This GRANT OF
SECURITY INTEREST IN COPYRIGHT RIGHTS (the “Agreement”), dated as of May 29, 2018, made by MICROCHIP TECHNOLOGY INCORPORATED, a Delaware corporation, together with the party listed on the signature page hereof (each a
“Grantor”, and collectively the “Grantors”), in favor of Wells Fargo Bank, National Association., a national banking association, with an address at 333 S. Grand Avenue, 5th Floor Suite 5A, Los Angeles, CA 90071, as
Notes Collateral Agent (in such capacity, the “Notes Collateral Agent”) for the holders of the Notes issued under the Indenture, dated as of May 29, 2018 (as may be amended, restated, supplemented or otherwise modified from
time to time, the “Indenture”), among Microchip Technology Incorporated, a Delaware corporation (“Issuer”), the subsidiary guarantors listed on the signature pages thereto and Wells Fargo Bank, National Association, as
Trustee and Notes Collateral Agent. 
 WHEREAS, pursuant to the Indenture, the Issuer and certain other Grantors (as defined in the Security
Agreement) have executed and delivered a Pledge and Security Agreement, dated as of May 29, 2018, in favor of the Notes Collateral Agent (together with all amendments, restatements, supplements and modifications, if any, from time to time
thereafter made thereto, the “Security Agreement”); 
 WHEREAS, pursuant to the Security Agreement, each Grantor granted to
the Notes Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in all of such Grantor’s right, title, and interest in and to the Collateral, including the Copyrights; and 

WHEREAS, each Grantor has duly authorized the execution, delivery and performance of this Agreement; 

NOW THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, each Grantor agrees as follows: 

1. Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement, including its preamble
and recitals, have the meanings provided or provided by reference in the Indenture and the Security Agreement. 
 2. Grant of Security
Interest. Each Grantor hereby grants to the Notes Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in and continuing lien on all of such Grantor’s right, title and interest in and to all Copyrights
(other than Excluded Assets) now owned or anytime hereafter acquired by such Grantor (including, without limitation, those items listed on Schedule A hereto) (collectively, the “Collateral”). 

3. Purpose. This Agreement has been executed and delivered by each Grantor for the purpose of recording the grant of security interest
herein with the United States Copyright Office. The security interest granted hereby has been granted to the Notes Collateral Agent, for the benefit of the Secured Parties, in connection with the Security Agreement and is expressly subject to the
terms and conditions thereof. The Security Agreement (and all rights and remedies of the Notes Collateral Agent thereunder) shall remain in full force and effect in accordance with its terms. 

  
 1 

 4. Acknowledgement. Each Grantor does hereby further acknowledge and affirm that the
rights and remedies of the Notes Collateral Agent, for the benefit of the Secured Parties, with respect to the security interest in the Collateral granted hereby are more fully set forth in the Indenture and the Security Agreement, the terms and
provisions of which (including the remedies provided for therein) are incorporated by reference herein as if fully set forth herein. In the event of any conflict between the terms of this Agreement and the terms of the Security Agreement, the terms
of the Security Agreement shall govern. 
 5. Counterparts. This Agreement may be executed in counterparts, each of which will be
deemed an original, but all of which together constitute one and the same original. Delivery of an executed counterpart of a signature page of this Agreement by telecopy, e-mailed .pdf or any other electronic
means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. 

6. The Notes Collateral Agent. The Notes Collateral Agent shall be entitled to all rights, privileges, immunities and protections set
forth in the Notes Documents with respect to any matter arising under this Agreement as though fully set forth herein. 
 [Remainder of
page intentionally blank; signatures on following pages] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	 MICROCHIP TECHNOLOGY INCORPORATED,

as a Grantor

		
	By:	 	  

	Name:	 	J. Eric Bjornholt
	Title: 	 	Vice President and Chief Financial Officer
	
	 ATMEL CORPORATION,
 as a
Grantor

		
	By:	 	  

	Name:	 	J. Eric Bjornholt
	Title: 	 	Vice President and Chief Financial Officer
	
	 Wells Fargo Bank, National Association

as Notes Collateral Agent

		
	By:	 	
                     
    

		 	Name:
		 	Title:

  
 3 

 THIS GRANT OF SECURITY INTEREST IN COPYRIGHT RIGHTS is subject to the terms and provisions of the Intercreditor
Agreement, dated as of May 29, 2018 (as such agreement may be amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among JPMorgan Chase Bank, N.A., as authorized representative for
the Credit Agreement Secured Parties referred to therein and Wells Fargo Bank, National Association, as authorized representative for the Notes Secured Parties referred to therein, and each of the other Parties referred to therein. 

GRANT OF SECURITY INTEREST IN 

COPYRIGHT RIGHTS 
 This GRANT OF
SECURITY INTEREST IN COPYRIGHT RIGHTS (the “Agreement”), dated as of May 29, 2018, made by MICROCHIP TECHNOLOGY INCORPORATED, a Delaware corporation (the “Grantor”), in favor of Wells Fargo Bank, National
Association., a national banking association, with an address at 333 S. Grand Avenue, 5th Floor Suite 5A, Los Angeles, CA 90071, as Notes Collateral Agent (in such capacity, the “Notes Collateral Agent”) for the holders of the Notes
issued under the Indenture, dated as of May 29, 2018 (as may be amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), among Microchip Technology Incorporated, a Delaware corporation
(“Issuer”), the subsidiary guarantors listed on the signature pages thereto and Wells Fargo Bank, National Association, as Trustee and Notes Collateral Agent. 

WHEREAS, pursuant to the Indenture, the Issuer and certain other Grantors (as defined in the Security Agreement) have executed and delivered a
Pledge and Security Agreement, dated as of May 29, 2018, in favor of the Notes Collateral Agent (together with all amendments, restatements, supplements and modifications, if any, from time to time thereafter made thereto, the “Security
Agreement”); 
 WHEREAS, pursuant to the Security Agreement, the Grantor granted to the Notes Collateral Agent, for the ratable
benefit of the Secured Parties, a security interest in all of such Grantor’s right, title, and interest in and to the Collateral, including the Copyrights; and 

WHEREAS, the Grantor has duly authorized the execution, delivery and performance of this Agreement; 

NOW THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the Grantor agrees as follows: 

1. Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement, including its preamble
and recitals, have the meanings provided or provided by reference in the Indenture and the Security Agreement. 
 2. Grant of Security
Interest. The Grantor hereby grants to the Notes Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in and continuing lien on all of such Grantor’s right, title and interest in and to all Copyrights (other
than Excluded Assets) now owned or anytime hereafter acquired by such Grantor (including, without limitation, those items listed on Schedule A hereto) (collectively, the “Collateral”). 

3. Purpose. This Agreement has been executed and delivered by the Grantor for the purpose of recording the grant of security interest
herein with the United States Copyright Office. The security interest granted hereby has been granted to the Notes Collateral Agent, for the benefit of the Secured Parties, in connection with the Security Agreement and is expressly subject to the
terms and conditions thereof. The Security Agreement (and all rights and remedies of the Notes Collateral Agent thereunder) shall remain in full force and effect in accordance with its terms. 

  
 1 

 4. Acknowledgement. The Grantor does hereby further acknowledge and affirm that the rights
and remedies of the Notes Collateral Agent, for the benefit of the Secured Parties, with respect to the security interest in the Collateral granted hereby are more fully set forth in the Indenture and the Security Agreement, the terms and provisions
of which (including the remedies provided for therein) are incorporated by reference herein as if fully set forth herein. In the event of any conflict between the terms of this Agreement and the terms of the Security Agreement, the terms of the
Security Agreement shall govern. 
 5. Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an
original, but all of which together constitute one and the same original. Delivery of an executed counterpart of a signature page of this Agreement by telecopy, e-mailed .pdf or any other electronic means that
reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. 

6. The Notes Collateral Agent. The Notes Collateral Agent shall be entitled to all rights, privileges, immunities and protections set
forth in the Notes Documents with respect to any matter arising under this Agreement as though fully set forth herein. 
 [Remainder of
page intentionally blank; signatures on following pages] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	 MICROCHIP TECHNOLOGY INCORPORATED,

as a Grantor

		
	By:	 	  

	Name:	 	J. Eric Bjornholt
	Title: 	 	Vice President and Chief Financial Officer
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION

as Notes Collateral Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 3 

 Exhibit B 

THIS GRANT OF SECURITY INTEREST IN PATENT RIGHTS is subject to the terms and provisions of the Intercreditor Agreement, dated as of May 29, 2018 (as such
agreement may be amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among JPMorgan Chase Bank, N.A., as authorized representative for the Credit Agreement Secured Parties referred to
therein and Wells Fargo Bank, National Association, as authorized representative for the Notes Secured Parties referred to therein, and each of the other Parties referred to therein. 

GRANT OF SECURITY INTEREST IN 

PATENT RIGHTS 
 This GRANT OF
SECURITY INTEREST IN PATENT RIGHTS (the “Agreement”), dated as of May 29, 2018, made by MICROCHIP TECHNOLOGY INCORPORATED, a Delaware corporation, together with the parties listed on the signature pages hereof (each a
“Grantor”, and collectively the “Grantors”), in favor of Wells Fargo Bank, National Association., a national banking association, with an address at 333 S. Grand Avenue, 5th Floor Suite 5A, Los Angeles, CA 90071, as
Notes Collateral Agent (in such capacity, the “Notes Collateral Agent”) for the holders of the Notes issued under the Indenture, dated as of May 29, 2018 (as may be amended, restated, supplemented or otherwise modified from
time to time, the “Indenture”), among Microchip Technology Incorporated, a Delaware corporation (“Issuer”), the subsidiary guarantors listed on the signature pages thereto and Wells Fargo Bank, National Association,
as Trustee and Notes Collateral Agent. 
 WHEREAS, pursuant to the Indenture, the Issuer and certain other Grantors (as defined in the
Security Agreement) have executed and delivered a Pledge and Security Agreement, dated as of May 29, 2018, in favor of the Notes Collateral Agent (together with all amendments, restatements, supplements and modifications, if any, from time to
time thereafter made thereto, the “Security Agreement”); 
 WHEREAS, pursuant to the Security Agreement, each Grantor
granted to the Notes Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in all of such Grantor’s right, title, and interest in and to the Collateral, including the Patents; and 

WHEREAS, each Grantor has duly authorized the execution, delivery and performance of this Agreement; 

NOW THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, each Grantor agrees as follows: 

1. Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement, including its preamble
and recitals, have the meanings provided or provided by reference in the Indenture and the Security Agreement. 
 2. Grant of Security
Interest. Each Grantor hereby grants to the Notes Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in and continuing lien on all of such Grantor’s right, title and interest in and to all Patents (other
than Excluded Assets) now owned or anytime hereafter acquired by such Grantor (including, without limitation, those items listed on Schedule A and B hereto) (collectively, the “Collateral”). 

3. Purpose. This Agreement has been executed and delivered by each Grantor for the purpose of recording the grant of security interest
herein with the United States Patent and Trademark Office. The security interest granted hereby has been granted to the Notes Collateral Agent, for the benefit of the Secured Parties, in connection with the Security Agreement and is expressly
subject to the terms and conditions thereof. The Security Agreement (and all rights and remedies of the Notes Collateral Agent thereunder) shall remain in full force and effect in accordance with its terms. 

  
 1 

 4. Acknowledgement. Each Grantor does hereby further acknowledge and affirm that the
rights and remedies of the Notes Collateral Agent, for the benefit of the Secured Parties, with respect to the security interest in the Collateral granted hereby are more fully set forth in the Indenture and the Security Agreement, the terms and
provisions of which (including the remedies provided for therein) are incorporated by reference herein as if fully set forth herein. In the event of any conflict between the terms of this Agreement and the terms of the Security Agreement, the terms
of the Security Agreement shall govern. 
 5. Counterparts. This Agreement may be executed in counterparts, each of which will be
deemed an original, but all of which together constitute one and the same original. Delivery of an executed counterpart of a signature page of this Agreement by telecopy, e-mailed .pdf or any other electronic
means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. 

6. The Notes Collateral Agent. The Notes Collateral Agent shall be entitled to all rights, privileges, immunities and protections set
forth in the Notes Documents with respect to any matter arising under this Agreement as though fully set forth herein. 
 [Remainder of
page intentionally blank; signatures on following pages] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	 MICROCHIP TECHNOLOGY INCORPORATED,

as a Grantor

		
	By:	 	  

	Name: 	 	J. Eric Bjornholt
	Title: 	 	Vice President and Chief Financial Officer
	
	 SILICON STORAGE TECHNOLOGY, INC.,

as a Grantor

		
	By:	 	  

	Name: 	 	J. Eric Bjornholt
	Title: 	 	Chief Financial Officer
	
	 ATMEL CORPORATION,
 as a
Grantor

		
	By:	 	  

	Name:	 	J. Eric Bjornholt
	Title: 	 	Vice President and Chief Financial Officer
	
	 MICROSEMI CORPORATION,
 as a
Grantor

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 MICROSEMI STORAGE SOLUTIONS, INC.,

as a Grantor

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 3 

 
			
	WELLS FARGO BANK, NATIONAL
	 ASSOCIATION
 as Notes Collateral
Agent

		
	By:	 	
                     
        

	Name:	 	
	Title:	 	

  
 4 

 Exhibit C 

THIS GRANT OF SECURITY INTEREST IN TRADEMARK RIGHTS is subject to the terms and provisions of the Intercreditor Agreement, dated as of May 29, 2018 (as
such agreement may be amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among JPMorgan Chase Bank, N.A., as authorized representative for the Credit Agreement Secured Parties referred
to therein and Wells Fargo Bank, National Association, as authorized representative for the Notes Secured Parties referred to therein, and each of the other Parties referred to therein. 

GRANT OF SECURITY INTEREST IN 

TRADEMARK RIGHTS 
 This GRANT OF
SECURITY INTEREST IN TRADEMARK RIGHTS (the “Agreement”), dated as of May 29, 2018, made by MICROCHIP TECHNOLOGY INCORPORATED, a Delaware corporation, together with the parties listed on the signature pages hereof (each a
“Grantor”, and collectively the “Grantors”), in favor of Wells Fargo Bank, National Association, a national banking association, with an address at 333 S. Grand Avenue,
5th Floor Suite 5A, Los Angeles, CA 90071, as Notes Collateral Agent (in such capacity, the “Notes Collateral Agent”) for the holders of the Notes issued under the Indenture,
dated as of May 29, 2018 (as may be amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), among Microchip Technology Incorporated, a Delaware corporation (“Issuer”), the
subsidiary guarantors listed on the signature pages thereto and Wells Fargo Bank, National Association, as Trustee and Notes Collateral Agent. 

WHEREAS, pursuant to the Indenture, the Issuer and certain other Grantors (as defined in the Security Agreement) have executed and delivered a
Pledge and Security Agreement, dated as of May 29, 2018, in favor of the Notes Collateral Agent (together with all amendments, restatements, supplements and modifications, if any, from time to time thereafter made thereto, the “Security
Agreement”); and 
 WHEREAS, pursuant to the Security Agreement, each Grantor granted to the Notes Collateral Agent, for the
ratable benefit of the Secured Parties, a security interest in all of such Grantor’s right, title, and interest in and to the Collateral, including the Trademarks; and 

WHEREAS, each Grantor has duly authorized the execution, delivery and performance of this Agreement; 

NOW THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, each Grantor agrees as follows: 

1. Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement, including its preamble
and recitals, have the meanings provided or provided by reference in the Indenture and the Security Agreement. 
 2. Grant of Security
Interest. Each Grantor hereby grants to the Notes Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in and continuing lien on all of such Grantor’s right, title and interest in and to all Trademarks
(other than Excluded Assets) now owned or anytime hereafter acquired by such Grantor (including, without limitation, those items listed on Schedule A and B hereto) (collectively, the “Collateral”). 

3. Purpose. This Agreement has been executed and delivered by each Grantor for the purpose of recording the grant of security interest
herein with the United States Patent and Trademark Office. The security interest granted hereby has been granted to the Notes Collateral Agent, for the benefit of the Secured Parties, in connection with the Security Agreement and is expressly
subject to the terms and conditions thereof. The Security Agreement (and all rights and remedies of the Notes Collateral Agent thereunder) shall remain in full force and effect in accordance with its terms. 

  
 1 

 Exhibit C 

4. Acknowledgement. Each Grantor does hereby further acknowledge and affirm that the rights and remedies of the Notes Collateral Agent,
for the benefit of the Secured Parties, with respect to the security interest in the Collateral granted hereby are more fully set forth in the Indenture and the Security Agreement, the terms and provisions of which (including the remedies provided
for therein) are incorporated by reference herein as if fully set forth herein. In the event of any conflict between the terms of this Agreement and the terms of the Security Agreement, the terms of the Security Agreement shall govern. 

5. Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together
constitute one and the same original. Delivery of an executed counterpart of a signature page of this Agreement by telecopy, e-mailed .pdf or any other electronic means that reproduces an image of the actual
executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. 
 6. The Notes Collateral
Agent. The Notes Collateral Agent shall be entitled to all rights, privileges, immunities and protections set forth in the Notes Documents with respect to any matter arising under this Agreement as though fully set forth herein. 

[Remainder of page intentionally blank; signatures on following pages] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	 MICROCHIP TECHNOLOGY INCORPORATED,

as a Grantor

		
	By:	 	
                     
                                         
       

	Name:	 	J. Eric Bjornholt
	Title: 	 	Vice President and Chief Financial Officer
	
	 SILICON STORAGE TECHNOLOGY, INC.,

as a Grantor

		
	By:	 	
                 

	Name:	 	J. Eric Bjornholt
	Title: 	 	Chief Financial Officer
	
	 ATMEL CORPORATION,
 as a
Grantor

		
	By:	 	
                     

	Name:	 	J. Eric Bjornholt
	Title: 	 	Vice President and Chief Financial Officer
	
	 MICROSEMI CORPORATION,
 as a
Grantor

		
	By:	 	
                 

	Name:	 	
	Title:	 	
	
	 MICROSEMI STORAGE SOLUTIONS, INC.,

as a Grantor

		
	By:	 	
                     
    

	Name:	 	
	Title:	 	

  
 3 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Notes Collateral Agent

		
	By:	 	
                     
        

	Name:	 	
	Title:	 	

  
 4THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND, ACCORDINGLY, MAY
NOT BE TRANSFERRED UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED,
(II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE 144, OR (III) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY
TO IT THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

 

PURSUANT
TO THE TERMS OF SECTION 1 OF THIS WARRANT, ALL OR A PORTION OF THIS WARRANT MAY HAVE BEEN EXERCISED, AND THEREFORE THE ACTUAL
NUMBER OF WARRANT SHARES REPRESENTED BY THIS WARRANT MAY BE LESS THAN THE AMOUNT SET FORTH ON THE FACE HEREOF.

 

HOPTO
INC.

 

Warrant
To Purchase Common Stock

 

Warrant
No.: PP-WF[__]

Number
of Shares of Common Stock: [______]

Date
of Issuance: May [●], 2018 (“Issuance Date”)

 

HOPTO
INC., a Delaware 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 surrender 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 Issuance Date (the “Exercisability Date”), but not after 11:59 p.m., New York time, on the Expiration
Date (as defined below), [______] ([______]) fully paid nonassessable shares of Common Stock (as defined below) (the “Warrant
Shares”). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings set forth in
Section 15. This Warrant is the “New Warrant” to purchase Common Stock issued pursuant to the Exchange Agreement
(the “Exchange Agreement”), dated as of May [●], 2018, by and between the Company and Holder.
This Warrant is one of a series of warrants containing substantially identical terms and conditions issued pursuant to the Exchange
Agreement (collectively, the “Warrants”). For avoidance of doubt, all Warrants issued pursuant to the Exchange
Agreement are considered one and the same series and are all “Warrants” hereunder. The “Subscription Date”
with respect to the Warrants issued pursuant to the Exchange Agreement is the date of the Exchange Agreement.

 

    	1

    	 

    

 

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(e)), this Warrant may be exercised by the Holder on any day on or after the Exercisability Date, in whole
or in part (but not as to fractional shares), by (i) delivery of a written notice, in the form attached hereto as Exhibit A
(the “Exercise Notice”), of the Holder’s election to exercise this Warrant and (ii) if both (A) the
Holder is not electing a Cashless Exercise (as defined below) pursuant to Section 1(d) of this Warrant and (B) a registration
statement registering the resale or other disposition of the Warrant Shares under the Securities Act of 1933, as amended (the
“Securities Act”), is effective and available for the resale or other disposition of the Warrant Shares, payment
to the Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this
Warrant is being exercised (the “Aggregate Exercise Price”) in cash or wire transfer of immediately available
funds (a “Cash Exercise”) (the items under (i) and (ii) above, the “Exercise Delivery Documents”).
The Holder shall not be required to surrender this Warrant in order to effect an exercise hereunder; provided, however,
that in the event that this Warrant is exercised in full or for the remaining unexercised portion hereof, the Holder shall deliver
this Warrant to the Company for cancellation within a reasonable time after such exercise. On or before the first Trading Day
following the date on which the Company has received the Exercise Delivery Documents (the date upon which the Company has received
all of the Exercise Delivery Documents, the “Exercise Date”), the Company shall transmit by facsimile or e-mail
transmission an acknowledgment of confirmation of receipt of the Exercise Delivery Documents to the Holder and the Company’s
transfer agent for the Common Stock (the “Transfer Agent”). The Company shall deliver any objection to the
Exercise Delivery Documents on or before the second Trading Day following the date on which the Company has received all of the
Exercise Delivery Documents. On or before the second Trading Day following the date on which the Company has received all of the
Exercise Delivery Documents (or, if later, the second Trading Day after the resolution of any reasonable objection by the Company
to the Exercise Delivery Documents) (the “Share Delivery Date”), the Company shall, (X) provided that
the Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer
Program (the “FAST Program”) and so long as the certificates therefor are not required to bear a legend regarding
restriction on transferability, 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 Agent Commission system, or (Y), if the Transfer Agent is not participating in the FAST Program or if the
certificates are required to bear a legend regarding restriction on transferability, issue and dispatch by overnight courier to
the address as specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name of
the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise.
Upon the delivery of the Exercise Delivery Documents (or, if the Company reasonably objects to the Exercise Delivery Documents,
upon the resolution of such objection), 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 the Company shall as soon as practicable and in no event later than three Trading Days after any such submission
and at its own expense, issue a new Warrant (in accordance with Section 7(e)) 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 has been and/or is exercised. The Company shall pay any and all taxes and other expenses of the Company
(including overnight delivery charges) that may be payable with respect to the issuance and delivery of Warrant Shares upon exercise
of this Warrant; provided, however, that the Company shall not be required to pay any tax which may be payable in
respect of any transfer involved in the registration of any certificates for Warrant Shares or Warrants in a name other than that
of the Holder or an affiliate thereof. The Holder shall be responsible for all other tax liability that may arise as a result
of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.

 

    	2

    	 

    

 

(b)
Exercise Price. For purposes of this Warrant, “Exercise Price” means $0.01, 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 three (3) Business Days of the Exercise Date 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 to credit the Holder’s
balance account with DTC for such number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise
of this Warrant, and if on or after such Trading Day the Holder, or any third party on behalf of the Holder or for the Holder’s
account, purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by
the Holder of shares of Common Stock issuable upon such exercise that the Holder anticipated receiving from the Company (a “Buy-In”),
then the Company shall, within three (3) Business Days after the Holder’s written 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,
if any) for the shares of Common Stock so purchased (the “Buy-In Price”), at which point the Company’s
obligation to deliver such certificate (and to issue such Warrant Shares) shall terminate, or (ii) promptly honor its obligation
to deliver to the Holder a certificate or certificates representing such Warrant Shares 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, times (B) the
Closing Bid Price on the date of exercise.

 

(d) Cashless
Exercise. Notwithstanding anything contained herein to the contrary, from and after the six-month anniversary of the
Issuance Date and so long as the Company is required under the Registration Rights Agreement to have effected the
registration of the Warrant Shares for resale to the public pursuant to a Registration Statement (as such term is defined in
the Registration Rights Agreement), if the Warrant Shares may not be freely offered for sale to the public for any reason
(including, but not limited to, the failure of the Company to have effected the registration of the Warrant Shares or to have
a current prospectus available for delivery or otherwise, but excluding the period of any Allowed Delay (as defined in the
Registration Rights Agreement), 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”):

 

    	3

    	 

    

 

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

B

For
purposes of the foregoing formula:

 

	 	A=
    the total number of shares with respect to which this Warrant is then being exercised.
	 	 
	 	B=
    the arithmetic average of the Closing Sale Prices of the shares of Common Stock for the five (5) consecutive Trading Days
    ending on the date immediately preceding the date of the Exercise Notice.
	 	 
	 	C=
    the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

(e)
Rule 144. For purposes of Rule 144(d) promulgated under the Securities Act, as in effect on the date hereof, assuming the
Holder is not an affiliate of the Company, it is intended that the Warrant Shares issued in a Cashless Exercise shall be deemed
to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the Subscription
Date.

 

(f)
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed.

 

(g)
Beneficial Ownership. The Company shall not effect the exercise of this Warrant, and the Holder shall not have the right
to exercise this Warrant, to the extent that after giving effect to such exercise, such Person (together with such Person’s
affiliates) would beneficially own in excess of 9.99% (the “Maximum Percentage”) of the shares of Common Stock
outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of
shares of Common Stock beneficially owned by such Person and its affiliates shall include the number of shares of Common Stock
issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude
shares of Common Stock which would be issuable upon (i) exercise of the remaining, unexercised portion of this Warrant beneficially
owned by such Person and its affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other
securities of the Company beneficially owned by such Person and its affiliates (including, without limitation, any convertible
notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation
contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be
calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
For purposes of this Warrant, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number
of outstanding shares of Common Stock as reflected in the most recent of (1) the Company’s most recent Form 10-K, Form 10-Q,
Current Report on Form 8-K or other public filing with the Securities and Exchange Commission, as the case may be, (2) a more
recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number
of shares of Common Stock outstanding. For any reason at any time, upon the written or oral request of the Holder, the Company
shall within two (2) Business Days confirm to the Holder the number of shares of Common Stock then outstanding. In any case, the
number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Warrant, by the Holder and its affiliates since the date as of which such number of outstanding
shares of Common Stock was reported. By written notice to the Company, the Holder may from time to time increase or decrease the
Maximum Percentage to any other percentage not in excess of 9.99% specified in such notice; provided that (i) any such
increase will not be effective until the sixty-first (61st) day after such notice is delivered to the Company, and (ii) any such
increase or decrease will apply only to the Holder. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 1(h) to correct this paragraph (or any portion hereof)
which may be defective or inconsistent with the intended beneficial ownership limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such limitation.

 

    	4

    	 

    

 

2.
ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and the number of Warrant Shares shall be
adjusted from time to time as follows:

 

(a)
Adjustment upon Subdivision or Combination of Common Stock. If the Company at any time on or after the Subscription Date
subdivides (by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) one or more
classes of its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior
to such subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately increased. If the
Company at any time on or after the Subscription Date combines (by any stock split, stock dividend, recapitalization, reorganization,
scheme, arrangement or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares,
the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant
Shares will be proportionately decreased. Any adjustment under this Section 2(a) shall become effective at the close of
business on the date the subdivision or combination becomes effective.

 

(b)
Other Events. 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 or phantom stock rights),
then the Company’s Board of Directors will make an appropriate adjustment in the Exercise Price and the number of Warrant
Shares 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.

 

3.
RIGHTS UPON DISTRIBUTION OF ASSETS.

 

(a)
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 of 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 Distribution 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 in the beneficial ownership of any
shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution 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 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 the exercise of this Warrant) 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.

 

    	5

    	 

    

 

(b)
Fundamental Transactions; Company Cash Out. The Company shall not enter into or be party to a Fundamental Transaction unless
(i) the Successor Entity assumes in writing (unless the Company is the Successor Entity) all of the obligations of the Company
under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 4(b) pursuant
to written agreements in form and substance reasonably satisfactory to the Required Holders and approved by the Required Holders
prior to such Fundamental Transaction, including agreements to deliver to each holder of the Warrants in exchange for such Warrants
a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant,
including, without limitation, an adjusted exercise price equal to the value for the shares of Common Stock reflected by the terms
of such Fundamental Transaction, and 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 reasonably satisfactory to the Required Holders and (ii) the Successor
Entity (including its Parent Entity) is a publicly traded corporation whose common stock is quoted on or listed for trading on
an Eligible Market. Upon the occurrence of any Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant 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 with the same effect as if such Successor Entity had been named as the Company herein.
Upon consummation of the 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 Fundamental Transaction, in lieu of the shares
of Common Stock (or other securities, cash, assets or other property) issuable upon the exercise of the Warrant prior to such
Fundamental Transaction, such shares of the publicly traded common stock or common shares (or its equivalent) of the Successor
Entity (including its Parent Entity) which the Holder would have been entitled to receive upon the happening of such Fundamental
Transaction had this Warrant been converted immediately prior to such Fundamental Transaction, as adjusted in accordance with
the provisions of this Warrant. In addition to and not in substitution for any other rights hereunder, prior to the consummation
of any 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 Corporate Event but prior to the Expiration Date, in lieu of shares of Common Stock (or
other securities, cash, assets or other property) purchasable upon the exercise of this Warrant prior to such Corporate Event,
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 such Corporate Event had this Warrant been
exercised immediately prior to such Corporate Event. Provision made pursuant to the preceding sentence shall be in a form and
substance reasonably satisfactory to the Required Holders. The provisions of this Section 4(b) shall apply similarly and
equally to successive Fundamental Transactions and Corporate Events and shall be applied without regard to any limitations on
the exercise of this Warrant. Notwithstanding anything to the contrary in this Section 4(b), in the event that any of the
requirements for being a party to or entering into a Fundamental Transaction are not met or may not be met, the Company may, in
lieu of satisfying such requirements, purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to
the Black-Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental
Transaction. The Company shall provide advance notice of any such purchase at least 20 days prior to the consummation and the
Company, which notice shall also set forth reasonable procedures governing the closing of the purchase.

 

(c)
Applicability to Successive Transactions. The provisions of this Section shall apply similarly and equally to successive
Fundamental Transactions and Corporate Events and shall be applied without regard to any limitations on the exercise of this Warrant.

 

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 comply with all the provisions of this Warrant and take all actions
consistent with effectuating the purposes of this Warrant. 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 nonassessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long
as this Warrant is 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 this Warrant, 100% of the number of shares of Common Stock
issuable upon exercise of this Warrant then outstanding (without regard to any limitations on exercise).

 

    	6

    	 

    

 

6.
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s
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
such Person’s 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 such Person 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.

 

7.
REISSUANCE OF WARRANTS.

 

(a)
Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company and deliver
the completed and executed Assignment Form, in the form attached hereto as Exhibit B, 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 then
the total number of Warrant Shares the 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.

 

(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, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary 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,
that no Warrants for fractional shares of Common Stock shall be given. Notwithstanding anything to the contrary herein, in no
event shall the original Warrant be subdivided into more than three (3) separate Warrants and such new Warrants shall not be further
subdivided.

 

(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. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall
be given in accordance with the Exchange Agreement, except that with respect to Warrants issued pursuant to the offer contemplated
by the Schedule I referred to in the Exchange Agreement, such notice shall be given in accordance with the letter of transmittal
or other documents contained in the Schedule I.

 

    	7

    	 

    

 

9.
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant 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 Required Holders; provided, that the number of Warrant Shares subject to this Warrant,
the Exercise Price and the Expiration Date may not be amended, and the right to exercise this Warrant may not be altered or waived,
without the written consent of the Holder. Any such amendment shall apply to all Warrants and be binding upon all registered holders
of such Warrants.

 

10.
GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. This Warrant shall be governed by, and construed in accordance
with, the internal laws of the State of Delaware, without reference to the choice of law provisions thereof. The Company and,
by accepting this Warrant, the Holder, each irrevocably submits to the exclusive jurisdiction of the courts of the State of Delaware
located in New Castle County and the United States District Court for the District of Delaware for the purpose of any suit, action,
proceeding or judgment relating to or arising out of this Warrant and the transactions contemplated hereby. Service of process
in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods
as are specified for the giving of notices under this Warrant. The Company and, by accepting this Warrant, the Holder, each irrevocably
consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court.
The Company and, by accepting this Warrant, the Holder, each irrevocably waives any objection to the laying of venue of any such
suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought
in any such court has been brought in an inconvenient forum. EACH OF THE COMPANY AND, BY ITS ACCEPTANCE HEREOF, THE HOLDER HEREBY
WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS WARRANT AND REPRESENTS THAT COUNSEL HAS BEEN
CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

11.
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.

 

12.
DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation
of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile within two
(2) Business Days of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the Holder
and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within
three Business Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall,
within two (2) Business Days submit via facsimile (a) the disputed determination of the Exercise Price to an independent, reputable
investment bank selected by the Company and approved by the Holder, which approval shall not be unreasonably withheld, or (b)
the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company
shall cause the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify
the Company and the Holder of the results no later than ten Business Days from the time it receives the disputed determinations
or calculations. The prevailing party in any dispute resolved pursuant to this Section 12 shall be entitled to the full amount
of all reasonable expenses, including all costs and fees paid or incurred in good faith, in relation to the resolution of such
dispute. Such investment bank’s or accountant’s determination or calculation, as the case may be, shall be binding
upon all parties absent demonstrable error.

 

13.
REMEDIES, 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, 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 damages for any failure
by the Company to comply with the terms of this Warrant.

 

    	8

    	 

    

 

14.
TRANSFER. Subject to applicable law, this Warrant may not be offered for sale, sold, transferred or assigned without the
consent of the Company, such consent not to be unreasonably withheld or delayed.

 

15.
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

	 	(a)	“Black-Scholes
    Value” means the value of the Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV”
    function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes
    and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between
    the date of the public announcement of the applicable Fundamental Transaction and the Expiration Date, (B) an expected volatility
    equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day
    immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share
    used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value of any non-cash
    consideration, if any, being offered in such Fundamental Transaction and (D) a remaining option time equal to the time between
    the date of the public announcement of the applicable Fundamental Transaction and the Expiration Date.
	 	 	 
	 	(b)	“Bloomberg”
    means Bloomberg Financial Markets.
	 	 	 
	 	(c)	“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.
	 	 	 
	 	(d)	“Closing
    Bid Price” and “Closing Sale Price” means, for any security as of any date, the last closing
    bid price and last closing trade price, respectively, 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 bid price or the
    closing trade price, as the case may be, then the last bid price or the last trade price, respectively, 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 closing bid price or last trade price, respectively, 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 do not apply, the last closing bid price or last trade price, respectively, of such security in the over-the-counter
    market on the electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade
    price, respectively, is reported for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively,
    of any market makers for such security as reported in the “pink sheets” by Pink Sheets LLC (formerly the National
    Quotation Bureau, Inc.). If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular
    date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price, as the case may be, of such security
    on such date shall be the fair market value as mutually determined by the Company and the Holder. All such determinations
    to be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the
    applicable calculation period.
	 	 	 
	 	(e)	“Common
    Stock” means (i) the Company’s shares of Common Stock, par value $0.0001 per share, and (ii) any share capital
    into which such Common Stock shall have been changed or any share capital resulting from a reclassification of such Common
    Stock.
	 	 	 
	 	(f)	“Convertible
    Securities” means any stock or securities (other than Options) directly or indirectly convertible into or exercisable
    or exchangeable for shares of Common Stock.
	 	 	 
	 	(g)	“Eligible
    Market” means the Principal Market, The New York Stock Exchange, Inc., The NYSE American, The NASDAQ Global Market,
    The NASDAQ Global Select Market or The NASDAQ Capital Market.
	 	 	 
	 	(h)	“Expiration
    Date” means the fifth anniversary of the Exercisability Date or, if such date falls on a day other than a Trading
    Day or on which trading does not take place 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 (a “Holiday”), the next date that is not a Holiday.

 

    	9

    	 

    

 

	 	(i)	“Fundamental
    Transaction” means that the Company shall, directly or indirectly, in one or more related transactions, (i) consolidate
    or merge with or into (whether or not the Company is the surviving corporation) another Person (but excluding a migratory
    merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company), or (ii) sell, assign,
    transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company to another Person,
    or (iii) allow another Person to make a purchase, tender or exchange offer that is accepted by the holders of more than the
    50% of the outstanding shares of Common Stock (not including any shares of Common Stock 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
    (iv) consummate a stock purchase agreement or other business combination (including, without limitation, a reorganization,
    recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than the
    50% of the outstanding shares of Common Stock (not including any shares of Common Stock 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 purchase agreement
    or other business combination), (v) reorganize, recapitalize or reclassify its Common Stock, or (vi) any “person”
    or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall
    become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50%
    of the aggregate ordinary voting power represented by issued and outstanding Common Stock.
	 	 	 
	 	(j)	“Options”
    means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.
	 	 	 
	 	(k)	“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.
	 	 	 
	 	(l)	“Person”
    means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated
    organization, any other entity and a government or any department or agency thereof.
	 	 	 
	 	(m)	“Principal
    Market” means the Over-the-Counter Bulletin Board.
	 	 	 
	 	(n)	“Registration
    Rights Agreement” means the Registration Rights Agreement between the Company and the Holders dated as of the same
    date as the Exchange Agreement.
	 	 	 
	 	(o)	“Required
    Holders” means the Holders of at least a majority of the outstanding Warrants.
	 	 	 
	 	(p)	“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.
	 	 	 
	 	(q)	“Trading
    Day” means any day on which the Common Stock are 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 are then traded; provided that “Trading Day” shall not include any day on which the Common
    Stock are scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock are 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).

 

~signature
page follows~

 

    	10

    	 

    

 

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.

 

	 	HOPTO
    INC. 
	 	 	 
	 	By:
    	 
	 	Name:	Jean-Louis
Casabonne
	 	Title:	Interim
Chief Executive Officer

 

(HPTO: Signature Page to Warrant (May 2018))

 

    	 

    	 

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT
TO PURCHASE COMMON STOCK

 

HOPTO
INC.

 

The
undersigned holder hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”)
of hopTo Inc., a Delaware corporation (the “Company”), evidenced by the attached Warrant to Purchase Common
Stock (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 the holder __________ Warrant Shares in accordance with the terms
of the Warrant and, after delivery of such Warrant Shares, _____________ Warrant Shares remain subject to the Warrant.

 

Date:
_______________ __, ______

 

Name
of Registered Holder

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	A-1

    	 

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

HOPTO
INC.

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 
	 	(Please
    Print)
	Address:	 
	 	(Please
    Print)
	Dated:
    _______________ __, ______	 
	Holder’s
    Signature: 	 
	Holder’s
    Address: 	 

 

NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration
or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.

 

    	B-1

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