Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
 CONFIDENTIAL

 SECURITY AGREEMENT 

Dated December 23, 2019 

From 
 The Grantors referred to
herein 
 as Grantors 

to 
 Wilmington Trust, National
Association 
 as Collateral Agent 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Section 1.
	 	Grant of Security	  	 	2	 
			
	 Section 2.
	 	Security for Note Obligations	  	 	5	 
			
	 Section 3.
	 	Grantors Remain Liable	  	 	6	 
			
	 Section 4.
	 	Delivery and Control of Certain Instruments, Deposit Accounts and Security Collateral	  	 	6	 
			
	 Section 5.
	 	Representations and Warranties	  	 	6	 
			
	 Section 6.
	 	Further Assurances	  	 	9	 
			
	 Section 7.
	 	As to Equipment and Inventory	  	 	9	 
			
	 Section 8.
	 	Pledged Intellectual Property	  	 	10	 
			
	 Section 9.
	 	Delivery of Security Collateral	  	 	11	 
			
	 Section 10.
	 	Post-Closing Matters	  	 	11	 
			
	 Section 11.
	 	Insurance	  	 	11	 
			
	 Section 12.
	 	Post-Closing Changes; Collections on Receivables	  	 	11	 
			
	 Section 13.
	 	Voting Rights; Dividends; Etc	  	 	13	 
			
	 Section 14.
	 	As to Letter-of-Credit Rights and Commercial Tort Claims	  	 	14	 
			
	 Section 15.
	 	Transfers and Other Liens	  	 	15	 
			
	 Section 16.
	 	Collateral Agent Appointed Attorney-in-Fact	  	 	15	 
			
	 Section 17.
	 	Proxy	  	 	16	 
			
	 Section 18.
	 	Collateral Agent May Perform	  	 	17	 
			
	 Section 19.
	 	The Collateral Agent’s Duties	  	 	18	 
			
	 Section 20.
	 	Remedies	  	 	18	 
			
	 Section 21.
	 	Indemnity and Expenses	  	 	20	 
			
	 Section 22.
	 	Amendments; Waivers; Additional Grantors; Etc.	  	 	20	 
			
	 Section 23.
	 	Confidentiality; Notices; References	  	 	21	 
			
	 Section 24.
	 	Continuing Security Interest; Assignments Under the Notes	  	 	22	 

  
 -i- 

							
			
	 Section 25.
	 	Release; Termination	  	 	23	 
			
	 Section 26.
	 	Execution in Counterparts	  	 	23	 
			
	 Section 27.
	 	Conflicts	  	 	23	 
			
	 Section 28.
	 	Governing Law	  	 	23	 
			
	 Section 29.
	 	Jurisdiction; Waiver of Jury Trial	  	 	24	 
			
	 Section 30.
	 	Reinstatement	  	 	24	 
			
	 Section 31.
	 	Concerning the Collateral Agent	  	 	24	 

 Schedules 
  

					
	 Schedule I
	  	 –  
	  	 Investment Property

	 Schedule II
	  	 –  
	  	 Receivables

	 Schedule III
	  	 –  
	  	Legal Name, Trade Names, Location, Chief Executive Office, Books and Records, Type of Organization, Jurisdiction of Organization, Organizational Identification Number and Federal Employer Identification Number
	 Schedule IV
	  	 –  
	  	 Filing Offices

	 Schedule V
	  	 –  
	  	 Registered Patents and Patent Applications

	 Schedule VI
	  	 –  
	  	 Registered Copyrights and Copyright Applications

	 Schedule VII
	  	 –  
	  	 Registered Trademarks and Trademark Applications

	 Schedule VIII
	  	 –  
	  	 Unregistered Intellectual Property

	 Schedule IX
	  	 –  
	  	 IP Licenses

	 Schedule X
	  	 –  
	  	 Equipment and Inventory Locations

	 Schedule XI
	  	 –  
	  	 Commercial Tort Claims and Letters of Credit

	 Schedule XII
	  	 –  
	  	 Post-Closing Matters

			
	 Exhibits
  
	  		  	
	 Exhibit A
	  	 –  
	  	 Form of Intellectual Property Security Agreement

	 Exhibit B
	  	 –  
	  	 Form of Security Agreement Supplement

	 Exhibit C
	  	 –  
	  	 Form of Pledge Amendment

  

  
 -ii- 

 SECURITY AGREEMENT 

SECURITY AGREEMENT dated December 23, 2019 (as it may be amended, restated, amended and restated, supplemented or otherwise modified from
time to time, this “Agreement”), made by Acorda Therapeutics, Inc., a Delaware corporation (“Company”), Civitas Therapeutics, Inc. (“Civitas”) or any Additional Guarantor which
executes and delivers a Security Agreement Supplement in substantially the form attached hereto as Exhibit B (the Company, Civitas and each such Additional Guarantor being, collectively, the
“Grantors”), to Wilmington Trust, National Association, as collateral agent (in such capacity, together with any duly appointed successors and assigns, the “Collateral Agent”) for the benefit of the
Holders. 
 PRELIMINARY STATEMENTS 
 (1)
Company has agreed to issue to the Holders a certain series of secured convertible notes in an aggregate original principal amount of $207,001,000 (as amended, supplemented or otherwise modified from time to time, the
“Notes”) under that certain Indenture, dated as of December 23, 2019 (as it may be amended, supplemented or otherwise modified from time to time, the “Indenture”), by and among the Company, the other
Grantors and Wilmington Trust, National Association, as trustee and Collateral Agent, pursuant to those certain Exchange Agreements dated on or around December 20, 2019, in each case by and among the Company and the respective investors party
thereto (as it may be amended, supplemented or otherwise modified from time to time, the “Exchange Agreement”); 

(2) Company is a member of an affiliated group of companies that includes each other Grantor; 

(3) It is a condition precedent to issuance of the Notes under the Indenture that the Grantors shall have granted the security interests
contemplated by this Agreement; 
 (4) Each Grantor will derive substantial direct or indirect benefit from the transactions contemplated by
this Agreement, the Indenture and the other Transaction Documents; 
 (5) Certain capitalized terms used but not defined herein shall have
the meanings assigned in the Indenture or Attachment I to this Agreement. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” Further,
unless otherwise defined in this Agreement or in the Indenture, terms defined in Article 8 or 9 of the UCC (as defined below) are used in this Agreement (whether or not capitalized) as such terms are defined in such Article 8 or 9.
“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided, that, if perfection or the effect of perfection or
non-perfection or the priority of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York,
“UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or
non-perfection or priority; 

  
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 NOW, THEREFORE, in consideration of the premises and in order to induce the Holders to
exchange their existing notes for the Notes from the Company under the Exchange Agreement, each Grantor hereby agrees with the Collateral Agent for the benefit of the Secured Parties as follows: 

Section 1. Grant of Security. Each Grantor hereby grants to the Collateral Agent, for the benefit of the Secured Parties, a
security interest in such Grantor’s right, title and interest in and to each type of property described below, whether now owned or hereafter acquired by such Grantor, wherever located, and whether now or hereafter existing or arising
(collectively, the “Collateral”): 
 (a) all equipment in all of its forms, including all machinery, tools and
furniture (excepting all fixtures), and all parts thereof and all accessions thereto, including computer programs and supporting information that constitute equipment within the meaning of the UCC (any and all such property being the
“Equipment”); 
 (b) all inventory in all of its forms, including (i) all raw materials, work in process,
finished goods and materials used or consumed in the manufacture, production, preparation or shipping thereof, (ii) goods in which such Grantor has an interest in mass or a joint or other interest or right of any kind (including goods in which
such Grantor has an interest or right as consignee) and (iii) goods that are returned to or repossessed or stopped in transit by such Grantor, and all accessions thereto and products thereof and documents therefor, including computer programs
and supporting information that constitute inventory within the meaning of the UCC (any and all such property being the “Inventory”); 

(c) (i) all accounts, instruments (including promissory notes), deposit accounts, chattel paper, general intangibles (including payment
intangibles, but excluding any Intellectual Property) and other obligations of any kind owing to the Grantors, whether or not arising out of or in connection with the sale or lease of goods or the rendering of services and whether or not earned by
performance (any and all such instruments, deposit accounts, chattel paper, general intangibles and other obligations to the extent not referred to in clause (d) or (f) below, being the “Receivables”), and all supporting
obligations, security agreements, Liens, leases, letter of credit rights and other contracts owing to the Grantors or supporting the obligations owing to the Grantors under the Receivables (collectively, the “Related
Contracts”), and (ii) all commercial tort claims now or hereafter described on Schedule XI in accordance with Section 5(i); 

(d) the following (the “Security Collateral”): 

(i) all indebtedness from time to time owed to the Grantor and the instruments, if any, evidencing such indebtedness, and all interest, cash,
instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such indebtedness (“Pledged Debt”); 

(ii) all security entitlements carried in, or from time to time credited to, as applicable, a securities account, all financial assets, and
all dividends, distributions, return of capital, interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such security entitlements or financial
assets and all warrants, rights or options issued thereon with respect thereto; 

  
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 (iii) all certificated securities and any other Capital Stock of any Person evidenced by a
certificate, instrument or other similar document (as defined in the UCC), in each case owned by any Grantor, and any distribution of property made on, in respect of or in exchange for the foregoing from time to time, including all Capital Stock
listed on Schedule I (collectively, “Pledged Certificated Stock”); 
 (iv) any Capital Stock of any Person that is
not Pledged Certificated Stock, including all right, title and interest of any Grantor as a limited or general partner in any partnership not constituting Pledged Certificated Stock or as a member of any limited liability company, all right, title
and interest of any Grantor in, to and under any Organization Document of any partnership or limited liability company to which it is a party, and any distribution of property made on, in respect of or in exchange for the foregoing from time to
time, including in each case those interests set forth on Schedule I, to the extent such interests are not certificated (collectively, “Pledged Uncertificated Stock” and together with Pledged Certificated Stock, the
“Pledged Stock”); and 
 (v) all other investment property, and the certificates or instruments, if any,
representing or evidencing such investment property, and all dividends, distributions, return of capital, interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for
any or all of such investment property and all warrants, rights or options issued thereon or with respect thereto (“Investment Property”); 

(e) the following (collectively, the “Account Collateral”): 

(i) all deposit accounts maintained by any bank by or for the benefit of such Grantor, all funds and financial assets from time to time
credited thereto (including all cash equivalents), and all certificates and instruments, if any, from time to time representing or evidencing such deposit accounts (the “Deposit Accounts”); 

(ii) Restricted Cash Account and all funds and financial assets from time to time credited thereto (including all cash equivalents), and all
certificates and instruments, if any, from time to time representing or evidencing such Restricted Cash Account; 
 (iii) all promissory
notes, certificates of deposit, checks and other instruments from time to time delivered to or otherwise possessed by the Collateral Agent for or on behalf of such Grantor in substitution for or in addition to any or all of the then existing Account
Collateral; and 
 (iv) all interest, dividends, distributions, cash, instruments and other property from time to time received, receivable
or otherwise distributed in respect of or in exchange for any or all of the then existing Account Collateral; 

  
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 (f) all documents, all money and all letter-of-credit rights; 
 (g) the Pledged Intellectual Property, including the registered patents
and patent applications listed on Schedule V hereto, the registered copyrights and copyright applications listed on Schedule VI hereto, the registered trademarks and trademark applications listed on Schedule VII, the
unregistered Intellectual Property listed on Schedule VIII hereto and the IP Licenses, including as listed on Schedule IX hereto; 

(h) all books and records and documents (including databases, customer lists, credit files, computer files, printouts, other computer output
materials and records and other records) of the Grantors pertaining to any of the Grantors’ Collateral; 
 (i) all other goods and
property not otherwise described above (except for any property specifically excluded from any clause in this section, and any property specifically excluded from any defined term used in any clause of this section); 

(j) all proceeds of and payments under business interruption insurance; 

(k) all proceeds of, collateral for, income, royalties and other payments now or hereafter due and payable with respect to, and supporting
obligations relating to, any and all of the Collateral (including proceeds, collateral and supporting obligations that constitute property of the types described in clauses (a) through (g) of this Section 1); and 

(l) to the extent not otherwise included, all (A) payments under insurance (whether or not the Collateral Agent is the loss payee
thereof), or any indemnity, warranty or guaranty, payable by reason of loss or damage to or otherwise with respect to any of the foregoing Collateral, and (B) cash and cash equivalents. 

Notwithstanding any of the other provisions set forth in this Section 1 or in any Transaction Document, no Excluded Property shall
constitute Collateral under this Agreement. For purposes of this Agreement and the other Transaction Documents, “Excluded Property” shall mean (1) any property to the extent that such grant of a security interest
(x) is prohibited by any applicable Requirement of Law, (y) requires a consent not obtained of any Governmental Authority pursuant to such applicable Requirement of Law or (z) is prohibited by, or constitutes a breach or default under
or results in the termination of or requires any consent not obtained under, any contract, license, agreement, instrument or other document, except to the extent that such Requirement of Law or the term in such contract, license, agreement,
instrument or other document providing for such prohibition, breach, default or termination or requiring such consent is ineffective under the anti-assignment provisions of the UCC or other applicable law; provided that no property shall be
excluded by this subclause (z) to the extent such exclusion arises from a contract, agreement or document or any provision thereof that was entered into in contemplation hereof or for the purpose of circumventing the requirements of the
Transaction Documents (it being understood that Excluded Property shall not include proceeds and Receivables in respect of the foregoing to the extent such proceeds and Receivables do not themselves constitute Excluded Property), (2) any lease,
license or other agreement or any property that is subject to a purchase money Lien or capital lease or similar arrangement (in each case permitted by the Indenture and for so long as subject to 

  
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such purchase money Lien, capital lease or similar arrangement), in each case to the extent that a grant of a Lien therein would violate or invalidate such lease, license or agreement or such
purchase money, capital lease or similar arrangement or create a right of termination in favor of any party thereto (other than the Company or a Grantor), except to the extent that such lease, license or other agreement or other document providing
for such violation or invalidation or termination right is ineffective under the anti-assignment provisions of the UCC or other applicable law (it being understood that Excluded Property shall not include proceeds and Receivables in respect of the
foregoing), (3) any intent-to-use trademark application filed in the United States to the extent that, and solely during the period in which, the grant of a security
interest therein would impair the validity and enforceability of such intent-to-use trademark application or the trademark that is the subject thereof under applicable
law, (4) [reserved], (5) any Capital Stock of any Foreign Subsidiary or any Subsidiary of a Foreign Subsidiary, (6) all leasehold interests in real property, (7) any Excluded Account, (8) the Excluded Chelsea Equipment, (9) any
property or assets (including Intellectual Property) generated by or in connection with research, development, testing, production, manufacture, distribution or other projects funded by grants from the Bill & Melinda Gates Foundation or
other governmental or charitable organization, and (10) any Intellectual Property (other than the Pledged Intellectual Property, the Secured Products, the ARCUS Technology, the unregistered Intellectual Property listed on Schedule VIII
hereto and the IP Licenses, including those listed on Part I of Schedule IX hereto) that is not related to, or used in connection with, the Pledged Intellectual Property, the Secured Products, the ARCUS Technology and the unregistered
Intellectual Property listed on Schedule VIII hereto and the IP Licenses, including those listed on Part I of Schedule IX hereto; provided, that, notwithstanding the foregoing or anything else in the Transaction Documents to the
contrary, Excluded Property shall not include the Pledged Intellectual Property, the Secured Products, the ARCUS Technology and the unregistered Intellectual Property listed on Schedule VIII hereto and the IP Licenses, including those listed
on Part I of Schedule IX hereto, other than to the extent such property is excluded pursuant to clause (1) and (3) of the definition of Excluded Property. 

Notwithstanding anything herein or in any other Transaction Document, the Grantors shall not be required to perfect the Collateral
Agent’s security interest in (i) motor vehicles and other assets subject to certificates of title to the extent a Lien thereon cannot be perfected by the filing of a UCC financing statement, (ii) Letter-of-Credit Rights, (iii) Deposit Accounts or securities accounts maintained with any securities intermediary, other than the Restricted Cash Account as set forth herein and in the
Indenture, (iv) any Collateral located outside of the United States to the extent that perfection would require actions to be taken under any foreign law, (v) the Capital Stock of MS Research & Development Corporation solely to
the extent such Person does not own any material assets or property, and (vi) other than with respect to the Material Collateral, any property as to which the cost of obtaining a security interest or perfection thereof would be excessive in
relation to the value of the security to be afforded to the Holders thereby. 
 Section 2. Security for Note Obligations. This
Agreement secures, in the case of each Grantor, the payment of all Note Obligations of such Grantor or Subsidiary of the Company owing to the Secured Parties. Without limiting the generality of the foregoing, this Agreement secures, as to each
Grantor, the payment of all amounts that constitute part of the Note Obligations and would be owed by such Grantor or Subsidiary of the Company, as applicable, to any Secured Party but for the fact that they are unenforceable or not allowable due to
the existence of a bankruptcy, reorganization or similar proceeding involving any of the Company, the Grantors and other Subsidiaries of the Company. 

  
 5 

 Section 3. Grantors Remain Liable. Anything herein to the contrary
notwithstanding, (a) each Grantor shall remain liable under the contracts and agreements included in such Grantor’s Collateral to perform all of its duties and obligations thereunder to the extent set forth therein to the same extent as if
this Agreement had not been executed, (b) the exercise by the Collateral Agent of any of the rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral and
(c) no Secured Party shall have any obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement or any other Transaction Document, nor shall any Secured Party be obligated to perform any of
the obligations or duties of any Grantor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 

Section 4. Delivery and Control of Certain Instruments, Deposit Accounts and Security Collateral.
(a) All certificates or instruments, if any, representing or evidencing Pledged Debt or Security Collateral in an amount in excess of $2,000,000 shall be promptly delivered to and held by or on behalf of the Collateral Agent pursuant hereto and
shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank, except to the extent that such transfer or assignment is prohibited by applicable law. 

(b) Notwithstanding anything in this Agreement or any other Transaction Document, no Grantor will be required to enter into a control agreement
with the Collateral Agent in respect of any Deposit Account or Securities Account held by a securities intermediary. 
 Section 5.
Representations and Warranties. Each Grantor represents and warrants as follows: 
 (a) Such Grantor’s exact legal name, chief
executive office, organizational identification number, type of organization, jurisdiction of organization and Federal Employer Identification Number as of the date hereof is set forth in Schedule III hereto. Within the
five years preceding the date hereof, such Grantor has not changed its legal name, chief executive office, type of organization, jurisdiction of organization or Federal Employer Identification Number from those set forth in
Schedule III hereto except as set forth in Schedule III hereto. Each of the trade names owned and used by any Grantor in the operation of its business (e.g. billing, advertising, etc.) are set
forth in Schedule III hereto. 
 (b) Since the date twelve months prior to the date hereof, no Grantor has entered
into any mergers or acquisitions. 
 (c) The books and records of the Grantors pertaining to accounts, contract rights, inventory, and other
assets are located at the addresses indicated on Schedule III hereto. 

  
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 (d) Such Grantor is the legal and beneficial owner of the Collateral and has rights in, the
power to transfer, or a valid right to use, the Collateral with respect to which it has purported to grant a security interest hereunder, free and clear of any Lien, claim, option or right of others, except for the security interest created under
this Agreement or Liens permitted under the Indenture, and has full power and authority to grant to the Collateral Agent the security interest in such Collateral granted hereunder pursuant to the terms hereof. No effective financing statement or
other instrument similar in effect covering all or any part of such Collateral or listing such Grantor or any trade name of such Grantor as debtor is on file in any recording office, except such as may exist on the date of this Agreement, have been
filed in favor of the Collateral Agent relating to the Transaction Documents or are otherwise permitted under the Notes. 
 (e) This
Agreement creates in favor of the Collateral Agent, for the benefit of the Secured Parties, a valid security interest in the Collateral granted by such Grantor under this Agreement, securing the payment of the Note Obligations. Upon the filing of
(i) financing statements naming such Grantor as debtor and the Collateral Agent as secured party and providing a description of the Collateral with respect to which such Grantor has purported to grant a security interest hereunder in the
appropriate offices against such Grantor in the locations listed on Schedule IV, (ii) in the case of the Pledged Intellectual Property that constitutes Collateral, the filing of financing statements under the UCC in
the locations listed on Schedule IV and the recording of an Intellectual Property Security Agreement substantially in the form attached hereto as Exhibit A with the U.S. Patent and Trademark Office or the U.S. Copyright Office, as
applicable, and (iii) in the case of all Pledged Certificated Stock, Pledged Debt and Investment Property, the delivery thereof to the Collateral Agent of such Pledged Certificated Stock, Pledged Debt and Investment Property consisting of
instruments and certificates, in each case properly endorsed for transfer to Collateral Agent or in blank, then the Collateral Agent will have a fully perfected and first priority security interest, subject only to Liens permitted under the
Indenture, in that Collateral of the Grantor in which a security interest may be perfected by the actions set forth above in this clause (e), as applicable. 

(f) All of such Grantor’s locations where Equipment and Inventory having a value in excess of $3,000,000 is located as of the date hereof
are specified in Schedule X hereto (other than Collateral in transit in the ordinary course of business, temporarily in use or on display at any trade show, conference or similar event in the ordinary course of business, de
minimis Equipment and Inventory maintained with customers (or otherwise on the premises of customers) and consignees on a temporary basis in the ordinary course of business or in the possession of employees in the ordinary course of business). Such
Grantor has exclusive possession and control of its Inventory, other than Inventory stored at any leased premises or third party warehouse set forth on Schedule X hereto. 

(g) None of the Receivables is evidenced by a promissory note or other instrument in excess of $3,000,000 that has not been delivered to the
Collateral Agent. All such Receivables evidenced by a promissory note or other instrument in excess of $3,000,000 are listed on Schedule II hereto. 

(h) Any (i) Security Collateral evidenced by a certificate or instrument with a fair market value in excess of $2,000,000 and
(ii) Pledged Debt evidenced by a promissory note with a value in excess of $2,000,000, have been delivered to the Collateral Agent. All Security Collateral evidenced by a certificate or instrument with a fair market value in excess of
$2,000,000 

  
 7 

 
and all Pledged Debt evidenced by a promissory note with a value in excess of $2,000,000 are listed on Schedule I hereto. The Pledged Stock pledged by such Grantor hereunder (i) is
listed on Schedule I and constitutes that percentage of the issued and outstanding equity of all classes of each issuer thereof as set forth on Schedule I, (ii) has been duly authorized,
validly issued and is fully paid and non-assessable (other than Pledged Stock in limited liability companies and partnerships), (iii) constitutes the legal, valid and binding obligation of the obligor with
respect thereto, enforceable in accordance with its terms and (iv) in the form of Pledged Certificated Stock has been delivered to the Collateral Agent properly endorsed for transfer to Collateral Agent or in blank. 

(i) Such Grantor is not a beneficiary or assignee under any letter of credit with a stated amount in excess of $2,000,000 and issued by a
United States financial institution as of the date hereof, other than the letters of credit described in Schedule XI hereto. Such Grantor has no commercial tort claims that have been filed with any court in excess of
$2,000,000, other than the commercial tort claims listed on Schedule XI. 
 (j) No authorization or approval or other action by, and
no notice to or filing with, any Governmental Authority is required for (i) the grant by such Grantor of the security interest granted hereunder or for the execution, delivery or performance of this Agreement by such Grantor, (ii) the
perfection or maintenance of the security interest created hereunder to the extent the Company is required under this Agreement to perfect the security interest in any Collateral, and (iii) the exercise by the Collateral Agent of any rights or
remedies in respect of any Collateral pursuant to this Agreement, in each case except for (x) the filings contemplated by Section 5(e) and (y) as may be required in connection with the disposition of any portion
of the Security Collateral by laws affecting the offering and sale of securities generally. 
 (k) Schedule VI sets forth a true and
complete list of the owned registered copyrights and copyright applications relating to the Pledged Intellectual Property, Schedule VII sets forth a true and complete list of the owned registered trademarks and trademark applications related
to the Pledged Intellectual Property, and Schedule V sets forth a true and complete list of the owned registered patents and patent applications relating to the Pledged Intellectual Property, and including for each of the foregoing items
(1) the owner, (2) the title, (3) the jurisdiction in which such item has been registered or otherwise arises or in which an application for registration has been filed, and (4) as applicable, the registration or application
number and registration or application date. 
 (l) The consummation of the transactions contemplated by any Transaction Document shall not
result in any material breach or default of any IP License or limit or impair in any material respect the ownership, use (other than restrictions on use permitted under the Indenture and any other Transaction Document), validity or enforceability
of, or any rights of such Grantor in, any Pledged Intellectual Property. 

  
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 Section 6. Further Assurances. (a) Each Grantor agrees that from time to
time, in accordance with the terms of this Agreement, at the expense of such Grantor and at the reasonable request of the Collateral Agent, such Grantor will promptly execute and deliver, or otherwise authenticate, all further instruments and
documents, and take all further action that may be reasonably necessary or desirable, or that the Collateral Agent may reasonably request, in order to perfect and protect any pledge or security interest granted or purported to be granted by such
Grantor hereunder or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral of such Grantor. Without limiting the generality of the foregoing, each Grantor will: (i) file such
financing or continuation statements, or amendments thereto, and such other instruments or notices, as may be reasonably necessary or desirable, or as the Collateral Agent may reasonably request, in order to perfect and preserve the security
interest granted or purported to be granted by such Grantor hereunder; and (ii) deliver to the Collateral Agent evidence that all other reasonably necessary or desirable actions, or actions that the Collateral Agent may reasonably request, in
each case in accordance with the terms of this Agreement in order to perfect and protect the security interest granted or purported to be granted by such Grantor under this Agreement has been taken. 

(b) Notwithstanding the grants of authority to the Collateral Agent herein, each Grantor hereby authorizes the Collateral Agent to file one or
more financing or continuation statements, and amendments thereto in the applicable UCC filing office, and such financing statements, continuation statements and amendments may describe the Collateral covered thereby as “all assets of the
debtor” or words of similar import. A photocopy or other reproduction of this Agreement shall be sufficient as a financing statement where permitted by law. Each Grantor ratifies its authorization for the Collateral Agent to have filed such
financing statements, continuation statements or amendments filed prior to the date hereof. Notwithstanding anything to the contrary contained herein or in any other Transaction Document, the Collateral Agent shall not have any responsibility for
the preparing, recording, filing, rerecording, or refiling of any financing statements (amendments or continuations) or other instruments in any public office. 

(c) Each Grantor will furnish to the Collateral Agent on an annual basis not more than 30 days following the end of the Company’s fiscal
year, supplements to Schedules I - IV, VIII and X - XI hereto which identify and describe, as of end of the Company’s most recently ended fiscal year, any new Collateral acquired by such Grantor since the supplements most
recently delivered pursuant to this Section 6(c) (unless such new Collateral is disposed by the Grantor in accordance with the terms of the Indenture), and such other information in connection with such new Collateral
listed on such supplements as the Collateral Agent or any Holder may reasonably request, all in reasonable detail. 
 Section 7. As
to Equipment and Inventory. (a) Each Grantor will keep its Equipment having a value in excess of $3,000,000 and Inventory having a value in excess of $3,000,000 (other than Inventory sold in the ordinary course of
business) at the locations therefor specified in Schedule X, or, upon 30 days’ prior written notice to the Collateral Agent (or such lesser time as may be agreed by the Collateral Agent), at such other places
designated by such Grantor in such notice. Schedule X sets forth whether each such location is owned, leased or operated by third parties, and, if leased or operated by third parties, their names and addresses. 

  
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 (b) Each Grantor will pay promptly when due all property and other taxes, assessments and
governmental charges or levies imposed upon, and all claims (including claims for labor, materials and supplies) against, its Equipment and Inventory, except to the extent payment thereof (i) would not reasonably be expected to have a Material
Adverse Effect or (ii) is being contested in good faith by appropriate proceedings and as to which appropriate reserve or other appropriate provision, as shall be required in conformity with GAAP shall have been made. In producing its
Inventory, each Grantor will comply with all requirements of applicable law, except where the failure to so comply will not have a Material Adverse Effect. 

Section 8. Pledged Intellectual Property. 

(a) As of the Closing Date, each Grantor shall execute and deliver to Collateral Agent the short-form intellectual property security agreements
in the form set forth on Exhibit A and suitable for filing in the United States Patent and Trademark Office or the United States Copyright Office, as applicable, which shall include all of the Pledged Intellectual Property in existence on the
Closing Date to the extent such Pledged Intellectual Property does not constitute Excluded Property. The applicable Grantor shall promptly file such short-form intellectual property security agreements in the United States Patent and Trademark
Office or the United States Copyright Office, as applicable. Within 30 days after each December 31 and June 30 following the Closing Date, each Grantor shall notify the Collateral Agent of any additional Pledged Intellectual Property owned
by any Grantor during the most recently ended six-month period ended December 31 or June 30 and continuing in such Grantor’s possession as of the date of such notification and with respect to
such additional registered Pledged Intellectual Property that would represent a change to Schedules V – VII, shall also provide the Collateral Agent with the Intellectual Property Security Agreement in respect of such additional Pledged
Intellectual Property, to the extent such additional Pledged Intellectual Property does not constitute Excluded Property, substantially in the form attached hereto as Exhibit A, which such Grantor shall promptly file in the United States
Patent and Trademark Office or the United States Copyright Office, as applicable. 
 (b) Such Grantor shall (and shall cause all its
licensees to) (1) continue to use each trademark included in the Pledged Intellectual Property in order to maintain such trademark in full force and effect with respect to each class of goods for which such trademark is currently used, free
from any claim of abandonment for non-use other than in the ordinary course of business, (2) maintain at least the same standards of quality of products and services offered under such trademark as are
currently maintained, (3) use such trademark with the appropriate notice of registration and all other notices and legends required by applicable requirements of law, (4) not adopt or use any other trademark that is confusingly similar or
a colorable imitation of such trademark unless the Collateral Agent shall obtain a perfected security interest in such other trademark pursuant to this Agreement, in each case with respect to trademarks that are material, individually or in the
aggregate, to the business of such Grantor. 
 (c) Such Grantor shall take all actions that are necessary or reasonably requested by
Collateral Agent to maintain and pursue each application (and to obtain the relevant registration or recordation) and to maintain each registration and recordation included in the Pledged Intellectual Property except in respect of Pledged
Intellectual Property that is not, individually or in the aggregate, material to the business of such Grantor. 

  
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 (d) In the event that any Pledged Intellectual Property owned or exclusively licensed by
such Grantor and that is, individually or in the aggregate, material to the business of such Grantor is or has been infringed, misappropriated, violated, diluted or otherwise impaired by a third party, such Grantor shall take such action that it
determines in good faith are reasonably appropriate under the circumstances in response thereto. 
 (e) Notwithstanding anything else in the
Transaction Documents to the contrary, the Grantors shall not be required to complete the information in Schedule IX hereto on the Closing Date so long as the Grantors deliver to the Collateral Agent, no later than January 24, 2020, a
Security Agreement Supplement in the form of Exhibit B hereto, containing (i) under Part I thereto, a complete list of the material IP Licenses granted to any Grantor, (ii) under Part II thereto, a description of the categories of IP
Licenses (that are not material IP Licenses listed under Part I thereto) granted to any Grantor, and (iii) a complete list of material IP Licenses granted by the Grantor in respect of Pledged Intellectual Property listed on Schedules V -
VII and a description of the categories of IP Licenses (that are not material IP Licenses) granted by any Grantor, which Security Agreement Supplement shall be deemed to update Schedules V, VI, VII and IX. 

Section 9. Delivery of Security Collateral. Such Grantor shall deliver to Collateral Agent, in suitable form for transfer,
(A) all Pledged Certificated Stock, (B) all Pledged Debt evidenced by a promissory note with a value in excess of $2,000,000 and (C) all certificates and instruments evidencing Investment Property. 

Section 10. Post-Closing Matters. Each Grantor shall satisfy the requirements set forth on Schedule XII on or before the
respective date specified for each such requirement. 
 Section 11. Insurance. Each Grantor will, at its own expense, maintain
insurance with responsible and reputable insurance companies or associations in such amounts and covering such risks as is usually carried by companies engaged in similar businesses and owning similar properties in the same general areas in which
the Company or each Grantor operates. Each such policy of insurance shall (i) in the case of each liability policy, name Collateral Agent on behalf of the Secured Parties as an additional insured thereunder as its interests may appear and
(ii) in the case of each casualty insurance policy contain a loss payable clause or endorsement that names Collateral Agent, on behalf of the Secured Parties, as the loss payee thereunder and, to the extent available, provide for at least
thirty (30) days’ prior written notice to Collateral Agent of any modification or cancellation of such policy. A true and complete listing of such insurance, including issuers, coverages and deductibles, shall be provided to Collateral
Agent at least once during each calendar year and, in any event, promptly following Collateral Agent’s or any Holder’s request. 

Section 12. Post-Closing Changes; Collections on Receivables. (a) If any Grantor changes its name, type of
organization, chief executive office, organizational identification number, Federal employer identification number or jurisdiction of organization from those set forth in Schedule III, it will give prior written notice to
the Collateral Agent 15 days prior to such change and will promptly thereafter take all action reasonably necessary to maintain the perfection of the Collateral Agent’s security interest hereunder and any other reasonably necessary or desirable
actions requested by the Collateral Agent for the purpose of perfecting or protecting the security interest granted by this Agreement in accordance with the terms of this Agreement. Each Grantor will hold and preserve its records relating to the
Collateral, including the Related 

  
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Contracts, and will permit representatives of the Collateral Agent at any time during normal business hours to inspect and make abstracts from such records and other documents no more than once
in any period of twelve (12) consecutive months (or on an unlimited basis during an Event of Default); provided that in no event shall the Company or any of its Subsidiaries be required to provide any such information which
(i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Collateral Agent or any Holder
(or their respective representatives or contractors) is prohibited by Applicable Law or contractual confidentiality obligation owed to a third party (solely to the extent such contractual confidentiality obligation was not entered into in
contemplation here or as a means of circumventing the requirements of the Transaction Documents) or (iii) in the reasonable determination of the Company, is subject to attorney client or similar privilege or constitutes attorney work-product.

 (b) Upon the occurrence and during the continuance of any Event of Default, the Collateral Agent may (but shall not be obligated to) from
time to time, in Collateral Agent’s name or in the name of a nominee of Collateral Agent, verify the validity, amount or any other matter relating to any Receivables or other Collateral, by mail, telephone, facsimile transmission or otherwise
(provided any visits shall be done during normal business hours and at times to be mutually agreed). Except as otherwise provided in this subsection (b), each Grantor, at its own expense and in the ordinary course of business undertaken in a
commercially reasonable manner and consistent with applicable law, will continue to collect, adjust, settle, compromise the amount or payment of, all amounts due or to become due such Grantor under the Receivables. In connection with such
collections, adjustments, settlements, compromises and other exercises of rights, such Grantor may take such action as such Grantor may deem necessary or advisable; provided that the Collateral Agent shall have the right at any time upon the
occurrence and during the continuance of an Event of Default and upon written notice to such Grantor of its intention to do so, to notify the obligors under any Receivables of the assignment of such Receivables to the Collateral Agent and to direct
such obligors to make payment of all amounts due or to become due to such Grantor thereunder directly to the Collateral Agent and, upon such notification and at the expense of such Grantor, to enforce collection of any such Receivables, to adjust,
settle or compromise the amount or payment thereof, in the same manner and to the same extent as such Grantor might have done, and to otherwise exercise all rights with respect to such Receivables, including those set forth in Section 9-607 of the UCC. After receipt by any Grantor of the notice from the Collateral Agent referred to in the proviso to the preceding sentence, (i) all amounts and proceeds (including instruments)
received by such Grantor in respect of the Receivables of such Grantor shall be received in trust for the benefit of the Secured Parties, shall be segregated from other funds of such Grantor and shall be forthwith paid over to the Collateral Agent
in the same form as so received (with any necessary indorsement) to be applied in accordance with Section 20(b) or to prepay the Notes, and (ii) such Grantor will not adjust, settle or compromise the amount or payment of any Receivable,
release wholly or partly any Obligor thereof or allow any credit or discount thereon other than credits or discounts given in the ordinary course of business. 

  
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 (c) No Grantor will authorize the filing of any financing statement naming it as debtor
covering all or any portion of the Collateral owned by it, except for financing statements (i) naming the Collateral Agent on behalf of the Secured Parties as the secured party, and (ii) in respect to other Liens permitted by the
Indenture. Each Grantor acknowledges that it is not authorized to file any amendment or termination statement with respect to any financing statement naming the Collateral Agent as secured party without the prior written consent of the Collateral
Agent, subject to such Grantor’s rights under the UCC. 
 Section 13. Voting Rights; Dividends; Etc.
(a) So long as no Event of Default shall have occurred and be continuing: 
 (i) Each Grantor shall be entitled to exercise any and all
voting and other consensual rights pertaining to the Security Collateral of such Grantor or any part thereof for any purpose not inconsistent with the terms of this Agreement or the other Transaction Documents. 

(ii) Each Grantor shall be entitled to receive and retain any and all dividends, interest and other distributions paid in respect of the
Security Collateral of such Grantor if and to the extent that the payment thereof is not otherwise prohibited by the terms of the Transaction Documents; provided that any and all dividends, interest and other distributions paid or payable in
the form of instruments in respect of, or in exchange for, any Security Collateral, shall be promptly delivered to the Collateral Agent to hold as Security Collateral (to the extent it is not Excluded Property) and shall, if received by such
Grantor, be received in trust for the benefit of the Secured Parties, be segregated from the other property or funds of such Grantor and be promptly delivered to the Collateral Agent as Security Collateral in the same form as so received (with any
necessary indorsement). 
 (iii) The Collateral Agent will execute and deliver (or cause to be executed and delivered) to each Grantor all
such proxies and other instruments as such Grantor may reasonably request in writing for the purpose of enabling such Grantor to exercise the voting and other rights that it is entitled to exercise pursuant to paragraph (i) above and to receive
the dividends or interest payments that it is authorized to receive and retain pursuant to paragraph (ii) above. 
 (b) Upon the
occurrence and during the continuance of an Event of Default: 
 (i) All rights of each Grantor (A) to exercise or refrain from
exercising the voting and other consensual rights that it would otherwise be entitled to exercise pursuant to Section 13(a)(i) shall, upon notice (which may be concurrent notice) to such Grantor by the Collateral Agent,
cease and (B) to receive the dividends, interest and other distributions that it would otherwise be authorized to receive and retain pursuant to Section 13(a)(ii) shall automatically cease, and, in each case, the
Collateral Agent (personally or through an agent) shall thereupon be solely authorized and empowered (but not obligated) to (1) transfer and register in the Collateral Agent’s name, or in the name of the Collateral Agent’s nominee,
the whole or any part of the Security Collateral, it being acknowledged by each Grantor (in its capacity as a Grantor and, if such Grantor is an issuer, in its capacity as an issuer) that such transfer and registration may be effected by the
Collateral Agent by the delivery of a registration page to the applicable issuer, reflecting the Collateral Agent or its designee as the holder of such Security Collateral, or otherwise by the Collateral Agent through its irrevocable appointment as attorney-in-fact pursuant to the terms hereof, (2) exchange certificates or instruments evidencing or representing Security Collateral for certificates or instruments of
smaller or larger denominations, (3) exercise the voting 

  
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and all other rights in respect of the Security Collateral as a holder with respect thereto with or without actually becoming the holder thereof (including, without limitation, all economic
rights, all control rights, authority and powers, and all status rights of such Grantor as a member, shareholder, or other owner of any Issuer) with full power of substitution to do so, (4) collect and receive all dividends and other payments
and distributions made thereon, (5) notify the parties obligated on any of the Security Collateral to make payment to the Collateral Agent of any amounts due or to become due thereunder, (6) endorse instruments in the name of such Grantor
to allow collection of any of the Security Collateral, (7) enforce collection of any of the Security Collateral by suit or otherwise, and surrender, release, or exchange all or any part thereof, or compromise or renew for any period (whether or
not longer than the original period) any liabilities of any nature of any Person with respect thereto, (8) consummate any sales of Security Collateral or exercise other rights as set forth herein, (9) otherwise act with respect to the
Security Collateral as though the Collateral Agent was the outright owner thereof, and/or (10) exercise any other rights or remedies the Collateral Agent may have under the UCC or other applicable law. 

(ii) All dividends, interest and other distributions that are received by any Grantor contrary to the provisions of paragraph (i) of this
Section 13(b) shall be received in trust for the benefit of the Secured Parties, shall be segregated from other funds of such Grantor and shall be promptly paid over to the Collateral Agent as Security Collateral in the
same form as so received (with any necessary indorsement). 
 (iii) In order to permit the Collateral Agent to exercise the voting and other
consensual rights which it may be entitled to exercise pursuant hereto and to receive all dividends and other distributions which it may be entitled to receive hereunder: (A) each Grantor shall promptly execute and deliver (or cause to be
executed and delivered) to the Collateral Agent all proxies, dividend payment orders and other instruments in favor of the Collateral Agent as the Collateral Agent may from time to time reasonably request and (B) each Grantor acknowledges that
the Collateral Agent may utilize the power of attorney and proxy set forth in Section 16. 
 Section 14.
As to Letter-of-Credit Rights and Commercial Tort Claims. (a) Upon the occurrence and during the continuance of an Event of Default, each Grantor
will, promptly upon request by the Collateral Agent, (i) notify (and such Grantor hereby authorizes the Collateral Agent to notify) the issuer and each nominated person with respect to each of the Related Contracts consisting of letters of
credit that the proceeds thereof have been assigned to the Collateral Agent hereunder and any payments due or to become due in respect thereof are to be made directly to the Collateral Agent or its designee and (ii) arrange for the Collateral
Agent to become the transferee beneficiary of letters of credit. 
 (b) In the event that any Grantor hereafter acquires or has a commercial
tort claim that has been filed with any court in excess of $2,000,000, it shall update Schedule XI to identify such new commercial tort claim and deliver it to the Collateral Agent in accordance with Section 6(c).

  
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 Section 15. Transfers and Other Liens. Each Grantor agrees that it will not
(i) sell, assign or otherwise dispose of, or grant any option with respect to, any of the Collateral, other than sales, assignments and other dispositions of Collateral, and options relating to Collateral, permitted under the terms of the
Indenture or (ii) create or suffer to exist any Lien upon or with respect to any of the Collateral of such Grantor except for the pledge, assignment and security interest created under this Agreement and Liens not prohibited under the terms of
the Indenture. 
 Section 16. Collateral Agent Appointed
Attorney-in-Fact. Each Grantor hereby irrevocably appoints the Collateral Agent such Grantor’s
attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of such Grantor or otherwise, from time to time, in the Collateral
Agent’s discretion, to take any action and to execute any instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes of this Agreement, including: 

(a) to ask for, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due under
or in respect of any of the Collateral; 
 (b) to receive, indorse and collect any drafts or other instruments, documents and chattel paper,
in connection with clause (a) above; 
 (c) to file any claims or take any action or institute any proceedings that the Collateral Agent
may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce compliance with the terms and conditions of any Assigned Agreement or the rights of the Collateral Agent with respect to any of the Collateral; 

(d) to take or cause to be taken all actions necessary to perform or comply or cause performance or compliance with the terms of this
Agreement, including actions to pay or discharge taxes or Liens (other than Permitted Liens) levied or placed upon or threatened against the Collateral, the legality or validity thereof and the amounts necessary to discharge the same to be
determined by Collateral Agent in its sole discretion, any such payments made by Collateral Agent to become obligations of such Grantor to Collateral Agent, due and payable immediately without demand; 

(e) (i) to generally to sell, transfer, lease, license, pledge, make any agreement with respect to or otherwise deal with any of the
Collateral as fully and completely as though Collateral Agent were the absolute owner thereof for all purposes, and (ii) to do, at Collateral Agent’s option and such Grantor’s expense, at any time or from time to time, all acts and
things that Collateral Agent deems reasonably necessary to protect, preserve or realize upon the Collateral and Collateral Agent’s security interest therein in order to effect the intent of this Agreement, all as fully and effectively as such
Grantor might do; 
 (f) to repair, alter, or supply goods, if any, necessary to fulfill in whole or in part the purchase order of any person
obligated to the Company or such other Grantor in respect of any Account of the Company or such other Grantor; 
 (g) in the case of any
Pledged Intellectual Property owned by or licensed to such Grantor, execute, deliver and have recorded any document that Collateral Agent may request to evidence, effect, publicize or record Collateral Agent’s security interest in such Pledged
Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto or represented thereby; 

  
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 (h) assign any Pledge Intellectual Property owned by such Grantor or any IP Licenses of such
Grantor throughout the world on such terms and conditions and in such manner as Collateral Agent shall in its sole discretion determine, including the execution and filing of any document necessary to effectuate or record such assignment; and 

(i) to enter upon the premises of a Grantor or any location where any Collateral is located or kept (in the case of leased premises, only to
the extent permitted by the contract, agreement or lease in respect of such premises), in each case without obtaining a final judgment or giving notice to such Grantor and without obligation to pay rent to such Grantor, to remove Collateral
therefrom to the premises of the Collateral Agent or any representative of the Collateral Agent in order to effectively collect or liquidate the Collateral; 

provided that the Collateral Agent shall have and may exercise rights under any of the foregoing clauses (a) through (g) or
otherwise under the power of attorney granted under this Section 16 only upon the occurrence and during the continuance of any Event of Default and such power of attorney shall terminate upon the termination of this
Agreement, or with respect to any Grantor, upon the release of such Grantor in accordance with the terms of the Indenture. 

Section 17. Proxy. 

(a) EACH GRANTOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS COLLATERAL AGENT AS ITS PROXY AND ATTORNEY-IN-FACT FOR SUCH GRANTOR WITH RESPECT TO THE PLEDGED STOCK WITH THE RIGHT TO, AFTER THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, TAKE ANY OF THE FOLLOWING ACTIONS:
(I) TRANSFER AND REGISTER IN ITS NAME OR IN THE NAME OF ITS NOMINEE THE WHOLE OR ANY PART OF THE PLEDGED STOCK, (II) VOTE THE PLEDGED STOCK, WITH FULL POWER OF SUBSTITUTION TO DO SO, (III) RECEIVE AND COLLECT ANY DIVIDEND OR OTHER
PAYMENT OR DISTRIBUTION IN RESPECT OF OR IN EXCHANGE FOR THE SECURITY COLLATERAL OR ANY PORTION THEREOF, TO GIVE FULL DISCHARGE FOR THE SAME AND TO INDORSE ANY INSTRUMENT MADE PAYABLE TO GRANTOR FOR SAME, (IV) EXERCISE ALL OTHER RIGHTS, POWERS,
PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF THE PLEDGED STOCK WOULD BE ENTITLED (INCLUDING, WITH RESPECT TO THE PLEDGED STOCK, GIVING OR WITHHOLDING WRITTEN CONSENTS OF MEMBERS, CALLING SPECIAL MEETINGS OF MEMBERS AND VOTING AT SUCH MEETINGS), AND
(V) TAKE ANY ACTION AND TO EXECUTE ANY INSTRUMENT WHICH COLLATERAL AGENT MAY DEEM NECESSARY OR ADVISABLE TO ACCOMPLISH THE PURPOSES OF THIS AGREEMENT. THE APPOINTMENT OF COLLATERAL AGENT AS PROXY AND ATTORNEY-IN-FACT IS COUPLED WITH AN INTEREST AND SHALL BE VALID AND IRREVOCABLE UNTIL THE NOTE OBLIGATIONS HAVE BEEN INDEFEASIBLY PAID IN FULL IN CASH IN ACCORDANCE WITH THE PROVISIONS OF THE INDENTURE AND
THE OTHER 

  
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TRANSACTION DOCUMENTS; IT BEING UNDERSTOOD THAT SUCH NOTE OBLIGATIONS WILL CONTINUE TO BE EFFECTIVE OR AUTOMATICALLY REINSTATED, AS THE CASE MAY BE, IF AT ANY TIME PAYMENT, IN WHOLE OR IN PART,
OF ANY OF THE NOTE OBLIGATIONS IS RESCINDED OR MUST OTHERWISE BE RESTORED OR RETURNED BY THE COLLATERAL AGENT, OR ANY SECURED PARTY FOR ANY REASON, INCLUDING AS A PREFERENCE, FRAUDULENT CONVEYANCE, OR OTHERWISE UNDER ANY BANKRUPTCY, INSOLVENCY, OR
SIMILAR LAW, ALL AS THOUGH SUCH PAYMENT HAD NOT BEEN MADE; IT BEING FURTHER UNDERSTOOD THAT IN THE EVENT PAYMENT OF ALL OR ANY PART OF THE NOTE OBLIGATIONS IS RESCINDED OR MUST BE RESTORED OR RETURNED, ALL REASONABLE
OUT-OF-POCKET COSTS AND EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES AND DISBURSEMENTS) INCURRED BY THE COLLATERAL AGENT IN DEFENDING AND
ENFORCING SUCH REINSTATEMENT SHALL BE DEEMED TO BE INCLUDED AS A PART OF THE NOTE OBLIGATIONS). SUCH APPOINTMENT OF COLLATERAL AGENT AS PROXY AND ATTORNEY-IN-FACT SHALL
BE VALID AND IRREVOCABLE AS PROVIDED HEREIN NOTWITHSTANDING ANY LIMITATIONS TO THE CONTRARY SET FORTH IN THE ORGANIZATIONAL DOCUMENTS OF ANY GRANTOR OR ANY ISSUER. In order to further affect the foregoing transfer of rights in favor of Collateral
Agent, Collateral Agent shall have the right, upon the occurrence and during the continuance of an Event of Default, to present to any Grantor or any issuer an irrevocable proxy and/or registration page. 

(b) All prior proxies given by any Grantor with respect to any of the Security Collateral (other than to Collateral Agent), are hereby revoked,
and no subsequent proxies (other than to Collateral Agent) will be given with respect to any of the Security Collateral, unless the Collateral Agent otherwise subsequently agrees in writing. The Collateral Agent, as proxy, will be empowered and may
exercise the irrevocable proxy to vote the Security Collateral at any and all times after the occurrence and during the continuance of an Event of Default, including, but not limited to, at any meeting of shareholders, partners, or members, as the
case may be, however called, and at any adjournment thereof, or in any action by written consent, and may waive any notice otherwise required in connection therewith. To the fullest extent permitted by applicable law, the Collateral Agent shall have
no agency, fiduciary, or other implied duties to any Grantor, any Guarantor, or any other Person when acting in its capacity as such proxy or attorney-in-fact. Each
Grantor hereby waives and releases to the fullest extent permitted by applicable law any claims that it may otherwise have against the Collateral Agent with respect to any breach or alleged breach of any such agency, fiduciary, or other duty. 

Section 18. Collateral Agent May Perform. Upon the occurrence and during the continuance of any Event of Default, if any Grantor
fails to perform any agreement contained herein, the Collateral Agent may, but without any obligation to do so, upon notice to the Company of at least five Business Days in advance and if the Company fails to cure within such period, itself perform,
or cause performance of, such agreement, and the expenses of the Collateral Agent incurred in connection therewith shall be payable by such Grantor under Section 21. 

  
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 Section 19. The Collateral Agent’s Duties. The
powers conferred on the Collateral Agent hereunder are solely to protect the Secured Parties’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its
possession and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other
matters relative to any Collateral, whether or not any Secured Party has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any
Collateral. The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which it accords its own
property. 
 Section 20. Remedies. If any Event of Default shall have occurred and be continuing and such Event of Default has
resulted in the acceleration of the Note Obligations in accordance with Section 6.02 of the Indenture, which acceleration has not been rescinded or otherwise terminated: 

(a) The Collateral Agent may (but shall not be obligated to) exercise in respect of the Collateral, in addition to other rights and remedies
provided for herein or otherwise available to it, all the rights and remedies of a secured party upon default under the UCC (whether or not the UCC applies to the affected Collateral) and also may: (i) require each Grantor to, and each Grantor
hereby agrees that it will at its expense and upon request of the Collateral Agent forthwith, make available all or part of the Collateral to the Collateral Agent at a place and time to be designated by the Collateral Agent that is reasonably
convenient to both parties; (ii) subject to applicable law, without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Agent’s offices or
elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Collateral Agent may deem commercially reasonable; (iii) occupy, on a non-exclusive basis, any premises owned or
leased by any of the Grantors where the Collateral or any part thereof is assembled or located for a reasonable period in order to effectuate its rights and remedies hereunder or under law, without obligation to such Grantor in respect of such
occupation (in the case of leased premises, only to the extent permitted by the contract, agreement or lease in respect of such premises); and (iv) exercise any and all rights and remedies of any of the Grantors under or in connection with the
Collateral, or otherwise in respect of the Collateral, including any and all rights of such Grantor to (A) demand or otherwise require payment of any amount under, or performance of any provision of, the Receivables and the other Collateral,
(B) withdraw, or cause or direct the withdrawal, of all funds with respect to the Account Collateral, and (C) exercise all other rights and remedies with respect to the Receivables and the other Collateral, including those set forth in Section 9-607 of the UCC. Each Grantor agrees that, to the extent notice of sale shall be required by law, at least ten days’ notice to such Grantor of the time and place of any public sale, or of the time
after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any
public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Grantor agrees that (A) the internet
shall constitute a “place” for purposes of Section 9-610(b) of the UCC to the extent permitted under applicable Requirements of Law and (B) to the extent notification of sale shall be
required by law, notification by mail of the URL where a sale will occur and the time when a sale will commence at least ten (10) days prior to the sale shall constitute a reasonable notification for purposes of
Section 9-611(b) of the UCC. 

  
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 (b) Any cash held by or on behalf of the Collateral Agent and all cash proceeds received by
or on behalf of the Collateral Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of the Collateral Agent, be held by the Collateral Agent as collateral for, and/or
then or at any time thereafter shall be applied in whole or in part by the Collateral Agent for the benefit of the Secured Parties against, all or any part of the Note Obligations. 

(c) All payments received by any Grantor under or in connection with any Assigned Agreement or otherwise in respect of the Collateral shall be
received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of such Grantor and shall be forthwith paid over to the Collateral Agent in the same form as so received (with any necessary indorsement). 

(d) In each case under this Agreement in which the Collateral Agent takes any action with respect to the Collateral, including proceeds, the
Collateral Agent shall provide to the Company such records and information regarding the possession, control, sale and any receipt of amounts with respect to such Collateral as may be reasonably requested in writing by the Company as a basis for the
preparation of the company’s financial statements in accordance with GAAP. 
 For the purpose of enabling Collateral Agent to exercise rights and
remedies under this Section 20 (including in order to take possession of, collect, receive, assemble, process, appropriate, remove, realize upon, sell, assign, convey, transfer or grant options to purchase any Collateral)
after the occurrence and during the continuance of an Event of Default, each Grantor hereby grants to Collateral Agent, for the benefit of the Secured Parties, (i) an irrevocable, nonexclusive, worldwide license (exercisable without payment of
royalty or other compensation to such Grantor), including in such license the right to sublicense, use and practice any Pledged Intellectual Property now owned or hereafter acquired by such Grantor and access to all media in which any of the
licensed items may be recorded or stored and to all software and programs used for the compilation or printout thereof and (ii) an irrevocable license (without payment of rent or other compensation to such Grantor) to use, operate and occupy
all real property owned, operated, leased, subleased or otherwise occupied by such Grantor. 
 Each Grantor recognizes that the Collateral Agent may be
unable to effect a public sale of any Security Collateral by reason of certain prohibitions contained in the Securities Act and applicable state or foreign securities laws or otherwise or may determine that a public sale is impracticable, not
desirable or not commercially reasonable and, accordingly, may resort to one or more private sales thereof to a restricted group of purchasers that shall be obliged to agree, among other things, to acquire such securities for their own account for
investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such
circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. Collateral Agent shall be under no obligation to delay a sale of any Security Collateral for the period of time necessary to
permit the issuer thereof to register such securities for public sale under the Securities Act or under applicable state securities laws even if such issuer would agree to do so. 

  
 19 

 Each Grantor agrees to use its reasonable best efforts to do or cause to be done all such
other acts as may be necessary to make such sale or sales of any portion of the Security Collateral pursuant to this Section 20 valid and binding and in compliance with all applicable requirements of law. Each Grantor
further agrees that a breach of any covenant contained herein will cause irreparable injury to Collateral Agent and other Secured Parties, that Collateral Agent and the other Secured Parties have no adequate remedy at law in respect of such breach
and, as a consequence, that each and every covenant contained herein shall be specifically enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert any defense against an action for specific performance of such
covenants except for a defense that no Event of Default has occurred under the Indenture. Each Grantor waives any and all rights of contribution or subrogation upon the sale or disposition of all or any portion of the Security Collateral by
Collateral Agent. 
 Section 21. Indemnity and Expenses. (a) Each Grantor agrees to indemnify each Secured Party and each of its
Affiliates and their respective officers, agents, directors and employees (each, an “Indemnified Party”) for, and hold it harmless against, any loss, liability, claim, damage or express incurred without gross negligence or
willful misconduct on the part of such Indemnified Party (as determined by the final order of a court of competent jurisdiction). 
 (b) Each
Grantor will pay or reimburse the Collateral Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Collateral Agent in connection with (i) the custody, preservation, use or operation of, or the
sale of, collection from or other realization upon, any of the Collateral of such Grantor, (ii) the exercise or enforcement of any of the rights of the Collateral Agent or the other Secured Parties hereunder or (iii) the failure by such
Grantor to perform or observe any of the provisions hereof (including the reasonable compensation and the expenses and disbursements of its counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as
shall be determined to have been caused by its own negligence or willful misconduct as determined by a final order of a court of competent jurisdiction. 

(c) The undertakings in this Section 21 shall survive termination of this Agreement, the payment of all Note
Obligations and the resignation of the Collateral Agent. 
 Section 22. Amendments; Waivers; Additional Grantors; Etc. (a) No
amendment or waiver of any provision of this Agreement, and no consent to any departure by any Grantor herefrom, shall in any event be effective unless the same shall be in writing and signed by the Collateral Agent and, with respect to any
amendment, the Company on behalf of the Grantors, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No failure on the part of the Collateral Agent or any other Secured
Party to exercise, and no delay in exercising any right hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. 

  
 20 

 (b) Each Subsidiary of the Company that is required to grant security to the Collateral
Agent pursuant to the terms of the Indenture shall become a Grantor for all purposes of this Agreement upon the execution and delivery by such person of a security agreement supplement in substantially the form of Exhibit B
hereto (each a “Security Agreement Supplement”). Such person shall be referred to as an “Additional Grantor” and each reference in this Agreement and the other Transaction Documents to
“Grantor” shall also mean and be a reference to such Additional Grantor, each reference in this Agreement and the other Transaction Documents to the “Collateral” shall also mean and be a reference to the Collateral granted by
such Additional Grantor and each reference in this Agreement to a Schedule shall also mean and be a reference to the schedules attached to such Security Agreement Supplement. 

(c) To the extent any Pledged Stock or Pledged Debt has not been delivered as of the Closing Date, such Grantor shall deliver a pledge
amendment duly executed by the Grantor in substantially the form of Exhibit C. Such Grantor authorizes Agent to attach each Pledge Amendment to this Agreement. 

Section 23. Confidentiality; Notices; References. (a) Each of the Collateral Agent and the Secured Parties agree to maintain the
confidentiality of the Information (as defined below) except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors, and funding
sources on a “need to know” basis (it being understood that the persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential and shall
agree to keep such Information confidential), (b) to the extent requested by any regulatory authority, (c) to the extent required by Applicable Law or regulations or by any subpoena or similar legal process, (d) to any other party to
this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or any other Transaction Document or the enforcement of rights hereunder or thereunder, (f) subject
to a written agreement containing provisions substantially the same as those of this Section 23, to any permitted assignee of, or any permitted prospective assignee of, any of its rights or obligations under this Agreement,
(g) with the prior written consent of the Company or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section 23 or (ii) becomes available to
the Collateral Agent or any Holder on a non-confidential basis from a source other than the Company (who in the reasonable belief of the Collateral Agent or any Holder is not known to be subject to an
agreement regarding confidentiality of such Information. For the avoidance of doubt, the obligations of any Secured Party under this Section 23(a) shall not be abrogated by such Secured Party’s assignment of its Notes
under the terms of the Notes. For the purposes of this Section 23, “Information” means all information received from the Company relating to the Company or its business, other than any such information that
is available to the Collateral Agent or any Holder on a non-confidential basis prior to disclosure by the Company. 

(b) Any notice, request or other communication required or permitted hereunder shall be given in writing (which may be by PDF attachment sent
via email) to each of the other parties thereto entitled at the following notice locations (or at such other notice location as such party may designate by five (5) calendar days’ advance written notice similarly given to each of the other
parties hereto): 

  
 21 

 If to Company: 

Acorda Therapeutics, Inc. 

Attn: David Lawrence 
 420 Saw
Mill River Road 
 Ardsley, New York 10502 

Tel:                      

Email:                      

with a copy to (which shall not constitute notice): 

Covington & Burling LLP 

Attn: Eric Blanchard 
 620
Eighth Avenue 
 New York, New York 10018 

Email:                      

If to Collateral Agent: 
 Wilmington Trust,
National Association 
 1100 N. Market Street 

Wilmington, DE 19890 

Attention: Acorda Notes Administrator 

Tel:                      

Fax:                      

Email:                      

with a copy to (which shall not constitute notice): 

Shipman & Goodwin LLP 

One Constitution Plaza 

Hartford, CT 06103 
 Attn: Marie
C. Pollio 
 Tel:                     

 Email:                      

Section 24. Continuing Security Interest; Assignments Under the Notes. This Agreement shall create a
continuing security interest in the Collateral and shall (a) continue in effect (notwithstanding the fact that from time to time there may be no Note Obligations outstanding) until (i) the Notes have terminated pursuant to their express
terms and (ii) all of the Note Obligations (other than any contingent indemnification obligations not then due and payable) have been paid in full and no commitments of the Collateral Agent or the Holders which would give rise to any Note
Obligations are outstanding, (b) be binding upon each Grantor, its successors and assigns and (c) inure, together with the rights and remedies of the Collateral Agent hereunder, to the benefit of the Secured Parties and their respective
successors, permitted transferees and permitted assigns. Without limiting the generality of the foregoing clause (c), to the extent 

  
 22 

 
permitted in Section 2.05 of the Indenture, any Holder may assign or otherwise transfer all or any portion of its rights and obligations under the Notes to any permitted transferee, and such
permitted transferee shall thereupon become vested with all the benefits in respect thereof granted to such Holders herein or otherwise. 

Section 25. Release; Termination. (a) Upon any disposition of any item of Collateral of any Grantor as permitted by
Section 4.11 of the Indenture and not otherwise prohibited under the Indenture, the security interests granted under this Agreement by such Grantor in such Collateral shall immediately terminate and automatically be released and upon receipt by
the Collateral Agent of a written certification by the Company that such disposition or other event, as applicable, is not prohibited under the terms of the Indenture (which written certification the Collateral Agent shall be entitled to rely
conclusively without further inquiry), Collateral Agent will at the Grantor’s request and expense deliver to such Grantor all notes and other instruments representing any Pledged Debt, Receivables or other Collateral so released, and Collateral
Agent will, at such Grantor’s expense, promptly execute and deliver to such Grantor such documents as such Grantor shall reasonably request in writing to evidence the release of such item of Collateral from the assignment and security interest
granted hereby. 
 (b) At such time as the Note Obligations shall have been paid in full, the Collateral shall be automatically released from
the Liens created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Collateral Agent and each Grantor hereunder shall automatically terminate, all without delivery of any instrument
or performance of any act by any party, and all rights to Collateral shall revert to the Grantors. At the request and sole expense of any Grantor following any such termination, the Collateral Agent shall promptly deliver to such Grantor any
Collateral held by the Collateral Agent hereunder, and promptly execute and deliver to such Grantor such documents as such Grantor shall reasonably request in writing to evidence such termination. At the request and sole expense of the Company, a
Grantor shall be released from its obligations hereunder in the event that all the Capital Stock of such Grantor shall be sold, transferred or otherwise disposed of in a transaction permitted under the terms of the Indenture. 

Section 26. Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier or pdf shall be effective as
delivery of an original executed counterpart of this Agreement. 
 Section 27. Conflicts. In the event of any conflict or
inconsistency between any of the provisions of this Agreement and any of the provisions of the Indenture, the provisions of the Indenture shall prevail and control. 

Section 28. Governing Law. THIS AGREEMENT, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF). 

  
 23 

 Section 29. Jurisdiction; Waiver of Jury Trial. (a) Each Grantor
irrevocably consents and agrees, for the benefit of the Holders from time to time of the Notes and the Collateral Agent, that any legal action, suit or proceeding against it with respect to obligations, liabilities or any other matter arising out of
or in connection with this Agreement may be brought in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York and, until amounts due and to become due in respect of the
Notes have been paid, hereby irrevocably consents and submits to the non-exclusive jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or
proceeding for itself in respect of its properties, assets and revenues. 
 (b) Each Grantor irrevocably and unconditionally waives, to the
fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Agreement brought in the courts of the State of
New York or the courts of the United States located in the Borough of Manhattan, New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or
proceeding brought in any such court has been brought in an inconvenient forum. 
 EACH OF THE GRANTORS AND THE 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 AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 30. Reinstatement. Each Grantor agrees that, if any payment made by the Company, any Guarantor or other Person and applied
to the Note Obligations is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or the proceeds of any Collateral are required to be returned by
any Secured Party to the Company, such Guarantor, its estate, trustee, receiver or any other party, including any Grantor, under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or
repayment, any Lien or other Collateral securing such liability shall be and remain in full force and effect, as fully as if such payment had never been made. If, prior to any of the foregoing, (a) any Lien or other Collateral securing such
Grantor’s liability hereunder shall have been released or terminated by virtue of the foregoing or (b) any provision of the Guarantee under the Indenture shall have been terminated, cancelled or surrendered, such Lien, other Collateral or
provision shall be reinstated in full force and effect and such prior release, termination, cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the obligations of any such Grantor in respect of any Lien or
other Collateral securing such obligation or the amount of such payment. 
 Section 31. Concerning the Collateral Agent.
Wilmington Trust, National Association is acting under this Agreement solely in its capacity as Collateral Agent under the Indenture and not in its individual capacity. In acting hereunder, the Collateral Agent shall be entitled to all of the
rights, privileges and immunities granted to it under the Indenture, as if such rights, privileges and immunities were set forth herein. 

  
 24 

 [Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, each Grantor has caused this Agreement to be duly executed and delivered
by its officer thereunto duly authorized as of the date first above written. 
  

			
	ACORDA THERAPEUTICS, INC.
		
	By:	 	 /s/ Ron Cohen

	Name:	 	Ron Cohen, M.D.
	Title:	 	President, Chief Executive Officer
	
	CIVITAS THERAPEUTICS, INC.
		
	By:	 	 /s/ Ron Cohen

	Name:	 	Ron Cohen, M.D.
	Title:	 	Authorized Representative

 
					
	WILMINGTON TRUST, NATIONAL ASSOCIATION, solely in its capacity as Collateral Agent
		
	By:	 	 /s/ W. Thomas Morris, II

		 	Name:	 	W. Thomas Morris, II
		 	Title:	 	Vice President

 ATTACHMENT 1 

CERTAIN DEFINITIONS 
 For purposes of this
Agreement, the following terms used in the Indenture and not otherwise defined in this Agreement are used in this Agreement as define in the Indenture. Further, shall have the following meanings: 

“Applicable Law” means, as to any person, all statutes, rules, regulations, orders or other requirements having the force of law and
applicable to such person, and all court orders and injunctions, and/or similar rulings and applicable to such person, in each case of or by any Governmental Authority, or court, or tribunal which has jurisdiction over such person, or any property
of such person. 
 “ARCUS Technology” means the Intellectual Property platform to formulate large porous particles used in the
systemic and localized pulmonary delivery of therapeutics, initially developed by the laboratory of Robert S. Langer Sc.D., to which Acorda obtained global rights as part of the acquisition of Civitas Therapeutics in 2014 and as further developed
thereafter and used in the manufacture or sale of Secured Products. 
 “Closing Date” means December 23, 2019. 

“Excluded Accounts” means any and all of the (i) payroll, employee benefits, healthcare, escrow, fiduciary, defeasance,
redemption, trust, tax and other similar accounts solely to the extent such accounts only hold cash to be used for such purposes, (ii) any “zero balance” account the entire balance of which is swept daily to a non-Excluded Account, (iii) other accounts prohibited by Applicable Law from being pledged to, or having a security interest therein granted to, a third party and (iv) other accounts of the Company or any
Grantor with aggregate balances for all such accounts under this clause (iv) of less than $5,000. 
 “Excluded Chelsea
Equipment” means (i) the Size 7 spray dryer and (ii) all Equipment related to the operation of the Size 7 spray dryer, collectively located in Building A northwest of corridor 6125 and on each floor directly above such area,
Building D and Building E at 190 Everett Avenue, Chelsea, Massachusetts location. 
 “Governmental Authority” means the government
of the United States of America, any other nation or any political subdivision thereof, whether state, local or other, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
 “Intellectual
Property” means all intellectual property of the Company and its Subsidiaries, including: 
 (a) all patents, patent
applications, utility models and statutory invention registrations, all inventions claimed or disclosed therein and all improvements thereto; 

 (b) all trademarks, service marks, uniform resource locators, domain names, trade dress,
logos, designs, slogans, trade names, business names, corporate names and other source identifiers, whether registered or unregistered, together, in each case, with the goodwill symbolized thereby; 

(c) all copyrights, including copyrights in computer software, internet web sites and the content thereof, whether registered or unregistered;
all confidential and proprietary information, including know-how, trade secrets, manufacturing and production processes and techniques, inventions, research and development information, databases and data,
including technical data, financial, marketing and business data, pricing and cost information, business and marketing plans and customer and supplier lists and information, and all other intellectual, industrial and intangible property of any type,
including industrial designs and mask works; 
 (d) except as set forth above, all registrations and applications for registration for any of
the foregoing, including those registrations and applications for registration, together with all reissues, divisions, continuations, continuations-in-part, extensions,
renewals and reexaminations thereof; 
 (e) all agreements, permits, consents, orders, IP Licenses and franchises relating to the license,
development, use or disclosure of any of the foregoing to which such Grantor, now or hereafter, is a party or a beneficiary; 
 (f) any and
all claims for damages and injunctive relief for past, present and future infringement, dilution, misappropriation, violation, misuse or breach with respect to any of the foregoing, with the right, but not the obligation, to sue for and collect, or
otherwise recover, such damages; 
 (g) all IP Ancillary rights related thereto; and 

(h) all trade secrets, know how, technical information, documentation, commercial information and other information having a business value
that is not generally known to the public, including but not limited to source code, inventions, unfiled invention disclosures, improvements, customer information, data, databases (whether or not registered), designs, distribution information,
drawings, flow sheets, formulas, know-how and proprietary methods, processes, techniques, formulae and technology. 

“IP Ancillary Rights” means, with respect to any Intellectual Property, as applicable, all foreign counterparts to, and all
divisionals, reversions, continuations, continuations-in-part, reissues, reexaminations, renewals and extensions of, such Intellectual Property and all income,
royalties, proceeds and liabilities at any time due or payable or asserted under or with respect to any of the foregoing or otherwise with respect to such Intellectual Property, including all rights to sue or recover at law or in equity for any
past, present or future infringement, misappropriation, dilution, violation or other impairment thereof, and, in each case, all rights to obtain any other IP Ancillary Right. 

“IP License” means all contractual obligations (and all related IP Ancillary Rights), whether written or oral, granting any right,
title and interest in or relating to any Pledged Intellectual Property. 

 “Material Adverse Effect” means a material adverse effect on (a) the
business, condition (financial or otherwise), operations, performance or properties of the Company and any person whose accounts are consolidated with the accounts of the Company in accordance with GAAP, taken as a whole, (b) the rights and
remedies of the Collateral Agent or any Holder under this Agreement or the Indenture or (c) the ability of the Company or any Grantor to perform its obligations under this Agreement or the Indenture. 

“Pledged Intellectual Property” means (i) the Intellectual Property listed on Schedules
V-VIII hereto and (ii) all other Intellectual Property owned or controlled by the Company and the Grantors related to the use, production, manufacture, commercialization or distribution of any Secured
Product. 
 “Requirement of Law” means, as to any person, the certificate of incorporation and
by-laws or other organizational or governing documents of such person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case
applicable to or binding upon such person or any of its property or to which such person or any of its property is subject. 
 “Secured
Parties” means any of the Trustee, the Collateral Agent and the Holders, as well as any other holder of Note Obligations. 

“Secured Products” means Ampyra (dalfampridine), Fampyra (fampridine) and Inbrija (levodopa inhalation powder). 

 SCHEDULE VIII 

UNREGISTERED INTELLECTUAL PROPERTY 

All know-how, trade secrets, manufacturing and production processes and techniques, inventions, research and
development information, databases and data, including technical data, financial, marketing and business data, pricing and cost information, business and marketing plans and customer and supplier lists and information, and all other intellectual,
industrial and intangible property of any type, including industrial designs and mask works, in each case necessary or useful to the commercialization of the Secured Products including, but not limited to, the ARCUS Technology and the New Drug
Application (NDA) corresponding to each Secured Product. 

  
 1 

 SCHEDULE XII 

POST-CLOSING MATTERS 

1. No later than January 3, 2020 after the Closing Date, each Grantor shall deliver to the Administrative Agent a certificate
representing the Capital Stock owed by such Grantor that constitutes Collateral (without transfer restrictions noted, other than customary securities law restrictions) together with instruments of transfer duly endorsed in blank. 

2. No later than January 24, 2020 after the Closing Date, the Grantors shall deliver endorsements naming the Collateral Agent, for the
benefit of Secured Parties, as additional insured and loss payee with respect to all insurance required to be maintained pursuant to Section 11 of the Security Agreement. 

  
 1 

 EXHIBIT A 

TO SECURITY AGREEMENT 
 FORM OF 

[TRADEMARK / PATENT / COPYRIGHT] SECURITY AGREEMENT 

This [TRADEMARK / PATENT / COPYRIGHT] SECURITY AGREEMENT (as amended, amended and restated, supplemented or otherwise modified from time to
time, the “Short Form IP Security Agreement”) dated [●], 20[ ], is made by the [NAME] [ENTITY TYPE AND JURISDICTION] and the [NAME] [ENTITY TYPE AND JURISDICTION] (the “Grantors”) in favor of Wilmington Trust,
National Association, as Collateral Agent (the “Collateral Agent”) for the Secured Parties. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Indenture and the
Security Agreement referred to therein. 
 WHEREAS, Acorda Therapeutics, Inc. (the “Issuer”), the guarantors from time to
time party thereto, and Wilmington Trust, National Association as Trustee and Collateral Agent (in such capacity, the “Collateral Agent”) have entered into that certain Indenture, dated December 23, 2019 (as amended, amended and
restated, supplemented or otherwise modified from time to time, the “Indenture”) pursuant to which the Issuer issued an aggregate principal amount of $[_______] of its senior secured convertible notes due 2024 (the
“Notes”). 
 WHEREAS, in connection with the Indenture, each Grantor has entered into that certain Security Agreement dated
December 23, 2019 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”) as a condition precedent to the issuance of the Notes under the Indenture. 

WHEREAS, under the terms of the Security Agreement, each Grantor has granted to the Collateral Agent, for the ratable benefit of the Secured
Parties, a security interest in, among other property, certain intellectual property of the Grantor, and has agreed as a condition thereof to execute this Intellectual Property Security Agreement for recording with the [U.S. Patent and Trademark
Office] [United States Copyright Office]. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Grantor agrees as follows: 
 SECTION 1. Grant of Security. Grantor hereby grants to the Collateral Agent
for the ratable benefit of the Secured Parties a security interest in all of Grantor’s right, title and interest in and to the following, in each case to the extent not Excluded Property (the “Collateral”): 

(a) [the United States registered patents and patent applications set forth in Schedule A hereto;] 

 (b) [the United States registered trademarks and trademarks for which United States
applications are pending set forth in Schedule A hereto; and] 
 (c) [the United States registrations of copyrights set forth in Schedule A
hereto.] 
 SECTION 2. Recordation. This Intellectual Property Security Agreement has been executed and delivered by the Grantor for
the purpose of recording the grant of security interest herein with the [United States Patent and Trademark Office][United States Copyright Office]. The Grantor authorizes and requests that the [Register of Copyrights] [Commissioner for
Patents][Commissioner for Trademarks] record this Intellectual Property Security Agreement. 
 SECTION 3. Execution in Counterparts.
This Intellectual Property Security Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

SECTION 4. Grants, Rights and Remedies. This Intellectual Property Security Agreement has been entered into in conjunction with the
provisions of the Security Agreement. Grantor does hereby acknowledge and confirm that the grant of the security interest hereunder to, and the rights and remedies of, the Collateral Agent with respect to the Collateral are more fully set forth in
the Security Agreement, the terms and provisions of which are incorporated herein by reference as if fully set forth herein. In the event of any conflict between the terms of this Intellectual Property Security Agreement and the terms of the
Security Agreement, the terms of the Security Agreement shall govern. 
 SECTION 5. Governing Law. This Intellectual Property
Security Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 
 SECTION 6.
Severability. In case any one or more of the provisions contained in this Intellectual Property Security Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions contained herein and in the Security Agreement shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the
validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 7. Concerning the Collateral Agent. Wilmington
Trust, National Association is acting under this Intellectual Property Security Agreement solely in its capacity as Collateral Agent under the Indenture and not in its individual capacity. In acting hereunder, the Collateral Agent shall be entitled
to all of the rights, privileges and immunities granted to it under the Indenture, as if such rights, privileges and immunities were set forth herein. 

[Remainder of Page Intentionally Blank] 

 IN WITNESS WHEREOF, Grantor has caused this Intellectual Property Security Agreement
to be duly executed and delivered by its officer thereunto duly authorized as of the date first above written. 
  

			
	 ACORDA THERAPEUTICS, INC.,

    as Grantor

		
	By:	 	
                 

		 	Name:
		 	Title:
	
	 CIVITAS THERAPEUTICS, INC.,

    as Grantor

		
	By:	 	
                 

		 	Name:
		 	Title:

 [Signature Page to [Trademark / Patent / Copyright] Security Agreement] 

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION,     solely in its capacity as Collateral Agent
		
	By:	 	
                 

		 	Name:
		 	Title:

 [Signature Page to [Trademark / Patent / Copyright] Security Agreement] 

 SCHEDULE A 

TO [COPYRIGHT][TRADEMARK][PATENT] SECURITY AGREEMENT 

1. UNITED STATES REGISTERED [COPYRIGHTS] [TRADEMARKS] [PATENTS] 

[Include Registration Number and Date] 

2. UNITED STATES REGISTERED [TRADEMARK] [PATENT] APPLICATIONS 

[Include Application Number and Date] 

 EXHIBIT B 

TO SECURITY AGREEMENT 
 FORM OF
SECURITY AGREEMENT SUPPLEMENT 
 SUPPLEMENT NO. [__] (this “Supplement”), dated as of [__________], to the Security
Agreement, dated as of December 23, 2019 (as amended, supplemented or otherwise modified from time to time, the “Security Agreement”), among the Grantors (as defined therein) and WILMINGTON TRUST, NATIONAL ASSOCIATION
(“Wilmington Trust”), as Collateral Agent for the Secured Parties. 
 A. Reference is made to the Indenture dated as of
December 23, 2019 (as amended, supplemented or otherwise modified from time to time, the “Indenture”), among Acorda Therapeutics, Inc., the guarantors from time to time party thereto, and Wilmington Trust, as Trustee and
Collateral Agent (in such capacity, the “Collateral Agent”). 
 B. Capitalized terms used herein and not otherwise defined
herein shall have the meanings assigned to such terms in the Indenture and the Security Agreement referred to therein. 
 C. The Grantors
previously entered into the Security Agreement as a condition precedent to the issuance of the Notes under the Indenture. Section 22(b) of the Security Agreement provides that certain Persons may become Grantors under the
Security Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Person (the “Additional Grantor”) is executing this Supplement in accordance with the requirements of the Indenture to
become a Grantor under the Security Agreement. 
 Accordingly, the Collateral Agent and the Additional Grantor agree as follows: 

SECTION 1. In accordance with Section 22(b) of the Security Agreement, the Additional Grantor by its signature below
becomes a Grantor under the Security Agreement with the same force and effect as if originally named therein as a Grantor and the Additional Grantor hereby (a) agrees to all the terms and provisions of the Security Agreement applicable to it as
a Grantor thereunder, whether not existing or hereafter arising, and (b) represents and warrants that the representations and warranties made by it as a Grantor thereunder are true and correct on and as of the date hereof. In furtherance of the
foregoing, the Additional Grantor, as security for the payment and performance in full of the Note Obligations, does hereby create and grant to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, their
successors and assigns, a security interest in and lien on all of the Additional Grantor’s right, title and interest in and to the Collateral (as defined in the Security Agreement) of the Additional Grantor. Each reference to a
“Grantor” in the Security Agreement shall be deemed to include the Additional Grantor. The Security Agreement is hereby incorporated herein by reference. 

SECTION 2. The Additional Grantor represents and warrants to the Collateral Agent and the other Secured Parties that this Supplement has been
duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles
of equity. 

 SECTION 3. This Supplement may be executed in counterparts (and by different parties hereto
on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Collateral Agent shall have received a counterpart of
this Supplement that bears the signature of the Additional Grantor, and the Collateral Agent has executed a counterpart hereof. Delivery of an executed signature page to this Supplement by facsimile transmission or other electronic communication
shall be as effective as delivery of a manually signed counterpart of this Supplement. 
 SECTION 4. The Additional Grantor hereby
represents and warrants that (a) set forth on Schedule I hereto is a true and correct list of the all Pledged Stock of such Additional Grantor and of any other Security Collateral of such Additional Grantor evidenced by a certificate or
instrument with a fair market value in excess of $2,000,000 and all Pledged Debt of such Additional Grantor evidenced by a promissory note with a value in excess of $2,000,000, (b) set forth on Schedule II hereto is a true and correct list of each
Receivable of such Additional Grantor evidenced by a promissory note or other instrument in excess of $3,000,000, (c) set forth on Schedule III hereto is a true and correct list of the Additional Grantor’s true and correct legal name, its
jurisdiction of formation, the location of its chief executive office, its organizational identification number, its Federal employer identification number and any location where it keeps books and records, (d) set forth on Schedule V hereto is
a true and correct list of all owned registered patents and patent applications of such Additional Guarantor relating to the Pledged Intellectual Property, (e) set forth on Schedule VI hereto is a true and correct list of the owned registered
copyrights and copyright applications of such Additional Grantor relating to the Pledged Intellectual Property, (f) set forth on Schedule VII hereto is a true and correct list of the owned registered trademarks and trademark applications of
such Additional Grantor relating to the Pledged Intellectual Property, (g) set forth on schedule VIII hereto is a true and correct list of all unrestricted Intellectual Property of such Additional Grantor relating to the Pledged Intellectual
Property, (h) set forth on schedule IX hereto is a true and correct list of the material IP Licenses of such Additional Grantor and a description of any additional categories of IP Licenses entered into by such Additional Grantor in the
ordinary course of business, (i) set forth on Schedule X hereto is any location where such Additional Grantor keeps Equipment and Inventory having a value in excess of $3,000,000 and (j) set forth on Schedule XI hereto is a true and
correct list of each letter of credit and each commercial tort claim, in each case having a value in excess of $2,000,000. 
 SECTION 5.
Except as expressly supplemented hereby, the Security Agreement shall remain in full force and effect. 
 SECTION 6. THIS SUPPLEMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

 SECTION 7. Severability. In case any one or more of the provisions contained in this
Supplement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Security Agreement shall not in any way be affected or impaired thereby (it
being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to
replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 8. All communications and notices hereunder shall be in writing and given as provided in Section 23 of the
Security Agreement. 
 SECTION 9. Concerning the Collateral Agent. Wilmington Trust, National Association is acting under this
Supplement solely in its capacity as Collateral Agent under the Indenture and not in its individual capacity. In acting hereunder, the Collateral Agent shall be entitled to all of the rights, privileges and immunities granted to it under the
Indenture, as if such rights, privileges and immunities were set forth herein. 
 [Remainder of Page Intentionally Blank] 

 IN WITNESS WHEREOF, the Additional Grantor and the Collateral Agent have duly
executed this Supplement to the Security Agreement as of the day and year first above written. 
  

			
	 [NAME OF ADDITIONAL GRANTOR],

    as Additional Grantor

		
	By:	 	  

		 	Name:
		 	Title:
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION,     solely in its capacity as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT C 

TO SECURITY AGREEMENT 
 FORM OF
PLEDGE AMENDMENT 
 This Pledge Amendment, dated as of __________ __, 20__, is delivered pursuant to
Section 22(c) of the Security Agreement, dated as of December 23, 2019 (as amended, supplemented or otherwise modified from time to time, the “Security Agreement”), among the Grantors (as defined
therein) and WILMINGTON TRUST, NATIONAL ASSOCIATION, as Collateral Agent for the Secured Parties. Capitalized terms used herein without definition are used as defined in the Guaranty and Security Agreement. 

The undersigned hereby agrees that this Pledge Amendment may be attached to the Security Agreement and that the Pledged Stock and Pledged Debt
listed on Annex 1 to this Pledge Amendment shall be and become part of the Collateral referred to in the Security Agreement and shall secure all Note Obligations of the undersigned. 

The undersigned hereby represents and warrants that each of the representations and warranties contained in
Section 5 of the Security Agreement is true and correct and as of the date hereof as if made on and as of such date. 
  

			
	[GRANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

 Annex 1 

PLEDGED STOCK 

									
	 ISSUER
	  	 CLASS
	  	 CERTIFICATE

NO(S).
	  	 PAR VALUE
	  	 NO. OF

SHARES,
 UNITS OR

INTERESTS

PLEDGED DEBT 
  

									
	 ISSUER
	  	 DESCRIPTION OF

DEBT
	  	 CERTIFICATE

NO(S).
	  	 FINAL

MATURITY
	  	 PRINCIPAL

AMOUNTEX-10.3

 Exhibit 10.3 

Execution Version 
  

 
  

REGISTRATION RIGHTS AGREEMENT 

among 
 THE EXCHANGING HOLDERS
PARTY HERETO 
 and 

ACORDA THERAPEUTICS, INC. 

Dated as of December 20, 2019 
  

 
  

 REGISTRATION RIGHTS AGREEMENT 

REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of December 20, 2019, by and among Acorda
Therapeutics, Inc., a Delaware corporation, with its principal offices at 420 Saw Mill River Road, Ardsley, NY 10502 (the “Company”), and the undersigned exchanging holders (each, an “Exchanging Holder”, and
collectively, the “Exchanging Holders”). 
 WHEREAS: 

A.    The Company has entered into one or more exchange agreements with the Exchanging Holders to exchange a portion of
its outstanding 1.75% Convertible Senior Notes due 2021 for new 6.00% Convertible Senior Secured Notes due 2024 (the “Convertible Notes”) in privately negotiated transactions (the “Private Exchange”). 

B.    The Convertible Notes are to be issued pursuant to an indenture of even date herewith (the
“Indenture”) among the Company, Civitas Therapeutics, Inc. and the trustee and collateral agent named therein relating to the issuance of the Convertible Notes. 

C.    To induce the Existing Holders to participate in the Private Exchange, the Company has agreed to provide certain
registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “1933 Act”), and applicable state securities laws.  

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and each of the Exchanging Holders hereby agree as follows: 

1.    Definitions. 

Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Indenture. As used in this
Agreement, the following terms shall have the following meanings: 
 a.    “Business Day” means any day
other than a Saturday, a Sunday, a Federal holiday or any other day on which the SEC’s Washington, DC office or commercial banks in the City of New York are authorized or required by law to remain closed the public.  

b.    “Closing Date” means December 23, 2019. 

c.    “Common Stock” means the common stock of the Company, par value $0.001 per share. 

 d.    “Effective Date” means the date on which a
Registration Statement, through which the resale of Registrable Securities by one or more Investors shall be registered, has been declared effective by the SEC. 

e.    “Effectiveness Deadline” means (i) with regard to any Registration Statement registering the
resale of all Registrable Securities issuable with regard to the Convertible Notes up to the Authorized Share Conversion Cap, the date that is the earlier of (A) 105 days after the Closing Date and (B) four Trading Days following the date on
which the Staff notifies the Company that either (x) such Registration Statement is not subject to review (y) or the Staff has no further comments to such Registration Statement, and (ii) with regard to any Registration Statement
registering the resale of Registrable Securities issuable with regard to the Convertible Notes in excess of the Authorized Share Conversion Cap, the date that is the earlier of (A) 105 days after the Authorized Share Amendment Date and (B) four
Trading Days following the date on which the Staff notifies the Company that either (x) such Registration Statement is not subject to review (y) or the Staff has no further comments to such Registration Statement. 

f.    “Filing Deadline” means (i) with regard to any Registration Statement registering the resale
of all Registrable Securities issuable with regard to the Convertible Notes up to the Authorized Share Conversion Cap, the date that is 30 days after the Closing Date, and (ii) with regard to any Registration Statement registering the resale of
Registrable Securities issuable with regard to the Convertible Notes in excess of the Authorized Share Conversion Cap, the date that is 10 Business Days after the Authorized Share Amendment Date.  

g.    “Investor” means an Exchanging Holder or any transferee or assignee thereof to whom an Exchanging
Holder assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9 and any transferee or assignee thereof to whom a transferee or assignee assigns its rights under this
Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9 for so long as any of the foregoing continues to hold Registrable Securities.  

h.    “Person” means an individual, a limited liability company, a partnership, a joint venture, a
corporation, a trust, an unincorporated organization and a government or any department or agency thereof.  

i.    “register”, “registered” and “registration” refer to a
registration effected by preparing and filing one or more Registration Statements (as defined below) in compliance with the 1933 Act and pursuant to Rule 415 and the declaration or ordering of effectiveness of such Registration Statement(s) by the
SEC.  
 j.    “Registrable Securities” means (i) any shares of Common Stock issued or
issuable upon conversion of the Convertible Notes in accordance with the terms of the Indenture (the “Conversion Shares”), (ii) any shares of Common Stock issued or issuable in connection with the payment of interest on the
Convertible Notes, including (without limitation) in connection with any Interest Make-Whole Payment (the “Interest Shares”), and (iii) any shares of capital stock issued or issuable with respect to the Conversion Shares or the
Interest Shares as a result of any stock split, stock dividend, recapitalization, exchange or similar event. 

  
 2 

 k.    “Registration Statement” means any registration
statement filed pursuant to the terms of this Agreement under the 1933 Act covering the resale by any Investor of any Registrable Securities, including (without limitation) the prospectus, amendments and supplements to such registration statement or
prospectus, including (without limitation) pre- and post-effective amendments, all exhibits thereto and all material incorporated by reference (or deemed to be incorporated by reference) therein. 

 l.    “Required Holders” means the holders of at least a majority of the Registrable Securities.

 m.    “Rule 415” means Rule 415 promulgated under the 1933 Act or any successor rule providing for
offering securities on a continuous or delayed basis.  
 n.    “SEC” means the United
States Securities and Exchange Commission. 
 o.    “Staff” means the Staff of the Division of
Corporation Finance of the SEC. 
 2.    Registration. 

a.    Mandatory Registration. The Company shall prepare, and, as soon as practicable but in no event later than the
applicable Filing Deadline, file with the SEC a Registration Statement covering the resale of all Registrable Securities. The Registration Statement shall contain (except if otherwise directed by the Required Holders or required in order to address
written comments to the Registration Statement received from the Staff upon review of such Registration Statement) the “Selling Stockholders” and “Plan of Distribution” sections in substantially the form attached
hereto as Exhibit B, as the same may be amended in accordance with the provisions of this Agreement. The Company shall use its reasonable best efforts to have the Registration Statement declared effective by the SEC as soon as practicable,
but in no event later than the applicable Effectiveness Deadline, and will use its reasonable best efforts to keep the Registration Statement (or any subsequent Registration Statement filed to maintain the registration of the Registrable Securities
covered by the prior Registration Statement) continuously effective under the 1933 Act during the Registration Period (as defined here). By 5:30 p.m. (Eastern time) on the second Business Day following the Effective Date, the Company shall file with
the SEC, in accordance with Rule 424 under the 1933 Act, the final prospectus to be used in connection with sales pursuant to such Registration Statement. 

b.    Rule 415; Cutback. If at any time the Staff takes the position that the offering of some or all of the
Registrable Securities in a Registration Statement is not eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the 1933 Act or requires any Investor to be named as an “underwriter”, the Company shall
use reasonable best efforts to persuade the Staff that the offering contemplated by the Registration Statement is a valid secondary offering and not an offering “by or on behalf of the issuer” as defined in Rule 415 and that none of the
Investors is an “underwriter.” In the event that, despite the Company’s reasonable best efforts and compliance with the terms of this Section 2.b, the Staff refuses to alter its position, the Company shall (i) remove from
the Registration Statement such portion of the Registrable Securities (the “Cut Back Shares”) and/or (ii) agree to such restrictions and limitations on the registration and resale of the Registrable Securities as the Staff may
require to assure the 

  
 3 

 
Company’s compliance with the requirements of Rule 415 (collectively, the “SEC Restrictions”); provided, however, that the Company shall not agree to name any
Investor as an “underwriter” in such Registration Statement without the prior written consent of such Investor. Any cut-back imposed pursuant to this Section 2.b shall be allocated among the
Investors on a pro rata basis, unless the SEC Restrictions otherwise require or provide, and any Interest Shares which have not been previously issued shall be included as part of such Cut Back Shares prior to the inclusion of any other Registrable
Securities as Cut Back Shares. No liquidated damages shall accrue as to any Cut Back Shares until such date as the Company is able to effect the registration of such Cut Back Shares in accordance with any SEC Restrictions (such date, the
“Restriction Termination Date” of such Cut Back Shares). In furtherance of the foregoing, each Investor shall provide the Company with prompt written notice of its sale of substantially all of the Registrable Securities under the
Registration Statement such that the Company will be able to file one or more additional registration statements covering the Cut Back Shares. From and after the Restriction Termination Date applicable to any Cut Back Shares, all of the provisions
of this Section 2 (including (without limitation) the liquidated damages provisions) shall again be applicable to such Cut Back Shares; provided, however, that (i) the Filing Deadline for the Registration Statement including
such Cut Back Shares shall be 10 Business Days after such Restriction Termination Date and (ii) the Effectiveness Deadline with respect to such Cut Back Shares shall be the earlier of (A) 105 days after the Restriction Termination Date and
(B) four Trading Days following the date on which the Staff notifies the Company that either (x) such Registration Statement is not subject to review (y) or the Staff has no further comments to such Registration Statement. 

c.    Use of Form S-3. The Company undertakes to register the Registrable
Securities on Form S-3 if the Company is then eligible to register the Registrable Securities for resale on such form. If the Company is not then eligible to register the Registrable Securities for resale on
Form S-3, the Company undertakes to register the Registrable Securities on Form S-1 or another appropriate form in accordance herewith. 

d.    Effect of Failure to File and Obtain and Maintain Effectiveness of Registration Statement. The parties hereto
agree that the Investors will suffer damages if the Company fails to fulfill its obligations under this Section 2 and that, in such case, it would not be feasible to ascertain the extent of such damages with precision. Subject to
Section 2.b, if (i) a Registration Statement covering all of the Registrable Securities required to be covered thereby and required to be filed by the Company pursuant to this Agreement is (A) not filed with the SEC on or before the
Filing Deadline (a “Filing Failure”) or (B) not declared effective by the SEC on or before the Effectiveness Deadline (an “Effectiveness Failure”); or (ii) on any day after the Effective Date sales of all
of the Registrable Securities required to be included on such Registration Statement cannot be made (other than (x) during an Allowable Grace Period (as defined in Section 3.p) or (y) if the Registration Statement is on Form S-1, for a period of 15 days following the date on which the Company files a post-effective amendment to incorporate the Company’s Annual Report on Form 10-K) pursuant to
such Registration Statement (including, without limitation, because of a failure to keep such Registration Statement effective, failure to disclose such information as is necessary for sales to be made pursuant to such Registration Statement or
failure to register a sufficient number of shares of Common Stock) (a “Maintenance Failure” and, any Maintenance Failure, Filing Failure or Effectiveness Failure, a “Registration Default”) then, as partial relief
for the damages to any holder of Registrable Securities by reason of any such delay in or reduction of its ability to sell the underlying shares of Common Stock (which remedy shall not be exclusive 

  
 4 

 
of any other remedies available at law or in equity) and not as a penalty, the Company shall pay to each holder of Registrable Securities, aggregate Additional Interest equal to 0.50% per year on
all outstanding Convertible Notes (and all outstanding shares of Common Stock to the extent any Convertible Notes have been converted prior to the occurrence of the Registration Default and such shares of Common Stock remain Registrable Securities);
provided that any payment on shares of Common Stock will be calculated based on the principal amount of the Convertible Notes as a result of conversion of which such shares of Common Stock have been issued; provided further that
any such Additional Interest will cease to accrue to holders hereunder and under the Indenture when any such Registration Default will cease, be remedied or be cured. The Company will pay any Additional Interest as set forth in, and subject to the
terms and conditions of, the Indenture. 
 e.    Piggyback Registrations. Without limiting any obligation of the
Company hereunder, if (i) there is not an effective Registration Statement covering all of the Registrable Securities, if the prospectus contained therein is not available for use, or if Rule 144 is not available with respect to the Registrable
Securities and (ii) the Company shall determine to prepare and file with the Commission a registration statement or offering statement relating to an offering for its own account or the account of others under the 1933 Act of any of its equity
securities (other than on Form S-4 or Form S-8 (each as promulgated under the 1933 Act) or their then equivalents relating to equity securities to be issued
solely in connection with any acquisition of any entity or business (or a business combination subject to Rule 145 under the 1933 Act) or equity securities issuable in connection with the Company’s stock option or other employee benefit plans),
or a dividend reinvestment or similar plan or rights offering), then the Company shall deliver to each Holder a written notice of such determination and, if within 15 days after the date of the delivery of such notice, any such Holder shall so
request in writing, the Company shall include in such registration statement or offering statement all or any part of such Registrable Securities that such Holder requests to be registered; provided, however, the Company shall not be
required to register any Registrable Securities pursuant to this Section 2.e that are the subject of a then-effective Registration Statement; and provided further that the Company shall not be required to include any Registrable
Securities which an underwriter shall advise the Company will materially adversely affect the Company’s ability to sell all of the shares which the Company intended to sell. The Company may postpone or withdraw the filing or the effectiveness
of a piggyback registration at any time in its sole discretion. The Company shall not grant piggyback registration rights to any holders of its Common Stock or securities that are convertible into its Common Stock that are senior to the rights of
the Holders set forth in this Section 2.e. 
 3.    Related Obligations. 

At such time as the Company is obligated to file a Registration Statement with the SEC pursuant to Section 2.a, 2.b or 2.c, the Company
will use its reasonable best efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof, and, pursuant thereto, the Company shall have the following obligations: 

a.    The Company shall submit to the SEC, within two Business Days after the Company learns that no review of a
particular Registration Statement will be made by the Staff or that the Staff has no further comments on a particular Registration Statement, as the case may be, a request for acceleration of effectiveness of such Registration Statement to a time
and date not later than 48 hours after the submission of such request. The Company shall keep each Registration 

  
 5 

 
Statement effective pursuant to Rule 415 at all times until the earlier of (i) the date as of which the Investors may sell all of the Registrable Securities covered by such Registration
Statement without restriction pursuant to Rule 144 (or any successor thereto) promulgated under the 1933 Act, and any legend restricting further transfer with regard to such Registrable Securities has been removed, or (ii) the date on which the
Investors shall have sold all of the Registrable Securities covered by such Registration Statement (the “Registration Period”). The Company shall ensure that each Registration Statement (including, without limitation, any amendments
or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances in which they were made,
not misleading.  
 b.    The Company shall (i) prepare and file with the SEC such amendments
(including without limitation post-effective amendments) and supplements to the Registration Statement and the Rule 424 prospectus used in connection with such Registration Statement as may be necessary to keep such Registration Statement effective
at all times during the Registration Period, and (ii) during such period, comply with the provisions of the 1933 Act with respect to the disposition of all Registrable Securities covered by such Registration Statement until such time as all of
such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers as set forth in such Registration Statement. 

c.    Not less than 10 Business Days prior to the filing of a Registration Statement or any related prospectus or any
amendment or supplement thereto, the Company will furnish to each Investor named therein copies of the “Selling Securityholders” and “Plan of Distribution” sections of such documents in the form in which the Company proposes to
file them, which sections will be subject to the review of each such Investor. Each Investor will provide comments, if any, within five Business Days after the date such materials are provided. The Company will not file a Registration Statement, any
prospectus or any amendments or supplements thereto in which the “Selling Securityholders” or the “Plan of Distribution” sections thereof differ in any material respect from the disclosure received from an Investor in writing for
inclusion in such filing. Holders will have the right to select one legal counsel, at the Company’s expense pursuant to Section 5, to review any Registration Statement prepared pursuant to Section 2 or this Section 3, which will
be such counsel as designated by the Holders of a majority of the Registrable Securities then outstanding and which counsel shall initially be King & Spalding LLP. 

d.    The Company shall furnish to each Investor whose Registrable Securities are included in any Registration Statement,
without charge, (i) promptly after the same is prepared and filed with the SEC, at least one copy of such Registration Statement and any amendment(s) thereto, including all financial statements and schedules, all documents incorporated therein
by reference, if requested by an Investor, all exhibits and each preliminary prospectus, (ii) upon the effectiveness of any Registration Statement, as many copies of the prospectus included in such Registration Statement and all amendments and
supplements thereto as such Investor may reasonably request, and (iii) such other documents, including without limitation copies of any preliminary or final prospectus, as such Investor may reasonably request from time to time in order to
facilitate the disposition of the Registrable Securities owned by such Investor. The Company consents to the use of any prospectus and each amendment or supplement thereto provided to the Investors in connection with the offer and sale of the
Registrable Securities covered by such prospectus and any amendment or supplement thereto. 

  
 6 

 e.    The Company shall notify each Investor in writing of the happening
of any event, as promptly as practicable after becoming aware of such event, as a result of which the prospectus included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material
fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain any material, nonpublic information), and, subject to Section 3.p,
promptly prepare a supplement or amendment to such Registration Statement to correct such untrue statement or omission, and deliver ten copies of such supplement or amendment to each Investor (or such other number of copies as such Investor may
reasonably request). 
 f.    The Company will notify each Investor covered by the Registration Statement as promptly as
reasonably practicable of (i) the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for
such purpose and (ii) the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or the initiation of any proceedings for that purpose. The Company shall use its reasonable best efforts to prevent the
issuance of any stop order or other suspension of effectiveness of a Registration Statement or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction. If such an order or suspension is issued, the
Company shall use its reasonable best efforts to obtain the withdrawal of such order or suspension at the earliest possible moment, and to notify each Investor who holds Registrable Securities being sold of the issuance of such order and the
resolution thereof, or its receipt of notice of the initiation or threat of any proceeding for such purpose. 
 g.    If
any Investor is required under applicable securities law to be described in the Registration Statement as an “underwriter,” at the reasonable request of such Investor, the Company shall furnish to such Investor, on the date of the
effectiveness of the Registration Statement and thereafter from time to time on such dates as an Investor may reasonably request, (i) a letter, dated such date, from the Company’s independent certified public accountants in form and
substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the Investors, and (ii) an opinion, dated as of such date, of external counsel representing the
Company for purposes of such Registration Statement, in form, scope and substance as is customarily given in an underwritten public offering, addressed to such Investor. 

h.    If any Investor is required under applicable securities law to be described in the Registration Statement as an
“underwriter,” upon the written request of such Investor in connection with such Investor’s due diligence requirements, if any, the Company shall make available for inspection by (i) such Investor and its legal counsel and
(ii) one firm of accountants or other agents retained the Investors (collectively, the “Inspectors”), all pertinent financial and other records, and pertinent corporate documents and properties of the Company (collectively, the
“Records”), as shall be reasonably deemed necessary by each Inspector solely for the purpose of establishing a due diligence defense under underwriter liability under the 1933 Act, and cause the Company’s officers, directors
and employees to supply all information that any Inspector may reasonably request; provided, however, that each Inspector shall agree to hold in strict confidence and shall not make any disclosure (except to such Investor) or use of
any Record or other information which the Company determines in good faith to be confidential, and of which determination the 

  
 7 

 
Inspectors are so notified, unless (a) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required under
the 1933 Act, (b) the release of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction, or (c) the information in
such Records has been made generally available to the public other than by disclosure in violation of this or any other Transaction Document. Each Investor agrees that it shall, upon learning that disclosure of such Records is sought in or by a
court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the
Records deemed confidential. Nothing herein (or in any other confidentiality agreement between the Company and any Investor) shall be deemed to limit the Investors’ ability to sell Registrable Securities in a manner which is otherwise
consistent with applicable laws and regulations. 
 i.    The Company shall hold in confidence and not make any
disclosure of information concerning an Investor provided to the Company unless (i) the disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to
avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or
governmental body of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation by the Company of this Agreement or any other agreement to which the Company is a party.
The Company agrees that it shall, upon learning that disclosure of such information concerning an Investor is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to such Investor
and allow such Investor, at the Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information. 

j.    The Company shall use its reasonable best efforts to cause all of the Registrable Securities covered by a
Registration Statement to be listed on each securities exchange on which securities of the same class or series issued by the Company are then listed, if any. The Company shall pay all fees and expenses in connection with satisfying its obligation
under this Section 3.j. 
 k.    The Company shall cooperate with the Investors who hold Registrable Securities
being offered and, to the extent applicable, facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Registration Statement and enable
such certificates to be in such denominations or amounts, as the case may be, as the Investors may reasonably request and registered in such names as the Investors may request. 

l.    If requested by an Investor, the Company shall (i) as soon as practicable, incorporate in a prospectus
supplement or post-effective amendment such information as an Investor reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number
of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) as soon as practicable, make all required filings of
such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) as soon as practicable, supplement or make amendments to any
Registration Statement if reasonably requested by an Investor holding any Registrable Securities. 

  
 8 

 m.    The Company shall use its reasonable best efforts to cause the
Registrable Securities covered by a Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities, including without
limitation the securities or blue sky laws of any jurisdiction within the United States requested in writing by any selling Investor. 

n.    The Company shall otherwise use its reasonable best efforts to comply with all applicable rules and regulations of
the SEC in connection with any registration hereunder. 
 o.    The Company will notify each Investor covered by the
Registration Statement as promptly as reasonably practicable (i) when the prospectus or any prospectus supplement or post-effective amendment has been filed, and with respect to the Registration Statement or any post-effective amendment, when
the same has become effective, and (ii) of any request by the SEC for any amendments or supplements to the Registration Statement or for additional information. Within two Business Days after a Registration Statement which covers Registrable
Securities is ordered effective by the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with copies to the Investors whose Registrable Securities are
included in such Registration Statement) confirmation that such Registration Statement has been declared effective by the SEC in the form attached hereto as Exhibit A. 

p.    Notwithstanding anything to the contrary herein, at any time after the Effective Date, the Company may delay the
disclosure of material, non-public information concerning the Company the disclosure of which at the time is not, in the good faith opinion of the board of directors of the Company and its counsel, in the best
interest of the Company, would reasonably be likely to materially and adversely affect the Company and, in the opinion of counsel to the Company, is not otherwise required to be disclosed other than as a result of the effectiveness of the
Registration Statement (a “Grace Period”); provided, that the Company shall promptly (i) notify the Investors in writing of the existence of material, non-public information giving
rise to a Grace Period (provided that in each notice the Company will not disclose the content of such material, non-public information to the Investors) and the date on which the Grace Period will begin, and
(ii) notify the Investors in writing of the date on which the Grace Period ends; provided further, such Grace Periods shall not exceed an aggregate of 30 days during any 365 day period and the first day of any Grace Period must be at
least five trading days after the last day of any prior Grace Period (each, an “Allowable Grace Period”). For purposes of determining the length of a Grace Period above, the Grace Period shall begin on and include the date the
Investors receive the notice referred to in clause (i) and shall end on and include the later of the date the Investors receive the notice referred to in clause (ii) or the date referred to in such notice. Notwithstanding anything to the
contrary, the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of an Investor in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract for
sale prior to the Investor’s receipt of the notice of a Grace Period and for which the Investor has not yet settled, and deliver a copy of the prospectus included as part of the applicable Registration Statement (unless an exemption from such
prospectus delivery requirement exists).  

  
 9 

 q.    The Company and the Investors will cooperate and assist in any
filings required to be made with the Financial Industry Regulatory Authority, Inc. or any successor organization performing similar functions. 

4.    Obligations of the Investors. 

a.    At least five Business Days prior to the first anticipated filing date of a Registration Statement, the Company shall
notify each Investor in writing of the information the Company requires from each such Investor if such Investor elects to have any of such Investor’s Registrable Securities included in such Registration Statement. It shall be a condition
precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the Registrable Securities of a particular Investor that (i) such Investor furnish to the Company such information regarding
itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect the effectiveness of the registration of such Registrable Securities, and
(ii) the Investor execute such documents in connection with such registration as the Company may reasonably request. 

b.    Each Investor, by such Investor’s participation in the Private Exchange, agrees to cooperate with the Company
as reasonably requested by the Company in connection with the preparation and filing of any Registration Statement hereunder, unless such Investor has notified the Company in writing of such Investor’s election to exclude all of such
Investor’s Registrable Securities from such Registration Statement. 
 c.    Each Investor agrees that, upon
receipt of any notice from the Company of the happening of any event of the kind described in Section 3.f or 3.e, such Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement(s)
covering such Registrable Securities until such Investor’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 3.f or 3.e or receipt of notice that no supplement or amendment is required. Notwithstanding
anything to the contrary, the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of an Investor in connection with any sale of Registrable Securities with respect to which an Investor has entered into
a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event of the kind described in Section 3.f or 3.e, and for which the Investor has not yet settled. 

d.    Each Investor covenants and agrees that it will comply with the prospectus delivery requirements of the 1933 Act as
applicable to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to the Registration Statement. 

5.    Expenses of Registration. 

All reasonable expenses, other than underwriting discounts and commissions incurred in connection with registrations, filings or qualifications
pursuant to this Agreement, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees and disbursements of counsel for the Company, shall be paid by the Company. 

  
 10 

 6.    Indemnification. 

In the event any Registrable Securities are included in a Registration Statement under this Agreement: 

a.    To the fullest extent permitted by law, the Company will, and hereby agrees to, indemnify, hold harmless and defend
each Investor, the directors, officers, members, partners and employees of, and each Person, if any, who controls any Investor within the meaning of the 1933 Act or the Securities Exchange Act of 1934 Act, as amended (the “Exchange
Act”) (each, an “Indemnified Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement or expenses, joint or
several, (collectively, “Claims”) incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental,
administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto, to which any of them may become subject insofar as such Claims (or actions or proceedings,
whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto or in any filing
made in connection with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered, or the omission or alleged omission to state a material fact required
to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus if used prior to the effective date of such
Registration Statement, or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary
to make the statements made therein, in light of the circumstances under which the statements therein were made, not misleading, or (iii) any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including,
without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement (the matters in the foregoing clauses (i) through (iii) being,
collectively, “Violations”). Subject to Section 6.c, the Company shall reimburse the Indemnified Persons, promptly as such expenses are incurred and are due and payable, for any legal fees or other reasonable expenses incurred
by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6.a shall not apply to (A) a Claim by an Indemnified
Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by such Indemnified Person for such Indemnified Person expressly for use in connection with the
preparation of the Registration Statement or any such amendment thereof or supplement thereto, (B) a Claim by an Indemnified Person arising out of or based the use by an Investor of an outdated or defective prospectus after the Company has
notified such Investor in writing that the prospectus is outdated or defective or (C) a Claim by an Indemnified Person arising out of or based an Investor’s (or any other Indemnified Person’s) failure to send or give a copy of the
prospectus or supplement (as then amended or supplemented), if required (and not exempted) to the Persons asserting an untrue statement or omission or alleged untrue statement or omission at or prior to the written confirmation of the sale of
Registrable Securities or (D) amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. 

  
 11 

 b.    In connection with any Registration Statement in which an Investor
is participating, each such Investor agrees to severally and not jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6.a, the Company, each of its directors and officers, each of the
other holders of the Company’s securities covered by such Registration Statement, each Person who controls the Company or any other such Person within the meaning of the 1933 Act or the 1934 Act (each, an “Indemnified Party”),
against any Claim to which any of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim arise out of or are based upon any Violation that occurs in reliance upon and in conformity with written information
furnished to the Company by such Investor expressly for use in connection with such Registration Statement; and, subject to Section 6.c, such Investor will reimburse any legal or other expenses reasonably incurred by an Indemnified Party in
connection with investigating or defending any such Claim; provided, however, that the indemnity agreement contained in this Section 6.b and the agreement with respect to contribution contained in Section 7 shall not apply to
amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of such Investor, which consent shall not be unreasonably withheld or delayed; provided, further, however, that the Investor shall be
liable under this Section 6.b for only that amount of a Claim as does not exceed the net proceeds to such Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement.  

c.    Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the
commencement of any action or proceeding (including, without limitation, any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is to be made against any
indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires,
jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided,
however, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses of not more than one counsel and one more local counsel (if necessary) for such Indemnified Person or Indemnified
Party to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be
inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding. In the case of an Indemnified Person, legal counsel referred to in
the immediately preceding sentence shall be selected by the Investors holding at least a majority in interest of the Registrable Securities included in the Registration Statement to which the Claim relates. The Indemnified Party or Indemnified
Person shall reasonably cooperate with the indemnifying party in connection with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the
Indemnified Party or Indemnified Person which relates to such action or Claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person reasonably apprised at all times as to the status of the defense or any settlement
negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent; provided, however, that the indemnifying party shall not unreasonably
withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Indemnified Party 

  
 12 

 
or Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such Indemnified Party or Indemnified Person of a release from all liability in respect to such Claim or litigation, and such settlement shall not include any admission as to fault on the part of the Indemnified Party. Following
indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which
indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or
Indemnified Party under this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend such action. 

d.    The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during
the course of the investigation or defense, as and when bills are received. 
 The indemnity agreements contained herein shall be in addition to any
liabilities the indemnifying party may be subject to pursuant to the law. 
 7.    Contribution. 

To the extent any indemnification contemplated hereby by an indemnifying party is prohibited or limited by applicable law, the indemnifying
party shall to the extent permitted by applicable law contribute to the amount paid or payable by such Indemnified Person or Indemnified Party as a result of such Claim in such proportion as is appropriate to reflect the relative fault of the
indemnifying party, on the one hand, and of the Indemnified Person or Indemnified Party, on the other, in connection with such Violation. The relative fault of the indemnifying party, on the one hand and of the Indemnified Person or Indemnified
Party, on the other hand, shall be determined by a court of law by reference to, among other things, whether the Violation relates to information supplied or actions undertaken by the indemnifying party, on the one hand, or by the Indemnified Person
or Indemnified Party, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such Violation; provided, that in no event shall any contribution by an Investor hereunder
exceed the amount of net proceeds to such Investor of the Registrable Securities sold in any such Registration Statement. The amount paid or payable by a party as a result of any Claim shall be deemed to include, subject to the limitations set forth
in this Agreement, any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification
provided for in Section 6 was available to such party in accordance with its terms. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation. The Investors’ obligations to contribute pursuant to this Section 7 are several and not joint. The parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 7 were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in this Section 7. 

  
 13 

 8.    Reports Under the 1934 Act. 

With a view to making available to the Investors the benefits of Rule 144 promulgated under the 1933 Act or any other similar rule or
regulation of the SEC that may at any time permit the Investors to sell securities of the Company to the public without registration (“Rule 144”), the Company agrees to:  

a.    make and keep public information available, as those terms are understood and defined in Rule 144, during the
Registration Period; 
 b.    file with the SEC in a timely manner all reports and other documents required of the
Company under the 1934 Act, during the Registration Period; and 
 c.    furnish to each Investor so long as such
Investor owns Registrable Securities, promptly upon request during the Registration Period, (i) a written statement by the Company, if true, that it has complied with the reporting requirements of Rule 144, the 1933 Act and the 1934 Act,
(ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company and (iii) such other information as may be reasonably requested to permit the Investors to sell such
securities without registration pursuant to Rule 144. 
 9.    Assignment of Registration Rights. 

The rights under this Agreement shall be automatically assigned by the Investors to any transferee of all or any portion of such
Investor’s Registrable Securities. Notwithstanding anything in this Agreement to the contrary, no Registration Default will be deemed to have occurred with regard to any Registrable Securities held by any transferee prior to the date that is 10
Business Days after such transferee notifies the Company of its acquisition of Registrable Securities and provides any information and documentation reasonably requested by the Company for the registration of such Registrable Securities pursuant to
this Agreement. The Company may not assign its rights or obligations hereunder (whether by operation of law or otherwise) without the prior written consent of the Required Holders. 

10.    Amendment of Registration Rights. 

Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company and the Required Holders; provided that no amendment may disproportionately affect the rights of any holder of Registrable Securities compared to any other holder
of Registrable Securities without the consent of such holder. Any amendment or waiver effected in accordance with this Section 10 shall be binding upon each Investor and the Company. No such amendment shall be effective if it applies to less
than all of the holders of the Registrable Securities. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any of this Agreement unless the same consideration also is offered to
all of the parties to this Agreement. 

  
 14 

 11.    Miscellaneous. 

a.    A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record
such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election
received from the such record owner of such Registrable Securities. 
 b.    Any notices, consents, waivers or other
communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by electronic mail
(provided confirmation of transmission is electronically generated and kept on file by the sending party); or (iii) one Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the
party to receive the same. The addresses and facsimile numbers for such communications shall be: 
 If to the Company: 

Acorda Therapeutics, Inc. 
 420
Saw Mill River Road 
 Ardsley, NY 10502 

E-mail:                 
    
 Attention: Chief Executive Officer 

        General Counsel 

with a copy (for informational purposes only) to: 

Covington & Burling LLP 

The New York Times Building 
 620
Eighth Avenue 
 New York, NY 10018 

E-mail:                 
    
 Attention: Eric W. Blanchard 

If to an Investor, to its physical and electronic mail address set forth on the Schedule of Exchanging Holders attached hereto, with copies to such
Investor’s representatives as set forth on the Schedule of Exchanging Holders, or to such other physical or electronic mail address and/or to the attention of such other Person as the recipient party has specified by written notice given to
each other party five days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) electronically generated by the sender’s
electronic mail containing the time, date, recipient electronic mail address of such transmission or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by electronic mail or receipt from an
overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively. 

  
 15 

 c.    Failure of any party to exercise any right or remedy under this
Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof. 

d.    All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be
governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being
served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT
IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.  

e.    This Agreement, the other Transaction Documents and the instruments referenced herein and therein constitute the
entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein. This Agreement, the other
Transaction Documents and the instruments referenced herein and therein supersede all prior agreements and understandings among the parties hereto with respect to the subject matter hereof and thereof. 

f.    Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the
permitted successors and assigns of each of the parties hereto. 
 g.    The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 h.    This Agreement may be
executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile
transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement. 

  
 16 

 i.    Each party shall do and perform, or cause to be done and
performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of
this Agreement and the consummation of the transactions contemplated hereby. 
 j.    All consents and other
determinations required to be made by the Investors pursuant to this Agreement shall be made, unless otherwise specified in this Agreement, by the Required Holders. 

k.    The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual
intent and no rules of strict construction will be applied against any party. 
 l.    This Agreement is intended for
the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person. 

m.    The obligations of each Investor hereunder are several and not joint with the obligations of any other Investor, and
no Investor shall be responsible in any way for the performance of the obligations of any other Investor hereunder. Nothing contained herein, and no action taken by any Investor pursuant hereto, shall be deemed to constitute the Investor as, and the
Company acknowledges that the Investors do not so constitute, a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group, and the Company will
not assert any such claim with respect to such obligations or the transactions contemplated herein. 
 * * * * * * 

  
 17 

 IN WITNESS WHEREOF, each Exchanging Holder and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly executed as of the date first written above.  
  

			
	ACORDA THERAPEUTICS, INC.

 
			
		
	By:	 	 /s/ Ron Cohen

	Name:	 	Ron Cohen, M.D.
	Title:	 	President, Chief Executive Officer

  
 [Signature Page to
Registration Rights Agreement] 

 IN WITNESS WHEREOF, each Exchanging Holder and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly executed as of the date first written above.  
  

			
	EXCHANGING HOLDER

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	Address:	 	
		
	Email:	 	

  
 [Signature Page to
Registration Rights Agreement] 
 [EXECUTED SIGNATURE PAGES OF EXCHANGING HOLDERS INTENTIONALLY OMITTED] 

 EXHIBIT A 

FORM OF NOTICE OF EFFECTIVENESS 

OF REGISTRATION STATEMENT 
 [ ] 

[ ] 
 Attention: [ ] 

Re: [ ]
 Ladies and Gentlemen: 

We are counsel to Acorda Therapeutics, Inc., a Delaware corporation, with its principal offices at 420 Saw Mill River Road, Ardsley, NY 10502
(the “Company”), and have represented the Company in connection with the issuance of $[●] in aggregate principal amount of its [●]% Convertible Senior Secured Notes due 2024 (the “Notes”) pursuant to
that certain Indenture (the “Indenture”), entered into by and among the Company, Civitas Therapeutics, Inc. and the trustee and collateral agent named therein. Pursuant to the Indenture, the Company also has entered into a
Registration Rights Agreement with the holders (collectively, the “Holders”) of the Notes (the “Registration Rights Agreement”) pursuant to which the Company agreed, among other things, to register the resale of the
Registrable Securities (as defined in the Registration Rights Agreement) under the Securities Act of 1933, as amended (the “1933 Act”). In connection with the Company’s obligations under the Registration Rights Agreement, on
[●], the Company filed a Registration Statement on Form [●] (File No. 333-[●]) (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) relating to the
Registrable Securities which names each of the Holders as a selling stockholder thereunder. 
 In connection with the foregoing, we advise
you that a member of the SEC’s staff has advised us by telephone that the SEC has entered an order declaring the Registration Statement effective under the 1933 Act at [●] [AM/PM] on [●], and we have no knowledge, after telephonic
inquiry of a member of the SEC’s staff, that any stop order suspending its effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the Registrable Securities are available for
resale under the 1933 Act pursuant to the Registration Statement. 
 This letter shall serve as our standing instruction to you that the
shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), are freely transferable by the Holders pursuant to the Registration Statement. You need not require further letters from us to effect any
future legend-free issuance or reissuance of shares of Common Stock to the Holders as contemplated by the Company’s [Irrevocable Transfer Agent Instructions] dated [●] provided at the time of such reissuance, the Company has not otherwise
notified you that the Registration Statement is unavailable for the resale of the Registrable Securities. 
 Very truly
yours, 
 CC: [Holders] 

  
 A-1 

 EXHIBIT B 

SELLING STOCKHOLDERS 
 The
shares of common stock being offered by the selling stockholders are those previously issued to the selling stockholders and those issuable to the selling stockholders upon conversion of or payment of interest with respect to the senior secured
convertible notes. For additional information regarding the issuances of common stock and the senior secured convertible notes, see “Private Exchange” above. We are registering the shares of common stock in order to permit the selling
stockholders to offer the shares for resale from time to time. [Except for the ownership of the shares of common stock, the senior secured convertible notes and the [2021 notes], the selling stockholders have not had any material relationship with
us within the past three years.] 
 The table below lists the selling stockholders and other information regarding the beneficial ownership
of the shares of common stock by each of the selling stockholders. The second column lists the number of shares of common stock beneficially owned by each selling stockholder, based on its ownership of the shares of common stock and the senior
secured convertible notes, as of [●], assuming conversion of the senior secured convertible notes held by the selling stockholders on that date, without regard to any limitation on conversion. 

The third column lists the shares of common stock being offered by this prospectus by the selling stockholders. 

In accordance with the terms of registration rights agreement with the holders of the shares of common stock and the senior secured
convertible notes, this prospectus generally covers the resale of that number of shares of common stock equal to the number of shares of common stock issued and the shares of common stock issuable upon conversion of the related senior secured
convertible notes, determined as if the outstanding senior secured convertible notes were converted, as applicable, in full, in each case as of the trading day immediately preceding the date this registration statement was initially filed with the
SEC. The fourth column assumes the sale of all of the shares offered by the selling stockholders pursuant to this prospectus. 
  

							
	 Name of Selling

Stockholder
	 	 Number of Shares

Owned Prior to

Offering
	 	 Maximum Number of

Shares to be Sold
 Pursuant
to the
 Prospectus
	  	 Number of Shares

Owned After

Offering

  
 B-1 

 PLAN OF DISTRIBUTION 

We are registering the shares of common stock previously issued and those issuable upon conversion of or payment of interest with respect to
the senior secured convertible notes to permit the resale of these shares of common stock by the holders of the common stock and the senior secured convertible notes from time to time after the date of this prospectus. We will not receive any of the
proceeds from the sale by the selling stockholders of the shares of common stock. We will bear all fees and expenses incident to our obligation to register the shares of common stock. 

The selling stockholders may sell all or a portion of the shares of common stock beneficially owned by them and offered hereby from time to
time directly or through one or more underwriters, broker-dealers or agents. If the shares of common stock are sold through underwriters or broker-dealers, the selling stockholders will be responsible for underwriting discounts or commissions or
agent’s commissions. The shares of common stock may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales
may be effected in transactions, which may involve crosses or block transactions, 
  

	 	•	 	 on any national securities exchange or quotation service on which the securities may be listed or quoted at the
time of sale; 

  

	 	•	 	 in the over-the-counter market;

  

	 	•	 	 in transactions otherwise than on these exchanges or systems or in the over-the-counter market; 

  

	 	•	 	 through the writing of options, whether such options are listed on an options exchange or otherwise;

  

	 	•	 	 ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

  

	 	•	 	 block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a
portion of the block as principal to facilitate the transaction; 

  

	 	•	 	 purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

 

	 	•	 	 an exchange distribution in accordance with the rules of the applicable exchange; 

 

	 	•	 	 privately negotiated transactions; 

 

	 	•	 	 short sales; 

  

	 	•	 	 sales pursuant to Rule 144; 

 

	 	•	 	 broker-dealers may agree with the selling securityholders to sell a specified number of such shares at a
stipulated price per share; 

  
 B-2 

	 	•	 	 a combination of any such methods of sale; and 

 

	 	•	 	 any other method permitted pursuant to applicable law. 

If the selling stockholders effect such transactions by selling shares of common stock to or through underwriters, broker-dealers or agents,
such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions from the selling stockholders or commissions from purchasers of the shares of common stock for whom they may act as agent or to
whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved). In connection with sales of the shares
of common stock or otherwise, the selling stockholders may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the shares of common stock in the course of hedging in positions they assume. The selling
stockholders may also sell shares of common stock short and deliver shares of common stock covered by this prospectus to close out short positions and to return borrowed shares in connection with such short sales. The selling stockholders may also
loan or pledge shares of common stock to broker-dealers that in turn may sell such shares. 
 The selling stockholders may pledge or grant a
security interest in some or all of the senior secured convertible notes or shares of common stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of
common stock from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act of 1933, as amended, amending, if necessary, the list of selling stockholders to
include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus. The selling stockholders also may transfer and donate the shares of common stock in other circumstances in which case the transferees,
donees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus. 
 The selling
stockholders and any broker-dealer participating in the distribution of the shares of common stock may be deemed to be “underwriters” within the meaning of the Securities Act, and any commission paid, or any discounts or concessions
allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act. At the time a particular offering of the shares of common stock is made, a prospectus supplement, if required, will be distributed
which will set forth the aggregate amount of shares of common stock being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from
the selling stockholders and any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers. 
 Under the
securities laws of some states, the shares of common stock may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states the shares of common stock may not be sold unless such shares have been
registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with. 

  
 B-3 

 There can be no assurance that any selling stockholder will sell any or all of the shares of
common stock registered pursuant to the registration statement, of which this prospectus forms a part. 
 The selling stockholders and any
other person participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, including, without limitation, Regulation M of the Securities
Exchange Act of 1934, as amended, which may limit the timing of purchases and sales of any of the shares of common stock by the selling stockholders and any other participating person. Regulation M may also restrict the ability of any person engaged
in the distribution of the shares of common stock to engage in market-making activities with respect to the shares of common stock. All of the foregoing may affect the marketability of the shares of common stock and the ability of any person or
entity to engage in market-making activities with respect to the shares of common stock. 
 We will pay all expenses of the registration of
the shares of common stock pursuant to the registration rights agreement, estimated to be $[●] in total, including, without limitation, Securities and Exchange Commission filing fees and expenses of compliance with state securities or
“blue sky” laws; provided, however, that a selling stockholder will pay all underwriting discounts and selling commissions, if any. We will indemnify the selling stockholders against liabilities, including some liabilities
under the Securities Act, in accordance with the registration rights agreements, or the selling stockholders will be entitled to contribution. We may be indemnified by the selling stockholders against civil liabilities, including liabilities under
the Securities Act, that may arise from any written information furnished to us by the selling stockholder specifically for use in this prospectus, in accordance with the related registration rights agreement, or we may be entitled to contribution.

 Once sold under the registration statement, of which this prospectus forms a part, the shares of common stock will be freely tradable in
the hands of persons other than our affiliates. 

  
 B-4

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