Document:

EX-4.1

 Exhibit 4.1 

FOURTH SUPPLEMENTAL INDENTURE 

This Fourth Supplemental Indenture (this “Supplemental Indenture”), is entered into as of October 13, 2021, among
Quotient Limited, a public limited liability no par value company formed under the laws of Jersey, Channel Islands (the “Issuer”), the Guarantors party hereto, and U.S. Bank National Association, as trustee (the
“Trustee”) and as collateral agent (the “Collateral Agent”). 
 W I T N E S S E T H: 

WHEREAS, the Issuer, the Guarantors party thereto, the Trustee and the Collateral Agent executed and delivered an Indenture, dated as
of October 14, 2016 (the “Original Indenture”), pursuant to which, on October 14, 2016, the Issuer issued an initial US$84,000,000 aggregate principal amount of the Issuer’s 12% Senior Secured Notes due 2023 (the
“Original Securities”); 
 WHEREAS, on December 4, 2018, March 5, 2021 and May 24, 2021, the Issuer,
the Guarantors, the Trustee and the Collateral Agent entered into the First Supplemental Indenture, the Second Supplemental Indenture and the Third Supplemental Indenture, respectively, to reflect certain amendments to the Original Indenture (such
supplemental indentures, together with the Original Indenture, the “Indenture”); 
 WHEREAS, pursuant to the terms
of the Original Indenture, on June 29, 2018, the Issuer issued an additional US$36,000,000 aggregate principal amount of the Issuer’s 12% Senior Secured Notes due 2023, and, pursuant to the terms of the Original Indenture as amended and
supplemented by the First Supplemental Indenture, on May 15, 2019, the Issuer issued an additional US$25,000,000 aggregate principal amount of the Issuer’s 12% Senior Secured Notes due 2023 (collectively, the “Additional
Securities” and, together with the Original Securities, the “Securities”); 
 WHEREAS, Section 9.02 of
the Indenture provides that the Issuer, the Collateral Agent, the Guarantors and the Trustee may make certain amendments and supplements to the Indenture and the Securities only with the consent of each Holder of an outstanding Security affected
(the “Requisite Unanimous Consent”); 
 WHEREAS, each of the owners or beneficial owners of the outstanding
Securities (the “Consenting Holders”) has consented to certain amendments to the Indenture and the Securities by executing a form of consent substantially in the form attached hereto as
Exhibit A (each, a “Consent” and, collectively, the “Consents”) and has authorized and directed the Trustee and the Collateral Agent to execute and deliver
this Supplemental Indenture; 
 WHEREAS, the Issuer and the Guarantors have done all things necessary to make this Supplemental
Indenture a valid agreement of the Issuer, the Guarantors, the Trustee and the Collateral Agent in accordance with the terms of the Indenture and have satisfied all other conditions required under Article 9 of the Indenture; and 

WHEREAS, pursuant to Section 9.02 of the Indenture, each of the Trustee and the Collateral Agent is authorized to execute and
deliver this Supplemental Indenture. 

 NOW, THEREFORE, in consideration of the premises and covenants and agreements
contained herein, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Issuer, the Guarantors, the Trustee and the Collateral Agent mutually covenant and agree for the equal and ratable benefit of the
parties hereto and the Holders of the Securities as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Capitalized Terms. All capitalized terms contained in this Supplemental Indenture shall, except as specifically
provided for herein and except as the context may otherwise require, have the meanings given to such terms in the Indenture. In the event of any inconsistency between the Indenture and this Supplemental Indenture, this Supplemental Indenture shall
govern. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 

Section 1.02. Section References. Section references contained in this Supplemental Indenture (other than in Article 2
hereof) are to sections in this Supplemental Indenture unless the context requires otherwise. 
 ARTICLE 2 

AMENDMENTS 

Section 2.01. Amendments. 

(a) Pursuant to the terms of the Consents and the receipt of the Requisite Unanimous Consent, Section 4.01(b) of the Indenture is hereby
amended by replacing the first paragraph of Section 4.01(b) (including the table contained therein) in its entirety with the following paragraph and table: 

“On each Payment Date, commencing April 15, 2023, or on the succeeding Business Day if any such date is not a Business Day, the
Issuer shall pay an installment of principal of the Securities (subject to adjustment in accordance with the second following paragraph) in an amount set forth below corresponding to such Payment Date: 

 

			
	 Payment Date
	  	Amount
	 April 15, 2023
	  	$12,100,000.00
	 October 15, 2023
	  	$18,100,000.00
	 April 15, 2024
	  	$24,200,000.00
	 October 15, 2024
	  	$24,200,000.00
	 April 15, 2025
	  	$24,200,000.00
	 October 15, 2025
	  	The principal
balance then
outstanding”

  
 - 2 - 

 (b) Pursuant to the terms of the Consents and the receipt of the Requisite Unanimous
Consent, (i) the introductory paragraph of each of the Securities is hereby amended by replacing the phrase “on or before April 15, 2024 as set forth in this Security” contained in such introductory paragraph with the phrase
“on or before October 15, 2025 as set forth in this Security” and (ii) references throughout the Indenture and the Securities to the Securities being “due 2024” are hereby amended to refer to the Securities being
“due 2025”. 
 (c) Pursuant to the terms of the Consents and the receipt of the Requisite Unanimous Consent, Section 1(c) of
each of the Securities is hereby amended and restated as follows: 
 “(c) The Securities will mature on October 15, 2025.”

 (d) Pursuant to the terms of the Consents and the receipt of the Requisite Unanimous Consent, Section 1(d) of each of the Securities
is hereby amended by replacing the second sentence of the first paragraph of Section 1(d) (including the table contained therein) in its entirety with the following sentence and table: 

“On each Payment Date, commencing April 15, 2023, or on the succeeding Business Day if any such date is not a Business Day, the
Issuer shall pay an installment of principal of the Securities (subject to adjustment in accordance with the second following paragraph) in an amount set forth below corresponding to such Payment Date: 

 

			
	 Payment Date
	  	Amount
	 April 15, 2023
	  	$12,100,000.00
	 October 15, 2023
	  	$18,100,000.00
	 April 15, 2024
	  	$24,200,000.00
	 October 15, 2024
	  	$24,200,000.00
	 April 15, 2025
	  	$24,200,000.00
	 October 15, 2025
	  	The principal
balance then
outstanding”

 (e) Pursuant to the terms of the Consents and the receipt of the Requisite Unanimous Consent, Section 5 of
each of the Securities is hereby amended by replacing the table contained in the second paragraph of Section 5 of each of the Securities in its entirety with the following table: 

 

					
	 “Period
	  	Redemption Price	 
	 From and including October 14, 2021 to and including April 13, 2023
	  	 	106.00	% 
	 From and including April 14, 2023 to and including April 13, 2024
	  	 	103.00	% 
	 From and including April 14, 2024 and thereafter
	  	 	100.00	%” 

  
 - 3 - 

 ARTICLE 3 

EFFECT 
 Section 3.01.
Effect. This Supplemental Indenture shall become effective and binding on the Issuer, the Guarantors, the Trustee, the Collateral Agent and every Holder of the Securities heretofore or hereafter authenticated and delivered under the
Indenture, upon the execution and delivery by the parties to this Supplemental Indenture; provided, however, that the amendments set forth in Article 2 of this Supplemental Indenture shall only become operative upon (i) receipt of a DTC Proxy
and Consent (as defined in the Consents) in respect of the DTC Securities (as defined in the Consents) beneficially owned by each Consenting Holder and (ii) payment of the Consent Shares (as defined in the Consents) to each Consenting Holder
and the execution and delivery by the Issuer and each Consenting Holder of the applicable Consent Warrant (as defined in the Consents) in each case in accordance with the terms and conditions of the Consents. The date on which the amendments set
forth in Article 2 of this Supplemental Indenture become operative is referred to herein as the “Operative Date”. The Issuer shall promptly inform the Trustee and the Collateral Agent in writing (which may be by email) of the
occurrence of the Operative Date. 
 ARTICLE 4 

MISCELLANEOUS 

Section 4.01. Ratification of Indenture. The Indenture, as supplemented and amended by this Supplemental Indenture, is ratified
and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. The Indenture, as supplemented and amended by this Supplemental Indenture, shall be read, taken and
construed as one and the same instrument. If any provision of this Supplemental Indenture is inconsistent with a provision of the Indenture or the Securities, the terms of this Supplemental Indenture shall govern. 

Section 4.02. GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) EXCEPT TO THE EXTENT THAT
LOCAL LAW GOVERNS THE CREATION, PERFECTION, PRIORITY OR ENFORCEMENT OF SECURITY INTERESTS. 
 Section 4.03. No Recourse Against
Others. No director, officer, employee, manager, member, partner, incorporator or holder of any Equity Interests in the Issuer or in any Guarantor, as such, shall have any liability for any obligations of the Issuer or the Guarantors under this
Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or its creation. 

  
 - 4 - 

 
Section 4.04. Electronic Means. The parties agree that the transaction described herein may be conducted and related documents may be stored by electronic means. Copies, telecopies,
facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts of such original documents for all purposes, including the filing of any claim, action or suit in the
appropriate court of law. 
 Section 4.05.    Entire Agreement. This Supplemental Indenture, together with
the Indenture as amended hereby, contains the entire agreement of the parties, and supersedes all other representations, warranties, agreements and understandings between the parties, oral or otherwise, with respect to the matters contained herein
and therein. 
 Section 4.06.    Provisions of Supplemental Indenture for the Sole Benefit of Parties and
Holders of Securities. Nothing in this Supplemental Indenture, express or implied, shall give to any Person other than the parties hereto and their successors hereunder and the Holders of the Securities any benefit or any legal or
equitable right, remedy or claim under this Supplemental Indenture or the Securities. 
 Section 4.07. Multiple Originals. The
parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Supplemental Indenture. The exchange of
copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original
Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. All notices, approvals, consents, requests and any communications hereunder
must be in writing (provided that any communication sent to the Trustee or the Collateral Agent hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign or Adobe Sign (or such other
digital signature provider as specified in writing to the Trustee or the Collateral Agent by the authorized representative), in English. The Issuer and Guarantors each agrees to assume all risks arising out of the use of using digital signatures and
electronic methods to submit communications to the Trustee or the Collateral Agent, including without limitation the risk of the Trustee or the Collateral Agent acting on unauthorized instructions, and the risk of interception and misuse by third
parties. 
 Section 4.08. Severability. In case any provision in this Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.

 Section 4.09. Trustee’s Disclosure. The Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Supplemental Indenture, and it shall not be responsible for any statement of the Issuer or any Guarantor in this Supplemental Indenture. All of the provisions contained in the Indenture in respect of the rights,
privileges, immunities, powers and duties of the Trustee shall be applicable in respect of this Supplemental Indenture as fully and with like effect as if set forth herein in full. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 5 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be
duly executed as of the date first above written. 
  

			
	Very truly yours,
	
	QUOTIENT LIMITED

 
			
		
	By:	 	/s/ Manuel O. Méndez

 
			
	Name:	 	Manuel O. Méndez
	Title:	 	Chief Executive Officer

 [Signature Page to Supplemental Indenture] 

 
			
	QBD (QS IP) LIMITED, as Guarantor

 
			
		
	By:	 	/s/ Peter Buhler

 
			
	Name:	 	Peter Buhler
	Title:	 	Director

  
 [Signature Page to
Supplemental Indenture] 

 
			
	QUOTIENT BIODIAGNOSTICS, INC., as Guarantor

 
			
		
	By:	 	/s/ Brian Williamson

 
			
	Name:	 	Brian Williamson
	Title:	 	Director

  
 [Signature Page to
Supplemental Indenture] 

 
			
	ALBA BIOSCIENCE LIMITED, as Guarantor

 
			
		
	By:	 	/s/ Peter Buhler

 
			
	Name:	 	Peter Buhler
	Title:	 	Director

  
 [Signature Page to
Supplemental Indenture] 

 
			
	QUOTIENT SUISSE SA, as Guarantor

 
			
		
	By:	 	/s/ Manuel O. Méndez

 
			
	Name:	 	Manuel O. Méndez
	Title:	 	President

  
 [Signature Page to
Supplemental Indenture] 

 
			
	QUOTIENT BIOCAMPUS LIMITED, as Guarantor

 
			
		
	By:	 	/s/ Peter Buhler

 
			
	Name:	 	Peter Buhler
	Title:	 	Director

  
 [Signature Page to
Supplemental Indenture] 

 
			
	QUOTIENT IBERIA, S.L.U., as Guarantor

 
			
		
	By:	 	/s/ Paul Stuart

 
			
	Name:	 	Paul Stuart
	Title:	 	Sole director

  
 [Signature Page to
Supplemental Indenture] 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee

 
			
		
	By:	 	/s/ Alison D.B. Nadeau

 
			
	Name:	 	Alison D.B. Nadeau
	Title:	 	Vice President

  
 [Signature Page to
Supplemental Indenture] 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Collateral Agent

 
			
		
	By:	 	/s/ Alison D.B. Nadeau

 
			
	Name:	 	Alison D.B. Nadeau
	Title:	 	Vice President

  
 [Signature Page to
Supplemental Indenture] 

 Exhibit A 

CONSENT 
 October [•],
2021 
 Reference is made to the Indenture dated as of October 14, 2016 (as amended, supplemented or otherwise modified prior to the
date hereof, the “Indenture”) among Quotient Limited, a public limited liability no par value company formed under the laws of Jersey, Channel Islands (the “Issuer”), the Guarantors party thereto and U.S. Bank
National Association, as trustee (the “Trustee”) and as collateral agent (the “Collateral Agent”). Capitalized terms used herein and not defined herein shall have the respective meanings assigned to them in the
Indenture. 
 By signing below, the undersigned hereby acknowledges and agrees, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, as follows: 
  

	1.	 Representations and Warranties. The undersigned hereby represents and warrants to each of the Trustee,
the Collateral Agent, the Issuer and each Guarantor that (i) the undersigned, as of the Record Date (as defined below), owns or beneficially owns, respectively, the principal amount of the Original Securities and the principal amount of the
Additional Securities set forth opposite the undersigned’s name under the respective column headings “Principal Amount of Original Securities” and “Principal Amount of Additional Securities” in Schedule 1
attached hereto and, if such Securities are beneficially owned through the book-entry system of The Depository Trust Company (“DTC Securities”), then such Securities are held through The Depository Trust Company participant (the
“Participant”) set forth opposite the undersigned’s name under the column heading “Depository Trust Company Participant Name and Number” in Schedule 1 attached hereto
(and if nothing is set forth opposite the undersigned’s name under the column heading “Depository Trust Company Participant Name and Number” in Schedule 1 attached hereto then the
undersigned does not hold such Securities through the book-entry system of The Depository Trust Company), (ii) the respective CUSIP numbers of such Original Securities and such Additional Securities that are beneficially owned by the undersigned are
set forth opposite the undersigned’s name under the respective column headings “Original Securities CUSIP No.” and “Additional Securities CUSIP No.” in Schedule 1 attached
hereto, (iii) the undersigned is not the Issuer or an Affiliate of the Issuer, (iv) the undersigned has the full power and authority to provide this Consent with respect to such Securities that are owned or beneficially owned by the
undersigned, (v) there are no proxies or other agreements or understandings in effect that limit, restrict or impact the undersigned’s power and authority to provide this Consent with respect to such Securities that are owned or
beneficially owned by the undersigned, (vi) this Consent has been duly executed and delivered by the undersigned, and this Consent constitutes a legal, valid and binding obligation of the undersigned enforceable against the undersigned in
accordance with its terms, and (vii) each of the Trustee, the Collateral Agent, the Issuer and each Guarantor shall be entitled to rely on this Consent. As used herein, “Record Date” means as of 5:00 p.m. (New York City time)
on October 11, 2021. 

 In addition, the undersigned hereby agrees to and acknowledges the
representations, warranties and agreements set forth in Sections 4.1, 4.2, 4.4 and 4.7 of the Purchase Agreement dated October 14, 2016 (as amended, supplemented or otherwise modified prior to the date hereof, the “Purchase
Agreement”) among the Issuer, the subsidiaries of the Issuer party thereto and the purchaser(s) party thereto related to the Securities owned or beneficially owned by the undersigned and described on Schedule 1 attached hereto
as if such representations, warranties and agreements were made by the undersigned as of the date first written above and as if the references within those Sections to “Notes” were references to (i) the Securities owned or
beneficially owned by the undersigned and described on Schedule 1 attached hereto and the Guarantees of such Securities (taking into the account the proposed 

  
 Exh. A-1 

 
amendments to the Indenture contemplated by the Supplemental Indenture (as defined below)), and (ii) the undersigned’s Pro Rata Allocation of the Consent Shares (as defined below) and
the Consent Warrants (as defined below) (with references to the “Issue Date” in such representations, warranties and agreements being deemed to refer to the date first written above). 

 

	2.	 Approval and Consent. Pursuant to Section 9.02 of the Indenture, the undersigned hereby approves
and consents to (i) the supplement to the Indenture as set forth in the Fourth Supplemental Indenture substantially in the form attached hereto as Exhibit A (the “Supplemental Indenture”) and (ii) the
execution and delivery of the Supplemental Indenture by U.S. Bank National Association in its capacity as Trustee and Collateral Agent under the Indenture. 

  

	3.	 Authorization of Trustee and Collateral Agent. Each of the Trustee and the Collateral Agent is hereby
authorized, empowered and directed by the undersigned to execute and deliver the Supplemental Indenture and to execute any documents or take any actions reasonably necessary in order to effectuate this Consent. 

 

	4.	 Direct and DTC Delivery of Consents. This Consent will be delivered directly to the Issuer, the
Guarantors, the Trustee and the Collateral Agent and, following receipt of the requisite consents from consenting owners or beneficial owners of the Securities, the Issuer, the Guarantors, the Trustee, and the Collateral Agent, will execute and
deliver the Supplemental Indenture. To allow the Issuer, the Guarantors, the Trustee and the Collateral Agent to further verify the undersigned’s beneficial ownership of any DTC Securities, the undersigned further agrees to instruct the
Participant to instruct DTC to issue (or to direct Cede & Co. to issue) a proxy to the Participant in order to enable the undersigned to exercise as of the Record Date the right to consent as the record holder of such DTC Securities in
accordance with the applicable procedures of DTC (a “DTC Proxy and Consent”). The Supplemental Indenture provides that the amendments contemplated thereby will not become operative until, among other conditions, a DTC Proxy and
Consent is received in respect of the DTC Securities beneficially owned by the undersigned. Further, the Issuer will only provide the consideration contemplated by Section 7 below following the receipt of such DTC Proxy and Consent.

  

	5.	 General Authorization. Any and all actions heretofore or hereafter taken by the Trustee, the Collateral
Agent, the Issuer, any Guarantor and/or any officer, director, member, manager, partner, employee, contractor, Affiliate, attorney, representative and/or agent of any of the foregoing consistent with the intent and purpose of the matters approved or
consented to in this Consent are hereby ratified, confirmed, approved and consented to in all respects. 

  

	6.	 Effective Date. This Consent shall become effective as of the date first written above.

  

	7.	 Consideration. Consents in this form are being furnished by the Holders of 100% of the Securities. In
consideration of each Holder’s Consent, the Issuer has agreed to issue to each Holder of the Securities its Pro Rata Allocation of (a) 932,772 of the ordinary shares of the Issuer (the “Consent Shares”) and (b) warrants entitling
the Holders to purchase up to 1,844,020 of the ordinary shares of the Issuer. The undersigned’s “Pro Rata Allocation” is the quotient of (x) the original aggregate principal amount of the Securities held by the undersigned as of
the date hereof as set forth on Schedule 1 attached hereto, divided by (y) the aggregate original principal amount of all Securities outstanding as of the date hereof, which is $132,916,667. Following (1) the execution and
delivery of the Supplemental Indenture by the Issuer, the Guarantors, the Trustee and the Collateral Agent and (2) the receipt of a DTC Proxy and Consent in respect of the DTC Securities beneficially owned by the undersigned, as consideration
for the execution and delivery of this Consent by the undersigned, the Issuer will promptly issue to the undersigned the undersigned’s Pro Rata Allocation of the Consent Shares and Pro Rata Allocation of the Consent Warrants by (A) causing
the undersigned’s Pro Rata Allocation of the Consent Shares to be transmitted by the Issuer’s transfer agent to the undersigned by crediting the account of the 

  
 Exh. A-2 

	 	
undersigned’s or its designee’s balance account with The Depository Trust Company that is specified on Schedule 1 attached hereto, through its Deposit or Withdrawal at
Custodian system (“DWAC”) and (B) executing and delivering (and the undersigned will promptly execute and deliver counterparts of) (i) a warrant (the “Consent Warrant”) substantially in the form attached
hereto as Exhibit B representing the undersigned’s Pro Rata Allocation of the Consent Warrants and (ii) a registration rights agreement substantially in the form furnished to the Holders of Securities with this form of
Consent. The Issuer represents and warrants that all Consent Shares to be issued to be issued pursuant to the foregoing provisions will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens
and charges created by the Issuer in respect of the issuance thereof (other than taxes in respect of any transfer occurring contemporaneously with such issuance). The Issuer shall pay or cause to be paid, all reasonable, documented fees and expenses
of external counsel to the Holders. 

  

	8.	 Governing Law; Waiver of Jury Trial. THIS CONSENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE INTERNAL SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, AND
THE OBLIGATIONS AND RIGHTS OF THE UNDERSIGNED SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS, EXCEPT TO THE EXTENT THAT LOCAL LAW GOVERNS THE CREATION, PERFECTION, PRIORITY OR ENFORCEMENT OF SECURITY INTERESTS. THE UNDERSIGNED HEREBY WAIVES TRIAL
BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS CONSENT. The undersigned hereby submits to the non-exclusive jurisdiction of the federal and state courts of competent jurisdiction in the Borough of
Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Consent or the transactions contemplated hereby. 

  

	9.	 Miscellaneous. This Consent shall bind the undersigned (and such undersigned’s successors and
assigns) and every subsequent owner or beneficial owner of the Securities described on Schedule 1 attached hereto (or portion thereof that evidences the same debt as such Securities). Any and all notice required to take any action in
adopting this Consent is hereby waived. The undersigned acknowledges that this Consent constitutes the required notice of the Supplemental Indenture pursuant to Section 9.02(b) of the Indenture. Headings of the Sections of this Consent have
been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. Delivery of an executed signature page to this Consent by facsimile transmission
or other electronic communication (including “.pdf” or “.tif” files) shall be as effective as delivery of a manually signed counterpart of this Consent. 

{Signature Page Follows} 

  
 Exh. A-3 

 IN WITNESS WHEREOF, the undersigned has executed this Consent as of the date first written
above. 
 [INSERT SIGNATURE BLOCK] 

The Issuer is joining in the execution and delivery of this Consent to confirm its agreement that: (i) it will deliver the consideration described in
Section 7 of this Consent as described therein; and (ii) it has the requisite corporate power and authority, and has obtained all necessary corporate authorizations, to enter into this agreement and to issue and deliver the Consent Shares
and Consent Warrants, and this agreement is a legal, valid and binding obligation of the Issuer, enforceable in accordance with its terms. 
  

			
	QUOTIENT LIMITED
		
	By:	 	 
	Name:	 	
	Title	 	

  
 Exh. A-4 

 SCHEDULE 1 
  

											
	 Name
	  	Depository Trust
Company
Participant
Name and Number	  	Principal Amount
of Original 
Securities	  	Original 
Securities CUSIP
No.	  	Principal 
Amount
of Additional
Securities	  	Additional
Securities
CUSIP No.

  
 Sch. 1-1 

 EXHIBIT A 

FORM OF SUPPLEMENTAL INDENTURE 

 EXHIBIT B 

FORM OF WARRANT 

 COMMON STOCK PURCHASE WARRANT 

 

			
	Warrant Shares: [●]	  	Issue Date: October [●], 2021

 THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received,
[●] or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof and on or prior to the close of
business on the date that is five years after the date hereof, but not thereafter, to subscribe for and purchase from Quotient Limited, a limited liability no par value company incorporated under the laws of Jersey, Channel Islands with registration
number 109886 (the “Company”), up to [●] shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to
the Exercise Price, as defined in Section 2(b). 
 Section 1.    Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Purchase Agreement (the “Purchase Agreement”), dated as of October 14, 2016, among the Company, the guarantors named therein and
the purchasers signatory thereto. 
 Section 2.    Exercise. 

a)    Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in
part, at any time or times on or after the date hereof until this Warrant is exercised in full by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto together with such information or documentation necessary to fulfill any anti-money laundering and/or “know your customer”
requirements prescribed by applicable law (the “Notice of Exercise”). Within the earlier of (i) two (2) Business Days and (ii) the number of Business Days comprising the Standard Settlement Period (as defined in
Section 2(d)(i) herein) following the date of delivery of the Notice of Exercise to the Company, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or
cashier’s check drawn on a United States bank. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of
Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant
has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Business Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises
of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable
number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one
(1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares
hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

b)    Exercise Price. The aggregate exercise price of this Warrant is $4.00 per Warrant Share (the
“Exercise Price”) and no additional consideration (other than the Exercise Price) shall be required to be paid by the Holder to any Person to effect any exercise of this Warrant. 

c)    Cashless Exercise. Subject to the last sentence of this Section 2(c), this Warrant may also be
exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to 

					
		  	(A – B) * X	  	
		  	      A	  	

 where: 
  

					
	(A)	  	=	 	the closing price of the Common Stock on the Principal Market as of the close of the trading session immediately prior to the delivery of the applicable Notice of Exercise;
			
	(B)	  	=	 	the Exercise Price of this Warrant, as adjusted hereunder; and
			
	(X)	  	=	 	the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with
Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the unrestricted characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c), except to the extent
required by applicable law, rule or regulation. 
 Notwithstanding anything to the contrary contained in this Warrant, the foregoing cashless exercise
provisions shall be in effect (and cashless exercise shall be permitted) only if at the time of exercise there is no effective registration statement in effect under the Securities Act of 1933 covering
re-sales of securities issuable on exercise of this Warrant, solely as a result of the Company’s failure to comply with the Registration Rights Agreement, dated as of October [    ],
2021, between, inter alios, the Company and the Holder, providing for the registration of re-sales of the securities issuable on exercise of this Warrant. 

d)    Mechanics of Exercise. 

i.    Delivery of Warrant Shares Upon Exercise. Subject to Section 2(e), the Company shall
cause the Warrant Shares purchased hereunder to be transmitted by the Company’s transfer agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its
Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of
the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by book-entry, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares
to which the Holder is entitled pursuant to such exercise by the date that is the earliest of (i) two (2) Business Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Business Day after delivery of the aggregate
Exercise Price to the Company and (iii) the number of Business Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon
delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the
Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Business Days and (ii) the number of Business Days comprising the Standard
Settlement Period following delivery of the Notice of Exercise. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Business Days, on the Principal Market as in effect on the
date of delivery of the Notice of Exercise. 
 ii.    Delivery of New Warrants Upon Exercise. If
this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of
the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 

 iii.    Rescission Rights. If the Company fails
to cause the Company’s transfer agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 

iv.    No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares
shall be issued upon the exercise of this Warrant. Any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise shall be settled by the Company in cash. 

v.    Certain Taxes. Issuance of Warrant Shares shall be made without charge to the Holder for any
issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or
names as may be directed by the Holder; provided, however, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the
Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. 

vi.    Closing of Books. The Company will not close its stockholder books or records in any manner
which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 
 e)    Holder’s Exercise
Limitations. The Company shall not effect any exercise of any portion of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with any of such Holder’s affiliates (as defined in Rule 12b-2 under the Exchange Act) or associates
(as defined in Rule 12b-2 under the Exchange Act) and any other persons whose beneficial ownership would be aggregated with such Holder for purposes of Section 13(d) of the Exchange Act (including without
limitation, any “group” of which such Holder is a member (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing
sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such
determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or
Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or
exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall
be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in
compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the
determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of
the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination
as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of
outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a
more recent public announcement by the Company or (C) a more recent written notice by the Company or the Company’s transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a
Holder, the Company shall within two Business Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving
effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or 

 
Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 9.9% of the number
of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership
Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.9% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common
Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this
Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give
effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 

Section 3.    Certain Adjustments. 

a)    Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a
stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of
Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock
into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be
the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of
shares issuable upon exercise of this Warrant shall be proportionately adjusted shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately after such event and of which the
denominator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date
for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or
re-classification. 
 b)    Subsequent Rights Offerings. In addition to
(but without duplication of) any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the
record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have
acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation)
immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant,
issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not
be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the
Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). 

c)    Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make
any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities,
property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each
such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon

 
complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a
record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, that, to the
extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the
beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not
result in the Holder exceeding the Beneficial Ownership Limitation). 
 d)    Fundamental Transaction. If, at any
time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all of its
Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any,
direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or
property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the
Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person
or group of Persons whereby such other Person or group (other than any Affiliate (as defined in the Indenture) acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or
other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any
subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder
(without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation (or the ultimate parent thereof) or of the Company, if it is the surviving
corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate
Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental
Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of
this Section 3(d) prior to or concurrently with such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant which is exercisable for the Alternate Consideration (without regard to any limitations on the exercise of this Warrant), and with an exercise price which applies the exercise price
hereunder to such Alternate Consideration (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and
such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction). Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall
succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor
Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the
Company herein. 

 e)    Calculations. All calculations under this Section 3
shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number
of shares of Common Stock (excluding treasury shares, if any) issued and outstanding. 
 f)    Notice to Holder.

 i.    Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any
provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a
brief statement of the facts requiring such adjustment. 
 ii.    Notice to Allow Exercise by
Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock,
(C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company
shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company and its Subsidiaries (taken as
a whole), or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of
the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 15 calendar days prior
to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken,
the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale,
transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other
property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the
Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period
commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein. 

g)    Voluntary Adjustment By Company. Subject to the rules and regulations of the Principal Market, the Company
may at any time during the term of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company. 

Section 4.    Transfer of Warrant. 

a)    Transferability. This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender
of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to
pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the
denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. 

 b)    Prospectus Restrictions. No Holder (or any person on their
behalf) shall circulate any invitation to acquire or apply for the Warrants or any Warrant Shares in any manner such that such invitation constitutes or may constitute a prospectus for the purposes of the Companies (Jersey) Law 1991, as amended, or
the Companies (General Provisions) (Jersey) Order 2002, as amended. 
 c)    New Warrants. This Warrant may be
divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent
or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be
divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issue date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable
pursuant thereto. 
 d)    Warrant Register. The Company shall register this Warrant, upon records to be
maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for
the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 

Section 5.    Miscellaneous. 

a)    No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to
any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive
Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise
of this Warrant. 
 b)    Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon
receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new
Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 

c)    Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the
expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day. 

d)    Authorized Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve
from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this
Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be
necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Principal Market. The Company covenants that all Warrant Shares which may be issued
upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid
and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 

 Except and to the extent as waived or consented to by the Holder, the Company shall not by
any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights
of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue
fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (ii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as
may be, necessary to enable the Company to perform its obligations under this Warrant. 
 e)    Jurisdiction. All
questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement. 

f)    Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if
not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws. 

g)    Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the
part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant and the other Transaction Documents, if the Company willfully and
knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to,
reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 

h)    Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder
by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement. 

i)    Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to
exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company,
whether such liability is asserted by the Company or by creditors of the Company. 
 j)    Remedies. The Holder,
in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 

k)    Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations
evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any
Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares. 

l)    Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent
of the Company, on the one hand, and the Holder, on the other hand. 
 m)    Severability. Wherever possible,
each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to
the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 

 n)    Headings. The headings used in this Warrant are for the
convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 
 ******************** 

(Signature Page Follows) 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized as of the date first above indicated. 
  

			
	QUOTIENT LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
Warrant] 

 NOTICE OF EXERCISE 

To:    Quotient Limited 

(1)    The undersigned hereby elects to purchase
                 Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the
exercise price in full, together with all applicable transfer taxes, if any. 
 (2)    Payment shall take the form of
(check applicable box): 
  

	 	[●]	 in lawful money of the United States; or 

 

	 	[●]	 if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula
set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c). 

(3)    Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below: 

 

                       
                                         
                                         
                                         
                                         
              
 (4)    The Warrant Shares shall be
delivered to the following DWAC Account Number: 
  

                       
                                         
                                         
                                         
                                         
              

                       
                                         
                                         
                                         
                                         
              

                       
                                         
                                         
                                         
                                         
              
 Name of Investing Entity:
                                         
                                         
                                         
                                         
                
 Signature of Authorized Signatory of Investing
Entity:
                                         
                                         
                                         
             
 Name of Authorized Signatory:
                                         
                                         
                                         
                                         
       
 Title of Authorized Signatory:
                                         
                                         
                                         
                                         
          
 Date and Time of Execution:
                                         
                                         
                                         
                                         
            

 ASSIGNMENT FORM 

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

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

 

			
	Name:	 	  

		 	(Please Print)
		
	Address:	 	  

		 	(Please Print)
		
	Phone Number:	 	  

		
	Email Address:
                                         
                           	 	  

		
	Dated:                         
    ,            	 	
		
	Holder’s
Signature:                                       
                   	 	
		
	Holder’s
Address:EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is made and entered into as of October 13, 2021, by and between Quotient Limited, a public limited liability company formed under the laws of Jersey, Channel Islands (the “Company”)
and each other Person identified in the signature pages hereto (each a “Holder” and collectively, the “Holders”). 

This Agreement is being entered into in connection with the execution and delivery of the Fourth Supplemental Indenture, dated as of
October 13, 2021, by and among the Company, the guarantors party thereto, and the Holders (the “Fourth Supplemental Indenture”) which supplements and amends the Indenture, dated as of October 14, 2016 by and among
Company, the guarantors party thereto, and the Holders (as subsequently amended, the “Indenture”). The Holders collectively own all of the Company’s 12.00% Senior Secured Notes issued pursuant to the terms of the
Indenture (the “Notes”).    In consideration of the Holders’ execution and delivery of the consents that are required for the effectiveness of the Fourth Supplemental Indenture, the Company has issued
to the Holders (1) an aggregate of 932,772 of the Company’s ordinary shares, nil par value per share (the “Consent Shares”) and (2) warrants (the “Warrants”) to purchase an aggregate of
1,844,020 of the Company’s ordinary shares, nil par value per share (the “Warrant Shares”). 
 The Company and
each Holder hereby agree as follows: 
 1. Definitions. Capitalized terms used but not defined herein shall have
the meanings ascribed to such terms in the Indenture. In addition to the other capitalized terms used and defined elsewhere herein, as used in this Agreement, the following terms shall have the following meanings: 

“1933 Act” means the Securities Act of 1933, as amended, and the rules promulgated thereunder. 

“1934 Act” means the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder. 

“Business Day” means any day other than a Saturday, a Sunday or any other day on which banking institutions are
authorized or required by Law to close in New York City, Jersey, Channel Islands, or the city in which the Trustee’s corporate trust office is located; provided, however, for clarification, banking institutions shall not be deemed to be
authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential
employee” or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of banking
institutions in the New York City, Jersey, Channel Islands, or the city in which the Trustee’s corporate trust office is located generally are open for use by customers on such day. 

“Closing Date” means the date of the Fourth Supplemental Indenture. 

“Commission” means the U.S. Securities and Exchange Commission or any successor thereto. 

“Commission Guidance” means any publicly-available written or oral guidance, comments, requirements or requests of the
Commission staff, including the Commission’s Compliance and Disclosure Interpretations and Manual of Publicly Available Telephone Interpretations. 

“Common Stock” means the ordinary shares of the Company, nil par value. 

“Company” has the meaning specified in the preamble. 

“Consent Shares” has the meaning specified in the recitals. 

“Effectiveness Date” means the ninetieth (90th) calendar day
following the Closing Date. 

 “Filing Date” means the forty-fifth (45th) calendar day following the Closing Date. 
 “FINRA” means the
Financial Industry Regulatory Authority, Inc. 
 “Fourth Supplemental Indenture” has the meaning specified in the
recitals. 
 “Holder” and “Holders” have the meanings specified in the preamble. 

“Indenture” has the meaning specified in the recitals. 

“Penalty Shares” means a number of shares of Common Stock equal to the product of (x) 932,772 multiplied by
(y) the quotient of (i) the lesser of 90 and the number of days after the Effectiveness Date on which the initial Registration Statement provided for in Section 2(a) was not effective under the 1933 Act divided by (y) 90. 

“Penalty Warrants” means warrants having the same provisions as the Warrants and entitling the holders thereof to
purchase a number of shares of Common Stock equal to the product of (x) 1,844,020 multiplied by (y) the quotient of (i) the lesser of 90 and the number of days after the Effectiveness Date on which the initial Registration Statement
provided for in Section 2(a) was not effective under the 1933 Act divided by (y) 90. 
 “Person” means an
individual, a corporation, a limited liability company, an association, a partnership, a joint venture, a joint stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof. 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an informal
investigation or partial proceeding, such as a deposition), whether commenced or threatened. 
 “Pro Rata
Allocation” has the meaning specified in the form of Consent that is attached to the Fourth Supplemental Indenture as Exhibit A thereto. 

“Prospectus” means the prospectus included in a Registration Statement (including, without limitation, a prospectus
that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated by the Commission pursuant to the 1933 Act), as amended or supplemented by any prospectus
supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material
incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 “Registrable Securities”
means all Consent Shares, all Warrant Shares and any securities issued or issuable upon any stock split, dividend or other distribution, recapitalization, exchange or similar event with respect to the foregoing. 

“Registration Statement” means any registration statement filed pursuant to this Agreement under the 1933 Act covering
the resale by any Holder of any Registrable Securities, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all
exhibits thereto and all material incorporated by reference (or deemed to be incorporated by reference) therein. 
 “Rule
144” means Rule 144 promulgated by the Commission pursuant to the 1933 Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the
same purpose and effect as such Rule. 
 “Rule 415” means Rule 415 promulgated by the Commission pursuant to the
1933 Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. 

  
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 “Rule 424” means Rule 424 promulgated by the Commission pursuant to
the 1933 Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. 

“Warrants” has the meaning specified in the recitals. 

2. Registration 

(a) Mandatory Registration. The Company shall prepare and, as promptly as reasonably practicable but in no event
later than the Filing Date, file with the Commission a Registration Statement covering the resale of all of the Registrable Securities in a resale offering to be made on a continuous basis. The Registration Statement shall contain (except if
otherwise directed by the Holders or required in order to address written comments to the Registration Statement received from the Commission upon review of such Registration Statement) the “Plan of Distribution” section in substantially
the form attached as Annex A hereto, as the same may be amended in accordance with the provisions of this Agreement; provided, however, that no Holder shall be named as an “underwriter” without such Holder’s
express prior written consent. Subject to the terms of this Agreement, the Company shall use its commercially reasonable efforts to cause the Registration Statement to be declared effective under the 1933 Act as promptly as practicable after the
filing thereof, but in any event prior to the Effectiveness Date, and shall use its commercially reasonable efforts to keep the initial Registration Statement continuously effective under the 1933 Act until the earliest to occur of the date on which
(i) each Holder may sell all Registrable Securities then held by it pursuant to the provisions of Rule 144 without volume or manner-of-sale restrictions pursuant to
Rule 144 and without the requirement for the Company to be in compliance with the current public information requirement under Rule 144, and any legend restricting further transfer with regard to such Registrable Securities has been removed,
(ii) all Registrable Securities covered by such Registration Statement have been sold by the Holders, (iii) all Registrable Shares have ceased to be outstanding, (iv) all Registrable Securities have been sold in a private transaction
in which the transferor’s rights under this Agreement are not assigned to the transferee of the securities, or (v) with respect to a Holder, when such Holder ceases to hold Registrable Securities and, with respect to all Holders in the
event that the Holders, in the aggregate, beneficially own less than two percent (2%) of the outstanding shares of Common Stock (the “Effectiveness Period”). If the initial Registration Statement has not become effective
under the 1933 Act on or prior to the Effectiveness Date, or if the initial registration Statement ceases for any reason to be effective during the 90 days following the Effectiveness Date, the Company shall issue to each Holder, on the 180th day after the Closing Date or as promptly thereafter as is practicable, such Holder’s Pro Rata Allocation of the Penalty Shares and the Penalty Warrants. 

(b) Rule 415; Cutback. In the event that the Commission does not permit the Company to register in any Registration
Statement all of the Registrable Securities in a secondary offering, the Company shall promptly notify each of the Holders thereof, and amend such Registration Statement to register such maximum portion as permitted by Commission Guidance, including
such guidance pertaining to Rule 415; provided that (i) the Company shall use commercially reasonable efforts to advocate with the Commission for the registration of all of the Registrable Securities in accordance with the Commission
Guidance that are not then registered on an effective Registration Statement and (ii) the Company shall not name any Holder as an “underwriter” without such Holder’s express prior written consent. Notwithstanding any other
provision of this Agreement, if any Commission Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered on a particular Registration Statement in a secondary offering (and notwithstanding that the Company
used commercially reasonable efforts to advocate with the Commission for the registration of all or a greater portion of Registrable Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities and unless any
Commission Guidance requires otherwise, the number of Registrable Securities to be registered on such Registration Statement will be reduced pro rata among all Holders. In the event of a cutback pursuant to this Section 2(b), the Company will
offer to the Holders to file and cause to become effective with the Commission, as promptly as allowed by Commission or Commission Guidance, one or more Registration Statements to register for resale those Registrable Securities that were not
previously registered for resale. No liquidated damages shall accrue as to any Registrable Securities subject to a cutback pursuant to this Section 2(b) if (i) the Holders decline to request the filing of a new Registration Statement or
(ii) the Holders request the filing of a new Registration Statement, until such date as the Company is able to effect the registration of such Registrable Securities in accordance with Commission Guidance (the earlier such date,
“Restriction Termination Date”); provided in respect of clause (ii), that the Filing Date for such Registrable Securities shall be 30 Business Days after the Restriction Termination Date and the Effectiveness Date for
such Registrable Securities shall be 90 calendar days after the Restriction Termination Date.

  
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 (c) Piggyback Registration. 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, and 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 10 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(d) or that the Holders have requested to register pursuant to Section 2(b) that are the subject of a then-effective Registration Statement; provided,
further, that the Company shall not be required to include any Registrable Securities which an underwriter advises the Company will materially adversely affect the price, timing or distribution of the securities in such offering or the
Company’s ability to sell all of the securities which the Company intended to sell. The Company may postpone or withdraw the filing or the effectiveness of a piggyback registration pursuant to this Section 2(d) at any time in its sole
discretion. The Company shall not grant piggyback registration rights to any holders of its Common Stock. 

3. Registration Procedures. 

In connection with the Company’s registration obligations hereunder, the Company shall: 

(a) Not less than five (5) Business Days prior to the filing of each Registration Statement and not less than
one (1) Business Day prior to the filing of any related Prospectus or any amendment or supplement thereto (other than those incorporated or deemed to be incorporated therein by reference), furnish to each Holder copies of all such documents
proposed to be filed, which documents will be subject to the review of such Holders. The Company shall not file a Registration Statement or Prospectus or any amendments or supplements thereto to which the Holders of a majority of the Registrable
Securities covered by such Registration Statement shall reasonably object in good faith; provided that the Company is notified of such objection in writing no later than five (5) Business Days after the Holders have been so furnished
copies of a Registration Statement or one (1) Business Day after the Holders have been so furnished copies of any related Prospectus or amendments or supplements to a Registration Statement or Prospectus, unless, in the opinion of the
Company’s counsel, such filing is necessary to comply with applicable law. Each Holder agrees to furnish to the Company a completed questionnaire in the form attached to this Agreement as Annex B (a “Selling Stockholder
Questionnaire”) on a date that is not less than two (2) Business Days prior to the Filing Date or by the end of the fourth (4th) Business Day following the date on which such Holder receives draft materials in accordance with this
Section. 
 (b) (i) Prepare and file with the Commission such amendments, including post-effective amendments, to
a Registration Statement and the Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable Registrable Securities for the Effectiveness Period, (ii) prepare and file
with the Commission as promptly as practicable any additional Registration Statements as may be necessary in order to register for resale under the 1933 Act all of the Registrable Securities, (iii) cause any related Prospectus to be amended or
supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424, (iv) respond as promptly as reasonably possible to any comments received from the
Commission with respect to a Registration Statement or any amendment thereto, and (v) comply in all material respects with the provisions of the 1933 Act and the 1934 Act with respect to the disposition of all Registrable Securities covered by
a Registration Statement during the applicable period in accordance (subject to the terms of this Agreement) with the intended methods of disposition by the Holders thereof set forth in such Registration Statement as so amended or in such Prospectus
as so supplemented. 

  
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 (c) Notify the Holders of Registrable Securities to be sold (which
notice shall, pursuant to clauses (iii) through (vi) hereof, be accompanied by an instruction to suspend the use of the Prospectus (entirely or in a particular jurisdiction, as the case may be) until the requisite changes have been made) as
promptly as reasonably possible (and, in the case of (i)(A) below, not less than one (1) Business Day prior to such filing) and (if requested by any such Person) confirm such notice in writing no later than one (1) Business Day following
the day: (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed, (B) when the Commission notifies the Company whether there will be a “review” of such
Registration Statement and whenever the Commission comments in writing on such Registration Statement, and (C) with respect to a Registration Statement or any post-effective amendment, when the same has become effective; (ii) of any
request by the Commission or any other federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional information; (iii) of the issuance by the Commission or any other federal
or state governmental authority of any stop order suspending the effectiveness of a Registration Statement covering any Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any
notification with respect to the suspension of the qualification or exemption from qualification of any Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; (v) of the
occurrence of any event or passage of time that makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated or
deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration Statement, Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus, as the case
may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading; and (vi) of the occurrence or existence of any pending corporate development with respect to the Company that the Company believes may be material and that, in the determination of the Company, makes it not in the best interest of
the Company to allow continued availability of a Registration Statement or Prospectus (a “Suspension Period”), provided that the Company shall excise any information contained in any such notice to the extent that such
information would constitute material, non-public information regarding the Company or any of its subsidiaries; and provided further, that during any one hundred eighty (180) day period such
Suspension Periods shall not exceed an aggregate of forty-five (45) days. 
 (d) Use its commercially
reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal as soon as reasonably practicable of (i) any order stopping or suspending the effectiveness of a Registration Statement, or (ii) any suspension of the
qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction. 

(e) Subject to the terms of this Agreement, consent to the use of such Prospectus and each amendment or supplement
thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(c)
until the delivery of the Advice contemplated by Section 7(b). 
 (f) Cooperate with any broker-dealer
through which a Holder proposes to resell its Registrable Securities in effecting a filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110, as requested by any such Holder. 

(g) Upon the occurrence of any event contemplated by Section 3(c), as promptly as reasonably possible under the
circumstances taking into account the Company’s good faith assessment of any adverse consequences to the Company and its shareholders of the premature disclosure of such event, prepare a supplement or amendment, including a post-effective
amendment, to a Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither a
Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading. 

  
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 (h) When and as required for purposes of filing or updating any
Registration Statement, require each selling Holder to furnish to the Company a certified statement as to the number of Common Stock beneficially owned by such Holder and the natural persons thereof that have voting and dispositive control over the
shares. In the event of the failure by such Holder to comply with the Company’s request within five (5) days from the date of such request, the Company shall be permitted to exclude such Holder from such Registration Statement, without
being subject to the payment of liquidated damages to such Holder. At such time that such Holder complies with the Company’s request, the Company shall use its commercially reasonable efforts to include such Holder on such Registration
Statement. 
 (i) In connection with the preparation and filing of each Registration Statement registering
Registrable Securities under the 1933 Act, and before filing any such Registration Statement or any other document in connection therewith, give the participating Holders of Registrable Securities and their respective counsel, the opportunity to
(i) review any such Registration Statement, each prospectus included therein or filed with the Commission, each amendment thereof or supplement thereto and any other document to be filed, including the Company’s response to Commission
comments, and (ii) provide comments to such documents if necessary to cause the description relating to such Holders to be accurate. 

(j) Register the Registrable Securities on Form S-3 if the Company is then
eligible to register the Registrable Securities for resale on such form. In the event that Form S-3 is not available for the registration of the resale of Registrable Securities, the Company shall
(i) register the resale of the Registrable Securities on Form S-1 and (ii) undertake to register the Registrable Securities on Form S-3 as soon as such form is
available, provided that the Company shall maintain the effectiveness of any Registration Statement then in effect until the earlier of (x) such time as a Registration Statement on Form S-3
covering the Registrable Securities has been declared effective by the Commission and (y) there are no Notes or Registrable Securities then outstanding. 

(k) Furnish to each Holder, without charge, (i) at least one (1) conformed copy of each Registration
Statement and each amendment thereto and all exhibits to the extent requested by such Holder (excluding those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission, except if such
documents are available on EDGAR; and (ii) as many copies of each Prospectus or Prospectuses (including without limitation each form of prospectus) and each amendment or supplement thereto as such Holder may reasonably request. 

(l) Cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing or
evidence of uncertificated shares evidencing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which shall be free of all restrictive legends and issued in such denominations and registered in such names as
any such Holder may request. 
 (m) Provide and cause to be maintained a transfer agent and registrar for all
Registrable Securities covered by such Registration Statement. 
 (n) Use its commercially reasonable efforts to
cause all Registrable Securities covered by the Registration Statement to be listed on each securities exchange on which identical securities issued by the Company are then listed. 

(o) If necessary, use its commercially reasonable efforts to provide a CUSIP number for the Registrable Securities.

 (p) If requested by a Holder, the Company shall (i) as soon as practicable, file a prospectus supplement
or post-effective amendment containing such information as any Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities by such Holder, including 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. 

(q) Prior to any public offering of Registrable Securities, use its commercially reasonable efforts to register or
qualify or cooperate with the selling Holders in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or blue sky laws of all
jurisdictions within the United States that the selling Holders request in writing be covered, to 

  
 -6- 

 
keep each such registration or qualification (or exemption therefrom) effective during the applicable Effectiveness Period and to do any and all other acts or things necessary or advisable to
enable the disposition in such jurisdictions of the Registrable Securities covered by any Registration Statement; provided, that the Company will not be required to qualify generally to do business in any jurisdiction where it is not
then so qualified or to become subject to any material tax in any such jurisdiction where it is not then so subject. 

(r) If any Holder is required under applicable securities law to be described as an “underwriter” in a
Registration Statement filed at the request of the Holders pursuant to Section 2(b), furnish to such Holder, on the date of the effectiveness of such Registration Statement and thereafter from time to time on such dates as such Holder 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 such Holder, 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 Holder. 
 (s) If any Investor is required under applicable
securities law to be described as an “underwriter” in a Registration Statement filed at the request of the Holders pursuant to Section 2(b), in connection with such Investor’s due diligence requirements, if any, make available
for inspection by (i) such Holder and its legal counsel and (ii) one firm of accountants or other agents retained by the Holders (collectively, the “Inspectors”), all pertinent financial and other records, and pertinent
corporate documents and properties of the Company (collectively, the “Records”) at the offices where normally kept, during reasonable business hours, as shall be reasonably deemed necessary by each such Holder solely for the purpose
of establishing a due diligence defense for 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 unless the Company determines in
good faith that such due diligence would forfeit any attorney-client privilege or confidentiality obligations; provided, however, that each Inspector shall agree to hold in strict confidence and shall not make any disclosure (except to
such Holders) or use of any Record or other information which the Company determines in good faith to be confidential, and of which determination the 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 Agreement. Each Holder 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 sole 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 Holder) shall be deemed to limit the Holders’ ability
to sell Registrable Securities in a manner which is otherwise consistent with applicable laws and regulations. 

(t) Use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission in
connection with any registration hereunder. 
 4. Registration Expenses. All fees and expenses incident to the
performance of or compliance with this Agreement by the Company shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence shall
include, without limitation: (i) all registration and filing fees (including, without limitation, fees and expenses of the Company’s counsel and independent registered public accountants) (A) with respect to filings made with the
Commission, (B) with respect to filings required to be made with any trading market on which the Common Stock are then listed for trading, (C) related to compliance with applicable state securities and blue sky laws, and (D) incurred
in connection with the submission of any filing with FINRA; (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and of printing Prospectuses); (iii) fees and disbursements of one
counsel selected by the Holders, which fees and disbursements shall neither exceed $75,000 in the aggregate nor include any amounts incurred in connection with the filing of the initial Registration Statement or the negotiation of this Agreement;
and (iv) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In no event shall the Company be responsible for brokers’, underwriters’
or similar discounts and commissions, if any, transfer taxes and transfer fees relating to the sale or disposition of Registrable Shares by a Holder, and the fees and expenses of counsel to any Holder other than as covered by (iii). 

  
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 5. Indemnification. 

(a) Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify
and hold harmless each Holder of Registrable Securities, the directors, officers, partners, members, shareholders, agents and employees of each such Holder, each Person who controls any Holder (within the meaning of Section 15 of the 1933 Act
or Section 20 of the 1934 Act), and the directors and officers, of such controlling Persons, (collectively, the “Indemnitees”), to the fullest extent permitted by applicable law, from and against any and all Proceedings,
causes of action, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such Indemnitee is a party to the Proceeding for which indemnification hereunder is sought), and including
reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out of, or relating to (i) any untrue or alleged untrue statement of a material
fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading or (ii) any violation or alleged violation
by the Company of the 1933 Act, the 1934 Act, or any state securities law, or any rule or regulation thereunder, in connection with the performance of its obligations under this Agreement, except to the extent, but only to the extent, that
(A) such untrue statements or omissions are based upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such
Holder’s proposed method of distribution of Registrable Securities or (B) the Holder used an outdated or defective Prospectus which the Company had previously notified such Holder was outdated or defective pursuant to Sections
3(c)(iii)-(vi) and for which the Company had not yet provided the Advice contemplated in Section 7(b), but only to the extent that following the receipt of the Advice the misstatement or omission giving rise to such Loss would have been
corrected. The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions contemplated by this Agreement of which the Company is aware. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of such Indemnitee and shall survive the transfer of any Registrable Securities by any of the Holders in accordance with Section 7(3). 

(b) Indemnification by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the
Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the 1933 Act and Section 20 of the 1934 Act), and the directors and officers of such controlling Persons, to
the fullest extent permitted by applicable law, from and against all Indemnified Liabilities, as incurred, to the extent arising out of or based solely upon: (i) such Holder’s failure to comply with the prospectus delivery requirements of
the 1933 Act or (ii) any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to
any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading (A) to the extent, but only to the extent, that such untrue statement or omission is contained in any information so
furnished in writing by such Holder to the Company expressly for inclusion in such Registration Statement or such Prospectus or (B) to the extent, but only to the extent, that such information relates to such Holder’s information provided
in the Selling Stockholder Questionnaire or the proposed method of distribution of Registrable Securities set forth in such Prospectus or in any amendment or supplement thereto or (C) the use by such Holder of an outdated or defective
Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 7(b), but only to the extent that following the receipt
of the Advice the misstatement or omission giving rise to such Loss would have been corrected. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds actually received by such
Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 

  
 -8- 

 (c) Conduct of Indemnification Proceedings. 

(i) If any Proceeding shall be brought or asserted against any Indemnitee or the Company (an
“Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to
assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof; provided, that the failure of any
Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction
(which determination is not subject to appeal or further review) that such failure shall have materially prejudiced the Indemnifying Party. 

(ii) An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (A) the Indemnifying Party has agreed in writing to pay such fees and expenses, (B) the Indemnifying
Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, or (C) the named parties to any such Proceeding (including any impleaded
parties) include both such Indemnified Party and the Indemnifying Party, and counsel to the Indemnified Party shall reasonably believe that a conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and
the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume
the defense thereof and the reasonable fees and expenses of no more than one (1) separate counsel and one (1) local counsel (if necessary) shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for
any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement
of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement (i) involves only the payment of monetary settlement amounts, (ii) includes an unconditional release of such Indemnified Party from all
liability on claims that are the subject matter of such Proceeding and (iii) does not include any admission as to fault on the part of the Indemnified Party. 

(iii) Subject to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including
reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten
(10) Business Days of written notice thereof to the Indemnifying Party; provided, that, the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which
such Indemnified Party is finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) not to be entitled to indemnification hereunder. 

(d) Contribution. 

(i) If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient
to hold an Indemnified Party harmless for any Indemnified Liabilities, then each Indemnifying Party shall contribute to the amount paid or payable by such Indemnified Party, in such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Indemnified Liabilities as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and
Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made
by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount
paid or payable by a party as a result of any Indemnified Liabilities shall be deemed to include, subject to the limitations set forth in this Agreement, any reasonable attorneys’ or other 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 this Section was available to such party in accordance with its terms. 

  
 -9- 

 (ii) The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 5(d) 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 the immediately preceding paragraph.
Notwithstanding the provisions of this Section 5(d), no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder from the sale of such Holder’s
Registrable Securities pursuant to such Registration Statement or Prospectus giving rise to such contribution obligation exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. Each Holder’s obligations to contribute pursuant to this Section 5(d) are several and not joint. 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. 

(e) Remedies Not Exclusive. The indemnity and contribution agreements contained in this Section are in addition to
any liability that the Indemnifying Parties may have to the Indemnified Parties. 
 6. Public Information
Requirement. With a view to making available to the Holders the benefits of Rule 144, for so long as any Notes or Registrable Securities remain outstanding the Company agrees to (i) make and keep public information available, as those terms
are understood and defined in Rule 144, for so long as any Holder holds Notes or Registrable Securities, and (ii) file with the Commission in a timely manner all reports and other documents required of the Company under the 1934 Act, during the
Effectiveness Period, and (iii) furnish to each Holder of Notes or Registrable Securities, promptly upon request during the Effectiveness Period, a written statement by the Company, if true, that the Company has complied with the reporting
requirements of the 1934 Act. 
 7. Miscellaneous. 

(a) Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of
the 1933 Act as applicable to it in connection with sales of Registrable Securities pursuant to a Registration Statement. 

(b) Discontinued Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of
a notice from the Company of the occurrence of any event of the kind described in Section 3(c)(iii) through (vi), such Holder will forthwith discontinue disposition of such Registrable Securities under a Registration Statement and suspend the
use of the applicable Prospectus until such Holder is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company will
use its commercially reasonable efforts to ensure that the use of the Prospectus may be resumed, and to provide notice thereof, as promptly as is practicable thereafter. 

(c) Amendments and Waivers. The provisions of this Agreement may be amended, modified or supplemented, and waivers
or consents to departures from the provisions hereof may be given, and shall be in writing and signed by the Company and the Holders of a majority of the Registrable Securities then outstanding. Notwithstanding the foregoing, a waiver or consent to
depart from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder or some Holders and that does not directly or indirectly affect the rights of other Holders may be given by such Holder or Holders of all
of the Registrable Securities to which such waiver or consent relates; provided, however, that the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the first sentence
of this Section 7(c). 
 (d) Notices. Any and all notices or other communications or deliveries required or
permitted to be provided hereunder shall be delivered as set forth in the Purchase Agreement. 
 (e) Successors and
Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each party and shall inure to the benefit of each Holder. The Company may not assign its rights or obligations hereunder without
the prior written consent of the Holders of a majority of the then outstanding Registrable Securities. If any Holder transfers a Warrant or portion thereof, the rights hereunder of the transferring Holder in respect of the Warrant Shares underlying
such Warrant or portion thereof shall be deemed automatically assigned to the transferee. 

  
 -10- 

 (f) No Inconsistent Agreements. Neither the Company nor any of its
Subsidiaries or affiliates has entered, as of the date hereof, nor shall the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities, that would have the effect of impairing
the rights granted to the Holders in this Agreement or otherwise conflict with the provisions hereof 
 (g) Execution
and Counterparts. This Agreement may be executed in several counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf”
format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an
original thereof. 
 (h) Construction; Governing Law; Disputes. The provisions of Sections 2.1, 14.1, and 15.1 of
the Purchase Agreement are incorporated herein mutatis mutandis. 
 (i) Severability. In the event any
provision of this Agreement shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. 

(j) Headings; Interpretation. The headings in this Agreement are for convenience only, do not constitute a part of
the Agreement and shall not be deemed to limit or affect any of the provisions hereof. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof.
The terms “including,” “includes,” “include” and words of like import shall be construed broadly as if followed by the words “without limitation.” The terms “herein,” “hereunder,”
“hereof” and words of like import refer to this entire Agreement instead of just the provision in which they are found. 

(k) Independent Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several
and not joint with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder hereunder. Nothing contained herein or in any other agreement or document
delivered at any closing, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that
the Holders are in any way acting in concert or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other matters, and the Company acknowledges that the Holders are not acting in concert or
as a group, and the Company shall not assert any such claim, with respect to such obligations or transactions. Each Holder shall be entitled to protect and enforce its rights, including without limitation the rights arising out of this Agreement,
and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose. The use of a single agreement with respect to the obligations of the Company was done solely for the convenience of the
Company and not because it was required or requested to do so by any Holder. It is expressly understood and agreed that each provision contained in this Agreement is between the Company and a Holder, solely, and not between the Company and the
Holders collectively and not between and among Holders. 
 [Signature Pages Follow] 

  
 -11- 

 IN WITNESS WHEREOF, the
parties have executed this Registration Rights Agreement as of the date first written above. 
  

			
	QUOTIENT LIMITED
		
	By:	 	/s/ Manuel O. Méndez
		 	Name: Manuel O. Méndez
		 	Title: Chief Executive Officer

 [REMAINDER OF PAGE INTENTIONALLY BLANK; 

SIGNATURE PAGES FOR HOLDERS FOLLOW] 

[Signature Page to Registration Rights Agreement] 

 
			
	 HIGHBRIDGE TACTICAL CREDIT MASTER FUND, L.P.

 

	By:	 	 Highbridge Capital Management, LLC,
 as
Trading Manager

		
	By:	 	/s/ Jonathan Segal
		 	 Name: Jonathan Segal
 Title: Managing
Director, Co-Chief Investment Officer

 [Signature Page to Registration Rights Agreement] 

 
			
	 HIGHBRIDGE SCF SPECIAL SITUATIONS SPV, L.P.

 

	By:	 	 Highbridge Capital Management, LLC,
 as Trading
Manager

		
	By:	 	/s/ Jonathan Segal
		 	Name: Jonathan Segal
		 	Title: Managing Director, Co-Chief Investment Officer

 [Signature Page to Registration Rights Agreement] 

 
			
	 CANADIAN FIXED INCOME POOL
  

	By: CI Investment Inc., its manager
		
	By:	 	/s/ Geof Marshall
		 	Name: Geof Marshall
		 	Title: SVP - Portfolio Management
		
	By:	 	/s/ Brad Benson
		 	Name: Brad Benson
		 	Title: VP - Portfolio Management

 [Signature Page to Registration Rights Agreement] 

 
			
	 CI INCOME FUND
  

	By: CI Investment Inc., its manager
		
	By:	 	/s/ Geof Marshall
		 	Name: Geof Marshall
		 	Title: SVP - Portfolio Management
		
	By:	 	/s/ Brad Benson
		 	Name: Brad Benson
		 	Title: VP - Portfolio Management

 [Signature Page to Registration Rights Agreement] 

 
			
	 CI U.S. INCOME $US FUND
  

	By: CI Investment Inc., its manager
		
	By:	 	/s/ Geof Marshall
		 	Name: Geof Marshall
		 	Title: SVP - Portfolio Management
		
	By:	 	/s/ Brad Benson
		 	Name: Brad Benson
		 	Title: VP - Portfolio Management

 [Signature Page to Registration Rights Agreement] 

 
			
	 GLOBAL INCOME ALLOCATION CORPORATE CLASS

 

	By: CI Investment Inc., its manager
		
	By:	 	/s/ Geof Marshall
		 	Name: Geof Marshall
		 	Title: SVP - Portfolio Management
		
	By:	 	/s/ Brad Benson
		 	Name: Brad Benson
		 	Title: VP - Portfolio Management

 [Signature Page to Registration Rights Agreement] 

 
			
	 GLOBAL INCOME ALLOCATION POOL
  

	By: CI Investment Inc., its manager
		
	By:	 	/s/ Geof Marshall
		 	Name: Geof Marshall
		 	Title: SVP - Portfolio Management
		
	By:	 	/s/ Brad Benson
		 	Name: Brad Benson
		 	Title: VP - Portfolio Management

 [Signature Page to Registration Rights Agreement] 

 
			
	 CI GLOBAL HIGH YIELD FIXED INCOME PRIVATE TRUST

 

	By: CI Investment Inc., its manager
		
	By:	 	/s/ Geof Marshall
		 	Name: Geof Marshall
		 	Title:   SVP - Portfolio Management
		
	By:	 	/s/ Brad Benson
		 	Name: Brad Benson
		 	Title:   VP - Portfolio Management

 [Signature Page to Registration Rights Agreement] 

 
					
	CI CORPORATE BOND FUND
	
	By: CI Investment Inc., its manager
			
	    	 	By:	 	/s/ Geof Marshall
		 		 	Name: Geof Marshall
		 		 	Title:   SVP - Portfolio Management
			
		 	By:	 	/s/ Brad Benson
		 		 	Name: Brad Benson
		 		 	Title:   VP - Portfolio Management

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	 CI DIVERSIFIED YIELD

CORPORATE CLASS

	
	By: CI Investment Inc., its manager
			
	    	 	By:	 	/s/ Geof Marshall
		 		 	Name: Geof Marshall
		 		 	Title:   SVP - Portfolio Management
			
		 	By:	 	/s/ Brad Benson
		 		 	Name: Brad Benson
		 		 	Title:   VP - Portfolio Management

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	CI DIVERSIFIED YIELD FUND
	
	By: CI Investment Inc., its manager
			
	    	 	By:	 	/s/ Geof Marshall
		 		 	Name: Geof Marshall
		 		 	Title:   SVP - Portfolio Management
			
		 	By:	 	/s/ Brad Benson
		 		 	Name: Brad Benson
		 		 	Title:   VP - Portfolio Management

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	 CI GLOBAL INCOME &

GROWTH FUND

	
	By: CI Investment Inc., its manager
			
	    	 	By:	 	/s/ Geof Marshall
		 		 	Name: Geof Marshall
		 		 	Title:   SVP - Portfolio Management
			
		 	By:	 	/s/ Brad Benson
		 		 	Name: Brad Benson
		 		 	Title:   VP - Portfolio Management

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	CI HIGH INCOME FUND
	
	By: CI Investment Inc., its manager
			
	    	 	By:	 	/s/ Geof Marshall
		 		 	Name: Geof Marshall
		 		 	Title:   SVP - Portfolio Management
			
		 	By:	 	/s/ Brad Benson
		 		 	Name: Brad Benson
		 		 	Title:   VP - Portfolio Management

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	CI HIGH YIELD BOND FUND
	
	By: CI Investment Inc., its manager
			
	    	 	By:	 	/s/ Geof Marshall
		 		 	Name: Geof Marshall
		 		 	Title:   SVP - Portfolio Management
			
		 	By:	 	/s/ Brad Benson
		 		 	Name: Brad Benson
		 		 	Title:   VP - Portfolio Management

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	CI CANADIAN INCOME & GROWTH FUND
	
	By: CI Investment Inc., its manager
			
	    	 	By:	 	/s/ Geof Marshall
		 		 	Name: Geof Marshall
		 		 	Title:   SVP - Portfolio Management
			
		 	By:	 	/s/ Brad Benson
		 		 	Name: Brad Benson
		 		 	Title:   VP - Portfolio Management

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	HONEYWELL COMMON INVESTMENT FUND
		
	By:	 	 /s/ John Mikros

		 	Name:	 	John Mikros
		 	Title:	 	Portfolio Manager
		 		 	Fixed Income Investments
		 		 	Honeywell Capital Mgmt.

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	HONEYWELL INTERNATIONAL INC. MASTER RETIREMENT TRUST
		
	By:	 	 /s/ John Mikros

		 	Name:	 	John Mikros
		 	Title:	 	Portfolio Manager
		 		 	Fixed Income Investments
		 		 	Honeywell Capital Mgmt.

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	TRI-CONTINENTAL CORPORATION
		
	By:	 	/s/ Apratim Sen
		 	Name: Apratim Sen
		 	Title:   Assistant Secretary

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	COLUMBIA FLEXIBLE CAPITAL INCOME FUND
		
	By:	 	/s/ Apratim Sen
		 	Name: Apratim Sen
		 	Title:   Assistant Secretary

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	FYI LTD.
		
	By:	 	/s/ John N. Spinney Jr.
		 	Name: John N. Spinney Jr.
		 	Title:   Authorized Signatory

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	OLIFANT FUND LTD.
		
	By:	 	/s/ John N. Spinney Jr.
		 	Name: John N. Spinney Jr.
		 	Title:   Authorized Signatory

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	FFI FUND LTD.
		
	By:	 	/s/ John N. Spinney Jr.
		 	Name: John N. Spinney Jr.
		 	Title:  Authorized Signatory

  
 [Signature Page to
Registration Rights Agreement] 

 Annex A 

Plan of Distribution 
 The
selling shareholders, which as used herein includes donees, pledgees, transferees or other successors-in-interest selling ordinary shares received after the date of this
prospectus from a selling shareholder as a gift, pledge, partnership distribution or other transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their ordinary shares on any stock exchange, market or trading facility
on which the ordinary shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the
time of sale, or at negotiated prices. 
 The selling shareholders may use any one or more of the following methods when disposing of
ordinary shares or interests therein: 
  

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

  

	 	•	 	 block trades in which the broker-dealer will attempt to sell the ordinary 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; 

 

	 	•	 	 privately negotiated transactions; 

 

	 	•	 	 short sales effected after the date the registration statement of which this prospectus is a part is declared
effective by the SEC; 

  

	 	•	 	 through the writing or settlement of options or other hedging transactions, whether through an options exchange
or otherwise; 

  

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

  

	 	•	 	 a combination of any such methods of sale; and 

 

	 	•	 	 any other method permitted by applicable law. 

The selling shareholders may, from time to time, pledge or grant a security interest in some or all of the ordinary shares owned by them and,
if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the ordinary shares, from time to time, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other
applicable provision of the Securities Act of 1933, as amended (the “Securities Act”), amending the list of selling shareholders to include the pledgee, transferee or other successors in interest as selling shareholders under this
prospectus. The selling shareholders also may transfer the ordinary shares in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus. 

In connection with the sale of our ordinary shares, the selling shareholders may enter into hedging transactions with broker-dealers or other
financial institutions, which may in turn engage in short sales of the ordinary shares in the course of hedging the positions they assume. The selling shareholders may also sell ordinary shares short and deliver these securities to close out their
short positions, or loan or pledge the ordinary shares to broker-dealers that in turn may sell these securities. The selling shareholders may also enter into option or other transactions with broker-dealers or other financial institutions or the
creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of ordinary shares offered by this prospectus, which ordinary shares such broker-dealer or other financial institution may
resell pursuant to this prospectus (as supplemented or amended to reflect such transaction). 

 The aggregate proceeds to the selling shareholders from the sale of the ordinary shares
offered by them will be the purchase price of the ordinary shares less discounts or commissions, if any. Each of the selling shareholders reserves the right to accept and, together with their agents from time to time, to reject, in whole or in part,
any proposed purchase of ordinary shares to be made directly or through agents. We will not receive any of the proceeds from this offering. 

The selling shareholders also may resell all or a portion of the ordinary shares in open market transactions in reliance upon Rule 144 under
the Securities Act of 1933, provided that they meet the criteria and conform to the requirements of that rule. 
 The selling shareholders
and any underwriters, broker-dealers or agents that participate in the sale of the ordinary shares or interests therein may be “underwriters” within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions,
concessions or profit they earn on any resale of the ordinary shares may be underwriting discounts and commissions under the Securities Act. Selling shareholders who are “underwriters” within the meaning of Section 2(11) of the
Securities Act will be subject to the prospectus delivery requirements of the Securities Act. 
 To the extent required, the ordinary shares
to be sold, the names of the selling shareholders, the respective purchase prices and public offering prices, the names of any agents, dealer or underwriter, and any applicable commissions or discounts with respect to a particular offer will be set
forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes this prospectus. 

In order to comply with the securities laws of some states, if applicable, the ordinary shares may be sold in these jurisdictions only through
registered or licensed brokers or dealers. In addition, in some states the ordinary shares may not be sold unless it has been registered or qualified for sale or an exemption from registration or qualification requirements is available and is
complied with. 
 We have advised the selling shareholders that the anti-manipulation rules of Regulation M under the Securities Exchange
Act of 1934, as amended, may apply to sales of ordinary shares in the market and to the activities of the selling shareholders and their affiliates. In addition, to the extent applicable, we will make copies of this prospectus (as it may be
supplemented or amended from time to time) available to the selling shareholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act. The selling shareholders may indemnify any broker-dealer that participates in
transactions involving the sale of the ordinary shares against certain liabilities, including liabilities arising under the Securities Act. 

We have agreed to indemnify the selling shareholders against liabilities, including liabilities under the Securities Act and state securities
laws, relating to the registration of the ordinary shares offered by this prospectus. 
 We have agreed with the selling shareholders to use
commercially reasonable efforts to cause the registration statement of which this prospectus constitutes a part to become effective and to remain continuously effective, subject to certain exceptions, until the earlier of (1) such time as all
of the ordinary shares covered by this prospectus have been disposed of pursuant to and in accordance with such registration statement or (2) the date on which all of the ordinary shares may be sold without restriction pursuant to Rule 144 of
the Securities Act and all restrictive legends associated with the ordinary shares have been removed. 

  
 -36- 

 Annex B 

Selling Stockholder Notice and Questionnaire 

The undersigned beneficial owner of ordinary shares (the “Registrable Securities”), no par value per share, of
Quotient Limited., a public limited liability company formed under the laws of Jersey, Channel Islands (the “Company”), understands that the Company has filed or intends to file with the Securities and Exchange Commission
(the “Commission”) a registration statement (the “Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended, of the Registrable Securities, in
accordance with the terms of the Registration Rights Agreement (the “Registration Rights Agreement”) to which this document is annexed. A copy of the Registration Rights Agreement is available from the Company upon request at
the address set forth below. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement. 

Certain legal consequences arise from being named as a selling stockholder in the Registration Statement and the related prospectus.
Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling stockholder in the Registration Statement and the
related prospectus. 
 NOTICE 

The undersigned beneficial owner (the “Selling Stockholder”) of Registrable Securities hereby elects to include the
Registrable Securities owned by it in the Registration Statement. 
 The undersigned hereby provides the following information to the
Company and represents and warrants that such information is accurate: 
 QUESTIONNAIRE 

1. Name. 
 (a) Full Legal Name
of Selling Stockholder 
 (b) Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable
Securities are held: 
 (c) Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or
with others has power to vote or dispose of the securities covered by this Questionnaire): 
 2. Address for Notices to Selling Stockholder:

 Telephone: 
 Fax: 

Contact Person: 

 3. Broker-Dealer Status: 

 

	 	(a)	 Are you a broker-dealer? 

Yes ☐ No ☐ 
  

	 	(b)	 If “yes” to Section 3(a), did you receive your Registrable Securities as compensation for
investment banking services to the Company? 

 Yes ☐ No ☐ 

Note: If “no” to Section 3(b), the Commission’s staff has indicated that you should be identified as an underwriter in
the Registration Statement. 
  

	 	(c)	 Are you an affiliate of a broker-dealer? 

Yes ☐ No ☐ 
  

	 	(d)	 If you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable Securities in the
ordinary course of business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities?

 Yes ☐ No ☐ 
  

	 	Note:	 If “no” to Section 3(d), the Commission’s staff has indicated that you should be identified
as an underwriter in the Registration Statement. 

 4. Beneficial Ownership of Securities of the Company Owned by the Selling
Stockholder. 
 Except as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any securities
of the Company other than the securities issuable pursuant to the Purchase Agreement. 
  

	 	(a)	 Type and Amount of other securities beneficially owned by the Selling Stockholder: 

5. Relationships with the Company: 

Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5%
of more of the equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years. 

State any exceptions here: 

  
 -38- 

 The undersigned agrees to promptly notify the Company of any material inaccuracies or
changes in the information provided herein that may occur subsequent to the date hereof at any time while the Registration Statement remains effective; provided, that the undersigned shall not be required to notify the Company of any changes
to the number of securities held or owned by the undersigned or its affiliates. 
 By signing below, the undersigned consents to the
disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned understands
that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration Statement and the related prospectus and any amendments or supplements thereto. 

IN WITNESS WHEREOF the undersigned, by authority duly given, has caused
this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent. 
  

							
	Date:	 		 	Beneficial Owner:
				
		 		 	By:	 	 
		 		 	Name:	 	
		 		 	Title:	 	

 PLEASE EMAIL A .PDF COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO: 

[•] 
 [•] 

[•] 
 [•] 

[•] 
 Quotient Limited 

[•] 

  
 -39-

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