Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 7 TO FIVE-YEAR REVOLVING CREDIT AGREEMENT 

THIS AMENDMENT NO. 7 TO FIVE-YEAR REVOLVING CREDIT AGREEMENT (this “Amendment”) is dated as of April 3, 2018, by and
among BLACKROCK, INC., a Delaware corporation (the “Company”), the Designated Borrowers party hereto (each a “Designated Borrower” and, together with the Company, the “Borrowers” and, each a
“Borrower”), the banks and other financial institutions or entities party hereto (the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, the
“Administrative Agent”). 
 Statement of Purpose 

The Borrowers, the Lenders and the Administrative Agent are parties to that certain Credit Agreement dated as of March 10, 2011 (as
amended by that certain Amendment No. 1 to Five-Year Revolving Credit Agreement dated as of March 30, 2012, that certain Amendment No. 2 to Five-Year Revolving Credit Agreement dated as of March 28, 2013, that certain Amendment
No. 3 to Five-Year Revolving Credit Agreement dated as of March 28, 2014, that certain Amendment No. 4 to Five-Year Revolving Credit Agreement dated as of April 2, 2015, that certain Amendment No. 5 to Five-Year Revolving
Credit Agreement dated as of April 8, 2016, and that certain Amendment No. 6 to Five-Year Revolving Credit Agreement dated as of April 6, 2017, the “Credit Agreement”), pursuant to which the Lenders have extended
certain credit facilities to the Borrowers. 
 The Borrowers have requested, and the Lenders and the Administrative Agent have agreed,
subject to the terms and conditions set forth herein, to amend the Credit Agreement as specifically set forth herein. 
 NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

1. Capitalized Terms. All capitalized undefined terms used in this Amendment (including, without limitation, in the introductory
paragraph and the Statement of Purpose hereto) shall have the meanings assigned thereto in the Credit Agreement. 
 2. Amendments.
Subject to and in accordance with the terms and conditions set forth herein, the parties hereto hereby agree that the Credit Agreement is amended as follows: 

(a) Section 1.1 of the Credit Agreement is hereby amended by deleting the definitions of “Company Sublimit,” “Designated
Borrower Sublimit,” “Japanese Yen Commitment” and “Maturity Date” in their entirety and replacing them with the following, respectively: 

“‘Company Sublimit’ means $3,200,000,000, or such other amount as the Company has notified the
Administrative Agent of by delivery to the Administrative Agent of a Company Sublimit Notice; provided that, in the event there is a Defaulting Lender, the Company Sublimit shall be reduced by such Defaulting Lender’s Commitment
Percentage for so long as such Lender is a Defaulting Lender. For the avoidance of doubt, upon any such Defaulting Lender being deemed cured in accordance with Section 4.16(h), by replacement of such Defaulting Lender
pursuant to Section 4.14(b) or otherwise, the reduction of the Company Sublimit shall be of no further effect.” 

“‘Designated Borrower Sublimit’ means (a) with respect to BlackRock Group Limited, $1,500,000,000
and (b) with respect to any additional Designated Borrower, the amount reasonably determined by the Administrative Agent in consultation with the Company at the time such Subsidiary is added as a Designated Borrower pursuant to
Section 2.9; provided that, in the event there is a Defaulting Lender, the Designated Borrower Sublimit shall be reduced by such Defaulting Lender’s Commitment Percentage for so long as such Lender is a
Defaulting Lender. 

  
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For the avoidance of doubt, upon any such Defaulting Lender being deemed cured in accordance with Section 4.16(h), by replacement of such Defaulting Lender pursuant to
Section 4.14(b) or otherwise, the reduction of the Designated Borrower Sublimit shall be of no further effect.” 

“‘Japanese Yen Commitment’ means the lesser of (a) Forty Five Million Dollars ($45,000,000) and
(b) the Aggregate Revolving Commitments.” 
 “‘Maturity Date’ means the earliest to occur of
(a) March 31, 2023 (as such date may be extended with respect to consenting Lenders pursuant to Section 2.10), (b) the date of termination by the Company pursuant to Section 2.6, or
(c) the date of termination pursuant to Section 11.2(a).” 
 For the avoidance of doubt, the amendment
of the definition of “Maturity Date” set forth above shall not constitute a utilization of the Company’s option to request extensions of the Maturity Date in respect of the Revolving Credit Facility pursuant to
Section 2.10 of the Credit Agreement. 
 (b) Schedule 1.1(b) to the Credit Agreement is replaced with a
revised Schedule 1.1(b) attached hereto as Exhibit A to this Amendment, which such Schedule 1.1(b) reflects the Commitments of all the Lenders and the L/C Fronting Commitments of all the Issuing Lenders upon the effectiveness of this
Amendment. 
 (c) The cover page of the Credit Agreement is hereby amended such that Industrial and Commercial Bank of China Limited, New
York Branch is designated as an additional Joint Lead Arranger, Joint Bookrunner and Documentation Agent thereunder.
 3. Commitment
Adjustments. Notwithstanding anything to the contrary in the Credit Agreement, each party hereto agrees (i) that solely with respect to any assignments required or desired to effectuate the purposes set forth in this Amendment, such
assignments shall be deemed to be made in requisite amounts among the Lenders and from each Lender to each other Lender, with the same force and effect as if such assignments were evidenced by any applicable Assignment and Assumptions under the
Credit Agreement and (ii) to any adjustments to be made to the Register to effectuate such reallocations and assignments. In connection therewith, any reallocation of Commitments among the applicable Lenders resulting from such adjustments, and
any reallocation among the applicable Lenders of outstanding Loans resulting from such adjustments, shall, in each case, occur on the effective date of this Amendment in connection with this Amendment, and the Administrative Agent may make such
adjustments between and among the Lenders in consultation with the Borrowers as are reasonably necessary to effectuate such adjustments, so that the Commitments are as set forth on the revised Schedule 1.1(b) attached hereto as Exhibit
A as of the effectiveness of this Amendment. Notwithstanding anything to the contrary in Section 13.10(b) of the Credit Agreement or this Amendment, (i) no other documents or instruments, including any Assignment
and Assumption, shall be executed in connection with these assignments (all of which requirements are hereby waived), (ii) no fees shall be required to be paid to the Administrative Agent in connection with such assignments, and (iii) such
assignments shall be deemed to be made with all applicable representations, warranties and covenants as if evidenced by an Assignment and Assumption; in each case, without limiting the requirement that each Lender shall be an Eligible Assignee. 

4. Effectiveness. This Amendment shall become effective on the date when the Administrative Agent or Wells Fargo Securities, LLC
(“Wells Fargo Securities”), as applicable, shall have received (a) counterparts of this Amendment executed by the Borrowers, the Guarantor and all of the Lenders and (b) payment of all fees, costs and expenses set forth in
Sections 8(a) and (b) of this Amendment. 
 5. Limited Effect. Except as expressly provided herein, the Credit
Agreement and the other Loan Documents shall remain unmodified and in full force and effect. This Amendment shall not be deemed (a) to be a waiver of, or consent to, or a modification or amendment of, any other term or condition of the Credit
Agreement or any other Loan Document other than as expressly set forth herein, (b) to prejudice any right or rights which the Administrative Agent or the Lenders may now have or may have in the future under or in connection with the Credit
Agreement or the other Loan Documents or any of the instruments or agreements referred to therein, as the same may be amended, restated, supplemented or modified from time to time, or (c) to be a commitment or any other undertaking or
expression of any willingness to engage in any further discussion with the Borrower, any of its 

  
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Subsidiaries or any other Person with respect to any other waiver, amendment, modification or any other change to the Credit Agreement or the Loan Documents or any rights or remedies arising in
favor of the Lenders or the Administrative Agent, or any of them, under or with respect to any such documents. References in the Credit Agreement to “this Agreement” (and indirect references such as “hereunder”,
“hereby”, “herein”, “hereof” or other words of like import) and in any Loan Document to the “Credit Agreement” shall be deemed to be references to the Credit Agreement as modified hereby. 

6. Representations and Warranties. Each Borrower and Guarantor represents and warrants that (a) it has the corporate power and
authority to make, deliver and perform this Amendment, (b) it has taken all necessary corporate or other action to authorize the execution, delivery and performance of this Amendment, (c) this Amendment has been duly executed and delivered
on behalf of such Person, (d) this Amendment constitutes a legal, valid and binding obligation of such Person, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law), (e) each of the representations and
warranties contained in Article VI of the Credit Agreement are true and correct in all material respects on and as of the date hereof with the same effect as if made on and as of the date hereof, except for any representation and warranty
made as of an earlier date, which representation and warranty shall remain true and correct in all material respects as of such earlier date and (f) no Default or Event of Default has occurred and is continuing as of the date hereof or after
giving effect hereto. 
 7. Acknowledgement and Reaffirmation. By their execution hereof, each Borrower and the Guarantor hereby
expressly (a) consents to this Amendment and to the amendments to the Credit Agreement set forth herein, (b) acknowledges that the covenants, representations, warranties and other obligations set forth in the Credit Agreement, the Notes
and the other Loan Documents to which such Borrower or the Guarantor is a party remain in full force and effect (it being understood and agreed that to the extent any such covenants, representations, warranties or other obligations are expressly
modified herein, such covenants, representations, warranties or obligations shall continue in full force and effect as expressly modified herein) and (c) acknowledges and agrees that this Amendment shall constitute a “Loan Document”
for all purposes of the Credit Agreement and the other Loan Documents. 
 8. Costs, Expenses and Taxes. The Company agrees to pay:

 (a) in accordance with Section 13.3 of the Credit Agreement, but subject to the provisions set
forth in Section 5 of that certain commitment letter dated as of March 9, 2018 from Wells Fargo and the other commitment parties thereto to the Company, all reasonable and invoiced out-of-pocket costs and expenses of the Administrative Agent and Wells Fargo Securities in connection with the preparation, execution, delivery, administration of this Amendment and the other instruments and
documents to be delivered hereunder, including, without limitation, the reasonable and invoiced fees and out-of-pocket expenses of counsel for the Administrative Agent
and Wells Fargo Securities; and 
 (b) all fees payable pursuant to that certain letter agreement by and among the Company,
Wells Fargo, Wells Fargo Securities and Citigroup Global Markets Inc., dated as of March 9, 2018. 
 9. Execution in
Counterparts. This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery
of an executed signature page of this Amendment by facsimile or electronic (pdf) transmission shall be effective as delivery of a manually executed counterpart hereof. 

10. Governing Law. This Amendment and the rights and obligations of the parties under this Amendment shall be governed by, and
construed and interpreted in accordance with, the law of the state of New York (including Section 5-1401 and Section 5-1402 of the General Obligations Law of
the State of New York), without reference to any other conflicts or choice of law principles thereof. 
 11. Entire Agreement. This
Amendment is the entire agreement, and supersedes any prior agreements and contemporaneous oral agreements, of the parties concerning its subject matter. 

  
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 12. Successors and Assigns. This Amendment shall be binding on and inure to the benefit of
the parties hereto and their heirs, beneficiaries, successors and permitted assigns. 
 [Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly
authorized officers or representatives, all as of the day and year first written above. 
  

			
	BORROWERS:

 
			
	
	 BLACKROCK, INC.,
 as Borrower
and Guarantor

 
			
		
	By:	 	 /s/ Philippe Matsumoto

	Name:	 	Philippe Matsumoto
	Title:	 	Managing Director and Treasurer

 
			
	
	 BLACKROCK GROUP LIMITED,
 as
Designated Borrower

 
			
		
	By:	 	 /s/ Colin Thomson

	Name:	 	Colin Thomson
	Title:	 	Managing Director

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	AGENT AND LENDERS:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Swingline Lender, Issuing Lender, L/C Agent and Lender
		
	By:	 	 /s/ Megan Griffin

	Name:	 	Megan Griffin
	Title:	 	Vice President

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	CITIBANK, N.A., as Lender, Swingline Lender and Issuing Lender
		
	By:	 	 /s/ Erik Andersen

	Name:	 	Erik Andersen
	Title:	 	Vice President

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	BANK OF AMERICA, N.A., as Lender
		
	By	 	 /s/ Ankit Mehta

	Name:	 	Ankit Mehta
	Title:	 	Associate

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	BANK OF CHINA, NEW YORK BRANCH, as Lender
		
	By:	 	 /s/ Chen Xu

	Name:	 	Chen Xu
	Title:	 	President & CEO, U.S.A.

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	BARCLAYS BANK PLC, as Lender
		
	By:	 	 /s/ Jake Lam

	Name:	 	Jake Lam
	Title:	 	Assistant Vice President

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	CREDIT SUISSE AG, Cayman Islands Branch, as Lender
		
	By:	 	 /s/ Doreen Bar

	Name:	 	Doreen Barr
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Sophie Bulliard

	Name:	 	Sophie Bulliard
	Title:	 	Authorized Signatory

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH, as Lender
		
	By:	 	 /s/ Ming K. Chu

	Name:	 	Ming K. Chu
	Title:	 	Director
		
	By:	 	 /s/ Douglas Darman

	Name:	 	Douglas Darman
	Title:	 	Director

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	GOLDMAN SACHS BANK USA, as Lender
		
	By:	 	 /s/ Rebecca Kratz

	Name:	 	Rebecca Kratz
	Title:	 	Authorized Signatory

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	HSBC BANK USA, NATIONAL ASSOCIATION, as Lender
		
	By:	 	 /s/ Kieran Patel

	Name:	 	Kieran Patel
	Title:	 	Managing Director

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, NEW YORK BRANCH, as Lender
		
	By:	 	 /s/ Jeffrey Roth

	Name:	 	Jeffrey Roth
	Title:	 	Director
		
	By:	 	 /s/ Shulin Peng

	Name:	 	Shulin Peng
	Title:	 	Managing Director

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	JPMORGAN CHASE BANK, N.A., as Lender
		
	By:	 	 /s/ Jay Cyr

	Name:	 	Jay Cyr
	Title:	 	Executive Director

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	MORGAN STANLEY BANK, N.A., as Lender
		
	By:	 	 /s/ Michael King

	Name:	 	Michael King
	Title:	 	Authorized Signatory

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	BNP PARIBAS, as Lender
		
	By:	 	 /s/ Marguerite L. Lebon

	Name:	 	Marguerite L. Lebon
	Title:	 	Vice President
		
	By:	 	 /s/ Jessica Broughton

	Name:	 	Jessica Broughton
	Title:	 	Vice President

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	MIZUHO BANK, LTD., as Lender
		
	By:	 	 /s/ David Lim

	Name:	 	David Lim
	Title:	 	Authorized Signatory

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	ROYAL BANK OF CANADA, as Lender
		
	By:	 	 /s/ Alex Figueroa

	Name:	 	Alex Figueroa
	Title:	 	Authorized Signatory

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	STATE STREET BANK AND TRUST COMPANY, as Lender
		
	By:	 	 /s/ Karen A. Gallagher

	Name:	 	Karen A. Gallagher
	Title:	 	Managing Director

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	THE BANK OF NEW YORK MELLON, as Lender
		
	By:	 	 /s/ Joanne Carey

	Name:	 	Joanne Carey
	Title:	 	Vice President

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	NOMURA CORPORATE FUNDING AMERICAS, LLC, as Lender
		
	By:	 	 /s/ Sean P. Kelly

	Name:	 	Sean P. Kelly
	Title:	 	Managing Director

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	BANCO SANTANDER, S.A., as Lender
		
	By:	 	 /s/ Ignacio Martin - Aragon

	Name:	 	Ignacio Martin - Aragon
	Title:	 	VP
		
	By:	 	 /s/ Paloma Garcia Castro

	Name:	 	Isabel Pastor
	Title:	 	VP

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	CREDIT AGRICOLE CORPORATE & INVESTMENT BANK, as Lender
		
	By:	 	 /s/ Gordon Yip

	Name:	 	Gordon Yip
	Title:	 	Director
		
	By:	 	 /s/ Kevin Haskell

	Name:	 	Kevin Haskell
	Title:	 	Managing Director

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	SOCIETE GENERALE, as Lender
		
	By:	 	 /s/ Edith Hornick

	Name:	 	Edith Hornick
	Title:	 	Managing Director

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	THE ROYAL BANK OF SCOTLAND PLC (TRADING AS NATWEST MARKETS), as Lender
		
	By:	 	 /s/ Sinead Collister

	Name:	 	Sinead Collister
	Title:	 	Director

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	MUFG Bank, Ltd., as Lender
		
	By:	 	 /s/ Suzanne Ley

	Name:	 	Suzanne Ley
	Title:	 	Director

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED, as Lender
		
	By:	 	 /s/ Robert Grillo

	Name:	 	Robert Grillo
	Title:	 	Director

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH, as Lender
		
	By:	 	 /s/ Robert Krevolin

	Name:	 	Robert Krevolin
	Title:	 	Managing Director
		
	By:	 	 /s/ Cara Younger

	Name:	 	Cara Younger
	Title:	 	Director

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	ING BANK N.V., as Lender
		
	By:	 	 /s/ L.G. Humme

	Name:	 	L.G. Humme
	Title:	 	Director
		
	By:	 	 /s/ GA Mollide

	Name:	 	GA Mollide
	Title:	 	Director

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	JEFFERIES LEVERAGED CREDIT PRODUCTS, LLC, as Lender
		
	By:	 	 /s/ John Stacconi

	Name:	 	John Stacconi
	Title:	 	Managing Director and Treasurer

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	NATIXIS LONDON BRANCH, as Lender
		
	By:	 	 /s/ Eric Le Brusq

	Name:	 	Eric Le Brusq
	Title:	 	Global head of Equity Derivatives
		
	By:	 	 /s/ Boris Bettini

	Name:	 	Boris Bettini
	Title:	 	Chief Risk Officer

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	STANDARD CHARTERED BANK, as Lender
		
	By:	 	 /s/ Daniel Mattern

	Name:	 	Daniel Mattern
	Title:	 	Associate Director

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	SUMITOMO MITSUI BANKING CORPORATION, as a Lender and as the Japanese Yen Lender
		
	By:	 	 /s/ Keith J. Connolly

	Name:	 	Keith J. Connolly
	Title:	 	General Manager

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	THE TORONTO-DOMINION BANK NEW YORK BRANCH, as Lender
		
	By:	 	 /s/ Annie Dorval

	Name:	 	Annie Dorval
	Title:	 	Authorized Signatory

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Lender
		
	By:	 	 /s/ Michael F. Ugliarolo

	Name:	 	Michael F. Ugliarolo
	Title:	 	Vice President

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	STIFEL BANK & TRUST, as Lender
		
	By:	 	 /s/ Matthew L. Diehl

	Name:	 	Matthew L. Diehl
	Title:	 	Senior Vice President

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 
			
	BROWN BROTHERS HARRIMAN & CO., as Lender
		
	By:	 	 /s/ Ann Hobart

	Name:	 	Ann Hobart
	Title:	 	Senior Vice President

  
 BlackRock, Inc. 

Amendment No. 7 to Five-Year Revolving Credit Agreement (2018) 

Signature Pages 

 Exhibit A 

(to Amendment No. 7 to Five-Year Revolving Credit Agreement) 

Schedule 1.1(b) 
 (to
Five-Year Revolving Credit Agreement) 
 Commitments 

 

																									
	 	  	Revolving Credit
Commitment	 	  	Revolving
Commitment
Percentage	 	 	USD Revolving
Credit
Commitment	 	  	USD
Revolving
Commitment
Percentage	 	 	L/C Fronting
Commitment	 	  	Swingline
Commitment	 
	 Wells Fargo Bank, National Association
	  	$	200,000,000.00	 	  	 	5.4570	% 	 	 	—  	 	  	 	—  	 	 	$	66,666,667.00	 	  	$	200,000,000.00	 
	 Citibank, N.A.
	  	$	200,000,000.00	 	  	 	5.4570	% 	 	 	—  	 	  	 	—  	 	 	$	66,666,667.00	 	  	$	200,000,000.00	 
	 Bank of America, N.A.
	  	$	200,000,000.00	 	  	 	5.4570	% 	 	 	—  	 	  	 	—  	 	 				  			
	 Bank of China, New York Branch
	  	 	—  	 	  	 	—  	 	 	$	200,000,000.00	 	  	 	59.7015	% 	 				  			
	 Barclays Bank PLC
	  	$	200,000,000.00	 	  	 	5.4570	% 	 	 	—  	 	  	 	—  	 	 				  			
	 Credit Suisse AG, Cayman Islands Branch
	  	$	200,000,000.00	 	  	 	5.4570	% 	 	 	—  	 	  	 	—  	 	 				  			
	 Deutsche Bank AG New York Branch
	  	$	200,000,000.00	 	  	 	5.4570	% 	 	 	—  	 	  	 	—  	 	 				  			
	 Goldman Sachs Bank USA
	  	$	200,000,000.00	 	  	 	5.4570	% 	 	 	—  	 	  	 	—  	 	 				  			
	 HSBC Bank USA, National Association
	  	$	200,000,000.00	 	  	 	5.4570	% 	 	 	—  	 	  	 	—  	 	 				  			
	 Industrial and Commercial Bank of China Limited, New York Branch
	  	$	200,000,000.00	 	  	 	5.4570	% 	 	 	—  	 	  	 	—  	 	 				  			
	 JPMorgan Chase Bank, N.A.
	  	$	200,000,000.00	 	  	 	5.4570	% 	 	 	—  	 	  	 	—  	 	 				  	$	200,000,000.00	 
	 Morgan Stanley Bank, N.A.
	  	$	200,000,000.00	 	  	 	5.4570	% 	 	 	—  	 	  	 	—  	 	 				  			
	 BNP Paribas
	  	$	131,000,000.00	 	  	 	3.5744	% 	 	 	—  	 	  	 	—  	 	 				  			
	 Mizuho Bank, Ltd.
	  	$	131,000,000.00	 	  	 	3.5744	% 	 	 	—  	 	  	 	—  	 	 				  			
	 Royal Bank of Canada
	  	$	131,000,000.00	 	  	 	3.5744	% 	 	 	—  	 	  	 	—  	 	 				  			
	 State Street Bank and Trust Company
	  	$	131,000,000.00	 	  	 	3.5744	% 	 	 	—  	 	  	 	—  	 	 				  			
	 The Bank of New York Mellon
	  	$	131,000,000.00	 	  	 	3.5744	% 	 	 	—  	 	  	 	—  	 	 				  			
	 Nomura Corporate Funding Americas, LLC
	  	 	—  	 	  	 	—  	 	 	$	110,000,000.00	 	  	 	32.8358	% 	 				  			
	 Banco Santander, S.A.
	  	$	80,000,000.00	 	  	 	2.1828	% 	 	 	—  	 	  	 	—  	 	 				  			
	 Credit Agricole Corporate & Investment Bank
	  	$	80,000,000.00	 	  	 	2.1828	% 	 	 	—  	 	  	 	—  	 	 				  			
	 Societe Generale
	  	$	80,000,000.00	 	  	 	2.1828	% 	 	 	—  	 	  	 	—  	 	 				  			
	 The Royal Bank of Scotland plc (trading as NatWest Markets)
	  	$	80,000,000.00	 	  	 	2.1828	% 	 	 	—  	 	  	 	—  	 	 				  			
	 MUFG Bank, Ltd.
	  	$	65,000,000.00	 	  	 	1.7735	% 	 	 	—  	 	  	 	—  	 	 				  			

																									
	 Australia and New Zealand Banking Group Limited
	  	$	45,000,000.00	 	  	 	1.2278	% 	 	 	—  	 	  	 	—  	 	 				  			
	 Banco Bilbao Vizcaya Argentaria, S.A., New York Branch
	  	$	45,000,000.00	 	  	 	1.2278	% 	 	 	—  	 	  	 	—  	 	 				  			
	 ING Bank N.V.
	  	$	45,000,000.00	 	  	 	1.2278	% 	 	 	—  	 	  	 	—  	 	 				  			
	 Jefferies Leveraged Credit Products, LLC
	  	$	45,000,000.00	 	  	 	1.2278	% 	 	 	—  	 	  	 	—  	 	 				  			
	 Natixis London Branch
	  	$	45,000,000.00	 	  	 	1.2278	% 	 	 	—  	 	  	 	—  	 	 				  			
	 Standard Chartered Bank
	  	$	45,000,000.00	 	  	 	1.2278	% 	 	 	—  	 	  	 	—  	 	 				  			
	 Sumitomo Mitsui Banking Corporation
	  	$	45,000,000.00	 	  	 	1.2278	% 	 	 	—  	 	  	 	—  	 	 				  			
	 The Toronto-Dominion Bank New York Branch
	  	$	45,000,000.00	 	  	 	1.2278	% 	 	 	—  	 	  	 	—  	 	 				  			
	 U.S. Bank National Association
	  	$	45,000,000.00	 	  	 	1.2278	% 	 	 	—  	 	  	 	—  	 	 				  			
	 Stifel Bank & Trust
	  	 	—  	 	  	 	—  	 	 	$	25,000,000.00	 	  	 	7.4627	% 	 				  			
	 Brown Brothers Harriman & Co.
	  	$	20,000,000.00	 	  	 	0.5457	% 	 	 	—  	 	  	 	—  	 	 				  			
	 Total
	  	$	3,665,000,000.00	 	  	 	100.0000	% 	 	$	335,000,000.00	 	  	 	100.0000	% 	 	$	133,333,334.00	 	  	$	600,000,000.00	 
	 Total of Revolving Credit Commitment plus

USD Revolving Credit Commitment:
	  	$	4,000,000,000.00EX-4.1

 Exhibit 4.1 

EXHIBIT A 
 COMMON STOCK
PURCHASE WARRANT 
 MANNKIND CORPORATION 
  

			
	Warrant Shares:                	 	 Initial Exercise Date: October 9, 2018

Issue Date: April 9, 2018

 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 October 9, 2018 (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on April 9, 2019 (the “Termination Date”) but not
thereafter, to subscribe for and purchase from MannKind Corporation, a Delaware corporation (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 that certain Securities Purchase Agreement (the “Purchase Agreement”), dated April 5, 2018, among the Company 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 Initial Exercise Date and on or before the Termination Date 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 (the “Notice of Exercise”) and, by 12:00 p.m. (Eastern time) on the
earlier of (i) the second Trading Day and (ii) the last Trading Day of the applicable Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date said Notice of Exercise is delivered to the Company, payment of
the aggregate Exercise Price of the shares thereby purchased pursuant to the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank or, if available, pursuant to the cashless exercise procedure specified
in Section 2(c) below if specified in the applicable Notice of Exercise. 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 form 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 two (2) Trading Days of the date 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 

  
 1 

 
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 exercise price per share of Common Stock under this Warrant shall be
$2.38, subject to adjustment hereunder (the “Exercise Price”). 

c)    Cashless Exercise. If at the time of exercise hereof there is no effective registration
statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, and there is also no effective registration statement registering the resale by the Holder of the Warrant Shares, then
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 the quotient obtained by dividing [(A-B) × (X)] by (A), where: 
  

					
	(A)	 	=	 	as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a
day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under
the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on
the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is
delivered to the Company within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the
applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such
Trading Day;
			
	(B)	 	=	 	the Exercise Price, 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.

  
 2 

 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 registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this
Section 2(c). 
 “Bid Price” means, for any date, the price determined by the first of the following
clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then
listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock
for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink
Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair
market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company. 
 “VWAP” means, for any date, the price determined by the first of
the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which
the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in
the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other
cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the
fees and expenses of which shall be paid by the Company. 
 Notwithstanding anything herein to the contrary, on the
Termination Date, if the conditions of a cashless exercise are otherwise met, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c). 

  
 3 

 d)    Mechanics of Exercise. 

i.    Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares
purchased hereunder to be transmitted by the 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 physical delivery of a certificate, 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 to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise,
(ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading 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) Trading Days and
(ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the
Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable
Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered
or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period”
means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock 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. 

  
 4 

 iii.    Rescission Rights. If the Company fails to
cause the 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 by delivering written notice to the Company at
any time prior to the Company delivering such Warrant Shares. 
 iv.    Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant
Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other than any failure due to any action or inaction by the Holder with respect to such exercise), and if
after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the
Warrant Shares which the Holder was entitled to receive upon such exercise but did not receive (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by
which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company
was required to deliver, but did not deliver, to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder,
either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that
would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a
Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding
sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of
the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. 

  
 5 

 v.    No Fractional Shares or Scrip. No fractional
shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either
pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share. 

vi.    Charges, Taxes and Expenses. 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. The Company shall pay all Transfer Agent
fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares. 

vii.    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 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 the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (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 

  
 6 

 
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 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 Trading 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 [4.99%] [9.99%] 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 9.99% 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. 

  
 7 

 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 such that the aggregate Exercise Price of this Warrant shall remain unchanged. 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)    [Reserved] 

c)    Subsequent Rights Offerings In addition to any adjustments pursuant to Section 3(a)
above, if at any time while this Warrant is outstanding the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to all record holders 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, 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). 
 d)    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 all 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 (other than as contemplated by Section 3(a) above), property or options by way 

  
 8 

 
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, 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). 
 e)    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, directly or indirectly, effects any sale, exclusive lease,
exclusive 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, or (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 or scheme of arrangement) with another Person or group of Persons whereby such other Person or group 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, if the Company is not the surviving entity in the Fundamental Transaction or the Common
Stock is converted into the right to receive the Alternate Consideration only in the Fundamental Transaction, the Holder shall have the right to receive, in lieu of each Warrant Share that would have been issuable upon such exercise immediately
prior to the occurrence of such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the same securities and/or other property as would have been paid for a Warrant Share as if such Warrant
Share were outstanding on and as of the closing of such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise 

  
 9 

 
of this Warrant) (the “Alternate Consideration”). 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 in accordance with the provisions of this Warrant and to covenant to, at the option of the Holder,
deliver to the Holder in exchange for this Warrant a warrant 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 consistent with this Section 3(e). 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 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. 
 f)    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. 
 g)    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 

  
 10 

 
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, 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 10 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 would constitute, or contain, material, non-public information regarding the Company or any of the Subsidiaries, then prior to delivering such notice, the Company shall promptly request the Holder’s agreement to receive material non-public information and to hold such information in confidence. If the Holder does not so agree, then the Company shall be excused from delivering the notice; provided that the Company shall promptly deliver such
notice after such time, if any, that delivery would not provide the Holder with material non-public information regarding the Company or any of the Subsidiaries. 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. 

Section 4.    Transfer of Warrant. 

a)    Transferability. This Warrant and all rights hereunder (including, without limitation, any
registration rights) 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, 

  
 11 

 
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. Notwithstanding anything herein to the contrary, the Holder shall not be
required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the Holder
delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 

b)    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 Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 

c)    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. 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. 

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. 

  
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 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 executing stock certificates to execute and issue 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 Trading Market upon which the Common Stock may be listed. 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) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase
in par value, (ii) 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 (iii) 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. 

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is
exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof. 

  
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 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 or the Purchase Agreement, 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. 

  
 14 

 l)    Amendment. This Warrant may be modified or
amended or the provisions hereof waived with the written consent of the Company and the Holder. 

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) 

  
 15 

 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. 
  

			
	MANNKIND CORPORATION
		
	By:	 	
                     

		 	Name:
		 	Title:

  
 16 

 NOTICE OF EXERCISE 

 

	TO:	MANNKIND CORPORATION 

 (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: 

 

                       
                                      

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

                       
                                      

 

                       
                                      

 

                       
                                      

 

	
	[SIGNATURE OF HOLDER]
	
	Name of Investing Entity:                               
                                         
                                         
                                         
                  
	Signature of Authorized Signatory of Investing
Entity:                                       
                                         
                                         
       
	Name of Authorized
Signatory:                                       
                                         
                                         
                                         
  
	Title of Authorized
Signatory:                                       
                                         
                                         
                                         
    
	Date:                                     
                                         
                                         
                                         
                                         
     

 EXHIBIT B 

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:

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