Document:

Purchase Agreement

 Exhibit 10.1 
 EXECUTION VERSION 
 $135,000,000 
 P2021 RIG CO. 
 13 1/2% Senior Secured Notes due 2013 
 PURCHASE AGREEMENT 
 December 18, 2009 
 JEFFERIES & COMPANY, INC. 
 As representative of the several initial purchasers 
 520 Madison Avenue 
 New York, New York 10022

 Ladies and Gentlemen: 
 P2021 Rig Co., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Company”), Vantage Drilling Company, an exempted company incorporated with limited liability under the laws
of the Cayman Islands and a guarantor (the “Parent”), and each of the other Guarantors (as defined in Schedule III) hereby agree with you as follows: 
 1. Issuance of Notes. Subject to the terms and conditions herein contained, the Company proposes to issue
and sell to the initial purchasers listed on Schedule I hereto (the “Initial Purchasers”), for whom Jefferies & Company, Inc. is acting as the representative (the “Representative”), $135,000,000 aggregate
principal amount of 13 1/2% Senior Secured Notes due
2013 (each a “Note” and, collectively, the “Notes”). The Notes will be issued pursuant to an indenture (the “Indenture”), to be dated as of December 23, 2009, by and among the Company and
Guarantors party thereto, and Wilmington Trust Company, as trustee (the “Trustee”). Capitalized terms used, but not defined herein, shall have the meanings set forth in the “Description of Notes” section of the Final
Offering Memorandum (as hereinafter defined). 
 The Notes will be offered and sold to the Initial Purchasers pursuant to
an exemption from the registration requirements under the Securities Act of 1933, as amended, and the rules and regulations of the Securities and Exchange Commission (the “Commission”) thereunder (collectively, the
“Securities Act”). Upon original issuance thereof, and until such time as the same is no longer required under the applicable requirements of the Securities Act, the Notes shall bear the legends set forth in the Final Offering
Memorandum, dated the date hereof (the “Final Offering Memorandum”). The Company has prepared (i) a Preliminary Offering Memorandum, dated December 8, 2009 (the “Preliminary Offering Memorandum”),
(ii) a pricing term sheet attached hereto as Schedule II, which includes pricing terms and other information with respect to the Notes (the “Pricing Supplement”) and (iii) the Final Offering Memorandum relating to the
offer and sale of the Notes (the “Offering”). All references in this

 
Agreement to (a) the Preliminary Offering Memorandum or the Final Offering Memorandum include (i) all documents and information contained in the Preliminary Offering Memorandum or the
Final Offering Memorandum, as the case may be, and include such Preliminary Offering Memorandum and Final Offering Memorandum as amended or supplemented and (ii) any electronic Preliminary Offering Memorandum or electronic Final Offering
Memorandum, as the case may be, provided in connection with the Offering and (b) documents, financial statements and schedules and other information which are “contained,” “included” or “stated” in the Preliminary
Offering Memorandum or the Final Offering Memorandum (and all other references of like import) shall be deemed to mean and include all such documents, financial statements and schedules and other information which are in the Preliminary Offering
Memorandum or the Final Offering Memorandum, as the case may be. The Preliminary Offering Memorandum and the Pricing Supplement are collectively referred to herein as the “Time of Sale Document.” 
 2. Terms of Offering. The Initial Purchasers have advised the Company, and the Company understands, that the Initial
Purchasers will make offers to sell (the “Exempt Resales”) some or all of the Notes purchased by the Initial Purchasers hereunder on the terms set forth in the Final Offering Memorandum, as amended or supplemented, to persons (the
“Subsequent Purchasers”) whom the Initial Purchasers (i) reasonably believe to be “qualified institutional buyers” (“QIBs”) as defined in Rule 144A under the Securities Act, as such may be amended
from time to time or (ii) reasonably believe are not “U.S. persons” (as defined in Regulation S of the Securities Act) in reliance upon Regulation S under the Securities Act. 
 Pursuant to the Indenture, Parent and any future subsidiary of the Parent or the Company may fully and unconditionally guarantee, on a
senior secured basis, to each holder of the Notes and the Trustee, the payment and performance of the obligations of the Company under the Indenture and the Notes (each such future subsidiary being referred to herein as a
“Guarantor” and each such guarantee being referred to herein as a “Guarantee”) pursuant to the Indenture. 
 Pursuant to the terms of the Collateral Agreements (as defined in the Time of Sale Document and the Final Offering Memorandum under the caption “Description of Notes”), all of the obligations
under the Notes and the Indenture will be secured by a lien and security interest in all of the assets of the Company and the Guarantor. 
 This Agreement, the Indenture, the Collateral Agreements, the Securities, the Advance Escrow Agreement and the Topaz Escrow Agreement (both as defined in the Time of Sale Document and the Final Offering
Memorandum under the caption “Description of Notes”) and the Guarantees are collectively referred to herein as the “Transaction Documents.” 
 3. Purchase, Sale and Delivery. On the basis of the representations, warranties, agreements and covenants herein contained and subject to the terms and conditions herein set forth, the
Company agrees to issue and sell to the Initial Purchasers, and the Initial Purchasers agree to purchase from the Company, the Notes at a purchase price of 93.375% of the aggregate principal amount thereof. Delivery to the Initial Purchasers of and
payment for the Notes shall be made at a Closing (the “Closing”) to be held at 10:00 a.m., New York time, on December 23, 2009 (the “Closing Date”) at the New York offices of Jones Day, 222 East 41st Street,
New York, New York 10017, or such other location on which the Company and the

  

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Initial Purchasers mutually agree; provided, however, that if the Closing has not taken place on the Closing Date because of a failure to satisfy one or more of the conditions
specified in Section 7 hereof, “Closing Date” shall mean 10:00 a.m., New York time, on the first business day following the satisfaction (or waiver) of all such conditions after notification by the Company to the Initial Purchasers of
the satisfaction (or waiver) of such conditions. 
 Notes to be represented by one or more definitive global
securities in book-entry form will be deposited on the Closing Date, by or on behalf of the Company, with The Depository Trust Company (“DTC”) or its designated custodian, and registered in the name of Cede & Co. The
Company shall deliver to the Initial Purchasers beneficial interest in the Notes held at DTC, registered in such names and denominations as the Initial Purchasers may request, against payment by the Initial Purchasers of the purchase price therefor
by immediately available Federal funds bank wire transfer to such bank account or accounts as the Company shall designate to the Initial Purchasers at least two business days prior to the Closing. Signed copies of the Notes in definitive form shall
be made available to the Initial Purchasers for inspection at the offices of Jones Day, 222 West 41st Street, New York, New York 10017 (or such other place as shall be reasonably acceptable to the Initial Purchasers) not later than 10:00 a.m. one business day immediately preceding the Closing Date.

 4. Representations and Warranties of the Company and the Guarantors. The Company and the Guarantors jointly and
severally represent and warrant to the Initial Purchasers that, as of the date hereof and as of the Closing Date: 
  

	(a)	No Material Misstatement or Omission. (i) The Time of Sale Document, and any amendment or supplement thereto, as of the date thereof and at all times
subsequent thereto up to the Closing Date, did not and does not contain any untrue statement of a material fact, or omitted or omits to state a material fact necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading and (ii) the Final Offering Memorandum, and at the time of each sale of the Notes and at the Closing Date, as then amended or supplemented, if applicable, did not and will not, contain any untrue statement of a
material fact, or omitted or omits to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, provided, however, that the Company and Guarantors make no
representation or warranty as to statements or omissions made in reliance upon and in conformity with information relating to the Initial Purchasers and furnished to the Company in writing by the Initial Purchasers expressly for use in the
Preliminary Offering Memorandum or the Final Offering Memorandum or any amendment or supplement thereto, it being understood and agreed that the only such information furnished by the Initial Purchasers to the Company consists of the information
described in Section 12 hereof. No injunction or order has been issued that either (i) asserts that any of the transactions contemplated by the Transaction Documents (the “Transactions”) is subject to the registration
requirements of the Securities Act or (ii) would prevent or suspend the issuance or sale of any of the Notes or the use of the Time of Sale Document, the Final Offering Memorandum or any amendment or supplement thereto, in any jurisdiction. No
statement of material fact included in the Final Offering Memorandum has been omitted from the Time of Sale Document and no statement of material fact included in the Time of Sale Document that is required to be included in the Final Offering
Memorandum has been omitted therefrom. 

  

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	(b)	Statistical and Market Data. The statistical and market-related data, if any, included in the Time of Sale Document and the Final Offering Memorandum are based
on or derived from sources that the Company believes to be reliable and accurate in all material respects. 

  

	(c)	Subsidiaries. Each corporation, partnership, or other entity in which the Company, directly or indirectly through any of their subsidiaries, owns more than fifty
percent (50%) of any class of equity securities or interests is listed on Schedule IV attached hereto (the “Subsidiaries”). Each Subsidiary that is a restricted subsidiary has an asterisk (“*”) next to
its name on such schedule. 

  

	(d)	Incorporation and Good Standing of the Company, Parent and the Subsidiaries. The Company, Parent and each of the Subsidiaries (i) has been duly
incorporated, is validly existing and is in good standing under the laws of its jurisdiction of incorporation, (ii) has all requisite corporate power and authority, as applicable, to carry on its business and to own, lease and operate its
properties and assets and to conduct business as described in the Time of Sale Document and in the Final Offering Memorandum, and (iii) is duly qualified or licensed to do business and is in good standing as a foreign corporation authorized to
transact business in each jurisdiction in which the nature of such businesses or the ownership or leasing of such properties requires such qualification, except where the failure to be so qualified would not, individually or in the aggregate,
reasonably be expected to have a material adverse effect on (A) the properties, business, prospects, operations, earnings, assets, liabilities or condition (financial or otherwise) of the Company, Parent and the Subsidiaries, taken as a whole,
(B) the ability of the Company or the Guarantors to perform their respective obligations in all material respects under any Transaction Document, (C) the enforceability of the Collateral Agreements or the attachment, perfection or priority
of any liens, security interests, mortgages, pledges, charges, equities, claims or restrictions on transferability or encumbrances of any kind (collectively, “Liens”) intended to be created thereby, (D) the validity or
enforceability of any of the Transaction Documents, or (E) the consummation of any of the transactions contemplated under any of the Transaction Documents (each, a “Material Adverse Effect”). 

  

	(e)	 Capitalization and Other Stock Matters. The authorized capital stock of the Parent and the issued and outstanding capital stock of the Company
are as set forth in the Time of Sale Document and the Final Offering Memorandum (including the footnotes thereto). All of the issued and outstanding shares of capital stock of the Company has been duly authorized and validly issued, are fully paid
and nonassessable, and were not issued in violation of, and are not subject to, any preemptive or similar rights. All of the outstanding shares of capital stock or other equity interests of each of the Subsidiaries are owned, directly or indirectly,
by the Company, free and clear of all Liens, other than those pursuant to the Collateral Agreements and those imposed by the Securities Act and the securities or “Blue Sky” laws of certain domestic or foreign jurisdictions. Except as
disclosed in the Time of Sale Document and the Final Offering Memorandum, there are

  

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no outstanding (A) options, warrants or other rights to purchase from the Company or any of the Subsidiaries, (B) agreements, contracts, arrangements or other obligations of the Company
or any of the Subsidiaries to issue or (C) other rights to convert any obligation into or exchange any securities for, in the case of each of clauses (A) through (C), shares of capital stock of or other ownership or equity interests in the
Company or any of the Subsidiaries. 

  

	(f)	No Applicable Registration or Other Similar Rights; No Other Registration Rights. Other than F3 Capital regarding warrants, there are no persons with
registration or other similar rights to have any equity or debt securities of the Company or any Affiliate (as defined in Rule 501(b) of Regulation D) registered for sale under a registration statement, except for rights that have been duly waived.

  

	(g)	The Transaction Documents and the Transactions. The Company and each of the Guarantors that are corporations have all requisite power and authority, to execute,
deliver and perform their respective obligations under the Transaction Documents to which they are a party and to consummate the transactions contemplated thereby. Each of the Transaction Documents (other than the Securities) has been duly and
validly authorized by the Company and the Guarantors. Each of the Transaction Documents (other than the Securities), when executed and delivered by the Company and the Guarantors party thereto, will constitute a legal, valid and binding obligation
of each of the Company and such Guarantors, enforceable against each of the Company and the Guarantors in accordance with its terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, receivership,
moratorium, fraudulent conveyance, fraudulent transfer or other similar laws now or hereafter in effect relating to creditors’ rights generally and (ii) general principles of equity (whether applied by a court of law or equity) and public
policy and the discretion of the court before which any proceeding therefor may be brought. When executed and delivered, the Transaction Documents will conform in all material respects to the descriptions thereof in the Time of Sale Document and the
Final Offering Memorandum. 

  

	(h)	The Securities. The Notes, upon issuance, will be in the form contemplated by the Indenture. When executed and delivered by the Company and the Guarantors, the
Indenture will meet the requirements for qualification under the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission thereunder (collectively, the “TIA”). The Securities have each been duly and
validly authorized by the Company and, in the case of the Notes, when delivered to and paid for by the Initial Purchasers in accordance with the terms of this Agreement and the Indenture, will have been duly executed, issued and delivered and will
be legal, valid and binding obligations of the Company, entitled to the benefit of the Indenture, the Collateral Agreements and the Guarantees, and enforceable against the Company and the Guarantors in accordance with their terms, except that the
enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent conveyance or other similar laws now or hereafter in effect relating to creditors’ rights generally and
(ii) general principles of equity (whether applied by a court of law or equity) and the discretion of the court before which any proceeding therefor may be brought. 

  

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	(i)	No Financing Statements. As of the Closing Date, except with respect to the Liens permitted under the Indenture and the Collateral Agreements, there will be no
currently effective financing statement, security agreement, chattel mortgage, real estate mortgage or other document filed or recorded with any filing records, registry, or other public office, that purports to cover, affect or give notice of any
present or possible future Lien on any assets or property of the Company, Parent or any Subsidiary or any rights thereunder. 

  

	(j)	Collateral. 

  

	 	(i)	Upon delivery to the Collateral Agent of the certificates or instruments representing or evidencing the Collateral in accordance with the Collateral Agreements and, in
the case of Collateral not constituting certificated securities or instruments, the filing of Uniform Commercial Code financing statements or Companies Registry filings in the appropriate filing office, the Collateral Agent will obtain a valid and
perfected security interest in such Collateral, subject only to the Liens permitted under the Indenture and the Collateral Agreements, in each case, to the extent that a security interest in such Collateral may be perfected by such filings.

  

	 	(ii)	Upon filing by the Collateral Agent of (A) financing statements, (B) any filings required with the United States Patent and Trademark Office and (C) any
filings required with the United States Copyright Office, the security interests granted pursuant to the Collateral Agreements will constitute valid and perfected security interests subject, only to the Liens permitted under the Indenture, on such
Collateral described therein for the ratable benefit of the Secured Parties (as defined in the Collateral Agreements) to the extent that a security interest in such Collateral may be perfected by such filings. 

  

	 	(iii)	The Mortgage will be effective to grant a legal and valid mortgage Lien on all of the Company’s right, title and interest in the Topaz Driller under and
pursuant to the laws of the Republic of Panama and a foreign preferred mortgage thereon under 46 USC Chapter 313. When the Mortgage is duly provisionally recorded in the proper public registry and the recording fees and taxes in respect thereof are
paid and compliance is otherwise had with the formal requirements of local law applicable thereto, such Mortgage shall constitute a valid, perfected and enforceable first preferred mortgage in the Topaz Driller, for the ratable benefit of the
Secured Parties, except that enforceability thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability from time to time in effect relating to or affecting
creditors’ rights and general principles of equity (regardless of whether such enforcement is considered in a proceeding at law or in equity). 

  

	 	(iv)	All information certified by the Chief Financial Officer of Parent in the Perfection Certificate dated as of the Closing Date and delivered by such officer on behalf of
the Company and the Guarantors is true and correct both as of the date hereof and as of the Closing Date. 

  

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	(k)	Non-Contravention of Existing Instruments. None of the Company, Parent or any of the Subsidiaries is in violation of its certificate of incorporation, by-laws or
other organizational or constitutional documents (the “Charter Documents”). None of the Company, Parent or any of the Subsidiaries is (i) in violation of any Federal, state, local or foreign statute, law (including, without
limitation, common law) or ordinance, or any judgment, decree, rule, regulation or order (collectively, “Applicable Law”) of any federal, state, local or other governmental authority, governmental or regulatory agency or body,
court, arbitrator or self-regulatory organization, domestic or foreign (each, a “Governmental Authority”) applicable to any of them or any of their respective properties, or (ii) in breach of or default under any bond,
debenture, note or other evidence of indebtedness, indenture, mortgage, deed of trust, lease or any other agreement or instrument to which any of them is a party or by which any of them or their respective property is bound, including the credit
agreement among Emerald Driller Company, Sapphire Driller Company, Aquamarine Driller Company, Topaz Driller Company, Vantage Drilling Company and certain subsidiaries thereto, the lenders thereto and Natixis (the “Natixis Credit
Agreement”) and that certain Rig Construction Contract dated August 14, 2007, between PPL Ship Shipyard PTE (the “Shipyard”) and the Company (the “Rig Construction Contract”) (collectively,
“Applicable Agreements”), except for such violations, breaches or defaults that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. All Applicable Agreements are in full force and
effect and are legal, valid and binding obligations, other than as disclosed in the Time of Sale Document and Final Offering Memorandum. There exists no condition that, with the passage of time or otherwise, would constitute (a) a violation of
such Charter Documents or Applicable Laws, (b) a breach of or default under any Applicable Agreement or (c) result in the imposition of any penalty or the acceleration of any indebtedness, except in the cases of subclauses (b) and
(c) above as is (1) disclosed in the Time of Sale Document and Final Offering Memorandum and (2) as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. 

  

	(l)	 No Further Authorizations or Approvals Required. Neither the execution, delivery or performance of the Transaction Documents nor the
consummation of any Transactions contemplated therein, including the issuance and sale of the Securities, will conflict with, violate, constitute a breach of or a default (with the passage of time or otherwise) or a Debt Repayment Triggering Event
(as defined below) under, require the consent of any person (other than consents already obtained and in full force and effect) under, result in the imposition of a Lien on any assets of the Company, Parent or any of the Subsidiaries (except for
Liens pursuant to the Collateral Agreements), or result in an acceleration of indebtedness under or pursuant to (i) the Charter Documents, (ii) any Applicable Agreement, or (iii) any Applicable Law, except in the case of this clause
(ii) and (iii), as would not reasonably be expected to have a Material Adverse Effect. After consummation of the Offering and the other Transactions, no default, event of default or Debt Repayment Triggering Event will exist. No consent,
approval, authorization or other order of, or registration or filing with, any Governmental Authority, is required for the Company’s or the Guarantors’ execution, delivery and performance of the Transaction Documents and consummation of
the Transactions, except (i) as required by the state securities or “Blue Sky” laws, (ii) for such consents, approvals, authorizations,

  

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orders, filings or registrations that have been obtained or made and are in full force and effect and (iii) if the Company is required to do so, the filing with the Commission of a Statement
of Eligibility under the TIA of the Trustee for the Notes on Form T-l, and (iv) a waiver or amendment of the Natixis Credit Agreement regarding the eligibility of the Parent to pledge the capital stock of the Company as part of collateral
securing such parties’ obligations under the Notes, Indenture and Guarantees (the “Natixis Amendment”), except in the case of clause (ii), as would not reasonably be expected to have a Material Adverse Effect. As used herein, a
“Debt Repayment Triggering Event” means any event or condition that gives, or with the giving of notice or lapse of time would give, the holder of any note, debenture or other evidence of indebtedness (or any person acting on such
holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company, Parent or any of the Subsidiaries. 

  

	(m)	No Material Action or Proceeding. Except as described in the Time of Sale Document and Final Offering Memorandum, there is no action, claim, suit, demand,
hearing, notice of violation or deficiency, or proceeding, domestic or foreign (collectively, “Proceedings”), pending or, to the best knowledge of the Company, Parent or any of the Subsidiaries, threatened, (i) against or
affecting the Company, Parent or any of the Subsidiaries, (ii) which has as the subject thereof any officer or director of, or property or assets owned or leased by, the Company, Parent or any of the Subsidiaries, (iii) relating to
environmental or discrimination matters, where in any such case (A) there is a reasonable possibility that any such Proceeding might be determined adversely to the Company, Parent, such Subsidiary or such officer or director, (B) any such
Proceeding, if so determined adversely, would reasonably be expected to result in a Material Adverse Effect or adversely affect the consummation of the Offering or the other Transactions contemplated by this Agreement or (C) any such Proceeding
is or would be material in the context of the issuance and sale of any Securities, (iv) that seeks to restrain, enjoin, prevent the consummation of, or otherwise challenge any of the Transaction Documents, the Offering or any of the other
Transactions contemplated therein, or (v) would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None of the Company or the Guarantors is subject to any judgment, order, decree, rule or regulation of
any Governmental Authority that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  

	(n)	No Receiver. No receiver (including an administrative receiver), liquidator, trustee, administrator, custodian or similar official has been appointed, to either
the Parent or the Issuer’s knowledge (having made due and careful inquiries), in any jurisdiction in respect of the whole or any part of the business or assets of either the Issuer or the Parent, and, so far as each of the Issuer and the Parent
is aware (having made due and careful inquiries), no step has been taken with a view to the appointment of such a person. 

  

	(o)	 All Necessary Permits. Each of the Company, Parent and the Subsidiaries possess all licenses, permits, certificates, consents, orders, approvals
and other authorizations from, and has made all declarations and filings with, all Governmental Authorities, presently required or necessary to own or lease, as the case may be, and to operate their respective properties and to carry on their
respective businesses as now or proposed to be conducted

  

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as set forth in the Time of Sale Document and the Final Offering Memorandum (“Permits”), except where the failure to obtain such Permits would not, individually or in the
aggregate, reasonably by expected to have a Material Adverse Effect; each of the Company, Parent and the Subsidiaries has fulfilled and performed all of its obligations with respect to such Permits except where the failure to fulfill or perform such
obligations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect and no event has occurred that allows, or after notice or lapse of time would allow, revocation or termination thereof or results, or
after notice or lapse of time would result in any other material impairment of the rights of the holder of any such Permit; and none of the Company, Parent or the Subsidiaries has received or has any reason to believe that it has received or will
receive any notice of any proceeding relating to revocation or modification of any such Permit, except as described in the Time of Sale Document and the Final Offering Memorandum or except where such revocation or modification would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  

	(p)	Title to Properties. Each of the Company, Parent and the Subsidiaries has and, upon delivery of the Topaz Driller by the shipyard, will have good,
marketable and valid title to all real property owned by it and good title to all personal property owned by it and good, marketable and valid title to all leasehold estates in real and personal property being leased by it and, as of the Closing
Date, will be free and clear of all Liens (other than the security interests, liens or encumbrances permitted under the Indenture and the Collateral Agreements). All Applicable Agreements to which the Company, Parent or any of the Subsidiaries is a
party or by which any of them is bound are valid and enforceable against each of the Company, Parent or such Subsidiary, as applicable, and, to the knowledge of the Company, Parent and any of the Subsidiaries, are valid and enforceable against the
other party or parties thereto and are in full force and effect. 

  

	(q)	Tax Law Compliance. All Tax returns required to be filed by the Company, Parent and each of the Subsidiaries have been filed and all such returns are true,
complete, and correct in all material respects. All material Taxes that are due from the Company, Parent and the Subsidiaries have been paid other than those (i) currently payable without penalty or interest or (ii) being contested in good
faith and by appropriate proceedings and for which adequate accruals have been established in accordance with generally accepted accounting principles of the United States, applied on a consistent basis throughout the periods involved
(“GAAP”). To the knowledge of the Company and Parent, after reasonable inquiry, there are no actual or proposed Tax assessments against the Company, Parent or any of the Subsidiaries that would, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. The accruals on the books and records of the Company, Parent and the Subsidiaries in respect of any material Tax liability for any period not finally determined are adequate to meet any
assessments of Tax for any such period. For purposes of this Agreement, the term “Tax” and “Taxes” shall mean all Federal, state, local and foreign taxes, and other assessments of a similar nature (whether imposed directly or
through withholding), including any interest, additions to tax, or penalties applicable thereto. 

  

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	(r)	Intellectual Property Rights. Each of the Company, Parent and the Subsidiaries owns, or is licensed under, and has the right to use, all patents, patent rights,
licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks and trade names (collectively,
“Intellectual Property”) used in the conduct of its businesses except where the failure to own or license such Intellectual Property would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect and, as of the Closing Date, will be free and clear of all Liens, other than the security interests, liens or encumbrances permitted under the Indenture and the Collateral Agreements. No claims or notices of any potential claim have been
asserted by any person challenging the use of any such Intellectual Property by the Company, Parent or any of the Subsidiaries or questioning the validity or effectiveness of the Intellectual Property or any license or agreement related thereto
(other than any claims that, if successful, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect). To the knowledge of the Company, Parent and Subsidiaries, the use of such Intellectual Property by
the Company, Parent or any of the Subsidiaries will not infringe on the Intellectual Property rights of any other person. 

  

	(s)	Company’s Accounting System. Parent makes and keeps accurate books and records and maintains a system of internal accounting controls sufficient to provide
reasonable assurance that (i) material transactions are executed in accordance with management’s general or specific authorization, (ii) material transactions are recorded as necessary to permit preparation of financial statements in
conformity with GAAP, and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded accountability for assets is compared with
the existing assets at reasonable intervals and appropriate action is taken with respect to any material differences. 

  

	(t)	 Preparation of the Financial Statements. The audited consolidated financial statements and related notes of Parent and its consolidated
subsidiaries contained in the Time of Sale Document and the Final Offering Memorandum (the “Financial Statements”) present fairly the financial position, results of operations and cash flows of Parent and its consolidated
subsidiaries, as of the respective dates and for the respective periods to which they apply and have been prepared in accordance with GAAP and the requirements of Regulation S-X of the Securities Act. Except as disclosed in the Time of Sale Document
and the Final Offering Memorandum, the financial data set forth under “Summary Historical and Consolidated Financial and Operating Data” and “Selected Historical Consolidated Financial Data” included in the Final Offering
Memorandum has been prepared on a basis consistent with that of the Financial Statements and present fairly the financial position and results of operations of Parent and its consolidated subsidiaries as of the respective dates and for the
respective periods indicated. Except as disclosed in the Time of Sale Document and the Final Offering Memorandum, the unaudited pro forma financial information and related notes of Parent and its consolidated subsidiaries contained in the Time of
Sale Document and the Final Offering Memorandum have been prepared in accordance with the requirements of Regulation S-X and give effect to assumptions used in the preparation thereof on a reasonable basis and in good faith. All other financial,
statistical, and market and industry-related data

  

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included in the Time of Sale Document and the Final Offering Memorandum are fairly and accurately presented and are based on or derived from sources that the Company and Parent believe to be
reliable and accurate. 

  

	(u)	No Material Adverse Change. Subsequent to the respective dates as of which information is given in the Time of Sale Document and the Final Offering Memorandum,
except as disclosed in the Time of Sale Document and the Final Offering Memorandum, (i) none of the Company, Parent or any of the Subsidiaries has incurred any liabilities, direct or contingent, including without limitation any losses or
interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, that are material, individually or in the aggregate, to
the Company or Parent, or has entered into any transactions not in the ordinary course of business, (ii) there has not been any material decrease in the capital stock or any material increase in long-term indebtedness or any material increase
in short-term indebtedness of the Company or Parent, or any payment of or declaration to pay any dividends or any other distribution with respect to the Company or Parent, and (iii) there has not been any material adverse change in the
properties, business, prospects, operations, earnings, assets, liabilities or condition (financial or otherwise) of the Company, Parent and the Subsidiaries in the aggregate (each of clauses (i), (ii) and (iii), a “Material Adverse
Change”). To the knowledge of the Company and Parent after reasonable inquiry, and except as disclosed in the Time of Sale Document and Final Offering Memorandum, there is no event that is reasonably likely to occur, which if it were to
occur, would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect as disclosed in the Time of Sale Document and the Final Offering Memorandum. No “nationally recognized statistical rating
organization” (as such term is defined for purposes of Rule 436(g)(2) under the Securities Act) (i) has imposed (or has informed the Company or Parent that it is considering imposing) any condition (financial or otherwise) on the Company
or Parent retaining any rating assigned to the Company, Parent or any of the Subsidiaries or to any securities of the Company, Parent or any of the Subsidiaries, or (ii) has indicated to the Company or Parent that it is considering (A) the
downgrading, suspension, or withdrawal of, or any review for a possible change that does not indicate the direction of the possible change in, any rating so assigned, or (B) any change in the outlook for any rating of the Company, Parent or any
of the Subsidiaries or any securities of the Company, Parent or any of the Subsidiaries. 

  

	(v)	 Use of Proceeds: Going Concern of the Company and Parent. All indebtedness represented by the Notes is being incurred for proper purposes and in
good faith. On the Closing Date, after giving pro forma effect to the Offering and the use of proceeds therefrom as indicated in the “Use of Proceeds” section of the Time of Sale Document and the Final Offering Memorandum, the Company and
the Guarantors, taken as a whole, will be Solvent. As used in this paragraph, the term “Solvent” means, with respect to a particular date, that on such date (i) the present fair market value (or present fair saleable value) of the
assets of the Company and the Guarantors, taken as a whole, is not less than the total amount required to pay the liabilities of the Company and the Guarantors, taken as a whole, on their total existing debts and liabilities (including contingent
liabilities) as they become absolute and matured; (ii) the Company and the Guarantors, taken as a

  

 11 

	 	 
whole, are able to pay their debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business; (iii) assuming consummation
of the issuance of the Notes and the Guarantees as contemplated by this Agreement and the Time of Sale Document and the Offering Memorandum, the Company and the Guarantors, taken as a whole, are not incurring debts or liabilities beyond their
ability to pay as such debts and liabilities mature; (iv) neither the Company nor any Guarantor is engaged in any business or transaction, nor proposes to engage in any business or transaction, for which their property, taken as a whole, would
constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which the Company or any Guarantor is engaged; and (v) neither the Company nor any Guarantor is otherwise insolvent under the
standards set forth in applicable laws. 

  

	(w)	No Price Stabilization or Manipulation; Compliance with Regulation M, etc. Except as disclosed in the Time of Sale Document and the Final Offering Memorandum,
the Company and Parent have not and, to their knowledge after reasonable inquiry, no one acting on their behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in, or that has constituted or which might
reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company or Parent to facilitate the sale or resale of any of the Notes or otherwise, (ii) sold, bid for, purchased, or paid anyone any
compensation for soliciting purchases of, any of the Notes or (iii) paid or agreed to pay to any person any compensation for soliciting another to purchase any other securities of the Company or Parent. 

  

	(x)	No Registration Under the Securities Act or Qualification Under the TIA Required. Without limiting any provision herein, no registration under the Securities Act
and no qualification of the Indenture under the TIA is required for the sale of the Notes to the Initial Purchasers as contemplated hereby or for the Exempt Resales, assuming (i) that the purchasers in the Exempt Resales are QIBs or Accredited
Investors or non-U.S. persons (as defined under Regulation S of the Securities Act) and (ii) the accuracy of the representations of each of the Initial Purchasers contained herein regarding the absence of general solicitation in connection with
the sale of the Notes to the Initial Purchasers and in the Exempt Resales. 

  

	(y)	 Notes Eligible for 144A Resale; No Offer and Sale Within Six Months. The Notes will be, upon issuance, eligible for resale pursuant to Rule 144A
under the Securities Act and no other securities of the Company or Parent are of the same class (within the meaning of Rule 144A under the Securities Act) as the Notes and listed on a national securities exchange registered under Section 6 of
the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder (the “Exchange Act”), or quoted in a U.S. automated inter-dealer quotation system. No securities of the Company or Parent of
the same or similar class or series as the Notes have been offered, issued or sold by the Company, Parent or any of their respective Affiliates within the six-month period immediately prior to the date hereof), and neither the Company nor Parent has
any intention of making, and will not make, an offer or sale of such securities of the Company or Parent of the same or similar class or series as the Notes, for a period of six months after the date of this Agreement, except for the offering of the
Notes as contemplated by

  

 12 

	 	 
this Agreement. As used in this paragraph, the terms “offer” and “sale” have the meanings specified in Section 2(a)(3) of the Securities Act.

  

	(z)	No General Solicitation. None of the Company, Parent or the Subsidiaries or any of their affiliates or other persons acting on their behalf has offered or sold
the Notes by means of any general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act or, with respect to Notes sold outside the United States to non-U.S. persons (as defined in Rule 902 under the
Securities Act), by means of any directed selling efforts within the meaning of Rule 902 under the Securities Act, and the Company, Parent, the Subsidiaries, any affiliate of the Company, Parent or the Subsidiaries and any person acting on their
behalf have complied with and will implement the “offering restrictions” within the meaning of such Rule 902, provided that no representation is made in this subsection with respect to the actions of the Initial Purchasers); and neither
the Company, Parent nor any of the Subsidiaries have entered, and will not enter, into any arrangement or agreement with respect to the distribution of the Notes, except for this Agreement. 

  

	(aa)	ERISA. Each of the Company, Parent and the Subsidiaries, and each ERISA Affiliate has fulfilled its obligations, if any, under the minimum funding standards of
Section 302 of the United States Employee Retirement Income Security Act of 1974, as amended (“ERISA”) with respect to each “pension plan” (as defined in Section 3(2) of ERISA), subject to Section 302 of
ERISA which the Company, Parent and the Subsidiaries, or any ERISA Affiliate sponsors or maintains, or with respect to which it has (or within the last three years had) any obligation to make contributions, and each such plan is in compliance in all
material respects with the presently applicable provisions of ERISA and the Internal Revenue Code of 1986, as amended (the “Code”). Neither the Company, Parent nor the Subsidiaries nor any ERISA Affiliate has incurred any unpaid
liability to the Pension Benefit Guaranty Corporation (other than for the payment of premiums in the ordinary course) or to any such plan under Title IV of ERISA. “ERISA Affiliate” means a corporation, trade or business that is,
along with the Company, Parent or any Subsidiary, a member of a controlled group of corporations or a controlled group of trades or businesses, as described in Section 414 of the Code or Section 4001 of ERISA. 

  

	(bb)	 Labor Matters. (i) Neither the Company nor any of the Guarantors is party to or bound by any collective bargaining agreement with any labor
organization; (ii) there is no union representation question existing with respect to the employees of the Company or the Guarantors, and, to the knowledge of the Company and Parent after due inquiry, no union organizing activities are taking
place that, could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (iii) to the knowledge of the Company or the Guarantors, no union organizing or decertification efforts are underway or threatened
against the Company or the Guarantors; (iv) no labor strike, work stoppage, slowdown, or other material labor dispute is pending against the Company or the Guarantors, or, to the knowledge of the Company and Parent after reasonable inquiry,
threatened against the Company or the Guarantors; (v) there is no worker’s compensation liability, experience or matter that could be reasonably expected to have a Material Adverse Effect; (vi) to the knowledge of the Company and
Parent after reasonable inquiry, there is no threatened or pending liability against the Company or the Guarantors

  

 13 

	 	 
pursuant to the Worker Adjustment Retraining and Notification Act of 1988, as amended (“WARN”), or any similar state or local law; (vii) there is no employment-related
charge, complaint, grievance, investigation, unfair labor practice claim, or inquiry of any kind, pending against the Company or the Guarantors that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;
(viii) to the knowledge of the Company and Parent after reasonable inquiry, no employee or agent of the Company or the Guarantors has committed any act or omission giving rise to liability for any violation identified in subsection
(vi) and (vii) above, other than such acts or omissions that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (ix) no term or condition of employment exists through arbitration
awards, settlement agreements, or side agreement that is contrary to the express terms of any applicable collective bargaining agreement. 

  

	(cc)	No Violation of Section 7 of The Exchange Act. None of the transactions contemplated in the Transaction Documents or the application of the proceeds of the
Notes by the Company, Parent or any of the Subsidiaries will violate or result in a violation of Section 7 of the Exchange Act, (including, without limitation, Regulation T (12 C.F.R. Part 220), Regulation U (12 C.F.R. Part 221) or Regulation X
(12 C.F.R. Part 224) of the Board of Governors of the Federal Reserve System). 

  

	(dd)	Company and Parent Not Investment Companies. The Company and Parent have been advised of the rules and requirements under the Investment Company Act of 1940, as
amended, and the rules and regulations of the Commission thereunder (collectively, the “Investment Company Act”). None of the Company, Parent or any of the Subsidiaries is an “investment company,” as defined in, or that is
required to be registered under, the Investment Company Act; none of the Company, Parent or any of the Subsidiaries, after giving effect to the Offering and sale of the Notes and the application of the proceeds thereof as described in the Time of
Sale Document and the Final Offering Memorandum, will be an “investment company” as defined in, and that is required to be registered under, the Investment Company Act; and the Company, Parent and the Subsidiaries will conduct their
respective businesses in a manner so as not to become subject to the Investment Company Act. 

  

	(ee)	Brokers. The Company and Parent have not engaged any broker, finder, commission agent or other person (other than the Initial Purchasers) in connection with the
Offering or any of the transactions contemplated in the Transaction Documents, and neither the Company or Parent is under any obligation to pay any broker’s fee or commission in connection with such transactions (other than commissions or fees
to the Initial Purchasers). 

  

	(ff)	 Compliance With Environmental Laws. Compliance With Environmental Laws. There has been no storage, disposal, generation, manufacture,
refinement, transportation, handling or treatment of hazardous substances or hazardous wastes by the Company or any Subsidiary (or, to the knowledge of the Company or any of its predecessors in interest), at, upon or from any of the property or
operating equipment now or previously owned, leased or operated by the Company or any Subsidiary in violation of any applicable law, ordinance, rule, regulation, order, judgment, decree or permit or

  

 14 

	 	 
otherwise under such circumstances that would require the Company or any Subsidiary to undertake any remedial action under any applicable law, ordinance, rule, regulation, order, judgment, decree
or permit, except for any violation or remedial action that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) each of the Company, Parent and the Subsidiaries is in compliance with any
and all applicable foreign, Federal, state and local laws and regulations relating to the protection of human health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or
wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, hazardous or toxic substances or wastes, pollutants, contaminants, petroleum or petroleum products (collectively,
“Hazardous Materials”) or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, “Environmental Laws”) and (ii) none of the
Company, Parent or any of the Subsidiaries is conducting, or is subject to any order, decree or agreement requiring, or otherwise obligated or required to perform, any response or corrective action under any Environmental Law. On the basis of such
review, Parent has reasonably concluded that such associated costs would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except for abandonment and similar costs incurred or expected to be incurred in
the ordinary course of business of the Company or any Subsidiary, there has been no material spill, discharge, leak, emission, injection, escape, dumping or release of any kind onto any property now or previously owned, leased or operated by the
Company or any Subsidiary or into the environment surrounding such property of any hazardous substances or hazardous wastes due to or caused by the Company or any Subsidiary (or, to the knowledge of the Company, any of its predecessors in interest),
except for any such spill, discharge, leak, emission, injection, escape, dumping or release that would not, singularly or in the aggregate with all such spills, discharges, leaks, emissions, injections, escapes, dumpings and releases, result in a
Material Adverse Change; and the terms “hazardous substances,” and “hazardous wastes” shall be construed broadly to include such terms and similar terms, all of which shall have the meanings specified in any applicable local,
state and federal laws or regulations with respect to environmental protection. Except as set forth in the Time of Sale Document and the Final Offering Memorandum, neither the Company nor any Subsidiary has been named as a “potentially
responsible party” under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended. 

  

	(gg)	No Restrictions on Payments of Dividends. Except as provided in the Indenture, the Collateral Agreements or as otherwise described in the Time of Sale Document
and the Final Offering Memorandum, as of the Closing Date, there will be no encumbrances or restrictions on the ability of any Subsidiary of the Company (x) to pay dividends or make other distributions on such Subsidiary’s capital stock or
to pay any indebtedness to the Company or any other Subsidiary of the Company, (y) to make loans or advances or pay any indebtedness to, or investments in, the Company or any other Subsidiary of the Company or (z) to transfer any of its
property or assets to the Company or any other Subsidiary of the Company. 

  

 15 

	(hh)	Certificates. Each certificate signed by any officer of the Company, Parent or any Subsidiary thereof, delivered to the Representative shall be deemed a
representation and warranty by the Company, Parent or any such Subsidiary thereof (and not individually by such officer) to the Initial Purchasers with respect to the matters covered thereby. 

  

	(ii)	Insurance. Each of the Company, Parent and each of the Subsidiaries is, and simultaneously with the delivery of the Topaz Driller to the Company, the
Topaz Driller will be, insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged. All policies of insurance insuring
the Company, Parent or any of the Subsidiaries or their respective businesses, assets, employees, officers and directors are, or, with respect to the Topaz Driller, will be on its delivery date to the Company, in full force and effect. The
Company, Parent and the Subsidiaries are, or with respect to the Topaz Driller will be on its delivery date to the Company, in compliance with the terms of such policies and instruments in all material respects, and there are no claims by the
Company, Parent or any of the Subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause. None of the Company, Parent or any Subsidiary has been refused
any insurance coverage sought or applied for, and none of the Company, Parent or any Subsidiary has any reason to believe that it will not be able to renew its existing insurance (or obtain appropriate insurance) coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

 

	(jj)	Foreign Corrupt Practices Act. None of the Company, Parent or any Subsidiary or any director, officer, employee or, to the knowledge of the Company or Parent,
any agent or other person acting on behalf of the Company, Parent or any Subsidiary has, in the course of its actions for, or on behalf of, the Company, Parent or any Subsidiary (i) used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation
of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended or any applicable non-U.S. anti-bribery statute or regulation; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment
to any foreign or domestic government official or employee. 

  

	(kk)	 Disclosure Controls and Procedures; Deficiencies in or Changes to Internal Control Over Financial Reporting. Each of Parent and its subsidiaries
has established and maintains and evaluates “disclosure controls and procedures” (as such term is defined in Rule 13a-15 and 15d-15 under the Exchange Act) and “internal control over financial reporting” (as such term is defined
in Rule 13a-15 and 15d-15 under the Exchange Act); such disclosure controls and procedures are designed to ensure that material information relating to Parent, including its consolidated subsidiaries, is made known to each of Parent’s chief
executive officer and chief financial officer by others within Parent, and such disclosure controls and procedures are effective to perform the functions for which they were established. Parent’s independent auditors and board of directors have
been

  

 16 

	 	 
advised of: (i) all significant deficiencies, if any, in the design or operation of internal controls which could adversely affect Parent’s ability to record, process, summarize and
report financial data and (ii) all fraud, if any, whether or not material, that involves management or other employees who have a role in Parent’s internal controls; all material weaknesses, if any, in internal controls have been
identified to Parent’s independent auditors; since the date of the most recent evaluation of such disclosure controls and procedures and internal controls, there have been no significant changes in internal controls or in other factors that
could significantly affect internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses; the principal executive officers (or their equivalents) and the principal financial officers of Parent
have made all certifications required by the Sarbanes Oxley Act of 2002, as amended, and the rules and regulations of the Commission thereunder (the “Sarbanes Oxley Act”) and any related rules and regulations promulgated by the SEC,
and the statements contained in each such certification are complete and correct; Parent, its subsidiaries and Parent’s board of directors and officers are each in compliance in all material respects with all applicable effective provisions of
the Sarbanes Oxley Act and the rules and regulations of the SEC promulgated thereunder. The Time of Sale Document accurately describes and the Final Offering Memorandum will accurately describe all of the material weaknesses and significant
deficiencies that have been identified by Parent’s independent auditors in their audit of the financial statements of Parent and its subsidiaries. 

  

	(ll)	Money Laundering Laws. The operations of Parent and its Subsidiaries are, and have been conducted at all times, in compliance with applicable financial
recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar
applicable rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving Parent or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company and Parent, threatened. 

  

	(mm)	Independent Accountants. UHY, LLP, who has certified and expressed their opinion with respect to the financial statements of Parent (which term as used in this
Agreement includes the related notes thereto) contained or to be contained in the Time of Sale Document and the Final Offering Memorandum, are (i) an independent registered public accounting firm with respect to Parent and its subsidiaries as
required by the Exchange Act and the rules and regulations thereunder, (ii) in compliance with the applicable requirements relating to the qualification of accountants under Rule 2-01 of Regulation S-X and (iii) a registered public
accounting firm as defined by the Public Company Accounting Oversight Board (United States) (“PCAOB”). 

  

	(nn)	 OFAC. Neither Parent or any of its subsidiaries, any officer of Parent or any of its subsidiaries, nor, to the knowledge of Parent or any of its
subsidiaries, any director, agent or affiliate of the Company (i) is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”) or (ii)

  

 17 

	 	 
located organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and Syria); Parent and its
subsidiaries (either directly or through the Trust Account) will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or
entity, for the purpose of financing or facilitating the activities or business of any person currently subject to or in violation of any U.S. sanctions administered by OFAC; and Parent and its subsidiaries have not knowingly engaged in, and are not
now engaged in, and will not engage in, any dealings or transactions with any person, or in any country or territory that at the time of the dealing or transaction is was the subject of any U.S. sanctions administered by OFAC.

  

	(oo)	Bank Secrecy Act; Money Laundering; Patriot Act. Neither Parent, any of its subsidiaries nor any of their officers or directors has violated: (a) the Bank
Secrecy Act, as amended, (b) the Money Laundering Laws or (c) the Uniting and Strengthening of America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, and/or the rules and
regulations promulgated under any such law or any successor law. 

 5. Covenants of the Company and the
Guarantors. Each of the Company and the Guarantors jointly and severally agrees: 
  

	(a)	to (i) advise the Representative promptly after obtaining knowledge (and, if requested by the Representative, confirm such advice in writing) of (A) the
issuance by any U.S. or non-U.S. Federal or state securities commission of any stop order suspending the qualification or exemption from qualification of any of the Notes for offer or sale in any jurisdiction, or the initiation of any proceeding for
such purpose by any U.S. or non-U.S. Federal or state securities commission or other regulatory authority, or (B) the happening of any event that makes any statement of a material fact made in the Time of Sale Document or the Final Offering
Memorandum untrue or that requires the making of any additions to or changes in the Time of Sale Document or the Final Offering Memorandum in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading, (ii) use its reasonable best efforts to prevent the issuance of any stop order or order suspending the qualification or exemption from qualification of any of the Notes under any U.S. state securities or Blue Sky laws (or their
equivalent in non-U.S. jurisdictions), and (iii) if, at any time, any U.S. or non-U.S. Federal or state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of any
of the Notes under any such laws, use its reasonable best efforts to obtain the withdrawal or lifting of such order at the earliest possible time; 

  

	(b)	 to (i) furnish to the Initial Purchasers, without charge, as many copies of the Time of Sale Document and the Final Offering Memorandum, and any
amendments or supplements thereto, as the Initial Purchasers may reasonably request, and (ii) promptly prepare, upon the reasonable request of an Initial Purchaser, any amendment or supplement to the Time of Sale Document or Final Offering
Memorandum that the Initial Purchasers, upon advice of legal counsel, determines may be necessary in connection with Exempt Resales

  

 18 

	 	 
(and the Company hereby consents to the use of the Time of Sale Document and the Final Offering Memorandum, and any amendments and supplements thereto, by the Initial Purchasers in connection
with Exempt Resales); 

  

	(c)	not to amend or supplement the Time of Sale Document or the Final Offering Memorandum prior to the Closing Date, or at any time prior to the completion of the resale by
the Initial Purchasers of all the Notes purchased by the Initial Purchasers, unless the Initial Purchasers shall previously have been advised thereof and shall have provided its written consent thereto; 

  

	(d)	so long as the Initial Purchasers shall hold any of the Notes, (i) if any event shall occur as a result of which, in the reasonable judgment of the Company or the
Initial Purchasers, it becomes necessary or advisable to amend or supplement the Time of Sale Document or the Final Offering Memorandum in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading, or if it is necessary to amend or supplement the Time of Sale Document or the Final Offering Memorandum to comply with Applicable Law, to prepare, at the expense of the Company, an appropriate amendment or supplement to the Time of Sale
Document and the Final Offering Memorandum (in form and substance reasonably satisfactory to the Initial Purchasers) so that (A) as so amended or supplemented, the Time of Sale Document and the Final Offering Memorandum will not include an
untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (B) the Time of Sale Document and the Final
Offering Memorandum will comply with Applicable Law and (ii) if in the reasonable judgment of the Company it becomes necessary or advisable to amend or supplement the Time of Sale Document or the Final Offering Memorandum so that the Time of
Sale Document and the Final Offering Memorandum will contain all of the information specified in, and meet the requirements of, Rule 144A(d)(4) of the Securities Act, to prepare an appropriate amendment or supplement to the Time of Sale Document or
the Final Offering Memorandum (in form and substance reasonably satisfactory to the Initial Purchasers) so that the Time of Sale Document or the Final Offering Memorandum, as so amended or supplemented, will contain the information specified in, and
meet the requirements of, such Rule; 

  

	(e)	to cooperate with the Initial Purchasers and the Initial Purchasers’ counsel in connection with the qualification of the Notes under the securities or Blue Sky
laws of such jurisdictions as the Initial Purchasers may request and continue such qualification in effect so long as reasonably required for Exempt Resales; 

  

	(f)	 whether or not any of the Offering or the other Transactions are consummated or this Agreement is terminated, to pay (i) all costs, expenses, fees
and taxes incident to and in connection with: (A) the preparation, printing and distribution of the Time of Sale Document and the Final Offering Memorandum and all amendments and supplements thereto (including, without limitation, financial
statements and exhibits), and all other agreements, memoranda, correspondence and other documents prepared and delivered in connection herewith, (B) the negotiation, printing, processing and distribution (including, without limitation, word
processing and duplication costs) and delivery of, each of the

  

 19 

	 	 
Transaction Documents, (C) the preparation, issuance and delivery of the Notes, (D) the qualification of the Notes for offer and sale under the securities or Blue Sky laws of the
several states (including, without limitation, the fees and disbursements of the Initial Purchasers’ counsel relating to such registration or qualification) and (E) furnishing such copies of the Time of Sale Document and the Final Offering
Memorandum, and all amendments and supplements thereto, as may reasonably be requested for use by the Initial Purchasers, (ii) all fees and expenses of the counsel, accountants and any other experts or advisors retained by the Company,
(iii) all fees and expenses (including fees and expenses of counsel) of the Company in connection with approval of the Notes by DTC for “book-entry” transfer, (iv) all fees charged by rating agencies in connection with the rating
of the Notes, (v) all fees and expenses (including reasonable fees and expenses of counsel) of the Trustee and all collateral agents, (vi) all costs and expenses in connection with the creation and perfection of the security interest in
the Collateral Agreements (including without limitation, filing and recording fees, search fees, taxes and costs of title policies) and (vii) all fees, disbursements and out-of-pocket expenses incurred by the Initial Purchasers in connection
with its services to be rendered hereunder including, without limitation, the fees and expenses and disbursements of Jones Day, counsel to the Initial Purchasers, travel and lodging expenses, word processing charges, messenger and duplicating
services, facsimile expenses and other customary expenditures; 

  

	(g)	to use the proceeds of the Offering in the manner described in the Time of Sale Document and the Final Offering Memorandum under the caption “Use of
Proceeds”; 

  

	(h)	to do and perform all things required to be done and performed under the Transaction Documents prior to and after the Closing Date, including furnishing post-closing
opinions, substantially in the form of Exhibit C-1 and Exhibit C-2 attached hereto, that certify the validity of the security documents executed post-closing; 

  

	(i)	not to, and to ensure that no Affiliate (as defined in Rule 501(b) of the Securities Act) of the Company will, sell, offer for sale or solicit offers to buy or
otherwise negotiate in respect of any “security” (as defined in the Securities Act) that would be integrated with the sale of the Notes in a manner that would require the registration under the Securities Act of the sale to the Initial
Purchasers or to the Subsequent Purchasers of the Notes; 

  

	(j)	not to take, directly or indirectly, any action designed to or that might be reasonably expected to cause or result in stabilization or manipulation of the price of the
Notes, whether to facilitate the sale or resale of the Notes or otherwise; 

  

	(k)	for so long as any of the Notes remain outstanding, during any period in which the Company is not subject to Section 13 or 15(d) of the Exchange Act, to make
available, upon request, to any owner of the Notes in connection with any sale thereof and any prospective Subsequent Purchasers of such Notes from such owner, the information required by Rule 144A(d)(4) under the Securities Act;

  

	(l)	to comply with the representation letter of the Company to DTC relating to the approval of the Notes by DTC for “book entry” transfer;

  

 20 

	(m)	until the offering of Securities is complete, to file all documents required to be filed by it with the Commission pursuant to the Exchange Act within the time periods
required by the Exchange Act; 

  

	(n)	for so long as any of the Notes remain outstanding, except for such documents that are publicly available on the SEC’s Electronic Data Gathering Analysis and
Retrieval System, the Company will furnish to the Representative copies of all reports and other communications (financial or otherwise) furnished by the Company to the Trustee or to the holders of the Notes and, as soon as available, copies of any
reports or financial statements furnished to or filed by the Company with the Commission or any national securities exchange on which any class of securities of the Company may be listed; 

  

	(o)	not to, and not to authorize or permit any person acting on its behalf to, (i) distribute any offering material in connection with the offer and sale of the Notes
other than the Time of Sale Document and the Final Offering Memorandum and any amendments and supplements to the Final Offering Memorandum prepared in compliance with this Agreement, or (ii) solicit any offer to buy or offer to sell the Notes
by means of any form of general solicitation or general advertising (including, without limitation, as such terms are used in Regulation D under the Securities Act) or in any manner involving a public offering within the meaning of Section 4(2)
of the Securities Act; 

  

	(p)	during the one-year period after the Closing Date (or such shorter period as may be provided for in Rule 144 under the Securities Act, as the same may be in effect from
time to time), to not, and to not permit Parent, any current or future Subsidiaries of either the Company or any other affiliates (as defined in Rule 144A under the Securities Act) of the Company to, resell any of the Notes which constitute
“restricted securities” under Rule 144 that have been reacquired by the Company, Parent, any current or future Subsidiaries or any other affiliates (as defined in Rule 144A under the Securities Act) controlled by the Company, except
pursuant to an effective registration statement under the Securities Act; 

  

	(q)	the Company shall pay all stamp, documentary and transfer taxes and other duties, if any, which may be imposed by the United States or any political subdivision thereof
or taxing authority thereof or therein with respect to the issuance of the Notes or the sale thereof to the Initial Purchasers; and 

  

	(r)	to use their commercially reasonable efforts to complete on or prior to the Closing Date all filings and other similar actions required in connection with the
perfecting of security interests as and to the extent contemplated by the Collateral Agreements; provided that, the Company and the Guarantors agree to complete all such filings and other similar actions required in connection with the
perfection of security interests as and to the extent contemplated by the Collateral Agreements that were not completed prior to the Closing Date, including perfecting the security interest and Mortgaged Vessels in connection with the delivery of
the Topaz Driller within 15 days of delivery. 

 6. Representations and Warranties of the Initial
Purchasers. Each Initial Purchaser hereby represents and warrants to the Company, Parent and Guarantors that: 
  

	(a)	it is a QIB as defined in Rule 144A under the Securities Act and it will offer the Notes and the Guarantees for resale only upon the terms and conditions set forth in
this Agreement and in the Time of Sale Document and the Final Offering Memorandum; 

  

 21 

	(b)	it is not acquiring the Notes and the Guarantees with a view to any distribution thereof that would violate the Securities Act or the securities laws of any state of
the United States or any other applicable jurisdiction. In connection with the Exempt Resales, it will solicit offers to buy the Notes and the Guarantees only from, and will offer and sell the Notes only to, (A) persons reasonably believed by
the Initial Purchasers to be QIBs or (B) persons reasonably believed by the Initial Purchasers to be Accredited Investors or (C) non-U.S. persons reasonably believed by the Initial Purchasers to be a purchaser referred to in Regulation S
under the Securities Act; provided, however, that in purchasing such Notes and the Guarantees, such persons are deemed to have represented and agreed as provided under the caption “Notice to Investors” contained in the Time
of Sale Document and the Final Offering Memorandum; and 

  

	(c)	no form of general solicitation or general advertising in violation of the Securities Act has been or will be used nor will any offers in any manner involving a public
offering within the meaning of Section 4(2) of the Securities Act or, with respect to Notes and the Guarantees to be sold in reliance on Regulation S, by means of any directed selling efforts be made by such Initial Purchasers or any of their
representatives in connection with the offer and sale of any of the Notes and the Guarantees. 

 7.
Conditions. The obligations of the Initial Purchasers to purchase the Notes under this Agreement are subject to the performance by each of the Company and each of the Guarantors of their respective covenants and obligations hereunder and
the satisfaction of each of the following conditions: 
  

	(a)	All the representations and warranties of the Company, Parent and the Subsidiaries, that are qualified by materiality or the possibility of a Material Adverse Effect
and contained in this Agreement and in each of the other Transaction Documents, shall be true and correct, and the representations and warranties of the Company, Parent and the Subsidiaries contained in this Agreement and in each of the other
Transaction Documents that are not qualified by materiality or Material Adverse Effect shall be true and correct in all material respects as of the date hereof and at the Closing Date. On or prior to the Closing Date, the Company, the Guarantors and
each other party to the Transaction Documents (other than the Initial Purchasers) shall have performed or complied in all material respects with all of the agreements and satisfied all conditions on their respective parts to be performed, complied
with or satisfied pursuant to the Transaction Documents (other than conditions to be satisfied by such parties, which the failure to be so satisfied would not, individual or in the aggregate, reasonably be expected to have a Material Adverse Effect.
It being understood and agreed that for purposes of this Agreement, in the event that Jefferies determines that a Material Adverse Effect has occurred in any case and the Company, Parent or a Guarantor seeks to dispute such determination, the
Company, Parent or such Guarantor shall bear the burden of proof to demonstrate by clear and convincing evidence that the definition of Material Adverse Effect has not been satisfied. 

  

 22 

	(b)	No injunction, restraining order or order of any nature by a Governmental Authority shall have been issued or threatened as of the Closing Date that would prevent or
materially interfere with the consummation of the Offering or any of the other Transactions under the Transaction Documents; and no stop order suspending the qualification or exemption from qualification of any of the Notes in any jurisdiction shall
have been issued and no Proceeding for that purpose shall have been commenced or, to the knowledge of the Company after due inquiry, be pending or contemplated as of the Closing Date. 

  

	(c)	No action shall have been taken and no Applicable Law shall have been enacted, adopted or issued that would, as of the Closing Date, prevent the consummation of the
Offering or any of the other Transactions under the Transaction Documents. No Proceeding shall be pending or, to the knowledge of the Company after reasonable inquiry, threatened other than Proceedings that (A) if adversely determined would
not, individually or in the aggregate, adversely affect the issuance or marketability of the Notes, and (B) would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  

	(d)	Subsequent to the respective dates as of which data and information is given in the Time of Sale Document and the Final Offering Memorandum, there shall not have been
any Material Adverse Change. 

  

	(e)	On or after the date hereof, (i) there shall not have occurred any downgrading, suspension or withdrawal of, nor shall any notice have been given of any potential
or intended downgrading, suspension or withdrawal of, or of any review (or of any potential or intended review) for a possible change that does not indicate the direction of the possible change in, any rating of Parent or any securities of Parent
(including, without limitation, the placing of any of the foregoing ratings on credit watch with negative or developing implications or under review with an uncertain direction) by any “nationally recognized statistical rating
organization” as such term is defined for purposes of Rule 436(g)(2) under the Securities Act, (ii) there shall not have occurred any change, nor shall any notice have been given of any potential or intended change, in the outlook for any
rating of the Company or any securities of the Company by any such rating organization and (iii) no such rating organization shall have given notice that it has assigned (or is considering assigning) a lower rating to the Notes than that on
which the Notes were marketed. 

  

	(f)	The Representative shall have received on the date hereof and/or the Closing Date (as specified below): 

  

	 	(i)	 certificates dated the Closing Date, signed by (1) the Chief Executive Officer and (2) the principal financial or accounting officer of
Parent, on behalf of the Company, Parent and the Subsidiaries, to the effect that (a) the representations and warranties set forth in Section 4 hereof, in each of the Transaction Documents and the Perfection Certificate that are qualified
by materiality or Material Adverse Effect shall be true and correct, and the representations and warranties in each of the Transaction Documents and the Perfection Certificate that are not qualified by materiality or Material Adverse Effect shall be
true and correct in all material

  

 23 

	 	 
respects as though expressly made at and as of the Closing Date, except for the representations and warranties that were expressly as of a certain date, then as of such date (b) each of the
Company and the Guarantors has performed and complied with all agreements and satisfied all conditions in all material respects on its part to be performed or satisfied at or prior to the Closing Date, (c) at the Closing Date, since the date
hereof or since the date of the most recent financial statements in the Time of Sale Document and the Final Offering Memorandum (exclusive of any amendment or supplement thereto after the date hereof), no event or events have occurred, no
information has become known nor does any condition exist that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect, (d) since the date of the most recent financial statements in the Time of Sale
Document and the Final Offering Memorandum (exclusive of any amendment or supplement thereto after the date hereof), other than as described in the Time of Sale Document and the Final Offering Memorandum or contemplated hereby, neither Parent nor
any subsidiary of Parent has incurred any liabilities or obligations, direct or contingent, not in the ordinary course of business, that are material to Parent and its subsidiaries, taken as a whole, or entered into any transactions not in the
ordinary course of business that are material to the business, condition (financial or otherwise) or results of operations or prospects of Parent and its subsidiaries, taken as a whole, and there has not been any change in the capital stock or
short-term or long-term indebtedness of Parent or any subsidiary of Parent that is material to the business, condition (financial or otherwise) or results of operations or prospects of Parent and its subsidiaries, taken as a whole, and (e) the
sale of the Notes has not been enjoined (temporarily or permanently); 

  

	 	(ii)	a certificate, dated the Closing Date, executed by the Secretary of Parent on behalf of the Company and each Guarantor, certifying such matters as the Representative
may reasonably request; 

  

	 	(iii)	a certificate evidencing qualification by such entity as a foreign corporation in good standing issued by the Secretaries of State (or comparable office) of each of the
jurisdictions in which each of the Company and the Guarantors operates as of a date within five days prior to the Closing Date; 

  

	 	(iv)	a certificate of solvency, dated the Closing Date, executed by the principal financial or accounting officer of Parent substantially in the form previously approved by
the Representative or its counsel; 

  

	 	(v)	the opinion of Porter & Hedges L.L.P., counsel to the Company and the Guarantors, dated the Closing Date, in the form of Exhibit A attached hereto;

  

	 	(vi)	the opinion of Maples and Calder, Cayman Islands counsel to the Company and the Guarantors, shall have furnished to the Initial Purchasers, at the request of the
Company or Parent, its written opinion, dated the Closing Date and addressed to the Initial Purchasers, substantially in the form of Exhibit B attached hereto; 

  

 24 

	 	(vii)	an opinion, dated the Closing Date, of Jones Day, counsel to the Initial Purchasers, in form satisfactory to the Initial Purchasers covering such matters as are
customarily covered in such opinions; 

  

	 	(viii)	the Initial Purchasers shall have received from UHY LLP, independent auditors, with respect to Parent and its subsidiaries, (A) a customary comfort letter, dated
the date hereof, in form and substance reasonably satisfactory to the Initial Purchasers and their counsel, with respect to the financial statements and certain financial information contained in the Time of Sale Document, and (B) a customary
comfort letter, dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers and their counsel, to the effect that UHY LLP reaffirms the statements made in its letter furnished pursuant to clause (A) with
respect to the financial statements and certain financial information contained in the Time of Sale Document and the Final Offering Memorandum; 

  

	 	(ix)	an Officers’ Back-Up Certificate dated as of the date hereof and as of the Closing Date executed by the Chief Executive Officer and the Chief Financial Officer of
Parent providing back-up disclosure support as specified therein, in form and substance reasonably satisfactory to the Initial Purchasers; and 

  

	 	(x)	the Natixis Amendment shall have been entered into in a form and substance reasonably satisfactory to the Initial Purchasers. 

  

	(g)	The terms of each Transaction Document shall conform in all material respects to the description thereof in the Time of Sale Document and the Final Offering Memorandum.
Each of the Company and Guarantors shall have executed and delivered, or caused to be delivered, to the Representative (i) each of the Transaction Documents to which it is a party and (ii) the Notes being purchased by the Initial
Purchasers at the Closing pursuant to this Agreement, in each case in form and substance reasonably satisfactory to the Representative. 

  

	(h)	The Representative shall have received copies of all opinions, certificates, letters and other documents delivered under or in connection with the Offering or any other
Transaction contemplated in the Transaction Documents. 

  

	(i)	The Collateral Agent shall have received (with a copy for the Initial Purchasers) on the Closing Date: 

  

	 	(i)	appropriately completed copies of Uniform Commercial Code lien financing statements naming the Company and each Guarantor as a debtor and the Collateral Agent as the
secured party, or other similar instruments or documents to be filed under the Uniform Commercial Code of all jurisdictions or Companies Registry filings as may be necessary or, in the reasonable opinion of the Collateral Agent and its counsel,
desirable to perfect the security interests of the Collateral Agent pursuant to the Collateral Agreements; 

  

 25 

	 	(ii)	appropriately completed copies of Uniform Commercial Code Form UCC 3 termination statements, if any, necessary to release all Liens (other than the security interests,
liens or encumbrances permitted under the Indenture and the Collateral Agreements) of any Person in any Collateral described in any Collateral Agreement previously granted by any Person; 

  

	 	(iii)	certified copies of Uniform Commercial Code Requests for Information or Copies (Form UCC 11), or a similar search report certified by a party acceptable to the
Collateral Agent, dated a date reasonably near to the Closing Date, listing all effective financing statements which name the Company or any Guarantor (under its present name and any previous names) as the debtor, together with copies of such
financing statements (none of which shall cover any Collateral described in any Collateral Agreement, other than such financing statements that evidence the Liens permitted under the Indenture and the Collateral Agreements);

  

	 	(iv)	such other approvals, opinions, or documents as the Collateral Agent may reasonably request in form and substance reasonably satisfactory to the Collateral Agent; and

  

	 	(v)	the Collateral Agent and its counsel shall be satisfied that (i) the Liens granted to the Collateral Agent, for the benefit of the Secured Parties in the
Collateral described above is of the priority described in the Time of Sale Document and the Final Offering Memorandum; and (ii) no Lien exists on any of the Collateral described above other than the Liens created in favor of the Collateral
Agent, for the benefit of the Secured Parties, pursuant to a Collateral Agreement, in each case subject to the Liens permitted under the Indenture and the Collateral Agreements. 

  

	(j)	Provision shall have been made for the filing of all Uniform Commercial Code financing statements or other similar financing statements and Uniform Commercial Code Form
UCC-3 termination statements. 

  

 26 

 8. Indemnification and Contribution. 
  

	(a)	The Company and each of the Guarantors jointly and severally agree to indemnify and hold harmless the Initial Purchasers, their directors, officers and employees, and
each person, if any, who controls the Initial Purchasers within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any losses, claims, damages or liabilities of any kind, as incurred, to which the
Initial Purchasers, their directors, officers, employees or such controlling persons may become subject under the Securities Act, the Exchange Act or other Federal or state statutory law or regulation, at common law or otherwise (including in
settlement of any litigation, insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: 

  

	 	(i)	any untrue statement or alleged untrue statement of a material fact contained in the Time of Sale Document or the Final Offering Memorandum or any amendment or
supplement thereto; or 

  

	 	(ii)	the omission or alleged omission to state, in the Time of Sale Document or the Final Offering Memorandum or any amendment or supplement thereto, 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; 

 and, subject to the provisions hereof, will reimburse, as incurred, the Initial Purchasers and each director, officer, employee and each such controlling person for any legal or other expenses incurred by
the Initial Purchasers or such director, officer, employee or controlling person in connection with investigating, defending against, settling, compromising, paying or appearing as a third-party witness in connection with any such loss, claim,
damage, liability, expense or action in respect thereof; provided, however, the Company and the Guarantors will not be liable in any such case to the extent (but only to the extent) that a court of competent jurisdiction shall have
determined by a final, unappealable judgment that such loss, claim, damage, liability or expense resulted primarily and directly from any untrue statement or alleged untrue statement or omission or alleged omission made in the Time of Sale Document
or the Final Offering Memorandum or any amendment or supplement thereto in reliance upon and in conformity with written information concerning the Initial Purchasers furnished to the Company by the Initial Purchasers specifically for use therein, it
being understood and agreed that the only such information furnished by the Initial Purchasers to the Company consists of the information described in Section 12 hereof. The indemnity agreement set forth in this Section 8 shall be in
addition to any liability that the Company and the Guarantors may otherwise have to the indemnified parties. 
  

	(b)	 Each Initial Purchaser agrees, severally and not jointly, to indemnify and hold harmless the Company, each of the Guarantors and their respective
directors, officers and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any losses, claims, damages, liabilities or expenses, as incurred, to
which the Company, any Guarantor or any of their directors, officers or controlling persons may become subject under the Securities Act, the Exchange Act or other Federal or state statutory law or regulation, at common law or

  

 27 

	 	 
otherwise, insofar as a court of competent jurisdiction shall have determined by a final, unappealable judgment that such losses, claims, damages, liabilities or expenses (or actions in respect
thereof, as contemplated below) have resulted solely from (i) any untrue statement or alleged untrue statement of any material fact contained in the Time of Sale Document or the Final Offering Memorandum or any amendment or supplement thereto
or (ii) the omission or the alleged omission to state therein a material fact required to be stated in the Time of Sale Document or the Final Offering Memorandum or any amendment or supplement thereto or necessary to make the statements therein
not misleading, in each case to the extent (but only to the extent) that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information concerning such Initial
Purchaser, furnished to the Company or its agents by the Initial Purchasers specifically for use therein; and, subject to the limitation set forth immediately preceding this clause, will reimburse, as incurred, any legal or other expenses incurred
by the Company, each of the Guarantors or any such director, officer or controlling person in connection with any such loss, claim, damage, liability, expense or action in respect thereof. Each of the Company and the Guarantors hereby acknowledges
that the only information that the Initial Purchasers have furnished to the Company or its agents specifically for use in the Time of Sale Document or the Final Offering Memorandum or any amendment or supplement thereto, are the statements described
in Section 12 hereof. This indemnity agreement will be in addition to any liability that the Initial Purchasers may otherwise have to the indemnified parties. 

  

	(c)	 As promptly as reasonably practicable after receipt by an indemnified party under this Section 8 of notice of the commencement of any action for
which such indemnified party is entitled to indemnification under this Section 8, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, notify the indemnifying party
of the commencement thereof in writing; but the omission to so notify the indemnifying party (i) will not relieve such indemnifying party from any liability under paragraph (a) or (b) above unless and only to the extent it is
materially prejudiced as a result thereof and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraphs (a) and
(b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may
elect, jointly with any other indemnifying party similarly notified by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof, with counsel
reasonably satisfactory to such indemnified party; provided, however, that if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest,
(ii) the defendants in any such action include both the indemnified party and the indemnifying party, and the indemnified party shall have concluded that a conflict may arise between the positions of the indemnifying party and the indemnified
party in conducting the defense of any such action or that there may be one or more legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party, or (iii) the
indemnifying party shall not have employed counsel reasonably satisfactory to the

  

 28 

	 	 
indemnified party to represent the indemnified party within a reasonable time after receipt by the indemnifying party of notice of the institution of such action, then, in each such case, the
indemnifying party shall not have the right to direct the defense of such action on behalf of such indemnified party or parties and such indemnified party or parties shall have the right to select separate counsel to defend such action on behalf of
such indemnified party or parties at the expense of the indemnifying party. After notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof and approval by such indemnified party of counsel
appointed to defend such action, the indemnifying party will not be liable to such indemnified party under this Section 8 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified
party in connection with the defense thereof, unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the immediately preceding sentence (it being understood, however, that in connection with such
action the indemnifying party shall not be liable for the expenses of more than one separate counsel (in addition to local counsel) in any one action or separate but similar actions in the same jurisdiction arising out of the same general
allegations or circumstances, designated by the Initial Purchasers in the case of paragraph (a) of this Section 8 or the Company in the case of paragraph (b) of this Section 8, representing the indemnified parties under such
paragraph (a) or paragraph (b), as the case may be, who are parties to such action or actions), (ii) the indemnifying party has authorized in writing the employment of counsel for the indemnified party at the expense of the indemnifying
party or (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of the action, in each of which cases the fees
and expenses of counsel shall be at the expense of the indemnifying party and shall be paid as they are incurred. After such notice from the indemnifying party to such indemnified party, the indemnifying party will not be liable for the costs and
expenses of any settlement of such action effected by such indemnified party without the prior written consent of the indemnifying party (which consent shall not be unreasonably withheld), unless such indemnified party waived in writing its rights
under this Section 8, in which case the indemnified party may effect such a settlement without such consent. 

  

	(d)	 No indemnifying party shall be liable under this Section 8 for any settlement of any claim or action (or threatened claim or action) effected
without its written consent, which shall not be unreasonably withheld, but if a claim or action is settled with its written consent or if there be a final judgment for the plaintiff with respect to any such claim or action, each indemnifying party
jointly and severally agrees, subject to the exceptions and limitations set forth above, to indemnify and hold harmless each indemnified party from and against any and all losses, claims, damages or liabilities (and legal and other expenses as set
forth above) incurred by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party (which consent shall not be unreasonably withheld), effect any settlement or compromise of any
pending or threatened proceeding in respect of which the indemnified party is or could have been a party, or indemnity could have been sought hereunder by the indemnified party, unless such settlement (A) includes an unconditional written
release of the indemnified party, in form and substance satisfactory to the indemnified party, from all liability on claims that

  

 29 

	 	 
are the subject matter of such proceeding and (B) does not include any statement as to an admission of fault, culpability or failure to act by or on behalf of the indemnified party.

  

	(e)	In circumstances in which the indemnity agreement provided for in the preceding paragraphs of this Section 8 is unavailable to, or insufficient to hold harmless,
an indemnified party in respect of any losses, claims, damages, liabilities or expenses (or actions in respect thereof), each indemnifying party, in order to provide for just and equitable contributions, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses (or actions in respect thereof) in such proportion as is appropriate to reflect (i) the relative benefits received by the indemnifying party
or parties, on the one hand, and the indemnified party, on the other hand, from the Offering or (ii) if the allocation provided by the foregoing clause (i) is not permitted by applicable law, not only such relative benefits but also the
relative fault of the indemnifying party or parties, on the one hand, and the indemnified party, on the other hand, in connection with the statements or omissions or alleged statements or omissions that resulted in such losses, claims, damages or
liabilities (or actions in respect thereof). The relative benefits received by the Company and the Guarantors, on the one hand, and the Initial Purchasers, on the other hand, shall be deemed to be in the same proportion as the total proceeds from
the Offering (before deducting expenses) received by the Company bear to the total discounts and commissions received by the Initial Purchasers. The relative fault of the parties shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Initial Purchasers, on the other hand, the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission or alleged statement or omissions, and any other equitable considerations appropriate in the circumstances. 

 

	(f)	 The Company, the Guarantors and the Initial Purchasers agree that it would not be equitable if the amount of such contribution determined pursuant to
the immediately preceding paragraph (e) were determined by pro rata or per capita allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the first sentence of the immediately
preceding paragraph (e). Notwithstanding any other provision of this Section 8, the Initial Purchasers shall not be obligated to make contributions hereunder that in the aggregate exceed the total discounts, commissions and other compensation
received by such Initial Purchasers under this Agreement, less the aggregate amount of any damages that such Initial Purchasers have otherwise been required to pay by reason of the untrue or alleged untrue statements or the omissions or alleged
omissions to state a material fact. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of the immediately preceding paragraph (e), each person, if any, who controls an Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same
rights to contribution as the Initial Purchasers, and each director of the Company and the Guarantors, each officer of the Company and the Guarantors and each person, if any, who

  

 30 

	 	 
controls the Company or any of the Guarantors within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, shall have the same rights to contribution as the
Company and the Guarantors. 

 9. Termination. The Representative may terminate this Agreement
at any time prior to the Closing Date by written notice to the Company if any of the following has occurred: 
  

	(a)	since the date hereof, any Material Adverse Effect or development involving or expected to result in a prospective Material Adverse Effect that could, in the
Representative’s sole judgment, be expected to (i) make it impracticable or inadvisable to proceed with the offering or delivery of the Notes on the terms and in the manner contemplated in the Time of Sale Document and the Final Offering
Memorandum, or (ii) materially impair the investment quality of any of the Notes; 

  

	(b)	the failure of the Company or the Guarantors to satisfy the conditions contained in Section 7 hereof on or prior to the Closing Date; 

  

	(c)	any outbreak or escalation of hostilities or other national or international calamity or crisis, including acts of terrorism, or material adverse change or disruption
in economic conditions in, or in the financial markets of, the United States (it being understood that any such change or disruption shall be relative to such conditions and markets as in effect on the date hereof), if the effect of such outbreak,
escalation, calamity, crisis, act or material adverse change in the economic conditions in, or in the financial markets of, the United States could be reasonably expected to make it, in the Representative’s sole judgment, impracticable or
inadvisable to market or proceed with the offering or delivery of the Notes on the terms and in the manner contemplated in the Time of Sale Document and the Final Offering Memorandum or to enforce contracts for the sale of any of the Notes;

  

	(d)	trading in Parent’s common stock shall have been suspended by the Commission or the American Stock Exchange or the suspension or limitation of trading generally in
securities on the New York Stock Exchange, the American Stock Exchange or the NASDAQ National Market or any setting of limitations on prices for securities on any such exchange; 

  

	(e)	the enactment, publication, decree or other promulgation after the date hereof of any Applicable Law that in the Initial Purchasers’ counsel’s reasonable
opinion materially and adversely affects, or could be reasonably expected to materially and adversely affect, the properties, business, prospects, operations, earnings, assets, liabilities or condition (financial or otherwise) of the Company and the
Subsidiaries, taken as a whole; 

  

	(f)	any securities of Parent shall have been downgraded or placed on any “watch list” for possible downgrading by any “nationally recognized statistical
rating organization,” as such term is defined for purposes of Rule 436(g)(2) under the Securities Act; or 

  

	(g)	the representation and warranty contained in Section 4(a)(ii) of this Agreement is incorrect in any way; or 

  

 31 

	(h)	the declaration of a banking moratorium by any Governmental Authority; or the taking of any action by any Governmental Authority after the date hereof in respect of its
monetary or fiscal affairs that in the Representative’s opinion could reasonably be expected to have a Material Adverse Effect on the financial markets in the United States or elsewhere. 

  

	(i)	the Topaz Driller shall have suffered an event of loss or the Shipyard shall become party to an insolvency or bankruptcy proceeding in any jurisdiction in which
the Shipyard is the debtor. 

 10. Survival of Representations and Indemnities. The representations
and warranties, covenants, indemnities and contribution and expense reimbursement provisions and other agreements, representations and warranties of the Company and the Guarantors set forth in or made pursuant to this Agreement shall remain
operative and in full force and effect, and will survive, regardless of (i) any investigation, or statement as to the results thereof, made by or on behalf of the Representative, (ii) acceptance of the Notes, and payment for them
hereunder, and (iii) any termination of this Agreement. 
 11. Default by an Initial Purchaser. If one of
more of the Initial Purchasers shall breach their obligations to purchase the Notes that it has agreed to purchase hereunder on the Closing Date and arrangements satisfactory to the Company for the purchase of such Notes are not made within 36 hours
after such default, this Agreement shall terminate with respect to such Initial Purchasers without liability on the part of the Company. Nothing herein shall relieve such Initial Purchasers from liability for their default. 
 12. Information Supplied by the Initial Purchasers. The statements set forth (i) on the cover page of the Time of Sale
Document and the Final Offering Memorandum with respect to the price of the Notes and (ii) the sixth paragraph under the heading “Plan of Distribution” in the Time of Sale Document and the Final Offering Memorandum (to the extent such
statements relate to the Initial Purchasers) constitute the only information furnished by the Initial Purchasers to the Company or the Guarantors for the purposes of Sections 4(a) and 8 hereof. 
 13. No Fiduciary Relationship. The Company and the Guarantors hereby acknowledge that the Initial Purchasers are acting solely
as Initial Purchasers in connection with the purchase and sale of the Notes. The Company and the Guarantors further acknowledge that the Initial Purchasers are acting pursuant to a contractual relationship created solely by this Agreement entered
into on an arm’s length basis, and in no event do the parties intend that the Initial Purchasers act or be responsible as a fiduciary to either the Company or any of the Guarantors or their respective management, stockholders or creditors or
any other person in connection with any activity that the Initial Purchasers may undertake or have undertaken in furtherance of the purchase and sale of the Notes, either before or after the date hereof. The Initial Purchasers hereby expressly
disclaim any fiduciary or similar obligations to the Company or the Guarantors, either in connection with the Transactions or any matters relating to such Transactions, and the Company and the Guarantors hereby confirm their understanding and
agreement to that effect. The Company and the Guarantors, on the one hand, and the Representative, on the other hand, agree that they are each responsible for making their own independent judgments with respect to any such Transactions and that any
opinions or views

  

 32 

 
expressed by the Initial Purchasers to the Company or the Guarantors regarding such Transactions, including, but not limited to, any opinions or views with respect to the price or market for the
Notes, do not constitute advice or recommendations to the Company or the Guarantors. The Company and the Guarantors hereby waive and release, to the fullest extent permitted by law, any claims that either of the Company or any of the Guarantors may
have against the Initial Purchasers with respect to any breach or alleged breach of any fiduciary or similar duty to the Company and the Guarantors in connection with the Transactions or any matters relating to such Transactions. 
 14. Miscellaneous. 
  

	(a)	Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will
be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party); or (iii) one Business Day after deposit with an overnight courier service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be: 

 

			
	If to the Representative on behalf of the Initial Purchasers:
	Jefferies & Company, Inc.
	520 Madison Avenue
	New York, New York 10022
	Facsimile:	  	(212) 284-2280
	Attention:	  	General Counsel
	
	with a copy to:
	
	Jones Day
	222 East 41st Street
	New York, New York 10017
	Facsimile:	  	(212) 755-7306
	Attention:	  	Alexander A. Gendzier
	
	If to the Company or the Guarantors:
	
	c/o Vantage Drilling Company
	777 Post Oak Blvd., Suite 610
	Houston, Texas 77056
	Facsimile:	  	(281) 404-4700
	Attention:	  	Douglas Smith, Chief Financial Officer
	
	with a copy to:
	
	Porter & Hedges L.L.P.
	1000 Main Street, 36th Floor
	Houston, Texas 77002
	Facsimile:	  	(713) 226-6291
	Attention:	  	Bryan Brown

  

 33 

 Written confirmation of receipt (A) given by the recipient of such notice, consent,
waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided by
an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight courier service in accordance with clause (A), (B) or (C) above, respectively. Any party
hereto may change the address for receipt of communications by giving written notice to the others. 
  

	(b)	Successors. This Agreement has been and is made solely for the benefit of and shall be binding upon the Company and the Guarantors, the Initial Purchasers and,
to the extent provided in Section 8 hereof, the controlling persons, officers, directors, partners, employees, representatives and agents referred to in Section 8, and their respective heirs, executors, administrators, successors and
assigns, all as and to the extent provided in this Agreement, and no other person shall acquire or have any right under or by virtue of this Agreement. The term “successors and assigns” shall not include a Subsequent Purchaser of any of
the Notes from the Initial Purchasers merely because of such purchase. 

  

	(c)	Entire Agreement. This Agreement, together with the Engagement Letter dated November 12, 2009 between the Company and the Representative, constitutes the
entire agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. 

  

	(d)	Governing Law. THE VALIDITY AND INTERPRETATION OF THIS AGREEMENT, AND THE TERMS AND CONDITIONS SET FORTH HEREIN SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY THEREIN. 

  

	(e)	Submission to Jurisdiction. THE COMPANY AND EACH GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY (I) SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL AND
STATE COURTS SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY; AND (II) WAIVES (A) ITS RIGHT TO A TRIAL BY JURY IN ANY
LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE INITIAL PURCHASERS AND FOR ANY COUNTERCLAIM RELATED TO
ANY OF THE FOREGOING AND (B) ANY OBLIGATION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM. 

  

 34 

	(f)	Counterparts. This Agreement may be signed in various counterparts, which together shall constitute one and the same instrument. 

  

	(g)	Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

  

	(h)	Partial Unenforceability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their best
efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

  

	(i)	Amendment. This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied) may be
waived unless waived in writing by each party whom the condition is meant to benefit. The failure by any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not
operate as a waiver thereof. 

  

 35 

 EXECUTION VERSION 
 Please confirm that the foregoing correctly sets forth the agreement between the Company, the Guarantors and the Initial Purchasers.

  

							
		 		 	Very truly yours,
			
		 		 	P2021 RIG CO.
				
		 		 	By:	 	 /s/ Paul A. Bragg

		 		 	Name:	 	Paul A. Bragg
		 		 	Title:	 	Chief Executive Officer
			
		 		 	VANTAGE DRILLING COMPANY
				
		 		 	By:	 	 /s/ Paul A. Bragg

		 		 	Name:	 	Paul A. Bragg
		 		 	Title:	 	Chief Executive Officer
	Accepted and Agreed to:	 		 	
			
	 JEFFERIES & COMPANY, INC.,
 as Representative of the Initial Purchasers
	 		 	
				
	By:	 	 /s/ Jay Levy
	 		 	
	Name:	 	Jay Levy	 		 	
	Title:	 	Managing DirectorSeries G Convertible Preferred Stock Purchase Agreement

 Exhibit 10.1 
 BIOJECT MEDICAL TECHNOLOGIES INC. 
 SERIES G
CONVERTIBLE PREFERRED 
 STOCK PURCHASE AGREEMENT 
 December 18, 2009 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
	1.	 	AGREEMENT TO SELL AND PURCHASE	  	1
				
		 	1.1	  	Authorization of Shares	  	1
		 	1.2	  	Sale and Purchase	  	1
			
	2.	 	CLOSINGS, DELIVERY AND PAYMENT	  	2
				
		 	2.1	  	Closing	  	2
		 	2.2	  	Delivery at Closing	  	2
			
	3.	 	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	  	2
				
		 	3.1	  	Organization and Qualification	  	2
		 	3.2	  	Subsidiaries	  	2
		 	3.3	  	Capitalization	  	3
		 	3.4	  	Authorization; Binding Obligations	  	4
		 	3.5	  	Exchange Act Filings; Listing	  	5
		 	3.6	  	Additional Information	  	5
		 	3.7	  	Financial Statements	  	5
		 	3.8	  	Liabilities	  	6
		 	3.9	  	Agreements; Action	  	6
		 	3.10	  	Obligations to Related Parties	  	7
		 	3.11	  	Changes	  	7
		 	3.12	  	Title to Properties and Assets; Liens, Etc	  	8
		 	3.13	  	Intellectual Property	  	8
		 	3.14	  	Compliance with Other Instruments	  	9
		 	3.15	  	Litigation	  	10
		 	3.16	  	Tax Returns and Payments	  	10
		 	3.17	  	Employees	  	10
		 	3.18	  	Employee Benefit Plans; ERISA	  	11
		 	3.19	  	Obligations of Management	  	11
		 	3.20	  	Voting Rights	  	12
		 	3.21	  	Compliance with Laws; Permits	  	12
		 	3.22	  	Environmental and Safety Laws	  	12
		 	3.23	  	Offering Valid	  	12
		 	3.24	  	Full Disclosure	  	13
		 	3.25	  	Insurance	  	13
		 	3.26	  	Internal Accounting Controls	  	13
		 	3.27	  	Investment Company	  	13
		 	3.28	  	Integration, Etc	  	13
			
	4.	 	REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS	  	14
				
		 	4.1	  	Requisite Power and Authority	  	14
		 	4.2	  	Investment Representations	  	14
		 	4.3	  	Transfer Restrictions	  	16
		 	4.4	  	Short Sales	  	16

  

 -i- 

 TABLE OF CONTENTS 
 (Continued) 
  

							
	 	 	 	  	 	  	Page
	5.	 	COVENANTS	  	16
				
		 	5.1	  	Corporate Existence	  	16
		 	5.2	  	Reservation of Common Stock	  	16
		 	5.3	  	Exchange Act Registration	  	16
		 	5.4	  	Increase in Authorized Shares	  	16
		 	5.5	  	Nomination of Directors	  	16
		 	5.6	  	Amendment to Articles of Incorporation	  	17
		 	5.7	  	Continuation of D&O Coverage	  	17
			
	6.	 	CONDITIONS TO CLOSING	  	17
				
		 	6.1	  	Conditions to Purchasers’ Obligations at the Closing	  	17
		 	6.2	  	Conditions to Obligations of the Company at the Closing	  	18
			
	7.	 	MISCELLANEOUS	  	19
				
		 	7.1	  	Governing Law	  	19
		 	7.2	  	Survival	  	19
		 	7.3	  	Attorneys’ Fees; Expenses	  	19
		 	7.4	  	Successors and Assigns	  	19
		 	7.5	  	Entire Agreement	  	19
		 	7.6	  	Severability	  	20
		 	7.7	  	Amendment and Waiver	  	20
		 	7.8	  	Delays or Omissions	  	20
		 	7.9	  	Notices	  	20
		 	7.10	  	Titles and Subtitles	  	21
		 	7.11	  	Counterparts	  	21
		 	7.12	  	Broker’s Fees	  	21
		 	7.13	  	Public Announcements and Confidentiality	  	21
		 	7.14	  	Purchasers Business Activities	  	22
		 	7.15	  	Exculpation Among Purchasers	  	22
		 	7.16	  	Pronouns	  	22

 List of Exhibits: 
  

			
	Schedule of Exceptions	  	
	Schedule of Purchasers	  	Exhibit A
	Articles of Amendment	  	Exhibit B
	Registration Rights Agreement	  	Exhibit C
	Form of Legal Opinion	  	Exhibit D

  

 -ii- 

 BIOJECT MEDICAL TECHNOLOGIES INC. 
 SERIES G CONVERTIBLE PREFERRED STOCK 
 PURCHASE AGREEMENT 
 This Purchase Agreement (this
“Agreement”) is made and entered into as of December 18, 2009, by and among Bioject Medical Technologies Inc., an Oregon corporation (the “Company”), and the investors whose names and addresses are set
forth on the Schedule of Purchasers attached hereto as Exhibit A (individually, a “Purchaser” and, collectively, the “Purchasers”). 
 RECITALS 
 The Company has authorized the sale and
issuance of an aggregate of up to 92,448 shares of its Series G Convertible Preferred Stock pursuant to this Agreement (the “Shares”). 
 The Purchasers desire to purchase the Shares in exchange for (a) payment of $500,000 in cash and (b) the cancellation of the outstanding principal amount of and accrued interest through the
Closing Date on those promissory notes issued by the Company and held by a Purchaser (each a “Note” and together the “Notes”) listed on Exhibit A hereto on the terms and conditions set forth herein. 

The Company desires to issue and sell the Shares to the Purchasers on the terms and conditions set forth herein. 
 AGREEMENT 
 In consideration of the foregoing recitals and the mutual promises, representations, warranties and covenants hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
intending to be legally bound hereby, the parties hereto agree as follows: 
 1. AGREEMENT TO SELL AND PURCHASE.

 1.1 Authorization of Shares. On or prior to the Closing (as hereinafter defined), the Company shall have authorized
(a) the sale and issuance to the Purchasers of the Shares and (b) the issuance of such shares of common stock, no par value, of the Company (“Common Stock”) to be issued upon conversion of the Shares (the
“Conversion Shares”). The Shares shall have the rights, preferences, privileges and restrictions set forth in the Articles of Amendment to the Company’s 2002 Restated Articles of Incorporation, in the form attached
hereto as Exhibit B (the “Articles of Amendment”). 
 1.2 Sale and Purchase. Subject to
the terms and conditions hereof, at the Closing the Company hereby agrees to issue and sell to each Purchaser, severally and not jointly, and each Purchaser agrees to purchase from the Company, severally and not jointly, a number of Shares equal to
the nearest whole number of Shares which can be purchased with the Payment, at

 
a price of $13.00 per share. Payment shall mean, for each Purchaser (a) the amount of cash to be paid by such Purchaser, as set forth on Exhibit A, added to (b) the
aggregate amount of the outstanding principal amount of and accrued interest on such Purchaser’s Note through the Closing Date, if such Purchaser holds a Note. The accrued interest on the Notes gives effect to annual compounding of interest and
the Notes are hereby amended and corrected effective as of the date of issuance to include annual compounding of interest. Any accrued interest that cannot be converted into a whole Share shall be paid in cash to the Company. 
 2. CLOSINGS, DELIVERY AND PAYMENT. 
 2.1 Closing. The closing of the sale and purchase of the Shares under this Agreement (the “Closing”) shall take place at 10:00 a.m. on the Business Day following the
satisfaction or waiver of the closing conditions in Section 6, at the offices of the Company in Tualatin, Oregon, or at such other time or place as the Company and the Purchasers may mutually agree (such date is hereinafter referred to
as the “Closing Date”). 
 2.2 Delivery at Closing. At the Closing, subject to the terms and conditions
hereof, the Company will deliver to each Purchaser one or more certificates registered in the name of the Purchaser, or in such nominee name(s) as designated by each Purchaser in writing, representing the number of Shares to be purchased at the
Closing by such Purchaser and the Purchasers will deliver to the Company the Payment. The name(s) in which certificates are to be registered are as set forth on Exhibit A. 
 3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. 
 Except as set forth on a Schedule of Exceptions delivered by the Company to the Purchasers at the Closing (the “Schedule of Exceptions”) specifically identifying the relevant
Section or Sections hereof and except as disclosed in the Company’s publicly available filings made with the Securities and Exchange Commission, the Company hereby represents and warrants to each Purchaser as of the date of this
Agreement as set forth below. 
 3.1 Organization and Qualification. The Company is a corporation duly organized and
validly existing under the laws of the State of Oregon. The Company has all requisite corporate power and authority to own and operate its properties and assets, to execute and deliver the Articles of Amendment, this Agreement, the Registration
Rights Agreement in the form attached hereto as Exhibit C (the “Registration Rights Agreement”), and any other agreements contemplated hereby (collectively, the “Transaction Documents”), to issue and
sell the Shares and the Conversion Shares, and to carry out the provisions of the Transactions Documents and to carry on its business as presently conducted. The Company is duly qualified and is authorized to do business and is in good standing as a
foreign corporation in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such qualification necessary, except for those jurisdictions in which failure to do so would not have a Material
Adverse Effect (as hereinafter defined). 
 3.2 Subsidiaries. The Company does not own or control any equity security or
other interest of any other corporation, limited partnership or other business entity other than Bioject, Inc. and Marathon Medical Technologies, Inc., which are wholly owned subsidiaries of

  

 2 

 
the Company. The Company is not a participant in any joint venture, partnership, or similar arrangement. Each of the Company’s subsidiaries has been duly organized and is validly existing in
good standing under the laws of the jurisdiction of its incorporation, has corporate power and authority to own, lease and operate its properties and to conduct its business as conducted and as proposed to be conducted, and is duly qualified and is
in good standing as a foreign corporation in each jurisdiction in which such qualification is required, except where the failure to be so qualified will not have a Material Adverse Effect. All of the issued and outstanding capital stock of each such
subsidiary has been duly authorized and validly issued, is duly paid and nonassessable and is owned by the Company free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity; and none of the outstanding shares of
capital stock of each such subsidiary was issued in violation of any preemptive or similar rights of any third party. 
 3.3
Capitalization. 
 (a) The authorized capital stock of the Company, on the date hereof, consists of
(i) 100,000,000 shares of common stock, no par value per share (“Common Stock”), 17,432,732 shares of which are issued and outstanding and (ii) 10,000,000 shares of preferred stock, no par value per share
(“Preferred Stock”), (A) 1,235,000 shares of which are designated Series A Preferred Stock (the “Series A Preferred”), of which no shares are issued and outstanding, (B) 200,000 shares of which
are designated Series B Preferred Stock (the “Series B Preferred”), of which no shares are issued and outstanding, (C) 500,000 shares of which are designated Series C Preferred Stock (the “Series C
Preferred”), of which no shares are issued and outstanding, (D) 2,086,957 shares of which are designated Series D Preferred Stock (the “Series D Preferred”), all of which are outstanding, (E) 4,000,000
shares which are designated Series E Preferred Stock (the “Series E Preferred”), 3,308,392 of which are issued and outstanding, (F) 9,644 shares of which are designated Series F Preferred Stock (the
“Series F Preferred”), 8,314 of which are issued and outstanding, and (G) 12,500 shares of which are designated Series R Participating Preferred Stock (the “Series R Preferred”), of which no
shares are issued and outstanding. 
 (b) On the date hereof (i) no shares have been issued pursuant to restricted
stock purchase agreements, the restrictions under which have not expired, (ii) options and restricted stock units to acquire 3,198,399 shares of Common Stock have been granted or are currently outstanding, (iii) the Company has reserved
701,601 shares of Common Stock for future issuance to officers, directors, employees and consultants of the Company, as part of a stock incentive plan, and (iv) 115,181 shares of Common Stock are reserved for issuance under the Company’s
401(k) plan. 
 (c) Other than (i) as set forth in Section 3.3 of the Schedule of Exceptions,
(ii) the shares reserved for issuance under Section 3.3(b)(ii)-(iv), and (iii) except as may be granted pursuant to this Agreement and the Registration Rights Agreement, there are no outstanding options, warrants, rights
(including conversion or preemptive rights and rights of first refusal, whether in favor of the Company or any other person), proxy or stockholder agreements, or agreements of any kind for the purchase or acquisition from the Company of any of its
securities. 
  

 3 

 (d) All issued and outstanding shares of the Common Stock and Preferred Stock
(i) have been duly authorized and validly issued, are fully paid and nonassessable, (ii) were issued in compliance with all applicable state and federal laws concerning the issuance of securities, and (iii) were not issued in
violation or subject to any preemptive rights or other rights to subscribe for or purchase securities. 
 (e) The
rights, preferences, privileges, and restrictions of the Shares are as stated in the Articles of Amendment. The Conversion Shares have been duly and validly reserved for issuance. When issued in compliance with the provisions of this Agreement
and the Articles of Amendment, as the case may be, the Shares and the Conversion Shares will be validly issued, fully paid and nonassessable, and, except as provided in the Registration Rights Agreement, will be free of any liens or
encumbrances; provided, however, that the Shares and the Conversion Shares may be subject to restrictions on transfer under state and/or federal securities laws as set forth herein or as otherwise required by such laws at the time a
transfer is proposed. 
 (f) No stock plan, stock purchase, stock option, or other agreement or understanding between
the Company and any holder of any equity securities or rights to purchase equity securities provides for acceleration or other changes in the vesting provisions or other terms of such agreement or understanding as the result of (i) termination
of employment (whether actual or constructive); or (ii) the occurrence of any other event or combination of events. 
 (g) The sale of the Shares and the subsequent conversion of the Shares into Conversion Shares are not and will not be subject to any preemptive rights or rights of first refusal that have not been properly waived or complied with.

 3.4 Authorization; Binding Obligations. All corporate action on the part of the Company, its officers, directors, and
stockholders necessary for the authorization of this Agreement and the other the Transaction Documents, the performance of all obligations of the Company hereunder and thereunder at the Closing and the authorization, sale, issuance, and delivery of
the Shares pursuant hereto and the Conversion Shares pursuant to the Articles of Amendment, as the case may be, has been taken or will be taken prior to the Closing. 
 The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company of the transactions therein contemplated will not result in the creation of any
lien, charge, security interest or encumbrance upon any assets of the Company pursuant to the terms or provisions of, or conflict with, result in the breach or violation of, or constitute, either by itself or upon notice or the passage of time or
both, a default under any material agreement, mortgage, deed of trust, lease, franchise, license, indenture, permit or other instrument to which the Company is a party or by which the Company or any of its properties may be bound or affected and in
each case which individually or in the aggregate would have a material adverse effect on the condition (financial or otherwise), properties, business, or results of operations of the Company and its subsidiaries, taken as a whole (a
“Material Adverse Effect”), or any statute or any authorization, judgment, decree, order, rule or regulation of any court or any regulatory body, administrative agency or other governmental body applicable to the Company or any
of its respective properties. No consent, approval, authorization or other order of, or filing with, any court, regulatory body, administrative agency, or other governmental body

  

 4 

 
is required for the execution and delivery of the Transaction Documents or the consummation of the transactions contemplated by the Transaction Documents, except for (a) the filing of the
Articles of Incorporation, which will be filed on the Closing Date, and (b) filings pursuant to Regulation D of the Securities Act, and applicable state securities laws, which have been made or will be made in a timely manner. 

The Transaction Documents when executed and delivered, will be valid and binding obligations of the Company enforceable in accordance
with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights, (b) as limited by general principles of equity
that restrict the availability of equitable remedies, and (c) to the extent that the enforceability of the indemnification provisions in Section 9 of the Registration Rights Agreement may be limited by applicable laws. 
 3.5 Exchange Act Filings; Listing. During the twelve (12) calendar months immediately preceding the date of this Agreement, all
reports and statements required to be filed by the Company with the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and
regulations thereunder, have been timely filed. Such filings, together with all documents incorporated by reference therein, are referred to as “Exchange Act Documents.” The Company’s Common Stock is quoted on the OTC Bulletin
Board. 
 3.6 Additional Information. A true and complete copy of each report, schedule and registration statement filed
by the Company with the SEC under the Exchange Act during the twelve (12) months preceding the Closing Date (as such documents have since the time of their filing been amended, the “Information Documents”), which are all the
documents (other than preliminary material) that the Company was required to file with the SEC since such date, has been made available to the Purchasers. As of their respective dates, the Information Documents complied in all material respects with
the requirements of the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, as the case may be, and the rules and regulations of the Commission thereunder applicable to the Information Documents, and none of the
Information Documents contained any untrue statement of a material fact or omitted 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. 
 3.7 Financial Statements. The Company has made available to the Purchaser its (or to the extent
applicable, those of any predecessor in interest) (a) The audited financial statements, together with the related notes of the Company at December 31, 2008 and December 31, 2007, and for the years then ended included in the
Company’s Annual Report on Form 10-K for the year ended December 31, 2008 (the “2008 Statements”), and (b) the unaudited financial statements of the Company at September 30, 2009 (the “Statement
Date”), and for the nine months then ended, (the “Year to Date Statements” and together with the 2008 Statements, “Financial Statements”) included in the Company’s Quarterly Report on Form 10-Q
for the quarter ended September 30, 2009. The Financial Statements (a) represent actual bona fide transactions, (b) have been prepared from the books and records of the Company in conformity with generally accepted accounting
principles applied on a consistent basis throughout the periods indicated, except as disclosed therein or in the Schedule of Exceptions,

  

 5 

 
and (c) fairly present, on the basis stated therein and on the date thereof, the financial condition and position of the Company as of December 31, 2008, and the Statement Date and its
results of operations and cash flows for the periods then ended; provided, however, that the Year-to-Date Statements are subject to normal recurring year-end adjustments (which are not expected to be material either individually or in
the aggregate), and omit all footnotes required under generally accepted accounting principles. 
 The books of account and
other records of the Company are complete and correct and have been maintained in accordance with sound business practices, including the maintenance of an adequate system of internal controls. 
 3.8 Liabilities. The Company has no material liabilities and, to the best of its knowledge, knows of no material contingent
liabilities, in each case except as disclosed in the Financial Statements or in Forms 8-K filed since September 30, 2009 and except for current liabilities incurred in the ordinary course of business subsequent to the Statement Date that are
not material, either in any individual case or in the aggregate. 
 3.9 Agreements; Action. 
 (a) Except for the documents listed in the Exhibit Index to the Annual Report on Form 10-K for the year ended December 31,
2008, or contained in Quarterly Reports on Form 10-Q or Current Reports on Form 8-K filed since that date, or other contracts or agreements referred to or contemplated herein or therein, there are no material agreements, understandings or
proposed transactions between the Company and any of its officers, directors, affiliates or any affiliate thereof. 
 (b)
Since the Statement Date, the Company has not (i) declared or paid any dividends, or authorized or made any distribution upon or with respect to any class or series of its capital stock, (ii) incurred any indebtedness for money
borrowed or any other liabilities (other than with respect to dividend obligations, distributions, indebtedness and other obligations incurred in the ordinary course of business or as disclosed in the Financial Statements) individually in excess of
$50,000 or, in the case of indebtedness and/or liabilities individually less than $50,000, in excess of $200,000 in the aggregate, (iii) made any loans or advances to any person, other than ordinary advances for travel expenses, or
(iv) sold, exchanged or otherwise disposed of any of its assets or rights, other than the sale of its inventory in the ordinary course of business. For the purposes of this subsection, all indebtedness, liabilities, agreements, understandings,
instruments, contracts and proposed transactions involving the same person or entity (including persons or entities the Company has reason to believe are affiliated therewith) shall be aggregated for the purpose of meeting the individual minimum
dollar amounts of such subsections. 
 (c) Other than as described in the Schedule of Exceptions, the Company is
not under any binding obligation to any third party (other than obligations to keep information or discussions confidential) as a result of any discussion or negotiation undertaken in the past twelve months relating to (i) the consolidation or
merger of the Company with or into any such corporation or corporations, (ii) the sale, conveyance, or disposition of all or substantially all of the assets of the Company, or a transaction or series of related transactions in which more than
50% of the voting power of the Company is disposed of, or (iii) any other form of acquisition, liquidation, dissolution, or winding up, of the Company. 
  

 6 

 3.10 Obligations to Related Parties. Except as set forth on the Schedule of
Exceptions, there are no obligations of the Company to officers, directors or employees of the Company other than (a) for payment of salary for services rendered, (b) reimbursement for reasonable expenses incurred on behalf of the Company,
(c) for other standard employee benefits made generally available to all employees (including stock option agreements and restricted stock unit agreements outstanding under any stock option plan approved by the Board of Directors of the
Company), (d) relocation and stock award obligations to the Chief Executive Officer pursuant to his employment agreement, (e) accruing dividends with respect to the Series F Preferred and (f) obligations for indemnification under
the Company’s organizational documents and applicable law. Except as set forth on the Schedule of Exceptions, none of the officers, directors or key employees of the Company, or any members of their immediate families, are indebted to the
Company or, to the Company’s knowledge, have any direct or, to the best of the Company’s knowledge, indirect ownership interest in any firm or corporation with which the Company is affiliated or with which the Company has a business
relationship, or any firm or corporation which competes with the Company, other than passive investments in publicly traded companies (representing less than 1% of such company) which may compete with the Company. No officer or director, or any
member of their immediate families, is, directly or, to the best of the Company’s knowledge, indirectly, interested in any contract with the Company (other than such contracts as relate to any such person’s ownership of capital stock or
other securities of the Company). Except as may be disclosed in the Financial Statements, the Company is not a guarantor or indemnitor of any indebtedness of any other person, firm or corporation, other than Bioject, Inc. 
 3.11 Changes. Since the Statement Date and except as disclosed on any Form 8-K filed since September 30, 2009, there has
not been: 
 (a) Any change in the assets, liabilities, financial condition, or operations of the Company from that
reflected in the Financial Statements, other than changes in the ordinary course of business, none of which individually or in the aggregate has had or is reasonably expected to have a Material Adverse Effect; 
 (b) Any resignation or termination of any officer, key employee or group of employees of the Company; and the Company, to the best
of its knowledge, does not know of the impending resignation or termination of employment of any such officer, key employee or group of employees; 
 (c) Any material change, except in the ordinary course of business, in the contingent obligations of the Company by way of guaranty, endorsement, indemnity, warranty or otherwise; 
 (d) Any damage, destruction or loss, whether or not covered by insurance, which is reasonably expected to have a Material Adverse
Effect; 
  

 7 

 (e) Any waiver by the Company of a valuable right or of a material debt owed to it;

 (f) Any direct or indirect loans made by the Company to any employee, officer or director of the Company, other than
advances made in the ordinary course of business; 
 (g) Any material change in any compensation arrangement or
agreement with any employee, officer or director; 
 (h) To the knowledge of the Company, any labor organization
activity related to the Company; 
 (i) Any debt, obligation or liability incurred, assumed or guaranteed by the
Company, except those for immaterial amounts and for current liabilities incurred in the ordinary course of business; 
 (j)
Any sale, assignment or transfer of any patents, trademarks, copyrights, trade secrets or other intangible assets, other than the granting of licenses to strategic partners in the ordinary course of the Company’s business; 
 (k) Any change in any material agreement to which the Company is a party or by which it is bound which is reasonably expected to
have a Material Adverse Effect; 
 (l) Any other event or condition of any character that, either individually or
cumulatively, has or is reasonably expected to have a Material Adverse Effect; or 
 (m) Any arrangement or commitment
by the Company to do any of the acts described in subsection (a) through (l) above. 
 3.12 Title to Properties and
Assets; Liens, Etc. The Company has good and marketable title to its material tangible properties and assets, including the tangible properties and assets reflected in the most recent balance sheet included in the Financial Statements, and good
title to its leasehold estates, in each case subject to no mortgage, pledge, lien, lease, encumbrance or charge, other than (a) those resulting from taxes which have not yet become delinquent, (b) minor liens and encumbrances which do not
materially detract from the value of the property subject thereto or materially impair the operations of the Company, and (c) those that have otherwise arisen in the ordinary course of business. All material facilities, machinery, equipment,
fixtures, vehicles and other tangible assets owned, leased or used by the Company are in good operating condition and repair and are reasonably fit and usable for the purposes for which they are being used. The Company is in compliance with all
material terms of each lease to which it is a party or is otherwise bound. 
 3.13 Intellectual Property 
 (a) Set forth in the Schedule of Exceptions is a true and complete list of all patents, patent applications, trademarks, service
marks, trademark and service mark applications, trade names, copyright registrations and licenses presently used by the Company

  

 8 

 
(with the exception of licenses and rights in “off the shelf” software publications and sold as such). To the Company’s best knowledge, the Company has full title and ownership of,
or is duly licensed or otherwise authorized to use, all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, know-how, information and other proprietary rights and processes and formulae, and applications for
patents, trademarks, service marks, and copyrights (collectively, “Intellectual Property Rights”) necessary for its business as now conducted or as presently proposed to be conducted, without any infringement of the rights of
others. There are no outstanding options, licenses, or agreements of any kind relating to any of the Intellectual Property Rights that are owned by the Company, or to the Company’s knowledge, relating to rights that are licensed to the Company
by other parties. The Company is not bound by nor is it a party to any options, licenses or agreements of any kind with respect to the Intellectual Property Rights of any other person or entity other than such licenses or agreements arising from the
purchase of “off the shelf” software or standard products, and other than licenses granted by sponsors of the Company in order to enable the Company to perform its production services for such sponsors. 
 (b) Neither the Company nor any of its subsidiaries is in default of its obligations to pay royalties or other amounts to other
persons by reason of the ownership or use of any Intellectual Property Rights used by the Company and its subsidiaries for the conduct of their respective businesses. 
 (c) To the best of the Company’s knowledge, no Intellectual Property Right owned by the Company or any of its subsidiaries violates or will violate any license or infringes or will infringe
any Intellectual Property Rights of another. To the best of the Company’s knowledge, no Intellectual Property Right, product or service marketed, sold or licensed (as licensor or as licensee) by the Company or any of its subsidiaries, violates
or will violate any license or infringes or will infringe any Intellectual Property Rights of another, nor has the Company or any of its subsidiaries received any notice that any of the Intellectual Property Rights used by the Company or any of its
subsidiaries for the conduct of their respective businesses, conflicts or will conflict with the rights of others. 
 (d)
There are no claims pending or, to the best of the Company’s knowledge, threatened with respect to any Intellectual Property Rights necessary or required for the conduct of the business of the Company or any of its subsidiaries as currently
conducted, nor, to the best of the Company’s knowledge, does there exist any basis therefor. 
 3.14 Compliance with
Other Instruments. The Company is not in violation or default of any provision of its articles of incorporation or bylaws. The Company and, to the best of the Company’s knowledge, each other party thereto, is not in breach of or default
with respect to any provision of any mortgage, indenture, contract, agreement, instrument, contract, decree, order, lease, franchise, license, permit, or other instrument to which it is party or by which it or any of its properties are bound; and
there does not exist any state of facts which, with notice or lapse of time or both, would constitute an event of default as defined in such documents on the part of the Company, except for such breaches and defaults which individually or in the
aggregate would not have a Material Adverse Effect. The execution, delivery, and performance of and compliance with this Agreement, the Articles of Amendment, and the Registration Rights Agreement, and the issuance and sale of the Shares
pursuant hereto, and of the Conversion

  

 9 

 
Shares pursuant to the Articles of Amendment, will not, with or without the passage of time or giving of notice or both, result in any such material violation, or be in conflict with or
constitute a material default under any such term or provision, or result in the creation of any mortgage, pledge, lien, encumbrance or charge upon any of the properties or assets of the Company or the suspension, revocation, impairment, forfeiture
or nonrenewal of any permit, license, authorization or approval applicable to the Company, its business or operations or any of its assets or properties. The Company has avoided every condition, and has not performed any act, the occurrence of which
would result in the Company’s loss of any right granted under any license, distribution agreement, or other agreement required to be disclosed on the Schedule of Exceptions. 
 3.15 Litigation. There is no action, suit, proceeding, or investigation pending or, to the Company’s knowledge, currently
threatened against the Company that questions the validity of this Agreement, the Articles of Amendment, or the Registration Rights Agreement or the right of the Company to enter into any of such agreements, or to consummate the transactions
contemplated hereby or thereby, or which might result, either individually or in the aggregate, in any Material Adverse Effect, nor is the Company aware that there is any basis for any of the foregoing. The foregoing includes, without limitation,
actions pending or, to the Company’s knowledge, threatened or any basis therefor known by the Company involving the prior employment of any of the Company’s employees, their use in connection with the Company’s business of any
information or techniques allegedly proprietary to any of their former employers, or their obligations under any agreements with prior employers. The Company is not a party or subject to the provisions of any order, writ, injunction, judgment or
decree of any court or government agency or instrumentality. There is no action, suit, proceeding or investigation by the Company currently pending or which the Company intends to initiate. 
 3.16 Tax Returns and Payments. The Company has timely filed all material tax returns (federal, state, and local) required to be filed
by it. All taxes shown to be due and payable on such returns and to the Company’s knowledge all other material taxes due and payable by the Company on or before the Closing, have been paid or will be paid prior to the time they become
delinquent. The Company has not been notified in writing (a) that any of its federal, state, or local tax returns have been or are being audited as of the date hereof, or (b) of any proposed deficiency in or adjustment to its federal,
state or local taxes. The Company has no knowledge of any liability for any material tax to be imposed upon its properties or assets as of the date of this Agreement that is not adequately provided for. The Company has withheld and paid all taxes
required to be withheld and paid in connection with amounts paid or owing to any employee, creditor, shareholder, or other third party. There are no agreements, waivers, or other arrangements providing for an extension of time with respect to the
assessment of any taxes or deficiency against the Company. To the Company’s knowledge, there is no pending or threatened investigation of the Company by any federal, state, foreign, or local authority relating to any taxes or assessments, or
any claims for additional taxes or assessments asserted by any such authority. 
 3.17 Employees. The Company has no
collective bargaining agreements with any of its employees. There is no labor union organizing activity pending or, to the Company’s knowledge, threatened with respect to the Company. To the Company’s knowledge, no employee of the Company,
nor any consultant with whom the Company has contracted, is in

  

 10 

 
material violation of any term of any employment contract, proprietary information agreement, or any other agreement relating to the right of any such individual to be employed by, or to contract
with, the Company because of the nature of the business to be conducted by the Company; and to the Company’s knowledge the continued employment by the Company of its present employees, and the performance of the Company’s contracts with
its independent contractors, will not result in any such material violation. The Company has not received any written notice alleging that any such material violation has occurred. No employee of the Company has been granted the right to continued
employment by the Company or to any material compensation following termination of employment with the Company (other than to Ralph Makar, Richard Stout and Christine Farrell pursuant to their respective employment agreements). The Company is not
aware that any officer, key employee, or group of employees intends to terminate his, her, or their employment with the Company, nor does the Company have a present intention to terminate the employment of any officer, key employee, or group of
employees. The Company is not aware of any claims, actions, proceedings, or threats relating to sexual harassment, wrongful termination, discrimination, or any other employment matter. To the Company’s knowledge there is no fact or circumstance
that is reasonably expected to, with the passage of time or otherwise, cause this representation to be no longer true and correct. To the Company’s knowledge, the Company is in compliance in all material respects with all provisions of the Fair
Labor Standards Act, all applicable state wage and hour laws, and all applicable workers’ compensation laws. 
 3.18
Employee Benefit Plans; ERISA. All pension, retirement, bonus, profit sharing, stock option, employee, and other benefit or welfare plans or arrangements maintained by the Company, or to which the Company contributes or is required to
contribute, to the extent required, materially comply with the provisions of and have been administered and maintained in material compliance with the provisions of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) and all other applicable laws. The Company is not a party to or bound by any currently effective employment contract, deferred compensation arrangement, bonus plan, incentive plan, profit sharing plan, retirement
agreement, or other employee compensation plan or agreement, including, but not limited to, any “employee pension benefit plan” as defined in Section 3 of ERISA. All unpaid liabilities of the Company with respect to, and all unfunded
benefits (whether vested or not) under, each employee welfare benefit plan as defined in Section 3(1) of ERISA maintained by the Company have been calculated and are reflected in the Company’s financial statement in accordance with
generally accepted accounting principles, and any such liabilities incurred after the date of such financial statements will be incurred in the ordinary course of business, determined in a manner substantially similar to that used in such financial
statements. 
 3.19 Obligations of Management. Each officer and key employee of the Company is currently devoting
substantially all of his or her business time to the conduct of the business of the Company. The Company is not aware that any officer or key employee of the Company is planning to work less than full time at the Company in the future. No officer or
key employee is currently working or, to the Company’s knowledge, plans to work for a competing enterprise, whether or not such officer or key employee is or will be compensated by such enterprise. 
  

 11 

 3.20 Voting Rights. To the Company’s knowledge, no stockholder of the Company
has entered into any agreement with respect to the voting of equity securities of the Company. 
 3.21 Compliance with Laws;
Permits. The Company is not in violation of any applicable statute, rule, regulation, order or restriction of any domestic or foreign government or any instrumentality or agency thereof in respect of the conduct of its business or the ownership
of its properties which violation would have a Material Adverse Effect. No governmental orders, permissions, consents, approvals, or authorizations are required to be obtained and no registrations or declarations are required to be filed in
connection with the execution and delivery of this Agreement and the issuance of the Shares and the Conversion Shares, except such as has been duly and validly obtained or filed, or with respect to any filings that must be made after the Closing
(including the filing of relevant notices under applicable state law and a Form D pursuant to the Securities Act), as will be filed in a timely manner. The Company has all franchises, permits, licenses, and any similar authority necessary for
the conduct of its business as now being conducted by it, the lack of which could have a Material Adverse Effect and believes it can obtain, without undue burden or expense, any similar authority for the conduct of its business as planned to be
conducted. 
 3.22 Environmental and Safety Laws. The Company is not in violation in any material respect of any
applicable statute, law or regulation relating to the environment or occupational health and safety, and to its knowledge, no material expenditures are or will be required in order to comply with any such existing statute, law, or regulation.
Hazardous Materials (as defined below) are used or have been used, stored, or disposed of by the Company in material compliance with all applicable statutes, laws and regulations. Except as set forth on the Schedule of Exceptions, the Company
has not, and to the Company’s knowledge, no other person has caused any release, threatened release, or disposal of any Hazardous Material on any property owned, leased, or used by the Company. For the purposes of the preceding sentences,
“Hazardous Material” means any substance, chemical, compound, product, solid, gas, liquid, waste, byproduct, pollutant, compound, or material that is listed or otherwise regulated as “hazardous” or “toxic”
under any applicable local, state and federal laws and regulations that govern the existence and/or remedy of contamination on property, the protection of the environment from contamination, the control of hazardous wastes, or other activities
involving medical waste, biological waste, or hazardous substances (“Applicable Environmental Law”), and includes asbestos, polychlorinated biphenyls (PCBs), petroleum products, or nuclear materials. To the Company’s knowledge,
the Company has no material liability for response or corrective action, natural resource damage, or other harm pursuant to Applicable Environmental Law. 
 3.23 Offering Valid. Assuming the accuracy of the representations and warranties of each Purchaser contained in Section 4.2 hereof, the offer, sale, and issuance of the Shares and the
Conversion Shares will be exempt from the registration requirements of the Securities Act, and will have been registered or qualified (or are exempt from registration and qualification) under the registration, permit, or qualification requirements
of all applicable state securities laws. Neither the Company nor any agent on its behalf has solicited or will solicit any offers to sell or has offered to sell or will offer to sell all or any part of the Shares to any person or persons so as to
bring the sale of such Shares by the Company within the registration provisions of the Securities Act or any state securities laws. 
  

 12 

 3.24 Full Disclosure. None of this Agreement, the Registration Rights Agreement, the
Articles of Amendment, nor any other certificate delivered by the Company to the Purchaser in connection herewith or therewith or with the transactions contemplated hereby or thereby, contains any untrue statement of a material fact nor omits
to state a material fact necessary in order to make the statements contained herein or therein not misleading in light of the circumstances in which such statements were made. 
 3.25 Insurance. The Company has general commercial, product liability, fire and casualty insurance policies and, to the best of its
knowledge, such policies provide coverage customary for companies similarly situated to the Company. 
 3.26 Internal
Accounting Controls. The Company has established disclosure controls and procedures (as defined in Exchange Act rules 13a-15 and 15d-15) for the Company and designed such disclosure controls and procedures to ensure that material
information relating to the Company is made known to the certifying officers by others within those entities, particularly during the period in which the Company’s Form 10-K or 10-Q, as the case may be, is being prepared. The
Company’s certifying officers have evaluated the effectiveness of the Company’s controls and procedures as of a date within 90 days prior to the filing date of the Form 10-Q for the Company’s most recently ended fiscal
quarter (such date, the “Evaluation Date”). The Company presented in its most recently filed Form 10-K or Form 10-Q the conclusions of the certifying officers about the effectiveness of the disclosure controls and
procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no significant changes in the Company’s internal control over financial reporting (as such term is defined in Exchange Act
rules 13a-15(f) and 15d-15(f)) or, to the Company’s knowledge, in other factors that could significantly affect the Company’s internal controls. 
 3.27 Investment Company. The Company is not regulated or required to be registered as an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 3.28 Integration, Etc. The Company has not in the past nor will it hereafter take any action to sell, offer for sale
or solicit offers to buy any securities of the Company which would bring the offer, issuance or sale of the Shares, as contemplated by this Agreement, within the provisions of Section 5 of the Securities Act. Neither the Company nor any of its
Affiliates (as defined in Rule 501(b) of Regulation D under the Securities Act) has directly, or through any agent, (i) sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any “security”
(as defined in the Securities Act) which is or could be integrated with the sale of the Shares in a manner that would require the registration under the Securities Act of the Shares or (ii) engaged in any form of general solicitation or general
advertising (as those terms are used in Regulation D under the Securities Act) in connection with the offering of the Shares or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act. 

 

 13 

 4. REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS. 
 Each Purchaser hereby represents and warrants to the Company as follows: 
 4.1 Requisite Power and Authority. If such Purchaser is not a natural person, it is an entity duly organized, validly existing and in
good standing under the laws of its state of formation. Such Purchaser has all necessary power and authority to execute and deliver this Agreement and the Registration Rights Agreement and to carry out their provisions. All action on such
Purchaser’s part required for the lawful execution and delivery of this Agreement and the Registration Rights Agreement has been or will be effectively taken prior to the Closing. Upon their execution and delivery, this Agreement and the
Registration Rights Agreement to which it is a party will be valid and binding obligations of such Purchaser, enforceable in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other laws of general application affecting enforcement of creditors’ rights, (b) as limited by general principles of equity that restrict the availability of equitable remedies, and (c) to the extent that the enforceability of the
indemnification provisions of Section 9 of the Registration Rights Agreement may be limited by applicable laws. 
 4.2
Investment Representations. Such Purchaser understands that none of the Shares or the Conversion Shares has been registered under the Securities Act. Such Purchaser also understands that the Shares are being offered and sold pursuant to an
exemption from registration contained in the Securities Act based in part upon Purchaser’s representations contained in the Agreement. Purchaser hereby represents and warrants as follows: 
 (a) Purchaser Bears Economic Risk. Such Purchaser has substantial experience in evaluating and investing in private placement
transactions of securities in companies similar to the Company so that it is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests. Such Purchaser must bear the economic risk of
this investment indefinitely unless the Shares (or the Conversion Shares) are registered pursuant to the Securities Act, or an exemption from registration is available. Such Purchaser has requested, received, reviewed, and understood all information
it deems relevant in making an informed decision to purchase the Shares, including without limitation, the information contained in the Information Documents. 
 (b) Acquisition for Own Account. Such Purchaser is acquiring the Shares and the Conversion Shares for such Purchaser’s own account for investment only, and not with a view towards their
distribution. 
 (c) Purchaser Can Protect Its Interest. Such Purchaser represents that by reason of its, or of its
management’s, business or financial experience or relationship with the Company, such Purchaser has the capacity to protect its own interests in connection with the transactions contemplated in this Agreement and the Registration Rights
Agreement. 
 (d) Accredited Purchaser. Such purchaser acknowledges that the offering of the Shares pursuant to this
Agreement has not been reviewed by the SEC or any state regulatory authority. Such Purchaser represents that it is an “accredited investor” within the meaning of Regulation D under the Securities Act. Such Purchaser has also had the
opportunity to ask questions of and receive answers from, the Company and its management regarding the terms and conditions of this investment. 
  

 14 

 (e) Rule 144. Such Purchaser acknowledges and agrees that the Shares, and, if
issued, the Conversion Shares must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available, and such securities will bear a restrictive legend similar to the
following: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
(THE “ACT”) OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED FOR VALUE UNLESS THEY ARE REGISTERED UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR THE CORPORATION RECEIVES AN
OPINION OF COUNSEL SATISFACTORY TO IT, OR OTHERWISE SATISFIES ITSELF, THAT REGISTRATION IS NOT REQUIRED.” 
 Such Purchaser
has been advised or is aware of the provisions of Rule 144 promulgated under the Securities Act as in effect from time to time, which permits limited resale of shares purchased in a private placement subject to the satisfaction of certain
conditions, including, among other things: the availability of certain current public information about the Company, the resale occurring following the required holding period under Rule 144 and the number of shares being sold during any
three-month period not exceeding specified limitations. 
 (f) Residence. If the Purchaser is an individual, then the
Purchaser resides in the state or province identified in the address of the Purchaser set forth on Exhibit A; if the Purchaser is a partnership, corporation, limited liability company or other entity, then the principal place of business
of the Purchaser, or if not the principal place of business, the office or offices in which its investment decision was made, is located at the address or addresses of the Purchaser set forth on Exhibit A. 
 (g) No General Solicitation. The Purchaser has not received any general solicitation or general advertising (including any
advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general solicitation or general
advertising) concerning the Company or the Shares, nor is the Purchaser aware that any such solicitation or advertising was received by anyone else. 
 (h) Receipt of Information. Such Purchaser has met with officers of the Company, has had an opportunity to ask questions and receive answers concerning the business, properties, and financial
condition of the Company and the terms and conditions of an investment in the Company, and has received all information (including projections about the Company) that such Purchaser believes is necessary or desirable in connection with an investment
in the Company. Such Purchaser understands that any projections that it has received are based on numerous important assumptions and that some or all of such assumptions will

  

 15 

 
likely prove to be incorrect and, accordingly, the actual results of the Company will vary from the projections and such variations may be material. Such Purchaser has been solely responsible for
its own due diligence investigation of the Company and its business, for analysis of the merits and risks of the investment made pursuant to this Agreement and for analysis of the terms of the investment. 
 4.3 Transfer Restrictions. Each Purchaser acknowledges and agrees that the Shares and, if issued, the Conversion Shares are subject
to restrictions on transfer as set forth in the Registration Rights Agreement. 
 4.4 Short Sales. Each Purchaser agrees
not to sell short any shares of Common Stock or engage in other hedging transactions with respect to the Common Stock so long as such Purchaser owns any Shares or Conversion Shares and each Purchaser further agrees that it shall not permit its
affiliates to engage in any of the foregoing activities. 
 5. COVENANTS. 
 5.1 Corporate Existence. The Company will take all steps necessary to preserve and continue the corporate existence of the Company.

 5.2 Reservation of Common Stock. As of the date hereof, the Company has authorized and reserved and the Company shall
continue to reserve and keep available, free of preemptive rights, shares of Common Stock for the purpose of enabling the Company to issue the Conversion Shares. The number of shares so reserved shall be increased or decreased to reflect adjustments
in the number of Conversion Shares issuable upon conversion of the Shares. 
 5.3 Exchange Act Registration. The Company
will maintain the registration of its Common Stock under Section 12 of the Exchange Act, will comply in all respects with its reporting and filing obligations under the Exchange Act, and will not take any action or file any document (whether or
not permitted by the Exchange Act or the rules thereunder) to terminate or suspend such registration or to terminate or suspend its reporting and filing obligations under said Act, until the date which is two years from the Closing Date.

 5.4 Increase in Authorized Shares. As such time as the Company would be, if all outstanding Shares were immediately
converted, precluded from honoring the conversion of the Shares in full due to the unavailability of a sufficient number of shares of authorized but unissued Common Stock, the Board of Directors of the Company shall promptly (an in any case within
90 days from such date) hold a shareholders meeting in which the shareholders would vote to amend the Company’s Articles of Incorporation to increase the number of shares of Common Stock which the Company is authorized to issue to at
least a number of shares equal to the sum of (i) all shares of Common Stock then outstanding, (ii) the number of shares of Common Stock issuable on account of all outstanding warrants, options, and convertible securities (other than the
Shares) and on account of all shares reserved under any stock option, stock purchase, or similar plan, and (iii) such number of Conversion Shares as would then be issuable upon conversion of all outstanding Shares. 
 5.5 Nomination of Directors. At the Company’s next annual meeting, one of the directors referenced in Section 6.1(j)
shall be nominated for election as a Class 1 Director and the other shall be nominated for election as a Class 3 Director (as each term is defined in the Company’s Articles of Incorporation). 
  

 16 

 5.6 Amendment to Articles of Incorporation. The Company shall submit for shareholder
approval at its next shareholder meeting an amendment to its Articles of Incorporation to amend Article IX to declassify the Board of Directors and delete Article X thereof and the Board of Directors shall recommend that the shareholders approve
such amendment. 
 5.7 Continuation of D&O Coverage. For at least four (4) years following the Closing, the
Company shall maintain directors and officers liability insurance with coverage levels customary for similarly situated companies. If during such period the Company is acquired whether by stock purchase, merger, asset sale or otherwise, the Company
shall or shall cause the acquirer to purchase run-off directors and officers liability insurance with customary coverage amounts and coverage period. The resigning directors of the Company identified in Section 6.1(j) are intended third-party
beneficiaries of this Section 5.7. 
 6. CONDITIONS TO CLOSING. 
 6.1 Conditions to Purchasers’ Obligations at the Closing. The Purchasers’ obligations to purchase the Shares at the Closing
are subject to the satisfaction, at or prior to the Closing Date, of the following conditions: 
 (a) Representations and
Warranties True; Performance of Obligations. The representations and warranties made by the Company in Section 3 hereof shall be true and correct in all material respects as of the Closing Date with the same force and effect as if
they had been made as of the Closing Date, and the Company shall have performed in all material respects, all obligations and conditions herein required to be performed or observed by it on or prior to the Closing, including but not limited to those
set forth in Section 5 above. 
 (b) Legal Investment. On the Closing Date, the sale and issuance of the
Shares and the proposed issuance of the Conversion Shares shall be legally permitted by all laws and regulations to which the Purchasers and the Company are subject. 
 (c) Consents, Permits, and Waivers. The Company shall have obtained any and all consents, permits and waivers necessary or appropriate for consummation of the transactions contemplated by this
Agreement and the Registration Rights Agreement (except for such as may be properly obtained subsequent to the Closing). 
 (d) Articles of Amendment of Series G Convertible Preferred Stock. The Articles of Amendment shall have been filed with the Secretary of State of the State of Oregon and shall continue to be in full force and effect as
of the Closing Date. 
 (e) Corporate Documents. The Company shall have delivered to the Purchasers or their counsel
copies of all corporate documents of the Company as the Purchasers shall reasonably request. 
  

 17 

 (f) Reservation of Conversion Shares. The Conversion Shares issuable upon conversion
of the Shares shall have been duly authorized and reserved for issuance upon such conversion. 
 (g) Compliance
Certificate. The Company shall have delivered to the Purchasers a Compliance Certificate, executed by the President of the Company, dated the Closing Date, to the effect that the conditions specified in subsections (a) through (f) of
this Section 6.1 have been satisfied. 
 (h) Secretary’s Certificate. The Purchasers shall have
received from the Company’s Secretary, a certificate having attached thereto (i) the Company’s Restated Articles of Incorporation as in effect at the time of the Closing, which Restated Articles of Incorporation shall
include the Articles of Amendment, (ii) the Company’s bylaws as in effect at the time of the Closing, (iii) the resolutions approved by the Board of Directors of the Company authorizing the transactions contemplated hereby, and
(iv) good standing certificates with respect to the Company from the applicable authority(ies) in Oregon and any other jurisdiction in which the Company is qualified to do business, dated a recent date before the Closing. 
 (i) Registration Rights Agreement. The Registration Rights Agreement substantially in the form attached hereto as
Exhibit C shall have been executed and delivered by the parties thereto. 
 (j) Change in the Board of
Directors. The size of the Board of Directors shall have been decreased to six members, each of John Ruedy, Joseph Bohan, Brigid Makes and Randal Chase shall have submitted their resignations as directors effective at closing and each of Al
Hansen and Mark Logomasini shall have been appointed directors effective at Closing. 
 (k) Amendment to Rights
Agreement. The Board of Directors of the Company shall have approved an amendment to the Rights Agreement, dated as of July 1, 2002, between the Company and American Stock Transfer and Trust Company, as amended, amending the reference to
“July 1, 2012” in Section 7(a) thereof to read “January 10, 2010”. 
 (l) Legal Opinion. The
Purchasers shall have received from Stoel Rives LLP, legal counsel to the Company, an opinion addressed to them, dated as of the Closing Date, in substantially the form attached hereto as Exhibit D. 
 (m) Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated at the Closing
hereby and all documents and instruments incident to such transactions shall be reasonably satisfactory in substance and form to the Purchasers and their counsel, and the Purchasers and their counsel shall have received all such counterpart
originals or certified or other copies of such documents as they may reasonably request. 
 6.2 Conditions to Obligations of
the Company at the Closing. The Company’s obligation to issue and sell the Shares is subject to the satisfaction, on or prior to the Closing, of the following conditions: 
 (a) Representations and Warranties True. The representations and warranties in Section 4 made by the Purchasers shall be
true and correct in all material respects at the date of the Closing, with the same force and effect as if they had been made on and as of said date. 
  

 18 

 (b) Performance of Obligations. The Purchasers shall have performed and complied
with all agreements and conditions herein required to be performed or complied with by Purchasers on or before the Closing. 
 (c) Registration Rights Agreement. The Registration Rights Agreement substantially in the form attached hereto as Exhibit C shall have been executed and delivered by the Purchasers. 
 (d) Consents, Permits, and Waivers. The Company shall have obtained any and all consents, permits and waivers necessary or
appropriate for consummation of the transactions contemplated by the Agreement and the Transaction Documents. 
 7.
MISCELLANEOUS. 
 7.1 Governing Law. This Agreement shall be governed in all respects by the laws of the State of New
York, without reference to principles of conflict of laws. 
 7.2 Survival. The representations, warranties, covenants,
and agreements made herein shall survive any investigation made by the Purchasers and the closing of the transactions contemplated hereby for a period of two years following the Closing Date. All statements as to factual matters contained in any
certificate or other instrument delivered by or on behalf of the Company pursuant hereto in connection with the transactions contemplated hereby shall be deemed to be representations and warranties by the Company hereunder solely as of the date of
such certificate or instrument. 
 7.3 Attorneys’ Fees; Expenses. In the event that any suit or action is instituted
to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement,
including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. Each party is responsible for the payment of its own expenses and legal
fees in connection with the execution and consummation of this Agreement and the Transaction Documents, except that the Company shall pay the reasonable expenses of the Purchasers (including Purchaser’s counsel), not to exceed $25,000.

 7.4 Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the
benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto and shall inure to the benefit of and be enforceable by each person who shall be a holder of the Shares from time to time.

 7.5 Entire Agreement. This Agreement, the exhibits and schedules hereto, the Registration Rights Agreement and the
other documents delivered pursuant hereto, all of even date herewith between the parties hereto, constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound
to any other in any manner by any representations, warranties, covenants and agreements except as specifically set forth herein and therein. 
  

 19 

 7.6 Severability. In case any provision of the Agreement 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. 
 7.7 Amendment and Waiver. 
 (a) This Agreement may be amended or
modified only upon the written consent of the Company and holders of at least a majority of the Shares (treated as if converted and including any Conversion Shares into which the Shares have been converted that have not been sold to the public).

 (b) The obligations of the Company and the rights of the holders of the Shares and the Conversion Shares under this
Agreement may be waived only with the written consent of the holders of at least a majority of the Shares (treated as if converted and including any Conversion Shares into which the Shares have been converted that have not been sold to the public).
The rights of the Company under this Agreement may be waived only by the prior written consent of the Company. 
 7.8 Delays
or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to any party, upon any breach, default or noncompliance by another party under this Agreement, the Registration Rights Agreement or the
Articles of Amendment, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of or in any similar breach, default or noncompliance
thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character on the Purchasers’ part of any breach, default or noncompliance under this Agreement, the Registration Rights Agreement or under
the Articles of Amendment or any waiver on such party’s part of any provisions or conditions of this Agreement, the Registration Rights Agreement or the Articles of Amendment must be in writing and shall be effective only to the
extent specifically set forth in such writing. All remedies, either under this Agreement, the Registration Rights Agreement, the Articles of Amendment, by law, or otherwise afforded to any party, shall be cumulative and not alternative;
provided, however, that Purchaser may not recover monetary damages under more than one remedy for any give breach, default or non-compliance. 
 7.9 Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent
by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, if not, then on the next business day, (c) five days after having been sent by registered or certified mail, return receipt requested, postage
prepaid, or (d) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at the address as set forth on the
signature page hereof and to the Purchasers at the addresses set forth on Exhibit A attached hereto or at such other address as the Company or the Purchasers may designate by ten days advance written notice to the other parties
hereto. 
  

 20 

 7.10 Titles and Subtitles. The titles of the sections and subsections of the
Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 
 7.11
Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile), each of which shall be an original, but all of which together shall constitute one instrument. 
 7.12 Broker’s Fees. Each party hereto represents and warrants that no agent, broker, investment banker, person or firm acting on
behalf of or under the authority of such party hereto is or will be entitled to any broker’s or finder’s fee or any other commission directly or indirectly in connection with the transactions contemplated herein. Each party hereto further
agrees to indemnify each other party for any claims, losses or expenses incurred by such other party as a result of the representation in this Section 7.13 being untrue. 
 7.13 Public Announcements and Confidentiality. 
 (a) Any public announcement, press release, or similar publicity with respect to this Agreement or the Registration Rights Agreement will be issued, if at all, at such time and in such manner as
the Purchasers and the Company mutually determine. Except with the prior consent of the Purchasers or as permitted by this Agreement, neither the Company, its shareholders, nor any of their representatives shall disclose to any person (a) the
fact that any confidential information of the Company has been disclosed to the Purchasers or their representatives, that the Purchasers or their representatives have inspected any confidential information of the Company, that any confidential
information of the Company has been disclosed to the Purchasers or (b) any information about the this Agreement and the Registration Rights Agreement, including the status of such discussions or negotiations, the execution of any documents
(including this Agreement) or any of the terms of this Agreement or the Registration Rights Agreement. The Company shall not use the names of any of the Purchasers in any manner, context or format (including, but not limited to, websites or links to
websites, press releases, dealing with the Company’s customers, suppliers, and employees) without the prior review and express written consent of the Purchasers. Notwithstanding anything in this section to the contrary, the Company may make any
disclosures with respect to this Agreement and the transactions contemplated hereby as are required by law without consent of the Purchasers. 
 (b) Each party hereto agrees that, except with the prior written consent of the other party, it shall at all times keep confidential and not divulge, furnish or make accessible to anyone any
confidential information, knowledge or data concerning or relating to the business or financial affairs of the other parties to which such party has been or shall become privy by reason of this Agreement or the Registration Rights Agreement,
discussions or negotiations relating to this Agreement or the Registration Rights Agreement, the performance of its obligations hereunder or the ownership of the Shares purchased hereunder. The provisions of this Section 7.13 shall be in
addition to, and not in substitution for, the provisions of any separate nondisclosure agreement executed by the parties hereto. Notwithstanding any other express or

  

 21 

 
implied agreement or understanding to the contrary, the parties hereto and their respective employees, representatives, and other agents are authorized to disclose the tax treatment and tax
structure of the transactions contemplated by this Agreement to any and all persons, without limitation of any kind. The recipient and each other party may disclose all materials of any kind (including opinions or other tax analyses) to the extent
(but only to the extent) that they relate to the tax treatment or tax structure of the transactions contemplated by this Agreement. This authorization is not intended to permit disclosure of any other information including (without limitation)
(a) any portion of any materials to the extent not related to the tax treatment or the tax structure of the transactions, (b) the identities of participants or potential participants in the transactions, (c) the existence or status of
any negotiations, (d) any pricing information, (e) any financial, actuarial or insurance underwriting information relating to the parties hereto, or (f) any other term or detail not related to the tax treatment or tax structure of the
transactions. 
 7.14 Purchasers Business Activities. The Company and each Purchaser hereby acknowledge that some of the
Purchasers may be professional investment funds and, therefore, invest in numerous portfolio companies, some of which may be in direct or indirect competition with the Company. No Purchaser shall be liable to the Company or to any other Purchaser
for any claim arising out of, or based upon, (i) the investment by any Purchaser in any entity competitive with the Company, or (ii) actions taken by a partner, officer, or representative of any Purchaser that may assist such competitive
entity, whether or not such action was taken as a board member, officer, investor in such company or otherwise, and whether or not such action has a detrimental effect on the Company (unless such action involves a breach of
Section 7.13(b)). 
 7.15 Exculpation Among Purchasers. Each Purchaser acknowledges that it is not relying
upon any person, firm, or corporation, other than the Company and its officers and directors, in making its investment or decision to invest in the Company. Each Purchaser agrees that no Purchaser nor the respective controlling persons, officers,
directors, partners, agents, or employees of any Purchaser shall be liable to any other Purchaser for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the Shares and Conversion Shares. 
 7.16 Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the masculine, feminine or
neutral, singular or plural, as to the identity of the parties hereto may require. 
 [Signature Page Follows] 

 

 22 

 In Witness Whereof, the parties hereto have executed the Purchase Agreement as of the
date set forth in the first paragraph hereof. 
 COMPANY: 
 BIOJECT MEDICAL TECHNOLOGIES INC.
  

			
	By:	 	 /s/ Ralph Makar

	Name:	 	Ralph Makar
	Title:	 	President and Chief Executive Officer

 PURCHASERS: 
 Life Sciences Opportunities Fund II, L.P. 
  

			
	By:	 	 Signet Healthcare Partners, LLC,
 General Partner

		
	By:	 	 /s/ Al Hansen

	Name:	 	Al Hansen
	Title:	 	Managing Director

 Life Sciences Opportunities, Fund II 
 (Institutional), L.P. 
  

			
	By:	 	 Signet Healthcare Partners, LLC,
 General Partner

		
	By:	 	 /s/ Al Hansen

	Name:	 	Al Hansen
	Title:	 	Managing Director

  

			
	 /s/ Edward Flynn

	Edward Flynn

 Signature Page to 
 Series G Convertible Preferred Stock Purchase Agreement 

 Exhibit A 
 SCHEDULE OF PURCHASERS 
  

												
	 Name and Address
	  	Cash	  	Principal
Amount
of Note	  	Accrued
Interest thru
12/18 /09	  	Number
of Shares
	 Life Sciences Opportunities Fund II, L.P.
 c/o Signet Healthcare Partners
 152 W 57th St 19th Floor
 New York, NY 10019
	  	$	68,328	  	$	91,104	  	$	15,462.48	  	13,453
					
	 Life Sciences Opportunities Fund II
 (Institutional), L.P.
 c/o Signet Healthcare Partners
 152 W 57th St 19th Floor
 New York, NY 10019
	  	$	381,672	  	$	508,896	  	$	86,371.58	  	75,149
					
	 Edward Flynn
 c/o Bioject Medical Technologies Inc.
 20245 SW 95th Avenue
 Tualatin, Oregon 97062
	  	$	50,000	  	 	—  	  	 	—  	  	3,846
		  	 	 	  	 	 	  	 	 	  	 
	 TOTAL
	  	$	500,000	  	$	600,000	  	$	101,834.06	  	92,448

  

 A - 1

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