Document:

Promissory Note

 EXHIBIT 10.1 
 PROMISSORY NOTE 
  

			
	$2,000,000	  	May 2, 2012

 FOR VALUE RECEIVED, Mr. Leon Wagner (the “Borrower”) hereby
unconditionally promises to pay to the order of Pegasus Capital, LLC (the “Lender”), in lawful money of the United States of America, in immediately available funds, this bridge loan in the principal amount of $2,000,000
(together with capitalized interest thereon, as hereinafter provided, the “Loan”) on the Maturity Date (as hereinafter defined), together with interest on the outstanding amount thereof (which shall be capitalized and added
to the principal amount thereof, as hereinafter provided), from the date hereof until such principal amount is paid in full, at the rate or rates determined in accordance with, and payable at the times set forth in, Section 2.1 below.

 1.        DEFINITIONS 

As used in this Note, the following terms shall have the following meanings: 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or
authorized by law to be closed in the City of New York. 
 “Debtor Relief Laws” means the Bankruptcy
Code of the United States, if applicable, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the
United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 

“Default Rate” means, at any time, a rate of interest equal to the Interest Rate in effect at such time, plus
2% per annum. 
 “Governmental Authority” means any United States federal, state or local or any
foreign government, governmental, regulatory or administrative authority, agency or commission or any court, tribunal or judicial or arbitral body. 
 “Interest Rate” means, with respect to the Borrower, a rate per annum equal to 4%. 
 “Investment” means any direct or indirect advance, loan or other extension of credit (including without limitation by way of guarantee or similar arrangement) or capital
contribution (by means of any transfer of cash or other property (tangible or intangible) to others or any payment for property or services solely for the account or use of others, or otherwise), or any purchase or acquisition of capital stock,
bonds, notes, debentures or other similar instruments, except that an Investment shall not include any investment in Margin Stock, as defined under Regulation U promulgated by the Federal Reserve Board. 

“Lien” means, with respect to any asset, any mortgage, deed of trust, lien, hypothecation, pledge, encumbrance,
charge or security interest or, in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

  
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 “Maturity Date” means the earliest of (i) the Stated Maturity
Date, (ii) the date on which the Borrower institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors, or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for the Borrower for all or any material part of the property of the Borrower; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or
similar officer is appointed without the application or consent of the Borrower and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to the Borrower or to all or any
material part of the property of the Borrower is instituted without the consent of the Borrower and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding, and (iiii) a default by the
Borrower under any other agreement, bond, debenture, note or other evidence of indebtedness for money borrowed, under any guaranty or under any mortgage or indenture pursuant to which there shall be issued or by which there shall be secured or
evidenced any indebtedness for money borrowed by the Borrower, whether such indebtedness now exists or shall hereafter be created. 
 “Person” means any natural person, corporation, partnership, limited liability company, trust, joint venture, association, unincorporated organization or Governmental Authority.

 “Stated Maturity Date” means the seven month anniversary of the date hereof. 

2.        PAYMENTS 

2.1        Principal and Interest; Overdue
Amounts.    The outstanding principal amount of the Loan made to the Borrower and evidenced by this Note, together with interest thereon as hereinafter provided, shall be due and payable by the Borrower
on the Maturity Date. All payments on this Note will be applied first to the payment of accrued interest and second to the payment of principal. Interest on the principal amount hereof will accrue at the Interest Rate; such interest to be
“paid-in-kind” by being capitalized and added to the outstanding principal balance of the Loan annually on each anniversary of the date hereof (such that the same amount will no longer constitute accrued and unpaid interest but
instead will be part of the principal of the Loan for all purposes). Interest will be calculated on the basis of a year of 365/366 days and charged for the actual number of days elapsed. Any amounts owing under this Note and not paid when due shall
bear interest for each day from the due date thereof until paid in full at a rate per annum equal to the Default Rate, such interest to be payable on demand. 
 2.2        Manner of Payment.    Principal, interest, and all other amounts due under this Note will be payable, in U.S. dollars and in
the form of immediately available funds, to the Lender to such account or at such address as designated from time to time by the Lender in writing to the Borrower. If any payment of principal or interest on this Note is due on a day that is not a
Business Day, such payment will be due on the next succeeding Business Day, and such extension of time will be taken into account in calculating the amount of interest payable under this Note. All amounts due under this Note shall be payable without
setoff, counterclaim or any other defense or deduction whatsoever. 

2.3        Mandatory Prepayments.    Within two Business Days
following receipt thereof by or on behalf of the Borrower, the Borrower shall prepay the Loan evidenced hereby (in whole or in part, together with all accrued but unpaid interest on the amount prepaid) in an amount equal to the amount of any cash
distributions or payments made to the Borrower from 

  
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personal IRA funds of the Borrower, including, without limitation, the proceeds from any assignment, sale, transfer, pledge, conveyance, disposition or Lien (each, a
“Disposition”) thereof or thereon, other than in respect of a Disposition of Margin Stock, as defined under Regulation U promulgated by the Federal Reserve Board. 

2.4        Optional Prepayments.    The Borrower may prepay the Loan
evidenced hereby at any time in whole but not in part, together with accrued and unpaid interest thereon, without premium or penalty. 
 3.        REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE BORROWER 
 3.1        Validity.    This Note and the Loan evidenced hereby constitute the legal, valid and binding obligations of the Borrower,
enforceable in accordance with their terms, and the execution, delivery and performance of this Note and the Loan by the Borrower does not and will not conflict with, violate or cause a breach of any agreement, contract or instrument to which the
Borrower is a party, or any judgment, order or decree to which the Borrower is subject. 

3.2        Liens.    The Borrower shall not, without the prior
written consent of the Lender: (i) create, incur, assume or permit to exist any Lien on any Investment or on any income or revenues or rights in respect thereof, or (ii) transfer, directly or indirectly, any Investments. 

4.        MISCELLANEOUS 

4.1        Waiver.    The Borrower hereby waives presentment,
demand, protest, and notice of dishonor and protest. 

4.2        Assignment.    This Note may be assigned or transferred by
the Lender, in whole or in part, to any Person. The Borrower may not assign or transfer any of his obligations under this Note without the prior written consent of the Lender. 

4.3        Notices.    All notices, requests, demands, claims, and
other communications hereunder shall be in writing. Any notice, request, demand, claim, or other communication hereunder shall be deemed duly given if and when (a) delivered personally, (b) mailed by first class registered or certified
mail, return receipt requested, postage prepaid, on the date certified by the U.S. Postal Service to have been received by the addressee, (c) sent by electronic mail, provided that sender personally calls the recipient and confirms receipt of
such electronic mail, or (d) sent by a nationally recognized overnight express courier service, on the date certified by such courier service to have been received by the recipient, in each case as follows: 

If to the Borrower: 
 Mr. Leon Wagner 
 860 UN Plaza, #37/38A 

New York, NY 10017 
 lw@lwagner.com 

  
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 With a copy to: 

Keith B. Stein, Esq. 
 Beys, Stein & Mobargha LLP 
 The Chrysler Building 

405 Lexington Avenue, 7th Floor 
 New York, NY 10174 
 kstein@beysstein.com 

If to the Lender: 
 Pegasus Capital, LLC 
 99 River Road 

Cos Cob, Connecticut 06807 
 Attention: Marge Renken 
 Telephone: (203) 869-4400 

Facsimile: (203) 869-6940 
 Any party may change the address to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving the others notice in the manner herein set forth. 

4.4        Headings.    The article and section headings contained in
this Note are inserted for convenience only and will not affect in any way the meaning or interpretation of this Note. 

4.5        Governing Law.    This Note and the performance of the
obligations of the Borrower hereunder will be governed by and construed in accordance with the laws of the State of New York, without giving effect to any choice of law principles. 

4.6        Amendments and Waivers.    No amendment, modification,
waiver, replacement, termination, or cancellation of any provision of this Note will be valid, unless the same shall be in writing and signed by the Borrower and the Lender. No waiver by the Lender of any default hereunder shall be deemed to extend
to any prior or subsequent default hereunder or affect in any way any rights arising out of any prior or subsequent such occurrence. No failure or delay on the part of the Lender in exercising any right, power or privilege hereunder shall operate as
a waiver of any privilege or right hereunder or preclude any other or further exercise of any other right, power or privilege. 

4.7        Severability.    The provisions of this Note shall be
deemed severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof. 
 4.8        Indemnification.    The Borrower will reimburse and indemnify the Lender, its affiliates and their respective partners,
members, shareholders, officers, directors, employees, agents and advisors (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses, advances or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, 

  
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or asserted against any Indemnified Party to the extent arising in connection with this Note, the Loan or the proceeds from any Investment or any action taken or omitted to be taken by any
Indemnified Party in connection with any of the foregoing (collectively, “Indemnified Liabilities”), except those that are found by a final and non-appealable decision of a court of competent jurisdiction to have resulted
from the gross negligence or willful misconduct of such Indemnified Party. 

4.9        Set-off.    If any amount owing to the Lender under this
Note is not paid when due, the Lender is hereby authorized by the Borrower, at any time and from time to time thereafter, without notice, to set-off against, and to appropriate and apply to the payment of, the liabilities of the Borrower under this
Note any and all liabilities owing by the Lender or any of its affiliates to the Borrower (whether matured or unmatured). 

4.10        Entire Agreement.    This Note constitutes the entire
agreement and understanding of the Lender and the Borrower in respect of the subject matter hereof and supersedes all prior understandings, agreements or representations by or among the Lender and the Borrower, written or oral, to the extent they
relate in any way with respect thereto. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the Borrower has executed and delivered this Note as of the date
first above written. 
  

	
	
	 /s/ Leon Wagner

	Name: Leon WagnerExchange and Redemption Agreement, dated May 25, 2012

 EXHIBIT 10.3 
 EXCHANGE AND REDEMPTION AGREEMENT 
 THIS EXCHANGE AND REDEMPTION AGREEMENT
(this “Agreement”) is entered into as of May 25, 2012, by and between LIGHTING SCIENCE GROUP CORPORATION, a Delaware corporation (the “Company”), LSGC HOLDINGS LLC, a Delaware limited liability
company (“LSGC Holdings”) and Continental Casualty Company, an Illinois insurance company (“CCC”). 
 WHEREAS, the Company intends to issue shares (the “Issuance”) of Series H Preferred Stock, par value $0.001 per share, of the Company (“Series H Preferred
Stock”) and/or Series I Preferred Stock, par value $0.001 per share, of the Company (“Series I Preferred Stock” and together with the Series H Preferred Stock, the “New Preferred Stock”)
in an amount that, when aggregated with the issued and outstanding Series G Preferred Stock, par value $0.001 per share, of the Company (the “Series G Preferred Stock” and together with the New Preferred Stock, the
“Preferred Stock”) will exceed $80.0 million; 
 WHEREAS, pursuant to that certain Letter
Agreement, dated January 17, 2012, from the Company to LSGC Holdings (the “Letter Agreement”), the Company previously agreed to indemnify LSGC Holdings for, among other things, the cost of redeeming the 15,000,000 issued
and outstanding senior preferred membership interests of LSGC Holdings (the “Class C Interests”), having a Liquidation Value plus any and unpaid Class C Accrued Dividends (each as defined in the Sixth Amended and Restated
Limited Liability Company Agreement of LSGC Holdings, dated as of January 17, 2012 (the “LLC Agreement”)) of $16,228,543.12 in the aggregate as of the date hereof, in connection with, among other things, the Company
having more than $80.0 million in aggregate principal amount of preferred equity outstanding; and 
 WHEREAS, the Company
desires to sell to CCC and CCC desires to buy from the Company an aggregate of 6,000 shares of Series I Preferred Stock (the “CCC Purchaser Shares”), as the case may be, at an aggregate purchase price of $6,000,000 (the
“CCC Purchase Consideration”), each with a stated value of $1,000 per share. 
 NOW, THEREFORE,
in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 
  

	 	1.	Flow of Funds; Surrender of Common Stock. 

 (a) On the date hereof, the Company shall pay an amount equal to (i) $16,228,543.12, less (ii) the CCC Purchase Consideration, in cash to CCC in the form of immediately available funds (the
“Indemnification Payment”). 
 (b) On or promptly following the date hereof, LSGC
Holdings shall surrender to the Company a certificate or certificates representing 2,505,000 shares of Common Stock (the “LSGC Holdings Common Stock”). 

(c) On or promptly following CCC’s receipt of the Indemnification Payment, CCC shall surrender all of the Class C
Interests to LSGC Holdings whereupon such Class C Interests will no longer be outstanding. 

  
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	 	2.	Purchase of New Preferred Stock. CCC hereby agrees to subscribe for, and the Company hereby agrees to issue to CCC in consideration for the CCC Purchase
Consideration, 6,000 shares of Series I Preferred Stock. 

  

	 	3.	Delivery of Certificates. On or promptly following the date hereof, but no later than 20 days following the date hereof, the Company shall deliver to CCC, in
accordance with this Agreement, certificate(s), as directed by CCC, representing the CCC Purchaser Shares. 

  

	 	4.	Opinion of Counsel. On the date hereof, Haynes and Boone, LLP, counsel for the Company, shall have delivered to CCC a usual and customary opinion, substantially
in the form attached hereto as Exhibit A, with respect to the issuance of the Series I Preferred Stock purchased hereby. 

  

	 	5.	Acknowledgements. 

 (a) Upon payment by the Company of the Indemnification Payment in accordance with Section 1(a), LSGC Holdings hereby acknowledges and agrees that the Company shall have satisfied in full all
of the Company’s obligations under the Letter Agreement. 
 (b) Upon surrender by LSGC Holdings of the LSGC
Holdings Common Stock in accordance with Section 1(b), the Company hereby agrees and acknowledges that LSGC Holdings shall have satisfied in full all of LSGC Holdings’ obligations under the Letter Agreement. 

(c) Upon payment by the Company of the Indemnification Payment on behalf of LSGC Holdings in accordance with
Section 1(a), CCC hereby agrees and acknowledges that LSGC Holdings shall have satisfied in full all of LSGC Holdings’ obligations to redeem all of CCC’s Class C Interests for an amount in cash equal to the Liquidation Value
plus any and unpaid Class C Accrued Dividends in the aggregate. 
  

	 	6.	Company Representations and Warranties. The Company represents and warrants to each of the other parties that as of the date hereof: 

(a) The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of
Delaware and has the requisite corporate power to own its properties and carry on its business as presently conducted. 
 (b) The issuance, sale and delivery of the CCC Purchaser Shares and the payment of the Indemnification Payment in accordance with this Agreement have been duly authorized by all necessary corporate action
on the part of the Company. 
 (c) This Agreement has been duly authorized and validly executed by the Company
and constitutes the legal, valid and binding obligation of the Company, enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement by the Company does not and will not conflict with, violate or cause a
breach of any agreement, contract or instrument to which the Company is a party or any judgment, order or decree to which the Company is subject. 

  
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 (d) After giving pro forma effect to the transactions contemplated
hereby, Schedule 4(d) attached hereto sets forth, as of the close of business on the Business Day immediately preceding the date hereof, a true, complete and correct listing of all the Company’s outstanding: (i) shares of the Common
Stock and (ii) securities convertible into or exchangeable for shares of the Company’s common stock (the “Derivative Securities”), including the applicable exercise price of such Derivative Securities, other than
any Derivative Securities issued pursuant to the Company’s Amended and Restated Equity-Based Compensation Plan or the Company’s 2011 Employee Stock Purchase Plan (the “Management Equity”). Except as set forth in
Schedule 4(d) and except for any Management Equity, the Company has no other outstanding equity securities. 
 (e) SEC Reports; Financial Statements 
 i. As of its filing date,
the Form 10-K filed by the Company with the Securities and Exchange Commission (the “SEC”) on April 16, 2012, as amended by the Forms 10-K/A filed by the Company with the SEC on April 30, 2012, and May 3, 2012
(the “Company SEC Documents”), complied in all material respects with the applicable requirements of the Securities Act of 1933, as amended (the “1933 Act”), the Securities Exchange Act of 1934, as
amended (the “1934 Act”), and the Sarbanes-Oxley Act of 2002, as the case may be, including, in each case, the rules and regulations promulgated thereunder. 

ii. As of the date hereof the Company SEC Documents do not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

iii. The financial statements (including the related notes thereto) included in the Company SEC Documents comply as to
form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto, have been prepared in accordance with United States generally accepted accounting principles
(“GAAP”) applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto) and fairly present in all material respects the consolidated financial position of the Company and its
subsidiaries as of the dates thereof and their respective consolidated results of operations and cash flows for the periods then ended, all in accordance with GAAP and the applicable rules and regulations promulgated by the SEC. Since April 16,
2012, the Company has not made any change in the accounting practices or policies applied in the preparation of its financial statements, except as required by GAAP, the rules of the SEC or policy or applicable law. 

iv. Since April 16, 2012, there has been no material and adverse change or development, or event involving such a
prospective change, in the condition, business, properties or results of operations of the Company and its subsidiaries. 
 (f) The offer and sale of the CCC Purchaser Shares by the Company to CCC in the manner contemplated by this Agreement will be exempt from the registration requirements of the 1933 Act. 

  
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 (g) The Company has complied in all material respects with the covenants set
forth in (i) that certain Loan and Security Agreement, dated as of November 22, 2010, by and among the Company, the guarantors and lenders from time to time party thereto, Wells Fargo Bank, National Association, as agent, (or its
successor) and Wells Fargo Capital Finance, LLC, as sole lead arranger, manager and bookrunner (or its successor) (the “Wells Facility”), including without limitation Section 4 thereof, and (ii) that certain Second
Lien Letter of Credit, Loan and Security Agreement, dated September 20, 2011, by and among the Company, as borrower, the guarantors and lenders party from time to time thereto and Ares Capital Corporation, as agent (the “LC
Facility” and together with the Wells Facility, the “Debt Facilities”). Immediately following the consummation of the transactions contemplated hereby, the Company will be in compliance in all material respects
with the covenants set forth in the Debt Facilities. Immediately following the repayment of any Consideration as required under Section 9.7(b)(iii)(D) of the Wells Facility, the Company will be able to redraw amounts equal to at least such
Consideration. 
  

	 	7.	CCC Representations and Warranties. CCC represents and warrants to each of the other parties hereto that as of the date hereof: 

(a) CCC is an insurance company, duly incorporated, validly existing and in good standing under the laws of the State of
Illinois and has the requisite corporate power to own its properties and carry on its business as presently conducted. 
 (b) CCC has the full power and authority to execute and deliver this Agreement and to perform all of its obligations hereunder, and to purchase, acquire and accept delivery of the CCC Purchaser Shares.

 (c) This Agreement has been duly authorized and validly executed by CCC and constitutes the legal, valid and
binding obligation of CCC, enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement by CCC does not and will not conflict with, violate or cause a breach of any agreement, contract or instrument to
which CCC is a party or any judgment, order or decree to which CCC is subject. 
 (d) The CCC Purchaser Shares to
be acquired by the CCC are for its own account and are not being acquired with a view to, or intention of, distribution thereof in violation of the 1933 Act, or any applicable state securities laws. 

(e) CCC will not make any sale, transfer or other disposition of the CCC Purchaser Shares in violation of the 1933 Act,
the 1934 Act, as amended, the rules and regulations promulgated thereunder or any applicable state securities laws. 
 (f) CCC is sophisticated in financial matters and is able to evaluate the risks and benefits of an investment in the CCC Purchaser Shares. CCC understands and acknowledges that such investment is a
speculative venture, involves a high degree of risk and is subject to complete risk of loss. CCC has carefully considered and has, to the extent CCC deems necessary, discussed with CCC’s professional legal, tax, accounting and financial
advisers the suitability of its investment in the CCC Purchaser Shares. 

  
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 (g) CCC is able to bear the economic risk of its investment in the CCC
Purchaser Shares for an indefinite period of time because the CCC Purchaser Shares have not been registered under the 1933 Act and, therefore, cannot be sold unless subsequently registered under the 1933 Act or an exemption from such registration is
available. CCC: (i) understands and acknowledges that the CCC Purchaser Shares being issued to CCC have not been registered under the 1933 Act, nor under the securities laws of any state, nor under the laws of any other country and
(ii) recognizes that no public agency has passed upon the accuracy or adequacy of any information provided to CCC or the fairness of the terms of its investment in the CCC Purchaser Shares. 

(h) CCC has had an opportunity to ask questions and receive answers concerning the terms and conditions of the offering of
the CCC Purchaser Shares and has had full access to such other information concerning the Company as has been requested. 
 (i) CCC became aware of the offering of the CCC Purchaser Shares other than by means of general advertising or general solicitation. 

(j) CCC is an “accredited investor” as that term is defined under the 1933 Act and
Regulation D promulgated thereunder, as amended by Section 413 of the Private Fund Investment Advisers Registration Act of 2010 and any applicable rules or regulations or interpretations thereof promulgated by the SEC or its staff

 (k) CCC acknowledges that the certificates for the CCC Purchaser Shares will contain a legend substantially as
follows: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR THE SECURITIES LAWS OF ANY STATE. THE SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS. 
 THE COMPANY MAY REQUEST A WRITTEN OPINION OF COUNSEL (WHICH OPINION AND COUNSEL, WHICH
MAY BE IN-HOUSE COUNSEL, SHALL BE REASONABLY SATISFACTORY TO THE COMPANY) TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED IN CONNECTION WITH AN OFFER, SALE OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE.” 

Subject to any lock-up or other similar agreement that may apply to the CCC Purchaser Shares, the requirement that the CCC Purchaser
Shares contain the legend set forth in clause (j) above shall cease and terminate upon the earlier of (i) when such shares are transferred pursuant to Rule 144 under the 1933 Act or (ii) when such securities are transferred in any
other transaction if the transferor delivers to the Company a written opinion of counsel (which opinion and counsel, which may be in-house counsel, shall be reasonably satisfactory to the Company) to

  
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the effect that such legend is no longer necessary in order to protect the Company against a violation by it of the 1933 Act upon any sale or other disposition of such securities without
registration thereunder. Upon the consummation of an event described in (i) or (ii) above, the Company, upon surrender of certificates containing such legend, shall, at its own expense, deliver to the holder of any such securities as to
which the requirement for such legend shall have terminated, one or more new certificates evidencing such securities not bearing such legend. 
 (l) CCC holds all rights, title and interests to the Class C Interests, free and clear of any liens or encumbrances, as of the date hereof. 

 

	 	8.	LSGC Holdings Representations and Warranties. LSGC Holdings represents and warrants to each of the other parties hereto that as of the date hereof:

 (a) LSGC Holdings is a limited liability company, duly formed, validly existing and in good
standing under the laws of the State of Delaware and has the requisite corporate power to own its properties and carry on its business as presently conducted. 
 (b) LSGC Holdings has the full power and authority to execute and deliver this Agreement and to perform all of its obligations hereunder. 

(c) This Agreement has been duly authorized and validly executed by LSGC Holdings and constitutes the legal, valid and
binding obligation of LSGC Holdings, enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement by LSGC Holdings does not and will not conflict with, violate or cause a breach of any agreement, contract
or instrument to which LSGC Holdings is a party or any judgment, order or decree to which LSGC Holdings is subject. 
 (d) LSGC Holdings holds all rights, title and interests to the LSGC Holdings Common Stock, free and clear of any liens or encumbrances (except as set forth in the Letter Agreement or the LLC Agreement),
as of the date hereof. 
  

	 	9.	General Provisions. 

 (a) Choice of Law. The laws of the State of Delaware without reference to any conflict of laws provisions thereof that would result in the application of the law of a different jurisdiction, will
govern all questions concerning the construction, validity and interpretation of this Agreement. 
 (b)
Venue. Each of the parties hereto irrevocably consents to the exclusive jurisdiction and venue of any state court located within New Castle County, State of Delaware in connection with any matter based upon or arising out of this Agreement or
the transactions contemplated hereby, agrees that process may be served upon them in any manner authorized by the Laws of the State of Delaware for such Persons and waives and covenants not to assert or plead any objection which they might otherwise
have to such jurisdiction, venue and process. Each party hereto hereby agrees not to commence any legal proceedings relating to or arising out of this Agreement or the transactions contemplated hereby in any jurisdiction or courts other than as
provided herein. 

  
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 (c) Amendment and Waiver. The provisions of this Agreement may be
amended and waived only with the prior written consent of each of the parties hereto. 
 (d) Counterparts.
This Agreement may be executed in counterparts (including via facsimile or e-mail in .pdf format), each of which shall be an original and all of which shall constitute a single agreement. 

(e) Headings. The headings contained in this Agreement are inserted for convenience only and will not affect in any
way the meaning or interpretation of this Agreement. 
 (f) Assignment. This Agreement shall be binding
upon and inure to the benefit of each of the parties hereto and their respective successors and permitted assigns; provided that no party may assign any of its rights or obligations under this Agreement without the prior written consent of each of
the other parties hereto. 
 * * * * * 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of
the date first written above. 
  

			
	LIGHTING SCIENCE GROUP CORPORATION
		
	By:	 	 /s/ Gregory T. Kaiser

		 	Name: Gregory T. Kaiser
		 	Title: Chief Financial Officer

 Signature Page to Exchange and Redemption Agreement 

 
			
	LSGC HOLDINGS LLC
		
	By:	 	Pegasus Partners IV, L.P.,
		 	its managing member
		
	By:	 	Pegasus Investors IV, L.P.,
		 	its general partner
		
	By:	 	Pegasus Investors IV GP, L.L.C,
		 	its general partner
		
	By:	 	 /s/ Steven Wacaster

		 	Name: Steven Wacaster
		 	Title: Vice President

 Signature Page to Exchange and Redemption Agreement 

 
			
	CONTINENTAL CASUALTY COMPANY
		
	By:	 	 /s/ Edward J. Lavin

	Name: Edward J. Lavin
	Title: Assistant Vice President

 Signature Page to Exchange and Redemption Agreement 

 SCHEDULE 4(d) 

Lighting Science Group Corporation 
 May 25, 2012 
  

											
	 	  	Amount	 	 	 	 	 	 
	 Common Stock:
	  				 				 	
	 Common Stock
	  	 	206,902,346	  	 				 	
				
	 	  	Amount	 	 	Exercise Price	 	 	 
	 Preferred Stock:
	  				 				 	
	 Series H Preferred Stock
	  	 	65,051	(1) 	 	 	1.18	(2) 	 	
	 Series I Preferred Stock
	  	 	62,365	(1) 	 	 	1.18	(2) 	 	
				
	 	  	Amount	 	 	Exercise Price	 	 	Expiration Date
	 Warrants:
	  				 				 	
	 2007 PIPE Warrants
	  	 	1,763,326	  	 	 	1.18	  	 	6/29/2012 to 11/05/2012
	 March Series D Warrants
	  	 	319,222	  	 	 	5.57	(3) 	 	3/3/2022
	 April Series D Warrants
	  	 	921,610	  	 	 	5.59	(3) 	 	4/19/2022
	 THD Warrants
	  	 	5,123,714	(4) 	 	 	1.95	  	 	2014 to 2018
	 Riverwood Warrant
	  	 	18,092,511	(1) 	 	 	    	(5) 	 	5/24/2022

  

	(1)	Represents pro forma amount outstanding following Issuance and conversion of Series G Preferred Sock. 

	(2)	Each share of Series H Preferred Stock and Series I Preferred Stock is convertible into the number of shares of Common Stock equal to the quotient obtained by dividing
(a) the $1,000 stated value of such share by (b) the $1.18 conversion price of such share. 

	(3)	Pursuant to the Warrant Agreement, each holder has a credit of $4.85 (for the Warrants issued on March 3, 2010) or $4.88 (for the Warrants issued on April 19, 2010) for
each share of common stock issuable upon exercise of such Warrant. The credit may only be used to fund the payment of the exercise price of all or a portion of such holder’s Warrants upon the earlier of: (i) the passage of eight years from the
date of issuance of such Warrant or (ii) a Liquidation Event (as defined in the Warrant Agreement) of the Company. 

	(4)	As of the date hereof, the THD Warrant has only partially vested and is exercisable to purchase 1,000,000 shares of Common Stock. 

	(5)	The exercise price of the Riverwood Warrant is variable and will be determined at the time of exercise. 

 EXHIBIT A 
 The [Purchaser Shares] have been duly authorized by all necessary corporate action of the Company, and when issued and paid for by [Purchaser] in accordance with the terms and conditions of the Exchange
and Redemption Agreement, the [Purchaser Shares] will be validly issued, fully paid, and non-assessable. 
 Exhibit A

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