Document:

EX-10.3

 Exhibit 10.3 

EXECUTION COPY 
 CONFIDENTIAL 

SECURITIES PURCHASE AGREEMENT 

by and among 
 HC2
HOLDINGS, INC. 
 and the 

PURCHASERS PARTY HERETO 

September 22, 2014 

This Securities Purchase Agreement contains a number of representations and warranties which the Company and the Purchasers have made to each
other. The assertions embodied in those representations and warranties are qualified by information in confidential disclosure schedules that the Company and the Purchasers have exchanged in connection with signing this Securities Purchase
Agreement. These disclosure schedules contain information that has been included in the general prior public disclosures of the Company, as well as additional non-public information. While we do not believe that this non-public information is
required to be publicly disclosed by the Company under the applicable securities laws, that information does modify, qualify and create exceptions to the representations and warranties set forth in this Securities Purchase Agreement. In addition,
these representations and warranties were made as of the date of this Securities Purchase Agreement. Information concerning the subject matter of the representations and warranties may have changed since the date of this Securities Purchase
Agreement, which subsequent information may or may not be fully reflected in the public disclosures of the Company. Moreover, representations and warranties are frequently utilized in Securities Purchase Agreements as a means of allocating risks,
both known and unknown, rather than to make affirmative factual claims or statements. Accordingly, ONLY THE PARTIES TO THIS AGREEMENT SHOULD RELY ON THE REPRESENTATIONS AND WARRANTIES AS CURRENT CHARACTERIZATIONS OF FACTUAL INFORMATION ABOUT THE
COMPANY OR THE PURCHASERS. 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	 Page
	 
			
	1.	 	Definitions	  	 	1	  
			
	2.	 	Authorization, Purchase and Sale of Preferred Shares	  	 	11	  
		 	2.1	  	Authorization, Purchase and Sale	  	 	11	  
		 	2.2	  	Closing	  	 	11	  
			
	3.	 	Representations and Warranties of the Company	  	 	11	  
		 	3.1	  	Organization and Power	  	 	12	  
		 	3.2	  	Capitalization	  	 	12	  
		 	3.3	  	Authorization	  	 	14	  
		 	3.4	  	Registration Requirements	  	 	14	  
		 	3.5	  	No Conflict	  	 	14	  
		 	3.6	  	Consents	  	 	15	  
		 	3.7	  	Permits	  	 	15	  
		 	3.8	  	SEC Reports; Financial Statements	  	 	15	  
		 	3.9	  	Litigation	  	 	17	  
		 	3.10	  	Absence of Certain Changes	  	 	17	  
		 	3.11	  	Compliance with Law	  	 	18	  
		 	3.12	  	Intellectual Property	  	 	18	  
		 	3.13	  	Employee Benefits	  	 	19	  
		 	3.14	  	Labor Relations	  	 	21	  
		 	3.15	  	Taxes	  	 	22	  
		 	3.16	  	Registration	  	 	23	  
		 	3.17	  	Investment Company Act	  	 	23	  
		 	3.18	  	Brokers	  	 	23	  
		 	3.19	  	Subsidiaries	  	 	23	  
		 	3.20	  	Environmental Matters	  	 	23	  
		 	3.21	  	Assets	  	 	25	  
		 	3.22	  	Insurance	  	 	25	  
		 	3.23	  	Material Contracts	  	 	26	  
		 	3.24	  	Right of First Refusal; Stockholders Agreement; Voting and Registration Rights; and Related Party Transactions	  	 	27	  
		 	3.25	  	Section 203 of DGCL	  	 	28	  
		 	3.26	  	No Other Representations and Warranties	  	 	28	  
			
	4.	 	Representations and Warranties of the Purchasers	  	 	28	  
		 	4.1	  	Organization	  	 	28	  
		 	4.2	  	Authorization	  	 	28	  
		 	4.3	  	No Conflict	  	 	29	  
		 	4.4	  	Consents	  	 	29	  
		 	4.5	  	Brokers	  	 	29	  

  
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		 	4.6	  	Purchase Entirely for Own Account	  	 	29	  
		 	4.7	  	Investor Status	  	 	29	  
		 	4.8	  	Securities Not Registered	  	 	30	  
		 	4.9	  	Financing	  	 	30	  
		 	4.10	  	Equity Securities of the Company and its Subsidiaries	  	 	30	  
		 	4.11	  	Indebtedness	  	 	31	  
			
	5.	 	Covenants	  	 	31	  
		 	5.1	  	Shares Issuable Upon Conversion	  	 	31	  
		 	5.2	  	Commercially Reasonable Efforts; Further Assurances	  	 	31	  
		 	5.3	  	Standstill	  	 	31	  
		 	5.4	  	Participation Rights	  	 	33	  
		 	5.5	  	Rights with Respect to Additional Preferred Security	  	 	38	  
		 	5.6	  	Hedging Restrictions	  	 	39	  
		 	5.7	  	Form 8-K	  	 	40	  
		 	5.8	  	Tax Characterization	  	 	40	  
		 	5.9	  	Confidential Information	  	 	40	  
			
	6.	 	Conditions Precedent	  	 	41	  
		 	6.1	  	Conditions to the Obligation of the Purchasers to Consummate the Closing	  	 	41	  
		 	6.2	  	Conditions to the Obligation of the Company to Consummate the Closing	  	 	41	  
			
	7.	 	Additional Covenants	  	 	41	  
		 	7.1	  	Material Non-Public Information	  	 	41	  
		 	7.2	  	Information Rights	  	 	41	  
		 	7.3	  	Consent to Debt Issuance; Waiver of Debt Participation Rights	  	 	42	  
			
	8.	 	Transfer Restrictions	  	 	42	  
			
	9.	 	Legends; Securities Act Compliance	  	 	43	  
		 	9.1	  	Legend	  	 	43	  
		 	9.2	  	Termination of 1933 Act Legend	  	 	43	  
			
	10.	 	Indemnification; Survival	  	 	43	  
		 	10.1	  	Company Indemnification	  	 	43	  
		 	10.2	  	Survival of Representations and Warranties; Covenants	  	 	43	  
		 	10.3	  	Purchaser Indemnification	  	 	44	  
		 	10.4	  	Limitations	  	 	44	  
		 	10.5	  	Procedures	  	 	44	  
		 	10.6	  	Additional Limitations	  	 	45	  
		 	10.7	  	Exclusive Remedies	  	 	45	  
			
	11.	 	Termination	  	 	45	  
		 	11.1	  	Conditions of Termination	  	 	45	  
		 	11.2	  	Effect of Termination	  	 	46	  

  
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	12.	 	Miscellaneous Provisions	  	 	46	  
		 	12.1	  	Public Statements or Releases	  	 	46	  
		 	12.2	  	Interpretation	  	 	46	  
		 	12.3	  	Notices	  	 	47	  
		 	12.4	  	Severability	  	 	48	  
		 	12.5	  	Governing Law; Jurisdiction; WAIVER OF JURY TRIAL	  	 	48	  
		 	12.6	  	Specific Performance	  	 	48	  
		 	12.7	  	Delays or Omissions; Waiver	  	 	49	  
		 	12.8	  	Fees; Expenses	  	 	49	  
		 	12.9	  	Assignment	  	 	49	  
		 	12.10	  	No Third Party Beneficiaries	  	 	50	  
		 	12.11	  	Counterparts	  	 	50	  
		 	12.12	  	Entire Agreement; Amendments; Actions	  	 	50	  
		 	12.13	  	Freedom to Pursue Opportunities	  	 	50	  
		 	12.14	  	No Personal Liability of Directors, Officers, Owners, Etc	  	 	51	  
		 	12.15	  	Nature of Purchasers’ Obligations and Rights	  	 	51	  

 Annexes 
  

	Annex A	Preferred Shares and Purchasers 

 Exhibits 

 

	Exhibit A	Form of Certificate of Designation 

	Exhibit B	Form of Amended and Restated Registration Rights Agreement 

  
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 SECURITIES PURCHASE AGREEMENT 

SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated September 22, 2014, by and among HC2 Holdings, Inc.,
Delaware corporation (the “Company”), and the parties set forth on Annex A hereto as Purchasers (each a “Purchaser” and collectively, the “Purchasers”). 

WHEREAS, the Company has authorized the issuance and sale pursuant to this Agreement of 11,000 shares of Series A-1 Convertible
Participating Preferred Stock, par value $0.001 per share, of the Company (the “Convertible Preferred Stock”), the rights, preferences and privileges of which are to be set forth in a Certificate of Designation, in the form attached
hereto as Exhibit A (the “Certificate of Designation”), which shares of Convertible Preferred Stock shall be convertible into authorized but unissued shares of Common Stock (as defined below); 

WHEREAS, subject to the terms and conditions set forth herein, the Company desires to issue and sell to the several Purchasers, and the
several Purchasers desire to purchase from the Company, the Preferred Shares (as defined below); 
 WHEREAS, the Board (as defined
below) has (i) determined that it is in the best interests of the Company and its stockholders, and declared it advisable, to enter into this Agreement and the other Transaction Agreements (as defined below) to which the Company is a party
providing for the transactions contemplated hereby and thereby in accordance with the General Corporation Law of the State of Delaware (the “DGCL”), upon the terms and subject to the conditions set forth herein, and
(ii) approved the execution, delivery and performance of this Agreement and the other Transaction Agreements to which the Company is a party and the consummation of the transactions contemplated hereby and thereby in accordance with the DGCL
upon the terms and conditions contained herein and therein; 
 WHEREAS, each Purchaser has approved the execution, delivery and
performance of this Agreement and the other Transaction Agreements to which it is a party and the consummation of the transactions contemplated hereby and thereby in accordance with applicable law upon the terms and conditions contained herein and
therein; 
 WHEREAS, as a condition to the consummation of the transactions contemplated hereby, on the Closing Date the Company and
the Purchasers will enter into the Amended and Restated Registration Rights Agreement in the form attached as Exhibit B hereto (the “Registration Rights Agreement”); and 

NOW THEREFORE, in consideration of the mutual agreements, representations, warranties and covenants herein contained, the parties hereto agree
as follows: 
 1. Definitions. As used in this Agreement, the following terms shall have the following respective meanings: 

“Accreting Dividends” shall have the meaning set forth in the Certificate of Designation. 

 “Additional Preferred Securities” shall have the meaning set forth in the
Certificate of Designation. 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly
controlling, controlled by, or under common control with, such Person. Notwithstanding the foregoing, (i) none of the Company, its Subsidiaries or its other controlled Affiliates, nor any HRG Affiliates shall be considered Affiliates of any
Purchaser, (ii) no Purchaser shall be considered an Affiliate of any Portfolio Company in which such Purchaser or any of its Affiliates have made a debt or equity investment (provided, however, that for purposes of Sections 5.3 and
5.6 hereof, a Purchaser shall be considered an Affiliate of any such Portfolio Company if such Portfolio Company has received Confidential Information regarding the Company or any of its Subsidiaries from such Purchaser or any of its
Affiliates in violation of Section 5.9 (disregarding for this purpose clause (v) of Section 5.9(a)), (iii) no Purchaser shall be considered an Affiliate of any other Purchaser or any of such other Purchaser’s
Affiliates’ and (iv) no holder of Convertible Preferred Stock, Series A Convertible Preferred Stock or Common Stock shall be considered an Affiliate of any other holder of Convertible Preferred Stock, Series A Convertible Preferred Stock
or Common Stock solely by virtue of such holding; provided, however, that a Portfolio Company shall be deemed to be an Affiliate of a Purchaser if such Purchaser, directly or indirectly, encouraged, directed or caused such Portfolio
Company to take any action that would have been prohibited by the terms of this Agreement if such Portfolio Company had been an Affiliate of such Purchaser but for clause (ii) of this definition. 

“Agreement” shall have the meaning set forth in the preamble. 

“Basket Amount” shall have the meaning set forth in Section 10.4. 

“Beneficially Own,” “Beneficially Owned,” or “Beneficial Ownership” shall have the
meaning set forth in Rule 13d-3 of the rules and regulations promulgated under the Exchange Act; provided, however, that, other than for purposes of the definition of “Hedging
Agreement”, a Person will be deemed to be the beneficial owner of any security which may be acquired by such Person whether within 60 days or thereafter, upon the conversion, exchange or exercise (without giving effect to any provision
governing such security that would limit, reduce or otherwise restrict the conversion, exchange or exercise features of such security) of any rights, options, warrants or similar securities to subscribe for, purchase or otherwise acquire such
security.  
 “Benefit Plans” with respect to any Person shall mean each material “employee benefit
plan” (within the meaning of Section 3(3) of ERISA), and all stock purchase, stock option, severance, employment, change-in-control, fringe benefit, collective bargaining, bonus, incentive, deferred compensation, employee loan and all
other employee benefit plans, agreements, programs, policies or other arrangements, whether or not subject to ERISA (including any funding mechanism therefor now in effect or required in the future as a result of the transaction contemplated by this
Agreement or otherwise), whether formal or informal, oral or written, legally binding or not, under which any employee of such Person or its Subsidiaries has any present or future right to benefits or which are contributed to, sponsored by or
maintained by the Person or any of its Subsidiaries. 

  
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 “Board” shall mean the Board of Directors of the Company. 

“Business Day” shall mean any day, other than a Saturday, Sunday and any day which is a legal holiday under the laws
of the State of New York or is a day on which banking institutions located in the State of New York are authorized or required by Law or other governmental action to close. 

“Capitalization Date” shall have the meaning set forth in Section 3.2(a). 

“Certificate of Designation” shall have the meaning set forth in the recitals. 

“Change” shall have the meaning set forth in the definition of “Material Adverse Effect.” 

“Closing” shall have the meaning set forth in Section 2.2. 

“Closing Date” shall have the meaning set forth in Section 2.2. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Common Stock” shall mean the Common Stock, par value $0.001 per share, of the Company, or any other shares of capital
stock into which the Common Stock shall be reclassified or changed. 
 “Company” shall have the meaning set forth in
the preamble. 
 “Company Plan” shall mean any Benefit Plan sponsored by or contributed to the Company, its
Subsidiaries or any of its ERISA Affiliates or for which the Company, its Subsidiaries or any of its ERISA Affiliates has any liability, contingent or otherwise. 

“Company Annual Report” shall have the meaning set forth in Section 3.8(a). 

“Change of Control” shall have the meaning set forth in the Certificate of Designation as in effect as of the date
hereof.  
 “Company Financial Statements” shall have the meaning set forth in Section 3.8(c). 

“Company Indemnified Party” shall have the meaning set forth in Section 10.3. 

“Company Intellectual Property” shall have the meaning set forth in Section 3.12(c). 

“Company Option” shall mean an option to acquire shares of Common Stock that was issued under any Company Stock Plan. 

“Company SEC Filings” shall have the meaning set forth in Section 3.8(a). 

“Company Stock Plans” shall mean the plans listed on Schedule 1.2. 

“Confidential Information” shall have the meaning set forth in Section 5.9(a). 

  
 3 

 “Consent” shall have the meaning set forth in Section 3.6. 

“Contracts” shall have the meaning set forth in Section 3.23(a)(v). 

“control” (including the terms “controlling” “controlled by” and “under
common control with”) with respect to any Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of such Person, whether through the ownership of voting securities,
by contract or otherwise.  
 “Conversion Price” shall have the meaning set forth in the Certificate of Designation.

 “Conversion Shares” shall mean the shares of Common Stock issuable upon the conversion of the Convertible
Preferred Stock as provided for in the Certificate of Designation. 
 “Convertible Preferred Stock” shall have the
meaning set forth in the recitals. 
 “Debt Exercise Notice” shall have the meaning set forth in
Section 5.4(d)(ii). 
 “Debt Issuance” means the proposed issuance of indebtedness to be made by the Company
pursuant to the Credit Agreement. 
 “Debt Participation Amount” shall have the meaning set forth in
Section 5.4(b). 
 “Debt Participation Right” shall have the meaning set forth in Section 5.4(b).

 “Debt Participation Rights Notice” shall have the meaning set forth in Section 5.4(d)(i). 

“Debt Transaction” shall have the meaning set forth in Section 5.4(b). 

“Debt Transaction Lender” shall have the meaning set forth in Section 5.4(b). 

“DG Purchasers” shall mean DG Value Partners, LP, DG Value Partners II Master Fund, LP and DG Credit Opportunities, LP. 

“DGCL” shall have the meaning set forth in the recitals. 

“Director” means any member of the Board. 

“Disclosure Schedule” shall have the meaning set forth in Section 3. 

“Environmental Law” shall mean any and all Laws relating to the protection of the environment (including ambient air, surface
water, groundwater or land) or natural resources and any other Laws concerning human exposure to Hazardous Substances. 

“Environmental Permits” shall have the meaning set forth in Section 3.20(a)(i). 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

  
 4 

 “ERISA Affiliate” shall have the meaning set forth in
Section 3.13(c). 
 “Equity Securities” shall mean, with respect to any Person, (i) shares of
capital stock of, or other equity or voting interest in, such Person, (ii) any securities convertible into or exchangeable for shares of capital stock of, or other equity or voting interest in, such Person, (iii) options, warrants, rights
or other commitments or agreements to acquire from such Person, or that obligates such Person to issue, any capital stock of, or other equity or voting interest in, or any securities convertible into or exchangeable for shares of capital stock of,
or other equity or voting interest in, such Person, (iv) obligations of such Person to grant, extend or enter into any subscription, warrant, right, convertible or exchangeable security or other similar agreement or commitment relating to any
capital stock of, or other equity or voting interest (including any voting debt) in, such Person and (v) the capital stock of such Person. 

“Exchange” means the NASDAQ Global Market, the NASDAQ Global Select Market, The New York Stock Exchange, the NYSE MKT
LLC or any of their respective successors. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934,
as amended, and all of the rules and regulations promulgated thereunder. 
 “Fraud” shall mean with respect
to any claim or action, all of the following elements: (a) a false statement of a material fact relating to such claim or action; (b) knowledge on the part of the Person making such statement of a material fact that the statement is false;
(c) intent on the part of the Person making such statement of a material fact to deceive the receiving party by making the false statement; (d) justifiable reliance by the receiving party on the false statement of material fact; and
(e) injury to the receiving party as a result of such reliance on the false statement of material fact. 
 “Foreign
Benefit Plans” shall have the meaning set forth in Section 3.13(g). 
 “GAAP” shall have the meaning
set forth in Section 3.9(b). 
 “Governmental Entity” shall mean any United States or non-United States
federal, state or local government, or any agency, bureau, board, commission, department, tribunal or instrumentality thereof or any court, tribunal, or arbitral or judicial body. 

“HRG Affiliate” shall mean (a) Philip A. Falcone, (b) Harbinger Group, Inc. or any of its Subsidiaries,
(c) Harbinger Capital Partners LLC, Harbinger Capital Partners II LP or any limited partnership, limited liability company, corporation or other entity that controls, is controlled by, or is under common control with Harbinger Capital
Partners LLC, Harbinger Capital Partners II LP or Philip A. Falcone. 
 “Hazardous Substance” shall mean
any substance, material or chemical that is characterized or regulated under any Environmental Law as “hazardous,” a “pollutant,” “waste,” a “contaminant,” “toxic” or words of similar meaning or
effect, or that could result in liability under any Environmental Law, and shall include petroleum and petroleum products, polychlorinated biphenyls, lead, crystalline silica and asbestos. 

  
 5 

 “Hedging Agreement” shall mean any swap, forward or option contract or any other
agreement, arrangement, contract or transaction that hedges the direct or indirect economic exposure to a decline in value resulting from ownership by any Person of the Common Stock, the Convertible Preferred Stock, the Series A Convertible
Preferred Stock or the equity securities of any Subsidiary of the Company that are traded on a national securities exchange or on the OTCQB, regardless of whether any such agreement, arrangement, contract or transaction is to be settled by delivery
of securities, in cash or otherwise; provided, however, that, for the avoidance of doubt, in no event shall an agreement providing for the direct Transfer of Common Stock, Convertible Preferred Stock or Series A Convertible Preferred
Stock actually Beneficially Owned by such Person be deemed a “Hedging Agreement” hereunder. 
 “Hedging
Limitation Period” shall mean the period from the date hereof until the twelve (12) month anniversary of the Closing Date. 

“HSR Act” shall mean the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and all of the rules and
regulations promulgated thereunder. 
 “Indemnified Party” shall have the meaning set forth in
Section 10.5. 
 “Indemnifying Party” shall have the meaning set forth in Section 10.5. 

“Intellectual Property” shall mean all U.S. or foreign intellectual property, including (i) patents, trademarks,
service marks, trade names, domain names, other source indicators and the goodwill of the business symbolized thereby, copyrights, works of authorship in any medium, designs and trade secrets, (ii) applications for and registrations of such
patents, trademarks, service marks, trade names, domain names, copyrights and designs (“Registered Intellectual Property”), (iii) inventions, processes, formulae, methods, schematics, technology, know-how, computer software
programs and applications, and (iv) other tangible or intangible proprietary or confidential information and materials. 

“Investment Securities” with respect to a Person means debt or equity securities issued by such Person or similar
obligations of, or participations in, such Person. 
 “Knowledge” shall mean, with respect to the Company, the
knowledge of any of the Persons set forth on Schedule 1.1. Such individuals will be deemed to have “knowledge” of a particular fact or other matter if (i) such individual has or at any time had actual knowledge of such fact or
other matter or (ii) a prudent individual would be expected to discover or otherwise become aware of such fact or other matter in the course of conducting a reasonably diligent review concerning the existence thereof with each employee of the
Company or any of its Subsidiaries who reports directly to such individual and who (x) has responsibilities or (y) would reasonably be expected to have actual knowledge of circumstances or other information, in each case, that would
reasonably be expected to be pertinent to such fact or other matter. Notwithstanding the foregoing, the Company will be deemed to have knowledge of any fact or matter of which an officer of the Company has received written notice (whether in hard
copy, digital or electronic format). 
 “Law” shall have the meaning set forth in Section 3.5. 

  
 6 

 “Leased Real Property” shall have the meaning set forth in
Section 3.21(b). 
 “Legal Proceeding” shall mean any action, suit, litigation, petition, claim,
arbitration, proceeding (including any civil, criminal, administrative, investigative or appellate proceeding), hearing, inquiry, or investigation by or before, or otherwise involving, any court or other Governmental Entity or arbitral body.

 “Liability” shall mean any liability, obligation or commitment of any kind (whether accrued, absolute,
contingent, matured, unmatured or otherwise and whether or not required to be recorded or reflected on a balance sheet prepared in accordance with GAAP). 

“Lien” shall have the meaning set forth in Section 3.5. 

“Loan Agreement” means the Credit Agreement, dated as of the date hereof, among the Company, the Subsidiary Guarantors
(as defined therein), the Lenders (as defined therein) and Jefferies Finance LLC, as lead arranger, as book manager and as documentation agent, syndication agent and administrative agent for the Lenders and as collateral agent for the Secured
Parties, as amended from time to time. 
 “Losses” shall mean any and all actions, causes of action, suits, claims,
liabilities, losses, damages, penalties, judgments, costs and out-of-pocket expenses in connection therewith (including reasonable attorneys’ fees and expenses), it being agreed that Losses shall include any losses that any Person deciding any
dispute in respect thereof (whether a court, jury or other Person) may determine are recoverable, including if so determined to be recoverable, losses that represent diminution in value. 

“Luxor Purchasers” means Luxor Capital Partners, LP; Luxor Capital Partners Offshore Master Fund, LP and Luxor
Wavefront, LP. 
 “Material Adverse Effect” shall mean any fact, circumstance, event, change, effect,
occurrence or development (each, a “Change”) that, individually or in the aggregate with all other Changes, (i) has or would reasonably be expected to have a material adverse effect on or with respect to the business,
operations, assets (including intangible assets), liabilities, results of operation or financial condition of the Company and its Subsidiaries taken as a whole or (ii) results in or would reasonably be expected to result in a Liability or Loss
to the Company or its Subsidiaries in an amount exceeding $1,000,000.  
 “Material Contracts” shall have the
meaning set forth in Section 3.23(a). 
 “May SPA” means that certain Securities Purchase Agreement,
dated as of May 29, 2014, by and among the Preferred Holders and the Company, as amended from time to time. 

“New York Court” shall have the meaning set forth in Section 12.5(b). 

“Non-Convertible Preferred Participation Amount” shall have the meaning set forth in Section 5.4(a). 

“OTCQB” means the OTCQB Market. 

  
 7 

 “Participation Rights” shall have the meaning set forth in
Section 5.4(b). 
 “Participation Rights Fraction” shall mean, with respect to a Purchaser, a fraction,
the numerator of which is the number of shares of Common Stock held by such Purchaser and its Affiliates in the aggregate on an as converted basis, as of such date, and the denominator of which is the number of shares of Common Stock then
outstanding (assuming all Preferred Stock and Series A Preferred Stock is converted to Common Stock), as of such date. 

“Permitted Liens” means, (a) local, state and federal Laws, including, without limitation, zoning or planning
restrictions, and utility lines, easements, permits, covenants, conditions, restrictions, rights-of-way, oil, gas or mineral leases of record and other restrictions or limitations on the use of real property or irregularities in title thereto, which
do not materially impair the value of such properties or the continued use of such property for the purposes for which the property is currently being used by the Company or any Subsidiary, (b) Liens for Taxes not yet due and payable, that are
payable without penalty or that are being contested in good faith and for which adequate reserves have been recorded on the Company Financial Statements, (c) Liens for carriers’, warehousemen’s, mechanics’, repairmen’s,
workers’ and similar Liens incurred in the ordinary course of business, consistent with past practice, in each case for sums not yet due and payable or due but not delinquent or being contested in good faith by appropriate proceedings and for
which adequate reserves have been recorded on the Company Financial Statements, (d) Liens incurred in the ordinary course of business, consistent with past practice, in connection with workers’ compensation, unemployment insurance and
other types of social security or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and return of money bonds and similar obligations, which do not materially impair
the value of the underlying property or the continued use of such property for the purposes for which the property is currently being used by the Company or any Subsidiary, (e) Liens granted under equipment leases with third parties entered
into in the ordinary course of business consistent with past practice, (f) Liens permissible under any applicable loan agreements and indentures, (g) restrictions arising under applicable securities Laws and (h) Liens securing the
indebtedness under the Loan Agreement or any other existing indebtedness for borrowed money of the Company, Schuff or any of their Subsidiaries. 

“Person” shall mean an individual, partnership, corporation, limited liability company, business trust, joint stock
company, trust, unincorporated association, joint venture or any other entity or organization. 
 “Portfolio
Company” means, with respect to a referent Person, any other Person that issues Investment Securities if such referent Person beneficially owns Investment Securities representing a controlling interest in such Person.  

“Preferred Holders” means each of (i) Hudson Bay Absolute Return Credit Opportunities Master Fund Ltd.,
(ii) DG Value Partners, LP, (iii) DG Value Partners II Master Fund, LP, (iii) Special Situations, LLC, (iv) Special Situations X, LLC, (v) DG Credit Opportunities, LP., (vi) Providence Debt Fund III L.P.,
(vii) Providence Debt Fund III Master (Non-US) L.P., (viii) PECM Strategic Funding L.P. and (ix) Benefit Street Partners SMA LM L.P. 

  
 8 

 “Preferred Share Purchase Price” shall have the meaning set forth in
Section 2.1. 
 “Preferred Stock” shall have the meaning set forth in Section 3.2(a). 

“Public Market Capitalization” shall have the meaning set forth in the Certificate of Designation. 

“Purchasers” shall have the meaning set forth in the recitals. 

“Purchaser Adverse Effect” shall have the meaning set forth in the Section 4.3. 

“Purchaser Indemnified Party” shall have the meaning set forth in Section 10.1. 

“Registered Intellectual Property” shall have the meaning set forth in the definition of “Intellectual Property.”

 “Registration Rights Agreement” shall have the meaning set forth in the recitals. 

“Representatives” means, with respect to any Person, such Person’s Affiliates (other than any Portfolio Company)
and their respective directors, officers, employees, managers, trustees, principals, stockholders, members, general or limited partners, agents and other representatives. 

“Requisite Holders” means Purchasers (or permitted transferees thereof) holding not less than 75% of the Shares issued
to the Purchasers hereunder on the Closing Date (determined on an as-converted to Common Stock basis). 

“Rule 144” shall have the meaning set forth in Section 4.8(a). 

“Schuff” means Schuff International, Inc. 

“SEC” shall mean the Securities and Exchange Commission. 

“Securities Act” shall mean the Securities Act of 1933, as amended, and all of the rules and regulations promulgated
thereunder. 
 “Securities Exercise Notice” shall have the meaning set forth in
Section 5.4(c)(ii). 
 “Securities Participation Amount” shall have the meaning set forth in
Section 5.4(a). 
 “Securities Participation Right” shall have the meaning set forth in
Section 5.4(a). 
 “Securities Participation Rights Notice” shall have the meaning set forth in
Section 5.4(c)(i). 
 “Series A Convertible Preferred Stock” means the Series A Convertible Participating
Preferred Stock, par value $0.001 per share, of the Company. 

  
 9 

 “Significant Subsidiary” shall mean any Subsidiary or group of
Subsidiaries that would, taken together, be a “significant subsidiary” as defined in Article 1, Rule 1-02 (w)(1) or (2) of Regulation S-X promulgated under the Securities Act, as such regulation is in effect from time
to time. For the avoidance of any doubt, Schuff and its Subsidiaries shall be deemed to be Significant Subsidiaries of the Company for all purposes, including, with respect to the representations and warranties of the Company set forth in
Section 3 hereof, except with respect to Section 3.8(d). 
 “Specified Breach Event” shall have the
meaning set forth in the Certificate of Designation. 
 “Standstill Period” shall have the meaning set forth in
Section 5.3(a). 
 “Subsidiary” of any Person shall mean any corporation, partnership, joint venture, limited
liability company, trust or other form of legal entity (whether incorporated or unincorporated) of which (or in which) more than 50% of (i) the Voting Power; (ii) the interest in the capital or profits of such partnership, joint venture or
limited liability company; or (iii) the beneficial interest in such trust or estate; is, directly or indirectly, owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such
Person’s other Subsidiaries. For the avoidance of any doubt, Schuff and its Subsidiaries are Subsidiaries of the Company for all purposes, including, with respect to the representations and warranties of the Company set forth in Section 3
hereof, except with respect to Section 3.8(d). 
 “Tax Returns” shall mean returns, reports, information
statements and other documentation (including any additional or supporting material) filed or required to be filed in connection with the calculation, determination, assessment or collection of any Tax, including any schedules or amendments
thereto. 
 “Taxes” shall mean any and all taxes, levies, fees, imposts, duties and charges of whatever kind
(including any interest, penalties or additions to the tax imposed in connection therewith or with respect thereto) imposed by any Governmental Authority, including, without limitation, taxes imposed on, or measured by, income, franchise, profits or
gross receipts, and any ad valorem, value added, sales, use, service, real or personal property, capital stock, license, payroll, withholding, employment, social security, workers’ compensation, unemployment compensation, utility, severance,
production, excise, stamp, occupation, premium, windfall profits, transfer and gains taxes and customs or duties. 
 “Third
Party Intellectual Property” shall have the meaning set forth in Section 3.12(c). 
 “Transaction
Agreements” shall mean this Agreement, the Certificate of Designation, and the Registration Rights Agreement. 

“Transfer” shall mean the direct or indirect transfer, sale, assignment, exchange, distribution, mortgage, pledge or
disposition of any Equity Securities of the Company.  
 “Treasury Regulation” shall mean the Treasury Regulations
promulgated under the Code. 

  
 10 

 “Voting Power” shall mean either (a) the power to elect, designate
or nominate directors to the Board, or (b) vote (as Common Stock or together with Common Stock) on matters to be voted on or consented to by the Common Stock through the ownership of Voting Stock, by contract or otherwise. 

“Voting Stock” shall mean securities of any class or kind ordinarily having the power to vote generally for the
election of (x) Directors of the Company or its successor (including the Common Stock, the Convertible Preferred Stock and the Series A Convertible Preferred Stock) or (y) directors of any Subsidiary of the Company. 

“Wholly Owned Subsidiary” means any Subsidiary of the Company of which the Company owns, either directly or
indirectly, 100% of the outstanding equity interests of such Subsidiary (excluding qualifying shares held by directors). 
 2.
Authorization, Purchase and Sale of Preferred Shares. 
 2.1 Authorization, Purchase and Sale. Subject to and upon the terms
and conditions of this Agreement, the Company will issue and sell to the several Purchasers, and the several Purchasers will purchase from the Company, at the Closing, the number of shares of Convertible Preferred Stock (each, a “Preferred
Share” and collectively, the “Preferred Shares”) set forth next to each such Purchaser’s name on Annex A. The purchase price per Preferred Share shall be $1,000 and the aggregate purchase price (the
“Preferred Share Purchase Price”) for the Preferred Shares shall be the amount set forth on Annex A. 
 2.2
Closing. 
 (a) The closing of the purchase and sale of the Preferred Shares (the “Closing”) shall take place at
the offices of Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New York, New York immediately following the satisfaction or waiver of each of the conditions set forth in Section 6 with
respect to Closing (other than those conditions which, by their terms, are to be satisfied or waived at the Closing), at 7:00 am Eastern Time on September 22, 2014 (the “Closing Date”). 

(b) Closing Deliveries: 
 (i)
At the Closing the Company shall deliver to each Purchaser certificates representing the Preferred Shares purchased by such Purchaser; and 

(ii) At the Closing, each Purchaser shall deliver, or cause to be delivered, to the Company, subject to any reductions for expenses as set
forth in Section 12.8, an amount equal to the portion of the Preferred Share Purchase Price set forth next to such Purchaser’s name on Annex A by wire transfer of immediately available funds to an account set forth on
Annex A under the heading “Company Wire Information”. 
 3. Representations and Warranties of the Company. Except as
set forth in the disclosure schedule delivered by the Company to the Purchasers on the date hereof (the “Disclosure Schedule”) (it being agreed that disclosure of any item in any section of the Disclosure Schedule shall also be
deemed disclosure with respect to any other Section of this 

  
 11 

 
Agreement to which the relevance of such item is reasonably apparent) or as disclosed in the Company SEC Filings, filed on or after January 1, 2012 and publicly available prior to the date
of this Agreement and only as and to the extent disclosed therein (but excluding any risk factor disclosures contained under the heading “Risk Factors,” any disclosure of risks included in any “forward-looking statements”
disclaimer or any other statements that are similarly forward-looking), the Company hereby represents and warrants to the Purchasers as follows: 

3.1 Organization and Power. 

(a) Each of the Company and its Subsidiaries is a legal entity duly organized, validly existing and in good standing under the Laws of its
respective jurisdiction of organization. Each of the Company and its Subsidiaries has the requisite corporate power and authority to carry on its respective business as it is presently being conducted and to own, lease or operate its respective
properties and assets, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b) Each of the Company and its Subsidiaries is duly qualified to do business and is in good standing as a foreign corporation (or other
legal entity) in each jurisdiction where the ownership, leasing or operation of its assets or properties or conduct of its business requires such qualification, except where the failure to be so qualified or in good standing would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. The organizational or governing documents of the Company and each of its Subsidiaries are in full force and effect. Neither the Company nor any Subsidiary is in violation
of its organizational or governing documents. The Company has delivered or made available to the Purchasers complete and correct copies of the certificates of incorporation and bylaws or other constituent documents, as amended to date and currently
in full force and effect, of the Company and its Significant Subsidiaries. 
 3.2 Capitalization. 

(a) As of the date of this Agreement, after giving effect to the filing of the Certificate of Designation, the authorized shares of capital
stock of the Company consist of 80,000,000 shares of Common Stock and 20,000,000 shares of preferred stock, par value $0.001 per share (“Preferred Stock”), of which 30,000 shares are authorized as Series A Convertible Preferred
Stock and 11,000 shares are authorized as Convertible Preferred Stock. As of the close of business on September 17, 2014 (the “Capitalization Date”), (i) 23,316,690 shares of Common Stock were issued and outstanding,
(ii) 2,123,604 shares of Common Stock were reserved for issuance under the Company Stock Plans, (iii) 30,000 shares of Series A Convertible Preferred Stock were issued and outstanding, (iv) 0 shares of Convertible Preferred Stock were
issued and outstanding; (v) 7,083,922 shares of Common Stock were reserved for issuance upon conversion of the currently outstanding Series A Convertible Preferred Stock in accordance with the Certificate of Designation of the Series A
Preferred Stock, as amended, and (vi) 31,626 shares of Common Stock or Preferred Stock were held by the Company as treasury shares. All outstanding shares of Common Stock and Series A Convertible Preferred Stock are validly issued, fully paid,
nonassessable and free of preemptive or similar rights. Since the Capitalization Date, the Company has not sold or issued or repurchased, redeemed or otherwise acquired any shares of the Company’s capital stock (other than issuances pursuant to
the exercise 

  
 12 

 
of any Company Option or vesting of any share unit award that had been granted under any Company Stock Plan, or repurchases, redemptions or other acquisitions pursuant to agreements contemplated
by a Company Stock Plan). No Subsidiary of the Company owns any Equity Securities of the Company. 
 (b) As of the Capitalization Date,
with respect to the Company Stock Plans, (i) there were 1,775,343 shares of Common Stock underlying outstanding Company Options to acquire shares of Common Stock, such outstanding Company Options having the exercise price per share as of the
Capitalization Date as set forth on Schedule 3.2, (ii) there were 234,428 shares of Common Stock issuable upon the vesting of outstanding share award units, (iii) there were 113,833 shares of Common Stock which vested on
September 16, 2014 but were not yet issued, and (iv) 5,031,095additional shares of Common Stock were reserved for issuance for future grants pursuant to the Company Stock Plans. All shares of Common Stock reserved for issuance as noted in
the foregoing sentence, when issued in accordance with the respective terms thereof, are or will be validly issued, fully paid, nonassessable and free of preemptive or similar rights. Each Company Option was granted with an exercise price per share
equal to or greater than the per share fair market value (as such term is used in Code Section 409A and the Department of Treasury regulations and other interpretive guidance issued thereunder) of the Common Stock underlying such Company Option
on the grant date thereof and was otherwise issued in material compliance with applicable Law. 
 (c) Schedule 3.2 sets forth a list
of all outstanding warrants to purchase any Equity Securities of the Company as of the date of this Agreement, together with the number of shares subject thereto, the exercise price thereof, the dates of any scheduled vesting thereof, in each case
as of the date hereof. 
 (d) Except as set forth in this Section 3.2, as of the date of this Agreement, there are no
outstanding Equity Securities of the Company and no other obligations by the Company or any of its Subsidiaries to make any payments based on the price or value of any Equity Securities of the Company. There are no outstanding agreements of any kind
which obligate the Company or any of its Subsidiaries to repurchase, redeem or otherwise acquire any Equity Securities of the Company. 

(e) Except as set forth in the Transaction Agreements or as set forth in Schedule 3.2, neither the Company nor any of its Subsidiaries
is a party to any agreement relating to the voting of, requiring registration of, or granting any preemptive, anti-dilutive rights or rights of first refusal or other similar rights with respect to any Equity Securities of the Company. 

(f) Upon the filing of the Certificate of Designation with the Secretary of State of the State of Delaware, (i) the Preferred Shares
will be duly authorized and (ii) a sufficient number of Conversion Shares will have been duly authorized and validly reserved for issuance upon conversion of the Preferred Shares in accordance with the Certificate of Designation. When the
Preferred Shares are issued and paid for in accordance with the provisions of this Agreement and the Certificate of Designation, all such Preferred Shares will be duly authorized, validly issued, fully paid, nonassessable and free of preemptive or
similar rights except as set forth in the Transaction Agreements and Schedule 3.2. When Conversion Shares 

  
 13 

 
are issued in accordance with the provisions of the Certificate of Designation all such Conversion Shares will be duly authorized, validly issued, fully paid, nonassessable and free of preemptive
rights. 
 (g) Neither the Company nor any of its Subsidiaries have any Liabilities in respect of any Indebtedness (as defined in the
Certificate of Designation) except as set forth on Schedule 3.2(g). For each item of Indebtedness, Schedule 3.2(g) sets forth the debtor, the principal amount of the Indebtedness as the date of this Agreement, the creditor, the
maturity date, and the collateral, if any, securing the Indebtedness. Except as set forth on Schedule 3.2(g), neither the Company, nor any of its Subsidiaries has any Liability in respect of a guarantee of any indebtedness or other Liability
of any other Person (other than the Company or any of its Subsidiaries). 
 3.3 Authorization. The Company has all requisite
corporate power to enter into each of the Transaction Agreements to which it is a party and to consummate the transactions contemplated by each of the Transaction Agreements to which it is a party and to carry out and perform its obligations
thereunder. All corporate action on the part of the Company, its officers and directors necessary for the authorization of the Preferred Shares and the authorization, execution, delivery and performance of the Transaction Agreements to which the
Company is a party has been taken. The execution, delivery and performance of the Transaction Agreements to which the Company is a party by the Company and the issuance of the Common Stock upon conversion of the Preferred Shares, in each case in
accordance with their terms, and the consummation of the other transactions contemplated herein do not require any approval of the Company’s stockholders, except as set forth on Schedule 3.3. Upon their respective execution by the Company and
the other parties thereto and assuming that they constitute legal and binding agreements of each Purchaser party thereto, each of the Transaction Agreements to which the Company is a party will constitute a legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, except that such enforceability (a) may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other similar Laws affecting or relating to
creditors’ rights generally, and (b) is subject to general principles of equity (regardless of whether considered in a proceeding in equity or at Law). 

3.4 Registration Requirements. Subject to the accuracy of the representations made by the Purchasers in Section 4, the offer, sale
and issuance of the Preferred Shares and the conversion of the Preferred Shares into Common Stock in accordance with the Certificate of Designation (i) has been and will be made in compliance with applicable exemptions from the registration and
prospectus delivery requirements of the Securities Act and (ii) will have been registered or qualified (or are exempt from registration and qualification) under the registration, permit or qualification requirements of all applicable Blue Sky
laws. 
 3.5 No Conflict. Except as set forth on Schedule 3.5, the execution, delivery and performance of the Transaction Agreements
to which the Company is a party by the Company, the issuance of the Preferred Shares and the Common Stock upon conversion of the Preferred Shares and the consummation of the other transactions contemplated hereby and by the other Transaction
Agreements to which the Company is a party will not (i) conflict with or result in any violation of any provision of the certificate of incorporation or bylaws of the Company, 

  
 14 

 
or, upon its filing with the Secretary of State of the State of Delaware, the Certificate of Designation, (ii) result in any breach or violation of, or default (with or without notice or
lapse of time, or both) under, require consent under, or give rise to a right of termination, cancellation, modification or acceleration of any obligation or to the loss of any benefit under any mortgage, Contract, insurance policy (including any
directors and officers insurance policy), purchase or sale order, instrument, permit, concession, franchise, right or license, binding upon the Company or any of its Subsidiaries or result in the creation of any liens, claims, mortgages,
encumbrances, pledges, security interests, equities or charges of any kind (each, a “Lien”) upon any of the properties, assets or rights of the Company or any of its Subsidiaries, except as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect, or (iii) subject to the matters referred to in Section 3.6, conflict with or violate any applicable material law, statute, code, ordinance, rule, regulation (including
rules or regulations applicable to the listing of the Company’s capital stock on any trading exchange), or agency requirement of or undertaking to or agreement with any Governmental Entity, including common law (collectively,
“Laws” and each, a “Law”) or any judgment, order, injunction or decree issued by any Governmental Entity. 

3.6 Consents. No consent, approval, order, or authorization of, or filing or registration with, or notification to (any of the
foregoing being a “Consent”), any Governmental Entity or any trading exchange is required on the part of the Company or its Subsidiaries in connection with (a) the execution, delivery or performance of the Transaction
Agreements to which the Company is a party and the consummation of the transactions contemplated hereby and thereby, or (b) the issuance of the Preferred Shares or the issuance of the Common Stock upon conversion of the Preferred Shares in
accordance with the Certificate of Designation; other than (i) the filing of the Certificate of Designation with the Secretary of State of the State of Delaware, (ii) those to be obtained, in connection with the registration of the
Preferred Shares under the Registration Rights Agreement, under the applicable requirements of the Securities Act and any related filings and approvals under applicable state securities laws, and (iii) such Consents the failure of which to make
or obtain would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 3.7 Permits. The
Company and each of its Subsidiaries possess all material permits, licenses, authorizations, consents, approvals and franchises of Governmental Entities or any trading exchange that are required to conduct its business. 

3.8 SEC Reports; Financial Statements. 

(a) The Company has filed, since January 1, 2012, all forms, reports and documents with the SEC that have been required to be filed by
it under applicable Laws (the “Company SEC Filings”), including the Annual Report of the Company on Form 10-K for the fiscal year ended December 31, 2013, as amended through the date of this Agreement (the “Company
Annual Report”). Each Company SEC Filing complied as of its filing date, as to form in all material respects with the applicable requirements of the Securities Act or the Exchange Act, as the case may be, each as in effect on the date such
Company SEC Filing was filed (and, if amended or superseded by a filing prior to the date of this Agreement, on the date of such amended or superseded filing). As of its filing date (and, if amended or superseded by a filing prior to the date of
this Agreement, on the date of such amended or superseded filing), 

  
 15 

 
each Company SEC Filing did not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the
circumstances under which they were made, not misleading. None of the Company’s Subsidiaries is required to file any forms, reports or other documents with the SEC pursuant to Sections 13(d) and 15(d) of the Exchange Act. No executive
officer of the Company has failed to make the certifications required by him or her under Section 302 and 906 of the Sarbanes Oxley Act of 2002 with respect to any Company SEC Filing. There are no transactions that have occurred since
January 1, 2012 that are required to be disclosed in the appropriate Company SEC Filings pursuant to Item 404 of Regulation S-K that have not been disclosed in the Company SEC Filings. 

(b) The consolidated financial statements (including all related notes and schedules) of the Company and its Subsidiaries included in the
Company SEC Filings and (collectively, the “Company Financial Statements”) (i) comply as to form in all material respects with the published rules and regulations of the SEC with respect thereto and (ii) fairly present, in
all material respects, the consolidated financial position of the Company and its Subsidiaries as of the dates indicated and the results of their operations and their cash flows for the periods therein specified, all in accordance with United States
generally accepted accounting principles applied on a consistent basis (“GAAP”) throughout the periods therein specified (except as otherwise noted therein, and in the case of quarterly financial statements except for the absence of
footnote disclosure and subject, in the case of interim periods, to normal year-end adjustments, the effect of which will not, individually or in the aggregate, be materially adverse, and the absence of footnote disclosure that if presented, would
not differ materially from those included in the audited Company Financial Statements). 
 (c) Except as disclosed on the Disclosure
Schedule, there are no Liabilities of the Company or any of its Subsidiaries of any kind whatsoever, other than: (i) Liabilities disclosed and provided for in the Company Financial Statements; (ii) Liabilities incurred in the ordinary
course of business consistent with past practice; (iii) Liabilities incurred in connection with the transactions contemplated by this Agreement or the other Transaction Agreements to which the Company is a party; or (iv) Liabilities
individually or in the aggregate have not had and would not be reasonably expected to have a Material Adverse Effect (excluding clause (ii) of such definition). 

(d) The Company’s principal executive officer and its principal financial officer have (i) devised and maintained a system of
internal accounting controls sufficient to provide reasonable assurances regarding the reliability of financial reporting and preparation of financial statements in accordance with GAAP, and have evaluated such system at the times required by the
Exchange Act and in any event no less frequently than at reasonable intervals and (ii) disclosed to the Company’s management, auditors and the audit committee of the Board (x) all significant deficiencies and material weaknesses in
the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the Company’s or any of its Subsidiaries’ ability to record, process, summarize and report financial information and
(y) any fraud, whether or not material, that involves management or other employees who have a significant role in the internal controls of the Company, and the Company has provided to the Purchasers copies of any written materials relating to
the foregoing. The Company has established and maintains disclosure controls and procedures (as such term is 

  
 16 

 
defined in Rule 13a 15 under the Exchange Act); such disclosure controls and procedures are designed to ensure that material information relating to the Company and its Subsidiaries required to
be included in the Company’s periodic reports under the Exchange Act is made known to the Company’s principal executive officer and its principal financial officer by others within those entities, and such disclosure controls and
procedures are sufficient to ensure that the Company’s principal executive officer and its principal financial officer are made aware of such material information required to be included in the Company’s periodic reports required under the
Exchange Act. There are no outstanding loans made by the Company or any of its Subsidiaries to any executive officer (as defined in Rule 3b-7 under the Exchange Act) or director of the Company. Neither the Company, nor any Subsidiary of the Company,
since the date that the Company acquired (either directly or indirectly) a majority of the outstanding capital stock of such Subsidiary, has made any loans to any executive officer (as defined in Rule 3b-7 under the Exchange Act) or director of the
Company or any of its Subsidiaries. For the purposes of this Section 3.8(d), Schuff and its Subsidiaries shall be deemed not to be a Subsidiary of the Company. 

3.9 Litigation. Except as set forth on Schedule 3.9, there are no (i) investigations or, to the Knowledge of the Company,
proceedings pending or threatened by any Governmental Entity with respect to the Company or any of its Subsidiaries or any of their properties or assets, (ii) Legal Proceedings pending or, to the Knowledge of the Company, threatened against or
affecting the Company or any of its Subsidiaries, or any of their respective properties or assets, at Law or in equity that would reasonably be expected to result in liability to the Company or its Subsidiaries in excess of $250,000 or any other
material non-monetary Liability or restrictions, or (iii) orders, judgments or decrees of any Governmental Entity against the Company or any of its Subsidiaries. 

3.10 Absence of Certain Changes. Since December 31, 2013, there has not been any Change which, individually or in the aggregate,
has had or would reasonably be expected to have a Material Adverse Effect and except as disclosed on Schedule 3.10, the business of the Company and its Subsidiaries has been conducted in the ordinary course of business consistent with past practices
and there has not been: 
 (a) any declaration, setting aside or payment of any dividend or other distribution with respect to any shares
of capital stock of the Company, or any repurchase, redemption or other acquisition by the Company or any of its Subsidiaries of any outstanding shares of capital stock or other securities of the Company or any of its Subsidiaries; 

(b) any incurrence, assumption or guarantee by the Company or any of its Subsidiaries of any indebtedness for borrowed money in excess of
$250,000, individually, or $1,000,000, in the aggregate, or the repurchase, redemption or repayment of any indebtedness for borrowed money of the Company or any of its Subsidiaries in excess of $250,000, individually, or $1,000,000, in the
aggregate, other than any such incurrence, assumption or guarantee in relation to the Loan Agreement; 
 (c) any event of default (or event
which with notice, the passage of time or both, would become an event of default) in the payment of any indebtedness for borrowed money in an aggregate principal amount in excess of $250,000 by the Company or any of its Subsidiaries; 

  
 17 

 (d) any change in any methods of accounting by the Company or any of its Subsidiaries, except as
may be appropriate to conform to changes in GAAP; or 
 (e) any material Tax election made by the Company or any of its Subsidiaries or any
settlement or compromise of any material Tax liability by the Company or any of its Subsidiaries, except (i) as required by applicable Law or (ii) with respect to any material Tax election, consistent with elections historically made by
the Company. 
 3.11 Compliance with Law. The Company and each of its Subsidiaries are in compliance with and are not in default
under or in violation of, and have not received any written notices of non-compliance, default or violation with, in each case, in any material respect, with respect to any material Laws, in each case, except as, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect or to materially delay or hinder the ability of the Company to perform its obligations under the Transaction Agreements. 

3.12 Intellectual Property. 

(a) The Company and its Subsidiaries own, license, sublicense or otherwise possess respects legally enforceable rights to use all
Intellectual Property necessary to conduct the business of the Company and its Subsidiaries, as currently conducted, free and clear of all Liens (other than non-exclusive licenses granted in the ordinary course of business or Permitted Liens),
except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, all material
Intellectual Property developed for the Company or any of its Subsidiaries by any employees, contractors and consultants of the Company or any of its Subsidiaries is exclusively owned by the Company or one of its Subsidiaries, free and clear of all
Liens (other than non-exclusive licenses granted in the ordinary course of business or Permitted Liens). 
 (b) All Registered Intellectual
Property owned by the Company or any of its Subsidiaries is subsisting and has not expired or been cancelled or abandoned and, to the Company’s Knowledge, is valid and enforceable, except, in each case, as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. To the Company’s Knowledge, no third party is infringing, violating or misappropriating any of the Company Intellectual Property in any material respect. 

(c) The execution and delivery of the Transaction Agreements to which the Company is a party by the Company and the consummation of the
transactions contemplated hereby and thereby will not result in, the breach of, or create on behalf of any third party the right to terminate or modify, (i) any license or other agreement relating to any Intellectual Property owned by the
Company or any of its Subsidiaries (the “Company Intellectual Property”), or (ii) any license, sublicense and other agreement as to which the Company or any of its Subsidiaries is a party and pursuant to which the Company or
any of its 

  
 18 

 
Subsidiaries is authorized to use any third party Intellectual Property, excluding generally commercially available, off-the-shelf software programs licensed for a license fee of less than
$50,000 in the aggregate (the “Third Party Intellectual Property”), except, in either case, as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(d) Except as set forth in Schedule 3.12(d), to the Company’s Knowledge, the conduct of the business of the Company and its
Subsidiaries has not infringed, violated or constituted a misappropriation of any Intellectual Property of any third party and as currently conducted does not infringe, violate or constitute a misappropriation of any Intellectual Property of any
third party, except, in either case, as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as set forth in Schedule 3.12(d), neither the Company nor any of its Subsidiaries
(i) has received any written claim or notice alleging any such infringement, violation or misappropriation, or (ii) has been or is subject to any settlement, order, decree, injunction, or stipulation imposed by any Governmental Entity that
may affect the use, validity or enforceability of Company Intellectual Property. 
 (e) The Company and its Subsidiaries take all
reasonable actions respects to protect the Company Intellectual Property and to protect and preserve the confidentiality of their trade secrets, including disclosing trade secrets to a third party only where such third party is bound by a
confidentiality agreement, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

3.13 Employee Benefits. 

(a) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, with respect to any
Company Plan, no Legal Proceeding has been threatened, asserted, instituted, or, to the Knowledge of the Company, is anticipated (other than non-material routine claims for benefits, and appeals of such claims), and, to the Knowledge of the Company,
no facts or circumstances exist that would give rise to any such Legal Proceeding. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) no Company Plan is or, within the last six
(6) years, has been the subject of an examination or audit by a Governmental Entity, is the subject of an application or filing under, or is a participant in, a government-sponsored amnesty, voluntary compliance, self-correction or similar
program,.(ii) the Company has satisfied all reporting and disclosure requirements under the Code and ERISA that are applicable to the Company Plans, and (iii) the Company has not terminated any Company Plan or taken any action with respect
thereto that would result in a Lien on any of the assets or properties of the Company. 
 (b) Except as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect, each Company Plan has been established and administered in accordance with its terms and any applicable collective bargaining agreement, and in compliance with the applicable
provisions of ERISA, the Code and all other applicable laws, rules and regulations, and each Company Plan that is intended to be qualified under Section 401(a) of the Code has received a favorable determination or opinion letter from the
Internal Revenue Service to the effect that such Company Plan is qualified under the Code (or is entitled to rely on a prototype letter with regard to such determination) and nothing has occurred 

  
 19 

 
that would reasonably be expected to cause the loss of such qualification. The Company and its Subsidiaries has complied with reporting and disclosure requirements under the Code and ERISA that
are applicable to the Company Plans, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(c) Except as set forth in Schedule 3.13(c), neither the Company, any of its Subsidiaries, nor any other entity which, together with
the Company or any of its Subsidiaries would be treated as a single employer under Section 4001 of ERISA or Section 414 of the Code (each such entity, an “ERISA Affiliate”) sponsors, maintains, contributes to, or has had
in the past six (6) years an obligation at any time to sponsor, maintain or contribute to, or has any liability in respect of (i) any “defined benefit pension plan” (as defined in Section 3(35) of ERISA), (ii) any
“employee benefit plan” (as defined in Section 3(3) of ERISA) subject to Section 412 of the Code or Section 302 of ERISA or Title IV of ERISA, including any “multiemployer plan” (as defined in
Section 4001(a)(15) of ERISA)(“Multiemployer Plan”), (iii) any other plan which is subject to Section 4063, 4064 or 4069 of ERISA, or (iv) any “employee pension benefit plan” (within the meaning of
Section 3(2) of ERISA) that is not intended to be qualified under Section 401(a) of the Code. Except as set forth in Schedule 3.13(c), except as required by Section 4980B of the Code, no Company Plan provides any retiree or
post-employment medical, disability or life insurance benefits to any person. The assets of any defined benefit pension plan equal or exceed the projected benefit obligation of such plan, as determined using the actuarial assumptions used for
purposes of the Company Financial Statements. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) none of the Company, any of its Subsidiaries or ERISA Affiliates has incurred any
withdrawal liability, within the meaning of Section 4201 of ERISA, or any contingent withdrawal liability under Section 4204 of ERISA, to any Multiemployer Plan, which liability could become a liability of the Company, any of its
Subsidiaries, or any of its ERISA Affiliates or impose any lien or encumbrance against the assets of the Company, any Subsidiaries or any ERISA Affiliate, and the execution of the Transaction Agreements or the transactions contemplated hereby will
not cause or result in any such withdrawal liability (contingent or actual), (ii) all contributions that the Company, its Subsidiaries or any of its ERISA Affiliates are required to have made to any Multiemployer Plan have been made,
(iii) no liability under Title IV of ERISA has been incurred or is expected to be incurred with respect to any Company Plan subject thereto (other than PBGC premiums incurred and paid when due), nor has there been any “reportable
event” within the meaning of Section 4043(c) of ERISA with respect to any such Company Plan, and (iv) no non-exempt “prohibited transaction” (within the meaning of Section 4975 of the Code or Section 406 of ERISA)
has occurred with respect to any Company Plan that has subjected or could reasonably be expected to subject the Company, its Subsidiaries or any ERISA Affiliate, to a Tax or penalty pursuant to Section 502 of ERISA or Section 4975 of the
Code or any other liability or penalty with respect thereto. 
 (d) Except as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect, each “nonqualified deferred compensation plan” (as defined in Code Section 409A(d)(1) and applicable regulations) with respect to any service provider to the Company or its Subsidiaries
(i) complies and has been operated in compliance with the requirements of Code Section 409A and regulations promulgated thereunder, or (ii) is exempt from compliance under the “grandfather” provisions of IRS Notice 2005-1
and applicable regulations and has not been “materially modified” (within the meaning of IRS Notice 2005-1 and Treasury Regulations §1.409A-6(a)(4)) subsequent to October 3, 2004. 

  
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 (e) Except as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, all required contributions to, and premium payments on account of, each Company Plan have been made on a timely basis. Each Company Plan may be amended or terminated without penalty other than the funding or payment of
benefits, fees or charges accrued or incurred through the date of termination. 
 (f) Except as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect or as set forth on Schedule 3.13(f), neither the execution of the Transaction Agreements nor the consummation of the transactions contemplated hereby and thereby will
(i) accelerate the time of payment or vesting or increase the amount of compensation or benefits due to any Company employee, or (ii) give rise to any other liability or funding obligation under any Company Plan or otherwise, including
liability for severance pay, unemployment compensation or termination pay. 
 (g) Except as set forth on Schedule 3.13(g), no
Benefit Plan of the Company is maintained outside the jurisdiction of the United States, or covers any employee residing or working outside the United States (any such Benefit Plan the “Foreign Benefit Plans”). Except as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, all Foreign Benefit Plans that are required to be funded are fully funded, and with respect to all other Foreign Benefit Plans, adequate reserves therefor
have been established on the accounting statements of the Company or its applicable Subsidiary. 
 3.14 Labor Relations. 

(a) (i) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or as set for in
Schedule 3.14, no Company employee is represented by a labor union or works council and, to the Knowledge of the Company, no organizing efforts have been conducted within the last three years or are now being conducted, (ii) neither
the Company nor any of its Subsidiaries is a party to any material collective bargaining agreement or other labor contract or collective agreement, and (iii) neither the Company nor any of its Subsidiaries currently has, or, to the Knowledge of
the Company, is there now threatened, a strike, picket, work stoppage, work slowdown or other material labor dispute. 
 (b) (i) Each
of the Company and its Subsidiaries has complied with all applicable laws relating to the employment of labor, including all applicable laws relating to wages, hours, collective bargaining, employment discrimination, civil rights, safety and health,
workers’ compensation, pay equity and the collection and payment of withholding and/or social security taxes, except as would not, individually or in the aggregate, have a Material Adverse Effect and (ii) neither the Company nor any of its
Subsidiaries has incurred any liability or obligation under the Worker Adjustment and Retraining Notification Act or any similar state or local Law within the last two years which remains unsatisfied. 

  
 21 

 3.15 Taxes. 

(a) The Company and each of its Subsidiaries have filed all federal income Tax Returns and all other material Tax Returns required to have
been filed as of the date hereof (taking into account any extensions that have been duly obtained) and such Tax Returns are correct and complete in all respects and have paid all Taxes required to have been timely paid by them in full through the
date hereof, regardless of whether or not shown on any such Tax Return, except to the extent such Taxes are both (i) being challenged in good faith and (ii) adequately provided for on the financial statements of the Company and its
Subsidiaries in accordance with GAAP, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b) Neither the Company nor any of its Subsidiaries has any current liability, and to the Knowledge of the Company, there are no events or
circumstances which would result in any liability, for Taxes of any Person (other than the Company and its Subsidiaries) under Treasury Regulation Section 1.1502-6 (or any similar provision of state,
local or foreign law), as a transferee or successor, by contract or otherwise, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(c) None of the Company or any of its Subsidiaries is a party to, is bound by or has any obligation under any Tax sharing or Tax indemnity
agreement or similar Contract or arrangement other than any such agreement or similar Contract or arrangement to which the Company and any of its Subsidiaries are the exclusive parties. 

(d) All Taxes required to be withheld, collected or deposited by or with respect to Company and each of its Subsidiaries have been timely
withheld, collected or deposited as the case may be, and to the extent required, have been paid to the relevant taxing authority except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(e) No deficiencies for any Taxes have been proposed or assessed in writing against or with respect to the Company or any of its
Subsidiaries, and there is no outstanding audit, assessment, dispute or claim concerning any Tax liability of the Company or any of its Subsidiaries pending or raised by an authority in writing, except as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. No written claim has been made by any Governmental Entity in a jurisdiction where neither the Company nor any of its Subsidiaries files Tax Returns that the Company or any of its Subsidiaries
is or may be subject to taxation by that jurisdiction. Neither the Company nor any of its Subsidiaries has granted any waiver of any federal, state, local or foreign statute of limitations with respect to, or any extension of a period for the
assessment of, any material Tax. 
 (f) There are no material Liens with respect to Taxes upon any of the assets or properties of either
the Company or any of its Subsidiaries, other than with respect to Taxes not yet delinquent except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 (g) No closing agreement pursuant to Section 7121 of the Code (or any similar provision of
state, local or foreign law) has been entered into by or with respect to the Company or any of its Subsidiaries. 
 (h) Neither the Company
nor any of its Subsidiaries has participated in a “listed transaction” within the meaning of Treasury Regulation Section 1.6011-4(b)(2). 

(i) The representations and warranties expressly set forth in this Section 3.15 shall be the only representations and warranties,
express or implied, written or oral, with respect to the subject matter contained in this Section 3.15. 
 3.16
Registration. Shares of the Common Stock are registered pursuant to Section 12(g) of the Exchange Act and there is no action pending by the Company or any other Person to terminate the registration of the Common Stock under the Exchange
Act, nor has the Company received any notification that the SEC is currently contemplating terminating such registration. 
 3.17
Investment Company Act. The Company is not, nor immediately after the Company’s receipt of the Preferred Share Purchase Price from the Purchasers, will the Company be, an “investment company” within the meaning of, and required
to be registered under, the Investment Company Act of 1940, as amended. 
 3.18 Brokers. The Company has not retained, utilized or
been represented by any broker or finder who is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement. 

3.19 Subsidiaries. 
 (a)
As of the date hereof, the Company has no Subsidiaries other than as listed in Schedule 3.19. 
 (b) Except as set forth on
Schedule 3.19, all of the outstanding shares of capital stock of, or other equity or voting interest in, each Subsidiary of the Company that are owned by the Company or one of its Subsidiaries (i) have been duly authorized, validly
issued and are fully paid and nonassessable and (ii) are owned, directly or indirectly, by the Company or one of its Subsidiaries, free and clear of all Liens (other than restrictions under applicable securities Laws and Liens securing the
indebtedness under the Loan Agreement or under any other existing Indebtedness for borrowed money of Schuff or any of its Subsidiaries set forth on Schedule 3.2(g)). 

3.20 Environmental Matters. 

(a) Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect: 

(i) The Company and its Subsidiaries and their respective operations are and have been in compliance with all, and have not violated any,
applicable Environmental Laws, which compliance includes the possession and maintenance of, and 

  
 23 

 
compliance with, all permits, licenses, authorizations, waivers, exemptions, registrations, consents, approvals and franchises from Governmental Entities required under applicable Environmental
Laws (“Environmental Permits”) for the operation of the business of the Company and its Subsidiaries; the Company has no reason to believe that any such Environmental Permits will be modified, revoked or otherwise made ineffective,
or will not be renewed on terms substantially the same as those currently in effect. 
 (ii) Neither the Company nor any of its
Subsidiaries, nor any other entity for which the Company or any of its Subsidiaries is responsible, has transported, produced, processed, manufactured, generated, used, treated, handled, stored or disposed of any Hazardous Substances, except in
compliance with applicable Environmental Laws and in a manner that would not result in liability under any applicable Environmental Law. No Hazardous Substance has been released by the Company, the Subsidiaries, or to the Knowledge of the Company,
by any other Person (including, without limitation, any of the predecessors in interest to the Company or any of its Subsidiaries), at, on, about or under (i) any property now or formerly owned, operated or leased by the Company, its
Subsidiaries or their respective predecessors in interest; or (ii) any property to which the Company, its Subsidiaries or their respective predecessors in interest has sent waste; 

(iii) Neither the Company nor any of its Subsidiaries, nor, to the Knowledge of the Company, any of their respective predecessors in interest
has exposed any employee or any third party to Hazardous Substances in violation of, or in a manner that would result in a liability under, any applicable Environmental Law or tort law; 

(iv) Neither, the Company nor any of its Subsidiaries, nor, to the Knowledge of the Company, any of their respective predecessors in
interest, is a party to or the subject of any pending, or, to the Knowledge of the Company, threatened, Legal Proceeding alleging Liabilities under or noncompliance with any Environmental Law or seeking to impose any financial responsibility for any
investigation, cleanup, removal, containment or any other remediation or compliance under any Environmental Law. Neither the Company nor any of its Subsidiaries, nor, to the Knowledge of the Company, any of their respective predecessors in interest,
is subject to any orders, judgments or decrees or agreement by or with any Governmental Entity or third party imposing any Liabilities with respect to any Environmental Laws or any Hazardous Substances; 

(v) There are no liabilities of any third party arising out of or related to Environmental Laws or Hazardous Substances that the Company, its
Subsidiaries or, to the Knowledge of the Company, their respective predecessors in interest has expressly agreed to assume, to indemnify or retain by contract or otherwise; 

(vi) Neither the Company nor the Subsidiaries has received any notice, claim, subpoena, or summons from any Person alleging: (i) any
environmental liability relating to the Company, the Subsidiaries, or their respective predecessors in interest; or (ii) any violation by the Company, the Subsidiaries or their respective predecessors in interest of any Environmental Law; 

  
 24 

 (vii) Neither the Company nor any of its Subsidiaries has manufactured any products that are not
or were not in compliance with all Environmental Laws applicable to such products to be imported, sold, or otherwise marketed in any jurisdiction in which such products are currently, or have been, imported, sold, or otherwise marketed; and 

(viii) None of the products currently or formerly manufactured, produced, distributed, sold, leased, licensed, repaired, delivered,
installed, conveyed or otherwise put into the stream of commerce by the Company or any of its Subsidiaries, or, to the Knowledge of the Company, any other Person for which the Company or any of its Subsidiaries is responsible by contract or
operation of law, contains or has contained (i) asbestos; or (ii) any other Hazardous Substance that has resulted in or would reasonably be expected to result in any liability to the Company or any of its Subsidiaries. 

(b) As of the date hereof, all reports of environmental site assessments, reviews, audits, investigations or similar evaluations, and any
material documents in the possession or control of the Company or any of its Subsidiaries concerning (i) environmental conditions at any facilities or real property ever owned, operated or leased by the Company, the Subsidiaries or any of their
respective predecessors in interest; or (ii) any environmental liability of the Company, its Subsidiaries or any of their respective predecessors in interest have been made available to the Purchasers. 

(c) The representations and warranties expressly set forth in this Section 3.20 shall be the only representations and warranties,
express or implied, written or oral, with respect to the subject matter contained in this Section 3.20. 
 3.21 Assets.

 (a) The Company and its Subsidiaries have good and marketable title to all of its or their real or personal properties (whether tangible
or intangible), rights and assets, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, in each case, free and clear of all Liens (other than Permitted Liens or as disclosed on
Schedule 3.21). The properties and assets owned and leased by the Company and its Subsidiaries are sufficient to carry on their businesses as they are now being conducted except as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. 
 (b) Except as would not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect, the Company or a Subsidiary of the Company has good and valid leasehold interests in all of its leased properties, whether as lessee or sublessee (the “Leased Real Property”), in each case, sufficient to
conduct its respective businesses as currently conducted, free and clear of all Liens (other than Permitted Liens), assuming the timely discharge of all obligations owing under or related to Leased Real Property. Except as set forth on Schedule
3.21(b), neither the Company nor any of its Subsidiaries owns or has ever owned any real property. 
 3.22 Insurance. The Company
and its Subsidiaries have and maintain in effect policies of insurance covering the Company, its Subsidiaries or any of their respective 

  
 25 

 
employees, properties or assets, including policies of life, property, fire, workers’ compensation, products liability, directors’ and officers’ liability and other casualty and
liability insurance, that is in a form and amount that is customarily carried by persons conducting business similar to that of the Company and its Subsidiaries and which the Company reasonably believes are adequate for the operation of its
business. All such insurance policies are in full force and effect, no written notice of cancellation has been received by the Company as of the date hereof and, to the Knowledge of the Company, no such notice is imminent, and there is no existing
default or event which, with the giving of notice or lapse of time or both, would constitute a default, by any insured thereunder, except for such defaults that would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. There is no material claim pending under any of such policies as to which coverage has been denied or disputed by the underwriters of such policies and there has been no threatened termination of any such policies, except as would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 3.23 Material Contracts. 

(a) Except as filed as an exhibit to the Company SEC Filings or as set forth on Schedule 3.23, there are none of the following (each a
“Material Contract”): 
 (i) Contracts restricting the payment of dividends upon, or the redemption, repurchase or
conversion of, the Convertible Preferred Stock or the Common Stock issuable upon conversion thereof; 
 (ii) joint venture, partnership,
limited liability or other similar Contract or arrangement relating to the formation, creation, operation, management or control of any partnership or joint venture that is material to the business of the Company and its Subsidiaries, taken as a
whole; 
 (iii) any Contract relating to the acquisition or disposition of any business, stock or assets that (x) is material to the
business of the Company and its Subsidiaries, taken as a whole, other than in the ordinary course of business consistent with past practice, or (y) has representations, covenants, escrows, indemnities, purchase price payments,
“earn-outs”, adjustments or other obligations that are still in effect; 
 (iv) Contracts containing any covenant
(x) limiting the right of the Company or any of its Subsidiaries to engage in any line of business or in any geographic area, or (y) prohibiting the Company or any of its Subsidiaries from engaging in business with any Person or levying a
fine, charge or other payment for doing so; 
 (v) “material contracts” (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC, excluding any exhibits, schedules and annexes to such material contracts that are not required to be filed with the SEC, and those agreements and arrangements described in
Item 601(b)(10)(iii)) with respect to the Company and its Subsidiaries required to be filed with the SEC (the Material Contracts, together with any lease, binding commitment, option, insurance policy, benefit plan or other contract, agreement,
instrument or obligation (whether oral or written) to which the Company or any of its Subsidiaries may be bound, the “Contracts”); 

  
 26 

 (vi) Contracts relating to indebtedness for borrowed money of the Company or any of its
Subsidiaries in an amount exceeding $250,000; 
 (vii) Contracts (other than the Transaction Agreements) that would be or purport to be
binding on the Purchasers or any of their Affiliates after the Closing; 
 (viii) Contracts with any Governmental Entity that imposes any
material obligation or restriction on the Company or any of its Subsidiaries, taken as a whole; and 
 (ix) any material Contract with any
current or former director, officer or employee, or with any HRG Affiliate. 
 (b) Each Material Contract is valid and binding on the
Company (and/or each such Subsidiary of the Company party thereto) and, to the Knowledge of the Company, on each other party thereto, and is in full force and effect, and neither the Company nor any of its Subsidiaries that is a party thereto, nor,
to the Knowledge of the Company, any other party thereto, is in breach of, or default under, any such Material Contract, and no event has occurred that with notice or lapse of time or both would constitute such a breach or default thereunder or
would result in the termination thereof or would cause or permit the acceleration or other change of any right or obligation of the loss of any benefit thereunder by the Company or any of its Subsidiaries, or, to the Knowledge of the Company, any
other party thereto, except for such failures to be in full force and effect and such breaches and defaults that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

3.24 Right of First Refusal; Stockholders Agreement; Voting and Registration Rights; and Related Party Transactions. Except as set
forth on Schedule 3.24 or as provided for in this Agreement or the other Transaction Agreements, no party has any right of first refusal, right of first offer, right of co-sale, preemptive right, anti-dilution right or other similar right regarding
Equity Securities of the Company. Except as set forth on Schedule 3.24, there are no provisions of the Company’s organizational documents and no Material Contracts other than the Certificate of Designation, this Agreement or the other
Transaction Agreements, which (a) may affect or restrict the voting rights of the Purchasers with respect to the Preferred Shares in their capacity as stockholders of the Company, (b) restrict the ability of the Purchasers, or any
successor thereto or assignee or transferee thereof, to transfer the Preferred Shares, (c) would adversely affect the Company’s or the Purchasers’ right or ability to consummate the transactions contemplated by this Agreement or
comply with the terms of the other Transaction Agreements or the Certificates of Designation and the transactions contemplated hereby or thereby, (d) require the vote of more than a majority of the Company’s issued and outstanding Common
Stock or require a separate class vote, voting together as a single class, to take or prevent any corporate action (other than those matters expressly requiring a different vote under the provisions of the DGCL) or (e) entitle any party to
nominate or elect any director of the Company or require any of the Company’s stockholders to vote for any such nominee or other person as a director of the Company. Except for the matters disclosed on Schedule 3.24 or as

  
 27 

 
described in the Company SEC Filings, no Affiliate of the Company or any of its Subsidiaries and no officer or director (or equivalent) of the Company or any of its Subsidiaries (or, to the
Company’s Knowledge, any family member of any such Person who is an individual or any entity in which any such Person or any such family member thereof owns a material interest): (a) has any material interest in any material asset owned or
leased by the Company or any of its Subsidiaries or used in connection with the business of the Company or (b) has engaged in or is a party to any material transaction, arrangement or understanding with the Company or any of its Subsidiaries
(other than payments made to, and other compensation provided to, officers and directors (or equivalent) in the ordinary course of business). 

3.25 Section 203 of DGCL. The Company has elected in its certificate of incorporation not to be governed by Section 203 of
the DGCL and no other state takeover statute or similar regulation applies to or purports to apply to the Transaction Agreements and the transactions contemplated hereby and thereby. 

3.26 No Other Representations and Warranties. Except for the representations and warranties contained in Section 3 (including, or
as qualified by, the Disclosure Schedule), the Company makes no other representation or warranty, express or implied, written or oral, and hereby, to the maximum extent permitted by applicable Law, disclaims any such representation or warranty,
whether by the Company or any other Person, with respect to the Company or with respect to any other information (including, without limitation, pro-forma financial information, financial projections or other forward-looking statements) provided to
or made available to any Purchaser in connection with the transactions contemplated hereby. Neither the Company nor any other Person will have or be subject to any liability or indemnification obligation to any Purchaser or any other Person
resulting from any other express or implied representation or warranty with respect to the Company, unless any such information is expressly included in a representation or warranty contained in Section 3 or in an applicable section of the
Disclosure Schedule. 
 4. Representations and Warranties of the Purchasers. Except as set forth in Section 4.10, each Purchaser
represents and warrants, severally and not jointly, to the Company as follows: 
 4.1 Organization. Such Purchaser is a legal entity
duly organized, validly existing and in good standing under the Laws of the jurisdiction of its organization. 
 4.2 Authorization.
Such Purchaser has all requisite corporate or other power to enter into this Agreement and the other Transaction Agreements to which such Purchaser is a party and to consummate the transactions contemplated by the Transaction Agreements to which
such Purchaser is a party and to carry out and perform its obligations thereunder. All corporate or other action on the part of such Purchaser or the holders of the capital stock or other equity interests of such Purchaser necessary for the
authorization, execution, delivery and performance of the Transaction Agreements to which such Purchaser is a party has been taken. Upon their respective execution by such Purchaser and the other parties thereto and assuming that they constitute
legal and binding agreements of the Company, each of the Transaction Agreements to which such Purchaser is a party will constitute a legal, valid and binding obligation of such Purchaser, enforceable against such Purchaser in accordance with its

  
 28 

 
terms, except that such enforceability (a) may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other similar Laws affecting or relating to creditors’
rights generally, and (b) is subject to general principles of equity (regardless of whether considered in a proceeding in equity or at Law). 

4.3 No Conflict. The execution, delivery and performance of the Transaction Agreements to which such Purchaser is a party by such
Purchaser, the issuance of the Preferred Shares and the Common Stock upon conversion of the Preferred Shares in accordance with the Certificate of Designation and the consummation of the other transactions contemplated hereby will not
(i) conflict with or result in any violation of any provision of the certificate of incorporation or by-laws or other equivalent organizational document, in each case as amended, of such Purchaser, (ii) result in any breach or violation
of, or default (with or without notice or lapse of time, or both) under, require consent under, any Contract binding upon such Purchaser or (iii) subject to the matters referred to in Section 4.4, conflict with or violate any applicable
Laws or any judgment, order, injunction or decree issued by any Governmental Entity, except in the case of each of clauses (i), (ii) and (iii) as would not, individually or in the aggregate, be reasonably expected to materially delay or
hinder the ability of such Purchaser to perform its obligations under the Transaction Agreements (with respect to each Purchaser, a “Purchaser Adverse Effect”). 

4.4 Consents. No Consent of any Governmental Entity is required on the part of such Purchaser in connection with (a) the
execution, delivery or performance of the Transaction Agreements to which such Purchaser is a party and the consummation of the transactions contemplated hereby and thereby, and (b) the issuance of the Preferred Shares or the issuance of the
Common Stock upon conversion of the Preferred Shares in accordance with the Certificate of Designation, other than (i) those to be obtained, in connection with the registration of the Preferred Shares under the Registration Rights Agreement,
under the applicable requirements of the Securities Act and any related filings and approvals under applicable state securities Laws, (ii) such filings and approvals as may be required by any federal or state securities Laws, including
compliance with any applicable requirements of the Exchange Act, and (iii) such Consents the failure of which to make or obtain would not, individually or in the aggregate, reasonably be expected to have a Purchaser Adverse Effect. 

4.5 Brokers. Such Purchaser has not retained, utilized or been represented by any broker or finder in connection with the transactions
contemplated by this Agreement whose fees the Company would be required to pay. 
 4.6 Purchase Entirely for Own Account. Such
Purchaser is acquiring the Preferred Shares for its own account solely for the purpose of investment, not as nominee or agent, and not with a view to, or for sale in connection with, any distribution of the Preferred Shares in violation of the
Securities Act, and such Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same, in violation of the Securities Act. Such Purchaser has no present agreement, undertaking, arrangement,
obligation or commitment providing for the disposition of the Preferred Shares. 
 4.7 Investor Status. Such Purchaser certifies and
represents to the Company that such Purchaser is an “accredited investor” as defined in Rule 501 of Regulation D 

  
 29 

 
promulgated under the Securities Act. Such Purchaser’s financial condition is such that it is able to bear the risk of holding the Preferred Shares for an indefinite period of time and the
risk of loss of its entire investment. Such Purchaser has been afforded the opportunity to receive information from, and to ask questions of and receive answers from the management of, the Company concerning this investment so as to allow it to make
an informed investment decision prior to its investment and has sufficient knowledge and experience in investing in companies similar to the Company so as to be able to evaluate the risks and merits of its investment in the Company. 

4.8 Securities Not Registered. 

(a) Such Purchaser understands that the Preferred Shares and the Conversion Shares have not been approved or disapproved by the SEC or by any
state securities commission nor have the Preferred Shares or the Conversion Shares been registered under the Securities Act, by reason of their issuance by the Company in a transaction exempt from the registration requirements of the Securities Act,
and that the Preferred Shares and the Conversion Shares must continue to be held by such Purchaser unless a subsequent disposition thereof is registered under the Securities Act or is exempt from such registration. Such Purchaser understands that
the exemptions from registration afforded by Rule 144 under the Securities Act (“Rule 144”) (the provisions of which are known to it) depend on the satisfaction of various conditions, and that, if applicable, Rule 144
may afford the basis for sales only in limited amounts. 
 (b) The Preferred Shares and the Conversion Shares shall be subject to the
restrictions contained herein. 
 (c) It is understood that the Preferred Shares and the Conversion Shares, and any securities issued in
respect thereof or in exchange therefor, may bear one or all of the legends set forth in Section 9. 
 4.9 Financing.
Such Purchaser has (and at the Closing will have) an amount of cash sufficient to enable it to consummate the transactions contemplated hereunder (including the purchase of the Preferred Shares set forth next to such Purchaser’s name on
Annex A) on the terms and conditions set forth in this Agreement. 
 4.10 Equity Securities of the Company and its Subsidiaries.

 (a) Each of the Luxor Purchasers represent and warrant to the Company that no Luxor Purchasers nor any of their Affiliates Beneficially
Owns any Equity Securities of the Company or any of its Subsidiaries, except, as of the Closing, the Preferred Shares. 
 (b) Each of the
DG Purchasers represent and warrant to the Company that, as of immediately prior to the Closing, the DG Purchasers (together with their Affiliates) Beneficially Owns 1,192,335 Common Shares and 5,000 shares of Series A Convertible Preferred Stock.

  
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 4.11 Indebtedness. Except as disclosed to the Company in writing on or prior to the date
hereof, neither such Purchaser nor any of its Affiliates owns any debt securities or other indebtedness issued by the Company or any of its Subsidiaries. 

5. Covenants. 
 5.1
Shares Issuable Upon Conversion. The Company will at all times have reserved and available for issuance such number of shares of Common Stock as shall be from time to time sufficient to permit the conversion in full of the outstanding
Preferred Shares into Common Stock, including as may be adjusted for share splits, combinations or other similar transactions as of the date of determination or due to the accrual of Accreting Dividends. 

5.2 Commercially Reasonable Efforts; Further Assurances. 

(a) Upon the terms and subject to the conditions set forth in this Agreement, each of the Purchasers and the Company shall use commercially
reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other parties or parties hereto in doing, all things reasonably necessary, proper or advisable under applicable Law
to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement and the other Transaction Agreements, including using commercially reasonable efforts to: (i) cause the conditions to
the applicable Closing set forth in Section 6 to be satisfied; (ii) obtain all necessary actions or non-actions, waivers, consents, approvals, orders and authorizations from Governmental Entities and make all necessary
registrations, declarations and filings with Governmental Entities; and (iii) execute or deliver any additional instruments reasonably necessary to consummate the transactions contemplated by, and to fully carry out the purposes of, this
Agreement and the other Transaction Agreements. 
 (b) Each party agrees to cooperate with each other and their respective officers,
employees, attorneys, accountants and other agents, and, generally, do such other reasonable acts and things in good faith as may be reasonably necessary to effectuate the transactions contemplated by this Agreement and the other Transaction
Agreements, subject to the terms and conditions hereof and thereof and compliance with applicable Law, including taking reasonable action to facilitate the filing of any document or the taking of reasonable action to assist the other parties hereto
in complying with the terms hereof and thereof. 
 5.3 Standstill. 

(a) Each Purchaser hereby agrees that from the Closing until the date that is three (3) years following the Closing (the
“Standstill Period”), such Purchaser shall not, and shall cause its Affiliates not to, directly or indirectly: 
 (i)
except for Equity Securities of the Company received (1) by way of stock splits, stock dividends, reclassifications, recapitalizations or other distributions by the Company in respect of the Preferred Shares or, with respect to the DG
Purchasers, shares of Series A Convertible Preferred Stock held by such Purchasers on the date hereof (or the Common Stock issuable on conversion of the Preferred Shares or such shares of Series A Convertible Preferred Stock), (2) pursuant to
the conversion of the Preferred Shares or, 

  
 31 

 
with respect to the DG Purchasers, shares of Series A Convertible Preferred Stock held by such Purchasers on the date hereof, (3) pursuant to Section 5.4 or 5.5,
(4) by such Purchaser by way of a transfer or sale from any other Purchaser or, with respect to the DG Investors, a transfer or sale from any Purchaser under and as defined in the Securities Purchase Agreement, dated as of May 29, 2014,
between the Company and the purchasers party thereto, subject to the terms and conditions thereof, (5) by way of an issuance by the Company, or (6) upon the exercise or conversion of any convertible or exercisable Equity Securities of the
Company received pursuant to the foregoing sub-clauses (1), (2), (3), (4) or (5), (x) acquire (directly or indirectly, by purchase or otherwise) any Equity Securities of the Company or (y) authorize or make a tender offer,
exchange offer or other offer or proposal, whether oral or written, to acquire (directly or indirectly, by purchase or otherwise) Equity Securities of the Company, in each case, if such acquisition (together with any other Equity Securities of the
Company previously acquired) would result in such Purchaser and its Affiliates Beneficially Owning (on an as converted basis) an amount of Common Stock equal to or greater than fifteen percent (15%) of the Company’s issued and outstanding
Common Stock (assuming the conversion of the Preferred Shares and shares of Series A Convertible Preferred Stock held by such Purchaser and its Affiliates); 

(ii) except indirectly as a result of ownership of Equity Securities of the Company acquired hereunder at any Closing or thereafter in
accordance with Section 5.3(a)(i), (x) acquire (directly or indirectly, by purchase or otherwise) any Equity Securities of any Subsidiary of the Company or (y) authorize or make a tender offer, exchange offer or other offer or
proposal, whether oral or written, to acquire (directly or indirectly, by purchase or otherwise) Equity Securities of any Subsidiary of the Company, in each case if such acquisition (together with any other Equity Securities of any Subsidiary of the
Company previously acquired) would result in such Purchaser and its Affiliates Beneficially Owning (on an as converted basis) an amount of any such Subsidiary’s common stock equal to or greater than fifteen percent (15%) of such
Subsidiary’s issued and outstanding common stock (assuming conversion of any Equity Securities that is convertible into common stock held by such Purchaser and its Affiliates); 

(iii) make, or in any way participate, directly or indirectly, in any “solicitation” of “proxies” to vote (as such terms
are used in the rules of the SEC), or seek to advise or influence any Person (other than (x) such Purchaser or its Affiliates or (y) in accordance with and consistent with the recommendation of the Board) with respect to the voting of any
Voting Stock; 
 (iv) authorize or commence any tender offer or exchange offer for shares of Voting Stock (for the avoidance of doubt,
tendering into any tender offer or exchange offer not otherwise violating this clause this Section 5.3(a)(iv) will not violate this Section 5.3(a)(iv)); 

(v) form, join or in any way participate in a “group” as defined in Section 13(d)(3) of the Exchange Act, for the purpose of
voting, acquiring, holding, or disposing of any Voting Stock; 
 (vi) submit to the Board a written proposal for or offer of (with or
without conditions), any merger, recapitalization, reorganization, business combination or other extraordinary transaction involving the Company or any Subsidiary thereof or any of the securities or assets, or make any public announcement with
respect to such proposal or offer; 

  
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 (vii) request the Company or any of its Affiliates, directly or indirectly, to amend or waive
any provision of this Section 5.3; or 
 (viii) enter into any arrangements with any third party concerning any of the
foregoing. 
 (b) If, at any time prior to the termination of the Standstill Period, (i) the Company has entered into a definitive
agreement, the consummation of which would result in a Change of Control, (ii) any Person shall have commenced and not withdrawn a bona fide public tender or exchange offer which if consummated would result in a Change of Control and the Board
has not recommended that the stockholders of the Company reject such offer within the time period contemplated by Rule 14e 3 under the Exchange Act, or (iii) the Company files or consents to the filing against the Company of a petition for
relief or reorganization or arrangement or any other petition in bankruptcy, insolvency, reorganization or other similar Law, makes an assignment for the benefit of creditors or consents to the appointment of a custodian, receiver, trustee or other
officer with similar powers with respect to the Company or with respect to any substantial part or its property, then, in each case, for so long as such condition continues to apply, the limitation on the actions described in clauses (iii),
(iv), (v), (vi), (vii) and (viii) of Section 5.3(a) (and any related acquisition of Beneficial Ownership by such Purchaser and/or their Affiliates) shall not be applicable to such Purchaser. 

(c) Anything in this Section 5.3 to the contrary notwithstanding, this Section 5.3 shall not be construed to prohibit
or restrict (i) any actions taken by any designee, nominee or appointee on the Board, in their capacities as a member of the Board and in compliance with and subject to his or her fiduciary duties as a member of the Board, (ii) the
Purchaser from making non-public suggestions, recommendations and proposals regarding the future management of, or business plans of, the Company to the Company’s management or its Board, in each case that would not require any Person to
publicly disclose such suggestions, recommendations or proposals, or (iii) taking any action for purposes of exercising or enforcing such Purchaser’s right under Section 7 of the Certificate of Designation (Director Election Rights).

 5.4 Participation Rights. 

(a) For so long as the Luxor Purchasers own at least 50% of the aggregate number of Preferred Shares issued to the Luxor Purchasers at the
Closing (or the Common Stock issued upon conversion thereof), the Company shall not issue, or agree to issue, any Equity Securities of the Company to any Person unless the Company offers each Luxor Purchaser (in the case of clause (ii), together
with its Affiliates) the right (the “Securities Participation Right”) to purchase in the aggregate (i) subject to the following clause (ii), up to the number of such Equity Securities of the Company (the “Securities
Participation Amount”) equal to the product of (x) the total number of such offered shares of Equity Securities of the Company multiplied by (y) such Luxor Purchaser’s Participation Rights Fraction, or (ii) in the event
that the Equity Securities of the Company issued are preferred stock that are not 

  
 33 

 
convertible into Common Stock (or Equity Securities of the Company that are convertible into Common Stock) and non-voting (treating preferred stock that is entitled to elect no more than two
directors upon a default resulting from the failure to pay six (6) or more consecutive quarterly dividends as non-voting for this purpose) (“Non-Convertible Preferred Securities”), up to 6% of the total issuance by the Company
(the “Non-Convertible Preferred Participation Amount”), at the same price per security (payable in cash, except to the extent that the consideration for such issuance is an exchange of Convertible Preferred Stock) and otherwise upon
the same terms and conditions as those offered to such Person in accordance with the procedures set forth in this Section 5.4; provided that the Securities Participation Rights shall not be applicable to the issuance of the
following Equity Securities of the Company: (i) an underwritten registered public offering of Common Stock for cash (which shall exclude for this purpose any registered direct offering to one or more purchasers (other than to or through
brokers, dealers, underwriters or market makers, in each case purchasing for resale to investors) in an aggregate amount greater than the lesser of $5 million and 1% of the shares the Company’s Common Stock then outstanding), (ii) an
issuance of equity or equity linked securities pursuant to any director, officer or employee compensation arrangements that is permitted, or not prohibited by, the Certificate of Designation or any issuance of equity or equity linked securities
pursuant to the existing terms of any such arrangements in effect as of the Closing Date, (iii) an issuance of equity to a seller, or in the case of a merger, the shareholders of the target company, and the employees or officers of any target
company in connection with a bona fide merger, business combination transaction or acquisition of stock or assets outside of the ordinary course (other than any issuance to an Affiliate in connection thereof), (iv) a conversion of shares of one
class of capital stock of the Company into shares of another class of capital stock of the Company in accordance with the terms of such securities, (v) a stock split or other subdivision or combination, or a stock dividend made to all holders
on a pro rata basis of any Equity Securities of the Company, (vi) an issuance of any Additional Preferred Securities following compliance with Section 5.5, or (vii) an issuance of Equity Securities of the Company that is
incidental to and is issued as part of a debt financing from a bank, institutional lender or similar financial institution. For purposes of clarity, the parties agree that the issuance of Conversion Shares shall not be subject to the Securities
Participation Rights. In no event will any Convertible Preferred Stock, Series A Convertible Preferred Stock (or any Common Stock issuable in connection with the conversion of any Convertible Preferred Stock or Series A Convertible Preferred Stock)
issued in connection with or as a result of accretions to the face amount of, or payments in kind with respect to, any Convertible Preferred Stock, Series A Convertible Preferred Stock or Equity Securities of the Company outstanding on the Closing
or otherwise permitted to be issued, or not prohibited, by the Certificate of Designation be subject to the Securities Participation Rights. A Luxor Purchaser shall be entitled to apportion or assign its Securities Participation Amount or
Non-Convertible Preferred Participation Amount in such proportions as it deems appropriate, among itself, its Affiliates, and to any other Luxor Purchaser, provided that the total amount of Non-Convertible Preferred Participation Amount that the
Luxor Purchasers shall be entitled to purchase in the aggregate pursuant to this section shall not exceed 6% of the aggregate amount of Non-Convertible Preferred Securities issued in such transaction. 

(b) In addition to the foregoing, for so long as a Purchaser (along with its Affiliates) owns at least 50% of the aggregate number of
Preferred Shares issued to such Purchaser and its Affiliates at the Closing (or the Common Stock issued upon conversion thereof), if the Company or any Subsidiary of the Company determines to (x) sell or issue debt

  
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securities to, or (y) establish any loan or credit facility or line of credit with, any lender(s) (each a “Debt Transaction Lender” and collectively the “Debt
Transaction Lenders”), in each case, resulting in or providing for the incurrence of indebtedness for borrowed money by the Company or such Subsidiary (excluding (i) trade payables, (ii) capital lease obligations,
(iii) indebtedness solely by and between the Company and any of its Wholly Owned Subsidiaries, or (iv) any working capital credit facility or line of credit providing financing to Schuff or any of its Subsidiaries) (any such issuance or
incurrence not so excluded, a “Debt Transaction”), the Company must offer, or cause the Subsidiary to offer, Luxor Purchaser (along with its Affiliates) the right (the “Debt Participation Right” and, together with
the Securities Participation Right, the “Participation Rights”) to purchase a portion of the securities or indebtedness issued or incurred in such Debt Transaction equal to, (x) for the Luxor Purchasers, in the aggregate 10% of
the aggregate principal amount of the securities or indebtedness issued or incurred in such Debt Transaction and (y) for the DG Purchasers, in the aggregate 1% of the aggregate principal amount of the securities or indebtedness issued or
incurred in such Debt Transaction (respectively, the “Debt Participation Amount”), on the same terms and conditions as the Debt Transaction Lenders. A Purchaser shall be entitled to apportion or assign its Debt Participation Amount
in such proportions as it deems appropriate, among itself, its Affiliates, and to any other Purchaser, provided that the total amount of Debt Participation Amount that the Purchasers shall be entitled to purchase in the aggregate pursuant to this
section shall not exceed 11% of the aggregate principal amount of the securities or indebtedness issued or incurred in such Debt Transaction. 

(c) Securities Participation Rights Process. 

(i) The Company shall send a written notice (the “Securities Participation Rights Notice”) to each Luxor Purchaser stating
the number of Equity Securities of the Company to be offered, a description of the terms of such Equity Securities of the Company if not Common Stock, the price and terms on which it proposes to offer such Equity Securities of the Company (including
a description of any non-cash consideration sufficiently detailed to permit a valuation thereof), and a reference to such Luxor Purchaser’s Securities Participation Rights hereunder. 

(ii) Within ten (10) Business Days after the delivery of the Securities Participation Rights Notice, each such Luxor Purchaser may elect
by written notice to the Company (the “Securities Exercise Notice”) to purchase such Equity Securities of the Company, at the price and on the terms specified in the Securities Participation Rights Notice (or, if such price includes
non-cash consideration, an amount of cash equal to the fair market value of such non-cash consideration, except to the extent that the consideration for such issuance is an exchange of Convertible Preferred Stock), up to (i) such Luxor
Purchaser’s Securities Participation Amount or, (ii) in the event that the offered securities are preferred securities that are not convertible into Common Stock or Equity Securities of the Company that are convertible into Common Stock,
up to such Luxor Purchaser’s Non-Convertible Preferred Participation Amount (or, in the case of each of the foregoing clauses (i) and (ii), such higher amount as has been assigned to such Luxor Purchaser by any other Luxor Purchaser in
accordance with Section 5.4(a) hereof). A Securities Exercise Notice shall constitute a binding agreement of such Luxor Purchaser to purchase the amount of Equity Securities of the Company so specified at the price and other terms set
forth in the Securities Participation Rights Notice 

  
 35 

 
(subject to the form, terms and conditions of the definitive documentation thereof being reasonable satisfactory to such Luxor Purchaser). Assuming delivery of the Securities Participation Rights
Notice in accordance with the terms hereof, the failure of any such Luxor Purchaser to respond within such ten (10) Business Day period shall be deemed a waiver of such Luxor Purchaser’s rights under this Section 5.4 with
respect to the offering described in the applicable Securities Participation Rights Notice. Notwithstanding anything to the contrary herein, at any time prior to the issuance of the Equity Securities of the Company (whether or not a Securities
Exercise Notice shall have been delivered), the Company may elect (in its sole discretion), upon written notice to the applicable Luxor Purchasers, not to issue such Equity Securities of the Company and rescind, in such event, the applicable
Securities Participation Rights Notice without liability to any Person hereunder. 
 (iii) Subject to the last sentence of this
Section 5.4(c)(iii), the Company may offer the Equity Securities of the Company specified in the Securities Participation Rights Notice in excess of the Securities Participation Amount, if any, to any Person or Persons at a price not
less than, and on terms no more favorable to such offerees than, those set forth in such Securities Participation Rights Notice, at any time after the Securities Participation Rights Notice is sent but on or before the 90th day after the Securities
Participation Rights Notice was sent. In addition, during the period beginning ten (10) Business Days after the Securities Participation Rights Notice was sent and ending on the 90th day after the Securities Participation Rights Notice was
sent, the Company may offer any Equity Securities of the Company of the Securities Participation Amount that are not timely elected to be purchased by the applicable Luxor Purchasers in accordance herewith to any other Person or Persons,
provided that if such Equity Securities of the Company are to be offered at a price less than, or on terms materially more favorable to such offerees than, those specified in the Securities Participation Rights Notice, the Company shall
promptly notify the applicable Luxor Purchasers in writing of such modified terms and such Luxor Purchasers shall have five (5) Business Days after the receipt of such notice in which to elect to purchase the Securities Participation Amount of
such Equity Securities of the Company at the price and on the terms specified in such subsequent notice. 
 (iv) The closing of the
purchase of Equity Securities of the Company by each Luxor Purchaser pursuant to this Section 5.4(c) shall occur as promptly as practicable following delivery of the Securities Exercise Notice to the Company by all Luxor Purchasers;
provided that such closing shall be subject to and shall occur not earlier than the later of (x) concurrently with the closing of the purchase of Equity Securities of the Company by such offeree and (y) ten (10) Business Days
after delivery of the Securities Exercise Notice by each Luxor Purchaser to the Company. The closing of the purchase of Equity Securities of the Company by the applicable Luxor Purchasers pursuant to this Section 5.4(c) shall also be
subject to the receipt of any necessary regulatory approvals, the expiration of any required waiting periods and applicable Law. 
 (v)
Notwithstanding anything to the contrary contained in this Agreement, in the event any Luxor Purchaser would be required to file any Notification and Report Form pursuant to the HSR Act as a result of the purchase of Equity Securities of the Company
by such Luxor Purchaser pursuant to this Section 5.4, the closing of such purchase by such Luxor Purchaser shall be delayed (in whole, or at the option of such Luxor Purchaser, only 

  
 36 

 
to the extent necessary to avoid a violation of the HSR Act), until such Luxor Purchaser shall have made such filing under the HSR Act and such Luxor Purchaser shall have received early
termination clearance in respect thereof or the waiting period in connection with such filing under the HSR Act shall have expired. In such circumstances such Luxor Purchaser shall use commercially reasonable efforts to make such filing and obtain
such clearance or expiration of such waiting period as promptly as reasonably practical and the Company shall use commercially reasonable efforts to make all required filings and reasonably cooperate with and assist such holder in connection with
the making of such filing and obtaining such clearance or expiration of such waiting period. 
 (d) Debt Participation Rights
Process. 
 (i) The Company shall send a written notice (the “Debt Participation Rights Notice”) to each Purchaser
stating the amount of indebtedness the Company or its Subsidiary plans to incur in connection with the Debt Transaction, a description of the terms and conditions of the Debt Transaction, and a reference to the such Purchaser’s Debt
Participation Rights hereunder. 
 (ii) Within ten (10) Business Days after the delivery of the Debt Participation Rights Notice, each
such Purchaser may elect by written notice to the Company (the “Debt Exercise Notice”), to participate in the Debt Transaction on the terms and conditions specified in the Debt Participation Rights Notice, for a portion of the
indebtedness issued or incurred in the Debt Transaction up to the Debt Participation Amount (or such higher amount as assigned to such Purchaser by any other Purchaser in accordance with Section 5.4(b) hereof) and the Company or its
Subsidiary, as the case may be, shall include or shall cause the Debt Transaction Lenders to include such Purchaser as a lender in such Debt Transaction. A Debt Exercise Notice shall constitute a binding agreement of such Purchaser to purchase the
amount of indebtedness issued or incurred in the Debt Transaction so specified at the price and other terms set forth in the Debt Participation Rights Notice (subject to the form, terms and conditions of the definitive documentation thereof being
reasonable satisfactory to such Purchaser). Assuming delivery of the Debt Participation Rights Notice in accordance with the terms hereof, the failure of such Purchaser to respond within such ten (10) Business Day period shall be deemed a
waiver of such Purchaser’s rights under this Section 5.4 with respect to the offering described in the applicable Debt Participation Rights Notice. Notwithstanding anything to the contrary herein, at any time prior to the closing of
a Debt Transaction (whether or not a Debt Exercise Notice shall have been delivered), the Company or its Subsidiary, as the case may be, may elect (in its sole discretion), upon written notice to such Purchaser, to terminate such Debt Transaction
and, in such event, rescind the applicable Debt Participation Rights Notice without liability to any Person hereunder. 
 (iii) Subject to
the last sentence of this Section 5.4(d)(iii), the Company or its Subsidiary, as the case may be, may offer indebtedness in connection with any Debt Transaction specified in the Debt Participation Rights Notice in excess of the Debt
Participation Amount, if any, to any Person or Persons at a price not less than, and on terms no more favorable to such offerees than, those set forth in such Debt Participation Rights Notice, at any time after the Debt Participation Rights Notice
is sent but on or before the 90th day after the Debt Participation Rights Notice was sent. In addition, during the period beginning ten (10)

  
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Business Days after the Debt Participation Rights Notice was sent and ending on the 90th day after the Debt Participation Rights Notice was sent, the Company or its Subsidiary, as the case may
be, may offer any indebtedness of the Debt Participation Amount that is not timely elected to be purchased by the applicable Purchaser in accordance herewith to any other Person or Persons, provided that if such indebtedness is to be offered
at a price less than, or on terms materially more favorable to such offerees than, those specified in the Debt Participation Rights Notice, the Company shall promptly notify the applicable Purchaser in writing of such modified terms and such
Purchaser shall have five (5) Business Days after the receipt of such notice in which to elect to purchase the Debt Participation Amount of such indebtedness at the price and on the terms specified in such subsequent notice. 

(iv) The closing of the purchase of the indebtedness in the Debt Transaction by each Purchaser pursuant to this Section 5.4(d)
shall occur as promptly as practicable following the delivery of the Debt Exercise Notice to the Company by all Purchasers; provided that such closing shall be subject to and shall occur not earlier than the later of (x) concurrently
with the closing of the purchase of the indebtedness by the applicable offeree and (y) ten (10) Business Days after delivery of the Debt Exercise Notice to the Company by each Purchaser. The closing of the purchase of the indebtedness by
the applicable Purchaser pursuant to this Section 5.4(d) shall also be subject to the receipt of any necessary regulatory approvals, the expiration of any required waiting periods and applicable Law. 

5.5 Rights with Respect to Additional Preferred Security. Subject to the terms and conditions of this Subsection 5.5 and applicable
securities laws, and for so long as a Luxor Purchaser (along with its Affiliates) owns at least 50% of the aggregate number of Preferred Shares issued to such Luxor Purchaser and its Affiliates at the Closing (or the Common Stock issued upon
conversion thereof), if the Company proposes to offer or sell any Additional Preferred Securities, the Company shall first offer such Additional Preferred Securities to each Luxor Purchaser. A Luxor Purchaser shall be entitled to apportion or assign
the right of first offer to purchase any Additional Preferred Securities hereby granted to it (the “Right of First Offer”) in such proportions as it deems appropriate, among itself, its Affiliates and to any DG Purchaser or other
Preferred Holder. 
 (a) The Company shall give notice (the “Offer Notice”) to each Luxor Purchaser, stating (i) its
bona fide intention to offer such Additional Preferred Securities, (ii) the number of such Additional Preferred Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such Additional Preferred
Securities. The Company shall be required to give an additional Offer Notice to each Luxor Purchaser if, at any time following the delivery of the first Offer Notice, there is any alteration of the material terms upon which it proposes to offer such
Additional Preferred Securities (including but not limited to a reduction in the proposed conversion price). 
 (b) By notification to the
Company within five (5) days after the Offer Notice is given, each Luxor Purchaser may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such Additional Preferred
Securities which equals the proportion that the Common Stock then held by such Luxor Purchasers (along with its Affiliates (provided that no Affiliates’ interest is counted more than once)) on an as converted basis bears to the total Common
Stock then held by (x) the Luxor Purchasers (along with their 

  
 38 

 
Affiliates) and (y) the Preferred Holders (along with their Affiliates), in each case on an as converted basis (or such higher amount as has been assigned to such Luxor Purchaser by any
other Luxor Purchaser in accordance with Section 5.5 hereof or by the Preferred Holders in accordance with the terms of the May SPA). At the expiration of such five (5) day period, the Company shall promptly notify each Luxor
Purchaser that elects to purchase or acquire all the shares available to it (together with any Preferred Holder that elects to purchase or acquire all the shares available to it under the May SPA, each, a “Fully Exercising
Investor”) of any other Luxor Purchaser’s failure to do likewise and of any Preferred Holder’s failure to do likewise under the May SPA. During the five (5) day period commencing after the Company has given such notice, each
Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the Additional Preferred Securities for which the Luxor Purchasers and the
Preferred Holders (under the May SPA) were entitled to subscribe but that were not subscribed for by the Luxor Purchasers or the Preferred Holders (under the May SPA) which is equal to the proportion that the Common Stock issued and held by such
Luxor Purchaser (along with its Affiliates (provided that no Affiliates’ interest is counted more than once)) on an as converted basis bears to the Common Stock issued and held (on an as converted basis) by all the other Fully Exercising
Purchasers who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Subsection 5.5(b) shall occur within the later of ninety days of the date that the Offer Notice is given and the date of initial sale of
Additional Preferred Securities pursuant to Subsection 5.5(c). 
 (c) If all Additional Preferred Securities referred to in the
Offer Notice are not elected to be purchased or acquired as provided in Subsection 5.5(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in Subsection 5.5(b), offer
and sell the remaining unsubscribed portion of such Additional Preferred Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree in any material respect, than, those specified in the Offer
Notice. If the Company does not enter into an agreement for the sale of the Additional Preferred Securities within such period, or if such agreement is not consummated within ninety (90) days of the execution thereof, the right provided
hereunder shall be deemed to be revived and such Additional Preferred Securities shall not be offered unless first reoffered to the Luxor Purchasers in accordance with this Subsection 5.5. 

5.6 Hedging Restrictions. Each Purchaser agrees that, during the Hedging Limitation Period, it shall not, and shall cause each of its
Affiliates not to, enter into any Hedging Agreement with respect to the Common Stock, the Convertible Preferred Stock the Series A Convertible Preferred Stock or the equity securities of any Subsidiary of the Company that are traded on a national
securities exchange or the OTCQB. For the avoidance of doubt, following the Hedging Limitation Period, nothing in this Section 5.6 shall prohibit such Purchaser or its Affiliates from entering into any Hedging Agreement with respect to the
Common Stock, the Convertible Preferred Stock or the Series A Convertible Preferred Stock or the equity securities of any Subsidiary of the Company, including any transactions involving an index-based portfolio of securities that includes Common
Stock or the equity securities of any Subsidiary of the Company (regardless of the value of such Common Stock or equity securities of any Subsidiary of the Company in such portfolio relative to the total value of the portfolio of securities) or
involving the purchase or sale of derivative securities or any short sale of the Common Stock or the equity securities of any Subsidiary of the Company. 

  
 39 

 5.7 Form 8-K. The Company shall, promptly following the date hereof (but in any event
within the time period required by the rules and regulations of the SEC), file a Current Report on Form 8-K, disclosing the material terms of the transactions contemplated hereby and filing the Transaction Agreements as exhibits thereto, provided
that the Company shall afford the Purchasers with reasonable opportunity to review and comment on such Current Report on Form 8-K prior to the filing thereof. 

5.8 Tax Characterization. Unless otherwise required by a “determination”, as defined in Section 1313(a) of the Code, the
parties agree to treat the Convertible Preferred Stock as stock other than preferred stock for U.S. federal, and to the extent applicable, state and local income tax purposes. 

5.9 Confidential Information. 

(a) Each Purchaser recognizes that Confidential Information may have been and may be disclosed to such Purchaser by the Company or any of its
Subsidiaries. Each Purchaser shall not engage in the unauthorized use, and shall cause its Affiliates not to engage in the unauthorized use, or make any unauthorized disclosure to any third party, of any Confidential Information without the prior
written consent of the Company and shall use due care to ensure that such Confidential Information is kept confidential, including by treating such information as such party would treat its own Confidential Information. Notwithstanding the
foregoing, the Purchasers shall have the right to share any Confidential Information with any of their Representatives, each of whom shall be required to agree to keep confidential such Confidential Information to the extent required of the
Purchaser under this Section 5.9. As used herein, “Confidential Information” means all information, knowledge, systems or data relating to the business, operations, finances, policies, strategies, intentions or
inventions of the Company and/or its Subsidiaries (including any of the terms of this Agreement) from whatever source obtained, except for any such information, knowledge, systems or data which (i) has become publicly known and made generally
available through no wrongful act of such Purchaser, (ii) has been rightfully received by such Purchaser from a third party who, to the knowledge of such Purchaser, is not bound any obligations of confidentiality with respect to such
information, knowledge, systems or data, (iii) is independently developed by such Purchaser without use of Confidential Information, (iv) is already known by or is already in the possession of such Purchaser or any of its Affiliates prior
to the date hereof, or (v) subject to the obligations set forth in Section 5.9(b), is required by law, court order, subpoena, stock exchange, self-regulatory organization, governmental agency, or regulatory body to be disclosed.

 (b) If any Purchaser is requested to disclose any Confidential Information by any Governmental Entity or for any regulatory reason, such
Purchaser will promptly notify the Company, as is reasonably practicable and legally permissible under the circumstances, to permit it to seek a protective order or take other action that the Board in its discretion deems appropriate, and such
Purchaser will cooperate in any such efforts to obtain a protective order or other reasonable assurance that confidential treatment will be accorded such Confidential Information, at the Company’s sole cost and expense. If, in the absence of a
protective order, such Purchaser is compelled to disclose any such information in any proceeding or pursuant to legal process, such Purchaser may disclose to the party compelling disclosure only the part of such Confidential Information as is
required to be disclosed (in which case, prior to 

  
 40 

 
such disclosure, such Purchaser will advise and, if requested by the Board, consult with the Company and its counsel as to such disclosure and the nature and wording of such disclosure) and such
Purchaser will use its commercially reasonable efforts to obtain confidential treatment therefor. Notwithstanding the foregoing, the Purchaser shall not be required to notify the Company if it is required to disclose Confidential Information
pursuant to a routine regulatory inquiry or blanket document request, not targeting the Company or the Board. 
 6. Conditions
Precedent. 
 6.1 Conditions to the Obligation of the Purchasers to Consummate the Closing. The obligations of the Purchasers to
consummate the transactions to be consummated at the Closing, and to purchase and pay for the Preferred Shares pursuant to this Agreement, are subject to the satisfaction of the following conditions precedent: 

(a) the Company shall have filed with the Secretary of State of the State of Delaware the Certificate of Designation; 

(b) the Company shall have executed and delivered the Registration Rights Agreement; and 

(c) the Company shall have delivered to the Purchasers a certificate dated as of the Closing Date to the effect that each of the conditions
specified in Section 6.1 has been satisfied (“Closing Certificate”). 
 6.2 Conditions to the Obligation of the
Company to Consummate the Closing. The obligation of the Company to consummate the transactions to be consummated at the Closing, and to issue and sell to the Purchasers the Preferred Shares pursuant to this Agreement, is subject to the
satisfaction of the following conditions precedent: 
 (a) each Purchaser shall have executed and delivered each Transaction Agreement to
which such Purchaser is a party; and 
 (b) the Certificate of Designation shall have been duly filed and accepted by the Secretary of
State of the State of Delaware. 
 7. Additional Covenants. 

7.1 Material Non-Public Information. If, at any time, a Luxor Purchaser has notified the Company in writing that it does not want to
receive any material nonpublic information regarding the Company and its Subsidiaries, the Company shall thereafter not disclose material nonpublic information to such Luxor Purchaser, or to advisors to or representatives of such Luxor Purchaser (in
their capacity as such) until such time as such Luxor Purchaser may again request in writing to receive such information. 
 7.2
Information Rights. For so long as the Luxor Purchasers and their Affiliates collectively own at least seven and a half percent (7.5%) of the issued and outstanding shares of Common Stock (assuming conversion of any Preferred Shares they
own), whether or not the Company is required to file any forms, reports or documents with the SEC, the Company 

  
 41 

 
shall deliver to each such Luxor Purchaser all quarterly and annual financial information that would be required to be contained in a filing with the SEC on Form 10-Q or Form 10-K, as applicable,
if the Company were required to file such Form with the SEC and, with respect to the annual information only, a report thereon by the Company’s independent registered accountants. Notwithstanding the foregoing, the Company’s obligation
under this Section 7.2 to deliver the foregoing information shall be deemed to have been satisfied upon the filing of the abovementioned forms, reports and documents with the SEC in accordance with applicable Laws. 

7.3 Consent to Debt Issuance; Waiver of Debt Participation Rights. Each of the Purchasers does hereby (a) consent to the Debt
Issuance (inclusive of all interest and other fees and expenses accrued in the ordinary course in connection with such indebtedness), including pursuant to Section 9(a) of the Certificate of Designation and (b) waive its Debt Participation
Right with respect to such Debt Issuance. For the avoidance of doubt, the consent granted pursuant to the immediately preceding sentence is limited to the Initial Interim Term Loans and the Delayed Draw Interim Term Loans described in the Credit
Agreement (as described in the Credit Agreement provided as of the date hereof). Each of the Purchasers does hereby further consent to, pursuant to Section 9(a) of the Certificate of Designation, any issuance of indebtedness in connection with
any refinancing of indebtedness under the Credit Agreement, including a refinancing of such indebtedness pursuant to the Permanent Notes Documents or the Exchange Notes Documents (each as defined in the Credit Agreement) provided that (i) in
the case of the issuance of Exchange Notes (as defined in the Credit Agreement), such Exchange Notes are issued in accordance with the terms of the Credit Agreement and (ii) in the case of any other refinancing, the principal amount of such
indebtedness (A) does not exceed the sum of (x) the then outstanding principal plus accrued and unpaid interest under the Credit Agreement, plus (y) any principal amount that was previously prepaid under the Credit Agreement plus
(z) any related refinancing fees and expenses and (B) the entire proceeds of the issuance of such indebtedness (less an amount equal to any principal amount that was previously prepaid under the Credit Agreement) are used to repay
indebtedness under the Credit Agreement and any related refinancing fees and expenses. Each of the Purchasers does hereby further waive its rights pursuant to Section 5.4 of this Agreement to participate in any issuance of indebtedness issued
pursuant to Exchange Notes (as defined in the Credit Agreement). For the avoidance of doubt, the waiver granted pursuant to this Section 7.3 shall not apply to, and the Purchasers hereby expressly reserve their right pursuant to
Section 5.4 of this Agreement to participate in, the issuance of indebtedness issued pursuant to the Permanent Notes Documents (as defined in the Credit Agreement). 

8. Transfer Restrictions. Each Purchaser understands and agrees that the Preferred Shares and any Conversion Shares may be offered,
resold, pledged or otherwise transferred only (a) in a transaction not involving a public offering, (b) pursuant to an exemption from registration under the Securities Act provided by Rule 144 thereunder (if available), (c) pursuant
to an effective registration statement under the Securities Act, (d) to the Company or one of its Subsidiaries, (e) to any Affiliate of such Purchaser (provided such Person is an institutional investor) or (f) to any other holder of
shares of Convertible Preferred Stock and to any Affiliates thereof (provided such Person is an institutional investor); in each of cases (a) through (e) in accordance with any applicable state and federal securities laws; provided that as
a condition precedent to a transfer of any Preferred Shares or Conversion Shares to an Affiliate of a 

  
 42 

 
Purchaser pursuant to clause (e), any such Affiliate shall assume, on a several and not joint basis, all then continuing obligations of such Purchaser hereunder pursuant to a written agreement
reasonably acceptable to the Company. Any purported transfer of Preferred Shares or Conversion Shares other than in compliance with the terms hereof shall be void ab initio. 

9. Legends; Securities Act Compliance. 

9.1 Legend. Each certificate representing the Preferred Shares and each certificate representing Conversion Shares will bear a legend
conspicuously thereon to the following effect: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS THE SAME ARE REGISTERED AND QUALIFIED IN ACCORDANCE WITH THE SAID ACT AND ANY OTHER
APPLICABLE STATE SECURITIES LAWS OR SUCH OFFER, SALE, TRANSFER OR OTHER DISPOSITION IS EXEMPT FROM REGISTRATION UNDER SUCH ACT AND ANY OTHER APPLICABLE STATE SECURITIES LAWS.” 

9.2 Termination of 1933 Act Legend. The requirement imposed by Section 9.2 hereof shall cease and terminate as to any particular
Preferred Shares (a) when, in the opinion of counsel reasonably acceptable to the Company, such legend is no longer required in order to assure compliance by the Company with the Securities Act or (b) when such Preferred Shares have been
effectively registered under the Securities Act or transferred pursuant to Rule 144. Wherever (x) such requirement shall cease and terminate as to any Preferred Shares or (y) such Preferred Shares shall be transferable under paragraph
(b)(1) of Rule 144, the holder thereof shall be entitled to receive from the Company, without expense, new certificates not bearing the legend set forth in Section 9.2 hereof. 

10. Indemnification; Survival. 

10.1 Company Indemnification. The Company shall defend, indemnify, exonerate and hold free and harmless each Purchaser and its
Affiliates and their respective directors, officers and employees (each, a “Purchaser Indemnified Party” and, collectively, the “Purchaser Indemnified Parties”) from and against any and all Losses actually incurred
by such Indemnified Parties that arise out of, or result from: (i) any inaccuracy in or breach of the Company’s representations or warranties in this Agreement or the Closing Certificates or (ii) the Company’s breach of its
agreements or covenants in this Agreement. 
 10.2 Survival of Representations and Warranties; Covenants. The representations and
warranties contained herein shall survive until the earlier of (i) 5:00 p.m. EDT on the twenty four (24) month anniversary of the Closing or (ii) the date that the Public Float Hurdle (as such term is defined in the Certificate of
Designation) is met but in any event 

  
 43 

 
for a minimum of fifteen (15) months following the Closing, other than the representations and warranties set forth in Sections 3.1, 3.2, 3.3, and 3.4, which shall survive indefinitely.
For the avoidance of doubt, all other covenants, agreements and obligations contained in this Agreement shall survive indefinitely (unless a different period is specifically provided for pursuant to the provisions of this Agreement expressly
relating thereto). 
 10.3 Purchaser Indemnification. Each Purchaser, severally and not jointly, shall defend, indemnify, exonerate
and hold free and harmless the Company and its Affiliates and their respective directors, officers and employees (each a “Company Indemnified Party” and collectively, the “Company Indemnified Parties”) from and
against any and all Losses actually incurred by such Company Indemnified Parties that arise out of, or result from: (i) any inaccuracy in or breach of such Purchaser’s representations or warranties in this Agreement (which breach and any
resulting Losses shall be determined for purposes of this Section 10.3 without giving effect to any qualification as to “materiality”, “Material Adverse Affect” or words of like meaning set forth therein) or (ii) such
Purchaser’s breach of its agreements or covenants in this Agreement. 
 10.4 Limitations. Notwithstanding anything in this
Agreement to the contrary, (i) no indemnification claims for Losses shall be asserted by the Purchaser Indemnified Parties under Section 10.1 (other than indemnification claims for Losses with respect to the representations and warranties
set forth in Sections 3.1, 3.2, 3.3, 3.4, 3.15 and 3.18, (the foregoing referred to as the “Company Fundamental Representations”) or based on Fraud) or by the Company Indemnified Parties under Section 10.3 (other than
indemnification claims for Losses with respect to the representation and warranties set forth in Section 4.1, 4,2, 4.5, and 4.7 or based on Fraud), unless and until (x) the aggregate amount of Losses that would otherwise be payable under
Section 10.1 or Section 10.3, as applicable, exceeds $500,000 (the “Basket Amount”), whereupon the Purchaser Indemnified Party or Company Indemnified Party, as applicable, shall be entitled to receive only amounts for
Losses in excess of the Basket Amount or (y) Losses have been asserted against such Person in accordance with this Section 10.4, and (ii) the aggregate liability of the Company or any Purchaser for Losses under Section 10.1 or
Section 10.3, as applicable, shall in no event exceed the applicable Preferred Share Purchase Price. 
 10.5 Procedures. A party
entitled to indemnification hereunder (each, an “Indemnified Party”) shall give written notice to the party from whom indemnification is sought (the “Indemnifying Party”) of any claim with respect to which it seeks
indemnification promptly after the discovery by such Indemnified Party of any matters giving rise to a claim for indemnification hereunder; provided, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations under this Section 10 unless and to the extent that the Indemnifying Party shall have been materially prejudiced by the failure of such Indemnified Party to so notify such party. Such notice shall describe
in reasonable detail such claim. In case any such action, suit, claim or proceeding is brought against an Indemnified Party, the Indemnifying Party shall be entitled to assume and conduct the defense thereof, with counsel reasonably satisfactory to
the Indemnified Party unless (i) such claim seeks remedies, in addition to or other than, monetary damages that are reasonably likely to be awarded, (ii) such claim involves a criminal proceeding or (iii) counsel to the Indemnified
Party advises such Indemnifying Party in writing that such claim involves a conflict of interest 

  
 44 

 
that would reasonably be expected to make it inappropriate for the same counsel to represent both the Indemnifying Party and the Indemnified Party. If any one of the foregoing clauses
(i) through (iii) applies, the Indemnified Party shall be entitled to retain its own counsel at the cost and expense of the Indemnifying Party (except that the Indemnifying Party shall only be liable for the legal fees and expenses of one
law firm for all Indemnified Parties, taken together with respect to any single action or group of related actions, other than local counsel). If the Indemnifying Party assumes the defense of any claim, the Indemnified Party shall nevertheless be
entitled to hire, at its own expense, separate counsel and participate in the defense thereof; provided, that all Indemnified Parties shall thereafter deliver to the Indemnifying Party copies of all notices and documents (including court papers)
received by the Indemnified Party relating to the claim, and each Indemnified Party shall reasonably cooperate in the defense or prosecution of such claim. Such reasonable cooperation shall include the retention and (upon the Indemnifying
Party’s reasonable request) the provision to the Indemnifying Party of records and information that are reasonably relevant to such claim, and making employees available on a mutually convenient basis to provide additional information and
explanation of any material provided hereunder. The Indemnifying Party shall not be liable for any settlement of any action, suit, claim or proceeding effected without its prior written consent (not to be unreasonably withheld, conditioned or
delayed). The Indemnifying Party further agrees that it will not, without the Indemnified Party’s prior written consent (which shall not be unreasonably withheld, conditioned or delayed), settle or compromise any claim or consent to entry of
any judgment in respect thereof in any pending or threatened action, suit, claim or proceeding in respect of which indemnification has been sought or may be hereunder unless such settlement or compromise includes an unconditional release of such
Indemnified Party from all liability arising out of such action, suit, claim or proceeding and is solely for monetary damages. 
 10.6
Additional Limitations. Notwithstanding anything contained herein to the contrary, “Losses” shall not include (i) any Losses to the extent such Losses could not have been reasonably foreseen by the parties as of the Closing,
and (ii) punitive damages, except to the extent payable by an Indemnified Party to a third party. No party hereto shall be obligated to indemnify any other Person with respect to any representation, warranty, covenant or condition specifically
waived in writing by any other party on or prior to the applicable Closing. 
 10.7 Exclusive Remedies. Notwithstanding anything to
the contrary herein, other than in the case of Fraud, the provisions of Section 10 and Section 12.6 shall be the sole and exclusive remedies of parties under this Agreement following the Closing for any and all breaches or alleged breaches
of any representations or warranties, covenants or agreements of the parties contained in this Agreement. For the avoidance of doubt, this Section 10 shall not prevent the parties from obtaining specific performance or other non-monetary
remedies in equity or at Law pursuant to Section 12.6 of this Agreement and shall not limit other remedies that may be available to the parties under any of the Transaction Agreements (other than this Agreement). 

11. Termination. 
 11.1
Conditions of Termination. Notwithstanding anything to the contrary contained herein, this Agreement may be terminated at any time before the Closing by either the Company, on the one hand, or any Purchaser, on the other hand, if the Closing
shall not have occurred on or prior to 5:00 p.m., New York time, on the date hereof. 

  
 45 

 11.2 Effect of Termination. In the event of any termination pursuant to Section 11.1
hereof, this Agreement shall become null and void and have no further effect, with no liability on the part of the Company or any Purchaser, or their directors, partners, members, employees, affiliates, officers, stockholders or agents or other
representatives, with respect to this Agreement, except for the terms of this Section 11.2 and Section 12 (Miscellaneous Provisions), which shall survive the termination of this Agreement. 

12. Miscellaneous Provisions. 

12.1 Public Statements or Releases. Neither the Company nor any Purchaser shall make any public release or announcement with respect to
the existence or terms of this Agreement or the transactions provided for herein without the prior approval of the other parties, which shall not be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, nothing in this
Section 12.1 shall prevent any party from making any public release required (in the exercise of its reasonable judgment) in order to satisfy its obligations under law or under the rules or regulations of any United States national securities
exchange, in which case the party or parties, as applicable, required to make the release or announcement shall, to the extent reasonably practicable, allow the other party or parties, as applicable, reasonable time to comment on such release or
announcement in advance of such issuance. 
 12.2 Interpretation. The words “hereof,” “herein” and
“hereunder” and words of similar import when used in this Agreement will refer to this Agreement as a whole and not to any particular provision of this Agreement, and section and subsection references are to this Agreement unless otherwise
specified. The headings in this Agreement are included for convenience of reference only and will not limit or otherwise affect the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or
“including” are used in this Agreement, they will be deemed to be followed by the words “without limitation.” The phrases “the date of this Agreement,” “the date hereof” and terms of similar import, unless the
context otherwise requires, will be deemed to refer to the date set forth in the first paragraph of this Agreement. The meanings given to terms defined herein will be equally applicable to both the singular and plural forms of such terms. All
matters to be agreed to by any party hereto must be agreed to in writing by such party unless otherwise indicated herein. Except as specified otherwise herein, references to agreements, policies, standards, guidelines or instruments, or to statutes
or regulations, are to such agreements, policies, standards, guidelines or instruments, or statutes or regulations, as amended or supplemented from time to time (or to successors thereto). All references herein to the Subsidiaries of a Person shall
be deemed to include all direct and indirect Subsidiaries of such Person, unless otherwise indicated or the context otherwise requires. The parties hereto agree that they have been represented by counsel during the negotiation and execution of the
Transaction Agreements and, therefore, waive the application of any Law, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document. 

  
 46 

 12.3 Notices. All notices, requests, consents, and other communications under this
Agreement shall be in writing and shall be deemed delivered (a) three (3) Business Days after being sent by registered or certified mail, return receipt requested, postage prepaid (b) one (1) Business Day after being sent via a
reputable nationwide overnight courier service guaranteeing next business day delivery, (c) on the date of delivery if delivered personally, or (d) if by facsimile, upon written confirmation of receipt by facsimile, in each case to the
intended recipient as set forth below: 
  

	 	(a)	if to the Company, addressed as follows: 

 HC2 Holdings, Inc. 

460 Herndon Parkway, 
 Suite
150, 
 Herndon, VA 20170 

			
	Attention:	  	Andrea L. Mancuso
	Facsimile:	  	(703) 650-4295

 with copies (which shall not constitute notice) to: 

Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 

New York, New York 10019 

			
	Attention:	  	Jeffrey D. Marell
	Facsimile:	  	(212) 757-3990

  

	 	(b)	if to the Luxor Purchasers, to them at: 

 Luxor Capital Partners, LP 

1114 Avenue of the Americas

Twenty-Ninth Floor
 New York, NY
10036 

			
	Attention:	  	Kelly Skura – Chief Financial Officer
	Phone:	  	(212) 763-8042
	Fax:	  	(212) 763-8001
	Email:	  	Ops@Luxorcap.com

  

	 	(c)	if to the DG Purchasers, to them at: 

 DG Capital Management, LLC 

460 Park Avenue, 13th Floor 

New York, NY 10022 

			
	Attention:	  	Dov Gertzulin
	Facsimile:	  	(212) 202-4639

 with copies (which shall not constitute notice) to: 

Brown Rudnick LLP 
 One
Financial Center 
 Boston, MA 02111 

			
	Attention:	  	Andreas Andromalos
	Facsimile:	  	(617) 289-0495

  
 47 

 Any party may change the address to which notices, requests, consents or other communications
hereunder are to be delivered by giving the other parties notice in the manner set forth in this Section 12.3. 
 12.4
Severability. In the event that any provision of this Agreement, or the application thereof, becomes or is declared by a court of competent jurisdiction to be illegal, void or unenforceable, the remainder of this Agreement will continue in
full force and effect and the application of such provision to other persons or circumstances will be interpreted so as reasonably to effect the intent of the parties hereto. The parties further agree to replace such void or unenforceable provision
of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of such void or unenforceable provision. 

12.5 Governing Law; Jurisdiction; WAIVER OF JURY TRIAL. 

(a) This Agreement shall be governed by and construed in accordance with the laws of the State of New York, regardless of the laws that
might otherwise govern under applicable principles of conflicts of law thereof. 
 (b) Each of the parties hereto irrevocably
(i) agrees that any legal suit, action or proceeding brought by any party hereto against arising out of or based upon this Agreement may be instituted in any United States federal court or New York State court located in the Borough of
Manhattan in The City of New York (a “New York Court”), (ii) waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the laying of venue of any such proceeding and
(iii) submits to the non-exclusive jurisdiction of a New York Court in any such suit, action or proceeding. 
 (c) EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF ANY PURCHASER OR THE COMPANY
IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF. 
 12.6 Specific Performance. The parties hereto agree that
the obligations imposed on them in this Agreement are special, unique and of an extraordinary character, and that irreparable damages for which money damages, even if available, would not be an adequate remedy, would occur in the event that the
parties hereto do not perform the provisions of this Agreement in accordance with its specified terms or otherwise breach such provisions. The parties acknowledge and agree that the parties shall be entitled to seek an injunction, specific
performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy to which they are entitled, at law or in equity; and the parties
hereto further agree to waive any requirement for the securing or posting of any bond or other security in connection with the obtaining of any such injunctive or other equitable relief. Each of the parties agrees that it will

  
 48 

 
not oppose the granting of an injunction, specific performance and other equitable relief as provided herein on the basis that (x) either party has an adequate remedy at law or (y) an
award of specific performance is not an appropriate remedy for any reason at law or equity. 
 12.7 Delays or Omissions; Waiver. No
delay or omission to exercise any right, power, or remedy accruing to a party upon any breach or default of another party under this Agreement shall impair any such right, power, or remedy of such party, nor shall it be construed to be a waiver of
any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter
occurring. No waiver of any term, provision or condition of this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or be construed as, a further or continuing waiver of any such term, provision or
condition or as a waiver of any other term, provision or condition of this Agreement. Any agreement on the part of a party or parties hereto to any waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party or
parties, as applicable. Any delay in exercising any right under this Agreement shall not constitute a waiver of such right. 
 12.8 Fees;
Expenses. 
 (a) Except as set forth in this Section 12.8, all fees and expenses incurred in connection with the
Transaction Agreements and the transactions contemplated hereby and thereby shall be paid by the party or parties, as applicable, incurring such expenses whether or not the transactions contemplated hereby and thereby are consummated. 

(b) The Company shall reimburse the Luxor Purchasers for up to $30,000 of reasonable out-of-pocket costs and expenses of the Luxor Purchasers
and their advisors incurred in connection with their due diligence of the Company and its Subsidiaries, negotiation and preparation of the Transaction Agreements and participating in the transaction contemplated by the Transaction Agreements. An
estimate of the fees and expenses of such advisors may be paid by wire transfer to such advisor at the Closing by the Luxor Purchasers, the amount of such check or wire transfer being deducted from the aggregate amount to be paid by such Luxor
Purchasers at the Closing for the Preferred Shares. In addition, the Company shall pay all reasonable out of pocket costs and expenses of the Purchasers incurred with respect to any subsequent amendments, approvals or modifications associated with
the transactions contemplated by the Transaction Agreements. 
 (c) The Company shall pay any and all documentary, stamp or similar issue
or transfer Tax payable in connection with this Agreement, the issuance of the Preferred Shares at Closing and the issuance of the Conversion Shares. 

12.9 Assignment. Except as otherwise provided herein, none of the parties may assign its rights or obligations under this Agreement
without the prior written consent of the other parties, provided, however, that each Purchaser may assign its right and obligations hereunder to an Affiliate of such Purchaser without the prior written consent of the Company or any other Purchaser
or in connection with a transfer of Preferred Shares or Conversion Shares in accordance with Section 8 hereof with the prior written consent of the Company (which consent 

  
 49 

 
shall not be unreasonably withheld, delayed or conditioned); provided, further, that as a condition precedent to such assignment (x) any such Affiliate shall assume, on a several and not
joint basis, all then continuing obligations of such Purchaser hereunder pursuant to a written agreement reasonably acceptable to the Company, and (y) no assignment and assumption shall relieve such Purchaser from any liability hereunder;
provided, further, that any assignment to an Affiliate shall only be effective for so long as such Person remains an Affiliate of the applicable Purchaser and the rights assigned to such Person shall cease to be of further force and effect when such
Person ceases to be an Affiliate of the applicable Purchaser. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties to this Agreement and their respective successors and
permitted assigns. Any purported assignment other than in compliance with the terms hereof shall be void ab initio. 
 12.10 No Third
Party Beneficiaries. Except for Sections 10 (with respect to which all Indemnified Parties shall be third party beneficiaries), 12.13 (with respect to which all Purchaser Representatives named therein shall be third party beneficiaries),
this Agreement does not create any rights, claims or benefits inuring to any Person that is not a party hereto nor create or establish any third party beneficiary hereto. Without limiting the foregoing, the representations and warranties in this
Agreement are the product of negotiations among the parties hereto and are for the sole benefit of the parties hereto. In some instances, the representations and warranties in this Agreement may represent an allocation among the parties hereto of
risks associated with particular matters regardless of the knowledge of any of the parties hereto. Consequently, Persons other than the parties hereto may not rely upon the representations and warranties in this Agreement as characterizations of
actual facts or circumstances as of the date of this Agreement or as of any other date. 
 12.11 Counterparts. This Agreement may be
executed and delivered (including by facsimile or electronic transmission) in any number of counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed an original, but all of which taken
together shall constitute a single instrument. 
 12.12 Entire Agreement; Amendments; Actions. This Agreement and the documents and
instruments and other agreements among the parties hereto as contemplated by or referred to herein, including the Disclosure Schedule and the Annexes and Exhibits hereto, constitute the entire agreement between the parties hereto
respecting the subject matter hereof and supersede all prior agreements, negotiations, understandings, representations and statements respecting the subject matter hereof, whether written or oral. No modification, alteration, waiver or change in any
of the terms of this Agreement shall be valid or binding upon the parties hereto unless made in writing and duly executed by the Company, on the one hand, and subject to the last sentence of this Section 12.12, the Purchasers on the other hand.
Notwithstanding anything to the contrary contained herein, any consent, waiver, vote, decision, election or action required or permitted to be taken hereunder by the Purchasers as a group, including with respect to the immediately foregoing clause,
shall require the approval of the Requisite Holders, and after such approval, such decision shall be binding on all Purchasers. 
 12.13
Freedom to Pursue Opportunities. Each of the parties hereto expressly acknowledges and agrees that: (i) the each Purchaser and each Purchaser Representative has the right to, and shall have no duty (contractual or otherwise) not to,
directly or indirectly engage in 

  
 50 

 
the same or similar business activities or lines of business as the Company or any of its Subsidiaries, including those deemed to be competing with the Company or any of its Subsidiaries; and
(ii) in the event that the Purchaser or any Purchaser Representative acquires knowledge of a potential transaction or matter (other than to the extent knowledge of such transaction or matter was acquired by such Person solely in their capacity
as a director) that may be a corporate opportunity for each of the Company and the Purchaser or any Purchaser Representative, such Person shall have no duty (contractual or otherwise) to communicate or present such corporate opportunity to the
Company or any of its Subsidiaries, as the case may be, and, notwithstanding any provision of this Agreement to the contrary, shall not be liable to the Company or its Affiliates for breach of any duty (contractual or otherwise) by reason of the
fact that the Purchaser, Purchaser Representative, directly or indirectly, pursues or acquires such opportunity for itself, directs such opportunity to another Person, or does not present such opportunity to the Company. 

12.14 No Personal Liability of Directors, Officers, Owners, Etc. No director, officer, employee, incorporator, shareholder, managing
member, member, general partner, limited partner, principal or other agent of any of the Purchasers or the Company shall have any liability for any obligations of the Purchasers or the Company, as applicable, under this Agreement or for any claim
based on, in respect of, or by reason of, the respective obligations of the Purchasers or the Company, as applicable, under this Agreement. Each party hereby waives and releases all such liability. This waiver and release is a material inducement to
each party’s entry into this Agreement. 
 12.15 Nature of Purchasers’ Obligations and Rights. The obligations of each
Purchaser under this Agreement or any Transaction Agreement are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under
this Agreement or any other Transaction Agreement. Nothing contained herein or in any other Transaction Agreement, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an
association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement or any other
Transaction Agreement. Each Purchaser confirms that it has independently participated in the negotiation of the transactions contemplated hereby and has been represented by counsel. All rights, powers and remedies provided to the Purchasers under
this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative or exclusive, and the exercise or beginning of the exercise of any thereof by any party shall not preclude the simultaneous or later
exercise of any other rights, powers or remedies by such party or any other party. 
 [Remainder of the Page Intentionally Left
Blank] 

  
 51 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
above written. 
  

					
	COMPANY:
	
	HC2 HOLDINGS, INC.
		
	By:	 	 /s/ Keith M. Hladek

		 	Name:	 	Keith M. Hladek
		 	Title:	 	Chief Operating Officer

  
 [Signature Page to
Securities Purchase Agreement] 

 
					
	LUXOR PURCHASERS
	
	LUXOR CAPITAL PARTNERS, LP
		
	By:	 	Luxor Capital Group, LP, its investment manager
		
	By:	 	 /s/ Norris Nissim

		 	Name:	 	Norris Nissim
		 	Title:	 	General Counsel

  
 [Signature Page to
Securities Purchase Agreement] 

 
					
	LUXOR CAPITAL PARTNERS OFFSHORE MASTER FUND, LP
		
	By:	 	Luxor Capital Group, LP, its investment manager
		
	By:	 	 /s/ Norris Nissim

		 	Name:	 	Norris Nissim
		 	Title:	 	General Counsel

  
 [Signature Page to
Securities Purchase Agreement] 

 
					
	LUXOR WAVEFRONT, LP
		
	By:	 	Luxor Capital Group, LP, its investment manager
		
	By:	 	 /s/ Norris Nissim

		 	Name:	 	Norris Nissim
		 	Title:	 	General Counsel

  
 [Signature Page to
Securities Purchase Agreement] 

 
					
	DG PURCHASERS
	
	DG VALUE PARTNERS, LP
		
	By:	 	DG Capital Management, LLC, its investment manager
		
	By:	 	 /s/ Dov Gertzulin

		 	Name:	 	Dov Gertzulin
		 	Title:	 	Managing Member

  
 [Signature Page to
Securities Purchase Agreement] 

 
					
	DG VALUE PARTNERS II MASTER FUND, LP
		
	By:	 	DG Capital Management, LLC, its investment manager
		
	By:	 	 /s/ Dov Gertzulin

		 	Name:	 	Dov Gertzulin
		 	Title:	 	Managing Member

  
 [Signature Page to
Securities Purchase Agreement] 

 
					
	DG CREDIT OPPORTUNITIES, LP
		
	By:	 	DG Capital Management, LLC, its investment manager
		
	By:	 	 /s/ Dov Gertzulin

		 	Name:	 	Dov Gertzulin
		 	Title:	 	Managing Member

  
 [Signature Page to
Securities Purchase Agreement] 

 Annex A 

Convertible Preferred Stock Shares and Purchasers 
  

											
	 Purchaser
	  	Shares	 	  	 Type
	  	Share Purchase Price	 
				
	 Luxor Purchasers
	  				  		  			
				
	 Luxor Capital Partners, LP
	  	 	4,430	  	  	Convertible Preferred Stock	  	$	4,430,000.00	  
				
	 Luxor Capital Partners Offshore Master Fund, LP
	  	 	4,656	  	  	Convertible Preferred Stock	  	$	4,656,000.00	  
				
	 Luxor Wavefront, LP
	  	 	914	  	  	Convertible Preferred Stock	  	$	914,000.00	  
				
	 DG Purchasers
	  				  		  			
				
	 DG Value Partners, LP
	  	 	181	  	  	Convertible Preferred Stock	  	$	181,000.00	  
				
	 DG Value Partners II Master Fund, LP
	  	 	775	  	  	Convertible Preferred Stock	  	$	775,000.00	  
				
	 DG Credit Opportunities, LP
	  	 	44	  	  	Convertible Preferred Stock	  	$	44,000.00	  
		  	  
	  
	 	  		  	  
	  
	 
				
	 TOTAL:
	  	 	11,000	  	  		  	$	11,000,000EX-10.4

 Exhibit 10.4 

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

by and among 
 HC2
HOLDINGS INC. 
 and the INVESTORS party hereto 

Dated September 22, 2014 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
			
	 1.
	 	 Definitions
	  	 	2	  
			
	 2.
	 	 Registration Rights
	  	 	7	  
		 	2.1	 	 Demand and Shelf Registration
	  	 	7	  
		 	2.2	 	 Company Registration
	  	 	10	  
		 	2.3	 	 Underwriting Requirements
	  	 	10	  
		 	2.4	 	 Obligations of the Company
	  	 	12	  
		 	2.5	 	 Furnish Information
	  	 	16	  
		 	2.6	 	 Expenses of Registration
	  	 	16	  
		 	2.7	 	 Delay of Registration
	  	 	16	  
		 	2.8	 	 Indemnification
	  	 	16	  
		 	2.9	 	 Reports Under Exchange Act
	  	 	18	  
		 	2.10	 	 Limitations on Subsequent Registration Rights
	  	 	19	  
		 	2.11	 	 Market Stand-off Agreement
	  	 	19	  
		 	2.12	 	 Termination of Registration Rights
	  	 	20	  
			
	 3.
	 	Miscellaneous	  	 	21	  
		 	3.1	 	 Successors and Assigns
	  	 	21	  
		 	3.2	 	 Governing Law
	  	 	21	  
		 	3.3	 	 Jurisdiction
	  	 	21	  
		 	3.4	 	 Waiver of Jury Trial
	  	 	22	  
		 	3.5	 	 Counterparts
	  	 	22	  
		 	3.6	 	 Titles and Subtitles
	  	 	22	  
		 	3.7	 	 Notices
	  	 	22	  
		 	3.8	 	 Amendments and Waivers
	  	 	23	  
		 	3.9	 	 Severability
	  	 	23	  
		 	3.10	 	 Aggregation of Stock
	  	 	24	  
		 	3.11	 	 Additional Investor
	  	 	24	  
		 	3.12	 	 Entire Agreement
	  	 	24	  

  

					
	Schedule A	  	-	  	Investors
	Exhibit A	  	-	  	Form of Joinder

  
 i 

 AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”), is made as of the 22nd day of September, 2014, by and among HC2 Holdings Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A hereto (each of which is
referred to in this Agreement as an “Investor”). 
 RECITALS 

WHEREAS, the Company entered into that certain Securities Purchase Agreement dated as of May 29, 2014 (the “Original
Purchase Agreement”) with the investors party thereto (the “Initial Preferred Holders”), pursuant to which the Company has issued and sold to the Initial Preferred Holders shares of Series A Convertible Participating
Preferred Stock, par value $0.001 per share, of the Company (the “Series A Preferred Stock”) and Common Stock (as defined below). The Series A Preferred Stock was issued pursuant to that certain Certificate of Designation, dated as
of May 29, 2014 (the “Series A Certificate of Designation”). 
 WHEREAS, the Company, the DG Investors and the
Luxor Investors are parties to the Securities Purchase Agreement dated as of the date hereof (the “Luxor/DG Purchase Agreement,” and together with the Original Purchase Agreement, the “Purchase Agreements”),
pursuant to which the Company has issued and sold to the Luxor Investors and the DG Investors shares of Series A-1 Convertible Participating Preferred Stock, par value $0.001 per share, of the Company (the “Series A-1 Preferred
Stock” and, together with the Series A Preferred Stock, the “Preferred Stock”). The Series A-1 Preferred Stock was issued pursuant to that certain Certificate of Designation, dated as of the date hereof (the “Series
A-1 Certificate of Designation”). 
 WHEREAS, the Series A Certificate of Designation has been amended and restated in
connection with the transactions contemplated by the Luxor/DG Purchase Agreement (as amended, the “Amended Series A Certificate of Designation”). 

WHEREAS, the Series A Preferred Stock and the Series A-1 Preferred Stock are convertible into shares of Common Stock of the Company in
accordance with the terms of the Amended Series A Certificate of Designation and the Series A-1 Certificate of Designation, respectively. 

WHEREAS, the Company and the Initial Preferred Holders were party to that certain Registration Rights Agreement (the “Original
Registration Rights Agreement”), dated as of May 29, 2014, and desire to amend and restate the Original Registration Rights Agreement in its entirety to reflect the Amended Series A Certificate of Designation, the adoption of the
Series A-1 Certificate of Designation, the issuance of Series A-1 Preferred Stock to the Luxor Investors and the DG Investors and the granting of registration rights with respect to the Registrable Securities (as defined below) issued to the Luxor
Investors and the DG Investors. 

 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein
and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
  

	 	1.	Definitions. For purposes of this Agreement: 

 1.1
“Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person. 

1.2 “Amended Series A Certificate of Designation” has the meaning set forth in the Recitals. 

1.3 “Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as
defined in Rule 405 promulgated under the Securities Act. 
 1.4 “Board of Directors” means the board
of directors of the Company (or any duly authorized committee thereof). 
 1.5 “Common Stock” means shares
of the Company’s common stock, par value $0.001 per share. 
 1.6 “Cut Back Shares” has the meaning set
forth in Subsection 2.1(f). 
 1.7 “Damages” means any loss, damage, claim or liability (joint or
several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon:
(i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus, free writing prospectus prepared by a Holder or the Company, as applicable, or
final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or
(iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of this Agreement, the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the
Securities Act, the Exchange Act, or any state securities law. 
 1.8 “Demand Notice” has the meaning set
forth in Subsection 2.1. 
 1.9 “DG Investors” means those investors listed under the heading
“DG Investors” on Schedule A. 
 1.10 “Exchange Act” means the Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated thereunder. 
 1.11 “Excluded Registration”
means (i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; or
(iii) a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered. 

  
 2 

 1.12 “FINRA” means the Financial Industry Regulatory Authority.

 1.13 “Form S-1” means such form under the Securities Act as in
effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

1.14 “Form S-3” means such form under the Securities Act as in effect
on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

1.15 “Hedging Counterparty” means a broker-dealer registered under Section 15(b) of the Exchange Act or
an Affiliate thereof. 
 1.16 “Hedging Transaction” means any transaction involving a security linked to
Registrable Securities or any security that would be deemed to be a “derivative security” (as defined in Rule 16a-1(c) promulgated under the Exchange Act) with respect to Registrable Securities or transaction (even if not a security) which
would (were it a security) be considered such a derivative security, or which transfers some or all of the economic risk of ownership of Registrable Securities, including any forward contract, equity swap, put or call, put or call equivalent
position, collar, non-recourse loan, sale of exchangeable security or similar transaction. For the avoidance of doubt, the following transactions shall be deemed to be Hedging Transactions: 

 

	 	(a)	transactions by a Holder in which a Hedging Counterparty engages in short sales of securities of the same class as Registrable Securities pursuant to a Prospectus and may use Registrable Securities to close out its
short position; 

  

	 	(b)	transactions pursuant to which a Holder sells short securities of the same class as Registrable Securities pursuant to a Prospectus and delivers Registrable Securities to close out its short position; 

 

	 	(c)	transactions by a Holder in which the Holder delivers, in a transaction exempt from registration under the Securities Act, Registrable Securities to the Hedging Counterparty who will then publicly resell or otherwise
transfer such Registrable Securities pursuant to a Prospectus or an exemption from registration under the Securities Act; and 

  

	 	(d)	a loan or pledge of Registrable Securities to a Hedging Counterparty who may then become a selling stockholder and sell the loaned shares or, in an event of default in the case of a pledge, sell the pledged shares, in
each case, in a public transaction pursuant to a Prospectus. 

 1.17 “Holdback Period” has the
meaning set forth in Section 2.11. 

  
 3 

 1.18 “Holdback Extension” has the meaning set forth in
Section 2.11. 
 1.19 “Holders” means any Investor and any other holder of Registrable
Securities who is a party to this Agreement. 
 1.20 “HRG” means Harbinger Group Inc., a Delaware
corporation. 
 1.21 “Hudson Bay Investors” means those investors listed under the heading “Hudson Bay
Investors” on Schedule A. 
 1.22 “Hudson Bay Registrable Securities” means, as of any
date, the Registrable Securities held by the Hudson Bay Investors or their successors and assigns on such date. 
 1.23
“Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including, adoptive
relationships, of a natural person referred to herein. 
 1.24 “Initial Preferred Holders” has the meaning
set forth in the Recitals. 
 1.25 “Initiating Holders” means, collectively, Holders who properly initiate a
registration request under this Agreement. 
 1.26 “Luxor Investors” means those investors listed under the
heading “Luxor Investors” on Schedule A. 
 1.27 “Luxor/DG Purchase Agreement” has the
meaning set forth in the Recitals. 
 1.28 “Luxor Registrable Securities” means, as of any date, the
Registrable Securities held by the Luxor Investors or their successors and assigns on such date. 
 1.29 “Majority
Hudson Bay Investors” means, as of any date, the Holders of a majority of the Hudson Bay Registrable Securities on such date. 

1.30 “Majority Luxor Investors” means, as of any date, the Holders of a majority of the Luxor Registrable
Securities on such date. 
 1.31 “Majority PECM Investors” means, as of any date, the Holders of a majority
of the PECM Registrable Securities on such date. 
 1.32 “Original Purchase Agreement” has the meaning set
forth in the Recitals. 

  
 4 

 1.33 “Other Requesting Holders” has the meaning set forth in
Subsection 2.4(a). 
 1.34 “PECM Investors” means those investors listed under the heading “PECM
Investors” on Schedule A. 
 1.35 “PECM Registrable Securities” means, as of any date, the
Registrable Securities held by the PECM Investors or their successors and assigns on such date. 
 1.36
“Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity. 

1.37 “Preferred Stock” has the meaning set forth in the Recitals. 

1.38 “Prospectus” means the prospectus related to any Registration Statement (whether preliminary or final or
any prospectus supplement, including, without limitation, a prospectus or prospectus supplement that discloses information previously omitted from a prospectus filed as part of an effective registration statement in reliance on Rule 415, 424,
430A, 430B or 430C under the Securities Act, as amended or supplemented by any amendment or prospectus supplement), including post-effective amendments, and all materials incorporated by reference in such prospectus. 

1.39 “Purchase Agreements” has the meaning set forth in the Recitals. 

1.40 “Registrable Securities” means (i) any shares of Common Stock acquired pursuant to the Purchase
Agreements; (ii) any shares of Common Stock otherwise acquired from time to time by a Holder or any permitted transferee hereunder; (iii) any and all shares of Common Stock or other securities issuable or issued upon conversion of the
Preferred Stock or issued or issuable upon the conversion of any other securities beneficially owned by a Holder; and (iv) shares of Common Stock issued as a dividend or distribution with respect to, or in exchange for or in replacement of, the
shares referenced in (i) through (iii) above or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization; provided, that Registrable Securities held by any Holder will cease to be
Registrable Securities, when they have been (A) sold to or through a broker or dealer or underwriter in a public distribution or a public securities transaction (including pursuant to Rule 144 of the Securities Act), or (B) sold in a
transaction in which the transferor’s rights under this Agreement are not validly assigned in accordance with this Agreement. 

1.41 “Registrable Securities then outstanding” means the number of shares determined by adding the number of
shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable Securities. 

1.42 “Registration Statement” means any registration statement filed pursuant to the Securities Act. 

  
 5 

 1.43 “SEC” means the Securities and Exchange Commission. 

1.44 “SEC Restrictions” has the meaning set froth in Subsection 2.1(f). 

1.45 “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

1.46 “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

1.47 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 1.48 “Selling Holder Counsel” has the meaning set forth in Subsection 2.6. 

1.49 “Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes
applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Subsection 2.6. 

1.50 “Series A Certificate of Designation” has the meaning set forth in the Recitals. 

1.51 “Series A Preferred Stock” has the meaning set forth in the Recitals. 

1.52 “Series A-1 Certificate of Designation” has the meaning set forth in the Recitals. 

1.53 “Series A-1 Preferred Stock” has the meaning set forth in the Recitals. 

1.54 “Shelf Registration” means a registration of securities pursuant to a Registration Statement filed with
the Commission in accordance with and pursuant to Rule 415 promulgated under the Securities Act. 
 1.55 “Shelf
Registration Statement” has the meaning set forth in Subsection 2.1(b) hereof. 
 1.56
“Suspension Period” has the meaning set forth in Subsection 2.1(d). 
 1.57
“Underwriter” means the underwriter, placement agent or other similar intermediary participating in an Underwriting. 

  
 6 

 1.58 “Underwriting” of securities means a public offering of
securities registered under the Securities Act in which an underwriter, placement agent or other similar intermediary participates in the distribution of such securities. 

1.59 “Underwritten Takedown” means an underwritten offering takedown to be conducted by one or more Holders in
accordance with Section 2.3(b). 
  

	 	2.	Registration Rights. The Company covenants and agrees as follows: 

 2.1 Demand and
Shelf Registration. 
 (a) Form S-1 Demand. If at any time after the date hereof, the Company receives a request from a Holder
or Holders of Registrable Securities then outstanding that the Company file a Form S-1 registration statement with respect to any outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling
Expenses, of at least $5 million, then the Company shall (x) within two (2) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and
(y) as soon as practicable, and in any event within thirty (30) days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that
the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within five (5) days
of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. No Holder shall deliver an initiating request under this Section 2.1(a) at any time when a Shelf Registration
Statement covering such Holder’s Registrable Securities is effective and available for use in connection with a resale of such Registrable Securities. The Company shall not be required to file a Form S-1 registration statement under this
Section 2.1(a) if it is then eligible to use Form S-3 for secondary offerings of Registrable and it advises the Initiating Holders that it is preparing a Shelf Registration Statement in accordance with the first sentence of
Section 2.1(b)(i). 
 (b) Shelf Registration. 

(i) Within thirty (30) days after the date on which a Holder of Registrable Securities shall so request (provided, that the Company is,
at the time of receipt of such request, eligible to use a Form S-3 registration statement for secondary offerings of Registrable Securities) and for so long as there are Registrable Securities outstanding, the Company shall use its reasonable best
efforts to ensure that the Company shall at all times have and maintain an effective Registration Statement for a Shelf Registration covering the resale of all of the Registrable Securities requested to be included by any Holder, on a delayed or
continuous basis (the “Shelf Registration Statement”). The Company shall give written notice of the filing of any Shelf Registration Statement at least fifteen (15) days prior to filing such Shelf Registration Statement to all
Holders of Registrable Securities and shall, upon receipt of a request from any Holder, include in such Shelf Registration Statement all Registrable Securities of each requesting Holder. The Company shall use its reasonable best efforts to maintain
the effectiveness of such Shelf Registration Statement in accordance with the terms hereof. The “Plan of Distribution” section of such Shelf Registration Statement shall permit all lawful means

  
 7 

 
of disposition of Registrable Securities, including firm-commitment underwritten public offerings, block trades, agented transactions, sales directly into the market, purchases or sales by
brokers, Hedging Transactions, distributions to stockholders, partners or members of such Holders and sales not involving a public offering. 

(ii) From and after the date that the Shelf Registration Statement is initially effective, as promptly as is practicable after receipt of a
request from a Holder, and in any event within (x) ten (10) days after the date such request is received by the Company or (y) if a request is so received during a Suspension Period, five (5) days after the expiration of such
Suspension Period, the Company shall take all necessary action to cause the requesting Holder to be named as a selling securityholder in the Shelf Registration Statement and the related Prospectus in such a manner as to permit such Holder to deliver
such Prospectus in connection with sales of such Registrable Securities to the purchasers thereof in accordance with applicable law, which action may include: (A) if required by applicable law, filing with the Commission a post-effective
amendment to the Shelf Registration Statement; (B) preparing and, if required by applicable law, filing a supplement or supplements to the related Prospectus or a supplement or amendment to any document incorporated therein by reference;
(C) filing any other required document; or (D) with respect to a post-effective amendment to the Shelf Registration Statement that is not automatically effective, using its reasonable best efforts to cause such post-effective amendment to
be declared or to otherwise become effective under the Securities Act as promptly as is practicable; provided that: (A) the Company may delay such filing until the date that is twenty (20) days after any prior such filing; (B) if the
Shelf Registration Statement is not an Automatic Shelf Registration Statement and the Company has already made such a filing during the calendar quarter in which such filing would otherwise be required to be made, the Company may delay such filing
until the tenth (10th) day of the following calendar quarter; and (C) if such request is delivered during a Suspension Period, the Company shall so inform the Holder delivering such request and shall take the actions set forth above upon
expiration of the Suspension Period in accordance with Subsection 2.1(d). 
 (c) Notwithstanding the foregoing obligations, if the
Company furnishes to Holders requesting a registration pursuant to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors, after
consultation with counsel, it would be materially detrimental to the Company and its stockholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required
to remain effective, because such action would (i) be expected to have a material adverse effect on any proposal or plan of the Company to effect a merger, acquisition, disposition, financing, reorganization, recapitalization or similar
transaction; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities
Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than forty
five (45) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than once in any twelve (12) month period; and provided further that the
Company shall not register any securities for its own account or that of any other stockholder during such forty five (45) day period other than an Excluded Registration 

  
 8 

 (d) Suspension Periods. Upon written notice to the Holders of Registrable Securities,
(x) the Company shall be entitled to suspend, for a period of time, the use of any Registration Statement or Prospectus if the Board of Directors determines in its good faith judgment, after consultation with counsel, that the Registration
Statement or any Prospectus may contain an untrue statement of a material fact or omits any fact necessary to make the statements in the Registration Statement or Prospectus not misleading and (y) the Company shall not be required to amend or
supplement the Registration Statement, any related Prospectus or any document incorporated therein by reference if the Board of Directors determines in its good faith judgment, after consultation with counsel, that such amendment or supplement would
reasonably be expected to have a material adverse effect on any proposal or plan of the Company to effect a merger, acquisition, disposition, financing, reorganization, recapitalization or similar transaction, in each case that is material to the
Company (in case of each clause (x) and (y), a “Suspension Period”); provided that (A) the duration of all Suspension Periods may not exceed one hundred and twenty (120) days in the aggregate in any 12-month period
and (B) the Company shall use its commercially reasonable efforts to amend or supplement the Registration Statement and/or Prospectus to correct such untrue statement or omission as soon as reasonably practicable, but in no event shall any
single suspension period exceed forty five (45) days. 
 (e) The Company shall not be obligated to effect, or to take any action to
effect, any registration pursuant to Subsection 2.1(a) during the period ending ninety (90) days after the effective date of, another registration by the Company, including a Company-initiated registration, in each case, in which Holders
were entitled to include Registrable Securities in accordance with Section 2.2. A registration shall not be counted as “effected” for purposes of this Subsection 2.1(e) until such time as the applicable registration statement
has been declared effective by the SEC; provided, however, if the Initiating Holders withdraw their request for such registration and elect to pay the registration expenses therefor, such withdrawn registration statement shall not be
counted as “effected” for purposes of this Subsection 2.1(e). 
 (f) Secondary Offering. If at any time the SEC
takes the position that the offering of some or all of the Registrable Securities in a Registration Statement are not eligible to be made as a secondary offering, the Company shall use commercially reasonable best efforts to persuade the SEC that
the offering contemplated by the Registration Statement is a bona fide secondary offering. In the event that the SEC refuses to alter its position, the Company shall (i) remove from the Registration Statement such portion of the Registrable
Securities (the “Cut Back Shares”) and/or (ii) agree to such restrictions and limitations on the registration and resale of the Registrable Securities as the SEC may require to assure that the Registration Statement is deemed a
secondary offering (collectively, the “SEC Restrictions”); provided, however, that the Company shall not agree to name any Holder as an “underwriter” in such Registration Statement without the prior written consent
of such Holder. Any cut-back imposed pursuant to this Section 2.1(f) shall be allocated among the Holders on a pro rata basis in accordance with the number of shares that such Holders have requested to be included in such Registration
Statement, unless the SEC Restrictions otherwise require or provide or the participating Holders otherwise agree. From and after the date that the Company is able to effect the registration of such Cut Back Shares in accordance with any SEC
Restrictions, all of the provisions of this Section 2.1 shall again be applicable to such Cut Back Shares. 

  
 9 

 2.2 Company Registration. If the Company proposes to register (including, for this
purpose, a registration effected by the Company for stockholders other than the Holders) any of its Common Stock under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded
Registration), the Company shall, at such time, promptly give each Holder written notice of such Registration. In the case of a takedown offering under a Shelf Registration, the Company shall give each Holder notice of such registration not less
than five (5) days prior to the expected date of commencement of marketing efforts for such takedown. Upon the request of each Holder given within two (2) days after such notice is given by the Company, the Company shall, subject to the
provisions of Subsection 2.3, cause to be included all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated
by it under this Subsection 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn
registration shall be borne by the Company in accordance with Subsection 2.6. 
 2.3 Underwriting Requirements. 

(a) If, pursuant to Subsection 2.1(a), the Initiating Holders intend to distribute the Registrable Securities covered by their request
by means of an Underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The managing Underwriter(s) will be selected
by the Initiating Holders, subject only to the reasonable approval of the Company. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s
participation in such Underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such Underwriting shall (together with
the Company as provided in Subsection 2.4(n)) enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwriting. Notwithstanding any other provision of this Subsection 2.3, if the managing
Underwriter(s) advise the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be
underwritten pursuant hereto, and the number of Registrable Securities that shall be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as
practicable) to the number of Registrable Securities proposed by each Holder to be included in the registration or in such other proportion as shall mutually be agreed to in writing by all such selling Holders; provided, however, that
the number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities to be sold by persons who are not Holders are first entirely excluded from the underwriting. 

(b) Shelf Underwritten Takedown. 

(i) At any time after the Company has an effective shelf registration one or more Holders of outstanding Registrable Securities may request
that the Company effect an underwritten takedown under the Shelf Registration Statement of at least $5 million in Registrable Securities, based on the closing market price on the trading day 

  
 10 

 
immediately prior to the initial request of such requesting Holders. Within five (5) days of receipt of such request, the Company shall notify all other Holders whose Registrable Securities
are included in such Shelf Registration Statement of such request and shall (except as provided in clause (iii) below) include in such Underwritten Takedown all Registrable Securities requested to be included therein by Holders who respond
within five (5) days of the Company’s notification described above. 
 (ii) For any Underwritten Takedown from a Shelf
Registration Statement, the managing underwriter or underwriters shall be selected by the Holders participating in such offering holding a majority of the Registrable Securities to be disposed of pursuant to such offering and shall be reasonably
acceptable to the Company. 
 (iii) If the managing underwriter or underwriters for the Underwritten Takedown advise the Company that in
their reasonable opinion the number of securities requested to be included in such underwritten offering takedown exceeds the number which can be sold in an orderly manner in such offering within a price range acceptable to the Initiating Holders,
the Company shall include in such Underwritten Takedown the number which can be so sold in the following order of priority: (A) first, the securities requested to be included by the Holders (pro rata among the Holders of such securities on the
basis of the number of securities requested to be included therein by each such holder), (B) second, the securities requested to be included in such Underwritten Takedown by holders exercising piggyback registration rights (pro rata among the
holders of such securities on the basis of the number of securities requested to be included therein by each such holder), (C) third, the securities the Company proposes to sell, and (D) fourth, other securities requested to be included in
such Underwritten Takedown (pro rata among the holders of such securities on the basis of the number of securities requested to be included therein by each such holder). 

(iv) The Company shall not be required to effect an Underwritten Takedown more than once in any six (6) month period. 

(c) In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Subsection
2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only
in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by stockholders to be included in
such offering exceeds the number of securities to be sold that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that number
of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable
Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) to the number of
Registrable Securities proposed by each Holder to be included in the registration or in such other proportions as shall mutually be agreed to in writing by all such selling Holders. Notwithstanding the foregoing, in no event shall (i) the

  
 11 

 
number of Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering.
For purposes of the provision in this Subsection 2.3(c) and Sections 2.3(a) and 2.3(b)(iii) concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the
partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any
of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons
included in such “selling Holder,” as defined in this sentence. 
 (d) For purposes of Subsection 2.1 and 2.3(b), a
registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than seventy-five percent (75%) of the total number of Registrable
Securities that Holders have requested to be included in such registration statement are actually included. 
 2.4 Obligations of the
Company. Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable
efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred
twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period
of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration of
Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be extended in accordance with
Section 2.1(b) until all such Registrable Securities are sold; 
 (b) prepare and file with the SEC such amendments and supplements to
such registration statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement;

 (c) furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the
Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

  
 12 

 (d) provide counsel to the Holders a reasonable opportunity to review and comment upon any
Registration Statement and any Prospectus supplements; 
 (e) if requested by any participating Holder, promptly include in a Prospectus
supplement or amendment such information as the Holder may reasonably request, including in order to permit the intended method of distribution of such securities, and make all required filings of such Prospectus supplement or such amendment as soon
as reasonably practicable after the Company has received such request; 
 (f) use its commercially reasonable efforts to register and
qualify, or obtain an exemption from registration or qualification for the securities covered by such registration statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders;
provided that the Company shall not be required to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except
as may be required by the Securities Act; 
 (g) in the case of certificated Registrable Securities, cooperate with the participating
Holders of Registrable Securities and the managing underwriters to facilitate the timely preparation and delivery of certificates (not bearing any legends) representing Registrable Securities sold pursuant to a Shelf Registration Statement; 

(h) in the case of an underwritten offering, use its commercially reasonable efforts to obtain a “comfort” letter or letters, dated
as of such date or dates as the managing underwriters reasonably requests, from the Company’s independent public accountants in customary form and covering such matters of the type customarily covered by “comfort” letters as any
managing underwriter reasonably requests; 
 (i) in the case of a underwritten offering, furnish, at the request of any managing
underwriter for such offering an opinion with respect to legal matters and a negative assurance letter with respect to disclosure matters, dated as of each closing date of such offering of counsel representing the Company for the purposes of such
registration, addressed to the underwriters, covering such matters with respect to the registration in respect of which such opinion and letter are being delivered as the underwriters, may reasonably request and are customarily included in such
opinions and negative assurance letters; 
 (j) in the case of an underwritten offering, furnish, at the request of any managing
underwriter for such offering an opinion with respect to legal matters and a negative assurance letter with respect to disclosure matters, dated as of each closing date of such offering of counsel representing the Company for the purposes of such
registration, addressed to the underwriters, covering such matters with respect to the registration in respect of which such opinion and letter are being delivered as the underwriters, may reasonably request and are customarily included in such
opinions and negative assurance letters; 
 (k) in the case of an underwritten offering, use its commercially reasonable efforts to
cooperate and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter and its counsel (including 

  
 13 

 
any “qualified independent underwriter,” if applicable) that is (A) required or requested by FINRA in order to obtain written confirmation from FINRA that FINRA does not object to
the fairness and reasonableness of the underwriting terms and arrangements (or any deemed underwriting terms and arrangements) relating to the resale of Registrable Securities pursuant to the Shelf Registration Statement, including, without
limitation, information provided to FINRA through its COBRADesk system or (B) required to be retained in accordance with the rules and regulations of FINRA; 

(l) if requested by the managing underwriters, if any, or by any Holder of Registrable Securities being sold in an underwritten offering,
promptly incorporate in a Prospectus supplement or post-effective amendment to the Registration Statement such information as the managing underwriters, if any, or such Holders indicate relates to them or that they reasonably request be included
therein and make appropriate members of management available to meeting with potential investors in the offering; 
 (m) cause the
Registrable Securities covered by such Registration Statement to be registered with or approved by such other governmental agencies or authorities, as may be reasonably necessary by virtue of the business and operations of the Company to enable the
seller or sellers of Registrable Securities to consummate the disposition of such Registrable Securities; 
 (n) in the event of any
underwritten offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering; 

(o) in the event of the issuance or threatened issuance of any stop order suspending the effectiveness of a Registration Statement, or of any
order suspending or preventing the use of any related Prospectus or suspending the qualification of any Registrable Securities included in such Registration Statement for sale in any jurisdiction, use its commercially reasonable efforts promptly to
(i) prevent the issuance of any such stop order, and in the event of such issuance, to obtain the withdrawal of such order and (ii) obtain, at the earliest practicable date, the withdrawal of any order suspending or preventing the use of
any related Prospectus or suspending qualification of any Registrable Securities included in such Registration Statement for sale in any jurisdiction; 

(p) use its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on
each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 
 (q) provide a
transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 

(r) promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to
such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the 

  
 14 

 
selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent
accountants to supply all oral or written information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration
statement and to conduct appropriate due diligence in connection therewith; 
 (s) notify each selling Holder, promptly after the Company
receives notice thereof, of the time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; 

(t) notify each selling Holder at any time when a Prospectus relating to the applicable Registration Statement is required to be delivered
under the Securities Act: (i) as promptly as practicable upon discovery that, or upon the happening of any event as a result of which, such Registration Statement, or the Prospectus relating to such Registration Statement, or any document
incorporated or deemed to be incorporated therein by reference contains an untrue statement of a material fact or omits any fact necessary to make the statements in the Registration Statement, the Prospectus relating thereto not misleading or
otherwise requires the making of any changes in such Registration Statement, Prospectus, or document, and, at the request of any such Holder and subject to the Company’s ability to declare Suspension Periods pursuant to Section 2.1(d), the
Company shall promptly prepare a supplement or amendment to such Prospectus, furnish a reasonable number of copies of such supplement or amendment to each such seller of such Registrable Securities, and file such supplement or amendment with the SEC
so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus as so amended or supplemented shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements
therein not misleading, (ii) as promptly as practicable after the Company becomes aware of any request by the SEC or any Federal or state governmental authority for amendments or supplements to a Registration Statement or related Prospectus
covering Registrable Securities or for additional information relating thereto, (iii) as promptly as practicable after the Company becomes aware of the issuance or threatened issuance by the SEC of any stop order suspending or threatening to
suspend the effectiveness of a Registration Statement covering the Registrable Securities or (iv) as promptly as practicable after the receipt by the Company of any notification with respect to the suspension of the qualification or exemption
from qualification of any Registrable Security for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose; and 

(u) after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or
supplement such registration statement or prospectus. 
 In addition, the Company shall ensure that, at all times after any registration
statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule 10b5-1 of
the Exchange Act. 

  
 15 

 2.5 Furnish Information. It shall be a condition precedent to the obligations of the
Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by
it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

2.6 Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or
qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements of one
counsel for each of the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration
proceeding begun pursuant to Subsection 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such
expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration); provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse
change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be
required to pay any of such expenses. All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities
registered on their behalf. 
 2.7 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining
or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8 Indemnification. If any Registrable Securities are included in a Registration Statement under this Section 2: 

(a) To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers,
directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the
meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in
connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(a) shall not apply
to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that
they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use
in connection with such registration. 

  
 16 

 (b) To the extent permitted by law, each selling Holder, severally and not jointly, will
indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the Registration Statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and
accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each
case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such
registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages
may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is
effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under
Subsections 2.8(b) and 2.8(d) exceed the proceeds from the related offering received by such Holder (net of any Selling Expenses paid by such Holder). 

(c) Promptly after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action (including
any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Subsection 2.8, give the indemnifying
party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been
given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one
counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due
to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. 

(d) To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any
party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the
expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Subsection 2.8 provides for indemnification in such case, or
(ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and in each such case, such parties will contribute to the aggregate
losses, 

  
 17 

 
claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the
indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The
relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material
fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided,
however, that, in any such case no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b),
exceed the proceeds from the related offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control between the parties to such agreement. 

(f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the
obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the termination of this
Agreement. 
 2.9 Reports Under Exchange Act. With a view to making available to the Holders the benefits of SEC Rule 144 and any
other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall: 

(a) make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144; 

(b) use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under
the Securities Act and the Exchange Act (at any time after the Company is subject to such reporting requirements); and 
 (c) furnish to
any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144, the Securities Act,
and the Exchange Act, or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies); and (ii) such other information as may be

  
 18 

 
reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to Form S-3 (at any time after the Company so qualifies to use such form). 
 2.10 Limitations on Subsequent
Registration Rights. Subject to Section 3.11, from and after the date of this Agreement, the Company shall not, without the prior written consent of the Majority Hudson Bay Investors, the Majority PECM Investors and the Majority Luxor
Investors and the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would provide to such holder the right to include securities
in any registration on other than a subordinate basis after all Holders have had the opportunity to include in the registration and offering all shares of Registrable Securities that they wish to so include. 

2.11 Market Stand-off Agreement. Each Holder and the Company hereby agree that it will not, without the prior written consent of the
managing underwriter, in connection with an underwritten offering pursuant to Section 2.2 by the Company for its own behalf of shares of its Common Stock or any other equity securities under the Securities Act on a registration statement on
Form S-1 or Form S-3, during the period commencing on the date of the final prospectus relating to and ending on the date specified by the Company and the managing underwriter (such period not to exceed ninety (90) days (the “Holdback
Period”)), effect any sale or distribution of equity securities of the Company, as applicable, or any securities convertible into or exchangeable or exercisable for such securities. If (x) the Company issues an earnings release or
other material news or a material event relating to the Company and its subsidiaries occurs during the last 17 days of the Holdback Period or (y) prior to the expiration of the Holdback Period, the Company announces that it will release
earnings results during the 16-day period beginning upon the expiration of the Holdback Period, then to the extent necessary for a managing or co-managing underwriter of an underwritten offering required hereunder to comply with FINRA Rule
2711(f)(4) or any successor regulation, the Holdback Period shall be extended until 18 days after the earnings release or the occurrence of the material news or event, as the case may be (such period the “Holdback Extension”). The
Company may impose stop-transfer instructions with respect to its securities that are subject to the forgoing restriction until the end of such period, including any period of Holdback Extension. The foregoing provisions of this Subsection
2.11 shall (i) not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, (ii) shall be applicable to the Holders only if all officers and directors are subject to substantially the same restrictions
and the Company uses commercially reasonable efforts to obtain a similar agreement from all stockholders individually owning more than five percent (5%) of the Company’s outstanding Common Stock (after giving effect to conversion into
Common Stock of all outstanding Preferred Stock) and (iii) shall be applicable to the Holders only if the Company has complied with its obligations under Section 2 and has included at least 75% of the Registered Securities requested
by such Holders in such underwritten offering. The underwriters in connection with such underwritten offering are intended third-party beneficiaries of this Subsection 2.11 and shall have the right,
power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such underwritten offering that are
consistent with this Subsection 2.11 or that are necessary to give further effect thereto. 

  
 19 

 2.12 Termination of Registration Rights. The right of any Holder to request registration
or inclusion of Registrable Securities in any registration pursuant to Subsections 2.1 or 2.2 shall terminate upon when all shares of such Holder’s that were Registrable Securities cease to be Registrable Securities, provided that the
indemnification provisions of Subsection 2.8 shall survive such termination. 
 2.13 Hedging Transactions. 

(i) The Company agrees that, in connection with any proposed Hedging Transaction, if, in the reasonable judgment of counsel to the
Holders’ it is necessary or desirable to register under the Securities Act such Hedging Transaction or sales or transfers (whether short or long) of securities of the same class as the Registrable Securities in connection therewith, then the
Company shall use its reasonable best efforts to take such actions (which may include, among other things, the filing of a post-effective amendment to a Registration Statement to include additional or changed information that is material or is
otherwise required to be disclosed, including a description of such Hedging Transaction, the name of the Hedging Counterparty, identification of the Hedging Counterparty or its affiliates as underwriters or potential underwriters, if applicable, or
any change to the plan of distribution) as may reasonably be required to register such Hedging Transaction or sales or transfers of securities of the same class as the Registrable Securities in connection therewith under the Securities Act in a
manner consistent with the rights and obligations of the Company hereunder with respect to the registration of Registrable Securities. Any information provided by the Holders regarding the Hedging Transaction that is included in a Registration
Statement, Prospectus or other document pursuant to this Section 2.13 shall be deemed to be information provided by the Holders selling Registrable Securities pursuant to such Registration Statement for purposes of Section 2.8. 

(ii) All Registration Statements in which Holders may include Registrable Securities under this Agreement shall be subject to the provisions
of this Section 2.13, and the registration of securities of the same class as the Registrable Securities thereunder pursuant to this Section 2.13 shall be subject to the provisions of this Agreement applicable to any such Registration
Statements; provided, however, that the selection of any Hedging Counterparty shall in the sole discretion of the Holders of a majority of the Registrable Securities subject to the Hedging Transaction that are proposed to be included in such
Registration Statement. 
 (iii) If in connection with a Hedging Transaction, a Hedging Counterparty or any affiliate thereof is (or may be
considered under applicable SEC guidance) an underwriter or selling stockholder, then it shall, if requested by the relevant Holder, be required to provide customary indemnities to the Company regarding the plan of distribution and like matters.

 (iv) The Company further agrees to include, under the caption “Plan of Distribution” (or the equivalent caption), in each
Registration Statement, and any related Prospectus (to the extent such inclusion is permitted under applicable Commission regulations and is consistent with comments received from the Commission during any Commission review of the Registration
Statement), such disclosure as is mutually agreed upon by the Company, the relevant Holders and the Hedging Counterparty describing such Hedging Transaction. 

  
 20 

	 	3.	Miscellaneous. 

 3.1 Successors and Assigns. This Agreement shall inure, as
hereinafter provided, to the benefit of and be binding upon the successors and permitted assigns of each of the parties, including each person who is a transferee of a Holder of any Registrable Securities, who executes a Joinder in the form attached
as Annex A hereto, provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms of the Amended Series A Certificate of Designation, the Series A-1
Certificate of Designation, applicable law and any applicable agreement. If any transferee of any Holder shall acquire Registrable Securities, in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject
to and benefit from all of the terms of this Agreement, and by taking and holding such Registrable Securities, such person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement
and such person shall be entitled to receive the benefits hereof. 
 3.2 Governing Law. This Agreement shall be governed by the
internal law of the State of New York. 
 3.3 Jurisdiction. Any action or proceeding against any party hereto relating in any way to
this Agreement or the transactions contemplated hereby may be brought and enforced in any United States federal court or New York State Court located in the Borough of Manhattan in The City of New York, and each party, on behalf of itself and
its respective successors and assigns, irrevocably consents to the jurisdiction of each such court in respect of any such action or proceeding. Each party, on behalf of itself and its respective successors and assigns, irrevocably consents to the
service of process in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, return receipt requested, to such person or entity at the address for such person or entity set forth in
Section 3.7 hereof of this Agreement or such other address such person or entity shall notify the other in writing. The foregoing shall not limit the right of any person or entity to serve process in any other manner permitted by law or
to bring any action or proceeding, or to obtain execution of any judgment, in any other jurisdiction. 
 Each party, on behalf of itself and
its respective successors and assigns, hereby irrevocably waives any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising under or relating to this Agreement or the transactions contemplated hereby
in any court located in the Borough of Manhattan in The City of New York. Each party, on behalf of itself and its respective successors and assigns, hereby irrevocably waives any claim that a court located in the State of New York is not a
convenient forum for any such action or proceeding. 
 Each party, on behalf of itself and its respective successors and assigns, hereby
irrevocably waives, to the fullest extent permitted by applicable United States federal and state law, all immunity from jurisdiction, service of process, attachment (both before and after judgment) and execution to which he might otherwise be
entitled in any action or proceeding relating in any way to this Agreement or the transactions contemplated hereby in the courts of the State of New York, of the United States or of any other country or jurisdiction, and hereby waives any right
he might otherwise have to raise or claim or cause to be pleaded any such immunity at or in respect of any such action or proceeding. 

  
 21 

 3.4 Waiver of Jury Trial. EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT
MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS
SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND
THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 3.5
Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile,
electronic mail (including pdf or any electronic signature or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.  

3.6 Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in
construing or interpreting this Agreement. 
 3.7 Notices. All notices, demands and other communications provided for or permitted
hereunder shall be made in writing and shall be made by registered or certified first-class mail, return receipt requested, telecopy, electronic transmission, courier service or personal delivery: 

(a) If to the Company: 
 Suite
150 
 460 Herndon Parkway 

Herndon, VA 20170 
 Telecopy:
(703) 650-4295 
 Attention: Andrea L. Mancuso, General Counsel 

  
 22 

 With a copy to (which shall not constitute notice hereunder): 

Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 

New York, NY 10019-6064 

Telecopy: (212) 492-0105 

Attention: Jeffery D. Marell 

(b) If to any Holder, at its address as it appears on Exhibit A, or at the Holder’s address as it appears in the records of the
Company if updated after the execution of this Agreement. 
 All such notices, demands and other communications shall be deemed to have been
duly given when delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial courier service; five (5) days after being deposited in the mail, postage prepaid, if mailed; and when receipt is acknowledged, if
telecopied or electronically transmitted. Any party may by notice given in accordance with this Section 3.7 designate another address or Person for receipt of notices hereunder. If the due date for any notice is a day that is not a
business day for commercial banks in the City of New York, then such notice shall be considered timely delivered if it is delivered by the end of the following such business day. 

3.8 Amendments and Waivers. This Agreement may be amended with the consent of the Company and the Company may take any action herein
prohibited, or omit to perform any act herein required to be performed by it, only if the Company shall have obtained a written consent to such amendment, action or omission to act of the Hudson Bay Majority Investors, the PECM Majority Investors
and the Luxor Investors and the Holders of at least a majority of the Registrable Securities then outstanding, provided however, that any modification, alteration, waiver or change that has a disproportionate and adverse effect on any right of any
Holder or any person named in Section 3.11 to the extent he or it has not yet become a party to this Agreement pursuant to Section 3.11 under this Agreement shall not be effective against such Holder without the prior written
consent of such Holder. 
 No waiver of any terms or conditions of this Agreement shall operate as a waiver of any other breach of such
terms and conditions or any other term or condition, nor shall any failure to enforce any provision hereof operate as a waiver of such provision or of any other provision hereof. No written waiver hereunder, unless it by its own terms explicitly
provides to the contrary, shall be construed to effect a continuing waiver of the provisions being waived and no such waiver in any instance shall constitute a waiver in any other instance or for any other purpose or impair the right of the party
against whom such waiver is claimed in all other instances or for all other purposes to require full compliance with such provision. The failure of any party to enforce any provision of this Agreement shall not be construed as a waiver of such
provision and shall not affect the right of such party thereafter to enforce each provision of this Agreement in accordance with its terms. 

3.9 Severability. In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid,
legal, and enforceable to the maximum extent permitted by law. 

  
 23 

 3.10 Aggregation of Stock. All shares of Registrable Securities held or acquired by
Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate. 

3.11 Additional Investor. Notwithstanding anything to the contrary contained herein, each of Philip A Falcone and HRG may become a
party to this Agreement by executing and delivering a joinder to this Agreement in the form attached hereto as Exhibit A, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors
shall be required for such joinder to this Agreement by HRG, so long as HRG has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 

3.12 Entire Agreement. This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire understanding and
agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. 

[Remainder of Page Intentionally Left Blank] 

  
 24 

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

  

			
	COMPANY:
	
	HC2 HOLDINGS INC.
		
	By:	 	 /s/ Mesfin Demise

	Name:	 	Mesfin Demise
	Title:	 	Chief Financial Officer

  

SIGNATURE PAGE TO AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT 

 
			
	HUDSON BAY INVESTORS:
	
	HUDSON BAY ABSOLUTE RETURN CREDIT OPPORTUNITIES MASTER FUND LTD.
		
	By:	 	 /s/ Marc Sole

	Name:	 	Marc Sole
	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT 

 
			
	PECM INVESTORS:
	
	PROVIDENCE DEBT FUND III L.P.
		
	By:	 	 /s/ Bryan Martoken

	Name:	 	Bryan Martoken
	Title:	 	CFO – Capital Markets Group

  

SIGNATURE PAGE TO AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT 

 
			
	PROVIDENCE DEBT FUND III MASTER (NON-US) L.P.
		
	By:	 	 /s/ Bryan Martoken

	Name:	 	Bryan Martoken
	Title:	 	CFO – Capital Markets Group

  

SIGNATURE PAGE TO AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT 

 
			
	PECM STRATEGIC FUNDING L.P.
	By:	 	PECM Strategic Funding GP L.P.
	By:	 	PECEM Strategic Funding GP Ltd.
		
	By:	 	 /s/ Bryan Martoken

	Name:	 	Bryan Martoken
	Title:	 	CFO – Capital Markets Group

  

SIGNATURE PAGE TO AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT 

 
			
	BENEFIT STREET PARTNERS SMA LM L.P.
		
	By:	 	 /s/ Bryan Martoken

	Name:	 	Bryan Martoken
	Title:	 	CFO – Capital Markets Group

  

SIGNATURE PAGE TO AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT 

 
			
	DG VALUE PARTNERS, LP
		
	By:	 	DG Capital Management, LLC, its investment manager
		
	By:	 	 /s/ Dov Gertzulin

	Name:	 	Dov Gertzulin
	Title:	 	Managing Member

  

SIGNATURE PAGE TO AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT 

 
			
	DG VALUE PARTNERS II MASTER FUND, LP
		
	By:	 	DG Capital Management, LLC, its investment manager
		
	By:	 	 /s/ Dov Gertzulin

	Name:	 	Dov Gertzulin
	Title:	 	Managing Member

  

SIGNATURE PAGE TO AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT 

 
			
	SPECIAL SITUATIONS, LLC
		
	By:	 	DG Capital Management, LLC, its investment manager
		
	By:	 	 /s/ Dov Gertzulin

	Name:	 	Dov Gertzulin
	Title:	 	Managing Member

  

SIGNATURE PAGE TO AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT 

 
			
	SPECIAL SITUATIONS X, LLC
		
	By:	 	DG Capital Management, LLC, its investment manager
		
	By:	 	 /s/ Dov Gertzulin

	Name:	 	Dov Gertzulin
	Title:	 	Managing Member

  

SIGNATURE PAGE TO AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT 

 
			
	DG CREDIT OPPORTUNITIES, LP
		
	By:	 	DG Capital Management, LLC, its investment manager
		
	By:	 	 /s/ Dov Gertzulin

	Name:	 	Dov Gertzulin
	Title:	 	Managing Member

  

SIGNATURE PAGE TO AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT 

 
			
	LUXOR PURCHASERS
	
	LUXOR CAPITAL PARTNERS, LP
		
	By:	 	Luxor Capital Group, LP, its investment manager
		
	By:	 	 /s/ Norris Nissim

	Name:	 	Norris Nissim
	Title:	 	General Counsel

  

SIGNATURE PAGE TO AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT 

 
			
	LUXOR CAPITAL PARTNERS OFFSHORE MASTER FUND, LP
		
	By:	 	Luxor Capital Group, LP, its investment manager
		
	By:	 	 /s/ Norris Nissim

	Name:	 	Norris Nissim
	Title:	 	General Counsel

  

SIGNATURE PAGE TO AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT 

 
			
	LUXOR WAVEFRONT, LP
		
	By:	 	Luxor Capital Group, LP, its investment manager
		
	By:	 	 /s/ Norris Nissim

	Name:	 	Norris Nissim
	Title:	 	General Counsel

  

SIGNATURE PAGE TO AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT 

 SCHEDULE A 

Investors 
 Hudson Bay Investors

 HUDSON BAY ABSOLUTE RETURN CREDIT OPPORTUNITIES MASTER FUND LTD. 

PECM Investors 
 PROVIDENCE DEBT FUND III L.P. 

PROVIDENCE DEBT FUND III MASTER (NON-US) L.P. 
 PECM STRATEGIC
FUNDING L.P. 
 BENEFIT STREET PARTNERS SMA LM L.P. 

Luxor Investors 
 LUXOR CAPITAL PARTNERS, LP 

LUXOR CAPITAL PARTNERS OFFSHORE MASTER FUND, LP 
 LUXOR WAVEFRONT,
LP 
 DG Investors 
 DG VALUE PARTNERS, LP 

DG VALUE PARTNERS II MASTER FUND, LP 
 SPECIAL SITUATIONS, LLC

 SPECIAL SITUATIONS X, LLC 
 DG CREDIT OPPORTUNITIES, LP 

 EXHIBIT A 

FORM OF JOINDER 
 THIS JOINDER is made on
this      day of             ,          

BETWEEN 
  

	(1)	                    (the “New Party”); 

AND 
 (2) THE INVESTORS 

(collectively, the “Current Parties” and individually, a “Current Party”); 

AND 
 (3) HC2 HOLDINGS INC., (the “Company”). 

WHEREAS an Amended and Restated Registration Rights Agreement was entered into on September 22, 2014 by and among, inter alia, certain of the Current
Parties and the Company (the “Registration Rights Agreement”), a copy of which the New Party hereby confirms that it has been supplied with and acknowledges the terms therein. 

NOW IT IS AGREED as follows: 
 1. In this
Joinder, unless the context otherwise requires, words and expressions respectively defined or construed in the Registration Rights Agreement shall have the same meanings when used or referred to herein. 

2. The New Party hereby accedes to and ratifies the Registration Rights Agreement and covenants and agrees with the Current Parties and the
Company to be bound by the terms of the Registration Rights Agreement as an “Investor” and to duly and punctually perform and discharge all liabilities and obligations whatsoever from time to time to be performed or discharged by it under
or by virtue of the Registration Rights Agreement in all respects as if named as a party therein. 
 3. The Company covenants and agrees
that the New Party shall be entitled to all the benefits of the terms and conditions of the Registration Rights Agreement to the intent and effect that the New Party shall be deemed, with effect from the date on which the New Party executes this
Joinder, to be a party to the Registration Rights Agreement as an “Investor.” 
 4. This Joinder shall hereafter be read and
construed in conjunction and as one document with the Registration Rights Agreement and references in the Registration Rights Agreement to “the Agreement” or “this Agreement,” and references in all other instruments and documents
executed thereunder or pursuant thereto to the Registration Rights Agreement, shall for all purposes refer to the Registration Rights Agreement incorporating and as supplemented by this Joinder. 

 5. THIS JOINDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. 
 6. Any action or proceeding against any party hereto relating in
any way to this Joinder or the transactions contemplated hereby may be brought and enforced in any United States federal court or New York State Court located in the Borough of Manhattan in The City of New York, and each party, on behalf of
itself and its respective successors and assigns, irrevocably consents to the jurisdiction of each such court in respect of any such action or proceeding. Each party, on behalf of itself and its respective successors and assigns, irrevocably
consents to the service of process in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, return receipt requested, to such person or entity at the address for such person or entity set
forth in Section 3.7 of the Registration Rights Agreement or such other address such person or entity shall notify the other in writing. The foregoing shall not limit the right of any person or entity to serve process in any other manner
permitted by law or to bring any action or proceeding, or to obtain execution of any judgment, in any other jurisdiction. 
 7. Each party,
on behalf of itself and its respective successors and assigns, hereby irrevocably waives any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising under or relating to this Joinder or the transactions
contemplated hereby in any court located in the Borough of Manhattan in The City of New York. Each party, on behalf of itself and its respective successors and assigns, hereby irrevocably waives any claim that a court located in the State of
New York is not a convenient forum for any such action or proceeding. 
 8. Each party, on behalf of itself and its respective
successors and assigns, hereby irrevocably waives, to the fullest extent permitted by applicable United States federal and state law, all immunity from jurisdiction, service of process, attachment (both before and after judgment) and execution to
which he might otherwise be entitled in any action or proceeding relating in any way to this Joinder or the transactions contemplated hereby in the courts of the State of New York, of the United States or of any other country or jurisdiction,
and hereby waives any right he might otherwise have to raise or claim or cause to be pleaded any such immunity at or in respect of any such action or proceeding. 
  

			
	 9. The address of the undersigned for purposes of all notices under the Registration Rights Agreement is:
	 	  

		
		 	  

 
			
	[NEW PARTY]
		
	 By:
	 	  

	 Name:
	 	
	 Title:

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