Document:

Exhibit 10.25

 Exhibit 10.25 
 EXECUTION VERSION 
 INTERCREDITOR AGREEMENT 

This INTERCREDITOR AGREEMENT (this “Agreement”) is dated as of December 28, 2011, and entered into by and
between JPMorgan Chase Bank, N.A., a national banking association, and its successors and assigns (“First Lien Lender”), and The Bank of New York Mellon Trust Company, N.A., not in its individual capacity, but solely
in its capacity as trustee and collateral agent under the Second Lien Documents (as defined below), including its successors and assigns in such capacity from time to time (“Second Lien Trustee”). 

RECITALS 
 Platinum Energy Solutions, Inc., a Nevada corporation (“PES”), as borrower; certain subsidiaries of PES as guarantors (“Guarantors”), including Platinum Pressure Pumping
Inc., a Delaware corporation and wholly owned subsidiary of PES; and First Lien Lender have entered into that certain Credit Agreement, dated as of December 28, 2011, providing for a revolving credit facility (as amended, supplemented, amended
and restated or otherwise modified from time to time, the “First Lien Credit Agreement”); 
 PES in its
capacity as issuer (“Issuer”), Guarantors, and the Second Lien Trustee in its capacity as trustee and collateral agent, are parties to that certain Indenture, dated as of March 3, 2011 as supplemented and amended by the First
Supplemental Indenture dated as of September 26, 2011 and the Second Supplemental Indenture dated as of September 29, 2011 (as it may be further amended, supplemented, amended and restated or otherwise modified from time to time, the
“Second Lien Indenture”), pursuant to which the Issuer had as of September 29, 2011 issued an aggregate of $173,102,711 in principal amount of 14.250% senior secured Notes due 2015 (the “Outstanding Notes”) and
may issue an unlimited amount of additional Notes (the “Additional Notes” and, together with the Outstanding Notes, the “Notes”); 
 Pursuant to Article 11 (Guarantees) of the Second Lien Indenture and other guaranties, Guarantors (as defined in the Second Lien Indenture) have guaranteed the Guaranteed Obligations (as defined in the
Second Lien Indenture) (collectively, the “Second Lien Guaranty”); 
 The obligations of (i) Borrower
under the First Lien Credit Agreement, and (ii) any guarantors which may from time to time guaranty the obligations of Borrower under the First Lien Credit Agreement are to be secured on a first priority basis by liens on substantially all the
assets of Borrower and such additional guarantors; 
 The obligations of (i) PES under the Second Lien Indenture, and
(ii) Guarantors under the Second Lien Guaranty are to be secured on a second priority basis by liens on substantially all the assets of PES and Guarantors; 

  
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 The First Lien Loan Documents and the Second Lien Documents provide, among other things,
that the parties thereto shall set forth in this Agreement their respective rights and remedies with respect to the Collateral and certain other matters; and 
 First Lien Lender and Second Lien Trustee have agreed to the intercreditor and other provisions set forth in this Agreement. 
 AGREEMENT 
 In consideration of the foregoing, the mutual covenants
and obligations herein set forth and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

SECTION 1. Definitions; Rules of Construction. 
 1.1 Defined Terms. As used in the Agreement, the following terms shall have the following meanings: 
 “Agreement” has the meaning set forth in the preamble hereto. 

“Bank Product Obligations” means the “Bank Product Obligations,” as that term is defined in the First Lien
Credit Agreement. 
 “Bank Product Reserve” means the “Bank Product Reserve Amount,” as that term is
defined in the First Lien Credit Agreement. 
 “Bankruptcy Code” means Title 11 of the United States Code
entitled “Bankruptcy,” as now or hereafter in effect, or any successor statute. 
 “Bankruptcy Law”
means the Bankruptcy Code and any other federal, state, or foreign law for the relief of debtors. 
 “Borrower”
has the meaning set forth in the recitals to this Agreement. 
 “Business Day” means any day other than a
Saturday, Sunday, or day on which banks in New York City and Lafayette, Louisiana are authorized or required by law to close. 

“Cash Collateral” has the meaning set forth in Section 6.2. 

“Claimholders” means First Lien Claimholders and Second Lien Claimholders. 

“Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, constituting First
Lien Collateral or Second Lien Collateral. 
 “Conforming Amendment” means any amendment to any Second Lien
Document that is substantively identical to a corresponding amendment to a comparable provision of a First Lien Loan Document. 

  
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 “Default Disposition” has the meaning set forth in
Section 5.1(d). 
 “DIP Financing” has the meaning set forth in Section 6.2. 

“Discharge of First Lien Priority Obligations” means, except to the extent otherwise expressly provided in
Section 5.5: 
 (a) payment in full in cash of the First Lien Priority Obligations (other than outstanding Letters of
Credit and Bank Product Obligations); 
 (b) termination or expiration of all commitments, if any, to extend credit that would
constitute First Lien Priority Obligations; and 
 (c) termination or cash collateralization (in an amount and in the manner
required by the First Lien Credit Agreement) of all outstanding Letters of Credit and all Bank Product Obligations (up to but not in excess of the amount of the Bank Product Reserve). 

“Disposition” or “Dispose” means the sale, assignment, transfer, license, lease (as lessor), exchange,
or other disposition (including any sale and leaseback transaction) of any property by any person (or the granting of any option or other right to do any of the foregoing). 
 “Excess First Lien Obligations” means the sum of (a) the portion of the principal amount of the loans outstanding under the First Lien Loan Documents, the undrawn amount of all
outstanding Letters of Credit, and the outstanding amount of the Bank Product Obligations that is in excess of the First Lien Cap, plus (b) the portion of interest and fees on account of such portion of the loans, Letters of Credit, and Bank
Product Obligations described in clause (a) of this definition. 
 “Excess Second Lien Obligations” means the sum
of (a) the portion of the principal amount of the Notes outstanding under the Second Lien Documents in excess of the Second Lien Cap, plus (b) the portion of interest and fees on account of such portion of the Notes described in clause
(a) of this definition. 
 “Exercise any Secured Creditor Remedies” or “Exercise of Secured
Creditor Remedies” means (a) the taking of any action to enforce any Lien in respect of the Collateral, including the institution of any foreclosure proceedings, the noticing of any public or private sale or other disposition pursuant
to Article 9 of the UCC or any diligently pursued in good faith attempt to vacate or obtain relief from a stay or other injunction restricting any other action described in this definition, (b) the exercise of any right or remedy provided to a
secured creditor under the First Lien Loan Documents or the Second Lien Documents (including, in either case, any delivery of any notice to otherwise seek to obtain payment directly from any account debtor of any Grantor or the taking of any action
or the exercise of any right or remedy in respect of the setoff or recoupment against the Collateral or proceeds of Collateral), under applicable law, at equity, in an Insolvency Proceeding or otherwise, including the acceptance of Collateral in
full or partial satisfaction of a Lien, (c) the sale, assignment, transfer, lease, license, or other Disposition of all or any portion of the Collateral, by private or public sale or any other means, (d) the

  
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solicitation of bids from third parties to conduct the liquidation of all or a material portion of Collateral to the extent undertaken and being diligently pursued in good faith to consummate the
Disposition of such Collateral within a commercially reasonable time, (e) the engagement or retention of sales brokers, marketing agents, investment bankers, accountants, appraisers, auctioneers, or other third parties for the purposes of
valuing, marketing, or Disposing of, all or a material portion of the Collateral to the extent undertaken and being diligently pursued in good faith to consummate the Disposition of such Collateral within a commercially reasonable time, (f) the
exercise of any other enforcement right relating to the Collateral (including the exercise of any voting rights relating to any capital stock composing a portion of the Collateral) whether under the First Lien Loan Documents, the Second Lien
Documents, under applicable law of any jurisdiction, in equity, in an Insolvency Proceeding, or otherwise, (h) the pursuit of Default Dispositions relative to all or a material portion of the Collateral to the extent undertaken and being
diligently pursued in good faith to consummate the Disposition of such Collateral within a commercially reasonable time, or (i) the commencement of, or the joinder with any creditor in commencing, any Insolvency Proceeding against any Grantor
or any assets of any Grantor. 
 “First Lien Cap” means the result of (a) (x) $15,000,000, plus
(y) $2,500,000 in DIP Financing minus (b) the amount of all payments of revolving loan obligations under the First Lien Credit Agreement that result in a permanent reduction of the revolving credit commitment under the First Lien
Credit Agreement (other than payments of such revolving loan obligations in connection with a Refinancing thereof). 

“First Lien Claimholders” means, at any relevant time, the holders of First Lien Obligations at that time, including
First Lien Lender. 
 “First Lien Collateral” means all of the assets and property of any Grantor, whether real,
personal or mixed, with respect to which a consensual Lien is granted as security for any First Lien Obligation. 

“First Lien Collateral Documents” means the Security Agreement (as defined in the First Lien Credit Agreement) and any
other agreement, document, or instrument pursuant to which a Lien is granted securing any First Lien Obligation or under which rights or remedies with respect to such Liens are governed. 

“First Lien Credit Agreement” has the meaning set forth in the recitals to this Agreement. 

“First Lien Default” means any “Event of Default”, as such term is defined in any First Lien Loan Document.

 “First Lien Lender” has the meaning set forth in the preamble to this Agreement. 

“First Lien Loan Documents” means the First Lien Collateral Documents, the First Lien Credit Agreement, the First Lien
Mortgages, and each of the other Loan Documents (as defined in the First Lien Credit Agreement). 

  
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 “First Lien Mortgages” means each mortgage, deed of trust, and other
document or instrument under which any Lien on real property owned or leased by any Grantor is granted to secure any First Lien Obligations or under which rights or remedies with respect to any such Liens are governed. 

“First Lien Obligations” means all obligations and all amounts owing, due, or secured under the terms of the First Lien
Credit Agreement or any other First Lien Loan Document, whether now existing or arising hereafter, including all principal, premium, interest, fees, attorneys fees, costs, charges, expenses, reimbursement obligations, obligations to post cash
collateral in respect of Letters of Credit or Bank Product Obligations or indemnities in respect thereof, any other indemnities or guarantees, and all other amounts payable under or secured by any First Lien Loan Document (including, in each case,
all amounts accruing on or after the commencement of any Insolvency Proceeding relating to any Grantor, or that would have accrued or become due under the terms of the First Lien Loan Documents but for the effect of the Insolvency Proceeding and
irrespective of whether a claim for all or any portion of such amounts is allowable or allowed in such Insolvency Proceeding). 

“First Lien Priority Obligations” means all First Lien Obligations exclusive of the Excess First Lien Obligations, which
Excess First Lien Obligations shall be excluded from (and shall not constitute) First Lien Priority Obligations. 

“Governmental Authority” means the government of the United States of America or any other nation, any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank, or other entity exercising executive, legislative, judicial, taxing, regulatory, or administrative powers or functions of
or pertaining to government. 
 “Grantors” means Borrower and Guarantors, and each other person that may from
time to time execute and deliver a First Lien Collateral Document or a Second Lien Collateral Document as a “debtor,” “grantor,” or “pledgor” (or the equivalent thereof). 

“Guarantor” and “Guarantors” have the respective meanings set forth in the recitals to this Agreement.

 “Insolvency Proceeding” means: 
 (a) any voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to any Grantor; 
 (b) any other voluntary or involuntary insolvency or bankruptcy case or proceeding, or any receivership, liquidation or other similar case or proceeding with respect to any Grantor or with respect to a
material portion of its assets; 
 (c) any liquidation, dissolution, or winding up of any Grantor whether voluntary or
involuntary and whether or not involving insolvency or bankruptcy; or 

  
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 (d) any assignment for the benefit of creditors or any other marshaling of assets and
liabilities of any Grantor. 
 “Letters of Credit” means the “Letters of Credit,” as that term is
defined in the First Lien Credit Agreement. 
 “Letter of Credit Usage” means the “Letter of Credit
Usage,” as that term is defined in the First Lien Credit Agreement. 
 “Lien” means any lien, mortgage,
pledge, assignment, security interest, charge, or encumbrance of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in the nature thereof) and any option, trust, or
other preferential arrangement having the practical effect of any of the foregoing. 
 “person” means any
natural person, corporation, trust, business trust, joint venture, joint stock company, association, company, limited liability company, partnership, Governmental Authority, or other entity. 

“PES” has the meaning set forth in the recitals to this Agreement. 

“Pledged Collateral” has the meaning set forth in Section 5.4(a). 

“Purchase Notice” has the meaning set forth in Section 5.6(a). 

“Recovery” has the meaning set forth in Section 6.8. 

“Refinance” means, in respect of any indebtedness, to refinance, extend, renew, defease, supplement, restructure,
replace, refund or repay, or to issue other indebtedness in exchange or replacement for such indebtedness, in whole or in part, whether with the same or different lenders, arrangers or agents. “Refinanced” and
“Refinancing” shall have correlative meanings. 
 “Second Lien Cap” means the result of
(a) the aggregate principal amount of all Notes permitted to be issued under the Second Lien Indenture as in effect on the date hereof minus (b) the aggregate amount of all payments of the principal of such Notes under the Second
Lien Indenture (other than payments of such Notes in connection with a Refinancing thereof). 
 “Second Lien
Claimholders” means, at any relevant time, the holders of Second Lien Obligations at that time, including Second Lien Holders and Second Lien Trustee. 
 “Second Lien Collateral” means all of the assets and property of any Grantor, whether real, personal, or mixed, with respect to which a consensual Lien is granted as security for any
Second Lien Obligations. 
 “Second Lien Collateral Documents” means the Security Documents (as defined in the
Second Lien Indenture) and any other agreement, document, or instrument pursuant to which a Lien is granted securing any Second Lien Obligations or under which rights or remedies with respect to such Liens are governed. 

  
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 “Second Lien Default” means any “Event of Default”, as such term
is defined in any Second Lien Document. 
 “Second Lien Documents” means the Second Lien Collateral Documents,
the Second Lien Indenture, the Second Lien Guaranty, the Second Lien Mortgages, and any other agreement, document, or instrument evidencing or entered into in connection with the Second Lien Obligations. 

“Second Lien Guaranty” has the meaning set forth in the recitals to this Agreement, but shall also include each other
guaranty made by any other guarantor in favor of Second Lien Trustee. 
 “Second Lien Holders” means the
“Holders” as defined in the Second Lien Indenture. 
 “Second Lien Indenture” has the meaning set
forth in the recitals to this Agreement. 
 “Second Lien Mortgages” means each mortgage, deed of trust, and any
other document or instrument under which any Lien on real property owned or leased by any Grantor is granted to secure any Second Lien Obligations or under which rights or remedies with respect to any such Liens are governed. 

“Second Lien Obligations” means all obligations and all amounts owing, due, or secured under the terms of the Second Lien
Indenture or any other Second Lien Document, whether now existing or arising hereafter, including all principal, premium, interest, fees, attorneys fees, costs, charges, expenses, reimbursement obligations, indemnities, guarantees, and all other
amounts payable under or secured by any Second Lien Document (including, in each case, all amounts accruing on or after the commencement of any Insolvency Proceeding relating to any Grantor, or that would have accrued or become due under the terms
of the Second Lien Documents but for the effect of the Insolvency Proceeding and irrespective of whether a claim for all or any portion of such amounts is allowable or allowed in such Insolvency Proceeding). 

“Second Lien Priority Obligations” means all Second Lien Obligations exclusive of the Excess Second Lien Obligations,
which Excess Second Lien Obligations shall be excluded from (and shall not constitute) Second Lien Priority Obligations. 

“Second Lien Trustee” has the meaning set forth in the preamble to this Agreement. 

“Standstill Notice” means a written notice from Second Lien Trustee to First Lien Lender stating that a Second Lien
Default has occurred and is continuing and that, as a consequence thereof, Second Lien Trustee has accelerated the Second Lien Obligations. 

  
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 “Standstill Period” has the meaning set forth in Section 3.1(a) of
this Agreement. 
 “Subsidiary” of a person means a corporation, partnership, limited liability company, or
other entity in which that person directly or indirectly owns or controls the shares of capital stock having ordinary voting power to elect a majority of the board of directors (or appoint other comparable managers) of such corporation, partnership,
limited liability company, or other entity. 
 “Triggering Event” means (i) the acceleration of any First
Lien Priority Obligations, (ii) First Lien Lender’s Exercise of Secured Creditor Remedies with respect to all or a material portion of the Collateral, (iii) the occurrence of a Second Lien Default as a result of a failure to make
payment of any Second Lien Priority Obligation when due under the terms of the Second Lien Documents, or (iv) the commencement of an Insolvency Proceeding with respect to any Grantor. 

“UCC” means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect in any applicable
jurisdiction. 
 1.2 Construction. The definitions of terms in this Agreement shall apply equally to the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine, and neuter forms. The words “include,” “includes,” and “including” shall be deemed to
be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” The term “or” shall be construed to have, except where otherwise
indicated, the inclusive meaning represented by the phrase “and/or.” Any term used in this Agreement and not defined in this Agreement shall have the meaning set forth in the First Lien Credit Agreement. Unless the context requires
otherwise: 
 (a) except as otherwise provided herein, any definition of or reference to any agreement, instrument, or other
document herein shall be construed as referring to such agreement, instrument, or other document as from time to time amended, restated, supplemented, modified, renewed, extended, Refinanced, refunded, or replaced; 

(b) any reference to any agreement, instrument, or other document herein “as in effect on the date hereof” shall be construed as
referring to such agreement, instrument, or other document without giving effect to any amendment, restatement, supplement, modification, or Refinance after the date hereof; 
 (c) any definition of or reference to First Lien Obligations or the Second Lien Obligations herein shall be construed as referring to the First Lien Obligations or the Second Lien Obligations (as
applicable) as from time to time amended, restated, supplemented, modified, renewed, extended, Refinanced, refunded, or replaced; 
 (d) any reference herein to any person shall be construed to include such person’s successors and assigns; 

  
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 (e) the words “herein,” “hereof,” and “hereunder,” and words
of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof; 

(f) all references herein to Sections shall be construed to refer to Sections of this Agreement; and 

(g) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and
all tangible and intangible assets and properties, including cash, securities, accounts, and contract rights. 
 SECTION 2.
Lien Priorities. 
 2.1 Relative Priorities. Notwithstanding the date, time, method, manner, or order of grant,
attachment, or perfection of any Liens securing the Second Lien Obligations granted with respect to the Collateral or of any Liens securing the First Lien Obligations granted with respect to the Collateral and notwithstanding any contrary provision
of the UCC or any other applicable law or the First Lien Documents or the Second Lien Documents, or any other circumstance whatsoever, Second Lien Trustee and the First Lien Lender hereby agree that: 

(a) subject to the last sentence of this Section 2.1, any Lien with respect to the Collateral securing any First Lien
Obligations now or hereafter held by or on behalf of, or created for the benefit of, First Lien Lender or any First Lien Claimholders or any agent or trustee therefore shall be senior in right, priority, operation, effect and all other respects to
any Lien with respect to the Collateral securing any Second Lien Obligations; and 
 (b) subject to the last sentence of this
Section 2.1, any Lien with respect to the Collateral securing any Second Lien Obligations now or hereafter held by or on behalf of, or created for the benefit of, Second Lien Trustee, any Second Lien Claimholders or any agent or trustee
therefor shall be junior and subordinate in right, priority, perfection, operation, effect and all other respects to all Liens with respect to the Collateral securing any First Lien Obligations. 

Subject to the last sentence of this Section 2.1, all Liens with respect to the Collateral securing any First Lien Obligations shall be and
remain senior in all respects and prior to all Liens with respect to the Collateral securing any Second Lien Obligations for all purposes, whether or not such Liens securing any First Lien Obligations are subordinated to any Lien securing any other
obligation of any Grantor or any other person (but only to the extent that such subordination is permitted pursuant to the terms of the First Lien Credit Agreement and the Second Lien Indenture, or as contemplated in Section 6.2).

 The foregoing and any other provision to the contrary contained in this Agreement notwithstanding, except as expressly provided in this
Agreement, First Lien Lender agrees not to contractually subordinate its Lien in any Collateral to the Lien of any other creditor of Grantors without the prior written consent of Second Lien Trustee. 

  
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 2.2 Prohibition on Contesting Liens. Each of Second Lien Trustee, for itself and on
behalf of each Second Lien Claimholder, and First Lien Lender, for itself and on behalf of each First Lien Claimholder, agrees that it will not (and hereby waives any right to), directly or indirectly, contest, or support any other person in
contesting, in any proceeding (including any Insolvency Proceeding), the priority, validity, extent, perfection or enforceability of a Lien held by or on behalf of any First Lien Claimholders in the First Lien Collateral or by or on behalf of any
Second Lien Claimholders in the Second Lien Collateral, as the case may be, or the provisions of this Agreement; provided, however, that nothing in this Agreement shall be construed to prevent or impair the rights of First Lien Lender,
any First Lien Claimholder, Second Lien Trustee, or any Second Lien Claimholder to enforce the terms of this Agreement, including the provisions of this Agreement relating to the priority of the Liens securing the First Lien Obligations as provided
in Sections 2.1 and 3. 
 2.3 New Liens. So long as the Discharge of First Lien Priority Obligations has
not occurred, and so long as no Insolvency Proceeding has been commenced by or against any Grantor, the parties hereto agree that no Grantor shall: 
 (a) grant any additional Liens on any asset to secure any Second Lien Obligation unless such Grantor gives First Lien Lender at least five (5) Business Days prior written notice thereof and unless
such notice also offers to grant a Lien on such asset to secure the First Lien Obligations concurrently with the grant of a Lien thereon in favor of Second Lien Trustee; or 
 (b) grant any additional Liens on any asset to secure any First Lien Obligations unless such Grantor gives Second Lien Trustee at least five (5) Business Days prior written notice thereof and unless
such notice also offers to grant a Lien on such asset to secure the Second Lien Obligations concurrently with the grant of a Lien thereon in favor of First Lien Lender. 
 To the extent that the foregoing provisions are not complied with for any reason, without limiting any other rights and remedies available to First Lien Lender or First Lien Claimholders, Second Lien
Trustee, on behalf Second Lien Claimholders, agrees that any amounts received by or distributed to any of them pursuant to or as a result of Liens granted in contravention of this Section 2.3 shall be subject to Section 4.2.

 2.4 Similar Liens and Agreements. The parties hereto agree that it is their intention that the First Lien Collateral
and the Second Lien Collateral be identical. In furtherance of the foregoing and of Section 9.8, the parties hereto agree, subject to the other provisions of this Agreement: 

(a) upon request by First Lien Lender or Second Lien Trustee, to cooperate in good faith (and to direct their counsel to cooperate in good
faith) from time to time in order to determine the specific items included in the First Lien Collateral and the Second Lien Collateral and the steps taken or to be taken to perfect their respective Liens thereon and the identity of the respective
parties obligated under the First Lien Loan Documents and the Second Lien Documents; 

  
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 (b) that the First Lien Collateral Documents and Second Lien Collateral Documents and
guarantees for the First Lien Obligations and the Second Lien Obligations, shall be in all material respects the same forms of documents other than with respect to the first lien and the second lien nature thereof and subject to document standard
language with respect to the duties and liabilities of the Second Lien Trustee acting in its capacity as “Trustee” and “Collateral Agent” as required by Second Lien Trustee ; and 

(c) after the Discharge of the First Lien Priority Obligations, First Lien Lender will provide written notice thereof to each Cash
Management Bank (as such term is defined in the First Lien Credit Agreement). 
 The foregoing to the contrary notwithstanding,
it is understood by each of the parties that to the extent that First Lien Lender or Second Lien Trustee obtains a Lien in an asset (of a type that is not included in the types of assets included in the Collateral as of the date hereof or which
would not constitute Collateral without a grant of a security interest or lien separate from the First Lien Loan Documents or Second Lien Documents, as applicable, as in effect immediately prior to obtaining such Lien on such asset) which the other
party to this Agreement elects not to obtain after receiving prior written notice thereof in accordance with the provisions of Section 2.3, the Collateral securing the First Lien Loan Obligations and the Second Lien Loan Obligations will
not be identical, and the provisions of the documents, agreements and instruments evidencing such Liens also will not be substantively similar, and any such difference in the scope or extent of perfection with respect to the Collateral resulting
therefrom are hereby expressly permitted by this Agreement. 
 SECTION 3. Exercise of Remedies. 

3.1 Standstill. Until the Discharge of First Lien Priority Obligations has occurred, whether or not any Insolvency Proceeding has
been commenced by or against any Grantor, Second Lien Trustee and Second Lien Claimholders: 
 (a) will not exercise or seek to
exercise any rights or remedies with respect to any Collateral (including any Exercise of Secured Creditor Remedies with respect to any Collateral); provided, however, that if a Second Lien Default has occurred and is continuing,
Second Lien Trustee may Exercise any Secured Creditor Remedies after the period of one hundred eighty (180) days commencing on the date on which First Lien Lender receives the applicable Standstill Notice (it being understood that if at any
time after the delivery of a Standstill Notice that commences such 180 day period, no Second Lien Default is continuing, Second Lien Trustee may not Exercise any Secured Creditor Remedies until the passage of a 180 day period commenced by a new
Standstill Notice relative to the occurrence of a new Second Lien Default that had not occurred as of the date of the delivery of the earlier Standstill Notice; provided further, however, that in no event shall Second Lien Trustee or
any Second Lien Claimholder exercise any rights or remedies with respect to the Collateral if, notwithstanding the 

  
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expiration of such 180 day period, First Lien Lender or First Lien Claimholders shall have commenced prior to the expiration of such 180 day period (or thereafter but prior to the commencement of
any Exercise of Secured Creditor Remedies by Second Lien Trustee with respect to all or any material portion of the Collateral) and be diligently pursuing in good faith the Exercise of Secured Creditor Remedies with respect to all or any material
portion of the Collateral (such 180 day period as modified in accordance with the foregoing provisos is herein referred to as the “Standstill Period”); 
 (b) prior to the end of the Standstill Period, will not contest, protest, or object to any Exercise of Secured Creditor Remedies by First Lien Lender or any First Lien Claimholder and have no right to
direct First Lien Lender to Exercise any Secured Creditor Remedies or take any other action under the First Lien Loan Documents; and 
 (c) prior to the end of the Standstill Period, will not object to (and will waive any and all claims with respect to) the forbearance by First Lien Lender or First Lien Claimholders from Exercising any
Secured Creditor Remedies. 
 3.2 Exclusive Enforcement Rights. Until the Discharge of First Lien Priority Obligations
has occurred, whether or not any Insolvency Proceeding has been commenced by or against any Grantor, but subject to the first proviso to Section 3.1(a), First Lien Lender and First Lien Claimholders shall have the exclusive right to
Exercise any Secured Creditor Remedies with respect to the Collateral without any consultation with or the consent of Second Lien Trustee or any Second Lien Claimholder. In connection with any Exercise of Secured Creditor Remedies, First Lien Lender
and First Lien Claimholders may enforce the provisions of the First Lien Loan Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise and
enforcement shall include the rights of an agent appointed by them to Dispose of Collateral, to incur expenses in connection with such Disposition, and to exercise all the rights and remedies of a secured creditor under applicable law. 

3.3 Second Lien Permitted Actions. Anything to the contrary in this Section 3 notwithstanding, Second Lien Trustee and
any Second Lien Claimholder may: 
 (a) if an Insolvency Proceeding has been commenced by or against any Grantor, file a claim or
statement of interest with respect to the Second Lien Obligations; 
 (b) take any action (not adverse to the priority status of
the Liens on the Collateral securing the First Lien Obligations, or the rights of First Lien Lender or any First Lien Claimholders to Exercise any Secured Creditor Remedies) in order to create or perfect its Lien in and to the Collateral;

 (c) file any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding, or other
pleading made by any person objecting to or otherwise seeking the disallowance of the claims of Second Lien Claimholders, including any claims secured by the Collateral, if any; 

  
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 (d) vote on any plan of reorganization and make any filings and motions that are, in each
case, in accordance with, the terms of this Agreement, with respect to the Second Lien Obligations and the Collateral; 
 (e)
join (but not exercise any control with respect to) any judicial foreclosure proceeding or other judicial lien enforcement proceeding with respect to the Collateral initiated by First Lien Lender to the extent that any such action could not
reasonably be expected, in any material respect, to restrain, hinder, limit, delay for any material period or otherwise interfere with the Exercise of Secured Creditor Remedies by First Lien Lender (it being understood that neither Second Lien
Trustee nor any Second Lien Claimholder shall be entitled to receive any proceeds thereof unless otherwise expressly permitted herein); and 
 (f) Exercise any Secured Creditor Remedies after the termination of the Standstill Period if and to the extent specifically permitted by Section 3.1(a). 

3.4 Retention of Proceeds. First Lien Lender and Second Lien Trustee each agrees that prior to the Discharge of the First Lien
Priority Obligations, Second Lien Claimholders will only be entitled to retain proceeds of Collateral in connection with an Exercise of Secured Creditor Remedies by Second Lien Trustee that is permitted under Section 3.1(a) above and
only if First Lien Lender was given an opportunity to release its Lien in and to the Collateral that is the subject of such Exercise of Secured Creditor Remedies by Second Lien Trustee and First Lien Lender declined to do so. Neither Second Lien
Trustee nor any Second Lien Claimholder shall be permitted to retain any proceeds of Collateral in connection with any Exercise of Secured Creditor Remedies in any other circumstance unless and until the Discharge of First Lien Priority Obligations
has occurred, and any such proceeds received or retained in any other circumstance will be subject to Section 4.2. 

3.5 Unsecured Creditor Remedies. Except as set forth in Sections 3.1(a) and 6, Second Lien Trustee and Second Lien
Claimholders may exercise rights and remedies that could be exercised as an unsecured creditor against any Grantor in accordance with the terms of the Second Lien Documents and applicable law; provided, however, that in the event that
any Second Lien Claimholder becomes a judgment Lien creditor in respect of Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the Second Lien Obligations, such judgment Lien shall be subject to the terms
of this Agreement for all purposes (including in relation to Liens securing the First Lien Obligations) to the same extent as the other Liens securing the Second Lien Obligations. 

3.6 Commercially Reasonable Dispositions; Notice of Exercise. First Lien Lender agrees that any Exercise of Secured Creditor
Remedies by First Lien Lender with respect to Collateral subject to Article 9 of the UCC shall be conducted by First Lien Lender in a commercially reasonable manner. Second Lien Trustee agrees that any Exercise of Secured Creditor Remedies by Second
Lien Trustee with respect to Collateral subject to Article 9 of the UCC shall be conducted by Second Lien Trustee in a commercially reasonable manner. First Lien Lender shall provide reasonable prior notice to Second Lien Trustee of its initial
material Exercise of Secured Creditor Remedies. Second Lien Trustee shall provide reasonable prior notice to First Lien Lender of its initial material Exercise of Secured Creditor Remedies. 

  
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 SECTION 4. Proceeds. 

4.1 Application of Proceeds. Whether or not any Insolvency Proceeding has been commenced by or against any Grantor, except as
otherwise provided in Sections 2.1 and 3.4, any Collateral or proceeds thereof received in connection with any Exercise of Secured Creditor Remedies shall (at such time as such Collateral or proceeds has been monetized) be applied:
(a) first, to the payment in full in cash of costs and expenses of and indemnification obligations owed to the First Lien Lender in accordance with the First Lien Loan Documents or the Second Lien Trustee in accordance with the Second
Lien Documents, as the case may be, in connection with such Exercise of Secured Creditor Remedies, (b) second, to the payment in full in cash or cash collateralization of the First Lien Priority Obligations in accordance with the First
Lien Loan Documents, and in the case of payment of any revolving loans, together with the concurrent permanent reduction of any revolving loan commitment thereunder in an amount equal to the amount of such payment, (c) third, to the
payment in full in cash of the Second Lien Priority Obligations in accordance with the Second Lien Documents, (e) fourth, to the payment in full in cash of the Excess First Lien Obligations in accordance with the First Lien Loan
Documents, (f) fifth, to the payment in full in cash of the Excess Second Lien Obligations in accordance with the Second Lien Documents, and (g) sixth, any surplus Collateral or proceeds then remaining will be returned to
Borrower or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct. If any Exercise of Secured Creditor Remedies with respect to the Collateral produces non-cash proceeds, then such non-cash
proceeds shall be held by the Agent that conducted the Exercise of Secured Creditor Remedies as additional Collateral and, at such time as such non-cash proceeds are monetized, shall be applied as set forth above. 

4.2 Turnover. Unless and until the Discharge of First Lien Priority Obligations has occurred, whether or not any Insolvency
Proceeding has been commenced by or against any Grantor, except as otherwise provided in Sections 2.1 and 3.4, any Collateral or proceeds thereof (including assets or proceeds subject to Liens referred to in the final sentence of
Section 2.3 or the proviso in Section 3.5) received by Second Lien Trustee or any Second Lien Claimholder (a) in connection with the Exercise of Secured Creditor Remedies with respect to the Collateral by Second Lien
Trustee or any Second Lien Claimholder, or (b) as a result of Second Lien Trustee’s or any Second Lien Claimholder’s collusion with any Grantor in violating the rights of First Lien Lender or any First Lien Claimholder (within the
meaning of Section 9-332 of the UCC), shall be segregated and held in trust and forthwith paid over to First Lien Lender for the benefit of First Lien Claimholders in the same form as received, with any necessary endorsements or as a court of
competent jurisdiction may otherwise direct. First Lien Lender is hereby authorized to make any such endorsements as agent for Second Lien Trustee or any such Second Lien Claimholders. This authorization is coupled with an interest and is
irrevocable until the Discharge of First Lien Priority Obligations. 

  
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 4.3 No Subordination of the Relative Priority of Claims. Anything to the contrary
contained herein notwithstanding, the subordination of the Liens of Second Lien Claimholders to the Liens of First Lien Claimholders as set forth herein is with respect to the priority of the respective Liens held by or on behalf of them only and
shall not constitute a subordination of the Second Lien Obligations to the First Lien Obligations. Nothing in this Agreement shall affect the entitlement of any Second Lien Claimholder to receive and retain required payments of interest, principal,
and other amounts in respect of the Second Lien Obligations unless the receipt is expressly prohibited by, or results from the Second Lien Claimholder’s breach of, this Agreement. 

SECTION 5. Releases; Dispositions; Other Agreements. 

5.1 Releases. 
 (a) If, in connection with the Exercise of Secured Creditor Remedies by First Lien Lender as provided for in Section 3 (with the proceeds thereof being applied to the First Lien Priority
Obligations with a concurrent permanent reduction in commitments), First Lien Lender releases any of its Liens on any part of the Collateral or releases any Grantor from its obligations in respect of the First Lien Obligations, then the Liens, of
Second Lien Trustee on such Collateral, and the obligations of such Grantor in respect of the Second Lien Obligations, shall be automatically, unconditionally, and simultaneously released. Second Lien Trustee, for itself or on behalf of any such
Second Lien Claimholders, promptly shall execute and deliver to First Lien Lender such termination or amendment statements, releases, and other documents as First Lien Lender may reasonably request to effectively confirm such release. 

(b) If, in connection with any Disposition of any Collateral permitted under the terms of the First Lien Loan Documents as in effect as of
the date hereof, First Lien Lender, for itself or on behalf of any First Lien Claimholders, releases any of its Liens on the portion of the Collateral that is the subject of such Disposition, or releases any Grantor from its obligations in respect
of the First Lien Obligations (if such Grantor is the subject of such Disposition), in each case other than (i) in connection with the Discharge of First Lien Priority Obligations, (ii) after the occurrence and during the continuance of
any Second Lien Default, or (iii) if such Disposition is prohibited by the Second Lien Documents, then the Liens of Second Lien Trustee on such Collateral, and the obligations of such Grantor in respect of the Second Lien Obligations, shall be
automatically, unconditionally, and simultaneously released. Second Lien Trustee, for itself or on behalf of any such Second Lien Claimholders, promptly shall execute and deliver to First Lien Lender such termination or amendment statements,
releases, and other documents as First Lien Lender may reasonably request to effectively confirm such release. 
 (c) In the
event of any private or public Disposition of all or any material portion of the Collateral by one or more Grantors with the consent of First Lien Lender after the occurrence and during the continuance of a First Lien Default (and prior to the
Discharge of First Lien Priority Obligations), which Disposition is conducted by such Grantors with the consent of First Lien Lender in connection with good faith efforts by First Lien Lender to collect the First Lien Obligations through the
Disposition of Collateral (any such Disposition, a “Default 

  
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Disposition”), then the Liens of Second Lien Trustee on such Collateral shall be automatically, unconditionally, and simultaneously released (and, if the Default Disposition includes
equity interests in any Grantor, Second Lien Trustee further agrees to release those persons whose equity interests are Disposed of from all of their obligations under the Second Lien Documents); provided that (i) First Lien Lender also
releases its Liens on such Collateral (and, if the Default Disposition includes equity interests in any Grantor, First Lien Lender is also releasing those persons whose equity interests are Disposed of from all of their obligations under the First
Lien Loan Documents), (ii) the net cash proceeds of any such Default Disposition are applied in accordance with Section 4.1 (as if they were proceeds received in connection with an Exercise of Secured Creditor Remedies) with a
concurrent permanent reduction in commitments, and (iii) with respect to Collateral that is subject to Article 9 of the UCC, the Grantors consummating such Default Disposition have (a) provided Second Lien Trustee with the prior written
notice that would have been required if the Default Disposition were a disposition of collateral by a secured creditor under Article 9 of the UCC, and (b) conducted such Default Disposition in a commercially reasonable manner as if such Default
Disposition were a disposition of collateral by a secured creditor in accordance with Article 9 of the UCC. 
 (d) Until the
Discharge of First Lien Priority Obligations occurs, Second Lien Trustee, for itself and on behalf of Second Lien Claimholders, hereby irrevocably constitutes and appoints First Lien Lender and any officer or agent of First Lien Lender, with full
power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of Second Lien Trustee or such holder or in First Lien Lender’s own name, from time to time in First Lien
Lender’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary to accomplish the purposes of this
Section 5.1, including any endorsements or other instruments of transfer or release. 
 (e) Until the Discharge of
First Lien Priority Obligations occurs, to the extent that First Lien Lender or First Lien Claimholders (i) have released any Lien on Collateral or any Grantor with respect to the First Lien Obligations, and any such Liens or obligations are
later reinstated, or (ii) obtain any new Liens from any Grantor or obtain a guaranty from any Grantor of the First Lien Obligations, then Second Lien Trustee, for itself and for Second Lien Claimholders, shall be entitled to obtain a Lien on
any such Collateral, subject to the terms (including the lien subordination provisions) of this Agreement, and a guaranty from such Grantor, as the case may be. 
 (f) In any event in which the Second Lien Trustee acknowledges its release of its Lien or any portion thereof, it shall be entitled to receive an Opinion of Counsel and Officer’s Certificate (as such
terms are defined in the Indenture). 
 5.2 Insurance. Unless and until the Discharge of First Lien Priority Obligations
has occurred: 
 (a) if a First Lien Event of Default has occurred and is continuing, (i) First Lien Lender and First Lien
Claimholders shall have the sole and exclusive right, subject to the 

  
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rights of Grantors under the First Lien Loan Documents and the Second Lien Documents, to adjust and settle any claim under any insurance policy covering the Collateral in the event of any loss
thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting the Collateral; and (ii) all proceeds of any such insurance policy and any such award (or any payments with
respect to a deed in lieu of condemnation) shall be paid, subject to the rights of Grantors under the First Lien Loan Documents and the Second Lien Documents, first to First Lien Claimholders and Second Lien Claimholders in accordance with
the priorities set forth in Section 4.1, until paid in full in cash, and second, to the owner of the subject property, such other person as may be entitled thereto, or as a court of competent jurisdiction may otherwise direct; and

 (b) if Second Lien Trustee or any Second Lien Claimholders shall, at any time, receive any proceeds of any such insurance
policy or any such award or payment in contravention of this Section 5.2, it shall pay such proceeds over to First Lien Lender in accordance with the terms of Section 4.2. 

5.3 Amendments; Refinancings. 
 (a) Subject to the limitations, if any, set forth in this Agreement, in the event the First Lien Lender or the other First Lien Claimholders enter into any amendment, waiver or consent in respect of any
of the First Lien Collateral Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any such document or changing in any manner the rights of the First Lien Lender, the other
First Lien Claimholders, the Issuer or any other Guarantor, then such amendment, waiver or consent will apply automatically to any comparable provision of the Second Lien Collateral Documents without the consent of the Second Lien Claimholders and
without any action by any of the foregoing; provided, that, except to the extent as may be expressly provided otherwise hereunder, no such amendment will (A) remove or release any Collateral subject to a Lien of the Second Lien Trustee other
than to the extent that (x) such release is permitted or required under Sections 5.1 or 6 and (y) there is a corresponding release of Collateral from the Lien of the First Lien Lender, (B) materially and adversely affect the rights of
the Second Lien Claimholders without the consent of the Second Lien Trustee, unless it also affects the First Lien Claimholders in a like or similar manner, or (C) impose duties on the Second Lien Trustee, without its consent. Notice of such
amendment, waiver or consent will be given to the Second Lien Trustee by First Lien Lender no later than 30 days after its effectiveness, provided that the failure to give such notice will not affect the effectiveness and validity thereof.

 5.4 Bailee for Perfection. 
 (a) First Lien Lender and Second Lien Trustee each agree to hold or control that part of the Collateral that is in its possession or control (or in the possession or control of its agents or bailees,
including any custodian or services as to motor vehicle certificates of title) to the extent that possession or control thereof is taken to perfect a Lien thereon under the UCC or other applicable law (such Collateral being referred to as the
“Pledged Collateral”), as bailee and as a non-fiduciary agent for Second Lien Trustee or First Lien Lender, as applicable (such 

  
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bailment and agency being intended, among other things, to satisfy the requirements of Sections 8-301(a)(2), 9-313(c), 9-104, 9-105, 9-106, and 9-107 of the UCC), solely for the purpose of
perfecting the security interest granted under the Second Lien Documents or the First Lien Loan Documents, as applicable, subject to the terms and conditions of this Section 5.4. First Lien Lender and Second Lien Trustee agree to enter
into any servicing agreements, collateral agency agreements or similar bailment agreements with third party agents or bailees as First Lien Lender deems appropriate for the purpose of perfecting Liens in the Pledged Collateral, including, without
limitation, as to any motor vehicle certificates of title; provided, however, that the form of such agreement shall be satisfactory to the Second Lien Trustee. To the extent in any jurisdiction only one lienholder may be noted on a certificate of
title under applicable law, First Lien Lender shall be specified as the lienholder, and for the purposes of the applicable State certificate of title laws, First Lien Lender shall act as agent for both the First Lien Secured Parties and the Second
Lien Secured Parties in order to perfect and secure both the First Lien Obligations and the Second Lien Obligations, provided that, notwithstanding that there may be only one lienholder noted on such certificate of title for such purposes,
the priorities as between the rights of First and Second Lien Claimholders shall be as if there were two separate Liens, subject to the priorities and other terms of this Agreement. Unless and until the Discharge of the First Lien Priority
Obligations, Second Lien Trustee agrees to promptly notify First Lien Lender of any Pledged Collateral held by it or by any Second Lien Claimholders, and, immediately upon the request of First Lien Lender at any time prior to the Discharge of the
First Lien Priority Obligations, Second Lien Trustee agrees to deliver to First Lien Lender any such Pledged Collateral held by it or by any Second Lien Claimholders, together with any necessary endorsements (or otherwise allow First Lien Lender to
obtain control of such Pledged Collateral). First Lien Lender hereby agrees that upon the Discharge of the First Lien Priority Obligations, upon the written request of Second Lien Trustee, to the extent that the applicable control agreement is in
full force and effect and has not been terminated, First Lien Lender shall continue to act as such a bailee and non-fiduciary agent for Second Lien Trustee (solely for the purpose of perfecting the security interest granted under the Second Lien
Documents and at the expense of Second Lien Trustee) with respect to the deposit account or securities account that is the subject of such control agreement, until the earlier to occur of (x) 30 days after the date when the Discharge of the
First Lien Priority Obligations has occurred, and (y) the date when a control agreement is executed in favor of Second Lien Trustee with respect to such deposit account or securities account. 

(b) First Lien Lender shall have no obligation whatsoever to Second Lien Trustee or any Second Lien Claimholder to ensure that the Pledged
Collateral is genuine or owned by any of Grantors or to preserve rights or benefits of any person except as expressly set forth in this Section 5.4. Second Lien Trustee shall have no obligation whatsoever to First Lien Lender or any
First Lien Claimholder to ensure that the Pledged Collateral is genuine or owned by any of Grantors or to preserve rights or benefits of any person except as expressly set forth in this Section 5.4. The duties or responsibilities of
First Lien Lender under this Section 5.4 shall be limited solely to holding or controlling the Pledged Collateral as bailee and agent in accordance with this Section 5.4 and delivering the Pledged Collateral upon a Discharge
of First Lien Priority Obligations as provided in paragraph (d) of this Section 5.4. The duties or responsibilities of Second Lien Trustee under this Section 5.4 shall be limited solely to holding

  
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or controlling the Pledged Collateral as bailee and agent in accordance with this Section 5.4. The duties and responsibilities of any third party bailee or agent shall be set forth in
any collateral agency, servicing or other bailment agreement entered into by such party. 
 (c) First Lien Lender acting pursuant
to this Section 5.4 shall not have by reason of the First Lien Collateral Documents, the Second Lien Collateral Documents, or this Agreement a fiduciary relationship in respect of Second Lien Trustee or any Second Lien Claimholder.
Second Lien Trustee acting pursuant to this Section 5.4 shall not have by reason of the First Lien Collateral Documents, the Second Lien Collateral Documents, or this Agreement a fiduciary relationship in respect of First Lien Lender or
First Lien Claimholder. 
 (d) Upon the payment (or cash collateralization, as applicable) in full in cash of all First Lien
Obligations, First Lien Lender shall deliver, or instruct any third party collateral agent or bailee to deliver, the remaining Pledged Collateral (if any) together with any necessary endorsements, first, to Second Lien Trustee, or its agents
or bailees as directed by Second Lien Trustee, to the extent Second Lien Obligations remain outstanding as confirmed in writing by Second Lien Trustee, and, to the extent that Second Lien Trustee confirms no Second Lien Obligations are outstanding,
second, to Borrower to the extent no First Lien Obligations or Second Lien Obligations remain outstanding (in each case, so as to allow such person to obtain possession or control of such Pledged Collateral). At such time, First Lien Lender
further agrees to take all other action reasonably requested by Second Lien Trustee at the expense of Borrower (including amending any outstanding control agreements) to enable Second Lien Trustee to obtain a first priority security interest in the
Collateral. 
 5.5 When Discharge of First Lien Priority Obligations Deemed to Not Have Occurred. If Borrower enters into
any Refinancing of the First Lien Priority Obligations, then a Discharge of First Lien Priority Obligations shall be deemed not to have occurred for all purposes of this Agreement, and the obligations under such Refinancing of such First Lien
Priority Obligations shall be treated as First Lien Priority Obligations for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, and First Lien Lender under the First
Lien Loan Documents effecting such Refinancing shall be First Lien Lender for all purposes of this Agreement. First Lien Lender under such First Lien Loan Documents shall agree (in a writing addressed to Second Lien Trustee for the benefit of itself
and the Second Lien Claimholders) to be bound by the terms of this Agreement. 
 5.6 Purchase Option. 

(a) Upon the occurrence and during the continuation of a Triggering Event, then, in any such case, any one or more of Second Lien
Claimholders (acting in their individual capacity or through one or more affiliates) shall have the right, but not the obligation (each Second Lien Claimholder having a ratable right to make the purchase, with each Second Lien Claimholder’s
right to purchase being automatically proportionately increased by the amount not purchased by another Second Lien Claimholder), upon 5 Business Days advance written notice from such Second Lien Claimholders (a “Purchase Notice”) to
First Lien Lender, for the benefit 

  
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of First Lien Claimholders, to acquire from First Lien Claimholders all (but not less than all) of the right, title, and interest of First Lien Claimholders in and to the First Lien Priority
Obligations and the First Lien Loan Documents. The Purchase Notice, if given, shall be irrevocable. 
 (b) On the date specified
in the Purchase Notice (which shall not be more than 5 Business Days after the receipt by First Lien Lender of the Purchase Notice), First Lien Claimholders shall sell to the purchasing Second Lien Claimholders and purchasing Second Lien
Claimholders shall purchase from First Lien Claimholders, the First Lien Priority Obligations. 
 (c) On the date of such
purchase and sale, purchasing Second Lien Claimholders shall (i) pay to First Lien Lender, for the benefit of First Lien Claimholders, as the purchase price therefor the full amount of all the First Lien Obligations (other than the Excess First
Lien Obligations and other than First Lien Obligations cash collateralized in accordance with clause (c)(ii) below) then outstanding and unpaid, (ii) furnish cash collateral to First Lien Lender in such amounts as First Lien Lender determines
is reasonably necessary to secure First Lien Lender and First Lien Claimholders in connection with (A) any issued and outstanding Letters of Credit (but not in any event in an amount greater than 105% of the aggregate undrawn amount of such
Letters of Credit) and (B) Bank Product Obligations (but not in any event in an amount greater than the Bank Product Reserve), and (iii) agree to reimburse First Lien Lender and First Lien Claimholders for all expenses to the extent earned
or due and payable in accordance with the First Lien Loan Documents (including the reimbursement of extraordinary expenses, financial examination expenses, and appraisal fees). Anything contained in this paragraph to the contrary notwithstanding, in
the event that (X) purchasing Second Lien Claimholders receive all or a portion of any prepayment premium, make-whole obligation or early termination fee payable pursuant to the First Lien Loan Documents in cash, (Y) all First Lien
Obligations purchased by such purchasing Second Lien Claimholders and all of the Second Lien Obligations, including principal, interest and fees thereon and costs and expenses of collection thereof (including reasonable attorneys fees and legal
expenses), are repaid in full in cash, and (Z) the First Lien Credit Agreement is terminated, in each case, within 180 days following the date on which the purchasing Second Lien Claimholders pay the purchase price described in clauses
(i)-(iii) of this paragraph, then, within 3 Business Days after receipt by such Second Lien Claimholders of such amounts, purchasing Second Lien Claimholders shall pay a supplemental purchase price to First Lien Lender, for the benefit of First
Lien Claimholders, in respect of their purchase under this Section 5.6 in an amount equal to the portion of the prepayment premium, make-whole obligation or early termination fee received by purchasing Second Lien Claimholders to which
First Lien Claimholders would have been entitled to receive had the purchase under this paragraph not occurred. Such purchase price and cash collateral shall be remitted by wire transfer in federal funds to such bank account of First Lien Lender as
First Lien Lender may designate in writing to Second Lien Trustee for such purpose. Interest shall be calculated to but excluding the Business Day on which such purchase and sale shall occur if the amounts so paid by purchasing Second Lien
Claimholders to the bank account designated by First Lien Lender are received in such bank account prior to 2:00 p.m., New York City time, and interest shall be calculated to and including such Business Day if the amounts so paid by purchasing
Second Lien Claimholders to the bank account designated by First Lien Lender are received in such bank account later than 2:00 p.m., New York City time. 

  
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 (d) Such purchase shall be expressly made without representation or warranty of any kind by
First Lien Lender and First Lien Claimholders as to the First Lien Obligations so purchased or otherwise and without recourse to First Lien Lender or any First Lien Claimholder, except that each First Lien Claimholder shall represent and warrant:
(i) that the amount quoted by such First Lien Claimholder as its portion of the purchase price represents the amount shown as owing with respect to the claims transferred as reflected on its books and records, (ii) it owns, or has the
right to transfer to purchasing Second Lien Claimholders, the rights being transferred, and (iii) such transfer will be free and clear of Liens. 
 (e) In the event that any one or more of Second Lien Claimholders exercises and consummates the purchase option set forth in this Section 5.6, (i) First Lien Lender shall have the right,
but not the obligation, to immediately resign under the First Lien Credit Agreement, and (ii) purchasing Second Lien Claimholders shall have the right, but not the obligation, to require First Lien Lender to immediately resign under the First
Lien Credit Agreement. 
 In this Section 5.6, the terms “Second Lien Claimholders” shall refer
exclusively to Holders under the Indenture, and shall exclude the Second Lien Trustee and the Second Lien Collateral Agent. In no event shall the Second Lien Trustee or Second Lien Collateral Agent have any responsibility for the obligations
contained in this Section 5.6 (except as explicitly agreed to by the Second Lien Trustee), and in no event shall either the Second Lien Trustee or Second Lien Collateral Agent be responsible for the execution or funding of the Purchase Option
or expenses connected therewith. In no event shall the Second Lien Trustee be obligated to monitor any of the events described in clauses (a) through (e) above, nor shall the Second Lien Trustee have any responsibility to execute, or any
liability in connection with the execution of such Purchase Option. 
 5.7 Injunctive Relief. Should any Second Lien
Claimholder in any way take, attempt to, or threaten to take any action contrary to terms of this Agreement with respect to the Collateral, or fail to take any action required by this Agreement, First Lien Lender or any First Lien Claimholder may
obtain relief against such Second Lien Claimholder by injunction, specific performance, or other appropriate equitable relief, it being understood and agreed by Second Lien Trustee that (a) First Lien Claimholders’ damages from such
actions may at that time be difficult to ascertain and may be irreparable, and (b) each Second Lien Claimholder waives any defense that such Grantor and/or First Lien Claimholders cannot demonstrate damage and/or be made whole by the awarding
of damages. Should any First Lien Claimholder in any way take, attempt to, or threaten to take any action contrary to terms of this Agreement with respect to the Collateral, or fail to take any action required by this Agreement, Second Lien Trustee
or any Second Lien Claimholder (in its or their own name or in the name of any Grantor) or any Grantor may obtain relief against such First Lien Claimholder by injunction, specific performance, and/or other appropriate equitable relief, it being
understood and agreed by First Lien Claimholders that (i) Second Lien Claimholders’ damages from such actions may at that 

  
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time be difficult to ascertain and may be irreparable, and (ii) each First Lien Claimholder waives any defense that such Grantor and/or Second Lien Claimholders cannot demonstrate damage
and/or be made whole by the awarding of damages. First Lien Lender and Second Lien Trustee hereby irrevocably waive any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific
performance in any action which may be brought by First Lien Lender or First Lien Claimholders or Second Lien Trustee or Second Lien Claimholders, as the case may be. 
 SECTION 6. Insolvency Proceedings. 
 6.1 Enforceability and
Continuing Priority. This Agreement shall be applicable both before and after the commencement of any Insolvency Proceeding and all converted or succeeding cases in respect thereof. The relative rights of Claimholders in or to any distributions
from or in respect of any Collateral or proceeds of Collateral, shall continue after the commencement of any Insolvency Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be enforceable as a subordination
agreement within the meaning of Section 510 of the Bankruptcy Code. 
 6.2 Financing. If any Grantor shall be
subject to any Insolvency Proceeding and First Lien Lender consents to the use of cash collateral (as such term is defined in Section 363(a) of the Bankruptcy Code; herein, “Cash Collateral”), on which First Lien Lender has a
Lien or to permit any Grantor to obtain financing provided by any one or more First Lien Claimholders under Section 364 of the Bankruptcy Code or any similar Bankruptcy Law (such financing, a “DIP Financing”), then Second Lien
Trustee agrees that it will consent to such Cash Collateral use or raise no objection to such DIP Financing and, to the extent the Liens securing the First Lien Obligations are discharged, subordinated to, or pari passu with such DIP
Financing, Second Lien Trustee will subordinate its Liens in the Collateral to the Liens securing such DIP Financing; provided that (a) the principal amount of any such DIP Financing plus the outstanding principal amount of other
First Lien Obligations does not exceed the First Lien Cap, (b) any such Cash Collateral use or DIP Financing does not compel any Grantor to seek confirmation of a specific plan of reorganization for which all or substantially all of the
material terms are set forth in the Cash Collateral order or DIP Financing documentation, (c) any Cash Collateral order or DIP Financing documentation does not expressly require the liquidation of the Collateral prior to a default under the
Cash Collateral order or DIP financing documentation, and (d) any such DIP Financing is otherwise subject to the terms of this Agreement. Second Lien Trustee agrees that neither it nor any Second Lien Claimholder shall, directly or indirectly,
provide, offer to provide, or support any DIP Financing secured by a Lien senior to or pari passu with the Liens securing the First Lien Priority Obligations, and in the event First Lien Claimholders do not offer such DIP Financing, Second
Lien Trustee agrees that neither it nor any Second Lien Claimholder may provide, offer to provide, or support any DIP Financing which would be secured by a Lien senior to or pari passu with the Liens securing the First Lien Priority
Obligations unless such DIP Financing results in the immediate Discharge of the First Lien Priority Obligations. The foregoing provisions of this Section 6.2 shall not prevent the Second Lien Trustee or the Second Lien Claimholders from
objecting to any provision in any Cash Collateral order or DIP Financing documentation relating to any provision or content of a plan of reorganization. If, in 

  
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connection with any Cash Collateral use or DIP Financing, any Liens on the Collateral held by First Lien Claimholders are subject to a surcharge or are subordinated to an administrative priority
claim, a professional fee “carve out,” or fees owed to the United State Trustee, and so long as the amount of such surcharge, claim, carve out, or fees is reasonable under the circumstances, then the Liens on the Collateral of Second Lien
Claimholders shall also be subordinated to such interest or claim and shall remain subordinated to the Liens on the Collateral of First Lien Claimholders consistent with this Agreement. 

6.3 Sales. Second Lien Trustee agrees that it will consent, and will not object or oppose a motion to Dispose of any Collateral
free and clear of the Liens or other claims in favor of Second Lien Trustee under Section 363 of the Bankruptcy Code if the requisite First Lien Claimholders under the First Lien Credit Agreement have consented to such Disposition of such
assets, and such motion does not impair, subject to the priorities set forth in this Agreement, the rights of Second Lien Claimholders under Section 363(k) of the Bankruptcy Code (so long as the right of the Second Lien Claimholders to offset
their claim against the purchase price is only after the First Lien Priority Obligations have been paid in full in cash). 
 6.4
Relief from the Automatic Stay. Until the earlier of the expiration of the Standstill Period and the Discharge of First Lien Priority Obligations has occurred, Second Lien Trustee agrees not to (a) seek (or support any other person
seeking) relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of the Collateral, without the prior written consent of First Lien Lender, unless a motion for adequate protection by the Second Lien Trustee that is
permitted under Section 6.5 has been denied by the court before which the applicable Insolvency Proceeding is pending, or (b) oppose any request by the First Lien Lender or any First Lien Claimholder to seek relief from the
automatic stay or any other stay in any Insolvency Proceeding in respect of the Collateral. 
 6.5 Adequate Protection.

 (a) In any Insolvency Proceeding involving a Grantor, Second Lien Trustee agrees that no Second Lien Claimholder shall contest
(or support any other person contesting): 
 (i) any request by First Lien Lender or other First Lien
Claimholders for adequate protection; or 
 (ii) any objection by First Lien Lender or First Lien Claimholders to
any motion, relief, action, or proceeding based on First Lien Lender or First Lien Claimholders claiming a lack of adequate protection. 
 (b) In any Insolvency Proceeding involving a Grantor: 
 (i) if any
one or more First Lien Claimholders are granted adequate protection in the form of a replacement Lien (on existing or future assets of Grantors) in connection with any DIP Financing or use of Cash Collateral, then First Lien Lender agrees that
Second Lien Trustee shall also be entitled to seek, without objection from First Lien Claimholders, adequate protection in the form of a replacement Lien (on such 

  
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existing or future assets of Grantors), which replacement Lien, if obtained, shall be subordinate to the Liens securing the First Lien Obligations (including those under a DIP Financing) on the
same basis as the other Liens securing the Second Lien Obligations are subordinate to the First Lien Obligations under this Agreement; 
 (ii) if any one or more Second Lien Claimholders are granted adequate protection in the form of a replacement Lien (on existing or future assets of Grantors), then Second Lien Trustee agrees that First
Lien Lender shall also be entitled to seek, without objection from Second Lien Claimholders, a senior adequate protection Lien on existing or future assets of Grantors as security for the First Lien Obligations and that any adequate protection Lien
on such existing or future assets securing the Second Lien Obligations shall be subordinated to the Lien on such assets securing the First Lien Obligations on the same basis as the other Liens securing the Second Lien Obligations are subordinated to
the First Lien Obligations under this Agreement; 
 (iii) if any one or more First Lien Claimholders are granted
adequate protection in the form of an expense of administration claim in connection with any DIP Financing or use of Cash Collateral, then First Lien Lender agrees that Second Lien Trustee shall also be entitled to seek, without objection from First
Lien Claimholders, adequate protection in the form of an expense of administration claim, which administration claim, if obtained, shall be subordinate to the administration claim of the First Lien Claimholders; 

(iv) if any one or more Second Lien Claimholders are granted adequate protection in the form of an expense of
administration claim in connection with any DIP Financing or use of Cash Collateral, then Second Lien Trustee agrees that First Lien Lender shall also be entitled to seek, without objection from Second Lien Claimholders, adequate protection in the
form of an expense of administration claim, which administration claim, if obtained, shall be senior to the administration claim of the Second Lien Claimholders; and; and 

(v) Second Lien Trustee (a) may seek, without objection from First Lien Claimholders, adequate protection with
respect to the Second Lien Claimholders’ rights in the Collateral in the form of periodic cash payments in an amount not exceeding interest at the non-default contract rate, together with payment of reasonable out-of-pocket expenses, and
(b) without the consent of First Lien Lender, shall not seek any other adequate protection in the form of cash payments with respect to their rights in the Collateral. 
 (c) Neither Second Lien Trustee nor any other Second Lien Claimholder shall object to, oppose, or challenge any claim by First Lien Lender or any First Lien Claimholder for allowance in any Insolvency
Proceeding of First Lien Obligations consisting of post-petition interest, fees or expenses. 

  
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 (d) Neither First Lien Lender nor any other First Lien Claimholder shall object to, oppose,
or challenge any claim by Second Lien Trustee or any Second Lien Claimholder for allowance in any Insolvency Proceeding of Second Lien Obligations consisting of post-petition interest, fees, or expenses. 

6.6 Section 1111(b) of the Bankruptcy Code. Second Lien Trustee, for itself and on behalf of Second Lien Claimholders, shall
not object to, oppose, support any objection, or take any other action to impede, the right of any First Lien Claimholder to make an election under Section 1111(b)(2) of the Bankruptcy Code. Second Lien Trustee, for itself and on behalf of
Second Lien Claimholders, waives any claim it may hereafter have against any First Lien Claimholder arising out of the election by any First Lien Claimholder of the application of Section 1111(b)(2) of the Bankruptcy Code. 

6.7 No Waiver. Subject to Sections 3.1(a), 6.5(b) and 6.5(d), nothing contained herein shall prohibit or in
any way limit First Lien Lender or any First Lien Claimholder from objecting in any Insolvency Proceeding involving a Grantor to any action taken by Second Lien Trustee or any Second Lien Claimholders, including the seeking by Second Lien Trustee or
any Second Lien Claimholders of adequate protection or the assertion by Second Lien Trustee or any Second Lien Claimholders of any of its rights and remedies under the Second Lien Documents. 

6.8 Avoidance Issues. If any First Lien Claimholder is required in any Insolvency Proceeding or otherwise to turn over, disgorge
or otherwise pay to the estate of any Grantor any amount paid in respect of First Lien Obligations (a “Recovery”), then such First Lien Claimholders shall be entitled to a reinstatement of First Lien Obligations with respect to all
such recovered amounts, and all rights, interests, priorities and privileges recognized in this Agreement shall apply with respect to any such Recovery. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be
reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties hereto from such date of reinstatement and to the extent the First Lien Cap was
decreased in connection with such payment of the First Lien Obligations, the First Lien Cap shall be increased to such extent. 

6.9 Plan of Reorganization. 
 (a) If, in any Insolvency Proceeding involving a Grantor, debt obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor are distributed pursuant to a plan of
reorganization or similar dispositive restructuring plan, both on account of First Lien Obligations and on account of Second Lien Obligations, then, to the extent the debt obligations distributed on account of the First Lien Obligations and on
account of the Second Lien Obligations are secured by Liens upon the same property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing
such debt obligations. 
 (b) Second Lien Claimholders shall not vote on, propose or support any plan of reorganization
(including without limitation the right to vote to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension) that is inconsistent with the priorities or other provisions of this Agreement.

  
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 SECTION 7. Reliance; Waivers; Etc. 

7.1 Reliance. Other than any reliance on the terms of this Agreement, First Lien Lender acknowledges that it and such First Lien
Claimholders have, independently and without reliance on Second Lien Trustee or any Second Lien Claimholders, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into such First
Lien Loan Documents and be bound by the terms of this Agreement and they will continue to make their own credit decision in taking or not taking any action under the First Lien Credit Agreement or this Agreement. Second Lien Trustee acknowledges
that it and Second Lien Claimholders have, independently and without reliance on First Lien Lender or any First Lien Claimholder, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter
into each of the Second Lien Documents and be bound by the terms of this Agreement and they will continue to make their own credit decision in taking or not taking any action under the Second Lien Documents or this Agreement. 

7.2 No Warranties or Liability. First Lien Lender acknowledges and agrees that each of Second Lien Trustee and Second Lien
Claimholders have made no express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility, or enforceability of any of the Second Lien Documents, the ownership of any
Collateral, or the perfection or priority of any Liens thereon. Except as otherwise expressly provided herein, Second Lien Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under the Second Lien
Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. Second Lien Trustee acknowledges and agrees that First Lien Lender and First Lien Claimholders have made no express or implied representation or
warranty, including with respect to the execution, validity, legality, completeness, collectibility, or enforceability of any of the First Lien Loan Documents, the ownership of any Collateral, or the perfection or priority of any Liens thereon.
Except as otherwise expressly provided herein, First Lien Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under their respective First Lien Loan Documents in accordance with law and as they may
otherwise, in their sole discretion, deem appropriate. Second Lien Trustee and Second Lien Claimholders shall have no duty to First Lien Lender or any First Lien Claimholders, and First Lien Lender and First Lien Claimholders shall have no duty to
Second Lien Trustee or any Second Lien Claimholders, to act or refrain from acting in a manner that allows, or results in, the occurrence or continuance of an event of default or default under any agreements with any Grantor (including the First
Lien Loan Documents and the Second Lien Documents), regardless of any knowledge thereof which they may have or be charged with. 

7.3 No Waiver of Lien Priorities. 
 (a) No right of First Lien Claimholders, First Lien Lender or any of them to enforce any provision of this Agreement or any First Lien Loan Document shall at any time in

  
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any way be prejudiced or impaired by any act or failure to act on the part of any Grantor or by any act or failure to act by any First Lien Claimholder or First Lien Lender, or by any
noncompliance by any person with the terms, provisions, and covenants of this Agreement, any of the First Lien Loan Documents or any of the Second Lien Documents, regardless of any knowledge thereof which First Lien Lender or First Lien
Claimholders, or any of them, may have or be otherwise charged with. 
 (b) Without in any way limiting the generality of the
foregoing paragraph (but subject to any rights of Grantors under the First Lien Loan Documents and subject to the provisions of Section 5.3(a)), First Lien Claimholders, First Lien Lender and any of them may, at any time and from time to
time in accordance with the First Lien Loan Documents and/or applicable law, without the consent of, or notice to, Second Lien Trustee or any Second Lien Claimholders, without incurring any liabilities to Second Lien Trustee or any Second Lien
Claimholders and without impairing or releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or other right or remedy of Second Lien Trustee or any Second Lien Claimholders is affected,
impaired, or extinguished thereby) do any one or more of the following without the prior written consent of Second Lien Trustee: 
 (i) change the manner, place, or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase, or alter, the terms of any of the First Lien Obligations or any Lien on
any First Lien Collateral or guarantee thereof or any liability of any Grantor, or any liability incurred directly or indirectly in respect thereof (including any increase in or extension of the First Lien Obligations, without any restriction as to
the tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify, or supplement in any manner any Liens held by First Lien Lender or any First Lien Claimholders, the First Lien Obligations, or any of the
First Lien Loan Documents; provided that any such increase in the First Lien Obligations shall not increase the sum of the outstanding principal amount under the First Lien Credit Agreement and, without duplication, the then extant Letter of
Credit Usage to an amount in excess of the First Lien Cap; 
 (ii) sell, exchange, release, surrender, realize
upon, enforce or otherwise deal with in any manner and in any order any part of the First Lien Collateral or any liability of any Grantor to First Lien Claimholders or First Lien Lender, or any liability incurred directly or indirectly in respect
thereof; 
 (iii) settle or compromise any First Lien Obligation or any other liability of any Grantor or any
security therefor or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability (including the First Lien Obligations) in any manner or order; and 

(iv) exercise or delay in or refrain from exercising any right or remedy against any Grantor or any other person, elect
any remedy and otherwise deal freely with any Grantor or any First Lien Collateral and any security and any guarantor or any liability of any Grantor to First Lien Claimholders or any liability incurred directly or indirectly in respect thereof.

  
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 (c) Except as otherwise provided herein, Second Lien Trustee also agrees that First Lien
Claimholders and First Lien Lender shall have no liability to Second Lien Trustee or any Second Lien Claimholders, and Second Lien Trustee hereby waives any claim against any First Lien Claimholder or First Lien Lender, arising out of any and all
actions which First Lien Claimholders or First Lien Lender may, pursuant to the terms hereof, take, permit or omit to take with respect to: 
 (i) the First Lien Loan Documents; 
 (ii) the collection of the
First Lien Obligations; or 
 (iii) the foreclosure upon, or sale, liquidation, or other disposition of, or the
failure to foreclose upon, or sell, liquidate, or otherwise dispose of, any First Lien Collateral. Second Lien Trustee agrees that First Lien Claimholders and First Lien Lender have no duty to them in respect of the maintenance or preservation of
the First Lien Collateral, the First Lien Obligations, or otherwise. 
 (d) Until the Discharge of First Lien Priority
Obligations, Second Lien Trustee agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead, or otherwise assert, or otherwise claim the benefit of, any marshaling, appraisal, valuation, or
other similar right that may otherwise be available under applicable law with respect to the Collateral or any other similar rights a junior secured creditor may have under applicable law. 

7.4 Obligations Unconditional. For so long as this Agreement is in full force and effect, all rights, interests, agreements and
obligations of First Lien Lender and First Lien Claimholders and Second Lien Trustee and Second Lien Claimholders, respectively, hereunder shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any First Lien Loan Documents or any Second Lien Documents; 

(b) except as otherwise expressly restricted in this Agreement, any change in the time, manner, or place of payment of, or in any other
terms of, all or any of the First Lien Obligations or Second Lien Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of any First Lien
Loan Document or any Second Lien Document; 
 (c) except as otherwise expressly restricted in this Agreement, any exchange of any
security interest in any Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the First Lien Obligations or Second Lien Obligations or any
guarantee thereof; 

  
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 (d) the commencement of any Insolvency Proceeding in respect of any Grantor; or 

(e) any other circumstances which otherwise might constitute a defense available to, or a discharge of, any Grantor in respect of First
Lien Lender, the First Lien Obligations, any First Lien Claimholder, Second Lien Trustee, the Second Lien Obligations or any Second Lien Claimholder in respect of this Agreement. 

SECTION 8. Representations and Warranties. 
 8.1 Representations and Warranties of Each Party. Each party hereto represents and warrants to the other parties hereto as follows: 

(a) Such party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has all
requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder. 
 (b) This
Agreement has been duly executed and delivered by such party and constitutes a legal, valid and binding obligation of such party, enforceable in accordance with its terms. 
 (c) The execution, delivery, and performance by such party of this Agreement (i) do not require any consent or approval of, registration or filing with or any other action by any governmental
authority and (ii) will not violate any provision of law, statute, rule or regulation, or of the certificate or articles of incorporation or other constitutive documents or by-laws of such party or any order of any governmental authority or any
provision of any indenture, agreement or other instrument binding upon such party. 
 SECTION 9. Miscellaneous.

 9.1 Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of any of
the First Lien Loan Documents or any of the Second Lien Documents, the provisions of this Agreement shall govern and control. 

9.2 Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective when executed and
delivered by the parties hereto. This is a continuing agreement of lien subordination and First Lien Claimholders may continue, at any time and without notice to Second Lien Trustee or any Second Lien Claimholder, to extend credit and other
financial accommodations to or for the benefit of any Grantor constituting First Lien Priority Obligations in reliance hereof. Second Lien Trustee hereby waives any right it may have under applicable law to revoke this Agreement or any of the
provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency Proceeding. Any provision of this Agreement that is prohibited or unenforceable shall not invalidate the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. All references to any Grantor shall include such Grantor as debtor
and debtor-in-possession and any receiver or trustee for the such Grantor in any Insolvency Proceeding. This Agreement shall terminate and be of no further force and effect: 

  
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 (a) with respect to First Lien Lender, First Lien Claimholders, and the First Lien
Obligations, on the date that the First Lien Obligations are paid in full; and 
 (b) with respect to Second Lien Trustee, Second
Lien Claimholders, and the Second Lien Obligations, on the date that the Second Lien Obligations are paid in full. 
 9.3
Amendments; Waivers. No amendment, modification, or waiver of any of the provisions of this Agreement shall be effective unless the same shall be in writing signed on behalf of each party hereto or its authorized agent and each waiver, if
any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. The
Second Lien Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel and Officers’ Certificate (as such terms are defined in the Indenture) to the effect that the proposed amendment, supplement, modification or
refinancing is authorized or permitted hereunder. 
 9.4 Information Concerning Financial Condition of PES and its
Subsidiaries. First Lien Lender and First Lien Claimholders, on the one hand, and Second Lien Claimholders and Second Lien Trustee, on the other hand, shall each be responsible for keeping themselves informed of (a) the financial condition
of PES and its subsidiaries and all endorsers and/or guarantors of the First Lien Obligations or the Second Lien Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the First Lien Obligations or the Second Lien
Obligations. First Lien Lender and First Lien Claimholders shall have no duty to advise Second Lien Trustee or any Second Lien Claimholder of information known to it or them regarding such condition or any such circumstances or otherwise. Second
Lien Trustee and Second Lien Claimholders shall have no duty to advise First Lien Lender or any First Lien Claimholder of information known to it or them regarding such condition or any such circumstances or otherwise. In the event First Lien Lender
or any First Lien Claimholders, in its or their sole discretion, undertakes at any time or from time to time to provide any such information to Second Lien Trustee or any Second Lien Claimholder, it or they shall be under no obligation: 

(a) to make, and First Lien Lender and First Lien Claimholders shall not make, any express or implied representation or warranty,
including with respect to the accuracy, completeness, truthfulness, or validity of any such information so provided; 
 (b) to
provide any additional information or to provide any such information on any subsequent occasion; 
 (c) to undertake any
investigation; or 

  
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 (d) to disclose any information, which pursuant to accepted or reasonable commercial
practices, such party wishes to maintain confidential or is otherwise required to maintain confidential. 
 9.5
Subrogation. With respect to any payments or distributions in cash, property, or other assets that any Second Lien Claimholders or Second Lien Trustee pays over to First Lien Lender or First Lien Claimholders under the terms of this
Agreement, Second Lien Claimholders and Second Lien Trustee shall be subrogated to the rights of First Lien Lender and First Lien Claimholders; provided, however, that, Second Lien Trustee hereby agrees not to assert or enforce any
such rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of all First Lien Priority Obligations has occurred. Any payments or distributions in cash, property or other assets received by Second Lien Trustee
or Second Lien Claimholders that are paid over to First Lien Lender or First Lien Claimholders pursuant to this Agreement shall not reduce any of the Second Lien Obligations. 
 9.6 SUBMISSION TO JURISDICTION; WAIVERS. 
 (a) ANY LEGAL ACTION OR PROCEEDING
WITH RESPECT TO THIS AGREEMENT SHALL BE BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT,
EACH PARTY HEREBY ACCEPTS FOR ITSELF AND (TO THE EXTENT PERMITTED BY LAW) IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING,
WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS. THIS SUBMISSION TO
JURISDICTION IS EXCLUSIVE AND PRECLUDES A PARTY FROM OBTAINING JURISDICTION OVER ANOTHER PARTY IN ANY COURT OTHERWISE HAVING JURISDICTION. 
 (b) EACH PARTY IRREVOCABLY (i) CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED
MAIL, POSTAGE PREPAID, TO IT TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 9.7 AND (ii) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (i) HEREIN IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE
APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT. NOTHING HEREIN SHALL AFFECT THE RIGHT OF A PARTY OR AGENTS, OR ANY SECURED PARTY TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANOTHER PARTY IN ANY OTHER JURISDICTION. 

  
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 (c) EACH PARTY TO THIS AGREEMENT (INCLUDING PES ON BEHALF OF ITSELF AND ITS SUBSIDIARIES)
HEREBY (i) IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER FIRST LIEN LOAN DOCUMENT OR SECOND LIEN DOCUMENT AND FOR ANY
COUNTERCLAIM THEREIN; (ii) IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, OR DAMAGES OTHER THAN, OR IN
ADDITION TO, ACTUAL DAMAGES; (iii) CERTIFIES THAT NO PARTY HERETO NOR ANY REPRESENTATIVE OR AGENT OF COUNSEL FOR ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVERS, AND (iv) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN THIS
SECTION. THIS WAIVER IS IRREVOCABLE; MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 9.6(c) AND EXECUTED BY FIRST LIEN LENDER AND SECOND LIEN
TRUSTEE), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS, OR MODIFICATIONS HERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

9.7 Notices. All notices to Second Lien Claimholders and First Lien Claimholders permitted or required under this Agreement shall
also be sent to Second Lien Trustee and First Lien Lender, respectively. Unless otherwise specifically provided herein, any notice hereunder shall be in writing and may be personally served or sent by facsimile or United States mail or courier
service or electronic mail and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of facsimile or electronic mail, or 3 Business Days after depositing it in the
United States mail with postage prepaid and properly addressed. For the purposes hereof, the addresses of the parties hereto shall be as may be designated by such party in a written notice to all of the other parties. 

9.8 Further Assurances. First Lien Lender and Second Lien Trustee each agrees to take such further action and shall execute and
deliver such additional documents and instruments (in recordable form, if requested) as First Lien Lender or Second Lien Trustee may reasonably request to effectuate the terms of and the Lien priorities contemplated by this Agreement, all at the
expense of Borrower. 

  
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 9.9 APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES. 
 9.10
Binding on Successors and Assigns. This Agreement shall be binding upon First Lien Lender, First Lien Claimholders, Second Lien Trustee, Second Lien Claimholders, and their respective successors and assigns. 

9.11 Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a
part of this Agreement for any other purpose or be given any substantive effect. 
 9.12 Counterparts. This Agreement may
be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a
signature page of this Agreement or any document or instrument delivered in connection herewith by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument, as applicable.

 9.13 No Third Party Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of
each of the parties hereto and its respective successors and assigns and shall inure to the benefit of and bind each of First Lien Claimholders and Second Lien Claimholders. In no event shall any Grantor be a third party beneficiary of this
Agreement. 
 9.14 Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended
solely for the purpose of defining the relative rights of First Lien Lender and First Lien Claimholders on the one hand and Second Lien Trustee and Second Lien Claimholders on the other hand. No Grantor or any other creditor thereof shall have any
rights hereunder and no Grantor may rely on the terms hereof. Nothing in this Agreement shall impair, as between Grantors and First Lien Lender and First Lien Claimholders, or as between Grantors and Second Lien Trustee and Second Lien Claimholders,
the obligations of Grantors to pay principal, interest, fees and other amounts as provided in the First Lien Loan Documents and the Second Lien Documents, respectively. 
 9.15 Costs and Attorneys Fees. In the event it becomes necessary for First Lien Lender, any First Lien Claimholder, Second Lien Trustee, or any Second Lien Claimholder to commence or become a party
to any proceeding or action to enforce the provisions of this Agreement, the court or body before which the same shall be tried shall award to the prevailing party all costs and expenses thereof, including reasonable attorneys fees, the usual and
customary and lawfully recoverable court costs, and all other expenses in connection therewith. 
 9.16 Second Lien
Trustee. In acting hereunder, the Second Lien Trustee shall have the benefits of the rights, protections and immunities granted to it in the Indenture, all of which are incorporated by reference herein, mutatis mutandis. 

  
 33 

 In no event shall the Second Lien Trustee be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Second Lien Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

 In no event shall the Second Lien Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Second Lien Trustee shall use reasonable efforts which are consistent with
accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 [signature
pages follow] 

  
 34 

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

			
	 JPMORGAN CHASE BANK, N.A.,
 as First Lien Lender

		
	By:	 	/s/ R. Scott Sudduth         
	Name:	 	R. Scott Sudduth
	Title:	 	Senior Vice President

  
 Intercreditor
Agreement 

 
			
	 THE BANK OF NEW YORK MELLON
 TRUST COMPANY, N.A.,
 as Second Lien Trustee

		
	By:	 	/s/ Marcella Burgess         
	Name:	 	Marcella Burgess
	Title:	 	Vice President

  
 Intercreditor
Agreement 

 ACKNOWLEDGMENT 

PES and each of PES’s undersigned Subsidiaries each hereby acknowledge that they have received a copy of the foregoing Intercreditor
Agreement and consent thereto, agree to recognize all rights granted thereby to First Lien Lender, First Lien Claimholders, Second Lien Trustee, and Second Lien Claimholders, and will not do any act or perform any obligation which is not in
accordance with the agreements set forth therein. PES and each of PES’s undersigned Subsidiaries each further acknowledge and agree that they each have certain obligations under the foregoing Intercreditor Agreement. PES and each of PES’s
undersigned Subsidiaries each further acknowledge and agree that they are not an intended beneficiary or third party beneficiary under the foregoing Intercreditor Agreement. 
 ACKNOWLEDGED AS OF THE DATE FIRST WRITTEN ABOVE: 
  

			
	 PLATINUM ENERGY SOLUTIONS, INC.
 a Nevada corporation

		
	By:	 	/s/ J. Clarke Legler, II         
	Name:	 	J. Clarke Legler, II
	Title:	 	CFO

  

			
	 PLATINUM PRESSURE PUMPING, INC.
 a Delaware corporation

		
	By:	 	/s/ J. Clarke Legler, II         
	Name:	 	J. Clarke Legler, II
	Title:	 	CFO

  

AcknowledgementForm of Certificate of Designations

 Exhibit 4.4 
 GREENHUNTER ENERGY INC. 
 CERTIFICATE OF DESIGNATIONS, RIGHTS,
NUMBER OF SHARES AND PREFERENCES 
 10.0% SERIES C CUMULATIVE PREFERRED STOCK 

(Pursuant to Section 151 of the General Corporation Law of the State of Delaware) 

The undersigned President of GREENHUNTER ENERGY, INC., a Delaware corporation (the “Corporation”), hereby certify that
pursuant to authority granted to and vested in the Board of Directors of the corporation by the provisions of the Certificate of Incorporation and in accordance with the provisions of Section 151 of the General Corporation Law of the State of
Delaware, its Board of Directors has duly adopted the following resolutions creating the Series C Cumulative Preferred Stock: 

RESOLVED, that pursuant to the authority vested in the Board of Directors of the Corporation by the Corporation’s Certificate of
Incorporation, a series of preferred stock of the Corporation be, and it hereby is, created out of the 9,982,675 shares of authorized but unissued shares of the preferred stock, par value $.001 per share, of the Corporation, such series to be
designated Series C Cumulative Preferred Stock (the “Series C Preferred Stock”), to consist of 143,750 shares, par value $.001 per share, of which the rights, preferences and privileges, and the qualifications, limitations or
restrictions thereof, shall be (in addition to those set forth in the Corporation’s Certificate of Incorporation) as follows: 
 Section 1. Number of Shares and Designation. This series of Preferred Stock shall be designated as 10.0% Series C Cumulative Preferred Stock, par value $0.001 per share (the
“Series C Preferred Shares”), and the number of shares that shall constitute such series shall be 143,750. 

Section 2. Definitions. For purposes of the Series C Preferred Shares and as used in this Certificate, the
following terms shall have the meanings indicated: 
 “Board of Directors” shall mean the Board of Directors of
the Corporation or any committee of members of the Board of Directors authorized by such Board of Directors to perform any of its responsibilities with respect to the Series C Preferred Shares. 

“Business Day” shall mean any day other than a Saturday, Sunday or a day on which state or federally chartered banking
institutions in New York, New York are not required to be open. 
 “Call Date” shall mean the date fixed for
redemption of the Series C Preferred Shares and specified in the notice to holders required under paragraph (e) of Section 5 as the Call Date. 
 “Certificate” shall mean this Certificate of Designations of Rights and Preferences of the Series C Preferred Shares. 

A “Change of Ownership or Control” shall be deemed to have occurred on the date (i) that a “person,”
“group” or “entity” (within the meaning of Sections 13(d) and 14(d) of the Exchange Act) becomes the ultimate “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a person or group
shall be deemed to have beneficial ownership of all shares of Voting Stock that such person or group has the right to acquire regardless of when such right is first exercisable), directly or indirectly, of Voting Stock representing more than 50% of
the total voting power of the total Voting Stock of the Corporation; (ii) that the Corporation sells, transfers or otherwise disposes of all or substantially all of its assets; or (iii) of the consummation of a merger or share exchange of
the Corporation with another entity where the Corporation’s stockholders immediately prior to the merger or share exchange would not beneficially own, immediately after the merger or share exchange, securities representing 50% or more of the
outstanding Voting Stock of the entity issuing cash or securities in the merger or share exchange (without consideration of the rights of any class of stock to elect directors by a separate group vote),

  
 1 

 
or where members of the Board of Directors immediately prior to the merger or share exchange would not, immediately after the merger or share exchange, constitute a majority of the board of
directors of the entity issuing cash or securities in the merger or share exchange. 
 “Common Shares” shall
mean the shares of Common Stock, par value $0.001 per share, of the Corporation. 
 “Dividend Default” shall
have the meaning set forth in paragraph (b) of Section 3. 
 “Dividend Payment Date” shall have the
meaning set forth in paragraph (a) of Section 3. 
 “Dividend Periods” shall mean monthly dividend
periods commencing on the first day of each calendar month and ending on and including the day preceding the first day of the next succeeding Dividend Period; provided, however, that any Dividend Period during which any Series C Preferred Shares
shall be redeemed pursuant to Section 5 shall end on and include the Call Date only with respect to the Series C Preferred Shares being redeemed. 
 “Dividend Rate” shall mean the dividend rate accruing on the Series C Preferred Shares, as applicable from time to time pursuant to the terms hereof. 

“Dividend Record Date” shall have the meaning set forth in paragraph (a) of Section 3. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Junior Shares” shall have the meaning set forth in paragraph (c) of Section 7. 

“Listing Default” shall have the meaning set forth in paragraph (c) of Section 3. 

“Market Value” of a given security shall mean the average of the daily Trading Price per share of such security for the
ten consecutive Trading Days immediately prior to the date in question. 
 “National Market Listing” shall mean
the listing or quotation, as applicable, of securities on or in the New York Stock Exchange, the NYSE Amex, The NASDAQ Global Market, The NASDAQ Global Select Market or The NASDAQ Capital Market or any comparable national securities exchange or
national securities market. 
 “Quarterly Dividend Period” shall mean quarterly dividend periods commencing on
January 1, April 1, July 1 and October 1 of each year and ending on and including the day preceding the next succeeding Quarterly Dividend Period. 

A “Quarterly Dividend Default” shall occur if the Corporation fails to pay cash dividends on the Series C Preferred
Shares in full during any Dividend Period within a Quarterly Dividend Period, provided that only one Quarterly Dividend Default may occur during each Quarterly Dividend Period and only four Quarterly Dividend Defaults may occur during any calendar
year. 
 “Parity Shares” shall have the meaning set forth in paragraph (b) of Section 7. 

“Penalty Rate” shall mean 12.0% per annum. 

“Person” shall mean any individual, firm, partnership, limited liability company, corporation or other entity, and shall
include any successor (by merger or otherwise) of such entity. 
 “SEC” shall have the meaning set forth in
Section 9. 
 “Senior Shares” shall have the meaning set forth in paragraph (a) of Section 7.

 “Series C Preferred Shares” shall have the meaning set forth in Section 1. 

  
 2 

 “set apart for payment” shall be deemed to include, without any further
action, the following: the recording by the Corporation in its accounting ledgers of any accounting or bookkeeping entry that indicates, pursuant to an authorization by the Board of Directors and a declaration of dividends or other distribution
by the Corporation, the initial and continued allocation of funds to be so paid on any series or class of shares of stock of the Corporation; provided, however, that if any funds for any class or series of Junior Shares or any class or series of
Parity Shares are placed in a separate account of the Corporation or delivered to a disbursing, paying or other similar agent, then “set apart for payment” with respect to the Series C Preferred Shares shall mean irrevocably placing such
funds in a separate account or irrevocably delivering such funds to a disbursing, paying or other similar agent. 

“Stated Rate” shall mean 10.0% per annum. 
 “Trading Day” shall mean, if a security is listed or admitted to trading on The NASDAQ Global Market, The NASDAQ Capital Market or The NASDAQ Global Select Market (each, a “NASDAQ
Stock Market “), the New York Stock Exchange, the NYSE Amex or another national securities exchange or national securities market, a full day on which the NASDAQ Stock Market or such other national securities exchange or national securities
market on which the security is traded is open for business and on which trades may be made thereon. 
 “Trading
Price” of a security on any Trading Day (excluding any after-hours trading as of such date) shall mean: 
 (a) the last
sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and ask prices, regular way, in either case as reported by the principal consolidated transaction reporting system with respect to securities
listed or admitted to trading or quoted on the NYSE Amex, or if such security is not listed or admitted to trading or quoted on the NYSE Amex, as reported in the principal consolidated transaction reporting system with respect to securities listed
on the principal national securities exchange or national securities market on or in which such security is listed or admitted to trading; 
 (b) if such security is not listed on, admitted to trading or quoted on the NYSE Amex or a national securities exchange or national securities market on that date, the last price quoted by Interactive
Data Corporation for that security on the date, or if Interactive Data Corporation is not quoting such price, a similar quotation service selected by the Corporation; 
 (c) if such security is not so quoted, the average mid-point of the last bid and ask prices for such security on that date from at least two dealers recognized as market-makers for such security selected
by the Corporation for this purpose; or 
 (d) if such security is not so quoted, the average of the last bid and ask prices for
such security on that date from a dealer engaged in the trading of such securities selected by the Corporation for such purpose. 
 “Transfer Agent” means Securities Transfer Corporation, or such other agent or agents of the Corporation as may be designated by the Board of Directors or its duly authorized designee as
the transfer agent, registrar and dividend disbursing agent for the Series C Preferred Shares. 
 “Voting Preferred
Shares” shall have the meaning set forth in Section 8. 
 “Voting Stock” shall mean stock of any
class or kind having the power to vote generally for the election of directors. 
 Section 3. Dividends.

 (a) Holders of issued and outstanding Series C Preferred Shares shall be entitled to receive, when and as declared by the
Board of Directors out of funds of the Corporation legally available for the payment of distributions, cumulative preferential cash dividends at a rate per annum equal to the Dividend Rate of the $100.00 per share

  
 3 

 
stated liquidation preference of the Series C Preferred Shares. Except as otherwise provided in paragraphs (b) and (c) of this Section 3, the Dividend Rate shall be equal to
the Stated Rate. Such dividends shall accrue and accumulate on each issued and outstanding share of the Series C Preferred Shares on a daily basis from (but excluding) the original date of issuance of such share and shall be payable monthly in
equal amounts in arrears on the last calendar day of each Dividend Period except for Series C Preferred Shares issued during              2012, for which an initial partial dividend
payment for dividends accrued in              2012 shall be payable at the end of the first full Dividend Period (each such day being hereinafter called a “Dividend Payment
Date”); provided that (i) Series C Preferred Shares issued during any Dividend Period after the Dividend Record Date for such Dividend Period shall only begin to accrue dividends on the first day of the next Dividend Period; and
provided further that (ii) if any Dividend Payment Date is not a Business Day, then the dividend that would otherwise have been payable on such Dividend Payment Date may be paid on the next succeeding Business Day with the same force and effect
as if paid on such Dividend Payment Date, and no interest or additional dividends or other sums shall accrue on the amount so payable from such Dividend Payment Date to such next succeeding Business Day. Any dividend payable on the Series C
Preferred Shares for any partial Dividend Period shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends shall be payable to holders of record as they appear in the stock records of the
Corporation at the close of business on the applicable record date, which shall be (i) with respect to the partial Dividend Period for dividends accrued during              2012
described above,             , 2012, and (ii) with respect to all other Dividend Periods, the tenth day preceding the applicable Dividend Payment Date, or such other date
designated by the Board of Directors or an officer of the Corporation duly authorized by the Board of Directors for the payment of dividends that is not more than 30 nor less than ten days prior to such Dividend Payment Date (each such date, a
“Dividend Record Date”). 
 (b) If at any time four Quarterly Dividend Defaults occur, whether consecutive or
non-consecutive (a “Dividend Default “), then: 
 (i) the Dividend Rate shall increase to the Penalty Rate,
commencing on the first day after the Dividend Payment Date on which a Dividend Default occurs and for each subsequent Dividend Payment Date thereafter until such time as the Corporation has paid all accumulated accrued and unpaid dividends on the
Series C Preferred Shares in full and has paid accrued dividends for all Dividend Periods during the two most recently completed Quarterly Dividend Periods in full in cash, at which time the Dividend Rate shall revert to the Stated Rate; 

(ii) on the next Dividend Payment Date following the Dividend Payment Date on which a Dividend Default occurs, and continuing until such
time as the Corporation has paid all accumulated accrued and unpaid dividends on the Series C Preferred Shares in full and has paid accrued dividends for all Dividend Periods during the two most recently completed Quarterly Dividend Periods in full
in cash, the Corporation shall pay all dividends on the Series C Preferred Shares, including all accumulated accrued and unpaid dividends, on each Dividend Payment Date either in cash or, if not paid in cash, by issuing to the holders thereof
(A) if the Common Shares are then subject to a National Market Listing, registered Common Shares with a value equal to the amount of dividends being paid, calculated based on the then current Market Value of the Common Shares, plus cash in lieu
of any fractional Common Share; or (B) if the Common Shares are not then subject to a National Market Listing, additional Series C Preferred Shares with a value equal to the amount of dividends being paid, calculated based on the stated $100.00
liquidation preference of the Series C Preferred Shares, plus cash in lieu of any fractional Series C Preferred Shares (and dividends on any such Series C Preferred Shares upon issuance shall accrue at the Penalty Rate and accumulate until such time
as the Dividend Rate shall revert to the Stated Rate in accordance with subparagraph (i) of this paragraph (b)); 
 (iii)
until such time as the Dividend Rate reverts to the Stated Rate pursuant to subparagraph (i) of this paragraph (b), the holders of Series C Preferred Shares will have the voting rights described below in Section 8; and 

(iv) to the extent that the Corporation determines a shelf registration statement to cover resales of Common Shares or Series C Preferred
Shares is required in connection with the issuance of, or for resales of, such Common Shares or Series C Preferred Shares issued as payment of a dividend, the Corporation will use its 

  
 4 

 
commercially reasonable efforts to file and maintain the effectiveness of such a shelf registration statement until such time as all shares of such stock have been resold thereunder or such
shares are eligible for resale pursuant to Rule 144(b)(1) under the Securities Act of 1933, as amended. 
 Following any Dividend Default that
has been cured by the Corporation as provided above in subparagraph (i) of this paragraph (b), if the Corporation subsequently fails to pay cash dividends on the Series C Preferred Shares in full for any Dividend Period, such subsequent failure
shall constitute a separate Dividend Default, and the foregoing provisions of subparagraphs (i), (ii), (iii) and (iv) of this paragraph (b) shall immediately apply until such subsequent Dividend Default is cured as so provided.

 (c) Once the Series C Preferred Shares become initially eligible for National Market Listing, if the Corporation fails to
maintain a National Market Listing for the Series C Preferred Shares for 180 consecutive days or longer (a “Listing Default”), then: 
 (i) the Dividend Rate shall increase to the Penalty Rate, commencing on the day after the Listing Default and continuing until such time as the Corporation has cured the Listing Default by again
subjecting the Series C Preferred Shares to a National Market Listing, at which time the Dividend Rate shall revert to the Stated Rate; and 
 (ii) until such time as the Dividend Rate reverts to the Stated Rate pursuant to subparagraph (i) of this paragraph (c), the holders of Series C Preferred Shares will have the voting rights described
below in Section 8. 
 Following any Listing Default that has been cured by the Corporation as provided above in subparagraph (i) of
this paragraph (c), if the Series C Preferred Shares subsequently cease to be subject to a National Market Listing, such event shall constitute a separate Listing Default, and the foregoing provisions of subparagraphs (i) and (ii) of this
paragraph (c) shall immediately apply until such time as the Series C Preferred Shares are again subject to a National Market Listing. 
 (d) The Corporation shall at all times keep reserved a sufficient number of Common Shares or Series C Preferred Shares for the payment of dividends on the Series C Preferred Shares as described above in
paragraph (b) of this Section 3, and if a dividend is paid in shares of stock an amount equal to the aggregate par value of the shares issued shall be designated as capital in respect of such shares in accordance with Section 154 of
the DGCL. 
 (e) No dividend on the Series C Preferred Shares will be declared by the Corporation or paid or set apart for
payment by the Corporation at such time as the terms and provisions of Senior Shares or any agreement of the Corporation, including any agreement relating to its indebtedness, prohibit such declaration, payment or setting apart for payment or
provide that such declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such declaration, payment or setting aside of funds is restricted or prohibited under the DGCL or other applicable
law; provided, however, notwithstanding anything to the contrary contained herein, dividends on the Series C Preferred Shares shall continue to accrue and accumulate regardless of whether: (i) any or all of the foregoing restrictions exist;
(ii) the Corporation has earnings or profits; (iii) there are funds legally available for the payment of such dividends; or (iv) such dividends are authorized by the Board of Directors. Accrued and unpaid dividends on the Series
C Preferred Shares will accumulate as of the Dividend Payment Date on which they first become payable or on the date of redemption of the Series C Preferred Shares, as the case may be. 

(f) Except as provided in the next sentence, if any Series C Preferred Shares are outstanding, no dividends will be declared or paid or
set apart for payment on any Parity Shares or Junior Shares, unless all accumulated accrued and unpaid dividends are contemporaneously declared and paid in cash or declared and a sum of cash sufficient for the payment thereof set apart for such
payment on the Series C Preferred Shares for all past Dividend Periods with respect to which full dividends were not paid on the Series C Preferred Shares either in cash or in Common Shares or Series C Preferred Shares. When dividends are not
paid in full (or a sum sufficient for such full payment is not so set apart for payment) upon the Series C Preferred Shares and upon all Parity Shares, all dividends declared, paid or set apart for payment upon the Series C Preferred Shares and all
such Parity Shares shall be 

  
 5 

 
declared and paid pro rata or declared and set apart for payment pro rata so that the amount of dividends declared per share of Series C Preferred Shares and per share of such Parity Shares shall
in all cases bear to each other the same ratio that accumulated dividends per share of Series C Preferred Shares and such other Parity Shares (which shall not include any accumulation in respect of unpaid dividends for prior dividend periods if such
other Parity Shares do not bear cumulative dividends) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any dividend payment or payments on Series C Preferred Shares which may be in arrears,
whether at the Stated Rate or at the Penalty Rate. 
 (g) Except as provided in paragraph (f) of this Section 3,
unless all accumulated accrued and unpaid dividends on the Series C Preferred Shares are contemporaneously declared and paid in cash or declared and a sum of cash sufficient for the payment thereof is set apart for payment for all past Dividend
Periods with respect to which full dividends were not paid on the Series C Preferred Shares either in cash or in Common Shares or Series C Preferred Shares, no dividends (other than in Common Shares or Junior Shares ranking junior to the Series C
Preferred Shares as to dividends and upon liquidation) may be declared or paid or set apart for payment upon the Common Shares or any Junior Shares or Parity Shares, nor shall any Common Shares or any Junior Shares or Parity Shares be redeemed,
purchased or otherwise acquired directly or indirectly for any consideration (or any monies be paid to or made available for a sinking fund for the redemption of any such stock) by the Corporation (except by conversion into or exchange for Junior
Shares or by redemption, purchase or acquisition of stock under any employee benefit plan of the Corporation). 
 (h) Holders of
Series C Preferred Shares shall not be entitled to any dividend, whether payable in cash, property or shares, in excess of all accumulated accrued and unpaid dividends on the Series C Preferred Shares as described in this Section 3. Any
dividend payment made on the Series C Preferred Shares shall first be credited against the earliest accumulated accrued and unpaid dividend due with respect to such shares which remains payable at the time of such payment. 

Section 4. Liquidation Preference. 
 (a) Subject to the rights of the holders of Senior Shares and Parity Shares, in the event of any liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, before any
payment or distribution of the assets of the Corporation (whether capital or surplus) shall be made to or set apart for the holders of Junior Shares, as to the distribution of assets on any liquidation, dissolution or winding up of the Corporation,
each holder of the Series C Preferred Shares shall be entitled to receive an amount of cash equal to $100.00 per Series C Preferred Share plus an amount in cash equal to all accumulated accrued and unpaid dividends thereon (whether or not earned or
declared) to the date of final distribution to such holders. If, upon any liquidation, dissolution or winding up of the Corporation, the assets of the Corporation, or proceeds thereof, distributable among the holders of the Series C Preferred
Shares shall be insufficient to pay in full the preferential amount aforesaid and liquidating payments on any other shares of any class or series of Parity Shares as to the distribution of assets on any liquidation, dissolution or winding up of the
Corporation, then such assets, or the proceeds thereof, shall be distributed among the holders of Series C Preferred Shares and any such other Parity Shares ratably in accordance with the respective amounts that would be payable on such Series C
Preferred Shares and any such other Parity Shares if all amounts payable thereon were paid in full. For the purposes of this Section 4, none of (i) a consolidation or merger of the Corporation with one or more corporations or other
entities, (ii) a sale, lease or transfer of all or substantially all of the Corporation’s assets or (iii) a statutory share exchange shall be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary, of the
Corporation. 
 (b) Subject to the rights of the holders of Senior Shares and Parity Shares upon liquidation, dissolution or
winding up, upon any liquidation, dissolution or winding up of the Corporation, after payment shall have been made in full to the holders of the Series C Preferred Shares, as provided in this Section 4, any other series or class or classes of
Junior Shares shall, subject to the respective terms and provisions (if any) applying thereto, be entitled to receive any and all assets remaining to be paid or distributed, and the holders of the Series C Preferred Shares shall not be entitled to
share therein. 

  
 6 

 Section 5. Redemption. 

(a) The Series C Preferred Shares shall not be redeemable by the Corporation prior to
             2015, except following a Change of Ownership or Control as provided below in paragraph (b) of this Section 5. On and after
             2015, the Corporation may redeem the Series C Preferred Shares, in whole at any time or from time to time in part, at the option of the Corporation, for cash, at
a redemption price of $100.00 per Series C Preferred Share, plus the amounts indicated in paragraph (c) of this Section 5. 
 (b) Following a Change of Ownership or Control, within 90 days following the date on which the Change of Ownership or Control has occurred, the Corporation or the acquiring entity in such Change of
Ownership or Control will have the right, but not the obligation, to redeem the Series C Preferred Shares, in whole but not in part, for cash at $100 per share, plus the amounts indicated in paragraph (c) of this Section 5: 

(c) Upon any redemption of Series C Preferred Shares pursuant to this Section 5, the Corporation (or, if applicable, the acquiring
entity) shall, subject to the next sentence, pay any accumulated accrued and unpaid dividends in arrears for any Dividend Period ending on or prior to the Call Date. If the Call Date falls after a Dividend Record Date and prior to the
corresponding Dividend Payment Date, then each holder of Series C Preferred Shares at the close of business on such Dividend Record Date shall be entitled to the dividend payable on such shares on the corresponding Dividend Payment Date
notwithstanding the redemption of such shares before such Dividend Payment Date. Except as provided above, the Corporation shall make no payment or allowance for unpaid dividends, whether or not in arrears, on Series C Preferred Shares called
for redemption. 
 (d) If all accumulated accrued and unpaid dividends on the Series C Preferred Shares and any other class
or series of Parity Shares of the Corporation have not been paid in cash, Common Shares or Series C Preferred Shares (or, with respect to any Parity Shares, in Parity Shares), or declared and set apart for payment in cash, Common Shares or Series C
Preferred Shares (or, with respect to any Parity Shares, in Parity Shares) the Series C Preferred Shares shall not be redeemed under this Section 5 in part and the Corporation shall not purchase or acquire Series C Preferred Shares, otherwise
than (i) pursuant to a purchase or exchange offer made on the same terms to all holders of Series C Preferred Shares and Parity Shares or (ii) in exchange for Junior Shares. 

(e) Notice of the redemption of any Series C Preferred Shares under this Section 5 shall be mailed by first class mail to each
holder of record of Series C Preferred Shares to be redeemed at the address of each such holder as shown on the Corporation’s records, not less than 30 nor more than 60 days prior to the Call Date. Neither the failure to mail any notice
required by this paragraph (e), nor any defect therein or in the mailing thereof, to any particular holder, shall affect the sufficiency of the notice or the validity of the proceedings for redemption with respect to the other holders. Any notice
mailed in the manner herein provided shall be conclusively presumed to have been duly given on the date mailed whether or not the holder receives the notice. Each such mailed notice shall state, as appropriate: (1) the Call Date; (2) the
number of Series C Preferred Shares to be redeemed and, if fewer than all the shares held by such holder are to be redeemed, the number of such shares to be redeemed from such holder; (3) the redemption price per Series C Preferred Share
(determined as set forth in paragraph (a) or (b) of this Section 5, as applicable) plus accumulated accrued and unpaid dividends through the Call Date (determined as set forth in paragraph (c) of this Section 5); (4) if
any shares are represented by certificates, the place or places at which certificates for such shares are to be surrendered; (5) that dividends on the shares to be redeemed shall cease to accrue on such Call Date except as otherwise provided
herein; and (6) any other information required by law or by the applicable rules of any exchange or national securities market upon which the Series C Preferred Shares may be listed or admitted for trading. Notice having been mailed as
aforesaid, from and after the Call Date (unless the Corporation (or, if applicable, the acquiring entity) shall fail to make available an amount of cash necessary to effect such redemption), (i) except as otherwise provided herein, dividends on
the Series C Preferred Shares so called for redemption shall cease to accrue, (ii) said shares shall no longer be deemed to be outstanding, and (iii) all rights of the holders thereof as holders of Series C Preferred Shares shall cease
(except the right to receive cash payable upon such redemption, without interest thereon, upon surrender and endorsement of their certificates if so required and to receive any dividends payable thereon). 

(f) The Corporation’s (or, if applicable, the acquiring entity’s) obligation to provide cash in accordance with the preceding
subsection shall be deemed fulfilled if, on or before the Call Date, the Corporation (or, if applicable, the acquiring entity) shall irrevocably deposit funds necessary for such redemption, in trust, with a bank or trust

  
 7 

 
company that has, or is an affiliate of a bank or trust company that has, capital and surplus of at least $50,000,000, with irrevocable instructions that such cash be applied to the redemption of
the Series C Preferred Shares so called for redemption, in which case the notice to holders of the Series C Preferred Shares will (i) state the date of such deposit, (ii) specify the office of such bank or trust company as the place of
payment of the redemption price and (iii) require such holders to surrender the certificates, if any, representing such shares at such place on or about the date fixed in such redemption notice (which may not be later than the Call Date)
against payment of the redemption price (including all accumulated accrued and unpaid dividends to the Call Date, determined as set forth in paragraph (c) of this Section 5). No interest shall accrue for the benefit of the holders of
Series C Preferred Shares to be redeemed on any cash so set aside by the Corporation (or, if applicable, the acquiring entity). Subject to applicable escheat laws, any such cash unclaimed at the end of six months from the Call Date shall revert to
the general funds of the Corporation (or, if applicable, the acquiring entity) after which reversion the holders of such shares so called for redemption shall look only to the general funds of the Corporation (or, if applicable, the acquiring
entity) for the payment of such cash. 
 (g) As promptly as practicable after the surrender in accordance with said notice of
the certificates, if any, for any such shares so redeemed (properly endorsed or assigned for transfer, if the Corporation (or, if applicable, the acquiring entity) shall so require and if the notice shall so state), such shares shall be exchanged
for any cash (without interest thereon) for which such shares have been redeemed. If fewer than all the outstanding Series C Preferred Shares are to be redeemed, shares to be redeemed shall be selected by the Corporation from outstanding Series
C Preferred Shares not previously called for redemption by lot or pro rata (as nearly as may be) or by any other method determined by the Corporation in its sole discretion to be equitable. If fewer than all the Series C Preferred Shares represented
by any certificate are redeemed, then new certificates representing the unredeemed shares shall be issued without cost to the holder thereof. 
 (h) All Series C Preferred Shares issued and redeemed by the Corporation in accordance with this Section 5, or otherwise acquired by the Corporation, shall be restored to the status of authorized but
unissued shares of undesignated Preferred Stock of the Corporation 
 Section 6. Conversion of Shares. 

(a) Upon the occurrence of a Change of Ownership or Control (the “Change of Control Date”), each holder of Series C
Preferred Stock shall have the right, unless, prior to the Change of Control Date, the Corporation has provided or provides notice of its election to redeem the shares of Series C Preferred Stock pursuant to Sections 5(b) and 5(e), to convert
some or all of the shares of Series C Preferred Stock held by such holder (the “Change of Control Conversion Right”) on the Change of Control Date into a number shares of Common Stock per share of Series C Preferred Stock
to be converted (the “Common Stock Conversion Consideration”) equal to the lesser of (i) the quotient obtained by dividing (A) the sum of (x) the $100.00 per share liquidation preference plus (y) the amount of
any accumulated and unpaid dividends to, but not including, the Change of Control Date (unless the Change of Control Date is after a Dividend Record Date and prior to the corresponding Dividend Payment Date, in which case no additional amount for
such accumulated and unpaid dividends will be included in such sum) by (B) the consideration per share of Common Stock paid in the Change of Ownership or Control, and (ii) $20.00 (the “Share Cap”), subject to paragraph
6(b). 
 (b) The Share Cap is subject to pro rata adjustments for any stock splits (including those effected pursuant to a
dividend payable in shares of Common Stock), subdivisions or combinations (in each case, a “Stock Split”) with respect to shares of Common Stock as follows: the adjusted Share Cap as the result of a Stock Split shall be the
number of shares of Common Stock that is equivalent to the product obtained by multiplying (i) the Share Cap in effect immediately prior to such Stock Split by (ii) a fraction, the numerator of which is the number of shares of Common Stock
outstanding after giving effect to such Stock Split and the denominator of which is the number of shares of Common Stock outstanding immediately prior to such Stock Split. 
 Section 7. Ranking. Any class or series of shares of stock of the Corporation shall be deemed to rank: 
 (a) prior to the Series C Preferred Shares, as to the payment of dividends and as to distribution of assets upon liquidation, dissolution or winding up, if the holders of such class or series shall be
entitled to the receipt of 

  
 8 

 
dividends or of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of Series C Preferred Shares (“Senior
Shares”), including the Corporation’s 2007 Series A 8% Convertible Preferred Stock and 2008 Series B Convertible Preferred Stock (the “Series A & B Preferred Shares”), which has been fully issued as of the date of
this Certificate; 
 (b) on a parity with the Series C Preferred Shares, as to the payment of dividends and as to distribution
of assets upon liquidation, dissolution or winding up, whether or not the dividend rates, dividend payment dates or redemption or liquidation prices per share thereof be different from those of the Series C Preferred Shares, if the holders of such
class or series and the Series C Preferred Shares shall be entitled to the receipt of dividends and of amounts distributable upon liquidation, dissolution or winding up in proportion to their respective amounts of accrued and unpaid dividends per
share or liquidation preferences, without preference or priority one over the other (“Parity Shares”); and 

(c) junior to the Series C Preferred Shares, as to the payment of dividends and as to the distribution of assets upon liquidation,
dissolution or winding up, if such class or series shall be the Common Shares or any other class or series of shares of stock of the Corporation now or hereafter issued and outstanding over which the Series C Preferred Shares have preference or
priority in the payment of dividends and in the distribution of assets upon any liquidation, dissolution or winding up of the Corporation (“Junior Shares”). 
 Section 8. Voting Rights. The Series C Preferred Shares shall have no voting rights, except as set forth in this Section 8. 

In the circumstances identified in subparagraphs (b) and (c) of Section 3 hereof, the number of directors then
constituting the Board of Directors shall increase by two, and the holders of Series C Preferred Shares, together with the holders of shares of every other series of Parity Shares upon which like voting rights have been conferred and are exercisable
(any such other series, the “Voting Preferred Shares”), voting as a single class regardless of series, shall be entitled to elect two additional directors at any annual meeting of stockholders or special meeting held in place
thereof, or at a special meeting of the holders of the Series C Preferred Shares and the Voting Preferred Shares called as hereinafter provided. Such voting rights shall continue until terminated as provided in subparagraph (b) or (c) of
Section 3 hereof, as applicable, whereupon the terms of all persons elected as directors by the holders of the Series C Preferred Shares and the Voting Preferred Shares shall terminate and the number of directors constituting the Board of
Directors shall decrease accordingly. At any time after such voting power shall have been so vested in the holders of Series C Preferred Shares and the Voting Preferred Shares, the Secretary of the Corporation may, and upon the written request of
any holder of Series C Preferred Shares (addressed to the Secretary at the principal office of the Corporation) shall, call a special meeting of the holders of the Series C Preferred Shares and of the Voting Preferred Shares for the election of the
two directors to be elected by them as herein provided, such call to be made by notice similar to that provided in the Bylaws of the Corporation for a special meeting of the stockholders or as required by law. If any such special meeting required to
be called as above provided shall not be called by the Secretary within 75 days after receipt of any such request, then any holder of Series C Preferred Shares may call such meeting, upon the notice above provided, and for that purpose shall have
access to the share records of the Corporation for the Series C Preferred Shares and Voting Preferred Shares. The directors elected at any such special meeting shall serve until the next annual meeting of the stockholders or special meeting held in
lieu thereof and until their successors are duly elected and qualified, if such term shall not have previously terminated as above provided. If any vacancy shall occur among the directors elected by the holders of the Series C Preferred Shares and
the Voting Preferred Shares, a successor shall be elected by the Board of Directors, upon the nomination of the then-remaining director elected by the holders of the Series C Preferred Shares and the Voting Preferred Shares or the successor of such
remaining director, if any, to serve until the next annual meeting of the stockholders or special meeting held in place thereof and until their successors are duly elected and qualified, if such term shall not have previously terminated as provided
above. 
 So long as any Series C Preferred Shares are outstanding, the affirmative vote of the holders of at least two-thirds
of the Series C Preferred Shares and the Voting Preferred Shares at the time outstanding, acting as a single class regardless of series, given in person or by proxy, either in writing without a meeting or by vote at any meeting called for the
purpose, shall be necessary for effecting or validating: 

  
 9 

 (a) Any amendment, alteration or repeal of any of the provisions of the Certificate of
Incorporation or these terms of the Series C Preferred Shares that materially and adversely affects the rights, preferences or voting power of the Series C Preferred Shares or the Voting Preferred Shares; provided, however, that the amendment of the
provisions of the Certificate of Incorporation so as to authorize or create, or to increase the authorized amount of, the Series C Preferred Shares, any Junior Shares that are not senior in any respect to the Series C Preferred Shares or the Voting
Preferred Shares, or any shares of any class ranking, as to receipt of dividends or distribution of assets upon liquidation, dissolution or winding up of the Corporation, on a parity with the Series C Preferred Shares or the Voting Preferred Shares
shall not be deemed to materially or adversely affect the rights, preferences or voting power of the Series C Preferred Shares or the Voting Preferred Shares; and provided, further, that if any such amendment, alteration or repeal would materially
and adversely affect any voting powers, rights or preferences of the Series C Preferred Shares or another series of Voting Preferred Shares that are not enjoyed by some or all of the other series otherwise entitled to vote in accordance herewith,
the affirmative vote of at least two-thirds of the votes entitled to be cast by the holders of all series similarly affected, similarly given, shall be required in lieu of the affirmative vote of at least two-thirds of the votes entitled to be cast
by the holders of the Series C Preferred Shares and the Voting Preferred Shares otherwise entitled to vote in accordance herewith; 
 (b) A
statutory share exchange that affects the Series C Preferred Shares, a consolidation with or merger of the Corporation into another entity, or a consolidation with or merger of another entity into the Corporation, unless in each such case each
Series C Preferred Share (i) shall remain outstanding without a material and adverse change to its terms, voting powers, preferences and rights or (ii) shall be converted into or exchanged for preferred shares of the surviving entity
having preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or distributions, qualifications and terms or conditions of redemption thereof identical to that of a Series C Preferred Share (except for
changes that do not materially and adversely affect the Series C Preferred Shares); provided, however, that if any such share exchange, consolidation or merger would materially and adversely affect any voting powers, rights or preferences of the
Series C Preferred Shares or another series of Voting Preferred Shares that are not enjoyed by some or all of the other series otherwise entitled to vote in accordance herewith, the affirmative vote of at least two-thirds of the votes entitled to be
cast by the holders of all series similarly affected, similarly given, shall be required in lieu of the affirmative vote of at least two-thirds of the votes entitled to be cast by the holders of the Series C Preferred Shares and the Voting Preferred
Shares otherwise entitled to vote in accordance herewith; or 
 (c) The authorization, reclassification or creation of, or the
increase in the authorized amount of, any shares of any class or any security convertible into or exchangeable for shares of any class ranking prior to the Series C Preferred Shares or the Voting Preferred Shares in the distribution of assets on any
liquidation, dissolution or winding up of the Corporation or in the payment of dividends; 
 provided, however, that no such vote of the holders
of Series C Preferred Shares shall be required on or after March 21, 2014, or in connection with a Change of Ownership or Control if, at or prior to the time when such amendment, alteration, repeal, share exchange, consolidation or merger is to
take effect, or when the issuance of any such prior shares or convertible security is to be made, as the case may be, a deposit is made for the redemption in cash of all Series C Preferred Shares at the time outstanding as provided in paragraph
(e) of Section 5 hereof for a redemption price determined under the appropriate paragraph of Section 5. 
 So
long as any Series C Preferred Shares are outstanding, the affirmative vote of the holders of at least a majority of the Series C Preferred Shares and the Voting Preferred Shares at the time outstanding, acting as a single class regardless of
series, given in person or by proxy, either in writing without a meeting or by vote at any meeting called for the purpose, shall be necessary for effecting or validating the amendment of the provisions of the Certificate of Incorporation so as to
authorize or create, or to increase the authorized amount of, the Series C Preferred Shares, or any shares of any class ranking, as to receipt of dividends or distribution of assets upon liquidation, dissolution or winding up of the Corporation, on
parity with the Series C Preferred Shares or the Voting Preferred Shares. 
 For purposes of the foregoing provisions of this
Section 8, each Series C Preferred Share shall have one vote per share, except that when any other series of Voting Preferred Shares shall have the right to vote with the Series C Preferred Shares as a single class on any matter, then the
Series C Preferred Shares and such other series 

  
 10 

 
shall have with respect to such matters one vote per $50.00 of stated liquidation preference. Except as set forth herein, the Series C Preferred Shares shall not have any relative, participating,
optional or other special voting rights and powers other than as set forth herein, and the consent of the holders thereof shall not be required for the taking of any corporate action, 

No amendment to these terms of the Series C Preferred Shares shall require the vote of the holders of Common Shares (except as required
by law) or any series of Preferred Stock other than the Voting Preferred Shares and the Series C Preferred Shares. 

Section 9. Information Rights. During any period in which the Corporation is not subject to Section 13 or 15(d) of the
Exchange Act and any Series C Preferred Shares are outstanding, the Corporation shall (a) transmit by mail to all holders of Series C Preferred Shares, as their names and addresses appear in the Corporation’s record books and without cost
to such holders, copies of the annual reports and quarterly reports that the Corporation would have been required to file with the Securities and Exchange Commission (the “SEC “) pursuant to Section 13 or 15(d) of the Exchange
Act if the Corporation was subject to such Sections (other than any exhibits that would have been required); and (b) promptly upon written request, supply copies of such reports to any prospective holder of Series C Preferred Shares. The
Corporation shall mail the reports to the holders of Series C Preferred Shares within 15 days after the respective dates by which the Corporation would have been required to file the reports with the SEC if the Corporation were then subject to
Section 13 or 15(d) of the Exchange Act, assuming the Corporation is a “non-accelerated filer” in accordance with the Exchange Act. 
 Section 10. Record Holders. The Corporation and the Transfer Agent shall deem and treat the record holder of any Series C Preferred Shares as the true and lawful owner thereof for all
purposes, and neither the Corporation nor the Transfer Agent shall be affected by any notice to the contrary, 

Section 11. Sinking Fund. The Series C Preferred Shares shall not be entitled to the benefits of any retirement or sinking
fund. 
 Section 12. Conversion. The Series C Preferred Shares shall not be convertible into or exchangeable for any
stock or other securities or property of the Corporation. 
 Section 13. Book Entry. The Series C Preferred Shares
shall be issued initially in the form of one or more fully registered global certificates (“Global Preferred Shares “), which shall be deposited on behalf of the purchasers represented thereby with the Transfer Agent, as custodian
for a securities depositary (the “Depositary “) that is a clearing agency under Section 17A of the Exchange Act (or with such other custodian as the Depositary may direct), and registered in the name of the Depositary or its
nominee, duly executed by the Corporation and authenticated by the Transfer Agent. The number of Series C Preferred Shares represented by Global Preferred Shares may from time to time be increased or decreased by adjustments made on the records of
the Transfer Agent and the Depositary as hereinafter provided. Members of, or participants in, the Depositary (“Agent Members “) shall have no rights under these terms of the Series C Preferred Shares with respect to any Global
Preferred Shares held on their behalf by the Depositary or by the Transfer Agent as the custodian of the Depositary or under such Global Preferred Shares, and the Depositary may be treated by the Corporation, the Transfer Agent and any agent of the
Corporation or the Transfer Agent as the absolute owner of such Global Preferred Shares for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Corporation, the Transfer Agent or any agent of the Corporation or
the Transfer Agent from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices of the Depositary governing
the exercise of the rights of a holder of a beneficial interest in any Global Preferred Shares. 
 [SIGNATURE PAGE FOLLOWS]

  
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 IN WITNESS WHEREOF, the Corporation has caused this Certificate of Designation to be duly executed and
acknowledged by Gary C. Evans, its Chief Executive Officer, as of this              day of             , 2012.

  

			
	GREENHUNTER ENERGY, INC.
		
	By:	 	/s/    Gary C. Evans        
		 	Name: Gary C. Evans
		 	Title: Chairman and Chief Executive Officer

  
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