Document:

EX-4.1

 Exhibit 4.1 

NEITHER THIS SECURITY NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE
SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION
OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS TRANSFER AGENT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT. 

NOVATEL WIRELESS, INC. 

WARRANT TO PURCHASE COMMON STOCK 
 Warrant
No.: 1 
 Date of Issuance: September 8, 2014 (“Issuance Date”) 

Novatel Wireless, Inc., a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, HC2 Holdings 2, Inc., a Delaware corporation, the registered holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms set forth below, to
purchase from the Company, at the Exercise Price (as defined below) then in effect, upon surrender of this Warrant to Purchase Common Stock (including any Warrant to Purchase Common Stock issued in exchange, transfer or replacement hereof, the
“Warrant”), at any time or times on or after the date that is six (6) months following the Issuance Date (the “Exercisability Date”), but not after 11:59 p.m., New York time, on the date that is the five
year anniversary of the Issuance Date (the “Expiration Date”), 4,117,647 fully paid and nonassessable shares of Common Stock (as defined below) (subject to adjustment as provided herein, the “Warrant Shares”).
Except as otherwise defined herein, capitalized terms used in this Warrant shall have the meanings set forth in Section 15. This Warrant has been issued pursuant to the terms of that certain Purchase Agreement (as amended from time to
time, the “Purchase Agreement”), dated as of September 3, 2014, by and among the Company and the investors party thereto. 
 1.
Exercise of Warrant. 
 (a) Mechanics of Exercise. Subject to the terms and conditions hereof, this Warrant may be exercised
by the Holder on any day on or after the Exercisability Date (but in no event after 11:59 p.m., New York time, on the Expiration Date), in whole or in part (but not as to fractional shares), by (i) delivery of a written notice, in the form
attached hereto as Exhibit A, appropriately completed and duly signed (the “Exercise Notice”), of the Holder’s election to exercise this Warrant and (ii) if the Holder is not electing a Cashless Exercise (as
defined below) pursuant to Section 1(b) of this Warrant, payment to the Company of an amount equal to the Exercise Price then in effect multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the
“Aggregate Exercise Price”) in cash or wire transfer of immediately available funds (the items under (i) and (ii) above, the “Exercise Delivery Documents”). Upon receipt of the Exercise Delivery Documents,
the Company shall promptly issue and deliver, or cause to be issued and delivered, to the Holder a certificate for the Warrant Shares issuable upon such exercise. The Holder shall be deemed for all corporate purposes to have become the holder of
record of the Warrant Shares with respect to which this Warrant has been exercised as of the date on which the Holder shall have delivered the Exercise Delivery Documents to the Company. If this Warrant

 
is exercised such that the number of Warrant Shares being acquired upon such exercise is less than the number of Warrant Shares represented by this Warrant, then the Company shall as soon as
practicable after any such submission, issue a new Warrant (in accordance with Section 7(d)) representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the
number of Warrant Shares with respect to which this Warrant has been exercised. The Company shall pay any and all taxes and other expenses of the Company (including overnight delivery charges) that may be payable with respect to the issuance and
delivery of Warrant Shares upon exercise of this Warrant; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates for Warrant
Shares or Warrants in a name other than that of the Holder or an affiliate thereof. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant. 

(b) Cashless Exercise. Notwithstanding anything contained herein to the contrary, from and after the Exercisability Date, if a
registration statement covering the Warrant Shares that are the subject of the Exercise Notice, or an exemption from registration, is not available for the resale of such Warrant Shares, the Holder may, in its sole discretion, exercise this
Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net
Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”): 
  

					
	Net Number	 	=	 	 A (B -C)

		 		 	B

 For purposes of the foregoing formula: 

“A” equals the total number of shares with respect to which this Warrant is then being exercised; 

“B” equals the arithmetic average of the Closing Sale Prices of the shares of Common Stock for the five (5) consecutive Trading Days ending on
the date immediately preceding the date of the Exercise Notice; and 
 “C” equals the Exercise Price then in effect for the applicable Warrant
Shares at the time of such exercise. 
 (c) Rule 144. For purposes of Rule 144(d) promulgated under the Securities Act
of 1933, as amended (the “Securities Act”), as in effect on the date hereof, assuming the Holder is not an affiliate of the Company, it is intended that the Warrant Shares issued in a Cashless Exercise shall be deemed to have
been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued pursuant to the Purchase Agreement. 

(d) Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed. 
 (e) Limitations on
Exercise; Beneficial Ownership. 
 (i) Prior to receipt of the Stockholder Approval (as defined in the Company’s Certificate of
Designations of Series C Convertible Preferred Stock, as amended from time to time), the Holder shall not have the right to exercise any portion of this Warrant, pursuant to this Section 1 or otherwise, to the extent that (A) the
Company does not have a sufficient number of authorized but unissued shares of Common Stock to permit such exercise or (B) after giving effect to such exercise, the Holder (together with the Holder’s affiliates and any other Persons acting
as a group together with the 

 
Holder or any of the Holder’s affiliates) would beneficially own in excess of 19.999% of the number of outstanding shares of Common Stock (the “19.999% Ownership
Limitation”). 
 (ii) For purposes of this Section 1(e), the number of shares of Common Stock beneficially owned by a
Holder and its affiliates (and any other Persons acting as a group together with a Holder or any of such Holder’s affiliates) shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such
determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (A) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by such Holder or any of its affiliates (and
any other Persons acting as a group together with such Holder or any of such Holder’s affiliates) and (B) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company exercisable for or
convertible into Common Stock that are subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by such Holder or any of its affiliates (and any other Persons acting as a group together with
such Holder or any of such Holder’s affiliates). Except as set forth in the preceding sentence, for purposes of this Section 1(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in
compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. 

(iii) For purposes of this Section 1(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the
number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Securities and Exchange Commission, as the case may be, (B) a more recent public announcement by the
Company or (C) a more recent written notice by the Company setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall, within three (3) Trading Days, confirm orally
and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the
Company, including the Warrants, by the Holder or its affiliates (and any other Persons acting as a group together with such Holder or any of such Holder’s affiliates) since the date as of which such number of outstanding shares of Common Stock
was reported.
 (iv) To the extent that the 19.999% Ownership Limitation contained in this Section 1(e) applies, the
determination of whether this Warrant is exercisable in whole or in part (in relation to other securities owned by such Holder (together with its affiliates and any other Persons acting as a group together with such Holder or any of such
Holder’s affiliates)) and of which portion of this Warrant is exercisable shall be in the sole discretion of such Holder, and the submission of an Exercise Notice with respect to this Warrant shall be deemed to be such Holder’s
determination of whether this Warrant is exercisable (in relation to other securities owned by such Holder (together with any of its affiliates and any other Persons acting as a group together with such Holder or any of such Holder’s
affiliates)) and of which portion of this Warrant is exercisable and the Company shall not have any obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above
shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.

 2. Adjustment of Exercise Price and Number of Warrant Shares. The Exercise Price and the number of Warrant
Shares shall be adjusted from time to time as follows: 
 (a) Voluntary Adjustment by the Company. The Company may, at any time
following the Stockholder Approval, reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board of Directors of the Company (the “Board”). 

(b) Adjustment upon Subdivision or Combination of Common Stock. If the Company, at any time while this Warrant is outstanding,
subdivides (by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect
immediately prior to such subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately increased (e.g., a 2:1 Common Stock split shall result in a decrease in the Exercise Price by one-half
(1/2) and an increase in the number of Warrant Shares by a multiple of 2, taking into account all prior adjustment made thereto under this Section 2(b)). If the Company at any time on or after the Issuance Date combines (by any
stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to such
combination will be proportionately increased and the number of Warrant Shares will be proportionately decreased (e.g., a 1:2 Common Stock combination shall result in an increase in the Exercise Price by a multiple of 2 and a decrease in the
number of Warrant Shares by one-half (1/2), taking into account all prior adjustments made thereto under this Section 2(b)). Any adjustment under this Section 2(b) shall become effective at the close of business on the date
the subdivision or combination becomes effective. 
 (c) Adjustment upon Certain Dilutive Issuances. If the Company, at any time
while this Warrant is outstanding, issues Additional Common Stock (including Additional Common Stock deemed to be issued pursuant to Section 2(c)(i)-(iii) below) without consideration or for a consideration per share less than the
Exercise Price in effect immediately prior to such issuance or sale or deemed issuance or sale, then and in such event the Exercise Price shall be reduced, concurrently with such issue, to an Exercise Price (calculated to the nearest cent)
determined by multiplying the Exercise Price in effect immediately prior to such issuance or sale or deemed issuance or sale by a fraction, the numerator of which shall be the number of Common Stock Equivalents outstanding immediately prior to such
issue plus the number of shares of Common Stock which the aggregate consideration received by the Company for the total number of shares of Additional Common Stock so issued would purchase at such Exercise Price; and the denominator of which shall
be the number of Common Stock Equivalents outstanding immediately prior to such issue plus the number of shares of Additional Common Stock so issued; provided that no such adjustment pursuant to this Section 2(c) will decrease the
Exercise Price below the Closing Sale Price on the Trading Day immediately preceding the Issuance Date. For purposes of determining the adjusted Exercise Price under this Section 2(c), the following shall be applicable: 

(i) Issuance of Options. If the Company, at any time while this Warrant is outstanding, grants any Options and the lowest price per
share for which one share of Common Stock is issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option is less than the Exercise Price in effect
immediately prior to such grant, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting or sale of such Option for such price per share. For purposes of this
Section 2(c)(i), the “lowest price per share for which one share of Common Stock is issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any
such Option” shall be equal to the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to any one share of Common Stock upon the granting or sale of the Option, upon exercise of the Option

 
and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option less any consideration paid or payable by the Company with respect to such one share of
Common Stock upon the granting or sale of such Option, upon exercise of such Option and upon conversion exercise or exchange of any Convertible Security issuable upon exercise of such Option. No further adjustment of the Exercise Price or number of
Warrant Shares shall be made upon the actual issuance of such shares of Common Stock or of such Convertible Securities upon the exercise of such Options or upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange
of such Convertible Securities. 
 (ii) Issuance of Convertible Securities. If the Company, at any time while this Warrant is
outstanding, issues or sells any Convertible Securities and the lowest price per share for which one share of Common Stock is issuable upon the conversion, exercise or exchange thereof is less than the Exercise Price in effect immediately prior to
such issuance or sale, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale of such Convertible Securities for such price per share. For the purposes of
this Section 2(c)(ii), the “lowest price per share for which one share of Common Stock is issuable upon the conversion, exercise or exchange thereof” shall be equal to the sum of the lowest amounts of consideration (if any)
received or receivable by the Company with respect to one share of Common Stock upon the issuance or sale of the Convertible Security and upon conversion, exercise or exchange of such Convertible Security less any consideration paid or payable by
the Company with respect to such one share of Common Stock upon the issuance or sale of such Convertible Security and upon conversion, exercise or exchange of such Convertible Security. No further adjustment of the Exercise Price or number of
Warrant Shares shall be made upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities, and if any such issuance or sale of such Convertible Securities is made upon exercise of any
Options for which adjustment of the Exercise Price has been or is to be made pursuant to other provisions of this Section 2(c), no further adjustment of the Exercise Price or number of Warrant Shares shall be made by reason of such
issuance or sale. 
 (iii) Change in Option Price or Rate of Conversion. If the purchase price provided for in any Options, the
additional consideration, if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at which any Convertible Securities are convertible into or exercisable or exchangeable for shares of Common Stock
increases or decreases at any time, the Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise Price which would have been in effect at such time had such Options or Convertible Securities provided for
such increased or decreased purchase price, additional consideration or increased or decreased conversion rate, as the case may be, at the time initially granted, issued or sold. For purposes of this Section 2(c)(iii), if the terms of
any Option or Convertible Security that was outstanding as of the Issuance Date are increased or decreased in the manner described in the immediately preceding sentence, then such Option or Convertible Security and the shares of Common Stock deemed
issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such increase or decrease. No adjustment pursuant to this Section 2(c)(iii) shall be made if such adjustment would result in an
increase of the Exercise Price then in effect or a decrease in the Warrant Shares. On the termination of any Option for which any adjustment was made pursuant to this Section 2(c) or any right to convert or exchange Convertible
Securities for which any adjustment was made pursuant to this Section 2(c) (including, without limitation, upon the redemption or purchase for consideration of such Convertible Securities by the Company), the Exercise Price then in
effect hereunder shall forthwith be changed to the Exercise Price which would have been in effect at the time of such termination had such Option or Convertible Securities, to the extent outstanding immediately prior to such termination, never been
issued. 
 (iv) Calculation of Consideration Received. In case any shares of Common Stock, Options or Convertible Securities shall be
issued or sold for cash, the consideration received therefor shall 

 
be deemed to be the gross amount received by the Company therefor. In case any shares of Common Stock, Options or Convertible Securities shall be issued or sold for a consideration other than
cash, the amount of the consideration other than cash received by the Company shall be deemed to be the Fair Market Value of such consideration as determined in good faith by the Board. In case any Options shall be issued in connection with the
issue and sale of other securities of the Company, together comprising one integrated transaction in which no specific consideration is allocated to such Options by the parties thereto, such Options shall be deemed to have been issued for such
consideration as determined in good faith by the Board. 
 (v) Record Date. If the Company takes a record of the holders of shares of
Common Stock for the purpose of entitling them (A) to receive a dividend or other distribution payable in shares of Common Stock, Options or in Convertible Securities or (B) to subscribe for or purchase shares of Common Stock, Options or
Convertible Securities, then such record date will be deemed to be the date of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or
the date of the granting of such right of subscription or purchase, as the case may be; provided, that if such record date is fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the
Exercise Price shall be recomputed accordingly as of the close of business on such record date and thereafter such Exercise Price shall be adjusted pursuant to this Section 2(c) to reflect the actual payment of such dividend or
distribution. 
 (d) Special Distributions. In case the Company shall declare a dividend or make any other distribution (excluding
dividends of its Common Stock and other dividends or distributions referred to in Section 2(b) or (c)), including, without limitation, in cash, in property or assets, to holders of Common Stock (a “Special
Distribution”), then the Board shall set aside the amount of such dividend or distribution that the Holder would have been entitled to receive had it exercised the Warrant prior to the record date for such dividend or distribution. Upon the
exercise of the Warrant, the Holder or the Holder’s subsequent permitted transferee(s) shall be entitled to receive such dividend or distribution that the Holder would have received had the Warrant been exercised immediately prior to the record
date for such dividend or distribution. When a Special Distribution is made, the Company shall promptly notify the Holder of such event and of the dividend or other distribution that such Holder is entitled to receive upon exercise of the Warrant.

 (e) Notice of Any Adjustment. When any adjustment is required to be made in the number or kind of Warrant Shares or in the
Exercise Price, the Company shall promptly notify the Holder of such event and of the number of Warrant Shares or other securities or property thereafter purchasable upon exercise of the Warrant and the Exercise Price thereof. 

3. Investor Rights Agreement. Concurrent with the execution and delivery of this Warrant, the Company and the Holder shall enter into the
Investors’ Rights Agreement (as defined in the Purchase Agreement), and the Holder shall be entitled to all of the rights and subject to all of the obligations under such Investors’ Rights Agreement. The Warrant Shares shall be deemed
“Registrable Securities,” as defined in the Investors’ Rights Agreement. 
 4. Fundamental Transactions. This Warrant, without any
action of the Holder thereof, immediately upon the consummation of any Fundamental Transaction that occurs while this Warrant is outstanding shall be converted into the right to receive, for each Warrant Share that would have been issuable upon such
exercise immediately prior to the occurrence of such Fundamental Transaction, the same kind and amount of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if the Holder had
been, immediately prior to such Fundamental Transaction, the holder of one share of Common Stock (the “Alternate Consideration”), net of the 

 
Exercise Price in effect immediately prior to the occurrence of such Fundamental Transaction. If the holders of Common Stock are given any choice as to the securities, cash or property to be
received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon automatic exercise of this Warrant. 

5. Covenants of the Company 
 (a) No
Impairment. The Company hereby covenants and agrees that the Company will not, by amendment of its Amended and Restated Certificate of Incorporation, bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of
arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at all times in good faith comply with all the provisions of
this Warrant and take all actions consistent with effectuating the purposes of this Warrant. 
 (b) Warrant Shares. The Company
hereby covenants and agrees that all Warrant Shares that may be issued upon the valid exercise of the rights represented by this Warrant will, upon issuance in accordance with the terms hereof (including payment of the Exercise Price), be validly
issued, fully paid and nonassessable, and free and clear of all encumbrances and restrictions, except for restrictions on transfer set forth in the Transaction Documents (as defined in the Purchase Agreement) or imposed by applicable securities laws
and except for those created by the Holder. If at any time following the Exercisability Date and prior to the Expiration Date the number of authorized but unissued shares of Common Stock shall not be sufficient to permit exercise of this Warrant,
the Company will use commercially reasonable best efforts to take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock in the amount of any such deficiency. 

6. Warrant Holder Not Deemed a Stockholder. Except as otherwise specifically provided herein, the Holder, solely in such Person’s capacity as a
holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of capital stock of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such
Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock,
consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the
valid exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company,
whether such liabilities are asserted by the Company or by creditors of the Company. 
 7. Reissuance of Warrants. 

(a) Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company and deliver the
completed and executed Assignment Form, in the form attached hereto as Exhibit B, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered
as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in
accordance with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred; provided, however, that no Warrants for fractional shares of Common Stock shall be transferred.

 (b) Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary form and, in the case of
mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing the right to purchase the Warrant Shares then underlying this
Warrant. 
 (c) Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the
principal office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant
will represent the right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, that no Warrants for fractional shares of Common Stock shall be given. 

(d) Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new
Warrant (i) shall be substantially similar to this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being
issued pursuant to Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying the other new Warrants issued in connection with such issuance, does not
exceed the number of Warrant Shares then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant, which is the same as the Issuance Date, and (iv) shall have the same rights and conditions
as this Warrant. 
 8. Notices. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be
given in accordance with Section 9.5 of the Purchase Agreement. 
 9. Amendment and Waiver. No failure or delay on the part of the Company or
the Holder in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other
right, power or remedy. Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company
has obtained the written consent of the Required Holders. Any such amendment shall apply to all Warrants and be binding upon all registered holders of such Warrants. 

10. Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Warrant shall be governed by, and construed in accordance with, the internal
laws of the State of New York, without reference to the choice of law provisions thereof. The Company and, by accepting this Warrant, the Holder, each irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located
in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Warrant and the transactions contemplated hereby. Service of
process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Warrant. The Company and, by accepting this Warrant,
the Holder, each irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. The Company and, by accepting this Warrant, the Holder, each irrevocably waives any
objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF
THE COMPANY AND, BY ITS ACCEPTANCE HEREOF, THE HOLDER HEREBY WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY  

 
IN ANY LITIGATION WITH RESPECT TO THIS WARRANT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER. 

11. Construction; Headings. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any
person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant. 

12. Dispute Resolution. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the
Company shall submit the disputed determinations or arithmetic calculations via facsimile or e-mail within three (3) Business Days of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the Holder
and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three (3) Business Days of such disputed determination or arithmetic calculation being submitted to the Holder, then
the Company shall, within two (2) Business Days submit via facsimile or e-mail (a) the disputed determination of the Exercise Price to an independent, reputable investment bank selected by the Company and approved by the Holder, which
approval shall not be unreasonably withheld, or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause the investment bank or the accountant, as the case may
be, to perform the determinations or calculations and notify the Company and the Holder of the results no later than twenty (20) Business Days from the time it receives the disputed determinations or calculations. The prevailing party in any
dispute resolved pursuant to this Section 12 shall be entitled to the full amount of all reasonable expenses, including all costs and fees paid or incurred in good faith, in relation to the resolution of such dispute. Such investment
bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error. 
 13.
Remedies. The remedies provided in this Warrant shall be cumulative and in addition to all other remedies available under this Warrant, at law or in equity (including a decree of specific performance and/or other injunctive relief), and
nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. 
 14.
Transfer. Subject to applicable laws, this Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company. 
 15.
Certain Definitions. For purposes of this Warrant, the following terms shall have the following meanings: 
 (a) “Additional
Common Stock” shall mean all Common Stock issued (or, pursuant to Section 2(c)(i)-(iii), deemed to be issued) by the Company after the Issuance Date, other than Excluded Securities. 

(b) “Bloomberg” means Bloomberg Financial Markets. 

(c) “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York
are authorized or required by law or executive order to remain closed. 
 (d) “Closing Sale Price” means, for any security
as of any date, the last closing trade price for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing trade price then the last
trade price of such security prior to 4:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market 

 
is not the principal securities exchange or trading market for such security, the last trade price of such security on the principal securities exchange or trading market where such security is
listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no last trade price
is reported for such security by Bloomberg, the average of the ask prices of any market makers for such security as reported in the “pink sheets” by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.). If the Closing Sale Price
cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the Fair Market Value as mutually determined by the Company and the Holder. All such determinations
to be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period. 

(e) “Common Stock” means (i) the Company’s shares of Common Stock, par value $0.001 per share, and (ii) any
share capital into which such Common Stock shall have been changed or any share capital resulting from a reclassification of such Common Stock. 

(f) “Common Stock Equivalents” means shares of Common Stock, Warrants and any other securities exchangeable for or
convertible into, or entitling the holder thereof to receive directly or indirectly, shares of Common Stock. 
 (g) “Convertible
Securities” means any stock or securities (other than Options) directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock. 

(h) “Exercise Price” means $2.26 per share, subject to adjustment as provided herein. 

(i) “Excluded Securities” means: (i) capital stock, Convertible Securities, restricted stock units, Options or Common
Stock Equivalents issued to directors, officers, employees or consultants of the Company in connection with their service as directors of the Company, their employment by the Company or their retention as consultants by the Company pursuant to any
existing or future stock option, restricted stock, stock purchase or other equity compensation plan or arrangement, including without limitation, employee inducement awards and deferred compensation arrangements, duly adopted for such purpose, by a
majority of the non-employee members of the Board or a majority of the members of a committee of non-employee directors established for such purpose, and the issuance of Common Stock in respect of such Convertible Securities, restricted stock units,
Options or Common Stock Equivalents; (ii) shares of Common Stock issued upon the conversion or exercise of Options or Convertible Securities that were issued and outstanding on the date immediately preceding the Issuance Date, provided such
securities are not amended after the Issuance Date to increase the number of shares of Common Stock issuable thereunder or to lower the exercise or conversion price thereof; (iii) securities issued pursuant to the Purchase Agreement and
securities issued upon the exercise or conversion of those securities; (iv) securities issued (including Options and Convertible Securities) in connection with or pursuant to any shareholder rights agreement as may be entered into from time to
time by the Company to implement a so-called poison pill as the same may be amended, supplemented or modified (or the filing of a registration statement by the Company in connection therewith); (v) securities issued (A) pursuant to
acquisitions of businesses, entities, rights or other assets, (B) in connection with strategic transactions, including joint ventures, manufacturing, marketing or distribution arrangements or technology license, transfer or development
arrangements, and (C) pursuant to any equipment leasing or loan arrangement, credit financing or debt financing (and the issuance of Common Stock upon the exercise of such securities, if applicable), in each case, approved by the Board and not
primarily for the purpose of raising capital, as determined in good faith by the Board; (vi) securities issued to vendors, consultants and service providers of the Company as compensation or to settle bona fide trade liabilities; and
(vii) shares of Common Stock issued or issuable by reason of a dividend, stock split or other distribution on shares of 

 
Common Stock (but only to the extent that such a dividend, split or distribution results in an adjustment in the Exercise Price and/or number of Warrant Shares, as applicable, pursuant to
Section 2 of this Warrant) and (viii) securities with an aggregate consideration payable to the Company of less than $2,000,000 in any twelve month period. 

(j) “Fair Market Value” shall mean the amount which a willing buyer, under no compulsion to buy, would pay a willing seller,
under no compulsion to sell, in an arm’s length transaction. 
 (k) “Fundamental Transaction” means the occurrence of
any of the following in one or a series of related transactions: (i) an acquisition after the Issuance Date by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) under the Exchange Act) of more than one-half of
the voting rights or voting equity interests in the Company; (ii) a merger or consolidation of the Company or a sale of all or substantially all of the assets of the Company in one or a series of related transactions, unless following such
transaction or series of transactions, the holders of the Company’s securities prior to the first such transaction continue to hold at least half of the voting rights or voting equity interests in the surviving entity or acquirer of such
assets; (iii) a recapitalization, reorganization or other transaction involving the Company that constitutes or results in a transfer of more than one-half of the voting rights or voting equity interests in the Company; (iv) consummation
of a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the Exchange Act with respect to the Company; or (v) the completion of any tender offer or exchange offer (whether by the Company or another Person) pursuant to which
holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property. 
 (l)
“Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities. 

(m) “Person” means an individual, corporation, partnership, limited liability company, trust, business trust, association,
joint stock company, joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed herein. 

(n) “Principal Market” means The NASDAQ Global Select Market. 

(o) “Required Holders” means, as of any date, the holders of at least a majority of the Warrants outstanding as of such date.

 (p) “Trading Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market
is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded; provided that “Trading Day” shall not include any day on which the
Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not
designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00 p.m., New York time). 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to be
duly executed as of the Issuance Date set out above. 
  

			
	NOVATEL WIRELESS, INC.
		
	By:	 	 /s/ Alex Mashinsky

	Name:  Alex Mashinsky
	Title:  Interim Chief Executive Officer

 [SIGNATURE PAGE TO NOVATEL WIRELESS, INC. WARRANT] 

 EXHIBIT A 

EXERCISE NOTICE 
 TO BE
EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS 
 WARRANT TO PURCHASE COMMON STOCK 

NOVATEL WIRELESS, INC. 
 Complete and
deliver this Exercise Notice to: 
 Novatel Wireless, Inc. 

9645 Scranton Road 
 San Diego, California 92121 

Attention: Chief Financial Officer 
 With a copy to: 

Paul Hastings LLP 
 4747 Executive Drive, 12th Floor 

San Diego, California 92121 
 Attention: Carl Sanchez and Teri
O’Brien 
 The undersigned holder hereby exercises the right to purchase
             of the shares of Common Stock (“Warrant Shares”) of Novatel Wireless, Inc., a Delaware corporation (the “Company”), evidenced by the
attached Warrant to Purchase Common Stock (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant. 

1. Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as: 

             a “Cash Exercise” with respect to
             Warrant Shares; and/or 

             a “Cashless Exercise” with respect to
             Warrant Shares. 
 2. Payment of Exercise Price. In the event that
the holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of
$             to the Company in accordance with the terms of the Warrant. 
 3.
Accredited Investor. At the time such holder was offered the Warrant, it was, and on the date hereof, and on each date on which it exercises any Warrants, it will be either: (i) an “accredited investor” as defined in Regulation
D promulgated under the Securities Act of 1933, as amended, or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities Act. Such holder is not required to be registered as a broker-dealer under
Section 15 of the Securities Exchange Act of 1934, as amended. 
 4. Delivery of Warrant Shares. The undersigned requests that the certificates
for the Warrant Shares be issued in the name of and delivered to the following DWAC Account Numbers or by physical delivery of a certificate to:
                                        .

  
 A-1 

					
			
	Date:                 ,        
            	 		 	
			
	Name of Registered Holder	 		 	
			
		 	By:	 	  

		 	Name:
		 	Title:

 Acknowledgment of confirmation of receipt of the Exercise Delivery Documents to be sent to Registered Holder to the following:

  

			
	 ̈  E-mail:	 	 ̈  Fax:

 EXHIBIT B 

ASSIGNMENT FORM 
 NOVATEL
WIRELESS, INC. 
 (To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to: 

Name: 
 (Please Print) 

Address: 
 (Please Print) 

Dated:                 ,
                 
 Holder’s Signature:
                                 

Holder’s Address:
                                 

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any
change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant. 

  
 B-1EX-4.2

 Exhibit 4.2 

INVESTORS’ RIGHTS AGREEMENT 

This Investors’ Rights Agreement (this “Agreement”) is made and entered into as of this 8th day of September, 2014 by
and among Novatel Wireless, Inc., a Delaware corporation (the “Company”), and the “Investors” named in that certain Purchase Agreement, dated as of even date herewith, by and among the Company and the persons and entities
listed on the signature pages thereto (as amended from time to time, the “Purchase Agreement”). Capitalized terms used herein have the respective meanings ascribed thereto in the Purchase Agreement unless otherwise defined herein.

 RECITALS 
 A. The Company and the
Investors have entered into the Purchase Agreement pursuant to which the Investors have agreed to purchase from the Company, and the Company has agreed to sell and issue to the Investors, upon the terms and conditions stated in the Purchase
Agreement: (i) an aggregate of 7,363,334 shares (the “Common Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”); (ii) warrants to purchase an aggregate of
4,117,647 shares of Common Stock (the “Warrants”); and (iii) an aggregate of 87,196 shares of the Company’s Series C Convertible Preferred Stock, par value $0.001 per share (the “Preferred Shares”); and

 C. To induce the Investors to consummate the transactions contemplated by the Purchase Agreement, the Company has agreed to provide certain board
representation rights and information rights, as well as certain registration rights with respect to the Registrable Securities (as defined below) under the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations
promulgated thereunder (the “Securities Act”). 
 In consideration of the mutual promises made herein and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Certain
Definitions. 
 As used in this Agreement, the following terms shall have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person which directly or indirectly through one or more
intermediaries Controls (as defined below), is controlled by, or is under common Control with, such Person. 
 “Beneficially
Own” means, with respect to any securities, having “beneficial ownership” of such securities for purposes of Rule 13d-3 or 13d-5 under the Exchange Act (as defined below), without giving effect to any limitation on the exercise of
the Warrants set forth therein (other than with respect to Section 7(b)). 
 “Board” means, as of any date, the
Board of Directors of the Company in office on that date. 
 “Control” (including the terms “controlling”,
“controlled by” or “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise. 
 “Conversion Shares” means the shares of Common Stock issuable by the Company upon
conversion of the Preferred Shares. 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any
successor statute, and the rules and regulations promulgated thereunder. 
 “HC2” means HC2 Holdings 2, Inc., a Delaware
corporation. 
 “Initial Board Period” means the period commencing on the date of this Agreement and ending on the day that
is ten (10) months from the date of this Agreement, or such earlier day that is mutually agreed upon by the Company and the Investors. 

“Investor(s)” means the Investors identified in the Purchase Agreement and any Affiliate or Permitted Transferee who is a
subsequent holder of any Registrable Securities. 
 “Lockup Period” means the period commencing on the date of this
Agreement and ending on the day that is ten (10) months from the date of this Agreement. 
 “Person” means an
individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company, joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not
specifically listed herein. 
 “Prospectus” means (a) the prospectus included in any Registration Statement, as
amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements to the prospectus,
including post-effective amendments and all material incorporated by reference in such prospectus, and (b) any “free writing prospectus” as defined in Rule 405 promulgated by the SEC pursuant to the Securities Act, as such rule
may be amended or interpreted from time to time. 
 “register” and “registration” refer to a registration
effected by preparing and filing a Registration Statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such Registration Statement by the SEC (as defined below). 

“Registrable Securities” means (a) the Common Shares, (b) the Conversion Shares, (c) the Warrant Shares and
(d) any securities issued or issuable by the Company (or its successor) upon any recapitalization, merger, consolidation, other reorganization, stock dividend, stock distribution or stock split with respect to the foregoing; provided
that a security shall cease to be a Registrable Security upon (i) such security being sold pursuant to a Registration Statement or Rule 144 (as defined below)(other than to a Permitted Transferee), or (ii) such security becoming
eligible for sale by the Investor without restriction pursuant to Rule 144. 
 “Registration Statement” means any
registration statement of the Company filed under the Securities Act that covers the resale of any of the Registrable Securities pursuant to the provisions of this Agreement, amendments and supplements to such Registration Statement, including
post-effective amendments, all exhibits and all material incorporated by reference in such Registration Statement. 
 “Required
Investors” means the Investors who Beneficially Own a majority of the Registrable Securities. 
 “Rule 144” means
Rule 144 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such
rule. 

  
 2 

 “Rule 415” means Rule 415 promulgated by the SEC pursuant to the Securities Act,
as such rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such rule. 

“Rule 172” means Rule 172 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such rule. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities” means the Shares, the Conversion Shares, the Warrants and the Warrant Shares. 

“Shares” means the Preferred Shares and the Common Shares being purchased by the Investors hereunder. 

“Transfer” means (a) sell, assign, give, pledge, encumber, hypothecate, mortgage, exchange or otherwise dispose of,
(b) grant to any Person any option, right or warrant to purchase or otherwise receive, or (c) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences or other rights of ownership. 

“Warrant Shares” means the shares of Common Stock issuable by the Company upon valid exercise of the Warrants. 

2. Board Representation. 
 (a)
Appointment and Nomination Rights. 
 (i) Investor Designees. Upon the expiration of the Initial Board Period, the Investors
shall have the right, but not the obligation, to designate two nominees to serve as directors of the Company (each, an “Investor Designee” and, together, the “Investor Designees”). The Investors shall choose such
Investor Designees based on the vote of all Common Shares and Warrant Shares held by them on an as-converted basis. The initial Investor Designees shall be Philip Falcone and Robert Pons. Promptly following the expiration of the Initial Board Period
and receipt by the Company of all documentation reasonably requested by the Company in connection with the appointment of the initial Investor Designees, the Company shall increase the size of the Board to nine directors (if no vacancies then exist)
and fill the two resulting vacancies with the initial Investor Designees in accordance with the Company’s Bylaws. Thereafter, the Company shall (i) include the Investor Designees in its slate of nominees for election to the Board at each
annual or special meeting of stockholders of the Company at which directors are to be elected and at which the seats held by the Investor Designees are subject to election (such annual or special meetings, the “Election Meetings”)
and (ii) recommend that the Company’s stockholders vote in favor of the election of the Investor Designees. One such Investor Designee shall be appointed to the class of directors designated as a member of the class of the Board expiring
at the 2017 annual meeting of the Company’s stockholders. The foregoing appointment and nomination rights will be subject to the satisfaction by each Investor Designee of the Company’s Board Qualifications (as defined below). 

(ii) Board Observers. During the Initial Board Period, the Investors shall have the right, but not the obligation, to appoint up to two
representatives to be present (whether in person or by telephone) at all meetings of the Board and the compensation committee thereof, one of which will also have the right to be present (whether in person or by telephone) at all meetings of the
audit committee of the Board (each, a “Board Observer” and, together, the “Board Observers”); provided that (A) the 

  
 3 

 
Investors’ right to have Board Observers shall be decreased, on a one-for-one basis, by the number of Investor Designees serving on the Board, and (B) an officer, director or employee
of a competitor of the Company in one of its principal lines of business, as determined in good faith by the Company, shall not be eligible to serve as a Board Observer. The Investors shall choose such Board Observers based on the vote of all Common
Shares and Warrant Shares held by them on an as-converted basis. Once appointed, the Company shall send to each such Board Observer all of the notices, information and other materials (including meeting notices and agendas) that are distributed to
the members of the Board and the compensation committee thereof, all at the same time and in the same manner as such notices, agenda, information and other materials are provided to the members of the Board. Notwithstanding the foregoing, any Board
Observer may be prohibited from attending a meeting of the Board or any committees thereof or receiving notices, agenda, information or materials to preserve any attorney-client privilege or to prevent any breach of contract with any third party
regarding non-disclosure, provided that the Company is advised by legal counsel that taking such action is necessary to preserve any such privilege or prevent any such breach. 

(b) Vacancies. At any time prior to the Investor Designee Termination Date (as defined below), if an Investor Designee who has been
duly elected to the Board resigns from the Board, is removed (with or without cause) pursuant to applicable law or the Company’s Bylaws, fails to satisfy the Board Qualifications, dies or otherwise cannot or is not willing to stand for
reelection or to continue to serve as a member of the Board, the Company shall use commercially reasonable efforts to cause the vacancy to be filled by a new Investor Designee. 

(c) Board Qualifications. Each Investor Designee shall, at the time of nomination and at all times thereafter until such
individual’s service on the Board ceases: (i) be at least 21 years of age; (ii) have the ability to be present at regular and special meetings of the Board; (iii) meet any applicable requirements under applicable law, stock
exchange rules or the Company’s corporate governance policies to be a member of the Board; and (iv) not be an officer, director or employee of a competitor of the Company in one of its principal lines of business, as determined in good
faith by the Company (the “Board Qualifications”). In addition to the foregoing, no person shall be eligible for election or appointment to the Board if such person has been convicted of a crime involving dishonesty or breach of
trust or if such person is currently charged with the commission of or participation in such a crime. 
 (d) Compensation,
Indemnification and Insurance. Investor Designees shall be entitled to the same retainer, equity compensation and other fees or compensation, including travel and expense reimbursement, paid to the non-employee directors of the Company for their
services as a director, including any service on any committee of the Board. Investor Designees shall be entitled to the same indemnification rights as other non-executive directors of the Company and the Company shall maintain in full force and
effect directors’ and officers’ liability insurance in reasonable amounts from established and reputable insurers to the same extent it now indemnifies and provides insurance for the non-executive members of the Board. In all
directors’ and officers’ insurance policies, each Investor Designee shall be covered as an insured in such a manner as to provide the Investor Designee with rights and benefits under such insurance policies no less favorable than those
provided to the other non-executive directors of the Company. 
 (e) Committees. The Board shall not designate an executive committee
or any other committee which has been delegated authority substantially similar to the authority of the Board. Unless prohibited by applicable law or stock exchange rules, as determined in the reasonable judgment of the Board, both members of the
Board who are Investor Designees shall be entitled to be designated to the compensation committee of the Board, and at least one member of the Board who is an Investor Designee shall be entitled to be designated to the audit committee of the Board.
Unless otherwise agreed to by the 

  
 4 

 
Board, the Investor Designees shall not be appointed to or otherwise gain membership on any other committees of the Board. 

(f) Non-Transferability. No Investor may transfer to any Person (other than its Affiliates) all or any portion of its rights under this
Section 2 under any circumstances, notwithstanding the transfer of all or any portion of the Securities. 
 (g) Termination
of Investor Designee Rights. Notwithstanding the foregoing, (i) the Investors’ rights under this Section 2 to designate two Investor Designees and/or Board Observers shall automatically be reduced to the right to designate
one Investor Designee and/or Board Observer on the date that the Investors cease to Beneficially Own an aggregate of at least 15% of the total issued and outstanding Common Stock, and (ii) all of the Investors’ rights under this
Section 2 (excluding Section 2(d)) shall terminate automatically on the date (the “Investor Designee Termination Date”) that the Investors cease to Beneficially Own an aggregate of at least 10% of the total
issued and outstanding Common Stock. 
 3. Registration. 

(a) Registration Statement. Subject to the provisions of Section 4, if the Company shall receive from the Required
Investors a written request signed by such Required Investors that the Company effect a Registration Statement with respect to the Registrable Securities, the Company shall, as soon as practicable (but in no event earlier than the expiration of the
Lockup Period), prepare and file with the SEC one Registration Statement on Form S-3 (or such other form of registration statement as is then available to effect a registration for resale of the Registrable Securities including, but not limited
to, Form S-1), for an offering to be made on a continuous or delayed basis pursuant to Rule 415 covering the resale of all of the Registrable Securities; provided that the Company may exclude the Registrable Securities of any Investor
that has not complied with the provisions of Section 6(a) or has notified the Company in writing of its election to exclude all of its Registrable Securities from such Registration Statement. Subject to any SEC comments and
Section 5(m), such Registration Statement shall include the plan of distribution attached hereto as Exhibit A; provided, however, that no Investor shall be named as an “underwriter” in the Registration
Statement without such Investor’s prior written consent. Such Registration Statement also shall cover, pursuant to Rule 416 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended or interpreted from time to
time, such indeterminate number of additional shares of Common Stock due to an increase in the number of Warrant Shares and/or Conversion Shares resulting from changes in the exercise price and/or conversion price applicable thereto. A draft of the
Registration Statement (and each amendment or supplement thereto, and each request for acceleration of effectiveness thereof) shall be provided in accordance with Section 5(c) to the Investors and their counsel for their review and
comment a reasonable time prior to its filing or other submission. 
 (b) Expenses. The Company will pay all expenses associated with
effecting the registration of the Registrable Securities, including filing, registration, qualification and printing fees, the Company’s counsel and accounting fees and expenses, costs associated with clearing the Registrable Securities for
sale under applicable state securities laws (including reasonable fees, charges and disbursements of counsel to any underwriter incurred in connection with state securities laws qualifications of the Registrable Securities), listing fees, fees and
expenses incident to any required review by the Financial Industry Regulatory Authority, Inc. (“FINRA”) of the terms of the sale of Registrable Securities to be disposed of, fees and expenses of one counsel to the Investors selected
by the Required Investors (such fees and expenses of counsel to the Investors not to exceed an aggregate of $20,000) and the Investors’ other reasonable expenses in connection with the registration, but excluding discounts, commissions, fees of
underwriters, selling brokers, dealer managers or similar securities industry professionals with respect to the Registrable Securities being sold. Notwithstanding the foregoing, the Company shall not be

  
 5 

 
required to pay for any expenses of any registration proceeding begun pursuant to this Section 3 if such proceeding is subsequently withdrawn at the request of the Investors. 

(c) Effectiveness. 
 (i)
The Company shall use commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable, but in no event later than the later of (A) the date that is one hundred and twenty (120) days after the
Company’s receipt of a request for a Registration Statement pursuant to Section 3(a) and (B) the date that is sixty (60) days after the expiration date of the Lockup Period. The Company shall notify the Investors by
facsimile or e-mail as promptly as practicable, and in any event, within twenty-four (24) hours, after any Registration Statement is declared effective and shall simultaneously provide the Investors with copies of any related Prospectus to be
used in connection with the sale or other disposition of the securities covered thereby. 
 (ii) The Company may suspend the use of any
Prospectus included in any Registration Statement contemplated by this Section 3(c) in the event that the Company determines in good faith that such suspension is necessary to (A) delay the disclosure of material non-public
information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company or (B) amend or supplement the affected Registration Statement or the related
Prospectus so that such Registration Statement or Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of the
Prospectus in light of the circumstances under which they were made, not misleading (an “Allowed Delay”); provided, that (1) the Company shall promptly (x) notify each Investor in writing of the commencement of the
Allowed Delay, (y) advise each Investor in writing to cease all sales under the Registration Statement until such time as the Company notifies the Investors of the end of the Allowed Delay and (z) use commercially reasonable efforts to
terminate an Allowed Delay as promptly as practicable and (2) in no event may the Company deliver more than one notice of an Allowed Delay in any six (6) month period or cause Allowed Delays to last for a period of greater than ninety
(90) days during any six (6) month period. 
 (d) Rule 415 Compliance. If at any time the SEC takes the position that the
offering of some or all of the Registrable Securities in a Registration Statement are not eligible to be made on a delayed or continuous basis under the provisions of Rule 415, the Company shall use commercially reasonable best efforts to
persuade the SEC that the offering contemplated by the Registration Statement is a bona fide secondary offering and not an offering “by or on behalf of the issuer” as defined in Rule 415. In the event that the SEC refuses to alter its
position, the Company shall (i) remove from the Registration Statement such portion of the Registrable Securities (the “Cut Back Shares”) and/or (ii) agree to such restrictions and limitations on the registration and
resale of the Registrable Securities as the SEC may require to assure the Company’s compliance with the requirements of Rule 415 (collectively, the “SEC Restrictions”); provided, however, that the Company shall not
agree to name any Investor as an “underwriter” in such Registration Statement without the prior written consent of such Investor. Any cut-back imposed pursuant to this Section 3(d) shall be allocated among the Investors on a
pro rata basis and shall be applied first to any Warrant Shares, unless the SEC Restrictions otherwise require or provide or the Investors otherwise agree. From and after the date that the Company is able to effect the registration of such Cut Back
Shares in accordance with any SEC Restrictions, all of the provisions of this Section 3 shall again be applicable to such Cut Back Shares. 

(e) Right to Piggyback Registration. 

(i) If at any time following the expiration of the Lockup Period that any Registrable Securities remain outstanding and the Company proposes
for any reason to (A) register any shares of 

  
 6 

 
Common Stock under the Securities Act (other than pursuant to a registration statement on Form S-4 or Form S-8 (or a similar or successor form)) with respect to an offering of Common
Stock by the Company for its own account or for the account of any of its stockholders or (B) conduct an underwritten public offering of Common Stock for its own account or for the account of any of its stockholders, it shall at each such time
promptly give written notice to the holders of the Registrable Securities of its intention to do so and, to the extent permitted under the provisions of Rule 415, include in such registration or underwriting all Registrable Securities with
respect to which the Company has received written requests for inclusion therein within fifteen (15) days after receipt of the Company’s notice. Such notice shall offer the holders of the Registrable Securities the opportunity to include
such number of shares of Registrable Securities as each such holder may request and shall indicate the intended method of distribution of such Registrable Securities. 

(ii) Notwithstanding the foregoing, (A) if such registration involves an underwritten public offering, the Investors shall sell the
Registrable Securities requested to be included in such offering to, if applicable, the underwriter(s) at the same price and subject to the same underwriting discounts and commissions that apply to the other securities sold in such offering (it
being acknowledged that the Company shall be responsible for other expenses as set forth in Section 3(b)) and subject to the Investors entering into customary underwriting documentation for selling stockholders in an underwritten public
offering, and (B) if, at any time after giving written notice of its intention to register or offer any Registrable Securities pursuant to Section 3(e)(i) and prior to the pricing of the offering effected pursuant to such
registration, the Company shall determine for any reason not to cause such offering to be priced, the Company shall deliver written notice to the Investors and, thereupon, shall be relieved of its obligation to register any Registrable Securities in
connection with such registration. 
 (iii) If the managing underwriter of a proposed underwritten offering (other than a proposed
underwritten offering of Registrable Securities pursuant to Section 4) advises the Company that, in its opinion, the number of securities requested to be included in such underwritten offering exceeds the number which can be sold in such
underwritten offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the Company will include in such offering only such lesser
number of Registrable Securities as shall not, in the opinion of the managing underwriter be likely to have such an effect, and the number of Registrable Securities to be included in such underwritten offering shall be allocated pro rata among the
Investors that have requested to participate in such underwritten offering on the basis of the relative number of Registrable Securities then held by each such Investor, to the extent necessary to reduce the total number of Registrable Securities to
be included in such offering to the number recommended by the managing underwriter; provided that any securities thereby allocated to an Investor that exceed such Investor’s request shall be reallocated among the remaining Investors in
like manner. 
 4. Underwritten Shelf Takedowns. 

(a) If, in the case of an offering pursuant to a Registration Statement filed pursuant to Section 3(a) where the fair market value
of the Registrable Securities to be offered is at least $10 million (or such lesser amount representing all remaining Registrable Securities) and one or more Investors holding at least 25% of the outstanding Registrable Securities so elects,
such offering shall, by written notice delivered to the Company, be in the form of an underwritten offering. The Company shall (i) within three (3) Business Days after the receipt of a request for an offering pursuant to this
Section 4 from any Investor or Investors, give written notice thereof to all other Investors, which notice shall specify the number of Registrable Securities subject to the request, the names and notice information of the Invesor or
Investors initiating such offering and, to the extent known, the intended method of disposition of such Registrable Securities and (ii) subject to Section 4(c) include in such offering all of the Registrable Securities requested by
such Investors for inclusion in such offering from whom the Company has 

  
 7 

 
received a written request for inclusion therein within three (3) Business Days after the receipt by such Investors of such written notice referred to in clause (i) above. Each such
request by such Investors shall specify the number of Registrable Securities proposed to be included in such offering. The failure of any Investor to respond within such three (3) Business-Day period referred to in clause (ii) above shall
be deemed to be a waiver of such Investor’s rights under this Section 4 with respect to such offering. Any Investor may waive its rights under this Section 4 prior to the expiration of such three (3) Business-Day
period by giving written notice to the Company. In no event shall the Company be required to effect more than one underwritten offering pursuant to this Agreement in any nine (9) month period, or more than three (3) underwritten offerings
pursuant to this Agreement; provided, further, that an underwritten offering may not be made until at least one hundred and twenty (120) days after the date of a prior underwritten offering. 

(b) With respect to any underwritten offering, the Investors holding a majority of Registrable Securities included in such offering shall
select an investment banking firm(s) of national standing to be the managing underwriter(s) for the offering, which firm(s) shall be reasonably acceptable to the Company. 

(c) If the managing underwriter of a proposed underwritten offering of Registrable Securities pursuant to this Section 4 advises
the Company that, in its reasonable opinion, the number or dollar amount of securities requested to be included in such underwritten offering takedown exceeds the number or dollar amount which can be sold in an orderly manner in such underwritten
offering within a price range acceptable to the participating Investors without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the Company
will include in such offering all of the Registrable Securities requested to be included therein and only such lesser number of other securities as shall not, in the reasonable opinion of the managing underwriter be likely to have such an effect. In
the event that, despite the reduction of the number of shares of securities to be offered for the account of the Company or Persons other than Investors in such offering pursuant to the immediately preceding sentence, the number of Registrable
Securities to be included in such offering exceeds the number which, in the opinion of the managing underwriter, can be sold without having the adverse effect referred to above, the number of Registrable Securities to be included in such
underwritten offering shall be allocated pro rata among the Investors that have requested to participate in such underwritten offering on the basis of the relative number of Registrable Securities then held by each such Investor, to the extent
necessary to reduce the total number of Registrable Securities to be included in such offering to the number recommended by the managing underwriter; provided that any securities thereby allocated to an Investor that exceed such
Investor’s request shall be reallocated among the remaining Investors in like manner. 
 (d) In the case of an underwritten offering
pursuant to Section 3 or this Section 4, the Company and the Investors selling in such offering shall enter into and perform their respective obligations under an underwriting agreement with such underwriters for such
offering, with such agreement to contain such representations and warranties by the Company and the Investors selling in such offering and such other terms and provisions as are customarily contained in underwriting agreements with respect to
secondary distributions, which may include, without limitation, customary lock-up agreements of the Company and its directors, officers and principal shareholders, including the Investors (which lock-up agreements the Company shall use its
commercially reasonable best efforts to obtain), indemnities and contribution to the effect and to the extent provided in Section 9 hereof and the provision of independent certified public accountants’ letters to the effect and to
the extent provided in Section 5 hereof. The Investors on whose behalf Registrable Securities are to be distributed by such underwriters shall be parties to any such underwriting agreement and the representations and warranties by, and
the other agreements on the part of, the Company to and for the benefit of such underwriters shall also be made to and for the benefit of such holders of such securities, but only to the extent such 

  
 8 

 
representations and warranties and other agreements are customarily made by issuers to selling stockholders in secondary underwritten public offerings. 

(e) The Company shall not be required to effect an underwritten offering (i) more than once in any nine (9) month period or
(ii) if it shall have already made three (3) underwritten offerings pursuant to this Agreement. Further, the Company shall not be required to effect an underwritten offering until at least one hundred and twenty (120) days after the
date of a prior underwritten offering. 
 (f) Subject to any rights granted by the Company pursuant to any registration rights agreements
between the Company and other Persons in existence as of the date hereof, the Company shall not include securities of the Company for its own account or for the account of other Persons which are not Investors in a proposed underwritten offering
pursuant to this Section 4 without the prior written consent of the Investors holding a majority of the Registrable Securities included in such offering. 

5. Company Obligations. The Company will use commercially reasonable efforts to effect the registration of the Registrable Securities in accordance
with the terms hereof, and in connection therewith the Company will, as expeditiously as possible: 
 (a) prepare, file and use commercially
reasonable efforts to cause such Registration Statement to become effective and to remain continuously effective for a period that will terminate upon the earlier of (i) the date on which all Registrable Securities covered by such Registration
Statement have been sold and any required prospectus delivery period with respect to such sale shall have expired, and (ii) the date on which all Registrable Securities covered by such Registration Statement may be sold without restriction
pursuant to Rule 144 (the “Effectiveness Period”); 
 (b) prepare and file with the SEC such amendments, post-effective
amendments and supplements to the Registration Statement and the Prospectus as may be necessary to keep the Registration Statement effective for the Effectiveness Period and to comply with the provisions of the Securities Act and the Exchange Act
with respect to the distribution of all of the Registrable Securities covered thereby, or in connection with any shelf takedown, to name any selling Investor or to update the prospectus or prospectus supplement in response to the conditions
described in Section 5(h); 
 (c) provide copies to and permit counsel designated by the Investors to review each Registration
Statement and all amendments and supplements thereto prior to their filing with the SEC and not file any document to which such counsel reasonably objects; 

(d) furnish to the Investors and to any underwriter of such Registrable Securities (i) promptly after the same is prepared and publicly
distributed, filed with the SEC, or received by the Company, one copy of any Registration Statement and any amendment thereto, each preliminary prospectus and Prospectus and each amendment or supplement thereto, and each letter written by or on
behalf of the Company to the SEC or the staff of the SEC, and each item of correspondence received from the SEC or the staff of the SEC, in each case relating to such Registration Statement (other than any portion of any thereof which contains
information for which the Company has sought confidential treatment), and (ii) such number of copies of a Prospectus, including a preliminary prospectus, all amendments and supplements thereto, such documents incorporated by reference in such
registration statement or prospectus and such other documents as each Investor or such underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Investor that are covered by the related
Registration Statement; 
 (e) use commercially reasonable efforts to (i) prevent the issuance of any stop order or other suspension of
effectiveness and (ii) if such order is issued, obtain the withdrawal of any such order; 

  
 9 

 (f) prior to any public offering of Registrable Securities, use commercially reasonable efforts
to register or qualify or cooperate with the Investors in connection with the registration or qualification of such Registrable Securities for offer and sale under the securities or blue sky laws of such jurisdictions requested by the Investors or
any underwriter of such Registrable Securities and do any and all other commercially reasonable acts or things necessary or advisable to enable the distribution in such jurisdictions of the Registrable Securities covered by the Registration
Statement; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (i) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this
Section 5(f), (ii) subject itself to general taxation in any jurisdiction where it would not otherwise be so subject but for this Section 5(f), or (iii) file a general consent to service of process in any such
jurisdiction; 
 (g) use commercially reasonable efforts to cause all Registrable Securities covered by a Registration Statement to be
listed on each securities exchange, interdealer quotation system or other market on which similar securities issued by the Company are then listed; 

(h) immediately notify the Investor, at any time prior to the end of the Effectiveness Period, upon discovery that, or upon the happening of
any event as a result of which, the Prospectus includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances
then existing, and promptly prepare, file with the SEC and furnish to such Investor a supplement to or an amendment of such Prospectus as may be necessary so that such Prospectus shall not include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 

(i) otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the SEC under the Securities Act and
the Exchange Act; 
 (j) in the case of an underwritten offering pursuant to Section 4, upon such managing underwriter’s
request, use commercially reasonable efforts to obtain a “comfort letter” signed by the Company’s independent certified public accountants covering such matters of the type customarily covered by “comfort letters” in
underwritten public offerings of securities, dated as of such date as the managing underwriter reasonably requests; 
 (k) in the case of an
underwritten offering pursuant to Section 4, furnish, at the request of any managing underwriter for such offering an opinion with respect to legal matters and a negative assurance letter with respect to disclosure matters, dated as of
each closing date of such offering of counsel representing the Company for the purposes of such registration, addressed to the underwriters, covering such matters with respect to the registration in respect of which such opinion and letter are being
delivered as the underwriters, may reasonably request and are customarily included in such opinions and negative assurance letters; 
 (l)
in the case of an underwritten offering pursuant to Section 4, use its commercially reasonable efforts to cooperate and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any
underwriter and its counsel (including any “qualified independent underwriter,” if applicable) that is (i) required or requested by FINRA in order to obtain written confirmation from FINRA that FINRA does not object to the fairness
and reasonableness of the underwriting terms and arrangements (or any deemed underwriting terms and arrangements) relating to the resale of Registrable Securities pursuant to the Registration Statement or (ii) required to be retained in
accordance with the rules and regulations of FINRA; 

  
 10 

 (m) if requested by the managing underwriter, if any, or by any Investor, promptly incorporate in
a prospectus supplement or post-effective amendment to the Registration Statement such information as the managing underwriter, if any, or such Investor may reasonably request, including in order to permit the intended method of distribution of such
securities or the addition of Permitted Transferees, and make all required filings of prospectus supplements or amendments as soon as reasonably practicable after the Company has received such request; and 

(n) with a view to making available to the Investors the benefits of Rule 144 and any other rule or regulation of the SEC that may at any time
permit the Investors to sell shares of Common Stock to the public without registration, the Company covenants and agrees to: (i) make and keep public information available, as those terms are understood and defined in Rule 144, until the
earlier of (A) six (6) months after such date as all of the Registrable Securities may be sold without restriction by the holders thereof pursuant to Rule 144 or (B) such date as all of the Registrable Securities shall have been
resold; (ii) file with the SEC in a timely manner all reports and other documents required of the Company under the Exchange Act; and (iii) furnish to each Investor, upon request, (1) a written statement by the Company that it has
complied with the reporting requirements of the Exchange Act and (2) such other information as may be reasonably requested in order to avail such Investor of any rule or regulation of the SEC that permits the selling of any such Investor’s
Registrable Securities without registration. 
 6. Obligations of the Investors. 

(a) Each Investor shall furnish in writing to the Company such information regarding itself, the Registrable Securities held by it and the
intended method of disposition of the Registrable Securities held by it, as shall be reasonably required to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company
may reasonably request. At least five (5) Business Days prior to the first anticipated filing date of any Registration Statement, the Company shall notify the Investors of the information the Company requires from such Investors if such
Investors elect to have any of their Registrable Securities included in the Registration Statement. An Investor shall provide such information to the Company at least two (2) Business Days prior to the first anticipated filing date of such
Registration Statement if such Investor elects to have any of its Registrable Securities included in the Registration Statement. 
 (b) Each
Investor agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of a Registration Statement hereunder, unless such Investor has notified the Company in writing of its election to
exclude all of its Registrable Securities from such Registration Statement. 
 (c) Each Investor agrees that, in the event the Company
informs such Investor that it does not satisfy the conditions specified in Rule 172 and, as a result thereof, such Investor is required to deliver a Prospectus in connection with any disposition of Registrable Securities, it will comply with the
prospectus delivery requirements of the Securities Act as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to the Registration Statement, and shall sell the Registrable
Securities only in accordance with a method of distribution described in the Registration Statement. 
 (d) Each Investor agrees that, upon
receipt of any notice from the Company of either (i) the commencement of an Allowed Delay pursuant to Section 3(c)(ii) or (ii) the happening of an event pursuant to Section 5(h) hereof, such Investor will
immediately discontinue disposition of the Registrable Securities pursuant to the Registration Statement covering such Registrable Securities, until such time as it is advised by the Company that such dispositions may again be made. 

  
 11 

 (e) Each Investor agrees that it will not effect any disposition or other transfer of the
Registrable Securities that would constitute a sale within the meaning of the Securities Act other than transactions exempt from the registration requirements of the Securities Act or pursuant to, and as contemplated in, the Registration Statement,
and that it will promptly notify the Company of any material changes in the information set forth in the Registration Statement furnished by or regarding such Investor or its plan of distribution. 

7. Dispositions and Purchases. 
 (a) Each
Investor agrees that during the Lockup Period, without the prior written consent of the Company, it shall not, and shall not authorize, permit or direct its subsidiaries or Affiliates to, directly or indirectly, Transfer any of the Securities.
Notwithstanding the foregoing, subject to the restrictions set forth in Section 6.1 of the Purchase Agreement, the following Transfers of the Securities shall be permitted at any time: 

(i) by an Investor to any of its Affiliates; provided that prior to and as a condition to any such Transfer, (i) the Company is
furnished with written notice of the name and address of such Affiliate and the Securities transferred, and (ii) such Affiliate agrees in writing to be bound by and subject to the terms and conditions of this Agreement; or 

(ii) by an Investor to a third party pursuant to a tender offer, exchange offer, merger, consolidation or other transaction (i) which is
recommended to the stockholders of the Company by the Board; or (ii) in the case of a merger or other business combination transaction, which has been approved by the stockholders of the Company. 

(b) Each Investor agrees that during the Lockup Period, without the prior written consent of the Company, it shall not, and shall not
authorize, permit or direct its subsidiaries or Affiliates to, directly or indirectly, make any purchases of securities or otherwise exercise any rights to acquire securities to the extent that, after giving effect to such purchase and/or exercise,
the Investor (together with the Investor’s Affiliates and any other Persons acting as a group together with the Investor or any of the Investor’s Affiliates) would Beneficially Own in excess of 29.99% of the number of outstanding shares of
Common Stock of the Company. 
 8. Information. The Company shall permit each Investor (provided that the Board has not reasonably determined that
such Investor is a competitor of the Company), at such Investor’s expense, to visit and inspect the Company’s properties; examine its books of account and records; and discuss the Company’s affairs, finances, and accounts with its
officers, during normal business hours of the Company as may be reasonably requested by such Investor; provided, however, that the Company shall not be obligated pursuant to this Section 8 to provide access to any information that
it reasonably and in good faith considers to be a trade secret or confidential information or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

9. Confidentiality. Each Investor agrees that it will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor
its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a Registration Statement), unless such confidential information
(a) is known or becomes known to the public in general (other than as a result of a breach of this Section 9 by such Investor), (b) is or has been independently developed or conceived by such Investor without use of the
Company’s confidential information, or (c) is or has been made known or disclosed to such Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided, however,
that an Investor may disclose confidential information (i) to its attorneys, accountants, 

  
 12 

 
consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company or (ii) as may otherwise be required by law;
provided that such Investor promptly notifies the Company (to the extent lawful) of such disclosure pursuant to this subsection (ii) and takes reasonable steps to minimize the extent of any such required disclosure. Each Investor shall,
and shall cause its Affiliates, officers, directors, employees, accountants, counsel and consultants to, comply with applicable laws regarding insider trading in the Company’s securities to the extent that any of them is in possession of
confidential information obtained from the Company. 
 10. Indemnification. 

(a) Indemnification by the Company. The Company will indemnify and hold harmless, to the fullest extent permitted by law, each Investor
that participates in the offering of Registrable Securities and its officers, directors, members, employees, agents, stockholders or Affiliates, and each other Person, if any, who Controls such Investor, and the directors, officers, employees and
agents of such controlling Person, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and investigation and reasonable attorneys’ fees) and expenses
(collectively, “Losses”), as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement, Prospectus, form of prospectus or amendment or
supplement thereto (it being understood that each Investor has approved Exhibit A hereto for this purpose; provided that any Investor may request that such information be updated pursuant to Section 5(m)), or arising out of
or relating to any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, form of prospectus or amendment or supplement thereto, in light of the
circumstances under which they were made) not misleading, or (ii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder relating to the offer
or sale of the Registrable Securities pursuant to the Registration Statement; provided, however, that the Company will not be liable in any such case if and to the extent that (A) any such Losses arise out of or are based upon an untrue
statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such Investors or any such controlling Person in writing specifically for use in such Registration Statement or Prospectus,
(B) any such Losses arise out of the use by an Investor of an outdated or defective Prospectus after the Company has notified such Investor in writing that the Prospectus is outdated or defective, or (C) any such Losses arise out of the
Investor’s (or any other indemnified Person’s) failure to send or give a copy of the Prospectus or supplement (as then amended or supplemented), if required pursuant to Rule 172, to the Persons asserting an untrue statement or alleged
untrue statement or omission or alleged omission at or prior to the written confirmation of the sale of Registrable Securities to such Person, if such statement or omission was corrected in such Prospectus or supplement. 

(b) Indemnification by the Investors. Each Investor agrees, severally but not jointly, to indemnify and hold harmless, to the fullest
extent permitted by law, the Company, its officers, directors, employees, agents, stockholders or Affiliates, and each other Person, if any, who Controls the Company, and the directors, officers, employees and agents of such controlling Person, from
and against all Losses, as incurred, that arise out of or are based upon (i) such Investor’s failure to comply with the prospectus delivery requirements of the Securities Act, or (ii) any untrue or alleged untrue statement of a
material fact contained in any Registration Statement, Prospectus, form of prospectus or amendment or supplement thereto, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein (in the case of any Prospectus, form of prospectus or amendment or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the extent, that (A) such
untrue statements or omissions are based upon information regarding such Investor furnished in writing to the Company by such Investor expressly for use therein or (B) such information relates to such Investor or such Investor’s

  
 13 

 
proposed method of distribution of Registrable Securities and was reviewed and approved by such Investor expressly for use in any Registration Statement, Prospectus, form of prospectus or
amendment or supplement thereto (it being understood that each Investor has approved Exhibit A hereto for this purpose; provided that any Investor may request that such information be updated pursuant to Section 5(m)), or
(C) such Losses are related to the use by such Investor of an outdated or defective Prospectus after the Company has notified such Investor in writing that the Prospectus is outdated or defective; provided that in no event shall the
aggregate amounts payable by any Investor by way of indemnity or contribution under this Agreement exceed the net proceeds from the related offering received by such Investor. 

(c) Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall (i) give prompt notice to the
indemnifying party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, that any
Person entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (A) the
indemnifying party has agreed to pay such fees or expenses, (B) the indemnifying party shall have failed to assume the defense of such claim (or have failed to employ such counsel reasonably satisfactory to the indemnifying party) within a
reasonable time after notice of commencement of the action, suit, claim or proceeding or (C) in the reasonable judgment of any such Person, based upon written advice of its counsel, a conflict of interest exists between such Person and the
indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not
have the right to assume the defense of such claim on behalf of such Person); and provided, further, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations
hereunder, except to the extent that such failure to give notice shall materially adversely affect the indemnifying party in the defense of any such claim or litigation. If any of the events specified in clauses (A), (B) or (C) of the
preceding sentence shall have occurred or shall otherwise be applicable, then the reasonable fees and expenses of one counsel (plus local counsel) selected by a majority in interest of the indemnified parties shall be borne by the indemnifying
party. It is understood that the indemnifying party shall not, in connection with any proceeding in the same jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys (plus one local counsel) at any time for all such
indemnified parties. No indemnifying party will (1) except with the consent of the indemnified party, consent to entry of any judgment or enter into any settlement that (x) does not include as an unconditional term thereof the giving by
the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation or (y) includes a statement as to or admission of fault, culpability or a failure to act, by or on behalf of such
indemnified party, or (2) be liable for any settlement entered into without the indemnifying party’s prior written approval, such approval not to be unreasonably withheld, delayed or conditioned. Subject to the terms of this Agreement, all
fees and expenses of the indemnified party shall be paid to the indemnified party, as incurred, within thirty (30) calendar days of written notice thereof to the indemnifying party; provided, that the indemnified party shall promptly
reimburse the indemnifying party for that portion of such fees and expenses applicable to such actions for which such indemnified party is finally judicially determined to not be entitled to indemnification hereunder. Notwithstanding the foregoing,
if at any time an indemnified party shall have requested the indemnifying party to reimburse the indemnified party for fees and expenses as contemplated by this Section 9, the indemnifying party agrees that it shall be liable for any
settlement of any proceeding effected without the indemnifying party’s written consent if (i) such settlement is entered into more than sixty (60) calendar days after receipt by the indemnifying party of the aforesaid request and
(ii) the indemnifying party shall not have reimbursed the indemnified party in accordance with such request or contested the reasonableness of such fees and expenses prior to the date of such settlement. The failure to deliver written notice to
the indemnifying party within a reasonable 

  
 14 

 
time of the commencement of any such action shall not relieve such indemnifying party of any liability to the indemnified party under this Section 9, except to the extent that the
indemnifying party is materially and adversely prejudiced in its ability to defend such action. 
 (d) Contribution. If for any
reason the indemnification provided for in the preceding paragraphs (a) and (b) is unavailable to an indemnified party or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall
contribute to the amount paid or payable by the indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnified party and the indemnifying party, as well as
any other relevant equitable considerations. No Person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities Act shall be entitled to contribution from any Person not guilty of such fraudulent
misrepresentation. 
 11. Assistance with Financial Reporting and Presentations. 

(a) For so long as HC2 continues to Beneficially Own an aggregate of at least 10% of the total issued and outstanding Common Stock, the
Company shall, and shall cause its subsidiaries and their respective officers, managers, employees and representatives to, use commercially reasonable efforts to provide such cooperation in connection with the preparation of reports pursuant to
applicable law or regulation or reports or presentations to investors in connection with the obtaining of any debt or equity financing arrangements, in each case, of either HC2 or any of its Affiliates, as applicable, as may be reasonably requested
by HC2, including (i) participation in meetings, drafting sessions, road shows and due diligence, lender, investor, rating agency and other presentations, (ii) assisting HC2, any of its Affiliates and their financing sources in the
preparation of (A) offering documents, private placement memoranda, bank information memoranda, prospectuses, investor presentations and other similar documents (including the execution and delivery of customary representation letters in
connection with such matters), and (B) materials for due diligence, lender, investor, rating agency and other presentations and (iii) providing appropriate assistance and representations in connection with the preparation of financial
statements and other financial data of the Company and/or its subsidiaries and requesting accountants’ consents, customary auditors reports and customary comfort letters (including “negative assurance” comfort), and other data in
connection with the use of the Company’s or its subsidiaries’ financial statements in offering documents, prospectuses, reports and other documents to be filed with the SEC; provided, however, that the Company shall not be obligated
pursuant to this Section 11 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information or the disclosure of which would adversely affect the attorney-client
privilege between the Company and its counsel unless the Company is provided an opportunity to take appropriate steps to protect such information. 

(b) For so long as HC2 continues to Beneficially Own an aggregate of at least 10% of the total issued and outstanding Common Stock, within
thirty (30) days after the close of each calendar month, the Company shall cause to be delivered to HC2 reports containing unaudited consolidated financial statements of the Company and its subsidiaries for such month and for the current fiscal
year to date (and, in each case, on a comparative basis with the prior year to the extent such comparative financial statements are readily available), prepared in accordance with GAAP (except that such financial statements need not include
footnotes), including an estimated balance sheet and an estimated statement of income and comprehensive income, in form reasonably satisfactory to HC2; provided that HC2 hereby acknowledges that the form previously provided to it by the
Company shall be deemed reasonably satisfactory. 
 (c) The Company shall keep or cause to be kept at the principal office of the Company
appropriate books and records with respect to the business of the Company and its subsidiaries. The 

  
 15 

 
books of the Company and its subsidiaries shall be maintained, for financial reporting purposes, on an accrual basis in accordance with United States generally accepted accounting principles.

 (d) Notwithstanding anything in this Agreement to the contrary, in the event that the Company, any of its subsidiaries or any of their
respective directors, officers, managers or employees incur any out-of-pocket expenses that they would not have otherwise incurred but for the agreements and obligations set forth in this Section 11, HC2 shall reimburse the applicable
Persons for all such reasonable out-of-pocket expenses, including, without limitation, the reasonable fees and expenses of such Person’s attorneys and accountants. 

(e) For all purposes in this Agreement, Harbinger Group Inc. shall be deemed an Affiliate of HC2. 

12. Miscellaneous. 
 (a) Amendments and
Waivers. This Agreement may be amended only by a writing signed by the Company and the Required Investors. The Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company
shall have obtained the written consent to such amendment, action or omission to act, of the Required Investors. 
 (b) Notices.
Unless otherwise specified herein, all notices and other communications provided for or permitted hereunder shall be made as set forth in Section 9.5 of the Purchase Agreement. 

(c) Assignments and Transfers by Investors. The provisions of this Agreement shall be binding upon and inure to the benefit of the
Investors and their respective successors and assigns. Subject to the provisions of Section 2(f) and Section 7 of this Agreement and the restrictions set forth in Section 6.1 of the Purchase Agreement, an Investor
may Transfer, in whole or from time to time in part, to one or more Persons, its rights hereunder in connection with the Transfer of Securities by such Investor to such Person (a “Permitted Transferee”); provided that such
Investor complies with all laws applicable thereto and prior to and as a condition to any such Transfer, (i) the Company is furnished with written notice of the name and address of such Affiliate and the Securities transferred, and
(ii) such Affiliate agrees in writing to be bound by and subject to the terms and conditions of this Agreement. 
 (d) Assignments
and Transfers by the Company. The Company may not assign its rights (except by merger or in connection with another entity acquiring all or substantially all of the Company’s assets) or obligations hereunder without the prior written
consent of the Required Investors. 
 (e) Benefits of the Agreement. The terms and conditions of this Agreement shall inure to the
benefit of and be binding upon the respective permitted successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and
assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

(f) Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and
the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission, or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect
as if such facsimile signature page were an original thereof. 

  
 16 

 (g) Severability. If any provision of this Agreement is held to be invalid or
unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt to agree upon a valid and enforceable provision
that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement. 
 (h)
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

(i) Further Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other
actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained. 

(j) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject
matter. 
 (k) Specific Performance. The parties agree that, to the extent permitted by law, (i) the obligations imposed on them
in this Agreement are special, unique and of an extraordinary character, and that in the event of a breach by any such party, damages would not be an adequate remedy; and (ii) each of the other parties shall be entitled to specific performance
and injunctive and other equitable relief in addition to any other remedy to which it may be entitled at law or in equity. 
 (l)
Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the choice of law principles thereof. Each of
the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action,
proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the
same methods as are specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each
party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought
in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER. The parties
hereto agree and acknowledge that each party has retained counsel in connection with the negotiation and preparation of this Agreement, and that any rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the foregoing agreements or any amendment, schedule or exhibits thereto. 
 [SIGNATURE
PAGES FOLLOW] 

  
 17 

 IN WITNESS WHEREOF, the parties have executed this Investors’ Rights Agreement or caused
their duly authorized officers to execute this Investors’ Rights Agreement as of the date first above written. 
 The Company: 

 

			
	NOVATEL WIRELESS, INC.
		
	By:	 	 /s/ Alex Mashinsky

	Name:	 	Alex Mashinsky
	Title:	 	Interim Chief Executive Officer

 [SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT] 

 The Investors: 
  

			
	HC2 HOLDINGS 2, INC., a Delaware corporation
		
	By:	 	 /s/ Mesfin Demise

	Name:	 	Mesfin Demise
	Title:	 	Chief Financial Officer

 [SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT] 

 EXHIBIT A 

Plan of Distribution 
 The selling
stockholders, which as used herein includes donees, pledgees, transferees or other successors-in-interest selling shares of common stock or interests in shares of common stock received after the date of this prospectus from a selling stockholder as
a gift, pledge, partnership distribution or other transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of common stock or interests in shares of common stock: 

 

	 	•	 	on any stock exchange, market or trading facility on which the shares are traded or in private transactions; 

  

	 	•	 	through dividends or distributions made by the selling stockholders to their respective partners, members or stockholders; or 

  

	 	•	 	through underwriters, broker-dealers or agents, who may receive compensation in the form of discounts, commissions or agent’s commissions from the selling stockholders or the purchasers of the common stock (these
discounts, concessions or commissions may be in excess of those customary in the types of transactions involved). 

 These dispositions may be
at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices, or without cash consideration. 

The selling stockholders may use any one or more of the following methods when disposing of shares or interests therein: 

 

	 	•	 	sales on any national securities exchange or quotation on which the common stock may be listed or quoted at the time of the sale; 

  

	 	•	 	sales in the over-the-counter market; 

  

	 	•	 	sales in transactions other than on such exchanges or services or in the over-the-counter market; 

  

	 	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	block trades in which the broker-dealer will attempt to sell the shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction; 

 

	 	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	sales “at the market” to or through a market maker or into an existing trading market, on an exchange or otherwise; 

  

	 	•	 	an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	privately negotiated transactions; 

  

	 	•	 	short sales effected after the date the registration statement of which this Prospectus is a part is declared effective by the SEC; 

  

	 	•	 	through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise; 

  

	 	•	 	broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share; 

	 	•	 	through dividends or other distributions made by selling stockholders to their respective partners, members or stockholders; 

  

	 	•	 	a combination of any such methods of sale or distribution; and 

  

	 	•	 	any other method permitted by applicable law. 

 The selling stockholders may, from time to time, pledge or
grant a security interest in some or all of the shares of common stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of common stock, from time to
time, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of selling stockholders to include the pledgee, transferee or other successors in
interest as selling stockholders under this prospectus. The selling stockholders also may transfer the shares of common stock in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling
beneficial owners for purposes of this prospectus. 
 In connection with the sale of our common stock or interests therein, the selling stockholders may
enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the common stock in the course of hedging the positions they assume. The selling stockholders may also sell shares of our
common stock short and deliver these securities to close out their short positions, or loan or pledge the common stock to broker-dealers or other financial institutions that in turn may sell these securities. The selling stockholders may also enter
into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this
prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction). 

The aggregate proceeds to the selling stockholders from the sale of the common stock offered by them will be the purchase price of the common stock less
discounts or commissions, if any. Each of the selling stockholders reserves the right to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of common stock to be made directly or through
agents. We will not receive any of the proceeds from this offering. Upon any exercise of the warrants by payment of cash, however, we will receive the exercise price of the warrants. 

The selling stockholders also may resell all or a portion of the shares in open market transactions in reliance upon Rule 144 under the Securities Act of
1933, as amended (the “Securities Act”) provided that they meet the criteria and conform to the requirements of that rule. 
 The selling
stockholders and any underwriters, broker-dealers or agents that participate in the sale of the common stock or interests therein may be “underwriters” within the meaning of Section 2(11) of the Securities Act. Any discounts,
commissions, concessions or profit they earn on any resale of the shares may be underwriting discounts and commissions under the Securities Act. Selling stockholders who are “underwriters” within the meaning of Section 2(11) of the
Securities Act will be subject to the prospectus delivery requirements of the Securities Act. 
 To the extent required, the shares of our common stock to
be sold, the names of the selling stockholders, the respective purchase prices and public offering prices, the names of any agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer will be set forth
in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes this prospectus. 

 In order to comply with the securities laws of some states, if applicable, the common stock may be sold in these
jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the common stock may not be sold unless it has been registered or qualified for sale or an exemption from registration or qualification requirements is
available and is complied with. 
 We have advised the selling stockholders that the anti-manipulation rules of Regulation M under the Exchange Act may
apply to sales of shares in the market and to the activities of the selling stockholders and their affiliates. In addition, to the extent applicable we will make copies of this prospectus (as it may be supplemented or amended from time to time)
available to the selling stockholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act. The selling stockholders may indemnify any broker-dealer that participates in transactions involving the sale of the
shares against certain liabilities, including liabilities arising under the Securities Act. 
 We have agreed to indemnify the selling stockholders against
liabilities, including liabilities under the Securities Act and state securities laws, relating to the registration of the shares offered by this prospectus. 

We have agreed with the selling stockholders to keep the registration statement of which this prospectus constitutes a part effective until the earlier of
(1) such time as all of the shares covered by this prospectus have been disposed of pursuant to and in accordance with the registration statement or (2) the date on which all of the shares may be sold without restriction pursuant to Rule
144 of the Securities Act.

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