Document:

Security Agreement

 Exhibit 10.3 
 SECURITY AGREEMENT 
 Dated January 22, 2013 

From 
 The
Grantors referred to herein 
 as Grantors 
 to 
 MORGAN STANLEY SENIOR FUNDING, INC. 

as Collateral Agent 

 T A B L E O F C O N
T E N T S 
  

					
	Section	  	Page	 
	 Section 1. Grant of Security
	  	 	2	  
	 Section 2. Security for Obligations; Excluded Property
	  	 	6	  
	 Section 3. Grantors Remain Liable
	  	 	8	  
	 Section 4. Delivery and Control of Security Collateral
	  	 	8	  
	 Section 5. Maintaining the Account Collateral
	  	 	9	  
	 Section 6. Representations and Warranties
	  	 	10	  
	 Section 7. Further Assurances
	  	 	15	  
	 Section 8. As to Equipment and Inventory
	  	 	16	  
	 Section 9. Insurance
	  	 	16	  
	 Section 10. Post-Closing Changes; Collections on Assigned Agreements, Receivables and Related Contracts
	  	 	16	  
	 Section 11. As to Intellectual Property Collateral
	  	 	17	  
	 Section 12. Voting Rights; Dividends; Etc.
	  	 	19	  
	 Section 13. As to the Assigned Agreements
	  	 	20	  
	 Section 14. As to Letter-of-Credit Rights
	  	 	20	  
	 Section 15. Commercial Tort Claims
	  	 	20	  
	 Section 16. Transfers and Other Liens; Additional Shares
	  	 	21	  
	 Section 17. Collateral Agent Appointed Attorney in Fact
	  	 	21	  
	 Section 18. Collateral Agent May Perform
	  	 	21	  
	 Section 19. The Collateral Agent’s Duties
	  	 	21	  
	 Section 20. Remedies
	  	 	22	  
	 Section 21. Indemnity and Expenses
	  	 	24	  
	 Section 22. Amendments; Waivers; Additional Grantors; Etc.
	  	 	24	  
	 Section 23. Notices, Etc.
	  	 	25	  
	 Section 24. Continuing Security Interest; Assignments under the Credit Agreement
	  	 	25	  

  
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	 Section 25. Release; Termination
	  	 	26	  
	 Section 26. Execution in Counterparts
	  	 	26	  
	 Section 27. Governing Law
	  	 	26	  

  

					
	Schedules	  	 	  	 
			
	Schedule I	  	-	  	Investment Property
	Schedule II	  	-	  	Deposit Accounts
	Schedule III	  	-	  	Securities Accounts
	Schedule IV	  	-	  	Intellectual Property
	Schedule V	  	-	  	Commercial Tort Claims
	Schedule VI	  	-	  	 Location, Chief Executive Office, Type of Organization, Jurisdiction of
 Organization and Organizational Identification Number

	Schedule VII	  	-	  	Changes in Name, Location, Etc.
	Schedule VIII	  	-	  	Locations of Equipment and Inventory
	Schedule IX	  	-	  	Letters of Credit
			
	Exhibits	  		  	
			
	Exhibit A	  	-	  	Form of Security Agreement Supplement
	Exhibit B	  	-	  	Form of Intellectual Property Security Agreement
	Exhibit C	  	-	  	Form of Intellectual Property Security Agreement Supplement

  
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 SECURITY AGREEMENT 

SECURITY AGREEMENT dated January 22, 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time,
this “Agreement”), made by NEUSTAR, INC., a Delaware corporation (the “Borrower”) and the other Persons listed on the signature pages hereof (the Borrower and the Persons so listed being, collectively,
the “Grantors”), to MORGAN STANLEY SENIOR FUNDING, INC., as collateral agent (in such capacity, together with any successor collateral agent appointed pursuant to Article VIII of the Credit Agreement (as hereinafter defined),
the “Collateral Agent”) for the Secured Parties (as defined in the Credit Agreement). 
 PRELIMINARY
STATEMENTS. 
 (1) The Borrower has entered into a Credit Agreement dated as of January 22, 2013 (said Agreement, as it
may hereafter be amended, amended and restated, supplemented or otherwise modified from time to time, being the “Credit Agreement”) with the Lender Parties and the Agents (each as defined therein). 

(2) Each Grantor is the owner of the shares of stock or other Equity Interests (the “Initial Pledged Equity”) set
forth opposite such Grantor’s name on and as otherwise described in Part I of Schedule I hereto and issued by the Persons named therein and of the indebtedness (the “Initial Pledged Debt”) set forth opposite such
Grantor’s name on and as otherwise described in Part II of Schedule I hereto and issued by the obligors named therein. 

(3) As of the date hereof, each Grantor is the owner of the deposit accounts that are Material Accounts (together with all other deposit
accounts of the Grantors that are Material Accounts from time to time, but excluding, for the avoidance of doubt, any Excluded Account (as defined below), the “Deposit Accounts”) set forth opposite such Grantor’s name on
Schedule II hereto. 
 (4) As of the date hereof, each Grantor is the owner of the securities accounts that are Material
Accounts (together with all other securities accounts of the Grantors that are Material Accounts from time to time, but excluding, for the avoidance of doubt, any Excluded Accounts, the “Securities Accounts”) set forth
opposite such Grantor’s name on Schedule III hereto. 
 (5) After the date hereof, the Borrower will open or designate an
account maintained with a Lender Party or an Affiliate thereof reasonably acceptable to the Collateral Agent (the “L/C Cash Collateral Account” and, together with any other collateral account of any Grantor maintained under
the dominion and control of the Collateral Agent for the benefits of the Secured Parties pursuant to the Loan Documents (but excluding, for the avoidance of doubt, any Excluded Account), the “Collateral Accounts”).

 (6) It is a condition precedent to the making of Advances and the issuance of Letters of Credit by the Lender Parties under
the Credit Agreement and the entry into Secured Hedge Agreements by the Hedge Banks and Secured Cash Management Agreements by the Cash Management Banks from time to time that the Grantors shall have granted the security interest contemplated by this
Agreement. 

 (7) Each Grantor will derive substantial direct and indirect benefit from the transactions
contemplated by the Loan Documents. 
 (8) Unless a contrary intention appears, terms defined in the Credit Agreement and not
otherwise defined in this Agreement are used in this Agreement as defined in the Credit Agreement. Further, unless otherwise defined in this Agreement or in the Credit Agreement, terms defined in Article 8 or 9 of the UCC (as defined below) or in
the Federal Book Entry Regulations (as defined below) are used in this Agreement as such terms are defined in such Article 8 or 9 and/or the Federal Book Entry Regulations. “UCC” means the Uniform Commercial Code as in effect
from time to time in the State of New York; provided that, if perfection or the effect of perfection or non perfection or the priority of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of
perfection or non perfection or priority. The term “Federal Book Entry Regulations” means (a) the federal regulations contained Subpart B (“Treasury/Reserve Automate Debt Entry System (TRADES)”)
governing book-entry securities consisting of U.S. Treasury bills, notes and bonds and Subpart D (“Additional Provisions”) of 31 C.F.R. Part 357, 31 C.F.R. § 357.2, § 357.10 through § 357.15 and § 357.40
through § 357.45 and (b) to the extent substantially identical to the federal regulations referred to in clause (a) above (as in effect from time to time), the federal regulations governing other book entry securities. 

NOW, THEREFORE, in consideration of the premises and in order to induce the Lender Parties to make Advances and issue Letters of Credit
under the Credit Agreement and to induce the Hedge Banks to enter into Secured Hedge Agreements and the Cash Management Banks to enter into Secured Cash Management Agreements from time to time, each Grantor hereby agrees with the Collateral Agent
for the ratable benefit of the Secured Parties as follows: 
 Section 1. Grant of Security. Each Grantor hereby
grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in such Grantor’s right, title and interest in and to the following, in each case, as to each type of property described below, whether now
owned or hereafter acquired by such Grantor, wherever located, and whether now or hereafter existing or arising, but excluding any Excluded Property (as defined below) (collectively, the “Collateral”): 

(a) all equipment in all of its forms, including, without limitation, all machinery, tools, furniture and fixtures, and
all parts thereof and all accessions thereto, including, without limitation, computer programs and supporting information that constitute equipment within the meaning of the UCC (any and all such property being the
“Equipment”); 
 (b) all inventory in all of its forms, including, without limitation,
(i) all raw materials, work in process, finished goods and materials used or consumed in the manufacture, production, preparation or shipping thereof, (ii) goods in which such Grantor has an interest in mass or a joint or other interest or
right of any kind (including, without limitation, goods in which such Grantor has an interest or right as consignee) and (iii) goods that are returned to or repossessed or stopped in transit by such Grantor), and all accessions thereto and
products thereof and documents therefor, including, without limitation, computer programs and supporting information that constitute inventory within the meaning of the UCC (any and all such property being the “Inventory”);

  
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 (c) all accounts (including, without limitation, health-care-insurance
receivables), chattel paper (including, without limitation, tangible chattel paper and electronic chattel paper), documents, instruments (including, without limitation, promissory notes), deposit accounts, letter-of-credit rights, general
intangibles (including, without limitation, payment intangibles) and other obligations of any kind, whether or not arising out of or in connection with the sale or lease of goods or the rendering of services and whether or not earned by performance,
and all rights now or hereafter existing in and to all supporting obligations and in and to all security agreements, mortgages, Liens, leases, letters of credit and other contracts securing or otherwise relating to the foregoing property (any and
all of such accounts, chattel paper, instruments, deposit accounts, letter-of-credit rights, general intangibles and other obligations, to the extent not referred to in clause (d), (e) or (f) below, being the
“Receivables,” and any and all such supporting obligations, security agreements, mortgages, Liens, leases, letters of credit and other contracts being the “Related Contracts”); 

(d) the following (excluding any securities accounts that are not Material Accounts and excluding, for the avoidance of
doubt, any Excluded Accounts, the “Security Collateral”): 
 (i) the Initial Pledged
Equity and the certificates, if any, representing the Initial Pledged Equity, and all dividends, distributions, return of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or
in exchange for any or all of the Initial Pledged Equity and all warrants, rights or options issued thereon or with respect thereto; 
 (ii) the Initial Pledged Debt and the instruments, if any, evidencing the Initial Pledged Debt, and all interest, cash, instruments and other property from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of the Initial Pledged Debt; 
 (iii) all additional
shares of stock and other Equity Interests from time to time acquired by such Grantor in any manner (such shares and other Equity Interests, together with the Initial Pledged Equity, being the “Pledged Equity”), and the
certificates, if any, representing such additional shares or other Equity Interests, and all dividends, distributions, return of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect
of or in exchange for any or all of such shares or other Equity Interests and all warrants, rights or options issued thereon or with respect thereto; 
 (iv) all additional indebtedness from time to time owed to such Grantor (such indebtedness, together with the Initial Pledged Debt, being the “Pledged Debt”) and the instruments,
if any, evidencing such indebtedness, and all interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such indebtedness; 

  
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 (v) the Securities Accounts, the Collateral Accounts, all security
entitlements with respect to all financial assets from time to time credited to any of the Securities Accounts or the Collateral Accounts, and all financial assets, and all dividends, distributions, return of capital, interest, cash, instruments and
other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such security entitlements or financial assets and all warrants, rights or options issued thereon or with respect thereto;
and 
 (vi) all other investment property (including, without limitation, all (A) securities, whether
certificated or uncertificated, (B) security entitlements, (C) securities accounts, (D) commodity contracts and (E) commodity accounts) in which such Grantor has now, or acquires from time to time hereafter, any right, title or
interest in any manner, and the certificates or instruments, if any, representing or evidencing such investment property, and all dividends, distributions, return of capital, interest, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all of such investment property and all warrants, rights or options issued thereon or with respect thereto; 

(e) each Contractor Services Agreement and each Swap Contract to which such Grantor is now or may hereafter become a
party, in each case as such agreements may be amended, amended and restated, supplemented or otherwise modified from time to time (collectively, the “Assigned Agreements”), including, without limitation, (i) all rights
of such Grantor to receive moneys due and to become due under or pursuant to the Assigned Agreements, (ii) all rights of such Grantor to receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Assigned Agreements,
(iii) claims of such Grantor for damages arising out of or for breach of or default under the Assigned Agreements and (iv) the right of such Grantor to terminate the Assigned Agreements, to perform thereunder and to compel performance and
otherwise exercise all remedies thereunder; provided that, with respect to each Contractor Services Agreement, the provisions hereof and the grant or provision with respect to enforcement of a security interest therein shall not impose upon
the relevant Grantor any obligations in addition to or different than those set forth in the Contractor Services Agreement, or preclude such Grantor from dealing solely and directly with the parties thereto in all matters pertaining to such
Contractor Services Agreement, including the negotiation of amendments and the settlement of disputed invoices and provided further, that the enforcement of any security interest in any Contractor Services Agreement hereunder, to the extent
such enforcement involves the assignment or subcontracting of any duties or obligations of any party to such Contractor Services Agreement, shall require the prior written consent of the other parties thereto (other than Grantor, which consent is
hereby provided) (all such Collateral being the “Agreement Collateral”); 

  
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 (f) the following (excluding any deposit accounts that are not Material
Accounts and excluding, for the avoidance of doubt, any Excluded Accounts, collectively, the “Account Collateral”): 
 (i) the Deposit Accounts, the Collateral Accounts and all funds and financial assets from time to time credited thereto (including, without limitation, all such Liquid Assets), and all certificates and
instruments, if any, from time to time representing or evidencing any of the Deposit Accounts or the Collateral Accounts; 
 (ii) all promissory notes, certificates of deposit, checks and other instruments from time to time delivered to or otherwise possessed by the Collateral Agent for or on behalf of such Grantor in
substitution for or in addition to any or all of the then existing Account Collateral; and 
 (iii) all interest,
dividends, distributions, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the then existing Account Collateral; and 

(g) the following (collectively, the “Intellectual Property Collateral”): 

(i) all patents, patent applications, utility models and statutory invention registrations, all inventions claimed or
disclosed therein and all improvements thereto (“Patents”); 
 (ii) all trademarks,
service marks, domain names, trade dress, logos, designs, slogans, trade names, business names, corporate names and other source identifiers, whether registered or unregistered (provided that no security interest shall be granted in United States
intent-to-use trademark applications to the extent that, and solely during the period in which, the grant of a security interest therein would impair the validity or enforceability of such intent-to-use trademark applications under applicable
federal law), together, in each case, with the goodwill symbolized thereby (“Trademarks”); 
 (iii) all copyrights, including, without limitation, copyrights in Computer Software (as hereinafter defined), internet web sites and the content thereof, whether registered or unregistered
(“Copyrights”); 
 (iv) all computer software, programs and databases (including, without
limitation, source code, object code and all related applications and data files), firmware and documentation and materials relating thereto, together with any and all maintenance rights, service rights, programming rights, hosting rights, test
rights, improvement rights, renewal rights and indemnification rights and any substitutions, replacements, improvements, error corrections, updates and new versions of any of the foregoing (“Computer Software”); 

  
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 (v) all confidential and proprietary information, including, without
limitation, know-how, trade secrets, manufacturing and production processes and techniques, inventions, research and development information, databases and data, including, without limitation, technical data, financial, marketing and business data,
pricing and cost information, business and marketing plans and customer and supplier lists and information (collectively, “Trade Secrets”), and all other intellectual, industrial and intangible property of any type,
including, without limitation, industrial designs and mask works; 
 (vi) all registrations and applications for
registration for any of the foregoing, including, without limitation, those registrations and applications for registration set forth in Schedule IV hereto, together with all reissues, divisions, continuations, continuations-in-part, extensions,
renewals and reexaminations thereof; 
 (vii) all tangible embodiments of the foregoing, all rights in the
foregoing provided by international treaties or conventions, all rights corresponding thereto throughout the world and all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto; 

(viii) any and all claims for damages and injunctive relief for past, present and future infringement, dilution,
misappropriation, violation, misuse or breach with respect to any of the foregoing, with the right, but not the obligation, to sue for and collect, or otherwise recover, such damages; 

(h) all agreements, permits, consents, orders and franchises relating to the license, development, use or disclosure of
any of the Intellectual Property Collateral to which such Grantor, now or hereafter, is a party or a beneficiary (“IP Agreements”); 
 (i) the commercial tort claims described in Schedule V hereto (together with any commercial tort claims as to which the Grantors have complied with the requirements of Section 15, the
“Commercial Tort Claims Collateral”); 
 (j) all books and records (including, without
limitation, customer lists, credit files, printouts and other computer output materials and records) of such Grantor pertaining to any of the Collateral; and 
 (k) all proceeds of, collateral for, income, royalties and other payments now or hereafter due and payable with respect to, and supporting obligations relating to, any and all of the Collateral
(including, without limitation, proceeds, collateral and supporting obligations that constitute property of the types described in clauses (a) through (i) of this Section 1) and, to the extent not otherwise included, all
(A) payments under insurance (whether or not the Collateral Agent is the loss payee thereof), or any indemnity, warranty or guaranty, payable by reason of loss or damage to or otherwise with respect to any of the foregoing Collateral, and
(B) cash. 
 Section 2. Security for Obligations; Excluded Property. (a) This Agreement secures, in the
case of each Grantor, the payment of all Obligations of such Grantor now or hereafter existing under the Loan Documents, the Secured Hedge Agreements and the Secured Cash Management Agreements, whether direct or indirect, absolute or contingent, and
whether 

  
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for principal, reimbursement obligations, interest, fees, premiums, penalties, indemnifications, contract causes of action, costs, expenses or otherwise (all such Obligations being the
“Secured Obligations”). Without limiting the generality of the foregoing, this Agreement secures, as to each Grantor, the payment of all amounts that constitute part of the Secured Obligations and would be owed by such
Grantor to any Secured Party under the Loan Documents but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving a Loan Party. 

(b) In no event shall the Collateral include, and no Grantor shall be deemed to have granted a security interest in, any of such
Grantor’s right, title or interest in the following (collectively, the “Excluded Property”): 
 (i) any Equity Interests in any CFC or US Holdco to the extent resulting in more than 65% of the total combined voting power of all classes of stock in a CFC or US Holdco entitled to vote (within the
meaning of Treasury Regulation Section 1.956-2(c)(2) promulgated under the Code) (the “Voting Stock”) (on a fully diluted basis) being pledged to the Collateral Agent, on behalf of the Secured Parties, under this
Agreement (it being understood that all of the Equity Interests in any first-tier Subsidiary of any Grantor that is a CFC or US Holdco not entitled to vote (within the meaning of Treasury Regulation Section 1.956-2(c)(2) promulgated under the
Code) (the “Non-Voting Stock”) shall be Collateral pledged by such Grantor); 
 (ii) any
Equity Interests in Neustar Technologies Limited (“NTL”) to the extent resulting in more than 65% of the Voting Stock of NTL being pledged to the Collateral Agent, on behalf of the Secured Parties, under this Agreement (it
being understood that all of Non-Voting Stock of NTL held by a Grantor shall be Collateral pledged hereunder; provided that so long as in connection with any corporate restructuring of NTL (or its direct parent), that could not reasonably be
expected to have a Material Adverse Effect, and as a result of which (1) NTL is no longer a first-tier Foreign Subsidiary of any Grantor and NTL’s Equity Interests are transferred to and held by another first-tier Foreign Subsidiary of a
Grantor and (2) no portion of NTL’s Equity Interests can be pledged without violating the “deemed dividend” rule of Section 956 of the Code, the security interests granted hereunder in the Equity Interests of NTL shall be
released upon the prior and reasonably detailed written request of the Borrower in connection therewith, but, if and only if, (x) NTL remains an indirect wholly-owned Subsidiary of the Borrower and (y) none of the Borrower, Neustar NGM
Services, LLC, NTL and any Person that owns any Equity Interest of NTL have pledged any Equity Interest of NTL to any Person); 
 (iii) (x) any contract, license, agreement, instrument or other document with any Person or (y) any property subject to purchase-money security interests, in each case of clauses (x) and (y), to
the extent and for so long as the grant of a Lien thereon to secure the Secured Obligations constitutes a breach of or a default under, creates a right of termination in favor of any party (other than any Grantor or any Subsidiary of a Grantor) to
or results in a termination of, or requires any 

  
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consent not obtained under, such contract, license, agreement, instrument or other document (but only to the extent any of the foregoing is not rendered ineffective by, or is otherwise
unenforceable under, the UCC or any applicable Law), provided that notwithstanding any provision herein or in any other Loan Document to the contrary, to the extent that any provision hereof or of any other Loan Document, including any grant
or provision with respect to enforcement of a security interest in, or with respect to, or assignment of rights under, any Contractor Services Agreement, or any remedies provision with respect thereto, would result in a violation of the provisions
of any Contractor Services Agreement as in effect on the Closing Date, such provision shall be null and void solely with respect to such Contractor Services Agreement; 

(iv) any license, permit, or other governmental approval that, under the terms and conditions of such governmental
approval or under applicable Laws, cannot be subjected to a Lien without the consent of the relevant Governmental Authority, which consent has not been obtained; 

(v) any Patents, Trademarks, Computer Software, Trade Secrets or other intellectual property that would otherwise fall
within the definition of Intellectual Property Collateral that is subject to a license, an option to license or an option to purchase, pursuant or related to any Contractor Services Agreement; 

(vi) any Excluded Account in respect of which the Borrower is in compliance with Sections 5(d)(i) and (ii) hereof;
and 
 (vii) motor vehicles, vessels and aircraft. 

(c) Without limiting the foregoing and notwithstanding any other provision of the Loan Documents, no Collateral of a Guarantor that is
not an Eligible Guarantor will be used (i) directly or indirectly by any Agent to pay any Excluded Swap Obligations or (ii) to serve as Collateral securing any Excluded Swap Obligations. 

Section 3. Grantors Remain Liable. Anything herein to the contrary notwithstanding, (a) each Grantor shall remain liable
under the contracts and agreements included in such Grantor’s Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the
exercise by the Collateral Agent of any of the rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral and (c) no Secured Party shall have any obligation
or liability under the contracts and agreements included in the Collateral by reason of this Agreement or any other Loan Document, nor shall any Secured Party be obligated to perform any of the obligations or duties of any Grantor thereunder or to
take any action to collect or enforce any claim for payment assigned hereunder. 
 Section 4. Delivery and Control of
Security Collateral. (a) All certificates or instruments representing or evidencing Security Collateral (other than the De Minimis Minority Interests (as defined on Schedule I)) shall be delivered to and held by or on behalf of the
Collateral Agent pursuant hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance reasonably satisfactory to the Collateral
Agent. 

  
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 (b) With respect to any Security Collateral that constitutes an uncertificated security, the
relevant Grantor will cause the issuer thereof either (i) to register the Collateral Agent as the registered owner of such security, (ii) to agree with such Grantor and the Collateral Agent that such issuer will comply with instructions
with respect to such security originated by the Collateral Agent without further consent of such Grantor, such agreement to be in form and substance reasonably satisfactory to the Collateral Agent (such agreement being an “Uncertificated
Security Control Agreement”) or (iii) to maintain such Security Collateral in a Securities Account subject to a Securities Account Control Agreement. 
 (c) With respect to each Securities Account and Collateral Account (to the extent it is a Securities Account) and any Security Collateral that constitutes a security entitlement as to which the financial
institution acting as Collateral Agent hereunder is not the securities intermediary, the relevant Grantor will cause the securities intermediary with respect to such securities account either (i) to identify in its records the Collateral Agent
as the entitlement holder of such security entitlement or (ii) to agree in an authenticated record with such Grantor and the Collateral Agent that such securities intermediary will comply with entitlement orders originated by the Collateral
Agent without further consent of such Grantor, such authenticated record to be in form and substance reasonably satisfactory to the Collateral Agent (such agreement being a “Securities Account Control Agreement”). 

(d) Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent shall have the right, at any time in its
discretion and without notice to any Grantor, to transfer to or to register in the name of the Collateral Agent or any of its nominees any or all of the Security Collateral, subject to all applicable federal, state and foreign securities laws.

 (e) Upon the request of the Collateral Agent following the occurrence and during the continuance of any Event of Default,
each Grantor will notify each issuer of Security Collateral granted by it hereunder that such Security Collateral is subject to the security interest granted hereunder. 
 Section 5. Maintaining the Account Collateral. So long as any Advance or any other Obligation of any Loan Party under any Loan Document shall remain unpaid, any Letter of Credit shall be
outstanding, any Secured Hedge Agreement or Secured Cash Management Agreement shall be in effect or any Lender Party shall have any Commitment: 
 (a) Except with respect to accounts that are not Material Accounts and, for the avoidance of doubt, except with respect to accounts that are Excluded Accounts, each Grantor will maintain each Deposit
Account and Collateral Account (to the extent it is a deposit account) only with the financial institution acting as Collateral Agent hereunder or with a bank (each, a “Pledged Account Bank”) that has agreed, in a record
authenticated by the Grantor, the Collateral Agent and such Pledged Account Bank, to comply with instructions originated by the Collateral Agent directing the disposition of funds in each such deposit account without the further consent of such
Grantor (which instructions shall only be given upon the occurrence and during the continuance of an Event of Default), which authenticated record shall be in form and substance reasonably satisfactory to the Collateral Agent (each, an
“Account Control Agreement”). 

  
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 (b) Except with respect to deposit accounts that are not Material Accounts
and, for the avoidance of doubt, except with respect to deposit accounts that are Excluded Accounts, each Grantor agrees that it will not add any bank that maintains a deposit account for such Grantor or open any new deposit account with any then
existing Pledged Account Bank unless the Collateral Agent shall have received, (A) if the bank maintaining any such deposit account is neither a Pledged Account Bank nor the financial institution acting as Collateral Agent hereunder, an Account
Control Agreement authenticated by such bank and such Grantor, or (B) if any such deposit account is maintained at a Pledged Account Bank, a supplement to an existing Account Control Agreement with such then existing Pledged Account Bank,
covering such new deposit account (and, upon the receipt by the Collateral Agent of such Account Control Agreement or supplement, Schedule II hereto shall be automatically amended to include such Deposit Account). 

(c) Each Grantor shall not terminate any bank as a Pledged Account Bank or terminate any Deposit Account that is a
Material Account and, for the avoidance of doubt, is not an Excluded Account, unless such Grantor shall, prior to such termination, (i) transfer all funds and property held therein to another Deposit Account and (ii) notify all obligors
that were making payments thereto to make all future payments to, or otherwise automatically transfer all funds to, another Deposit Account that is maintained in compliance with this Section 5 so that the Collateral Agent shall have a
continuously perfected security interest in such Account Collateral, funds and property. 
 (d) The Borrower may
from time to time designate in writing any deposit account or securities account to be an “Excluded Account” hereunder (an “Excluded Account”). The Borrower covenants and agrees that any Excluded Account
(i) will contain only cash or Liquid Assets and (ii) will be used solely for the purpose of collateralizing any obligations under any Material Contract or Indebtedness permitted under Section 6.03(s) of the Credit Agreement in respect
of or relating to one or more Material Contracts. 
 (e) The Collateral Agent may, if an Event of Default shall
have occurred and be continuing, at any time and without notice to, or consent from, the Grantor, transfer, or direct the transfer of, funds from the Account Collateral to satisfy the Grantor’s obligations under the Loan Documents. 

Section 6. Representations and Warranties. Each Grantor represents and warrants as follows: 

(a) As of the Closing Date, such Grantor’s exact legal name, the locations of Collateral (other than goods (including
Equipment and Inventory) in transit or out for maintenance or repair and Collateral with a value not to exceed $15,000,000 in the aggregate), chief executive office, type of organization, jurisdiction of organization and organizational
identification number is set forth in Schedule VI hereto. As of the Closing 

  
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Date, such Grantor has no trade names other than as listed on Schedule IV hereto. Within the five years preceding the date hereof, such Grantor has not changed its name, chief executive office,
type of organization, jurisdiction of organization or organizational identification number from those set forth in Schedule VI hereto except as set forth in Schedule VII hereto. 

(b) Such Grantor is the legal and beneficial owner of the Collateral granted or purported to be granted by it free and
clear of any Lien, except for the security interest created under this Agreement or permitted under the Credit Agreement. No effective financing statement or other instrument similar in effect covering all or any part of such Collateral or listing
such Grantor or any trade name of such Grantor as debtor is on file in any recording office, except such as may have been filed in favor of the Collateral Agent relating to the Loan Documents or as otherwise permitted under the Credit Agreement.

 (c) All of the Equipment and Inventory of such Grantor (other than goods (including Equipment and Inventory)
in transit or out for maintenance or repair and Collateral with a value not to exceed $15,000,000 in the aggregate) are located at the places specified therefor in Schedule VIII hereto or at another location as to which such Grantor has complied
with the requirements of Section 10(a). Such Grantor has exclusive possession and control of its Equipment and Inventory (other than goods (including Equipment and Inventory) in transit or out for maintenance or repair and Collateral with a
value not to exceed $15,000,000 in the aggregate), other than Collateral stored at any leased premises or warehouse for which Grantor has used or is using commercially reasonable efforts to deliver a landlord’s or warehouseman’s agreement,
in form and substance reasonably satisfactory to the Collateral Agent. 
 (d) None of the Receivables in excess
of $3,000,000 individually or $7,500,000 in the aggregate for all Grantors is evidenced by a promissory note or other instrument that has not been delivered to the Collateral Agent. 

(e) If such Grantor is an issuer of Security Collateral, such Grantor confirms that it has received notice of the security
interest granted hereunder. 
 (f) As of the Closing Date, other than with respect to the De Minimis Minority
Interests, the Initial Pledged Equity pledged by such Grantor constitutes the percentage of the issued and outstanding Equity Interests of the issuers thereof indicated on Schedule I hereto. As of the Closing Date, the Initial Pledged Debt
constitutes all of the outstanding indebtedness owed to such Grantor by the issuers thereof and is outstanding in the principal amount indicated on Schedule I hereto. 

(g) As of the Closing Date, such Grantor has no investment property, other than the investment property listed on Schedule
I hereto, additional investment property as to which such Grantor has complied with the requirements of Section 4 and other investment property having an aggregate value for all Grantors of no more than $7,500,000. 

  
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 (h) As of the Closing Date, the Borrower has delivered to the Collateral
Agent, a copy of that certain Agreement for Number Portability Administration Center/Service Management System between Neustar, Inc., as successor to Lockheed Martin IMS and North American Portability Management, LLC, as successor to Northeast
Carrier Acquisition Company, L.L.C. dated as of November 7, 1997 (such agreement, as amended, supplemented or otherwise modified from time to time, the “Northeast Contractor Services Agreement”) and the amendments
thereto which, collectively, represent the material terms of the Northeast Contractor Services Agreement as in effect on the Closing Date. The terms of the Northeast Contractor Services Agreement are identical to the terms of the other
Contractor Services Agreements, except with respect to choice of law and for differences that are not material. Upon the occurrence and during the continuance of any Event of Default, at the request of the Collateral Agent each Grantor party to the
Assigned Agreements shall use commercially reasonable efforts to cause each other party to the Assigned Agreements to promptly execute and deliver to the Collateral Agent a consent, in form and substance satisfactory to the Collateral Agent, to the
grant of a security interest in such Assigned Agreement to the Collateral Agent pursuant to this Agreement. 

(i) Such Grantor has no deposit accounts that are Material Accounts, other than the Deposit Accounts listed on Schedule II
hereto, any deposit accounts that are Excluded Accounts and additional Deposit Accounts as to which such Grantor has complied with the applicable requirements of Section 5. 

(j) Except for letters of credit the aggregate face amounts of which do not exceed $7,500,000 for all Grantors, such
Grantor is not a beneficiary or assignee under any letter of credit, other than the letters of credit described in Schedule IX hereto and additional letters of credit as to which such Grantor has complied with the requirements of Section 16.

 (k) This Agreement creates in favor of the Collateral Agent for the benefit of the Secured Parties a valid
security interest in the Collateral granted by such Grantor, securing the payment of the Secured Obligations. Such security interest is a first priority (subject to Liens permitted under Section 6.01 of the Credit Agreement) perfected security
interest, subject to the occurrence of the following: (i) in the case of all Collateral in which a security interest may be perfected by filing a financing statement under the UCC, the completion of the filings and other actions required hereby
(which, in the case of all filings and other documents, have been delivered to the Collateral Agent in completed and duly authorized form), (ii) with respect to any Deposit Account or Securities Account, the execution of Account Control
Agreements and Securities Account Control Agreements, respectively, (iii) in the case of all Copyrights, Trademarks and Patents for which UCC filings are insufficient, all appropriate filings in respect of such Copyrights, Trademarks and
Patents owned by any Loan Party as of the date hereof having been made with the United States Copyright Office or the United States Patent and Trademark Office, as applicable, which filings have been delivered to the Collateral Agent in duly
completed, executed and authorized form, (iv) in the case of letter-of-credit rights that are not supporting obligations of Collateral, upon consent of the issuer thereof, and (v) in the case of electronic chattel paper, the completion of
all steps necessary to grant control to the Collateral Agent over such electronic chattel paper. 

  
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 (l) No authorization or approval or other action by, and no notice to or
filing with, any Governmental Authority or regulatory body or any other third party is required for (i) the grant by such Grantor of the security interest granted hereunder or for the execution, delivery or performance of this Agreement by such
Grantor, (ii) the perfection or maintenance of the security interest created hereunder (including the first priority nature of such security interest), except for the occurrence of the events described in the preceding clause (k)(i) through
(v), or (iii) the exercise by the Collateral Agent of its voting or other rights provided for in this Agreement or the remedies in respect of the Collateral pursuant to this Agreement, except (x) as may be required in connection with the
disposition of any portion of the Security Collateral by laws affecting the offering and sale of securities generally and (y) as otherwise contemplated hereby with respect to Agreement Collateral. 

(m) The Inventory that has been produced or distributed by such Grantor has been produced in compliance with all
requirements of applicable law, including, without limitation, the Fair Labor Standards Act, except as could not reasonably be expected to have a Material Adverse Effect. 

(n) As to itself and its Intellectual Property Collateral: 

(i) The operation of such Grantor’s business as currently conducted or as contemplated to be conducted and the use of
the Intellectual Property Collateral in connection therewith does not infringe, misappropriate, misuse or otherwise violate the intellectual property rights of any third party, except as could not reasonably be expected to have a Material Adverse
Effect. 
 (ii) Such Grantor is the exclusive owner of all right, title and interest in and to the Material
Registered IP, and is entitled to use all Material Registered IP subject only to the terms of the IP Agreements. 

(iii) The Intellectual Property Collateral set forth on Schedule IV hereto includes all of the patents, patent
applications, trademark registrations and applications, copyright registrations and applications, in each case that is material to the conduct of the business of the Borrower and its Subsidiaries, taken as a whole, owned by such Grantor as of the
date hereof (together with all domain names material to the conduct of the business of the Borrower and its Subsidiaries, taken as a whole, owned by such Grantor as of the date hereof, the “Material Registered IP”).

 (iv) The Material Registered IP is subsisting and, to the best of such Grantor’s knowledge, has not been
adjudged invalid or unenforceable in whole or part and is valid and enforceable. Such Grantor is not aware of any uses of any item of Material Registered IP that could be expected to lead to such item becoming invalid or unenforceable. 

  
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 (v) Such Grantor has made or performed all filings, recordings and other
acts and has paid all required fees and taxes to maintain each and every item of Material Registered IP, except for such failures as would not reasonably be expected to have a Material Adverse Effect. Such Grantor has used proper statutory notice in
connection with its use of each patent, trademark and copyright included in the Material Registered IP, except where the lack of such notices would not result in a Material Adverse Effect. 

(vi) No claim, action, suit, investigation, litigation or proceeding has been asserted or is pending or threatened in
writing against such Grantor (i) based upon or challenging or seeking to deny or restrict the Grantor’s rights in or use of any of the Intellectual Property Collateral, (ii) alleging that the Grantor’s rights in or use of the
Intellectual Property Collateral or that any services provided by, processes used by, or products manufactured or sold by, such Grantor infringe, misappropriate, dilute, misuse or otherwise violate any patent, trademark, copyright or any other
proprietary right of any third party, or (iii) alleging that the Intellectual Property Collateral is being licensed or sublicensed in violation or contravention of the terms of any license or other agreement, in each case that could reasonably
be expected to have a Material Adverse Effect. To the best of such Grantor’s knowledge, no Person is engaging in any activity that infringes, misappropriates, dilutes, misuses or otherwise violates the Material Intellectual Property Collateral
owned by such Grantor or such Grantor’s rights in or use thereof that could reasonably be expected to have a Material Adverse Effect. The consummation of the transactions contemplated by the Transaction Documents will not result in the
termination or impairment of any of the Material Registered IP. 
 (vii) With respect to each IP Agreement that
is material to the conduct of the business of the Borrower and its Subsidiaries, taken as a whole: (A) such IP Agreement is valid and binding and in full force and effect and represents the entire agreement between the respective parties
thereto with respect to the subject matter thereof, except as may be limited by applicable Bankruptcy Laws, laws affecting the rights of creditors generally or general principles of equity, regardless of whether considered in a proceeding in equity
or at law; (B) such IP Agreement will not cease to be valid and binding and in full force and effect on terms identical to those currently in effect as a result of the rights and interest granted herein, nor will the grant of such rights and
interest constitute a breach or default under such IP Agreement or otherwise give any party thereto a right to terminate such IP Agreement; (C) such Grantor has not received any notice of termination or cancellation under such IP Agreement;
(D) such Grantor has not received any notice of a breach or default under such IP Agreement, which breach or default has not been cured; (E) such Grantor has not granted to any other third party any rights, adverse or otherwise, under such
IP Agreement; and (F) neither such Grantor nor any other party to such IP Agreement is in breach or default thereof in any material respect, and no event has occurred that, with notice or lapse of time or both, would constitute such a breach or
default or permit termination, modification or acceleration under such IP Agreement, except in each of clauses (A) through (F) above, as could not reasonably be expected to have a Material Adverse Effect. 

  
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 (o) Such Grantor has not initiated proceedings with respect to any
commercial tort claims except to the extent the aggregate amount thereof do not exceed $7,500,000 for all Grantors, other than those listed in Schedule V hereto and additional commercial tort claims as to which such Grantor has complied with the
requirements of Section 15. 
 Section 7. Further Assurances. (a) Each Grantor agrees that from time to
time, at the expense of such Grantor, such Grantor will promptly execute and deliver, or otherwise authenticate, all further instruments and documents, and take all further action that may be necessary in order to perfect or maintain the perfection
of any pledge or security interest granted or purported to be granted by such Grantor hereunder. Without limiting the generality of the foregoing, each Grantor will promptly with respect to Collateral of such Grantor: (i) if any such Collateral
with a value in excess of $3,000,000 individually or $7,500,000 in the aggregate for all Grantors shall be evidenced by a promissory note or other instrument or chattel paper, deliver and pledge to the Collateral Agent hereunder such note or
instrument or chattel paper duly indorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance reasonably satisfactory to the Collateral Agent; (ii) promptly upon the written request of the
Collateral Agent, file such financing or continuation statements, or amendments thereto, and such other instruments or notices, as may be necessary, or as the Collateral Agent may reasonably request, in order to perfect and preserve the security
interest granted or purported to be granted by such Grantor hereunder; and (iii) deliver to the Collateral Agent evidence that all other actions that the Collateral Agent may reasonably request in order to perfect and protect the security
interest granted or purported to be granted by such Grantor under this Agreement has been taken. 
 (b) Each Grantor hereby
authorizes the Collateral Agent to file one or more financing or continuation statements, and amendments thereto, including, without limitation, one or more financing statements indicating that such financing statements cover all assets or all
personal property (or words of similar effect) of such Grantor, regardless of whether any particular asset described in such financing statements falls within the scope of the UCC or the granting clause of this Agreement. A photocopy or other
reproduction of this Agreement shall be sufficient as a financing statement where permitted by law. Each Grantor ratifies its authorization for the Collateral Agent to have filed such financing statements, continuation statements or amendments filed
prior to the date hereof. 
 (c) Each Grantor will furnish to the Collateral Agent from time to time statements and schedules
further identifying and describing the Collateral of such Grantor and such other reports in connection with such Collateral as the Collateral Agent may reasonably request, all in reasonable detail. 

(d) Notwithstanding any other provision herein to the contrary, the Grantors shall not be required to take any action to perfect the
security interests granted hereunder to the extent that the Collateral Agent determines, in its reasonable discretion, that the cost of taking such action is excessive in relation to the value of the security to be afforded thereby. 

  
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 Section 8. As to Equipment and Inventory. In producing its Inventory, each
Grantor will comply in all material respects with all requirements of applicable law, including, without limitation, the Fair Labor Standards Act, except as could not reasonably be expected to have a Material Adverse Effect. 

Section 9. Insurance. (a) Each property and general liability insurance policy maintained by a Grantor in accordance
with Section 5.7 of the Credit Agreement shall (i) (A) include such Grantor and the Collateral Agent as additional insured parties thereunder (without any representation or warranty by or obligation upon the Collateral Agent) as their
interests may appear, (B) contain the agreement by the insurer that any loss thereunder shall be payable to the Collateral Agent notwithstanding any action, inaction or breach of representation or warranty by such Grantor, (C) provide that
there shall be no recourse against the Collateral Agent for payment of premiums or other amounts with respect thereto and (D) provide that at least 10 days’ prior written notice of cancellation or of lapse shall be given to the Collateral
Agent by the Grantor or (ii) otherwise be in form and substance reasonably satisfactory to Collateral Agent. Each Grantor will, if so reasonably requested by the Collateral Agent, deliver to the Collateral Agent original or duplicate policies
of such insurance and, as often as the Collateral Agent may reasonably request (but in any event no more than twice per Fiscal Year), a report of a reputable insurance broker with respect to such insurance. Further, each Grantor will, at the request
of the Collateral Agent, duly execute and deliver instruments of assignment of such insurance policies to comply with the requirements of Section 5.07 of the Credit Agreement and take commercially reasonable efforts to cause the insurers to
acknowledge notice of such assignment. 
 (b) Reimbursement under any liability insurance maintained by any Grantor pursuant to
this Section 9 may be paid directly to the Person who shall have incurred liability covered by such insurance. 
 (c) So
long as no Event of Default shall have occurred and be continuing, all insurance payments received by the Collateral Agent in connection with any loss, damage or destruction of any Inventory or Equipment will promptly be released by the Collateral
Agent to the applicable Grantor. Upon the occurrence and during the continuance of any Event of Default, all insurance payments in respect of such Equipment or Inventory shall be paid to the Collateral Agent and shall, in the Collateral Agent’s
sole discretion, (i) be released to the applicable Grantor to be applied as set forth in the first sentence of this subsection (c) or (ii) be held as additional Collateral hereunder or applied as specified in Section 20(b).

 Section 10. Post-Closing Changes; Collections on Assigned Agreements, Receivables and Related Contracts.
(a) No Grantor will change its name, type of organization, jurisdiction of organization, organizational identification number or the location of Collateral (other than goods (including Inventory and Equipment) in transit or out for repair or
maintenance and Collateral with a value not to exceed $15,000,000 in the aggregate) from those set forth in Section 6(a) of this Agreement without giving written notice to the Collateral Agent within 10 Business Days subsequent thereto (or such
other longer period of time as approved by the Collateral Agent) and shall thereafter promptly take all action reasonably required by the Collateral Agent in writing for the purpose of perfecting or maintaining the perfection of the security
interest granted by this Agreement. Each Grantor will hold and preserve its records relating to the Collateral, including, without limitation, the Assigned Agreements and Related 

  
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Contracts, and will permit representatives of the Collateral Agent to inspect and make abstracts from such records and other documents pursuant to and subject to the conditions set forth in
Section 5.10 of the Credit Agreement. If any Grantor does not have an organizational identification number and later obtains one, it will forthwith notify the Collateral Agent of such organizational identification number. 

(b) Except as otherwise provided in this subsection (b), each Grantor will continue to collect pursuant to past practices or its
reasonable commercial judgment, at its own expense, all amounts due or to become due such Grantor under the Assigned Agreements, Receivables and Related Contracts. In connection with such collections, such Grantor may take such action as such
Grantor may deem necessary or advisable to enforce collection of the Assigned Agreements, Receivables and Related Contracts; provided, however, that the Collateral Agent shall have the right at any time, upon the occurrence and during
the continuance of an Event of Default and upon written notice to such Grantor of its intention to do so, to notify the Obligors under any Assigned Agreements (other than any Contractor Services Agreement), Receivables and Related Contracts of the
assignment of such Assigned Agreements, Receivables and Related Contracts to the Collateral Agent and to direct such Obligors to make payment of all amounts due or to become due to such Grantor thereunder directly to the Collateral Agent and, upon
such notification and at the expense of such Grantor, to enforce collection of any such Assigned Agreements, Receivables and Related Contracts, to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent
as such Grantor might have done, and to otherwise exercise all rights with respect to such Assigned Agreements, Receivables and Related Contracts, including, without limitation, those set forth set forth in Section 9-607 of the UCC. After
receipt by any Grantor of the notice from the Collateral Agent referred to in the proviso to the preceding sentence and so long as the Event of Default referred to in such notice is continuing, (i) all amounts and proceeds (including, without
limitation, instruments) received by such Grantor in respect of the Assigned Agreements, Receivables and Related Contracts of such Grantor shall be received in trust for the benefit of the Collateral Agent hereunder, shall be segregated from other
funds of such Grantor and shall be forthwith paid over to the Collateral Agent in the same form as so received (with any necessary indorsement) to be deposited in a cash collateral account and applied as provided in Section 20(b) and
(ii) such Grantor will not adjust, settle or compromise the amount or payment of any Receivable or amount due on any Assigned Agreement or Related Contract, release wholly or partly any Obligor thereof or allow any credit or discount thereon.

 Section 11. As to Intellectual Property Collateral. (a) With respect to any Intellectual Property Collateral
that is owned by a Grantor and is material to the conduct of the business of the Borrower and its Subsidiaries, taken as a whole (the “Material Owned IP”), such Grantor agrees to take, at its expense, all necessary steps,
including, without limitation, in the U.S. Patent and Trademark Office, the U.S. Copyright Office and any other governmental authority, to (i) maintain the validity and enforceability of such Material Owned IP and maintain such Material Owned
IP in full force and effect, and (ii) maintain any patent, trademark, or copyright registration or application, now or hereafter included in such Material Owned IP of such Grantor, including, without limitation, the payment of required fees and
taxes, the filing of responses to office actions issued by the U.S. Patent and Trademark Office, the U.S. Copyright Office or other governmental authorities, the filing of applications for renewal or extension, the filing of affidavits under
Sections 8 and 15 of the U.S. Trademark Act, the filing of divisional, 

  
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continuation, continuation-in-part, reissue and renewal applications or extensions, the payment of maintenance fees and the participation in interference, reexamination, opposition, cancellation,
infringement and misappropriation proceedings, except, in each case, as could not reasonably be expected to have a Material Adverse Effect. No Grantor shall, without the written consent of the Collateral Agent, discontinue use of or otherwise
abandon any Material Owned IP, or abandon any right to file an application for patent, trademark, or copyright, unless such Grantor shall have previously determined in its reasonable business judgment that such use or the pursuit or maintenance of
such Intellectual Property Collateral is no longer desirable in the conduct of such Grantor’s business under the circumstances and that the loss thereof would not be reasonably likely to have a Material Adverse Effect. With respect to any
Material Owned IP that is owned by a Grantor but is otherwise recorded in the name of a predecessor in interest or in the prior name of such Grantor, such Grantor agrees to file, within one hundred and fifty (150) days following the Closing
Date (which period may be extended in the sole and absolute discretion of the Collateral Agent) and at its expense, all necessary documents, including, without limitation, merger certificates, formal assignments or name change documents, with the
U.S. Patent and Trademark Office, the U.S. Copyright Office and any other governmental authority, to reflect and effect such Grantor as the registrant of record. 
 (b) Each Grantor agrees promptly to notify the Collateral Agent if such Grantor becomes aware (i) that any item of the Material Registered IP has become abandoned, placed in the public domain,
invalid or unenforceable, or of any materially adverse determination or development regarding such Grantor’s ownership of any of the Material Owned IP or its right to register the same or to keep and maintain and enforce the same, or
(ii) of any adverse determination or the institution of any proceeding (including, without limitation, the institution of any proceeding in the U.S. Patent and Trademark Office or any court) regarding any item of the Material Registered IP.

 (c) In the event that any Grantor becomes aware that any item of the Material Owned IP is being infringed or misappropriated
by a third party, such Grantor shall notify the Collateral Agent and shall take such actions, at its expense, as such Grantor or the Collateral Agent deems reasonable and appropriate under the circumstances to protect or enforce such Material Owned
IP. 
 (d) Each Grantor shall use proper statutory notice in connection with its use of each item of its Material Registered IP,
except where the lack of such notices could not reasonably be expected to result in a Material Adverse Effect. No Grantor shall do any act or knowingly omit to do any act whereby any of its Material Registered IP may lapse or become invalid or
unenforceable or placed in the public domain, unless such Grantor shall have previously determined in its reasonable business judgment that such Intellectual Property Collateral is no longer desirable in the conduct of such Grantor’s business
and that the loss thereof would not be reasonably likely to have a Material Adverse Effect. 
 (e) With respect to its Material
Registered IP, each Grantor agrees to execute or otherwise authenticate an agreement in substantially the form set forth in Exhibit B hereto or otherwise in form and substance reasonably satisfactory to the Collateral Agent (an
“Intellectual Property Security Agreement”), for recording the security interest granted hereunder to the Collateral Agent in such Material Registered IP with the U.S. Patent and Trademark Office, the U.S. Copyright Office
and any other governmental authorities necessary to perfect the security interest hereunder in such Material Registered IP. 

  
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 (f) Each Grantor agrees that should it obtain an ownership interest in any item of the type
set forth in Section 1(g) that is not on the date hereof a part of the Intellectual Property Collateral (“After-Acquired Intellectual Property”) (i) the provisions of this Agreement shall automatically apply thereto, and
(ii) any such After-Acquired Intellectual Property and, in the case of trademarks, the goodwill symbolized thereby, shall automatically become part of the Intellectual Property Collateral subject to the terms and conditions of this Agreement
with respect thereto. At the end of each fiscal quarter of the Borrower, each Grantor shall give prompt written notice to the Collateral Agent identifying the After-Acquired Intellectual Property, in each case that is material to the conduct of the
business of the Borrower and its Subsidiaries, taken as a whole, and that is registered or filed with the U.S. Copyright Office or U.S. Patent and Trademark Office or equivalent foreign offices, acquired during such fiscal quarter, and such Grantor
shall execute and deliver to the Collateral Agent with such written notice, or otherwise authenticate, an agreement substantially in the form of Exhibit C hereto or otherwise in form and substance satisfactory to the Collateral Agent (an “IP
Security Agreement Supplement”) covering such After-Acquired Intellectual Property, which IP Security Agreement Supplement shall be recorded with the U.S. Patent and Trademark Office, the U.S. Copyright Office and any other governmental
authorities necessary to perfect the security interest hereunder in such After-Acquired Intellectual Property. 

Section 12. Voting Rights; Dividends; Etc. (a) So long as no Event of Default shall have occurred and be continuing:

 (i) Each Grantor shall be entitled to exercise any and all voting and other consensual rights pertaining to
the Security Collateral of such Grantor or any part thereof for any purpose. 
 (ii) Each Grantor shall be
entitled to receive and retain any and all dividends, interest and other distributions paid in respect of the Security Collateral of such Grantor if and to the extent that the payment thereof is not otherwise prohibited by the terms of the Loan
Documents. 
 (iii) The Collateral Agent will execute and deliver (or cause to be executed and delivered) to each
Grantor all such proxies and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor to exercise the voting and other rights that it is entitled to exercise pursuant to paragraph (i) above and to
receive the dividends or interest payments that it is authorized to receive and retain pursuant to paragraph (ii) above. 

(b) Upon the occurrence and during the continuance of an Event of Default and upon written notice thereof to the Grantor by the
Collateral Agent: 
 (i) All rights of each Grantor (x) to exercise or refrain from exercising the voting
and other consensual rights that it would otherwise be entitled to exercise pursuant to Section 12(a)(i) shall, upon notice to such Grantor by the Collateral Agent, cease and 

  
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(y) to receive the dividends, interest and other distributions that it would otherwise be authorized to receive and retain pursuant to Section 12(a)(ii) shall automatically cease, and all
such rights shall thereupon become vested in the Collateral Agent, which shall thereupon have the sole right to exercise or refrain from exercising such voting and other consensual rights and to receive and hold as Security Collateral such
dividends, interest and other distributions. 
 (ii) All dividends, interest and other distributions that are
received by any Grantor contrary to the provisions of paragraph (i) of this Section 12(b) shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of such Grantor and shall be forthwith paid
over to the Collateral Agent as Security Collateral in the same form as so received (with any necessary indorsement). 

Section 13. As to the Assigned Agreements. (a) Each Grantor will at its expense, furnish to the Collateral Agent such
information and reports regarding the Assigned Agreements and such other Collateral of such Grantor as the Collateral Agent may reasonably request, provided that the Grantor shall not be required to deliver such information or reports with
respect to any Contractor Services Agreement or other Assigned Agreement to the extent the disclosure thereof is not permitted pursuant to such Contractor Services Agreement, other Assigned Agreement or any related confidentiality agreement or
provision. 
 (b) Each Grantor hereby consents on its behalf and on behalf of its Subsidiaries to the assignment and pledge to
the Collateral Agent for benefit of the Secured Parties of each Assigned Agreement to which it is a party by any other Grantor hereunder. 
 Section 14. As to Letter-of-Credit Rights. (a) Each Grantor, by granting a security interest in its Receivables consisting of letter-of-credit rights to the Collateral Agent, intends to
(and hereby does) assign to the Collateral Agent its rights (including its contingent rights) to the proceeds of all Related Contracts consisting of letters of credit of which it is or hereafter becomes a beneficiary or assignee. Except for letters
of credit the aggregate face amounts of which do not exceed $7,500,000 for all Grantors, each Grantor will use commercially reasonable efforts to promptly cause the issuer of each letter of credit and each nominated person (if any) with respect
thereto to consent to such assignment of the proceeds thereof pursuant to a consent in form and substance satisfactory to the Collateral Agent and deliver written evidence of such consent to the Collateral Agent. 

(b) Upon the occurrence of an Event of Default, each Grantor will, promptly upon request by the Collateral Agent, notify (and such
Grantor hereby authorizes the Collateral Agent to notify) the issuer and each nominated person with respect to each of the Related Contracts consisting of letters of credit that the proceeds thereof have been assigned to the Collateral Agent
hereunder. 
 Section 15. Commercial Tort Claims. Each Grantor will promptly give notice to the Collateral Agent of
any commercial tort claim for which the Grantor has initiated proceedings (other than commercial tort claims the aggregate amount of which do not exceed $7,500,000 for all Grantors) after the date hereof and will promptly execute or otherwise
authenticate a supplement to this Agreement, and otherwise take all action reasonably requested by the Collateral Agent, to subject such commercial tort claim to the first priority security interest created under this Agreement. 

  
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 Section 16. Transfers and Other Liens; Additional Shares. (a) Each Grantor
agrees that it will not (i) sell, assign or otherwise dispose of, or grant any option with respect to, any of the Collateral, other than sales, assignments and other dispositions of Collateral, and options relating to Collateral, permitted
under the terms of the Credit Agreement, or (ii) create or suffer to exist any Lien upon or with respect to any of the Collateral of such Grantor except for the pledge, assignment and security interest created under this Agreement and Liens
permitted under the Credit Agreement. 
 Section 17. Collateral Agent Appointed Attorney in Fact. Each Grantor
hereby irrevocably appoints the Collateral Agent such Grantor’s attorney in fact, with full authority in the place and stead of such Grantor and in the name of such Grantor or otherwise, from time to time, upon the occurrence and during the
continuance of an Event of Default, in the Collateral Agent’s discretion, to take any action and to execute any instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes of this Agreement, including,
without limitation: 
 (a) to obtain and adjust insurance required to be paid to the Collateral Agent pursuant to
Section 9(c), 
 (b) to ask for, demand, collect, sue for, recover, compromise, receive and give acquittance
and receipts for moneys due and to become due under or in respect of any of the Collateral, 
 (c) to receive,
indorse and collect any drafts or other instruments, documents and chattel paper, in connection with clause (a) or (b) above, and 
 (d) to file any claims or take any action or institute any proceedings that the Collateral Agent may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce
compliance with the terms and conditions of any Assigned Agreement (other than any Contractor Services Agreement) or the rights of the Collateral Agent with respect to any of the Collateral. 

Section 18. Collateral Agent May Perform. If, upon the occurrence and during the continuance of an Event of Default, any
Grantor fails to perform any agreement contained herein, the Collateral Agent may, but without any obligation to do so and without notice, itself perform, or cause performance of, such agreement, and the expenses of the Collateral Agent incurred in
connection therewith shall be payable by such Grantor under Section 21. 
 Section 19. The Collateral Agent’s
Duties. (a) The powers conferred on the Collateral Agent hereunder are solely to protect the Secured Parties’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of
any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges,
maturities, tenders or other matters relative to any Collateral, whether or not any Secured Party has or is deemed to have knowledge of such 

  
 21 

 
matters, or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any Collateral. The Collateral Agent shall be deemed to have exercised
reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which it accords its own property. 

(b) Anything contained herein to the contrary notwithstanding, the Collateral Agent may from time to time, when the Collateral Agent
deems it to be necessary, appoint one or more subagents (each a “Subagent”) for the Collateral Agent hereunder with respect to all or any part of the Collateral. In the event that the Collateral Agent so appoints any Subagent
with respect to any Collateral, (i) the assignment and pledge of such Collateral and the security interest granted in such Collateral by each Grantor hereunder shall be deemed for purposes of this Security Agreement to have been made to such
Subagent, in addition to the Collateral Agent, for the ratable benefit of the Secured Parties, as security for the Secured Obligations of such Grantor, (ii) such Subagent shall automatically be vested, in addition to the Collateral Agent, with
all rights, powers, privileges, interests and remedies of the Collateral Agent hereunder with respect to such Collateral, and (iii) the term “Collateral Agent,” when used herein in relation to any rights, powers, privileges, interests
and remedies of the Collateral Agent with respect to such Collateral, shall include such Subagent; provided, however, that no such Subagent shall be authorized to take any action with respect to any such Collateral unless and except to
the extent expressly authorized in writing by the Collateral Agent. 
 Section 20. Remedies. If any Event of Default
shall have occurred and be continuing: 
 (a) The Collateral Agent may exercise in respect of the Collateral, in
addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party upon default under the UCC (whether or not the UCC applies to the affected Collateral), provided that, with
respect to each Contractor Services Agreement, such rights and remedies under the UCC shall not impose upon the relevant Grantor, any obligations in addition to or different than those set forth in the Contractor Services Agreement, or preclude such
Grantor from dealing solely and directly with the parties thereto in all matters pertaining to such Contractor Services Agreement, including the negotiation of amendments and the settlement of disputed invoices and provided further, that the
enforcement of any such right under the UCC in any Contractor Services Agreement, to the extent such enforcement involves the assignment or subcontracting of any duties or obligations of any party to such Contractor Services Agreement, shall require
the prior written consent of the other parties thereto (other than Grantor, which consent is hereby provided), and also may: (i) require each Grantor to, and each Grantor hereby agrees that it will at its expense and upon request of the
Collateral Agent forthwith, assemble all or part of the Collateral as directed by the Collateral Agent and make it available to the Collateral Agent at a place and time to be designated by the Collateral Agent that is reasonably convenient to both
parties; (ii) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future
delivery, and upon such other terms as the Collateral Agent may deem commercially reasonable; (iii) occupy any premises owned or leased by any of the Grantors where the Collateral or any part thereof is assembled or located for a reasonable

  
 22 

 
period in order to effectuate its rights and remedies hereunder or under law, without obligation to such Grantor in respect of such occupation; and (iv) exercise any and all rights and
remedies of any of the Grantors under or in connection with the Collateral, or otherwise in respect of the Collateral, including, without limitation, (A) any and all rights of such Grantor to demand or otherwise require payment of any amount
under, or performance of any provision of, the Assigned Agreements (other than any Contractor Services Agreement), the Receivables, the Related Contracts and the other Collateral, (B) withdraw, or cause or direct the withdrawal, of all funds
with respect to the Account Collateral and (C) exercise all other rights and remedies with respect to the Assigned Agreements (other than any Contractor Services Agreement), the Receivables, the Related Contracts and the other Collateral,
including, without limitation, those set forth in Section 9-607 of the UCC. Each Grantor agrees that, to the extent notice of sale shall be required by law, at least ten days’ notice to such Grantor of the time and place of any public sale
or the time after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral Agent may
adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. 

(b) Any cash held by or on behalf of the Collateral Agent and all cash proceeds received by or on behalf of the Collateral
Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of the Collateral Agent, be held by the Collateral Agent as collateral for, and/or then or at any time thereafter
applied (after payment of any amounts payable to the Collateral Agent pursuant to Section 21) in whole or in part by the Collateral Agent for the ratable benefit of the Secured Parties against, all or any part of the Secured Obligations, in
accordance with Section 2.12(e) of the Credit Agreement. 
 (c) All payments received by any Grantor under
or in connection with any Assigned Agreement or otherwise in respect of the Collateral shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of such Grantor and shall be forthwith paid over to the
Collateral Agent in the same form as so received (with any necessary indorsement). 
 (d) The Collateral Agent
may, without notice to any Grantor except as required by law and at any time or from time to time, charge, set off and otherwise apply all or any part of the Secured Obligations against any funds held with respect to the Account Collateral or in any
other deposit account. 
 (e) The Collateral Agent may send to each bank, securities intermediary or issuer party
to any Account Control Agreement, Securities Account Control Agreement or Uncertificated Security Control Agreement a “Notice of Exclusive Control” as defined in and under such Agreement. 

  
 23 

 (f) In the event of any sale or other disposition of any of the Intellectual
Property Collateral of any Grantor, the goodwill symbolized by any Trademarks subject to such sale or other disposition shall be included therein, and such Grantor shall supply to the Collateral Agent or its designee such Grantor’s documents
and things relating to any Material Registered IP subject to such sale or other disposition, and such Grantor’s customer lists and other records and documents relating to such Intellectual Property Collateral and to the manufacture,
distribution, advertising and sale of products and services of such Grantor. 
 (g) Each Grantor recognizes that
the Collateral Agent may be unable to effect a public sale of any Security Collateral by reason of certain prohibitions contained in the Securities Act of 1933 and applicable state or foreign securities laws or otherwise or may determine that a
public sale is impracticable, not desirable or not commercially reasonable and, accordingly, may resort to one or more private sales thereof to a restricted group of purchasers that shall be obliged to agree, among other things, to acquire such
securities for their own account for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a
public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. The Collateral Agent shall be under no obligation to delay a sale of any Securities
Collateral for the period of time necessary to permit the issuer thereof to register such securities for public sale under the Securities Act of 1933 or under applicable state securities laws even if such issuer would agree to do so. 

Section 21. Indemnity and Expenses. (a) Each Grantor jointly and severally agrees to indemnify, defend and save and hold
harmless each Secured Party and each of their Affiliates and their respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against, and shall pay on demand, any and all claims,
damages, losses, liabilities and expenses (including, without limitation, reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or
resulting from this Agreement (including, without limitation, enforcement of this Agreement), except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to
have resulted from such Indemnified Party’s gross negligence, willful misconduct or material breach of its obligations under the Loan Documents. 
 (b) Each Grantor will upon demand pay to the Collateral Agent the amount of any and all reasonable and documented expenses, including, without limitation, the reasonable and documented fees and expenses
of its outside counsel and of any experts and agents, that the Collateral Agent may incur in connection with (i) the administration of this Agreement, (ii) the custody, preservation, use or operation of, or the sale of, collection from or
other realization upon, any of the Collateral of such Grantor, (iii) the exercise or enforcement of any of the rights of the Collateral Agent or the other Secured Parties hereunder or (iv) the failure by such Grantor to perform or observe
any of the provisions hereof. 
 Section 22. Amendments; Waivers; Additional Grantors; Etc. (a) No amendment or
waiver of any provision of this Agreement, and no consent to any departure by any Grantor herefrom, shall in any event be effective unless the same shall be in writing and signed by the 

  
 24 

 
Collateral Agent and Grantors, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No failure on the part of the
Collateral Agent or any other Secured Party to exercise, and no delay in exercising any right hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or
the exercise of any other right. 
 (b) Upon the execution and delivery by any Person of a security agreement supplement in
substantially the form of Exhibit A hereto (each a “Security Agreement Supplement”), such Person shall be referred to as an “Additional Grantor” and shall be and become a Grantor hereunder, and each
reference in this Agreement and the other Loan Documents to “Grantor” shall also mean and be a reference to such Additional Grantor, each reference in this Agreement and the other Loan Documents to the “Collateral” shall also
mean and be a reference to the Collateral granted by such Additional Grantor and each reference in this Agreement to a Schedule shall also mean and be a reference to the schedules attached to such Security Agreement Supplement. 

Section 23. Notices, Etc. All notices and other communications provided for hereunder shall be either (i) in writing
(including telegraphic, telecopier or telex communication) and mailed, telegraphed, telecopied, telexed or otherwise delivered or (ii) by electronic mail (if electronic mail addresses are designated as provided below) confirmed immediately in
writing, in the case of the Borrower or the Collateral Agent, addressed to it at its address specified in the Credit Agreement and, in the case of each Grantor other than the Borrower, addressed to it at its address set forth opposite such
Grantor’s name on the signature pages hereto or on the signature page to the Security Agreement Supplement pursuant to which it became a party hereto; or, as to any party, at such other address as shall be designated by such party in a written
notice to the other parties. Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopier or electronic mail shall be deemed to have been
given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Delivery by telecopier of an executed counterpart
of any amendment or waiver of any provision of this Agreement or of any Security Agreement Supplement or Schedule hereto shall be effective as delivery of an original executed counterpart thereof. 

Section 24. Continuing Security Interest; Assignments under the Credit Agreement. This Agreement shall create a continuing
security interest in the Collateral and shall (a) remain in full force and effect until the latest of (i) the payment in full in cash of the Secured Obligations (other than contingent indemnification obligations for which no claim has been
asserted), (ii) the earlier of (A) the termination in full of the Lenders’ commitments under the Credit Agreement and (B) the Termination Date and (iii) the termination or expiration of all Letters of Credit and all Secured
Hedge Agreements and Secured Cash Management Agreements (such latest date, the “Security Termination Date”), (b) be binding upon each Grantor, its successors and assigns and (c) inure, together with the rights and
remedies of the Collateral Agent hereunder, to the benefit of the Secured Parties and their respective successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), any Lender Party may assign or otherwise
transfer all or any portion of its rights and obligations under the Credit Agreement (including, without limitation, all or any portion of its Commitments, the Advances 

  
 25 

 
owing to it and the Note or Notes, if any, held by it) to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Lender
Party herein or otherwise, in each case as provided and subject to the conditions in Section 10.07 of the Credit Agreement. 
 Section 25. Release; Termination. (a) Upon any sale, lease, transfer or other disposition of any item of Collateral of any Grantor in accordance with the terms of the Loan Documents
(other than sales of Inventory in the ordinary course of business), the Collateral Agent will, at such Grantor’s expense, execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence the release of
such item of Collateral from the assignment and security interest granted hereby; provided, however, that (i) such Grantor shall have delivered to the Collateral Agent, at least two Business Days prior to the date of the proposed
release, a written request for release with details reasonably satisfactory to the Collateral Agent (including, without limitation, the items of Collateral being released), together with a form of release for execution by the Collateral Agent and a
certificate of such Grantor to the effect that the transaction is in compliance with the Loan Documents and (iii) the proceeds of any such sale, lease, transfer or other disposition required to be applied, or any payment to be made in
connection therewith, in accordance with Section 2.07 of the Credit Agreement shall, to the extent so required, be paid or made to, or in accordance with the instructions of, the Collateral Agent when and as required under Section 2.07 of
the Credit Agreement. 
 (b) Upon the Security Termination Date, the pledge and security interest granted hereby shall
automatically terminate and all rights to the Collateral shall revert to the applicable Grantor. Upon any such termination, the Collateral Agent will, at the applicable Grantor’s expense, execute and deliver to such Grantor such documents as
such Grantor shall reasonably request to evidence such termination. 
 Section 26. Execution in Counterparts. This
Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature
page to this Agreement by telecopier, .pdf or electronic mail shall be effective as delivery of an original executed counterpart of this Agreement. 
 Section 27. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 

[Signature pages follow] 

  
 26 

 IN WITNESS WHEREOF, each Grantor has caused this Agreement to be duly executed and delivered
by its officer thereunto duly authorized as of the date first above written. 
  

			
	NEUSTAR, INC.
		
	By	 	/s/ Paul S. Lalljie
	Title:	 	Senior Vice President, Chief
Financial Officer

 [Signature Page to Security Agreement] 

							
	 Address for Notices:

21575 Ridgetop Circle
 Sterling, VA
20166
	 		 	NEUSTAR IP INTELLIGENCE, INC.
		 		 	By	 	/s/ Paul S. Lalljie
		 		 		 	 Title: Senior Vice President, Chief
 Financial Officer

		 		 		 	

  

							
	 Address for Notices:

21575 Ridgetop Circle
 Sterling, VA
20166
	 		 	ULTRADNS CORPORATION
		 		 	By	 	/s/ Paul S. Lalljie
		 		 		 	 Title: Senior Vice President, Chief
 Financial Officer

  

							
	 Address for Notices:

8010 Towers Crescent Drive

Suite 500
 Vienna, VA 22182
	 		 	NEUSTAR INFORMATION SERVICES INC.
		 		 	By	 	/s/ Paul S. Lalljie
		 		 		 	 Title: Senior Vice President, Chief
 Financial Officer

  

							
	 Address for Notices:

8010 Towers Crescent Drive

Suite 500
 Vienna, VA 22182
	 		 	NEUSTAR DATA SERVICES, INC.
		 		 	By	 	/s/ Paul S. Lalljie
		 		 		 	 Title: Senior Vice President, Chief
 Financial Officer

 [Signature Page to Security Agreement] 

 Exhibit A to the 
 Security Agreement 
 FORM OF SECURITY AGREEMENT SUPPLEMENT

 [Date of Security Agreement Supplement] 
 Morgan Stanley Senior Funding, Inc., 
 as the Collateral Agent for 

the Secured Parties referred to in the 
 Credit
Agreement referred to below 

[                    ] 

Attn: [                    ] 

NEUSTAR, INC. 
 Ladies and
Gentlemen: 
 Reference is made to (i) the Credit Agreement dated as of January 22, 2013 (as amended, amended and
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Neustar, Inc., a Delaware corporation, as the Borrower, the Lender Parties party thereto, Morgan Stanley Senior Funding, Inc., as
collateral agent (together with any successor collateral agent appointed pursuant to Article VIII of the Credit Agreement, the “Collateral Agent”), and Morgan Stanley Senior Funding, Inc., as administrative agent for the
Lender Parties, and (ii) the Security Agreement dated January 22, 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”) made by the Grantors from
time to time party thereto in favor of the Collateral Agent for the Secured Parties. Terms defined in the Credit Agreement or the Security Agreement and not otherwise defined herein are used herein as defined in the Credit Agreement or the Security
Agreement. 
 SECTION 1. Grant of Security. The undersigned hereby grants to the Collateral Agent, for the ratable
benefit of the Secured Parties, a security interest in all of its right, title and interest in and to the following, in each case whether now owned or hereafter acquired by the undersigned, wherever located and whether now or hereafter existing or
arising (collectively, the undersigned’s “Collateral”): all Equipment, Inventory, Receivables, Related Contracts, Security Collateral (including, without limitation, the shares of stock and other Equity Interests set
forth on Part I of Schedule I hereto, the indebtedness set forth on Part II of Schedule I hereto and the deposit accounts and securities accounts set forth on Schedules II and III hereto), Agreement Collateral, Account Collateral, Intellectual
Property Collateral (including, without limitation, each property set forth on Schedule IV hereto), IP Agreements, Commercial Tort Claims Collateral (including, without limitation, the commercial tort claims described in Schedule V

 
hereto), all books and records (including, without limitation, customer lists, credit files, printouts and other computer output materials and records) of the undersigned pertaining to any of the
undersigned’s Collateral, and all proceeds of, collateral for, income, royalties and other payments now or hereafter due and payable with respect to, and supporting obligations relating to, any and all of the undersigned’s Collateral
(including, without limitation, proceeds, collateral and supporting obligations that constitute property of the types described in this Section 1) and, to the extent not otherwise included, all (A) payments under insurance (whether or not
the Collateral Agent is the loss payee thereof), or any indemnity, warranty or guaranty, payable by reason of loss or damage to or otherwise with respect to any of the foregoing Collateral, and (B) cash; provided that, with respect to
each Contractor Services Agreement, the provisions hereof and the grant or provision with respect to enforcement of a security interest therein shall not impose upon the relevant Grantor, any obligations in addition to or different than those set
forth in the Contractor Services Agreement, or preclude such Grantor from dealing solely and directly with the parties thereto in all matters pertaining to such Contractor Services Agreement, including the negotiation of amendments and the
settlement of disputed invoices and provided further, that the enforcement of any security interest in any Contractor Services Agreement hereunder, to the extent such enforcement involves the assignment or subcontracting of any duties or
obligations of any party to such Contractor Services Agreement, shall require the prior written consent of the other parties thereto (other than Grantor, which consent is hereby provided). 

SECTION 2. Security for Obligations. The grant of a security interest in, the Collateral by the undersigned under this Security
Agreement Supplement and the Security Agreement secures the payment of all Obligations of the undersigned now or hereafter existing under or in respect of the Loan Documents, Secured Hedge Agreements and Secured Cash Management Agreements, whether
direct or indirect, absolute or contingent, and whether for principal, reimbursement obligations, interest, premiums, penalties, fees, indemnifications, contract causes of action, costs, expenses or otherwise. Without limiting the generality of the
foregoing, this Security Agreement Supplement and the Security Agreement secures the payment of all amounts that constitute part of the Secured Obligations and that would be owed by the undersigned to any Secured Party under the Loan Documents,
Secured Hedge Agreements and Secured Cash Management Agreements but for the fact that such Secured Obligations are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving a Loan Party.

 SECTION 3. Representations and Warranties. (a) As of the date hereof, the undersigned’s exact legal name,
the locations of Collateral (other than goods (including Inventory and Equipment) in transit or out for repair or maintenance and Collateral with a value not to exceed $15,000,000 in the aggregate), chief executive office, type of organization,
jurisdiction of organization and organizational identification number is set forth in Schedule VI hereto. As of the date hereof, the undersigned has no trade names other than as listed on Schedule IV hereto. Within the five years preceding the date
hereof, the undersigned has not changed its name, chief executive office, type of organization, jurisdiction of organization or organizational identification number from those set forth in Schedule VI hereto except as set forth in Schedule VII
hereto. 

  
 2 

 (b) As of the date hereof, all of the Equipment and Inventory (other than goods (including
Inventory and Equipment) in transit or out for maintenance or repair and Collateral with a value not to exceed $15,000,000 in the aggregate) of the undersigned are located at the places specified therefor in Schedule VI hereto or at another location
as to which the undersigned has complied with the requirements of Section 10(a) of the Security Agreement. The undersigned has exclusive possession and control of its Equipment and Inventory (other than goods (including Inventory and Equipment)
in transit or out for maintenance or repair and Collateral with a value not to exceed $15,000,000 in the aggregate), other than Collateral stored at any leased premises or warehouse for which the undersigned has used commercially reasonable efforts
to deliver a landlord’s or warehouseman’s agreement, in form and substance reasonably satisfactory to the Collateral Agent. 
 (c) Except for letters of credit the aggregate face amounts of which do not exceed $7,500,000 for all Grantors, the undersigned is not a beneficiary or assignee under any letter of credit, other than the
letters of credit described in Schedule IX hereto and additional letters of credit as to which such Grantor has complied with the requirements of Section 16 of the Security Agreement. 

(d) The undersigned hereby makes each other representation and warranty set forth in Section 8 of the Security Agreement in all
material respects (except to the extent any such representation and warranty is itself subject to a “materiality” or “Material Adverse Effect” standard, in which case such representation and warranty shall be true and correct)
(each Schedule thereto being supplemented with the corresponding Schedule hereto as set forth in Section 4) with respect to itself and the Collateral granted by it; provided that references to the Closing Date shall be deemed to be
references to the date of this Security Agreement Supplement for purposes hereof and that any representation or warranty specifically referring to any other earlier date shall be made in all material respects as of such date (except to the extent
any such representation and warranty is itself subject to a “materiality” or “Material Adverse Effect” standard, in which case such representation and warranty shall be true and correct as of such date). 

SECTION 4. Obligations Under the Security Agreement. The undersigned hereby agrees, as of the date first above written, to be
bound as a Grantor by all of the terms and provisions of the Security Agreement to the same extent as each of the other Grantors. The undersigned further agrees, as of the date first above written, that each reference in the Security Agreement to an
“Additional Grantor” or a “Grantor” shall also mean and be a reference to the undersigned, that each reference to the “Collateral” or any part thereof shall also mean and be a reference to the undersigned’s
Collateral or part thereof, as the case may be, and that each reference in the Security Agreement to a Schedule shall also mean and be a reference to the corresponding Schedule attached hereto. 

SECTION 6. Governing Law. This Security Agreement Supplement shall be governed by, and construed in accordance with, the laws of
the State of New York. 

  
 3 

 
			
	Very truly yours,
	
	[NAME OF ADDITIONAL GRANTOR]
		
	By	 	 

  

			
	Title:
		
		 	Address for notices:
		
		 	 
		
		 	 
		
		 	 

  
 4 

 Exhibit B to the 
 Security Agreement 
 FORM OF INTELLECTUAL PROPERTY SECURITY AGREEMENT

 This INTELLECTUAL PROPERTY SECURITY AGREEMENT (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “IP Security Agreement”) dated January 22, 2013, is made by the Persons listed on the signature pages hereof (collectively, the “Grantors”) in favor of MORGAN STANLEY SENIOR
FUNDING, INC. (“MSSF”), as collateral agent (the “Collateral Agent”) for the Secured Parties (as defined in the Credit Agreement referred to below). 

WHEREAS, Neustar, Inc., a Delaware corporation, has entered into a Credit Agreement dated as of January 22, 2013 (as amended,
amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), with MSSF, as Administrative Agent, MSSF, as Collateral Agent, and the Lender Parties party thereto. Terms defined in the
Credit Agreement and not otherwise defined herein are used herein as defined in the Credit Agreement. 
 WHEREAS, as a condition
precedent to the making of Advances and the issuance of Letters of Credit by the Lender Parties under the Credit Agreement, the entry into Secured Hedge Agreements by the Hedge Banks and the entry into Secured Cash Management Agreements by the Cash
Management Banks from time to time, each Grantor has executed and delivered that certain Security Agreement dated January 22, 2013 made by the Grantors to the Collateral Agent (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Security Agreement”). 
 WHEREAS, under the terms of the Security
Agreement, the Grantors have granted to the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in, among other property, certain intellectual property of the Grantors, and have agreed as a condition thereof to
execute this IP Security Agreement for recording with the U.S. Patent and Trademark Office, the United States Copyright Office and other governmental authorities. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Grantor agrees as follows: 

SECTION 1. Grant of Security. Each Grantor hereby grants to the Collateral Agent for the ratable benefit of the Secured Parties a
security interest in all of such Grantor’s right, title and interest in and to the following (the “Collateral”): 
 (i) the patents and patent applications set forth in Schedule A hereto (the “Patents”); 
 (ii) the trademark and service mark registrations and applications set forth in Schedule B hereto (provided that no security interest shall be granted in United States intent-to-use trademark applications
to the extent that, and solely during the period in which, the grant of a security interest therein would impair the validity or enforceability of such intent-to-use trademark applications under applicable federal law), together with the goodwill
symbolized thereby (the “Trademarks”); 

 (iii) all copyrights, copyright registrations and applications and exclusive
copyright licenses set forth in Schedule C hereto (the “Copyrights”); 
 (iv) all
reissues, divisions, continuations, continuations-in-part, extensions, renewals and reexaminations of any of the foregoing, all rights in the foregoing provided by international treaties or conventions, all rights corresponding thereto throughout
the world and all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto; 

(v) any and all claims for damages and injunctive relief for past, present and future infringement, dilution,
misappropriation, violation, misuse or breach with respect to any of the foregoing, with the right, but not the obligation, to sue for and collect, or otherwise recover, such damages; and 

(vi) any and all proceeds of, collateral for, income, royalties and other payments now or hereafter due and payable with
respect to, and supporting obligations relating to, any and all of the Collateral of or arising from any of the foregoing. 

SECTION 2. Security for Obligations. The grant of a security interest in, the Collateral by each Grantor under this IP Security
Agreement secures the payment of all Obligations of such Grantor now or hereafter existing under or in respect of the Loan Documents, whether direct or indirect, absolute or contingent, and whether for principal, reimbursement obligations, interest,
premiums, penalties, fees, indemnifications, contract causes of action, costs, expenses or otherwise (all such Obligations being the “Secured Obligations”). Without limiting the generality of the foregoing, this IP Security
Agreement secures, as to each Grantor, the payment of all amounts that constitute part of the Secured Obligations and that would be owed by such Grantor to any Secured Party under the Loan Documents but for the fact that such Secured Obligations are
unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving a Loan Party. 
 SECTION 3. Recordation. Each Grantor authorizes and requests that the Register of Copyrights, the Commissioner for Patents and the Commissioner for Trademarks and any other applicable government
officer record this IP Security Agreement. 
 SECTION 4. Execution in Counterparts. This IP Security Agreement may be
executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

SECTION 5. Grants, Rights and Remedies. This IP Security Agreement has been entered into in conjunction with the provisions of the
Security Agreement. Each Grantor does hereby acknowledge and confirm that the grant of the security interest hereunder to, and the rights and remedies of, the Collateral Agent with respect to the Collateral are more fully set forth in the Security
Agreement, the terms and provisions of which are incorporated herein by reference as if fully set forth herein. 

  
 2 

 SECTION 6. Governing Law. This IP Security Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York. 
 IN WITNESS WHEREOF, each Grantor has caused this IP Security
Agreement to be duly executed and delivered by its officer thereunto duly authorized as of the date first above written. 
  

			
	NEUSTAR, INC.
		
	By	 	 
		 	 Name:

Title:

  

			
	 Address for Notices:

21575 Ridgetop Circle
 Sterling, VA
20166

	
	[NAME OF GRANTOR]
		
	By	 	 
		 	 Name:

Title:

  

			
	Address for Notices:
	
	 
	
	 
	
	 

  

			
	
	[NAME OF GRANTOR]
		
	By	 	 
		 	 Name:

Title:

  

	
	Address for Notices:
	
	 
	
	 
	
	 

  
 3 

 Exhibit C to the 
 Security Agreement 
 FORM OF INTELLECTUAL PROPERTY SECURITY AGREEMENT
SUPPLEMENT 
 This INTELLECTUAL PROPERTY SECURITY AGREEMENT SUPPLEMENT (this “IP Security Agreement
Supplement”) dated [            ] [    ], 20[    ], is made by the Person listed on the signature page hereof (the
“Grantor”) in favor of MORGAN STANLEY SENIOR FUNDING, INC. (“MSSF”), as collateral agent (the “Collateral Agent”) for the Secured Parties (as defined in the Credit Agreement
referred to below). 
 WHEREAS, Neustar, Inc, a Delaware corporation, has entered into a Credit Agreement dated as of
January 22, 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), with MSSF, as Administrative Agent, MSSF, as Collateral Agent, and the Lender Parties
party thereto. Terms defined in the Credit Agreement and not otherwise defined herein are used herein as defined in the Credit Agreement. 
 WHEREAS, pursuant to the Credit Agreement, the Grantor and certain other Persons have executed and delivered that certain Security Agreement dated January 22, 2013 made by the Grantor and such other
Persons to the Collateral Agent (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”) and that certain Intellectual Property Security Agreement dated
January 22, 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “IP Security Agreement”). 
 WHEREAS, under the terms of the Security Agreement, the Grantor has granted to the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in the Additional Collateral (as
defined in Section 1 below) of the Grantor and has agreed as a condition thereof to execute this IP Security Agreement Supplement for recording with the U.S. Patent and Trademark Office, the United States Copyright Office and other governmental
authorities. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Grantor agrees as follows: 
 SECTION 1. Grant of Security. Each Grantor hereby grants to the
Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in all of such Grantor’s right, title and interest in and to the following (the “Additional Collateral”): 

(i) the patents and patent applications set forth in Schedule A hereto (the “Patents”);

 (ii) the trademark and service mark registrations and applications set forth in Schedule B hereto (provided
that no security interest shall be granted in United States intent-to-use trademark applications to the extent that, and solely during the period in which, the grant of a security interest therein would impair the validity or enforceability of such
intent-to-use trademark applications under applicable federal law), together with the goodwill symbolized thereby (the “Trademarks”); 

 (iii) the copyright registrations and applications and exclusive copyright
licenses set forth in Schedule C hereto (the “Copyrights”); 
 (iv) all reissues,
divisions, continuations, continuations-in-part, extensions, renewals and reexaminations of any of the foregoing, all rights in the foregoing provided by international treaties or conventions, all rights corresponding thereto throughout the world
and all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto; 
 (v) all
any and all claims for damages and injunctive relief for past, present and future infringement, dilution, misappropriation, violation, misuse or breach with respect to any of the foregoing, with the right, but not the obligation, to sue for and
collect, or otherwise recover, such damages; and 
 (vi) any and all proceeds of, collateral for, income,
royalties and other payments now or hereafter due and payable with respect to, and supporting obligations relating to, any and all of the foregoing or arising from any of the foregoing. 

SECTION 2. Security for Obligations. The grant of a security interest in the Additional Collateral by the Grantor under this IP
Security Agreement Supplement secures the payment of all Obligations of the Grantor now or hereafter existing under or in respect of the Loan Documents, whether direct or indirect, absolute or contingent, and whether for principal, reimbursement
obligations, interest, premiums, penalties, fees, indemnifications, contract causes of action, costs, expenses or otherwise. 

SECTION 3. Recordation. The Grantor authorizes and requests that the Register of Copyrights, the Commissioner for Patents and the
Commissioner for Trademarks and any other applicable government officer to record this IP Security Agreement Supplement. 

SECTION 4. Grants, Rights and Remedies. This IP Security Agreement Supplement has been entered into in conjunction with the
provisions of the Security Agreement. The Grantor does hereby acknowledge and confirm that the grant of the security interest hereunder to, and the rights and remedies of, the Collateral Agent with respect to the Additional Collateral are more fully
set forth in the Security Agreement, the terms and provisions of which are incorporated herein by reference as if fully set forth herein. 
 SECTION 5. Governing Law. This IP Security Agreement Supplement shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
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 IN WITNESS WHEREOF, the Grantor has caused this IP Security Agreement Supplement to be duly
executed and delivered by its officer thereunto duly authorized as of the date first above written. 
  

			
	By	 	 
		 	     Name:

    Title:

  

	
	Address for Notices:
	
	 
	
	 
	
	 

  
 3Employment Agreement

 Exhibit 10.1 
 Execution Copy 
 EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (this “Agreement”), dated as of February 4, 2013 (“Effective Date”), is made by and
between Rexahn Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Peter D. Suzdak, Ph.D. (the “Executive”). 
 W I T N E S S E T H : 
 WHEREAS, the Company desires to employ the Executive pursuant to the terms and conditions contained in this Agreement; and 
 WHEREAS, the Executive desires to accept such employment pursuant to the terms and conditions contained in this Agreement; 
 NOW, THEREFORE, in consideration of the premises, and of the mutual covenants and agreements hereinafter contained, the parties hereto agree as follows: 

1. Term. The Executive’s employment under this Agreement shall commence on the Effective Date, and unless sooner
terminated pursuant to Section 7 below, shall continue through the second anniversary of such date (hereinafter, such period of employment is referred to as the “Term”) and thereafter, shall be automatically renewed each year for a
period of one year until terminated (“Extended Term”). During the Extended Term, Executive’s employment is terminable “at will” (i.e., with or without cause and with or without notice). 

2. Title. The Executive will serve as the Chief Executive Officer of the Company. 

3. Duties. The Executive is responsible for duties commensurate with his position as the Chief Executive Officer of the
Company, or as may be assigned to him from time to time by the Company’s Board of Directors (the “Board”). The Executive agrees to devote his full time, attention, skill and energy to the duties set forth herein and to the business of
the Company, and to use his best efforts to promote the success of the Company’s business. 
 4. Reporting.
The Executive will report directly to the Board. 
 5. Location. The Executive shall be based in the
Company’s Rockville, Maryland office. However, the Executive acknowledges that in order to effectively perform his duties, he will occasionally be required to travel for business purposes. 

 6. Compensation. 

(a) Base Salary. The Executive will receive an annual base salary of Three Hundred Thirty Thousand Dollars ($330,000) (the
“Base Salary”), payable in accordance with the Company’s normal payroll practices as in effect from time to time. Such Base Salary shall be adjusted for inflation each year as determined by the Consumer Price Index and shall be
subject to periodic review by the Compensation Committee of the Board (the “Compensation Committee”), and may be further increased (but not decreased) in the sole discretion of the Compensation Committee. 

(b) Discretionary Annual Cash Bonus. The Executive shall be eligible to receive a discretionary annual cash bonus for each fiscal
year. Whether to award such a bonus, and the amount of any such bonus, will be determined by the Compensation Committee in its sole discretion, up to Forty Percent (40%) of Base Salary. The cash bonus will be determined by performance against
goals, objectives and milestones which will be previously agreed upon by the Board and the Executive and when determined, shall be reduced to writing and added to this Agreement. Any such bonus shall be paid to the Executive within sixty
(60) days after the Compensation Committee determines to award such bonus. The Executive must be actively employed by the Company on the date on which such bonus is paid to the Executive. 

(c) Stock Option Awards. The Executive shall be granted at the beginning of the Term One Million Two Hundred Thousand
(1,200,000) options to purchase shares of the Company’s common stock (the “Stock Options”) which shall vest on the Effective Date. In addition, in its sole discretion, the Board may award the Executive as a bonus for
extraordinary performance up to an additional Five Hundred Thousand (500,000) Stock Options at each anniversary from the Effective Date. All Stock Options award shall be in accordance with the terms of the Company’s Stock Option Plan, as
such Stock Option Plan may be amended, suspended or terminated from time to time. 
 (d) Vacation. During the Term, the
Executive shall be entitled to vacation benefits in accordance with the Company’s vacation policy for management and officers. 
 (e) Benefits. During the Term, and provided that the Executive satisfies, and continues to satisfy, any plan eligibility requirements, the Executive shall be entitled to participate in, and receive
benefits under, any retirement savings plan or welfare benefit plan made available by the Company to similarly-situated executives, as such plans may be in effect from time to time. Such benefits may be changed unilaterally by the Company, without
notice to the Executive. 

  
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 (f) Reimbursement of Business Expenses. The Company will reimburse the Executive for
all reasonable and properly-documented business-related expenses incurred or paid by him in connection with the performance of his duties hereunder, consistent with Company policy regarding reimbursement of such expenses. 

(g) Term Life Insurance. The Company shall provide the Executive, at the Company’s cost, with term life insurance in
accordance with the Company’s insurance policy, for which the Executive may designate the beneficiary. 
 (h)
Withholdings. All payments made under this Section 6, or under any other provision of this Agreement, shall be subject to any and all federal, state and local taxes and other withholdings to the extent required by applicable law.

 7. Termination of Employment. 
 (a) Due to Death. The Executive’s employment with the Company will automatically terminate immediately upon his death. 
 (b) Due to Disability. If the Executive incurs a “Disability” (as defined below) during the Term, then the Company, in its sole discretion, shall be entitled to terminate the
Executive’s employment immediately upon written notice to the Executive of such decision. For purposes of this Agreement, “Disability” shall mean a physical or mental impairment that prevents the Executive from performing the
essential duties of his position, with or without reasonable accommodation, for (i) a period of ninety (90) consecutive calendar days or (ii) an aggregate of ninety (90) work days in any period of six (6) months. The
determination of whether the Executive incurred a Disability shall be made by the Board, in good faith, after consultation with the Executive’s physician. The Executive acknowledges that the Company regards him as a “key employee”
under the Family and Medical Leave Act, to the extent that Act is applicable. 
 (c) By the Company With Cause. During
the Term, the Company shall be entitled to terminate the Executive’s employment with “Cause” (as defined below) by providing written notice to the Executive of such decision. No advance notice period is required for a termination by
the Company with Cause. The Company reserves the right to withdraw any and all duties from the Executive, and to exclude the Executive from the Company’s premises, upon delivery of such notice of termination. For purposes of this Agreement,
“Cause” shall mean any of the following: 
 (i) the commission by the Executive of an act of malfeasance, dishonesty,
fraud or breach of trust against the Company or any of its Executives, clients or suppliers; 

  
 3 

 (ii) material breach by the Executive of any of his obligations under this Agreement, or
any other agreement between the Executive and the Company; 
 (iii) the Executive’s failure to comply with the
Company’s written policies; 
 (iv) the Executive’s failure, neglect or refusal to perform his duties under this
Agreement, or to follow the lawful written directions of the Board; 
 (v) the Executive’s commission of any act that
would constitute a felony or any crime involving moral turpitude; 
 (vi) any act or omission by the Executive involving
dishonesty or fraud or that is, or is reasonably likely to be, injurious to the financial condition or business reputation of the Company, or that otherwise is injurious to the Company’s Executives, clients or suppliers; or 

(vii) the inability of the Executive to perform the duties of his position. 

(d) By the Executive Without Good Reason. The Executive shall be entitled to terminate his employment with the Company by
providing the Company with at least 30 days’ advance written notice of such decision. The Company reserves the right to withdraw any and all duties from the Executive, and to exclude the Executive from the Company’s premises, upon delivery
of such notice of termination. 
 (e) By the Company Without Cause. The Company shall be entitled to terminate the
Executive’s employment without Cause by providing written notice to the Executive of such decision. No advance notice period is required for a termination by the Company without Cause. The Company reserves the right to withdraw any and all
duties from the Executive, and to exclude the Executive from the Company’s premises, upon delivery of such notice of termination. 
 (f) By the Executive With Good Reason. 
 (i) The Executive may voluntarily
terminate his employment for “Good Reason” by notifying the Company in writing, within ninety (90) days after the initial existence of one of the events below, that the Executive intends to terminate his employment for Good Reason,
and, if such Good Reason is not cured in accordance with the cure provision set forth below, the Executive must actually terminate employment no later than thirty (30) days following the initial notice of existence of such Good Reason.
“Good Reason” means the occurrence of any of the following events: 
 (A) A material diminution in the
Executive’s duties or authority inconsistent with the Executive’s position (including status, offices, titles and reporting requirements), excluding an isolated, insubstantial and inadvertent action not taken in bad faith that is remedied
by the Company after receipt of notice thereof given by the Executive: 

  
 4 

 (B) A change in the Executive’s reporting from solely and directly to the Board;

 (C) A material reduction in the Executive’s Base Salary or bonus eligibility; 

(D) The Company’ requiring the Executive to be based at any office that is more than 40 miles from the Executive’s current
office in Rockville, Maryland; or 
 (E) Any action or inaction by either of the Company that constitutes a material breach of
the terms and provisions of this Agreement (and its Exhibits). 
 (ii) Anything herein to the contrary notwithstanding, the
Executive’s employment shall not be terminated for Good Reason unless he provides written notice to the Company stating the basis of such termination and the Company fails to cure the action or inaction that is such basis within 30 days after
receipt of such notice. 
 8. Compensation Upon Termination of Employment. 

(a) Termination by Reason of Death, Disability, for Cause or by the Executive. Subject to Section 8(c) below, if the
Executive’s employment is terminated pursuant to Section 7(a), 7(b), 7(c) or 7(d) above, then the Company shall pay to the Executive (or his estate, as appropriate), within 30 days of his termination date: 

(i) The Base Salary to which he is otherwise entitled for the period ending on the termination date. 

(ii) The Base Salary to which he is entitled for any accrued but unused vacation days as of the termination date. 

  
 5 

 (b) Other Termination. If the Executive’s employment is terminated pursuant to
Section 7(e) or 7(f) above, but not under the circumstances contemplated by Section 8(c) below, then the Company shall pay to the Executive, within 30 days of his termination date (but in all cases subject to Section 8(d) below and
not before the applicable general release becoming effective in accordance with its terms), the following amounts and benefits: 
 (i) A cash lump sum amount equal to his then current Base Salary on the effective date of termination, ignoring any decrease in Base Salary that forms the basis for Good Reason. 

(ii) An amount equal to a pro-rata portion of the bonus to which the Executive otherwise might have been entitled pursuant to
Section 6(b) above, assuming for such purposes that the Executive would have received a bonus for that fiscal year equal to Forty Percent (40%) of his then current Base Salary (e.g., if one-third of the fiscal year elapsed prior to
the termination date, then the Executive would receive a bonus equal to one-third of Forty Percent (40%) of his Base Salary). 
 (iii) If Executive timely elects continued coverage under COBRA for himself and his covered dependents under the Company’s group health plans following such termination of employment, then the
Company will pay the COBRA premiums necessary to continue the Executive’s health insurance coverage in effect for himself and his eligible dependents on the termination date, as and when due to the insurance carrier or COBRA administrator (as
applicable), through the earlier to occur of the expiration of the twelve-month period following his termination date or the expiration of Executive’s eligibility for the continuation coverage under COBRA. Notwithstanding the foregoing, if the
Company determines, in its sole discretion, that the payment of the COBRA premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect (including but not
limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company, in its sole discretion, may elect instead to pay
Executive on the first day of each month of the twelve-month period, a fully taxable cash payment equal to such portion of the COBRA premiums for that month, subject to applicable tax withholdings (such amount, the “Special Severance
Payment”). Executive may, but is not obligated to, use such Special Severance Payment toward the cost of COBRA premiums. The first Special Severance Payment will occur on the date that is thirty days following the date of Executive’s
termination from employment, subject to the effectiveness of the general release as set forth in Section 8(d), and subsequent payments will occur on the schedule described above. If the Executive becomes eligible for coverage under another
employer’s group health plan or otherwise cease to be eligible for COBRA during the period provided in this clause, the Executive must immediately notify the Company of such event, and all payments and obligations under this clause will cease.

  
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 (iv) All of the Executive’s then-outstanding Stock Options will be subject to
accelerated vesting, and (if applicable) become immediately exercisable, with respect to the number of shares as to which the Stock Options that otherwise would have vested in the twelve (12) month period following the Executive’s
termination date. 
 (v) The Company will extend the post-termination exercise period applicable to the Executive’s
then-outstanding Stock Options until the earliest to occur of (i) twelve (12) months following his termination date, and (ii) the original term of the Stock Options. 

(c) Change of Control. 
 (i) If the Executive’s employment is terminated by the Company without Cause (and not as a result of death or a Disability) or by the Executive for Good Reason and such termination date falls within
the one-year period immediately following a “Change of Control” (as defined in the Company’s Stock Option Plan as in effect on the date hereof) (a “Change of Control Termination”), then the Company shall pay to the
Executive, within 30 days of his termination date (but in all cases subject to Section 8(d) below and not before the applicable general release becoming effective in accordance with its terms), the following amounts: 

(A) Two Hundred Percent (200%) of the Base Salary to which he is otherwise entitled for the period ending on
the termination date, ignoring for purposes of calculation any decrease in Base Salary that forms the basis for Good Reason; 
 (B) An amount equal to a pro-rata portion of the bonus to which the Executive otherwise might have been entitled pursuant to Section 6(b) above, assuming for such purposes that the Executive
would have received a bonus for that fiscal year equal to Forty Percent (40%) half of his then current Base Salary (e.g., if one-third of the fiscal year elapsed prior to the termination date, then the Executive would receive a bonus
equal to one-third of Forty Percent (40%) of his Base Salary); and 
 (C) Cash payment to offset (on
an after-tax basis) any incremental additional state and federal income tax that the Executive pays as a result of Section 8(c)(i)(A) and Section 8(c)(i)(B) (accelerating payment to the year of separation) subjecting him to a higher
marginal tax rate bracket in the year of payment, as calculated by the Company in its discretion. 

  
 7 

 (ii) Following the Change of Control Termination, if Executive timely elects continued
coverage under COBRA for himself and his covered dependents under the Company’s group health plans following such termination employment, then the Company will pay the COBRA premiums necessary to continue the Executive’s health insurance
coverage in effect for himself and his eligible dependents on the termination date, as and when due to the insurance carrier or COBRA administrator (as applicable), through the earlier to occur of the expiration of the eighteen-month period
following his termination date or the expiration of Executive’s eligibility for the continuation coverage under COBRA. Notwithstanding the foregoing, if the Company determines, in its sole discretion, that the payment of the COBRA premiums
would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010
Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company, in its sole discretion, may elect instead to pay Executive on the first day of each month of the eighteen-month period, the Special Severance
Payment. Executive may, but is not obligated to, use such Special Severance Payment toward the cost of COBRA premiums. If the Executive becomes eligible for coverage under another employer’s group health plan or otherwise cease to be eligible
for COBRA during the period provided in this clause, the Executive must immediately notify the Company of such event, and all payments and obligations under this clause will cease. 

(iii) Immediately prior to a Change of Control, all options, restricted stock and other equity-based awards granted to the Executive by
the Company and held by him immediately prior to such a Change of Control shall become immediately and fully vested and, in the case of Stock Options, shall remain exercisable for their respective original terms. 

(d) Release Required; Certain Limitations on the Company’s Obligations Hereunder. The obligations of the Company to the
Executive under this Section 8 shall be subject to the Executive’s execution of a general release in favor of the Company, in the form of Exhibit A hereto or in such other form reasonably satisfactory to the Company. Other than as
expressly set forth in this Section 8, the Company shall have no payment or other obligations to the Executive following a termination of his employment by the Company. 
 9. Confidential Information. 
 (a) Non-Use and Non-Disclosure of
Confidential Information. The Executive acknowledges that, during the course of his employment with the Company, he will have access to information about the Company and/or its subsidiaries and their clients and suppliers, that is confidential
and/or proprietary in nature, and that belongs to the Company and/or its subsidiaries. As such, at all times, both during the Term and 

  
 8 

 
thereafter, the Executive will hold in the strictest confidence, and not use or attempt to use except for the benefit of the Company and/or its subsidiaries, and not disclose to any other person
or entity (without the prior written authorization of the Board) any “Confidential Information” (as defined below). Notwithstanding anything contained in this Section 9, the Executive will be permitted to disclose any Confidential
Information to the extent required by validly-issued legal process or court order, provided that the Executive notifies the Company and/or its subsidiaries immediately of any such legal process or court order in an effort to allow the Company and/or
its subsidiaries to challenge such legal process or court order, if the Company and/or its subsidiaries so elects, prior to the Executive’s disclosure of any Confidential Information. 

(b) No Breach. The Executive represents and warrants that he has not and will not make unauthorized disclosure to the Company of
any confidential information or trade secrets of any third party or otherwise breach any obligation of confidentiality to any third party. 
 (c) Definition of “Confidential Information”. For purposes of this Agreement, “Confidential Information” means any confidential or proprietary information that belongs to the
Company and/or its subsidiaries, or any of their clients or suppliers, including without limitation, technical data, market data, trade secrets, trademarks, service marks, copyrights, other intellectual property, know-how, research, business plans,
product information, projects, services, client lists and information, client preferences, client transactions, supplier lists and information, supplier rates, software, hardware, technology, inventions, developments, processes, formulas, designs,
drawings, marketing methods and strategies, pricing strategies, sales methods, financial information, revenue figures, account information, credit information, financing arrangements and other information disclosed to the Executive by the Company
and/or its subsidiaries in confidence, directly or indirectly, and whether in writing, orally or by electronic records, drawings, pictures or inspection of tangible property. “Confidential Information” does not include any of the foregoing
information that has entered the public domain other than by a breach of this Agreement. 
 10. Return of Company
Property. Upon the termination of the Executive’s employment with the Company (whether upon the expiration of the Term or thereafter), or at any time during such employment upon request by the Board, the Executive will promptly deliver
to the Board (or its representative) and not keep in his possession, recreate or deliver to any other person or entity, any and all property that belongs to the Company and/or its subsidiaries, or that belongs to any other third party and is in the
Executive’s possession as a result of his employment with the Company, including without limitation, computer hardware and software, pagers, PDA’s, Blackberries, cell phones, other electronic equipment, records, data, client lists and
information, supplier lists and information, notes, reports, correspondence, financial information, account information, product information, files, electronically-stored information and other documents and information, including any and all copies
of the foregoing. 

  
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 11. Intellectual Property. 

(a) Prior Inventions. The Executive hereby acknowledges and agrees that he has made no invention, original work of authorship,
development, improvement, and trade secret prior to the commencement of his employment with the Company, that belong solely to the Executive or belong to the Executive jointly with others (subject to the restriction in
Section 9(b))(collectively referred to as “Prior Inventions”)), that relate in any way to any of the Company’s and/or its subsidiaries’ actual or proposed businesses, products, services or research and development, and that
are not assigned to the Company and/or its subsidiaries herein). If in the course of the Executive’s employment with the Company (whether during the Term or thereafter), he incorporates into any of the Company’s or its subsidiaries’
products, processes, services or machines, a Prior Invention owned by the Executive or in which he has an interest, then the Company is hereby granted and shall have a non-exclusive, royalty-free, irrevocable, perpetual, worldwide license (with the
right to sublicense) to make, have made, copy, modify, make derivative works of, use, sell and otherwise distribute such Prior Invention as part of, or in connection with, such product, process, service or machine. 

(b) Assignment of Inventions. The Executive will promptly make full written disclosure to the Board, will hold in trust for the
sole right and benefit of the Company, and hereby assigns to the Company or its designee, all his right, title and interest throughout the world in and to any and all inventions, original works of authorship, developments, concepts, know-how,
improvements or trade secrets, whether or not patentable or registerable under copyright or similar laws, that he may solely or jointly conceive or develop or reduce to practice, or cause to be developed or reduced to practice, during his employment
with the Company (whether during the Term or thereafter) that (i) relate at the time of conception, development or reduction to practice to the actual or demonstrably proposed business or research and development activities of the Company
and/or its subsidiaries, (ii) result from or relate to any work performed for the Company and/or its subsidiaries, whether or not during normal business hours or (iii) are developed through the use of Confidential Information (collectively
referred to as “Inventions”). The Executive further acknowledges that all Inventions that are made by him (solely or jointly with others) within the scope of and during the period of his employment with the Company and/or its subsidiaries
(whether during the Term or thereafter) are “works made for hire” (to the greatest extent permitted by applicable law) and are compensated by his salary, unless regulated otherwise by law. 

  
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 (c) Maintenance of Invention Records. The Executive will keep and maintain adequate
and current written records of all Inventions made by him (solely or jointly with others) during his employment with the Company and/or its subsidiaries (whether during the Term or thereafter). The records may be in the form of notes, sketches,
drawings, flow charts, electronic data or recordings, laboratory notebooks or any similar format. The records will be available to and remain the sole property of the Company and its subsidiaries at all times. The Executive will not remove such
records from the Company’s or its subsidiaries’ business premises except as expressly permitted by Company policy that may, from time to time, be revised at the sole discretion of the Company. 

(d) Further Assistance. The Executive will assist the Company or its designee, at the Company’s expense, in every way to
secure the Company’s rights in any Inventions and any copyrights, patents, trademarks, trade secrets, moral rights or other intellectual property rights relating thereto in any and all countries, including without limitation, the disclosure to
the Company of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments, records and all other instruments that the Company shall deem necessary in order to apply for, obtain,
maintain and transfer such rights and in order to assign and convey to the Company, its successors, assigns and nominees the sole and exclusive rights, title and interest in and to such Inventions, and any copyrights, patents, trademarks, trade
secrets, moral rights or other intellectual property rights relating thereto. The Executive acknowledges that his obligation to execute, or cause to be executed, when it is in his power to do so, any such instrument or papers shall continue after
the termination of his employment with the Company until the expiration of the last such intellectual property right in any country. If the Company is unable, after reasonable effort, because of the Executive’s mental or physical incapacity or
unavailability for any other reason, to secure his signature to apply for or to pursue any application for any patents or copyright registrations covering Inventions assigned to the Company above, then the Executive hereby irrevocably designates and
appoints the Company and its duly authorized officers and agents as his agent and attorney in fact, to act for and in his behalf and stead to execute and file any such applications and to do all other lawfully-permitted acts to further the
application for, prosecution, issuance, maintenance or transfer of letters patent or copyright registrations thereon with the same legal force and effect as if originally executed by the Executive. The Executive hereby waives and irrevocably
quitclaims to the Company and/or its subsidiaries any and all claims, of any nature whatsoever, that he now or hereafter has for infringement of any and all Inventions assigned to the Company and/or its subsidiaries. 

12. No Prior Restrictions. The Executive represents and warrants that his employment with the Company will not violate, or
cause him to be in breach of, any obligation or covenant made to any former employer or other third party, and that during the course of his employment with the Company (whether during the Term or thereafter), he will not take any action that would
violate or breach any legal obligation that he may have to any former employer or other third party.  

  
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 13. No Interference with Executives and Customers. The Executive agrees that,
during the Executive’s employment with the Company and for a period of 12 months immediately thereafter, the Executive will not, directly or indirectly through another entity, for himself or any other person or entity, (i) induce or
solicit, or attempt to induce or solicit, any executive or independent contractor of the Company or its subsidiaries (or any individual who was employed or engaged by the Company or its subsidiaries during the one-year period immediately before the
termination of the Executive’s employment) to leave the employment of, or to cease his or her contracting relationship with, the Company or its subsidiaries, (ii) interfere in any way with the employment relationship between the Company or
its subsidiaries or their executives and independent contractors, (iii) hire or engage any executive or independent contractor of the Company or its subsidiaries (or any individual who was employed or engaged by the Company or its subsidiaries
during the one-year period immediately before the termination of the Executive’s employment) or (iv) induce or attempt to induce any customer, supplier, licensee or other business relation of the Company or its subsidiaries to cease doing
business with the Company or its subsidiaries, or in any way interfere with the relationship between any such customer, supplier, licensee or business relation and the Company or its subsidiaries. 

14. Non-Disparagement. Both during and after the Executive’s employment with the Company, both the Executive and the
Company agree not to disparage, portray in a negative light, or take any action that would be harmful to, or lead to unfavorable publicity for, the other party or any of its current or former clients, suppliers, officers, directors, Executives,
agents, consultants, contractors, owners, parents, subsidiaries or divisions, whether in public or private, including without limitation, in any and all interviews, oral statements, written materials, electronically-displayed materials and materials
or information displayed on Internet-related sites.  
 15. Equitable Relief. The Executive acknowledges
that the remedy at law for his breach of Sections 9, 10, 11, 13 and 14 above will be inadequate, and that the damages flowing from such breach will not be readily susceptible to being measured in monetary terms. Accordingly, upon a violation of any
part of such sections, the Company shall be entitled to immediate injunctive relief (or other equitable relief) and may obtain a temporary order restraining any further violation. No bond or other security shall be required in obtaining such
equitable relief, and the Executive hereby consents to the issuance of such equitable relief. Nothing in this Section 15 shall be deemed to limit the Company’s remedies at law or in equity for any breach by the Executive of any of the
parts of Sections 9, 10, 11, 13 and 14 above which may be pursued or availed of by the Company. 

  
 12 

 16. Judicial Modification. The Executive acknowledges that it is the intent of
the parties hereto that the restrictions contained or referenced in Sections 9, 10, 11, 13 and 14 above be enforced to the fullest extent permissible under the laws of each jurisdiction in which enforcement is sought. If any of the restrictions
contained or referenced in such Sections is for any reason held by an arbitrator or court to be excessively broad as to duration, activity, geographical scope or subject, then such restriction shall be construed, judicially modified or “blue
penciled” in such jurisdiction so as to thereafter be limited or reduced to the extent required to be enforceable in such jurisdiction under applicable law. 
 17. Arbitration. Other than actions seeking injunctive relief to enforce the provisions of Sections 9, 10, 11, 13 and 14 above (which actions may be brought by the Company in a court of
appropriate jurisdiction), any dispute or controversy between the parties hereto, whether during the Term or thereafter, including without limitation, matters relating to this Agreement, the Executive’s employment with the Company and the
cessation thereof, and all matters arising under any federal, state or local statute, rule or regulation or principle of contract law or common law, including but not limited to any and all medical leave statutes, wage-payment statutes, employment
discrimination statutes and any other equivalent federal, state or local statute, shall be settled by arbitration administered by JAMS in Washington, D.C. pursuant to its rules applicable to employment disputes, which arbitration shall be
confidential, final and binding to the fullest extent permitted by law. Each party hereto shall be responsible for paying one-half of the cost of the arbitration (including the cost of the arbitrator), and all of the cost of its own attorneys’
fees and costs, unless otherwise apportioned by the arbitrator in accordance with applicable law 
 18. Notices.
All notices and other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered and received by the other party, or when sent by recognized overnight courier to the following
addresses: 
 If to the Company: 
 15245 Shady Grove Road 
 Suite 455 

Rockville, Maryland 20850 
 Attention: Secretary 
 If to the Executive: 

at the Executive’s home address 
 as reflected on the Company’s records 

  
 13 

 or to such other address as either party hereto will have furnished to the other in writing in accordance
with this Section 18, except that such notice of change of address shall be effective only upon receipt. 
 19.
Severability. In the event that any of the provisions of this Agreement, or the application of any such provisions to the Executive or the Company with respect to obligations hereunder, is held to be unlawful or unenforceable by any court
or arbitrator, the remaining portions of this Agreement shall remain in full force and effect and shall not be invalidated or impaired in any manner. 
 20. Waiver. No waiver by any party hereto of the breach of any term or covenant contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to
be, or construed as, a further or continuing waiver of any such breach, or a waiver of any other term or covenant contained in this Agreement. 
 21. Entire Agreement. This Agreement contains the entire agreement between the Executive and the Company with respect to the subject matter of this Agreement, and supersedes any and all
prior agreements and understandings, oral or written, between the Executive and the Company with respect to the subject matter of this Agreement. 
 22. Amendments. This Agreement may be amended only by an agreement in writing signed by the Executive and an authorized representative of the Company (other than the Executive). 

23. Section 409A Provisions 
 (a) Separation from Service. Notwithstanding anything in this Agreement to the contrary, to the extent that any severance payments or benefits paid or provided to Executive, if any, under this
Agreement are considered deferred compensation subject to Section 409A of the Code and the final regulations and any guidance promulgated thereunder (“Section 409A”) (such payments, the “Deferred Payments”), then (i) to
the extent required by Section 409A, no Deferred Payments will be payable unless Executive’s termination of employment also constitutes a “separation from service,” as defined in Treasury Regulations Section 1.409A-1(h)
(without regard to any alternative definition thereunder) (a “Separation from Service”). Similarly, no Deferred Payments payable to Executive, if any, under this Agreement that otherwise would be exempt from Section 409A pursuant to
Treasury Regulations Section 1.409A-1(b)(9) 

  
 14 

 
will be payable until Executive has a Separation from Service. For clarity, if Executive terminates employment with the Company in a manner entitling Executive to severance payments and benefits
under Section 8, but does not incur a separation from service within the meaning of Section 409A, then any severance payments or benefits that are Deferred Payments and that are not immediately payable under this Section 23(a) will
instead be paid to Executive when Executive incurs a Separation from Service, notwithstanding that Executive may no longer be employed under this Agreement. For purposes of Section 409A (including, without limitation, for purposes of Treasury
Regulations Section 1.409A-2(b)(2)(iii)), Executive’s right to receive the payments under this Agreement, including the severance payments and benefits, will be treated as a right to receive a series of separate payments and, accordingly,
each installment payment will at all times be considered a separate and distinct payment. 
 (b) Six-Month Wait for Key
Executives Following Separation from Service. To the extent that any amount payable or benefit to be provided under this Agreement or any other agreement between the parties hereto constitutes an amount payable or benefit to be provided under a
“nonqualified deferred compensation plan” (as defined in Section 409A) upon a “separation from service” (as defined in Section 409A), including any amount payable under Section 8 above, and to the extent that the
Executive is deemed to be a “specified employee” (as that term is defined in Section 409A and pursuant to procedures established by the Company) on the “separation from service” date, then, notwithstanding any other
provision in this Agreement or any other agreement to the contrary, such payment or benefit provision will not be made to the Executive during the six-month period immediately following the Executive’s “separation from service” date.
Instead, on the first day of the seventh month following such “separation from service” date, all amounts that otherwise would have been paid or provided to the Executive during that six-month period, but were not paid or provided because
of this Section 23(a), will be paid or provided to the Executive at such time, with any cash payment to be made in a single lump sum (without any interest with respect to that six-month period). This six-month delay will cease to be applicable
if the Executive “separates from service” due to death or if the Executive dies before the six-month period has elapsed. 
 (c) Section 409A Compliance. Exceptions to Payment Delay. To the maximum extent permitted by applicable law, amounts payable to Executive under Section 8 will be made in reliance upon
Treasury Regulations Section 1.409A-1(b)(4) (with respect to short-term deferrals) or Treasury Regulations Section 1.409A-1(b)(9) (with respect to separation pay plans). Accordingly, the severance payments provided for in Section 8
are not intended to provide for any deferral of compensation subject to Section 409A of the Code to the extent (i) the severance payments payable under Section 8, by its terms and determined as of the date of Executive’s
Separation from Service, may not be made later than the 15th day of the third calendar month following the later of (1)

  
 15 

 
the end of the Company’s fiscal year in which Executive’s termination of employment occurs or (2) the end of the calendar year in which Executive’s termination of employment
occurs, or (ii) the severance payments do not exceed an amount equal to two times the lesser of (1) the amount of Executive’s annualized compensation based upon Executive’s annual rate of pay for the calendar year immediately
preceding the calendar year in which Executive’s termination of employment occurs (adjusted for any increase during the calendar year in which such termination of employment occurs that would be expected to continue indefinitely had Executive
remained employed with the Company) or (2) the maximum amount that may be taken into account under a qualified plan under Section 401(a)(17) of the Code for the calendar year in which Executive’s termination of employment occurs. To
the extent the payments and benefits under this Agreement are subject to Section 409A, this Agreement will be interpreted, construed and administered in a manner that satisfies the requirements of Sections 409A(a)(2), (3) and (4) of
the Code and the Treasury Regulations and official guidance thereunder. If said payments and benefits to Executive are not exempt from or in compliance with Section 409A, the parties will attempt to bring such payments and benefits into
compliance with Section 409A without diminishing the benefits to which Executive is entitled to the greatest extent possible. 
 (d) Expense Reimbursement. If required for compliance with Section 409A of the Code, any business expenses incurred by Executive that are reimbursed by the Company as a non-taxable reimbursement
under this Agreement will be paid in accordance with Treasury Regulations Section 1.409A-3(i)(1)(iv) and in accordance with the Company’s standard expense reimbursement policies, but in any event on or before the last day of
Executive’s taxable year following the taxable year in which Executive incurred the expenses. The amounts reimbursed during any taxable year of Executive will not affect the amounts provided in any other taxable year of Executive, and
Executive’s right to reimbursement for these amounts will not be subject to liquidation or exchange for any other benefit. 

24. Successors and Assigns. Because the Executive’s obligations under this Agreement are personal in nature, the
Executive’s obligations may only be performed by the Executive and may not be assigned by him. This Agreement is also binding upon the Executive’s successors, heirs, executors, administrators and other legal representatives, and shall
inure to the benefit of the Company and its subsidiaries, successors and assigns. 
 25. Consultation with Counsel.
The Executive acknowledges that he has had a full and complete opportunity to consult with counsel of his own choosing concerning the terms, enforceability and implications of this Agreement. 

26. No Other Representations. The Executive acknowledges that the Company has made no representations or warranties to the
Executive concerning the terms, enforceability or implications of this Agreement other than as reflected in this Agreement. 

  
 16 

 27. Headings. The titles and headings of sections and subsections contained in
this Agreement are included solely for convenience of reference and will not control the meaning or interpretation of any of the provisions of this Agreement.  
 28. Counterparts. This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, and such counterparts shall together constitute
but one agreement. 
 29. Governing Law. This Agreement shall be governed by, and construed in accordance with,
the laws of the State of Maryland, without giving effect to its conflict of laws principles. 
 [Signature page follows]

  
 17 

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

									
	REXAHN PHARMACEUTICALS, INC.	 		 		 	PETER D. SUZDAK, PH.D.
					
	By:	 	 /s/ Tae Heum Jeong
	 		 		 	 /s/ Peter D. Suzdak, Ph.D.

	Name:	 	Tae Heum Jeong	 		 		 	Signature
	Title:	 	Senior Vice President, Chief	 		 		 	
		 	Financial Officer & Secretary	 		 		 	

 [Signature page to Employment Agreement] 

  
 18 

 EXHIBIT A 
 Employment Release 
 In consideration of the payments and
benefits set forth in Section 8 of the Agreement, I,             , do hereby release and forever discharge Rexahn Pharmaceuticals, Inc. , together with its direct and indirect
subsidiaries), the “Company”), and all present and former directors, officers, agents, representatives, employees, successors and assigns of the Company, and its direct or indirect owners, and its affiliates and all present and former
directors, officers, agents, representatives, employees, successors and assigns of such affiliates (collectively, the “Released Parties”) to the extent provided below. 
 1. Except as provided in paragraph 3 below, I knowingly and voluntarily release and forever discharge the Company and the other Released Parties from any and all claims, controversies, actions, causes of
action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs, expenses and attorneys’ fees, or liabilities of any nature whatsoever in law and in
equity, both past and present (through the date of this Employment Release) and whether known or unknown, suspected, or claimed against the Company or any of the Released Parties which I or any of my heirs, executors, administrators or assigns, may
have, including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the
Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Civil Rights Act of 1866, as amended; the Worker Adjustment Retraining and
Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; Corporate and Criminal Fraud Accountability Act of 2002, also known as the Sarbanes Oxley Act or their
state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or
arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorney’
fees, incurred in these matters). Nothing herein releases the Company from its post-employment obligations to me pursuant to the Agreement. 
 Anything herein to the contrary notwithstanding, nothing herein shall release the Company or any other Releasees from any claims or damages based on: (i) any right or claim that arises after the
Execution Date, (ii) any right, including a right to a payment or benefit, the Executive may have under this Agreement or for accrued or vested benefits 

  
 Exhibit A -
Page 1 

 
and stock based awards pursuant to the terms and conditions of the applicable plan document, (iii) the Executive’s eligibility for indemnification, in accordance with applicable laws or
the certificate of incorporation or by-laws of the Company, or under any applicable insurance policy, with respect to any liability the Executive incurs or has incurred as a director, officer or employee of the Company and its subsidiaries or
(iv) any right the Executive may have to obtain contribution as permitted by law in the event of entry of judgment against him as a result of any act or failure to act for which he and the Company or any other Releasee are jointly liable.

 2. I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph
1 above. 
 3. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of the Agreement shall
not serve as the basis for any claim or action, including without limitation any claim under the Age Discrimination in Employment Act of 1967. 

4. In signing this Employment Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the claims hereinabove
mentioned or implied. I expressly consent that this Employment Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected claims (notwithstanding
any state statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated claims), if any, as well as those relating to any other claims hereinabove mentioned or implied. I acknowledge and agree that
this waiver is an essential and material term of this Employment Release and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a claim seeking damages against
the Company or any Released Party, or in the event I should seek to recover against the Company or any Released Party in any claim brought by a governmental agency on my behalf, this release shall serve as a complete defense to such claims. I
further agree that I am not aware of any pending claim or complaint of the type described in paragraph 1 as of the execution of this Employment Release. 
 5. I agree that neither this Employment Release, nor the furnishing of the consideration for this Employment Release, shall be deemed or construed at any time to be an admission by the Company, any
Released Party or myself of any improper or unlawful conduct. 

  
 Exhibit A -
Page 2 

 6. I acknowledge and agree that 
 (a) the consideration provided to me exceeds anything to which I am otherwise entitled and that I am owed no wages, commissions, bonuses, finder’s fees, equity or incentive awards, severance pay,
vacation pay or any other compensation or vested benefits or payments or remuneration of any kind or nature other than as specifically provided for in this Employment Release; 
 (b) if I make any claim or demand or commence or threaten to commence any action, claim or proceeding against the Company or any other Releasees with respect to any cause, matter or thing which is the
subject of this Employment Release, the Company may raise this Employment Release as a complete bar to any such action, claim or proceeding, and the Company or any other Releasees, as applicable may recover from me all costs incurred in connection
with such action, claim or proceeding, including attorneys’ fees. 
 7. I agree that I will forfeit all amounts payable by the Company
pursuant to the Agreement if I challenge the validity of this Employment Release. I also agree that if I violate this Employment Release by suing the Company or the other Released Parties, I will pay all costs and expenses of defending against the
suit incurred by the Released Parties, including reasonable attorneys’ fees, and return all payments received by me pursuant to the Agreement. 
 8. Notwithstanding anything in this Employment Release to the contrary, this Employment Release shall not relinquish, diminish, or in any way affect any rights or claims arising out of any breach by the
Company or by any Released Party of the Agreement. 
 9. Whenever possible, each provision of this Employment Release shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Employment Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity,
illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Employment Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had
never been contained herein. 
 BY SIGNING THIS EMPLOYMENT RELEASE, I REPRESENT AND AGREE THAT: 

1. I HAVE READ IT CAREFULLY; 
 2. I UNDERSTAND
ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, 

  
 Exhibit A -
Page 3 

 
TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED;

 3. I VOLUNTARILY CONSENT TO EVERYTHING IN IT; 
 4. I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION; 

5. I HAVE BEEN OFFERED AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE ON
[            , 20    ], TO CONSIDER IT AND THE CHANGES MADE SINCE THE [            ,
20    ] VERSION OF THIS RELEASE ARE NOT MATERIAL AND WILL NOT RESTART THE REQUIRED 21-DAY PERIOD; 
 6. THE CHANGES TO
THE AGREEMENT SINCE [            , 20    ] EITHER ARE NOT MATERIAL OR WERE MADE AT MY REQUEST; 
 7. I UNDERSTAND THAT I HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE THIS RELEASE SOLELY WITH RESPECT TO THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, AND THAT THIS RELEASE
SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED; 
 8. I HAVE SIGNED THIS EMPLOYMENT RELEASE KNOWINGLY AND
VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND 
 9. I AGREE THAT THE PROVISIONS OF THIS
EMPLOYMENT RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME. 

  
 Exhibit A -
Page 4

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