Document:

EX-10.4

 Exhibit 10.4 

WARRANT AGREEMENT 
 THIS
WARRANT AGREEMENT (this “Agreement”), dated as of July 15, 2016, is by and among reorganized Verso Corporation, a Delaware corporation (the “Company”), and Computershare Inc., a Delaware corporation
(“Computershare”), and its wholly-owned subsidiary, Computershare Trust Company N.A., a federally chartered trust company, collectively as warrant agent (together with their respective successors and assigns, the “Warrant
Agent”). 
 WHEREAS, on January 26, 2016, Verso Corporation and its affiliated debtors (collectively, the
“Debtors”) filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) under the Case
No. 16-10163 (KG); 
 WHEREAS, on April 15, 2016, the Debtors filed the Debtors’ First Amended Joint
Plan of Reorganization Under Chapter 11 of the Bankruptcy Code [D.I. 714] (as amended or supplemented from time to time, the “Plan of Reorganization”); 

WHEREAS, on June 23, 2016, the Bankruptcy Court entered an order confirming the Plan of Reorganization, and the Debtors emerged
from their chapter 11 cases on the date first written above (the “Effective Date”); 
 WHEREAS, pursuant to the Plan
of Reorganization, the Company will issue or cause to be issued, on or as soon as reasonably practicable after the Effective Date, warrants (the “Warrants”) to purchase shares of Class A (“Class A Common Stock”) of
the Company’s common stock, par value $0.01 per share (“Common Stock”), representing an aggregate total of 5% of the total number of shares of Common Stock issuable pursuant to the Plan of Reorganization (subject to dilution as
set forth in the Plan of Reorganization) to holders of Allowed Verso First Lien Claims (as defined in the Plan of Reorganization); 

WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and
exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; 

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in
connection with the issuance, registration, transfer, exchange, call, exercise and cancellation of the Warrants; and 
 WHEREAS, all
acts and things have been done and performed which are necessary to make the Warrants, when issued, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 

 ARTICLE I 

DEFINITIONS 

Section 1.1 Definition of Terms. As used in this Agreement, the following capitalized terms shall have the following respective
meanings: 
 (a) “Additional Common Stock” has the meaning set forth in Section 5.1(b) hereof.

 (b) “Adjustment Event” has the meaning set forth in Section 5.3 hereof. 

(c) “Affiliate” has the meaning set forth in Rule 12b-2 of the Exchange Act. 

(d) “Appropriate Officer” has the meaning set forth in Section 3.2(a) hereof. 

(e) “Bankruptcy Code” means Title 11 of the United States Code, 11 U.S.C. §§ 101-1532. 

(f) “Beneficial Holders” means, with respect to any Warrants represented by a Global Warrant Certificate, any
person or entity that “beneficially owns” (as such term is defined and determined pursuant to Rule 13d-3 promulgated under the Exchange Act) such Warrants. 

(g) “Black Scholes Value” means the value of the unexercised portion of any Warrants remaining on the date of
any Holder’s request pursuant to Section 5.6, which value is calculated using the Black Scholes Option Pricing Model for a “call” option, as obtained from the “OV” function on Bloomberg, L.P. utilizing
(i) an underlying price per share equal to the greater of (1) the highest Current Sale Price of the Class A Common Stock during the period beginning on the Business Day immediately preceding the announcement of the applicable Organic
Change (or the consummation of the applicable Organic Change, if earlier) and ending on the date of the Holder’s request pursuant to Section 5.6 and (2) the sum of the price per share being offered in cash in the applicable
Organic Change (if any) plus the value of the non-cash consideration being offered in the applicable Organic Change (if any), (ii) a strike price equal to the Exercise Price in effect on the date of the Holder’s request pursuant to
Section 5.6, (iii) a risk-free interest rate corresponding to the stated rate on the United States Treasury security with a maturity closest to the remaining term of the Warrant (1) as of the date of consummation of the
applicable Organic Change or (2) as of the date of the Holder’s request pursuant to Section 5.6 if such request was submitted prior to the date of the consummation of the applicable Organic Change, (iv) a zero cost of
borrow and (v) an expected volatility equal to forty percent (40%). 
 (h) “Board of Directors” means
the Board of Directors of the Company. 

  
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 (i) “Book-Entry Warrants” has the meaning set forth in
Section 3.1(c) hereof. 
 (j) “Business Day” means any day other than a Saturday, Sunday or any
other day on which the New York Stock Exchange is closed for trading. 
 (k) “Certificated Warrant” has the
meaning set forth in Section 3.1(c) hereof. 
 (l) “Class A Common Stock” has the meaning set
forth in the Recitals, and shall include any successor security as a result of any recapitalization, reorganization, reclassification or similar transaction involving the Company. 

(m) “Common Stock” has the meaning set forth in the Recitals, and shall include any successor security as a
result of any recapitalization, reorganization, reclassification or similar transaction involving the Company. 
 (n)
“Convertible Securities” means any securities (directly or indirectly) convertible into or exchangeable for Common Stock, but excluding Options. 

(o) “Current Sale Price” of the Class A Common Stock on any date of determination means: 

(i) if the Class A Common Stock is listed on the New York Stock Exchange or The NASDAQ Stock Market on such date, the
average closing sale price per share of the Class A Common Stock (or if no closing sale price is reported, the average of the closing bid and closing ask prices or, if more than one in either case, the average of the average closing bid and the
average closing ask prices) for the ten (10) consecutive trading days immediately prior to such date of determination, as reported by the New York Stock Exchange or The NASDAQ Stock Market, as applicable; 

(ii) if the Class A Common Stock is not listed on the New York Stock Exchange or The NASDAQ Stock Market on such date,
but is listed on another U.S. national or regional securities exchange, the average closing sale price per share of the Class A Common Stock (or if no closing sale price is reported, the average of the high bid and low asked prices or, if more
than one in either case, the average of the average high bid and low asked prices) for the ten (10) consecutive trading days immediately prior to such date of determination, as reported in composite transactions for such securities exchange
(or, if more than one, the principal securities exchange on which the Class A Common Stock is traded); 
 (iii) if the
Class A Common Stock is not listed on a U.S. national or regional securities exchange, the average last quoted sale price for the Class A Common Stock (or, if no sale price is reported, the average of the high bid and low asked price for
such date) for the ten (10) consecutive trading days immediately prior to such date of determination, in the over-the-counter market as reported by OTC Markets Group Inc. or other similar organization; or 

  
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 (iv) in all other cases, as determined in good faith by the Board of Directors.

 The Current Sale Price shall be determined without reference to early hours, after hours or extended market trading. 

The Current Sale Price shall be appropriately adjusted by the Board of Directors in good faith if the “ex date” (as hereinafter defined) for any
event (other than the issuance or distribution requiring such computation) occurs during the ten (10) consecutive trading days immediately prior to the day as of which the Current Sale Price is being determined. 

For these purposes the term “ex date”, when used: 

(i) with respect to any issuance or distribution, means the first date on which the Class A Common Stock trades regular
way on the relevant exchange or in the relevant market from which the sale price or bid and ask prices, as applicable, were obtained without the right to receive such issuance or distribution; 

(ii) with respect to any subdivision or combination of shares of Class A Common Stock, means the first date on which the
Class A Common Stock trades regular way on such exchange or in such market after the time at which such subdivision or combination becomes effective; and 

(iii) with respect to any tender or exchange offer, means the first date on which the Class A Common Stock trades regular
way on such exchange or in such market after the expiration time of such offer. 
 The foregoing adjustments shall be made to the Current Sale Price in
accordance with the terms hereof, as may be necessary or appropriate to effectuate the intent of this Agreement and to avoid unjust or inequitable results as determined in good faith by the Board of Directors. 

(p) “Date of Issuance” has the meaning set forth in Section 3.1(a) hereof. 

(q) “Depositary” has the meaning set forth in Section 3.1(c) hereof. 

(r) “Direct Registration Warrants” has the meaning set forth in Section 3.1(c) hereof. 

(s) “Effective Date” has the meaning set forth in the Recitals. 

(t) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(u) “Excluded Issuances” means any issuance or sale (or deemed issuance or sale in accordance with
Section 5.1(a)) by the Company after the Date of Issuance of (a) shares of Common Stock issued upon the exercise of any of the Warrants; (b) shares of Common Stock issued directly or upon the exercise of Options to directors,

  
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officers, employees, or consultants of the Company in connection with their service as directors of the Company, their employment by the Company or their retention as consultants by the Company,
in each case authorized by the Board of Directors and issued pursuant to the Company’s Performance Incentive Plan (including all such shares of Common Stock and Options outstanding prior to the Effective Date); (c) shares of Common Stock
issued upon the conversion or exercise of Options (other than Options covered by clause (b) above) or Convertible Securities issued prior to the Date of Issuance, provided that such securities are not amended after the date hereof to increase
the number of shares of Common Stock issuable thereunder or to lower the exercise or conversion price thereof; or (d) shares of Common Stock issued as bona fide “equity kickers” following the Effective Date in connection with
one or more debt financings of the Company from one or more lenders that are not Affiliates of the Company. 
 (v)
“Exercise Date” means any date, on or prior to the expiration of the Exercise Period, on which the Holder exercises the right to purchase the Warrant Exercise Shares, in whole or in part, pursuant to and in accordance with the terms
and conditions described herein. 
 (w) “Exercise Form” has the meaning set forth in
Section 4.3(d) hereof. 
 (x) “Exercise Price” has the meaning set forth in
Section 4.1 hereof. 
 (y) “Exercise Period” has the meaning set forth in
Section 4.2 hereof. 
 (z) “Fully Diluted” means all Common Stock outstanding as of the
applicable measurement date together with all Common Stock then issuable upon (i) the conversion of Convertible Securities at the then applicable conversion rate, and (ii) the exercise of any Options; provided that, for purposes of clauses
(i) and (ii), all conditions to the convertibility and/or exercisability of Convertible Securities and Options of the Company, shall be deemed to have been satisfied. 

(aa) “Global Warrant Certificates” has the meaning set forth in Section 3.1(c) hereof. 

(bb) “Governmental Authority” means any (i) government, (ii) governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, official or entity and any court or other tribunal) or (iii) body exercising, or entitled to exercise, any
administrative, executive, judicial, legislative, police, regulatory or taxing authority or power of any nature, in each case, whether federal, state, local, municipal, foreign, supranational or of any other jurisdiction. 

(cc) “Holder” has the meaning set forth in Section 4.1 hereof. 

(dd) “Law” means all laws, statutes, rules, regulations, codes, injunctions, decrees, orders, ordinances,
registration requirements, disclosure requirements and other pronouncements having the effect of law of the United States, any foreign country or any domestic or foreign state, county, city or other political subdivision or of any Governmental
Authority. 

  
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 (ee) “Options” means any warrants or other rights or options to
subscribe for or purchase Common Stock or Convertible Securities. 
 (ff) “Organic Change” means any
recapitalization, reorganization, reclassification, consolidation, merger, sale of all or substantially all of the Company’s equity securities or assets or other transaction, in each case which is effected in such a way that the holders of
Common Stock are entitled to receive (either directly or upon subsequent liquidation) cash, stock, securities or other assets or property with respect to or in exchange for Common Stock, other than a transaction which triggers an adjustment pursuant
to Sections 5.1, 5.2, 5.3 or 5.4. 
 (gg) “Person” means any individual, firm,
corporation, partnership, limited partnership, limited liability company, association, indenture trustee, organization, joint stock company, joint venture, estate, trust, governmental unit or any political subdivision thereof, or any other entity
(as such term is defined in the Bankruptcy Code). 
 (hh) “Plan of Reorganization” has the meaning set forth
in the Recitals. 
 (ii) “Pro Rata Repurchase Offer” means any offer to purchase shares of any class of
Common Stock by the Company or any Affiliate thereof pursuant to (i) any tender offer or exchange offer subject to Section 13(e) or 14(e) of the Exchange Act or Regulation 14E promulgated thereunder or (ii) any other offer available
to substantially all holders of any class of Common Stock (subject to satisfaction of any conditions to participation therein such as those relating to minimum holding percentages or accredited status) to purchase or exchange their shares of Common
Stock, in the case of both (i) or (ii), whether for cash, shares of capital stock of the Company, other securities of the Company, evidences of indebtedness of the Company or any other Person, or any other property (including, without
limitation, shares of capital stock, other securities or evidences of indebtedness of a Subsidiary), or any combination thereof, effected while the Warrants are outstanding. The “effective date” of a Pro Rata Repurchase Offer shall
mean the date of acceptance of shares for purchase or exchange by the Company under any tender or exchange offer which is a Pro Rata Repurchase Offer or the date of purchase with respect to any Pro Rata Repurchase Offer that is not a tender or
exchange offer. 
 (jj) “Registered Holder” has the meaning set forth in Section 3.3(d) hereof.

 (kk) “Requisite Holders” means Registered Holders of Warrants exercisable for a majority of the
Class A Common Stock issuable upon exercise of all Warrants then outstanding. 
 (ll) “SEC” means the
Securities and Exchange Commission or any other federal agency at the time administering the Securities Act or the Exchange Act. 

  
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 (mm) “Securities Act” means the Securities Act of 1933, as
amended. 
 (nn) “Subsidiary” means, with respect to any Person, any corporation, partnership, limited
liability company or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors is at the time
owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, limited liability company or other business entity (other than a
corporation), a majority of the partnership, limited liability company or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or
a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a partnership, limited liability company or other business entity if such Person or Persons shall be allocated a majority of
partnership, limited liability company or other business entity gains or losses or shall be or control the general partner, the managing member or entity performing similar functions of such partnership, limited liability company or other business
entity. 
 (oo) “Transfer” means any transfer, sale, assignment or other disposition. 

(pp) “Warrant Agent” has the meaning set forth in the preamble and shall include any successor to the Warrant
Agent pursuant to Section 8.1 hereof. 
 (qq) “Warrant Certificate” has the meaning set forth in
Section 3.1(c) hereof. 
 (rr) “Warrant Exercise Shares” means the shares of Class A Common
Stock issued upon the exercise of a Warrant. 
 (ss) “Warrant Register” has the meaning set forth in
Section 3.3(c) hereof. 
 (tt) “Warrant Restrictions” has the meaning set forth in
Section 3.1(c) hereof. 
 (uu) “Warrant Statements” has the meaning set forth in
Section 3.1(c) hereof. 
 (vv) “Warrants” has the meaning set forth in the Recitals. 

Section 1.2 Rules of Construction. 

(a) The singular form of any word used herein, including the terms defined in Section 1.1 hereof, shall include the
plural, and vice versa. The use herein of a word of any gender shall include correlative words of all genders. 

  
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 (b) Unless otherwise specified, references to Articles, Sections and other
subdivisions of this Agreement are to the designated Articles, Sections and other subdivision of this Agreement as originally executed. The words “hereof,” “herein,” “hereunder” and words of similar import refer to this
Agreement as a whole. 
 (c) References to “$” are to dollars in lawful currency of the United States of America.

 (d) The Exhibits attached hereto are an integral part of this Agreement. 

ARTICLE II 
 APPOINTMENT
OF WARRANT AGENT 
 Section 2.1 Appointment. The Company hereby appoints the Warrant Agent to act as agent for the Company
for the Warrants in accordance with the express terms and subject to the conditions set forth in this Agreement (and no implied terms or conditions), and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance
with the express terms and conditions set forth in this Agreement. 
 ARTICLE III 

WARRANTS 

Section 3.1 Issuance of Warrants. 

(a) On the terms and subject to the conditions of this Agreement and in accordance with the terms of the Plan of
Reorganization, on or as soon as reasonably practicable after the Effective Date (such date, the “Date of Issuance”), the Company will issue the Warrants to holders of Allowed Verso First Lien Claims, as set forth in the Plan of
Reorganization. 
 (b) The maximum number of shares of Class A Common Stock issuable pursuant to exercise of the
Warrants shall be 1,810,035 shares, as such amount may be adjusted from time to time pursuant to this Agreement. 
 (c)
Unless otherwise provided in this Agreement, the Warrants (such Warrants being referred to as “Book-Entry Warrants”) shall be issued through the book-entry facilities of The Depository Trust Company, as depositary (the
“Depositary”), in the form of one or more global warrant certificates (“Global Warrant Certificates”), duly executed on behalf of the Company and countersigned, either by manual or facsimile signature, by the
Warrant Agent, in the manner set forth in Section 3.2(b) below, which the Company shall deliver, or cause to be delivered to the Depositary, on or as soon as reasonably practicable after the Effective Date. Notwithstanding the foregoing,
any Warrants which are not issuable through the mandatory reorganization function of the Depositary shall either be (x) represented by certificates (together with the Global Warrant Certificates, “Warrant Certificates”; and any
Warrant represented by a Warrant Certificate, other than a Global Warrant Certificate, being referred to as a “Certificated  

  
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Warrant”) or (y) issued by electronic entry registration on the books of the Warrant Agent (“Direct Registration Warrants”) and shall be reflected on statements
issued by the Warrant Agent from time to time to the holders thereof (the “Warrant Statements”); provided that any Certificated Warrants or Direct Registration Warrants that are not subject to any restriction on transfer or
exercise, or are not subject to any vesting requirements (such restrictions or requirements, “Warrant Restrictions”), may be exchanged at any time for a corresponding number of Book-Entry Warrants, in accordance with
Section 6.1(c) and the applicable procedures of the Depositary and the Warrant Agent. 
 Section 3.2 Form of Warrant;
Execution of Warrant Certificates. 
 (a) Subject to Section 6.1 of this Agreement, the Global Warrant
Certificates shall be in substantially the form set forth in Exhibit A-1 attached hereto. The certificates for Certificated Warrants, with the forms of election to exercise and of assignment printed on the reverse thereof, shall be in
substantially the form set forth in Exhibit A-2 attached hereto. The Warrant Certificates may bear such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Agreement, may have such
letters, numbers or other marks of identification or designation and such legends or endorsements placed thereon as may be required by the Depositary (including as provided in Section 3.2(b)) and as are consistent with the provisions of
this Agreement, or as may be required to comply with any Law or with any rules or regulations made pursuant thereto or with any rules of any securities exchange or as may be determined (in a manner consistent with the provisions of this Agreement)
by the Chief Executive Officer or Chief Financial Officer of the Company (each, an “Appropriate Officer”) executing such Warrant Certificates, as evidenced by their execution of the Warrant Certificates. Such signatures may be
manual or facsimile signatures of such authorized officers and may be imprinted or otherwise reproduced on the Warrant Certificates. 

(b) In case any Appropriate Officer of the Company who shall have signed any of the Warrant Certificates (either manually or by
facsimile signature) shall cease to be such Appropriate Officer before the Warrant Certificates so signed shall have been countersigned (either manually or by facsimile signature) by the Warrant Agent or delivered or disposed of by or on behalf of
the Company, such Warrant Certificates nevertheless may be countersigned and delivered or disposed of with the same force and effect as though such Appropriate Officer had not ceased to be such Appropriate Officer of the Company; and any Warrant
Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be a proper Appropriate Officer of the Company to sign such Warrant Certificate, although at the date of the
execution of this Agreement any such person was not such Appropriate Officer. 
 (c) The Global Warrant Certificates shall
bear a legend substantially in the form indicated therefor on Exhibit A-1. The Global Warrant Certificates shall be deposited on or after the Date of Issuance with the Warrant Agent and registered in the name of Cede & Co., as the
nominee of the Depositary. Each Global Warrant Certificate 

  
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shall represent such number of the outstanding Warrants as specified therein, and each shall provide that it shall represent the aggregate amount of outstanding Warrants from time to time
endorsed thereon and that the aggregate amount of outstanding Warrants represented thereby may from time to time be reduced or increased, as appropriate, in accordance with the terms of this Agreement. 

(d) A Warrant Certificate shall be, and shall remain, subject to the provisions of this Agreement until such time as all of the
Warrants evidenced thereby shall have been duly exercised or shall have expired or been cancelled in accordance with the terms hereof. 

Section 3.3 Registration and Countersignature. 

(a) Upon receipt of a written order of the Company signed by an Appropriate Officer instructing the Warrant Agent to do so, the
Warrant Agent (i) shall upon receipt of Warrant Certificates, including the Global Warrant Certificates, duly executed on behalf of the Company, countersign, either by manual or facsimile signature, such Global Warrant Certificates evidencing
Warrants, and record such Warrant Certificates, including the Registered Holders thereof, in the Warrant Register, and (ii) shall register in the Warrant Register any Direct Registration Warrants in the names of the initial Registered Holders
thereof. Such written order of the Company shall specifically state the number of Warrants that are to be issued as Certificated Warrants or Direct Registration Warrants and the name of the Registered Holders thereof, and the number of Warrants that
are to be issued as Book-Entry Warrants, and the Warrant Agent may rely conclusively on such written order. Notwithstanding the foregoing or anything else in this Agreement to the contrary, the Company shall not instruct the Warrant Agent to
register any Direct Registration Warrants unless and until the Warrant Agent shall confirm to the Company in writing that it has the capabilities to accommodate Direct Registration Warrants. 

(b) No Warrant Certificate shall be valid for any purpose, and no Warrant evidenced thereby shall be exercisable, until such
Warrant Certificate has been countersigned by the manual or facsimile signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be conclusive evidence that such Warrant Certificate
so countersigned has been duly issued hereunder. 
 (c) The Warrant Agent shall keep or cause to be kept, at an office
designated for such purpose, books (the “Warrant Register”) in which, subject to such reasonable regulations as it may prescribe, it shall register the Certificated Warrants or Direct Registration Warrants, and the Warrants
represented by Global Warrant Certificates, and exercises, exchanges, cancellations and transfers of outstanding Warrants in accordance with the procedures set forth in Section 6.1 of this Agreement, all in a form reasonably satisfactory
to the Company and the Warrant Agent. No service charge shall be made for any exchange or registration of transfer of the Warrants, but the Company may require payment of a sum sufficient to cover any stamp or other tax or other charge that may be
imposed on any Registered Holder in connection with any such 

  
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exchange or registration of transfer. The Warrant Agent shall have no obligation to effect an exchange or register a transfer unless and until it is satisfied that any payments required by the
immediately preceding sentence have been made. 
 (d) Prior to due presentment for registration of transfer or exchange of
any Warrants in accordance with the procedures set forth in this Agreement, the Company and the Warrant Agent may deem and treat the person in whose name such Warrants are registered upon the Warrant Register (the “Registered
Holder” of such Warrants) as the absolute owner of such Warrants, for all purposes including, without limitation, for the purpose of any exercise thereof (subject to Section 4.3(d)(z)), any distribution to the Holder thereof and
for all other purposes (subject to Section 4.1(ii)), and neither the Warrant Agent nor the Company shall be affected by notice to the contrary. Neither the Company nor the Warrant Agent will be liable or responsible for any registration or
transfer of any Warrants that are registered or to be registered in the name of a fiduciary or the nominee of a fiduciary. 
 ARTICLE IV

 TERMS AND EXERCISE OF WARRANTS 

Section 4.1 Exercise Price. Each Warrant shall entitle (i) in the case of the Certificated Warrants or Direct Registration
Warrants, the Registered Holder thereof and (ii) in the case of Book-Entry Warrants, the Beneficial Holder thereof ((i) and (ii) collectively, the “Holder”), subject to the provisions of this Agreement, the right to
purchase from the Company one share of Class A Common Stock (subject to adjustment from time to time as provided in Article V hereof), at the price of $27.86 per share (subject to adjustment from time to time as provided in Article
V, the “Exercise Price”). 
 Section 4.2 Exercise Period. Warrants may be exercised by the Holder thereof,
in whole or in part (but not as to a fractional share of Class A Common Stock), at any time and from time to time after the Date of Issuance and prior to 5:00 P.M., New York time on July 15, 2023 (the “Exercise Period”). To the
extent that a Warrant or portion thereof is not exercised prior to the expiration of the Exercise Period, it shall be automatically cancelled with no action by any Person, and with no further rights thereunder, upon such expiration. 

Section 4.3 Method of Exercise. 

(a) In connection with the exercise of any Warrant, (i) the Holder shall surrender such Warrant (or portion thereof) to
the Warrant Agent for the number of Warrant Exercise Shares being exercised, up to the aggregate number of Warrant Exercise Shares for which the Warrants are exercisable and (ii) the Exercise Price shall be paid, at the option of the Holder,
(x) in United States dollars by personal, certified or official bank check payable to the Company (if by certified or official bank check the Holder’s Computershare account number and name and address must be typeset on the check), or by
wire transfer to an account specified in writing by the Company or the Warrant Agent to such Holder, in either case in immediately available funds in an amount equal to the aggregate Exercise Price for such Warrant Exercise Shares as specified in
the Exercise Form or (y) by cashless exercise as set forth in Section 4.3(b)). 

  
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 (b) In lieu of paying the Exercise Price by personal, certified or official bank
check or by wire transfer, any Holder may elect to exercise Warrants by authorizing the Company to withhold and not issue to such Holder, in payment of the Exercise Price thereof, a number of such Warrant Exercise Shares equal to (x) the number
of Warrant Exercise Shares for which the Warrants are being exercised, multiplied by (y) the Exercise Price, and divided by (z) the Current Sale Price on the Exercise Date (and such withheld shares shall no longer be issuable under such
Warrants, and the Holder shall not have any rights or be entitled to any payment with respect to such withheld shares). 

(c) Upon exercise of any Warrants, the Warrant Agent will as promptly as practicable, within a reasonable time period to enable
the Company to meet its obligations under Section 4.4(a), deliver written notice to the Company to confirm the number of shares of Class A Common Stock issuable in connection with such exercise. The Company shall calculate and transmit to
the Warrant Agent in a written notice, and the Warrant Agent shall have no duty, responsibility or obligation to calculate, the number of shares of Class A Common Stock issuable in connection with any exercise. The Warrant Agent shall be
entitled to rely conclusively on any such written notice provided by the Company, and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with such written instructions or pursuant to this
Agreement. Such written notice from the Company shall also set forth the cost basis for such shares of Class A Common Stock issued pursuant to such exercise. 

(d) Subject to the terms and conditions of this Agreement, the Holder of any Warrants may exercise, in whole or in part, such
Holder’s right to purchase the Warrant Exercise Shares issuable upon exercise of such Warrants by: (x) in the case of Certificated Warrants, properly completing and duly executing the exercise form for the election to exercise such
Warrants (including the exercise forms referred to in clauses (y) and (z) below, an “Exercise Form”) substantially in the form of Exhibit B-1, (y) in the case of
Direct Registration Warrants, providing an Exercise Form substantially in the form of Exhibit B-2 hereto, properly completed and duly executed by the Registered Holder thereof, to the Warrant Agent, and (z) in the case of Book-Entry
Warrants, providing an Exercise Form in compliance with the practices and procedures of the Depositary and its direct and indirect participants, as applicable. 

(e) Any exercise of Warrants pursuant to the terms of this Agreement shall be irrevocable as of the date of delivery of the
Exercise Form and shall constitute a binding agreement between the Holder and the Company, enforceable in accordance with the terms of this Agreement. 

  
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 (f) In the case of Certificated Warrants, upon receipt of the Warrant Certificate
with the properly completed and duly executed Exercise Form, or in the case of Direct Registration Warrants, upon receipt of an Exercise Form, in each case pursuant to Section 4.3(d), the Warrant Agent shall: 

(i) examine the Exercise Form and all other documents delivered to it by or on behalf of Holders as contemplated hereunder to
ascertain whether or not, on their face, such Exercise Form and any such other documents have been executed and completed in accordance with their terms and the terms hereof; 

(ii) if an Exercise Form or other document appears, on its face, to have been improperly completed or executed or some other
irregularity in connection with the exercise of the Warrants exists, endeavor to inform the appropriate parties (including the person submitting such instrument) of the need for fulfillment of all requirements, specifying those requirements which
appear to be unfulfilled; 
 (iii) inform the Company of and cooperate with and assist the Company in resolving any
reconciliation problems between the information provided on any Exercise Form received and the information on the Warrant Register; 

(iv) advise the Company as promptly as practicable, within a reasonable time period to enable the Company to meet its
obligations under Section 4.4(a), after receipt of an Exercise Form, of (A) the receipt of such Exercise Form and the number of Warrant Exercise Shares in respect of which the Warrants are requested to be exercised in accordance with the
terms and conditions of this Agreement, (B) the instructions with respect to delivery of the Class A Common Stock deliverable upon such exercise, subject to timely receipt of such information by the Warrant Agent, and (C) such other
information as the Company shall reasonably request; and 
 (v) subject to Class A Common Stock being made available to
the Warrant Agent by or on behalf of the Company, and written instructions from the Company, liaise with the transfer agent for the Class A Common Stock for the issuance and registration of the number of shares of Class A Common Stock
issuable upon exercise of the Warrants in accordance with the Exercise Form. 
 The Company reserves the right reasonably to reject any and all Exercise
Forms that it determines are not in proper form or for which any corresponding agreement by the Company to exchange would, in the opinion of the Company, be unlawful. Any such determination by the Company shall be final and binding on the Holders of
the Warrants, absent manifest error. Moreover, the Company reserves the absolute right to waive any of the conditions to any particular exercise of Warrants or any defects in the Exercise Form(s) with regard to any particular exercise of Warrants.
The Company shall provide prompt written notice to the Warrant Agent of any such rejection or waiver. 
 (g) In the case of
Book-Entry Warrants, the Company and the Warrant Agent shall cooperate with the Depositary and its direct and indirect participants in order to effectuate the exercise of such Warrants, in accordance with the applicable practices and procedures of
the Depositary and such participants, including the manner of delivery of notice of exercise by the Beneficial Holders thereof, in such form as shall be prescribed by such participants, as applicable. 

  
 13 

 (h) The Warrant Agent shall forward funds received for warrant exercises in a
given month by the fifth business day of the following month by wire transfer to an account designated by the Company. 
 Section 4.4
Issuance of Common Stock. 
 (a) Upon the effectiveness of any exercise of any Warrants pursuant to
Section 4.3, the Company shall, subject to Section 4.6, promptly at its expense, and in no event later than five (5) Business Days after the Exercise Date, cause to be issued as directed by the Holder of such Warrants
the total number of whole shares of Class A Common Stock for which such Warrants are being exercised (as the same may be hereafter adjusted pursuant to Article V) in such denominations as are requested by the Holder as set forth below:
(i) in the case of the exercise of any Certificated Warrants or Direct Registration Warrants by the Registered Holder thereof, registered as directed by the Holder, (ii) in the case of the exercise of any Book-Entry Warrants by the
Beneficial Holder thereof, by same day or next day credit to the Depositary in accordance with the practices and procedures of the Depositary and its respective participants, delivered to such account as directed by the Holder. 

(b) The Warrant Exercise Shares shall be deemed to have been issued at the time at which all of the conditions to such exercise
have been fulfilled, and the Holder, or other person to whom the Holder shall direct the issuance thereof, shall be deemed for all purposes to have become the holder of such Warrant Exercise Shares at such time. 

Section 4.5 Reservation of Shares. 

(a) During the Exercise Period, the Company shall at all times reserve and keep available out of its authorized but unissued
shares of Common Stock solely for the purpose of issuance upon the exercise of the Warrants, a number of shares of Class A Common Stock equal to the aggregate Warrant Exercise Shares issuable upon the exercise of all outstanding Warrants. The
Company shall use commercially reasonable efforts to take all such actions as may be necessary to assure that all such shares of Class A Common Stock may be so issued without violating the Company’s governing documents, any agreements to
which the Company is a party on the date hereof, any requirements of any national securities exchange upon which shares of Class A Common Stock may be listed or any applicable Laws. The Company shall not take any action which would cause the
number of authorized but unissued shares of Class A Common Stock to be less than the number of such shares required to be reserved hereunder for issuance upon exercise of the Warrants. 

(b) The Company covenants that it will take such actions as may be necessary or appropriate in order that all Warrant Exercise
Shares issued upon exercise of the Warrants will, upon issuance in accordance with the terms of this Agreement, be fully paid and non-assessable and free from any and all (i) security interests created by or imposed upon the Company and
(ii) taxes, liens and charges with respect to the issuance thereof. If at any time prior to the expiration of the Exercise Period the number and kind 

  
 14 

 
of authorized but unissued shares of the Company’s capital stock shall not be sufficient to permit exercise in full of the Warrants, the Company will promptly take such corporate action as
may, in the opinion of its counsel, be reasonably necessary (including seeking stockholder approval, if required) to increase its authorized but unissued shares to such number of shares as shall be sufficient for such purposes. The Company agrees
that its issuance of Warrants shall constitute full authority to its officers who are charged with the issuance of Warrant Exercise Shares to issue Warrant Exercise Shares upon the exercise of Warrants. Without limiting the generality of the
foregoing, the Company will not increase the stated or par value per share, if any, of the Common Stock above the Exercise Price per share in effect immediately prior to such increase in stated or par value. 

(c) The Company represents and warrants to the Holders that the issuance of the Warrants and the issuance of shares of
Class A Common Stock upon exercise thereof in accordance with the terms hereof will not constitute a breach of, or a default under, any other material agreements to which the Company is a party on the date hereof. 

Section 4.6 Fractional Shares. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be
required to issue any fraction of a share of its capital stock in connection with the exercise of any Warrants, and in any case where a Holder of Warrants would, except for the provisions of this Section 4.6, be entitled under the terms
thereof to receive a fraction of a share upon the exercise of such Warrants, the Company shall, upon the exercise of such Warrants, issue or cause to be issued only the largest whole number of Warrant Exercise Shares issuable upon such exercise (and
such fraction of a share will be disregarded, and the Holder shall not have any rights or be entitled to any payment with respect to such fraction of a share); provided that the number of whole Warrant Exercise Shares which shall be issuable
upon the contemporaneous exercise of any Warrants shall be computed on the basis of the aggregate number of Warrant Exercise Shares issuable upon exercise of all such Warrants. 

Section 4.7 Close of Books; Par Value. The Company shall not close its books against the transfer of any Warrants or any
Warrant Exercise Shares in any manner which interferes with the timely exercise of such Warrants. Without limiting Section 4.5(b), the Company shall use commercially reasonable efforts to, from time to time, take all such action as may
be necessary to assure that the par value per share of the unissued shares of Common Stock acquirable upon exercise of the Warrants is at all times equal to or less than the Exercise Price then in effect. 

Section 4.8 Payment of Taxes. In connection with the exercise of any Warrants, the Company shall not be required to pay any tax or
other charge imposed in respect of any transfer involved in the Company’s issuance and delivery of shares of Common Stock (including certificates therefor) (or any payment of cash or other property in lieu of such shares) to any recipient other
than the Holder of the Warrants being exercised, and in case of any such tax or other charge, the Warrant Agent and the Company shall not be required to issue or deliver any such shares (or cash or other property in lieu of such shares) until
(x) such tax or charge has been paid or an amount sufficient for the payment thereof has been delivered to the Warrant Agent or 

  
 15 

 
the Company or (y) it has been established to the Company’s and the Warrant Agent’s satisfaction that any such tax or other charge that is or may become due has been paid. For the
avoidance of doubt, the Warrant Agent shall not have any duty or obligation to take any action under any section of this Agreement that requires the payment of taxes or charges, unless and until the Warrant Agent is satisfied that all such taxes
and/or charges have been paid. 
 ARTICLE V 

ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF 

WARRANT EXERCISE SHARES 

In order to prevent dilution of the rights granted under the Warrants, the Exercise Price shall be subject to adjustment from time to time as
provided in this Article V, and the number of shares of Class A Common Stock issuable upon exercise of each Warrant shall be subject to adjustment from time to time as provided in this Article V. 

Section 5.1 Below Market Issuances. 

(a) Deemed Issue of Common Stock: 

(i) If the Company at any time after the issuance of the Warrants but prior to the expiration of the Exercise Period shall
issue any Options or Convertible Securities or shall fix a record date for the determination of holders of shares of the Common Stock to receive any such Options or Convertible Securities, then the maximum number of shares of Common Stock (as set
forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without regard to any provision contained therein for a subsequent adjustment of such number) issuable
upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be Additional Common Stock issued as of the time of such issue of Options
or Convertible Securities or, in case such a record date shall have been fixed, as of 5:00 PM (New York City time) on such record date and the provisions hereof that are applicable to the issuance of Additional Common Stock shall apply thereto;
provided, that Additional Common Stock shall not be deemed to have been issued unless the consideration per share (as determined in accordance with Section 5.1(c)(ii)) of such Additional Common Stock would be less than ninety five
percent (95%) of the Current Sale Price as of such issue date or record date; provided, further, that, in any such case in which Additional Common Stock are deemed to be issued, no further adjustments in the Exercise Price shall
be made upon the subsequent issue of Convertible Securities or Common Stock upon the exercise of such Options or the conversion or exchange of such Convertible Securities. 

(ii) If the terms of any Option or Convertible Security, the issuance of which resulted in an adjustment to the Exercise Price
pursuant to the terms of this Section 5.1, are revised (either automatically, pursuant to the provisions contained therein, or as a result of an amendment to such terms) to provide for either (i) any increase or decrease in the
number of shares of Common Stock issuable upon the 

  
 16 

 
exercise, conversion or exchange of any such Option or Convertible Security or (ii) any increase or decrease in the consideration payable to the Company upon such exercise, conversion or
exchange, then, effective upon such increase or decrease becoming effective, the Exercise Price computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto) shall be
readjusted to such Exercise Price as would have been obtained had such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no adjustment pursuant to this
Section 5.1 shall have the effect of increasing the Exercise Price to an amount which exceeds the lower of (A) the Exercise Price on the original adjustment date, or (B) the Exercise Price that would have resulted from any
issuances of Additional Common Stock between the original adjustment date and such readjustment date. 
 (iii) If the terms
of any Option or Convertible Security, the issuance of which did not result in an adjustment to the Exercise Price pursuant to the terms of this Section 5.1 (either because the consideration per Additional Common Stock subject thereto
was equal to or greater than ninety five percent (95%) of the then Current Sale Price, or because such Option or Convertible Security was issued before the date hereof), are revised after the date hereof (either automatically, pursuant to the
provisions contained therein, or as a result of an amendment to such terms) to provide for either (i) any increase or decrease in the number of shares of Common Stock issuable upon the exercise, conversion or exchange of any such Option or
Convertible Security or (ii) any increase or decrease in the consideration payable to the Company upon such exercise, conversion or exchange, then such Option or Convertible Security, as so amended, and the Additional Common Stock subject
thereto shall be deemed to have been issued effective upon such increase or decrease becoming effective. 
 (iv) Upon the
expiration or termination of any unexercised Option or unconverted or unexchanged Convertible Security which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Exercise Price pursuant to the terms of
this Section 5.1, the Exercise Price shall be readjusted to such Exercise Price as would have been obtained had such Option or Convertible Security never been issued. 

(b) In the event the Company shall at any time after the date hereof issue additional Common Stock (“Additional Common
Stock”), including Additional Common Stock deemed to be issued pursuant to Section 5.1(a), for consideration per share of Common Stock less than ninety five percent (95%) of the Current Sale Price, then the Exercise Price
shall be reduced, concurrently with such issue, to a price (calculated to the nearest one-ten thousandth of a cent ($0.000001)) determined in accordance with the following formula: 

CPA2 =
CPA1
*(A + B) ÷ (A + C) 

For purposes of the foregoing formula, the following definitions shall apply: 

(i) “CPA2” shall mean the Exercise Price in effect
immediately after such issue of Additional Common Stock; 

  
 17 

 (ii) “CPA1”
shall mean the Exercise Price in effect immediately prior to such issue of Additional Common Stock; 
 (iii) “A”
shall mean the number of shares of Common Stock outstanding and deemed outstanding immediately prior to such issue of Additional Common Stock (treating for this purpose as outstanding all Common Stock issuable upon conversion of Convertible
Securities and Options (other than the Warrants) that are outstanding and exercisable immediately prior to such issue); 

(iv) “B” shall mean the number of shares of Common Stock which the aggregate consideration expected to be received
by the Company (as determined in good faith by the Board, whose determination shall be conclusive and described in a Board resolution) would purchase at the Current Sale Price; and 

(v) “C” shall mean the number of such shares of Additional Common Stock issued in such transaction. 

Notwithstanding anything to the contrary in this Article V, there shall be no adjustment to the Exercise Price with respect to any Excluded Issuance.

 (c) For purposes of this Section 5.1, the consideration received by the Company for the issue of any
Additional Common Stock shall be computed as follows: 
 (i) Cash and Property. Such consideration shall:
(i) insofar as it consists of cash, be computed at the aggregate amount of cash received by the Company, excluding amounts paid or payable for accrued interest; (ii) insofar as it consists of property other than cash, be computed at the
fair market value thereof at the time of such issue, as determined in good faith by the Board of Directors, and (iii) in the event shares of Additional Common Stock are issued together with other interests or securities or other assets of the
Company for consideration which covers both, be the proportion of such consideration so received, computed as provided in clauses (i) and (ii) above, as determined in good faith by the Board of Directors. 

(ii) Options and Convertible Securities. The consideration per share received by the Company for Additional Common
Stock deemed to have been issued pursuant to Section 5.1(a), relating to Options and Convertible Securities, shall be determined by dividing: (i) the total amount, if any, received or receivable by the Company as consideration for
the issue of such Options or Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of
such consideration) payable to the Company upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities
and the conversion or exchange of such Convertible Securities, by (ii) the maximum number of shares of Common Stock (as set forth in the instruments relating 

  
 18 

 
thereto, without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible
Securities. 
 (d) In the event the Company shall issue on more than one date shares of Additional Common Stock that are a
part of one transaction or a series of related transactions and that would result in an adjustment to the Exercise Price pursuant to the terms of Section 5.1(b) then, upon the final such issuance, the Exercise Price shall be readjusted
to give effect to all such issuances as if they occurred on the date of the first such issuance (and without additional giving effect to any adjustments as a result of any subsequent issuances within such period). 

Section 5.2 Subdivision or Combination of Common Stock. In the event that the amount of outstanding Common Stock is increased or
decreased by combination (by reverse stock split or reclassification) or subdivision (by any stock split or reclassification) of the Common Stock or any distribution by the Company with respect to the Common Stock in the form of Additional Common
Stock, then, on the effective date of such combination, subdivision or distribution, the number of Warrant Exercise Shares issuable on exercise of the Warrants shall be increased or decreased, as applicable, in proportion to such increase or
decrease, as applicable, in the outstanding Common Stock. Whenever the number of Warrant Exercise Shares purchasable upon the exercise of the Warrants is adjusted pursuant to this Section 5.2, the Exercise Price shall be adjusted (to the
nearest cent ($0.000001)) by multiplying such Exercise Price immediately prior to such adjustment by a fraction (a) the numerator of which shall be the number of Warrant Exercise Shares purchasable upon the exercise of the Warrants immediately
prior to such adjustment and (b) the denominator of which shall be the number of Warrant Exercise Shares so purchasable immediately thereafter. 

Section 5.3 Distributions. If the Company at any time after the issuance of the Warrants but prior to the expiration of the
Exercise Period fixes a record date for the making of a distribution to all holders of shares of the Common Stock of securities, evidences of indebtedness, assets, cash, rights or warrants (excluding issuance or deemed issuance of Additional Common
Stock referred to in Section 5.1 and dividends or distributions referred to in Section 5.2), then, in each such case, the Exercise Price in effect prior to such record date shall be adjusted thereafter to the price determined
by the following formula: 
 EP1 =
EP0 x (CP0 - FV)/CP0 

 

							
	where	 		  		    	
				
		 	EP1	  	=	    	the Exercise Price in effect immediately following the application of the adjustments in this Section 5.3;
				
		 	EP0	  	=	    	the Exercise Price in effect immediately prior to the application of the adjustments in this Section 5.3;
				
		 	CP0	  	=	    	the Current Sale Price of the Class A Common Stock on the last trading day preceding the first date on which the Class A Common Stock trades regular way without the right to receive such distribution;
and

  
 19 

							
		 	FV	  	=	    	the amount of cash and/or the fair market value of the securities, evidences of indebtedness, assets, rights or warrants to be so distributed in respect of one share of Common Stock, as determined in good faith by the Board of
Directors.

 Such adjustment shall be made successively whenever such a record date is fixed (an “Adjustment Event”). In
such Adjustment Event, the number of Warrant Exercise Shares issuable upon the exercise of each Warrant shall be increased to the number obtained by dividing (x) the product of (1) the number of Warrant Exercise Shares issuable upon the
exercise of each Warrant before such adjustment, and (2) the Exercise Price in effect immediately prior to the adjustment by (y) the new Exercise Price immediately following such adjustment. 

In the event that such distribution is not so made, the Exercise Price and the number of Warrant Exercise Shares issuable upon exercise of the
Warrants then in effect shall be readjusted, effective as of the date when the Board of Directors determines not to distribute such shares, evidences of indebtedness, assets, rights, cash or warrants, as the case may be, to the Exercise Price that
would then be in effect and the number of Warrant Exercise Shares that would then be issuable upon exercise of the Warrants if such record date had not been fixed. 

Section 5.4 Pro Rata Repurchase Offer of Common Stock. If at any time after the issuance of the Warrants but prior to the
expiration of the Exercise Period the Company consummates a Pro Rata Repurchase Offer of Common Stock, then the Exercise Price shall be reduced to the price determined by the following formula: 

EP1 = EP0 x(OS0 x CP0) – AP  

                    (OS0 – SP) x CP0 
  

							
	where	 		  		    	
				
		 	EP1	  	=	    	the Exercise Price in effect immediately following the application of the adjustments in this Section 5.4 (but in no event greater than EP0);
				
		 	EP0	  	=	    	the Exercise Price in effect immediately prior to the application of the adjustments in this Section 5.4;
				
		 	OS0	  	=	    	the number of Fully Diluted shares of Common Stock outstanding immediately before consummation of such Pro Rata Repurchase Offer;
				
		 	CP0	  	=	    	the Current Sale Price of a share of Class A Common Stock on the trading day immediately preceding the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase
Offer;

  
 20 

							
		 	AP	  	=	    	the aggregate purchase price (including the fair market value, as determined in good faith by the Board of Directors, of any non-cash consideration included therein) paid for the shares of Common Stock in the Pro Rata Repurchase
Offer; and
				
		 	SP	  	=	    	the number of shares of Common Stock so repurchased in the Pro Rata Repurchase Offer.

 In such event, the Warrant Exercise Shares issuable upon the exercise of each Warrant shall be increased to the number
obtained by dividing (x) the product of (1) the Warrant Exercise Shares issuable upon the exercise of each Warrant before such adjustment, and (2) the Exercise Price in effect immediately prior to the adjustment by (y) the new
Exercise Price immediately following such adjustment. For the avoidance of doubt, no increase to the Exercise Price or decrease in the Warrant Exercise Shares issuable upon exercise of the Warrants shall be made pursuant to this
Section 5.4. 
 Section 5.5 Reorganization, Reclassification, Consolidation, Merger or Sale. In connection with any
Organic Change prior to the expiration of the Exercise Period, the Holders shall have the right to acquire and receive, upon exercise of such Warrants, such cash, stock, securities or other assets or property as would have been issued or payable in
such Organic Change (if the Holder had exercised such Warrant immediately prior to such Organic Change) with respect to or in exchange, as applicable, for the number of Warrant Exercise Shares that would have been issued upon exercise of such
Warrants, if such Warrants had been exercised immediately prior to the occurrence of such Organic Change. The Company shall not effect any Organic Change unless, prior to the consummation thereof, the surviving Person (if other than the Company)
resulting from such Organic Change, shall assume, by written instrument substantially similar in form and substance to this Agreement in all material respects (including with respect to the provisions of Article V), the obligation to deliver
to the Holders such cash, stock, securities or other assets or property which, in accordance with the foregoing provision, the Holders shall be entitled to receive upon exercise of the Warrants. The provisions of this Section 5.5 shall
similarly apply to successive Organic Changes. 
 Section 5.6 Black Scholes Value. Notwithstanding Section 5.5 or
anything contained in this Agreement, and provided that the Organic Change is other than one in which a successor entity (which may include the Company) that is a publicly traded corporation whose stock is quoted or listed for trading on a principal
U.S. national securities exchange assumes the Warrants such that the Warrants shall be exercisable for the publicly traded common stock or equivalent securities of such successor entity, at the request of any Holder delivered at any time commencing
on the earliest to occur of (x) the public disclosure of any Organic Change, (y) the consummation of any Organic Change and (z) the Holder first becoming aware of any Organic Change through the date that is ninety (90) days after
the public disclosure of the consummation of such Organic Change by the Company pursuant to a Current Report on Form 8-K filed with the United States Securities and Exchange Commission, the Company or the surviving Person (as the case may be) shall
purchase the Warrants from such Holder on the date of such request by paying to the Holder cash in an amount equal to the Black Scholes Value. The Company shall not effect any Organic Change unless, prior to the consummation thereof, the surviving
Person (if other than the Company) resulting from such Organic Change, shall assume, by written 

  
 21 

 
instrument substantially similar in form and substance to this Agreement in all material respects (including with respect to the provisions of Article V), the obligation to make such cash
payment to the Holders in accordance with the foregoing provision. The provisions of this Section 5.6 shall similarly apply to successive Organic Changes. 

Section 5.7 Notice of Adjustments. Whenever the number and/or kind of Warrant Exercise Shares or the Exercise Price is adjusted as
herein provided, the Company shall (i) prepare and deliver, or cause to be prepared and delivered, forthwith to the Warrant Agent a written statement setting forth the adjusted number and/or kind of shares issuable upon the exercise of Warrants
and the Exercise Price of such shares after such adjustment, the facts requiring such adjustment and the computation by which adjustment was made, and (ii) cause the Warrant Agent to give written notice to each Holder in the manner provided in
Section 9.2 below, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. The Warrant Agent shall be fully protected in relying
upon any such written notice delivered in accordance with this Section 5.7, and on any adjustment therein contained, and shall not be deemed to have knowledge of any such adjustment unless and until it shall have received such written
notice. Notwithstanding anything to the contrary contained herein, the Warrant Agent shall have no duty or obligation to investigate or confirm whether the information contained in any such written notice complies with the terms of this Agreement or
any other document. The Warrant Agent shall have no duty to determine when an adjustment under this Article V should be made, how any such adjustment should be calculated, or the amount of any such adjustment. 

Section 5.8 Deferral or Exclusion of Certain Adjustments. No adjustment to the Exercise Price or the number of Warrant Exercise
Shares shall be required hereunder unless such adjustment together with other adjustments carried forward as provided below, would result in an increase or decrease of at least one percent (1%) of the applicable Exercise Price or the number of
Warrant Exercise Shares; provided that any adjustments which by reason of this Section 5.8 are not required to be made shall be carried forward and taken into account in any subsequent adjustment. Subject to Section 4.5(b),
no adjustment need be made for a change in the par value of the shares of Common Stock. All calculations under this Section shall be made to the nearest one one-thousandth (1/1,000) of one cent ($0.01) or to the nearest one one-thousandth
(1/1,000) of a share, as the case may be. 
 Section 5.9 Form of Warrant After Adjustments. The form of Warrant Certificate
need not be changed because of any adjustments in the Exercise Price or the number and/or kind of shares issuable upon exercise of the Warrants, and Warrant Certificates theretofore or thereafter issued may continue to express the same price and
number and kind of shares as are stated therein, as initially issued; provided that such adjustments in the Exercise Price or the number and/or kind of shares issuable upon exercise of the Warrants pursuant to the terms of this Agreement shall
nonetheless have effect upon exercise of the Warrants. The Company, however, may at any time in its sole discretion make any change in the form of Warrant Certificate that it may deem appropriate to give effect to such adjustments and that does not
affect the substance of the Warrant Certificate or this Agreement (including the rights, duties, liabilities or obligations of the Warrant Agent), and any Warrant Certificate thereafter issued, whether in exchange or substitution for an outstanding
Warrant Certificate, may be in the form so changed. 

  
 22 

 ARTICLE VI 

TRANSFER AND EXCHANGE 

OF WARRANTS 

Section 6.1 Registration of Transfers and Exchanges. 

(a) Transfer and Exchange of Book-Entry Warrants. The Transfer and exchange of Book-Entry Warrants shall be effected
through the Depositary and its direct and indirect participants, in accordance with the practices and procedures therefor of the Depositary and such participants. 

(b) Exchange of Book-Entry Warrants for Certificated Warrants or Direct Registration Warrants. If at any time:

 (i) the Depositary for the Global Warrant Certificates notifies the Company that the Depositary is unwilling or unable to
continue as Depositary for the Global Warrant Certificates and a successor Depositary for the Global Warrant Certificates is not appointed by the Company within 90 days after delivery of such notice; or 

(ii) the Company, in its sole discretion, notifies the Warrant Agent in writing that it elects to exclusively cause the
issuance of Certificated Warrants or Direct Registration Warrants under this Agreement, then upon written instructions signed by an Appropriate Officer of the Company, the Warrant Agent shall register and issue Certificated Warrants, or shall
register Direct Registration Warrants, in an aggregate number equal to the number of Book-Entry Warrants represented by the Global Warrant Certificates, in accordance with such written instructions. Such written instructions provided by the Company
shall state that the Certificated Warrants or Direct Registration Warrants issued in exchange for Book-Entry Warrants pursuant to this Section 6.1(b) shall be registered in such names and in such amounts as the Depositary, pursuant to
instructions from its direct or indirect participants or otherwise, shall instruct the Warrant Agent. 
 (c) Transfer and
Exchange of Certificated Warrants or Direct Registration Warrants. When Certificated Warrants or Direct Registration Warrants are presented to the Warrant Agent with a written request: 

(i) to register the Transfer of such Certificated Warrants or Direct Registration Warrants; or 

(ii) to exchange such Certificated Warrants or Direct Registration Warrants for an equal number of Certificated Warrants or
Direct Registration Warrants, respectively, of other authorized denominations, the Warrant Agent shall register the Transfer or make the exchange, and in the case of Certificated Warrants shall issue such new Warrant Certificates, as requested if
its customary requirements for such transactions are met, provided, that (A) the Warrant Agent shall have received (x) a written instruction of Transfer in form satisfactory to the Warrant

  
 23 

 
Agent, duly executed by the Registered Holder thereof or by his attorney, duly authorized in writing along with evidence of authority that may be required by the Warrant Agent, including but not
limited to, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, (y) a written order of the Company signed by an Appropriate Officer
authorizing such exchange and (z) in the case of Certificated Warrants, surrender of the Warrant Certificate or Certificate(s) representing same duly endorsed for Transfer or exchange, and (B) if reasonably requested by the Company, the
Company shall have received a written opinion of counsel reasonably acceptable to the Company that such transfer is in compliance with the Securities Act. 

(d) Exchange of Certificated Warrants or Direct Registration Warrants for Book-Entry Warrants. Certificated Warrants or
Direct Registration Warrants that are not subject to any Warrant Restrictions may be exchanged for Book-Entry Warrants upon satisfaction of the requirements set forth below. Upon receipt by the Warrant Agent of appropriate written instruments of
transfer with respect to such Certificated Warrants or Direct Registration Warrants, in form satisfactory to the Warrant Agent, and in the case of Certificated Warrants, surrender of the Warrant Certificate(s) representing same duly endorsed for
Transfer or exchange, together with written instructions directing the Warrant Agent to make, or to direct the Depositary to make, an endorsement on the Global Warrant Certificate to reflect an increase in the number of Warrants represented by the
Global Warrant Certificate equal to the number of Warrants represented by such Certificated Warrants or Direct Registration Warrants, then the Warrant Agent shall cancel such Certificated Warrants or Direct Registration Warrants on the Warrant
Register and cause or direct the Depositary to cause, in accordance with the standing instructions and procedures existing between the Depositary and the Warrant Agent, the number of Book-Entry Warrants represented by the Global Warrant Certificate
to be increased accordingly. If no Global Warrant Certificates are then outstanding, or if the Global Warrant Certificates then outstanding cannot be used for such purposes, the Company shall issue and the Warrant Agent shall countersign (by either
manual or facsimile signature), a new Global Warrant Certificate representing the appropriate number of Book-Entry Warrants. Any such transfer shall be subject to the Company’s prior written approval, which shall not be unreasonably withheld,
conditioned or delayed. 
 (e) Restrictions on Transfer and Exchange of Global Warrant Certificates. Notwithstanding
any other provisions of this Agreement (other than the provisions set forth in Section 6.1(f)), unless and until it is exchanged in whole for Certificated Warrants or Direct Registration Warrants, a Global Warrant Certificate may not be
transferred as a whole except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee
of such successor Depositary. 
 (f) Restrictions on Transfer. No Warrants or Warrant Exercise Shares shall be sold,
exchanged or otherwise Transferred in violation of the Securities Act or state securities Laws or the Company’s articles of incorporation. If any Holder purports to Transfer Warrants to any Person in a transaction that would violate the
provisions of this Section 6.1(f), such Transfer shall be void ab initio and of no effect. 

  
 24 

 (g) Exchange of Global Warrant Certificate. A Global Warrant Certificate
may be exchanged for another Global Warrant Certificate of like or similar tenor for purposes of complying with the practices and procedures of the Depositary. 

(h) Cancellation of Global Warrant Certificate. At such time as all beneficial interests in a Global Warrant Certificate
have either been exchanged for Certificated Warrants or Direct Registration Warrants, redeemed, repurchased or cancelled, the Global Warrant Certificate shall be returned to, or retained and cancelled pursuant to applicable Law by, the Warrant
Agent, upon written instructions from the Company satisfactory to the Warrant Agent. 
 Section 6.2 Obligations with Respect to
Transfers and Exchanges of Warrants. 
 (a) All Certificated Warrants or Direct Registration Warrants issued upon any
registration of Transfer or exchange of Certificated Warrants or Direct Registration Warrants, respectively, shall be the valid obligations of the Company, entitled to the same benefits under this Agreement as the Certificated Warrants or Direct
Registration Warrants surrendered upon such registration of Transfer or exchange. No service charge shall be made to a Registered Holder for any registration, Transfer or exchange of any Certificated Warrants or Direct Registration Warrants, but the
Company may require payment of a sum sufficient to cover any stamp or other tax or other charge that may be imposed on the Registered Holder in connection with any such exchange or registration of Transfer. The Warrant Agent shall have no obligation
to effect an exchange or register a Transfer unless and until it is satisfied that all such taxes and/or charges have been paid. 

(b) So long as the Depositary, or its nominee, is the registered owner of a Global Warrant Certificate, the Depositary or such
nominee, as the case may be, shall be considered by the Company, the Warrant Agent, and any agent of the Company or the Warrant Agent as the sole owner or holder of the Warrants represented by such Global Warrant Certificate for all purposes under
this Agreement (subject to Sections 4.1(ii) and 4.3(d)(z)). Neither the Company nor the Warrant Agent, in its capacity as registrar for such Warrants, will have any responsibility or liability for any aspect of the records relating to
beneficial interests in a Global Warrant Certificate or for maintaining, supervising or reviewing any records relating to such beneficial interests. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Warrant Agent or any
agent of the Company or the Warrant Agent from giving effect to any written certification, proxy, or other authorization furnished by the Depositary or impair the operation of customary practices of the Depositary governing the exercise of the
rights of a holder of a beneficial interest in a Global Warrant Certificate. 

  
 25 

 (c) Subject to Section 6.1(c), and this Section 6.2, the
Warrant Agent shall: 
 (i) in the case of Certificated Warrants, upon receipt of all information required to be delivered
hereunder, from time to time register the Transfer of any outstanding Certificated Warrants in the Warrant Register, upon delivery by the Registered Holder thereof, at the Warrant Agent’s office designated for such purpose, of the Warrant
Certificate representing such Certificated Warrants, properly endorsed for transfer, by the Registered Holder thereof or by the duly appointed legal representative thereof or by a duly authorized attorney; and upon any such registration of Transfer,
a new Warrant Certificate shall be issued to the transferee. 
 (ii) in the case of Direct Registration Warrants, upon
receipt of all information required to be delivered hereunder, from time to time register the Transfer of any outstanding Direct Registration Warrants in the Warrant Register, upon delivery by the Registered Holder thereof, at the Warrant
Agent’s office designated for such purpose, of a form of assignment substantially in the form of Exhibit C hereto, properly completed and duly executed by the Registered Holder thereof or by the duly appointed legal representative
thereof or by a duly authorized attorney; and upon any such registration of Transfer, a new Direct Registration Warrant shall be issued to the transferee. 

Section 6.3 Fractional Warrants. The Warrant Agent shall not effect any registration of Transfer or exchange which will result in
the issuance of a fraction of a Warrant. 
 ARTICLE VII 

OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANTS 

Section 7.1 No Rights or Liability as Stockholder. Nothing contained herein shall be construed as conferring upon the Holder or
his, her or its transferees the right to vote or to receive dividends or to consent or to receive notice as a stockholder in respect of any meeting of stockholders for the election of directors of the Company or of any other matter, or any rights
whatsoever as stockholders of the Company. The vote or consent of any Holder shall not be required with respect to any action or proceeding of the Company and no Holder shall have any right not expressly conferred hereunder or under, or by
applicable Law with respect to, the Warrants held by such Holder. No Holder, by reason of the ownership or possession of a Warrant , shall have any right to receive any cash dividends, stock dividends, allotments or rights or other distributions
paid, allotted or distributed or distributable to the holders of Common Stock prior to, or for which the relevant record date preceded, the date of the exercise of such Warrant. No provision thereof and no mere enumeration therein of the rights or
privileges of the Holder shall give rise to any liability of such Holder for the Exercise Price hereunder or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 

Section 7.2 Notice to Registered Holders. The Company shall give notice to Registered Holders by regular mail, and prompt written
notice thereof to the Warrant Agent, if at 

  
 26 

 
any time prior to the expiration or exercise in full of the Warrants, any of the following events shall occur: 

(a) the payment of any dividend payable in any securities upon shares of Common Stock or the making of any distribution (other
than a regular quarterly cash dividend) to all holders of Common Stock; 
 (b) the issuance to all holders of Common Stock of
any additional shares of Common Stock or of rights, options or warrants to subscribe for or purchase Common Stock or of any other subscription rights, options or warrants; 

(c) the issuance of any Additional Common Stock, Options or Convertible Securities that would result in an adjustment to the
Exercise Price under Section 5.1; 
 (d) a Pro Rata Repurchase Offer; 

(e) an Organic Change; 

(f) a dissolution, liquidation or winding up of the Company; or 

(g) any the occurrence of any other event that would result in an adjustment to the Exercise Price or the number of Warrant
Exercise Shares issuable upon exercise of the Warrants under Article V. 
 Such giving of notice shall be initiated at least ten
(10) days prior to the date fixed as the record date or the date of closing of the Company’s stock transfer books for the determination of the stockholders entitled to such dividend, distribution or subscription rights, or of the
stockholders entitled to vote on such Organic Change, dissolution, liquidation or winding up or the proposed effective date of a Pro Rata Repurchase Offer, issuance of Additional Common Stock, Options or Convertible Securities or any other event
that would result in an adjustment to the Exercise Price or the number of Warrant Exercise Shares issuable upon exercise of the Warrants under Article V. Such notice shall specify such record date or the date of closing the stock transfer
books or proposed effective date, as the case may be. Failure to provide such notice shall not affect the validity of any action taken. For the avoidance of doubt, no such notice (or the failure to provide it to any Holder) shall supersede or limit
any adjustment called for by Article V by reason of any event as to which notice is required by this Section. 
 Section 7.3
Lost, Stolen, Mutilated or Destroyed Warrant Certificates. If any Warrant Certificate is lost, stolen, mutilated or destroyed, the Company may issue, and upon written request by the Company, the Warrant Agent shall countersign (either by
manual or facsimile signature), and deliver, in exchange and substitution for and upon cancellation of the mutilated Warrant Certificate, or in lieu of and substitution for the Warrant Certificate lost, stolen or destroyed, a new Warrant Certificate
of like tenor in accordance with written instructions from the Company. In the case of Warrant Certificates other than Global Warrant Certificates, the Warrant Agent shall require evidence reasonably satisfactory to it of the loss, theft or
destruction of such Warrant Certificate, and an open penalty surety bond satisfactory to it and holding the Company and the Warrant Agent harmless, absent notice to Warrant Agent that such certificates

  
 27 

 
have been acquired by a bona fide purchaser. Applicants for such substitute Warrant Certificates shall also comply with such other regulations and pay such other charges as the Company or the
Warrant Agent may require. 
 Section 7.4 Cancellation of Warrants. If the Company shall purchase or otherwise acquire Warrants,
such Warrants shall be cancelled and retired, in the case of Certificated Warrants or Direct Registration Warrants, by appropriate notation on the Warrant Register, and, in the case of Book-Entry Warrants, in accordance with the practices and
procedures of the Depositary, including if required by such practices and procedure by appropriate notation on the applicable Global Warrant Certificate. 

ARTICLE VIII 

CONCERNING THE WARRANT AGENT AND OTHER MATTERS 

Section 8.1 Resignation, Removal, Consolidation or Merger of Warrant Agent. 

(a) Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign
its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or
otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of sixty (60) days after it has been notified in writing of such
resignation or incapacity by the Warrant Agent or by the Registered Holder of a Warrant, then the Registered Holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor
Warrant Agent at the Company’s cost. The Company may, at any time and for any reason at no cost to the Holders, remove the Warrant Agent and appoint a successor Warrant Agent by written instrument signed by the Company and specifying such
removal and the date when it is intended to become effective, one copy of which shall be delivered to the Warrant Agent being removed and one copy to the successor Warrant Agent. Any successor Warrant Agent, whether appointed by the Company or by
such court, shall be a Person organized and existing under the Laws of the United States of America, or any state thereunder, in good standing. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights,
immunities, duties and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor
Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, rights, immunities, duties and obligations of such predecessor Warrant Agent hereunder; and
upon request of any successor Warrant Agent, the Company shall make, execute, acknowledge and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority,
powers, rights, immunities, duties and obligations. 

  
 28 

 (b) Notice of Successor Warrant Agent. In the event a successor Warrant
Agent shall be appointed, the Company shall (i) give notice thereof to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment, and (ii) cause written notice
thereof to be delivered to each Registered Holder at such Registered Holder’s address appearing on the Warrant Register. Failure to give any notice provided for in this Section 8.1(b) or any defect therein shall not affect the
legality or validity of the removal of the Warrant Agent or the appointment of a successor Warrant Agent, as the case may be. 

(c) Merger, Consolidation or Name Change of Warrant Agent. 

(i) Any Person into which the Warrant Agent may be merged or with which it may be consolidated or any Person resulting from
any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement, without any further act or deed, if such person would be eligible for appointment as a successor Warrant Agent under
the provisions of Section 8.1(a). If any of the Warrant Certificates have been countersigned but not delivered at the time such successor to the Warrant Agent succeeds under this Agreement, any such successor to the Warrant Agent may
adopt the countersignature of any previous Warrant Agent; and if at that time any of the Warrant Certificates shall not have been countersigned, any successor to the Warrant Agent may countersign such Warrant Certificates either in the name of the
predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement. 

(ii) If at any time the name of the Warrant Agent is changed and at such time any of the Warrant Certificates have been
countersigned but not delivered, the Warrant Agent whose name has changed may adopt the countersignature under its prior name; and if at that time any of the Warrant Certificates have not been countersigned, the Warrant Agent may countersign such
Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement. 

Section 8.2 Fees and Expenses of Warrant Agent. 

(a) Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as Warrant Agent
as set forth in the fee proposal between the Company and the Warrant Agent dated July 15, 2016 and will reimburse the Warrant Agent upon demand for all reasonable and documented out-of-pocket expenses (including reasonable counsel fees and
expenses), taxes and governmental charges and other charges of any kind and nature incurred by the Warrant Agent in connection with the negotiation, preparation, delivery, administration, execution, modification, waiver, delivery, enforcement or
amendment of this of this Agreement and the exercise and performance of its duties hereunder. 
 (b) Further
Assurances. The Company agrees to perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant
Agent for the carrying out or performing of the provisions of this Agreement. 

  
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 Section 8.3 Duties of Warrant Agent 

(a) Covered Persons. References to the Warrant Agent in this Section 8.3 shall include the Warrant Agent and
its affiliates, principles, directors, officers, employees, agents, representatives, attorneys, accountants, advisors and other professionals. 

(b) Liability. 

(i) The Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this
Agreement, the Warrant Statements or in the Warrant Certificates (except, in each case, its countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company
only. The Warrant Agent shall not be under any responsibility in respect of the validity or sufficiency of this Agreement or the execution and delivery hereof or in respect of the validity or execution of any Warrant Certificate (except, in each
case, its countersignature therefor); nor shall the Warrant Agent be responsible for any breach by the Company of any covenant or condition contained in this Agreement; nor shall the Warrant Agent be responsible for the making of any adjustment in
the Exercise Price or the number and/or kind of shares issuable upon the exercise of Warrants required under the provisions of Article V or be responsible for the manner, method or amount of any such change or the ascertaining of the
existence of facts that would require any such change; nor shall the Warrant Agent by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Warrant Exercise Shares to be issued pursuant to
this Agreement or any Warrant or as to whether any Warrant Exercise Shares will, when issued, be validly issued and fully paid and non-assessable. The Warrant Agent shall not be accountable or under any duty or responsibility for the application by
the Company of the proceeds of the issue and sale, or exercise, of the Warrants. 
 (ii) The Warrant Agent shall have no
liability under, and no duty to inquire as to, the provisions of any agreement, instrument or document other than this Agreement. 

(iii) The Warrant Agent may rely on and shall incur no liability or responsibility to the Company, any Holder, or any other
Person for any action taken, suffered or omitted to be taken by it upon any notice, instruction, request, resolution, waiver, consent, order, certificate, affidavit, statement, or other paper, document or instrument furnished to the Warrant Agent
hereunder and believed by it to be genuine and to have been signed, sent or presented by the proper party or parties. The Warrant Agent shall be under no duty to inquire into or investigate the validity, accuracy or content of any such notice,
instruction, request, resolution, waiver, consent, order, certificate, affidavit, statement, or other paper, document or instrument. The Warrant Agent shall not take any instructions or directions except those given in accordance with this
Agreement. 

  
 30 

 (iv) The Warrant Agent shall act hereunder solely as agent for the Company and
in a ministerial capacity and does not assume any obligation or relationship of agency or trust with any of the Holders, and its duties shall be determined solely by the provisions hereof. The Warrant Agent shall not be liable for any action taken,
suffered or omitted to be taken in connection with this Agreement except to the extent that a court of competent jurisdiction determines that its own gross negligence, willful misconduct or bad faith (as each is determined by a final, nonappealable
judgment) was the primary cause of any loss. 
 (v) Anything in this Agreement to the contrary notwithstanding, in no event
shall the Warrant Agent be liable for any special, incidental, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Warrant Agent has been advised of the likelihood of
such loss or damage. Notwithstanding anything contained in this Agreement to the contrary, any liability of the Warrant Agent under this Agreement, whether in contract, or in tort, or otherwise, shall be limited in the aggregate to, and shall not
exceed, an amount equal to the fees and charges, but not including reimbursable expenses, paid by the Company to the Warrant Agent hereunder during the twelve (12) months immediately preceding the event for which recovery from the Warrant Agent
is being sought. 
 (vi) All rights and obligations contained in this Section 8.3 shall survive the termination
of this Agreement and the resignation, replacement, incapacity or removal of the Warrant Agent. All fees and expenses incurred by the Warrant Agent prior to the resignation, replacement, incapacity or removal of the Warrant Agent shall be paid by
the Company in accordance with this Section 8.3 of this Agreement notwithstanding such resignation, replacement, incapacity or removal of the Warrant Agent. 

(vii) The Warrant Agent shall not be under any liability for interest on any monies at any time received by it pursuant to the
provisions of this Agreement. 
 (viii) In no event shall the Warrant Agent be responsible or liable for any failure or
delay in the performance of its obligations under this Agreement arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism,
civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services. 

(ix) In the event the Warrant Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction,
direction, request or other communication, paper or document received by the Warrant Agent hereunder, the Warrant Agent, may, in its sole discretion, refrain from taking any action, and shall be fully protected and shall not be liable in any way to
the Company or any Holder or other 

  
 31 

 
person or entity for refraining from taking such action, unless the Warrant Agent receives written instructions signed by the Company which eliminates such ambiguity or uncertainty to the
satisfaction of Warrant Agent. 
 (c) Reliance on Company Statement. Whenever in the performance of its duties under
this Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof
be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by an Appropriate Officer of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any
action taken or suffered by it pursuant to the provisions of this Agreement. The Company will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and
assurances as may reasonably be required by the Warrant Agent for the carrying out or performing by the Warrant Agent of the provisions of this Agreement. 

(d) Indemnity. The Company agrees to indemnify, defend, protect and save the Warrant Agent and hold it harmless from and
against any and all losses, damages, claims, liabilities, penalties, judgments, settlements, actions, suits, proceedings, litigation, investigations, costs or expenses, including without limitation reasonable fees and disbursements of counsel, that
may be imposed on, incurred by, or asserted against such Person, at any time, and in any way relating to or arising out of or in connection with, directly or indirectly, the execution, delivery or performance of this Agreement, the enforcement of
any rights or remedies under or in connection with this Agreement, or as may arise by reason of any act, omission or error of such Person; provided, however, that no such Person shall be entitled to be so indemnified, defended,
protected, saved and kept harmless to the extent such loss was caused by its own gross negligence, bad faith or willful misconduct, each as determined by a final judgment of a court of competent jurisdiction. Notwithstanding the foregoing, the
Company shall not be responsible for any settlement made without its written consent, which written consent shall not be unreasonably conditioned, withheld or delayed. 

(e) Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with
respect to the validity or execution of any Warrant (except, in each case, its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement; nor shall it be responsible
to make any adjustments required under the provisions of Article V hereof or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall
it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any Common Stock will, when issued, be valid
and fully paid and non-assessable. The Warrant Agent will not be under any duty or responsibility to ensure compliance with any applicable federal or state securities Laws in connection with the issuance, transfer or exchange of Warrants. 

  
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 (f) The Warrant Agent may execute and exercise any of the rights or powers hereby
vested in it or perform any duty hereunder either itself or by or through its attorneys, agents or employees, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys, agents or
employees or for any loss to the Company resulting from such neglect or misconduct, provided that the Warrant Agent acts without gross negligence, willful misconduct or bad faith (each as determined by a final judgment of a court of competent
jurisdiction) in connection with the selection of such attorneys, agents or employees. 
 (g) The Warrant Agent may consult
at any time with legal counsel satisfactory to it (who may be legal counsel for the Company) and the advice of such counsel shall be full and complete authorization and protection to the Warrant Agent as to any action taken or omitted by such
parties in accordance with such advice. 
 (h) The Warrant Agent may buy, sell, or deal in any of the Warrants or other
securities of the Company freely as though it was not Warrant Agent under this Agreement. Nothing contained herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other Person. 

(i) The Warrant Agent shall not be required to use or risk its own funds in the performance of any of its obligations or duties
or the exercise of any of its rights or powers, and shall not be required to take any action which, in the Warrant Agent’s sole and absolute judgment, could involve it in expense or liability unless furnished with security and indemnity
satisfactory to it. 
 ARTICLE IX 

MISCELLANEOUS PROVISIONS 

Section 9.1 Binding Effects; Benefits. This Agreement shall inure to the benefit of and shall be binding upon the Company, the
Warrant Agent and the Holders and their respective heirs, legal representatives, successors and assigns. Nothing in this Agreement, expressed or implied, is intended to or shall confer on any person other than the Company, the Warrant Agent and the
Holders, or their respective heirs, legal representatives, successors or assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

Section 9.2 Notices. Any notice or other communication required or which may be given hereunder shall be in writing and shall be
sent by certified or regular mail (return receipt requested, postage prepaid), by private national courier service, by personal delivery or by facsimile transmission. Such notice or communication shall be deemed given (i) if mailed, two
(2) days after the date of mailing, (ii) if sent by national courier service, one (1) Business Day after being sent, (iii) if delivered personally, when so delivered, or (iv) if sent by facsimile transmission, on the
Business Day after such facsimile is transmitted, in each case as follows: 
 if to the Warrant Agent, to: 

Computershare Inc. 
 Voluntary
Corporate Actions 

  
 33 

 250 Royall Street 

Suite V 
 Canton, MA 02021 

Facsimile: (781) 575-2901 

if to the Company, to: 
 Verso
Corporation 
 6775 Lenox Center Court 

Suite 400 
 Memphis, TN 38115 

Facsimile: (901) 369-4228 

Attention: Secretary 
 with
copies (which shall not constitute notice) to: 
 O’Melveny & Myers LLP 

Times Square Tower 
 7 Times
Square 
 New York, NY 10036 

Facsimile: (212) 326-2061 

Attention: George Davis 
 if to
Registered Holders, at their addresses as they appear in the Warrant Register and, if different, at the addresses appearing in the records of the transfer agent or registrar for the Common Stock. 

Section 9.3 Persons Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from
any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the Holders, any right, remedy, or claim under or by reason of this Agreement or of any
covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto, their successors and
assigns and the Holders. 
 Section 9.4 Examination of this Agreement. A copy of this Agreement, and of the entries in the
Warrant Register relating to such Registered Holder’s Warrants, shall be available at all reasonable times at an office designated for such purpose by the Warrant Agent, for examination by the Registered Holder of any Warrant. 

Section 9.5 Counterparts. This Agreement may be executed in any number of original or facsimile or electronic PDF counterparts and
each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

Section 9.6 Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall
not affect the interpretation hereof. 

  
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 Section 9.7 Amendments. 

(a) Subject to Section 9.7(b) below, this agreement may not be amended except in writing signed by the Company and
the Warrant Agent. 
 (b) The Company and the Warrant Agent may from time to time supplement or amend this Agreement or the
Warrants, as follows: 
 (i) without the approval of any Holder in order to cure any ambiguity, manifest error or other
mistake in this Agreement or the Warrants, or to correct or supplement any provision contained herein or in the Warrants that may be defective or inconsistent with any other provision herein or in the Warrants, or to make any other provisions in
regard to matters or questions arising hereunder that the Company may deem necessary or desirable and that shall not adversely affect, alter or change the interests of the Holders in any material respect, or 

(ii) with the prior written consent of Requisite Holders; provided, however, that the consent of each Holder
adversely affected thereby shall be required for any amendment that (i) reduces the term of the Warrants (or otherwise modifies any provisions pursuant to which the Warrants may be terminated or cancelled), (ii) increases the Exercise
Price and/or decreases the number of Warrant Exercise Shares (or, as applicable, the amount of such other securities and/or assets) deliverable upon exercise of the Warrants, other than such increases and/or decreases that are made pursuant to
Article V or (iii) modifies, in a manner adverse to the Holders generally, the material anti-dilution provisions set forth in Article V. 

(c) Notwithstanding anything to the contrary herein, upon the delivery of a certificate from an Appropriate Officer which
states that the proposed supplement or amendment is in compliance with the terms of this Section 9.7, the Warrant Agent shall execute such supplement or amendment; provided that the Warrant Agent may, but shall not be obligated
to, execute any amendment or supplement that affects Warrant Agent’s rights, duties, immunities, liabilities or obligations hereunder. Any amendment, modification or waiver effected pursuant to and in accordance with the provisions of this
Section 9.7 shall be binding upon all Holders and upon each future Holder, the Company and the Warrant Agent. In the event of any amendment, modification or waiver, the Company shall give prompt notice thereof to all Registered Holders.
Any failure of the Company to give such notice or any defect therein shall not, however, in any way impair or affect the validity of any such amendment. 

Section 9.8 No Inconsistent Agreements; No Impairment. The Company shall not, on or after the date hereof, enter into any
agreement with respect to its securities which conflicts with the rights granted to the Holders in this Agreement. The Company represents and warrants to the Holders that the rights granted hereunder do not in any way conflict with the rights
granted to holders of the Company’s securities under any other agreements. The Company shall not, by amendment of its articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale
of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed 

  
 35 

 
hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of the Warrants and in the taking of all such action as may be necessary in order to
preserve the exercise rights of the Holders against impairment. 
 Section 9.9 Integration/Entire Agreement. This Agreement is
intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the Company, the Warrant Agent and the Holders in respect of the subject matter contained
herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein, with respect to the Warrants. This Agreement supersedes all prior agreements and understandings between the parties with
respect to the Warrants. 
 Section 9.10 Governing Law, Etc. This Agreement and each Warrant issued hereunder shall be deemed to
be a contract made under the Laws of the State of New York and for all purposes shall be governed by and construed in accordance with the Laws of such State. Each party hereto consents and submits to the exclusive jurisdiction of the courts of the
State of New York located in New York County and of the U.S. federal courts located in the Southern District of New York in connection with any action or proceeding brought against it that arises out of or in connection with, that is based upon, or
that relates to this Agreement or the transactions contemplated hereby. In connection with any such action or proceeding in any such court, each party hereto hereby waives personal service of any summons, complaint or other process and hereby agrees
that service thereof may be made in accordance with the procedures for giving notice set forth in Section 9.2 hereof. Each party hereto hereby waives any objection to jurisdiction or venue in any such court in any such action or
proceeding and agrees not to assert any defense based on forum non conveniens or lack of jurisdiction or venue in any such court in any such action or proceeding. 

Section 9.11 Termination. This Agreement will terminate on the earlier of (i) such date when all Warrants have been exercised
with respect to all shares subject thereto, or (ii) the expiration of the Exercise Period. The provisions of Section 8.3 and this Article IX shall survive such termination and the resignation, replacement or removal of the
Warrant Agent. 
 Section 9.12 Waiver of Trial by Jury. Each party hereto, including each Holder by its receipt of a Warrant,
hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement and the
transactions contemplated hereby. 
 Section 9.13 Remedies. The Company hereby agrees that, in the event that the Company
violates any provisions of the Warrants (including the obligation to deliver shares of Common Stock upon the exercise thereof), the remedies at law available to the Holder of such Warrant may be inadequate. In such event, the Requisite Holders and,
other than in the event the Company fails to deliver Warrant Exercise Shares upon a Holder’s exercise of its Warrants (which shall not require the consent of the Requisite Holders), with the prior written consent of the Requisite Holders, the
Holder of such Warrants, shall have the right, in addition to all other rights and remedies any of them may have, to specific performance and/or injunctive or other equitable relief to enforce the provisions of this Agreement and the Warrants. 

  
 36 

 Section 9.14 Bank Accounts. All funds received by Computershare under this Agreement
that are to be distributed or applied by Computershare in the performance of Services (the “Funds”) shall be held by Computershare as agent for the Company and deposited in one or more bank accounts to be maintained by Computershare
in its name as agent for the Company. Until paid pursuant to the terms of this Agreement, Computershare will hold the Funds through such accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding $1 billion or with an average
rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Computershare shall have no responsibility or
liability for any diminution of the Funds that may result from any deposit made by Computershare in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party. Computershare
may from time to time receive interest, dividends or other earnings in connection with such deposits. Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other party. 

Section 9.15 Severability. In the event that any one or more of the provisions contained in this Agreement, or the application
thereof in any circumstances, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provisions in every other respect and of the remaining provisions contained herein shall not be affected or impaired
thereby; provided, however, that if any such excluded provision shall adversely affect the rights, immunities, duties or obligations of the Warrant Agent, the Warrant Agent shall be entitled to immediately resign. 

Section 9.16 Confidentiality. The Warrant Agent and the Company agree that the Warrant Register and personal, non-public warrant
holder information, which are exchanged or received pursuant to the negotiation or carrying out of this Agreement, shall remain confidential and shall not be voluntarily disclosed to any other person, except as may be required by law,
including, without limitation, pursuant to subpoenas from state or federal government authorities (e.g., in divorce and criminal actions), or pursuant to the requirements of the SEC. 

[Signature Page Follows] 

  
 37 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the undersigned parties hereto as of
the date first above written. 
  

			
	VERSO CORPORATION
		
	By:	 	 /s/ Peter H. Kesser

	Name:	 	Peter H. Kesser
	Title:	 	Senior Vice President, General
		 	Counsel and Secretary
	
	COMPUTERSHARE INC., AND COMPUTERSHARE TRUST COMPANY, N.A. collectively, as Warrant Agent
		
	By:	 	 /s/ Thomas Borbely

	Name:	 	Thomas Borbely
	Title:	 	Manager, Corporate Actions

  
 38 

 EXHIBIT A-1 

FACE OF GLOBAL WARRANT CERTIFICATE 

VOID AFTER 5:00 P.M., NEW YORK CITY TIME, ON JULY 15, 2023 

This Global Warrant Certificate is held by The Depository Trust Company (the “Depositary”) or its nominee in custody for the benefit of the
beneficial owners hereof, and is not transferable to any person under any circumstances except that (i) this Global Warrant Certificate may be exchanged in whole but not in part pursuant to Section 6.1(g) of the Warrant Agreement,
(ii) this Global Warrant Certificate may be delivered to the Warrant Agent for cancellation pursuant to Section 6.1(h) of the Warrant Agreement and (iii) this Global Warrant Certificate may be transferred to a successor Depositary
with the prior written consent of the Company. 
 Unless this Global Warrant Certificate is presented by an authorized representative of the Depositary to
the Company or the Warrant Agent for registration of transfer, exchange or payment and any certificate issued is registered in the name of Cede & Co. or such other entity as is requested by an authorized representative of the Depositary
(and any payment hereon is made to Cede & Co. or to such other entity as is requested by an authorized representative of the Depositary), any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful
because the registered owner hereof, Cede & Co., has an interest herein. 
 Transfers of this Global Warrant Certificate shall be limited to
transfers in whole, but not in part, to nominees of the Depositary or to a successor thereof or such successor’s nominee. 
 No registration or
transfer of the securities issuable pursuant to the Warrant will be recorded on the books of the Company until such provisions have been complied with. 

 THE SECURITIES REPRESENTED BY THIS GLOBAL WARRANT CERTIFICATE (INCLUDING THE SECURITIES ISSUABLE UPON EXERCISE OF
THE WARRANT) ARE SUBJECT TO ADDITIONAL AGREEMENTS SET FORTH IN THE WARRANT AGREEMENT DATED AS OF JULY 15, 2016, BY AND BETWEEN THE COMPANY AND THE WARRANT AGENT (THE “WARRANT AGREEMENT”). 

THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 

5:00 P.M., NEW YORK CITY TIME, ON JULY 15, 2023 

WARRANT TO PURCHASE 

             SHARES OF CLASS A COMMON STOCK OF 

REORGANIZED VERSO CORPORATION* 

CUSIP # 92531L 116 
 ISSUE
DATE: JULY 15, 2016 
 No. W-1 
 This
certifies that, for value received, Cede & Co. and its registered assigns (collectively, the “Registered Holder”), is entitled to purchase from reorganized Verso Corporation, a Delaware corporation (the “Company”),
subject to the terms and conditions hereof, at any time before 5:00 p.m., New York time, on July 15, 2023, the number of fully paid and non-assessable shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”)
of the Company set forth above at the Exercise Price (as defined in the Warrant Agreement). The Exercise Price and the number and kind of shares purchasable hereunder are subject to adjustment from time to time as provided in Article V of the
Warrant Agreement. The initial Exercise Price shall be $27.86. 
 This Warrant Certificate shall not be valid unless countersigned by the
Warrant Agent. 
  
  

	*	Exercisable for 1,810,035 shares of Class A Common Stock for all Warrants in the aggregate, subject to adjustment in accordance with Article V of the Warrant Agreement. 

 IN WITNESS WHEREOF, this Warrant has been duly executed by the Company under its corporate seal as of the 15th
day of July, 2016. 
  

			
	VERSO CORPORATION
		
	By:	 	  

 
			
	Print Name:	 	  

 
			
	Title:	 	  

	Attest:	 	  

 

			
	Computershare Inc., and Computershare Trust Company, N.A. collectively, as Warrant Agent
		
	By:	 	  

	Name:	 	
	Title:	 	

 Address of Registered Holder for Notices (until changed in accordance with this Warrant): 

Cede & Co. 
 55 Water Street 

New York, New York 10041 
 REFERENCE IS HEREBY
MADE TO THE FURTHER PROVISIONS OF THIS GLOBAL WARRANT CERTIFICATE SET FORTH ON THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. 

 FORM OF REVERSE OF GLOBAL WARRANT CERTIFICATE 

The Warrant evidenced by this Global Warrant Certificate is a part of a duly authorized issue of Warrants to purchase
            ¤ shares of Class A Common Stock issued pursuant to the Warrant Agreement, a copy of which may be inspected at the office of the Warrant Agent designated for
such purpose. The Warrant Agreement hereby is incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the
Warrant Agent, the Company and the Registered Holders of the Warrants. All capitalized terms used on the face of this Warrant herein but not defined that are defined in the Warrant Agreement shall have the meanings assigned to them therein. 

The Company shall not be required to issue fractions of Class A Common Stock or any certificates that evidence fractional Class A
Common Stock. 
 No Warrants may be sold, exchanged or otherwise transferred in violation of the Securities Act or state securities laws.

 This Warrant does not entitle the Registered Holder to any of the rights of a stockholder of the Company. 

The Company and Warrant Agent may deem and treat the Registered Holder hereof as the absolute owner of this Warrant Certificate
(notwithstanding any notation of ownership or other writing hereon made by anyone) for the purpose of any exercise hereof (subject to Section 4.3(d)(z) of the Warrant Agreement) and for all other purposes (subject to Section 4.1(ii) of the
Warrant Agreement), and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 
  

 

	¤	Exercisable for 1,810,035 shares of Class A Common Stock for all Warrants in the aggregate, subject to adjustment in accordance with Article V of the Warrant Agreement. 

 EXHIBIT A-2 

THE SECURITIES REPRESENTED BY THIS WARRANT CERTIFICATE (INCLUDING THE SECURITIES ISSUABLE UPON EXERCISE OF THE WARRANT) ARE SUBJECT TO ADDITIONAL AGREEMENTS
SET FORTH IN THE WARRANT AGREEMENT DATED AS OF JULY 15, 2016, BY AND BETWEEN THE COMPANY AND THE WARRANT AGENT (THE “WARRANT AGREEMENT”). 
  

			
	Certificate Number                     	  	Warrants                     
		  	CUSIP 92531L 116
	This certifies that is the holder of	  	

 WARRANTS TO PURCHASE CLASS A COMMON STOCK OF 

REORGANIZED VERSO CORPORATION 
 transferable on
the books of the Company by the holder hereof in person or by duly authorized attorney upon surrender of the certificate properly endorsed. Each Warrant entitles the holder and its registered assigns (collectively, the “Registered Holder”)
to purchase by exercise from reorganized Verso Corporation, a Delaware corporation (the “Company”), subject to the terms and conditions hereof, at any time before 5:00 p.m., New York time, on July 15, 2023, one fully paid and
non-assessable share of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”) of the Company at the Exercise Price (as defined in the Warrant Agreement). The Exercise Price and the number and kind of shares
purchasable hereunder are subject to adjustment from time to time as provided in Article V of the Warrant Agreement. The initial Exercise Price shall be $27.86. 

This certificate is not valid unless countersigned and registered by the Warrant Agent. 

WITNESS the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers. 

 

							
		  		  	DATED
	  
	  		  	
	Authorized Officer	  		  	
			
	Attest:	  		  	 COUNTERSIGNED AND REGISTERED 

COMPUTERSHARE INC., AND COMPUTERSHARE TRUST COMPANY, N.A. 

COLLECTIVELY, AS WARRANT AGENT

				
	  
	  		  	By	 	  

	Secretary	  		  		 	AUTHORIZED SIGNATURE

 FORM OF REVERSE OF WARRANT 

REORGANIZED VERSO CORPORATION 
 The Warrants
evidenced by this Warrant Certificate are a part of a duly authorized issue of Warrants to purchase 1,810,035 shares of Class A Common Stock issued pursuant to the Warrant Agreement, as dated July 15, 2016 between reorganized Verso Corporation
and Computershare Inc., a Delaware corporation and its wholly-owned subsidiary, Computershare Trust Company N.A., a federally chartered trust company, collectively as warrant agent (together with their respective successors and assigns, the
“Warrant Agent” and the agreement, the “Warrant Agreement”), a copy of which may be inspected at the office of the Warrant Agent designated for such purpose. The Warrant Agreement is incorporated by reference in and made a
part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the Registered Holders of the Warrants. All capitalized
terms used in this Warrant Certificate but not defined that are defined in the Warrant Agreement shall have the meanings assigned to them therein. 
 The
Company shall not be required to issue fractions of Class A Common Stock or any certificates that evidence fractional Class A Common Stock. No Warrants may be sold, exchanged or otherwise transferred in violation of the Securities Act or
state securities laws. The Warrants represented by this Warrant Certificate do not entitle the Registered Holder to any of the rights of a stockholder of the Company. The Company and Warrant Agent may deem and treat the Registered Holder hereof as
the absolute owner of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone) for the purpose of any exercise hereof and for all other purposes, and neither the Company nor the Warrant Agent shall
be affected by any notice to the contrary. 

 EXHIBIT B-1 

EXERCISE FORM FOR REGISTERED HOLDERS HOLDING WARRANT CERTIFICATES 

(To be executed upon exercise of Warrants) 

The undersigned Registered Holder of this Warrant Certificate, being the holder of Warrants of reorganized Verso Corp., issued pursuant to
that certain Warrant Agreement, as dated July 15, 2016 (the “Warrant Agreement”), by and among reorganized Verso Corp. (the “Company”), and Computershare Inc., a Delaware corporation and its wholly-owned subsidiary,
Computershare Trust Company N.A., a federally chartered trust company, collectively as warrant agent (together with their respective successors and assigns, the “Warrant Agent”) hereby irrevocably elects to exercise the number of
Warrants indicated below, for the purchase of the number of shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”) indicated below and (check one): 

 

	 	 ̈	herewith tenders payment for              of the Warrant Exercise Shares to the order of reorganized Verso Corp. in the amount of
$         in accordance with the terms of the Warrant Agreement; or 

  

	 	 ̈	herewith tenders                      Warrants pursuant to the cashless exercise provisions of
Section 4.3(b) of the Warrant Agreement. This exercise and election shall  ̈ be immediately effective. 

The undersigned requests that the Warrant Exercise Shares, or the net number of shares of Class A Common Stock issuable upon exercise of
the Warrants pursuant to the cashless exercise provisions of Section 4.3(b) of the Warrant Agreement, be issued in the name of the undersigned Holder or as otherwise indicated below: 

 

			
	Name	 	  

	Address	 	  

		 	  

 If said number of Warrant Exercise Shares shall not be all the Warrant Exercise Shares issuable upon
exercise of the Warrant, the undersigned requests that a new Warrant Certificate representing the balance of such Warrant shall be issued in the name of the undersigned Holder or as otherwise indicated below and be delivered to the address indicated
below: 
  

			
	Name	 	  

	Address	 	  

		 	  

	
	Delivery Address (if different)
		
		 	  

		 	  

  

							
	 Dated:             ,
20    
	 		 	HOLDER
		 		 	[                                    
    ]
				
		 		 	By	 	  

		 		 	Name:	 	
		 		 	Title:	 	

 EXHIBIT B-2 

EXERCISE FORM FOR REGISTERED HOLDERS HOLDING DIRECT REGISTERED WARRANTS 

(To be executed upon exercise of Warrants) 

The undersigned Holder, being the holder of Warrants of reorganized Verso Corp., issued pursuant to that certain Warrant Agreement, as dated
July 15, 2016 (the “Warrant Agreement”), by and among reorganized Verso Corp. (the “Company”), and Computershare Inc., a Delaware corporation and its wholly-owned subsidiary, Computershare Trust Company N.A., a
federally chartered trust company, collectively as warrant agent (together with their respective successors and assigns, the “Warrant Agent”), hereby irrevocably elects to exercise the number of Warrants indicated below, for the
purchase of the number of shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”) indicated below and (check one): 
  

	 	 ̈	herewith tenders payment for              of the Warrant Exercise Shares to the order of reorganized Verso Corp. in the amount of
$         in accordance with the terms of the Warrant Agreement; or 

  

	 	 ̈	herewith tenders                      Warrants pursuant to the cashless exercise provisions of
Section 4.3(b) of the Warrant Agreement. This exercise and election shall  ̈ be immediately effective. 

The undersigned requests that the Warrant Exercise Shares, or the net number of shares of Class A Common Stock issuable upon exercise of
the Warrants pursuant to the cashless exercise provisions of Section 4.3(b) of the Warrant Agreement, be issued in the name of the undersigned Holder or as otherwise indicated below: 

 

			
	Name	 	  

	Address	 	  

 If said number of Warrant Exercise Shares shall not be all the Warrant Exercise Shares issuable upon
exercise of the Warrant, the undersigned requests that a new Warrant representing the balance of such Warrant shall be issued in the name of the undersigned Holder or as otherwise indicated below and that a Warrant Statement reflecting such balance
be delivered to the address indicated below: 
  

			
	Name	 	  

	Address	 	  

	
	Delivery Address (if different)
		
		 	  

		 	  

  

							
	 Dated:             ,
20    
	 		 	HOLDER
		 		 	[                                    
    ]
				
		 		 	By	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  

 EXHIBIT C 

FORM OF ASSIGNMENT 
 FOR REGISTERED
HOLDERS 
 HOLDING DIRECT REGISTRATION WARRANTS 

(To be executed only upon assignment of Warrants) 

For value received, the undersigned Holder of Warrants of reorganized Verso Corp., issued pursuant to that certain Warrant Agreement, as dated July 15, 2016
(the “Warrant Agreement”), by and among reorganized Verso Corp. (the “Company”), and Computershare Inc., a Delaware corporation and its wholly-owned subsidiary, Computershare Trust Company N.A., a federally
chartered trust company, collectively as warrant agent (together with their respective successors and assigns, the “Warrant Agent”), hereby sells, assigns and transfers unto the Assignee(s) named below the number of Warrants listed
opposite the respective name(s) of the Assignee(s) named below, and all other rights of the Holder under said Warrants, and does hereby irrevocably constitute and appoint
                     attorney, to transfer said Warrants, as and to the extent set forth below, on the Warrant Register maintained for the
purpose of registration thereof, with full power of substitution in the premises: 
  

					
	Name(s) of Assignee(s)	 	Address of Assignee(s)	 	Number of Warrants
	                    
                    	 	                    
                    	 	                    
                    

  

							
	Dated:             , 20    	 		 	Signature:	 	  

		 		 	Name:	 	  

 Note: The above signature and name should correspond exactly with the name of the Holder of the Warrants as it appears on the
Warrant Register.EX-10.5

 Exhibit 10.5 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of July 15, 2016, by and among Verso
Corporation, a Delaware corporation (the “Company”), and the other parties signatory hereto and any additional parties identified on the signature pages of any joinder agreement executed and delivered pursuant hereto (each a
“Claimholder” and collectively, the “Claimholders”). 
 WHEREAS, the Company and certain affiliated
debtors filed the First Modified Third Amended Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code filed pursuant to Chapter 11 of Title 11 of the United States Code, on June 22, 2016, which was confirmed by the United States
Bankruptcy Court for the District of Delaware on June 23, 2016 (including all exhibits, schedules and supplements thereto, the “Plan”); and 

WHEREAS, the Plan provides that on and as of the Plan Effective Date, the Company will enter into and deliver this Agreement to each entity
that is intended to be a party thereto, with the Agreement to contain the terms and conditions set forth in the Registration Rights Agreement Term Sheet filed with the Plan; 

WHEREAS, each Claimholder (together with its Affiliates and Related Funds) beneficially owns, as of the Plan Effective Date, Allowed Claims
that will entitle such holder to receive on the Plan Effective Date seven percent (7%) or more of the total Common Stock outstanding (on a fully diluted basis) on the Plan Effective Date; 

WHEREAS, each Claimholder may acquire shares of Common Stock (including through Warrant Shares or Conversion Shares) within ninety
(90) days of the Plan Effective Date such that, following such acquisition, such Claimholder (together with its Affiliates and Related Funds) will beneficially own ten percent (10%) or more of the total amount of all Common Stock
then-outstanding (on a fully diluted basis); and 
 WHEREAS, the Company and the Claimholders are entering into this Agreement in
furtherance of the aforesaid provisions of the Plan. 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this
Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and each of the Claimholders agree as follows: 

1. Effectiveness of Agreement and Definitions. 

(a) If, during the period from and including the Plan Effective Date through the date that is ninety (90) days after the Plan Effective
Date, there occurs a Registration Trigger Event (as defined below), the Claimholder undergoing such Registration Trigger Event shall be entitled to deliver written notice of the Registration Trigger Event to the Company within five (5) Business
Days of the occurrence of such event (such notice, a “Registration Trigger Event Notice”). This Agreement will become effective with respect to a Claimholder only upon receipt by the Company of a Registration Trigger Event Notice
timely delivered by such Claimholder in connection with a Registration Trigger Event. If a Claimholder does not effectuate a Registration Trigger Event within 90 days from the Plan Effective Date or fails to

 
timely deliver a notice to the Company of a Registration Trigger Event as required by this Agreement, then this Agreement shall become null and void with respect to such Claimholder. This
Agreement shall terminate automatically without any action needed by any parties hereto if no Claimholder effectuates a Registration Trigger Event within 90 days from the Plan Effective Date and timely delivers a notice to the Company of a
Registration Trigger Event as required by this Agreement. 
 (b) Capitalized terms used and not otherwise defined herein that are defined in
the Plan have the meanings given such terms in the Plan. As used in this Agreement, the following terms shall have the following meanings: 

“Advice” has the meaning set forth in Section 17(c). 

“Affiliate” means, with respect to any person, any other person which directly or indirectly controls, is controlled by, or
is under common control with, such person. The term “control” (including the terms “controlled by” and “under common control with”) as used in this definition means the possession, directly or
indirectly (including through one or more intermediaries), of the power or authority to direct or cause the direction of management, whether through the ownership of voting securities, by contract or otherwise. 

“Agreement” has the meaning set forth in the Preamble. 

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined in
Rule 405 promulgated under the Securities Act. 
 “beneficially own” (and related terms such as “beneficial
ownership” and “beneficial owner”) shall have the meaning given to such term in Rule 13d-3 under the Exchange Act, and any Person’s beneficial ownership of securities shall be calculated in accordance with the provisions of
such Rule. 
 “Board” means the Board of Directors of the Company. 

“Business Day” means any day, other than a Saturday or Sunday or a day on which commercial banks in New York City are
authorized or required by law to be closed. 
 “Claimholder” has the meaning set forth in the Preamble. 

“Commission” means the Securities and Exchange Commission. 

“Common Stock” means the Class A common stock of the Company, par value $0.01 per share. 

“Company” has the meaning set forth in the Preamble. 

“Conversion Shares” means the shares of Common Stock issuable upon the conversion of the Class B common stock of the company,
par value $0.01 per share. 

 “Counsel to the Holders” means (i) with respect to any Demand Registration,
the one legal counsel selected by the Holders of a majority of the Registrable Securities initially requesting such Demand Registration and (ii) with respect to any Underwritten Takedown or Piggyback Registration, the one legal counsel selected
by the Majority Holders. 
 “Demand Registration Request” has the meaning set forth in Section 4(a). 

“Effective Date” means the date that a Registration Statement filed pursuant to this Agreement is first declared effective by
the Commission. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 “Form S-1” means form S-1 under the Securities Act, or any other form hereafter adopted by the
Commission for the general registration of securities under the Securities Act. 
 “Form S-3” means form S-3 under the
Securities Act, or any other form hereafter adopted by the Commission having substantially the same usage as Form S-3. 

“FINRA” has the meaning set forth in Section 9. 

“Grace Period” has the meaning set forth in Section 6(a). 

“Holder” or “Holders” means a Claimholder that has timely delivered a Registration Trigger Event Notice to
the Company upon the occurrence of a Registration Trigger Event with respect to such Claimholder. A Person shall cease to be a Holder hereunder at such time as it ceases to hold any Registrable Securities. 

“Indemnified Party” has the meaning set forth in Section 11(c). 

“Indemnifying Party” has the meaning set forth in Section 11(c). 

“Initial Registrable Securities Number” means the aggregate number of Registrable Securities (including Warrant Shares and
Conversion Shares) beneficially owned by all Holders , measured at the time each such Holder delivered its respective Registration Trigger Event Notice to the Company and appropriately adjusted for any stock splits, reverse stock splits, stock
dividends or similar transactions involving the Company’s Common Stock. 
 “Initial Shelf Expiration Date” has the
meaning set forth in Section 2(d)(i). 
 “Initial Shelf Registration Statement” has the meaning set forth in
Section 2(a). 
 “Losses” has the meaning set forth in Section 11(a). 

“Majority Holders” means, with respect to any Underwritten Offering, the holders of a majority of the Registrable Securities
to be included in such Underwritten Offering held by all Holders that have made the request requiring the Company to conduct such Underwritten Offering (but not including any Holders that have exercised “piggyback” rights hereunder to be
included in such Underwritten Offering). 
  

 “Other Holder” has the meaning set forth in Section 7(b). 

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture,
limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Piggyback Notice” has the meaning set forth in Section 7(a). 

“Piggyback Offering” has the meaning set forth in Section 7(a). 

“Plan” has the meaning set forth in the Preamble. 

“Plan Effective Date” shall mean the date on which the Plan becomes effective. 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or
partial proceeding, such as a deposition), whether commenced or threatened. 
 “Prospectus” means the prospectus included
in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

“Registrable Securities” means (a) all shares of Common Stock issued to, and Warrant Shares and Conversion Shares
acquired by, a Holder pursuant to the Plan and any additional shares of Common Stock, Warrant Shares or Conversion Shares acquired by such Holder in open market or other purchases after the Effective Date and (b) any additional shares of Common
Stock paid, issued or distributed in respect of any such shares or Warrants by way of a stock dividend, stock split or distribution, or in connection with a combination of shares, and any security into which such Common Stock, Warrant Shares or
Conversion Shares shall have been converted or exchanged in connection with a recapitalization, reorganization, reclassification, merger, consolidation, exchange, distribution or otherwise; provided, however, that as to any Registrable
Securities, such securities shall cease to constitute Registrable Securities upon the earliest to occur of: (x) the date on which such securities are disposed of pursuant to an effective Registration Statement; (y) the date on which such
securities are disposed of pursuant to Rule 144 (or any similar provision then in effect) promulgated under the Securities Act; and (z) the date on which such Registrable Securities may be sold pursuant to Rule 144 (or any similar
provision then in effect) without regard to any volume or manner of sale restrictions, provided that, with respect to clause (z), such date may be no earlier than the first anniversary of the Plan Effective Date. 

 “Registration Statement” means any one or more registration statements of the
Company filed under the Securities Act that covers the resale of any of the Registrable Securities pursuant to the provisions of this Agreement (including without limitation any Shelf Registration Statement), amendments and supplements to such
Registration Statements, including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such Registration Statements. 

“Registration Trigger Event” means the acquisition by a Claimholder of any shares of Common Stock (including Warrant Shares
or Conversion Shares) such that, following such acquisition such Claimholder, together with its Affiliates and Related Funds, beneficially owns, in the aggregate, ten percent (10%) or more of the total amount of all Common Stock
then-outstanding (on a fully diluted basis). 
 “Registration Trigger Event Notice” has the meaning set forth in Section
1(a). 
 “Related Fund” means, with respect to any Person, any fund, account or investment vehicle that is controlled
or managed by such Person, by any Affiliate of such Person, or, if applicable, such Person’s investment manager. 
 “Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as
such Rule. 
 “Rule 158” means Rule 158 promulgated by the Commission pursuant to the Securities Act, as such Rule may be
amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

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

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Selling Stockholder Questionnaire” means a questionnaire reasonably adopted by the Company from time to time. 

“Shelf Registration Statement” means a Registration Statement filed with the Commission in accordance with the Securities Act
for the offer and sale of Registrable Securities by Holders on a continuous or delayed basis pursuant to Rule 415. 
 “Trading
Day” means a day during which trading in the Common Stock occurs in the Trading Market, or if the Common Stock is not listed on a Trading Market, a Business Day. 

 “Trading Market” means whichever of the New York Stock Exchange, the NYSE Amex,
the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market, OTC Bulletin Board, or OTC Markets Group marketplace on which the Common Stock is listed or quoted for trading on the date in question. 

“Transfer” has the meaning set forth in Section 13. 

“Underwritten Offering” means an offering of Registrable Securities under a Registration Statement in which the Registrable
Securities are sold to an underwriter for reoffering to the public. 
 “Underwritten Takedown” has the meaning set forth in
Section 2(f). 
 “Warrants” means the warrants for the purchase of Common Stock issued by the Company pursuant
to the terms of the Plan. 
 “Warrant Shares” means the shares of Common Stock issuable upon the exercise of the Warrants.

 “Well-Known Seasoned Issuer” means a “well-known seasoned issuer” as defined in Rule 405 promulgated
under the Securities Act and which (i) is a “well-known seasoned issuer” under paragraph (1)(i)(A) of such definition or (ii) is a “well-known seasoned issuer” under paragraph (1)(i)(B) of such definition and
is also eligible to register a primary offering of its securities relying on General Instruction I.B.1 of Form S-3 or Form F-3 under the Securities Act. 

2. Initial Shelf Registration. 

(a) After receipt by the Company of a Registration Triggering Event Notice, the Company shall prepare a Shelf Registration Statement (the
“Initial Shelf Registration Statement”), and shall include in the Initial Shelf Registration Statement the Registrable Securities of each Holder, who shall request inclusion therein of some or all of their Registrable Securities by
indicating in such Holder’s Registration Trigger Event Notice the number of Registrable Securities the Holder desires to be included in the Initial Shelf Registration Statement. The Company shall file the Initial Shelf Registration Statement
with the Commission on or prior to the ninetieth (90th) day following receipt of a Registration Trigger Event Notice; provided, however, that the Company shall not be required to file
or cause to be declared effective the Initial Shelf Registration Statement unless such Holders otherwise timely comply with the requirements of this Agreement with respect to the inclusion therein of the number of Registrable Securities to be
included in the Initial Shelf Registration Statement. 
 (b) The Company shall include in the Initial Shelf Registration Statement all
Registrable Securities whose inclusion has been timely requested as aforesaid; provided, however, that the Company shall not be required to include an amount of Registrable Securities in excess of the amount as may be permitted to be included
in such Registration Statement under the rules and regulations of the Commission and the applicable interpretations thereof by the staff of the Commission. 

 (c) The Initial Shelf Registration Statement shall be on Form S-1; provided, however, that, if
the Company becomes eligible to register the Registrable Securities for resale by the Holders on Form S-3 (including without limitation as a Well-Known Seasoned Issuer eligible to use an Automatic Shelf Registration Statement), the Company shall be
entitled to amend the Initial Shelf Registration Statement to a Shelf Registration Statement on Form S-3 or file a Shelf Registration Statement on Form S-3 in substitution of the Initial Shelf Registration Statement as initially filed. 

(d) The Company shall use its commercially reasonable efforts to cause the Initial Shelf Registration Statement to be declared effective by
the Commission as promptly as practicable, and shall use its commercially reasonable efforts to keep such Initial Shelf Registration Statement continuously effective, and not subject to any stop order, injunction or other similar order or
requirement of the Commission, until the earlier of (i) the expiration of one (1) year following the Effective Date of the Initial Shelf Registration Statement, provided that at the time the Company is eligible to register the
Registrable Securities for resale by the Holders on Form S-3, such date shall be extended to three (3) years following the Effective Date of the Initial Shelf Registration Statement (such date, the
“Initial Shelf Expiration Date”); and (ii) the date that all Registrable Securities covered by such Initial Shelf Registration Statement shall cease to be Registrable Securities. In the event of any stop order, injunction or
other similar order or requirement of the Commission relating to the Initial Shelf Registration Statement, if any Registrable Securities covered by the Initial Shelf Registration Statement remain unsold, the period during which the Initial Shelf
Registration Statement shall be required to remain effective will be extended by the number of days during which such stop order, injunction or similar order or requirement is in effect. 

(e) If the Initial Shelf Registration Statement is on Form S-1, then for so long as any Registrable Securities covered by the Initial Shelf
Registration Statement remain unsold, the Company will (i) file any supplements to the Prospectus or post-effective amendments required to be filed by applicable law in order to incorporate into such Prospectus any Quarterly Reports on Form
10-Q or Annual Reports on Form 10-K filed by the Company with the Commission, and (ii) file any supplements to the Prospectus necessary or required to be filed by applicable law in order to incorporate into such Prospectus any Current Report on
Form 8-K or other information necessary so that the Initial Shelf Registration Statement shall not include any untrue statement of material fact or omit to state any material fact necessary in order to make the statements therein not misleading.

 (f) Upon the demand of one or more Holders, the Company shall facilitate a “takedown” of Registrable Securities in the form of
an Underwritten Offering (each, an “Underwritten Takedown”), in the manner and subject to the conditions described in Section 5 of this Agreement, provided that either (i) the number of shares included in
such “takedown” shall equal at least thirty-three percent (33 %) of the Initial Registrable Securities Number or (ii) the Registrable Securities requested to be sold by the Holders in such “takedown” shall have an
anticipated aggregate gross offering price (before deducting underwriting discounts and commission) of at least $20 million. 

 3. Subsequent Shelf Registration Statements on Form S-3 

(a) After (i) the Effective Date of the Initial Shelf Registration Statement and prior to the Initial Shelf Expiration Date and
(ii) for so long as any Registrable Securities remain outstanding, the Company shall use its commercially reasonable efforts to become eligible to register the Registrable Securities on Form S-3 after the Initial Shelf Expiration Date. 

(b) After the Initial Shelf Expiration Date and for so long as any Registrable Securities remain outstanding, the Company shall use its
commercially reasonable efforts to become eligible and/or to maintain its eligibility to register the Registrable Securities on Form S-3. If at such time, the Company is eligible to register the Registrable Securities on Form S-3 and there is not an
effective Registration Statement which includes the Registrable Securities that are currently outstanding and initially requested to be included in the Initial Shelf Registration Statement pursuant to Section 2(a) of this Agreement, the
Company shall promptly file a Shelf Registration Statement on Form S-3 and use its commercially reasonable efforts to cause such Registration Statement to be declared effective. 

4. Demand Registration 

(a) At any time and from time to time on or following a Registration Trigger Event, any Holder or group of Holders may request in writing
(“Demand Registration Request”) that the Company effect the registration of all or part of such Holder’s or Holders’ Registrable Securities with the Commission under and in accordance with the provisions of the Securities
Act. The Company will file a Registration Statement covering such Holder’s or Holders’ Registrable Securities requested to be registered, and shall use its commercially reasonable efforts to cause such Registration Statement to be declared
effective as promptly as practicable after receipt of such request; provided, however, that the Company will not be required to file a Registration Statement pursuant to this Section 4: 

(A) unless either (i) the number of Registrable Securities requested to be registered on such Registration Statement
equals at least thirty-three percent (33 %) of the Initial Registrable Securities Number and (ii) the Registrable Securities requested to be sold by the Holders pursuant to such Registration Statement shall have an anticipated aggregate gross
offering price (before deducting underwriting discounts and commission) of at least $20 million. 
 (B) if the Registrable
Securities requested to be registered are already covered by an existing and effective Registration Statement and such Registration Statement may be utilized for the offering and sale of the Registrable Securities requested to be registered; 

(C) if a registration statement filed by the Company shall have previously been initially declared effective by the Commission
within the one hundred eighty (180) days preceding the date such Demand Registration Request is made; and 
 (D) if the
number of Demand Registration Requests previously made pursuant to this Section 4(a) shall equal or exceed three; provided that a Demand Registration Request shall not be considered made for purposes of this clause (D) unless
the requested Registration Statement has been declared effective by the Commission or the Company amended a previously filed registration statement to cover the requested Registrable Securities in accordance with Section 4(c) hereof.

 (b) A Demand Registration Request shall specify (i) the then-current name and address of
such Holder or Holders, (ii) the aggregate number of Registrable Securities requested to be registered, (iii) the total number of Registrable Securities then beneficially owned by such Holder or Holders and (iv) the intended means of
distribution. If at the time the Demand Registration Request is made the Company shall be eligible to use Form S-3, the Holder or Holders making such request may specify that the registration be in the form of a Shelf Registration Statement. 

(c) The Company may satisfy its obligations under Section 4(a) hereof by amending (to the extent permitted by applicable law) any
registration statement previously filed by the Company under the Securities Act, so that such amended registration statement will permit the disposition (in accordance with the intended methods of disposition specified as aforesaid) of all of the
Registrable Securities for which a demand for registration has been properly made under Section 4(b) hereof. If the Company so amends a previously filed registration statement, it will be deemed to have effected a registration for
purposes of Section 4(a) hereof; provided that the date such registration statement is amended pursuant to this Section 4(c) shall be the “the first day of effectiveness” of such Registration Statement for
purposes of determining the period during which the Registration Statement is required to be maintained effective in accordance with Section 4(e) hereof. 

(d) Within ten (10) days after receiving a Demand Registration Request, the Company shall give written notice of such request to all
other Holders and shall, subject to the provisions of Section 5(c) in the case of an Underwritten Offering, include in such registration all such Registrable Securities with respect to which the Company has received written requests for
inclusion therein within fifteen (15) days after the Company’s giving of such notice, provided that such Registrable Securities are not already covered by an existing and effective Registration Statement that may be utilized for the
offering and sale of the Registrable Securities requested to be registered in the manner so requested. 
 (e) The Company will use its
reasonable efforts to keep a Registration Statement that has become effective as contemplated by this Section 4 continuously effective, and not subject to any stop order, injunction or other similar order or requirement of the
Commission: 
 (A) in the case of a Registration Statement other than a Shelf Registration Statement, until all Registrable
Securities registered thereunder have been sold pursuant to such Registration Statement, but in no event later than two hundred seventy (270) days from the Effective Date of such Registration Statement; and 

(B) in the case of a Shelf Registration Statement, until the earlier of (x) three (3) years following the Effective
Date of the Initial Shelf Registration Statement; and (y) the date that all the Registrable Securities covered by such Shelf Registration Statement shall cease to be Registrable Securities; 

 provided, however, that in the event of any stop order, injunction or other similar order or requirement
of the Commission relating to any Shelf Registration Statement, if any Registrable Securities covered by such Shelf Registration Statement remain unsold, the period during which such Shelf Registration Statement shall be required to remain effective
will be extended by the number of days during which such stop order, injunction or similar order or requirement is in effect. 
 (f) The
Holder or Holders making a Demand Registration Request may, at any time prior to the Effective Date of the Registration Statement relating to such registration, revoke their request for the Company to effect the registration of all or part of such
Holder’s or Holders’ Registrable Securities by providing a written notice to the Company. If, pursuant to the preceding sentence, the entire Demand Registration Request is revoked, then, at the option of the Holder or Holders who revoke
such request, either (i) such Holder or Holders shall reimburse the Company for all of its reasonable and documented out-of-pocket expenses incurred in the preparation, filing and processing of the Registration Statement, which out-of-pocket
expenses, for the avoidance of doubt, shall not include overhead expenses and which requested registration shall not count as one of the permitted Demand Registration Requests hereunder or (ii) the requested registration that has been revoked
will be deemed to have been effected for purposes of Section 4(a). 
 (g) If a Registration Statement filed pursuant to this
Section 4 is a Shelf Registration Statement, then upon the demand of one or more Holders, the Company shall facilitate a “takedown” of Registrable Securities in the form of an Underwritten Offering, in the manner and subject to
the conditions described in Section 5 of this Agreement, provided that either (i) the number of shares included in such “takedown” shall equal at least thirty-three percent (33 %) of the Initial Registrable
Securities Number or (ii) the Registrable Securities requested to be sold by the Holders in such “takedown” shall have an anticipated aggregate gross offering price (before deducting underwriting discounts and commission) of at least
$20 million. 
 5. Procedures for Underwritten Offerings. The following procedures shall govern Underwritten Offerings pursuant to
Section 2 or Section 4, whether in the case of an Underwritten Takedown or otherwise. 
 (a) (i) The Majority
Holders shall select one or more investment banking firm(s) of national standing to be the managing underwriter or underwriters for any Underwritten Offering pursuant to a Demand Registration Request or an Underwritten Takedown with the consent of
the Company, which consent shall not be unreasonably withheld, conditioned or delayed and (ii) the Company shall select one or more investment banking firms of national standing to be the managing underwriter or underwriters for any other
Underwritten Offering with the consent of the Majority Holders, which consent shall not be unreasonably withheld, conditioned or delayed. 

(b) All Holders proposing to distribute their securities through an Underwritten Offering, as a condition for inclusion of their Registrable
Securities therein, shall agree to enter into an underwriting agreement with the underwriters; provided that the underwriting agreement is in customary form and reasonably acceptable to the Majority Holders and provided, further
that no Holder of Registrable Securities included in any Underwritten 

 
Offering shall be required to make any representations or warranties to the Company or the underwriters (other than representations and warranties regarding (i) such Holder’s ownership
of its Registrable Securities to be sold or transferred, (ii) such Holder’s power and authority to effect such transfer and (iii) such matters pertaining to compliance with securities laws as may be reasonably requested). 

(c) If the managing underwriter or underwriters for an Underwritten Offering pursuant to a Demand Registration or an Underwritten Takedown
advises the Holders that the total amount of Registrable Securities or other shares of Common Stock permitted to be registered is such as to adversely affect the success of such Underwritten Offering, the number of Registrable Securities or other
shares of Common Stock to be registered on such Registration Statement will be reduced as follows: first, the Company shall reduce or eliminate the securities of the Company to be included by any Person other than a Holder or the Company;
second, the Company shall reduce or eliminate any securities of the Company to be included by the Company; and third, the Company shall reduce the number of Registrable Securities to be included by Holders on a pro rata basis based on
the total number of Registrable Securities requested by the Holders to be included in the Underwritten Offering. 
 (d) Within ten
(10) days after receiving a request for an Underwritten Offering constituting a “takedown” from a Shelf Registration Statement, the Company shall give written notice of such request to all other Holders, and subject to the provisions
of Section 5(e) hereof, include in such Underwritten Offering all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within fifteen (15) days after the Company’s
giving of such notice, provided that such Registrable Securities are covered by an existing and effective Shelf Registration Statement that may be utilized for the offering and sale of the Registrable Securities requested to be registered.

 (e) The Company will not be required to undertake an Underwritten Offering pursuant to Section 2 or Section 4:

 (A) if the Company has undertaken an Underwritten Offering, whether for its own account or pursuant to this Agreement,
within the one hundred eighty (180) days preceding the date of the request for such Underwritten Offering is given to the Company; and 

(B) if the number of Underwritten Offerings previously made pursuant to Section 2 or Section 4 shall
equal or exceed three (3); provided, however, that if the Company has received more than one (1) Registration Trigger Event Notice, then the Company will not be required to undertake an Underwritten Offering pursuant to
Section 2 or Section 4 hereof if the number of Underwritten Offerings previously made pursuant to Section 2 or Section 4 shall equal or exceed four (4). 

6. Grace Periods. 
 (a)
Notwithstanding anything to the contrary herein— 
 (A) the Company shall be entitled to postpone the filing or
effectiveness of, or, at any time after a Registration Statement has been declared effective by the Commission, 

 
suspend the use of, a Registration Statement (including the Prospectus included therein) if in the good faith judgment of the Board, such registration, offering or use would reasonably be
expected to materially affect in an adverse manner or materially interfere with any bona fide material financing of the Company or any material transaction under consideration by the Company or would require the disclosure of information that has
not been, and is not otherwise required to be, disclosed to the public and the premature disclosure of which the Company has a bona fide business purpose for preserving as confidential, provided, that in the event such Registration Statement
relates to a Demand Registration Request, the Holders initiating such Demand Registration Request shall be entitled to withdraw the Demand Registration Request and, if such request is withdrawn, it shall not count as one of the permitted Demand
Registration Requests hereunder and the Company shall pay all registration expenses in connection with such registration (the period of a postponement or suspension as described in clause (A), a “Grace Period”). 

(b) The Company shall promptly (i) notify the Holders in writing of the existence of the event or material non-public information giving
rise to a Grace Period (provided that the Company shall not disclose the content of such material non-public information to any Holder, without the express consent of such Holder) or the need to file a post-effective amendment, as applicable, and
the date on which such Grace Period will begin, (ii) use commercially reasonable efforts to terminate a Grace Period as promptly as practicable and (iii) notify the Holders in writing of the date on which the Grace Period ends. 

(c) The aggregate of any one Grace Period, or of all Grace Periods in total during any three hundred sixty-five (365) day period, shall
not exceed an aggregate of ninety (90) days. For purposes of determining the length of a Grace Period, the Grace Period shall be deemed to begin on and include the date the Holders receive the notice referred to in clause (ii) of
Section 6(b) and shall end on and include the later of the date the Holders receive the notice referred to in clause (iii) of Section 6(b) and the date referred to in such notice. In the event the Company declares a
Grace Period, the period during which the Company is required to maintain the effectiveness of an Initial Shelf Registration Statement or a Registration Statement filed pursuant to a Demand Registration Request shall be extended by the number of
days during which such Grace Period is in effect. 
 7. Piggyback Registration 

(a) If at any time, and from time to time, when Registrable Securities are not already covered by an existing and effective Registration
Statement, the Company proposes to— 
 (A) file a registration statement under the Securities Act with respect to an
underwritten offering of Common Stock of the Company or any securities convertible or exercisable into Common Stock of the Company (other than with respect to a registration statement (i) on Form S-8 or any successor form thereto, (ii) on
Form S-4 or any successor form thereto, (iii) another form not available for registering the Registrable Securities for sale to the public or (iv) a registration statement filed pursuant to Rule 415), whether or not for its own account; or

 (B) conduct an underwritten offering constituting a “takedown” of a
class of Common Stock or any securities convertible or exercisable into Common Stock registered under a shelf registration statement previously filed by the Company; 

the Company shall give written notice (the “Piggyback Notice”) of such proposed filing or underwritten offering to the
Holders at least ten (10) Business Days before the anticipated filing date. Such notice shall include the number and class of securities proposed to be registered or offered, the proposed date of filing of such registration statement or the
conduct of such underwritten offering, any proposed means of distribution of such securities, any proposed managing underwriter of such securities and a good faith estimate by the Company of the proposed maximum offering price of such securities as
such price is proposed to appear on the facing page of such registration statement, and shall offer the Holders the opportunity to register such amount of Registrable Securities as each Holder may request on the same terms and conditions as the
registration of the other securities of the Company, as the case may be (a “Piggyback Offering”). Subject to Section 7(b), the Company will include in each Piggyback Offering all Registrable Securities for which the
Company has received written requests for inclusion within five (5) Business Days after the date the Piggyback Notice is given; provided, however, that in the case of the filing of a registration statement, such Registrable Securities
are not otherwise registered pursuant to an existing and effective Shelf Registration Statement under this Agreement, but in such case, the Company shall include such Registrable Securities in such underwritten offering if the Shelf Registration
Statement may be utilized for the offering and sale of the Registrable Securities requested to be offered; and provided further that, in the case of an underwritten offering in the form of a “takedown” under a shelf registration
statement, such Registrable Securities are covered by an existing and effective Shelf Registration Statement that may be utilized for the offering and sale of the Registrable Securities requested to be offered. 

(b) The Company will cause the managing underwriter or underwriters of the proposed offering to permit the Holders that have requested
Registrable Securities to be included in the Piggyback Offering to include all such Registrable Securities on the same terms and conditions as any similar securities, if any, of the Company. Notwithstanding the foregoing, if the managing underwriter
or underwriters of such underwritten offering advises the Company and the selling Holders in writing that, in its view, the total amount of securities that the Company, such Holders and any other holders entitled to participate in such offering
(“Other Holders”) propose to include in such offering is such as to adversely affect the success of such underwritten offering, then: 

(A) if such Piggyback Offering is an underwritten primary offering by the Company for its own account, the Company will include
in such Piggyback Offering: (i) first, all securities to be offered by the Company; (ii) second, up to the full amount of securities requested to be included in such Piggyback Offering by the Holders; and
(iii) third, up to the full amount of securities requested to be included in such Piggyback Offering by all Other Holders; 

(B) if such Piggyback Offering is an underwritten secondary offering for the account of Other Holders exercising
“demand” rights (including pursuant to a Demand Registration Request), the Company will include in such registration: (i) first, all 

 
securities of the Other Holder exercising “demand” rights (including pursuant to a Demand Registration Request) requested to be included therein; (ii) second, up to the full
amount of securities proposed to be included in the registration by the Company; and (C) third, up to the full amount of securities requested to be included in such Piggyback Offering by the Holders and any Other Holders entitled to
participate therein, allocated pro rata among such Holders and Other Holders on the basis of the amount of securities requested to be included therein by each such Holder or Other Holder; 

such that, in each case, the total amount of securities to be included in such Piggyback Offering is the full amount that, in the view of such managing
underwriter, can be sold without adversely affecting the success of such Piggyback Offering. 
 (c) If at any time after giving the
Piggyback Notice and prior to the time sales of securities are confirmed pursuant to the Piggyback Offering, or in the case the Company determines for any reason not to register the Piggyback Offering, the Company may, at its election, give notice
of its determination to all Holders, and in the case of such a determination, will be relieved of its obligation to register any Registrable Securities in connection with the abandoned Piggyback Offering, without prejudice. 

(d) Any Holder of Registrable Securities requesting to be included in a Piggyback Offering may withdraw its request for inclusion by giving
written notice to the Company, at least three (3) Business Days prior to the anticipated Effective Date of the Registration Statement filed in connection with such Piggyback Offering, or in the case of a Piggyback Offering constituting a
“takedown” off of a shelf registration statement, at least three (3) Business Days prior to the anticipated date of the filing by the Company under Rule 424 of a supplemental prospectus (which shall be the preliminary supplemental
prospectus, if one is used in the “takedown”) with respect to such offering, of its intention to withdraw from that registration; provided, however, that (i) the Holder’s request be made in writing and (ii) the
withdrawal will be irrevocable and, after making the withdrawal, a Holder will no longer have any right to include its Registrable Securities in that Piggyback Offering. 

8. Registration Procedures. If and when the Company is required to effect any registration under the Securities Act as provided in
Sections 2(a), 4(a) or 5 of this Agreement, the Company shall use its commercially reasonable efforts to: 

(a) prepare and file with the Commission the requisite Registration Statement to effect such registration and thereafter use
its commercially reasonable efforts to cause such Registration Statement to become and remain effective, subject to the limitations contained herein; 

(b) prepare and file with the Commission such amendments and supplements to such Registration Statement and the Prospectus used
in connection therewith as may be necessary to keep such Registration Statement effective and to comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by such
Registration Statement until such time as all of such Registrable Securities have been disposed of in accordance with the method of disposition set forth in such Registration Statement, subject to the limitations contained herein; 

 (c) (i) before filing a Registration Statement or Prospectus or any amendments or
supplements thereto, at the Company’s expense, furnish to the Holders whose securities are covered by the Registration Statement copies of all such documents, other than documents that are incorporated by reference into such Registration
Statement or Prospectus, proposed to be filed and such other documents reasonably requested by such Holders (which may be furnished by email), and afford Counsel to the Holders a reasonable opportunity to review and comment on such documents; and
(ii) in connection with the preparation and filing of each such Registration Statement pursuant to this Agreement, (A) upon reasonable advance notice to the Company, give each of the foregoing such reasonable access to all financial and
other records, corporate documents and properties of the Company as shall be necessary, in the reasonable opinion of Counsel to the Holders and such underwriters, to conduct a reasonable due diligence investigation for purposes of the Securities Act
and Exchange Act, and (B) upon reasonable advance notice to the Company and during normal business hours, provide such reasonable opportunities to discuss the business of the Company with its officers, directors, employees and the independent
public accountants who have certified its financial statements as shall be necessary, in the reasonable opinion of such counsel to such Holders and such underwriters, to conduct a reasonable due diligence investigation for purposes of the Securities
Act and the Exchange Act; 
 (d) notify each selling Holder of Registrable Securities, promptly after the Company receives
notice thereof, of the time when such Registration Statement has been declared effective or a supplement to any Prospectus forming a part of such Registration Statement has been filed; 

(e) with respect to any offering of Registrable Securities, furnish to each selling Holder of Registrable Securities, and the
managing underwriters for such underwritten offering, if any, without charge, such number of copies of the applicable Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration
Statement (including each preliminary Prospectus, final Prospectus, and any other Prospectus (including any Prospectus filed under Rule 424, Rule 430A or Rule 430B promulgated under the Securities Act and any “issuer free
writing prospectus” as such term is defined under Rule 433 promulgated under the Securities Act), all exhibits and other documents filed therewith and such other documents as such seller or such managing underwriters may reasonably request
including in order to facilitate the disposition of the Registrable Securities owned by such seller, and upon request, a copy of any and all transmittal letters or other correspondence to or received from, the Commission or any other governmental
authority relating to such offer; 
 (f) (i) register or qualify all Registrable Securities covered by such Registration
Statement under such other securities or blue sky laws of such states or other jurisdictions of the United States of America as the Holders covered by such Registration Statement shall reasonably request in writing, (ii) keep such registration
or qualification in effect for so long as such Registration Statement remains in effect and (iii) take any 

 
other action that may be necessary or reasonably advisable to enable such Holders to consummate the disposition in such jurisdictions of the securities to be sold by such Holders, except that the
Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this subsection (f) be obligated to be so qualified, to subject
itself to taxation in such jurisdiction or to consent to general service of process in any such jurisdiction; 
 (g) cause
all Registrable Securities included in such Registration Statement to be registered with or approved by such other federal or state governmental agencies or authorities as necessary upon the opinion of counsel to the Company or Counsel to the
Holders of Registrable Securities included in such Registration Statement to enable such Holder or Holders thereof to consummate the disposition of such Registrable Securities in accordance with their intended method of distribution thereof; 

(h) with respect to any Underwritten Offering, obtain and, if obtained, furnish to each Holder that is named as an underwriter
in such Underwritten Offering and each other underwriter thereof, a signed 
 (A) opinion of outside counsel for the Company,
dated the date of the closing under the underwriting agreement and addressed to the underwriters, reasonably satisfactory (based on the customary form and substance of opinions of issuers’ counsel customarily given in such an offering) in form
and substance to such underwriters, if any, and 
 (B) “cold comfort” letter, dated the date of the closing under
the underwriting agreement and addressed to the underwriters and signed by the independent public accountants who have certified the Company’s financial statements included or incorporated by reference in such registration statement, reasonably
satisfactory (based on the customary form and substance of “cold comfort” letters of issuers’ independent public accountant customarily given in such an offering) in form and substance to such Holder and such underwriters, if any,

 in each case, covering substantially the same matters with respect to such Registration Statement (and the Prospectus
included therein) and, in the case of the accountants’ comfort letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ comfort
letters delivered to underwriters in such types of offerings of securities; 
 (i) notify each Holder of Registrable
Securities included in such Registration Statement at any time when a Prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the Prospectus
included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in the light of
the circumstances under which they were made and for which the Company chooses to 

 
suspend the use of the Registration Statement and Prospectus in accordance with the terms of this Agreement, and, at the written request of any such Holder, promptly prepare and furnish to it a
reasonable number of copies of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such Prospectus, as supplemented or amended, shall not include an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made; 

(j) notify the Holders of Registrable Securities included in such Registration Statement promptly of any request by the
Commission for the amending or supplementing of such Registration Statement or Prospectus or for additional information; 

(k) advise the Holders of Registrable Securities included in such Registration Statement promptly after it shall receive notice
or obtain knowledge thereof and promptly use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a registration statement relating to the Registrable Securities at the earliest practicable moment; 

(l) otherwise comply with all applicable rules and regulations of the Commission and any other governmental agency or authority
having jurisdiction over the offering of Registrable Securities, and make available to its stockholders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months, but not more than eighteen
(18) months, beginning with the first (1st) full calendar month after the Effective Date of such Registration Statement, which earnings statement shall satisfy the provisions of
Section 11(a) of the Securities Act and Rule 158 promulgated thereunder and which requirement will be deemed satisfied if the Company timely files complete and accurate information on Forms 10-Q and 10-K and Current Reports on Form 8-K under
the Exchange Act and otherwise complies with Rule 158 under the Securities Act; 
 (m) cause all Registrable Securities
included in a Registration Statement to be listed on a national securities exchange on which similar securities issued by the Company are then listed, if the listing of such Registrable Securities is then permitted under the rules of such exchange;

 (n) provide and cause to be maintained a transfer agent and registrar for the Registrable Securities included in a
Registration Statement no later than the Effective Date thereof; 
 (o) enter into such agreements (including an underwriting
agreement in customary form) and take such other actions as the Holders beneficially owning a majority of the Registrable Securities included in a Registration Statement or the underwriters, if any, shall reasonably request in order to expedite or
facilitate the disposition of such Registrable Securities, including customary indemnification; and provide reasonable cooperation, including causing at least one (1) executive officer and 

 
the Company’s Chief Financial Officer and/or Chief Accounting Officer to attend and participate in “road shows” and other information meetings organized by the underwriters, if
any, as reasonably requested; provided, that the Company shall have no obligation to participate in more than two (2) “road shows” in any twelve (12)-month period and such participation shall not unreasonably interfere
with the business operations of the Company; 
 (p) if requested by the managing underwriter(s) or the Holders beneficially
owning a majority of the Registrable Securities being sold in connection with an Underwritten Offering, promptly incorporate in a prospectus supplement or post-effective amendment such information relating to the plan of distribution for such shares
of Registrable Securities provided to the Company in writing by the managing underwriters and the Holders of a majority of the Registrable Securities being sold and that is required to be included therein relating to the plan of distribution with
respect to such Registrable Securities, including without limitation, information with respect to the number of Registrable Securities being sold to such underwriters, the purchase price being paid therefor by such underwriters and with respect to
any other terms of the Underwritten Offering of the Registrable Securities to be sold in such offering, and make any required filings with respect to such information relating to the plan of distribution as soon as practicable after notified of the
information; 
 (q) cooperate with the Holders of Registrable Securities included in a Registration Statement and the
managing underwriter(s), if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends, and enable such Registrable Securities to be in such share
amounts and registered in such names as the managing underwriters, or, if none, the Holders beneficially owning a majority of the Registrable Securities being offered for sale, may reasonably request at least three (3) Business Days prior to
any sale of Registrable Securities to the underwriters; and 
 (r) otherwise use its commercially reasonable efforts to take
all other steps necessary to effect the registration of such Registrable Securities contemplated hereby. 
 In addition, at least ten (10) Trading Days
prior to the first anticipated filing date of a Registration Statement for any registration under this Agreement, the Company will notify each Holder of the information the Company requires from that Holder, including any update to or confirmation
of the information contained in the Selling Stockholder Questionnaire, if any, which shall be completed and delivered to the Company promptly upon request and, in any event, within five (5) Trading Days prior to the applicable anticipated
filing date. Each Holder further agrees that it shall not be entitled to be named as a selling securityholder in the Registration Statement or use the Prospectus for offers and resales of Registrable Securities at any time, unless such Holder has
returned to the Company a completed and signed Selling Stockholder Questionnaire and a response to any requests for further information as described in the previous sentence and, if an Underwritten Offering, entered into an underwriting agreement
with the underwriters in accordance with Section 5(b), and complied with and provided all other documents reasonably required under the terms of the underwriting agreement. If a Holder of Registrable Securities returns a Selling
Stockholder Questionnaire or a request for further 

 
information, in either case, after its respective deadline, the Company shall be permitted to exclude such Holder from being a selling security holder in the Registration Statement or any
pre-effective or post-effective amendment thereto. Each Holder acknowledges and agrees that the information in the Selling Stockholder Questionnaire or request for further information as described in this Section 8 will be used by the
Company in the preparation of the Registration Statement and hereby consents to the inclusion of such information in the Registration Statement. 

9. Registration Expenses. All fees and expenses incident to the Company’s performance of or compliance with its obligations under
this Agreement (excluding any underwriting discounts, fees or selling commissions, broker or similar commissions or fees, or transfer taxes of any Holder) shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a
Registration Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings
required to be made with any Trading Market on which the Common Stock is then listed for trading, (B) with respect to compliance with applicable state securities or Blue Sky laws (including, without limitation, fees and disbursements of counsel
for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities and determination of the eligibility of the Registrable Securities for investment under the laws of such jurisdictions as requested by the
Holders) and (C) if not previously paid by the Company in connection with an Issuer Filing, with respect to any filing that may be required to be made by any broker through which a Holder intends to make sales of Registrable Securities with the
Financial Industry Regulatory Authority (“FINRA”) pursuant to the FINRA Rule 5110, so long as the broker is receiving no more than a customary brokerage commission in connection with such sale, (ii) printing expenses
(including, without limitation, expenses of printing certificates for Registrable Securities and of printing prospectuses if the printing of prospectuses is reasonably requested by the Holders of a majority of the Registrable Securities included in
the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) the reasonable fees and expenses incurred in connection with any road show for Underwritten
Offerings, (vi) Securities Act liability insurance, if the Company so desires such insurance, and (vii) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by
this Agreement. In addition, the Company will pay the reasonable fees and disbursements of the Counsel to the Holders (other than such fees and disbursements incurred in connection with any registration or qualification of Registrable Securities
under the securities or “blue sky” laws of any state), including, for the avoidance of doubt, any reasonable and documented expenses of one (1) Counsel to all of the Holders in connection with any Underwritten Offering (which shall be
selected by Holders holding at least a majority of the Registrable Securities including in such Underwritten Offering). 
 10. Lock-Up
Agreements. In connection with any underwritten public offering of equity securities of the Company by the Holders, the Company or any Other Holders (irrespective of whether such Holder participates in such underwritten offering), if requested
by the managing underwriter in such underwritten offering, each Holder hereby agrees to enter into a “lock-up agreement” containing terms that are customary at the time such agreement is entered into for offerings of similar size and type,
and the Company shall cause all of the Company’s directors and executive officers to sign lock up agreements on comparable terms in connection 

 
therewith. For purposes of the forgoing, the term “lock-up agreement” refers to an agreement by the undersigned thereto not to effect for a specified period of time any sale or
distribution (other than in connection with the public offering for which such lock-up agreement is being requested and other customary exceptions), including, without limitation, any sale pursuant to Rule 144 under the Securities Act, of any
Registrable Securities, any other equity securities of the Company or any securities convertible into or exchangeable or exercisable for any equity securities of the Company, without the prior consent of the managing underwriter. The provisions of
this Section 10 will no longer apply to a Holder once such Holder ceases to hold Registrable Securities. 
 11. Indemnification.

 (a) Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify, defend and
hold harmless each Holder, the officers, directors, agents, partners, members, managers, stockholders, Affiliates and employees of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act) and the officers, directors, partners, members, managers, stockholders, agents and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all
losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and investigation and reasonable attorneys’ fees) and expenses (collectively, “Losses”), to which any of them may
become subject, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in
any preliminary prospectus or (ii) any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto,
in light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that (A) such untrue statements, alleged untrue statements, omissions or alleged omissions are based upon information
regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was
provided by such Holder expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto, or (B) in the case of an occurrence of an event of the type specified in
Section 8(i), related to the use by a Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice
contemplated and defined in Section 17(c) below, but only if and to the extent that following the receipt of the Advice the misstatement or omission giving rise to such Loss would have been corrected. Such indemnity shall remain in full
force and effect regardless of any investigation made by or on behalf of an Indemnified Party (as defined in Section 11(c)), shall survive the transfer of the Registrable Securities by the Holders, and shall be in addition to any
liability which the Company may otherwise have. 
 (b) Indemnification by Holders. Each Holder shall, severally and not jointly,
indemnify and hold harmless the Company, its respective directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the
directors, officers, agents or 

 
employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out of or are based upon any untrue or alleged untrue
statement of a material fact contained in any Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not
misleading (i) to the extent, but only to the extent, that such untrue statements or omissions are based upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein or (ii) to the
extent, but only to the extent, that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was provided by such Holder expressly for use in a Registration Statement, such
Prospectus or such form of Prospectus or in any amendment or supplement thereto or (iii) in the case of an occurrence of an event of the type specified in Section 8(i), to the extent, but only to the extent, related to the use by
such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 17(c),
but only if and to the extent that following the receipt of the Advice the misstatement or omission giving rise to such Loss would have been corrected. In no event shall the liability of any selling Holder hereunder be greater in amount than the
dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. Such indemnity shall remain in full force and effect regardless of any investigation made by or on
behalf of an Indemnified Party (as defined in Section 11(c)), shall survive the transfer of the Registrable Securities by the Holders, and shall be in addition to any liability which the Holder may otherwise have. 

(c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity
hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to
assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all reasonable fees and expenses incurred in connection with defense thereof; provided, that the failure of
any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that such failure shall have materially and adversely prejudiced the
Indemnifying Party. 
 An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the
defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party
shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded
parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that in the reasonable judgment of such counsel a conflict of interest exists if the same counsel were to
represent such Indemnified Party and the Indemnifying Party; provided, that the Indemnifying 

 
Party shall not be liable for the reasonable and documented fees and expenses of more than one separate firm of attorneys at any time for all Indemnified Parties. The Indemnifying Party shall not
be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld, delayed or conditioned. No Indemnifying Party shall, without the prior written consent of the Indemnified
Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter
of such Proceeding. 
 Subject to the terms of this Agreement, all reasonable and documented fees and expenses of the Indemnified Party
(including reasonable and documented fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section 11(c)) shall be paid to the Indemnified
Party, as incurred, with reasonable promptness after receipt of written notice thereof to the Indemnifying Party; provided, that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses
applicable to such actions for which such Indemnified Party is finally judicially determined to not be entitled to indemnification hereunder. The failure to deliver written notice to the Indemnifying Party within a reasonable time of the
commencement of any such action shall not relieve such Indemnifying Party of any liability to the Indemnified Party under this Section 11, except to the extent that the Indemnifying Party is materially and adversely prejudiced in its
ability to defend such action. 
 (d) Contribution. If a claim for indemnification under Section 11(a) or
(b) is unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable
by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such
Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such action, statement or omission. 
 The parties hereto agree that
it would not be just and equitable if contribution pursuant to this Section 11(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the
immediately preceding paragraph. Notwithstanding the provisions of this Section 11(d), no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such
Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.
No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

 12. Rule 144 and Rule 144A; Other Exemptions. With a view to making available to
the Holders of Registrable Securities the benefits of Rule 144 and Rule 144A promulgated under the Securities Act and other rules and regulations of the Commission that may at any time permit a Holder of Registrable Securities to sell
securities of the Company to the public without registration, until the later of (a) the first anniversary of the Plan Effective Date and (b) such time as the Company is no longer subject to the reporting requirements of Section 13 or
15(d) of the Exchange Act, the Company covenants that it will (i) file in a timely manner all reports and other documents required, if any, to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted
thereunder or (ii) make available information necessary to comply with Rule 144 and Rule 144A, if available with respect to resales of the Registrable Securities under the Securities Act, at all times, all to the extent required from
time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (x) Rule 144 and Rule 144A promulgated under the Securities Act (if
available with respect to resales of the Registrable Securities), as such rules may be amended from time to time or (y) any other rules or regulations now existing or hereafter adopted by the Commission. Upon the reasonable request of any
Holder of Registrable Securities, the Company will deliver to such Holder a written statement as to whether it has complied with such information requirements, and, if not, the specific reasons for non-compliance. 

13. Transfer of Registration Rights. Any Holder may freely assign its rights hereunder on a pro rata basis in connection with any sale,
transfer, assignment, or other conveyance (any of the foregoing, a “Transfer”) of Registrable Securities to any transferee or assignee; provided that all of the following additional conditions are satisfied: (a) such
Transfer occurs either (i) at a time when there is not an effective Registration Statement that includes the Registrable Securities to be transferred or (ii) at a time when there is an effective Registration Statement that includes the
Registrable Securities to be transferred but such Registration Statement has been suspended by the Company pursuant to a Grace Period under Section 6(a), (b) such transferee, after giving effect to such Transfer, shall own at least
1% of the outstanding shares of Common Stock on a fully diluted basis, (c) such Transfer is effected in accordance with applicable securities laws; (d) such transferee or assignee agrees in writing to become subject to the terms of this
Agreement; and (e) the Company is given written notice by such Holder of such Transfer, stating the name and address of the transferee or assignee and identifying the Registrable Securities with respect to which such rights are being
transferred or assigned; and further provided, that (i) any rights assigned hereunder shall apply only in respect of the Registrable Securities that are Transferred and not in respect of any other securities that the transferee or assignee may
hold and (ii) any Registrable Securities that are Transferred may cease to constitute Registrable Securities following such Transfer in accordance with the terms of this Agreement. 

14. Further Assurances. Each of the parties hereto shall execute all such further instruments and documents and take all such further
action as any other party hereto may reasonably require in order to effectuate the terms and purposes of this Agreement. 
 15. Number of
Registrable Securities Outstanding. In order to determine the number of Registrable Securities outstanding at any time, upon the written request of the Company to the Holders, each Holder shall promptly inform the Company in writing of the
number of 

 
Registrable Securities that such Holder owns, and the Company may conclusively rely upon the information provided by such Holder for the purpose of determining the number of Registrable
Securities under this Agreement. 
 16. Confidentiality. Each Holder shall maintain the confidentiality of any confidential
information received from or otherwise made available by the Company to such Holder in connection with the Company’s obligations pursuant to this Agreement. Information that (a) is or becomes available to a Holder from a public source
other than as a result of a disclosure by such Holder or any of its Affiliates, (b) is disclosed to a Holder by a third-party source who the Holder reasonably believes is not bound by an obligation of confidentiality to the Company, (c) is
or becomes required to be disclosed by a Holder by law, including by court order, or to a prospective transferee of shares of Common Stock, or (d) is independently developed by a Holder, shall not be deemed to be “confidential
information” for purposes of this Agreement. The Holder shall not grant access, and the Company shall not be required to grant access, to information under this Agreement to any Person who will not agree to maintain the confidentiality (to the
same extent a Holder is required to maintain confidentiality) of any confidential information received from or otherwise made available to it by the Company or the Holder under this Agreement. 

17. Miscellaneous. 
 (a)
Remedies. Any Person having rights under any provision of this Agreement shall be entitled to enforce such rights specifically to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other
rights granted by law. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of
competent jurisdiction (without posting any bond or other security) for specific performance and for other injunctive relief in order to enforce or prevent violation of the provisions of this Agreement. 

(b) Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as
applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to any Registration Statement and shall sell the Registrable Securities only in accordance with a method of distribution
described in each Registration Statement 
 (c) Discontinued Disposition. By its acquisition of Registrable Securities, each Holder
agrees that, upon receipt of a notice from the Company of the occurrence of a Grace Period or any event of the kind described in Section 8(i), such Holder will forthwith discontinue disposition of such Registrable Securities under a
Registration Statement until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company may provide appropriate stop
orders to enforce the provisions of this paragraph. 
 (d) Preservation of Rights. The Company shall not grant any registration
rights to third parties which are more favorable than or inconsistent with the rights granted hereunder unless any such more favorable rights are concurrently added to the rights granted hereunder. 

 (e) No Inconsistent Agreements. The Company shall not hereafter enter into any agreement
with respect to its securities which is inconsistent with or violates the rights granted to the Holders in this Agreement. 
 (f)
Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, or waived unless the same shall be in writing and signed by (i) the Company and
Claimholders holding at least a majority of the then outstanding Common Stock held by all Claimholders, if such amendment, modification, supplement or waiver occurs prior to a Registration Triggering Event and the effectiveness of this Agreement, or
(ii) the Company and Holders holding at least a majority of then outstanding Registrable Securities, if such amendment, modification, supplement or waiver occurs on or after a Registration Triggering Event and the effectiveness of this
Agreement; provided, however, that any party may give a waiver as to itself; provided further that no amendment, modification, supplement, or waiver that disproportionately and adversely affects, alters, or changes the interests of any
Holder and/or Claimholder shall be effective against such Holder and/or Claimholder without the prior written consent of such Holder and/or Claimholder; and provided further that the waiver of any provision with respect to any Registration
Statement or offering may be given by Holders holding at least a majority of the then outstanding Registrable Securities entitled to participate in such offering or, if such offering shall have been commenced, having elected to participate in such
offering. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of certain Holders and that does not directly or indirectly affect the rights of other
Holders may be given by Holders of a majority of the Registrable Securities to which such waiver or consent relates; provided, however, that the provisions of this sentence may not be amended, modified, or supplemented except in
accordance with the provisions of the immediately preceding sentence. No waiver of any terms or conditions of this Agreement shall operate as a waiver of any other breach of such terms and conditions or any other term or condition, nor shall any
failure to enforce any provision hereof operate as a waiver of such provision or of any other provision hereof. No written waiver hereunder, unless it by its own terms explicitly provides to the contrary, shall be construed to effect a continuing
waiver of the provisions being waived and no such waiver in any instance shall constitute a waiver in any other instance or for any other purpose or impair the right of the party against whom such waiver is claimed in all other instances or for all
other purposes to require full compliance with such provision. The failure of any party to enforce any provision of this Agreement shall not be construed as a waiver of such provision and shall not affect the right of such party thereafter to
enforce each provision of this Agreement in accordance with its terms. 
 (g) Notices. Any notice or other communication required or
which may be given hereunder shall be in writing and shall be sent by certified or regular mail, by private national courier service (return receipt requested, postage prepaid), by personal delivery or by facsimile transmission. Such notice or
communication shall be deemed given (i) if mailed, two (2) days after the date of mailing, (ii) if sent by national courier service, one (1) Business Day after being sent, (iii) if delivered personally, when so delivered, or
(iv) if sent by facsimile transmission, on the Business Day after such facsimile is transmitted, in each case as follows: 

(A) If to the Company: 

Verso Corporation 
 6775 Lenox
Center Court, Suite 400 
 Memphis, Tennessee 38115-4436 

Attention: Peter H. Kesser 

Facsimile: (901) 369-4228 

E-mail: peter.kesser@versoco.com 

 with a copy (which shall not constitute notice) to: 

O’Melveny & Myers LLP 

400 South Hope Street, 18th Floor 

Los Angeles, CA 90071 
 Attention:
John-Paul Motley 
 Facsimile: (213) 430-6407 

E-mail: jpmotley@omm.com 

(B) If to the Holders (or to any of them), at their addresses as they appear in the in the records of the Company or the
records of the transfer agent or registrar, if any, for the Common Stock. 
 If any time period for giving notice or taking action hereunder
expires on a day which is a Saturday, Sunday or legal holiday in the State of New York or the jurisdiction in which the Company’s principal office is located, the time period shall automatically be extended to the Business Day immediately
following such Saturday, Sunday or legal holiday. 
 (h) Successors and Assigns. This Agreement shall be binding upon and inure to
the benefit of and be enforceable by the parties hereto and their respective successors and assigns (including any trustee in bankruptcy). In addition, and whether or not any express assignment shall have been made, the provisions of this Agreement
which are for the benefit of the Holders of Registrable Securities (or any portion thereof) as such shall be for the benefit of and enforceable by any subsequent holder of any Registrable Securities (or of such portion thereof); provided,
that such subsequent holder of Registrable Securities shall be required to execute a joinder to this Agreement in form and substance reasonably satisfactory to the Company agreeing to be bound by its terms. No assignment or delegation of this
Agreement by the Company, or any of the Company’s rights, interests or obligations hereunder, shall be effective against any Holder without the prior written consent of such Holder. 

(i) Execution and Counterparts. This Agreement may be executed simultaneously in two or more counterparts, any one of which need not
contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same Agreement. 
 (j)
Delivery by Facsimile. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the
extent signed and delivered by means of a facsimile machine or other electronic means, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the
original signed version thereof delivered in person. At 

 
the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party
hereto or to any such agreement or instrument shall raise the use of a facsimile machine or other electronic means to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a
facsimile machine or other electronic means as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

(k) Governing Law; Venue. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York,
without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) to the extent such rules or provisions would cause the application of the laws of any jurisdiction other
than the State of New York. Each of the parties to this Agreement consents and agrees that any action to enforce this Agreement or any dispute, whether such dispute arises in law or equity, arising out of or relating to this Agreement shall be
brought exclusively in the United States District Court for the Southern District of New York or any New York State Court sitting in New York City. The parties hereto consent and agree to submit to the exclusive jurisdiction of such courts. Each of
the parties to this Agreement waives and agrees not to assert in any such dispute, to the fullest extent permitted by applicable law, any claim that (i) such party and such party’s property is immune from any legal process issued by such
courts or (ii) any litigation or other proceeding commenced in such courts is brought in an inconvenient forum. The parties hereby agree that mailing of process or other papers in connection with any such action or proceeding to an address
provided in writing by the recipient of such mailing, or in such other manner as may be permitted by law, shall be valid and sufficient service thereof and hereby waive any objections to service in the manner herein provided. 

(l) Waiver of Jury Trial. Each of the parties to this Agreement hereby agrees to waive its respective rights to a jury trial of any
claim or cause of action based upon or arising out of this Agreement. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of this Agreement,
including contract claims, tort claims and all other common law and statutory claims. Each party hereto acknowledges that this waiver is a material inducement to enter into this Agreement, that each has already relied on this waiver in entering into
this Agreement, and that each will continue to rely on this waiver in their related future dealings. Each party hereto further warrants and represents that it has reviewed this waiver with its legal counsel and that it knowingly and voluntarily
waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS
SECTION 17(l) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. In the event of litigation, this Agreement may be filed as a
written consent to a trial by the court. 
 (m) Severability. Whenever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement 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 the effectiveness or validity of any provision in any other jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if
such invalid, illegal or unenforceable provision had never been contained herein. 
 (n) Descriptive Headings; Interpretation; No Strict
Construction. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the
corresponding masculine, feminine or neuter forms, and the singular forms of nouns, pronouns, and verbs shall include the plural and vice versa. Reference to any agreement, document, or instrument means such agreement, document, or instrument as
amended or otherwise modified from time to time in accordance with the terms thereof, and, if applicable, hereof. The words “include”, “includes” or “including” in this Agreement shall be deemed to be followed by
“without limitation”. The use of the words “or,” “either” or “any” shall not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the
provisions of this Agreement. All references to laws, rules, regulations and forms in this Agreement shall be deemed to be references to such laws, rules, regulations and forms, as amended from time to time or, to the extent replaced, the comparable
successor thereto in effect at the time. All references to agencies, self-regulatory organizations or governmental entities in this Agreement shall be deemed to be references to the comparable successors thereto from time to time. 

(o) Entire Agreement. This Agreement and any certificates, documents, instruments and writings that are delivered pursuant hereto,
constitutes the entire agreement and understanding of the parties in respect of the subject matter hereof and supersedes all prior understandings, agreements or representations by or among the parties, written or oral, to the extent they relate in
any way to the subject matter hereof. 
 (p) Termination. Subject to this Agreement becoming effective with respect to a Holder
pursuant to Section 1(a) of this Agreement, the obligations of the Company and of any Holder, other than those obligations contained in Section 11 and this Section 17, shall terminate with respect to the Company
and such Holder as soon as such Holder no longer beneficially owns any Registrable Securities. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK] 

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

			
	VERSO CORPORATION
		
	By:	 	 /s/ Peter H. Kesser

	Name:	 	Peter H. Kesser
	Title:	 	Senior Vice President, General Counsel and Secretary

  
 [Signature Page -
Registration Rights Agreement] 

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

			
	OAKTREE SENIOR LOAN FUND, L.P.
		
	 By:
	 	Oaktree Senior Loan GP, L.P.
	 Its:
	 	General Partner
	 By:
	 	Oaktree Fund GP IIA, LLC
	 Its:
	 	General Partner
	 By:
	 	Oaktree Fund GP II, L.P.
	 Its:
	 	Managing Member
		
	 By:
	 	/s/ Lisa Arakaki
		 	  

	 Name:
	 	Lisa Arakaki
	 Title:
	 	Authorized Signatory
		
	 By:
	 	/s/ Mary Gallegly
		 	  

	 Name:
	 	Mary Gallegly
	 Title:
	 	Authorized Signatory
	
	MISSOURI EDUCATION PENSION TRUST
		
	 By:
	 	Oaktree Capital Management, L.P.
	 Its:
	 	Manager
		
	 By:
	 	/s/ Lisa Arakaki
		 	  

	 Name:
	 	Lisa Arakaki
	 Title:
	 	Managing Director
		
	 By:
	 	/s/ Mary Gallegly
		 	  

	 Name:
	 	Mary Gallegly
	 Title:
	 	Vice President, Legal

 [Signature Page - Registration Rights Agreement] 

 
			
	UNISUPER LIMITED, AS TRUSTEE FOR UNISUPER
		
	 By:
	 	Oaktree Capital Management, L.P.
	 Its:
	 	Manager
		
	 By:
	 	/s/ Lisa Arakaki
		 	  

	 Name:
	 	Lisa Arakaki
	 Title:
	 	Managing Director
		
	 By:
	 	/s/ Mary Gallegly
		 	  

	 Name:
	 	Mary Gallegly
	 Title:
	 	Vice President, Legal
	
	OAKTREE EIF II SERIES A2, LTD.
		
	 By:
	 	Oaktree Capital Management, L.P.
	 Its:
	 	Collateral Manager
		
	 By:
	 	/s/ Lisa Arakaki
		 	  

	 Name:
	 	Lisa Arakaki
	 Title:
	 	Managing Director
		
	 By:
	 	/s/ Mary Gallegly
		 	  

	 Name:
	 	Mary Gallegly
	 Title:
	 	Vice President, Legal
	
	OAKTREE EIF II SERIES B1, LTD.
		
	 By:
	 	Oaktree Capital Management, L.P.
	 Its:
	 	Collateral Manager
		
	 By:
	 	/s/ Lisa Arakaki
		 	  

	 Name:
	 	Lisa Arakaki
	 Title:
	 	Managing Director
		
	 By:
	 	/s/ Mary Gallegly
		 	  

	 Name:
	 	Mary Gallegly
	 Title:
	 	Vice President, Legal

 [Signature Page - Registration Rights Agreement] 

 

 
			
	OAKTREE CLO 2014-1 BLOCKER LTD.
		
	 By:
	 	/s/ Dianne Farjallah
		 	  

	 Name:
	 	Dianne Farjallah
	 Title:
	 	Director
	
	OAKTREE CLO 2014-2 BLOCKER LTD.
		
	 By:
	 	/s/ Dianne Farjallah
		 	  

	 Name:
	 	Dianne Farjallah
	 Title:
	 	Director

 [Signature Page - Registration Rights Agreement] 

 

 
			
	OAKTREE OPPS X RESERVE 6, LLC
		
	 By:
	 	Oaktree Fund GP, LLC
	 Its:
	 	Manager
	 By:
	 	Oaktree Fund GP I, L.P.
	 Its:
	 	Managing Member
		
	 By:
	 	/s/ Emily Stephens
		 	  

	 Name:
	 	Emily Stephens
	 Title:
	 	Authorized Signatory
		
	 By:
	 	/s/ Brook Hinchman
		 	  

	 Name:
	 	Brook Hinchman
	 Title:
	 	Authorized Signatory
	
	OAKTREE SC RESERVE 2, LLC
		
	 By:
	 	Oaktree Fund GP IIA, LLC
	 Its:
	 	Manager
	 By:
	 	Oaktree Fund GP II, L.P.
	 Its:
	 	Managing Member
		
	 By:
	 	/s/ Martin Boskovich
		 	  

	 Name:
	 	Martin Boskovich
	 Title:
	 	Authorized Signatory
		
	 By:
	 	/s/ Philip McDermott
		 	  

	 Name:
	 	Philip McDermott
	 Title:
	 	Authorized Signatory

 [Signature Page - Registration Rights Agreement] 

 

 
			
	OAKTREE VALUE OPPORTUNITIES FUND HOLDINGS, L.P.
		
	 By:
	 	Oaktree Value Opportunities Fund GP, L.P.
	 Its:
	 	General Partner
	 By:
	 	Oaktree Value Opportunities Fund GP Ltd.
	 Its:
	 	General Partner
	 By:
	 	Oaktree Capital Management, L.P.
	 Its:
	 	Director
		
	 By:
	 	/s/ Emily Stephens
		 	  

	 Name:
	 	Emily Stephens
	 Title:
	 	Managing Director
		
	 By:
	 	/s/ Brook Hinchman
		 	  

	 Name:
	 	Brook Hinchman
	 Title:
	 	Senior Vice President
	
	ACE BERMUDA INSURANCE LTD.
		
	 By:
	 	Oaktree Capital Management, L.P.
	 Its:
	 	Manager
		
	 By:
	 	/s/ Ting He
		 	  

	 Name:
	 	Ting He
	 Title:
	 	Vice President, Legal
		
	 By:
	 	/s/ Martin Boskovich
		 	  

	 Name:
	 	Martin Boskovich
	 Title:
	 	Managing Director

 [Signature Page - Registration Rights Agreement] 

 

 
			
	MONARCH ALTERNATIVE SOLUTIONS MASTER FUND LTD
	MONARCH CAPITAL MASTER PARTNERS III LP
	MCP HOLDINGS MASTER LP
	MONARCH DEBT RECOVERY MASTER FUND LTD
	P MONARCH RECOVERY LTD.
	
	In each case by: Monarch Alternative Capital LP, as investment manager
		
	By:	 	 /s/ Christopher Santana

	Name:	 	Christopher Santana
	Title:	 	Managing Principal

  
 [Signature Page -
Registration Rights Agreement]

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