Document:

Registration Rights Agreement

 Exhibit 10.4 
 Up to $1,350,000,000 
 THORNBURG MORTGAGE, INC. 
 Senior Subordinated Secured Notes Due 2015 
 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT dated March 31, 2008 (the “Agreement”) is entered into by and among Thornburg Mortgage, Inc., a
Maryland corporation (the “Company”), the guarantor listed on the signature pages hereof (collectively with any other guarantor from time to time, the “Guarantors”), and MP TMA, LLC, MP TMA (Cayman), LLC and other purchasers
listed on the signature pages hereof (collectively, the “Purchasers”). 
 The Company, the Guarantors and the Purchasers are
parties to the Purchase Agreement dated March 31, 2008 (the “Purchase Agreement”), which provides for the sale by the Company to the Purchasers of (i) Senior Subordinated Secured Notes due 2015, initially in an aggregate
principal amount of $1,150,000,000 (the “Initial Notes”); and (ii) upon the satisfaction of the Tender Offer Condition (as defined in the Purchase Agreement), up to an aggregate principal amount of $200,000,000 Senior Subordinated
Secured Notes due 2015 (the “Investment Amount Increase Notes,” and together with the Initial Notes, the “Securities”). The Securities will be guaranteed on a secured senior subordinated basis by each of the Guarantors. As an
inducement to the Purchasers to enter into the Purchase Agreement, the Company and the Guarantors have agreed to provide to the Purchasers and their direct and indirect transferees the registration rights set forth in this Agreement. The execution
and delivery of this Agreement is a condition to the closing under the Purchase Agreement. 
 In consideration of the foregoing, the parties
hereto agree as follows: 
 1. Definitions. As used in this Agreement, the following terms shall have the following meanings:

 “Additional Guarantor” shall mean any subsidiary of the Company that executes a Subsidiary Guarantee under the Indenture after
the date of this Agreement. 
 “Business Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial
banks in New York City are authorized or required by law to remain closed. 
 “Company” shall have the meaning set forth in the
preamble and shall also include the Company’s successors. 
 Registration Rights Agreement 

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

 “Exchange Dates” shall have the meaning set forth in Section 2(a)(ii) hereof. 
 “Exchange Offer” shall mean the exchange offer by the Company and the Guarantors of Exchange Securities for Registrable Securities pursuant to
Section 2(a) hereof. 
 “Exchange Offer Registration” shall mean a registration under the Securities Act effected pursuant to
Section 2(a) hereof. 
 “Exchange Offer Registration Statement” shall mean an exchange offer registration statement on Form
S-4 (or, if applicable, on another appropriate form) and all amendments and supplements to such registration statement, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document
incorporated by reference therein. 
 “Exchange Securities” shall mean senior subordinated notes issued by the Company and
guaranteed by the Guarantors under the Indenture containing terms identical to the Securities (except that the Exchange Securities will not be subject to restrictions on transfer or to any increase in annual interest rate for failure to comply with
this Agreement) and to be offered to Holders of Securities in exchange for Securities pursuant to the Exchange Offer. The Exchange Securities may be issued initially in an aggregate principal amount of up to the principal amount of the Securities
tendered in exchange therefor in an Exchange Offer. 
 “Free Writing Prospectus” means each free writing prospectus (as defined in
Rule 405 under the Securities Act) prepared by or on behalf of the Company or used or referred to by the Company in connection with the sale of the Securities or the Exchange Securities. 
 “Guarantors” shall have the meaning set forth in the preamble and shall also include any Guarantor’s successors and any Additional
Guarantors. 
 “Holders” shall mean the Purchasers, for so long as they own any Registrable Securities, and each of their
successors, assigns and direct and indirect transferees who become owners of Registrable Securities under the Indenture; provided that for purposes of Sections 4 and 5 of this Agreement, the term “Holders” shall include Participating
Broker-Dealers. 
 “Indemnified Person” shall have the meaning set forth in Section 5(c) hereof. 
 “Indemnifying Person” shall have the meaning set forth in Section 5(c) hereof. 
  

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 “Indenture” shall mean the Indenture relating to the Securities dated as of March 31, 2008
among the Company, the Guarantors and Wilmington Trust Company, as trustee, and as the same may be amended from time to time in accordance with the terms thereof. 
 “Purchasers” shall have the meaning set forth in the preamble. 
 “Inspector” shall have
the meaning set forth in Section 3(a)(xiv) hereof. 
 “Issuer Information” shall have the meaning set forth in
Section 5(a) hereof. 
 “Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of the
outstanding Registrable Securities; provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, any Registrable Securities owned directly or indirectly by the Company or any of
its affiliates shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage or amount; and provided, further, that if the Company shall issue any additional Securities under the Indenture
prior to consummation of the Exchange Offer or, if applicable, the effectiveness of any Shelf Registration Statement, such additional Securities and the Registrable Securities to which this Agreement relates shall be treated together as one class
for purposes of determining whether the consent or approval of Holders of a specified percentage of Registrable Securities has been obtained. 
 “Participating Broker-Dealers” shall have the meaning set forth in Section 4(a) hereof. 
 “Person” shall
mean an individual, partnership, limited liability company, corporation, trust or unincorporated organization, or a government or agency or political subdivision thereof. 
 “Prospectus” shall mean the prospectus included in, or, pursuant to the rules and regulations of the Securities Act, deemed a part of, a Registration Statement, including any preliminary prospectus, and any
such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all
other amendments and supplements to such prospectus, and in each case including any document incorporated by reference therein. 
 “Purchase Agreement” shall have the meaning set forth in the preamble. 
 “Registrable Securities” shall mean
the Securities; provided that the Securities shall cease to be Registrable Securities (i) when a Registration Statement with respect to such Securities has become effective under the Securities Act and such Securities have been exchanged or
disposed of pursuant to such Registration Statement, (ii) when such Securities are eligible to be sold pursuant to Rule 144 (or any similar provision then in force, but not Rule 144A) under the Securities Act or (iii) when such Securities
cease to be outstanding. 
  

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 “Registration Expenses” shall mean any and all expenses incident to performance of or
compliance by the Company and the Guarantors with this Agreement, including without limitation: (i) all SEC, stock exchange or The Financial Industry Regulatory Authority (“FINRA”) registration and filing fees, (ii) all fees and
expenses incurred in connection with compliance with state securities or blue sky laws (including reasonable fees and disbursements of counsel for any Underwriters or Holders in connection with blue sky qualification of any Exchange Securities or
Registrable Securities), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus, any Free Writing Prospectus and any amendments or
supplements thereto, any underwriting agreements, securities sales agreements or other similar agreements and any other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees
and disbursements relating to the qualification of the Indenture under applicable securities laws, (vi) the fees and disbursements of the Trustee and its counsel, (vii) the fees and disbursements of counsel for the Company and the
Guarantors and, in the case of a Shelf Registration Statement, the fees and disbursements of one counsel for the Holders (which counsel shall be selected by the Majority Holders and which counsel may also be counsel for the Purchasers) and
(viii) the fees and disbursements of the independent public accountants of the Company and the Guarantors, including the expenses of any special audits or “comfort” letters required by or incident to the performance of and compliance
with this Agreement, but excluding fees and expenses of counsel to the Underwriters (other than fees and expenses set forth in clause (ii) above) or the Holders and underwriting discounts and commissions, brokerage commissions and transfer
taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder. 
 “Registration Statement” shall mean
any registration statement of the Company and the Guarantors that covers any of the Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such registration statement,
including post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. 
 “SEC” shall mean the United States Securities and Exchange Commission. 
 “Securities” shall have the meaning set forth in the preamble. 
 “Securities Act” shall mean the Securities Act of 1933, as amended from time to time. 
 “Shelf Additional Interest Date” shall have the meaning set forth in Section 2(d) hereof. 
  

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 “Shelf Effectiveness Period” shall have the meaning set forth in Section 2(b) hereof.

 “Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof. 
 “Shelf Registration Statement” shall mean a “shelf” registration statement of the Company and the Guarantors that covers all or a
portion of the Registrable Securities (but no other securities unless approved by a majority of the Holders whose Registrable Securities are to be covered by such Shelf Registration Statement) on an appropriate form under Rule 415 under the
Securities Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part
thereof, all exhibits thereto and any document incorporated by reference therein. 
 “Shelf Request” shall have the meaning set
forth in Section 2(b) hereof. 
 “Subsidiary Guarantees” shall mean the guarantees of the Securities and Exchange Securities
by the Guarantors under the Indenture. 
 “Staff” shall mean the staff of the SEC. 
 “Target Registration Date” shall have the meaning set forth in Section 2(d) hereof. 
 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended from time to time. 
 “Trustee” shall mean the trustee with respect to the Securities under the Indenture. 
 “Underwriter” shall have the meaning set forth in Section 3(e) hereof. 
 “Underwritten Offering” shall mean an offering in which Registrable Securities are sold to an Underwriter for reoffering to the public.

 2. Registration Under the Securities Act. (a) To the extent not prohibited by any applicable law or applicable interpretations
of the Staff, the Company and the Guarantors shall use their reasonable best efforts to (i) cause to be filed an Exchange Offer Registration Statement covering an offer to the Holders to exchange all the Registrable Securities for Exchange
Securities and (ii) have such Registration Statement remain effective until 180 days after the last Exchange Date for use by one or more Participating Broker-Dealers. The Company and the Guarantors shall commence the Exchange Offer promptly
after the Exchange Offer Registration Statement is declared effective by the SEC and use their reasonable best efforts to complete the Exchange Offer not later than 60 days after such effective date. 
  

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 The Company and the Guarantors shall commence the Exchange Offer by mailing the related Prospectus,
appropriate letters of transmittal and other accompanying documents to each Holder stating, in addition to such other disclosures as are required by applicable law, substantially the following: 
  

	(i)	that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities validly tendered and not properly withdrawn will be accepted for exchange;

  

	(ii)	the dates of acceptance for exchange (which shall be a period of at least 20 Business Days from the date such notice is mailed) (the “Exchange Dates”);

  

	(iii)	that any Registrable Security not tendered will remain outstanding and continue to accrue interest but will not retain any rights under this Agreement, except as otherwise specified
herein; 

  

	(iv)	that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be required to (A) surrender such Registrable Security, together with the
appropriate letters of transmittal, to the institution and at the address (located in the Borough of Manhattan, The City of New York) and in the manner specified in the notice, or (B) effect such exchange otherwise in compliance with the
applicable procedures of the depositary for such Registrable Security, in each case prior to the close of business on the last Exchange Date; and 

  

	(v)	that any Holder will be entitled to withdraw its election, not later than the close of business on the last Exchange Date, by (A) sending to the institution and at the address
(located in the Borough of Manhattan, The City of New York) specified in the notice, a telegram, telex, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange and
a statement that such Holder is withdrawing its election to have such Securities exchanged or (B) effecting such withdrawal in compliance with the applicable procedures of the depositary for the Registrable Securities. 

As a condition to participating in the Exchange Offer, a Holder will be required to represent to the Company and the Guarantors that (i) any
Exchange Securities to be received by it will be acquired in the ordinary course of its business, (ii) at the time of the commencement of the Exchange Offer it has no arrangement or understanding with any Person to participate in the
distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of the Securities Act, and (iii) if such Holder is a broker-dealer that will receive Exchange Securities for its own account in
exchange for Registrable Securities that were acquired as a result of market-making or other trading activities, then such Holder will deliver a Prospectus (or, to the extent permitted by law, make available a Prospectus to purchasers) in connection
with any resale of such Exchange Securities. 
  

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 As soon as practicable after the last Exchange Date, the Company and the Guarantors shall: 
  

	(i)	accept for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn pursuant to the Exchange Offer; and 

  

	(ii)	deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities or portions thereof so accepted for exchange by the Company and issue, and cause the
Trustee to promptly authenticate and deliver to each Holder, Exchange Securities equal in principal amount to the principal amount of the Registrable Securities tendered by such Holder. 

 The Company and the Guarantors shall use their reasonable best efforts to complete the Exchange Offer as provided above and shall comply with the
applicable requirements of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than that the Exchange Offer does not
violate any applicable law or applicable interpretations of the Staff. 
 (b) In the event that (i) the Company and the Guarantors
determine that the Exchange Offer Registration provided for in Section 2(a) above is not available or may not be completed as soon as practicable after the last Exchange Date because it would violate any applicable law or applicable
interpretations of the Staff, (ii) the Exchange Offer is not for any other reason completed within 120 days of the date hereof or (iii) upon receipt of a written request (a “Shelf Request”) from any Purchaser representing that it
holds Registrable Securities that are or were ineligible to be exchanged in the Exchange Offer, the Company and the Guarantors shall use their reasonable best efforts to cause to be filed as soon as practicable after such determination, date or
Shelf Request, as the case may be, a Shelf Registration Statement providing for the sale of all the Registrable Securities by the Holders thereof and to have such Shelf Registration Statement become effective. 
 In the event that the Company and the Guarantors are required to file a Shelf Registration Statement pursuant to clause (iii) of the preceding
sentence, the Company and the Guarantors shall use their reasonable best efforts to file and have become effective both an Exchange Offer Registration Statement pursuant to Section 2(a) with respect to all Registrable Securities and a Shelf
Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable Securities held by the Purchasers after completion of the Exchange Offer.

 The Company and the Guarantors agree to use their reasonable best efforts to keep the Shelf Registration Statement continuously effective
until the expiration of the period referred to in Rule 144 (or any similar rule then in force, but not Rule 144A) under the Securities Act with respect to the Registrable Securities or such shorter period that will terminate when all the Registrable
Securities covered by the Shelf Registration 

  

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Statement have been sold pursuant to the Shelf Registration Statement (the “Shelf Effectiveness Period”). The Company and the Guarantors further
agree to supplement or amend the Shelf Registration Statement, the related Prospectus and any Free Writing Prospectus if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf
Registration Statement or by the Securities Act or by any other rules and regulations thereunder or if reasonably requested by a Holder of Registrable Securities with respect to information relating to such Holder, and to use their reasonable best
efforts to cause any such amendment to become effective, if required, and such Shelf Registration Statement, Prospectus or Free Writing Prospectus, as the case may be, to become usable as soon as thereafter practicable. The Company and the
Guarantors agree to furnish to the Holders of Registrable Securities copies of any such supplement or amendment promptly after its being used or filed with the SEC. 
 (c) The Company and the Guarantors shall pay all Registration Expenses in connection with any registration pursuant to Section 2(a) or Section 2(b) hereof. Each Holder shall pay all underwriting discounts
and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to the Shelf Registration Statement. 
 (d) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof will not be deemed to have become effective unless it has been declared
effective by the SEC. A Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared effective by the SEC or is automatically effective upon filing with the SEC as provided
by Rule 462 under the Securities Act. 
 In the event that either the Exchange Offer is not completed or the Shelf Registration Statement, if
required pursuant to Section 2(b)(i) or 2(b)(ii) hereof, does not become effective within 120 days of the date hereof (the “Target Registration Date”), the interest rate on the Registrable Securities will be increased by
1.00% per annum until the Exchange Offer is completed or the Shelf Registration Statement, if required hereby, becomes effective or the Securities become freely tradable under the Securities Act. In the event that the Company receives a Shelf
Request pursuant to Section 2(b)(iii), and the Shelf Registration Statement required to be filed thereby does not become effective by the later of (x) 120 days after the date hereof or (y) 30 days after the delivery of such Shelf
Request (such later date, the “Shelf Additional Interest Date”), then the interest rate on the Registrable Securities will be increased by 1.00% per annum until the Shelf Registration Statement becomes effective or the Securities
become freely tradable under the Securities Act. 
 If the Shelf Registration Statement, if required hereby, has become effective and
thereafter either ceases to be effective or the Prospectus contained therein ceases to be usable, in each case whether or not permitted by this Agreement, at any time during the Shelf Effectiveness Period, and such failure to remain effective or
usable exists for more than 30 days (whether or not consecutive) in any 12-month period, then the interest rate 

  

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on the Registrable Securities will be increased by 1.00% per annum commencing on the 31st day in such 12-month period and ending on such date that the Shelf Registration Statement has again become effective or the Prospectus again becomes usable. 
 (e) Without limiting the remedies available to the Purchasers and the Holders, the Company and the Guarantors acknowledge that any failure by the Company
or the Guarantors to comply with their obligations under Section 2(a) and Section 2(b) hereof may result in material irreparable injury to the Purchasers or the Holders for which there is no adequate remedy at law, that it will not be
possible to measure damages for such injuries precisely and that, in the event of any such failure, the Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Company’s and the Guarantors’
obligations under Section 2(a) and Section 2(b) hereof. 
 3. Registration Procedures. (a) In connection with their
obligations pursuant to Section 2(a) and Section 2(b) hereof, the Company and the Guarantors shall as expeditiously as possible: 
 (i) prepare and file with the SEC a Registration Statement on the appropriate form under the Securities Act, which form (x) shall be selected by the Company and the Guarantors, (y) shall, in the case of a Shelf Registration, be
available for the sale of the Registrable Securities by the Holders thereof and (z) shall comply as to form in all material respects with the requirements of the applicable form and include all financial statements required by the SEC to be
filed therewith; and use their reasonable best efforts to cause such Registration Statement to become effective and remain effective for the applicable period in accordance with Section 2 hereof; 
 (ii) prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such
Registration Statement effective for the applicable period in accordance with Section 2 hereof and cause each Prospectus to be supplemented by any required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424 under
the Securities Act; and keep each Prospectus current during the period described in Section 4(3) of and Rule 174 under the Securities Act that is applicable to transactions by brokers or dealers with respect to the Registrable Securities or
Exchange Securities; 
 (iii) to the extent any Free Writing Prospectus is used, file with the SEC any Free Writing Prospectus that is
required to be filed by the Company or the Guarantors with the SEC in accordance with the Securities Act and to retain any Free Writing Prospectus not required to be filed; 
 (iv) in the case of a Shelf Registration, furnish to each Holder of Registrable Securities, to counsel for the Purchasers, to counsel for such Holders
and to each Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each Prospectus, preliminary prospectus or Free Writing Prospectus, and any amendment or supplement thereto, as such Holder,
counsel or Underwriter may reasonably request in order to facilitate the sale or other disposition of 

  

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the Registrable Securities thereunder; and the Company and the Guarantors consent to the use of such Prospectus, preliminary prospectus or such Free Writing
Prospectus and any amendment or supplement thereto in accordance with applicable law by each of the Holders of Registrable Securities and any such Underwriters in connection with the offering and sale of the Registrable Securities covered by and in
the manner described in such Prospectus, preliminary prospectus or such Free Writing Prospectus or any amendment or supplement thereto in accordance with applicable law; 
 (v) use their reasonable best efforts to register or qualify the Registrable Securities under all applicable state securities or blue sky laws of such jurisdictions as any Holder of Registrable Securities covered by a
Registration Statement shall reasonably request in writing by the time the applicable Registration Statement becomes effective; cooperate with such Holders in connection with any filings required to be made with FINRA; and do any and all other acts
and things that may be reasonably necessary or advisable to enable each Holder to complete the disposition in each such jurisdiction of the Registrable Securities owned by such Holder; provided that neither the Company nor any Guarantor shall
be required to (1) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (2) file any general consent to service of process in any
such jurisdiction or (3) subject itself to taxation in any such jurisdiction if it is not so subject; 
 (vi) notify counsel for the
Purchasers and, in the case of a Shelf Registration, notify each Holder of Registrable Securities and counsel for such Holders promptly and, if requested by any such Holder or counsel, confirm such advice in writing (1) when a Registration
Statement has become effective, when any post-effective amendment thereto has been filed and becomes effective, when any Free Writing Prospectus has been filed or any amendment or supplement to the Prospectus or any Free Writing Prospectus has been
filed, (2) of any request by the SEC or any state securities authority for amendments and supplements to a Registration Statement, Prospectus or any Free Writing Prospectus or for additional information after the Registration Statement has
become effective, (3) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, including the receipt by the
Company of any notice of objection of the SEC to the use of a Shelf Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, (4) if, between the applicable effective date of a Shelf
Registration Statement and the closing of any sale of Registrable Securities covered thereby, the representations and warranties of the Company or any Guarantor contained in any underwriting agreement, securities sales agreement or other similar
agreement, if any, relating to an offering of such Registrable Securities cease to be true and correct in all material respects or if the Company or any Guarantor receives any notification with respect to the suspension of the qualification of the
Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (5) of the happening of any event during the period a Registration Statement is effective that makes any statement made in such
Registration Statement or the related Prospectus or any Free Writing Prospectus untrue in any material respect or that requires the making of any changes in such Registration Statement or Prospectus or any Free Writing 

  

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Prospectus in order to make the statements therein not misleading and (6) of any determination by the Company or any Guarantor that a post-effective
amendment to a Registration Statement or any amendment or supplement to the Prospectus or any Free Writing Prospectus would be appropriate; 
 (vii) use their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or, in the case of a Shelf Registration, the resolution of any objection of the SEC pursuant to Rule
401(g)(2), including by filing an amendment to such Shelf Registration Statement on the proper form, at the earliest possible moment and provide immediate notice to each Holder of the withdrawal of any such order or such resolution; 
 (viii) in the case of a Shelf Registration, furnish to each Holder of Registrable Securities, without charge, at least one conformed copy of each
Registration Statement and any post-effective amendment thereto (without any documents incorporated therein by reference or exhibits thereto, unless requested); 
 (ix) in the case of a Shelf Registration, cooperate with the Holders of Registrable Securities 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 issued in such denominations and registered in such names (consistent with the provisions of the Indenture) as such Holders may reasonably request at least one Business Day
prior to the closing of any sale of Registrable Securities; 
 (x) in the case of a Shelf Registration, upon the occurrence of any event
contemplated by Section 3(a)(vi)(5) hereof, use their reasonable best efforts to prepare and file with the SEC a supplement or post-effective amendment to such Shelf Registration Statement or the related Prospectus or any Free Writing
Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered (or, to the extent permitted by law, made available) to purchasers of the Registrable Securities, such Prospectus or
Free Writing Prospectus, as the case may be, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading; and the Company and the Guarantors shall notify the Holders of Registrable Securities to suspend use of the Prospectus or any Free Writing Prospectus as promptly as practicable after the occurrence of such an event, and such Holders
hereby agree to suspend use of the Prospectus or any Free Writing Prospectus, as the case may be, until the Company and the Guarantors have amended or supplemented the Prospectus or the Free Writing Prospectus, as the case may be, to correct such
misstatement or omission; 
 (xi) a reasonable time prior to the filing of any Registration Statement, any Prospectus, any Free Writing
Prospectus, any amendment to a Registration Statement or amendment or supplement to a Prospectus or a Free Writing Prospectus or of any document that is to be incorporated by reference into a Registration Statement, a 

  

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Prospectus or a Free Writing Prospectus after initial filing of a Registration Statement, provide copies of such document to the Purchasers and their counsel
(and, in the case of a Shelf Registration Statement, to the Holders of Registrable Securities and their counsel) and make such of the representatives of the Company and the Guarantors as shall be reasonably requested by the Purchasers or their
counsel (and, in the case of a Shelf Registration Statement, the Holders of Registrable Securities or their counsel) available for discussion of such document; and the Company and the Guarantors shall not, at any time after initial filing of a
Registration Statement, use or file any Prospectus, any Free Writing Prospectus, any amendment of or supplement to a Registration Statement or a Prospectus or a Free Writing Prospectus, or any document that is to be incorporated by reference into a
Registration Statement, a Prospectus or a Free Writing Prospectus, of which the Purchasers and their counsel (and, in the case of a Shelf Registration Statement, the Holders of Registrable Securities and their counsel) shall not have previously been
advised and furnished a copy or to which the Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Holders of Registrable Securities or their counsel) shall object; 
 (xii) obtain a CUSIP number for all Exchange Securities or Registrable Securities, as the case may be, not later than the initial effective date of a
Registration Statement; 
 (xiii) cause the Indenture to be qualified under the Trust Indenture Act in connection with the registration of
the Exchange Securities or Registrable Securities, as the case may be; cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of the
Trust Indenture Act; and execute, and use their reasonable best efforts to cause the Trustee to execute, all documents as may be required to effect such changes and all other forms and documents required to be filed with the SEC to enable the
Indenture to be so qualified in a timely manner; 
 (xiv) in the case of a Shelf Registration, make available for inspection by a
representative of the Holders of the Registrable Securities (an “Inspector”), any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, any attorneys and accountants designated by a majority of the
Holders of Registrable Securities to be included in such Shelf Registration and any attorneys and accountants designated by such Underwriter, at reasonable times and in a reasonable manner, all pertinent financial and other records, documents and
properties of the Company and its subsidiaries, and cause the respective officers, directors and employees of the Company and the Guarantors to supply all information reasonably requested by any such Inspector, Underwriter, attorney or accountant in
connection with a Shelf Registration Statement; provided that if any such information is identified by the Company or any Guarantor as being confidential or proprietary, each Person receiving such information shall take such actions as are
reasonably necessary to protect the confidentiality of such information to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of any Inspector, Holder or Underwriter); 

 

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 (xv) in the case of a Shelf Registration, use their reasonable best efforts to cause all Registrable
Securities to be listed on any securities exchange or any automated quotation system on which similar securities issued or guaranteed by the Company or any Guarantor are then listed if requested by the Majority Holders, to the extent such
Registrable Securities satisfy applicable listing requirements; 
 (xvi) if reasonably requested by any Holder of Registrable Securities
covered by a Shelf Registration Statement, promptly include in a Prospectus supplement or post-effective amendment such information with respect to such Holder as such Holder reasonably requests to be included therein and make all required filings
of such Prospectus supplement or such post-effective amendment as soon as the Company has received notification of the matters to be so included in such filing; 
 (xvii) in the case of a Shelf Registration, enter into such customary agreements and take all such other actions in connection therewith (including those requested by the Holders of a majority in principal amount of
the Registrable Securities covered by the Shelf Registration Statement) in order to expedite or facilitate the disposition of such Registrable Securities including, but not limited to, an Underwritten Offering and in such connection, (1) to the
extent possible, make such representations and warranties to the Holders and any Underwriters of such Registrable Securities with respect to the business of the Company and its subsidiaries and the Registration Statement, Prospectus, any Free
Writing Prospectus and documents incorporated by reference or deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same if
and when requested, (2) obtain opinions of counsel to the Company and the Guarantors (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to the Holders and such Underwriters and their respective counsel)
addressed to each selling Holder and Underwriter of Registrable Securities, covering the matters customarily covered in opinions requested in underwritten offerings, (3) obtain “comfort” letters from the independent certified public
accountants of the Company and the Guarantors (and, if necessary, any other certified public accountant of any subsidiary of the Company or any Guarantor, or of any business acquired by the Company or any Guarantor for which financial statements and
financial data are or are required to be included in the Registration Statement) addressed to each selling Holder (to the extent permitted by applicable professional standards) and Underwriter of Registrable Securities, such letters to be in
customary form and covering matters of the type customarily covered in “comfort” letters in connection with underwritten offerings, including but not limited to financial information contained in any preliminary prospectus, Prospectus or
Free Writing Prospectus and (4) deliver such documents and certificates as may be reasonably requested by the Holders of a majority in principal amount of the Registrable Securities being sold or the Underwriters, and which are customarily
delivered in underwritten offerings, to evidence the continued validity of the representations and warranties of the Company and the Guarantors made pursuant to clause (1) above and to evidence compliance with any customary conditions contained
in an underwriting agreement; and 
  

 13 

 (xviii) so long as any Registrable Securities remain outstanding, cause each Additional Guarantor upon
the creation or acquisition by the Company of such Additional Guarantor, to execute a counterpart to this Agreement in the form attached hereto as Annex A and to deliver such counterpart, together with an opinion of counsel as to the enforceability
thereof against such entity, to the Purchasers no later than five Business Days following the execution thereof. 
 (b) In the case of a
Shelf Registration Statement, the Company may require each Holder of Registrable Securities to furnish to the Company such information regarding such Holder and the proposed disposition by such Holder of such Registrable Securities as the Company
and the Guarantors may from time to time reasonably request in writing. 
 (c) In the case of a Shelf Registration Statement, each Holder of
Registrable Securities covered in such Shelf Registration Statement agrees that, upon receipt of any notice from the Company and the Guarantors of the happening of any event of the kind described in Section 3(a)(vi)(3) or 3(a)(vi)(5) hereof,
such Holder will forthwith discontinue disposition of Registrable Securities pursuant to the Shelf Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus and any Free Writing Prospectus
contemplated by Section 3(a)(x) hereof and, if so directed by the Company and the Guarantors, such Holder will deliver to the Company and the Guarantors all copies in its possession, other than permanent file copies then in such Holder’s
possession, of the Prospectus and any Free Writing Prospectus covering such Registrable Securities that is current at the time of receipt of such notice. 
 (d) If the Company and the Guarantors shall give any notice to suspend the disposition of Registrable Securities pursuant to a Registration Statement, the Company and the Guarantors shall extend the period during
which such Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such notice to and including the date when the Holders of such
Registrable Securities shall have received copies of the supplemented or amended Prospectus or any Free Writing Prospectus necessary to resume such dispositions. The Company and the Guarantors may give any such notice only twice during any 365-day
period and any such suspensions shall not exceed 30 days for each suspension and there shall not be more than two suspensions in effect during any 365-day period. 
 (e) The Holders of Registrable Securities covered by a Shelf Registration Statement who desire to do so may sell such Registrable Securities in an Underwritten Offering. In any such Underwritten Offering, the
investment bank or investment banks and manager or managers (each an “Underwriter”) that will administer the offering will be selected by the Holders of a majority in principal amount of the Registrable Securities included in such
offering. 
 4. Participation of Broker-Dealers in Exchange Offer. (a) The Staff has taken the position that any broker-dealer
that receives Exchange Securities for its own 

  

 14 

 
account in the Exchange Offer in exchange for Securities that were acquired by such broker-dealer as a result of market-making or other trading activities (a
“Participating Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such
Exchange Securities. 
 The Company and the Guarantors understand that it is the Staff’s position that if the Prospectus contained in
the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the Participating
Broker-Dealers or specifying the amount of Exchange Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers (or, to the extent permitted by law, made available to purchasers) to satisfy their prospectus delivery
obligation under the Securities Act in connection with resales of Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 
 (b) In light of the above, and notwithstanding the other provisions of this Agreement, the Company and the Guarantors agree to amend or supplement the
Prospectus contained in the Exchange Offer Registration Statement for a period of up to 180 days after the last Exchange Date (as such period may be extended pursuant to Section 3(d) of this Agreement), in order to expedite or facilitate the
disposition of any Exchange Securities by Participating Broker-Dealers consistent with the positions of the Staff recited in Section 4(a) above. The Company and the Guarantors further agree that Participating Broker-Dealers shall be authorized
to deliver such Prospectus (or, to the extent permitted by law, make available) during such period in connection with the resales contemplated by this Section 4. 
 (c) The Purchasers shall have no liability to the Company, any Guarantor or any Holder with respect to any request that they may make pursuant to Section 4(b) above. 
 5. Indemnification and Contribution. (a) The Company and each Guarantor, jointly and severally, agree to indemnify and hold harmless each
Purchaser and each Holder, their respective affiliates, directors and officers and each Person, if any, who controls any Purchaser or any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from
and against any and all losses, claims, damages and liabilities (including, without limitation, legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred),
joint or several, that arise out of, or are based upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or any omission or alleged omission to state therein a material fact
required to be stated therein or necessary in order to make the statements therein not misleading, or (2) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus, any Free Writing Prospectus or any
“issuer information” (“Issuer Information”) filed or required to be filed pursuant to Rule 433(d) under the 

  

 15 

 
Securities Act, or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with any information relating to any Purchaser or information relating to any furnished to the Company in writing through the Purchasers or any selling Holder, respectively, expressly for use therein. In connection
with any Underwritten Offering permitted by Section 3, the Company and the Guarantors, jointly and severally, will also indemnify the Underwriters, if any, selling brokers, dealers and similar securities industry professionals participating in
the distribution, their respective affiliates and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders, if
requested in connection with any Registration Statement, any Prospectus, any Free Writing Prospectus or any Issuer Information. 
 (b) Each
Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, the Guarantors, the Purchasers and the other selling Holders, the directors of the Company and the Guarantors, each officer of the Company and the Guarantors who
signed the Registration Statement and each Person, if any, who controls the Company, the Guarantors, any Purchaser and any other selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the
same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission
made in reliance upon and in conformity with any information relating to such Holder furnished to the Company in writing by such Holder expressly for use in any Registration Statement, any Prospectus and any Free Writing Prospectus. 
 (c) If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any
Person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified Person”) shall promptly notify the Person against whom such indemnification may be sought (the
“Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under this Section 5 except to the extent that it has been materially
prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified
Person otherwise than under this Section 5. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably
satisfactory to the Indemnified Person to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 5 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses
of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall 

  

 16 

 
have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the
Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the
Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding
(including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is
understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for
all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm (x) for any Purchaser, its affiliates, directors and officers and any control Persons of such Purchaser shall be
designated in writing by the Purchasers, (y) for any Holder, its directors and officers and any control Persons of such Holder shall be designated in writing by the Majority Holders and (z) in all other cases shall be designated in writing
by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees
to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person
reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is
entered into more than 30 days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement. No
Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have
been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims
that are the subject matter of such proceeding and (B) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 
 (d) If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect of
any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person
as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantors from the offering of the Securities 

  

 17 

 
and the Exchange Securities, on the one hand, and by the Holders from receiving Securities or Exchange Securities registered under the Securities Act, on the
other hand, or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of
the Company and the Guarantors on the one hand and the Holders on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The
relative fault of the Company and the Guarantors on the one hand and the Holders on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company and the Guarantors or by the Holders and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. 
 (e) The Company, the Guarantors and the Holders agree that it would not be just and equitable if contribution pursuant to this
Section 5 were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph
(d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal
or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this Section 5, in no event shall a Holder be required to contribute any amount in excess of the amount by
which the total price at which the Securities or Exchange Securities sold by such Holder 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. The
Holders’ obligations to contribute pursuant to this Section 5 are several and not joint. 
 (f) The remedies provided for in this
Section 5 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity. 
 (g) The indemnity and contribution provisions contained in this Section 5 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation
made by or on behalf of the Purchasers or any Holder or any Person controlling any Purchaser or any Holder, or by or on behalf of the Company or the Guarantors or the officers or directors of or any Person controlling the Company or the Guarantors,
(iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities pursuant to a Shelf Registration Statement. 
  

 18 

 6. General. 
 (a) No Inconsistent Agreements. The Company and the Guarantors represent, warrant and agree that (i) the rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent
with the rights granted to the holders of any other outstanding securities issued or guaranteed by the Company or any Guarantor under any other agreement and (ii) neither the Company nor any Guarantor has entered into, or on or after the date
of this Agreement will enter into, any agreement that is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof. 
 (b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company and the Guarantors have obtained the written consent of Holders of at least a majority in aggregate principal amount of the
outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent; provided that no amendment, modification, supplement, waiver or consent to any departure from the provisions of Section 5 hereof
shall be effective as against any Holder of Registrable Securities unless consented to in writing by such Holder. Any amendments, modifications, supplements, waivers or consents pursuant to this Section 6(b) shall be by a writing executed by
each of the parties hereto. 
 (c) Notices. All notices and other communications provided for or permitted hereunder shall be made in
writing by hand-delivery, registered first-class mail, telex, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Company by means of a notice given in
accordance with the provisions of this Section 6(c), which address initially is, with respect to the Purchasers, the address set forth in the Purchase Agreement; (ii) if to the Company and the Guarantors, initially at the Company’s
address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c); and (iii) to such other persons at their respective addresses as provided in
the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c). All such notices and communications shall be deemed to have been duly given: at the time delivered by
hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt is acknowledged, if telecopied; and on the next Business Day if timely delivered to an air
courier guaranteeing overnight delivery. Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in the Indenture. 
 (d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each of
the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in
violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities in 

  

 19 

 
any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all the terms of this Agreement, and by taking and
holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such Person shall be entitled to receive the benefits hereof. The
Purchasers (in their capacity as Purchasers) shall have no liability or obligation to the Company or the Guarantors with respect to any failure by a Holder to comply with, or any breach by any Holder of, any of the obligations of such Holder under
this Agreement. 
 (e) Third Party Beneficiaries. Each Holder shall be a third party beneficiary to the agreements made hereunder
between the Company and the Guarantors, on the one hand, and the Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the
rights of other Holders hereunder. 
 (f) Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (g) Headings. The headings in this Agreement are for convenience of reference only, are not a part of this Agreement and shall not limit or
otherwise affect the meaning hereof. 
 (h) Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York. 
 (j) Entire Agreement; Severability. This Agreement contains the entire agreement between the parties
relating to the subject matter hereof and supersedes all oral statements and prior writings with respect thereto. If any term, provision, covenant or restriction contained in this Agreement is held by a court of competent jurisdiction to be invalid,
void or unenforceable or against public policy, the remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated. The Company, the
Guarantors and the Purchasers shall endeavor in good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, void or
unenforceable provisions. 
 [Signatures on the following page] 
  

 20 

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

  

			
	THORNBURG MORTGAGE, INC.
		
	By:	 	 /s/ Larry A. Goldstone

	Name:	 	Larry A. Goldstone
	Title:	 	President & Chief Executive Officer
	
	GUARANTORS:
	
	THORNBURG MORTGAGE HEDGING STRATEGIES, INC.
		
	By:	 	 /s/ Larry A. Goldstone

	Name:	 	Larry A. Goldstone
	Title:	 	Chairman & Chief Executive Officer
	
	THORNBURG MORTGAGE HOME LOANS, INC.
		
	By:	 	 /s/ Larry A. Goldstone

	Name:	 	Larry A. Goldstone
	Title:	 	Chairman
	
	ADFITECH, INC.
		
	By:	 	 /s/ Tom Apel

	Name:	 	Tom Apel
	Title:	 	Chief Executive Officer
	
	THORNBURG ACQUISITION SUBSIDIARY, INC.
		
	By:	 	 /s/ Larry A. Goldstone

	Name:	 	Larry A. Goldstone
	Title:	 	President & Chief Executive Officer

 Registration Rights Agreement 

 Confirmed and accepted as of the date first above written: 
  

			
	MP TMA LLC
	
	 By: MATLINPATTERSON GLOBAL
 OPPORTUNITIES
PARTNERS III L.P., its Member

	
	 By: MATLINPATTERSON GLOBAL
 ADVISERS LLC,
as Investment Adviser

		
	By:	 	  

	Name:	 	Lawrence M. Teitelbaum
	Title:	 	Chief Financial Officer
	
	MP TMA (CAYMAN) LLC
	
	 By: MATLINPATTERSON GLOBAL
 OPPORTUNITIES
PARTNERS
 (CAYMAN) III L.P., its Member

	
	 By: MATLINPATTERSON GLOBAL
 ADVISERS LLC,
as Investment Adviser

		
	By:	 	  

	Name:	 	Lawrence M. Teitelbaum
	Title:	 	Chief Financial Officer

 Registration Rights Agreement 

			
	 [PURCHASERS]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 Registration Rights Agreement 

 Annex A 
 Counterpart to Registration Rights Agreement 
 The undersigned hereby absolutely, unconditionally and
irrevocably agrees as a Guarantor (as defined in the Registration Rights Agreement, dated as of March 31, 2008 by and among the Thornburg Mortgage, Inc., a Maryland corporation, the guarantor(s) party thereto and MP TMA LLC, MP TMA (Cayman) LLC
and [                    ], as Purchasers) to be bound by the terms and provisions of such Registration Rights Agreement. 
 IN WITNESS WHEREOF, the undersigned has executed this counterpart as of
                    . 
  

			
	 [NAME]

		
	 By:
	 	  

	 NAME:
	 	
	 TITLE:
	 	

  

 24Warrant Agreement

 Exhibit 10.5 
 WARRANT AGREEMENT (this “Agreement”), dated as of March 31, 2008 among Thornburg Mortgage, Inc., a Delaware corporation (the “Company”), the warrantholders listed on the signature pages hereto
(the “Initial Holders”) and each other Person (as defined in paragraph 7(a)) who subsequently becomes a party hereto. 
 NOW,
THEREFORE, the parties hereto hereby agree as follows: 
 1. Grant. The Company hereby grants to the Initial Holders warrants
designated as Class B warrants (“Warrants”) which shall entitle the registered holder thereof to purchase from the Company, at any time or from time to time after April 11, 2008 until 5:00 P.M., New York time, on March 31, 2015
(the “Expiration Date”), 197,929,427 shares (the “Initial Warrant Shares”) of Common Stock, par value $0.01 per share, of the Company (“Common Stock”), constituting 39.59 percent of the shares of Common Stock
outstanding on the date hereof on a fully-diluted basis after giving effect to such issuance and all anti-dilution adjustments in all existing instruments and agreements of the Company (such percentage calculated based on 500,000,000 issued and
reserved shares on a pro forma basis, which includes (i) 79,614,246 currently outstanding preferred shares and common shares reserved for issuance upon the conversion of shares of preferred stock, (ii) 3,965,549 shares reserved for the
Company’s dividend reinvestment program (the “DRSPP”) and (iii) total issued shares of 416,420,205 excluding the outstanding preferred shares; 197,929,427 shares would constitute 47.53 percent of the 416,420,205 issued shares)
and subject to adjustment as provided in paragraph 6, at the exercise price of $0.01 per share (the “Exercise Price”), all subject to the terms set forth herein. The total number of Warrant Shares (and Warrants representing such Warrant
Shares) shall be increased to 90 percent of the shares of Common Stock outstanding on the date hereof on a fully-diluted basis after giving effect to such issuance and all anti-dilution adjustments in all existing instruments and agreements of the
Company (but excluding and less any additional shares of Common Stock issuable under warrants granted in connection with the Tender Offer (as defined in paragraph 6(b)) and subject to adjustment as provided in paragraph 6 upon the shareholders of
the Company approving an amendment to the Company’s Articles of Incorporation increasing the number of authorized shares of Common Stock to an amount that reaches the point at which Warrant Shares representing 90% of the Common Stock
outstanding on a fully-diluted basis after giving effect to such issuance and all anti-dilution adjustments in all existing instruments and agreements of the Company have been issued by the Company (but excluding and less any additional shares of
Common Stock issuable under warrants granted in connection with the Tender Offer) (the maximum increase in the total number of Warrant Shares, the “Additional Warrant Shares”, and the Additional Warrant Shares and the Initial Warrant
Shares, collectively, the “Warrant Shares”). The additional Warrants representing the Additional Warrant Shares will be granted to the Participants (as defined in the Principal Participation Agreement dated the date hereof among the
Company and the financial institutions named therein) and/or Escrow Subscribers (as defined in the Purchase Agreement dated as of March 31, 2008 among the Company and the investors named therein (the “Purchase Agreement”) upon receipt
of the aforementioned shareholder approval and the execution and delivery by such persons of an agreement to become a party hereto and bound hereby and, in the case of the Escrow Subscribers, the completion by the Company of the Tender Offer, all as
described in the Purchase Agreement. Each registered holder of Warrants agrees to exercise the Warrants as promptly as practicable after April 11, 2008 and from time to time thereafter to the extent permitted by applicable federal, state and
foreign laws and regulations. 
  

 1 

 2. Warrant Certificates. The Warrants shall be evidenced by certificates issued pursuant to this
Agreement (the “Warrant Certificates”) in the form set forth in Exhibit A hereto, with such appropriate insertions, omissions, substitutions, and other variations as are required or permitted by this Agreement. 
 3. Exercise of Warrant. 
 (a)
General. Subject to the provisions of this Agreement, upon surrender to the Company at its principal office of a Warrant Certificate with the annexed Form of Election to Purchase duly executed, together with payment in accordance with
paragraph 3(b) of the Exercise Price, and upon compliance with the requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR”), if applicable, the Company shall issue and deliver promptly to the registered
holder of such Warrant Certificate, a certificate or certificates for the Warrant Shares or other securities or property to which the registered holder is entitled, registered in the name of such registered holder or, upon the written order of such
registered holder, in such name or names as such registered holder may designate. In the case of an exercise of Warrants, any certificate or certificates representing Warrant Shares shall be deemed to have been issued to and any Person so designated
to be named therein shall be deemed to have become the holder of record of the Warrant Shares as of the date of the surrender of such Warrant Certificate (together with such duly executed Form of Election to Purchase) and payment of the Exercise
Price. Each Warrant not exercised or deemed exercised on or prior to the Expiration Date shall become invalid and all rights thereunder, and all rights in respect thereof under this Agreement, shall cease as of that time. 
 (b) Payment. Payment of the Exercise Price shall be made, at the option of the registered holder of the Warrants, (i) in cash, by certified
check or wire transfer payable to the order of the Company, (ii) on a net basis, such that without the exchange of any funds, such holder receives that number of Warrant Shares that would otherwise be issuable upon a cash exercise of such
Warrants less that number of Warrant Shares having a current market price (as defined in paragraph 6(d)) equal to the aggregate Exercise Price that would otherwise have been paid by such holder for the number of Warrant Shares with respect to which
such Warrant is being exercised in which case, such exchange shall be treated as a recapitalization under Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”), or (iii) by any combination of the foregoing.

 (c) Exercise in Whole or in Part. The purchase rights evidenced by a Warrant Certificate shall be exercisable, at the election of
the registered holder thereof, in whole or in part, but only for lots of 100 Warrant Shares or integral multiples thereof if less than all the Warrants then held by such registered holder are being exercised. If less than all of the Warrant Shares
purchasable under any Warrant Certificate are purchased, the Company shall cancel such Warrant Certificate upon the surrender thereof and shall execute and deliver a new Warrant Certificate of like tenor for the remaining number of Warrant Shares
purchasable thereunder. 
 (d) Fractional Shares. No fractional shares of Common Stock shall be issued upon exercise of any Warrants.
Instead the Company shall round the results of an exercise up to the nearest full share of Common Stock. 
  

 2 

 (e) Reservation of Shares. The Company will at all times reserve and keep available out of its
authorized Common Stock solely for the purpose of issuance upon exercise of the Warrants as herein provided, such number of shares of Common Stock as shall from time to time be issuable upon the exercise of all outstanding Warrants. All shares of
Common Stock that may be issued upon exercise of the Warrants will, upon issuance, be validly issued, fully paid and nonassessable and not subject to preemptive rights of any shareholder. 
 4. Transfer. 
 (a) Warrant
Register. The Company shall maintain at its principal office a Warrant Register for registration of Warrant Certificates and transfers thereof. The Company shall initially register the outstanding Warrants in the name of each Initial Holder. The
Company may deem and treat the registered holder(s) of the Warrant Certificates as the absolute owner(s) thereof and of the Warrants represented thereby (notwithstanding any notation of ownership or other writing on the Warrant Certificates made by
any Person) for the purpose of any exercise thereof or any distribution to the holder(s) thereof, and for all other purposes, and the Company shall not be affected by any notice to the contrary. For the purpose of this Agreement, all references to a
holder herein shall refer to a registered holder of Warrants. 
 (b) Warrants and Warrant Shares Not Registered. Each registered
holder of the Warrants, by acceptance thereof, represents and acknowledges that the Warrants and the Warrant Shares which may be purchased upon exercise of a Warrant are not registered under the Securities Act of 1933, as amended (the
“Securities Act”), that the issuance of the Warrants and the offering and sale of such Warrant Shares are being made in reliance on the exemption from registration under Section 4(2) of the Securities Act as not involving any public
offering and that the Company’s reliance on such exemption is predicated in part on the representations made by each Initial Holder of the Warrants to and with the Company that such holder (1) is acquiring the Warrants for investment for
its own account, with no present intention of reselling or otherwise distributing the same, (2) is an “accredited investor” as defined in Regulation D under the Securities Act, and (3) has such knowledge and experience in
financial and business matters that it is capable of evaluating the merits and risks of the investments made or to be made in connection with the acquisition and exercise of the Warrants. Neither the Warrants nor the related Warrant Shares may be
transferred except (i) pursuant to an effective registration statement under the Securities Act, (ii) pursuant to Rule 144 under the Securities Act if the transferor delivers a certificate, in form and substance reasonably satisfactory to
the Company, that such transfer complies with the requirements of Rule 144, or (iii) pursuant to any other available exemption from registration if such transferee makes the representations set forth in the preceding sentence in writing to the
Company. The Company reserves the right to restrict any offer, sale or other transfer of Warrants or Warrant Shares pursuant to clause (iii) above and to require the completion, execution and delivery of (x) a letter from the transferee
substantially in the form of the Transferee’s Letter attached hereto as Exhibit B and (y) an opinion of counsel satisfactory to the Company that the proposed transfer does not require registration under the Securities Act. 
 (c) Notice and Registration of Transfer. Each registered holder of the Warrants, by acceptance thereof, agrees that prior to any disposition by
such holder of the Warrants or of any Warrant Shares, such holder will give written notice to the Company expressing such 

  

 3 

 
holder’s intention to effect such disposition and describing briefly such holder’s intention as to the manner in which the Warrants or the Warrant
Shares theretofore issued or thereafter issuable upon exercise hereof, are to be disposed of, whereupon, but only if such transfer is permitted pursuant to paragraph 4(b) above, such transferring holder shall be entitled to dispose of the Warrants
and/or the Warrant Shares theretofore issued upon the exercise thereof, all in accordance with the terms of the notice delivered by such holder to the Company. In the event of such transfer, the Company shall register the transfer of any outstanding
Warrants in the Warrant Register upon surrender of the Warrant Certificate(s) evidencing such Warrants to the Company at its principal office, accompanied by a written instrument of transfer in form reasonably satisfactory to it, duly executed by
the registered holder thereof. Upon any such registration or transfer, new Warrant Certificate(s) evidencing such transferred Warrants shall be issued to the transferee(s) and the surrendered Warrant Certificate(s) shall be canceled. 
 5. Special Agreements of the Company. The Company covenants and agrees as follows: 
 (a) Listing on Securities Exchanges. If the Common Stock is listed on a stock exchange, the Company will use its best efforts to procure at its
sole expense the listing of all Warrant Shares (subject to issuance or notice of issuance) on all stock exchanges on which the Common Stock is then listed, and maintain the listing or quotation of such shares and other securities after issuance.

 (b) Actions in Avoidance; Non-Dilution. The Company will not, by amendment of its Certificate of Incorporation or through any
reorganization, transfer of assets, consolidation, merger, issue or sale of securities or otherwise, avoid or take any action which would have the effect of avoiding the observance or performance of any of the terms to be observed or performed
hereunder by the Company but will at all times in good faith assist in carrying out all of the provisions of the Warrants and in taking all of such action as may be necessary or appropriate in order to protect the rights of the registered holders of
the Warrants against impairment. Without limiting the generality of the foregoing, the Company will (i) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable
Warrant Shares upon the exercise of the Warrants, and (ii) use its reasonable best efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the
Company to perform its obligations under this Agreement. 
 6. Adjustment of Number of Warrant Shares Issuable. The number and kind of
shares purchasable upon the exercise of Warrants shall be subject to adjustment from time to time as follows: 
 (a) In case the Company
shall, while this Agreement remains in effect, (i) declare a dividend or make a distribution on its Common Stock payable in shares of its capital stock (whether shares of Common Stock or of capital stock of any other class), (ii) subdivide
shares of its Common Stock into a greater number of shares, (iii) combine its outstanding Common Stock into a smaller number of shares, or (iv) issue any shares of its capital stock by reclassification of its Common Stock (including any
such reclassification in connection with a consolidation or merger in which the Company is the continuing corporation), the holder of each Warrant shall be 

  

 4 

 
entitled to purchase the aggregate number and kind of Warrant Shares which, if such Warrant had been exercised immediately prior to such event, such Holder
would have owned upon such exercise and been entitled to receive by virtue of such dividend, distribution, subdivision, combination or reclassification. Such adjustment shall be made successively whenever any event listed above shall occur.

 (b) In case the Company shall, while this Agreement remains in effect, (i) issue any Common Stock (excluding issuances upon exercise
of Warrants, upon exercise of the Class A Warrants to purchase 46,960,000 shares of Common Stock issued to Greenwich Capital Markets, Inc., The Royal Bank of Scotland Plc, Greenwich Capital Markets, Inc., Bear Stearns Investment Products Inc.,
Citigroup Global Markets Limited, Credit Suisse Securities (USA) LLC, UBS Securities LLC, and Credit Suisse International or upon exercise of the warrants or alternative consideration to be issued to the holders of shares of preferred stock of the
Company in the self-tenders contemplated by the Term Sheet, dated March 24, 2008, among Thornburg Mortgage, Inc., MatlinPatterson Global Opportunities Partners III L.P., MatlinPatterson Global Opportunities Partners (Cayman) III L.P. and
Thornburg Mortgage Advisory Corporation (collectively, including consent solicitations to delete restrictive covenants, including without limitation voting and dividend blocker provisions in the Articles Supplementary for such series of preferred
stock, the “Tender Offer”)) at a price per share less than current market price per share of Common Stock on the date of such issuance or (ii) issue any rights, warrants (other than in connection with this Agreement or the Tender
Offer), options or other securities exercisable or exchangeable for or convertible into Common Stock at an equivalent price per share less than the current market price per share of Common Stock on the date of such issuance, the number of Warrant
Shares that are purchasable hereunder after such issuance shall be determined by multiplying the number of Warrant Shares purchasable hereunder immediately prior to the date of issuance by a fraction, the denominator of which shall be the number of
shares of Common Stock outstanding on such date plus the number of shares of Common Stock that the aggregate price of the total number of shares so issued or offered for subscription or purchase would purchase at such current market price, and the
numerator of which shall be the number of shares of Common Stock outstanding on such date plus the number of additional shares of Common Stock or rights to acquire Common Stock issued or offered for subscription or purchase (or into which the
convertible securities so offered are convertible). Shares of Common Stock owned by or held for the account of the Company or any subsidiary on such date shall not be deemed outstanding for the purpose of any such computation. Such adjustment shall
become effective immediately after such issuance. Such adjustment shall be made successively whenever any such event shall occur. No further adjustment shall be made upon the conversion, exercise or exchange of such security if any adjustment shall
have been made upon the issuance of such security. 
 (c) In case the Company shall, while this Warrant remains in effect, fix a record date
for the making of a distribution to all holders of its Common Stock (including any such distribution to be made in connection with a consolidation or merger in which the Company is to be the continuing corporation) of evidences of its indebtedness
or shares of any class of capital stock, cash or other property or assets (excluding dividends paid in or distributions of the Company’s capital stock for which the number of Warrant Shares purchasable hereunder shall have been adjusted
pursuant to paragraph 6(a)) or subscription rights or warrants (excluding those referred to in paragraph 6(b)) the number of Warrant Shares that are purchasable hereunder 

  

 5 

 
after such record date shall be determined by multiplying the number of Warrant Shares that are purchasable hereunder immediately prior to such record date
by a fraction, of which the denominator shall be the current market price per share of Common Stock on such record date, less the fair market value (which for the avoidance of doubt when calculating fair market value shall take into consideration
the consideration, if any, paid or to be paid by the holders of Common Stock for such distribution) as determined in good faith by the Board of Directors of the Company (the “Board”) (whose determination shall be conclusive) of the portion
of the assets or evidences of indebtedness so to be distributed to a holder of one share of Common Stock or of such subscription rights or warrants applicable to one share of Common Stock, and the numerator shall be such current market price per
share of Common Stock on such record date. Such adjustment shall become effective immediately after such record date. Such adjustment shall be made successively whenever such a record date is fixed; and in the event that such distribution is not so
made, the number of Warrant Shares that are Common Stock purchasable hereunder shall again be adjusted to be the number that was in effect immediately prior to such record date. 
 (d) For the purpose of any computation under this Agreement, the current market price per share of Common Stock on any day shall be: 
 (A) if the Common Stock is listed or admitted to trading on a principal national securities exchange in the United States or in the
over-the-counter market, the current market price per share shall be deemed to be the average of the Closing Prices of the Common Stock for the 10 consecutive trading days immediately preceding the trading day before the day in question;
provided that, in the case of paragraph 6(c), if the period between the date of the public announcement of the dividend or distribution and the date for the determination of holders of Common Stock entitled to receive such dividend or
distribution shall be less than 10 trading days, the period shall be such lesser number of trading days but, in any event, not less than five trading days; 
 (B) if the Common Stock is not quoted or listed by any such organization, exchange or market, the current market price per share shall be
the fair market value thereof as determined in good faith by the Board. 
 (e) For purposes of any computation respecting consideration
received pursuant to paragraph 6(c) above, the following shall apply: 
 (A) in the case of the issuance of shares of Common
Stock for cash, the consideration shall be the gross proceeds to the Company from such issuance, which shall not include any deductions for any commissions, discounts or other expenses incurred by the Company in connection therewith; 
 (B) in the case of the issuance of shares of Common Stock for a consideration in whole or in part other than cash or, subject to clause
(C), securities, the consideration other than cash shall be deemed to be the fair 

  

 6 

 
market value thereof as determined in good faith by the Board (irrespective of the accounting treatment thereof), whose determination shall be conclusive;

 (C) in the case of the issuance of shares of Common Stock for a consideration in whole or in part consisting of
securities, the value of any securities shall be deemed to be: (x) if traded on a securities exchange, the average of the closing prices of the securities on such securities exchange or quotation system over the 10 trading day period ending on
the trading day immediately preceding the day in question, (y) if actively traded over-the-counter, the average of the closing bid or sale prices (whichever is applicable) over the 10 day period ending on the trading day immediately preceding
the day in question and (z) if there is no active public market, the fair market value thereof, determined as provided in clause (B) above; and 
 (D) in the case of the issuance of securities convertible into, exercisable for or exchangeable for shares of Common Stock, the aggregate consideration received therefor shall be deemed to be the consideration
received by the Company for the issuance of such securities plus the additional consideration, if any, to be received by the Company upon the conversion, exercise or exchange thereof (the consideration in each case to be determined in the same
manner as provided in clauses (A) through (C) of this paragraph 6(i)). 
 (f) No adjustment in the number of Warrant Shares need be
made until all cumulative adjustments amount to an increase or decrease of at least one whole share. All calculations under this paragraph 6 shall be made to the nearest 1/1,000th of a share. 
 (g) For purposes of this paragraph 6, “Common Stock” includes any stock of any class of the Company which has no preference in respect of
dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company and which is not subject to redemption by the Company. However, subject to the provisions of paragraph 6(j) below,
shares issuable on exercise of the Warrants shall include only shares of the class designated as Common Stock of the Company on the date hereof or shares of any class or classes resulting from any reclassification thereof and which have no
preferences in respect of dividends or amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company and which are not subject to redemption by the Company; provided that, if at any time
there shall be more than one such resulting class, the shares of each such class then so issuable shall be substantially in the proportion which the total number of shares of such class resulting from all such reclassifications bears to the total
number of shares of all such classes resulting from all such reclassifications. 
 (h) The Company hereby agrees with each holder of Warrants
that it shall not increase the par value of the Common Stock above its current par value of $0.01 per share. No adjustment in the number of Warrant Shares need be made under paragraphs 6(a), 6(b) or 6(c) above if the Company issues or distributes to
each registered holder of Warrants the shares of 

  

 7 

 
Common Stock, evidences of indebtedness, assets or other property, rights or securities referred to in those paragraphs which each such registered holder
would have been entitled to receive had the Warrants been exercised prior to the happening of such event or the record date with respect thereto. 
 (i) Whenever the number of Warrant Shares purchasable upon exercise of any Warrant shall be adjusted, the Company shall promptly mail to registered holders of Warrants, first class, postage prepaid, a notice of the adjustment together with
a certificate from the Company’s chief financial officer briefly stating the facts requiring the adjustment and the manner of computing it. The certificate shall be conclusive evidence that the adjustment is correct. 
 (j) If: 
 (A) the Company
takes any action which would require an adjustment in the number of Warrant Shares purchasable upon exercise of any Warrant pursuant to this paragraph 6; 
 (B) the Company consolidates or merges with, or transfers all or substantially all of its assets to, another corporation, and shareholders of the Company must approve the transaction; or 
 (C) there is a dissolution or liquidation of the Company; 
 the Company shall mail to registered holders of the Warrants, first class, postage prepaid, a notice stating the proposed record or effective date, as the case may be. The Company shall mail the notice at least 5 days
before such proposed record or effective date. However, failure to mail the notice or any defect in it shall not affect the validity of any transaction referred to in clause (A), (B) or (C) of this paragraph 6(i). 
 (k) In the case of any consolidation of the Company or the merger of the Company with or into any other entity or the sale or transfer of all or
substantially all the assets of the Company pursuant to which the Company’s Common Stock is converted into other securities, cash or assets or other property, upon consummation of such transaction, each Warrant shall automatically thereafter
become exercisable for the kind and amount of securities, cash or other assets or other property receivable upon the consolidation, merger, sale or transfer by a holder of the number of shares of Common Stock into which such Warrant might have been
converted immediately prior to such consolidation, merger, transfer or sale (assuming such holder of Common Stock failed to exercise any rights of election and received per share the kind and amount of consideration receivable per share by a
plurality of non-electing shares). Appropriate adjustment (as determined by the Board) shall be made in the application of the provisions herein set forth with respect to the rights and interests thereafter of the holders of Warrants, to the end
that the provisions set forth herein (including provisions with respect to changes in and other adjustment of the number of shares of Common Stock issuable upon the exercise of the Warrants) shall thereafter be applicable, as nearly as reasonably
may be, in relation to any shares of stock or other securities or assets or property thereafter deliverable upon the exercise of Warrants. If this paragraph 6(k) applies to any transaction, paragraph 6(a) does not apply to such transaction.

  

 8 

 (l) In any case in which this paragraph 6 shall require that an adjustment as a result of any event
become effective from and after a record date, the Company may elect to defer until after the occurrence of such event the issuance to the holder of any Warrants exercised after such record date and before the occurrence of such event of the
additional shares of Common Stock issuable upon such conversion over and above the shares issuable on the basis of the number of Warrant Shares in effect immediately prior to adjustment; provided, however, that if such event shall not
have occurred and authorization of such event shall be rescinded by the Company, the number of Warrant Shares shall be recomputed immediately upon such recission to the price that would have been in effect had such event not been authorized,
provided that such recission is permitted by and effective under applicable laws. 
 (m) If any event occurs as to which the foregoing
provisions of this paragraph 6 are not strictly applicable or, if strictly applicable, would not, in the good faith judgment of the Board, fairly and adequately protect the purchase rights of the Warrants in accordance with the essential intent and
principles of such provisions, then the Board shall make such adjustments in the application of such provisions, in accordance with such essential intent and principles, as shall be reasonably necessary, in the good faith opinion of the Board, to
protect such purchase rights as aforesaid. 
 7. Registration Rights. 
 (a) Definitions. As used in this Agreement: 
  

	 	(i)	“Affiliate” means , with respect to any specified Person, a Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or
is under common control with, the Person specified. For the purposes of this definition, the term “control” and its corollaries means the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of a Person. 

  

	 	(ii)	“Other Holders” means Persons other than registered holders of Registerable Securities who, by virtue of agreements with the Company, are entitled to include their
securities in certain registrations hereunder. 

  

	 	(iii)	“Other Securities” means securities of the Company, other than Registrable Securities, which, by virtue of agreements between Other Holders and the Company, are
entitled to be included in certain registrations hereunder. 

  

	 	(iv)	“Person” means any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or other entity, including but not limited to any government, agency or political subdivision thereof, or any group comprised of two or more of the foregoing. 

  

 9 

	 	(v)	“Registrable Securities” means all shares of Common Stock of the Company issuable upon conversion of the Warrants or all other securities issued or distributed by
the Company with respect to, or in exchange for, Registrable Securities, or pursuant to a stock dividend or distribution, stock split, merger, consolidation, reorganization, recapitalization, reclassification, conversion right or otherwise. As to
any particular Registrable Securities, once issued, such Registrable Securities shall cease to be Registrable Securities when: (i) a registration statement with respect to the sale by the registered holder of such securities shall have become
effective under the Securities Act and such securities shall have been disposed of in accordance with such registration statement, (ii) such securities shall have been distributed to the public pursuant to Rule 144 (or any successor provision)
under the Securities Act, or (iii) such securities cease to be outstanding. For purposes of this Agreement, any required calculation of the amount or percentage of Registrable Securities shall be based on the number of shares of Common Stock
which are Registrable Securities, including shares issuable upon the conversion, exchange or exercise of the Warrants or any other security convertible, exchangeable or exercisable into Common Stock. 

  

	 	(vi)	 “Registration Expenses” means any and all expenses incident to performance of or compliance with this paragraph 7, including (a) all SEC and
securities exchange or quotation service registration and filing fees, (b) all fees and expenses of complying with securities or blue sky laws (including fees and disbursements of counsel for the underwriters in connection with blue sky
qualifications of the Registrable Securities), (c) all printing, messenger and delivery expenses, (d) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or quotation
service and all rating agency fees, (e) the fees and disbursements of counsel for the Company and of its independent public accountants, including the expenses of any special audits or “cold comfort” letters (or both) required by or
incident to such performance and compliance, (f) the fees and disbursements of one firm of attorneys in each registration to be effected pursuant to this paragraph 7 chosen by registered holders holding a majority of the Registrable Securities
to be registered in such public offering, (g) any fees and disbursements of underwriters customarily paid by the issuers or sellers of securities, including liability insurance if the Company so desires or if the underwriters so require, and
the reasonable fees and expenses of any special experts retained in connection with the 

  

 10 

	 	 
requested registration, but excluding underwriting discounts and commissions and transfer taxes, if any, and (h) all expenses incurred in connection
with any road show (including but not limited to the reasonable out-of-pocket expenses of the registered holders of Registerable Securities). 

 (b) Incidental Registration. (i) If the Company at any time after the date hereof proposes to register equity securities under the Securities Act (other than a registration on Form S-4 or S-8, or any
successor or other forms promulgated for similar purposes), whether or not for sale for its own account, it will, at each such time, give prompt written notice to all registered holders of the Warrants of its intention to do so and of such
registered holders’ rights under this paragraph 7. Upon the written request of any such registered holder made within fifteen (15) days after the receipt of any such notice (which request shall specify the Registrable Securities intended
to be disposed of by such registered holder), the Company will use its best efforts to effect the registration under the Securities Act of all Registrable Securities which the Company has been so requested to register by the registered holders
thereof; provided that: 
 (A) if, at any time after giving written notice of its intention to register any
securities, the Company shall determine for any reason not to proceed with the proposed registration of the securities to be sold by it, the Company may, at its election, give written notice of such determination to each registered holder of
Registerable Securities and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such registration (but not from its obligation to pay the registration expenses already incurred in connection
therewith), and 
 (B) if such registration involves an underwritten offering, all registered holders of Registerable
Securities requesting to be included in the Company’s registration must sell their Registrable Securities to the underwriters selected by the Company on the same terms and conditions as apply to the Company, with such differences, including any
with respect to indemnification and liability insurance, as may be customary or appropriate in combined primary and secondary offerings. 
 (ii) If a registration requested pursuant to this paragraph 7 involves an underwritten public offering, any registered holder of Registerable Securities requesting to be included in such registration may elect, in
writing prior to the effective date of the registration statement filed in connection with such registration, not to register all or any part of such securities in connection with such registration. Nothing in this paragraph 7 shall operate to limit
the right of any registered holder of Registerable Securities to request the registration of Common Stock issuable upon the conversion, exchange or exercise of the Warrants or any other securities held by such registered holder notwithstanding the
fact that at the time of request such registered holder does not hold the Common Stock underlying such securities. The registrations provided for in this paragraph 7(b) are in addition to, and not in lieu of, registrations made upon the request of
the registered holders of Registerable Securities in accordance with paragraph 7(c) and paragraph 7(d). 
  

 11 

 (iii) The Company will pay all Registration Expenses in connection with each registration
of Registrable Securities requested pursuant to this paragraph 7(b). 
 (iv) If a registration pursuant to this paragraph 7(b)
involves an underwritten offering and the managing underwriter advises the Company in writing that, in its opinion, the number of Registrable Securities requested to be included in such registration would be likely to have an adverse effect on the
price, timing or distribution of the securities to be offered in such offering as contemplated by the Company (other than the Registrable Securities), then the Company shall include in such registration (i) first, 100% of the securities the
Company proposes to sell for its own account, and (ii) second, to the extent of the amount of Registrable Securities requested to be included in such registration which, in the opinion of such managing underwriter, can be sold without having
the adverse effect referred to above, the amount of Registrable Securities which the registered holders of Registerable Securities have requested to be included in such registration, such amount to be allocated pro rata among all requesting
registered holders of Registerable Securities on the basis of the relative amount of Registrable Securities then held by each such registered holder (provided that any such amount thereby allocated to any such registered holder that exceeds
such registered holder’s request shall be reallocated among the remaining requesting registered holders of Registerable Securities in like manner). 
 (c) Registration on Request. (i) At any time or from time to time following the date hereof, upon the written request of any registered holder or holders of Registerable Securities (collectively, the
“Demand Party”), requesting that the Company effect the registration under the Securities Act of all or part of such Demand Party’s Registrable Securities and specifying the amount and intended method of disposition thereof,
the Company will promptly give written notice of such requested registration to all registered holders of Registerable Securities other than the Demand Party, and thereupon will, as expeditiously as possible, use its best efforts to effect the
registration under the Securities Act of (A) the Registrable Securities which the Company has been so requested to register by the Demand Party and (B) all other Registrable Securities of the same class or series as are to be registered at
the request of the Demand Party and which the Company has been requested to register by any other registered holder thereof by written request given to the Company within fifteen (15) days after the giving of such written notice by the Company
(which request shall specify the amount and intended method of disposition of such Registrable Securities), all to the extent necessary to permit the disposition (in accordance with the intended method thereof as aforesaid) of the Registrable
Securities so to be registered; provided that the Company shall not be required to effect any registration to be effected pursuant to this paragraph 7(c) unless at least 10% of the Registrable Securities outstanding at the time of such
request is to be included in such registration; and provided, further, that if the Company shall have previously effected a registration pursuant to this paragraph 7(c) or paragraph 7(d) (with respect to all such Registrable
Securities) or shall have previously effected a registration of which notice has been given to the Holders pursuant to paragraph 7(b) hereof, the Company shall not be required to effect any registration pursuant to this paragraph 7(c) until a period
of 180 days shall have elapsed from the date on which the previous such registration ceased to be effective. 
  

 12 

 (ii) The Company shall select the registration statement form for any registration
pursuant to this paragraph 7(c); provided that if any registration requested pursuant to this paragraph 7(c) which is proposed by the Company to be effected by the filing of a registration statement on Form S-3 (or any successor or similar
short-form registration statement) is in connection with an underwritten public offering, and if the managing underwriter advises the Company in writing that, in its opinion, the use of another form of registration statement is of material
importance to the success of such proposed offering, then such registration shall be effected on such other form. 
 (iii) The
Company will pay all registration expenses in connection with registrations of each class or series of Registrable Securities pursuant to this paragraph 7(c). 
 (iv) A registration requested pursuant to this paragraph 7(c) will not be deemed to have been effected unless it has become effective and
all of the Registrable Securities registered thereunder have been sold. 
 (v) If a requested registration pursuant to this
paragraph 7(c) involves an underwritten offering, the investment banker(s), underwriter(s) and manager(s) for such registration shall be selected by the registered holders of a majority of the Registrable Securities which the Company has been
requested to register; provided that if one or more Initial Holders is a Demand Party, then such Initial Holder(s) shall select the investment banker(s), underwriter(s) and manager(s) for such registration; and provided further that
such investment banker(s), underwriter(s) and manager(s) shall in any case be reasonably satisfactory to the Company. 
 (vi)
If a requested registration pursuant to this paragraph 7(c) involves an underwritten offering and the managing underwriter advises the Company in writing that, in its opinion, the number of securities to be included in such registration (including
securities of the Company which are not Registrable Securities) would be likely to have an adverse effect on the price, timing or distribution of the securities to be offered in such offering as contemplated by the registered holders of Registerable
Securities (an “Adverse Effect”), then the Company shall include in such registration (i) first, 100% of the Registrable Securities requested to be included in such registration by the Demand Party and all other registered
holders of Registrable Securities pursuant to this paragraph 7(c) (to the extent that the managing underwriter, if applicable, believes that all such Registrable Securities can be sold in such offering without having an Adverse Effect;
provided that if they cannot and the Demand Party does not exercise its right set forth in the next sentence of this clause (vi), such lesser number of Registrable Securities the managing underwriter believes can be sold in the offering
without having an Adverse Effect allocated pro rata among the Demand Parties and all requesting other registered holders of Registerable Securities on the basis of the amount of Registrable Securities requested to be included in such registration
(provided that any such amount thereby allocated to any such Demand Party or registered holder of Registerable Securities that exceeds its request shall be reallocated among the remaining Demand Parties and requesting registered holders of
Registerable Securities in a like manner)), (ii) second, to the extent the managing underwriter believes additional securities can be sold in the 

  

 13 

 
offering without having an Adverse Effect, the amount of equity securities of the Company that the Company intends to sell for its own account, and
(iii) third, to the extent the managing underwriter believes additional securities can be sold in the offering without having an Adverse Effect, the amount of Other Securities requested to be included by Other Holders in such registration,
allocated pro rata among all requesting Other Holders on the basis of the relative amount of all Other Securities then held by each such Other Holder (provided that any such amount thereby allocated to any such Other Holder that exceeds such
Other Holder’s request shall be reallocated among the remaining requesting Other Holders in a like manner). If the managing underwriter of any underwritten offering shall advise the registered holders of Registerable Securities participating in
a registration pursuant to this paragraph 7(c) that the Registrable Securities covered by the registration statement cannot be sold in such offering within a price range acceptable to the Demand Party, then the Demand Party shall have the right to
notify the Company that it has determined that the registration statement be abandoned or withdrawn, in which event the Company shall abandon or withdraw such registration statement. 
 (vii) Notwithstanding paragraph 7(c)(vi), (x) if the Board determines, in its good faith judgment, that the registration and offering
otherwise required by this paragraph 7(c) would have an Adverse Effect on a then contemplated public offering of the Company’s equity securities, the Company may postpone the filing (but not the preparation) of a registration statement required
by this paragraph 7(c), during the period starting with the 30th day immediately preceding the date of the anticipated filing of, and ending on a date 60 days following the effective date of, the registration statement relating to such other public
offering and (y) if the Company shall furnish to the registered holders of Registerable Securities a certificate signed by its chairman of the Board, chief executive officer, president or any other of its authorized officers stating that the
Company has pending or in process a material transaction, the disclosure of which would, in the good faith judgment of the Board, after consultation with its outside securities counsel, materially and adversely affect the Company, the Company may
postpone the filing (but not the preparation) of a registration statement required by this paragraph 7(c) until the earlier of (A) 90 days from the date of such certificate or (B) the date on which such certificate ceases to be accurate;
provided that the Company shall at all times in good faith use its best efforts to cause any registration statement required by this paragraph 7(c) to be filed as soon as possible and; provided further that, the Company shall not be
permitted to postpone registration pursuant to this paragraph 7(c)(vii) more than once in any 180-day period. The Company shall promptly give the registered holders of Registerable Securities requesting registration thereof pursuant to this
paragraph 7(c) written notice of any postponement made in accordance with the preceding sentence. If the Company gives the registered holders of Registerable Securities such a notice, the registered holders of Registerable Securities shall have the
right, within 15 days after receipt thereof, to withdraw their request in which case, such request will not be counted for purposes of this paragraph 7(c). 
  

 14 

 (d) Shelf Registration. 
 (i) At any time or from time to time following the date hereof, upon the written request of any registered holder or holders of
Registerable Securities, the Company shall promptly give written notice of such requested registration to all registered holders of Registerable Securities other than the requesting holder(s), and the Company shall as promptly as practicable file
with the Securities and Exchange Commission (the “SEC”) a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Securities (the “Shelf Registration
Statement”) (A) so requested to be registered and (B) all other Registrable Securities of the same class or series as those referenced in clause (A) which the Company has been requested to register by any other registered
holder thereof by written request given to the Company within fifteen (15) days after the giving of such written notice by the Company (which request shall specify the amount and intended method of disposition of such Registrable
Securities); provided that the Company shall not be required to effect any registration to be effected pursuant to this paragraph 7(d) unless at least 10% of the Registrable Securities outstanding at the time of such request are to be
included in such registration. The Shelf Registration Statement shall permit registration of such Registrable Securities for resale in the United States by registered holders in the manner or manners designated by them (including, without
limitation, one or more underwritten offerings). The Company shall not permit any securities other than the Registrable Securities to be included in the Shelf Registration Statement or any Subsequent Shelf Registration Statement (as defined below).
The Company shall use its best efforts to cause the initial Shelf Registration Statement to be declared effective by the SEC under the Securities Act by the 180th day after the registered holders of Registrable Securities requested the Shelf
Registration Statement and to keep the Shelf Registration Statement continuously effective under the Securities Act until the first anniversary of its effective date, subject to extension pursuant to clause (iv) of this paragraph 7(d) (the
“Effectiveness Period”), or such shorter period ending when (i) all Registrable Securities covered by the Shelf Registration Statement have been sold in the manner set forth and as contemplated in the initial Shelf Registration
Statement or (ii) a Subsequent Shelf Registration Statement covering all of the Registrable Securities has been declared effective under the Securities Act. Notwithstanding any other provision hereof, no holder’s Registrable Securities
shall be included in the Shelf Registration Statement unless and until such holder furnishes to the Company in writing such information as the Company may reasonably request in writing for use in connection with the Shelf Registration Statement and
any related application to be filed with or under state securities laws. 
 (ii) If the initial Shelf Registration Statement
or any Subsequent Shelf Registration Statement ceases to be effective for any reason at any time during the Effectiveness Period (other than because of the sale of all of the securities registered thereunder), the Company shall use its best efforts
to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within 7 days of such cessation of effectiveness amend the Shelf Registration Statement in a manner to obtain the withdrawal of the order
suspending the effectiveness thereof, or file an additional “shelf” Registration Statement pursuant to Rule 415 covering all of the Registrable Securities (a “Subsequent Shelf Registration Statement”) to permit
registration of the Registrable Securities for resale in the United States. If a Subsequent 

  

 15 

 
Shelf Registration Statement is filed, the Company shall use its best efforts to cause the Subsequent Shelf Registration to be declared effective under the
relevant Securities Laws as soon as practicable after such filing and to keep such Registration Statement continuously effective for a period equal to the number of days in the Effectiveness Period less the aggregate number of days during which the
Shelf Registration Statement or any Subsequent Shelf Registration Statement was previously continuously effective. As used herein the term “Shelf Registration Statement” means the Shelf Registration Statement and any Subsequent
Shelf Registration Statement. 
 (iii) The Company shall promptly supplement and amend the Shelf Registration Statement if
required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration Statement, if required by the Securities Act, or if reasonably requested by the registered holders of the Registrable Securities
then outstanding or by any underwriter of such Registrable Securities. 
 (iv) At any time while the Shelf Registration
Statement is effective and a prospectus relating thereto is required to be delivered under the Securities Act within the Effectiveness Period, that the Company becomes aware that the Shelf Registration Statement or any prospectus included therein,
as then in effect, includes an untrue statement of a material fact or omits 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 then existing, to the
extent that the amendment or supplement to such Shelf Registration Statement or prospectus necessary to correct such untrue statement of a material fact or omission to state a material fact would require disclosure of material information which the
Company has a bona fide business purpose for preserving as confidential and the Company provides the registered holders of Registerable Securities written notice thereof promptly after the Company makes such determination, the registered holders of
Registerable Securities shall suspend sales of Registrable Securities pursuant to the Shelf Registration Statement and the Company shall not be required to comply with its obligations under paragraph 7(e)(i)) until the earlier of (A) the date
upon which such material information is disclosed to the public or ceases to be material or (B) 90 days after receipt of such written notice by the registered holders of Registerable Securities. If the registered holders’ disposition of
Registrable Securities is discontinued pursuant to the foregoing sentence, the Effectiveness Period shall be extended by the number of days during the period from and including the date of the giving of such notice and including the date when each
seller of Registrable Securities covered by the Shelf Registration Statement shall have received copies of the supplemented or amended prospectus contemplated by clause (v) of paragraph 7(e). 
 (v) The Company will pay all Registration Expenses in connection with the registration of Registrable Securities pursuant to this
paragraph 7(d). 
 (vi) If a requested registration pursuant to this paragraph 7(d) includes an underwritten offering, the
investment banker(s), underwriter(s) and manager(s) for such offering shall be selected by the registered holders of a majority of the Registrable Securities to be registered thereunder; provided however that such investment banker(s),
underwriter(s) and manager(s) shall be reasonably satisfactory to the Company. 
  

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 (e) Registration Procedures. If and whenever the Company is required to use its best efforts to
effect or cause the registration of any Registrable Securities under the Securities Act as provided in this Agreement, the Company will promptly: 
 (i) prepare and, in any event within 30 days after the end of the period within which a request for registration may be given to the Company, file with the SEC a registration statement with respect to such Registrable
Securities and use its best efforts to cause such registration statement to become effective within 90 days of the initial filing (and, in the case of the initial Shelf Registration, effective no later than 180 days after date hereof); 

(ii) prepare and file with the SEC 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 for a period not in excess of one year and to comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all securities covered
by such registration statement during such period in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration statement; provided that before filing a registration statement or
prospectus, or any amendments or supplements thereto in accordance with paragraphs 7(e)(i) or (ii), the Company will furnish to counsel selected pursuant to paragraph 7(j) hereof copies of all documents proposed to be filed, which documents will be
subject to the review of such counsel and the Company shall not file any such document to which the Demand Party objects; 
 (iii) furnish to each seller of such Registrable Securities such number of copies of such registration statement and of each amendment and supplement thereto (in each case including all exhibits filed therewith, including any documents
incorporated by reference), such number of copies of the prospectus included in such registration statement (including each preliminary prospectus and summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act, in
conformity with the requirements of the Securities Act, and such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities by such seller in accordance with such Seller’s intended
method of disposition; 
 (iv) use its best efforts to register or qualify such Registrable Securities covered by such
registration in such jurisdictions as each seller shall reasonably request, and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the
Registrable Securities owned by such seller, 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 where, but for the requirements of this subparagraph
(iv), it would not be obligated to be so qualified, to subject itself to taxation in any such jurisdiction or to consent to general service of process in any such jurisdiction; 
 (v) use its best efforts to cause such Registrable Securities covered by such registration statement to be registered with or approved by
such other governmental authorities as may be necessary to enable the seller or sellers thereof to consummate the disposition of such Registrable Securities; 
  

 17 

 (vi) notify each seller of any such Registrable Securities covered by such registration
statement, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the Company’s becoming aware that the prospectus included in such registration statement, as then in effect, includes an untrue
statement of a material fact or omits 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 then existing, and at the request of any such seller, prepare
and furnish to such seller a reasonable number of copies of an amended or supplemental prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 
 (vii) otherwise use its best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security
holders, as soon as reasonably practicable (but not more than 18 months) after the effective date of the registration statement, an earnings statement which shall satisfy the provisions of Section 11(a) of the Securities Act; 
 (viii) use its best efforts to list Registrable Securities on any securities exchange or quotation service on which the Common Stock is
then listed if such Registrable Securities are not already so listed and if such listing is then permitted under the rules of such exchange or service; and (ii) use its best efforts to provide a transfer agent and registrar for such Registrable
Securities covered by such registration statement not later than the effective date of such registration statement; 
 (ix)
enter into such customary agreements (including an underwriting agreement in customary form), which may include indemnification provisions in favor of underwriters and other Persons in addition to, or in substitution for the provisions of paragraph
7(e) hereof, and take such other actions as sellers of a majority of shares of such Registrable Securities or the underwriters, if any, reasonably requested in order to expedite or facilitate the disposition of such Registrable Securities;

 (x) obtain a “cold comfort” letter or letters from the Company’s independent public accounts in customary
form and covering matters of the type customarily covered by “cold comfort” letters as the seller or sellers of a majority of shares of such Registrable Securities shall reasonably request; 
 (xi) make available for inspection by any seller of such Registrable Securities covered by such registration statement, by any underwriter
participating in any disposition to be effected pursuant to such registration statement and by any attorney, accountant or other agent retained by any such seller or any such underwriter, all pertinent financial and other records, pertinent
corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with
such registration statement; 
  

 18 

 (xii) notify counsel for the registered holders of Registrable Securities included in
such registration statement and the managing underwriter or agent, immediately, and confirm the notice in writing (i) when the registration statement, or any post-effective amendment to the registration statement, shall have become effective,
or any supplement to the prospectus or any amendment to the prospectus shall have been filed, (ii) of the receipt of any comments from the SEC, (iii) of any request of the SEC to amend the registration statement or amend or supplement the
prospectus or for additional information, and (iv) of the issuance by the SEC of any stop order or similar order suspending the effectiveness of the registration statement or of any order preventing or suspending the use of any preliminary
prospectus, or of the suspension of the qualification of the registration statement for offering or sale in any jurisdiction, or of the institution or threatening of any proceedings for any of such purposes; 
 (xiii) make every reasonable effort to prevent the issuance of any stop order suspending the effectiveness of the registration statement
or of any order preventing or suspending the use of any preliminary prospectus and, if any such order is issued, to obtain the withdrawal of any such order as soon as practicable; 
 (xiv) if requested by the managing underwriter or agent or any registered holder of Registrable Securities covered by the registration
statement, promptly incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter or agent or such registered holder reasonably requests to be included therein, including, with respect to the number
of Registrable Securities being sold by such registered holder to such underwriter or agent, the purchase price being paid therefor by such underwriter or agent and with respect to any other terms of the underwritten offering of the Registrable
Securities to be sold in such offering; and make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after being notified of the matters incorporated in such prospectus supplement or post-effective
amendment; 
 (xv) cooperate with the registered holders of Registrable Securities covered by the registration statement and
the managing underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement, and enable such securities to be
in such denominations and registered in such names as the managing underwriter or agent, if any, or such registered holders may request; 
 (xvi) obtain for delivery to the registered holders of Registrable Securities being registered and to the underwriter or agent an opinion or opinions from counsel for the Company in customary form and in form,
substance and scope reasonably satisfactory to such registered holders, underwriters or agents and their counsel; 
 (xvii)
cooperate with each seller of Registrable Securities and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with any national
stock exchange or quotation system; and 
  

 19 

 (xviii) use its best efforts to make available the executive officers of the Company to
participate with the registered holders of Registrable Securities and any underwriters in any “road shows” or other selling efforts that may be reasonably requested by the registered holders of Registerable Securities in connection with
the methods of distribution for the Registrable Securities. 
 (f) Information Supplied. The Company may require each seller of
Registrable Securities as to which any registration is being effected to furnish the Company with such information regarding such seller and pertinent to the disclosure requirements relating to the registration and the distribution of such
securities as the Company may from time to time reasonably request. 
 (g) Restrictions on Disposition. Each registered holder of
Registerable Securities agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in paragraph 7(e)(vi), such registered holder will forthwith discontinue disposition of Registrable Securities
pursuant to the registration statement covering such Registrable Securities until such registered holder’s receipt of the copies of the supplemented or amended prospectus contemplated by paragraph 7(e)(vi), and, if so directed by the Company,
such registered holder will use its reasonable best efforts to deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such registered holder’s possession, of the prospectus covering such
Registrable Securities current at the time of receipt of such notice. In the event the Company shall give any such notice, the period mentioned in paragraph 7(e)(ii) shall be extended by the number of days during the period from and including the
date of the giving of such notice pursuant to paragraph 7(e)(vi) and to and including the date when each seller of Registrable Securities covered by such registration statement shall have received the copies of the supplemented or amended prospectus
contemplated by paragraph 7(e)(vi). 
 (h) Indemnification. 
 (i) In the event of any registration of any securities of the Company under the Securities Act pursuant to paragraphs 7(b), 7(c) or 7(d),
the Company shall, and it hereby does, indemnify and hold harmless the seller of any Registrable Securities covered by such registration statement, each Affiliate of such seller and their respective directors, officers, members or general and
limited partners (and any director, officer, and controlling Person of any of the foregoing), each Person who participates as an underwriter in the offering or sale of such securities and each other Person, if any, who controls such seller or any
such underwriter within the meaning of the Securities Act (each an “Indemnified Party”), against any and all losses, claims, damages or liabilities, joint or several, actions or proceedings (whether commenced or threatened) in
respect thereof (“Claims”) and expenses (including reasonable attorney’s fees and reasonable expenses of investigation) to which such Indemnified Party may become subject under the Securities Act, common law or otherwise,
insofar as such Claims or expenses arise out of, relate to or are based upon (i) any untrue statement or alleged untrue statement of 

  

 20 

 
any material fact contained in any registration statement under which such securities were registered under the Securities Act, any preliminary, final or
summary prospectus contained therein or used in connection with the offering, or any amendment or supplement thereto, (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein (in the case of a prospectus, in light of the circumstances under which they were made) not misleading or (iii) any violation or alleged violation by the Company of any law or regulation applicable to the Company and relating
to action or inaction required of the Company with respect to such registration or the offer or sale of Registrable Securities; provided that the Company shall not be liable to any Indemnified Party in any such case to the extent that any
such Claim or expense arises out of, relates to or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement or amendment or supplement thereto or in any such preliminary,
final or summary prospectus in reliance upon and in conformity with written information furnished to the Company by or behalf of such seller specifically stating that it is for use in the preparation thereof. Such indemnity shall remain in full
force and effect regardless of any investigation made by or on behalf of any Indemnified Party and shall survive the transfer of securities by any seller; 
 (ii) The Company may require, as a condition to including any Registrable Securities in any registration statement filed in accordance with paragraphs 7(b), 7(c) or 7(d) herein, that the Company shall have received an
undertaking reasonably satisfactory to it from the prospective seller of such Registrable Securities or any underwriter to indemnify and hold harmless (in the same manner and to the same extent as set forth in paragraph 7(h)(i)) the Company with
respect to any untrue statement or alleged untrue statement in or omission or alleged omission from such registration statement, any preliminary, final or summary prospectus contained therein, or any amendment or supplement thereto, if such untrue
statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by or on behalf of such seller or underwriter specifically stating that it is for use
in the preparation of such registration statement, preliminary, final or summary prospectus or amendment or supplement, or a document incorporated by reference into any of the foregoing. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of the Company or any of the prospective sellers, or any of their respective Affiliates, directors, officers or controlling Persons and shall survive the transfer of securities by any seller. In
no event shall the liability of any selling holder of Registrable Securities 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; 
 (iii) Promptly after receipt by an indemnified party hereunder of written notice of the
commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this paragraph 7(h), such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party, give
written notice to the latter of the commencement of such action or proceeding; provided that the failure of the indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations under paragraph
7(h), except to the extent that 

  

 21 

 
the indemnifying party is materially prejudiced by such failure to give notice. In case any such action or proceeding is brought against an Indemnified
party, unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of such action or proceeding (in which case the indemnified party shall have the right
to assume or continue its own defense and the indemnifying party shall be liable for any reasonable expenses therefor, but in no event will bear the expenses for more than one firm of counsel for all indemnified parties in each jurisdiction who
shall be approved by the majority of the participating registered holders of Registerable Securities in the registration in respect of which such indemnification is sought), the indemnifying party will be entitled to participate in and to assume the
defense thereof (at its expense), jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof, the indemnifying party will not be liable to such Indemnified party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other
than reasonable costs of investigation and shall have no liability for any settlement made by the indemnified party without the consent of the indemnifying party, such consent not to be unreasonably withheld. No indemnifying party will settle any
action or proceeding or consent to the entry of any judgment without the prior written consent of the indemnified party, unless such settlement or judgment (i) includes as an unconditional term thereof the giving by the claimant or plaintiff of
a release to such indemnified party from all liability in respect of such action or proceeding and (ii) does not involve the imposition of equitable remedies or the imposition of any obligations on such indemnified party and does not otherwise
adversely affect such indemnified party, other than as a result of the imposition of financial obligations for which such indemnified party will be indemnified hereunder. 
 (iv) 
 (A) If
the indemnification provided for in this paragraph 7(h) from the indemnifying party is unavailable to an indemnified party hereunder in respect of any Claim or expenses referred to herein, then the 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 Claim or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and indemnified party in
connection with the actions which resulted in such Claim or expenses, 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 to state a material fact, has been 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. The amount paid or payable by a party under this paragraph 7(h)(iv) as a result of the Claim and expenses
referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any action or proceeding. 
  

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 (B) The parties hereto agree that it would not be just and equitable if contribution
pursuant to this paragraph 7(h)(iv) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in paragraph 7(h)(iv)(A). 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. 
 (v) Indemnification similar to that specified in this paragraph 7(h) (with appropriate modifications) shall be given by the Company and
each seller of Registrable Securities with respect to any required registration or other qualification of securities under any law, rule or regulation or with any governmental authority other than as required by the Securities Act. 
 (vi) The obligations of the parties under this paragraph 7(h) shall be in addition to any liability that any party may otherwise have to
any other party. 
 (i) Required Reports. The Company covenants that it will file the reports required to be filed by it under the
Securities Act and the Exchange Act (or, if the Company is not required to file such reports, it will, upon the request of any registered holder of Registerable Securities, make publicly available such information), and it will take such further
action as any registered holder of Registerable Securities may reasonably request, all to the extent required from time to time to enable such registered holder to sell Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by (a) Rule 144 under the Securities Act, as such rule may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any registered holder of
Registerable Securities, the Company will deliver to such registered holder a written statement as to whether it has complied with such requirements. 
 (j) Holdback Agreement. If any registration hereunder shall be in connection with an underwritten public offering, each registered holder of Registerable Securities agrees not to effect any public sale or
distribution, including any sale pursuant to Rule 144 under the Securities Act, of any Common Stock of the Company (in each case, other than as part of such underwritten public offering), within 7 days before, or subject to paragraph 7(c) in the
case of a requested registration that has been postponed pursuant to clause (i) thereof, for 90 days (or such lesser period as the managing underwriters may permit) after, the effective date of such registration (except as part of such
registration), and the Company hereby also agrees to use its reasonable best efforts to have each other holder of any Common Stock of the Company purchased from the Company (at any time other than in a public offering) to so agree. 
 (k) Most Favored Nation. For so long as an Initial Holder owns any of the Warrants, the Company shall grant the Initial Holder any more favorable
registration rights or more favorable other rights, preferences or privileges (whether contractual or embodied in the 

  

 23 

 
terms of any security or otherwise) relating to voting or liquidity (other than with respect to price) hereafter granted to any investor in the Company
automatically and without any action on the part of the Initial Holder. The Company shall execute and deliver reasonably promptly all agreements or other documents and take all actions reasonably necessary and promptly to execute to give effect to
this Section. 
 (l) Termination. This paragraph 7 shall terminate in its entirety with respect to each registered holder of
Registerable Securities when such registered holder and its Affiliates collectively hold no Registrable Securities and with respect to the Company when all registered holders of Registerable Securities and their Affiliates collectively hold no
Registrable Securities. 
 8. Exchange and Replacement of Warrant Certificates. Each Warrant Certificate is exchangeable without
expense, upon the surrender thereof by the registered holder thereof at the principal executive office of the Company, for a new Warrant Certificate of like tenor and date representing in the aggregate the right to purchase the same number of
Warrant Shares in such denominations as shall be designated by the registered holder thereof at the time of such surrender. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of any
Warrant Certificate, and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, and reimbursement to the Company of all reasonable expenses incidental thereto, and upon surrender and cancellation of such
Warrant Certificate, if mutilated, the Company will make and deliver a new Warrant Certificate of like tenor, in lieu thereof. 
 9.
Director Designation. 
 (a) The Company agrees to cause the Board on the date hereof to consist of 10 directors (individually, a
“Director” and, collectively, the “Directors”), subject to future increase or decrease in accordance with the Company’s by-laws and this Agreement. 
 (b) For so long as MP TMA LLC, MP TMA (Cayman) LLC and their respective Affiliates (collectively, “MP”) beneficially own Warrant Shares,
unexercised Warrants or other shares of Common Stock representing: (i) at least 5% but less than 10% of the shares of Common Stock outstanding on a fully diluted basis, then MP may designate one Director; (ii) at least 10% but less than
15% of the shares of Common Stock outstanding on a fully-diluted basis, then MP may designate two Directors; and (iii) at least 15% of the shares of Common Stock outstanding on a fully-diluted basis, then MP may designate three Directors. Each
such designee is a “MP Designee.” For purposes of this Section 9(b), “fully diluted” excludes shares of Common Stock reserved for issuance upon the conversion of shares of preferred stock. 
 (c) The Company agrees to appoint to the Board designees of two Persons party to this Agreement other than MP and the Company (such designees and the MP
Designees, collectively, the “Holder Designees,” and such designating Persons and MP, collectively, the “Significant Holders”). 
  

 24 

 (d) The Company agrees to include in the slate of nominees recommended by the Board to the shareholders
of the Company each Holder Designee and to use its best efforts to cause the election of each Holder Designee to the Board. 
 (e) If at any
time a Significant Holder shall notify the Company in writing of its desire to remove, with or without cause, any Director of the Company previously designated by it, the Company shall use its best efforts to remove such Director from the Board.

 (f) If any Holder Designee ceases to serve on the Board (whether by reason of death, resignation, removal or otherwise), the Significant
Holder who designated such Director shall be entitled to designate a successor Director to fill the vacancy created thereby. 
 (g) The
parties hereto hereby agree that any individual designated as a Director of the Company may be removed for cause with or without the consent of the Significant Holder which designated such individual. No such removal of an individual designated
pursuant to this paragraph 9 shall affect any Significant Holder right to designate a successor Director pursuant to paragraph 9(f). 
 (h)
Notwithstanding anything in this Agreement to the contrary, if any Significant Holder shall cease to have the right to designate the number of current Directors he, she or it has designated in accordance with paragraph 9(b) or (c), the excess
Director(s) designated by such Significant Holder shall submit his, her or their resignation and the other Directors shall decide, by the affirmative vote of a majority of such Directors, whether to accept such resignation(s) and, if such
resignation(s) are accepted, whether to decrease the size of the Board to eliminate such vacancy or vacancies. 
 10. Representations of
the Company. The Company represents and warrants to each other party to this Agreement as follows: 
 (a) The Company and its Subsidiaries
(as defined below) have each been duly organized, and are each validly existing as a corporation in good standing under the laws of their respective states of incorporation, and are each qualified to do business as a foreign corporation in each
jurisdiction in which such qualification is necessary. The Company and its Subsidiaries have the requisite corporate power and authority to own, lease and operate their respective properties and to conduct their respective businesses as presently
conducted. The Company has the requisite corporate power and authority to enter into, execute, deliver and perform all of its duties and obligations under this Agreement and to consummate the transactions contemplated hereby. Each party to this
Agreement other than the Company has been provided with a true and complete copy of the Company’s Articles of Incorporation and by-laws as in effect on the date hereof. For purposes of this paragraph 10, a “Subsidiary” of an entity
means an Affiliate controlled by such entity directly, or indirectly through one or more intermediaries. 
 (b) The Company’s execution,
delivery and performance of this Agreement and the Warrants have been duly authorized by all necessary corporate and shareholder action, except pursuant to the financial distress exception being pursued with the NYSE (the “NYSE Approval”).
This Agreement and the Warrants have each been duly executed and delivered by the Company, and constitute the legal, valid and binding obligation of the Company, enforceable 

  

 25 

 
against the Company in accordance with their respective terms, except as such enforceability may be limited by, or subject to, any bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity. 
 (c) As of the date hereof, the authorized capital stock of the Company consists of 455,985,785 shares of Common Stock, 6,525,000 shares of 8.00% Series C Cumulative Redeemable Preferred Stock, 4,000,000 shares of
Series D Adjusting Rate Cumulative Redeemable Preferred Stock, 3,162,500 shares of 7.50% Series E Cumulative Redeemable Preferred Stock and 30,326,715 shares of 10% Class F Cumulative Convertible Redeemable Preferred Stock. The issued and
outstanding capital stock of the Company consists of 171,530,778 shares of Common Stock, no shares of Series B Cumulative Preferred Stock, 6,525,000 shares of Series C Cumulative Redeemable, 4,000,000 shares of Series D Adjusting Rate Cumulative
Redeemable Preferred Stock, 3,162,500 shares of 7.50% Series E Cumulative Redeemable Preferred Stock and 30,326,715 shares of 10% Class F Cumulative Convertible Redeemable Preferred Stock. All such shares of capital stock of the Company have been
duly authorized and are fully paid and non-assessable. Except with respect to the 46,960,000 Class A Warrants granted under the Override Agreement to purchase an equal number of shares of Common Stock, with respect to 30,326,715 shares of
Common Stock 10% Class F Cumulative Convertible Redeemable Preferred Stock, convertible into 65,927,246 shares of Common Stock, and with respect to the 7.50% Series E Cumulative Redeemable Preferred Stock, convertible into 2,442,462 shares of Common
Stock, there are no outstanding options, warrants or other equity securities that are convertible into, or exercisable for, shares of the Company’s capital stock. The Company owns all of the issued and outstanding capital stock of its
Subsidiaries, directly or indirectly free and clear of all liens and encumbrances, other than liens and encumbrances pursuant to The Security Agreement, dated as of March 28, 2008, made by Thornburg Mortgage, Inc. and certain of its
subsidiaries, in favor of Wilmington Trust Company, and the Senior Security Agreement dated March 28, 2008, made by made by Thornburg Mortgage, Inc. and certain of its subsidiaries, in favor of Deutsche Bank Trust Company Americas. All of such
shares of capital stock are duly authorized, validly issued, fully paid and non-assessable, and there are no options, warrants, conversion privileges, subscription or purchase rights or other rights presently outstanding to purchase or otherwise
acquire any authorized but unissued, unauthorized or treasury shares of capital stock or other securities of, or any proprietary interest in, the Company’s Subsidiaries. 
 (d) The execution and delivery by the Company of this Agreement and the Warrants, and the performance by the Company of the transactions contemplated
hereby and thereby, do not and will not require the Company to effectuate or obtain any registration with, consent or approval of, or notice to any federal, state or other governmental authority or regulatory body other than the NYSE Approval and,
if required, filing and observance of the waiting period under HSR in connection with any exercise of Warrants subject to the requirements of HSR. 
 (e) Assuming obtaining any necessary approval in clause (d), the execution and delivery of this Agreement and the Warrants and the performance by the Company of the transactions contemplated hereby and thereby will not (i) conflict
with or result in a breach of any provision of the articles of incorporation or by-laws of the Company, (ii) result in a default 

  

 26 

 
or breach of, or require any consent, approval, authorization or permit of, or filing or notification to, any Person under any of the terms, conditions or
provisions of any note, bond, mortgage, indenture, loan, factoring arrangement, license, agreement, lease swap, reverse repurchase agreement or other instrument or obligation to which the Company or any of its Subsidiaries is a party or by which the
Company or its Subsidiary or any of their respective assets may be bound or (iii) violate any law, judgment, order, writ, injunction, decree, statute, rule or regulation of any court, administrative agency, bureau, board, commission, office,
authority, department or other governmental entity applicable to the Company or its Subsidiaries, except, in the case of clauses (ii) and (iii) above, any such violation that could not reasonably be expected to materially impair the
transactions contemplated hereby or have a material adverse effect on the assets, liabilities, condition, business or results of operations on the Company and its Subsidiaries, taken as a whole. 
 (f) The Warrants have been duly and validly issued and are fully paid and non-assessable. 
 (g) Other than Friedman, Billings, Ramsey & Co., Inc. and UBS Securities LLC, Neither the Company, nor any of its officers, directors, employees
or Affiliates, has employed any broker or finder, or incurred any liability for any brokerage fees, commissions, finder’s or other similar fees or expenses in connection with the transactions contemplated hereby. 
 11. Representations of the Parties to this Agreement other than the Comapny: Each party to this Agreement other than the Company represents and warrants
to the Company as follows: 
 (a) Such Person has been duly formed and is validly existing and in good standing under the laws of its
jurisdiction of formation. Such Person has the requisite organizational power and authority to enter into, execute, deliver and perform all of its duties and obligations under this Agreement and to consummate the transactions contemplated hereby.

 (b) The execution, delivery and performance of this Agreement by such Person have been duly authorized by all necessary organizational or
other action on the part of such Person. This Agreement has been duly executed and delivered by such Person, and constitutes the legal, valid and binding obligation of such Person, enforceable against such Person in accordance with its terms, except
as such enforceability may be limited by, or subject to, any bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity. 
 (c) Assuming that the Company’s representation and warranty in Section 10(e) is correct, the execution and delivery by such Person of this
Agreement, and the performance by such Person of the transactions contemplated hereby, do not and will not require such Person to effectuate or obtain any registration with, consent or approval of, or notice to any federal, state or other
governmental authority or regulatory body. 
 (d) The execution and delivery of this Agreement and the performance by such Person of the
transactions contemplated hereby, will not (i) conflict with or result in a 

  

 27 

 
breach of any provision of the organizational documents of such Person or (ii) violate any law, judgment, order, writ, injunction, decree, statute, rule
or regulation of any court, administrative agency, bureau, board, commission, office, authority, department or other governmental entity applicable to such Person, except, in the case of clause (ii) above, any such violation that could not
reasonably be expected to materially impair the transactions contemplated hereby. 
 12. Payment of Taxes. The Company will pay all
documentary stamp taxes attributable to the initial issuance of the Warrants and of the Warrant Shares upon the exercise of Warrants; provided, however, that the Company shall not be required to pay any tax or taxes which may be
payable in respect of any transfer involved in the issuance of any Warrant Certificates or any certificates for Warrant Shares in a name other than that of the registered holder of such Warrant Certificate, and the Company shall not be required to
issue or deliver such Warrant Certificates unless or until the Person or Persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such
tax has been paid. 
 13. Statement on Warrants. Irrespective of any adjustment in the number or kind of shares issuable upon the
exercise of the Warrants or the Exercise Price, Warrant Certificates theretofore or thereafter issued may continue to express the same number and kind of shares and the same Exercise Price as are stated in the Warrant Certificates initially issuable
pursuant to this Agreement. 
 14. Notices. All notices, requests, consents and other communications hereunder shall be in writing and
shall be deemed to have been duly made when delivered by hand or sent by facsimile transmission (with receipt confirmed), or, if timely delivered to an air courier guaranteeing overnight delivery service, on the next business day, or five business
days after being deposited in the mail, first class, certified or registered, postage prepaid, return receipt requested, in each case addressed as follows (or to such other place or places as either of the parties shall designate by written notice
to the other): 
  

	 	(i)	if to a registered holder of Warrants or beneficial owners of Warrant Shares, to the address set forth on the Warrant Register or Common Stock Register maintained by the Company;
and 

  

	 	(ii)	if to the Company, to: 

 Thornburg
Mortgage, Inc. 
 150 Washington Avenue, Suite 302 
 Santa Fe, New Mexico 87501 
 15. Amendment. The Company with the consent of the beneficial owners of Warrant Shares constituting at least two-thirds of the Warrant Shares beneficially owned by parties to this Agreement other than the Company and its Subsidiaries
may amend or supplement this Agreement or waive compliance by the Company in a particular instance with any provision of this Agreement; provided that without the consent of each beneficial owner affected, no such amendment shall alter any such
beneficial owner’s rights under paragraph 9 or (with respect to Warrants held by a non-consenting beneficial owner) increase the Exercise Price or decrease the 

  

 28 

 
number of Warrant Shares issuable upon exercise of any Warrant. For the avoidance of doubt, all of the Warrant Shares underlying an unexercised Warrant shall
be deemed beneficially owned by the registered holder of such Warrant. 
 16. Successors and Assigns; Benefits of This Agreement.
Except as otherwise provided herein, all of the provisions of this Agreement by or for the benefit of the Company and the registered holders of the Warrants and beneficial owners of the Warrant Shares shall inure to the benefit of their respective
successors and assigns hereunder. Other than transferees which acquire Warrants or Warrant Shares pursuant to a public offering effected pursuant to an effective registration statement under the Securities Act or in a transaction under Rule 144 of
the Securities Act, successors, assigns and transferees or parties hereto other than the Company shall enter into a joinder agreement whereby they agree to become a party hereto. Nothing in this Agreement shall be construed to give to any Person
other than the Company and the registered holders of the unexercised Warrants and beneficial owners of the Warrant Shares any legal or equitable right, remedy or claim under this Agreement, and this Agreement shall be for the sole and exclusive
benefit of the Company and such registered holders and beneficial owners. Prior to the exercise of the Warrants, no holder of a Warrant Certificate, as such, shall be entitled to any rights of a shareholder of the Company, including, without
limitation, the right to receive dividends or subscription rights, the right to vote, to consent, to exercise any preemptive right, to receive any notice of meetings of shareholders for the election of directors of the Company or any other matter or
to receive any notice of any proceedings of the Company, except as may be specifically provided for herein. The holders of the Warrants are not entitled to share in the assets of the Company in the event of the liquidation, dissolution or winding up
of the Company’s affairs. 
 17. Governing Law. This Agreement and each Warrant Certificate 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 construed in accordance with the laws of such State, applicable to contracts made and to be performed therein. 
 18. Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and such counterparts shall together constitute one and the same instrument. 
 19. Headings. The headings in this
Agreement are intended solely for convenience of reference and shall be given no effect in the construction or interpretation of this Agreement. 
 20. Remedies. The Company and the holder hereof each stipulates that the remedies at law of each party hereto in the event of any default or threatened default by the other party in the performance or compliance with any of the terms
of this Warrant are not and will not be adequate and that, to the fullest extent permitted by law, such terms may be specifically enforced by a decree for the specific performance of any agreement contained herein or by an injunction against a
violation of any of the terms hereof or otherwise. 
 21. Severability. The provisions of this Agreement are severable, and if any
clause or provision shall be held invalid, illegal or unenforceable in whole or in part in any 

  

 29 

 
jurisdiction, then such invalidity or unenforceability shall affect in that jurisdiction only such clause or provision, or part thereof, and shall not in any
manner affect such clause or provision in any other jurisdiction or any other clause or provision of this Agreement in any jurisdiction. 
 [Signature Page Follows] 
  

 30 

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

			
	COMPANY:
	
	THORNBURG MORTGAGE, INC.
		
	By:	 	 /s/ Larry A. Goldstone

	Name:	 	Larry A. Goldstone
	Title:	 	President & Chief Executive Officer

 Warrant Agreement 

			
	INITIAL HOLDERS:
	
	MP TMA LLC
	
	 By: MATLINPATTERSON GLOBAL
 OPPORTUNITIES
PARTNERS III L.P., its
 Member

	
	 By: MATLINPATTERSON GLOBAL ADVISERS
 LLC, as
Investment Manager

		
	By:	 	  

	Name:	 	Lawrence M. Teitelbaum
	Title:	 	Chief Financial Officer
	
	MP TMA (CAYMAN) LLC
	
	 By: MATLINPATTERSON GLOBAL
 OPPORTUNITIES
PARTNERS (CAYMAN) III
 L.P., its Member

	
	 By: MATLINPATTERSON GLOBAL ADVISERS
 LLC, as
Investment Manager

		
	By:	 	  

	Name:	 	Lawrence M. Teitelbaum
	Title:	 	Chief Financial Officer
	
	TMA LTD.
		
	By:	 	  

	Name:	 	Robert H. Weiss
	Title:	 	Director
		
	By:	 	  

	Name:	 	Lawrence M. Teitelbaum
	Title:	 	Director

 Warrant Agreement 
  

 32 

	
	[OTHER INITIAL HOLDERS]

 Warrant Agreement 
  

 33 

 EXHIBIT A 
 [FORM OF WARRANT CERTIFICATE] 
 NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, EXCHANGED, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF OR
ENCUMBERED WITHOUT COMPLIANCE WITH THE PROVISIONS OF THE SECURITIES ACT OF 1933, AS AMENDED, THE RULES AND REGULATIONS THEREUNDER AND THIS WARRANT. A COPY OF THE FORM OF SAID WARRANT AGREEMENT IS ON FILE WITH THE SECRETARY OF THORNBURG MORTGAGE,
INC. 
                  Warrant Shares 
 CUSIP No.                  
 No. WB- 
 WARRANT CERTIFICATE 
 This Warrant Certificate certifies that, for value received,
                                 (“Holder”), is the registered holder of
Class B warrants (the “Warrants”) to purchase, at any time or from time to time after April 11, 2008 until 5:00 P.M., New York time, on March 31, 2015,
[            ] shares of Common Stock, par value $0.01 per share (“Common Stock”) of THORNBURG MORTGAGE, INC., a Delaware corporation (the “Company”), subject to
adjustment in certain events, at the exercise price per share of $0.01 per share (the “Exercise Price”), upon surrender of this Warrant Certificate, together with the attached Form of Election to Purchase duly executed, and payment of the
Exercise Price at the principal office of the Company, but subject to the terms and conditions set forth herein and in the Warrant Agreement dated as of March 31, 2008 between the Company and the Holder (the “Warrant Agreement”).
Payment of the Exercise Price shall be made, at the option of the Holder (i) in cash, by certified check or wire transfer payable to the order of the Company, (ii) on a net basis, such that without the exchange of any funds, the Holder
receives that number of Warrant Shares that would otherwise be issuable upon a cash exercise of this Warrant less that number of Warrant Shares having a current market price (as defined in paragraph 6(d) of the Warrant Agreement) equal to the
aggregate Exercise Price that would otherwise have been paid by such holder for the number of Warrant Shares with respect to which this Warrant is being exercised, or (iii) by any combination of the foregoing. The registered holder hereof shall
exercise the Warrants as promptly as practicable after April 11, 2008 and from time to time thereafter to the extent permitted by applicable federal, state and foreign laws and regulations. 
 This Warrant may be exercised at such times and in such amounts as are provided for in the Warrant Agreement. 
 The Warrants evidenced by this Warrant Certificate are issued pursuant to the Warrant Agreement, which Warrant Agreement is hereby incorporated by
reference in and made 

  

 i 

 
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 Company and the holders (the words “holders” or “holder” meaning the registered holders or registered holder) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder(s) hereof upon written request
directed to the Company. 
 The Warrant Agreement provides that upon the occurrence of certain events, the type and/or number of the
Company’s securities issuable upon exercise of the Warrants may, subject to certain conditions, be adjusted. 
 Upon due presentment for
registration of transfer of this Warrant Certificate at the principal office of the Company, a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the
transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided herein and in the Warrant Agreement, without any charge except for any tax or other governmental charge imposed in connection therewith which is not payable
by the Company pursuant to paragraph 12 of the Warrant Agreement. 
 Upon the exercise of less than all of the Warrants evidenced by this
Certificate, the Company shall forthwith issue to the holder hereof a new Warrant Certificate representing such number of unexercised Warrants. 
 The Company may deem and treat the registered holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof
and of any distribution to the holder(s) hereof and for all other purposes, and the Company shall not be affected by any notice to the contrary. 
 All terms used in this Warrant Certificate which are not defined herein and are defined in the Warrant Agreement shall have the meanings assigned to them in the Warrant Agreement. 
 IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly executed under its corporate seal. 
 Dated:             , 20 
  

			
	THORNBURG MORTGAGE, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 ii 

 [FORM OF ASSIGNMENT] 
 (To be executed by the registered holder if such holder 
 desires to transfer the Warrant Certificate.)

 FOR VALUE RECEIVED,
                                        
     hereby sells, assigns and transfers unto
                                        
                                        
            , this Warrant Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint
                                        
                    , Attorney to transfer the within Warrant Certificate on the books of the within-named Company, with full power of
substitution. 
  

							
	Dated:	 		 	Signature:	 	  

  

	
	(Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate.)
	
	  

	 (Insert Social Security or Other

	 Identifying Number of Holder)

 [FORM OF ELECTION TO PURCHASE] 
 The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to purchase
                                     shares of Common Stock
and herewith: (choose one or both by marking “X” in the space provided) 
         
tenders payment for                          of such shares, to the order of THORNBURG MORTGAGE, INC., in the amount of
$             in accordance with the terms of the Warrant Agreement. 
          requests that such exercise for                         
of such shares be on a net basis in accordance with the terms of the Warrant Agreement. 
 The undersigned requests that a certificate for
such shares of Common Stock be registered in the name of
                                        
                    , whose address is
                                        
                                        
             and that such certificate be delivered to
                                        
                                         whose
address is
                                        
                                        
                                . 
  

							
	Dated:	 		 	Signature:	 	  

  

	
	(Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate.)
	
	  

	 (Insert Social Security or Other

	 Identifying Number of Holder)

 EXHIBIT B 
 TRANSFEREE’S LETTER 
 Thornburg Mortgage, Inc. 
 150 Washington Avenue, Suite 302 
 Santa Fe, New Mexico 87501 
 [Seller] 
 Dear Sirs: 
 In connection with the undersigned’s proposed purchase of (i) senior subordinated secured notes due 2015, (the “Notes”), (ii) detachable warrants (together with any additional
warrants that may be issued by the Company for the purchase of Common Stock (the (“Underlying Common Stock”) to the Investor, the “Warrants,” and together with the Notes, the
“Instruments”), to purchase shares of common stock, par value $0.01 per share (the “Common Stock”) of Thornburg Mortgage, Inc., a Maryland corporation (the “Company”), and
(iii) an investment in a participation in certain collateral of the Company (the “Participation”; together with the Instruments, the “Investments”), from
                         (“Seller”), the undersigned confirms and agrees that: 
  

	1.	 The undersigned understands and agrees that the Investments have been offered in a transaction not involving any public offering within the United States within the
meaning of the Securities Act of 1933, as amended (the “Securities Act”) and that the Investments have not been registered under the Securities Act and, unless so registered, may not be resold except as permitted in the
following sentence. The undersigned agrees, on its own behalf and on behalf of each account for which it acquires any Investments that, if in the future it decides to offer, resell, pledge or otherwise transfer such Investments, such Investments may
be offered, resold, pledged or otherwise transferred only (a) to the Company or a subsidiary thereof, (b) pursuant to a registration statement that has been declared and is effective under the Securities Act or (c) pursuant to any
other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of the undersigned’s property or the property of such investor account or
accounts be at all times within the undersigned’s or their control and subject to compliance with any applicable state securities laws. The undersigned understands that the registrar and transfer agent for the Investments will not be required
to accept for registration of transfer any Investments except upon presentation of evidence satisfactory to the Company and the transfer agent that, unless such Investments are already registered under the Securities Act, an exemption to the
registration requirement under the Securities Act and the rules and regulations thereunder have been complied with. The undersigned further understands that any certificates representing Investments acquired by it will bear a legend reflecting the
substance of this paragraph. The undersigned acknowledges, on its own behalf and on behalf of any investor account for which it is purchasing the Investments, that the Company reserves the right to restrict any offer, sale or other transfer of the
Investments pursuant to clause (c) above or to require the completion, execution and delivery of a letter from the transferee substantially in the form hereof and certifications and other information 

	 	 
satisfactory to the Company and the registrar and transfer agent and an opinion of counsel satisfactory to the Company that the proposed transfer does not
require registration under the Securities Act. WITHOUT LIMITING THE FOREGOING, UNLESS AND UNTIL THE COMPANY NOTIFIES YOU OTHERWISE IN WRITING, THE UNDERSIGNED ACKNOWLEDGES AND AGREES, ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH
IT IS PURCHASING NOTES, WARRANTS OR UNDERLYING SHARES, THAT IT CANNOT AND WILL NOT SELL OR OTHERWISE TRANSFER ANY SECURITIES WITHOUT (I) A COMPLETED AND EXECUTED LETTER FROM THE PROSPECTIVE TRANSFEREE IN THE FORM OF THIS TRANSFEREE’S
LETTER AND THE DELIVERY OF SUCH TRANSFEREE’S LETTER TO THE COMPANY AND (II) AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT THE PROPOSED TRANSFER DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT. 

 

	2.	The undersigned is a “qualified institutional buyer” as defined in Rule 144A under the Securities Act. 

  

	3.	The undersigned has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Investments, and each
of the undersigned and any account for which the undersigned is acting is able to bear the economic risk of such investment and can afford the complete loss of such investment. 

  

	4.	The undersigned is acquiring the Investments for investment purposes and not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities
Act. The undersigned was not formed for the specific purpose of acquiring the Investments. 

  

	5.	The undersigned is acquiring the Investments for the undersigned’s own account or for one or more accounts (each of which is a QIB) as to each of which the undersigned
exercises sole investment discretion and is authorized to make the representations, and enter into the agreements, contained in this letter. 

  

	6.	 The undersigned has received such information as the undersigned deems necessary in order to make an investment decision with respect to the Investments. The
undersigned acknowledges that the undersigned and the undersigned’s advisor(s), if any, have had the right to ask questions of and receive answers from the Company and its officers and directors, and to obtain such information concerning the
terms and conditions of this offering of the Investments, as the undersigned and the undersigned’s advisor(s), if any, deem necessary to verify the accuracy of any information that the undersigned deems relevant to making an investment in the
Investments. The undersigned represents and agrees that prior to the undersigned’s agreement to purchase Investments, the undersigned and the undersigned’s advisor(s), if any, will have asked such questions, received such answers and
obtained such information as the undersigned deems necessary to verify the accuracy of any information that the undersigned deems relevant to making an investment in Investments. The undersigned became aware of this offering of the Investments and
the Investments were offered to the undersigned solely by direct contact between the undersigned and Seller. The 

	 	 
undersigned did not become aware of, nor were the Investments offered to the undersigned by any other means, including, in each case, by any form of general
solicitation or general advertising. In making the decision to purchase the Investments, the undersigned relied solely on the information filed with the Securities and Exchange Commission or obtained by the undersigned directly from the Company as a
result of any inquiries by the undersigned or the undersigned’s advisor(s). 

  

	7.	The undersigned is not an “affiliate” (as defined in Rule 144 under the Securities Act) of the Company or acting on behalf of an affiliate of the Company.

  

	8.	The undersigned is not and for so long as it holds the Notes, Warrants or Underlying Shares will not be (i) an employee benefit plan (as defined in Section 3(3) of ERISA),
whether or not it is subject to Title I of ERISA, including without limitation governmental and non-U.S. plans, (ii) a plan described in Section 4975 of the Internal Revenue Code, (iii) an entity whose underlying assets include
plan assets by reason of a plan’s investment in such entity (including but not limited to an insurance company general account), or (iv) an entity that otherwise constitutes a “benefit plan investor” within the meaning of the DOL
Regulation Section 2510.3-101 (29 C.F.R. Section 2510.3-101) (any of the foregoing, a “Benefit Plan Investor”). 

  

	9.	The undersigned acknowledges that the Company, Seller and others will rely on the acknowledgments, representations and warranties contained in this letter. The undersigned agrees to
promptly notify the Company and Seller if any of the acknowledgments, representations and warranties set forth herein are no longer accurate. The undersigned agrees that each purchase by the undersigned of securities from Seller will constitute a
reaffirmation of the acknowledgments, representations and warranties herein (as modified by any such notice) as of the time of such purchase. 

  

	10.	The Company and Seller are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or
legal proceeding or official inquiry with respect to the matters covered hereby. 

  

 40

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