Document:

EX-10.4

 Exhibit 10.4 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”), dated as of July 3, 2017, is by and among B. Riley Financial,
Inc., a Delaware corporation (the “Company”) and the persons listed on the signature page hereto (collectively, the “Owners”). 

WHEREAS, pursuant to that certain Merger Agreement (the “Merger Agreement”), dated as of May 17, 2017, by and among the
Company, Foxhound Merger Sub, Inc., a Delaware corporation, Wunderlich Investment Company, Inc., a Delaware corporation and Stephen Bonnema, in his capacity as the Stockholder Representative, all of the Shares (as defined in the Merger Agreement)
will be exchanged for consideration including shares of Common Stock on the terms and subject to the conditions set forth in the Merger Agreement; and 

WHEREAS, as an inducement to the Company to enter into the Merger Agreement and as a condition to the closing of the transactions contemplated
by the Merger Agreement, the Company and the Owners desire to enter into this Agreement on the terms and conditions set forth below. 
 NOW,
THEREFORE, in consideration of the foregoing and the agreements contained in this Agreement, and intending to be legally bound by this Agreement, the Company and the Owners agree as follows: 

Section 1.    Definitions. Capitalized terms used and not otherwise defined in
this Agreement that are defined in the Merger Agreement shall have the respective meanings given such terms in the Merger Agreement. As used in this Agreement, the following terms shall have the respective meanings set forth in this
Section 1: 
 “Agreement” shall have the meaning set forth in the preamble of this Agreement.

 “Company” shall have the meaning set forth in the preamble of this Agreement. 

“Common Stock” means the shares of the Company’s common stock, $0.0001 par value per share. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and the rules and
regulations promulgated thereunder. 
 “Freely Tradable” shall mean, with respect to any security, a security that is
eligible to be sold by the holder thereof without any volume or manner of sale restrictions under the Securities Act pursuant to Rule 144 thereunder. 

“Indemnified Party” shall have the meaning set forth in Section 6(c). 

“Indemnifying Party” shall have the meaning set forth in Section 6(c). 

“Losses” shall have the meaning set forth in Section 6(a). 

“Merger Agreement” shall have the meaning set forth in the recitals of this Agreement. 

 “Other Securities” shall have the meaning set forth in
Section 2(a). 
 “Owners” shall have the meaning set forth in the preamble of this Agreement.

 “Person” means an individual, a corporation, a partnership, an association, a trust or any other entity or organization,
including a governmental or political subdivision or an agency or instrumentality thereof. 
 “Piggyback Notice” shall have
the meaning set forth in Section 2(a). 
 “Piggyback Registration” shall have the meaning set
forth in Section 2(a). 
 “prospectus” means the prospectus included in a registration statement
(including a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any
prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a registration statement, and all other amendments and supplements to the prospectus, including post-effective amendments. 

“Register,” “registered,” and “registration” shall refer to a registration effected by
preparing and filing a registration statement with the SEC in compliance with the Securities Act and applicable rules and regulations thereunder, and the declaration or ordering of effectiveness of such registration statement by the SEC. 

“Registrable Securities” means shares of Common Stock issued by the Company (i) in exchange for any shares of
Company Common Stock (as defined in the Merger Agreement); (ii) in exchange for any shares of Company Preferred Stock (as defined in the Merger Agreement); or (iii) upon the exercise of any Purchaser Warrants (as defined in the Merger
Agreement); provided that the term “Registrable Securities” shall exclude in all cases any securities (i) that shall have ceased to be outstanding, or (ii) that are sold pursuant to an effective registration statement
under the Securities Act or publicly resold in compliance with Rule 144, and no shares of preferred stock of the Company and no warrants to purchase Common Stock shall be Registrable Securities hereunder. For avoidance of doubt, shares of Common
Stock issued upon the exercise of any Purchaser Warrants are Registerable Securities, even if such Purchaser Warrants are not themselves Registerable Securities. 

“Registration Expenses” shall mean, with respect to any registration, (a) all expenses incurred by the Company in
effecting any registration pursuant to this Agreement, including all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, blue sky fees and expenses and (b) all expenses of the Company’s
independent accountants in connection with any regular or special reviews or audits incident to or required by any such registration; provided that Registration Expenses shall not include any Selling Expenses. 

“registration statement” means any registration statement that is required to register the resale of the Registrable
Securities under this Agreement, and including the related prospectus and any pre- and post-effective amendments and supplements to each such registration statement or prospectus. 

  
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 “Representatives” means, with respect to any Person, any of such Person’s
officers, directors, employees, agents, attorneys, accountants, actuaries, consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person. 

“SEC” means the Securities and Exchange Commission. 

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

“Securities” means collectively, Registrable Securities and Other Securities. 

“Selling Expenses” shall mean all underwriting discounts, selling commissions, stock transfer taxes, if any, and all other
fees and expenses applicable to the sale of Registrable Securities of the Owners; provided that Selling Expenses shall not include any Registration Expenses. 

“Termination Date” shall have the meaning set forth in Section 8(a). 

“Transfer” means, with respect to any Registrable Security, any interest therein, or any other securities or equity interests
relating thereto, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of an option or other right, whether directly or indirectly, whether
voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. “Transferred” shall have a correlative meaning. 

“Underwriter Cutback” shall have the meeting set forth in Section 2(b). 

Section 2.    Piggyback Registration. 

(a)    Subject to the terms and conditions of this Agreement, if at any time following the date hereof, the Company files
a registration statement under the Securities Act solely for the purpose of registering for sale shares of its Common Stock or other equity securities of the Company (such Common Stock and other equity securities collectively, “Other
Securities”) (other than a registration statement (i) on Form S-4, Form S-8 or any successor forms to Form S-4 or
Form S-8 or (ii) filed solely in connection with any share repurchase program, employee benefit or dividend reinvestment plan), then the Company shall use commercially reasonable efforts to give written
notice of such filing to the Owners at least five (5) Business Days before the anticipated filing date (the “Piggyback Notice”). The Piggyback Notice and the contents thereof shall be kept confidential by the Owners and their
Affiliates and representatives, and an Owner shall be responsible for breaches of confidentiality by its Affiliates and representatives. The Piggyback Notice shall offer the Owners the opportunity to include in such registration statement, subject
to the terms and conditions of this Agreement, the number of Registrable Securities as it may request (a “Piggyback Registration”). Subject to the terms and conditions of this Agreement, the Company shall use its commercially
reasonable efforts to include in each such Piggyback Registration all Registrable Securities with respect to which the Company has received from the Owners’ written requests for inclusion therein within five (5) Business Days following
receipt of any Piggyback Notice by the Owners, which request 

  
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shall specify the maximum number of Registrable Securities intended to be disposed of by the Owners and the intended method of distribution. The Owners shall be permitted to withdraw all or part
of the Registrable Securities from a Piggyback Registration at any time at least five (5) Business Days prior to the effective date of the registration statement relating to such Piggyback Registration. 

(b)    If any Other Securities are to be sold in an underwritten offering, (1) the Company or other Persons
designated by the Company shall have the right to appoint the book-running, managing and other underwriter(s) for such offering in their discretion and (2) the Owners shall be permitted to include all Registrable Securities requested to be
included in such registration in such underwritten offering on the same terms and conditions as such Other Securities proposed by the Company or any third party to be included in such offering; provided, however, that if such offering
involves an underwritten offering and the managing underwriter(s) of such underwritten offering advise the Company in writing that it is their good faith opinion that the total amount of Registrable Securities requested to be so included, together
with all Other Securities that the Company and any other Persons having rights to participate in such registration intend to include in such offering (an “Underwriter Cutback”), exceeds the total number or dollar amount of such
securities that can be sold without having an adverse effect on the price, timing or distribution of the Registrable Securities to be so included together with all Other Securities, then there shall be included in such firm commitment underwritten
offering the number or dollar amount of Registrable Securities and such Other Securities that in the good faith opinion of such managing underwriter(s) can be sold without so adversely affecting such offering, and such number of Registrable
Securities and Other Securities shall be allocated for inclusion as follows: (x) to the extent such public offering is the result of a registration initiated by the Company, (i) first, all Other Securities being sold by the Company; (ii)
second, all Registrable Securities requested to be included in such registration by the Owners plus all Other Securities of any holders thereof (other than the Company and the Owners) requesting inclusion in such registration, pro
rata, based on the aggregate number of Securities beneficially owned by each such holder, or (y) to the extent such public offering is the result of a registration initiated by any Persons (other than the Company or the Owners) exercising a
contractual right to demand registration, (i) first, all Other Securities owned by such Persons exercising the contractual right; (ii) second, all Registrable Securities requested to be included in such registration by the Owners
plus all Other Securities of any holders thereof (other than the Company, the Owners and the Persons exercising the contractual right) requesting inclusion in such registration, pro rata, based on the aggregate number of Securities
beneficially owned by each such holder; and (iii) third, all Other Securities being sold by the Company. 

Section 3.    Expenses of Registration. Except as specifically provided for in
this Agreement, all Registration Expenses incurred in connection with any registration, qualification or compliance hereunder shall be borne by the Company. All Selling Expenses incurred in connection with any registration hereunder, shall be borne
by the Owners. 
 Section 4.    Obligations of the Company. Whenever the Company
decides to effect the registration of any Registrable Securities pursuant to Section 2 of this Agreement, the Company shall, as promptly as reasonably practicable: 

  
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 (a)    To the extent reasonably practicable, the Company shall furnish to the
Owners copies of all material documents proposed to be filed and give reasonable consideration to the inclusion in such documents of any comments reasonably and timely made by the Owners or their legal counsel; provided that the Company shall
include in such documents or any such comments that are necessary to correct any material misstatement or omission regarding Owners. 

(b)    Enter customary agreements and take such other actions as are reasonably required in order to facilitate the
disposition of such Registrable Securities, including, if the method of distribution of Registrable Securities is by means of an underwritten offering. The Owners shall also enter into and perform their obligations under such underwriting agreement.

 (c)    Use commercially reasonable efforts to procure the cooperation of the Company’s transfer agent in
settling any offering or sale of Registrable Securities, including with respect to the transfer of physical stock certificates into book-entry form in accordance with any procedures reasonably requested by the Owners or the managing underwriter(s).
In connection therewith, if reasonably required by the Company’s transfer agent, the Company shall promptly after the effectiveness of the registration statement cause an opinion of counsel as to the effectiveness of the registration statement
to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without
legend upon sale by the holder of such shares of Registrable Securities under the registration statement. 

Section 5.    Free Writing Prospectuses. The Owners shall not use any free writing
prospectus (as defined in Rule 405 under the Securities Act) in connection with the sale of Registrable Securities without the prior written consent of the Company given to the Owners; provided that the Owners may use any free writing
prospectus prepared and distributed by the Company. 

Section 6.    Indemnification. 

(a)    To the extent that any such untrue statements or omissions described below are based solely upon information
regarding the Owners furnished in writing to the Company by the Owners expressly for use in any registration statement, prospectus or “issuer free writing prospectus,” as described below, the Owners shall indemnify and hold harmless, to
the full extent permitted by law, the Company and its officers, directors, employees, agents, representatives and Affiliates against any and all losses, claims, damages, actions, liabilities, costs and expenses (including reasonable fees, expenses
and disbursements of attorneys and other professionals) (collectively, “Losses”) arising out of or based upon (A) with respect to any registration statement, any untrue or alleged untrue statement of material fact contained
therein or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement therein no misleading or (B) with respect to any prospectus or any “issuer free writing
prospectus” (as such term is defined in Rule 433 under the Securities Act), or any other document used to sell Registrable Securities, any untrue statement or alleged untrue statement of a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

  
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 (b)    Unless any such untrue statements or omissions described below are
based upon information regarding the Owners furnished in writing to the Company by the Owners expressly for use in any registration statement, prospectus or “issuer free writing prospectus,” as described below, the Company shall indemnify
and hold harmless, to the full extent permitted by law, the Owners and their officers, directors, employees, agents, representatives and Affiliates against any and all Losses arising out of or based upon (A) with respect to any registration
statement, any untrue or alleged untrue statement of material fact contained therein or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement therein no misleading or
(B) with respect to any prospectus or any “issuer free writing prospectus” (as such term is defined in Rule 433 under the Securities Act), or any other document used to sell Registrable Securities, any untrue statement or alleged
untrue statement of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(c)    If any proceeding shall be brought or asserted against the Company (the “Indemnified Party”), such
Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall assume the defense in such proceeding, including the employment of counsel
reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with such defense; provided that any such notice or other communication pursuant to this Section 6
between the Indemnified Party and an Indemnifying Party shall be delivered to or by, as the case may be, the Owners; provided, further, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying
Party of its obligations or liabilities pursuant to this Section 6, except to the extent that such failure shall have proximately and materially adversely prejudiced the Indemnifying Party. An Indemnified Party shall have
the right to employ separate counsel in any such proceeding and to participate in the defense of such proceeding, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the
Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense of such proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in
any such proceeding; or (3) the named parties to any such proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that
representation of both such Indemnified Party and the Indemnifying Party by the same counsel would be inappropriate because of an actual or potential conflict of interest between the Indemnifying Party and such Indemnified Party (in which case, if
such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and such counsel
shall be at the expense of the Indemnifying Party); provided that the Indemnifying Party shall not be liable for the fees and expenses of more than one separate firm of attorneys at any time for all Indemnified Parties. No Indemnifying Party
shall, without the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement of any pending proceeding in respect of which any Indemnified Party is a party,
unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such proceeding and no admission of fault or culpability is required. All fees and expenses of the
Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such proceeding in a manner not 

  
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inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, promptly upon receipt of written notice thereof to the Indemnifying Party (regardless of whether it is
ultimately determined that an Indemnified Party is not entitled to indemnification hereunder, provided that the Indemnifying Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to the extent it is
determined that such Indemnified Party is not entitled to indemnification under this Section 6). 

(d)    Contribution. If for any reason the indemnification provided for in Section 6(a)
or Section 6(b) is unavailable to an indemnified party or insufficient in respect of any Losses referred to therein (other than as a result of exceptions or limitations on indemnification contained in
Section 6(a) or Section 6(b)), then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to
reflect the relative fault of the indemnifying party on the one hand and the indemnified party or parties on the other hand in connection with the acts, statements or omissions that resulted in such Losses, as well as any other relevant equitable
considerations. The relative fault of the indemnifying party on the one hand and the indemnified party on the other hand shall be determined by reference to, among other things, whether any 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 indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 6(d) were determined by pro rata allocation or by any other method
of allocation that does not take account of the equitable considerations referred to in this Section 6(d). 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 amount paid or payable by an indemnified party as a result of the Losses referred to in Section 6(a)
and Section 6(b) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this Section 6(d), in connection with any Registration Statement filed by the Company, a selling Owner shall not be required to contribute any amount in excess of the
dollar amount of the proceeds from the sale of its Registrable Securities in the offering giving rise to such indemnification obligation, net of underwriting discounts and commissions but before expenses, less any amounts paid by such Owner pursuant
to Section 6(b) and any amounts paid by such Owner as a result of liabilities incurred under the underwriting agreement, if any, related to such sale. If indemnification is available under this
Section 6, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Section 6(a) and Section 6(b) hereof without regard to the
provisions of this Section 6(d). The remedies provided for in this Section 6 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party
at law or in equity. 
 Section 7.    “Market
Stand-Off” Agreement; Agreement to Furnish Information. 

(a)    In addition to any restrictions in the Lock-Up Agreements, the Owners agree
that they will not sell, transfer, make any short sale of, grant any option for the purchase of, or enter into any new hedging or similar transaction with the same economic effect as a sale with respect to, any Common Stock (or other securities of
the Company) held by the Owners (other 

  
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than those included in the registered public sale of Securities by the Company) for a period specified by the representatives of the book-running managing underwriters of Common Stock (or other
securities of the Company convertible into Common Stock) not to exceed ten (10) days prior and ninety (90) days following any registered public sale of securities by the Company in which the Owners participate in accordance with
Section 3; provided that executive officers and directors of the Company enter into similar agreements and only as long as such Persons remain subject to such agreement (and are not fully released from such
agreement) for such period. The Owners agree to execute and deliver such other agreements as may be reasonably requested by the representatives of the underwriters which are consistent with the foregoing or which are necessary to give further effect
thereto. 
 (b)    If requested by the Company or the book-running managing underwriters of Common Stock (or other
securities of the Company convertible into Common Stock), the Owners shall provide such information regarding the Owners and their respective Registrable Securities as may be reasonably required by the Company or such representative of the
book-running managing underwriters in connection with the filing of a registration statement and the completion of any public offering of the Registrable Securities pursuant to this Agreement. 

Section 8.    Miscellaneous. 

(a)    Termination of Registration Rights. The registration rights granted under this Agreement shall terminate on
the date on which any Registrable Securities are Freely Tradable (the “Termination Date”) and the confidentiality provisions under Section 2 of this Agreement shall terminate on the later of the Termination Date or the date on
which the offering subject to the Piggyback Notice is made public by the Company or the Company abandons the offering which is subject to the Piggyback Notice (in which case the Company shall give prompt notice to the Owners). For the avoidance of
doubt, no notices under Section 2 of this Agreement shall be given to any Owner following the Termination Date. 

(b)    No Limitation on Subsequent Registration Rights. Notwithstanding anything to the contrary in this Agreement,
the Company may at any time enter into another agreement or agreements with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder to include such securities in any registration statement
(including, but not limited to, the registration statement registering the Registrable Securities); provided that no Owner under this Agreement shall be granted registration rights with respect to their Registrable Securities that are more senior to
the registration rights granted to such Owner under this Agreement. 
 (c)    Governing Law. This Agreement shall
be governed in all respects by the laws of the State of Delaware without regard to any choice of laws or conflict of laws provisions that would require the application of the laws of any other jurisdiction. 

(i)    Jurisdiction; Enforcement. Any legal action or proceeding with respect to this Agreement or any transactions
contemplated hereby may be brought in the courts of the State of New York or of the United States sitting in the State of New York, and, by execution and delivery of this Agreement, each party hereto hereby accepts for himself, herself, or itself
and in respect of his, her, or its property generally and unconditionally, the non-exclusive 

  
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jurisdiction of the aforesaid courts. Each party irrevocably consents to the service of process out of any of the aforementioned courts in any such action or proceeding by mailing copies thereof
by registered or certified mail, postage prepaid, to such party at his, her, or its address as set forth herein. Nothing in this paragraph shall affect the right of any party to serve process in any other manner permitted by law or to commence legal
proceedings. Each party hereby irrevocably waives any objections which he, she or it may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Agreement brought in the
courts referred to above and hereby further irrevocably waives and agrees not to plead or claim in any such court that any action or proceeding brought in any such court has been brought in an inconvenient forum. The parties agree that irreparable
damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy to which they are
entitled at law or in equity. EACH OF THE PARTIES KNOWINGLY, INTENTIONALLY AND VOLUNTARILY WITH AND UPON THE ADVICE OF COMPETENT COUNSEL IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 (d)    Successors and Assigns. Except as otherwise provided
in this Agreement, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors, and administrators of the parties; provided, however, that the rights of the Owners
under this Agreement shall not be assignable to any Person without the prior written consent of the Company. 

(e)    No Third-Party Beneficiaries. Notwithstanding anything contained in this Agreement to the contrary, nothing
in this Agreement, expressed or implied, is intended to confer, and this Agreement shall not confer, on any Person other than the parties to this Agreement any rights, remedies, obligations or liabilities under or by reason of this Agreement, and no
other Persons shall have any standing with respect to this Agreement or the transactions contemplated by this Agreement. 

(f)    Entire Agreement. This Agreement, the Merger Agreement and the other documents delivered pursuant to the
Merger Agreement, including the Lock-Up Agreements, constitute the full and entire understanding and agreement among the parties hereto with regard to the subjects of this Agreement and such other agreements
and documents. 
 (g)    Notices. Except as otherwise provided in this Agreement, all notices, requests, claims,
demands, waivers and other communications required or permitted under this Agreement shall be in writing and shall be mailed by reliable overnight delivery service or delivered by hand, facsimile or messenger as follows: 

if to the Company: . 
 B. Riley
Financial, Inc. 
 21255 Burbank Boulevard, Suite 400 

Woodland Hills, California 91367 

Attention: Alan N. Forman 

Facsimile No.: (818) 746-9170 

  
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 with a copy to (which shall not constitute notice) to: Wachtell Lipton Rosen & Katz 

51 West 52nd Street 
 New York,
New York 10019 
 Attention: Nicholas G. Demmo, Esq. 

Facsimile: (212) 403-2381 

if to the Owners: [            ] 

[            ] 

[            ] 

[            ] 

Attention: [            ] 

Facsimile: [            ] 

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

[            ] 

[            ] 

Attention: [            ] 

Facsimile: [            ] 

or in any such case to such other address, facsimile number or telephone as any party hereto may, from time to time, designate in a written notice given in a
like manner. Notices shall be deemed given when actually delivered by overnight delivery service, hand or messenger, or when received by facsimile if promptly confirmed. 

(h)    Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party to
this Agreement shall impair any such right, power, or remedy of such party, nor shall it be construed to be a waiver of or acquiescence in any breach or default, or of or in any similar breach or default thereafter occurring; nor shall any waiver of
any single breach or default be deemed a waiver of any other breach or default. All remedies, either under this Agreement or by law or otherwise afforded to the Owners, shall be cumulative and not alternative. 

(i)    Expenses. The Company and the Owners shall bear their own expenses and legal fees incurred on their behalf
with respect to this Agreement and the transactions contemplated hereby, except as otherwise provided in Section 3. 

(j)    Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this
Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only if such amendment or waiver is in writing and signed, in the case of an amendment, by the Company and the Owners or, in the case
of a waiver, by the party against whom the waiver is to be effective. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any Registrable Securities at the time outstanding (including securities
convertible into Registrable Securities), each future holder of all such Registrable Securities and the Company. 

  
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 (k)    Counterparts. This Agreement may be executed in any number of
counterparts and signatures may be delivered by facsimile or in electronic format, each of which may be executed by less than all the parties, each of which shall be enforceable against the parties actually executing such counterparts and all of
which together shall constitute one instrument. 
 (l)    Severability. If any provision of this Agreement
becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement and the balance of this
Agreement shall be enforceable in accordance with its terms. 
 (m)    Titles and Subtitles; Interpretation. The
titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. When a reference is made in this Agreement to a Section or Schedule, such reference shall be to a
Section or Schedule of this Agreement unless otherwise indicated. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without
limitation.” The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Any agreement, instrument or
statute, rule or regulation defined or referred to in this Agreement means such agreement, instrument or statute, rule or regulation as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by
waiver or consent and (in the case of statutes) by succession of comparable successor statutes. Any reference to any section under the Securities Act or Exchange Act, or any rule promulgated thereunder, shall include any publicly available
interpretive releases, policy statements, staff accounting bulletins, staff accounting manuals, staff legal bulletins, staff “no-action”, interpretive and exemptive letters, and staff compliance and
disclosure interpretations (including “telephone interpretations”) of such section or rule by the SEC. Each of the parties has participated in the drafting and negotiation of this Agreement. If an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as if it is drafted by each of the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this
Agreement. 
 [signature pages follows] 

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

  

					
	B. RILEY FINANCIAL, INC.
		
	By:	 	 /s/ Phillip J. Ahn

		 	Name:	 	Phillip J. Ahn
		 	Title:	 	Chief Financial Officer & Chief Operating Officer

 
					
	
	OWNERS:
		
	By:	 	  

		 	Print Name:	 	  

 
					
		 	 Title:	 	  

 [Signature Page to Registration Rights Agreement]EX-10.1

 Exhibit 10.1 

CONFIDENTIAL 
  

					
	

	  		 	 Verso Corporation
 8540 Gander Creek
Drive
 Miamisburg, Ohio 45342
  

T 877 855 7243
  

www.versoco.com

 June 27, 2017 

Mr. Peter H. Kesser 
 Dear Peter: 

This letter agreement, including the Waiver (as defined herein) and the other exhibits hereto (collectively, this
“Agreement”), sets forth the understanding and agreement between Verso Corporation, a Delaware corporation (together with any of its parents, subsidiaries and affiliates as may have employed you from time to time, and any and all
successors thereto, the “Company”), and you regarding the ending of your employment with the Company. All capitalized terms used but not defined herein have the meanings given to them elsewhere in this Agreement. 

1. Ending of Employment; End Date. Your employment with the Company will end on June 30, 2017 (the “End Date”).
In connection therewith, you will resign, effective as of the End Date, from all your elected positions with the Company and its subsidiaries, including as the Senior Vice President, General Counsel and Secretary of Verso Corporation and as a
director and the Senior Vice President, General Counsel and Secretary of all the subsidiaries of Verso Corporation. 
 2. Waiver and
Release of Claims Agreement. You agree to sign and be bound by the Waiver and Release of Claims Agreement set forth in Exhibit A (the “Waiver”), which is considered an integral part of this Agreement and is incorporated
herein by reference as if fully restated herein. By signing this Agreement and the Waiver, you are waiving certain legal rights, and you are hereby advised to consult with an attorney and to have the attorney review these documents with you before
you sign them. 
 3. Benefits. If you sign the Waiver and do not revoke it within the time periods described therein, and subject to
your compliance with all of your obligations under this Agreement, the Waiver, the Amended and Restated Confidentiality and Non-Competition Agreement dated as of May 14, 2012, between the Company (then
named Verso Paper Corp.) and you (the “CNC Agreement”), and any other contract between the Company and you, the Company will provide to you the payments and benefits described in Exhibit B (the “Benefits”).
If you sign the Waiver but then revoke it in a timely manner, all provisions of this Agreement will be null and void, including your right to receive the Benefits, but excluding your right to receive the other payments and benefits described in
Exhibit C, in connection with the ending of your employment with the Company. 
 4. Other Payments and Benefits. Certain
payments and benefits that the Company will provide to you, regardless of whether you sign this Agreement and the Waiver, in connection with the ending of your employment with the Company are described in Exhibit C. 

 
 

 

			
	CONFIDENTIAL	  	

  
 5. Taxes. You will be
ultimately and solely responsible for the timely payment in full of all federal, state, local and foreign taxes, and all interest and penalties thereon, imposed with respect to the Benefits and all other payments and benefits that you receive in
connection with the ending of your employment with the Company. The Company will withhold any and all federal, state, local and foreign taxes and charges that the Company is required to withhold from the Benefits and other payments and benefits that
you receive in connection with the ending of your employment with the Company. You agree not to make any claim against the Company or any other Releasee (as defined herein) based on how the Company reports to taxing authorities, or if an adverse
determination is made as to the tax treatment of, the Benefits or other payments and benefits that you receive in connection with the ending of your employment with the Company. 

6. Confidentiality. Neither the Company nor you will disclose the existence or provisions of this Agreement to any person or entity
unless the other party consents to such disclosure in advance and in writing; however, in each case without the other party’s consent, (a) the Company and you may disclose the existence and provisions of this Agreement on a need-to-know basis, (b) the Company and you may disclose the existence and provisions of this Agreement to the extent required by applicable law, including disclosures to
governmental and taxing authorities and courts, (c) the Company will not challenge any application or other effort by you to obtain unemployment insurance benefits or similar assistance, provided that it will truthfully respond to such requests
and the decision as to whether you are entitled to unemployment benefits will remain subject to applicable law, and (d) you may disclose the existence and provisions of this Agreement to your wife, other immediate family members, attorneys,
accountants, and financial, tax and other advisors and your actual and prospective business associates, employers and lenders, provided that you instruct each such person that the existence and provisions of this Agreement are strictly confidential
and are not to be disclosed to anyone else except as required by applicable law. 
 7. Acknowledgements. You acknowledge and agree
that (a) the Company has treated you lawfully in connection with your employment with the Company, the ending of your employment with the Company, and otherwise; (b) the Company has not incurred any liability to you or anyone else arising
from or relating to your employment with the Company, the ending of your employment with the Company, or otherwise; (c) you have carefully read this Agreement and the Waiver in their entirety, fully understand and agree to their terms,
conditions and provisions, and have signed this Agreement and the Waiver knowingly, voluntarily and free from any fraud, duress, coercion or mistake of fact; and (d) this Agreement and the Waiver are final and will become legally binding on and
enforceable against you and the Company beginning on the Effective Date (as defined herein). 
 8. No Admissions. The Company does
not admit, in this Agreement or otherwise, that (a) the Company has treated you unlawfully in connection with your employment with the Company, the ending of your employment with the Company, or otherwise, and (b) the Company has incurred
any liability to you or anyone else arising from or relating to your employment with the Company, the ending of your employment with the Company, or otherwise. 

9. Non-Disparagement. Neither the Company (including by and through any other Releasee) nor you
will say or write, in any forum or using any medium, anything that is disparaging, negative or unfavorable about the Company, its business, employees or prospects, your employment with the Company, or the ending of your employment with the Company,
except as permitted by applicable law. 

  
 2 

			
	CONFIDENTIAL	  	

  
 10. Further Assurances. The
Company and you agree to execute and deliver any and all other documents and instruments and to take any and all other actions that the other party may reasonably request from time to time to effectuate the intent and purposes of this Agreement.

 11. Assignment. Neither the Company nor you may assign, transfer or otherwise dispose of this Agreement or any of its or your
rights or obligations hereunder, whether by operation of law or otherwise, without the prior written consent of the other party. 
 12.
Enforceability. This Agreement is binding upon and enforceable by and against the Company and its successors and permitted assignees and you and your agents, representatives, heirs, beneficiaries, executors, administrators and permitted
assignees. 
 13. Amendment. This Agreement may not be amended, supplemented or otherwise modified except by a written agreement that
expressly refers to this Agreement and is executed and delivered by all the parties hereto. 
 14. Waiver. Neither the failure nor
any delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement will operate as a waiver thereof, nor will any single or partial exercise of any right, remedy, power or privilege preclude any other or
further exercise of the same or any other right, remedy, power or privilege, nor will any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect
to any other occurrence. No waiver under this Agreement will be binding unless it is in writing and is signed by the party asserted to have granted such waiver. 

15. Severability. If any provision of this Agreement or the application thereof becomes or is declared by a court of competent
jurisdiction to be illegal, invalid or unenforceable, then such provision will be modified automatically to the extent necessary to make such provision fully legal, valid or enforceable and the remainder of this Agreement will continue in full force
and effect. 
 16. Cooperation in Drafting; Certain Usage. Each party hereto has cooperated in the negotiation, drafting, preparation
and review of this Agreement. In the event of any interpretation or construction of any provision of this Agreement, such provision will not be construed against either party on the basis that such party was the drafter of such language. As used
herein, the term “includes” and its derivatives are to be interpreted as if they are followed immediately by the phrase “without limitation” or similar phrases. 

17. Choice of Law and Jurisdiction. This Agreement will be governed by, construed under, and enforced in accordance with the internal
laws of the State of Ohio, without regard to the conflicts-of-law provisions or principles thereof. This Agreement and its subject matter have substantial contacts with
the State of Ohio, and any lawsuit or other legal proceeding with respect to this Agreement must be brought in a court of competent jurisdiction in Montgomery County, Ohio, or in the United States District Court for the Southern District of Ohio. In
any such lawsuit or other legal proceeding, any such court will have personal jurisdiction over all the parties hereto, and service of process upon them under any applicable law, statute or rule will be deemed valid and good. 

18. Fees and Expenses. If any party to this Agreement commences a lawsuit or any other legal proceeding against any other party hereto
arising from or relating to this Agreement (including to enforce any covenant contained in this Agreement or to obtain any relief or remedy for any breach of this Agreement), the party substantially prevailing in such lawsuit or other legal
proceeding will be 

  
 3 

			
	CONFIDENTIAL	  	

  
 
entitled to receive, in addition to all other relief and remedies to which it may be entitled, an award of all the costs incurred by such party in preparing for and conducting the lawsuit or
other legal proceeding, including its reasonable attorneys’ fees and expenses and court costs. 
 19. Complete Agreement. This
Agreement (including the Waiver and the other exhibits hereto) and the CNC Agreement (as applicable) constitute and contain the entire agreement and final understanding concerning your relationship with the Company and the other subject matters
addressed herein and supersedes and replaces all prior negotiations, understandings, agreements and arrangements, whether written or oral, and whether proposed or definitive, concerning the subject matters hereof. Any prior representation, promise
or agreement not specifically set forth in this Agreement will not be binding upon or enforceable against either party. You are not relying on any representation of the Company or any other Releasee except as expressly set forth in this Agreement.

 20. Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original of
this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. The exchange of copies of this Agreement and the signature pages hereof by facsimile or email transmission will constitute effective
execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. The electronic signatures of the parties will be deemed to be their original signatures for all purposes. 

21. Compliance with Section 409A. Notwithstanding anything herein to the contrary, if on the End Date you are a
“specified employee” as defined in Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the U.S. Department of Treasury regulations and other interpretive guidance issued
thereunder (collectively, “Section 409A”), and the deferral of the commencement of any payments or benefits otherwise payable hereunder or pursuant to any other agreement with the Company as a result of such
termination of employment is necessary in order to prevent any prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, then such portion deferred under this Section 21 shall be paid or distributed to you in a lump sum on the
earlier of (a) the date that is six months following the End Date, (b) a date that is no later than 30 days after the date of your death, or (c) the earliest date as is permitted under Section 409A. For purposes of
clarity, the six-month delay shall not apply in the case of severance pay contemplated by Treas. Reg. Section 1.409A-1(b)(9)(iii) to the extent of the limits set
forth therein. Any remaining payments due under this Agreement shall be paid as otherwise provided herein. If any other payments of money or other benefits due to you under this Agreement could cause the application of an accelerated or additional
tax under Section 409A, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A, or otherwise such payment or other benefits shall be restructured, to the extent
possible, in a manner, determined jointly by the Company and you, that is reasonably expected not to cause such an accelerated or additional tax. For purposes of Section 409A, your right to receive installment payments under this Agreement
shall be treated as a right to receive a series of separate payments and, accordingly, each such payment made under this Agreement shall at all times be considered a separate and distinct payment within the meaning of Section 409A, and
references in this Section 21 to your “termination of employment” shall refer to your “separation from service” with the Company within the meaning of Treas. Reg.
Section 409A-1(h) and any successor provision. To the extent that any reimbursements or in-kind benefits due to you under this Agreement constitute “deferred
compensation” under Section 409A, any such reimbursements or in-kind benefits shall be paid to you in a manner consistent with Treas. Reg. Section
1.409A-3(i)(1)(iv). To the maximum extent permitted by applicable law, the amounts payable to you under this Agreement shall be made in reliance upon Treas. Reg.
Section 1.409A-1(b)(9) 

  
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	CONFIDENTIAL	  	

  
 
(with respect to separation pay plans) or Treas. Reg. Section 1.409A-1(b)(4) (with respect to short-term deferrals). The Company shall consult with
you in good faith regarding the implementation of the provisions of this Section 21, provided that neither the Company nor any of its employees or representatives shall have any liability to you with respect thereto. 

To indicate your agreement to and acceptance of the terms, conditions and provisions of this Agreement and the Waiver, please sign both copies
of this Agreement and the Waiver and return one copy of each document to me. The other copy of each document is for your files. 

Very truly yours, 

Verso Corporation 
  

 
 Kenneth D. Sawyer 

Senior Vice President of 

Human Resources and Communications 
  

			
	Agreed to and Accepted:
	
	

	  
 Peter H. Kesser

 

	Date: June 30,
2017                                         
              

  
 5 

			
	CONFIDENTIAL	  	EXHIBIT A

  

VERSO CORPORATION 
 8450
Gander Creek Drive 
 Miamisburg, Ohio 45342 

WAIVER AND RELEASE OF CLAIMS AGREEMENT 

In exchange for the Benefits, I freely and voluntarily agree to enter into and be bound by this Waiver and Release of Claims Agreement (this
“Waiver”). All capitalized terms used but not defined herein have the meanings given to them elsewhere in the Agreement. 

1. Ending of Employment. I acknowledge and agree that my employment with the Company will end on the End Date. 

2. Delivery of Waiver. I acknowledge that the Company delivered the Agreement and this Waiver to me on June 27, 2017. 

3. Effect on Benefits. I acknowledge and agree that unless I sign and do not revoke this Waiver within the time periods described
herein, and unless I comply with all the covenants and perform all the obligations imposed on me in the Agreement, this Waiver, the CNC Agreement, and any other contract between the Company and me, I will not be entitled to receive any of the
Benefits. 
 4. Waiver and Release. Subject in all respects to the Retained Rights (as defined herein), which shall remain with me
and are not waived, released, discharged or affected in any way by this Waiver, I and anyone claiming through me (including my agents, representatives, assigns, heirs, beneficiaries, executors and administrators) hereby irrevocably,
unconditionally and forever waive, release and discharge the Company, its direct and indirect parents, subsidiaries and other affiliates, its and their respective predecessors, successors and assigns, and its and their respective former, current and
future stockholders, members, partners, directors, officers, managers, employees, agents, representatives, attorneys and insurers (collectively, the “Releasees”) from any and all claims, causes of action, charges, complaints,
demands and rights of any nature whatsoever, whether known or unknown, and whether fixed or contingent, arising from, based on, or relating to my employment with the Company, the ending of my employment with the Company, my status at any time as a
holder of any securities of any Releasee, any act or omission of any Releasee occurring prior to or on the End Date, and any dealing, transaction or event involving any Releasee occurring prior to or on the End Date, including any and all such
claims, causes of action, charges, complaints, demands and rights under the Civil Rights Act of 1866, the Civil Rights Act of 1871, the Fair Labor Standards Act of 1938, the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967,
the Rehabilitation Act of 1973, the Employee Retirement Income Security Act of 1974, the Worker Adjustment and Retraining Notification Act of 1988, the Older Workers Benefit Protection Act of 1990, the Americans with Disabilities Act of 1990, the
Family and Medical Leave Act of 1993, the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, all laws of the State of Ohio and Tennessee relating to any subject matter covered by the foregoing laws of the
United States of America (including Ohio Revised Code Section 4112, the Tennessee Human Rights Act, the Tennessee Equal Pay Act, and the Tennessee Handicap Discrimination Law), and any other federal, state or local law, rule, regulation or
common law, in each case as the same may be amended from time to time. This Waiver includes all wrongful termination and constructive discharge claims, all discrimination claims, all claims for compensation for the time worked and the services
performed for the Company, all claims (except the Retained Rights) relating to the CNC 

  

			
	CONFIDENTIAL	  	

  
 
Agreement or any contract of employment (whether express or implied) with the Company, all claims for the breach of any covenant of good faith or fair dealing (whether express or implied), and
any tort of any nature. This Waiver is for any relief or remedy, regardless of how it is denominated, including wages, back pay, front pay, reinstatement, benefits, compensatory damages, punitive or exemplary damages, and attorneys’ fees and
expenses. Notwithstanding any provision of this Waiver to the contrary, this Waiver does not apply to any claim or right that may not be waived under applicable law, any claim for my vested interest in any employee benefit plan, program or
arrangement maintained by the Company or the benefits provided thereunder, any claim for unemployment insurance benefits or workers’ compensation, any claim arising from or relating to the Agreement or this Waiver, or any claim that may arise
after the Effective Date. 
 5. No Unreported Work; Proper Payment. I represent that I have reported all hours that I have worked for
the Company, and that the Company has properly paid me for all of my hours worked. 
 6. No Unreported Work-Related Injury or
Illness. I represent that I have no unreported work-related injury or illness, and I have no basis to report any such injury or illness. 

7. No Claim, Charge, Etc. I represent that I have not made or filed any claim, charge, complaint, demand or lawsuit against any
Releasee to such Releasee or with the United States Equal Employment Opportunity Commission, the Ohio Civil Rights Commission, the Tennessee Human Rights Commission, or any other federal, state or local governmental authority or court. Except as
expressly contemplated in the last sentence of Section 4 of this Waiver or as to the Retained Rights, and only if and to the extent permitted by applicable law, I agree that if any federal, state or local governmental authority or court
assumes jurisdiction of any claim, charge, complaint, demand or lawsuit against any Releasee on my behalf, I will request that such governmental authority or court withdraw from the matter and I will refuse any and all benefits derived therefrom. I
hereby irrevocably waive any right that I may have to bring any representative action or to serve in any representative capacity in any class or collective action against any Releasee, such that any action by me or taken on my behalf may proceed, if
at all, only as an individual action. 
 8. No Unlawful Act or Omission; Investigations. I represent that (a) I have no
knowledge of any unlawful act or omission by the Company in connection with my employment with the Company, the ending of my employment with the Company, or otherwise (including any false claim made by the Company or any other Releasee to the
government or any governmental authority of the United States of America), and I know of no basis on which any such claim could be asserted; (b) I have no knowledge of any unlawful act or omission by any director, officer, employee, agent,
representative, attorney, contractor, supplier or customer of the Company or any or other person or entity having or desiring to have a business relationship with the Company, and I know of no basis on which any such claim could be asserted; and
(c) I have not knowingly engaged in any unlawful act or omission in the course of my employment with the Company, and I know of no basis on which any such claim could be asserted. I will cooperate fully in any investigation conducted by or
on behalf of the Company into any matter that occurred at any time during my employment with the Company. I understand that this Waiver does not prevent me from cooperating in any investigation conducted by or on behalf of any federal, state, local
or foreign governmental authority. To the fullest extent permitted by applicable law, I hereby irrevocably assign to the government of the United States of America any right that I might have to any proceeds or award in connection with any false
claim proceeding against the Company or any other Releasee. 

  
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	CONFIDENTIAL	  	

  
 9. Protected Rights. I
understand that (a) nothing contained in this Waiver or elsewhere in the Agreement is intended to limit, or shall be construed as limiting, my ability to file a charge or complaint with the United States Equal Employment Opportunity Commission,
the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (each a “Government Agency”); (b)
this Agreement does not limit my ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information,
without notice to the Company; and (c) this Agreement does not limit my right to receive an incentive award for information provided to any Government Agency. 

10. Return of Company Property. I warrant and agree that I will deliver to the designated authorized representative of the Company by
the Effective Date all property of the Company in my possession or under my control, including all employee identification cards, credit cards, telephone cards, computers and computer equipment, personal digital assistants and handheld electronic
information devices (such as an iPhone, Android or Blackberry), and other equipment and property, except as such Company representative and I otherwise agree. 

11. Confidential Information. I represent and agree that (a) I have delivered to the Company any Confidential Information in my
possession or under my control as of the End Date; (b) I will not retain any Confidential Information after the End Date; and (c) I will not use or disclose any Confidential Information after the End Date except as directed by the Company.
As used herein, the term “Confidential Information” means any item of information or compilation of information, in any form, tangible or intangible, pertaining to the Company’s business that is not authorized by the Company
for disclosure to the public or is not readily available to the public through proper means. Confidential Information includes (a) the Company’s business strategies, plans and analyses; purchasing strategies, plans, practices, methods,
techniques and information; actual and prospective supplier lists; supplier information and analyses; manufacturing strategies, plans, practices, methods, techniques and information; sales and marketing strategies, plans, practices, methods,
techniques and information; actual and prospective customer lists; customer information and analyses; information technology strategies, plans, practices, methods, techniques and information; computer programs and source codes; human resources
information and personnel files; accounting and financial information; legal information; research and development information; Inventions (as defined herein); know-how and trade secrets; and
(b) information entrusted to the Company in confidence by other persons and entities. 
 12. Inventions. I acknowledge and agree
that the Company owns all rights to and interests in any Invention that I conceived of, developed or assisted in developing, in whole or in part, while employed with the Company and prior to the End Date that (a) relates to the Company’s
current business or anticipated future businesses, (b) involves the use of the Company’s information, equipment, facilities or supplies, (c) is or was created or conceived of, in whole or part, while working on the Company’s
time, or (d) results from my work for the Company. I represent and agree that I have disclosed to the Company all Inventions that I conceived of, developed or assisted in developing, in whole or in part, while employed with the Company and
prior to the End Date. As used herein, the term “Inventions” means inventions (whether or not patentable), discoveries, innovations, improvements, designs and ideas and related technologies and methodologies (whether or not shown or
described in writing or reduced to practice). I understand that my acknowledgement of the Company’s ownership of such Inventions and the required disclosure thereof do not apply to an Invention that does not meet any of the characteristics
identified in the first sentence of this Section 12. 

  
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	CONFIDENTIAL	  	

  
 13. Enforceability. This
Waiver is binding upon and enforceable against me and my agents, representatives, heirs, beneficiaries, executors and administrators. 
 14.
Choice of Law and Jurisdiction. This Waiver will be governed by, construed under, and enforced in accordance with the internal laws of the State of Ohio, without regard to the
conflicts-of-law provisions or principles thereof. This Waiver and its subject matter have substantial contacts with the State of Ohio, and any lawsuit or other legal
proceeding with respect to this Waiver must be brought in a court of competent jurisdiction in Montgomery County, Ohio, or in the United States District Court for the Southern District of Ohio. In any such lawsuit or other legal proceeding, any such
court will have personal jurisdiction over all the parties hereto, and service of process upon them under any applicable law, statute or rule will be deemed valid and good. 

15. CONSIDERATION AND CONSULTATION. THE COMPANY HEREBY ADVISES ME THAT BEFORE I SIGN THIS WAIVER, I MAY TAKE 21 DAYS
TO CONSIDER WHETHER OR NOT TO SIGN IT. THE COMPANY ALSO HEREBY ADVISES ME TO CONSULT WITH AN ATTORNEY AND TO HAVE THE ATTORNEY REVIEW THIS WAIVER WITH ME BEFORE I SIGN IT. I HEREBY ACKNOWLEDGE THAT I HAVE HAD AN OPPORTUNITY TO CONSULT WITH AN
ATTORNEY AND EITHER HAVE HELD SUCH CONSULTATION OR HAVE DETERMINED NOT TO CONSULT WITH AN ATTORNEY. 
 16.
REVOCATION. THE COMPANY HEREBY ADVISES ME THAT I MAY REVOKE THIS WAIVER BY DELIVERING WRITTEN NOTICE OF MY REVOCATION TO KENNETH D. SAWYER, SENIOR VICE PRESIDENT OF HUMAN RESOURCES AND COMMUNICATIONS, VERSO CORPORATION, 8540
GANDER CREEK DRIVE, MIAMISBURG, OHIO 45342, WITHIN THE 7-DAY PERIOD FOLLOWING THE DAY THAT I SIGN THIS WAIVER (THE “REVOCATION PERIOD”). I UNDERSTAND
THAT IF I REVOKE THIS WAIVER WITHIN THE REVOCATION PERIOD, ALL PROVISIONS OF THE AGREEMENT WILL BE NULL AND VOID, INCLUDING MY RIGHT TO RECEIVE THE BENEFITS, BUT EXCLUDING MY RIGHT TO RECEIVE THE OTHER PAYMENTS AND BENEFITS DESCRIBED IN
EXHIBIT C, IN CONNECTION WITH THE ENDING OF MY EMPLOYMENT WITH THE COMPANY. I ALSO UNDERSTAND THAT IF I DO NOT REVOKE THIS WAIVER WITHIN THE REVOCATION PERIOD, THIS WAIVER WILL BE FOREVER LEGALLY BINDING AND ENFORCEABLE
BEGINNING ON THE DAY IMMEDIATELY FOLLOWING THE LAST DAY OF THE REVOCATION PERIOD (THE “EFFECTIVE DATE”). THIS WAIVER IS NOT EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED. 

17. Retained Rights. Nothing in this Waiver shall result in any waiver, release, discharge or effect of any kind upon (a) my
rights to indemnification and the advancement of expenses as an officer of Verso Corporation and/or as a director or officer of any of its direct or indirect subsidiaries as set forth in Verso Corporation’s Amended and Restated Bylaws, the
constituent documents of its subsidiaries, or the Indemnification Agreement dated as of July 15, 2016, between Verso Corporation and me, to the maximum extent provided therein, (b) my entitlement to protection under any and all insurance
policies that the Company may elect to maintain generally for the benefit of its directors and officers against all costs, charges and expenses incurred or sustained by me in connection with any action, suit or proceeding to which I may be made a
party by reason of my being or having been a director, officer or employee of the Company (other than any dispute, claim or controversy arising under or relating to the Agreement or this Waiver), or (c) any additional rights of indemnity,
exculpation, release or the like conferred upon me by the Company’s First Modified Third Amended Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code, dated June 22, 2016 (the “Plan”), and the order of the
United States Bankruptcy Court for the District of Delaware confirming the Plan. 

  
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	CONFIDENTIAL	  	

  
 I acknowledge and agree that I have
carefully read this Waiver in its entirety, fully understand and agree to all of its terms, conditions and provisions, and have signed this Waiver knowingly, voluntarily and free from any fraud, duress, coercion or mistake of fact. Upon signing this
Waiver, I agree to deliver it to Kenneth D. Sawyer, the Senior Vice President of Human Resources and Communications of Verso Corporation. 
  

			
	

	 Peter H. Kesser

	
	Date:  June 30,
2017                                         
               

  
 5 

	 CONFIDENTIAL 
	 EXHIBIT B 

BENEFITS 
 Notwithstanding
any provision to the contrary in the Agreement or elsewhere, if you breach any covenant or fail to perform any obligation imposed on you in the Agreement, the Waiver, the CNC Agreement, or any other contract between the Company and you, you will not
be entitled to receive any of the Benefits and will promptly return any and all Benefits already received to the Company. All capitalized terms used but not defined herein have the meanings given to them elsewhere in the Agreement. 

1. CNC. The Company will pay to you $624,750.00 as compensation for the performance of your confidentiality, non-competition and other obligations under the CNC Agreement. The CNC payment will be made to you in 12 consecutive, monthly installments of $52,062.50 each beginning on July 31, 2017, and ending on
June 30, 2018. 
 2. Severance. The Company will pay to you $357,000.00 as severance under the Company’s severance policy.
The severance payment will be made to you in a single payment on July 31, 2017. 
 3. Lost Retirement Benefits. The Company will
contribute to your Deferred Compensation Plan account $196,288.00 as two years of your Lost Retirement Benefits (as defined in the CNC Agreement). The Lost Retirement Benefits contribution will be made to your Deferred Compensation Plan account in a
single contribution on or before July 31, 2017. 
 4. 2017 VIP. The Company will pay to you $110,943.00 as a prorated,
discounted portion of your target-level annual incentive award under the Company’s incentive plan for 2017 (the “2017 VIP”). The 2017 VIP payment will be made to you in a single payment on July 31, 2017. 

5. RSUs. The Company will pay to you the greater of (a) $38,805.00 or (b) the product obtained by multiplying 7,761 by 1.5 by the
closing sale price of the Class A common stock of the Company (“Common Stock”) on the New York Stock Exchange on July 26, 2017, in lieu of the delivery by the Company to you of 7,761 shares of Common Stock upon the
accelerated vesting of 7,761 restricted stock units (“RSUs”) granted by the Company to you under the Performance Incentive Plan on July 28, 2016, which RSUs will be forfeited and cancelled upon such payment. The RSUs payment
will be made to you in a single payment on July 31, 2017. 
 6. 2017 SSRP. The Company will pay to you $15,252.00, in lieu of a
prorated contribution on your behalf under the Supplemental Salary Retirement Program (the “SSRP”) for 2017 to your Retirement Savings Plan account. The 2017 SSRP payment will be made to you in a single payment on July 31,
2017. 
 7. Outplacement. The Company will pay to you $9,500.00, in lieu of providing you with executive-level outplacement services
as provided in the Company’s severance policy. The outplacement payment will be made to you in a single payment on July 31, 2017. 

8. Life Insurance. The Company will pay to you $9,180.00, in lieu of providing you, on a tax-grossed-up basis, with a fully paid, two-year individual term life insurance policy on your life with insurance benefits of $714,000.00. The life insurance payment
will be made to you in a single payment on July 31, 2017. 

			
	CONFIDENTIAL	  	

  
 9. Financial Counseling. The
Company will pay to you $3,557.00 as your remaining allowance under the Executive Financial Counseling Policy (the “EFCP”) for the 2016-2017 program year. The financial counseling payment will be made to you in a single payment on
July 31, 2017. 
 10. Medical and Dental Insurance. You have the right, and you have indicated your desire to elect, to continue
the group medical and dental insurance coverage provided by the Company for you and your eligible dependents pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), during the 36-month period (the “COBRA Period”) beginning on July 1, 2017, and ending on June 30, 2020. If, and to the extent that, you elect to receive continued group medical and dental
insurance coverage in accordance with COBRA, (a) the cost of the continued coverage during the initial six months of the COBRA Period from July 1, 2017, through December 31, 2017 (the “Initial Continued Coverage”)
will be paid entirely by the Company, and (b) the cost of the continued coverage during the subsequent 30 months of the COBBRA Period from January 1, 2018, through June 30, 2020 (the “Subsequent Continued Coverage”)
will be shared by you and the Company, with you paying the standard, active-employee portion of the cost of such coverage in effect immediately prior to the End Date (i.e., $424.40 per month) and the Company paying the balance of the cost of
such coverage. Notwithstanding the foregoing: 
 (a) The Company’s obligation to pay the cost of the Initial Continued Coverage or its
portion of the Subsequent Continued Coverage will cease effective as of the last day of the month in which you first become eligible for comparable group medical and dental insurance coverage from another employer, as determined jointly by the
Company and you. 
 (b) If the Initial Continued Coverage would result in penalties under Section 4980D of the Code, the Company, in
its sole and absolute discretion, may provide that (1) you will pay to the Company, on an after-tax basis, a monthly amount equal to the full premium cost of the Initial Continued Coverage (determined in
accordance with the methodology under COBRA) for such month, and (2) within 30 days after such premium payment, the Company will reimburse you in cash (less required withholding) an amount equal to the sum of (A) the excess of (i) the
full premium cost of the Initial Continued Coverage for such month over (ii) any premium amount that would have been payable by you if you had been actively employed by the Company for such month and (B) an additional tax gross-up payment to cover all estimated applicable federal, state and local income and payroll taxes imposed on you with respect to the Initial Continued Coverage. 

(c) If, at any time during the COBRA Period, you are eligible for and elect to receive medical and dental insurance coverage through the
Medicare health insurance program provided by the U.S. government (“Medicare”), in lieu of the group medical and dental insurance coverage provided by the Company, then the cost of the continued coverage under Medicare will be split
between you and the Company, with you and the Company paying portions of the cost in the same proportions that would have been paid if you had elected the group medical and dental insurance coverage provided by the Company. 

11. Miamisburg Apartment. Effective as of July 1, 2017, or as soon as possible thereafter, and if and to the extent permitted, you
will assign to the Company the lease contract for your apartment in Miamisburg, Ohio. Effective as of July 1, 2017, the Company will assume, perform and discharge, and will indemnify you against, all your payment and other obligations relating
to the lease of the Miamisburg apartment. The Company will pay to you (a) $15,257.00 to offset your furnishing and relocation expenses relating to the Miamisburg apartment incurred through the End Date, with such

  
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	CONFIDENTIAL	  	

  
 
payment to be made to you on July 31, 2017, and (b) the amount of your documented expenses to relocate your apartment furnishings from Miamisburg to Memphis, Tennessee, after the End
Date, with such payment to be made to you as soon as practicable, and in any event no more than 30 days, after you submit an itemized written request for such payment to the Company. 

  
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	 CONFIDENTIAL 
	 EXHIBIT C 

OTHER PAYMENTS AND BENEFITS 

The Company has provided or will provide you with certain payments and benefits that are affected by the ending of your employment with the
Company. Summary information regarding the payments and benefits and the effects of the ending of your employment on them is provided below. The information, being summary in nature, is qualified in its entirety by reference to the written plans,
programs, contracts and other documents underlying the payments and benefits. If you have any questions about them, please direct your inquiries to Kenneth D. Sawyer by telephone at
                         or by email at
                    . All capitalized terms used but not defined herein have the meanings given to them elsewhere in the Agreement. 

1. 2016 Retention Plan. The Company will pay to you $31,238.00 as the second installment of the retention bonus under the 2016
Retention Plan that will vest on the End Date. The retention bonus payment will be made to you in a single payment on July 31, 2017. 

2. Unused Vacation. The Company will pay to you $13,731.00, in lieu of the 14 unused vacation days for which you would be eligible
in 2017 as of the End Date. The unused vacation payment will be made to you in a single payment on July 31, 2017. 
 3. Retirement
Savings Plan (i.e., 401(k) Plan). Your individual contributions and the Company’s matching contributions on your behalf under the Retirement Savings Plan are vested. In view of the ending of your employment with the
Company, you are encouraged to call Transamerica Retirement Services at toll-free 1-800-422-6103 (Option 4) and/or contact your individual financial and tax advisors to
discuss the future handling of your Retirement Savings Plan account and the potential financial and tax impacts on you, including the roll-over of the funds in your Retirement Savings Plan account to your personal individual retirement account
(i.e., IRA), the withdrawal of funds from your Retirement Savings Plan account (which may subject your account to a penalty for early withdrawal), and any outstanding loan that you may have from your Retirement Savings Plan account. 

4. Supplemental Salary Retirement Program. The Company’s contributions on your behalf under the SSRP are vested. Please refer to
Section 3 of this Exhibit C for guidance on contacting Transamerica Retirement Services and/or your individual financial and tax advisors regarding the future handling of your Retirement Savings Plan account. 

5. Deferred Compensation Plan. The Company will cause you to be paid all your remaining benefits under the Deferred Compensation
Plan on January 15, 2018. 
 6. Medical and Dental Insurance. With respect to your right to continue the
group medical and dental insurance coverage provided by the Company for you and your eligible dependents pursuant to COBRA, you will receive from Ceridian Corporation a COBRA Packet outlining your COBRA rights and including election forms for
enrollment. If you continue your medical and dental insurance coverage with the same plan design through COBRA that you elected as an active employee of the Company, any deductible or
out-of-pocket expenses that you have accumulated during the plan year will be applied to your COBRA coverage. For additional information or if you have questions about
continued medical and dental insurance coverage under COBRA, you may call the Ceridian Customer Service Call Center at toll-free 1-800-422-6103 (Option 5, Sub-Option 1). 

			
	CONFIDENTIAL	  	

  
 7. Flexible Spending Account.
If applicable, you have the right under COBRA to continue your participation in the health care flexible spending account (“FSA”) plan provided by the Company through the end of the calendar year in which the End Date occurs, even
if you decide not to continue your medical and dental insurance coverage under COBRA. There is no additional COBRA premium required for the continuation of your health care FSA participation. If you do not continue your health care FSA participation
through COBRA, then only eligible health care charges incurred on or before the End Date will be eligible for reimbursement under the health care FSA plan. 

8. Supplemental Life Insurance. If applicable, you have the right to transport (also referred to as “port”) the group
supplemental life insurance coverage on your life, the life of your dependent spouse/domestic partner, or the life of a dependent child to an individual life insurance policy offered by Life Insurance Company of North America
(“LINA”), provided that you make the election and answer medical questions satisfactory to LINA within 31 days after the End Date. The premiums for the individual life insurance policy, which are grouped in five-year bands, will be higher than those for the group supplemental life insurance coverage provided by the Company. If you want to port your group supplemental life insurance coverage to an individual life
insurance policy, you must complete a Group Life Portability Application and submit it, together with a copy of your current Benefits Summary from the Company’s employee self-service portal, to LINA at the address located on the form within 31
days after the End Date. The Company will provide you separately with materials relating to the porting of your group supplemental life insurance coverage. For additional information or if you have questions about the porting of your group
supplemental life insurance coverage, you may call LINA at toll-free 1-800-423-1282. 

  
 2

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