Document:

EXHIBIT 10.3

 Exhibit 10.3 
 EXECUTION VERSION 
 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT dated July 19, 2011 (this “Agreement”) is entered into by and among Dynacast
International LLC, a Delaware limited liability company (the “Company”), Dynacast Finance Inc., a Delaware corporation (“Finance Co” and together with the Company, the “Issuers”), Dynacast
International Inc., a Delaware corporation (“Parent”), the guarantors listed in Schedule 1 hereto (together with Parent, the “Initial Guarantors”), and J.P. Morgan Securities LLC
(“J.P. Morgan”), as representative of the several Initial Purchasers listed in Schedule 1 to the Purchase Agreement (as defined below) (the “Initial Purchasers”). 

The Issuers, the Parent and the Initial Purchasers are parties to the Purchase Agreement dated July 12, 2011 (the “Purchase
Agreement”), which provides for the sale by the Issuers to the Initial Purchasers of $350,000,000 aggregate principal amount of the Issuers’ 9.25% Senior Secured Second Lien Notes due 2019 (the “Securities”) which will
be guaranteed on a senior secured basis by each of the Guarantors. As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Issuers and the Guarantors have agreed to provide to the Initial Purchasers and their direct and
indirect transferees and the Market Maker (as defined herein) 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 Parent that executes a Guarantee under the Indenture after the
date of this Agreement. 
 “Agreement” shall have the meaning set forth in the preamble. 

“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. 
 “Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended from time to time. 
 “Exchange Date” shall have the meaning set forth in
Section 2(a)(ii) hereof. 
 “Exchange Offer” shall mean the exchange offer by the Issuers 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 secured
second lien notes issued by the Issuers and guaranteed by the Guarantors under the Indenture containing terms identical to the Securities (except that the Exchange Securities will have no registration rights, 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. 

“FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Free Writing Prospectus” means each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared
by or on behalf of the Issuers or used or referred to by the Issuers in connection with the sale of the Securities or the Exchange Securities. 
 “Guarantees” shall mean the guarantees of the Securities and guarantees of the Exchange Securities by the Guarantors under the Indenture. 

“Guarantors” shall mean the Initial Guarantors, any Additional Guarantors and any Guarantor’s successor that
Guarantees the Securities. 
 “Holders” shall mean the Initial 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 Section 4 and Section 6 hereof, the
term “Holders” shall include Participating Broker-Dealers and, where the context requires, the Market Maker. 

“Indemnified Person” shall have the meaning set forth in Section 6(d) hereof. 

“Indemnifying Person” shall have the meaning set forth in Section 6(d) hereof. 

“Indenture” shall mean the Indenture relating to the Securities dated as of July 19, 2011 among the Issuers, the
Guarantors and Union Bank, N.A., as trustee, and as the same may be amended from time to time in accordance with the terms thereof. 
 “Initial Guarantors” shall have the meaning set forth in the preamble. 
 “Initial 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 6(a) hereof. 
 “Issuers” shall have the meaning set forth in the preamble and shall also include the Issuers’ successors. 
 “J.P. Morgan” shall have the meaning set forth in the preamble. 
 “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 either Issuer or any of its affiliates (other than the Market Maker) shall not be counted in determining
whether such consent or approval was given by the Holders of such required percentage or 

  
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amount; and provided, further, that if either Issuer 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. 
 “Market Maker” shall have the
meaning set forth in Section 5(a) hereof. 
 “Market Maker’s Information” shall have the meaning set
forth in Section 5(d) hereof. 
 “Market Making Registration Statement” shall mean the registration
statement referred to in Section 5(a)(i) hereof 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. 
 “Notice and Questionnaire” shall mean a
notice of registration statement and selling security holder questionnaire distributed to a Holder by the Issuers upon receipt of a Shelf Request from such Holder. 
 “Participating Broker-Dealers” shall have the meaning set forth in Section 4(a) hereof. 
 “Participating Holder” shall mean any Holder of Registrable Securities that has returned a completed and signed Notice and Questionnaire to the Company in accordance with
Section 2(b) 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 cease to be outstanding, (iii) except in the case of Securities that otherwise remain Registrable Securities and that are held by a Holder or Initial Purchaser and that are ineligible to be exchanged in the Exchange Offer, when the
Exchange Offer is consummated, or (iv) on the second anniversary of this Agreement; provided that such date shall be extended by the number of days of any permitted extension pursuant to Section 3(d) hereof. 

“Registration Default” shall mean the occurrence of any of the following: (i) the Exchange Offer is not consummated
on or prior to the Target Registration Date, (ii) the Shelf Registration Statement, if required by this Agreement, has not become effective on or before the Target Registration Date or (iii) the Exchange Offer Registration Statement or the
Shelf Registration Statement, as the case may be, is declared effective and thereafter ceases to be effective or the Prospectus contained therein ceases to be usable in connection with the Exchange Offer or resales of any notes registered under the
Shelf Registration Statement, 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. 

  
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 “Registration Expenses” shall mean any and all expenses incident to
performance of or compliance by the Issuers and the Guarantors with this Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred in connection with
compliance with state securities or blue sky laws, (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 fees and
disbursements relating to the qualification of the Indenture under applicable securities laws, (v) the fees and disbursements of the Trustee and its counsel, (vi) the fees and disbursements of counsel for the Issuers and the Guarantors
and, in the case of a Shelf Registration Statement, the reasonable fees and disbursements of one counsel for the Participating Holders (which counsel shall be selected by the Participating Holders holding a majority of the aggregate principal amount
of Registrable Securities held by such Participating Holders and which counsel may also be counsel for the Initial Purchasers), (vii) the reasonable fees and disbursements of counsel for the Market Maker and (viii) the fees and
disbursements of the independent registered public accountants of the Issuers 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 also excluding 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 Issuers and the Guarantors that covers any of the Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement, including, without limitation, the Market
Making Registration Statement, 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 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 Issuers and the Guarantors
that covers all or a portion of the Registrable Securities (but no other securities unless approved by a majority in aggregate principal amount of the Securities held by the Participating Holders) 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. 

  
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 “Staff” shall mean the staff of the SEC. 

“Target Registration Date” shall mean July 13, 2012. 

“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 Issuers and the Guarantors shall
use their commercially reasonable efforts to (x) 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 (y) have such Registration
Statement become and remain effective until the earlier of (i) 180 days after the Exchange Date or (ii) the date when all the Registrable Securities covered by such Registration Statement have been sold pursuant thereto. The Issuers and
the Guarantors shall commence the Exchange Offer promptly after the Exchange Offer Registration Statement is declared effective by the SEC and use their commercially reasonable efforts to consummate the Exchange Offer on or prior to the Target
Registration Date. 
 The Issuers and the Guarantors shall commence the Exchange Offer by mailing the related Prospectus,
appropriate letters of transmittal, if applicable, 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 date of acceptance for exchange (which
shall be a period of at least 20 Business Days from the date such notice is mailed) (the “Exchange Date”); 
 (iii) that any Registrable Security not tendered (or withdrawn) 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, if requested, with the appropriate letters of transmittal, to the institution and at the address 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 Exchange Date; and 

(v) that any Holder will be entitled to withdraw its election, not later than the close of business on the Exchange Date,
by (A) sending to the institution and at the address and in the manner specified in the notice, a statement 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. 

  
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 As a condition to participating in the Exchange Offer, a Holder will be required to
represent to the Issuers and the Guarantors that (1) any Exchange Securities to be received by it will be acquired in the ordinary course of its business, (2) 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, (3) it is not an “affiliate” (within the
meaning of Rule 405 under the Securities Act) of either Issuer or any Guarantor and (4) 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. 

As soon as practicable after the Exchange Date, the Issuers 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 Issuers 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 Issuers and the Guarantors shall use their commercially reasonable
efforts to consummate 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 Issuers and the Guarantors are not permitted to file the Exchange Offer Registration Statement or to consummate the Exchange Offer due to a change in law or SEC policy
subsequent to the date hereof, (ii) the Exchange Offer is not for any other reason consummated by the Target Registration Date, (iii) any Holder notifies the Issuers following the consummation of the Exchange Offer, that (A) such
Holder is not permitted under law or SEC policy to participate in the Exchange Offer, (B) such Holder cannot publicly resell Exchange Securities without delivering a prospectus, and the Prospectus contained in the Exchange Offer Registration
Statement is not appropriate or available for resales by such Holder, or (C) such Holder is a broker-dealer and holds Registrable Securities that have not been exchanged and that such Holder acquired directly from the Issuers or one of their
affiliates, or (iv) upon receipt of a written request (a “Shelf Request”) from any Initial Purchaser, following the consummation of the Exchange Offer, representing that it holds Registrable Securities that have not been resold
and that such Initial Purchaser acquired directly from the Issuers or one of their affiliates, the Issuers and the Guarantors shall use their commercially reasonable efforts to cause to be filed as soon as practicable after such determination, date,
notice 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 on or before the Target
Registration Date; provided that no Holder will be entitled to have any Registrable Securities included in any Shelf Registration Statement, or entitled to use the prospectus forming a part of such Shelf Registration Statement, unless and
until such Holder shall have delivered a completed and signed Notice and Questionnaire and provided such other information regarding such Holder to the Company as is contemplated by Section 3(b) hereof within 20 Business Days after receipt of
the request therefor. 

  
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 In the event that the Issuers and the Guarantors are required to file a Shelf Registration
Statement pursuant to clauses (iii) or (iv) of the preceding sentence, the Issuers and the Guarantors shall use their commercially reasonable efforts to file and have become effective both an Exchange Offer Registration Statement pursuant
to Section 2(a) hereof 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 Holders or Initial Purchasers, as the case may be after completion of the Exchange Offer. 
 The Issuers
and the Guarantors agree to use their commercially reasonable efforts to keep the Shelf Registration Statement continuously effective until the earlier of the date (i) that is one year from the effectiveness of such Shelf Registration Statement
and (ii) the Securities cease to be Registrable Securities (the “Shelf Effectiveness Period”). The Issuers 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 Issuers 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 commercially reasonable 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 Issuers and the Guarantors agree to furnish to the Participating Holders copies of any such supplement or
amendment promptly after its being used or filed with the SEC. 
 (c) The Issuers 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. 
 (e) If a Registration Default occurs, the interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period beginning on the day such Registration
Default occurs and (ii) an additional 0.25% per annum with respect to each subsequent 90-day period, in each case until and including the date such Registration Default ends, up to a maximum increase of 1.00% per annum. A Registration
Default ends when the Securities cease to be Registrable Securities or, if earlier, (1) in the case of a Registration Default under clause (i) of the definition thereof, when the Exchange Offer is consummated, (2) in the case of a
Registration Default under clause (ii) of the definition thereof, when the Shelf Registration Statement becomes effective or (3) in the case of a Registration Default under clause (iii) of the definition thereof, when the Exchange
Offer Registration Statement or the Shelf Registration Statement, as the case may be, again becomes effective and usable. If at any time more than one Registration Default has occurred and is continuing, then, until the next date that there is no
Registration Default, the increase in interest rate provided for by this paragraph shall apply as if there occurred a single Registration Default that begins on the date that the earliest such Registration Default occurred and ends on such next date
that there is no Registration Default. Following the cure of all Registration Defaults relating to any particular Registrable Securities, the interest rate borne by the relevant Registrable Securities will be reduced to the original interest rate
borne by such Registrable Securities; provided, however, that, if after any such reduction in interest rate, a different Registration Default occurs, the interest rate borne by the relevant Registrable Securities shall again be
increased pursuant to the foregoing provisions. 

  
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 (f) Without limiting the remedies available to the Initial Purchasers and the Holders, the
Issuers and the Guarantors acknowledge that any failure by the Issuers 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 Initial 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 Initial Purchasers or any Holder may obtain such relief as may be
required to specifically enforce the Issuers’ 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 Issuers 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 (A) shall be selected by the Issuers and the Guarantors, (B) shall, in the
case of a Shelf Registration, be available for the sale of the Registrable Securities by the Holders thereof and (C) 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 commercially reasonable 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 Issuers 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 Participating Holder, to counsel for the
Initial Purchasers, to counsel for such Participating 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 Participating Holder, counsel or Underwriter may reasonably request in order to facilitate the sale or other disposition of the Registrable Securities thereunder; and, subject to
Section 3(c) hereof, the Issuers 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
Participating Holders 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; 

  
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 (v) use their commercially reasonable efforts to register or qualify the
Registrable Securities under all applicable state securities or blue sky laws of such jurisdictions as any Participating Holder shall reasonably request in writing by the time the applicable Registration Statement becomes effective; cooperate with
such Participating 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 Participating Holder to complete the disposition in each
such jurisdiction of the Registrable Securities owned by such Participating Holder; provided that neither of the Issuers 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 Initial Purchasers and, in the case of a Shelf Registration, notify
each Participating Holder and counsel for such Participating Holders promptly and, if requested by any such Participating 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 Issuers 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 either Issuer 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 either Issuer 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 Prospectus in order to make the statements therein not misleading and
(6) of any determination by either Issuer 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 commercially reasonable 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) under the Securities Act, including by filing an amendment to such Registration Statement on the proper form, at
the earliest possible moment and provide immediate notice to each Holder or Participating Holder of the withdrawal of any such order or such resolution; 
 (viii) in the case of a Shelf Registration, furnish to each Participating Holder, 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); 

  
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 (ix) in the case of a Shelf Registration, cooperate with the Participating
Holders 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 Participating Holders may reasonably request at least one Business Day prior to the closing of any sale of Registrable Securities; 

(x) upon the occurrence of any event contemplated by Section 3(a)(vi)(5) hereof, use their commercially reasonable
efforts to prepare and file with the SEC a supplement or post-effective amendment to the Exchange Offer Registration Statement or, if applicable, 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 Issuers and
the Guarantors shall notify the Participating Holders (in the case of a Shelf Registration Statement) and the Initial Purchasers and any Participating Broker-Dealers known to the Company (in the case of an Exchange Offer Registration Statement) to
suspend use of the Prospectus or any Free Writing Prospectus as promptly as practicable after the occurrence of such an event, and such Participating Holders, such Participating Broker-Dealers and the Initial Purchasers, as applicable, hereby agree
to suspend use of the Prospectus or any Free Writing Prospectus, as the case may be, until the Issuers 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 Prospectus or a Free
Writing Prospectus after initial filing of a Registration Statement, provide copies of such document to the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, to the Participating Holders and their counsel) and
make such of the representatives of the Issuers and the Guarantors as shall be reasonably requested by the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Participating Holders or their counsel) available
for discussion of such document; and the Issuers 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 Initial Purchasers and their counsel (and, in the
case of a Shelf Registration Statement, the Participating Holders and their counsel) shall not have previously been advised and furnished a copy or to which the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement,
the Participating Holders 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 commercially reasonable 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; 

  
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 (xiv) in the case of a Shelf Registration, make available for inspection by
a representative of the Participating Holders (an “Inspector”), any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, any attorneys and accountants designated by a majority in aggregate
principal amount of the Securities held by the Participating Holders and any attorneys and accountants designated by such Underwriter, at reasonable times and in a reasonable manner, for due diligence purposes, all pertinent financial and other
records, documents and properties of Parent and its subsidiaries, and cause the respective officers, directors and employees of the Issuers 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 such Persons shall first agree in writing with the Company that any non-public information shall be used solely for the purposes of satisfying due
diligence obligations under the Securities Act and exercising rights under this Agreement and shall be kept confidential for a period of two years by such Persons in a manner in which they ordinarily hold confidential information, unless
(i) disclosure of such information is required by court or administrative order or is necessary to respond to inquiries of regulatory authorities, (ii) disclosure of such information is required by law (including any disclosure
requirements pursuant to federal securities laws in connection with the filing of any Shelf Registration Statement or the use of any prospectus referred to in this Agreement), (iii) such information becomes generally available to the public
other than as a result of a disclosure or failure to safeguard by any such Person, (iv) such information becomes available to any such Person from a source other than the Company and such source is not known to such Person to be bound by a
confidentiality agreement, or (v) disclosure of such information is required by such Person in connection with the assertion of a due diligence defense; 
 (xv) in the case of a Shelf Registration, use their commercially reasonable 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 either Issuer 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 Participating Holder, promptly include in a Prospectus supplement or post-effective
amendment such information with respect to such Participating Holder as such Participating 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
Issuers have 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 Participating Holders and any Underwriters of such Registrable Securities with respect to the business of Parent 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 Issuers and the Guarantors (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to the Participating Holders and such Underwriters and their respective counsel, it
being agreed that Hughes Hubbard & Reed LLP shall be deemed reasonably satisfactory to the Participating Holders and such Underwriters and their respective counsel) addressed to each Participating Holder and Underwriter

  
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of Registrable Securities, covering the matters customarily covered in opinions requested in underwritten offerings, (3) obtain “comfort” letters from the independent registered
public accountants of the Issuers and the Guarantors (and, if necessary, any other registered public accountant of any subsidiary of either Issuer or any Guarantor, or of any business acquired by either Issuer or any Guarantor for which financial
statements and financial data are or are required to be included in the Registration Statement) addressed to each Participating 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 Issuers and the Guarantors made pursuant to clause (1) above and to evidence compliance with any
customary conditions contained in an underwriting agreement; and 
 (xviii) so long as any Registrable Securities
remain outstanding, cause each Additional Guarantor upon the creation or acquisition by either Issuer 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 Initial Purchasers no later than five Business Days following the execution thereof. 

(b) In the case of a Shelf Registration Statement, the Issuers may require, as a condition to the registration of Registrable Securities,
that each Holder of Registrable Securities to furnish (within 20 Business Days) to the Issuers a Notice and Questionnaire and such other information regarding such Holder and the proposed disposition by such Holder of such Registrable Securities as
the Issuers and the Guarantors may from time to time reasonably request in writing. 
 (c) Each Participating Holder agrees
that, upon receipt of any notice from the Issuers and the Guarantors of the happening of any event of the kind described in Section 3(a)(vi)(3) or Section 3(a)(vi)(5) hereof, such Participating Holder will forthwith discontinue disposition
of Registrable Securities pursuant to the Shelf Registration Statement until such Participating 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 Issuers and the Guarantors, such Participating Holder will deliver to the Issuers and the Guarantors all copies in its possession, other than permanent file copies then in such Participating 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 Issuers and the Guarantors shall give any notice to suspend the disposition of Registrable Securities pursuant to a Registration Statement, the Issuers 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 Issuers and the Guarantors may give any such notice only three times during
any 365-day period and any such suspensions shall not exceed 25 days for each suspension and there shall not be more than three suspensions in effect during any 365-day period. 

  
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 (e) The Participating Holders 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; provided, however, that such investment bank(s) and manager(s) must be reasonably satisfactory to the Company. 

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 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 Issuers 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 Issuers and the Guarantors agree to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement for a period of up to 90 (ninety) days after the last Exchange Date (as such period may be extended pursuant to
Section 3(d) hereof), 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 Issuers 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 Participating Broker-Dealers shall have no liability to either Issuer, any Guarantor or any Holder with respect to any request
that they may make pursuant to Section 4(b) hereof. 
 5. Market Making. 

(a) For so long as any of the Securities or Exchange Securities are outstanding and Macquarie Capital (USA) Inc. (in such capacity, the
“Market Maker”) or its affiliates (as defined in the rules and regulations of the SEC) owns any equity securities of the Issuers, the Guarantors or any of their affiliates and proposes to make a market in the Securities or Exchange
Securities as part of its business in the ordinary course, the following provisions shall apply for the sole benefit of the Market Maker: 
 (i) The Issuers and the Guarantors shall (A) on the date that the Exchange Offer Registration Statement or, if required hereby, the Shelf Registration Statement is filed with the SEC, file a
registration statement (the “Market Making Registration Statement”) (which may be the Exchange Offer Registration Statement or the Shelf Registration Statement if permitted by the rules and regulations of the SEC) and use their best
efforts to cause such Market Making Registration Statement to become effective on or prior to the consummation of the Exchange Offer or the initial effective date of the Shelf Registration Statement, as applicable; (B) periodically amend such
Market Making Registration Statement so that the information contained therein complies with the requirements of Section 10(a) under the Securities Act; (C) amend the Market Making 

  
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Registration Statement or amend or supplement the related Prospectus when necessary to reflect any material changes in the information provided therein; and (D) amend the Market Making
Registration Statement when required to do so in order to comply with Section 10(a)(3) of the Securities Act; provided, however, that (1) prior to filing the Market Making Registration Statement, any amendment thereto, any
Free Writing Prospectus or any amendment or supplement to the related Prospectus or Free Writing Prospectus, the Issuers will furnish to the Market Maker copies of all such documents proposed to be filed, which documents will be subject to the
review of the Market Maker and its counsel (such review to be completed in a reasonably prompt period) and (2) the Issuers and the Guarantors will not file the Market Making Registration Statement, any amendment thereto, any Free Writing
Prospectus or any amendment or supplement to the related Prospectus or Free Writing Prospectus to which the Market Maker and its counsel shall reasonably object unless the Issuers are advised by counsel that such Market Making Registration Statement
or Free Writing Prospectus, or any such amendment or supplement is required to be filed under applicable securities laws and the Issuers will provide the Market Maker and its counsel with copies of the Market Making Registration Statement and any
Free Writing Prospectus and each amendment and supplement filed. 
 (ii) The Issuers shall notify the Market
Maker and, if requested by the Market Maker, confirm such advice in writing, (A) when any Market Making Registration Statement, any post-effective amendment to the Market Making Registration Statement, any Free Writing Prospectus or any
amendment or supplement to the related Prospectus or Free Writing Prospectus has been filed, and, with respect to any Market Making Registration Statement or any post-effective amendment, when the same has become effective; (B) of any request
by the SEC for any post-effective amendment to the Market Making Registration Statement, any supplement or amendment to the related Prospectus or any Free Writing Prospectus or for additional information; (C) the issuance by the SEC of any stop
order suspending the effectiveness of the Market Making Registration Statement or the initiation of any proceedings for that purpose, including the receipt by the Issuers of any notice of objection of the SEC to the use of the Market Making
Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act; (D) of the receipt by the Issuers of any notification with respect to the suspension of the qualification of the Securities or
Exchange Securities for sale in any jurisdiction or the initiation or threatening of any proceedings for such purpose; and (E) of the happening of any event that makes any statement made in the Market Making Registration Statement, the related
Prospectus or any Free Writing Prospectus or any amendment or supplement thereto untrue or that requires the making of any changes in the Market Making Registration Statement, such Prospectus or such Free Writing Prospectus or amendment or
supplement thereto, in order to make the statements therein not misleading. 
 (iii) If any event contemplated by
Section 5(a)(ii)(B) through (E) hereof occurs during the period for which the Issuers and the Guarantors are required to maintain an effective Market Making Registration Statement, the Issuers and the Guarantors shall, subject to
Section 5(a)(i) hereof, promptly prepare and file with the SEC a post-effective amendment to the Market Making Registration Statement or an amendment or supplement to the related Prospectus or Free Writing Prospectus or file any other required
document so that the Prospectus or any Free Writing Prospectus will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. 
 (iv) In the event of the issuance of any stop order suspending the
effectiveness of the Market Making Registration Statement, any notice of objection pursuant to Rule 401(g)(2) under the Securities Act or any order suspending the qualification of the Securities or Exchange

  
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Securities for sale in any jurisdiction, the Issuers and the Guarantors shall promptly use their commercially reasonable efforts to obtain the withdrawal of such order or the resolution of such
objection, including by filing an amendment to the Market Making Registration Statement on the proper form as necessary. 
 (v) The Issuers shall furnish to the Market Maker, without charge, (A) at least one conformed copy of the Market Making Registration Statement and any post-effective amendment thereto; and
(B) as many copies of the related Prospectus, any Free Writing Prospectus and any amendment or supplement thereto as the Market Maker may reasonably request. 

(vi) The Issuers and the Guarantors shall consent to the use of the Prospectus contained in the Market Making Registration
Statement, any Free Writing Prospectus or any amendment or supplement thereto by the Market Maker in connection its market-making activities. 
 (vii) Notwithstanding the foregoing provisions of this Section 5, the Issuers and the Guarantors may for valid business reasons, including without limitation, a potential material acquisition,
divestiture of assets or other material corporate transaction, notify the Market Maker in writing that the Market Making Registration Statement is no longer effective or the Prospectus included therein or any Free Writing Prospectus is no longer
usable for offers and sales of Securities or Exchange Securities; provided that the use of the Market Making Registration Statement or the Prospectus contained therein or any Free Writing Prospectus shall not be suspended for more than 25
days for each suspension and there shall not be more than three suspensions in effect during any 365-day period. The Market Maker agrees that upon receipt of any notice from either Issuer pursuant to this Section 5(a)(vii), it will immediately
discontinue use of the Prospectus contained in the Market Making Registration Statement and any Free Writing Prospectus until receipt of copies of the supplemented or amended Prospectus or Free Writing Prospectus relating thereto or until advised in
writing by either Issuer that the use of the Prospectus contained in the Market Making Registration Statement or the Free Writing Prospectus may be resumed. 
 (b) In connection with the Market Making Registration Statement, the Issuers shall (i) make available for inspection by a representative of, and counsel acting for, the Market Maker, at reasonable
times and in a reasonable manner, all pertinent financial and other records, documents and properties of Parent and its subsidiaries and (ii) cause the respective officers, directors and employees of the Issuers and the Guarantors to supply all
information reasonably requested by such representative or counsel or the Market Maker; provided that if any such information is identified by either Issuer 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
Market Maker. 
 (c) Prior to the initial effective date of the Market Making Registration Statement, the Issuers and the
Guarantors shall use their commercially reasonable efforts to register or qualify the Securities or Exchange Securities for offer and sale under all applicable state securities or blue sky laws of such jurisdictions as the Market Maker reasonably
requests in writing, cooperate with the Market Maker in connection with any filings required to be made with FINRA and do any and all other acts or things that may be reasonably necessary or advisable to enable the offer and sale in such
jurisdictions of the Securities or Exchange Securities covered by the Market Making Registration Statement; provided that the Issuers and the Guarantors shall not be required to (i) qualify as a foreign corporation or other entity or as
a dealer in securities in any jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to subject itself to service of process in any such jurisdictions or (iii) subject itself to taxation in any
such jurisdiction if it not so subject. 

  
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 (d) The Issuers and the Guarantors represent and agree that the Market Making Registration
Statement, any post-effective amendments thereto, any Free Writing Prospectus, any amendments or supplements to the related Prospectus or any Free Writing Prospectus and any documents filed by them under the Exchange Act will, when they become
effective or are filed with the SEC, as the case may be, conform in all respects to the requirements of the Securities Act and the Exchange Act and the rules and regulations of the SEC thereunder and will not, as of each effective date of such
Market Making Registration Statement or post-effective amendments and as of the filing date of any Free Writing Prospectus or amendments or supplements to such Prospectus or any Free Writing Prospectus or filings under the Exchange Act, contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus or any Free Writing Prospectus, in the light of the circumstances under
which they were made) not misleading; provided that no representation or warranty is made as to information contained in or omitted from the Market Making Registration Statement or the related Prospectus or any Free Writing Prospectus in
reliance upon and in conformity with written information furnished to the Issuers by the Market Maker specifically for inclusion therein, which information the parties hereto agree will be limited to the statements concerning the market-making
activities of the Market Maker to be set forth on the cover page and in the “Plan of Distribution” section of the Prospectus (the “Market Maker’s Information”). 

(e) At the time of initial effectiveness of the Market Making Registration Statement and concurrently with each time any Free Writing
Prospectus is first used or the Market Making Registration Statement shall be amended by post-effective amendment, including by the filing of an annual report incorporated by reference into the Market Making Registration Statement, or the related
Prospectus or any Free Writing Prospectus shall be amended or supplemented, each Issuer shall (if requested by the Market Maker) furnish the Market Maker and its counsel with a certificate of its chief financial officer and one additional senior
executive officer to the effect that: 
 (i) the Market Making Registration Statement has become effective;

 (ii) in the case of an amendment to the Market Making Registration Statement, such amendment has become
effective under the Securities Act as of the date and time specified in such certificate, if applicable; and in the case of an amendment or supplement to the Prospectus, such amendment or supplement to the Prospectus was filed with the SEC pursuant
to the subparagraph of Rule 424(b) under the Securities Act specified in such certificate on the date specified therein; and in the case of any Free Writing Prospectus or an amendment or supplement to any Free Writing Prospectus, such Free Writing
Prospectus or amendment or supplement to the Free Writing Prospectus was filed with the SEC pursuant to Rule 433 under the Securities Act on the date specified therein; 

(iii) to the knowledge of such officers, no stop order suspending the effectiveness of the Market Making Registration
Statement has been issued, including any notice of objection of the SEC to the use of the Market Making Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, and no proceeding for that
purpose is pending or threatened by the SEC; and 
 (iv) such officers have carefully examined the Market Making
Registration Statement, the Prospectus and any Free Writing Prospectus (and, in the case of an amendment or supplement, such amendment or supplement) and as of the applicable effective date of such Market Making Registration Statement, or the date
of such Free Writing Prospectus or any such amendment or supplement, as applicable, the Market Making Registration Statement, the Prospectus and any Free Writing Prospectus, as amended or supplemented, if applicable, did not include any untrue
statement of a material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 

  
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 (f) At the time of initial effectiveness of the Market Making Registration Statement and
concurrently with each time any Free Writing Prospectus is first used or the Market Making Registration Statement shall be amended by post-effective amendment, including by the filing of an annual report incorporated by reference into the Market
Making Registration Statement, or the related Prospectus or any Free Writing Prospectus shall be amended or supplemented, the Issuers shall (if requested by the Market Maker) furnish the Market Maker and its counsel with the written opinion or, in
the case of clause (iv) below, negative assurance letter of counsel for the Issuers satisfactory to the Market Maker to the effect that: 
 (i) the Market Making Registration Statement has become effective; 

(ii) in the case of an amendment to the Market Making Registration Statement, such amendment has become effective under
the Securities Act as of the date and time specified in such opinion, if applicable; and in the case of an amendment or supplement to the Prospectus, such amendment or supplement to the Prospectus was filed with the SEC pursuant to the subparagraph
of Rule 424(b) under the Securities Act specified in such opinion on the date specified therein; and in the case of any Free Writing Prospectus or an amendment or supplement to any Free Writing Prospectus, such Free Writing Prospectus or
amendment or supplement to the Free Writing Prospectus was filed with the SEC pursuant to Rule 433 under the Securities Act on the date specified therein; 
 (iii) to the knowledge of such counsel, no stop order suspending the effectiveness of the Market Making Registration Statement has been issued, including any notice of objection of the SEC to the use of
the Market Making Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, and no proceeding for that purpose is pending or threatened by the SEC; and 

(iv) such counsel has reviewed the Market Making Registration Statement, the Prospectus and any Free Writing Prospectus
(and, in the case of an amendment or supplement, such amendment or supplement) and participated with officers of the Issuers and independent registered public accountants for the Issuers in the preparation of such Market Making Registration
Statement and Prospectus and any Free Writing Prospectus (and, in the case of an amendment or supplement, such amendment or supplement) and has no reason to believe that (except for the financial statements and other financial and statistical data
contained therein as to which such counsel need express no belief) as of the applicable effective date of such Market Making Registration Statement, or the date of such Free Writing Prospectus or any such amendment or supplement, as applicable, the
Market Making Registration Statement, the Prospectus and any Free Writing Prospectus, as amended or supplemented, if applicable, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or
necessary to make the statements therein (in the case of the Prospectus or any Free Writing Prospectus, in the light of the circumstances under which they were made) not misleading. 

(g) [Reserved]. 

(h) The Issuers and the Guarantors, on the one hand, and the Market Maker, on the other hand, hereby agree to indemnify each other, and,
if applicable, contribute to the other, in accordance with Section 6 of this Agreement. 

  
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 (i) The Issuers and the Guarantors will comply with the provisions of this Section 5 at
their own expense and will reimburse the Market Maker for its expenses associated with this Section 5 (including reasonable fees of counsel for the Market Maker). 
 (j) The agreements contained in this Section 5 and the representations, warranties and agreements contained in this Agreement shall survive all offers and sales of the Securities and the Exchange
Securities and shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 

(k) For purposes of this Section 5, (i) any reference to the terms “amend,” “amendment” or
“supplement” with respect to the Market Making Registration Statement or the Prospectus contained therein or any Free Writing Prospectus shall be deemed to refer to and include the filing under the Exchange Act of any document deemed to be
incorporated therein by reference and (ii) any reference to the terms “Securities” or “Exchange Securities” shall be deemed to refer to and include any securities issued in exchange for or with respect to such Securities or
Exchange Securities. 
 6. Indemnification and Contribution. 

(a) Each Issuer and each Guarantor, jointly and severally, agree to indemnify and hold harmless (i) each Initial Purchaser, the
Market Maker and each Holder, their respective affiliates, directors and officers and each Person, if any, who controls any Initial 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 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 Initial Purchaser, information relating to any Holder or the Market Maker Information furnished to the Issuers in
writing through J.P. Morgan, any selling Holder or the Market Maker, respectively, expressly for use therein and (ii) the Market Maker 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), that arise out of, or are based upon, any breach by either Issuer of its representations,
warranties and agreements contained in Section 5. In connection with any Underwritten Offering permitted by Section 3, the Issuers 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 Issuers, the Guarantors, the Initial Purchasers and
the other selling Holders, the directors of the Issuers and the Guarantors, each officer of the Issuers and the Guarantors who signed the Registration Statement and 

  
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each Person, if any, who controls the Issuers, the Guarantors, any Initial 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 Issuers in writing by such Holder expressly for use in any Registration Statement, any Prospectus and any Free Writing
Prospectus. 
 (c) The Market Maker agrees to indemnify and hold harmless the Issuers and the Guarantors, the directors of the
Issuers and the Guarantors and each officer of the Issuers and the Guarantors who signed the Market Making Registration Statement and each Person, if any, who controls the Issuers or the Guarantors 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 Market Maker’s Information furnished to the Issuers in writing by the Market Maker expressly for use in any Market Making
Registration Statement, any Prospectus and any Free Writing Prospectus. 
 (d) 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 paragraph (a), (b) or (c) 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 paragraph (a), (b) or (c) above 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 paragraph (a), (b) or (c) above. 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 6 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall pay the reasonable fees and expenses of such counsel
related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall 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 Initial Purchaser or the Market Maker, its affiliates, directors and officers and any control Persons of
such Initial Purchaser or the Market Maker shall be designated in writing by J.P. Morgan, (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 Issuers. 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 

  
 -19-

 
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. 

(e) If the indemnification provided for in paragraphs (a), (b) and (c) 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 Issuers and the Guarantors from the offering of the Securities and
the Exchange Securities, on the one hand, and by the Holders from receiving Securities or Exchange Securities registered under the Securities Act or the Market Maker, 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 Issuers and the Guarantors on the one hand and the Holders or by the
Market Maker 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 Issuers and the Guarantors on
the one hand and the Holders or the Market Maker 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 Issuers and the Guarantors or by the Holders or the Market Maker Information, as applicable, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. 
 (f) The Issuers, the Guarantors, the Holders and the Market Maker agree that it would not be just and
equitable if contribution pursuant to this Section 6 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 (e) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (e) 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 6, in no event shall a Holder or the Market
Maker 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 or the Securities sold by the Market Maker 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 6 are several and not joint. 

  
 -20-

 (g) The remedies provided for in this Section 6 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. 
 (h) The indemnity and
contribution provisions contained in this Section 6 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 Initial Purchasers, the
Market Maker or any Holder or any Person controlling any Initial Purchaser, the Market Maker or any Holder, or by or on behalf of the Issuers or the Guarantors or the officers or directors of or any Person controlling the Issuers or the Guarantors,
(iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities pursuant to a Shelf Registration Statement or the Market Making Registration Statement. 

7. General. 
 (a) No Inconsistent Agreements. The Issuers and the Guarantors represent, warrant and agree that (i) the rights granted to the Holders or the Market Maker 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 either Issuer or any Guarantor under any other agreement and (ii) neither of the Issuers 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 or the Market Maker 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 Issuers 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 and with respect to the provisions of Section 5, the written consent of the Market Maker;
provided that no amendment, modification, supplement, waiver or consent to any departure from the provisions of Section 6 hereof shall be effective as against any Holder of Registrable Securities or the Market Maker unless consented to
in writing by such Holder or the Market Maker, as applicable. Any amendments, modifications, supplements, waivers or consents pursuant to this Section 7(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, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Issuers by means of a notice given in accordance with the provisions of this
Section 7(c), which address initially is, with respect to the Initial Purchasers, the address set forth in the Purchase Agreement; (ii) if to the Issuers and the Guarantors, initially at the Issuers’ 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 7(c); (iii) if to the Market Maker, initially at its 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 7(c); and (iv) 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 7(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 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. 

  
 -21-

 (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 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 Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Issuers 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 (excluding those agreements made in Section 5 hereto) between the Issuers and the
Guarantors, on the one hand, and the Initial Purchasers and the Market Maker, 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, and any claim, controversy or dispute
arising under or related to this Agreement, shall be governed by and construed in accordance with the laws of the State of New York. 
 (i) 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 Issuers, the Guarantors and the Initial 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. 

  
 -22-

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

					
	DYNACAST INTERNATIONAL LLC
		
	By:	 	/s/ Simon J. Newman
		 	Name:	 	Simon J. Newman
		 	Title:	 	President and Chief Executive Officer
	
	DYNACAST FINANCE INC.
		
	By:	 	/s/ Simon J. Newman
		 	Name:	 	Simon J. Newman
		 	Title:	 	President and Chief Executive Officer
	
	DYNACAST INTERNATIONAL INC.
		
	By:	 	/s/ Simon J. Newman
		 	Name:	 	Simon J. Newman
		 	Title:	 	President and Chief Executive Officer
	
	The Initial Guarantors listed in Schedule 1 hereto
		
	By:	 	/s/ Simon J. Newman
		 	Name:	 	Simon J. Newman
		 	Title:	 	President and Chief Executive Officer

 Confirmed and accepted as of the date first above written: 

 

			
	J.P. MORGAN SECURITIES LLC
	
	 For itself and on behalf of the
 several Initial Purchasers

		
	By:	 	/s/ Kenneth A. Lang
		 	Authorized Signatory

 Schedule 1 
 Initial Guarantors 
 KDI Acquisition LLC 

Dynacast US 1 LLC 
 Dynacast US Holdings Inc.

 Dynacast Inc. 
 Dynacast MFG. Inc.

 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 July 19, 2011 by and among Dynacast International LLC, a Delaware limited liability company, Dynacast Finance Inc., a
Delaware corporation, the guarantors party thereto and J.P. Morgan Securities LLC, on behalf of itself and the other Initial 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 _______________, 201_. 

 

					
	[GUARANTOR]
		
	By:	 	 
		 	Name:	 	
		 	Title:EXHIBIT 10.4

 Exhibit 10.4 
 EXECUTION VERSION 
 MANAGEMENT CONSULTING AGREEMENT 

THIS MANAGEMENT CONSULTING AGREEMENT (this “Agreement”), is executed as of the 19th day of July, 2011 (the
“Effective Date”), by and among Kenner Equity Management, LLC, a Delaware limited liability company (“Kenner Management”), Izurium Dynacast Ltd, MIHI LLC, W Capital Dynacast LLC, Laurel Crown Dynacast Holdings LLC,
Tower Square Capital Partners III, L.P., Tower Square Capital Partners III-A, L.P., Tower Square Capital Partners III-B, L.P. and Kenner Equities IV, L.P. (each a “Consultant” and, together with Kenner Management, collectively, the
“Consultants”) and Dynacast International Inc., a Delaware corporation (the “Company”). 

W I T N E S E T H: 

WHEREAS, the Consultants have and/or have access to personnel who are highly skilled in the field of rendering advice to businesses and
financial advice to the Company and its Subsidiaries (as defined below); 
 WHEREAS, the board of directors of the Company (the
“Board of Directors”) has been made fully aware of the relationships of certain members of the Board of Directors to the Consultants; 
 WHEREAS, the Board of Directors has reviewed in detail and discussed the terms and provisions of this Agreement and the fairness of this Agreement and whether more favorable agreements for the Company and
its Subsidiaries could be obtained from unaffiliated third parties; and 
 WHEREAS, on the basis of its review of this
Agreement, the Board of Directors has deemed it advisable and in the best interests of the Company and necessary to the conduct, promotion, and attainment of the business objectives of the Company that the Company retain the Consultants to provide
business and financial advice to the Company and its Subsidiaries and affiliates. 
 NOW, THEREFORE, in consideration of the
premises and the mutual covenants and agreements herein set forth, the parties hereto do hereby agree as follows: 
 1. The
Company hereby retains the Consultants, through the Consultants’ own personnel or through personnel available to the Consultants (including personnel of affiliates of the Consultants) from time to time to advise the Company, its direct and
indirect subsidiaries existing as of the date hereof and hereafter formed or acquired (collectively, its “Subsidiaries”) and its direct and indirect parent entities (together with the Company and its Subsidiaries, the
“Company Entities”) in connection with their acquisitions, divestitures and investments, their financial and business affairs, their relationships with their lenders, stockholders and other third-party associates or affiliates, and
the expansion of their respective businesses. Consultants shall render such services to the Company and any other Company Entities in good faith and in accordance with professional standards and applicable law. The term of this Agreement shall, with
respect to each Consultant hereunder, commence on the Effective Date and shall continue for a term of one year after the date hereof and after each anniversary hereof, unless thirty (30)

 
days prior to such anniversary, either the Consultant or the Company notifies the other as to its desire to terminate this Agreement, in which case, the term of this Agreement will terminate on
such anniversary; provided that (i) the Company shall not terminate this Agreement with respect to any Consultant unless it terminates the Agreement with respect to all Consultants and (ii) at such time a Consultant, together with
its affiliates, owns less than 75% of the shares of the fully-diluted equity securities of the Company that such Consultant, together with its affiliates, owns on the date hereof, such Consultant shall be deemed to have given notice of its desire to
terminate this Agreement with respect to such Consultant and the Agreement shall terminate on the next such anniversary for such Consultant. Notwithstanding the foregoing, this Agreement shall be terminated automatically and without need of action
on the part of either the Consultants or the Company upon a sale of all or substantially all of the stock, or a sale of all or substantially all of the assets, of the Company or upon the merger or consolidation of the Company into or with another
entity that is unaffiliated with the Consultants wherein the Company is not the survivor of such transaction. The Consultants’ personnel shall be reasonably available to the Company’s managers, auditors and other personnel for consultation
and advice pursuant to this Agreement, subject to Consultants’ reasonable convenience and scheduling. Services may be rendered at the Consultants’ offices or at such other locations selected by the Consultants as the Company and the
Consultants shall from time to time agree. 
 2. (a) Subject to Section 4 hereof, the Company shall pay (i) an
annual consulting services fee equal to $1,000,000 per fiscal year to Kenner Management, payable in equal quarterly installments on the first business day of each fiscal quarter and (ii) an aggregate annual consulting fee equal to $1,500,000
per fiscal year to the Consultants other than Kenner Management, in the amounts set forth opposite the name of each such Consultant on Exhibit A attached hereto, payable in equal quarterly installments on the first business day of each fiscal
quarter; provided that if this Agreement is terminated with respect to a Consultant, the Company shall have no further obligation to pay such amount to such Consultant and the aggregate annual consulting fee payable by the Company shall be
reduced accordingly. Such quarterly payments will be paid in arrears, starting with a payment on October 1, 2011, prorated for the period between the Effective Date and October 1, 2011. In addition, the Company shall (i) pay to Kenner
Management a fee of $4,000,000 (the “Closing Fee”) and (ii) issue Kenner Management a warrant exercisable for 3.0% of the Common Stock, par value $0.001 per share, of the Company issued and outstanding as of the Effective Date
substantially in the form attached hereto as Exhibit B (the “Closing Warrant”), in connection with its advice to the Company Entities in connection with the organization and capitalization of the Company and certain of the
other Company Entities and the indirect acquisition of all of the outstanding share capital or equity interests of Dynacast Holdings Limited, Dynacast (UK) Limited, Melrose Spain SL (to be renamed Dynacast Holdings Spain S.L.), Dynacast US 1 LLC
(formerly Melrose US 1 LLC), Dynacast Singapore Holdings Pte Limited (formerly Melrose Singapore Holdings Pte Limited) and Melrose Beteiligungs und Verwaltungs GmbH (to be renamed Dynacast Beteiligungs und Verwaltungs GmbH) from Melrose PLC, Melrose
Overseas Holdings Limited and Dynacast Investments Limited. The Company shall (x) deliver the Closing Warrant to Kenner Management on the Effective Date and (ii) pay Kenner Management the Closing Fee on the Effective Date or, at the option
of Kenner Management, in two equal installments payable with the first installment on the Effective Date and the second installment payable on a date in 2012 specified by Kenner Management. 

  
 2 

 (b) Notwithstanding and in addition to the foregoing, if Kenner Management
renders services to the Company outside the ordinary course of business, subject to Section 4 hereof, the Company shall pay to Kenner Management a reasonable and customary investment banking and sponsorship fee, financial consulting fee
or such other additional amount equal to the reasonable and customary value of such extraordinary services rendered by Kenner Management, as may be separately agreed to between Kenner Management and the Company. The Company shall notify each other
Consultant of any fees payable by the Company to Kenner Management pursuant to this Section 2(b). 
 3. The Company
shall promptly reimburse each Consultant for reasonable out-of-pocket expenses (including, without limitation, an allocable amount of such Consultant’s overhead expenses, attributable to the Company and any other Company Entities, determined on
actual usage, percentage of revenue or such other basis as such Consultant may determine), incurred by such Consultant and its or its affiliates’ personnel in performing services hereunder to the Company and any other Company Entities upon such
Consultant’s rendering a statement therefor, together with supporting data as the Company shall reasonably require. 
 4.
Notwithstanding the foregoing, the Company shall not be required to pay the fees and other amounts under Section 2, (a) if and to the extent and for so long as expressly prohibited by the provisions of any credit, stock, financing
or other agreements or instruments binding upon the Company, its parent entities, its Subsidiaries or any of its or their properties or (b) if the Company has not paid cash interest on any interest payment date or has postponed or not made any
principal payments on any scheduled payment dates with respect to any of the Company’s, its parent entities’ or its subsidiaries’ indebtedness under any credit, stock, financing or other agreements or instruments binding upon the
Company, its parent entities, its Subsidiaries or any of its or their properties. Any payments otherwise owed hereunder, which are not made for any of the above-mentioned reasons, shall not be canceled but rather accrue, and shall be payable by the
Company promptly when, and to the extent, that the Company is no longer prohibited from making such payments and when the Company has become current with respect to such principal or interest payments, has become current with respect to such
dividends and has made such redemptions with respect to such preferred stock, if any. This Section 4 will not, in any event, restrict or limit the Company’s obligations under Sections 3, 6 and 7, which will
be absolute and not subject to set-off. 
 5. The Consultants shall have no liability to any other Consultant, the Company or
any other Company Entity on account of (i) any advice that they render to the Company or any other Company Entities, provided the Consultants believed in good faith that such advice was useful or beneficial to the Company or any such Company
Entities at the time it was rendered, or (ii) the Consultants’ inability to obtain financing or achieve other results desired by the Company (or any other Company Entities) or the Consultants’ failure to render services to the Company
or any other Company Entity at any particular time or from time to time or (iii) the failure of any acquisition, divestiture, financing or business plan to meet the financial, operating, or other expectations of the Company or any other Company
Entities. The Company’s and any Company Entities’ sole remedy for any claim under this Agreement shall be termination of this Agreement. 

  
 3 

 6. The Company shall, and shall cause each other Company Entity to, indemnify and hold
harmless to the fullest extent permitted by applicable law, each Consultant and each of its affiliates (excluding the Company), portfolio companies (excluding the Company), stockholders, partners, employees, directors, officers, members, managers,
representatives, subcontractors and agents, from and against any loss, liability, damage, claim or expenses (including the fees and expenses of counsel) arising as a result of or in connection with this Agreement, the Consultants’ services
hereunder or other activities on behalf of the Company and any other Company Entities. 
 7. No payments required to be paid by
the Company under this Agreement shall at any time be subject to set-off; all such payments shall be increased by the amount, if any, of any taxes (other than income taxes) or other governmental charges levied in respect of such payments, so that
such Consultant is made whole for such taxes or charges. 
 8. (a) This Agreement sets forth the entire understanding of the
parties with respect to the Consultants’ rendering of services to the Company and any other Company Entities. This Agreement may not be modified, waived, terminated or amended except expressly by an instrument in writing signed by each of the
Consultants and the Company, and as otherwise required by the terms of the Security Holders Agreement dated on or about the date hereof by any among the Company and the stockholders party thereto (as amended, restated, supplemented or otherwise
modified from time to time). 
 (b) This Agreement may be assigned in whole or in part by any Consultant to any
of its subsidiaries or affiliates (except the Company) without the consent of the Company or any other Consultant hereunder, provided, however, such assignment shall not relieve such party from its obligations hereunder. Any assignment
of this Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns. Any Consultant may use affiliated third-party subcontractors in connection with the performance of its obligations
hereunder. 
 (c) In the event that any provision of this Agreement shall be held to be void or unenforceable in
whole or in part, the remaining provisions of this Agreement and the remaining portion of any provision held void or unenforceable in part shall continue in full force and effect. 

(d) Except as otherwise specifically provided herein, notice given hereunder shall be deemed sufficient if delivered
personally or sent by registered or certified mail to the address of the party for whom intended at the principal executive offices of such party, or at such other address as such party may hereinafter specify by written notice to the other party.

 (e) If at any time after the date upon which this Agreement is executed, the Company acquires or creates one
or more subsidiaries, the Company shall cause such subsidiary to be subject to this Agreement. 
 (f) Each
Subsidiary of the Company shall be jointly and severally liable and obligated hereunder with respect to each obligation, responsibility and liability of the Company, as if a direct obligation of such Subsidiary. 

(g) No waiver by either party of any breach of any provision of this Agreement shall be deemed a continuing waiver or a
waiver of any preceding or succeeding breach of such provision or of any other provision herein contained. 

  
 4 

 (h) The Consultants and their personnel shall, for purposes of this
Agreement, be independent contractors with respect to the Company. 
 (i) This Agreement shall be governed by and
construed in accordance with the internal laws (and not the law of conflicts) of the State of New York. 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Management Consulting Agreement as
of the day and year first above written. 
  

			
	KENNER EQUITY MANAGEMENT, LLC
		
	By:	 	Kenner & Company, Inc.,
		 	its sole member
		
	By:	 	/s/ Jeffrey L. Kenner
		 	 Name: Jeffrey L. Kenner

Title:

  
 [Signature
Page to Management Consulting Agreement] 

 
			
	IZURIUM DYNACAST LTD
		
	By:	 	/s/ Roman Mironchik
		 	 Name: Roman Mironchik
 Title:
Director

  
 [Signature
Page to Management Consulting Agreement] 

 
			
	MIHI LLC
		
	By:	 	/s/ Kevin Charlton
		 	 Name: Kevin Charlton
 Title:
Managing Director

		
	By:	 	/s/ Evan Leary
		 	 Name: Evan Leary
 Title:
Managing Director

  
 [Signature
Page to Management Consulting Agreement] 

 
			
	W CAPITAL DYNACAST LLC
	
	By: WCP GP II, LLC
		
	By:	 	/s/ Stephen Wertheimer
		 	Managing Member

  
 [Signature
Page to Management Consulting Agreement] 

 
			
	LAUREL CROWN DYNACAST HOLDINGS LLC
		
	By:	 	/s/ Laurence E. Paul
		 	 Name: Laurence E. Paul
 Title:
Managing Director

		
	By:	 	/s/ Stephen E. Paul
		 	 Name: Stephen E. Paul
 Title:
Managing Director

  
 [Signature
Page to Management Consulting Agreement] 

 
			
	TOWER SQUARE CAPITAL PARTNERS III, L.P.
		
	By:	 	 Babson Capital Management, LLC,

as Investment Manager

		
	By:	 	/s/ Michael L. Klofas
		 	 Name: Michael L. Klofas
 Title:
Managing Director

	
	TOWER SQUARE CAPITAL PARTNERS III-A, L.P.
		
	By:	 	 Babson Capital Management, LLC,

as Investment Manager

		
	By:	 	/s/ Michael L. Klofas
		 	 Name: Michael L. Klofas
 Title:
Managing Director

	
	TOWER SQUARE CAPITAL PARTNERS III-B, L.P.
		
	By:	 	 Babson Capital Management, LLC,

as Investment Manager

		
	By:	 	/s/ Michael L. Klofas
		 	 Name: Michael L. Klofas
 Title:
Managing Director

  
 [Signature
Page to Management Consulting Agreement] 

 
			
	KENNER EQUITIES IV, L.P.
		
	By:	 	 Kenner Equity Partners, LLC,

its general partner

		
	By:	 	/s/ Thomas M. Wolf
		 	 Name: Thomas M. Wolf
 Title:
Managing Director

  
 [Signature
Page to Management Consulting Agreement] 

 
			
	DYNACAST INTERNATIONAL INC.
		
	By:	 	/s/ Jeffrey L. Kenner
		 	 Name: Jeffrey L. Kenner
 Title:
President

  
 [Signature
Page to Management Consulting Agreement] 

 Exhibit A 
 Schedule of Consultant Fees 
  

					
	 Consultant
	  	Annual Fee	 
	 Izurium Dynacast Ltd
	  	$	612,613	  
	 MIHI LLC
	  	$	22,523	  
	 W Capital Dynacast LLC
	  	$	495,495	  
	 Laurel Crown Dynacast Holdings LLC
	  	$	225,225	  
	 Tower Square Capital Partners III, L.P.
	  	$	40,946	  
	 Tower Square Capital Partners III-A, L.P.
	  	$	44,198	  
	 Tower Square Capital Partners III-B, L.P.
	  	$	4,946	  
	 Kenner Equities IV, L.P.
	  	$	54,054	  
		  	  
	  
	 
	 TOTAL
	  	$	1,500,000	  
		  	  
	  
	 

 Exhibit B 
 Form of Warrant 
 [attached] 

 EXECUTION VERSION 
 NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. 
 [FORM OF KENNER WARRANT] 

To Purchase Up To [5,940] Shares of Common Stock of 
 KDI HOLDINGS INC. 
 THIS WARRANT (the
“Warrant”) certifies that, for value received, Kenner Equity Management, LLC or its registered assigns (the “Holder”), is entitled, upon the terms and subject to the conditions hereinafter set forth, at any time on
or after the Initial Exercise Date and on or prior to the close of business on the seventh (7th) anniversary of the Initial Exercise Date (the “Expiration Date”) to purchase up to 5,940 (as such number may be adjusted, in
accordance with the terms hereof, the “Warrant Shares”) shares of the Common Stock, par value $0.001 (the “Common Stock”), of KDI Holdings Inc., a Delaware corporation or any person who succeeds to and assumes the
obligations of KDI Holdings Inc. hereunder in accordance with the terms of this Warrant (the
“Company”).1 

Section 1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in
the Subscription Agreement (as defined below). 
 “Additional Shares of Common Stock” shall mean all shares of
Common Stock issued (or deemed to be issued pursuant to Section 3) by the Company after the Reference Date, other than Permitted Securities. 
 “Alternate Consideration” shall have the meaning set forth in Section 3(e) hereof. 
 “Cash Outflows” means, with respect to a Common Stock Investor, (i) any amounts paid by such Common Stock Investor to purchase any shares of Common Stock or other capital stock of
the Company, (ii) any amounts of debt financing provided by such Common Stock Investor to the Company on or after the Issuance Date, (iii) all reasonable and documented out-of-pocket

  
  

	1 	 It is expected that this warrant will be exercisable for 3% of the Common Stock issued and outstanding as of the closing date.

 Warrant 

 
expenses incurred by such Common Stock Investor in connection with any transaction with respect to either of (i) and (ii) above, including legal fees, costs and expenses, and
(iv) all reasonable and documented out-of-pocket expenses incurred by such Common Stock Investor in connection with the Company’s acquisition of the Dynacast business previously owned by Melrose PLC and its affiliates, including legal
fees, costs and expenses. 
 “Common Stock Investor” means each of Izurium Dynacast Ltd, MIHI LLC, W Capital
Dynacast LLC, Laurel Crown Dynacast Holdings LLC, LLC, Tower Square Capital Partners III, L.P., Tower Square Capital Partners III-A, L.P., Tower Square Capital Partners III-B, L.P., Kenner Equity Management, LLC and Kenner Dynacast Partners L.P.
“Common Stock Investors” shall mean all of the foregoing collectively. 
 “Convertible
Securities” shall mean any evidences of indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Common Stock, but excluding Options. 

“Current Market Value” means, with respect to any security (including shares of Common Stock), the fair market value of
such security as determined as follows: 
 (i) if the security is traded on a securities exchange or the NASDAQ
Stock Market, the value shall be deemed to be the average of the closing prices of the security on such exchange or market over the five (5) trading day period ending three (3) days prior to the date of determination; 

(ii) if the security is actively traded over-the-counter, the value shall be deemed to be the average of the closing bid
prices over the five (5) trading day period ending three (3) days prior to the date of determination; or 
 (iii) if there is no active public market for the security, the value shall be the fair market value thereof, as determined in good faith by the board of directors of the Company (the “Board of
Directors”). 
 “Exercise Price” shall have the meaning set forth in Section 2(b) hereof.

 “Fundamental Transaction” shall have the meaning set forth in Section 3(e) hereof. 

“Initial Exercise Date” shall mean that date upon which a Substantial Liquidity Event (as defined in the Security
Holders Agreement) occurs if, as of such Substantial Liquidity Event, and after giving effect to the exercise of the Warrant, Net Cash Proceeds received by each Common Stock Investor and their permitted transferees as of such date represents both
(A) an IRR equal to at least twenty percent (20%) and (B) at least two times the Cash Outflows of such Common Stock Investor. 

  
 2 

 “IRR” means, on any determination date, the compounded annual internal rate
of return that, when used to caculate the net present value of all Cash Outflows and all Net Cash Proceeds as of the Issuance Date causes the net present value of such Cash Outflows plus the net present value of such Net Cash Proceeds to equal zero.

 “Issuance Date” means [•], 2011. 

“Management Consulting Agreement” shall mean that certain Management Consulting Agreement by and among Kenner Equity
Management, LLC, the other Consultants party thereto and the Company, dated [•], 2011. 
 “Net Cash
Proceeds” means, with respect to a Common Stock Investor, (i) any cash proceeds received by such Common Stock Investor from any sale or other disposition of, or dividend or other distribution on, any shares of Common Stock or other
capital stock of the Company, net of any attorneys’ fees, investment banking fees, placement agent fees, financial advisory fees, underwriting discounts and commissions and other customary fees, expenses and charges incurred by sellers of
securities in connection therewith (other than income taxes payable in respect thereof), (ii) any cash proceeds received by such Common Stock Investor in respect of payments of interest, principal or other payment with respect to any debt
financing provided by such by such Common Stock Investor to Company or any of its subsidiaries, net of any fees, expenses and charges incurred by or in connection therewith and (ii) any other cash proceeds received by such Common Stock Investor
in connection with the Company’s acquisition of the Dynacast business previously owned by Melrose PLC and its affiliates and the ongoing management and operation of the Dynacast business, including but not limited to, any amounts received by
such Common Stock Investor pursuant to the Management Consulting Agreement. 
 “Options” means rights, options
or warrants to subscribe for, purchase or otherwise acquire Common Stock or Convertible Securities. 
 “Permitted
Securities” shall mean (i) the Warrants issued pursuant to the Subscription Agreement, (ii) the shares of Common Stock issuable upon exercise of the Warrants issued pursuant to the Subscription Agreement, (iii) shares of
Common Stock and Convertible Securities and Options issued after the Reference Date pursuant to an employee option, stock purchase or similar plan that is either in effect as of the Reference Date or adopted by the Board of Directors after the date
hereof, (iv) shares of Common Stock and Convertible Securities and Options issued in consideration for the provision of bona fide services or debt financings (including capital leases, bank credit facilities, equipment financing transactions,
leasing lines of credit or other collaborative arrangements) to the Company by non-affiliates, (v) shares of Common Stock and Convertible Securities issued in connection with an acquisition of, or merger with, another company by the Company, at
a price per share not less than Current Market Value of the Common Stock, and (vi) shares of Common Stock issued in a bona fide public offering pursuant to a firm commitment underwriting. 

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

  
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 “Reference Date” means the date hereof. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Security Holders Agreement” means that certain Security Holders Agreement, dated as of [•], 2011, by and among the
Company, MIHI LLC, Izurium Dynacast Ltd, W Capital Dynacast LLC, Laurel Crown Dynacast Holdings LLC, Tower Square Capital Partners III, L.P., Tower Square Capital Partners III-A, L.P., Tower Square Capital Partners III-B, L.P., Kenner Equity
Management, LLC and Kenner Dynacast Partners L.P. as amended, restated, modified or supplemented from time to time. 

“Subscription Agreement” means that certain Subscription Agreement, dated as of [•], 2011, by and among the
Company, MIHI LLC, Izurium Dynacast Ltd, W Capital Dynacast LLC, Laurel Crown Dynacast Holdings LLC, Tower Square Capital Partners III, L.P., Tower Square Capital Partners III-A, L.P., Tower Square Capital Partners III-B, L.P., Kenner Equity
Management, LLC and Kenner Dynacast Partners L.P. as amended, restated, modified or supplemented from time to time. 

“Substantial Liquidity Event” has the meaning set forth in the Security Holders Agreement. 

Section 2. Exercise. 
 (a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before
the Expiration Date by delivery to the Company of a duly executed facsimile copy of the Notice of Exercise Form annexed hereto (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the
address of such Holder appearing on the books of the Company); and, within five business days of the date said Notice of Exercise is delivered to the Company, the Company shall have received payment of the aggregate Exercise Price of the shares
thereby purchased by wire transfer or cashier’s check drawn on a United States bank. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has
purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three business days of the date the final Notice of
Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares
purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. In the event of any
dispute or discrepancy, the records of the Company shall be controlling and determinative in the absence of manifest error, negligence or willful misconduct. The Holder, by acceptance of this Warrant, acknowledges and agrees that, by reason of the
provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

  
 4 

 In lieu of the payment of the aggregate Exercise Price in cash as provided in the previous
paragraph, the Holder may elect a cashless net exercise. In the case of such cashless net exercise, the Holder shall surrender this Warrant for cancellation and receive in exchange therefor the full number of duly authorized, validly issued, fully
paid and nonassessable shares of Common Stock as is computed using the following formula: 
 X = Y * (A – B)

         A 
 where: 
  

	 	X =	the number of shares of Common Stock to be issued to the Holder upon cashless exercise of this Warrant; 

 

	 	Y =	the total number of shares Common Stock covered by this Warrant which the Holder has surrendered at such time for cashless exercise (including both shares to be issued
to the Holder upon cashless exercise of this Warrant and shares to be cancelled as payment therefor); 

  

	 	A =	the Current Market Value of a share of Common Stock as of the business day on which the Holder surrenders this Warrant to the Company; and 

 

	 	B =	the Exercise Price then in effect under this Warrant at the time at which the Holder surrenders this Warrant to the Company. 

For purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Common Stock issued in a cashless
exercise transaction shall be deemed to have been acquired by the Holder, and the holding period for the Common Stock shall be deemed to have commenced, on the date this Warrant was originally issued. 

(b) Exercise Price. The exercise price per Warrant Share under this Warrant shall be $0.01 as adjusted from time to time pursuant
to Section 3 (the “Exercise Price”). 
 (c) Mechanics of Exercise. 

(i) Authorization of Warrant Shares. The Company covenants that all Warrant Shares which may be issued upon the
exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created
by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 
 (ii) Delivery of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the transfer agent of the Company, or by the Company in the event that the Company
shall not then have a transfer agent, to the Holder to the address specified by the Holder in the Notice of Exercise within five business days from the delivery to the Company of the Notice of Exercise Form, surrender of this Warrant (if required)
and payment of the aggregate Exercise Price as set forth above (“Warrant Share  

  
 5 

 
Delivery Date”). This Warrant shall be deemed to have been exercised on the date the Exercise Price is received by the Company. The Warrant Shares shall be deemed to have been issued,
and Holder or any other Person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised by payment to the Company of the Exercise Price (or
delivery of this Warrant to the Company upon any cashless net exercise of this Warrant) and all taxes required to be paid by the Holder, if any, pursuant to Section 2(c)(v) prior to the issuance of such shares, have been paid.

 (iii) Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the
Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to Holder a new Warrant evidencing the rights of Holder to
purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 
 (iv) Rescission Rights. If the Company fails to transmit, or fails to cause its transfer agent to transmit, as applicable, to the Holder a certificate or certificates representing the Warrant
Shares pursuant to Section 2(c)(ii) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 
 (v) Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the
issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that in the event certificates for Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder; and
the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. 
 (vi) Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 

Section 3. Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant
are subject to adjustment from time to time as set forth in this Section 3. 
 (a) Stock Dividends and
Splits. If the Company shall at any time or from time to time effect a stock split or other subdivision of the outstanding Common Stock, the Exercise Price then in effect immediately before that stock split or other subdivision shall be
proportionately decreased. If the Company shall at any time or from time to time consummate a reverse stock split or otherwise combine the outstanding shares of Common Stock, the Exercise Price then in effect immediately before the reverse stock
split or other combination shall be proportionately increased. Any adjustment under this clause shall become effective at the close 

  
 6 

 
of business on the date the stock split, reverse stock split or other subdivision or combination becomes effective. In the event the Company at any time or from time to time shall make, issue or
fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable in additional shares of Common Stock, then and in each such event the Exercise Price then in effect shall be decreased
as of the time of such issuance or, in the event such a record date shall have been fixed, as of the close of business on such record date, by multiplying the Exercise Price then in effect by a fraction: 

(i) the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to
the time of such issuance or the close of business on such record date, and 
 (ii) the denominator of which
shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend or
distribution; 
 provided, however, if such record date shall have been fixed and such dividend is not fully paid or if such
distribution is not fully made on the date fixed therefor, the Exercise Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Exercise Price shall be adjusted pursuant to this clause as of the time
of actual payment of such dividends or distributions. In the event the Company at any time or from time to time shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other
distribution payable in securities of the Company other than shares of Common Stock, then and in each such event provision shall be made so that the Holder shall receive upon exercise of this Warrant in addition to the number of shares of Common
Stock receivable thereupon, the amount of securities of the Company that it would have received had this Warrant been exercised into Common Stock on the date of such event and had they thereafter, during the period from the date of such event to and
including the exercise date, retained such securities receivable by them as aforesaid during such period, giving application to all adjustments called for during such period with respect to the rights of the Holder. If any event requiring an
adjustment under this paragraph occurs during the period that an Exercise Price is calculated hereunder, then the calculation of such Exercise Price shall be adjusted appropriately to reflect such event. 

(b) Adjustments to Exercise Price for Certain Dilutive Issuances. 

(i) Deemed Issue of Additional Shares of Common Stock. 

(A) Except for the issuance of Permitted Securities, if the Company at any time or from time to time after the Reference
Date shall issue any Options or Convertible Securities or shall fix a record date for the determination of holders of any class of securities entitled to receive any such Options or Convertible Securities, then the maximum number of shares of Common
Stock (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without regard to any provision contained therein for a subsequent adjustment of such
number) issuable 

  
 7 

 
upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be Additional
Shares of Common Stock issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date. 

(B) If the terms of any Option or Convertible Security, the issuance of which resulted in an adjustment to the Exercise
Price pursuant to the terms of clause (ii) below, are revised (either automatically pursuant to the provisions contained therein or as a result of an amendment to such terms) to provide for either (1) any increase or decrease in the number
of shares of Common Stock issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Company upon such exercise, conversion or exchange,
then, effective upon such increase or decrease becoming effective, the Exercise Price computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto) shall be readjusted to such
Exercise Price as would have obtained had such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no adjustment pursuant to this clause (B) shall have the
effect of increasing the Exercise Price to an amount which exceeds the lower of (i) the Exercise Price on the original adjustment date, or (ii) the Exercise Price that would have resulted from any issuances of Additional Shares of Common
Stock between the original adjustment date and such readjustment date. 
 (C) If the terms of any Option or
Convertible Security, the issuance of which did not result in an adjustment to the Exercise Price pursuant to the terms of clause (ii) below (either because the consideration per share of the Additional Shares of Common Stock subject thereto
was equal to or greater than the Exercise Price then in effect, or because such Option or Convertible Security was issued before the Reference Date), are revised after the Reference Date (either automatically pursuant to the provisions contained
therein or as a result of an amendment to such terms) to provide for either (1) any increase or decrease in the number of shares of Common Stock issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or
(2) any increase or decrease in the consideration payable to the Company upon such exercise, conversion or exchange, then such Option or Convertible Security, as so amended, and the Additional Shares of Common Stock subject thereto shall be
deemed to have been issued effective upon such increase or decrease becoming effective. 
 (D) Upon the
expiration or termination of any unexercised Option or unconverted or unexchanged Convertible Security which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Exercise Price pursuant to the terms of
clause (ii) below, the Exercise Price shall be readjusted to such Exercise Price as would have obtained had such Option or Convertible Security never been issued. 

  
 8 

 (ii) Adjustment of Exercise Price Upon Issuance of Additional Shares of
Common Stock. In the event the Company shall at any time after the Reference Date issue Additional Shares of Common Stock (including Additional Shares of Common Stock deemed to be issued pursuant to clause (i) above), without consideration
or for a consideration per share less than the Current Market Value of a share of Common Stock on the date the Company fixes the offering or issuance price of such issuance, then the Exercise Price shall be reduced, concurrently with such issue, to
a price (calculated to the nearest one-hundredth of a cent) determined in accordance with the following formula: 
 

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

  

	 	“EP2”	 shall mean the Exercise Price in effect immediately after such issue of Additional Shares of Common Stock; 

 

	 	“EP1”	 shall mean the Exercise Price in effect immediately prior to such issue of Additional Shares of Common Stock; 

 

	 	“A”	shall mean the number of shares of Common Stock outstanding and deemed outstanding immediately prior to such issue of Additional Shares of Common Stock (treating for
this purpose as outstanding all shares of Common Stock issuable upon exercise of Options outstanding immediately prior to such issue or upon conversion of Convertible Securities outstanding immediately prior to such issue); 

 

	 	“B”	shall mean the aggregate consideration, if any, received by the Company in respect of the applicable issuance of Additional Shares of Common Stock;

  

	 	“C”	shall mean the number of such Additional Shares of Common Stock issued in such transaction; and 

 

	 	“M”	shall means the Current Market Value per share of Common Stock on the date of issuance of such Additional Shares of Common Stock. 

  
 9 

 (c) Determination of Consideration. For purposes of this Section 3, the
consideration received by the Company for the issue of any Additional Shares of Common Stock shall be computed as follows: 
 (A) Cash and Property. Such consideration shall: 
  

	 	(1)	insofar as it consists of cash, be computed at the aggregate amount of cash received by the Company, excluding amounts paid or payable for accrued interest;

  

	 	(2)	insofar as it consists of securities and the value of such securities is not determinable by reference to a separate agreement, then the value shall be computed based
on the Current Market Value thereof; 

  

	 	(3)	insofar as it consists of property other than cash or securities, be computed at the fair market value thereof at the time of such issue, as determined in good faith by
the Board of Directors; and 

  

	 	(4)	in the event Additional Shares of Common Stock are issued together with other shares or securities or other assets of the Company for consideration which covers both,
be the proportion of such consideration so received, computed as provided in clauses (1), (2) and (3) above, as determined in good faith by the Board of Directors. 

(B) Options and Convertible Securities. The consideration per share received by the Company for Additional Shares
of Common Stock deemed to have been issued pursuant to this Section 3, relating to Options and Convertible Securities, shall be determined by dividing: 
  

	 	(1)	the total amount, if any, received or receivable by the Company as consideration for the issue of such Options or Convertible Securities, plus the minimum aggregate
amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to the Company upon the exercise of such Options or
the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities, by

  

	 	(2)	the maximum number of shares of Common Stock (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent
adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities. 

 (d) Multiple Closing Dates. In the event the Company shall issue on more than one date Additional Shares of Common Stock that are a part of one transaction or a series of related transactions and
that would result in an adjustment to the Exercise Price pursuant to the terms of this Section 3 then, upon the final such issuance, the Exercise Price shall be readjusted to give effect to all such issuances as if they occurred on the
date of the first such issuance (and without giving effect to any adjustments as a result of any subsequent issuances within such period). 

  
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 (e) Fundamental Transactions. If, at any time while this Warrant is outstanding,
(A) the Company effects any merger or consolidation of the Company with or into another Person, (B) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (C) any tender
offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or (D) the Company effects any
reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (in any such case, a “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant prior to the expiration of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior
to the occurrence of such Fundamental Transaction, at the option of the Holder, (a) upon exercise of this Warrant, the number of shares of common stock of the successor or acquiring corporation or of the Company, if it is the surviving
corporation, and any additional consideration (the “Alternate Consideration”) receivable upon or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a Holder of the number of
shares of Common Stock for which this Warrant is exercisable immediately prior to such event or (b) if the Company is acquired in an all cash transaction, cash equal to the product of (x) the aggregate number of Warrant Shares issuable to
the Holder upon the exercise of this Warrant in full, times (y) the amount of cash per share of Common Stock payable to the holders of Common Stock in connection with such Fundamental Transaction. For purposes of any such exercise, the
determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the
Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. At least 5 days prior to the consummation of any
Fundamental Transaction, the Company shall deliver written notice to the Holder of such Fundamental Transaction. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then
the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction; provided, that, the Holder shall make such choice prior to the closing of such
Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing
provisions and evidencing the Holder’s right to exercise such warrant into Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is affected shall include terms requiring any such successor or surviving
entity to comply with the provisions of this Section 3(e) and insuring that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction. 

(f) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a
share, as the case may be. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company, and the disposition of any such shares shall be considered an issue or sale of
Common Stock. 

  
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 (g) Number of Warrant Shares. Simultaneously with any adjustment to the Exercise
Price pursuant to this Section 3, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable
hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment. 
 (h) Voluntary Adjustment By Company. The Company may at any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate
by the Board of Directors. 
 (i) Notice to Holder. 

(A) Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this
Section 3, the Company shall promptly mail to each Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. 

(B) Effect of Failure to Give Notice. The failure of the Company to give any notice required under this section or
any inaccuracy or other defect therein shall not affect the determination of the Exercise Price that shall be in effect as provided herein. 
 Section 4. Transfer of Warrant. 
 (a) Transferability.
Subject to compliance with any applicable securities laws and the terms and conditions of Section 4(d) hereof, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or
in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and
in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. A Warrant, if
properly assigned, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 

(b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which
may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. 

  
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 (c) Warrant Register. The Company shall register this Warrant, upon records to be
maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for
the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 (d) Transfer Restrictions. This Warrant and the Warrant Shares issuable upon exercise of this Warrant shall be subject to the transfer restrictions set forth in the Security Holders Agreement.
Accordingly, this Warrant and the Warrant Shares issuable upon exercise of this Warrant shall be deemed “Shares” for the purposes of the Security Holders Agreement and shall be subject to the provisions of that Security Holders Agreement
as though this Warrant and the Warrant Shares issuable upon exercise of this Warrant were “Shares” thereunder. 

Section 5. Miscellaneous. 
 (a) No Rights as Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights or other rights as a shareholder of the Company prior to the exercise hereof. 

(b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it
(which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like
tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 
 (c) Saturdays, Sundays, Holidays,
etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a business day, then such action may be taken or such right may be exercised on the next succeeding business
day. 
 (d) Authorized Shares. 
 (i) The Company covenants that during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the
Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates
to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued
as provided herein without violation of any applicable law or regulation, or of any requirements of any stock exchange or Trading Market upon which the Common Stock may be listed. 

  
 13 

 (ii) Except and to the extent as waived or consented to by the Holder, the
Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or
appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (b) 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 this Warrant and (c) use commercially reasonable 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 Warrant. 
 (iii) Before taking any action which would result in an adjustment in the
number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies
having jurisdiction thereof. 
 (e) Jurisdiction. All questions concerning the construction, validity, enforcement and
interpretation of this Warrant shall be determined in accordance with the provisions of the Subscription Agreement. 
 (f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws. 

(g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding the fact that all rights hereunder terminate on the Expiration Date. 

(h) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company
shall be delivered in accordance with the notice provisions of the Subscription Agreement. 
 (i) Limitation of
Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder
for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 

  
 14 

 (j) Remedies. Holder, in addition to being entitled to exercise all rights granted by
law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the
provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 
 (k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors of
the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be enforceable by any such Holder or holder of Warrant
Shares. 
 (l) Amendment. Any term of this Warrant may be amended, modified or waived only upon written consent of the
Holder and the Company. 
 (m) Severability. Wherever possible, each provision of this Warrant shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provisions or the remaining provisions of this Warrant. 
 (n) Headings. The headings
used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 

* * * * * 

  
 15 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized. 
 Dated: [•], 2011 

 

			
	KDI HOLDINGS INC.
		
	By:	 	 
	Name:	 	Thomas M. Wolf
	Title:	 	Vice-President

  
 [Signature
Page to the Warrant] 

 NOTICE OF EXERCISE 
 To: KDI HOLDINGS INC. 
 (1) The undersigned hereby elects to purchase
________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 

(2) Payment shall take the form of (check applicable box): 

 

	 	 ̈	in lawful money of the United States; or 

  

	 	 ̈	exercise of the cashless net exercise option in accordance with the formula set forth in Section 2(a) pursuant to the cashless net exercise procedure set forth in
Section 2(a). 

 (3) Please issue a certificate or certificates representing said Warrant Shares in the name
of the undersigned or in such other name as is specified below: 
  

 
 The Warrant Shares shall be
delivered by physical delivery of a certificate to: 
  

 
  

 
  

 
 (4) The
undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended. 

[SIGNATURE OF HOLDER] 
  

			
	 Name of Investing Entity:
	 	 

			
	Signature of Authorized Signatory of Investing Entity:	  	 

			
	Name of Authorized Signatory:	  	 

			
	Title of Authorized Signatory:	  	 

			
	Date:	  	 

 ASSIGNMENT FORM 

(To assign the foregoing warrant, execute 
 this form and supply required information. 
 Do not use this form to exercise the
warrant.) 
 FOR VALUE RECEIVED, [            ] all of or
[                ] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to 
 _______________________________________________ whose address is 

_______________________________________________________________. 
 _______________________________________________________________ 
 Dated:
______________, _______                 
  

			
	Holder’s Signature:	 	 
		
	Holder’s Address:	 	 
		
		 	 

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

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