Document:

EX-4.8

 Exhibit 4.8 

REGISTRATION RIGHTS AGREEMENT 

(5.875% Senior Notes due 2022) 

This REGISTRATION RIGHTS AGREEMENT dated September 16, 2016 (this “Agreement”) is entered into by and among Range
Resources Corporation, a Delaware corporation (the “Company”), the entities listed in Schedule 1 hereto (the “Initial Guarantors”), and Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global
Markets Inc. and J.P. Morgan Securities LLC (the “Dealer Managers”) and relates to the New Range 5.875% 2022 Notes (as defined below). 

The Company, the Initial Guarantors and the Dealer Managers are parties to the Dealer Manager and Solicitation Agent Agreement dated
August 3, 2016 (the “Dealer Manager Agreement”), relating to (i) among other offers, the offer by the Company to either (A) exchange any and all of the outstanding 5.875% Senior Notes due 2022 (the “Existing
Memorial Notes”) issued by Memorial Resource Development Corp., a Delaware corporation, for the Company’s new 5.875% Senior Notes due 2022 (the “New Range 5.875% 2022 Notes” or the “Securities”) and
cash or (B) purchase for cash any and all of the Existing Memorial Notes, and (ii) among other solicitations, the related solicitation by the Company of consents to certain proposed amendments to the Existing Memorial Indenture (as defined
in the Company’s Offering Memorandum and Consent Solicitation Statement, dated August 3, 2016). The Securities will be guaranteed on an unsecured senior basis by each of the Guarantors. The Company and the Guarantors have agreed to provide
to the Holders (as defined below) and their direct and indirect transferees the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the Dealer Manager Agreement. 

In consideration of the foregoing, the parties hereto agree as follows: 

1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 

“Additional Guarantor” shall mean any subsidiary of the Company that guarantees the Securities under the Indenture after the
date of this Agreement. 
 “Additional Interest” shall have the meaning set forth in Section 2(f) hereof. 

“Affiliate” shall have the meaning specified in Rule 405 under the Securities Act and the terms “controlling” and
“controlled” shall have meanings correlative thereto. 
 “Anticipated Freely Tradable Date” shall mean the fifth
Business Day following September 16, 2017. 
 “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 hereof and shall also include the Company’s successors. 
 “Dealer
Managers” shall have the meaning set forth in the preamble hereof. 
 “Dealer Manager Agreement” shall have the
meaning set forth in the preamble hereof. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from
time to time. 
 “Exchange Offer” shall mean the exchange offer by the Company and the Guarantors of Exchange Securities
for Registrable Securities pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration” shall mean a registration
under the Securities Act effected pursuant to Section 2(a) hereof. 

 “Exchange Offer Registration Statement” shall mean an exchange offer
registration statement on Form S-4 (or, if applicable, on another appropriate form) and all amendments and supplements to such registration statement, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits
thereto and any document incorporated by reference therein. 
 “Exchange Securities” shall mean senior notes issued by the
Company and guaranteed by the Guarantors under the Indenture containing terms identical to the Securities (except that the Exchange Securities will not be subject to restrictions on transfer in the United States 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 Company or used or referred to by the Company in connection with the sale of the Securities or the Exchange Securities. 

“Freely Tradable” shall mean, with respect to any Security at any time of determination, that such Security at such time of
determination (i) may be freely transferred, without volume restrictions, by a holder thereof that is not an Affiliate of the Company in accordance with Rule 144 (or any similar provision then in force) under the Securities Act or otherwise,
(ii) does not bear any legends regarding restrictions on transfer of such Security under the Securities Act and (iii) does not bear a restricted CUSIP number. 

“Guarantors” shall mean the Initial Guarantors, any Additional Guarantors and any Guarantor’s successor that guarantees
the Securities. 
 “Holders” shall mean the holders from time to time of the Registrable Securities under the Indenture,
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 5 hereof, the term “Holders”
shall include Participating Broker-Dealers. 
 “Indemnified Person” shall have the meaning set forth in Section 5(c)
hereof. 
 “Indemnifying Person” shall have the meaning set forth in Section 5(c) hereof. 

“Indenture” shall mean the Indenture relating to the Securities dated as of September 16, 2016 among the Company, the
Guarantors and U.S. Bank National Association, as trustee, as may be amended from time to time in accordance with the terms thereof. 

“Inspector” shall have the meaning set forth in Section 3(a)(xiv) hereof. 

“Issuer Information” shall have the meaning set forth in Section 5(a) hereof. 

“Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of the outstanding Registrable
Securities; provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, any Registrable Securities owned directly or indirectly by the Company or any of its Affiliates
shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage or amount; and provided, further, that if the Company shall issue any additional Securities under the Indenture
prior to consummation of the Exchange Offer or, if applicable, the effectiveness of any Shelf Registration Statement, such additional Securities and the Registrable Securities to which this Agreement relates shall be treated together as one class
for purposes of determining whether the consent or approval of Holders of a specified percentage of Registrable Securities has been obtained. 

“Notice and Questionnaire” shall mean a notice of registration statement and selling security holder questionnaire
distributed to a Holder by the Company in connection with a Shelf Registration. 

  
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 “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(d) 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. 

“Registrable Securities” shall mean the Securities; provided that any 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 not Freely Tradable or that are ineligible to be exchanged in the Exchange Offer, when the Exchange Offer is consummated or (iv) when such
Securities become Freely Tradable. 
 “Registration Default” shall have the meaning set forth in Section 2(f). 

“Registration Expenses” shall mean any and all expenses incident to performance of or compliance by the Company and the
Guarantors with this Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with state securities or blue sky laws
(including reasonable fees and disbursements of counsel for any Underwriters or Holders in connection with blue sky qualification of any Exchange Securities or Registrable Securities), (iii) all expenses of any Persons in preparing or assisting
in preparing, word processing, printing and distributing any Registration Statement, any Prospectus, any Free Writing Prospectus and any amendments or supplements thereto, any underwriting agreements, securities sales agreements or other similar
agreements and any other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating to the qualification of the Indenture under applicable securities
laws, (vi) the fees and disbursements of the Trustee and its counsel, (vii) the fees and disbursements of counsel for the Company and the Guarantors and, in the case of a Shelf Registration Statement, the fees and disbursements of one
counsel for the 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 Dealer Managers) and (viii) the fees and disbursements of the independent registered public accountants and independent petroleum engineers of the Company and the Guarantors, including the expenses of any special audits,
“comfort” letters or letters concerning oil and gas reserve estimates, as applicable, required by or incident to the performance of and compliance with this Agreement, but excluding fees and expenses of counsel to the Underwriters (other
than fees and expenses set forth in clause (ii) above) or the Holders and underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder. 

“Registration Statement” shall mean any registration statement filed under the Securities Act of the Company and the
Guarantors that covers any of the Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such registration statement, including post-effective amendments, in each case
including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. 

“SEC” shall mean the United States Securities and Exchange Commission. 

“Securities” shall have the meaning set forth in the preamble. 

  
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 “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(d) hereof. 

“Shelf Registration” shall mean a registration effected pursuant to Section 2(d) hereof. 

“Shelf Registration Statement” shall mean a “shelf” registration statement of the Company and the Guarantors that
covers all or a portion of the Registrable Securities (but no other securities unless approved by a majority in aggregate principal amount of the Registrable 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. 
 “Staff” shall mean the staff of the
SEC. 
 “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, if on the Anticipated Freely Tradable Date any of the Securities are Registrable Securities, the Company and the Guarantors shall use their commercially reasonable efforts to file with the SEC and cause to become
effective, an Exchange Offer Registration Statement covering an offer to the Holders to exchange all the Registrable Securities for Exchange Securities; provided, however, that the Company and the Guarantors shall not be required to
consummate the related Exchange Offer if at any time prior to the consummation of the Exchange Offer such Securities cease to be Registrable Securities as a result of becoming Freely Tradable. 

(b) The Company and the Guarantors shall commence the Exchange Offer promptly after the Exchange Offer Registration Statement is declared
effective by the SEC and use their commercially reasonable efforts to complete the Exchange Offer not later than 45 days after such effective date. 

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

(i) that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities validly tendered and
not properly withdrawn will be accepted for exchange; 
 (ii) the dates of acceptance for exchange (which shall be a period
of at least 20 Business Days from the date such notice is mailed or made available) (the “Exchange Dates”); 

(iii) that any Registrable Security not tendered will remain outstanding and continue to accrue interest but will not retain
any rights under this Agreement, except as otherwise specified herein; 
 (iv) that any Holder electing to have a Registrable
Security exchanged pursuant to the Exchange Offer will be required to (A) surrender such Registrable Security, together with the appropriate letters of transmittal, to the institution and at the address and in the manner specified in the
notice, or (B) effect such exchange otherwise in compliance with the applicable procedures of the depositary for such Registrable Security, in each case prior to the close of business on the last Exchange Date; and 

  
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 (v) that any Holder will be entitled to withdraw its election, not later than the
close of business on the last Exchange Date, by (A) sending to the institution and at the address specified in the notice, a telegram, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Registrable
Securities delivered for exchange and a statement that such Holder is withdrawing its election to have such Securities exchanged or (B) effecting such withdrawal in compliance with the applicable procedures of the depositary for the Registrable
Securities. 
 As a condition to participating in the Exchange Offer, a Holder will be required to represent to the Company and the
Guarantors that (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 of the Company 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 last Exchange Date, the Company and the Guarantors shall: 
 (I) accept for exchange Registrable
Securities or portions thereof validly tendered and not properly withdrawn in accordance with the terms of the Exchange Offer; and 

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

 The Company and the Guarantors shall use their commercially reasonable efforts to complete the Exchange Offer as provided above and shall
comply with the applicable requirements of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than that the Exchange
Offer does not violate any applicable law or applicable interpretations of the Staff. 
 (d) In the event that (i) the Company and the
Guarantors determine that the Exchange Offer Registration provided for in Section 2(a) hereof is not available or the Exchange Offer may not be completed as soon as practicable after the last Exchange Date because it would violate any
applicable law or applicable interpretations of the Staff or (ii) the Exchange Offer is not for any other reason completed by the 45th day after the date on which the Exchange Offer
Registration Statement becomes effective, the Company and the Guarantors shall use their commercially reasonable efforts to cause to be filed as soon as practicable after such determination or such
45th day, 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; 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, 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. 

The Company and the Guarantors agree to use their commercially reasonable efforts to keep the Shelf Registration Statement continuously
effective until the Securities cease to be Registrable Securities (the “Shelf Effectiveness Period”). The Company and the Guarantors further agree to supplement or amend the Shelf Registration Statement, the related Prospectus and
any Free Writing Prospectus if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder
or if reasonably requested by a Participating Holder of Registrable Securities with respect to information relating to such Holder, and to use their commercially reasonable 

  
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efforts to cause any such amendment to become effective, if required, and such Shelf Registration Statement, Prospectus or Free Writing Prospectus, as the case may be, to become usable as soon as
thereafter practicable. The Company and the Guarantors agree to furnish to the Participating Holders copies of any such supplement or amendment promptly after its being used or filed with the SEC. 

(e) The Company and the Guarantors shall pay all Registration Expenses in connection with any registration pursuant to Section 2(a) or
Section 2(d) 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. 
 (f) 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(d) hereof will not be deemed to have become effective unless it has been declared effective by the SEC or is automatically
effective upon filing with the SEC as provided by Rule 462 under the Securities Act. 
 In the event that (i) an Exchange Offer
Registration Statement is required pursuant to Section 2(a) and (x) such Exchange Offer Registration Statement does not become effective on or prior to the Anticipated Freely Tradable Date or (y) the Exchange Offer is not completed
within 45 days after the date on which the Exchange Offer Registration Statement becomes effective, or (ii) a Shelf Registration Statement is required in accordance with Section 2(d) and such Shelf Registration Statement (x) does not
become effective on or prior to the 90th day following the date of the determination or the 45th day, as the case may be, referred to in Section 2(d) or (y) becomes effective but ceases
to remain effective or otherwise available for use at any time during the Shelf Registration Period, and such failure to remain effective or otherwise available for use exists for more than 60 days (whether or not consecutive) in any 12-month period
prior to time the Securities cease to be Registrable Securities (any event referred to in the foregoing clauses (i) or (ii) a “Registration Default”), then, in each case, the annual interest rate on the
Registrable Securities will be increased by 0.25% per annum for the first 90-day period beginning on the day immediately following such Registration Default and (ii) an additional 0.25% per annum with respect to each subsequent 90-day
period, up to a maximum of 0.50% per annum, in each case until the earlier of the date such Registration Default ends or the Securities otherwise cease to be Registrable Securities. Any amounts payable under this paragraph shall also be deemed
“Additional Interest” for purposes of this Agreement. All Additional Interest will be paid by the Company to the Holder of the Registrable Securities with respect to which Additional Interest is due and owing on the next scheduled
interest payment date in the same manner as interest is paid on the Securities. A Registration Default ends (1) in the case of a Registration Default under clause (i)(x), when the Exchange Offer Registration Statement becomes effective,
(2) in the case of a Registration Default under clause (i)(y), when the Exchange Offer is completed, (3) in the case of a Registration Default under clause (ii)(x), when the Shelf Registration Statement becomes effective, or (4) in
the case of a Registration Default under clause (ii)(y), when the Shelf Registration Statement again becomes effective or otherwise available for use. 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. 
 The Company shall notify the Trustee of a Registration Default within
five Business Days after each and every date on which a Registration Default occurs. 
 (g) Without limiting the remedies available to the
Dealer Managers and the Holders, the Company and the Guarantors acknowledge that any failure by the Company or the Guarantors to comply with their obligations under Section 2(a) and Section 2(d) hereof may result in material irreparable
injury to the Dealer Managers 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 Dealer Managers or any Holder may
obtain such relief as may be required to specifically enforce the Company’s and the Guarantors’ obligations under Section 2(a) and Section 2(d) hereof. The provisions for liquidated damages set forth in Section 2(f) above
shall be the only monetary remedy available to Holders under this Agreement. 

  
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 3. Registration Procedures. (a) In connection with their obligations pursuant to
Section 2(a) and Section 2(d) hereof, the Company and the Guarantors shall as expeditiously as possible: 
 (i)
prepare and file with the SEC a Registration Statement on the appropriate form under the Securities Act, which form (A) shall be selected by the Company 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 and oil and gas reserve information
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 Company or the Guarantors with the SEC in accordance with the Securities Act and to retain any Free Writing Prospectus not required to be filed; 

(iv) in the case of a Shelf Registration, furnish to each Participating Holder, to counsel for such Participating Holders, to
each Underwriter of an Underwritten Offering of Registrable Securities and to counsel for such Underwriters, if any, without charge, as many copies of each Prospectus, including each 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) below, the
Company and the Guarantors consent to the use of such Prospectus, preliminary prospectus or such Free Writing Prospectus and any amendment or supplement thereto in accordance with applicable law by each of the 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; 
 (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 covered by a Registration Statement shall reasonably request in writing by the time the applicable Registration Statement becomes
effective; cooperate with such Participating Holders covered by a Registration Statement 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 covered by a Registration Statement to complete the disposition in each such jurisdiction of the Registrable Securities owned by such Participating Holder covered by a Registration Statement; provided that neither
the Company nor any Guarantor shall be required to (1) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (2) file any general
consent to service of process in any such jurisdiction or (3) subject itself to taxation in any such jurisdiction if it is not so subject; 

(vi) notify counsel for the Dealer Managers and, in the case of a Shelf Registration, notify each Participating Holder and
counsel for such Participating Holders promptly and, if requested in writing 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 Company of any notice of objection of the SEC to the use of a Shelf
Registration Statement or any post-effective 

  
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amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, (4) if, between the applicable effective date of a Shelf Registration Statement and the closing of any sale of
Registrable Securities covered thereby, the representations and warranties of the Company or any Guarantor contained in any underwriting agreement, securities sales agreement or other similar agreement, if any, relating to an offering of such
Registrable Securities cease to be true and correct in all material respects or if the Company or any Guarantor receives any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction
or the initiation of any proceeding for such purpose, (5) of the happening of any event known to the Company 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 the Company or any Guarantor that a post-effective amendment to a Registration Statement or any amendment or supplement to the Prospectus or any Free Writing Prospectus would be appropriate; 

(vii) use their 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 practicable 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 or make available 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); 

(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 Shelf Registration Statement or the related Prospectus or any Free Writing Prospectus or any document incorporated therein by
reference or file any other required document so that, as thereafter delivered (or, to the extent permitted by law, made available) to purchasers of the Registrable Securities, such Prospectus or Free Writing Prospectus, as the case may be, will not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and the Company and the Guarantors shall notify
the Participating Holders (in the case of a Shelf Registration Statement) 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 and such Participating Broker-Dealers, as applicable, hereby agree to suspend use of the Prospectus or any Free Writing Prospectus, as the
case may be, until the Company and the Guarantors have amended or supplemented the Prospectus or the Free Writing Prospectus, as the case may be, to correct such misstatement or omission; 

(xi) a reasonable time prior to the filing of any Registration Statement, any Prospectus, any Free Writing Prospectus, any
amendment to a Registration Statement or amendment or supplement to a Prospectus or a Free Writing Prospectus or of any document that is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus after
initial filing of a Registration Statement, provide copies of such document to the Dealer Managers 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 Company and the Guarantors as shall be reasonably requested by the Dealer Managers or 

  
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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 Company and the Guarantors shall
not, at any time after initial filing of a Registration Statement, use or file any Prospectus, any Free Writing Prospectus, any amendment of or supplement to a Registration Statement or a Prospectus or a Free Writing Prospectus, or any document that
is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus, of which the Dealer Managers 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 Dealer Managers or their counsel (and, in the case of a Shelf Registration Statement, the Participating Holders or their counsel) shall reasonably 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; 
 (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 outstanding Registrable Securities held by the Participating Holders to be included in such Shelf Registration and any attorneys and accountants designated by such
Underwriter, at reasonable times and in a reasonable manner, all pertinent financial and other records, documents and properties of the Company and its subsidiaries, and cause the respective officers, directors and employees of the Company and the
Guarantors to supply all information reasonably requested by any such Inspector, Underwriter, attorney or accountant in connection with a Shelf Registration Statement; provided that if any such information is identified by the Company or any
Guarantor as being confidential or proprietary, each Person receiving such information shall take such actions as are reasonably necessary to protect the confidentiality of such information to the extent such action is otherwise not inconsistent
with, an impairment of or in derogation of the rights and interests of any Inspector, Holder or Underwriter); 
 (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 the Company or
any Guarantor are then listed if requested by the Majority Holders, to the extent such Registrable Securities satisfy applicable listing requirements; 

(xvi) if reasonably requested by any 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
Company has received notification of the matters to be so included in such filing; 
 (xvii) in the case of a Shelf
Registration, enter into such customary agreements and take all such other commercially reasonable actions in connection therewith (including those requested by the Participating 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 the Company and its subsidiaries and the Registration Statement, Prospectus, any Free
Writing Prospectus and documents incorporated by reference or deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same if
and when requested, (2) obtain opinions of 

  
 -9- 

 
counsel to the Company 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) addressed to each Participating Holder and Underwriter 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 Company and the Guarantors (and, if necessary, any other registered public accountant of any subsidiary of the Company or any Guarantor, or of any business acquired by the Company or any Guarantor for
which financial statements and financial data are or are required to be included in the Registration Statement) addressed to each 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 Company and the Guarantors made pursuant to clause (1) above and to evidence compliance
with any customary conditions contained in an underwriting agreement; and 
 (b) In the case of a Shelf Registration Statement, the Company
may require each Participating Holder to furnish to the Company a Notice and Questionnaire and such other information regarding such Holder and the proposed disposition by such Holder of such Registrable Securities as the Company and the Guarantors
may from time to time reasonably request in writing. 
 (c) Each Participating Holder agrees that, upon receipt of any notice from the
Company and the Guarantors of the happening of any event of the kind described in Section 3(a)(vi)(3) or 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 Company and
the Guarantors, such Participating Holder will deliver to the Company 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 Company and the
Guarantors shall give any notice to suspend the disposition of Registrable Securities pursuant to a Registration Statement, the Company and the Guarantors shall extend the period during which such Registration Statement shall be maintained effective
pursuant to this Agreement by the number of days during the period from and including the date of the giving of such notice to and including the date when the Holders of such Registrable Securities shall have received copies of the supplemented or
amended Prospectus or any Free Writing Prospectus necessary to resume such dispositions. The Company and the Guarantors may give any such notice only twice during any 365-day period and any such suspensions shall not exceed 30 days for each
suspension and there shall not be more than two suspensions in effect during any 365-day period. 
 (e) The 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 Underwriter must be reasonably satisfactory to the Company; and provided,
further, that Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC shall be deemed to 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. 

  
 -10- 

 The Company and the Guarantors understand that it is the Staff’s position that if the
Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the
Participating Broker-Dealers or specifying the amount of Exchange Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers (or, to the extent permitted by law, made available to purchasers) to satisfy their
prospectus delivery obligation under the Securities Act in connection with resales of Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 

(b) In light of the above, and notwithstanding the other provisions of this Agreement, the Company and the Guarantors agree to amend or
supplement the Prospectus contained in the Exchange Offer Registration Statement for a period of up to 180 days after the last Exchange Date (as such period may be extended pursuant to Section 3(d) hereof), if requested by one or more
Participating Broker-Dealers, in order to expedite or facilitate the disposition of any Exchange Securities by Participating Broker-Dealers consistent with the positions of the Staff recited in Section 4(a) above. 

The Company and the Guarantors further agree that Participating Broker-Dealers shall be authorized to deliver such Prospectus (or, to the
extent permitted by law, make available) during such period in connection with the resales contemplated by this Section 4. 
 (c) The
Dealer Managers shall have no liability to the Company, any Guarantor or any Holder with respect to any request that they may make pursuant to Section 4(b) hereof. 

5. Indemnification and Contribution. (a) The Company and each Guarantor, jointly and severally, agree to indemnify and hold
harmless each Dealer Manager and each Holder, their respective Affiliates, directors and officers and each Person, if any, who controls any Dealer Manager 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 Holder furnished to the Company in writing by such Holder expressly for use therein. In connection with any Underwritten
Offering permitted by Section 3, the Company and the Guarantors, jointly and severally, will also indemnify the Underwriters, if any, selling brokers, dealers and similar securities industry professionals participating in the distribution,
their respective Affiliates and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders, if requested in connection
with any Registration Statement, any Prospectus, any Free Writing Prospectus or any Issuer Information. 
 (b) Each Holder agrees, severally
and not jointly, to indemnify and hold harmless the Company, the Guarantors, the Dealer Managers and the other selling Holders, the directors of the Company and the Guarantors, each officer of the Company and the Guarantors who signed the
Registration Statement and each Person, if any, who controls the Company, the Guarantors, any Dealer Manager and any other selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same
extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with any information relating to such Holder furnished to the Company in writing by such Holder expressly for use in any Registration Statement, any Prospectus and any Free Writing Prospectus. 

  
 -11- 

 (c) If any suit, action, proceeding (including any governmental or regulatory investigation),
claim or demand shall be brought or asserted against any Person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified Person”) shall promptly notify
the Person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under
paragraph (a) or (b) 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) or (b) 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 5 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding,
any Indemnified Person shall 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 Dealer Manager, its affiliates, directors and officers and any control Persons of such Dealer Manager shall be designated in writing by the Dealer Managers, (y) for any
Holder, its directors and officers and any control Persons of such Holder shall be designated in writing by the Majority Holders and (z) in all other cases shall be designated in writing by the Company. The Indemnifying Person shall not be
liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and
against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and
expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by
the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement. No Indemnifying Person shall, without the written
consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified
Person, unless such settlement (A) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such
proceeding and (B) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 

(d) If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in
respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such
Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantors from the offering of the Securities and the
Exchange Securities, on the one hand, and by the Holders from receiving Securities or Exchange Securities, on the other hand, or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company and the Guarantors on the one hand and the Holders on the other in connection with the statements or omissions that
resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the Company and the Guarantors on the one hand and the Holders on the other shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company and the Guarantors or by the Holders and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
  

  
 -12- 

 (e) The Company, the Guarantors and the Holders agree that it would not be just and equitable if
contribution pursuant to this Section 5 were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable
considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this Section 5, in no event shall a Holder be required to contribute any
amount in excess of the amount by which the total price at which the Securities or Exchange Securities sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 5 are several and not joint. 
 (f)
The remedies provided for in this Section 5 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity. 

(g) The indemnity and contribution provisions contained in this Section 5 shall remain operative and in full force and effect regardless
of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Holder or any Person controlling any Holder, or by or on behalf of the Company or the Guarantors or the officers or directors of or any Person
controlling the Company or the Guarantors, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities pursuant to a Shelf Registration Statement. 

6. General. 
 (a)
No Inconsistent Agreements. The Company and the Guarantors represent, warrant and agree that (i) the rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders
of any other outstanding securities issued or guaranteed by the Company or any Guarantor under any other agreement and (ii) neither the Company nor any Guarantor has entered into, or on or after the date of this Agreement will enter into, any
agreement that is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof.

(b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company and the Guarantors have obtained the written consent of Holders of at least a majority in aggregate principal amount of
the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent; provided that no amendment, modification, supplement, waiver or consent to any departure from the provisions of Section 5
hereof shall be effective as against any Holder of Registrable Securities unless consented to in writing by such Holder. Any amendments, modifications, supplements, waivers or consents pursuant to this Section 6(b) shall be by a writing
executed by each of the parties hereto.
 (c) Notices. All notices and other communications provided for or permitted
hereunder shall be made in writing by hand-delivery, registered first-class mail, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Company by means of a
notice given in accordance with the provisions of this Section 6(c), which address initially is, with respect to the Dealer Managers, the address set forth in the Dealer Manager Agreement; (ii) if to the Company and the Guarantors,
initially at the Company’s address set forth in the Dealer Manager Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c); and (iii) to such other persons at
their respective addresses as provided in the Dealer Manager Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c). All such notices and communications shall be deemed to
have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when 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.
 

  
 -13- 

 (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 Dealer Manager 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 Dealer Managers (in their capacity as Dealer Managers) shall have no liability or obligation to the Company or the Guarantors
with respect to any failure by a Holder to comply with, or any breach by any Holder of, any of the obligations of such Holder under this Agreement.

(e) Third Party Beneficiaries. Each Holder shall be a third party beneficiary to the agreements made hereunder between the
Company and the Guarantors, on the one hand, and the Dealer Managers, 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 Company, the Guarantors and the Dealer
Managers 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. 

  
 -14- 

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

  

			
	RANGE RESOURCES CORPORATION
		
	By	 	 /s/ Mark S. Scucchi

		 	Name: Mark S. Scucchi
		 	Title: Vice President - Finance & Treasurer
	
	RANGE ENERGY SERVICES COMPANY, LLC
	ENERGY ASSETS OPERATING COMPANY, LLC
	RANGE RESOURCES—PINE MOUNTAIN, INC.
	RANGE RESOURCES—MIDCONTINENT, LLC
	RANGE PRODUCTION COMPANY, LLC
	RANGE RESOURCES—APPALACHIA, LLC
	RANGE RESOURCES – LOUISIANA, INC.1
	MRD OPERATING LLC2
	LINCOLN MINERALS LLC
		
	By	 	 /s/ David S. Goldberg

		 	Name: David S. Goldberg
		 	Title: Vice President - Legal, Deputy General Counsel and Assistant Secretary

  

	1 	Range Resources – Louisiana, Inc. was formerly known as Memorial Resource Development Corp. 

	2 	On or about the date hereof MRD Operating LLC will change its company name to Range Louisiana Operating, LLC. 

  
 [Signature Page
to Registration Rights Agreement – New Range 5.875% 2022 Notes]  

 Confirmed and accepted as of the date first above written: 

 

			
	MERRILL LYNCH, PIERCE, FENNER & SMITH
	INCORPORATED
	CITIGROUP GLOBAL MARKETS INC.
	 J.P. MORGAN SECURITIES LLC
 as
Dealer Managers

	
	MERRILL LYNCH, PIERCE, FENNER & SMITH
	INCORPORATED
		
	By	 	 /s/ Jessica Ogbonnaya

		 	Name: Jessica Ogbonnaya
		 	Title: Director
	
	CITIGROUP GLOBAL MARKETS INC.
		
	By	 	 /s/ Jessica Ogbonnaya

		 	Name: Jessica Ogbonnaya
		 	Title: Vice President
	
	J.P. MORGAN SECURITIES LLC
		
	By	 	 /s/ Mimi Tao

		 	Name: Mimi Tao
		 	Title: Vice President

 [Signature Page to Registration Rights Agreement – New Range 5.875% 2022 Notes]  

  

 Schedule 1 

Initial Guarantors 
 RANGE ENERGY SERVICES
COMPANY, LLC 
 ENERGY ASSETS OPERATING COMPANY, LLC 
 RANGE
RESOURCES—PINE MOUNTAIN, INC. 
 RANGE RESOURCES—MIDCONTINENT, LLC 

RANGE PRODUCTION COMPANY, LLC 
 RANGE RESOURCES—APPALACHIA,
LLC 
 RANGE RESOURCES – LOUISIANA, INC. 
 MRD OPERATING
LLC 
 LINCOLN MINERALS LLCExhibit 10.1

 

		 	
         

        

         

        4800 Montgomery Lane

        Suite 800

        Bethesda, MD 20814
	

  	
         

         

        t   (240) 497-9024

        f   (240) 627-4121
	 

 	
         

         

        www.nwbio.com 

        NASDAQ: NWBO

 

August 23, 2016

 

[___________________]

[___________________]

[___________________]

[___________________]

 

		Re:	Reset Offer of Common Stock Purchase Warrants

 

To Whom It May Concern:

 

We are pleased to offer
to you the opportunity to reprice the exercise of all of the Common Stock purchase warrants originally issued on December 24, 2015
(the “December Warrants”) and the Series A Common Stock Purchase Warrants (“Series A Warrants”
and together with the December Warrants, the “Existing Warrants”) currently held by you (“Holder”).
The Existing Warrants, and the shares underlying the Existing Warrants (“Warrant Shares”) have been registered
for sale pursuant to a registration statement on Form S-3 (File No. 333-207976) and Form S-3 MEF (File No. 333- 209895) (collectively,
the “Registration Statement”). The Registration Statement is currently effective and, upon exercise of the Existing
Warrants pursuant to this letter agreement, will be effective for the issuance of the Warrant Shares.
Capitalized terms not otherwise defined herein shall have the meanings set forth in the Securities Purchase Agreement, dated as
of February 29, 2016, by and among the Company and the signatories thereto (the “Purchase Agreement”).

 

In order to enable
the exercise of the Series A Warrants as of the date hereof, the Company and the Holder hereby agree to amend and restate the Initial
Exercise Date (as defined in the Series A Warrants) to mean “August 23, 2016.”

 

In consideration for
exercising in full all of the Existing Warrants held by you (the “Warrant Exercise”) as set forth on the signature
page hereto, the Company hereby offers you a reduced exercise price of the Existing Warrants to $0.35. Additionally, in
consideration therefore, the Company shall:

 

		(a)	Issue to you or your designee a Series E Common Stock Purchase Warrant (“Series E Warrant”)
pursuant to Section 4(a)(2) of the Securities Act of 1933 (“Securities Act”) to purchase up to a number of shares
of Common Stock equal to 100% of the number of Warrant Shares issued pursuant to the undersigned’s exercise hereunder,
which Series E Warrant shall be in the form attached hereto as Exhibit A; and

 

		(b)	Enter into the Registration Rights Agreement, dated as of the date hereof, in the form of Exhibit
B attached hereto (the “Registration Rights Agreement”).

 

Expressly subject to
the paragraph immediately following this paragraph below, Holder may accept this offer by signing this letter below, with such
acceptance constituting Holder's exercise in full of the Existing Warrants for an aggregate exercise price of set forth on the
Holder’s signature page hereto (the "Warrants Exercise Price") on or before 9:00 a.m. ET on August 23, 2016.

 

     

     

    

 

Additionally, the parties
hereby agree to their respective representations, warranties and covenants set forth on Annex A attached hereto.

 

From the date hereof
until twelve (12) Trading Days after the date hereof neither the Company nor any Subsidiary shall issue, enter into any agreement
to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents. Notwithstanding
the foregoing, this provision shall not apply in respect of an Exempt Issuance (as defined in the Purchase Agreement).

 

If this Offer is accepted
and the transaction documents are executed on or before 9:00 a.m. on August 23, 2016, then on or before 9:30 a.m. Eastern Time
on August 23, 2016, the Company shall file a Current Report on Form 8-K with the Commission. The Company shall also file an amendment
to the prospectus supplement to the Registration Statement registering the exercise of the Existing Warrants and disclosing the
terms of this offer, the reduced exercise price of the Existing Warrants, and the amended Initial Exercise Date of the Series A
Warrants. The Company represents, warrants and covenants that, upon acceptance of this offer, the shares underlying the Existing
Warrants shall be issued free of any legends or restrictions on resale by Holder and all of the Warrant Shares shall be delivered
electronically through the Depository Trust Company within 1 business day of the date the Company receives the Warrants Exercise
Price (or, with respect to shares in that would otherwise be in excess of the Beneficial Ownership Limitation, within 2 business
days of the date the Company is notified by Holder that its ownership is less than the Beneficial Ownership Limitation). The terms
of the Existing Warrants, including but not limited to the obligations to deliver the Warrant Shares, shall otherwise remain in
effect as if the acceptance of this offer were a formal Notice of Exercise (including but not limited to any liquidated damages
and compensation in the event of late delivery of the Warrant Shares).

 

     

     

    

 

Within three days from
the Holder’s execution of this letter: the Holder shall make available for “Delivery Versus Payment” to the Company
immediately available funds equal to the number of Existing Warrants being exercised multiplied by $0.35; and the Company shall
deliver the Warrant Shares via “Delivery Versus Payment”, and a Series E Warrant registered in the name of the Holder
to purchase up to _______  shares of Common Stock.

 

To accept this offer,
Holder must counter execute this letter agreement and return the fully executed agreement to the Company at e-mail: lpowers@nwbio.com
and lgoldman@nwbio.com, attn.: Linda Powers and Les Goldman, with a copy to Peter Campitiello (pcampitiello@kanekessler.com)
on or before 9:00 am ET on August 23, 2016.

 

Please do not hesitate
to call me if you have any questions.

 

	 	Sincerely yours,
	 	NORTHWEST BIOTHERAPEUTICS, INC.
	 	 
	 	By:	             
	 	Name:
	 	Title:

 

Accepted and Agreed to:

 

Name of Holder: ________________________________________________________

 

Signature of Authorized Signatory of
Holder: _________________________________

 

Name of Authorized Signatory: _______________________________________________

 

Title of Authorized Signatory: ________________________________________________

 

Series A Warrants being exercised:

December Warrants being exercised:

Aggregate Holder Exercise Price: $0.35

Series E Warrant Shares (100% of Existing Warrants exercised):

DTC Instructions:

 

Company Wire Instructions:

Bank Name: Branch Banking and Trust of Maryland

Bank Address: 7200 Bank Court, Frederick MD 21703

Phone # 301-644-6392

Routing/ABA # 055003308

Swift Code # BRBTUS33

Account # 0005159673024

Beneficiary Name: Northwest Biotherapeutics, Inc.

Beneficiary Address: 4800 Montgomery Lane, Suite 800, Bethesda
MD 20814

 

     

     

    

 

Annex A

 

Representations, Warranties and Covenants
of the Company. The Company hereby makes the following representations and warranties to the undersigned:

 

(a)           Affirmation
of Prior Representations, Warranties and Covenants. The Company hereby represents and warrants to the undersigned that the
Company’s representations and warranties as set forth in Section 3.1 and as set forth covenants listed in Article IV of the
Securities Purchase Agreement, dated as of February 29, 2016 (the “Purchase Agreement”), together with any updates
in the Company’s SEC Reports subsequent to the Purchase Agreement, are true and correct as of the date hereof and have been
fully performed as of the date hereof. Capitalized terms not otherwise defined herein shall have the meanings set forth
in the Purchase Agreement.

 

(b)           Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this letter agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this
Agreement by the Company and the consummation by the Company of the transactions contemplated hereby have been duly authorized
by all necessary action on the part of the Company and no further action is required by the Company, its board of directors or
its stockholders in connection therewith. This letter agreement has been duly executed by the Company and, when delivered in accordance
with the terms hereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance
with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

(c)           No
Conflicts. The execution, delivery and performance of this letter agreement by the Company and the consummation by the Company
of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company’s
certificate or articles of incorporation, bylaws or other organizational or charter documents; or (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien
upon any of the properties or assets of the Company in connection with, or give to others any rights of termination, amendment,
acceleration or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt
or other material instrument (evidencing Company debt or otherwise) or other material understanding to which such Company is a
party or by which any property or asset of the Company is bound or affected; or (iii) subject to the Required Approvals (as defined
in the Purchase Agreement), conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree
or other restriction of any court or governmental authority to which the Company is subject (including federal and state securities
laws and regulations), or by which any property or asset of the Company is bound or affected, except, in the case of each of clauses
(ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect (as defined in the Purchase
Agreement).

 

(d)           Issuance
of the Series E Warrant. The issuance of the Series E Warrant is duly authorized and, upon the execution of this letter agreement
by the undersigned, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens (as defined in the
Purchase Agreement) imposed by the Company. The shares issuable upon exercise of the Series E Warrant (“the Series E Warrant
Shares”), when issued in accordance with the terms of the Series E Warrant, will be validly issued, fully paid and nonassessable,
free and clear of all Liens imposed by the Company. The Company has reserved from its duly authorized capital stock a number of
shares of Common Stock for issuance of the Series E Warrant Shares in full.

 

     

     

    

 

(e)           Nasdaq
Corporate Governance. The transactions contemplated under this letter agreement, including but not limited to the amendment
to the Initial Exercise Date of the Series A Warrants, comply with all rules of Nasdaq.

 

(f)            Equal
Consideration. Except as set forth in this letter agreement, no consideration has been offered or paid to any person to amend
or consent to a waiver, modification, forbearance or otherwise of any provision of any of the Purchase Agreement, the Series B
Warrant or the December Warrant.

 

(g)           Legends.
Transfer Restrictions.

 

(i)          The
Series E Warrant and Series E Warrant Shares may only be disposed of in compliance with state and federal securities laws. In connection
with any transfer of Series E Warrant or Series E Warrant Shares other than pursuant to an effective registration statement or
Rule 144, to the Company or to an Affiliate of a undersigned or in connection with a pledge as contemplated in Section 4.1(b),
the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably
acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect
that such transfer does not require registration of such transferred Series E Warrant and Series E Warrant Shares under the Securities
Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this letter agreement.

 

(ii)          The
undersigned agrees to the imprinting, so long as is required by this Section (i), of a legend on any of the Series E Warrant and
Series E Warrant Shares in the following form:

 

THIS SECURITY
HAS NOT 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. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED
BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)
UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

The Company
acknowledges and agrees that a undersigned may from time to time pledge pursuant to a bona fide margin agreement with a registered
broker-dealer or grant a security interest in some or all of the Series E Warrant to a financial institution that is an “accredited
investor” as defined in Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of this letter
agreement and, if required under the terms of such arrangement, the undersigned may transfer pledged or secured Series E Warrant
to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion
of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice shall be
required of such pledge. At the appropriate undersigned’s expense, the Company will execute and deliver such reasonable documentation
as a pledgee or secured party of Series E Warrant may reasonably request in connection with a pledge or transfer of the Series
E Warrant or Series E Warrant Shares.

 

     

     

    

 

(iii)          Certificates
evidencing the Series E Warrant Shares shall not contain any legend (including the legend set forth in Section (f)(ii) hereof),
(i) while a registration statement covering the resale of such security is effective under the Securities Act, (ii) following any
sale of such Series E Warrant Shares pursuant to Rule 144, (iii) if such Series E Warrant Shares are eligible for sale under Rule
144, or (iv) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations
and pronouncements issued by the staff of the Commission). The Company shall cause its counsel to issue a legal opinion to the
Transfer Agent if required by the Transfer Agent to effect the removal of the legend hereunder. If all or any portion of a Series
E Warrant is exercised at a time when there is an effective registration statement to cover the resale of the Series E Warrant
Shares, or if such Series E Warrant Shares may be sold under Rule 144 and the Company is then in compliance with the current public
information required under Rule 144, or if the Series E Warrant Shares may be sold under Rule 144 without the requirement for the
Company to be in compliance with the current public information required under Rule 144 as to such Series E Warrant Shares or if
such legend is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations and
pronouncements issued by the staff of the Commission) then such Series E Warrant Shares shall be issued free of all legends. The
Company agrees that following such time as such legend is no longer required under this Section (f), it will, no later than three
Trading Days following the delivery by a undersigned to the Company (or its transfer agent) of a certificate representing Series
E Warrant Shares, as the case may be, issued with a restrictive legend (such third Trading Day, the “Legend Removal Date”),
deliver or cause to be delivered to the undersigned a certificate representing such shares that is free from all restrictive and
other legends. The Company may not make any notation on its records or give instructions to the transfer agent that enlarge the
restrictions on transfer set forth in this Section 4. Certificates for Series E Warrant Shares subject to legend removal hereunder
shall be transmitted by the Transfer Agent to the undersigned by crediting the account of the undersigned’s prime broker
with the Depository Trust Company System as directed by the undersigned.

 

(iv)          In
addition to the undersigned’s other available remedies, the Company shall pay to a undersigned, in cash, if the Company fails
to (i) issue and deliver (or cause to be delivered) to a undersigned by the Required Delivery Date a certificate representing the
Series E Warrant and Series E Warrant Shares so delivered to the Company by the undersigned that is free from all restrictive and
other legends or (ii) if after the Required Delivery Date the undersigned purchases (in an open market transaction or otherwise)
shares of Common Stock to deliver in satisfaction of a sale by the undersigned of all or any portion of the number of shares of
Common Stock, or a sale of a number of shares of Common Stock equal to all or any portion of the number of shares of Common Stock
that the undersigned anticipated receiving from the Company without any restrictive legend, then, an amount equal to the excess
of the undersigned’s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for
the shares of Common Stock so purchased (including brokerage commissions and other out-of-pocket expenses, if any) (the “Buy-In
Price”) over the product of (A) such number of Underlying Shares that the Company was required to deliver to the undersigned
by the Legend Removal Date multiplied by (B) the lowest closing sale price of the Common Stock on any Trading Day during the period
commencing on the date of the delivery by the undersigned to the Company of the applicable Underlying Shares (as the case may be)
and ending on the date of such delivery and payment under this clause (ii).

 

     

     

    

 

(h)           Public
Information Failure. At any time during the period commencing from the six (6) month anniversary of the date hereof and ending
at such time that all of the Securities may be sold without the requirement for the Company to be in compliance with Rule 144(c)(1)
and otherwise without restriction or limitation pursuant to Rule 144, if the Company (i) shall fail for any reason to satisfy the
current public information requirement under Rule 144(c) or (ii) has ever been an issuer described in Rule 144(i)(1)(i) or becomes
an issuer in the future, and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2) (a “Public Information
Failure”) then, in addition to the undersigned’s other available remedies, the Company shall pay to the undersigned,
in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell
the Series E Warrant Shares, an amount in cash equal to two percent (2.0%) of the aggregate Exercise Price of the Series E Warrant
of the undersigned’s Securities on the day of a Public Information Failure and on every thirtieth (30th) day (pro-rated
for periods totaling less than thirty days) thereafter until the earlier of (a) the date such Public Information Failure is cured
and (b) such time that such public information is no longer required  for the undersigned to transfer the Series E Warrant
Shares pursuant to Rule 144.  The payments to which the undersigned shall be entitled pursuant to this Section (g) are referred
to herein as “Public Information Failure Payments.”  Public Information Failure Payments shall be
paid on the earlier of (i) the last day of the calendar month during which such Public Information Failure Payments are
incurred and (ii) the third (3rd) Business Day after the event or failure giving rise to the Public Information Failure
Payments is cured.  In the event the Company fails to make Public Information Failure Payments in a timely manner,
such Public Information Failure Payments shall bear interest at the rate of 1.5% per month (prorated for partial months)
until paid in full. Nothing herein shall limit the undersigned’s right to pursue actual damages for the Public Information
Failure, and the undersigned shall have the right to pursue all remedies available to it at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief.

 

(i)           Listing
of Common Stock. The Company shall apply to list or quote all of the Series E Warrant Shares on the Trading Market and promptly
secure the listing of all of the Series E Warrant Shares on such Trading Market.

 

Representations,
Warranties and Covenants of the undersigned. The undersigned hereby represents, warrants and covenants as of the date hereof
to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):

 

(a)           Own
Account. The undersigned understands that the Series E Warrant is a “restricted security” and has not been registered
under the Securities Act or any applicable state securities law and is acquiring the Series E Warrant as principal for its own
account and not with a view to or for distributing or reselling such Series E Warrant or any part thereof in violation of the Securities
Act or any applicable state securities law, has no present intention of distributing any of such Series E Warrant or Series E Warrant
Shares in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings
with any other persons to distribute or regarding the distribution of such Series E Warrant in violation of the Securities Act
or any applicable state securities law. The undersigned is acquiring the Series E Warrant hereunder in the ordinary course of its
business.

 

(b)           Status.
At the time the undersigned was offered the Series E Warrant, it was, and as of the date hereof it is, and on each date on which
it exercises any Series E Warrant, it will be either: (i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2),
(a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined in Rule 144A(a)
under the Securities Act.

 

     

     

    

 

(c)           Experience
of The undersigned. The undersigned, either alone or together with its representatives, has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Series E Warrant, and has so evaluated the merits and risks of such investment. The undersigned is able to bear the economic
risk of an investment in the Series E Warrant and, at the present time, is able to afford a complete loss of such investment.

 

(d)           Access
to Information. The undersigned acknowledges that it has had the opportunity to review the Transaction Documents (including
all exhibits and schedules thereto) and the SEC Reports and has been afforded (i) the opportunity to ask such questions as it has
deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering
of the Shares and the merits and risks of investing in the Shares; (ii) access to information about the Company and its financial
condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment;
and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable
effort or expense that is necessary to make an informed investment decision with respect to the investment.  The undersigned
acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided the undersigned
with any information or advice with respect to the Series E Warrant nor is such information or advice necessary or desired. 
Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Series
E Warrant and the Placement Agent and any Affiliate may have acquired non-public information with respect to the Company which
the undersigned agrees need not be provided to it.  In connection with the issuance of the Series E Warrant to the undersigned,
neither the Placement Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to the undersigned.

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