Document:

Pledge and Security Agreement

 Exhibit 10.2 
 EXECUTION VERSION 
 PLEDGE AND SECURITY AGREEMENT 
 THIS PLEDGE AND SECURITY AGREEMENT (as it may be amended
or modified from time to time, this “Security Agreement”) is entered into as of September 1, 2009 by and between VERENIUM CORPORATION, a Delaware corporation (the
“Company” and a “Grantor”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Collateral Agent (the
“Collateral Agent”) for the Secured Parties. 
 PRELIMINARY STATEMENT 
 Pursuant to the Indenture, dated as of September 1, 2009 (the “Indenture”), among the Company and Wells Fargo Bank, National
Association, as trustee (the “Trustee”), the Company has issued its 9.00% convertible senior secured notes due 2027 (the “9% Notes”). On February 27, 2008, the Company issued $71 million principal
amount of those certain 8% senior convertible notes, which notes were amended and restated on July 1, 2009 (as so amended and as may be further amended, supplemented or otherwise modified from time to time, the “8%
Notes”, and together with the 9% Notes, the “Notes”). The Company intends to enter into secured credit facilities, notes, indentures and other debt instruments from time to time with lenders or other creditors
and their representatives (collectively, “Lenders”) after the date hereof in order to secure working capital and other financing permitted by the terms of the Indenture, the 9% Notes and the 8% Notes. As of the Effective
Date, the Collateral Agent has been appointed as the Collateral Agent for the Joined Secured Parties pursuant to that certain Intercreditor and Collateral Agency Agreement, dated as of the date hereof among the Trustee, the Collateral Agent, the
Company and the Joined Secured Parties from time to time party thereto (the “Intercreditor Agreement”). The Grantor is entering into this Security Agreement in order to induce certain holders of the Grantor’s existing
5.5% Convertible Senior Notes dues 2027 (the “5.5% Notes”) to exchange their 5.5% Notes for 9% Notes, to equally and ratably secure the Grantor’s obligations under the 8% Notes with the Grantor’s obligations under
the 9% Notes and such secured indebtedness as may be owed from time to time to the Lenders. 
 ACCORDINGLY, the Grantor and the Collateral Agent, on behalf of the Secured Parties, hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1 Terms Defined in Intercreditor Agreement. All capitalized terms used herein and not otherwise defined shall have the meanings assigned to such
terms in the Intercreditor Agreement. 
 1.2 Terms Defined in UCC. Terms defined in the UCC which are not otherwise defined in this
Security Agreement are used herein as defined in the UCC. 
 1.3 Definitions of Certain Terms Used Herein. As used in this Security
Agreement, in addition to the terms defined in the preamble and in the Preliminary Statement, the following terms shall have the following meanings: 
 “Account Debtor” has the meaning set forth in Article 9 of the UCC. 

 “Accounts” has the meaning set forth in Article 9 of the UCC. 
 “Article” means a numbered article of this Security Agreement, unless another document is specifically referenced. 
 “Chattel Paper” has the meaning set forth in Article 9 of the UCC. 
 “Collateral” has the meaning set forth in Article II. 
 “Collateral Account” has the meaning set forth in Section 7.1. 
 “Commercial Tort Claims” has the meaning set forth in Article 9 of the UCC. 
 “Control” has the meaning set forth in Article 8 or, if applicable, in Section 9-104, 9-105, 9-106 or 9-107 of Article 9 of
the UCC. 
 “Copyrights” means, with respect to any Person, all of such Person’s right, title, and interest in
and to the following: (a) all copyrights, rights and interests in copyrights, works protectable by copyright, copyright registrations, and copyright applications; (b) all renewals of any of the foregoing; (c) all income, royalties,
damages, and payments now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past, present, and
future infringements of any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world. 
 “Debt Instrument” has the meaning assigned to such term in the Intercreditor Agreement 
 “Default” has the meaning assigned to such term in the Intercreditor Agreement. 
 “Deposit
Accounts” has the meaning set forth in Article 9 of the UCC. 
 “Documents” has the meaning set forth in
Article 9 of the UCC. 
 “Effective Date” has the meaning assigned to such term in the Intercreditor Agreement.

 “Equipment” has the meaning set forth in Article 9 of the UCC. 
 “Event of Default” has the meaning assigned to such term in the Intercreditor Agreement. 
 “Excluded Payments” has the meaning set forth in Section 4.6(b)(iii). 
 “Excluded Property” means: (a) all Vehicles; (b) any equity interest issued by a Foreign Subsidiary
(i) representing more than 65% of the total outstanding Foreign Subsidiary Voting Stock of such Foreign Subsidiary if such Foreign Subsidiary is directly owned by the 

 
Grantor, or (ii) representing any of the outstanding Foreign Subsidiary Voting Stock of such Foreign Subsidiary if such Foreign Subsidiary is indirectly
owned by the Grantor; (c) any equity interest issued by a domestic Subsidiary which is not directly or wholly owned by the Company; (d) any treasury stock of the Company; (e) any lease, license, contract, or agreement to which the
Grantor is a party or any of its rights or interests thereunder if and for so long as the grant of such security interest shall constitute or result in (i) the abandonment, invalidation or unenforceability of any right, title or interest of the
Grantor therein or (ii) a breach or termination pursuant to the terms of, or a default under, any such lease, license, contract or agreement (other than to the extent that any such Lien or other obligation would be rendered ineffective pursuant
to Sections 9-406, 9-407, 9-408, or 9-409 of the UCC (or any successor provision or provisions)); (f) any asset owned by the Grantor that is subject to a Lien or other contractual obligation that prohibits or requires the consent of any Person
(other than the Company) not obtained as a condition to the creation of any lien on such asset (other than to the extent that any such Lien or other obligation would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408, or 9-409 of the
UCC (or any successor provision or provisions)); (g) any property to the extent that such grant of such security interest is prohibited by any Requirement of Law of a Governmental Authority or requires a consent not obtained of any Governmental
Authority pursuant to such Requirement of Law is ineffective under applicable law; (h) all aircraft; (i) any Intellectual Property of the Company and any Licenses related thereto; (j) Margin Stock; (k) Deposit Accounts;
(l) cash and cash equivalents; (m) any asset only to the extent and for so long as the terms of any Requirement of Law or agreement relating thereto validly prohibit the creation by the Grantor of a security interest in such asset in favor
of the Collateral Agent (after giving effect to the Uniform Commercial Code of any applicable jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity); (n) any assets with respect to which the Company
shall certify to Collateral Agent in an Officer’s Certificate that the Company has in good faith determined that the cost of obtaining a security interest in such assets is excessive in relation to the benefits provided to the Secured Parties
of the security interest afforded thereby; and (o) real property. 
 “Exhibit” refers to a specific exhibit to
this Security Agreement, unless another document is specifically referenced. 
 “Farm Products” has the meaning set
forth in Article 9 of the UCC. 
 “Fixtures” has the meaning set forth in Article 9 of the UCC. 
 “Foreign Subsidiary” means a Subsidiary that is not organized under the laws of any State or Commonwealth of the United States of
America or under the laws of the District of Columbia. 
 “Foreign Subsidiary Voting Stock” means the issued and
outstanding equity interests entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) of any Foreign Subsidiary. 
 “General Intangibles” has the meaning set forth in Article 9 of the UCC. 
 “Goods”
has the meaning set forth in Article 9 of the UCC. 

 “Governmental Authority” means the government of the United States of America,
any other nation or any political subdivision thereof, whether state, provisional, territorial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank) having jurisdiction over the Company, any Subsidiary or any Secured
Party as the context may require. 
 “Instruments” has the meaning set forth in Article 9 of the UCC. 
 “Intellectual Property” means the collective reference to all rights, priorities and privileges relating to intellectual
property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, the Copyrights, the Patents, the Trademarks and the Licenses, and all rights to sue at law or in equity for any infringement
thereof, including the right to receive all proceeds and damages therefrom. 
 “Inventory” has the meaning set forth
in Article 9 of the UCC. 
 “Investment Property” means the collective reference to (i) all “investment
property” as such term is defined in Section 9-102(a)(49) of the UCC (other than any Foreign Subsidiary Voting Stock constituting Excluded Collateral) and (ii) whether or not constituting “investment property” as so defined,
all Pledged Notes and all Pledged Stock. 
 “Issuer” means any issuer of any Investment Property. 
 “Letter-of-Credit Rights” has the meaning set forth in Article 9 of the UCC. 
 “Licenses” means, with respect to any Person, all of such Person’s right, title, and interest in and to (a) any and all
licensing agreements or similar arrangements in and to its Patents, Copyrights, or Trademarks, (b) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without
limitation, damages and payments for past and future breaches thereof, and (c) all rights to sue for past, present, and future breaches thereof. 
 “Margin Stock” has the meaning assigned to such term in Regulation U. 
 “Obligations” has the meaning assigned to such term in the Intercreditor Agreement. 
 “Patents” means, with respect to any Person, all of such Person’s right, title, and interest in and to: (a) any and all patents and patent applications; (b) all inventions and improvements described
and claimed therein; (c) all reissues, divisions, continuations, renewals, extensions, and continuations-in-part thereof; (d) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect
thereto, including, without limitation, damages and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements thereof; and (f) all rights corresponding to any of the foregoing
throughout the world. 

 “Pledged Collateral” means all Instruments, Securities and other Investment
Property of the Grantor, whether or not physically delivered to the Collateral Agent pursuant to this Security Agreement to the extent not constituting Excluded Property. 
 “Pledged Notes” means all promissory notes listed on Exhibit B and all other promissory notes issued to or held by the Grantor (other than promissory notes issued in connection with
extensions of trade credit by the Grantor in the ordinary course of business) to the extent not constituting Excluded Property. 
 “Pledged Stock” means the equity interests listed on Exhibit B, together with any other shares, stock certificates, options, interests or rights of any nature whatsoever in respect of the equity interests of
any Person that may be issued or granted to, or held by, the Grantor while this Security Agreement is in effect, in each case, to the extent not constituting Excluded Property. 
 “Receivables” means the Accounts, Chattel Paper, Documents, Investment Property, Instruments and any other rights or claims to
receive money which are General Intangibles (to the extent not constituting Excluded Property) or which are otherwise included as Collateral. 
 “Regulation U” means Regulation U (12 CFR Part 221) of the Board as from time to time in effect and any successor or other regulation or official interpretation of the Board relating to the extension of credit by
banks for the purpose of purchasing or carrying Margin Stock applicable to member banks of the Federal Reserve System. 
 “Requirement of Law” means, with respect to any Person, (a) the charter, articles or certificate of organization or incorporation and bylaws or other organizational or governing documents of such Person and
(b) any statute, law (including common law), treaty, rule, regulation, code, ordinance, order, decree, writ, judgment, injunction or determination of any arbitrator or court or other Governmental Authority, in each case applicable to or binding
upon such Person or any of its property or to which such Person or any of its property is subject. 
 “Section” means
a numbered section of this Security Agreement, unless another document is specifically referenced. 
 “Secured
Parties” has the meaning assigned to such term in the Intercreditor Agreement. 
 “Security” has the
meaning set forth in Article 8 of the UCC. 
 “Stock Rights” means all dividends, instruments or other distributions
and any other right or property which the Grantor shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any equity interest constituting Collateral, any right to receive
an equity interest and any right to receive earnings, in which the Grantor now have or hereafter acquire any right, issued by an issuer of such equity interest. 
 “Supporting Obligations” has the meaning set forth in Article 9 of the UCC. 

 “Trademarks” means, with respect to any Person, all of such Person’s right,
title, and interest in and to the following: (a) all trademarks (including service marks), trade names, trade dress, trade styles, brand names, corporate names, business names, domain names, logos and other source or business identifiers and
the registrations and applications for registration thereof, all common-law rights related thereto, and the goodwill of the business symbolized by the foregoing; (b) all renewals of the foregoing; (c) all income, royalties, damages, and
payments now or hereafter due or payable with respect thereto, including, without limitation, damages, claims, and payments for past and future infringements thereof; (d) all rights to sue for past, present, and future infringements of the
foregoing, including the right to settle suits involving claims and demands for royalties owing; and (e) all rights corresponding to any of the foregoing throughout the world. 
 “UCC” means the Uniform Commercial Code, as in effect from time to time, of the State of New York or of any other state the laws
of which are required as a result thereof to be applied in connection with the attachment, perfection or priority of, or remedies with respect to, Collateral Agent’s or any other Secured Party’s Lien on any Collateral. 
 “Vehicles” means all cars, trucks, trailers, construction and earth moving equipment and other vehicles covered by a certificate
of title law of any state. 
 1.4 Other Definitional Provisions. The words “hereof,” “herein”, “hereto”
and “hereunder” and words of similar import when used in this Security Agreement shall refer to this Security Agreement as a whole and not to any particular provision of this Security Agreement, and Section and Exhibit references are to
this Security Agreement unless otherwise specified. 
 The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms. 
 1.5 Exhibit Updates. The Grantor may update the Exhibits hereto from time to time to
reflect changes to the information contained therein by notifying the Collateral Agent in writing and delivering such updated Exhibits to the Collateral Agent within 15 days of any such change; provided that any such update shall not have the
effect of curing any Default or Event of Default that may have otherwise occurred as a result of the actions taken or the omissions that resulted in the need to update the Exhibits. 
 ARTICLE II 
 GRANT OF SECURITY
INTEREST 
 As of the Effective Date, the Grantor hereby pledges, assigns and grants to the Collateral Agent, on behalf of
and for the ratable benefit of the Secured Parties, a security interest in all of its right, title and interest in, to and under the personal property and other assets, whether now owned by or owing to, or hereafter acquired by or arising in favor
of the Grantor (including under any trade name or derivations thereof), and whether owned or consigned by or to, or leased from or to, the Grantor, and regardless of where located (all of which will be collectively referred to as the
“Collateral”), which is specifically listed below: 
 (i) all Accounts; 

 (ii) all Chattel Paper; 
 (iii) all Documents; 
 (iv)
all Equipment; 
 (v) all Fixtures; 
 (vi) all General Intangibles; 
 (vii) all Goods; 
 (viii) all Instruments; 
 (ix)
all Inventory; 
 (x) all Investment Property; 
 (xi) all letters of credit, Letter-of-Credit Rights and Supporting Obligations; 
 (xii) all
Commercial Tort Claims listed on Exhibit F; 
 (xiii) all Farm Products; 
 (xiv) and all accessions to, substitutions for and replacements, proceeds (including Stock Rights), insurance proceeds and products of the
foregoing, together with all books and records, customer lists, credit files, computer files, programs, printouts and other computer materials and records related thereto and any General Intangibles at any time evidencing or relating to any of the
foregoing; 
 to secure the prompt and complete payment and performance of the Obligations; provided, however, that notwithstanding any of the other
provisions set forth in this Article II, this Security Agreement shall not constitute a grant of a security interest in the Excluded Property and the Excluded Property shall not be part of the Collateral. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 The Grantor represents and warrants to the
Collateral Agent and the other Secured Parties that: 
 3.1 Title, Perfection and Priority. The Grantor has good and valid rights in
or the power to transfer the Collateral and title to the Collateral with respect to which it has purported to grant a security interest hereunder, and has full power and authority to grant to the Collateral Agent the security interest in such
Collateral pursuant hereto. When financing statements have been filed in the appropriate offices against the Grantor in the locations listed on Exhibit C, the Collateral Agent will have a fully perfected with the priority required pursuant
the Intercreditor Agreement in that Collateral of the Grantor in which a security interest may be perfected by filing. 

 3.2 Type and Jurisdiction of Organization, Organizational and Identification Numbers. As of the
date hereof, the type of entity of the Grantor, its state of organization, the organizational number issued to it by its state of organization and its federal employer identification number are set forth on Exhibit A. 
 3.3 Principal Location. As of the date hereof, the Grantor’s mailing address and the location of its place of business (if it has only one)
or its chief executive office (if it has more than one place of business), are disclosed in Exhibit A. 
 3.4 Exact Names. As
of the date hereof, the Grantor’s name in which it has executed this Security Agreement is the exact name as it appears in the Grantor’s organizational documents, as amended, as filed with the Grantor’s jurisdiction of organization.
As of the date hereof, the Grantor has not, (a) during the past five years (i) other than as set forth in Part VIII of Exhibit A, been known by or used any other corporate or fictitious name, (ii) except as described on
Exhibit D, been a party to any merger or consolidation or (iii) except as described in Exhibit D, acquired all of the equity interests or all or substantially all of the assets, or a business unit, division, product line or
line of business of a Person or (b) during the past four months, except as described in Exhibit D, been a party to any acquisition, other than those described in clause (a)(iii) of this Section 3.4. 
 3.5 Letter-of-Credit Rights and Chattel Paper. As of the date hereof, Exhibit E lists all Letter-of-Credit Rights that are not Supporting
Obligations and Chattel Paper of the Grantor involving amounts, individually or in the aggregate, in excess of $10,000,000. All actions to be taken by the Grantor to protect and perfect the Collateral Agent’s Lien on the Chattel Paper listed on
Exhibit E (including the delivery of all originals and the placement of a legend on all Chattel Paper as required hereunder) have been duly taken. The Collateral Agent will have a fully perfected security interest in the Chattel Paper listed
on Exhibit E. The Grantor has not pledged, assigned or delivered any letter of credit or Chattel Paper to any third party other than the Collateral Agent (to the extent required by the Intercreditor Agreement). 
 3.6 Filing Requirements. As of the date hereof, none of the Grantor’s Equipment is covered by any certificate of title, except for Vehicles.
As of the date hereof, none of the Collateral owned by the Grantor is of a type for which security interests or liens may be perfected by filing under any federal statute except for Collateral in an aggregate amount not in excess of $5,000,000.

 3.7 Pledged Collateral. 
 (a) As of the date hereof, Exhibit B sets forth a complete and accurate list of all Pledged Collateral held by the Grantor; provided that, (i) with respect to equity interests issued by a Subsidiary that constitute
Pledged Collateral, Exhibit B sets forth all such equity interests; (ii) with respect to equity interests issued by a non-Subsidiary, Exhibit B sets forth all such equity interests with an individual value in excess of $5,000,000;
(iii) with respect to Instruments issued by a non-Subsidiary, Exhibit B sets forth all such Instruments with an 

 
individual value in excess of $5,000,000; and (iv) with respect to Securities issued by a non-Subsidiary held in a securities account, Exhibit B
sets forth all such Securities with an individual value in excess of $5,000,000. As of the date hereof, the Grantor is the direct, sole beneficial owner and sole holder of record of the Pledged Collateral listed on Exhibit B as being owned by
it, free and clear of any Liens, except for Permitted Liens. The Grantor further represents and warrants that (i) all Pledged Stock has been (to the extent such concepts are relevant with respect to such Pledged Collateral) duly authorized and
validly issued and are fully paid and non-assessable, and (ii) all Pledged Collateral which represents indebtedness owed to the Grantor by any Subsidiary thereof has been duly authorized, authenticated or issued and delivered by the issuer of
such indebtedness, is the legal, valid and binding obligation of such issuer. 
 (b) In addition, (i) none of the Pledged
Collateral owned by it has been issued or transferred in violation of the securities registration, securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject that could reasonably be expected to
materially and adversely affect the value of such Collateral or the rights and remedies of the Collateral Agent in respect thereof, (ii) there are existing no options, warrants, calls or commitments of any character whatsoever relating to such
Pledged Stock or which obligate any issuer of any Pledged Stock that is a Subsidiary of the Company to issue additional equity interests, and (iii) with respect to any Pledged Stock issued by a Subsidiary of the Company, no consent, approval,
authorization, or other action by, and no giving of notice to or filing with, any Governmental Authority or any other Person is required for the pledge by the Grantor of such Pledged Stock pursuant to this Security Agreement or for the execution,
delivery and performance of this Security Agreement by the Grantor, or for the exercise by the Collateral Agent of the voting or other rights provided for in this Security Agreement or for the remedies in respect of the Pledged Collateral pursuant
to this Security Agreement, except as may be required in connection with such disposition by laws affecting the offering and sale of securities generally. 
 (c) As of the date hereof, except as set forth in Exhibit B, the Grantor owns 100% of the issued and outstanding equity interests of each issuer of Pledged Stock owned by it and none of the Pledged
Collateral which represents indebtedness owed to the Grantor is subordinated in right of payment to other indebtedness (other than any such indebtedness that is subordinated to the Obligations) or subject to the terms of an indenture. 
 3.8 Subsidiary Debt. As of the date hereof, the consolidated Subsidiaries of the Company had not more than $1,000,000 in the aggregate of debt for
borrowed money, excluding (i) capital leases, (ii) accrued but unpaid interest and (iii) inter-company indebtedness. 

 ARTICLE IV 
 COVENANTS 
 From the date of this Security Agreement, and thereafter until this
Security Agreement is terminated, the Grantor agrees that: 
 4.1 General. 
 (a) Authorization to File Financing Statements; Ratification. The Grantor hereby authorizes the Collateral Agent to file, and, to the extent
required to comply with the obligations hereunder, will deliver to the Collateral Agent, all financing statements and other documents and take such other actions as may from time to time be required in order to maintain a perfected security interest
with the priority required pursuant to the Intercreditor Agreement in and, if applicable, Control of, the Collateral owned by the Grantor. Any financing statement filed by the Collateral Agent may be filed in any filing office in any UCC
jurisdiction and may (i) indicate the Grantor’s Collateral (1) as all assets of the Grantor or words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the
UCC or such jurisdiction, or (2) by any other description which reasonably approximates the description contained in this Security Agreement, and (ii) contain any other information required by part 5 of Article 9 of the UCC for the
sufficiency or filing office acceptance of any financing statement or amendment, including (A) whether the Grantor is an organization, the type of organization and any organization identification number issued to the Grantor, and (B) in
the case of a financing statement filed as a fixture filing, a sufficient description of real property to which the Collateral relates. The Grantor also agrees to furnish any such information to the Collateral Agent promptly upon request.
Notwithstanding the foregoing authorizations given to the Collateral Agent, the Company shall at its own expense, take all actions as necessary or advisable to establish, maintain and perfect a security interest in and continuing Lien on all of the
Collateral in favor of the Collateral Agent for the benefit of the Secured Parties. Without limiting the generality of the foregoing, the Company shall execute or cause to the executed and shall file and cause to be filed such financing statements,
continuation statements, and fixture filings in all places necessary to establish, maintain and perfect the Liens and purported to be provided for in the Collateral. 
 (b) Further Assurances. The Grantor will, upon the request of the Collateral Agent, furnish to the Collateral Agent statements and schedules further identifying and describing the Collateral owned by it and
such other reports and information in connection with its Collateral as the Collateral Agent may reasonably request, all in such detail as the Collateral Agent may reasonably specify. The Grantor also agrees to take any and all actions necessary to
defend title to the Collateral against all persons and to defend the security interest of the Collateral Agent in its Collateral and the priority thereof against any Lien not expressly permitted hereunder. 
 (c) Locations. From and during the continuance of an Event of Default, at the request of the Collateral Agent, the Grantor will promptly provide
the Collateral Agent with such information concerning the location of the Collateral as it may reasonably request. Following the date hereof, the Grantor shall not change its chief executive office if such change would adversely impact the
perfection or priority of the security interests granted hereunder unless, prior to the taking of such action, the Grantor notifies the Collateral Agent of such action and takes all actions necessary to maintain the continuous validity and
perfection of such security interest. 
 4.2 Electronic Chattel Paper. The Grantor shall take all steps to grant the Collateral Agent
Control of all electronic chattel paper where the aggregate of all such electronic chattel 

 
paper is in excess of $5,000,000 in accordance with the UCC and all “transferable records” as defined in each of the Uniform Electronic
Transactions Act and the Electronic Signatures in Global and National Commerce Act. 
 4.3 Inventory and Equipment; Maintenance of
Goods. The Grantor will do all things necessary to maintain, preserve, protect and keep its Inventory and Equipment material to the conduct of its business in good repair and working and saleable condition, except for (i) damaged or
defective goods arising in the ordinary course of the Grantor’s business, (ii) ordinary wear and tear in respect of the Equipment and (iii) casualty events (to the extent such casualty, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect) and (iv) dispositions of any such Inventory and Equipment in the course of the Company’s business. 
 4.4 Delivery of Instruments, Securities, Chattel Paper and Documents. Subject to the Intercreditor Agreement, the Grantor will (a) deliver to
the Collateral Agent, immediately upon execution of this Security Agreement, any Chattel Paper, certificated securities (other than certificated securities that represent equity interests in Subsidiaries) and Instruments constituting Collateral
owned by it whose value exceeds $5,000,000, and within 30 days of the execution of this Security Agreement, the originals of all certificated securities that represent equity interests in Subsidiaries, (b) hold in trust for the Collateral Agent
upon receipt and (i) promptly thereafter deliver to the Collateral Agent all certificated securities that represent equity interests in Subsidiaries and (ii) on a quarterly basis, deliver to the Collateral Agent any such Chattel Paper,
certificated securities and Instruments constituting Collateral whose value exceeds $5,000,000; provided that with respect to a new issuance of certificated securities that represent equity interests of an issuer whose equity interests have
previously been pledged to the Collateral Agent such newly issued certificated securities shall be delivered within 30 days of such issuance, (c) (i) cause any indebtedness of a Subsidiary owed to the Grantor in excess of $5,000,000 and
(ii) use its commercially reasonable best efforts to cause any indebtedness of a non-Subsidiary owed to the Grantor in excess of $5,000,000 to be evidenced by a duly executed promissory note (or subject to a global note) that, in either case,
is pledged and delivered to the Collateral Agent, for the benefit of the Secured Parties, with such notes being accompanied by proper instruments of assignment duly executed by the applicable Grantor, and (d) deliver to the Collateral Agent
(and thereafter hold in trust for the Collateral Agent upon receipt and immediately deliver to the Collateral Agent) any Document evidencing or constituting Collateral with a value in excess of $5,000,000. 
 4.5 Uncertificated Pledged Collateral. 
 (a) The Grantor shall cause the appropriate issuers that are Subsidiaries of uncertificated securities or other types of Pledged Collateral owned by it not represented by certificates to mark their books and records with the numbers
and face amounts of all such uncertificated securities or other types of Pledged Collateral not represented by certificates and all rollovers and replacements therefor to reflect the Lien of the Collateral Agent granted pursuant to this Security
Agreement. 
 (b) The Grantor acknowledges and agrees that each interest in any limited liability company or limited partnership that
is a Subsidiary pledged hereunder that is 

 
represented by a certificate, shall be a “security” within the meaning of Article 8 of the New York UCC and governed by Article 8 of the Uniform
Commercial Code of the applicable jurisdiction and shall at all times hereafter be represented by a certificate, which shall be a “security” within the meaning of Article 8 of the New York UCC and governed by Article 8 of the Uniform
Commercial Code of such jurisdiction. 
 (c) The Grantor further acknowledges and agrees that (i) the interests in any limited
liability company or limited partnership that is a Subsidiary pledged hereunder and not represented by a certificate shall not be a “security” within the meaning of Article 8 of the New York UCC and shall not be governed by Article 8 of
the Uniform Commercial Code of the applicable jurisdiction and (ii) the Grantor shall at no time elect to treat any such interest as a “security” within the meaning of Article 8 of the New York UCC or issue any certificate
representing such interest (except that the Grantor may elect to so treat any such interest as a “security” and issue any certificate representing such interest if promptly thereafter the applicable Grantor delivers such certificate to the
Collateral Agent). 
 4.6 Pledged Collateral. 
 (a) Registration of Pledged Collateral. If an Event of Default shall have occurred and be continuing, the Grantor will permit any registerable Pledged Collateral owned by it to be registered in the name of the
Collateral Agent or its nominee at any time at the option of the Collateral Agent. 
 (b) Exercise of Rights in Pledged Collateral. 

 (i) Without in any way limiting the foregoing and subject to clause (ii) below, the Grantor shall have the right to exercise
all voting rights or other rights relating to the Pledged Collateral owned by it for all purposes not inconsistent with this Security Agreement; provided, however, that no vote or other right shall be exercised or action taken which would
have the effect of impairing the rights of the Collateral Agent in respect of such Pledged Collateral. 
 (ii) The Grantor will
permit the Collateral Agent or its nominee at any time after the occurrence and during the continuance of an Event of Default, without notice, to exercise all voting rights or other rights relating to the Pledged Collateral owned by it, including,
without limitation, exchange, subscription or any other rights, privileges, or options pertaining to any equity interest or Investment Property constituting such Pledged Collateral as if it were the absolute owner thereof. 
 (iii) The Grantor shall be entitled to collect and receive for its own use all cash dividends and interest paid in respect of the Pledged
Collateral held by it other than dividends and interest paid at any time when an Event of Default shall have occurred and be continuing (collectively referred to the “Excluded Payments”); provided, however, that until
actually paid, all rights to such distributions shall remain subject to the Lien created by this Security Agreement. 
 (iv) All
Excluded Payments, whenever paid or made, shall be delivered to the Collateral Agent to hold as Pledged Collateral and shall, if received by the Grantor, be 

 
received in trust for the benefit of the Collateral Agent, be segregated from the other property or funds of the Grantor, and be forthwith delivered to the
Collateral Agent as Pledged Collateral in the same form as so received (with any necessary endorsement) 
 4.7 Commercial Tort Claims.
The Grantor shall promptly, and in any event within 60 days after any Commercial Tort Claim (as defined in the UCC) in excess of $5,000,000 is acquired by it, enter into an amendment to this Security Agreement, granting to Collateral Agent a
perfected security interest with the priority required to pursuant to the Intercreditor Agreement in such Commercial Tort Claim. 
 4.8 No
Interference. The Grantor agrees that it will not interfere with any right, power and remedy of the Collateral Agent provided for in this Security Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the
exercise or beginning of the exercise by the Collateral Agent of any one or more of such rights, powers or remedies. 
 4.9 Change of Name
or Location. The Grantor shall not change its name as it appears in official filings in the state of its incorporation or organization, (b) change the type of entity that it is, (c) change its organization identification number, if
any, issued by its state of incorporation or other organization, or (d) change its state of incorporation or organization, in each case, unless it shall have provided the Collateral at least fifteen days’ prior written notice thereof and
taken any action required to continue the perfection of any Liens in favor of the Collateral Agent, on behalf of Secured Parties, in any Collateral; provided that any new location shall be in the United States. 
 4.10 Updated Collateral Information. Within 60 days following each anniversary of the Effective Date, the Grantor shall promptly furnish to the
Collateral Agent such updates to the information covered by Article III, including any of Exhibit hereto but excluding Section 3.8, such that such updated information and exhibits are true and correct as of the date so furnished;
provided that the Collateral Agent may request more frequent update if an Event of Default has occurred and is continuing. 
 ARTICLE V 
 REMEDIES 
 5.1 Remedies. 
 (a) Upon the occurrence and during the continuance of an Event of Default, the
Collateral Agent may exercise any or all of the following rights and remedies: 
 (i) those rights and remedies provided in this
Security Agreement, the Indenture or any other Financing Document; provided that this Section 5.1(a) shall not be understood to limit any rights or remedies available to the Collateral Agent and the Secured Parties prior to an Event of
Default; 
 (ii) those rights and remedies available to a secured party under the UCC (whether or not the UCC applies to the affected
Collateral) or under any other applicable law (including, without limitation, any law governing the exercise of a bank’s right of setoff or bankers’ lien) when a debtor is in default under a security agreement; 

 (iii) without notice (except as specifically provided in Section 8.1 or elsewhere herein),
demand or advertisement of any kind to the Grantor or any other Person, enter the premises of the Grantor where any Collateral is located (through self-help and without judicial process) to collect, receive, assemble, process, appropriate, sell,
lease, assign, grant an option or options to purchase or otherwise dispose of, deliver, or realize upon, the Collateral or any part thereof in one or more parcels at public or private sale or sales (which sales may be adjourned or continued from
time to time with or without notice and may take place at the Grantor’s premises or elsewhere), for cash, on credit or for future delivery without assumption of any credit risk, and upon such other terms as the Collateral Agent may deem
commercially reasonable; and 
 (iv) concurrently with written notice to the Grantor, transfer and register in its name or in the
name of its nominee the whole or any part of the Pledged Collateral, to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations, to exercise the voting and
all other rights as a holder with respect thereto, to collect and receive all cash dividends, interest, principal and other distributions made thereon and to otherwise act with respect to the Pledged Collateral as though the Collateral Agent was the
outright owner thereof. 
 (b) The Collateral Agent, on behalf of the Secured Parties, may comply with any applicable state or federal
law requirements in connection with a disposition of the Collateral and compliance will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. 
 (c) The Collateral Agent shall have the right upon any such public sale or sales and, to the extent permitted by law, upon any such private sale
or sales, to purchase for the benefit of the Collateral Agent and the Secured Parties, the whole or any part of the Collateral so sold, free of any right of equity redemption, which equity redemption the Grantor hereby expressly releases.

 (d) Until the Collateral Agent is able to effect a sale, lease, or other disposition of Collateral, the Collateral Agent shall have
the right to hold or use Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving Collateral or its value or for any other purpose deemed appropriate by the Collateral Agent. The Collateral Agent may, if
it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of the Collateral Agent’s remedies (for the benefit of the Collateral Agent and Secured Parties), with respect to such appointment
without prior notice or hearing as to such appointment. 
 (e) Notwithstanding the foregoing, neither the Collateral Agent nor the
Secured Parties shall be required to (i) make any demand upon, or pursue or exhaust any of their rights or remedies against, the Grantor, any other obligor, guarantor, pledgor or any other Person with respect to the payment of the Obligations
or to pursue or exhaust any of their rights or remedies with respect to any Collateral therefor or any direct or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the Obligations or to resort to the Collateral or any
such guarantee in any particular order, or (iii) effect a public sale of any Collateral. 

 (f) The Grantor recognizes that the Collateral Agent may be unable to effect a public sale of any
or all the Pledged Collateral and may be compelled to resort to one or more private sales thereof in accordance with clause (a) above. The Grantor also acknowledges that any private sale may result in prices and other terms less favorable to
the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of such sale being private. The
Collateral Agent shall be under no obligation to delay a sale of any of the Pledged Collateral for the period of time necessary to permit the Grantor or the issuer of the Pledged Collateral to register such securities for public sale under the
Securities Act of 1933, as amended, or under applicable state securities laws, even if the applicable Grantor and the issuer would agree to do so. 
 5.2 Grantor’s Obligations Upon Default. Upon the request of the Collateral Agent after the occurrence and during the continuance of an Event of Default, the Grantor will: 
 (a) assemble and make available to the Collateral Agent the Collateral and all books and records relating thereto at any place or places specified
by the Collateral Agent, whether at the Grantor’s premises or elsewhere; 
 (b) permit the Collateral Agent, by the Collateral
Agent’s representatives and agents, to enter, occupy and use any premises where all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral or the
books and records relating thereto, or both, to remove all or any part of the Collateral or the books and records relating thereto, or both, and to conduct sales of the Collateral, without any obligation to pay the Grantor for such use and
occupancy; 
 (c) take, or cause an issuer of Pledged Collateral to take, any and all actions necessary to register or qualify the
Pledged Collateral to enable the Collateral Agent to consummate a public sale or other disposition of the Pledged Collateral. 
 5.3
Distribution of Proceeds. Any proceeds received by the Collateral Agent in connection with the enforcement of remedies pursuant to Section 5.1 hereof shall be distributed in accordance with the provisions of the Intercreditor Agreement.

 ARTICLE VI 
 ATTORNEY IN FACT; PROXY 
 6.1 Authorization for Secured Party
to Take Certain Action. 
 (a) The Grantor irrevocably authorizes the Collateral Agent at any time and from time to time in the
sole discretion of the Collateral Agent and appoints the Collateral Agent as its attorney in fact (i) to execute on behalf of the Grantor as debtor and to file financing statements necessary or desirable in the Collateral Agent’s sole
discretion to perfect and to maintain the perfection and priority of the Collateral Agent’s security interest in the Collateral, 

 
(ii) to endorse and collect any cash proceeds of the Collateral, (iii) to file a carbon, photographic or other reproduction of this Security
Agreement or any financing statement with respect to the Collateral as a financing statement and to file any other financing statement or amendment of a financing statement (which does not add new collateral or add a debtor) in such offices as the
Collateral Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the Collateral Agent’s security interest in the Collateral, (iv) to contact and enter into one or more
agreements with the issuers of uncertificated securities which are Pledged Collateral or with securities intermediaries holding Pledged Collateral as may be necessary or advisable to give the Collateral Agent Control over such Pledged Collateral,
(v) to apply, subject to the Intercreditor Agreement, the proceeds of any Collateral received by the Collateral Agent to the Obligations, (vi) to discharge past due taxes, assessments, charges, fees or Liens on the Collateral (except for
such Liens as are specifically permitted hereunder), (vii) after an Event of Default has occurred and is continuing, to contact Account Debtors for any reason, (viii) after an Event of Default has occurred and is continuing, to demand
payment or enforce payment of the Receivables in the name of the Collateral Agent or the Grantor and to endorse any and all checks, drafts, and other instruments for the payment of money relating to the Receivables, (ix) after an Event of
Default has occurred and is continuing, to sign the Grantor’s name on any invoice or bill of lading relating to the Receivables, drafts against any Account Debtor of the Grantor, assignments and verifications of Receivables, (x) after an
Event of Default has occurred and is continuing, to exercise all of the Grantor’s rights and remedies with respect to the collection of the Receivables and any other Collateral, (xi) after an Event of Default has occurred and is
continuing, to settle, adjust, compromise, extend or renew the Receivables, (xii) after an Event of Default has occurred and is continuing, to settle, adjust or compromise any legal proceedings brought to collect Receivables, (xiii) to
prepare, file and sign the Grantor’s name on a proof of claim in bankruptcy or similar document against any Account Debtor of the Grantor, (xiv) after an Event of Default has occurred and is continuing, to prepare, file and sign the
Grantor’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the Receivables, (xv) after an Event of Default has occurred and is continuing, to change the address for delivery of mail
addressed to the Grantor to such address as the Collateral Agent may designate and to receive, open and dispose of all mail addressed to the Grantor, and (xvi) to do all other acts and things necessary to carry out this Security Agreement; and
the Grantor agrees to reimburse the Collateral Agent on demand for any payment made or any expense incurred by the Collateral Agent in connection with any of the foregoing; provided that, this authorization shall not relieve the Grantor of
any of its obligations under this Security Agreement. 
 (b) All acts of said attorney or designee are hereby ratified and approved.
The powers conferred on the Collateral Agent, for the benefit of the Secured Parties, under this Section 6.1 are solely to protect the Collateral Agent’s interests in the Collateral and shall not impose any duty upon the Collateral Agent
or any Secured Party to exercise any such powers. The Collateral Agent agrees that, except for the powers granted in Section 6.1(a)(i)-(vi) and Section 6.1(a)(xvi), it shall not exercise any power or authority granted to it unless an
Event of Default has occurred and is continuing. 
 6.2 Proxy. THE GRANTOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS THE COLLATERAL
AGENT AS ITS PROXY AND ATTORNEY-IN-FACT (AS SET FORTH IN SECTION 6.1 ABOVE) WITH RESPECT TO ITS PLEDGED 

 
COLLATERAL, INCLUDING AFTER AN EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING, THE RIGHT TO VOTE SUCH PLEDGED COLLATERAL, WITH FULL POWER OF SUBSTITUTION TO
DO SO. THE APPOINTMENT OF THE COLLATERAL AGENT AS PROXY AND ATTORNEY-IN-FACT SHALL INCLUDE, AFTER AN EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING, THE RIGHT TO EXERCISE ALL OTHER RIGHTS, POWERS, PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF SUCH
PLEDGED COLLATERAL WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS, CALLING SPECIAL MEETINGS OF SHAREHOLDERS AND VOTING AT SUCH MEETINGS). SUCH PROXY SHALL BE EFFECTIVE, AUTOMATICALLY AND WITHOUT THE NECESSITY OF
ANY ACTION (INCLUDING ANY TRANSFER OF ANY SUCH PLEDGED COLLATERAL ON THE RECORD BOOKS OF THE ISSUER THEREOF) BY ANY PERSON (INCLUDING THE ISSUER OF SUCH PLEDGED COLLATERAL OR ANY OFFICER OR AGENT THEREOF), UPON THE OCCURRENCE OF AN EVENT OF DEFAULT.

 6.3 Nature of Appointment; Limitation of Duty. THE APPOINTMENT OF THE COLLATERAL AGENT AS PROXY AND ATTORNEY-IN-FACT IN THIS
ARTICLE VI IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THE DATE ON WHICH THIS SECURITY AGREEMENT IS TERMINATED IN ACCORDANCE WITH SECTION 8.13. NOTWITHSTANDING ANYTHING CONTAINED HEREIN, NEITHER THE COLLATERAL AGENT, NOR ANY SECURED
PARTY, NOR ANY OF THEIR RESPECTIVE AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR REPRESENTATIVES SHALL HAVE ANY DUTY TO EXERCISE ANY RIGHT OR POWER GRANTED HEREUNDER OR OTHERWISE OR TO PRESERVE THE SAME AND SHALL NOT BE LIABLE FOR ANY
FAILURE TO DO SO OR FOR ANY DELAY IN DOING SO, EXCEPT IN RESPECT OF DAMAGES ATTRIBUTABLE SOLELY TO THEIR OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS FINALLY DETERMINED BY A COURT OF COMPETENT JURISDICTION; PROVIDED THAT, IN NO EVENT SHALL
THEY BE LIABLE FOR ANY PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES. 
 ARTICLE VII 
 COLLATERAL ACCOUNTS 
 7.1 Collateral Accounts. The Collateral Agent shall establish, when and as needed, an account which shall be entitled the “Collateral Account” (the “Collateral Account”), and
shall maintain such accounts, at the office of the Collateral Agent’s corporate trust administration. All moneys which are required by the Intercreditor Agreement or this Agreement (subject to the provisions of the Intercreditor Agreement)
while an Event of Default has occurred and is continuing or which are received by the Collateral Agent or any agent or nominee of the Collateral Agent in respect of the Collateral or otherwise in accordance with the terms of the relevant Debt
Instrument, whether in connection with the exercise of the remedies provided in this Agreement or in any other Collateral Document or otherwise, shall be deposited in the Collateral Account. Moneys in the Collateral Account shall be held by the
Collateral Agent as part of the Collateral and applied in accordance with the terms of this Agreement. 

 7.2 Control of Collateral Account. All right, title and interest in and to the Collateral Account
shall vest in the Collateral Agent, and funds on deposit in the Collateral Account shall constitute part of the Collateral. The Collateral Account shall be subject to the exclusive dominion and control of the Collateral Agent. The Grantor shall have
no right of withdrawal from the Collateral Account other than pursuant to Section 7.4 below. 
 7.3 Investment of Funds Deposited in
Collateral Account. The Collateral Agent shall invest and reinvest moneys on deposit in the Collateral Account at any time in cash and cash equivalents as directed in writing by the relevant Grantor. In the absence of such directions, moneys
shall remain uninvested. All such investments and the interest and income received thereon and the net proceeds realized on the sale or redemption thereof shall be held in the Collateral Account as part of the Collateral. The Collateral Agent shall
not be responsible for any diminution in funds resulting from such investments or any liquidation prior to maturity. 
 7.4 Withdrawals by
the Grantor. The Grantor shall be permitted to make withdrawals from the Collateral Account only in accordance with the release of the Collateral Agent’s Lien against the Collateral Account pursuant to Section 5.12 of the Intercreditor
Agreement. 
 7.5 Application of Moneys. The Collateral Agent shall hold and apply moneys in the Collateral Account in accordance with
the provisions of the Intercreditor Agreement. 
 7.6 Collateral Agent’s Calculations. All distributions made by the Collateral
Agent pursuant to Section 7.5 shall be final (absent manifest error), and the Collateral Agent shall have no duty to inquire as to the application of any amounts distributed by it. 
 ARTICLE VIII 
 GENERAL PROVISIONS

 8.1 Waivers. To the maximum extent permitted under applicable law, the Grantor hereby waives notice of the time and place of
any public sale or the time after which any private sale or other disposition of all or any part of the Collateral may be made. To the extent such notice may not be waived under applicable law, any notice made shall be deemed reasonable if sent to
the Grantor, addressed as set forth in Article IX, at least ten days prior to (i) the date of any such public sale or (ii) the time after which any such private sale or other disposition may be made. To the maximum extent permitted by
applicable law, the Grantor waives all claims, damages, and demands against the Collateral Agent or any Secured Party arising out of the repossession, retention or sale of the Collateral, except such as arise solely out of the gross negligence or
willful misconduct of the Collateral Agent or such Secured Party as finally determined by a court of competent jurisdiction. To the extent it may lawfully do so, the Grantor absolutely and irrevocably waives and relinquishes the benefit and
advantage of, and covenants not to assert against the Collateral Agent or any Secured Party, any valuation, stay, appraisal, extension, moratorium, redemption or similar laws and any and all rights or defenses it may have as a surety now or
hereafter existing which, but for this provision, might be applicable to the sale of any Collateral made under the judgment, order or decree of any court, or privately under the power of sale conferred by this Security Agreement, or otherwise.
Except as otherwise 

 
specifically provided herein, the Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any
kind in connection with this Security Agreement or any Collateral. 
 8.2 Limitation on Collateral Agent’s and Secured Parties’
Duty with Respect to the Collateral. The Collateral Agent shall have no obligation to clean-up or otherwise prepare the Collateral for sale. The Collateral Agent and each Secured Party shall use reasonable care with respect to the Collateral in
its possession or under its control. Neither the Collateral Agent nor any Secured Party shall have any other duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of the Collateral Agent or
such Secured Party, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. To the extent that applicable law imposes duties on the Collateral Agent to exercise remedies in a
commercially reasonable manner, the Grantor acknowledges and agrees that it is commercially reasonable for the Collateral Agent (i) to fail to incur expenses deemed significant by the Collateral Agent to prepare Collateral for disposition or
otherwise to transform raw material or work in process into finished goods or other finished products for disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by
other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against Account Debtors or other Persons obligated
on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection remedies against Account Debtors and other Persons obligated on Collateral directly or through the use of collection agencies and other
collection specialists, (v) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same
business as the Grantor, for expressions of interest in acquiring all or any portion of such Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a
specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of
assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements to insure the
Collateral Agent against risks of loss, collection or disposition of Collateral or to provide to the Collateral Agent a guaranteed return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by the
Collateral Agent, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist the Collateral Agent in the collection or disposition of any of the Collateral. The Grantor acknowledges that the purpose of
this Section 8.2 is to provide non-exhaustive indications of what actions or omissions by the Collateral Agent would be commercially reasonable in the Collateral Agent’s exercise of remedies against the Collateral and that other actions or
omissions by the Collateral Agent shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 8.2. Without limitation upon the foregoing, nothing contained in this Section 8.2 shall be construed
to grant any rights to the Grantor or to impose any duties on the Collateral Agent that would not have been granted or imposed by this Security Agreement or by applicable law in the absence of this Section 8.2. 

 8.3 Compromises and Collection of Collateral. The Grantor and the Collateral Agent recognize that
setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of
success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the foregoing, the Grantor agrees that the Collateral Agent may at any time and from time to
time, if an Event of Default has occurred and is continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Collateral Agent in its sole discretion shall determine or abandon any
Receivable, and any such action by the Collateral Agent shall be commercially reasonable so long as the Collateral Agent acts in good faith based on information known to it at the time it takes any such action. 
 8.4 Secured Party Performance of Debtor Obligations. Without having any obligation to do so, the Collateral Agent may perform or pay any
obligation which the Grantor has agreed to perform or pay in this Security Agreement and failed to do so in the time frame required hereunder, and the Grantor shall reimburse the Collateral Agent for any amounts paid by the Collateral Agent pursuant
to this Section 8.4. The Grantor’s obligation to reimburse the Collateral Agent pursuant to the preceding sentence shall be a Obligation payable not later than 10 Business Days after receipt of a reasonably detailed invoice therefor.

 8.5 Specific Performance of Certain Covenants. The Grantor acknowledges and agrees that a breach of any of the covenants contained
in Sections 4.4, 4.5, 4.6, 4.7, 4.9, 5.2, or 8.6 or in Article VII will cause irreparable injury to the Collateral Agent and the other Secured Parties, that the Collateral Agent and the other Secured Parties have no adequate remedy at law in respect
of such breaches and therefore agrees, without limiting the right of the Collateral Agent or the other Secured Parties to seek and obtain specific performance of other obligations of the Grantor contained in this Security Agreement, that the
covenants of the Grantor contained in the Sections referred to in this Section 8.5 shall be specifically enforceable against the Grantor. 
 8.6 No Waiver; Amendments; Cumulative Remedies. No delay or omission of the Collateral Agent or any Secured Party to exercise any right or remedy granted under this Security Agreement shall impair such right or remedy or be construed
to be a waiver of any Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude any other or further exercise thereof or the exercise of any other right or remedy. No waiver, amendment or
other variation of the terms, conditions or provisions of this Security Agreement whatsoever shall be valid unless in writing signed by the Collateral Agent in accordance with the provisions of the Intercreditor Agreement and then only to the extent
in such writing specifically set forth. All rights and remedies contained in this Security Agreement or by law afforded shall be cumulative and all shall be available to the Collateral Agent and the Secured Parties until the Obligations have been
paid in full. No notice to or demand on the Grantor in any case shall entitle the Grantor to any other or further notice or demand in similar or other circumstances. 
 8.7 Limitation by Law; Severability of Provisions. All rights, remedies and powers provided in this Security Agreement may be exercised only to the extent that the exercise thereof 

 
does not violate any applicable provision of law, and all the provisions of this Security Agreement are intended to be subject to all applicable mandatory
provisions of law that may be controlling and to be limited to the extent necessary so that they shall not render this Security Agreement invalid, unenforceable or not entitled to be recorded or registered, in whole or in part. Any provision in this
Security Agreement that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the
operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of this Security Agreement are declared to be severable. 
 8.8 Reinstatement. This Security Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or
against the Grantor for liquidation or reorganization, should the Grantor become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed for all or any significant part of the
Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must
otherwise be restored or returned by any obligee of the Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment or performance had not been made. In the event that any
payment, or any part thereof, is rescinded, reduced, restored or returned, the Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 
 8.9 Benefit of Agreement. The terms and provisions of this Security Agreement shall be binding upon and inure to the benefit of the Grantor, the
Collateral Agent and the other Secured Parties and their respective successors and assigns (including all persons who become bound as a debtor to this Security Agreement), except that the Grantor shall not have the right to assign its rights or
delegate its obligations under this Security Agreement or any interest herein, without the prior written consent of the Collateral Agent. No sales of participations, assignments, transfers, or other dispositions of any agreement governing the
Obligations or any portion thereof or interest therein shall in any manner impair the Lien granted to the Collateral Agent, for the benefit of the Secured Parties, hereunder. 
 8.10 Survival of Representations. All representations and warranties of the Grantor contained in this Security Agreement shall survive the
execution and delivery of this Security Agreement. 
 8.11 Taxes and Expenses. Any taxes (including income taxes) payable or ruled
payable by Federal or State or other taxing entity or authority in respect of this Security Agreement shall be paid by the Grantor, together with interest and penalties, if any. The Grantor shall reimburse the Collateral Agent for any and all
reasonable out-of-pocket expenses paid or incurred by the Collateral Agent in connection with the preparation, execution, delivery, administration, collection and enforcement of this Security Agreement and in the audit, analysis, administration,
collection, preservation or sale of the Collateral. Any and all costs and expenses incurred by the Grantor in the performance of actions required pursuant to the terms hereof shall be borne solely by the Grantor. 

 8.12 Headings. The title of and section headings in this Security Agreement are for convenience of
reference only, and shall not govern the interpretation of any of the terms and provisions of this Security Agreement. 
 8.13
Termination; Release. 
 (a) This Security Agreement and the security interest granted hereby shall terminate upon the first to
occur of any of the following events: (i) the payment in full of all of the Obligations; (ii) Collateral Agent’s receipt of an Officer’s Certificate that such release does not conflict with, or result in a breach of or default
under, the Debt Instruments; or (iii) the release of the Liens on the Collateral or the total liquidation of the Collateral and the distribution of all the proceeds in accordance herewith. 
 (b) Upon termination pursuant to 8.13(a), any Lien upon the Collateral granted hereunder shall be automatically released, without delivery of any
instrument or performance of any act by any party. In connection therewith, at the written request and sole expense of the Grantor, the Collateral Agent shall execute and deliver to the Grantor all releases or other documents, including, without
limitation, UCC termination statements, reasonably necessary or desirable for the release of such Lien. Grantor shall be responsible for filing any such releases. In connection with any such release, the Collateral Agent agrees to promptly deliver
to the Grantor any portion of such Collateral in the possession of the Collateral Agent. 
 8.14 Entire Agreement. This Security
Agreement, together with the Indenture and the other Note Documents, embodies the entire agreement and understanding between the Grantor and the Collateral Agent relating to the Collateral and supersedes all prior agreements and understandings
between the Grantor and the Collateral Agent relating to the Collateral. 
 8.15 CHOICE OF LAW. THIS SECURITY AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 
 8.16 CONSENT TO JURISDICTION. THE GRANTOR HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY U.S. FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS SECURITY AGREEMENT OR ANY OTHER NOTE DOCUMENT AND THE GRANTOR HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR
HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE COLLATERAL AGENT OR ANY OTHER SECURED PARTY TO BRING PROCEEDINGS
AGAINST THE GRANTOR IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY THE GRANTOR AGAINST THE COLLATERAL AGENT OR ANY OTHER SECURED PARTY OR ANY AFFILIATE OF THE COLLATERAL AGENT OR ANY OTHER SECURED 

 
PARTY INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS SECURITY AGREEMENT OR ANY OTHER DEBT
INSTRUMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK. 
 8.17 WAIVER OF JURY TRIAL. THE GRANTOR, THE COLLATERAL AGENT AND
EACH OTHER SECURED PARTY HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS SECURITY
AGREEMENT OR ANY OTHER DEBT INSTRUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER. 
 8.18 Indemnity. The Grantor hereby agrees to
indemnify the Collateral Agent and its officers, directors, employees, counsel and agents, to the extent provided in Section 8.1 of the Intercreditor Agreement. 
 8.19 Counterparts. This Security Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Security
Agreement by signing any such counterpart. 
 8.20 Intercreditor Agreement. Notwithstanding anything to the contrary contained in this
Security Agreement, the Liens, security interests and rights granted pursuant to this Security Agreement or any other Debt Instrument shall be as set forth in, and subject to the terms and conditions of (and the exercise of any right or remedy by
the Collateral Agent hereunder or thereunder shall be subject to the terms and conditions of), the Intercreditor Agreement. In the event of any conflict between this Security Agreement or any other Debt Instrument and the Intercreditor Agreement,
the Intercreditor Agreement shall control, and no right, power, or remedy granted to the Collateral Agent hereunder shall be exercised by the Collateral Agent, and no direction shall be given by the Collateral Agent in contravention of the
Intercreditor Agreement. Without limiting the generality of the foregoing, and notwithstanding anything herein to the contrary, all rights and remedies of the Collateral Agent (and the Secured Parties) shall be subject to the terms of the
Intercreditor Agreement. 
 ARTICLE IX 
 NOTICES 
 9.1 Sending Notices. Any notice required or permitted to be given
under this Security Agreement shall be sent in accordance with Section 8.4 of the Intercreditor Agreement. 
 ARTICLE X

 THE COLLATERAL AGENT 
 Wells Fargo Bank, National Association has been appointed Collateral Agent for the Secured Parties hereunder pursuant to the Intercreditor Agreement. It
is expressly understood and agreed by the parties to this Security Agreement that any authority conferred upon the 

 
Collateral Agent hereunder is subject to the terms of the delegation of authority made by the Secured Parties to the Collateral Agent pursuant to the
Intercreditor Agreement, and that the Collateral Agent has agreed to act (and any successor Collateral Agent shall act) as such hereunder only on the express conditions contained in such Intercreditor Agreement. Any successor Collateral Agent
appointed pursuant to the Intercreditor Agreement shall be entitled to all the rights, interests and benefits of the Collateral Agent hereunder. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the Grantor and
the Collateral Agent have executed this Security Agreement as of the date first above written. 
  

			
	GRANTOR:
	
	VERENIUM CORPORATION
		
	By:	 	 /s/ Gerald M. Haines II

	Name:	 	Gerald M. Haines II
	Title:	 	Executive Vice President
	
	COLLATERAL AGENT:
	
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION

		
	By:	 	 /s/ Lynn M. Steiner

	Name:	 	Lynn M. Steiner
	Title:	 	Vice President

 ACKNOWLEDGMENT AND CONSENT 
 The undersigned hereby acknowledges receipt of a copy of the Pledge and Security Agreement dated as of September 1, 2009 (the
“Agreement”), made by Verenium Corporation party thereto for the benefit of Wells Fargo Bank, National Association, as Collateral Agent. The undersigned agrees for the benefit of the Collateral Agent and the Secured Parties
as follows: 
 1. The undersigned will be bound by the terms of the Agreement and will comply with such terms insofar as such terms
are applicable to the undersigned. 
 2. The undersigned will notify the Collateral Agent promptly in writing of the occurrence of any
of the events described in Section 4.6(b)(iii) or 4.6(b)(iv) of the Agreement. 
 3. The terms of Sections 4.5(b), 4.5(c), 5.1(f)
and 5.2(c) of the Agreement shall apply to it, mutatis mutandis, with respect to all actions that may be required of it pursuant to Section 4.5(b), 4.5(c), 5.1(f) or 5.2(c) of the Agreement. 
  

			
	[NAME OF ISSUER]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	Address for Notices:
	
	  

	  

	  

	Attention:	 	  

	Facsimile:	 	  

 Exhibit A 
 Grantor Information 
  

			
	Name of Grantor:	  	Verenium Corporation
	Type of Entity:	  	Corporation
	State of Organization:	  	Delaware
	State Organizational Number:	  	2319755
	Federal Employer ID Number:	  	22-3297375
	Mailing Address:	  	55 Cambridge Parkway
		  	Cambridge, MA 02142
	Chief Executive Office:	  	Same as mailing address

 Other corporate or fictitious names used in the last five years: 
 Diversa Corporation 
 Celunol Corp. (acquired by the Company via merger,
formerly BCI International Corporation) 

 Exhibit B 
 Pledged Collateral 
 Promissory Notes 
  

			
	 Issuer
	  	Principal Amount
	 None.
	  	None.

 Equity Interests 
  

							
	 Issuer
	  	Percentage of
Interests Pledged	 	 	Percentage of
Interests Owned	 
	 Verenium Biofuels Corporation*
	  	100	% 	 	100	% 

  

	*	Verenium Biofuels Corporation is the sole subsidiary of the Company directly owned by the Company. In turn, Verenium Biofuels Corporation directly owns the following entities (which
do not constitute Pledge Collateral): Verenium Biofuels Louisiana LLC, a wholly-owned subsidiary of Verenium Biofuels Corporation, Galaxy Biofuels LLC, a jointly-owned subsidiary of Verenium Biofuels Corporation and BP Biofuels North America LLC,
and Highlands Ethanol, LLC, a jointly-owned subsidiary of Verenium Biofuels Corporation and BP Biofuels North America LLC. 

 Exhibit C 
 UCC Financing Statement Jurisdictions 
 Delaware 

 Exhibit D 
 Historical Transactions 
 Mergers and consolidations during the past 5 years: 
 On June 20, 2007, the Company completed a merger transaction with Celunol Corp. The combined company was renamed Verenium Corporation. 
 Acquisitions of all of the equity interests or all or substantially all of the assets, or a business unit, division, product line or line of business during the past
5 years: 
 On June 20, 2007, the Company completed a merger transaction with Celunol Corp. The combined company was renamed Verenium Corporation.

 Other acquisitions during the past 4 months: 
 None.

 Exhibit E 
 Letter of Credit Rights; Chattel Paper 
 None. 

 Exhibit F 
 Commercial Tort Claims 
 None.Intercreditor and Collateral Agency Agreement

 Exhibit 10.3 
 EXECUTION VERSION 
 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT 
 between 
 VERENIUM CORPORATION, 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as
Trustee, 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Collateral Agent 
 and 
 the Joined Secured Parties from time to time party hereto 
 September 1, 2009 

 Table of Contents 
  

					
	 	  	 	  	Page
			
	ARTICLE 1	  	DEFINITIONS	  	2
			
	 Section 1.1
	  	 Definitions
	  	2
			
	 Section 1.2
	  	 Terms Generally
	  	6
			
	ARTICLE 2	  	SHARING AMONG SECURED PARTIES	  	6
			
	 Section 2.1
	  	 Pro Rata Treatment
	  	6
			
	 Section 2.2
	  	 Application of Collateral Proceeds
	  	7
			
	 Section 2.3
	  	 Proceeds Received Directly by a Secured Party
	  	7
			
	 Section 2.4
	  	 Incorrect Distribution
	  	8
			
	 Section 2.5
	  	 Return of Proceeds
	  	8
			
	 Section 2.6
	  	 Possession of Collateral
	  	8
			
	 Section 2.7
	  	 Non-Cash Proceeds
	  	8
			
	ARTICLE 3	  	COOPERATION AMONG SECURED PARTIES	  	9
			
	 Section 3.1
	  	 Cooperation
	  	9
			
	 Section 3.2
	  	 Parties Having Other Relationships
	  	9
			
	 Section 3.3
	  	 Modification to Financing Documents
	  	9
			
	ARTICLE 4	  	COMPANY AGREEMENTS	  	9
			
	 Section 4.1
	  	 Obligations Unimpaired
	  	9
			
	ARTICLE 5	  	THE COLLATERAL AGENT	  	10
			
	 Section 5.1
	  	 Appointment and Authority of the Collateral Agent
	  	10
			
	 Section 5.2
	  	 Actions of the Collateral Agent Requiring Consent; Amendment to Collateral Documents
	  	11
			
	 Section 5.3
	  	 Non-Reliance on the Collateral Agent and Other Secured Parties
	  	12
			
	 Section 5.4
	  	 The Collateral Agent and Affiliates
	  	12
			
	 Section 5.5
	  	 Action by the Collateral Agent
	  	12
			
	 Section 5.6
	  	 Consultation with Experts
	  	13
			
	 Section 5.7
	  	 Liability of the Collateral Agent
	  	13
			
	 Section 5.8
	  	 Indemnification of the Collateral Agent; Defense of Claims
	  	14
			
	 Section 5.9
	  	 Resignation or Removal of the Collateral Agent
	  	15
			
	 Section 5.10
	  	 Appointment of Co-Agents
	  	15
			
	 Section 5.11
	  	 Compensation of the Collateral Agent; Expenses
	  	15

  

 -i- 

 Table of Contents 
 (continued) 
  

					
	 	  	 	  	Page
			
	 Section 5.12
	  	 Release of Collateral
	  	16
			
	 Section 5.13
	  	 Emergency Actions
	  	16
			
	 Section 5.14
	  	 Interpleader; Declaratory Judgment
	  	16
			
	 Section 5.15
	  	 Operation of the Collateral Account
	  	16
			
	 Section 5.16
	  	 Account Holder Verification
	  	17
			
	ARTICLE 6	  	ENFORCEMENT OF REMEDIES	  	17
			
	 Section 6.1
	  	 Waivers of Rights
	  	17
			
	 Section 6.2
	  	 Permitted Action by the Secured Parties
	  	17
			
	 Section 6.3
	  	 Right to Instruct the Collateral Agent
	  	17
			
	 Section 6.4
	  	 Permitted Exercise of other Rights
	  	17
			
	ARTICLE 7	  	SUCCESSORS AND ASSIGNS	  	18
			
	 Section 7.1
	  	 Assignees
	  	18
			
	 Section 7.2
	  	 Additional Secured Parties
	  	19
			
	ARTICLE 8	  	MISCELLANEOUS	  	19
			
	 Section 8.1
	  	 Indemnification
	  	19
			
	 Section 8.2
	  	 Expenses
	  	19
			
	 Section 8.3
	  	 No Partnership or Joint Venture
	  	20
			
	 Section 8.4
	  	 Notices
	  	20
			
	 Section 8.5
	  	 Entire Agreement; Amendments and Waivers
	  	20
			
	 Section 8.6
	  	 Payments
	  	20
			
	 Section 8.7
	  	 Counterparts; Effectiveness
	  	20
			
	 Section 8.8
	  	 No Waiver; Cumulative Remedies
	  	21
			
	 Section 8.9
	  	 Term
	  	21
			
	 Section 8.10
	  	 Governing Law
	  	21
			
	 Section 8.11
	  	 Limitation of Liability
	  	21
			
	 Section 8.12
	  	 Severability
	  	21
			
	 Section 8.13
	  	 Headings
	  	21
			
	 Section 8.14
	  	 Construction
	  	21
			
	 Section 8.15
	  	 Submission to Jurisdiction; Service of Process
	  	22
			
	 Section 8.16
	  	 Waiver of Jury Trial
	  	22

  

 -ii- 

 Table of Contents 
 (continued) 
  

					
	 	  	 	  	Page
			
	 Section 8.17
	  	 Enforceability and Continuing Priority
	  	22
			
	 Section 8.18
	  	 Further Assurances; Collateral Agent Appointed Attorney-in- Fact
	  	22

  

 -iii- 

 INDEX TO EXHIBITS 
  

	Exhibit A	Supplement to Intercreditor Agreement – New Secured Party (Non-8% Noteholder) 

  

	Exhibit B	Supplement to Intercreditor Agreement – New Secured Party (8% Noteholder) 

  

 -iv- 

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT 
 THIS INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT (the “Agreement”), dated as of September 1, 2009, is made by and among
VERENIUM CORPORATION (the “Company”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as trustee for the holders of the notes (the “9% Noteholders”) issued under the Indenture described below (in such
capacity, herein the “Trustee”), the Joined 8% Noteholders (as defined herein), and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as collateral agent hereunder (in such capacity, the “Collateral
Agent”) for the Secured Parties (as defined below). 
 RECITALS 
 On September 1, 2009, the Company issued $12,816,450 principal amount of its 9.00% convertible senior secured notes due 2027 (the “9%
Notes”) pursuant to the terms of that certain Indenture dated September 1, 2009 between the Company and the Trustee (the “Indenture”). Pursuant to the Indenture, the Trustee is authorized to enter into this
Agreement on behalf of the Noteholders and to bind them to the terms hereof. Pursuant to the Indenture, the obligations, indebtedness and liability of the Company arising under the terms thereof and under the 9% Notes, are required to be secured by
the Collateral (as hereafter defined). 
 On February 27, 2008, the Company issued $71 million principal amount of those certain 8%
senior convertible notes, which notes were amended and restated on July 1, 2009 (as so amended and as may be further amended, supplemented or otherwise modified from time to time, the “8% Notes”). As of the date hereof,
approximately $16.2 million principal amount of the 8% Notes remains outstanding. Pursuant to the terms of the 8% Notes, the obligations, indebtedness and liability of the Company arising under the terms thereof are required to be secured on an
equal and ratable basis with the obligations, indebtedness and liability of the Company arising under the Indenture and the 9% Notes, and under certain other secured Permitted Indebtedness (as defined in the 8% Notes). 
 The Company and the Secured Parties have agreed that obligations of the Company under and in respect of the Indenture and the 9% Notes are to be secured
on a pari passu basis with the obligations of the Company under and in respect of the 8% Notes and under and in respect of other Permitted Secured Indebtedness. 
 From time to time after the date hereof, the Company may incur Permitted Secured Indebtedness (as defined below) that is secured on either a priority basis or a pari passu basis with the obligations of the
Company under and in respect of the 8% Notes, the Indenture and the 9% Notes. 
 The parties hereto desire to enter into this Agreement in
order to: (i) provide for the appointment by the Secured Parties of Wells Fargo Bank, National Association as the collateral agent acting for the benefit of the Secured Parties; (ii) set forth certain responsibilities and obligations of
the Collateral Agent; (iii) set forth certain responsibilities and obligations of the Company with respect to the Collateral; and (iv) establish among the Secured Parties their respective rights with respect to certain payments that may be
received by the Collateral Agent in respect of the Collateral. 
  

 1. 

 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1 
 Definitions 
 Section 1.1 Definitions. The following terms, as used herein, have the following meanings: 
 “8% Note” shall have the meaning specified in the recitals to this Agreement. 
 “8%
Noteholders” means any holder of an 8% Note. 
 “9% Note” shall have the meaning specified in the
recitals to this Agreement. 
 “9% Noteholders” means any holder of a 9% Note. 
 “Affiliate” of any specified Person means (i) any other Person, directly or indirectly, controlling or controlled by or
under direct or indirect common control with such specified Person, (ii) any Person who is a director or officer (a) of such Person, (b) of any Subsidiary of such Person or (c) of any Person described in clause (i) above and
(iii) any beneficial owner of shares representing 5% or more of the total voting power of the Voting Stock (on a fully diluted basis) of the Company or of rights or warrants to purchase such Voting Stock (whether or not currently exercisable)
and any Person who would be an Affiliate of any such beneficial owner pursuant to clauses (i) and (ii). For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreement” shall have the meaning specified in the preamble to this Agreement. 
 “Business Day” means a means 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. 
 “Collateral” means the property from
time to time subject to the Liens created by the Collateral Documents. 
 “Collateral Account” means any segregated
account under the sole control of the Collateral Agent that is free from all other Liens, and includes all cash and cash equivalents received by the Collateral Agent from asset dispositions of Collateral, recovery events, foreclosures on or sales of
Collateral, or any other awards or proceeds pursuant to the Collateral Documents, including earnings, revenues, rents, issues, profits and income from the Collateral received pursuant to the Collateral Documents, and interest earned thereon.

 “Collateral Agent” shall have the meaning specified in the preamble to this Agreement. 
  

 2. 

 “Collateral Documents” means collectively, this Agreement, the Security
Agreement, all UCC financing statements required by the Security Agreement to be filed with respect to the security interests in personal property and fixtures created pursuant thereto and each other security agreement or other documentation
executed and delivered to secure any of the Obligations. 
 “Company” shall have the meaning specified in the
preamble to this Agreement. 
 “Consent” shall mean, with respect to consent required hereunder, the written consent
of the applicable holders of such Debt Instrument as certified by the applicable Representative for such Debt Instrument. 
 “Debt
Instruments” means (i) the Indenture and the 9% Notes, (ii) the Joined 8% Notes, and (iii) the Permitted Secured Indebtedness Documents. 
 “Default” means any event or condition which upon notice, lapse of time or both would constitute an Event of Default. 
 “Designated Priority Indebtedness” means Permitted Secured Indebtedness in an aggregate principal amount at anytime outstanding
not to exceed $50,000,000, which shall be (i) evidenced by Permitted Senior Indebtedness Documents that identify such Permitted Secured Indebtedness as being Designated Priority Indebtedness for purposes of this Agreement and
(ii) identified to the Collateral Agent through delivery of an Officer’s Certificate. 
 “Dollars” means
lawful currency of the United States of America. 
 “Effective Date” means the date hereof except that the grant of
security interest in Section 2.1 of the Security Agreement shall be effective to grant the security interest to the Collateral Agent in the Collateral to secure the Obligations in favor of any particular Secured Party only as of the date such
Secured Party or its Representative shall have executed this Agreement or a Joinder Supplement. 
 “Event of Default”
means the occurrence of any “Event of Default” or any similar event that is defined or identified in any Debt Instrument. 
 “Financing Documents” means the Indenture, the 9% Notes, the Joined 8% Notes, the Permitted Secured Indebtedness Documents, the Collateral Documents, this Agreement and all other documents executed and delivered
pursuant to the terms of the foregoing. 
 “Funded Obligations” means, at any time of
determination and with respect to any obligations under any Debt Instrument, the aggregate amount owed at such time (whether or not then due) under such Debt Instrument in respect of principal, interest and Premium (to the extent the applicable
party is entitled to Premium under such Debt Instrument and calculated as if such Debt Instrument were repaid on the date of the determination of Funded Obligations if the Premium is not otherwise already due thereunder as of such date of
determination).  
 “Governmental Authority” means the government of the United States of America, any other
nation or any political subdivision thereof, whether state or local, and any agency, 

  

 3. 

 
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government. 
 “Indenture” shall have the meaning specified in
the recitals to this Agreement. 
 “Joined 8% Noteholders” means those 8% Noteholders that have executed a Joinder
Supplement or are otherwise party to this Agreement. 
 “Joined 8% Notes” means those 8% Notes held by Joined 8%
Noteholders. 
 “Joined Secured Party” means (i) each Secured Party who has executed and delivered this
Agreement or a Joinder Supplement and (ii) each Secured Party whose Representative has executed and delivered this Agreement or a Joinder Supplement. 
 “Joinder Supplement” shall mean a Supplement to this Agreement, either in the form of Exhibit A (in the case of a Permitted Secured Indebtedness Holder) or Exhibit B (in the case
of an 8% Noteholder). 
 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any
kind (including any conditional sale or other title retention agreement or lease in the nature thereof, any option or other agreement to sell, or any filing of, or any agreement to give any security interest). 
 “Notice of Event of Default” shall have the meaning specified in Section 3.1(b) of this Agreement. 
 “Obligations” means at any time, the aggregate amount of all Funded Obligations and all other obligations, indebtedness and
liabilities of the Company to the Joined Secured Parties (or any one or more of them) arising pursuant to any of the Financing Documents, whether now existing or hereafter arising, whether direct, indirect, related, unrelated, fixed, contingent,
liquidated, unliquidated, joint, several, or joint and several, including, without limitation, the obligation of the Company to repay the loans made thereunder, all interest and Premiums, all indemnification obligations thereunder and all fees,
costs, and expenses (including attorneys’ fees and expenses) provided for in the Financing Documents. 
 “Officer’s
Certificate” means a certificate signed by one Officer of the Company. 
 “Person” means any natural
person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Permitted Secured Indebtedness Documents” means the agreements, notes and instruments governing any Permitted Secured Indebtedness and identified in the Joinder Supplement relating to such Permitted Secured
Indebtedness. 
 “Permitted Secured Indebtedness” means any indebtedness of the Company, other than under the
Indenture, the 9% Notes or the Joined 8% Notes, to the extent (i) such indebtedness is secured by Liens on the Collateral, (ii) such indebtedness is identified to the Collateral Agent 

  

 4. 

 
through delivery of an Officer’s Certificate, and (iii) each holder of such indebtedness or their Representative in respect of such indebtedness
becomes a party to this Agreement pursuant to Section 7.2(a). 
 “Permitted Secured Indebtedness Holder” means a
holder of any Permitted Secured Indebtedness. 
 “Premium” means, at any time with respect to any indebtedness, the
amount (whether denominated as a make-whole amount, prepayment premium, yield maintenance amount or otherwise) payable as a premium in excess of principal and interest due on the prepayment, as determined pursuant to the terms thereof. 

“Proceeds” means: (i) any and all money or other property received upon the sale, lease, exchange, casualty loss or any
other disposition of any Collateral and (ii) any and all money or other property received by the Collateral Agent under the terms of any of the subordination provisions of any Financing Document from a subordinated creditor. The term
“Proceeds” shall include, without limitation, “proceeds” as defined in and interpreted in accordance with the Uniform Commercial Code. 
 “Representatives” means: (a) in the case of the 9% Noteholders, the Trustee, (b) in the case of the Joined 8%
Noteholders, a representative designated by such 8% Noteholders from time to time by written notice to the Collateral Agent or, in the absence of any such designation, each Joined 8% Noteholder, and (c) in the case of any Permitted Secured
Indebtedness, the representative designated by the Permitted Secured Indebtedness Holder or, in the absence of any such designation, each Permitted Secured Indebtedness Holder. 
 “Required Holders” means, at any time of determination, (a) so long as Designated Priority Indebtedness
is outstanding, the holders of a majority in aggregate principal amount outstanding of the Designated Priority Indebtedness (as determined by the Representative for such Designated Priority and certified to the Collateral Agent); or (b) if no
Designated Priority Indebtedness is outstanding, Joined Secured Parties that hold a majority of the aggregate principal amount outstanding of Funded Obligations, as determined and certified by the applicable Representatives for such Joined Secured
Parties.  
 “Secured Parties” means, collectively, the Trustee, the 9% Noteholders and the 8% Noteholders and
the Permitted Secured Indebtedness Holders. 
 “Security Agreement” means that certain Pledge and Security Agreement,
dated September 1, 2009, between the Company and the Collateral Agent for the benefit of the Secured Parties. 
 “Sharing
Percentage” means, as to any Representative and at any time of determination, the percentage equivalent of a fraction of which the numerator is the Funded Obligations under which such Representation serves and the denominator is the
aggregate of all Funded Obligations. 
 “Subsidiary” of any Person means any corporation, association, limited
liability company, partnership or other business entity of which more than 50% of the total voting power 

  

 5. 

 
of shares of capital stock or other interests (including partnership or joint venture interests) entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person or (ii) one or more Subsidiaries of such Person. 
 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or any other state the laws of
which are required to be applied in connection with the issue of perfection of security interests. 
 “Voting Stock”
of an entity means all classes of capital stock of such entity then outstanding and normally entitled to vote in the election of directors or all interests in such entity with the ability to control the management or actions of such entity.

 Section 1.2 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented, replaced or otherwise modified from time to time (subject to any restrictions on such
amendments, supplements, replacements or modifications set forth herein) including any refunding, restructuring, replacement or refinancing thereof (whether with the original parties thereto or other parties and whether provided under the original
agreement or one or more other agreements), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and
words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections and Exhibits shall be construed to refer to Articles and Sections
of, and Exhibits to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights. Terms used herein, which are defined in the UCC, unless otherwise defined herein, shall have the meanings determined in accordance with the UCC. 
 ARTICLE 2 
 Sharing Among Joined Secured Parties 
 Section 2.1 Pro Rata Treatment. The Collateral Agent shall be the sole secured party under the Collateral Documents and shall hold the
Collateral exclusively, for the benefit of all the Secured Parties; provided, however, that the obligation of the Collateral Agent to hold such Collateral for the benefit of a particular Secured Party shall be effective only as of the
date such Secured Party or its Representative shall have executed this Agreement or a Joinder Supplement. Subject to Section 2.2, the Joined Secured Parties will receive pro rata treatment in connection with all payments, distributions,
collections or recoveries relating to the Collateral. Each payment or distribution by or from or received in connection with the exercise of remedies 

  

 6. 

 
after a Default or an Event of Default in respect of the Collateral shall be delivered to the applicable Representative in accordance with Section 2.2.
The provisions contained herein concerning the Collateral and Proceeds shall be controlling, notwithstanding the terms of any agreement between any Secured Party and the Company under any other document or instrument between such parties, whether or
not any bankruptcy or other insolvency proceeding shall at any time have been commenced with respect to the Company. 
 The Collateral Agent
may from time to time request that the Representative provide information necessary for the Collateral Agent to determine the Funded Obligations outstanding and for purposes of calculating the Sharing Percentage. The Representative shall have ten
(10) Business Days to respond to such request, after which period the Collateral Agent shall assume for the purposes of calculating the Sharing Percentage that the Representative represents no outstanding Funded Obligations until such time as
the Collateral Agent shall receive an appropriate response to its request or the Company provides such information. 
 Section 2.2
Application of Collateral Proceeds. The Proceeds of any sale, enforcement or other disposition of any of the Collateral or other distribution in respect of the Collateral, in each case following a Default or an Event of Default, to the extent
received by the Collateral Agent, shall be delivered by the Collateral Agent in the following order: 
 (a) first, to the Collateral
Agent for payment of all reasonable costs, fees and expenses incurred by the Collateral Agent in connection with the realization upon the Collateral or incurred in connection with, or otherwise due to the Collateral Agent under, this Agreement;

 (b) second, to the applicable Representative for payment of Funded Obligations constituting Designated Priority Indebtedness;

 (c) third, to the applicable Representative for payment of the remaining Funded Obligations according to the respective Sharing
Percentages calculated after giving effect to prior distributions; 
 (d) fourth, to the payment of the other Obligations owed to
Joined Secured Parties or their Representatives and then due, which payment shall be shared by the Joined Secured Parties pro rata determined based on the outstanding amounts thereof; and 
 (e) fifth, to the payment to the Company or its successors or assigns, or as a court of competent jurisdiction may direct, or otherwise as
required by law, if any surplus is then remaining from such Proceeds. 
 Portions of the Proceeds of Collateral distributed to or for the benefit of a Joined
Secured Party in respect of contingent Obligations shall be held as Collateral for such Obligations by such Joined Secured Party. In the event that any such contingent Obligations terminate, the Joined Secured Party holding such Collateral agrees to
return such proceeds to the Collateral Agent for distribution in accordance with this Section 2.2 to be distributed as Proceeds of Collateral hereunder. 
 Section 2.3 Proceeds Received Directly by a Joined Secured Party. If any Joined Secured Party receives any Proceeds of the type described in Section 2.2 other than from the 

  

 7. 

 
Collateral Agent pursuant to Section 2.2, such Person shall: (a) notify the Collateral Agent in writing of the nature of such receipt, the date of
the receipt and the amount thereof, (b) deduct from the Proceeds received any costs or expenses (including reasonable attorneys’ fees and expenses) incurred in connection with the acquisition of such Proceeds, (c) hold the remaining
amount of such Proceeds in trust for the benefit of the Collateral Agent until paid over to the Collateral Agent and (d) pay the remaining amount of such Proceeds to the Collateral Agent promptly upon receipt thereof. Upon receipt, the
Collateral Agent shall promptly distribute the Proceeds so received in accordance with Section 2.2. 
 Section 2.4 Incorrect
Distribution. If any Joined Secured Party receives any Proceeds in an amount in excess of the amount such Person is entitled to receive under the terms hereof, such Person shall: (a) notify the Collateral Agent in writing of the amount of
such excess Proceeds, (b) hold such excess Proceeds in trust for the benefit of the Collateral Agent until paid over to the Collateral Agent and (c) promptly pay the excess amount of such Proceeds to the Collateral Agent. The Collateral
Agent shall promptly distribute the Proceeds so received in accordance with the terms of Section 2.2. 
 Section 2.5 Return of
Proceeds. If at any time payment, in whole or in part, of any Proceeds distributed hereunder is rescinded or must otherwise be restored or returned by the Collateral Agent or by any Joined Secured Party or the Company as a preference, fraudulent
conveyance or otherwise under any bankruptcy, insolvency or similar law, then each Person receiving any portion of such Proceeds agrees, upon demand, to return the portion of such Proceeds it has received to the Person responsible for restoring or
returning such Proceeds. 
 Section 2.6 Possession of Collateral. Any Joined Secured Party possessing Collateral agrees to act as
bailee for the Collateral Agent in accordance with the terms and provisions hereof. 
 Section 2.7 Non-Cash Proceeds.
Notwithstanding anything contained herein to the contrary, if the Collateral Agent, acting upon the instructions of the Required Holders, shall acquire any Collateral through foreclosure or by a conveyance in lieu of foreclosure or by retaining
any of the Collateral in satisfaction of all or part of the Obligations or if any Proceeds or other property received by the Collateral Agent or any Joined Secured Party to be distributed and shared pursuant to this Article 2 are in a form other
than immediately available funds, the Person receiving such Collateral, Proceeds or other property shall not be required to remit any share thereof under the terms hereof and the Joined Secured Parties shall only be entitled to their undivided
interests therein as determined hereby. The Joined Secured Parties shall receive the applicable portions of any immediately available funds consisting of Proceeds from such Collateral or proceeds of such non-cash Proceeds or other property so
acquired only if and when paid in connection with the subsequent disposition thereof. So long as any Collateral or other property to be shared pursuant to this Article 2 is held by the Collateral Agent or a Joined Secured Party pursuant to this
Section 2.7, such Person shall hold such Collateral or other property for the benefit of the Joined Secured Parties in accordance with their respective undivided interest therein and all matters relating to the management, operation, further
disposition or any other aspect of such Collateral or other property shall be resolved by agreement of the Required Holders. 
  

 8. 

 ARTICLE 3 
 Cooperation Among Joined Secured Parties 
 Section 3.1 Cooperation. Each Representative
agrees that: 
 (a) upon request of the Collateral Agent, it will promptly provide the amount of Funded Obligations that is held by its
Secured Parties so that the Collateral Agent may calculate the Representative’s Sharing Percentages to, among other things, enable the Collateral Agent to make distributions in accordance with Section 2.2; 
 (b) it will, not later than 30 days after it has become aware of the occurrence of any Event of Default which it believes will not be cured or waived,
give the Collateral Agent written notice of such Event of Default and stating that the same constitutes a Notice of Default (a “Notice of Default”); provided, however, that the failure to give such notice shall
not constitute a waiver of such Event of Default; and 
 (c) it will give the Collateral Agent and the other Representatives immediate
written notice of any acceleration of any Funded Obligations represented by it. 
 Section 3.2 Parties Having Other Relationships.
Each Joined Secured Party acknowledges and accepts that now and in the future the other Secured Parties or their respective Affiliates may lend to the Company or any Subsidiary on a basis other than as covered by this Agreement or may accept
deposits from, act as trustee under indentures of, act as servicing bank or any similar function under any credit relationship with, and generally engage in any kind of business with the Company or any Subsidiary, all as if such Person were not a
party to this Agreement. Except as set forth herein, each Joined Secured Party acknowledges that the other Secured Parties and their respective Affiliates may exercise all contractual and legal rights and remedies which may exist from time to time
with respect to such other existing and future relationships without any duty to account therefor to the other Secured Parties except as necessary to establish compliance with the provisions of this Agreement. 
 Section 3.3 Modification to Financing Documents. Nothing herein shall restrict the right of any Secured Party to amend, waive, consent to the
departure from or otherwise modify any Financing Documents to which it is a party in accordance with the terms thereof. 
 ARTICLE 4 

 Company Agreements 
 Section 4.1 Obligations Unimpaired. Except as expressly provided herein, nothing contained in this Agreement shall impair, as between the Company and any Secured Party, the obligation of the Company to pay or perform any
obligation or liability owed to such Secured Party when the same shall become due and payable in accordance with the terms of the applicable Debt Instrument. 
  

 9. 

 ARTICLE 5 
 The Collateral Agent 
 Section 5.1 Appointment and Authority of the Collateral Agent. Wells
Fargo Bank, National Association is hereby appointed by the Joined Secured Parties to act as collateral agent for the Joined Secured Parties and the Company acknowledges such appointment. The Collateral Agent is hereby authorized and directed by the
Joined Secured Parties to take such action on behalf of the Joined Secured Parties under the terms and provisions of this Agreement and the Collateral Documents and to exercise such rights and remedies hereunder and thereunder as are specifically
delegated to or required of the Collateral Agent under the terms and provisions hereof and thereof. The Collateral Agent is appointed solely as an agent for the Joined Secured Parties and not as an agent of the Company. The Collateral Agent is
expressly authorized as the Collateral Agent on behalf of the Joined Secured Parties subject to, and in accordance with, the terms and conditions of this Agreement: 
 (a) to enter into, on behalf of the Joined Secured Parties, the other Collateral Documents to which it is a party in such capacity; 
 (b) to receive, on behalf of each of the Joined Secured Parties, any payment of monies paid to the Collateral Agent in accordance with this Agreement and the other Collateral Documents, and to distribute all payments
so received in accordance with the terms of this Agreement; 
 (c) to receive all documents and items to be furnished to any of the Joined
Secured Parties under the Collateral Documents; 
 (d) to maintain physical possession of any of the Collateral as contemplated in any of the
Collateral Documents as agent and bailee for the Joined Secured Parties to perfect the liens and security interests granted pursuant to the Collateral Documents therein; 
 (e) to act on behalf of the Joined Secured Parties in and under the Collateral Documents, subject to the terms and conditions set forth herein and therein; 
 (f) to execute and deliver to the Company requests, demands, notices, approvals, consents and other communications received from the Joined Secured
Parties in connection with the Collateral Documents, subject to the terms and conditions set forth herein and therein; 
 (g) to the extent
permitted by this Agreement and the Collateral Documents, upon the instruction of the Required Holders, to exercise on behalf of each Joined Secured Party all remedies of the Joined Secured Parties with respect to the Collateral upon the occurrence
and during the continuance of any Event of Default under any of the Financing Documents and under applicable law (including any bankruptcy or insolvency laws); 
 (h) to distribute to the Representatives information, requests, notices, documents and other items received from the Company and other Persons in respect of the Collateral and the Collateral Documents; 
  

 10. 

 (i) to accept, execute, and deliver the Collateral Documents as the secured party for the benefit of the
Joined Secured Parties; 
 (j) to continue all financing statements filed to perfect the Liens created by the Collateral Documents when
required by law to ensure their continued effectiveness; 
 (k) to maintain and administer the Collateral Account as required hereunder;

 (l) to take title to Collateral for the benefit of the Joined Secured Parties pursuant to the exercise of any rights and remedies under
the Collateral Documents and to manage the Collateral so acquired pursuant to the directions of the Required Holders; 
 (m) to execute
instruments of release or to take such other action necessary to release Liens upon the Collateral to the extent authorized by this Agreement or the other Collateral Documents; and 
 (n) to take such other actions, other than as specified in Section 5.2 hereof, as are expressly delegated to the Collateral Agent hereunder and
under the other Collateral Documents or as are reasonably incident to any powers granted to the Collateral Agent hereunder and not in conflict with applicable law or regulation. 
 As to any matters not expressly provided for by this Agreement or any Collateral Document, the Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder in accordance
with instructions signed by the Required Holders, and such instructions of the Required Holders and any action taken or failure to act pursuant thereto shall be binding on all of the Joined Secured Parties; provided, however, that the
Collateral Agent shall not be obligated to follow any such written directions to the extent that it shall determine that such directions are in conflict with any provision hereof, of any applicable law or regulation or which exposes the Collateral
Agent to personal liability for which it shall not be entitled to indemnification hereunder. 
 Section 5.2 Actions of the Collateral
Agent Requiring Consent; Amendment to Collateral Documents. Notwithstanding anything contained herein or in the Collateral Documents to the contrary: (a) the Collateral Agent shall not release or substitute any Collateral, except on the
direction of the Company as set forth in Section 5.12 hereof; (b) the Collateral Agent shall not, without the prior written consent of the Required Holders, institute foreclosure proceedings with respect to all or any portion of the
Collateral; and (c) the Collateral Agent shall not enter into any other amendment, supplement, consent, waiver or other modification of any Collateral Document without the prior written consent of the Required Holders; provided, however,
that (i) upon the Collateral Agent’s receipt of the prior written consent, or upon the written instruction, of the Required Holders, the Collateral Agent shall take such action as to which consent has been granted or such instruction has
been given, and (ii) no amendment, consent, waiver or other modification to any Collateral Document shall, without the Consent of the Joined Secured Parties affected thereby, directly or indirectly change the definition of the obligations of
such Joined Secured Parties secured thereby or alter the distribution rights of the Joined Secured Parties thereunder. 
  

 11. 

 Section 5.3 Non-Reliance on the Collateral Agent and Other Joined Secured Parties. Each
Joined Secured Party (other than the Trustee) agrees that it has, independently and without reliance on the Collateral Agent or any other Secured Party, and based upon such documents and information as it has deemed appropriate, made its own credit
analysis of the Company and the Collateral, and its independent decision to enter into this Agreement, and that it will, independently and without reliance upon the Collateral Agent or any other Secured Party, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under this Agreement. The Collateral Agent shall not be required to keep the Joined Secured Parties informed as to
the performance or observance by the Company with the terms of this Agreement or any other Financing Document or to inspect the properties or books of the Company. The Collateral Agent shall not have any duty, responsibility or liability to provide
any Joined Secured Party with any credit or other information concerning the affairs, financial condition or business of the Company or any of its Subsidiaries which may come into the possession of the Collateral Agent; provided, however,
that the Collateral Agent shall send to the Representatives written notice of any Event of Default as provided herein and all payments and repayments of amounts required hereunder to be paid to the Representatives received by the Collateral Agent
under or in connection with the Collateral Documents or this Agreement. The Collateral Agent shall provide each Representative with a schedule of all costs and expenses which the Collateral Agent has paid or proposes to pay from the proceeds of such
payments or repayments as permitted hereunder. 
 Section 5.4 The Collateral Agent and Affiliates. Wells Fargo Bank, National
Association and its Affiliates may lend money to and generally engage in any kind of lending, investment, trust, hedging or other business with or for any Joined Secured Party, the Company, or any of their respective Affiliates, as if it were not
acting as the Collateral Agent hereunder. 
 Section 5.5 Action by the Collateral Agent. The obligations of the Collateral Agent
hereunder and under the Collateral Documents consist solely of those expressly set forth herein and therein. 
 (a) Defaults; Events of
Default. Notwithstanding anything contained herein or in any Financing Document to the contrary, the Collateral Agent shall not be required to take any action with respect to any Default or Event of Default, except as expressly provided herein.
The Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of an Event of Default unless the Collateral Agent has received notice from a Representative or the Company specifying such Event of Default and stating that such
notice is a “Notice of Default.” In the event that the Collateral Agent receives such a notice of the occurrence of an Event of Default, the Collateral Agent shall promptly (and in any event within 5 Business Days of receipt
thereof) give written notice to the other Representatives and the Company. The Collateral Agent shall take such action with respect to such Event of Default as shall be directed by the Required Holders or that may otherwise be permitted by
Section 5.14 or the other provisions hereof or of the Collateral Documents. 
 (b) Perfecting Security Interests. Notwithstanding
anything contained herein or in any Financing Document to the contrary, the Collateral Agent shall not be required to file financing statements to perfect the Liens created by the Collateral Documents unless the 

  

 12. 

 
Collateral Agent has received instructions from the Required Holders to make a particular filing and received all information necessary to properly complete
such filing. The Company shall take all action as may be necessary or required in order to perfect the Liens created by the Collateral Documents and to maintain perfected security interests. When required by law to ensure their continued
effectiveness, the Company shall continue all financing statements which have been filed to perfect the Liens created by the Collateral Documents. 
 Section 5.6 Consultation with Experts. The Collateral Agent may consult with legal counsel, independent public accountants and any other experts selected by it (including counsel, accountants and experts of the Company) and
shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts. 
 Section 5.7 Liability of the Collateral Agent. The Collateral Agent shall be entitled to rely on any communication or document believed by it to be genuine and correct and to have been communicated or
signed by the Person by whom it purports to be communicated or signed and shall not be liable to any Joined Secured Party for any of the consequences of such reliance. Neither the Collateral Agent nor any director, officer, employee, affiliate or
agent of the Collateral Agent shall be liable for any action taken or not taken by it or them under, or in connection with, this Agreement or any of the Collateral Documents in the absence of its or their gross negligence or willful misconduct.
Without limiting the generality of the preceding sentence, the Collateral Agent: (i) may treat the Joined Secured Parties as identified by the applicable Representative as the holder of the Obligations until it receives written notice from such
Representative of any assignment or transfer thereof (and provided that any such transfer shall comply with Article 7); (ii) shall not by reason of this Agreement or any Collateral Document be a trustee or fiduciary for any Joined
Secured Party; (iii) shall not be responsible to the Joined Secured Parties for any recitals, statements, representations, or warranties contained in any Financing Document, or any certificate or other documentation referred to or provided for
in, or received by any of them under, any Financing Document, or for the value, validity, effectiveness, enforceability, or sufficiency of any Financing Document or any other documentation referred to or provided for therein or for any failure by
any Person to perform any of its obligations thereunder; and (iv) shall not be responsible for ensuring the receipt by any Secured Party who is not a Joined Secured Party of any Proceeds of Collateral received by the Collateral Agent pursuant
to the terms of this Agreement. Neither the Collateral Agent nor any director, officer, employee, agent or affiliate of the Collateral Agent shall be responsible for or have any duty to ascertain, inquire into or verify: (a) any statement,
warranty or representation made in connection with any of the Financing Documents or any payment thereunder; (b) the performance or observance of any of the covenants or agreements of the Company or any Joined Secured Party under any of the
Financing Documents; (c) the validity, effectiveness or genuineness of the Financing Documents or any other instrument or writing furnished in connection therewith; or (d) the existence, genuineness or value of any of the Collateral or the
validity, effectiveness, perfection (except as specifically set forth herein), priority or enforceability of the Liens on any of the Collateral. 
  

 13. 

 Section 5.8 Indemnification of the Collateral Agent; Defense of Claims. 
 (a) Indemnity. The Representatives, on behalf of the Joined Secured Parties, hereby agree to indemnify the Collateral Agent, and each of the
Collateral Agent’s directors, officers, affiliates, representatives and agents (each an “Indemnitee“) from and hold each Indemnitee harmless against (to the extent not reimbursed under Sections 8.1 and 8.2, but without
limiting the obligations of the Company under Sections 8.1 and 8.2), ratably in accordance with their respective Sharing Percentages, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, deficiencies, suits, costs,
expenses (including reasonable attorneys’ fees and expenses), and disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against an Indemnitee in any way relating to or arising out of any action taken,
omitted to be taken or to be taken by the Collateral Agent (or any of the other Indemnitees) on behalf of the Joined Secured Parties within the scope of the Collateral Agent’s authority as provided in this Agreement or any Collateral Document;
provided, however, that neither such Representative nor any Joined Secured Party shall be liable to an Indemnitee for any portion of the foregoing to the extent caused by such Indemnitee’s gross negligence or willful misconduct.

 (b) Defense of Claims. The Collateral Agent shall notify the Representatives as promptly as is reasonably practicable of the
written assertion of, or the commencement of, any claim, suit, action or proceeding filed against any Indemnitee arising out of any action or omission for which such Indemnitee is entitled to indemnification pursuant to Section 5.8(a) promptly
after such Indemnitee shall have received the written assertion or have been served with the summons or other first legal process giving information as to the nature and basis of the lawsuit. Each Joined Secured Party shall be entitled to
participate in and assume, at its own expense, the defense of any such claim, suit, action or proceeding, and such defense shall be conducted by counsel chosen by such Joined Secured Party and reasonably satisfactory to such Indemnitee; provided,
however, that (i) if no Joined Secured Party has assumed the defense of such claim, suit, action or proceeding, (ii) if the attorneys handling the defense are not reasonably satisfactory to such Indemnitee, or (iii) if the
defendants in any such action include both such Indemnitee and any Joined Secured Party and such Indemnitee shall have been advised by its counsel that there may be legal defenses available to it that are different from or additional to those
available to the Joined Secured Parties, which in the reasonable opinion of such counsel are sufficient to make it undesirable for the same counsel to represent both the Joined Secured Parties and such Indemnitee, on the other hand, such Indemnitee
shall have the right to employ its own counsel in all such instances described in (i), (ii) or (iii) above, and shall be entitled to recover from any proceeds received pursuant to Section 2.2 all reasonable fees and expenses of such
counsel. If any Joined Secured Party gives notice of assumption of defense, the matter shall be presented to the other Joined Secured Parties and, unless such Indemnitee receives notice from the Required Holders specifying the Person that is to
assume the defense, such Indemnitee shall proceed itself with the defense. Except as provided above, the relevant Indemnitee’s right to recover its reasonable counsel fees and expenses from proceeds received pursuant to Section 2.2 shall
cease upon any Joined Secured Party’s assumption of the defense of the claim, suit, action or proceeding. Each Joined Secured Party and the relevant Indemnitee is always entitled to defend itself at its own expense. Neither any Joined Secured
Party nor the relevant Indemnitee shall be bound by any settlement entered into by the other parties without such party’s Consent. 
  

 14. 

 Section 5.9 Resignation or Removal of the Collateral Agent. Subject to the appointment and
acceptance of a successor Collateral Agent as provided below: (a) the Collateral Agent may resign at any time by giving thirty days’ prior written notice thereof to the Representatives; and (b) the Collateral Agent may be removed by
the Required Holders if the Collateral Agent shall fail or refuse to perform or commence performing any act set forth in written instructions delivered to it pursuant to and in accordance with this Agreement, such removal to be effective upon thirty
days’ prior written notice of such removal. Upon any such resignation or removal, a successor Collateral Agent shall be appointed by the Required Holders; provided, however, that such successor Collateral Agent shall be (i) a
bank or trust company having a combined capital and surplus of at least $500,000,000, subject to supervision or examination by a Federal or state banking authority; and (ii) authorized under the laws of the jurisdiction of its incorporation or
organization to assume the functions of the Collateral Agent hereunder and under the Collateral Documents. If no successor Collateral Agent shall have been appointed as aforesaid and shall have accepted such appointment within thirty days after the
retiring Collateral Agent’s giving of notice of resignation or having received notice of removal, then any Representative or the Collateral Agent (unless the Collateral Agent is being removed) may petition a court of competent jurisdiction for
the appointment of a successor Collateral Agent. Such court shall, after such notice as it may deem proper, appoint a successor Collateral Agent meeting the qualifications specified above. The Joined Secured Parties hereby consent to such petition
and appointment so long as such criteria are met. Upon the acceptance of any appointment as the Collateral Agent hereunder by a successor Collateral Agent, such successor Collateral Agent shall thereupon succeed to and become vested with all the
rights, powers, privileges and duties of the retiring Collateral Agent, and the retiring Collateral Agent shall be discharged from its duties and obligations under this Agreement or any Collateral Document, except to the extent for acts or omissions
prior to the resignation or removal. After any retiring Collateral Agent’s resignation or removal hereunder as the Collateral Agent: (a) the provisions of Sections 5.7 and 5.8 shall continue in effect for its benefit in respect of any
actions taken or omitted to be taken by it while it was acting as the Collateral Agent, (b) any Collateral held in possession of the retiring Collateral Agent shall be delivered to the successor Collateral Agent, and (c) the retiring
Collateral Agent shall assign all of its rights as secured party with respect to all of the Collateral to the successor Collateral Agent for the benefit of the Joined Secured Parties. 
 Section 5.10 Appointment of Co-Agents. At any time or times, in order to comply with any legal requirement in any jurisdiction, the
Collateral Agent may appoint a bank or trust company or one or more other Persons, either to act as co-agent or co-agents, jointly with the Collateral Agent, or to act as separate agent or agents on behalf of the Joined Secured Parties with such
power and authority as may be necessary for the effectual operation of the provisions hereof and may be specified in the instrument of appointment (which may, in the discretion of the Collateral Agent, include provisions for the protection of such
co-agent or separate agent similar to the provisions of this Article 5). 
 Section 5.11 Compensation of the Collateral Agent;
Expenses. The Company agrees to pay the Collateral Agent to compensate it for the role as “Collateral Agent” hereunder, the reasonable and customary fees in such amounts and on such dates, each as separately agreed to between the
Company and Wells Fargo Bank, National Association. The fees payable to any successor Collateral Agent appointed pursuant to Section 5.9 shall be the same as those payable 

  

 15. 

 
to its predecessor unless otherwise agreed by the Company and such successor. Such compensation paid to any successor Collateral Agent and all reasonable
out-of-pocket expenses (including, without limitation, customary custodial fees and attorneys’ fees and expenses) incurred by the Collateral Agent or such successor Collateral Agent on behalf of the Joined Secured Parties incident to the
exercise or enforcement of any terms or provisions of the Collateral Documents shall be indebtedness to the Collateral Agent or such successor Collateral Agent, secured by the Collateral. 
 Section 5.12 Release of Collateral. The Collateral Agent shall be authorized to, and so shall, release the Liens in the Collateral upon
receipt of an Officer’s Certificate that such release does not conflict with, or result in a breach of or default under, the Debt Instruments. Upon any such release, at the request and sole expense of the Grantor, the Collateral Agent shall
execute and deliver to the Grantor all releases or other documents, including, without limitation, UCC termination statements, reasonably necessary or desirable for the release of such Lien. In connection with any such release, the Collateral Agent
agrees to promptly deliver to the Grantor any related portion of such Collateral in the possession of the Collateral Agent. 
 Section 5.13 Emergency Actions. The Collateral Agent is authorized, but not obligated, to take any action reasonably required to perfect or continue the perfection or effectiveness of the Liens in the Collateral for the benefit
of the Joined Secured Parties and following the occurrence of an Event of Default and before the Required Holders have given the Collateral Agent directions, to take any action (subject to the restrictions in Section 5.2) which the Collateral
Agent, in its sole discretion and good faith, believes to be reasonably required to protect the interests of the Joined Secured Parties and to maximize both the value of the Collateral and the present value of the recovery on the Obligations;
provided, however, that once such directions from the Required Holders have been received, the actions of the Collateral Agent shall be governed thereby and the Collateral Agent shall not take any further action which would be contrary
thereto. The Collateral Agent shall give written notice of any such action to the Representatives within one Business Day and shall cease any such action upon its receipt of written instructions from the Required Holders. 
 Section 5.14 Interpleader; Declaratory Judgment. In the event any controversy arises between or among the Representative or the Joined
Secured Parties with respect to this Agreement, the Collateral Documents or any rights of any Joined Secured Party hereunder or thereunder, the Collateral Agent shall have the right to institute a bill of interpleader in any court of competent
jurisdiction with respect to any amounts held by the Collateral Agent hereunder or to initiate proceedings in any court of competent jurisdiction for a declaratory judgment to determine the rights of the parties. 
 Section 5.15 Operation of the Collateral Account. The Collateral Accounts shall be trust accounts and shall be established and maintained by
the Collateral Agent at one of its corporate trust offices and all Collateral shall be credited thereto. All cash and cash equivalents received by the Collateral Agent from dispositions of Collateral, recovery events, foreclosures of or sales of the
Collateral and other awards or proceeds pursuant to the Collateral Documents, including earnings, revenues, rents, issues, profits and income from the Collateral received pursuant to the Collateral Documents, shall be deposited in the Collateral
Account, and thereafter shall be held, applied and/or disbursed by the Collateral Agent in accordance with the terms of this Agreement. 
  

 16. 

 Section 5.16 Account Holder Verification. To help the government fight the funding of
terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each Person who opens an account. For a non-individual Person such as a business entity, a charity,
a trust, or other legal entity, the Collateral Agent requests documentation to verify its formation and existence as a legal entity. The Collateral Agent may also request to see financial statements, licenses, identification and authorization
documents from individuals claiming authority to represent the entity or the relevant documentation. 
 ARTICLE 6 
 Enforcement of Remedies 
 Section 6.1
Waivers of Rights. Except as otherwise expressly set forth herein, so long as any of the Obligations remain unpaid, the Joined Secured Parties hereby agree to refrain from exercising any and all rights each may individually (i.e.,
other than through the Collateral Agent) now or hereafter have applicable to the Collateral to exercise any right pursuant to the Collateral Documents, the UCC as in effect in any applicable jurisdiction, or under similar provisions of the laws of
any jurisdiction, under any bankruptcy or other insolvency laws or otherwise dispose of or retain any of the Collateral. The Joined Secured Parties hereby agree not to take any action whatsoever to enforce any term or provision of the Collateral
Documents or to enforce any right with respect to the Collateral, in conflict with this Agreement or the terms and provisions of the Collateral Documents. 
 Section 6.2 Permitted Action by the Joined Secured Parties. Any Joined Secured Party may (but in no event shall be required to), without instruction from the Collateral Agent, take action permitted by
applicable law or in accordance with the terms of the Financing Documents to preserve its Liens and other rights in any item of Collateral securing the payment and performance of the Obligations, including but not limited to curing any default or
alleged default under any contract entered into by the Company, paying any tax, fee or expense on behalf of the Company, exercising any offset or recoupment rights and paying insurance premiums on behalf of the Company so long as such action shall
not impair the rights of the Collateral Agent or of any Joined Secured Party. 
 Section 6.3 Right to Instruct the Collateral Agent.
Upon acceleration of the amounts owed under a Debt Instrument, the Required Holders may instruct the Collateral Agent to exercise the rights and remedies applicable to the Collateral of a secured creditor under the Collateral Documents or other
available with respect to the Collateral in law or equity, including, all rights and remedies under applicable bankruptcy and insolvency laws. 
 Section 6.4 Permitted Exercise of other Rights. Except as otherwise specifically provided in this Article 6, each Joined Secured Party shall have all the rights and remedies available to them under the Financing Documents which
are not Collateral Documents to which they are a party upon the occurrence of a Default or an Event of Default or at any other time, and 

  

 17. 

 
without limiting the generality of the foregoing, each Joined Secured Party shall have the independent right, exercised in accordance with the applicable
Financing Documents and applicable law, to do any of the following: 
 (a) accelerate the Obligations owing to such Joined Secured Party
pursuant to the Financing Documents (other than this Agreement and the other Collateral Documents) to which such Joined Secured Party is a party; 
 (b) institute suit against any Obligated Party: (i) under the terms of the applicable Financing Documents (excluding this Agreement and the Collateral Documents) for collection of the amounts owing thereunder or (ii) seeking an
injunction, restraining order or any other similar remedy; 
 (c) seek the appointment of a receiver for any Obligated Party (but not any of
the Collateral); 
 (d) file an involuntary petition under any bankruptcy or insolvency laws against any Obligated Party or file a proof of
claim in any bankruptcy or insolvency proceeding; 
 (e) exercise any set–off right; or 
 (f) take any other enforcement action with respect to any Event of Default pursuant to and in accordance with the Financing Documents (other than this
Agreement and the other Collateral Documents) to which it is a party. 
 ARTICLE 7 
 Successors and Assigns 
 Section 7.1
Assignees. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Company may not assign or otherwise transfer any of
its rights or obligations hereunder without the prior Consent of each Joined Secured Party or its Representative except as otherwise permitted by the limitation on mergers and consolidated provisions of the Financing Documents (and any attempted
assignment or transfer by the Company without such Consent shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns
permitted hereby and, to the extent expressly contemplated hereby, the related parties of each of Collateral Agent and the Joined Secured Parties) any legal or equitable right, remedy or claim under or by reason of this Agreement. No provision of
this Agreement shall restrict in any manner the assignment, participation or other transfer by any Joined Secured Party of all or any part of its right, title or interest under any Debt Instrument and any Person who becomes a successor of a Joined
Secured Party under the terms of the applicable Financing Documents shall be “Joined Secured Party” hereunder. 
  

 18. 

 Section 7.2 Additional Joined Secured Parties. 
 (a) Any Person that has extended secured credit or financing to the Company after the date hereof, may become a “Joined Secured Party”
hereunder (and any credit agreement, indenture, note, note purchase agreement and/or related documents relating thereto shall be deemed a “Debt Instrument” and a “Financing Document” hereunder entitled to share in the Collateral)
upon satisfying the conditions set forth in the definition of Permitted Secured Indebtedness and the receipt by the Collateral Agent of a Joinder Supplement substantially in the form of Exhibit A hereto properly completed, executed and
delivered by such Person or such Person’s Representative. 
 (b) Any 8% Noteholder may become a “Joined Secured Party” and a
“Joined 8% Noteholder” hereunder upon the receipt by the Collateral Agent of a Joinder Supplement substantially in the form of Exhibit B hereto properly completed, executed and delivered by such 8% Noteholder. 
 ARTICLE 8 
 Miscellaneous 

Section 8.1 Indemnification. The Company shall indemnify the Collateral Agent and each of its officers, directors, employees, counsel and
agents, against any and all loss, liability or expense (including, but not limited to, reasonable attorneys’ fees and expenses) incurred by it in connection with the administration of the Collateral and the performance of its duties hereunder
and under the other Collateral Documents, including the costs and expenses of enforcing this Agreement (including this Section 8.1) and the Collateral Documents and of defending itself against any claims (whether asserted by any Secured Party,
the Company or otherwise). The Collateral Agent shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Collateral Agent to so notify the Company shall not relieve the Company of its obligations hereunder. The
Company shall defend the claim and the Collateral Agent may have separate counsel and the Company shall pay the fees and expenses of such counsel. The Company need not reimburse any expense or indemnify against any loss, liability or expense
incurred by the Collateral Agent through the Collateral Agent’s own willful misconduct, gross negligence or bad faith. 
 Section 8.2 Expenses. The Company agrees to pay the Collateral Agent on demand (a) all documented costs and expenses reasonably incurred by the Collateral Agent in connection with the preparation, negotiation, and execution
of this Agreement and the Collateral Documents and any and all amendments, modifications, renewals, extensions, and supplements thereof and thereto (whether or not the same become effective), including the reasonable fees and expenses of legal
counsel for the Collateral Agent, (b) all costs and expenses incurred by the Collateral Agent in connection with the enforcement of this Agreement or the Collateral Documents, including the fees and expenses of legal counsel for the Collateral
Agent, and (c) all other costs and expenses incurred by the Collateral Agent in connection with this Agreement or the Collateral Documents, including all costs, expenses, taxes, assessments, filing fees, and other charges levied by any
Governmental Authority or otherwise payable in respect of this Agreement or the Collateral Documents. 
  

 19. 

 Section 8.3 No Partnership or Joint Venture. Nothing contained in this Agreement, and no
action taken by any Joined Secured Party pursuant hereto, is intended to constitute or shall be deemed to constitute the Joined Secured Parties as a partnership, association, joint venture or other entity. 
 Section 8.4 Notices. Unless otherwise specified herein, all notices, requests and other communications to any party hereunder shall be in
writing (including overnight delivery service, facsimile copy or similar writing) and shall if given to the Collateral Agent, be given at the following address and if given to a Representative, shall be given to such Representative at its address or
facsimile number specified by such Representative in writing to the Collateral Agent from time to time. All such notices and other communications shall, when delivered by overnight delivery service or transmitted by facsimile, be effective when
delivered to the overnight delivery service or transmitted by facsimile with receipt confirmed and with a copy sent by overnight delivery service, respectively. 
 Collateral Agent’s Address for Notices: 
 Wells Fargo Bank, National Association 
 Corporate Trust Services 
 MAC N9311-110

 625 Marquette Ave. South 
 Minneapolis, MN 55479 
 Attn: Verenium Account Manager 
 Facsimile: 612-667-9825 
 Section 8.5 Entire Agreement; Amendments and Waivers. This Agreement
and the other documents referred to herein embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject
matter hereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. Subject to Section 8.5, any provision of this Agreement may be amended or waived only
with the Consent of the Required Holders and the Collateral Agent. 
 Section 8.6 Payments. All payments hereunder shall be made
in Dollars in immediately available funds. All payments to the Collateral Agent shall be made to it at such office or account as it may specify for the purpose by notice to the Joined Secured Parties. Subject to Section 5.7, all payments to any
Joined Secured Party shall be made to it, to the extent practicable, in accordance with the provisions of the Debt Instruments. 
 Section 8.7 Counterparts; Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an original, and all of which taken together shall constitute a single agreement, with the same effect
as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when the Collateral Agent shall have received counterparts hereof (which may be telecopy or other electronically reproduced or transmitted
counterparts) executed by each of the parties listed on the signature pages hereof. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic communication shall be effective as delivery of a manually
executed counterpart of this Agreement. 
  

 20. 

 Section 8.8 No Waiver; Cumulative Remedies. No failure on the part of any Joined Secured
Party to exercise and no delay in exercising, and no course of dealing with respect to, any right, power, or privilege under this Agreement or any Collateral Document shall operate as a waiver thereof, nor shall any single or partial exercise of any
right, power, or privilege under this Agreement or any Collateral Document preclude any other or further exercise thereof or the exercise of any other right, power, or privilege. The rights and remedies provided for in this Agreement and the
Collateral Documents are cumulative and not exclusive of any rights and remedies provided by law. 
 Section 8.9 Term. This
Agreement shall terminate upon the first to occur of any of the following events: (i) the payment in full of all of the Obligations; or (ii) the release of the Liens on the Collateral by Collateral Agent after Collateral Agent’s
receipt of an Officer’s Certificate that such release does not conflict with, or result in a breach of or default under, the Debt Instruments; or (iii) the total liquidation of the Collateral and the distribution of all the proceeds in
accordance herewith. Without prejudice to the survival of any other obligations hereunder, the indemnification and reimbursement obligations of the Company under Sections 8.1 and 8.2 of this Agreement and the obligations of the Joined Secured
Parties under Section 5.11 shall survive the termination of this Agreement. 
 Section 8.10 Governing Law. This Agreement
shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of New York. 
 Section 8.11 Limitation of Liability. Neither the Collateral Agent nor any Affiliate, officer, director, employee, attorney, or agent thereof shall have any liability with respect to, and the Company and each Joined Secured
Party hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, consequential or punitive damages suffered or incurred by the Company or any Joined Secured Party in connection with, arising out
of, or in any way related to, this Agreement or any of the other Financing Documents, or any of the transactions contemplated by this Agreement or any of the other Financing Documents. 
 Section 8.12 Severability. Any provision of this Agreement held by a court of competent jurisdiction to be invalid or unenforceable shall not
impair or invalidate the remainder of this Agreement and the effect thereof shall be confined to the provision held to be invalid or illegal. 
 Section 8.13 Headings. The headings, captions, and arrangements used in this Agreement are for convenience only and shall not affect the interpretation of this Agreement. 
 Section 8.14 Construction. The Company, the Collateral Agent, and each Representative on behalf of its Joined Secured Parties acknowledge
that each of them has had the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Agreement with its legal counsel. 
  

 21. 

 Section 8.15 Submission to Jurisdiction; Service of Process. The Collateral Agent, each
Joined Secured Party and the Company hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States
District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any Collateral Document, or for recognition or enforcement of any judgment,
and each such party hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each such
party agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that
the Collateral Agent or any Joined Secured Party may otherwise have to bring any action or proceeding against the Company or its properties in the courts of any jurisdiction. The Collateral Agent, each Joined Secured Party and the Company hereby
irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so (i) any objection it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement in any court referred to in this paragraph and (ii) the defense of an inconvenient forum to the maintenance of such action or proceeding. Each party to this Agreement irrevocably consents to service of process in the manner provided
for notices in Section 8.4. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 Section 8.16 Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE
TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY HERETO REPRESENTS THAT IT HAS REVIEWED THIS WAIVER AND IT KNOWINGLY AND VOLUNTARILY WAIVES ITS
JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 Section 8.17 Enforceability and Continuing Priority. This Agreement shall be applicable both before and after the commencement of any
bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of the Company and all converted or succeeding cases in respect thereof. The relative rights of the Joined Secured Parties in or to any
distributions from or in respect of any Collateral or proceeds of Collateral, shall continue after the commencement of any such bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like. Accordingly, the
provisions of this Agreement are intended to be and shall be enforceable as a subordination agreement within the meaning of Section 510 of Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect,
or any successor section of any successor statute. 
 Section 8.18 Further Assurances; Collateral Agent Appointed
Attorney-in-Fact. The Collateral Agent on behalf of each Joined Secured Party agrees that it shall take such further action and shall execute and deliver such additional documents and instruments (in recordable 

  

 22. 

 
form, if requested) as the Company may reasonably request to effectuate the terms of and the lien priorities contemplated by this Agreement. Each Joined
Secured Party hereby irrevocably constitutes and appoints the Collateral Agent and any officer or agent of the Collateral Agent, with full power of substitution, as its true and lawful attorney-in-fact, coupled with an interest, with full
irrevocable power and authority, from time to time in the Collateral Agent’s discretion, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments
which may be necessary or desirable to accomplish the purposes of this Agreement, including any endorsements or other instruments of transfer or release. 
 [Signature pages follow.] 
  

 23. 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective officers hereunto duly authorized as of the date first above set forth. 
  

			
	COMPANY:
	
	VERENIUM CORPORATION
		
	By:	 	 /s/ Gerald M. Haines II

	Name:	 	Gerald M. Haines II
	Title:	 	Executive Vice President

  

 24. 

			
	COLLATERAL AGENT:
	
	WELLS FARGO. BANK, NATIONAL ASSOCIATION, as Collateral Agent
		
	By:	 	 /s/ Lynn M. Steiner

	Name:	 	Lynn M. Steiner
	Title:	 	Vice President

  

 25. 

			
	TRUSTEE:
	
	WELLS FARGO. BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Lynn M. Steiner

	Name:	 	Lynn M. Steiner
	Title:	 	Vice President

  

 26. 

 Exhibit A 
 JOINDER SUPPLEMENT TO INTERCREDITOR AGREEMENT 
 (NEW SECURED PARTY) 
 [Date] 
 [Collateral Agent] 
 [Address] 
 [City/State/Zip] 
 Attn: 
 Phone: 
 Telecopy: 
  

	 	Re:	Intercreditor and Collateral Agency Agreement dated as of September 1, 2009, among Verenium Corporation, Wells Fargo Bank, National Association, as trustee, Wells Fargo Bank,
National Association, as collateral agent, and the other secured parties party thereto (the “Intercreditor Agreement“); capitalized terms used herein and not otherwise defined herein shall have the meaning provided in the
Intercreditor Agreement. 

 Ladies and Gentlemen: 
 We acknowledge that we have received a copy of the Intercreditor Agreement and we refer to Section 7.2(a) thereof and confirm that we are a “Secured Party” or entitled to become a “Secured
Party” under the terms of Section 7.2(a) of the Intercreditor Agreement. 
 Upon your receipt of this Joinder Supplement, we
(a) shall have all the rights and benefits of a “Joined Secured Party” under the Intercreditor Agreement as if we were an original signatory thereto, and (b) agree to be bound by the terms and conditions set forth in the
Intercreditor Agreement and to be obligated thereunder as if we were an original signatory thereto. 
 [                                        
 is our administrative agent/trustee or other representative and shall have all of the rights and benefits of a “Representative” under the Intercreditor Agreement as if it were an original signatory thereto and by its execution below agrees
to be bound by the terms and conditions set forth in the Intercreditor Agreement and to be obligated thereunder as if it were an original signatory thereto.] 
 We hereby advise you that we have extended credit to the Company on the terms summarized on Schedule 1 hereto and that our Debt Instruments and Financing Documents are described on Schedule 2 hereto. Upon request of
the Collateral Agent, we hereby agree to furnish true and complete copies of the relevant Debt Instruments and Financing Documents to the Collateral Agent. 
  

 1. 

 We hereby advise you of the following administrative details: 
  

					
	 Address:
	  	  
	  	
			
	 Facsimile:
	  	  
	  	
			
	 Telephone:
	  	  
	  	
	  
 [Signature page follows.]

  

 2. 

 IN WITNESS WHEREOF, the undersigned has caused this Supplement to be duly executed by its proper officer
hereunto duly authorized. 
  

									
	REPRESENTATIVE:	  		  	JOINED SECURED PARTY:
					
	By:	  	  
	  		  	By:	  	  

	Name:	  		  		  	Name:	  	
	Title:	  		  		  	Title:	  	

  

 3. 

 Exhibit B 
 JOINDER SUPPLEMENT TO INTERCREDITOR AGREEMENT 
 (NEW SECURED PARTY) 
 [Date] 
 [Collateral Agent] 
 [Address] 
 [City/State/Zip] 
 Attn:
                             
 Phone:                              
 Telecopy:
                             
  

	 	Re:	Intercreditor and Collateral Agency Agreement dated as of September 1, 2009, among Verenium Corporation, Wells Fargo Bank, National Association, as trustee, Wells Fargo Bank,
National Association, as collateral agent, and the other secured parties party thereto (the “Intercreditor Agreement“); capitalized terms used herein and not otherwise defined herein shall have the meaning provided in the
Intercreditor Agreement. 

 Ladies and Gentlemen: 
 We acknowledge that we have received a copy of the Intercreditor Agreement and we refer to Section 7.2(b) thereof and confirm that we are a holder of an 8% Note and as such are entitled to become a “Joined
8% Noteholder” under the terms of Section 7.2(b) of the Intercreditor Agreement. 
 Upon your receipt of this Joinder Supplement,
we (a) shall have all the rights and benefits of a “Joined 8% Noteholder” under the Intercreditor Agreement as if we were an original signatory thereto, and (b) agree to be bound by the terms and conditions set forth in the
Intercreditor Agreement and to be obligated thereunder as if we were an original signatory thereto. 
 We hereby acknowledge and agree on our
own behalf that the Company’s offer to the 8% Noteholders of the opportunity to execute a Joinder Supplement satisfies the Company’s obligation to cause each 8% Note to be equally and ratably secured in accordance with clause (ix) of
the definition of “Permitted Lien” in the 8% Note held by us. 
 We hereby advise you that we hold an 8% Note in the following
principal amount: 
 $                              
 We hereby advise you of the following administrative details: 
  

					
	Address:	  	  
	  	
			
	Facsimile:	  	  
	  	
			
	Telephone:	  	  
	  	
	
	[Signature page follows.]

 IN WITNESS WHEREOF, the undersigned has caused this Joinder Supplement to be duly executed by its proper
officer hereunto duly authorized. 
  

			
	8% NOTEHOLDER:
		
	 By:
	 	  

	 Name:
	 	
	 Title:

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