Document:

Securities Purchase Agreement

 Exhibit 10.39 
 SECURITIES PURCHASE AGREEMENT 
 This Securities Purchase Agreement (this
“Agreement”) is made and entered into as of March 6, 2008, by and among GlassHouse Technologies, Inc., a Delaware corporation (“Company”), and Dell Products L.P., a Texas limited partnership
(“Investor”). 
 RECITAL 
 Company desires to issue, sell and grant to Investor, and Investor desires to purchase and acquire from Company, a Subordinated Convertible Promissory Note in the original principal amount of $25,000,000 (the
“Note”), a warrant (the “Warrant”) to purchase shares or units of Company’s equity securities (the “Warrant Shares”) and the Option (as hereinafter defined) to purchase the Option Shares (as
hereinafter defined) on the terms and conditions set forth in this Agreement. 
 In consideration of the foregoing recitals and the mutual
promises set forth in this Agreement, the parties to this Agreement agree as follows: 
 Section 1. AUTHORIZATION AND SALE. 
 1.1 Authorization. Upon the terms and subject to the conditions set forth in this Agreement, Company has duly authorized the issuance and
sale of the Note, in the form attached as Exhibit A, and the Warrant in the form attached as Exhibit B, and the granting of the Option, as set forth in Section 4, against payment of the purchase price therefor.
The securities into which the Notes are convertible are referred to in this Agreement as the “Conversion Shares.” The Note, Warrant, Option, Conversion Shares, Warrant Shares and Option Shares are collectively referred to in
this Agreement as the “Securities.” 
 1.2 Subscription. Upon the terms and subject to the conditions set
forth in this Agreement, Investor hereby irrevocably subscribes for and agrees to purchase at the Closing (as defined below) the Note, the Warrant and the Option. 
 1.3 Closing. The closing of the purchase and sale of the Note, the Warrant and the Option (the “Closing”) shall take place at the offices of Vinson & Elkins L.L.P., The Terrace
7, 2801 Via Fortuna, Suite 100, Austin, Texas 78746, at 10:00 a.m. Central time on March 6, 2008, or at such other place, time or date as Company and Investor mutually agree. At the Closing, Company shall deliver to Investor the Note and
Warrant, each registered in the name of Investor, and grant the Option against payment by Investor to Company of the aggregate purchase price of $25,000,000 by wire transfer of immediately available funds. 
 Section 2. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. Company represents and warrants to Investor that: 
 2.1 Organization, Good Standing and Qualification. Company has been duly incorporated and organized, and is validly existing and in good
standing, under the laws of the State of Delaware. Company has all requisite corporate power and authority (a) to execute, deliver, and perform its obligations under this Agreement, the Note and the Warrant (this Agreement, the Note and the
Warrant are referred to collectively in this Agreement as the 

 
“Transaction Agreements”), and any other agreement contemplated by the Transaction Agreements, (b) to own and operate its properties
and assets, and (c) to carry on its business as currently conducted and as presently proposed to be conducted. Company is presently qualified to do business as a foreign corporation and is in good standing in each jurisdiction in which the
failure to be so qualified would have a material adverse effect on Company’s business, properties, prospects, or financial condition. 
 2.2 Capitalization. The capitalization of Company immediately prior to the Closing (and after giving effect to the Certificate of Amendment to the Company’s Eighth Amended and Restated Certificate of Incorporation, as
amended, in the form attached hereto as Exhibit C (the “Certificate of Amendment”) to be filed in connection with the Closing) consists of the following: 
 (a) Preferred Stock. A total of 66,318,034 authorized shares of preferred stock, par value $0.001 per share (the “Preferred
Stock”), consisting of (a) 3,360,000 shares designated as Series A Convertible Participating Preferred Stock (the “Series A Preferred Stock”), of which 3,360,000 shares are issued and outstanding; (b) 10,658,017
shares designated as Series B Convertible Participating Preferred Stock (the “Series B Preferred Stock”), of which 10,632,402 shares are issued and outstanding; (c) 8,717,647 shares designated as Series C Convertible
Participating Preferred Stock (the “Series C Preferred Stock”), of which 8,364,707 shares are issued and outstanding; (d) 17,511,727 shares designated as Series D Convertible Participating Preferred Stock (the “Series D
Preferred Stock”), of which 15,626,305 shares are issued and outstanding; (e) 20,070,643 shares designated as Series E Convertible Participating Preferred Stock (the “Series E Preferred Stock”), of which 4,493,245
shares are issued and outstanding; and (f) 6,000,000 shares designated as Series 1 Convertible Preferred Stock (the “Series 1 Stock” and, together with the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred
Stock, Series D Preferred Stock and Series E Preferred Stock, the “Designated Preferred Stock”), of which 4,440,499 shares are issued and outstanding. The outstanding shares of Designated Preferred Stock have been duly authorized
and validly issued, are fully paid and nonassessable, and were issued in accordance with the registration and qualification provisions of the Securities Act of 1933, as amended (the “Securities Act”), and any relevant state
securities laws or pursuant to valid exemptions from the Securities Act and any relevant state securities laws 
 (b)
Common Stock. A total of 102,000,000 authorized shares of common stock, par value $0.001 per share (the “Common Stock”), of which 14,316,498 shares are issued and outstanding. The outstanding shares of Common Stock have been
duly authorized and validly issued, are fully paid and nonassessable, and were issued in accordance with the registration and qualification provisions of the Securities Act, and any relevant state securities laws or pursuant to valid exemptions from
the Securities Act and any relevant state securities laws. 
 (c) Options, Warrants, Reserved Shares. Except as
otherwise provided in the Transaction Agreements and except for (i) the conversion privileges of, and the pre-emptive rights of the holders of, the Designated Preferred Stock, (ii) the conversion privileges of BayStar Capital III
Investment Fund, L.P., Velocity Venture Funding, LLC, 

  

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a Delaware limited liability company and assignee of Velocity Financial Group, Inc. and Leader Lending, LLC (collectively, the “LRG
Lenders”) as referenced in certain senior secured promissory notes dated August 28, 2007, (iii) up to 600,000 options to purchase shares of Common Stock granted to Israel-based employees and certain non-employee consultants,
advisors and service providers of the Company pursuant to the Company’s 2007 Section 102 Share Option Plan (the “2007 Israeli Plan”) approved by the Board of Directors of Company (the “Board”), of
which 494,350 options are outstanding, (iv) up to 14,274,811 options to purchase shares of Common Stock granted to employees, officers, directors and consultants of the Company pursuant to Company’s Amended and Restated 2001 Stock Option
and Grant Plan (the “2001 Plan”) approved by the Board, of which 10,003,173 options are outstanding, (v) up to 325,000 options to purchase shares of Series 1 Stock granted to certain U.K.-based employees of the Company pursuant
to Company’s Series 1 Stock Plan (the “Series 1 Plan”) approved by the Board, of which 73,428 options are outstanding (the Series 1 Plan, together with the 2007 Israeli Plan and 2001 Plan, the “Equity Plans”),
and (vi) the warrants set forth on Schedule 2.2(c) hereto, there is no outstanding option, warrant, right (including conversion or preemptive rights), or agreement for the purchase or acquisition from Company of any shares of its capital stock
or any securities convertible into or ultimately exchangeable or exercisable for any shares of Company’s capital stock. Except as contemplated by the Transaction Agreements and by that certain Fourth Amended and Restated Stockholders Agreement,
dated as of December 30, 2004 and as amended through November 30, 2007, by and among the Company, certain founders and certain holders of Designated Preferred Stock and Common Stock (the “Stockholders Agreement”), no
shares of Company’s outstanding capital stock, or stock issuable upon exercise or exchange of any outstanding options, warrants, or rights, or other stock issuable by Company, are subject to any preemptive rights, rights of first refusal, or
other rights to purchase such stock (whether in favor of Company or any other person) pursuant to any agreement or commitment of Company. Company has reserved (x) 51,177,767 shares of Common Stock for issuance upon conversion of the Designated
Preferred Stock, and (y) 15,199,811 shares of Common Stock for issuance pursuant to the Equity Plans or arrangements approved by the Board. 
 (d) Except as otherwise set forth in the Stockholders Agreement, Company is not a party or subject to any agreement or understanding, and, to the best of Company’s knowledge, there is no agreement or
understanding between any persons and/or entities, which affects or relates to the voting or giving of written consents with respect to any security or by a director of Company. 
 2.3 Subsidiaries. Exhibit 21.1 to the Company SEC Document (as hereinafter defined) sets forth a complete list of the subsidiaries
of Company (each, a “Subsidiary” and together, the “Subsidiaries”) and the jurisdiction of organization of each such Subsidiary. Each Subsidiary is duly organized, validly existing and in good standing under the
laws of its jurisdiction of organization. Each Subsidiary is duly qualified to do business in each jurisdiction in which the failure to be so qualified would have a material adverse effect on such Subsidiary’s business, properties, prospects or
financial condition. Company directly or indirectly owns 100% of the shares or other equity interests of each Subsidiary free and clear of all liens and encumbrances, except for (i) restrictions imposed by applicable securities laws,
(ii) stock pledges 

  

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granted to Lighthouse Capital Partners V, L.P. (“Lighthouse”) in connection with Company’s outstanding debt with Lighthouse as to 66%
of the outstanding stock of Integrity Systems, Ltd. (“Integrity”), 66% of the outstanding stock of MBI Advanced Computer Systems Ltd. (“MBI”) and 100% of the outstanding stock of GlassHouse Technologies (UK) Limited
and (iii) stock pledges granted to the LRG Lenders in connection with Company’s outstanding debt with the LRG Lenders as to all of the outstanding stock of the Subsidiaries. There are no outstanding securities of the Subsidiaries
convertible into or exchangeable or exercisable for shares or other equity interests or ownership interests in any Subsidiary, or options, warrants or other rights to acquire shares or other equity interests or ownership interests in any Subsidiary.
All shares or other equity interests of the Subsidiaries other than GlassHouse Technologies (UK) Limited, as to which this sentence does not apply, have been duly authorized and validly issued, are fully paid and non-assessable and were not issued
in violation of any preemptive rights or similar rights. All shares or other equity interests of GlassHouse Technologies (UK) Limited have been duly authorized and validly issued, are fully paid and were not issued in violation of any preemptive
rights or similar rights. The shares of capital stock or other equity interests of the Subsidiaries are not subject to any voting trust agreement or any other contract relating to the voting, dividend rights or disposition of the capital stock or
other equity interests of the Subsidiaries. 
 2.4 Due Authorization. All corporate action on the part of Company, its
officers, directors, and stockholders necessary for the authorization, execution, delivery, and performance of all obligations of Company under the Transaction Agreements, the authorization, issuance, reservation for issuance, and delivery of all of
the Conversion Shares, Warrant Shares and Option Shares has been taken or shall be taken prior to the Closing, and this Agreement constitutes, and the other Transaction Agreements when executed and delivered, shall constitute, valid and legally
binding obligations of Company, enforceable in accordance with their respective terms, except as may be limited by (i) applicable bankruptcy, insolvency, reorganization, or other laws of general application relating to or affecting the
enforcement of creditors’ rights generally and (ii) the effect of rules of law governing the availability of specific performance, injunctive relief or other equitable remedies. 
 2.5 Valid Issuance of Securities. 
 (a) The Note, Warrant and Option, when issued and paid for as provided in this Agreement, shall be duly authorized and validly issued. The Conversion Shares, Warrant Shares and Option Shares have been duly and validly
reserved for issuance and upon issuance in accordance with the Note, Warrant and Option, respectively, shall be duly authorized and validly issued, fully paid, and nonassessable, and shall be free of any liens, encumbrances, or restrictions on
transfer (other than those created by the Transaction Agreements and applicable state or federal securities laws). 
 (b)
Based in part on the representations made by Investor in Section 3, the issuance and sale of the Securities pursuant to the Transaction Documents (assuming no change in applicable law and no unlawful distribution of the Conversion
Shares, Warrant Shares or Option Shares by Investor or any other parties) are exempt from the registration and prospectus delivery requirements of the Securities Act. 
  

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 (c) Company has not offered the Note or the Warrant or the Option, or any substantially
similar securities of Company, for sale to, or solicited any offers to buy from, or otherwise approached or negotiated in respect of the Note or the Warrant or the Option, or any substantially similar securities of Company with, any persons other
than the Investor and has not taken any other action that shall cause the issuance, sale or grant of the Note, Warrant or Option to constitute a violation of the Securities Act or any applicable state securities laws. 
 2.6 Governmental Consents. No consent, approval, order, or authorization of or registration, qualification, designation, declaration, or
filing with, any federal, state, or local governmental authority (“Governmental Authority”) is required on the part of Company in order to enable Company to execute, deliver, and perform its obligations under the Transaction
Agreements except for such qualifications or filings under applicable securities laws as may be required in connection with the transactions contemplated by this Agreement. All such qualifications and filings shall, in the case of qualifications, be
effective on the Closing and shall, in the case of filings, be made within the time prescribed by law. 
 2.7 Noncontravention.
The execution, delivery, and performance of this Agreement and the other Transaction Agreements and the consummation of the transactions contemplated by this Agreement and by the other Transaction Agreements do not and shall not result in (a) a
default under or be in conflict with or result in a violation or breach of, with or without the passage of time or the giving of notice or both, Company’s Certificate of Incorporation, as amended (the “Certificate of
Incorporation”), or Bylaws, (b) a default under or be in conflict with or result in a violation or breach of, with or without the passage of time or the giving of notice or both, any judgment, order, or decree of any court or
arbitrator to which Company is a party or is subject or any agreement or contract of Company or a Subsidiary, or (c) to the best of Company’s knowledge, a violation of any applicable statute, law, regulation, or order, which defaults,
conflicts, violations or breaches, in the case of clause (b) or (c) would, individually or in the aggregate, have a material adverse effect on Company’s business, properties, prospects, or financial condition or could materially
impair the ability of Company to perform its obligations under this Agreement or any other Transaction Agreement. 
 2.8 SEC
Filing; Financial Statements. 
 (a) Company has filed with the Securities and Exchange Commission (the
“SEC”) a registration statement on Form S-1, File No. 333-148123 (the “Company SEC Document”), and has made available to the Buyer copies thereof, all of which are publicly available on the SEC’s EDGAR
system. The Company SEC Document (i) was prepared in compliance in all material respects with the applicable requirements of the Securities Act and the rules and regulations of the SEC thereunder applicable to the Company SEC Document, and
(ii) does not contain any untrue statement of a material fact or omit to state a material fact required to be stated in such Company SEC Document or necessary in order to make the statements in such Company SEC Document, in the light of the
circumstances under which they were made, not misleading, assuming for such purposes that the Company SEC Document was effective on the date hereof and shares had been offered and sold under the prospectus contained therein. 
  

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 (b) Each of the consolidated financial statements (including, in each case, any related
notes and schedules) contained in the Company SEC Document (i) complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto, assuming for such
purposes that the Company SEC Document was effective and shares had been offered and sold under the prospectus contained therein, (ii) were prepared in accordance with United States generally accepted accounting principles
(“GAAP”) applied on a consistent basis throughout the periods involved (except as may be indicated in the notes to such financial statements or, in the case of unaudited statements, as permitted by the SEC and (iii) fairly
presented the consolidated financial position of Company and its Subsidiaries as of the dates thereof and the consolidated results of its operations and cash flows for the periods indicated, consistent with the books and records of Company and its
Subsidiaries, except that the unaudited interim financial statements were or are subject to normal and recurring year-end adjustments which were not or are not expected to be material in amount. Company maintains a standard system of accounting
established and administered in accordance with GAAP including, but not limited to, complete books and records in written or electronic form. 
 Section
3. REPRESENTATIONS, WARRANTIES, AND CERTAIN AGREEMENTS OF INVESTOR. Investor represents and warrants to Company that: 
 3.1 Due Authorization. Investor has all requisite corporate power and authority to execute, deliver and perform its obligations under the Transaction Agreements and any other agreements contemplated by the Transaction
Agreements and each such Transaction Agreement when executed and delivered, shall constitute, valid and legally binding obligations of Investor, enforceable in accordance with their respective terms, except as may be limited by (i) applicable
bankruptcy, insolvency, reorganization, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and (ii) the effect of rules of law governing the availability of equitable remedies.

 3.2 Purchase for Own Account. The Securities shall be acquired for investment for Investor’s own account, not as a
nominee or agent, and not with a view to the public resale or distribution of the Securities within the meaning of the Securities Act, and Investor has no present intention of selling, granting any participation in, or otherwise distributing the
same. By executing this Agreement, Investor further represents that Investor does not presently have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or any third person,
with respect to any of the Securities. If other than an individual, Investor also represents that it has not been formed for the specific purpose of acquiring the Securities. 
 3.3 Disclosure of Information. Investor believes that it has received all the information it considers necessary or appropriate for
deciding whether to purchase the Note, Warrant and Option. Investor has had an opportunity to ask questions and receive answers from Company regarding the terms and conditions of the offering of the Securities and the business, properties,
prospects, and financial condition of Company and to obtain additional information (to the extent Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to
Investor or to which Investor had access. The foregoing, however, does not in any way limit or modify the representations and warranties made by Company in Section 2. 
  

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 3.4 Investment Experience. Investor has experience as an investor in securities of
companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment in the Securities, and has such knowledge and experience in financial or business matters that it is capable of
evaluating the merits and risks of this investment in the Securities. 
 3.5 Accredited Investor Status. Investor is an
“accredited investor” within the meaning of SEC Rule 501 of Regulation D, as presently in effect. 
 3.6 Restricted
Securities. Investor understands that the Securities are characterized as “restricted securities” under the Securities Act inasmuch as they are being (or shall be) acquired from Company in a transaction not involving a public
offering and that under the Securities Act and applicable regulations under the Securities Act such Securities may be resold without registration under the Securities Act only in certain limited circumstances. In this connection, Investor represents
that it is familiar with SEC Rule 144, as presently in effect, and understands the resale limitations imposed by SEC Rule 144 and by the Securities Act. Investor understands that Company is under no obligation to register any of the securities sold
under this Agreement. Investor understands that no market now exists for any of the Securities, and that it is uncertain whether a market, public or otherwise, shall ever exist for the Securities. 
 3.7 Legends. It is understood that the instruments evidencing the Securities shall bear legend substantially similar to the legends set
forth below (in addition to any legend required under applicable state securities laws): 
 (a) “THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER UNITED STATES FEDERAL OR STATE SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, OR OTHERWISE TRANSFERRED OR ASSIGNED FOR VALUE, DIRECTLY OR INDIRECTLY, NOR MAY THE SECURITIES BE
TRANSFERRED ON THE BOOKS OF THE COMPANY, WITHOUT REGISTRATION OF SUCH SECURITIES UNDER ALL APPLICABLE UNITED STATES FEDERAL OR STATE SECURITIES LAWS OR COMPLIANCE WITH AN APPLICABLE EXEMPTION THEREFROM, SUCH COMPLIANCE, AT THE OPTION OF THE COMPANY,
TO BE EVIDENCED BY AN OPINION OF STOCKHOLDER’S COUNSEL, IN A FORM ACCEPTABLE TO THE COMPANY, THAT NO VIOLATION OF SUCH REGISTRATION PROVISIONS WOULD RESULT FROM ANY PROPOSED TRANSFER OR ASSIGNMENT.” 
 (b) Any other legends required by state securities laws applicable to any individual Investor. 
 The legend set forth in subsection (a) above shall be removed by Company from any instruments evidencing the Securities upon delivery to Company of an
opinion by counsel, in form reasonably satisfactory to Company, that a registration statement under the Securities Act is at that time in effect with respect to the legended security or that such security can be freely transferred in a public sale
without such a registration statement being in effect and that such transfer shall not jeopardize the exemption or exemptions from registration pursuant to which Company issued the Securities. 
  

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 3.8 Exempt Offering. Investor acknowledges that the Securities have not been registered
under the Securities Act and are being offered and sold pursuant to one or more exemptions from registration contained in the Securities Act based in part upon the representations of Investors contained in this Section 3. 
 Section 4. OPTION. 
 4.1
The Grant. Effective as of the Closing, Company grants to Investor the right and option to purchase (the “Option”) shares of Common Stock (the “Option Shares”) equal to 5.0% of the fully diluted
capitalization of Company on an as converted basis as of the date of exercise of the Option. As used herein, “fully diluted capitalization” shall mean all of the issued and outstanding shares of Common Stock assuming full conversion or
exchange of all securities that are convertible into or exchangeable for shares of Common Stock, including all shares of Preferred Stock and the Note, the full exercise of all warrants, options or other rights to purchase or acquire shares of Common
Stock, including the Warrant and this Option, and the full issuance of all shares of Common Stock reserved for issuance under outstanding awards under all stock option, restricted stock or other equity incentive plans (including the Equity Plans) of
Company or any subsidiary of Company. 
 4.2 Exercise Price. The exercise price (the “Exercise Price”)
per Option Share shall be the average closing price of one share of Common Stock as reported on the New York Stock Exchange, the NASDAQ Global Market or such other securities exchange or automated quotation system serving as the primary market for
trading or reporting trades of Common Stock (“Primary Market”) for the 20 consecutive trading days ending on the date that is one trading day immediately preceding the exercise date (as adjusted as appropriate to reflect any stock
splits, stock dividends, combinations, reorganizations, reclassifications or similar events). 
 4.3 Vesting;
Expiration. 
 (a) The Option shall vest and become exercisable upon the first trading day upon which the Common Stock
shall have achieved Price Stability (as hereinafter defined). For purposes hereof, the Common Stock shall have achieved “Price Stability” on the first trading day that is at least 10 months after the date of Company’s initial
Qualified Public Offering upon which the closing price of the Common Stock as reported on the Primary Market on each trading day during a period of 20 consecutive trading days shall be not more than 10 percent higher or lower than the closing price
of the Common Stock as reported on the Primary Market on the first day of such 20-trading day period. The date on which the Option vests and becomes exercisable is referred to in this Agreement as the “Vesting Date.” 
 (b) The Option or any unexercised portion of the Option shall expire if not exercised on or before 6:00 p.m. Central time on the 60th day
after the later of (i) the Vesting Date and (ii) the date the Price Stability Notice (as hereinafter defined) is delivered to Investor (the “Expiration Date”). 
  

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 4.4 Price Stability Notice. Company shall give Investor written notice (the
“Price Stability Notice”) as soon as practicable (and in any event within two business days) after the Common Stock shall have achieved Price Stability. 
 4.5 Procedures. 
 (a) Investor may exercise the Option to purchase all
or any portion of the Option Shares at any time on or after the Vesting Date and on or prior to the Expiration Date by giving Company written notice of exercise setting forth the number of Option Shares to be purchased pursuant to the exercise;
provided, however, that Investor may not purchase less than 25% of the total Option Shares per exercise. 
 (b) As soon as
practicable following the exercise of the Option, Company and Investor will proceed to prepare and file with the appropriate Governmental Authorities all consents, approvals, orders, or authorizations of or registrations, qualifications,
designations, declarations, notifications or other filings with, any Governmental Authority (“Consents”) that are necessary in order to consummate the transactions contemplated by the Exercise and will diligently and expeditiously
prosecute, and will cooperate fully with each other in the prosecution of such matters. 
 (c) Promptly after Investor shall
have obtained from each Governmental Authority all Consents, if any, necessary to consummate the transactions contemplated by the Exercise, including such Consents as may be required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended (the “HSR Act”), Investor shall pay to the Company by wire transfer of immediately available funds, the aggregate Exercise Price for the number of Option Shares being purchased, and Company shall issue and deliver the
certificate(s) evidencing such Option Shares to or as directed by Investor. 
 Section 5. COVENANTS. 
 5.1 “Market Stand-Off” Agreements. Investor agrees that, to the extent requested by the underwriters of Company’s securities
in such registered offering, it shall not sell or otherwise transfer or dispose of (i) any Securities or other shares of Common Stock of Company then owned by Investor for up to 180 days following the effective date of the first registration
statement filed by Company under the Securities Act for a Qualified Public Offering and (ii) any Option Shares then owned by Investor for up to 90 days following the effective date of the first registration statement filed after the Vesting
Date by Company under the Securities Act for a primary offering by Company of shares of Common Stock in a firm commitment underwriting; provided, that all executive officers and directors of Company and holders of at least one percent of
Company’s voting securities are bound by and have entered into similar agreements. 
 “Qualified Public Offering” means (i) the
offer and sale of Common Stock pursuant to a registration statement under the Securities Act of which the aggregate net proceeds attributable to sales for the account of Company exceed $35,000,000, (ii) such Common Stock is listed for trading
on the New York Stock Exchange, the NASDAQ Global Market or the NASDAQ Global Select Market and (iii) the per share public offering price (net of underwriter discounts and commissions) exceeds $4.8636 per share (adjusted as appropriate for
stock splits, stock dividends, recapitalizations and the like). 
  

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 The obligations described in this Section shall not apply to a registration relating solely to employee benefit plans on
Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a transaction on Form S-4 or similar forms that may be promulgated in the future. Company may impose stop-transfer instructions with
respect to the Securities (or other securities) subject to the foregoing restriction until the end of such 180-day or 90-day period, as applicable. 
 In
order to enforce the foregoing covenants, Company shall have the right to place restrictive legends on the certificates representing the shares subject to this Section and to impose stop-transfer instructions with respect to the Securities and such
other shares of stock of each Investor (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. 
 5.2 Corporate Existence; Good Standing. Company shall preserve and maintain its corporate existence in the State of Delaware and all of its licenses, privileges and franchises and other rights necessary
or desirable in the normal course of its businesses, except to the extent that the failure to preserve and maintain its corporate existence and such rights would not have a material adverse effect on the financial condition, properties, business or
prospects of Company. Company shall qualify to do business and shall be and remain in good standing in each jurisdiction in which the nature of its business requires it to be so qualified, or in which failure to be so qualified and in good standing
would have a material adverse effect on the financial condition, properties or business of Company. 
 5.3 Compliance with
Laws. Company shall comply with all governmental requirements, except where the failure to do so would not have a material adverse effect on the financial condition, properties, business or prospects of Company. Company shall pay and
discharge when due any and all indebtedness, obligations, assessments and real and personal property taxes, including, but not limited to, federal and state income taxes, except as may be subject to good faith contest or as to which a bona fide
dispute may arise. 
 5.4 Indebtedness. Until such time as all unpaid principal and accrued and unpaid interest under each Note
has been paid by Company or converted pursuant to the terms of the Notes, Company shall not create, incur, assume or be liable for any indebtedness without the prior written consent of Investor, other than (a) Company’s indebtedness to
Investor under the Note, (b) indebtedness subordinated to Company’s indebtedness to Investor under the Note, (c) indebtedness under that certain Loan and Security Agreement, dated June 30, 2004 and as amended on various dates, by
and between Company and Lighthouse Capital Partners V, L.P., (d) indebtedness under that certain Loan Agreement, dated August 24, 2004, by and between Company and the LRG Lenders, (e) trade payables incurred in the ordinary course of
business and (f) letters of credit and lines of credit relating to the leasing of business premises in the ordinary course of business. 
  

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 5.5 Right of Notice On Extraordinary Transaction. 
 (a) If Company receives a bona fide proposal (a “Proposal”) from one or more third parties (the “Third
Party”) to enter into a definitive agreement with Company that would result or would reasonably be expected to result in an Extraordinary Transaction (as hereinafter defined), Company shall, within two business days of receipt of such
Proposal, notify Investor in writing of such Proposal; provided, however, that Company shall be under no obligation to inform Investor of the financial terms of the Proposal or the identity of the Third Party. If requested by Investor,
Company shall immediately give Investor full access to the all of the information and other diligence materials, including all non-public information, provided or made available to the Third Party in connection with the Proposal. For a period of not
less than 10 business days following the receipt by Investor of the notice of a Proposal, Investor shall have the right to submit one or more proposals (an “Investor Proposal”) to acquire Company or enter into another Extraordinary
Transaction with Company. Prior to the expiration of such 10-business day period, Company shall not enter into any agreement or arrangement with any person that would impose limitations or restrictions (including by providing for Company to pay
termination or break-up fees) on Company’s ability to (i) provide information (including non-public information) to Investor, (ii) consider or participate in negotiations with Investor regarding an Investor Proposal,
(iii) receive, accept, approve, recommend to its securityholders or enter into any agreement or arrangement with Investor relating to an Investor Proposal, (iv) complete an Extraordinary Transaction with Investor or (v) otherwise
comply with the provisions of this Section 5.5. For the avoidance of doubt, a letter of intent, term sheet or form of definitive agreement may be a Proposal for purposes of this Section 5.5. 
 (b) An “Extraordinary Transaction” means (i) a merger or consolidation of Company with or into another entity
(except for a merger or consolidation in which the holders of capital stock of Company immediately prior to such merger or consolidation continue to hold at least a majority of the outstanding voting power of such surviving entity), (ii) the
closing of the sale or transfer of all or substantially all of the properties and assets of Company, (iii) the closing of any purchase of shares of capital stock of Company (either through a negotiated stock purchase or a tender for such
shares) by any party or group that did not beneficially own a majority of the voting power of the outstanding shares of capital stock of Company immediately prior to such purchase, the effect of which is that such party or group beneficially owns at
least a majority of such voting power immediately after such purchase, or (iv) the redemption or repurchase of shares (other than the Preferred Stock as provided in its Certificate of Incorporation, as amended), the effect of which is that any
party or group that did not beneficially own a majority of the voting power of the outstanding shares of capital stock of Company immediately prior to such redemption or repurchase beneficially owns a majority of the voting power of the outstanding
shares of capital stock of Company after such redemption or repurchase. 
  

 11 

 5.6 Right Of First Offer On Subsequent Issuances. 
 (a) General Prohibition; Right of Investor. Company shall not sell or issue any New Securities (as hereinafter defined)
unless it has complied with the terms of this Section 5.6. Investor shall have the right to purchase all or any part of any New Securities that Company may from time to time sell or issue after the date of this Agreement. 
 (b) New Securities. “New Securities” shall mean any shares of Common Stock or Preferred Stock, whether or
not now authorized, and rights, options or warrants to purchase such Common Stock or Preferred Stock, and securities of any type whatsoever that are, or may become, convertible into or exchangeable for such Common Stock or Preferred Stock;
provided, that the term “New Securities” does not include: 
 (i) shares of Common Stock issued or issuable
upon conversion of outstanding shares of Designated Preferred Stock; 
 (ii) shares of Common Stock and shares of Series 1
Stock, as appropriately adjusted for stock splits, stock dividends, recapitalizations and the like (or options to purchase such Common Stock or Series 1 Stock) issued or issuable pursuant to the Equity Plans, the Series 1 Plan and any other written
stock and option plans approved by a majority of the Board; 
 (iii) shares of the Company’s Common Stock or Preferred
Stock (and/or options, rights or warrants for Common Stock or Preferred Stock) issued or issuable in connection with an acquisition transaction, building or equipment lease transaction, bank loan transaction, strategic alliance or partnering
arrangement that is not primarily for equity financing purposes and that is approved by a majority of the Board; 
 (iv) any
securities issuable upon exercise of any options, warrants or rights to purchase any securities of the Company outstanding on the date of this Agreement; 
 (v) shares of the Company’s Common Stock or Preferred Stock issued in connection with any stock split or stock dividend; 
 (vi) shares of Common Stock issued upon the conversion of the promissory notes held by the LRG Lenders; and 
 (vii) securities offered by the Company to the public pursuant to a Qualified Public Offering. 
 (c) Procedures. 
 (i) If Company proposes to issue and sell New Securities pursuant to a bona fide written offer by one or more persons to subscribe for or purchase such New Securities, it shall give written notice to Investor stating
that it intends to accept such offer and issue and sell such New Securities (the “Notice”). The Notice shall set forth (A) a description of the New Securities, (B) the number or 

  

 12 

 
amount of New Securities to be issued and sold, (C) the cash price or other consideration for the New Securities and other terms and conditions upon
which the Company proposes to issue and sell such New Securities, and (D) the name and address of each person that has offered to subscribe for or purchase such New Securities. Investor shall have 10 days from the receipt of such
Notice to agree to purchase all or any portion of such New Securities for the price and upon the terms and conditions specified in the Notice by giving written notice to the Company and stating in such notice the number or amount of New Securities
to be purchased at the price and on the terms and conditions set forth in the Notice (the “Purchase”). 
 (ii) Promptly following any such agreement by Investor, Company and Investor will proceed to prepare and file with the appropriate Governmental Authorities all Consents that are necessary in order to consummate the transactions contemplated
by the Purchase and will diligently and expeditiously prosecute, and will cooperate fully with each other in the prosecution of such matters. 
 (iii) Within 10 days after Investor has obtained from each Governmental Authority all Consents, if any, necessary to consummate the transactions contemplated by the Purchase, including such Consents as may be required
under the HSR Act, Investor and the Company shall consummate the Purchase. Payment shall be made by Investor at the closing of the Purchase by wire transfer of immediately available funds and upon delivery of such purchase price, Company shall issue
certificate(s) evidencing such New Securities to or as directed by Investor. 
 (d) Sales by Company. Company
shall have 60 days from the expiration of the period set forth in Section 5.6(c) to sell all or any New Securities that were not agreed to be purchased by Investor, at a price not less than, and upon terms and conditions not
more favorable to the purchasers of such New Securities than, the price, terms and conditions specified in the Notice. If Company has not issued and sold the New Securities within such period, then after such period Company shall not issue or sell
any New Securities without again first offering such New Securities to Investor pursuant to this Section 5.6. 
 (e) Spin-Out Preemptive Rights. If, at any time after the date of this Agreement, (i) Company creates a subsidiary that is not a wholly owned subsidiary (as hereinafter defined); (ii) any wholly owned subsidiary
sells or transfers any shares of capital stock to any entity that is not a wholly owned subsidiary; (iii) any wholly-owned Subsidiary merges, consolidates or takes any other action that results in such subsidiary not remaining a wholly owned
subsidiary; or (iv) any wholly owned subsidiary sells all or substantially all of its assets (in a transaction that is not an Extraordinary Transaction) to any person or entity that is not a wholly owned subsidiary, then in each case Company
shall cause such subsidiary (or the surviving or successor entity or purchaser of assets) (the “Spin-out Entity”) to (A) issue to Investor shares of preferred stock or common stock, as applicable, of the Spin-out Entity having
relative rights, privileges and 

  

 13 

 
preferences equivalent to the relative rights, privileges and preferences of the Conversion Shares, Warrant Shares and Option Shares and (B) enter into
agreements with Investor having substantially the same rights as any agreements between Investor and Company. The number of shares of such preferred stock and common stock of the Spin-out Entity issued to Investor shall be sufficient so that
Investor shall thereafter have an equity ownership interest in the Spin-out Entity equal to its equity ownership interest in Company at such time on a fully-diluted basis, including all options reserved for issuance under any stock incentive, stock
option, stock purchase or stock appreciation plan or arrangement maintained by Company or such Spin-out Entity. A “wholly owned subsidiary” is any entity that Company owns, holds and controls all of its capital stock, equity
securities or other interests, either directly or through one or more other wholly owned subsidiaries. 
 5.7 Right of First Refusal on
Transfers by Investor. 
 (a) General Prohibition on Transfers; Permitted Transfers. Investor shall not
directly or indirectly sell, assign, transfer, donate, pledge, mortgage, hypothecate, grant a security interest in or otherwise dispose or attempt to dispose of (a “Transfer”), to any Person (as hereinafter defined) (such Person, a
“Transferee”) all or a portion of the Securities unless Investor has complied with the terms of this Section 5.7. Notwithstanding the foregoing, the restrictions contained in this Section 5.7 shall not apply
to (i) any Transfer of Securities by Investor to any individual, corporation, partnership, limited liability company, association, trust, unincorporated organization or other entity (a “Person”) that is controlling, controlled
by or under common control with Investor or (ii) any Transfer of Securities by Investor in connection with the “piggyback” rights contained in Section 2 of the Registration Rights Agreement (as hereinafter defined). For this
purpose “control” (and correlative terms) means the power, whether by contract, equity ownership or otherwise, to direct the policies or management of a Person. 
 (b) Notice of Proposed Transfer. Except as otherwise permitted in Section 5.7(a), before Investor may effect any
Transfer of Securities, Investor shall deliver to Company a written notice (the “Transfer Notice”) stating (i) the Investor’s bona fide intention to Transfer such Securities; (ii) the number or amount of Securities to
be Transferred (the “Transfer Securities”); (iii) the bona fide cash price or other consideration for which Investor proposes to Transfer such Transfer Securities (the “Offered Price”); and (iv) the name
and address of each proposed transferee, if known. A copy of any written offer, if available, shall be attached to the Transfer Notice. If a copy of a written offer is not available, a statement of the terms of the offer and any material facts shall
be attached to the Transfer Notice. 
 (c) Right of First Refusal. Upon receipt of a Transfer Notice, Company
shall have the option to purchase all but not less than all of the Transfer Securities at the Offered Price; provided, however, that if shares of the Common Stock are then listed and trading on the New York Stock Exchange, the NASDAQ
Global Market or the NASDAQ Global Select Market, Company shall have the option to purchase all or any part of the Transfer Securities (provided, however, that Company may purchase no less than 50% of the Transfer Securities if all
Transfer Securities are not purchased) at the Offered Price. 

  

 14 

 
Within 10 days of the receipt of the Transfer Notice (the “Company Option Period”), Company shall give written notice (the
“Company Notice”) to Investor of its election to purchase such Transfer Securities. The delivery of the Company Notice under this Section shall constitute an irrevocable commitment by Company to purchase such Transfer Securities.
The failure of Company to respond within the Company Option Period shall be deemed a waiver of Company’s rights under this Section 5.7. The closing for any purchase of Transfer Securities by Company hereunder shall take place on the
date (not later than 10 days after the expiration of the Company Option Period) specified by Company in the Company Notice. Payment of the Offered Price shall be made by Company to Investor by wire transfer of immediately available funds. Upon
delivery of such purchase price, Investor shall have no further rights as a holder of the Transfer Securities purchase by Company, and Investor shall promptly cause all certificate(s) evidencing such Transfer Securities to be surrendered for
transfer to Company. 
 (d) Investor’s Right to Transfer. If Company has not elected to purchase all
of the Transfer Securities, then Investor may Transfer the Transfer Securities to any Person at a price not less than the Offered Price; provided, that such Transfer is consummated within 60 days after the expiration of all
applicable periods set forth above. If the Transfer Securities are not so Transferred during such period, then Investor may not Transfer any of such Transfer Securities without complying again in full with this Section 5.7. 

5.8 Information Rights. 
 (a) Basic Financial Information. Company shall furnish the following reports to Investor: 
 (i) As soon as practicable after the end of each fiscal year of Company, and in any event within 120 days after the end of each fiscal year, a consolidated balance sheet of Company and its subsidiaries, if any,
as of the end of such fiscal year, and consolidated statements of income and cash flows of Company and its subsidiaries, if any, for such year, prepared in accordance with GAAP and setting forth in each case in comparative form the figures for the
previous fiscal year, all in reasonable detail and certified by independent public accountants of recognized national standing selected by Company, and a Company-prepared comparison to Company’s operating budget then in effect certified by the
principal financial or accounting officer of Company. 
 (ii) As soon as practicable after the end of the first, second and
third quarterly accounting periods in each fiscal year of Company, and in any event within 45 days after the end of each such quarterly period, a consolidated balance sheet of Company and its subsidiaries, if any, as of the end of each such
quarterly period and consolidated statements of income and cash flows of Company and its subsidiaries, if any, for such period and for the current fiscal year to date, prepared in accordance with GAAP and setting forth in comparative form the
figures for the corresponding periods of the previous fiscal year and to the Company’s operating budget then in effect, all in reasonable detail and certified by the principal financial or accounting officer of Company, subject to changes
resulting from normal year-end audit adjustments, except that such financial statements need not contain the notes required by GAAP. 
  

 15 

 (iii) As soon as available, but in any event not later than 60 days prior to the
beginning of each new fiscal year, an operating budget for such fiscal year approved by the Board. 
 (iv) With reasonable
promptness, such other notices, information and data with respect to Company and its subsidiaries, if any, as Company delivers to the holders of its Common Stock and such other financial and accounting information and data as Investor may from time
to time reasonably request. 
 (b) Additional Information and Rights. 
 (i) Company shall permit Investor (or its representatives) to visit and inspect any of the properties of Company, including its books of
account and other records (and make copies of and take extracts from such books and records), and to discuss its affairs, finances and accounts with Company’s officers and its independent public accountants, all at such reasonable times and as
often as any such person may reasonably request. 
 (ii) The provisions of Section 5.7 shall not be in limitation
of any rights which Investor may have with respect to the books and records of Company and its subsidiaries, or to inspect their properties or discuss their affairs, finances and accounts, under the laws of the jurisdictions in which they are
incorporated. 
 (iii) Notwithstanding anything in Section 5.7 to the contrary, Investor by reason of this
agreement shall not have access to any trade secrets or classified information of Company or any information that would adversely affect the attorney-client privilege between Company and its counsel. 
 5.9 Board Observer. Until the closing of a Qualified Public Offering, Investor, or its representative, shall have the right to
attend all meetings of the Board in a non-voting observer capacity, to receive notice of such meetings, and to receive all information distributed to members of the Board at the time of the original distribution of such information; provided,
that such representative shall agree that all information so received during such meetings or otherwise is confidential in accordance with Section 7.16; and, provided, further, that Company reserves the right to withhold
any information and to exclude Investor’s representative from any meeting or portion of such meeting if delivery of such information or attendance at such meeting by Investor’s representative would result in disclosure of trade secrets to
Investor’s representative or would result in the loss or waiver of the attorney-client privilege between Company and its counsel. 
 5.10 Reservation of Shares. Company shall at all times reserve and keep available out of its authorized but unissued capital stock, for the purpose of effecting the issuance of the Conversion Shares, the Warrant Shares
and the Option Shares, and any conversion thereof, a sufficient number of duly authorized shares of Preferred Stock and Common Stock, as 

  

 16 

 
applicable, for issuance upon the issuance of the Conversion Shares, the Warrant Shares and the Option Shares, and any conversion thereof; and, if at any
time the number of authorized but unissued shares of Preferred Stock and Common Stock shall not be sufficient to effect the issuance of the Conversion Shares, the Warrant Shares and the Option Shares, and any conversion thereof, Company shall take
such corporate action as may be necessary to increase its authorized but unissued shares of Preferred Stock and Common Stock to such number of shares as shall be sufficient for such purposes, including engaging in best efforts to obtain the
requisite stockholder approval of any necessary amendment to the Certificate of Incorporation. Before taking any action which would cause an adjustment increasing the number of shares of Preferred Stock or Common Stock issuable upon conversion or
exercise of any Securities, Company will take any corporate action necessary in order that Company may validly and legally issue fully paid and nonassessable shares of Preferred Stock or Common Stock, as applicable. 
 5.11 Rights Upon Conversion of the Note. Company shall, at or prior to the Closing, cause the Stockholders Agreement and/or the
Registration Rights Agreement, as applicable, to be amended to (i) make Investor a party thereto, (ii) provide Investor, upon conversion of the Notes into Preferred Stock, with contractual rights that, to the extent not inconsistent with
this Agreement, are identical to those rights granted to Company’s then existing holders of Preferred Stock (including the “Investors” as such term is defined in the Stockholders Agreement) and (iii) provide Investor, upon the
conversion of the Notes into Preferred Stock, with the right, until the closing of a Qualified Public Offering, to nominate one member of the Board, with such nominee to be elected to the Board; provided, that such nominee shall not be an
employee or affiliate of Investor. 
 5.12 Registration Rights Agreement. The shares of Common Stock issuable upon
conversion of the Securities shall be deemed to be “Registrable Securities” for purposes of the Seventh Amended and Restated Registration Rights Agreement dated August 24, 2007 among Company and the Investors, Series 1 Holders and MBI
Group Holders named therein (the “Registration Rights Agreement”) and Investor shall be deemed to be a Holder (as defined in the Registration Rights Agreement); provided that Investor shall not be deemed to be a Holder for purposes
of Section 3(a) of the Registration Rights Agreement. Company shall cause the Registration Rights Agreement to be amended to cause Investor to become a party thereto as provided in this Section 5.12. 
 5.13 Expiration of Certain Covenants. The provisions of Sections 5.5, 5.6, 5.8, 5.9 and 5.11
shall terminate immediately prior to the closing of a Qualified Public Offering. The provisions of Section 5.7 shall terminate at the close of business on March 6, 2013. Upon termination, such provisions shall have no further force
and effect; provided, that (i) the remaining provisions of this Agreement shall survive such termination and remain in full force and effect in accordance with their terms and (ii) nothing herein shall relieve a party from liability
or damages for any breach or default by such party under any such provision prior to such termination. 
  

 17 

 Section 6. CONDITIONS. 
 6.1 Conditions to the Obligations of Investor. The obligation of Investor to purchase the Note and Warrant at the Closing is subject to the fulfillment, or the waiver by Investor, of the following
conditions at or prior to the Closing. 
 (a) The representations and warranties in Section 2 shall be true at the
Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing. 
 (b) Company shall have performed and complied with all agreements and conditions in this Agreement required to be performed or complied with by Company prior to or at the respective Closing. 
 (c) Company shall have fully satisfied (including with respect to rights of timely notification) or obtained enforceable waivers in
respect of any rights of first refusal, preemptive or similar rights, including any such rights granted pursuant to the Stockholders Agreement, directly or indirectly affecting any of the Securities or other securities of the Company such that no
Person, other than Investor, has any right or will purchase any of the Securities. 
 (d) The Stockholders Agreement and
Registration Rights Agreement shall have been amended as contemplated in Sections 5.11 and 5.12 and such amendments shall be satisfactory in form and substance to Investor. 
 (e) The Certificate of Amendment shall have been duly adopted by Company by all necessary corporate action of its Board and stockholders,
and shall have been duly filed with and accepted by the Secretary of State of the State of Delaware. 
 (f) Company shall have
delivered to Investor a certificate, executed by the President of Company, dated the date of the applicable Closing, certifying to the fulfillment of the conditions specified in subsections (a) and (b) of this
Section 6.1. 
 (g) All corporate and other proceedings in connection with the transactions contemplated in this
Agreement and the Transaction Agreements and all documents and instruments incident to such transactions shall be satisfactory in substance and form to Investor and its counsel, and Investor and its counsel shall have received all such counterpart
originals or certified or other copies of such documents as they may reasonably request. 
 6.2 Conditions to the Obligations of
Company. The obligations of Company to issue and sell the Note and Warrant to Investor at the Closing are subject to the fulfillment, or the waiver by Company, of the following condition on or before the Closing. 
 (a) The representations and warranties of each Investor in Section 3 shall be true at and as of the Closing with the same
effect as though such representations and warranties had been made on and as of the date of the Closing. 
  

 18 

 (b) Investor shall have delivered to Company a fully executed signature page to the
Amended and Restated Intercreditor Agreement by and among Company, Investor, Lighthouse and the LRG Lenders. 
 (c) Company
shall have obtained all necessary permits and qualifications, or shall have the availability of exemptions therefrom, required by any state for the offer and sale of the Securities. 
 (d) All approvals of the Board and, if required, stockholders necessary for performance of the transactions contemplated by the
Transaction Agreements shall have been obtained. 
 Section 7. GENERAL PROVISIONS. 
 7.1 Survival of Representations and Warranties. The representations, warranties, and covenants of Company and the Investors contained in or
made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of the Investors, their respective
counsel, or Company, as the case may be. 
 7.2 Successors and Assigns. Except as otherwise provided in this Agreement, the
provisions of this Agreement shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the parties to this Agreement (including transferees of any Securities). 
 7.3 Third Parties. Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties to this
Agreement and their respective successors and assigns, any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
 7.4 Governing Law. This Agreement shall be governed by and construed exclusively in accordance with the internal laws of the State of
Delaware as applied to agreements among Delaware residents entered into and to be performed entirely within Delaware, excluding that body of law relating to conflict of laws. 
 7.5 Counterparts. This Agreement may be executed in two or more counterparts (including, without limitation, facsimile counterparts), each
of which shall be deemed an original, but all of which together shall constitute one and the same agreement. 
 7.6 Rules of
Construction. The headings and captions used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. All references in this Agreement to sections, subsections, exhibits, and
schedules shall, unless otherwise provided, refer to sections and subsections of this Agreement and exhibits and schedules attached to this Agreement, all of which exhibits and schedules are incorporated in this Agreement by this reference. The
words “this Agreement,” “herein,” “hereby,” “hereunder” and “hereof” and words of similar import, refer to this Agreement as a whole and not to any particular
subdivision unless expressly so limited. The words “this Section,” “this subsection” and words of similar import, refer only to the Sections or subsections hereof in which such words occur. The word
“including” (in its various forms) means “including, without limitation.” 
  

 19 

 7.7 Notices. All notices, requests, consents, and other communications under this Agreement
shall be in writing and shall be delivered personally or by facsimile transmission or by nationally recognized overnight delivery service or by first class certified or registered mail, return receipt requested, postage prepaid: 
 If to Company, at 200 Crossing Boulevard, Framingham, Massachusetts 01702, Attention: Ken Hale, or at such other address or addresses as may have been
furnished by giving five days advance written notice to all other parties, with a copy (which shall not constitute notice) to Gunderson Dettmer Stough Villenueve Franklin & Hachigian, LLP, 610 Lincoln St., Waltham, MA 02451, Attention: Marc
F. Dupre, Esq., Fax. 781.622.1622. 
 If to Investor, at One Dell Way, MS RR1-33, Round Rock, Texas 78682 Attention: General
Counsel, Fax: 512.728.8935, and at One Dell Way, MS RR1-87, Round Rock, Texas 78682, Attention: Corporate Development, Fax: 512.723.1702 or at such other address or addresses as may have been furnished by giving five days advance written notice to
all other parties, with a copy (which shall not constitute notice) to Vinson & Elkins L.L.P., The Terrace 7, 2801 Via Fortuna, Suite 100, Attention: William R. Volk, Esq, Fax: 512.236.3450. 
 Notices provided in accordance with this Section shall be deemed delivered upon personal delivery (including confirmed facsimile) or three business days
after deposit in the mail. 
 7.8 No Finder’s Fees. Each party represents that it neither is nor shall be obligated for
any finder’s or broker’s fee or commission in connection with the transactions contemplated by this Agreement. Investor agrees to indemnify and to hold harmless Company from any liability for any commission or compensation in the nature of
a finder’s or broker’s fee (and any asserted liability) for which Investor or any of its officers, partners, employees, or representatives is responsible. Company agrees to indemnify and hold harmless Investor from any liability for any
commission or compensation in the nature of a finder’s or broker’s fee (and any asserted liability) for which Company or any of its officers, employees or representatives is responsible. 
 7.9 Attorneys’ Fees and Expenses. Irrespective of whether the Closing is effected, Company shall pay all costs and expenses that it
incurs with respect to the negotiation, execution, delivery, and performance of this Agreement. If the Closing is effected, Company shall pay the reasonable fees and expenses of Vinson & Elkins L.L.P., counsel to Investor, with such fees
and expenses not to exceed $40,000 in the aggregate, at the Closing. If any action, suit, or other proceeding is instituted concerning or arising out of this Agreement or any transaction contemplated under this Agreement, the prevailing party shall
recover all of such party’s costs and attorneys’ fees incurred in each such action, suit, or other proceeding, including any and all appeals or petitions from such action, suit or other proceeding. 
 7.10 Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance and either retroactively or prospectively), only with the written consent of Company and Investor. Any amendment or waiver effected in accordance with this Section shall be binding upon Investor and
Company. 
  

 20 

 7.11 Severability. If one or more provisions of this Agreement are held to be unenforceable
under applicable law, such provision(s) shall be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms. 
 7.12 Entire Agreement. This Agreement, together with all exhibits and schedules to this Agreement and the Transaction Agreements,
constitutes the entire agreement and understanding of the parties with respect to the subject matter contained therein and supersedes any and all prior negotiations, correspondence, agreements, understandings, duties, or obligations between the
parties with respect to the subject matter contained therein. 
 7.13 Further Assurances. From and after the date of this
Agreement, upon the request of Investor or Company, Company and Investor shall execute and deliver such instruments, documents, or other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent
and purposes of this Agreement. 
 7.14 Delays or Omissions. No delay or omission to exercise any right, power, or remedy
accruing to Investor, upon any breach or default of Company under this Agreement shall impair any such right, power, or remedy of Investor nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or
in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default therefore or thereafter occurring. Any waiver, permit, consent, or approval of any kind or
character on the part of any Investor of any breach or default under this Agreement or any waiver on the part of Investor of any provisions or conditions of this Agreement must be made in writing and shall be effective only to the extent
specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to Investor, shall be cumulative and not alternative. 
 7.15 No Commitment for Additional Financing. Company acknowledges and agrees that Investor has not made any representation, undertaking, commitment or agreement to provide or assist Company in obtaining
any financing, investment or other assistance, other than the purchase of the Securities as set forth in Section 1. In addition, Company acknowledges and agrees that (i) no statements, whether written or oral, made by Investor or
its representatives on or after the date of this Agreement shall create an obligation, commitment or agreement to provide or assist Company in obtaining any financing or investment, (ii) Company shall not rely on any such statement by Investor
or its representatives and (iii) an obligation, commitment or agreement to provide or assist Company in obtaining any financing or investment may only be created by a written agreement, signed by Investor and Company, setting forth the terms
and conditions of such financing or investment and stating that the parties intend for such writing to be a binding obligation or agreement. Investor shall have the right, in its sole and absolute discretion, to refuse or decline to participate in
any other financing of or investment in Company, and shall have no obligation to assist or cooperate with Company in obtaining any financing, investment or other assistance. 
  

 21 

 7.16 Confidentiality. Except as required by law, Investor agrees that it shall keep
confidential and shall not disclose or divulge any confidential, proprietary, or secret information which Investor may obtain from Company pursuant to financial statements, reports, and other materials submitted by Company to Investor pursuant to
this Agreement or otherwise, or pursuant to visitation or inspection rights granted under this Agreement or in the Transaction Agreements, unless such information (a) is known, or until such information becomes known, to the public,
(b) such information was known to Investor prior to the date hereof, or (c) such information is independently developed by Investor without the use of any such information; provided, that Investor may disclose such information
(i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with its investment in Company, (ii) to any prospective purchaser of any Securities from Investor as
long as such prospective purchaser agrees in writing to be bound by the provisions of this Section, or (iii) to any affiliate of Investor. 
 7.17 Remedies Cumulative; Specific Performance. Any and all remedies expressly conferred upon a party by this Agreement and the other Transaction Agreements will be deemed cumulative with and not exclusive of any other remedy
conferred hereby or thereby or by law or equity upon such party, and the exercise by a party of any one remedy will not preclude the exercise of any other remedy. The parties agree that irreparable damage would occur in the event that any of the
provisions of this Agreement and the other Transaction Agreements were not performed in accordance with their specific terms or were otherwise breached. Accordingly, the parties shall be entitled to specific performance of the terms of this
Agreement or any other Transaction Agreement, including an injunction or injunctions to prevent breaches and to enforce specifically the terms and provisions hereof and thereof, this being in addition to any other remedy to which such party is
entitled at law or in equity. Each party hereby waives (i) any defense in any action for specific performance that a remedy at law would be adequate and (ii) any requirement under any law to post security as a prerequisite to obtaining
equitable relief. 
 [Signature pages follow] 
  

 22 

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

			
	GLASSHOUSE TECHNOLOGIES, INC.
		
	By:	 	 
	Name: 	 	 
	Title: 	 	 

 Signature Page to Securities Purchase Agreement 

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

			
	 INVESTOR:
  
 DELL PRODUCTS L.P.

		
	By:	 	 
	Name: 	 	 
	Title: 	 	 

 Signature Page to Securities Purchase Agreement 

 EXHIBIT A 
 Note 
 THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER
UNITED STATES FEDERAL OR STATE SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, OR OTHERWISE TRANSFERRED OR ASSIGNED FOR VALUE, DIRECTLY OR INDIRECTLY, NOR MAY THIS NOTE OR THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE BE TRANSFERRED ON
THE BOOKS OF THE COMPANY, WITHOUT REGISTRATION OF SUCH NOTE OR SECURITIES, AS APPLICABLE, UNDER ALL APPLICABLE UNITED STATES FEDERAL OR STATE SECURITIES LAWS OR COMPLIANCE WITH AN APPLICABLE EXEMPTION THEREFROM, SUCH COMPLIANCE, AT THE OPTION OF THE
COMPANY, TO BE EVIDENCED BY AN OPINION OF STOCKHOLDER’S COUNSEL, IN A FORM ACCEPTABLE TO THE COMPANY, THAT NO VIOLATION OF SUCH REGISTRATION PROVISIONS WOULD RESULT FROM ANY PROPOSED TRANSFER OR ASSIGNMENT. 
 GLASSHOUSE TECHNOLOGIES, INC. 
 SUBORDINATED CONVERTIBLE PROMISSORY NOTE 
  

					
	$25,000,000.00	 	Austin, Texas	 	March 6, 2008

 FOR VALUE RECEIVED, the undersigned, Glasshouse Technologies, Inc., a Delaware corporation, and
its successors and assigns (“Company”), promises to pay to the order of Dell Products L.P., a Texas limited partnership (“Holder”), the principal sum of Twenty Five Million Dollars ($25,000,000.00), together with
interest from the date of advancement on the balance of this Note from time to time remaining unpaid at a rate of ten percent (10%) per annum until maturity, both principal and interest being payable at the address designated in Section
15, or at such other place as Holder may from time to time designate in writing. This Note is issued pursuant and subject to the terms and conditions of that certain Securities Purchase Agreement dated as of March 6, 2008, by and between
Company and Holder (the “Securities Purchase Agreement”). Capitalized terms used herein but not otherwise defined shall have the meaning given to such term in the Securities Purchase Agreement. 
 The principal of this Note shall mature and be due and payable at the earliest of (i) the closing of a Qualified Public Offering on or before
March 6, 2009, (ii) the closing of an Extraordinary Transaction, or (iii) March 6, 2011 (the “Target Date”). 
 All accrued and unpaid interest shall be due and payable immediately on maturity of the principal of this Note. 
 All past due
principal and accrued interest on this Note shall bear interest from maturity (whether on the closing of a Qualified Public Offering, on the closing of an Extraordinary Transaction, on the Target Date, upon acceleration of maturity following an
Event of Default (as defined below) or otherwise) until paid at the lesser of (i) the rate of 13% per annum or (ii) the highest rate for which Company may legally contract under applicable law. All payments under this Note shall be
payable in lawful money of the United States of America which shall be legal tender for public and private debts at the time of payments. 

 As further detailed in the Intercreditor Agreement, this Note, the indebtedness evidenced by this Note
and all payments or rights under this Note are expressly subordinate to all senior indebtedness of Company, whether such senior indebtedness is outstanding as of the date of this Note or incurred after the date of this Note, and all such senior
indebtedness shall be senior in right of payment to this Note. As used in this Note, “senior indebtedness” means all indebtedness or other monetary obligations of Company that are secured by assets of Company or for which the instrument
creating or evidencing the same or pursuant to which the same is outstanding expressly provides that such indebtedness or obligation shall be senior in right of payment to this Note or Company’s subordinated indebtedness, unless the instrument
creating or evidencing the same or pursuant to which the same is outstanding expressly provides that such indebtedness or obligation shall not be senior in right of payment to this Note. 
 Section 1. AUTOMATIC CONVERSION. If Company closes a Qualified Public Offering on or before March 6, 2009, all or any portion of the
unpaid principal of this Note plus accrued interest on this Note shall, subject to Section 4 of this Note, automatically and without any further action on the part of the Holder or Company be converted at the closing of the Qualified Public
Offering into shares of Common Stock of Company at a conversion price equal to 90% of the initial public offering price per share at which such Common Stock was issued and sold to the public in such Qualified Public Offering. 
 Section 2. OPTIONAL CONVERSION. This Note may, at the Holder’s option, be converted to either Common Stock or Equity Securities
(defined below), as applicable, under the following circumstances and in the following manner: 
 (a) At any time after
March 6, 2009 all or any portion of the unpaid principal of this Note plus accrued interest on this Note may, at the Holder’s option, be converted into the most recently issued series of Preferred Stock at the conversion price of such
series as of the date of such conversion. 
 (b) If Company closes a Qualified Public Offering at any time after March 6,
2009, to and including the Target Date, all or any portion of the unpaid principal of this Note plus accrued interest on this Note may be converted at the option of the Holder of this Note at the closing of the Qualified Public Offering into shares
of Common Stock of Company at a conversion price equal to 90% of the initial public offering price per share at which such Common Stock was issued and sold to the public in such Qualified Public Offering. 
 (c) If, after the original issuance of this Note, Company issues or sells any series of preferred stock of Company or any security
convertible or exchangeable into or for preferred stock or similar securities of Company (“Equity Securities”) in a single transaction or a series of related transactions that results in aggregate proceeds to Company of at least
$10,000,000 (without giving effect to the conversion of this Note or the exercise of the Warrant or the Option) (a “Qualified Financing”), all or any portion of the unpaid principal of this Note plus accrued interest on this Note
may be converted at the option of the Holder of this Note at the closing of the Qualified Financing into the same class or series of Equity Securities as are issued and sold by Company in such Qualified Financing (or a class or series of Equity
Securities identical in all respects to and ranking pari passu with the class or series of Equity Securities issued and sold in such Qualified Financing) at a price per share or unit equal to 90% of the lowest price per share or unit at which such
Equity Securities were issued and sold in such 

  

 2 

 
Qualified Financing. The following Equity Securities shall not be deemed to be issued or sold as part of a Qualified Financing: (i) Common Stock or
options to purchase Common Stock issued, sold or granted pursuant to Company’s Equity Plans and Series 1 Plan as in effect on the date of this Note; (ii) Common Stock issued upon conversion of shares of the Designated Preferred Stock
outstanding as of the date of this Note; (iii) Equity Securities of Company issued pursuant to warrants outstanding as of the date of this Note; (iv) Common Stock issued and sold by Company in a single transaction or series of related
transactions in which no Equity Securities other than shares of Common Stock are issued or sold; or (v) any and all promissory notes issued to the LRG Lenders as part of the Junior Indebtedness (as defined in the Intercreditor Agreement as
defined below) or Common Stock issued upon the conversion of such promissory notes. 
 (d) On or immediately prior to the
closing of any Extraordinary Transaction, all or any portion of the unpaid principal of this Note plus accrued interest on this Note may be converted, at the option of the Holder, at or immediately prior to the closing of such Extraordinary
Transaction into, at the further option of the Holder, (i) the same class or series of Equity Securities as were issued and sold by Company in the most recent Qualified Financing or, if a Qualified Financing has not occurred, the most recent
transaction in which Company issued and sold Equity Securities other than this Note, the Warrant and the Option (or a class or series of Equity Securities identical in all respects to and ranking pari passu with the class of Equity Securities issued
and sold in such Qualified Financing or other transaction) at a price per share or unit equal to the conversion price then in effect for such series or class of Equity Securities or (ii) that number of shares of Common Stock then issuable upon
conversion of such number of shares or units of Equity Securities. For the avoidance of doubt, the promissory notes issued to the LRG Lenders as part of the Junior Indebtedness shall not constitute Equity Securities under this Section 2(d).

 Section 3. CERTAIN RIGHTS UPON CONVERSION. If pursuant to the conversion rights set forth above this Note is converted into
shares of Preferred Stock, Company will take such action and the Holder shall have such other rights as are forth in Section 5.11 of the Securities Purchase Agreement. 
 Section 4. HSR COMPLIANCE. Company acknowledges that conversion of this Note by the Holder (including any automatic conversion pursuant to
Section 2 of this Note) may subject the Holder to the filing requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). As such, conversion of this Note is subject to compliance by
the Holder all applicable filing requirements and the expiration of all waiting periods under the HSR Act (the “HSR Act Restrictions”). If, on or before the Target Date, Holder has sent a notice to Company of its intent to convert
the Note pursuant to an optional conversion under Section 2 of this Note or if this Note is required to be automatically converted in accordance with Section 1 of this Note, and Holder has not been able to effect the conversion of this
Note on or prior to the Target Date because of HSR Act Restrictions, the Holder shall be entitled to effect the conversion of this Note in accordance with the procedures contained herein notwithstanding the fact that the conversion of this Note
would be effected after the Target Date. Company will cooperate with the Holder in making all applicable filings under the HSR Act. 
 Section 5. PREPAYMENTS. The principal and/or interest on this Note may not be prepaid in whole or in part without the prior consent of Holder in its absolute discretion. Any prepayment shall be applied first against any
accrued interest, and then against principal. 
  

 3 

 Section 6. DEFAULT; REMEDIES. 
 (a) Company shall be in default under this Note upon the happening of any condition or event set forth below (each, an “Event of
Default”): 
 (i) Company’s failure to pay any payment of principal or interest as and when due in accordance with
the terms of this Note; 
 (ii) Company’s failure to perform or comply with any other obligation, covenant, term or
provision contained in this Note or in the Securities Purchase Agreement and, if curable, Company has failed to cure such default within 10 days after the occurrence thereof; 
 (iii) any representation made to holder in this Note or in the Securities Purchase Agreement or any financial statement or other
information furnished to Holder by or on behalf of Company shall be incorrect in any material respect when made or furnished; 
 (iv) the acceleration of any of the Senior Indebtedness (as defined in that certain Amended and Restated Intercreditor Agreement, dated as of March 6, 2008 (the “Intercreditor Agreement”), by and among Company, Holder
and the other parties thereto) or Junior Indebtedness (as defined in the Intercreditor Agreement), or if the Intercreditor Agreement has then terminated in accordance with Section 18(a) of the Intercreditor Agreement, the acceleration of any
indebtedness in excess of $100,000; or 
 (v) Company’s dissolution, termination of existence, insolvency or business
failure; the appointment of a receiver of all or any material portion of the assets of Company; an assignment for the benefit of creditors by Company; the commencement of any proceeding under any bankruptcy or insolvency laws by or against Company;
or any material portion of the assets of Company is attached or becomes subject to levy or similar judicial proceeding that is not released within 30 days. 
 (b) The entire unpaid principal balance of this Note and all accrued interest on such unpaid principal balance shall immediately be due and payable at the option of the holder of this Note upon the occurrence of any
one or more of the Events of Default and at any time after the occurrence of any one or more of the Events of Default. 
 Section 7.
CUMULATIVE RIGHTS. No delay on the part of the holder of this Note in the exercise of any power or right under this Note or under any other instrument executed pursuant to this Agreement shall operate as a waiver of any such power or
right, nor shall a single or partial exercise of any power or right preclude other or further exercise of such power or right or the exercise of any other power or right. 
 Section 8. WAIVER. Company and all endorsers, sureties and guarantors of this Note waive demand, presentment, protest, notice of dishonor, notice of nonpayment, notice of intention to accelerate or
notice of acceleration other than notice of default pursuant to Section 6(a)(ii) of this Note, notice of protest and any and all lack of diligence or delay in collection or the filing of suit on this Note which may occur, and agree to all
extensions and partial payments, before or after maturity, without prejudice to the holder of this Note. 
  

 4 

 Section 9. ATTORNEYS’ FEES AND COSTS. In the event that this Note is collected
in whole or in part through suit, arbitration, mediation, or other legal proceeding of any nature, then and in any such case there shall be added to the unpaid principal amount of this Note all reasonable costs and expenses of collection, including,
without limitation, reasonable attorney’s fees. 
 Section 10. GOVERNING LAW. This Note shall be governed by and
construed in accordance with the internal laws of the State of Delaware without giving effect to conflicts of law principles (whether of the State of Delaware or any other jurisdiction) that would result in the application of the laws of any
jurisdiction other than the State of Delaware. 
 Section 11. HEADINGS. The headings and captions used in this Note are
used for convenience only and are not to be considered in construing or interpreting this Note. All references in this Note to sections, paragraphs, exhibits, and schedules shall, unless otherwise provided, refer to sections and paragraphs of this
Note and exhibits and schedules attached to this Note, all of which exhibits and schedules are incorporated in this Note by this reference. 
 Section 12. USURY. All agreements between Company and the holder of this Note, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever,
whether by acceleration of the maturity of this Note or otherwise, shall the amount paid, or agreed to be paid, to the holder of this Note for the use, forbearance or detention of the money to be loaned under this Agreement or otherwise, exceed the
maximum amount permissible under applicable law. If from any circumstances whatsoever fulfillment of any provision of this Note or of any other document evidencing, securing or pertaining to the indebtedness evidenced by this Note, at the time
performance of such provision shall be due, shall involve transcending the limit of validity prescribed by law, then ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity, and if from any such circumstances the
holder of this Note shall ever receive anything of value as interest or deemed interest by applicable law under this Note or any other document evidencing, securing or pertaining to the indebtedness evidenced by this Note or otherwise an amount that
would exceed the highest lawful rate, such amount that would be excessive interest shall be applied to the reduction of the principal amount owing under this Note or on account of any other indebtedness of Company to the holder of this Note relating
to this Note, and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal of this Note and such other indebtedness, such excess shall be refunded to Company. In determining whether or not the interest
paid or payable with respect to any indebtedness of Company to the holder of this Note, under any specific contingency, exceeds the highest lawful rate, Company and the holder of this Note shall, to the maximum extent permitted by applicable law,
(i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) amortize, prorate, allocate and spread the total amount of interest throughout the full term of such indebtedness so that the actual rate
of interest on account of such indebtedness is uniform throughout the term of such indebtedness, and/or (iii) allocate interest between portions of such indebtedness, to the end that no such portion shall bear interest at a rate greater than
that permitted by law. The terms and provisions of this Section shall control and supersede every other conflicting provision of all agreements between Company and the holder of this Note. The Holder has been advised by Company to seek the advice of
an attorney and an accountant in connection with the issuance of this Note. Company has had the opportunity to seek the advice of any attorney and accountant of Company’s choice in connection with issuance of this Note. 
  

 5 

 Section 13. SUCCESSORS AND ASSIGNS. Except as otherwise set forth in the Securities
Purchase Agreement and subject to compliance with applicable federal and state securities laws, this Note and all rights under this Note are transferable in whole or in part by the Holder to any person or entity upon written notice to Company. The
transfer shall be recorded on the books of Company upon the surrender of this Note, properly endorsed, to Company at its principal offices, and the payment to Company of all transfer taxes and other governmental charges imposed on such transfer. In
the event of a partial transfer, Company shall issue to the holders one or more appropriate new notes with such modifications as may be necessary to reflect the existence of multiple notes. All of the stipulations, promises and agreements in this
Note made by or on behalf of Company shall bind the successors and assigns of Company, whether so expressed or not, and inure to the benefit of the successors and permitted assigns of the Holder. 
 Section 14. SEVERABILITY. If one or more provisions of this Note are held to be unenforceable under applicable law, such
provision(s) shall be excluded from this Note and the balance of this Note shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms. 
 Section 15. NOTICES. All notices, requests, consents, and other communications under this Note shall be in writing and shall be
delivered personally or by facsimile transmission or by nationally recognized overnight delivery service or by first class certified or registered mail, return receipt requested, postage prepaid: 
 If to Company, at 200 Crossing Boulevard, Framingham, Massachusetts 01702, Attention: Ken Hale, or at such other address or addresses as may have been
furnished by giving five days advance written notice to all other parties, with a copy (which shall not constitute notice) to Gunderson Dettmer Stough Villenueve Franklin & Hachigian, LLP, 610 Lincoln St., Waltham, MA 02451, Attention: Marc
F. Dupre, Esq., Fax. 781.622.1622. 
 If to a Holder, at One Dell Way, MS RR1-33, Round Rock, Texas 78682 Attention: General Counsel, Fax:
512.728.8935, and at One Dell Way, MS RR-1-87, Round Rock, Texas 78682, Attention: Corporate Development, Fax: 512.723.1702 or at such other address or addresses as may have been furnished by giving five days advance written notice to all other
parties, with a copy (which shall not constitute notice) to Vinson & Elkins L.L.P., The Terrace 7, 2801 Via Fortuna, Suite 100, Attention: William R. Volk, Esq, Fax: 512.236.3450. 
 Notices provided in accordance with this Section shall be deemed delivered upon personal delivery (including confirmed facsimile) or three business days
after deposit in the mail. 
 [Signature Page Follows] 
  

 6 

 IN WITNESS WHEREOF, the undersigned has executed this Note on and as of the date first above written.

  

					
	GLASSHOUSE TECHNOLOGIES, INC.
			
	By:	 		 	 
	Name:	 		 	 
	Title:	 		 	 

  

 Signature Page to Subordinated Convertible Promissory Note 

 EXHIBIT B 
 Warrant 
 THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED
UNDER UNITED STATES FEDERAL OR STATE SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, OR OTHERWISE TRANSFERRED OR ASSIGNED FOR VALUE, DIRECTLY OR INDIRECTLY, NOR MAY THIS WARRANT OR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT BE
TRANSFERRED ON THE BOOKS OF THE COMPANY, WITHOUT REGISTRATION OF SUCH WARRANT OR SECURITIES, AS APPLICABLE, UNDER ALL APPLICABLE UNITED STATES FEDERAL OR STATE SECURITIES LAWS OR COMPLIANCE WITH AN APPLICABLE EXEMPTION THEREFROM, SUCH COMPLIANCE, AT
THE OPTION OF THE COMPANY, TO BE EVIDENCED BY AN OPINION OF STOCKHOLDER’S COUNSEL, IN A FORM ACCEPTABLE TO THE COMPANY, THAT NO VIOLATION OF SUCH REGISTRATION PROVISIONS WOULD RESULT FROM ANY PROPOSED TRANSFER OR ASSIGNMENT. 
 GLASSHOUSE TECHNOLOGIES, INC. 
 WARRANT TO PURCHASE STOCK 
 This Warrant is issued to Dell Products L.P., a Texas limited partnership, or its registered
assigns (“Holder”), by Glasshouse Technologies, Inc., a Delaware corporation (“Company”), on March 6, 2008 (the “Issue Date”) pursuant and subject to the terms and conditions of that certain
Securities Purchase Agreement dated as of March 6, 2008 by and between Company and Holder (the “Securities Purchase Agreement”). Capitalized terms used herein but not otherwise defined shall have the meaning to such term in the
Securities Purchase Agreement. 
 Section 1. CERTAIN DEFINITIONS. As used in this Warrant, the following terms shall have the
following meanings: 
 “Common Stock” means the Common Stock, par value $0.001 per share, of Company. 
 “Covered Securities” means (i) if Company shall have completed a Qualified Financing on or before the date on which this Warrant is
exercised, the same class or series of Equity Securities as are issued and sold by Company in such Qualified Financing (or a class or series of Equity Securities identical in all respects to and ranking pari passu with the class or series of Equity
Securities issued or sold in such Qualified Financing), or (ii) if Company shall not have completed a Qualified Financing on or before the date on which this Warrant is exercised, the same class or series of Equity Securities as were issued and
sold by Company in the most recent transaction in which Company issued and sold Equity Securities other than the Note, this Warrant and the Option or a class or series of Equity Securities identical in all respects to and ranking pari passu with the
class or series of Equity Securities issued and sold in such transaction). 
 “Equity Securities” means any preferred stock
or any security convertible or exchangeable into or for preferred stock; provided, however, that the term Equity Securities shall not include any promissory notes issued to the LRG Lenders as part of the Junior Indebtedness (as defined in that
certain Amended and Restated Intercreditor Agreement, dated as of March 6, 2008, by and among Company and the other parties named therein). 

 “Exercise Price” means (i) if Company shall have completed a Qualified Financing on
or before the date on which this Warrant is exercised, a price per share or unit of the Covered Securities equal to the conversion price per share of such Equity Securities in effect on the date of exercise, or (ii) if Company shall not have
completed a Qualified Financing on or before the date this Warrant is exercised, a price per share or unit of the Covered Securities equal to the conversion price in effect for such Covered Securities on the date of exercise, in each case subject to
adjustment as provided in Section 8 of this Warrant. 
 “Preferred Stock” means the preferred stock, par value $0.001
per share, of Company. 
 “Qualified Financing” means the issuance or sale by Company after the Issue Date of any Equity
Securities or similar securities of Company in a single transaction or a series of related transactions that results in aggregate proceeds to Company of at least $10,000,000 (without giving effect to the conversion of the Note or the exercise of
this Warrant or the Option). 
 Section 2. PURCHASE OF SHARES. Subject to the terms and conditions set forth in this Warrant,
Holder is entitled to purchase from Company at the Exercise Price up to that number of shares or units of Covered Securities determined by dividing $6,250,000 by the Exercise Price. The rights of a Holder of this Warrant to purchase Covered
Securities shall be in addition to any contractual or other preemptive or similar rights of such Holder to subscribe for, purchase or receive Equity Securities in respect of a Qualified Financing. The number of shares or units of Covered Securities
issuable pursuant to Section 1 (the “Shares”) shall be subject to adjustment pursuant to Section 8. 
 Section 3. EXERCISE PERIOD. Except as provided below, this Warrant is exercisable at any time and from time to time commencing on the earlier of (i) the closing of a Qualified Financing in which Holder is purchasing not
more than 80% of the securities issued in such Qualified Financing (without giving effect to the exercise of this Warrant or the Option or the conversion of the Note) and (ii) 20 days prior to the closing of an Extraordinary Transaction in
which Holder is not the acquiring entity. Company shall provide written notice to Holder at least 20 days prior to the consummation of an Extraordinary Transaction (the “Transaction Notice”). 
 This Warrant shall immediately expire and terminate with no further action on the part of Company or Holder upon the earliest of (the
“Termination Event”) (x) the closing of a Qualified Public Offering, (y) March 6, 2013 and (z) the later of (1) 20 days after Holder’s receipt of the Transaction Notice and (2) the closing of an
Extraordinary Transaction. The period during which this Warrant is exercisable is referred to as the “Exercise Period.” 
 Section 4. METHOD OF EXERCISE. 
 (a) During the Exercise Period, Holder may exercise, in whole or in
part, the purchase rights evidenced by this Warrant. Such exercise shall be effected by: 
 4.1.1 the surrender of the
Warrant, together with a duly executed copy of the form of Notice of Election attached to this Warrant, to the Secretary of Company at its principal offices (or at such other place as Company shall notify Holder in writing); and 
  

 2 

 4.1.2 the payment to Company of an amount equal to the aggregate Exercise Price for the
number of Shares being purchased. 
 (b) If Holder has not otherwise notified Company or exercised this Warrant in full prior
to the Termination Event, then Holder shall be deemed to have exercised this Warrant in full pursuant to Section 5 immediately prior to the Termination Event, without any action, election or notice required by Holder. 
 Section 5. NET EXERCISE. (a) In lieu of exercising this Warrant pursuant to Error! Reference source not found., Holder may
elect to receive by surrender of this Warrant at the principal office of Company together with a Notice of Election, and (b) if Holder is deemed to have exercised this Warrant in full pursuant to Error! Reference source not found.,
Holder shall receive, in either case without the payment by Holder of any additional consideration, Shares equal to the value of this Warrant (or the portion of this Warrant being canceled). Upon any such surrender or exercise, Company shall issue
to Holder of this Warrant a number of Shares computed using the following formula: 
  

					
	X = 	 	  Y (A -B)  	 	
	 	A	 	

  

					
	Where:	  	X = 	  	The number of Shares to be issued to Holder pursuant to this net exercise;
			
		  	Y = 	  	The number of Shares in respect of which the net issue election is made;
			
		  	A = 	  	The fair market value of one Share at the time the net issue election is made; and
			
		  	B = 	  	The Exercise Price (as adjusted to the date of the net issuance).

 For purposes of this Section, the fair market value of one Share as of a particular date shall be determined by
the Board of Directors of Company in good faith, taking into account, in the case of an Extraordinary Transaction, the value of the consideration payable to holders of Common Stock or Equity Securities, as applicable. 
 Section 6. HSR COMPLIANCE. Company acknowledges that exercise of this Warrant by Holder may subject Holder to the filing requirements of
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). As such, exercise of this Warrant is subject to compliance by Holder with all applicable filing requirements and the expiration of all waiting
periods under the HSR Act (the “HSR Act Restrictions”). If, on or before the expiration of this Warrant, Holder has sent a Notice of Election to Company and Holder has not been able to effect the exercise of this Warrant prior to
its expiration because of HSR Act Restrictions, Holder shall be entitled to effect the exercise of this Warrant in accordance with the procedures contained herein notwithstanding the fact that the exercise of this Warrant, including the payment
required in Section 4(b) of this Warrant, would be effected after the expiration of the Warrant. Company will cooperate with Holder in making all applicable filings under the HSR Act, provided, however, that Holder shall pay all applicable
filing fees. 
  

 3 

 Section 7. DELIVERY OF CERTIFICATES AND NEW WARRANT. Promptly after Holder exercises or
converts this Warrant and, if applicable, Company receives payment of the aggregate Exercise Price, Company shall deliver to Holder the certificate(s) for the Shares acquired and, if this Warrant has not been fully exercised or converted and has not
expired, a new Warrant representing the Shares not so acquired. 
 Section 8. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF
SHARES. The number of and kind of securities purchasable upon exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows: 
 (a) Subdivisions, Combinations and Other Issuances. If Company shall at any time prior to the expiration of this Warrant subdivide
its Covered Securities, by split-up or otherwise, or combine its Covered Securities, or issue additional shares of its Covered Securities as a dividend with respect to any shares of its Covered Securities, the number of Shares issuable on the
exercise of this Warrant shall immediately be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination. Appropriate adjustments shall also be made to the Exercise Price such
that the aggregate Exercise Price payable for the total number of Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment under this Section shall become effective at the close of business on the date the
subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making of such dividend. 
 (b) Reclassification, Reorganization and Consolidation. In case of any reclassification, capital reorganization, or change in the
Covered Securities of Company (other than as a result of a subdivision, combination, or stock dividend provided for in Section 8(a) above), then, as a condition of such reclassification, reorganization, or change, lawful provision shall be
made, and duly executed documents evidencing the same from Company or its successor shall be delivered to Holder, so that Holder shall have the right at any time prior to the expiration of this Warrant to purchase, at a total Exercise Price equal to
that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities and property receivable in connection with such reclassification, reorganization, or change of the same number of shares of Covered
Securities as were purchasable by Holder immediately prior to such reclassification, reorganization, or change. In any such case appropriate provisions shall be made with respect to the rights and interest of Holder so that the provisions of this
Warrant shall be applicable after such reclassification, reorganization, or change with respect to any shares of stock or other securities and property deliverable upon exercise of this Warrant, and appropriate adjustments shall be made to the
Exercise Price such that the aggregate Exercise Price payable for the total number of Shares purchasable under this Warrant (as adjusted) shall remain the same. 
 (c) Distributions of Other Property. In case Company shall distribute to all holders of its Covered Securities (including any such
distribution made in connection with a consolidation or merger in which Company is the continuing corporation) evidences of its indebtedness or assets (excluding cash dividends or distributions payable out of consolidated earnings or earned surplus
and dividends or distributions referred to in Section 8(a) above) or rights, options, or warrants, or convertible or exchangeable securities containing the right to subscribe for or purchase debt securities, assets, or other securities of
Company (excluding those 

  

 4 

 
referred to in Section 8(a) above), then in lieu of an adjustment in the number of Shares purchasable upon the exercise of this Warrant, Holder upon
the exercise of this Warrant at any time after such distribution shall be entitled to receive from Company the stock or other securities to which Holder would have been entitled if Holder had exercised the Warrant immediately prior to such
distribution, all subject to further adjustment as provided in this Section; provided, that no adjustment in respect of cash dividends or interest on such stock or other securities shall be made during the term of this Warrant or upon the
exercise of this Warrant. 
 (d) Other Adjustments. In the event that the Covered Securities are shares of Preferred
Stock that are convertible into shares of Common Stock, upon exercise of this Warrant, the shares of Preferred Stock when issued to Holder shall reflect all anti-dilution adjustments to which any outstanding shares of such series or class of
Preferred Stock are, by their terms, entitled as of the date of such issuance. In the event that the Shares are shares of Preferred Stock that are convertible into shares of Common Stock, but all outstanding shares of such series or class of
Preferred Stock have been converted into Common Stock prior to the date of exercise of this Warrant, this Warrant shall be exercisable for shares of Common Stock equal to the number of shares of Common Stock into which the shares of Preferred Stock
would have been convertible on the date that the last share of such series or class of Preferred Stock was converted into Common Stock and the Exercise Price of this Warrant shall be adjusted such that the aggregate Exercise Price payable for the
total number of shares of Preferred Stock issuable pursuant to this Warrant (as adjusted) shall remain the same. 
 (e)
Notice of Certain Events. If, at any time prior to the expiration or exercise in full of this Warrant, (i) Company shall declare any dividend on the Covered Securities payable in cash or shares of Covered Securities, Common Stock or
other capital stock of Company; or (ii) Company shall authorize the issuance to all holders of shares of Covered Securities of rights, options, or warrants to subscribe for or purchase shares of Covered Securities or Common Stock or of any
other subscription rights or warrants; or (iii) Company shall authorize the distribution to all holders of shares of Covered Securities evidences of its indebtedness or assets; or (iv) the Board of Directors of Company shall have approved
any consolidation or merger to which Company is a party and for which approval of any stockholders of Company is required, or any sale or lease of all or substantially all of the assets of Company or any reclassification or change of Covered
Securities issuable upon exercise of this Warrant (other than a change in par value or as a result of a subdivision or combination), or a tender offer or exchange offer for shares of Covered Securities; or (v) the voluntary or involuntary
dissolution, liquidation, or winding up of Company occurs; or (vi) Company proposes to take any action that would require an adjustment in the number or kind of securities issuable upon exercise of this Warrant pursuant to this Section; then
Company shall cause to be given to Holder, at least 20 calendar days prior to the applicable record date specified, or promptly in the case of events for which there is no record date, a written notice stating (A) the date as of which the
holders of record of shares of Covered Securities to be entitled to receive any such dividends, rights, options, warrants, or distribution are to be determined, or (B) the initial expiration date set forth in any tender offer or exchange offer
for shares of Covered Securities, or (C) the date on which any such consolidation, merger, sale, lease, reclassification, change, dissolution, liquidation, or winding up is expected to become effective or consummated, and the date as of which
it is expected that holders of record of shares of Covered Securities shall be entitled to exchange such shares for securities or other property, if any, deliverable upon such consolidation, merger, sale, transfer, lease, reclassification, change,
dissolution, liquidation, or winding up. 
  

 5 

 (f) Notice of Adjustment. When any adjustment is required to be made in the number
or kind of Shares or in the Exercise Price, Company shall promptly notify Holder of such event and of the number of Shares or other securities or property purchasable after such required adjustment upon exercise of this Warrant and the Exercise
Price for such adjusted number or kind of Shares. 
 Section 9. NO FRACTIONAL SHARES OR SCRIP. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this Warrant, but, in lieu of such fractional shares, Company shall make a cash payment for such fractional shares on the basis of the Exercise Price then in effect. 
 Section 10. NO STOCKHOLDER RIGHTS. Prior to exercise of this Warrant, Holder shall not be entitled to any rights of a stockholder with
respect to the Shares, including (without limitation) the right to vote such Shares, receive dividends or other distributions on such Shares, exercise preemptive rights or be notified of stockholder meetings, and such Holder shall not be entitled to
any notice or other communication concerning the business or affairs of Company. However, nothing in this Section shall limit the right of Holder to be provided the notices required under this Warrant. 
 Section 11. LIMITATION OF LIABILITY. No provision of this Warrant, in the absence of affirmative action by Holder to purchase the Shares,
and no mere enumeration in this Warrant of the rights or privileges of Holder, shall give rise to any liability of such Holder for the Exercise Price, whether such liability is asserted by Company or by creditors of Company. 
 Section 12. TRANSFERS OF WARRANT AND SHARES. Except as otherwise set forth in the Securities Purchase Agreement and subject to compliance
with applicable federal and state securities laws, this Warrant and all rights under this Warrant are transferable in whole or in part by Holder to any person or entity upon written notice to Company. The transfer shall be recorded on the books of
Company upon the surrender of this Warrant, properly endorsed, to Company at its principal offices, and the payment to Company of all transfer taxes and other governmental charges imposed on such transfer. In the event of a partial transfer, Company
shall issue to the holders one or more appropriate new warrants. 
 Section 13. SUCCESSORS AND ASSIGNS. Except as otherwise
provided in this Warrant, the terms and provisions of this Warrant shall inure to the benefit of, and be binding upon, Company and Holders of this Warrant and their respective successors and permitted assigns. 
 Section 14. AMENDMENTS AND WAIVERS. Any term of this Warrant may be amended and the observance of any term of this Warrant may be waived
(either generally or in a particular instance and either retroactively or prospectively), only with the written consent of Company and Holder. Any amendment or waiver effected in accordance with this Section shall be binding upon Holder, each holder
of any securities purchased under this Warrant, each future holder of such securities, and Company. 
  

 6 

 Section 15. NOTICES. All notices, requests, consents, and other communications under this
Warrant shall be in writing and shall be delivered personally or by facsimile transmission or by nationally recognized overnight delivery service or by first class certified or registered U.S. mail, return receipt requested, postage prepaid:

 If to Company, at 200 Crossing Boulevard, Framingham, Massachusetts 01702, Attention: Ken Hale, or at such other address or
addresses as may have been furnished by giving five days advance written notice to all other parties, with a copy (which shall not constitute notice) to Gunderson Dettmer Stough Villenueve Franklin & Hachigian, LLP, 610 Lincoln St.,
Waltham, MA 02451, Attention: Marc F. Dupre, Esq., Fax. 781.622.1622. 
 If to a Holder, at One Dell Way, MS RR1-33, Round
Rock, Texas 78682 Attention: General Counsel, Fax: 512.728.8935, and at One Dell Way, MS RR1-87, Round Rock, Texas 78682, Attention: Corporate Development, Fax: 512.723.1702 or at such other address or addresses as may have been furnished by giving
five days advance written notice to all other parties, with a copy (which shall not constitute notice) to Vinson & Elkins L.L.P., The Terrace 7, 2801 Via Fortuna, Suite 100, Attention: William R. Volk, Esq, Fax: 512.236.3450. 
 Notices provided in accordance with this Section shall be deemed delivered upon personal delivery or three business days after deposit in
the mail. 
 Section 16. ATTORNEYS’ FEES AND EXPENSES. If any action, suit, or other proceeding is instituted concerning
or arising out of this Warrant or any transaction contemplated under this Warrant, the prevailing party shall recover all of such party’s costs and attorneys’ fees incurred in each such action, suit, or other proceeding, including any and
all appeals or petitions from such action, suit, or other proceeding. 
 Section 17. HEADINGS. The headings and captions used
in this Warrant are used for convenience only and are not to be considered in construing or interpreting this Warrant. All references in this Warrant to sections, subsections, exhibits, and schedules shall, unless otherwise provided, refer to
sections and subsections of this Warrant and exhibits and schedules attached to this Warrant, all of which exhibits and schedules are incorporated in this Warrant by this reference. 
 Section 18. GOVERNING LAW. This Warrant shall be governed by and construed exclusively in accordance with the internal laws of the State of
Delaware as applied to agreements among Delaware residents entered into and to be performed entirely within Delaware, excluding that body of law relating to conflict of laws. 
 [Signature Pages Follow] 
  

 7 

 IN WITNESS WHEREOF, Company has caused this Warrant to be executed by its duly authorized officer.

  

			
	GLASSHOUSE TECHNOLOGIES, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 Signature Page to 
 Warrant to Purchase Stock of GlassHouse Technologies, Inc. 

 NOTICE OF EXERCISE 
 To: GLASSHOUSE TECHNOLOGIES, INC. 
 The undersigned hereby elects to [check applicable
subsection]: 
  

					
	______	  	(a)	  	Purchase              shares of Covered Securities of [COMPANY NAME] pursuant to the terms of the attached Warrant and
payment of the Exercise Price per share required under such Warrant accompanies this notice;
			
		  	OR	  	
			
	______	  	(b)	  	Exercise the attached Warrant for [all of the shares] [             of the shares] [cross out
inapplicable phrase] purchasable under the Warrant pursuant to the net exercise provisions of Section 5 of such Warrant.

 The undersigned hereby represents and warrants that the undersigned is acquiring such shares for
its own account for investment purposes only, and not for resale or with a view to distribution of such shares or any part of such shares. 
  

			
	WARRANTHOLDER:
	
	[NAME OF HOLDER]
		
	By:	 	 

			
		
	Print Name:	 	 

  

																					
		 	Address:	 	 
			
		 		 	 

 Date:
                                        
                             
 Name in which shares should be registered: 
 _________________________________________ 

 EXHIBIT C 
 Certificate of Amendment 
 CERTIFICATE OF AMENDMENT 
 OF THE EIGHTH AMENDED AND RESTATED 
 CERTIFICATE OF INCORPORATION OF 
 GLASSHOUSE TECHNOLOGIES, INC. 
 GlassHouse Technologies, Inc. (the “Corporation”), a corporation organized and existing under and by virtue of the General Corporation Law of
the State of Delaware (the “DGCL”), 
 DOES HEREBY CERTIFY: 
 FIRST: The name of the Corporation is GlassHouse Technologies, Inc., and that the Corporation was originally incorporated pursuant to the DGCL on
May 1, 2001 under the name Glass House Technologies, Inc. 
 SECOND: The Board of Directors of the Corporation adopted a resolution
setting forth a proposed amendment to the Eighth Amended and Restated Certificate of Incorporation of the Corporation (the “Certificate”), declaring said amendment to be advisable and in the best interests of the Corporation and its
stockholders and authorizing the appropriate officers of the Corporation to solicit the consent of the stockholders to such amendment. The proposed amendment is as follows: 
 (i) to replace the first paragraph of Article IV of the Certificate in its entirety with the following: 
 “The total number of shares of all classes of stock which the Corporation shall have authority to issue is 168,318,034 shares,
consisting of (i) 66,318,034 shares of preferred stock, $0.001 par value per share, and (ii) 102,000,000 shares of common stock, $0.001 par value per share (the “Common Stock”).” 
 (ii) to replace Article IV, Section A.1 of the Certificate in its entirety with the following: 
 “1. Designation. A total of 3,360,000 shares of the Corporation’s preferred stock shall be designated as a series known
as Series A Convertible Participating Preferred Stock, $0.001 par value per share (the “Series A Preferred Stock”), 10,658,017 shares of the Corporation’s preferred stock shall be designated as a series known as
Series B Convertible Participating Preferred Stock, $0.001 par value per share (the “Series B Preferred Stock”), 8,717,647 shares of the Corporation’s preferred stock shall be designated as a series known as Series C
Convertible Participating Preferred Stock, $0.001 par value per share (the “Series C Preferred Stock”), 17,511,727 shares of the Corporation’s preferred stock shall be designated as a series known as Series D Convertible
Participating Preferred Stock, $0.001 par value per share (the “Series D Preferred Stock”) and 20,070,643 shares of the Corporation’s preferred stock shall be designated as a series known as Series E Convertible Participating
Preferred Stock, $0.001 par value per share (the “Series E Preferred Stock” and, together with the Series A Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock and 

 
the Series D Preferred Stock, the “Preferred Stock”) and 6,000,000 shares of the Corporation’s preferred stock shall be designated as a
series known as Series 1 Convertible Preferred Stock, $0.001 par value per share (the “Series 1 Stock”).” 
 (iii) to
replace Article IV, Section A.6(b) of the Certificate in its entirety with the following: 
 “(b) Automatic Conversion
Upon Qualified Public Offering. Each share of Preferred Stock and Series 1 Stock outstanding shall automatically be converted into the number of shares of Common Stock into which such shares are convertible as computed according to the formula
set forth in Section A.6(a) hereof at the then effective applicable Conversion Price as of, and in all cases subject to, the closing of the Corporation’s first firm commitment underwritten offering to the public pursuant to an effective
registration statement under the Securities Act of 1933, as amended (the “Securities Act”), provided that (i) such registration statement covers the offer and sale of Common Stock of which the aggregate net proceeds
attributable to sales for the account of the Corporation exceed $35,000,000, (ii) such Common Stock is listed for trading on either the New York Stock Exchange, the NASDAQ Global Market or the NASDAQ Global Select Market and (iii) the per
share public offering price (net of underwriter discounts and commissions) exceeds $4.8636 per share (adjusted appropriately for stock splits, stock dividends, recapitalizations and the like) (a “QPO” or a “Qualified Public
Offering”); provided, that if a closing of a QPO occurs, all outstanding shares of Preferred Stock and Series 1 Stock shall be deemed to have been converted into shares of Common Stock immediately prior to such closing. If the
holders of shares of Preferred Stock or Series 1 Stock are required to convert the outstanding shares of Preferred Stock or Series 1 Stock pursuant to this Section A.6(b) at a time when there are any accumulated but unpaid dividends or other amounts
due on or in respect of such shares, other than Preferred Dividends, such dividends and other amounts shall be paid in full in cash by the Corporation in connection with such conversion before any amounts shall be paid or distributed to the holders
of Junior Stock.” 
 (iv) to replace Article IV, Section A.7(c) of the Certificate in its entirety with the following: 
 “(c) Sale of Common Stock. In the event the Corporation shall at any time, or from time to time, issue, sell or exchange any
shares of Common Stock (including shares held in the Corporation’s treasury but excluding (i) up to 17,350,204 shares of Common Stock and up to 325,000 shares of Series 1 Stock (as appropriately adjusted for stock splits, stock dividends,
recapitalizations and the like), or options to purchase such Common Stock or Series 1 Stock, to its officers, directors, employees and consultants pursuant to stock and options plans approved by a majority of the Board of Directors, (ii) Common
Stock upon conversion of the Preferred Stock or Series 1 Stock, (iii) securities as a result of any stock split, stock dividend or other distribution shares of Common Stock that 

 
is covered by Sections A.7(a) and (b) hereof, (iv) securities upon conversion or exercise of convertible or exercisable securities previously
issued in compliance with this Section A.7(c) or outstanding on the date of filing of this Eighth Amended and Restated Certificate of Incorporation, (v) securities issued or issuable pursuant to any loan arrangement or debt financing from a
bank or similar financial institution approved by a majority of the Board of Directors and (vi) securities in connection with strategic transactions involving the Company and other entities, including joint venture, marketing or distribution
arrangements or technology transfer or development arrangements, provided that such strategic transactions and the issuance of securities in connection therewith have been approved by a majority of the Board of Directors (but excluding any merger,
consolidation, acquisition or similar business combination) (the securities referred to in clauses (i) through (vi) shall collectively be referred to as the “Excluded Shares”) for a consideration per share (the
“Purchase Price”) less than the applicable Conversion Price in effect immediately prior to the issuance, sale or exchange of such shares (any such issuance, sale or exchange is hereafter referred to as a “Dilutive
Transaction”), then and thereafter successively upon each such Dilutive Transaction the applicable Conversion Price shall forthwith be reduced to an amount determined by multiplying the applicable Conversion Price by a fraction: 

(i) the numerator of which shall be (X) the number of shares of Common Stock of all classes outstanding immediately prior to the
Dilutive Transaction (excluding treasury shares but including all shares of Common Stock issuable upon conversion or exercise of any outstanding shares of Preferred Stock or Series 1 Stock, options, warrants, rights or other convertible securities)
plus (Y) the number of shares of Common Stock which the net aggregate consideration received by the Corporation for such additional shares of Common Stock so issued in the Dilutive Transaction would purchase at the applicable Conversion Price
(prior to such adjustment); and 
 (ii) the denominator of which shall be (X) the number of shares of Common Stock of all
classes outstanding immediately prior to the Dilutive Transaction (excluding treasury shares but including all shares of Common Stock issuable upon conversion or exercise of any outstanding shares of Preferred Stock or Series 1 Stock, options,
warrants, rights or other convertible securities), plus (Y) the number of such additional shares of Common Stock so issued in the Dilutive Transaction.” 
 THIRD: That thereafter said amendments were duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware by written consent of the stockholders holding the
requisite number of shares required by statute given in accordance with and pursuant to Section 228 of the General Corporation Law of the State of Delaware. 

 IN WITNESS WHEREOF, GlassHouse Technologies, Inc. has caused this Certificate of Amendment to be signed
by its President, as of this              day of March, 2008. 
  

			
		
	By:	 	/s/ Mark A. Shirman
	Name:	 	Mark A. Shirman
	Title:	 	President

 SCHEDULE 2.2(C) 
 List of Outstanding Warrants 
 Provided under separate coverExhibit 10.1

 Exhibit 10.1 
 REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT, dated as of May
    , 2008, is entered into by and between American Capital Agency Corp., a Delaware corporation (the “Company”) and American Capital Strategies, Ltd., a Delaware corporation (“American
Capital”). 
 WHEREAS, American Capital (i) has or is to receive Common Stock (as defined below) of the Company issued without
registration under the Securities Act of 1933, as amended (the “Securities Act”), in connection with its purchase in a private placement of $50 million of the Common Stock (as defined below) at the initial public offering price as
set forth in the Registration Statement on Form S-11 (File No. 333-149167), as amended (the “Private Placement”), related to the Company’s IPO (as defined below) and (ii) otherwise owns or has purchased shares of
Common Stock as of the date hereof. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 Section 1. Certain Definitions. 
 In addition to the terms defined elsewhere in this Agreement, the following terms, as used
herein, shall have the following meanings: 
 “Affiliate” of any Person means any other Person that directly, or indirectly
through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person. The term “control” (including the terms “controlled by” and “under common control with”) as used with
respect to any Person means the possession, directly or indirectly through one or more intermediaries, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities,
by contract or otherwise. 
 “Agreement” means this Registration Rights Agreement, including all amendments, modifications
and supplements and any exhibits or schedules to any of the foregoing, and shall refer to this Registration Rights Agreement as the same may be in effect at the time such reference becomes operative. 

 “Business Day” means any day other than Saturday, Sunday or a day on which commercial
banks in New York, New York are directed or permitted to be closed. 
 “Common Stock” means common stock, par value $0.01
per share, of the Company. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Holder” means (i) American Capital as holders of record of Registrable Common Stock (as defined below) and (ii) any Affiliate
of American Capital that is a partnership, limited liability company, corporation or similar entity and a direct or indirect transferee of such Registrable Common Stock from American Capital. For purposes of this Agreement, the Company may deem and
treat the registered holder of Registrable Common Stock as the Holder and absolute owner thereof, and the Company shall not be affected by any notice to the contrary. 
 “IPO” means the initial public offering of the Company’s Common Stock. 
 “IPO
Date” means the closing date of the IPO. 
 “Person” means any individual, sole proprietorship, partnership,
limited liability company, joint venture, trust, incorporated organization, association, corporation, institution, public benefit corporation, government (whether federal, state, county, city, municipal or otherwise, including, without limitation,
any instrumentality, division, agency, body or department thereof) or any other entity. 
 “Prospectus” means the prospectus
or prospectuses included in any Registration Statement (including without limitation, any prospectus subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration
statement in reliance upon Rule 430A promulgated under the Securities Act and any term sheet filed pursuant to Rule 434 under the Securities Act), as amended or supplemented by any prospectus supplement with respect to the terms of the offering of
any portion of the Registrable Common Stock covered by such Registration Statement and by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference or deemed to be
incorporated by reference in such prospectus or prospectuses. 
 “Registrable Common Stock” means each of the shares of
Common Stock issued to American Capital in connection with the Private Placement or otherwise owned by American Capital as of the date hereof upon original issuance thereof and at all times subsequent thereto, including upon the transfer thereof by
the original Holder or any subsequent Holder and any securities issued in respect of such securities by reason of or in connection with any exchange for or replacement of such securities or any stock dividend, stock distribution, stock split,
purchase in any rights offering or in connection with any combination of shares, recapitalization, merger or consolidation, or any other equity securities issued pursuant to any other pro rata distribution with respect to the Common Stock, until, in
the case of any such securities, the earliest to occur of (i) the date on which it has been registered effectively pursuant to the Securities Act and disposed of in accordance with the Registration Statement relating to it or (ii) the date
on which either it is distributed to the public or is saleable, in each case pursuant to Rule 144 promulgated by the SEC pursuant to the Securities Act. 
  

 2 

 “Registration Statement” means any registration statement of the Company filed with the
SEC under the Securities Act which covers any of the Registrable Common Stock pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all
exhibits and all materials incorporated by reference or deemed to be incorporated by reference in such Registration Statement. 
 “Rule 415” means Rule 415 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar Rule or regulation hereafter adopted by the SEC as a replacement thereto having
substantially the same effect as such rule. 
 “SEC” means the Securities and Exchange Commission. 
 “underwritten registration or underwritten offering” means a registration in which securities of the Company are sold to underwriters
for reoffering to the public. 
 “Underwriting Agreement” means the Underwriting Agreement dated May __, 2008 by and among
the Company, American Capital Agency Management, LLC, a Delaware limited liability company and the manager of the Company, Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives for the
underwriters named on Schedule A of such Underwriting Agreement. 
 Section 2. Demand Registrations. 
 (a) Right to Request Registration. From and after the date hereof, any Holder or Holders (“Initiating Holders”) may request
registration under the Securities Act of all or part of the Registrable Common Stock (“Demand Registration”) at any time and from time to time; provided, however, that such Initiating Holders shall not be entitled to request
any Demand Registration on the Registrable Common Stock issued to American Capital in connection with the Private Placement prior to the third anniversary of the IPO Date. 
 Within ten (10) Business Days after receipt of any such request for Demand Registration, the Company shall give written notice of such request to
all other Holders of Registrable Common Stock, if any, and shall, subject to the provisions of Section 2(c) hereof, include in such registration all such Registrable Common Stock with respect to which the Company has received written requests
for inclusion therein within twenty (20) Business Days after the receipt of the Company’s notice. 
 (b) Priority on Demand
Registrations. If the managing underwriters of a requested Demand Registration advise the Company in writing that in their opinion the shares of Registrable Common Stock proposed to be included in any such registration exceeds the number of
securities that can be sold in such offering and/or that the number of shares of Registrable Common Stock proposed to be included in any such registration would materially adversely affect the price per share of the Company’s equity securities
to be sold in such offering, the Company shall include in such registration only the number of shares of Registrable Common Stock that, in the opinion of such managing underwriters, can be sold. If the number of shares 

  

 3 

 
that can be sold is less than the number of shares of Registrable Common Stock proposed to be registered, the Company shall allocate the amount of
Registrable Common Stock to be so sold among the Holders pro rata on the basis of Registrable Common Stock offered for such registration by each Holder electing to participate in such registration. If the number of shares that can be sold, as
determined by the managing underwriters, exceeds the number of shares of Registrable Common Stock proposed to be sold, such excess shall be allocated pro rata among the other holders of Common Stock, if any, desiring to participate in such
registration based on the amount of such Common Stock initially requested to be registered by such holders or as such holders may otherwise agree. 
 (c) Restrictions on Demand Registrations. The Company shall not be obligated to effect any Demand Registration within six (6) months after the effective date of a previous Demand Registration or a previous registration under
which the Initiating Holders had piggyback rights pursuant to Section 3 hereof wherein the Initiating Holders were permitted to register, and sold, at least 50% of the shares of Registrable Common Stock requested to be included therein. The
Company may (i) postpone for up to ninety (90) days the filing or the effectiveness of a Registration Statement for a Demand Registration if, based on the good faith judgment of the Company’s board of directors, such postponement or
withdrawal is necessary in order to avoid premature disclosure of a matter the board has determined would not be in the best interest of the Company to be disclosed at such time or (ii) postpone the filing of a Demand Registration in the event
the Company shall be required to prepare audited financial statements as of a date other than its fiscal year and (unless the Holders requesting such registration agree to pay the expenses of such an audit); provided, however, that in no event shall
the Company withdraw a Registration Statement under clause (i) after such Registration Statement has been declared effective; and provided, further, however, that in any of the events described in clause (i) or (ii) above, the
Initiating Holders requesting such Demand Registration shall be entitled to withdraw such request. The Company shall provide written notice to the Initiating Holders requesting such Demand Registration of (x) any postponement or withdrawal of
the filing or effectiveness of a Registration Statement pursuant to this Section 2(c), (y) the Company’s decision to file or seek effectiveness of such Registration Statement following such withdrawal or postponement and (z) the
effectiveness of such Registration Statement. 
 (d) Selection of Underwriters. If any of the Registrable Common Stock covered by a
Demand Registration hereof is to be sold in an underwritten offering, the Initiating Holders shall have the right to select the managing underwriter(s) to administer the offering subject to the approval of the Company, which approval shall not be
unreasonably withheld. 
 (e) Effective Period of Demand Registrations. After any Demand Registration filed pursuant to this
Agreement has become effective, the Company shall use its best efforts to keep such Demand Registration effective for a period equal to 180 days from the date on which the SEC declares such Demand Registration effective (or if such Demand
Registration is not effective during any period within such 180 days, such 180-day period shall be extended by the number of days during such period when such Demand Registration is not effective), or such shorter period that shall terminate when
all of the Registrable Common Stock covered by such Demand Registration has been sold pursuant to such Demand Registration. If the Company shall withdraw or reduce the number of shares of Registrable Common Stock that is subject to any Demand
Registration pursuant to subsection (b) of this Section 2 (a “Withdrawn Demand 

  

 4 

 
Registration”), the Initiating Holders of the Registrable Common Stock remaining unsold and originally covered by such Withdrawn Demand
Registration shall be entitled to a replacement Demand Registration that (subject to the provisions of this Section 2) the Company shall use its best efforts to keep effective for a period commencing on the effective date of such Demand
Registration and ending on the earlier to occur of the date (i) that is 180 days from the effective date of such Demand Registration and (ii) on which all of the Registrable Common Stock covered by such Demand Registration has been sold.
Such additional Demand Registration otherwise shall be subject to all of the provisions of this Agreement. 
 (f) Underwritten
Offerings. Notwithstanding the foregoing, in no event shall the Company be obligated to effect more than one (1) underwritten offering hereunder in any single six (6) month period, with the first such period measured from the date of
the first Demand Registration and ending on the same date during the six (6) months following such Demand Registration, whether or not a Business Day. 
 Section 3 . Piggyback Registrations. 
 (a) Right to Piggyback. From and after the date hereof and until the
termination of the Management Agreement, whenever the Company proposes to register any of its common equity securities under the Securities Act (other than a registration statement on Form S-8 or on Form S-4 or any similar successor forms thereto),
whether for its own account or for the account of one or more stockholders of the Company, and the registration form to be used may be used for any registration of Registrable Common Stock (a “Piggyback Registration”), the Company
shall give prompt written notice (in any event within ten (10) business days after its receipt of notice of any exercise of other demand registration rights) to all Holders of its intention to effect such a registration and, subject to Sections
3(b) and 3(c), shall include in such registration all Registrable Common Stock with respect to which the Company has received written requests for inclusion therein within twenty (20) days after the receipt of the Company’s notice;
provided, however, that such Initiating Holders shall not be entitled to request any Piggyback Registration on the Registrable Common Stock issued to American Capital in connection with the Private Placement prior to the third anniversary of
the IPO Date. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole discretion. 
 (b) Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of
securities requested to be included in such registration exceeds the number that can be sold in such offering and/or that the number of shares of Registrable Common Stock proposed to be included in any such registration would adversely affect the
price per share of the Company’s equity securities to be sold in such offering, the underwriting shall be allocated among the Company and all Holders pro rata on the basis of the Common Stock and Registrable Common Stock offered for such
registration by the Company and each Holder, respectively, electing to participate in such registration. 
 (c) Priority on Secondary
Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of a holder of the Company’s securities other than Registrable Common Stock (“Non-Holder Securities”), and the managing
underwriters advise 

  

 5 

 
the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number that can be sold in
such offering and/or that the number of shares of Registrable Common Stock proposed to be included in any such registration would adversely affect the price per share of the Company’s equity securities to be sold in such offering, the
underwriting shall be allocated among the holders of Non-Holder Securities and all Holders pro-rata on the basis of the Non-Holder Securities and Registrable Common Stock offered for such registration by the holder of Non-Holder Securities and each
Holder, respectively, electing to participate in such registration. 
 (d) Selection of Underwriters. If any Piggyback Registration is
an underwritten primary offering, the Company shall have the right to select the managing underwriter or underwriters to administer any such offering. 
 (e) Other Registrations. If the Company has previously filed a Registration Statement with respect to Registrable Common Stock pursuant to Section 2 hereof or pursuant to this Section 3, and if such
previous registration has not been withdrawn or abandoned, the Company shall not be obligated to cause to become effective any other registration of any of its securities under the Securities Act, whether on its own behalf or at the request of any
holder or holders of such securities, until a period of at least three (3) months has elapsed from the effective date of such previous registration. 
 Section 4. Holdback Agreement. 
 In connection with an underwritten primary or secondary offering to the public, each
Holder agrees, subject to any exceptions that may be agreed upon at the time of such offering, not to sell or otherwise transfer or dispose of any shares of Registrable Common Stock (or other securities) of the Company held by them (other than
Registrable Common Stock included in such offering in accordance with the terms hereof) for a period equal to the lesser of one hundred eighty (180) days following the effective date of a Registration Statement of the Company filed under the
Securities Act or such shorter period as the managing underwriter shall agree to; provided that all other stockholders who own more than ten percent (10%) of the outstanding Common Stock of the Company and all officers and directors of the
Company enter into similar agreements. Such agreement shall be in writing in form reasonably satisfactory to the Company and the managing underwriter. The Company may impose stop-transfer instructions with respect to the shares of Registrable Common
Stock (or other securities) subject to the foregoing restriction until the end of said period. 
 Section 5. Registration Procedures. 

Whenever the Holders request that any Registrable Common Stock be registered pursuant to this Agreement, the Company shall use its commercially
reasonable efforts to effect and maintain the registration and the sale of such Registrable Common Stock in accordance with the intended methods of disposition thereof, and pursuant thereto the Company shall as expeditiously as possible: 

(a) prepare and file with the SEC a Registration Statement with respect to such Registrable Common Stock and use its best efforts to cause such
Registration Statement to 

  

 6 

 
become effective as soon as practicable thereafter; and before filing a Registration Statement or Prospectus or any amendments or supplements thereto,
furnish to the Holders of Registrable Common Stock covered by such Registration Statement and the underwriter or underwriters, if any, copies of all such documents proposed to be filed, including, if requested by such Holders, documents incorporated
by reference in the Prospectus and, if requested by such Holders, the exhibits incorporated or deemed incorporated by reference, and such Holders shall have the opportunity to object to any information pertaining to such Holders that is contained
therein and the Company will make the corrections reasonably requested by such Holders with respect to such information prior to filing any Registration Statement or amendment thereto or any Prospectus or any supplement thereto; 
 (b) prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may
be necessary to keep such Registration Statement effective, in the case of Demand Registration, for a period not less than 180 days, or such shorter period as is necessary to complete the distribution of the securities covered by such Registration
Statement and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with the intended methods of disposition by the sellers thereof
set forth in such Registration Statement; 
 (c) furnish to each seller of Registrable Common Stock (without charge) such number of copies of
such Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration Statement (including each preliminary Prospectus) and such other documents as such seller may reasonably request in order to facilitate
the disposition of the Registrable Common Stock owned by such seller, and the Company consents to the use of such Prospectus, including each preliminary Prospectus, by Holders of Registrable Common Stock, in connection with the offering and sale of
Registrable Common Stock covered by any such Prospectus; 
 (d) use its commercially reasonable efforts to register or qualify such
Registrable Common Stock under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate
the disposition in such jurisdictions of the Registrable Common Stock owned by such seller (provided, that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to
qualify but for this subparagraph (d), (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction); 
 (e) notify each seller of such Registrable Common Stock, at any time when a Prospectus relating thereto is required to be delivered under the Securities
Act, of the occurrence of any event as a result of which the Registration Statement, including the Prospectus contained therein, contains an untrue statement of a material fact or omits any fact required to be stated therein or necessary to make the
statements therein not misleading, and, at the request of any such seller, the Company shall prepare a supplement or amendment to such Registration Statement so that, as thereafter delivered to the purchasers of such Registrable Common Stock, such
Prospectus shall not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading; 
  

 7 

 (f) in the case of an underwritten offering, enter into such customary agreements (including underwriting
agreements in customary form) and take all such other actions as the Holders of a majority of number of shares of the Registrable Common Stock being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the
disposition of such Registrable Common Stock, (including making executive officers of the Company available to participate in, and cause them to cooperate with the underwriters in connection with, “road-show” and other customary marketing
activities (including one-on-one meetings with prospective purchasers of the Registrable Common Stock), and cause to be delivered to the underwriters and the sellers, if any, opinions of counsel to the Company in customary form, covering such
matters as are customarily covered by opinions for an underwritten public offering as the underwriters may request and addressed to the underwriters and the sellers; 
 (g) subject to receipt of reasonably acceptable confidentiality agreements, make available, for inspection by representative of a seller of Registrable Common Stock, any underwriter participating in any disposition
pursuant to such Registration Statement, and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the
Company’s officers, directors and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such Registration Statement; 
 (h) to use its commercially reasonable efforts to cause all such Registrable Common Stock to be listed on each securities exchange on which securities of
the same class issued by the Company are then listed or, if no such similar securities are then listed, on a national securities exchange selected by the Company; 
 (i) provide a transfer agent and registrar for all such Registrable Common Stock not later than the effective date of such Registration Statement; 
 (j) if requested, cause to be delivered, immediately prior to the effectiveness of the Registration Statement (and, in the case of an underwritten
offering, at the time of delivery of any Registrable Common Stock sold pursuant thereto), letters from the Company’s independent certified public accountants addressed to each selling Holder (unless such selling Holder does not provide to such
accountants the appropriate representation letter required by rules governing the accounting profession) and each underwriter, if any, stating that such accountants are independent public accountants within the meaning of the Securities Act and the
applicable rules and regulations adopted by the SEC thereunder, and otherwise in customary form and covering such financial and accounting matters as are customarily covered by letters of the independent certified public accountants delivered in
connection with primary or secondary underwritten public offerings, as the case may be; 
 (k) make generally available to its stockholders a
consolidated earnings statement (which need not be audited) for the 12 months (or, if applicable, such shorter period that the Company has been in existence) beginning after the effective date of a Registration Statement as soon as reasonably
practicable after the end of such period, which earnings statement shall satisfy the requirements of an earning statement under Section 11(a) of the Securities Act and Rule 158 thereunder; 
  

 8 

 (l) cooperate with each selling Holder of Registrable Common Stock and each underwriter participating in
the disposition of such Registrable Common Stock and their respective counsel in connection with any filings required to be made with the National Association of Securities Dealers, Inc. and make reasonably available its employees and personnel and
otherwise provide reasonable assistance to the underwriters (taking into account the needs of the Company’s businesses and the requirements of the marketing process) in the marketing of Registrable Common Stock in any underwritten offering.

 (m) use its best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or
the suspension of the qualification of any of the Registrable Common Stock for sale in any jurisdiction and, if such an order or suspension is issued, to use reasonable efforts to obtain the withdrawal of such order or suspension at the earliest
possible moment and to notify each seller of Registrable Common Stock being sold of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose. 
 (n) promptly notify each seller of Registrable Common Stock and the underwriter or underwriters, if any: 
 (i) when the Registration Statement, pre-effective amendment, the Prospectus or any Prospectus supplement or post-effective amendment to the Registration
Statement has been filed and, with respect to the Registration Statement or any post-effective amendment, when the same has become effective; 
 (ii) of any written request by the SEC for amendments or supplements to the Registration Statement or Prospectus; 
 (iii) of the
notification to the Company by the SEC of its initiation of any proceeding with respect to the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement; and 
 (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Common Stock for sale under
the applicable securities or blue sky laws of any jurisdiction. 
 (o) At all times after the Company has filed a registration statement with
the SEC pursuant to the requirements of either the Securities Act or the Exchange Act, the Company shall file all reports and other documents required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations
adopted by the SEC thereunder, and take such further action as any Holders may reasonably request, all to the extent required to enable such Holders to be eligible to sell Registrable Common Stock pursuant to Rule 144 under the Securities Act (or
any similar rule then in effect). 
 (p) As a condition to being included in any Registration Statement, the Company may require each seller
of Registrable Common Stock as to which any registration is being effected to furnish to the Company any other information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request in
writing. 
  

 9 

 (q) Each seller of Registrable Common Stock agrees by having its stock treated as Registrable Common
Stock hereunder that, upon notice of the happening of any event as a result of which the Prospectus included in such Registration Statement contains an untrue statement of a material fact or omits any material fact necessary to make the statements
therein not misleading (a “Suspension Notice”), such seller will forthwith discontinue disposition of Registrable Common Stock until such seller is advised in writing by the Company that the use of the Prospectus may be resumed and
is furnished with a supplemented or amended Prospectus as contemplated by Section 5(e) hereof, and, if so directed by the Company, such seller, at its option, either will destroy or deliver to the Company (at the Company’s expense) all
copies, other than permanent file copies then in such seller’s possession, of the Prospectus covering such Registrable Common Stock current at the time of receipt of such notice; provided, however, that such postponement of sales of Registrable
Common Stock by the Holders shall not exceed thirty (30) days in the aggregate in any three-month period or ninety (90) days in the aggregate in any one year except as a result of a refusal by the SEC to declare any post-effective
amendment to the Registration Statement effective after the Company has used all commercially reasonable efforts to cause such post-effective amendment to be declared effective, in which case the Company shall terminate the suspension of the use of
the Registration Statement immediately following the effective date of the post-effective amendment. If the Company shall give any notice to suspend the disposition of Registrable Common Stock pursuant to a Prospectus, the Company shall extend the
period of time during which the Company is required to maintain the Registration Statement effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such notice to and including the
date such seller either is advised by the Company that the use of the Prospectus may be resumed or receives the copies of the supplemented or amended Prospectus contemplated by Section 6(e). In any event, the Company shall not be entitled to
deliver more than three (3) Suspension Notices in any one year. 
 Section 6. Registration Expenses. 
 (a) All fees and expenses incident to the Company’s performance of or compliance with this Agreement, including, without limitation, all registration
and filing fees, fees and expenses of compliance with securities or blue sky laws, listing application fees, printing, word processing, telephone, messenger and delivery expenses, transfer agent’s and registrar’s fees, cost of distributing
Prospectuses in preliminary and final form as well as any supplements thereto, and fees and disbursements of counsel for the Company, one counsel retained by the Holders of Registrable Common Stock and all independent certified public accountants
and other Persons retained by the Company (all such expenses being herein called “Registration Expenses”) (but not including any underwriting discounts or commissions attributable to the sale of Registrable Common Stock or fees and
expenses of more than one counsel representing the Holders of Registrable Common Stock, which shall be borne by the Holders), shall be borne by the Company (whether or not any Registration Statement is declared effective or any of the transactions
described herein is consummated). In addition, the Company shall pay its internal expenses, the expense of any annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be
registered on each securities exchange on which they are to be listed. 
  

 10 

 (b) In connection with each registration initiated hereunder (whether a Demand Registration or a
Piggyback Registration), the Company shall reimburse the Holders covered by such registration or sale for the reasonable fees and disbursements of one law firm chosen by the Holders of a majority of the number of shares of Registrable Common Stock
included in such registration sale. 
 (c) The obligation of the Company to bear the expenses described in Section 6(a) and to reimburse
the Holders for the expenses described in Section 6(b) shall apply irrespective of whether a registration, once properly demanded, if applicable, becomes effective, is withdrawn or suspended, is converted to another form of registration and
irrespective of when any of the foregoing shall occur; provided, however, that Registration Expenses for any Registration Statement withdrawn solely at the request of a Holder of Registrable Common Stock (unless withdrawn following postponement of
filing by the Company in accordance with Section 2(c) (i) or (ii)) or any supplements or amendments to a Registration Statement or Prospectus resulting from a misstatement furnished to the Company by a Holder shall be borne by such Holder.

 Section 7. Indemnification. 
 (a)
The Company shall indemnify and hold harmless, to the fullest extent permitted by law, each Holder, its officers, directors and Affiliates, employees and agents of such Holder and each Person, if any, who controls such Holder (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act) from and against all losses, claims, damages, liabilities, judgments and expenses (including without limitation, the reasonable fees and other expenses incurred in
connection with any suit, action, investigation or proceeding or any claim asserted) caused by, arising out of, in connection with or based upon, any untrue or alleged untrue statement of material fact contained in any Registration Statement,
Prospectus (including any preliminary Prospectus) or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein, in the case of the
Prospectus in the light of the circumstances under which they were made, not misleading or any violation or alleged violation by the Company of the Securities Act, the Exchange Act or applicable “blue sky” laws, except insofar as the same
are made in reliance and in conformity with information relating to such Holder furnished in writing to the Company by such Holder expressly for use therein or caused by such Holder’s failure to deliver to such Holder’s immediate purchaser
a copy of the Prospectus or any amendments or supplements thereto (if the same was required by applicable law to be so delivered) after the Company has furnished such Holder with a sufficient number of copies of the same. 
 (b) In connection with any Registration Statement in which a Holder of Registrable Common Stock is participating, each such Holder shall furnish to the
Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, shall indemnify, to the fullest extent permitted by law, the Company, its officers,
directors, Affiliates, and each Person who “controls” the Company within the meaning of the Securities Act (excluding American Capital to the extent that American Capital is the Holder of the Registrable Common Stock), against all losses,
claims, damages, liabilities and expenses arising out of or based upon any untrue or alleged untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement

  

 11 

 
thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein, in the case of the
Prospectus in the light of the circumstances under which they were made, not misleading, but only to the extent that the same are made in reliance and in conformity with information relating to such Holder furnished in writing to the Company by such
Holder expressly for use therein or caused by such Holder’s failure to deliver to such Holder’s immediate purchaser a copy of the Prospectus or any amendments or supplements thereto (if the same was required by applicable law to be so
delivered) after the Company has furnished such Holder with a sufficient number of copies of the same; provided, however, that the obligation to indemnify shall be several, not joint and several, among such Holders and the liability of each such
Holder shall be in proportion to and limited to the net amount received by such Holder from the sale of Registrable Common Stock pursuant to such Registration Statement. 
 (c) Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless in such
indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, such indemnifying party shall assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld,
conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for each party indemnified by such indemnifying party
with respect to such claim, unless in the reasonable judgment of any indemnified party there may be one or more legal or equitable defenses available to such indemnified party which are in addition to or may conflict with those available to another
indemnified party with respect to such claim. Failure to give prompt written notice shall not release the indemnifying party from its obligations hereunder. No indemnifying party shall, without the prior written consent of the indemnified party,
consent to entry of any judgment or enter into any settlement or other compromise (i) which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in
respect to such claim or litigation or (ii) which includes any statement of admission of fault, culpability or failure to act by or on behalf of such indemnified party. 
 (d) The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of
the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of securities or the termination of this agreement. 
 (e) If the indemnification provided for in or pursuant to this Section 8 is unavailable, unenforceable or insufficient to hold harmless any
indemnified Person in respect of any losses, claims, damages, liabilities or expenses referred to herein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such
indemnified Person as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in
connection with the statements or omissions which result in such losses, claims, damages, liabilities or expenses as well as any 

  

 12 

 
other relevant equitable considerations. The relative fault of the indemnifying party on the one hand and of the indemnified Person on the other shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the
indemnified party, and by such party’s relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. In no event shall the liability of any selling Holder be greater in amount than the
amount of net proceeds received by such Holder upon such sale or the amount for which such indemnifying party would have been obligated to pay by way of indemnification if the indemnification provided for under Section 8(a) or 8(b) hereof had
been available under the circumstances. The indemnity and contribution agreements contained in this Section 7 are in addition to any liability which the indemnifying Persons may otherwise have to the indemnified Persons hereunder, under
applicable law or at equity. 
 Section 8. Participation in Underwritten Registrations. 
 No Person may participate in any registration hereunder that is underwritten unless such Person (a) agrees to sell such Person’s securities on
the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements,
opinions and other documents required under the terms of such underwriting arrangements. 
 Section 9. Rule 144. 
 The Company covenants that it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations
adopted by the SEC thereunder in accordance with the requirements of the Securities Act and the Exchange Act, and it will take such further action as any Holder may reasonably request to make available adequate current public information with
respect to the Company meeting the current public information requirements of Rule 144(c) under the Securities Act (to the extent such information is available), to the extent required to enable such Holder to sell Registrable Common Stock without
registration under the Securities Act within the limitation of the exemptions provided by (i) Rule 144 under the Securities Act, as such Rule may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the
SEC. Upon the request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such information and requirements. 
 Section 10. Miscellaneous. 
 (a) Notices. All notices, requests and other communications
to any party hereunder shall be in writing (including facsimile or similar writing) and shall be given, 
  

			
	 If to the Company:
	 	
		
		 	American Capital Agency Corp.
		 	2 Bethesda Metro Center, 14th Floor
		 	Bethesda, Maryland 20814
		 	Attention: Chief Executive Officer
		 	Facsimile No.: (301)654-6714

  

 13 

			
	If to American Capital:	 	
		
		 	American Capital Strategies, Ltd.
		 	2 Bethesda Metro Center, 14th Floor
		 	Bethesda, Maryland 20814
		 	Attention: Chief Executive Officer
		 	Facsimile No.: (301)654-6714

 If to a transferee Holder, to the address of such Holder set forth in the transfer documentation
provided to the Company; 
 or such other address or facsimile number as such party (or transferee) may hereafter specify for the purpose by notice to the
other parties. Each such notice, request or other communication shall be effective (a) if given by facsimile, when such facsimile is transmitted to the facsimile number specified in this Section 10(a) and the appropriate facsimile
confirmation is received or (b) if given by any other means, when delivered at the address specified in this Section. 
 (b) No
Waivers. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of
any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
 (c) Expenses. Except as otherwise provided for herein or otherwise agreed to in writing by the parties, all costs and expenses incurred in connection with the preparation of this Agreement shall be paid by the
Company. 
 (d) Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns, it being understood that subsequent Holders of the Registrable Common Stock are intended third party beneficiaries hereof. 
 (e) Governing Law. This Agreement and the rights and obligations of the parties under this Agreement shall be governed by, and construed and
interpreted in accordance with, the law of the State of New York, without regard to principles of conflicts of law. Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of New 

  

 14 

 
York and the United States District Court for any district within such state for the purpose of any action or judgment relating to or arising out of this
Agreement or any of the transactions contemplated hereby and to the laying of venue in such court. 
 (f) Jurisdiction. Any suit,
action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby may be brought in any federal or state court located in the County and
State of New York, and each of the parties hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law,
any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient
forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such
party as provided in Section 10(a) shall be deemed effective service of process on such party. 
 (g) Waiver of Jury Trial.

 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 (h) Counterparts; Effectiveness. This Agreement may be signed in any
number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 (i) Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all prior agreements and understandings, both oral
and written, between the parties with respect to the transactions contemplated herein. No provision of this Agreement or any other agreement contemplated hereby is intended to confer on any Person other than the parties hereto any rights or
remedies. 
 (j) Captions. The captions herein are included for convenience of reference only and shall be ignored in the construction
or interpretation hereof. 
 (k) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or
invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 
  

 15 

 (l) Amendments. The provisions of this Agreement, including the provisions of this sentence, may
not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the prior written consent of the Holders of a majority of the Registrable Common Stock; provided, further, that the
consent or agreement of the Company shall be required with regard to any termination, amendment, modification or supplement of, or waivers or consents to departures from, the terms hereof, which affect the Company’s obligations hereunder.

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 16 

 IN WITNESS WHEREOF, this Registration Rights Agreement has been duly executed by each of the parties
hereto as of the date first written above 
  

			
	AMERICAN CAPITAL AGENCY CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	
	  
 AMERICAN CAPITAL STRATEGIES, LTD.

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 17

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