Document:

Certificate of Designation of Preferences

 Exhibit 10.2 

INTERNATIONAL STEM CELL CORPORATION 

CERTIFICATE OF DESIGNATIONS OF PREFERENCES, 

RIGHTS AND LIMITATIONS 

OF 
 SERIES F
PREFERRED STOCK 
 The undersigned, Kenneth C. Aldrich and Ray Wood, do hereby certify that: 

1. They are the Chairman and Secretary, respectively, of International Stem Cell Corporation, a Delaware corporation (the
“Corporation”). 
 2. The Corporation is authorized to issue 20,000,000 shares of preferred stock, 64,008,364
of which have been issued or are outstanding. 
 3. The following resolutions were duly adopted by the Board of Directors:

 WHEREAS, the Certificate of Incorporation of the Corporation provides for a class of its authorized stock known as preferred
stock, comprised of 20,000,000 shares, $0.001 par value per share, issuable from time to time in one or more series; 
 WHEREAS,
the Board of Directors of the Corporation is authorized to fix the dividend rights, dividend rate, voting rights, conversion rights, rights and terms of redemption and liquidation preferences of any wholly unissued series of preferred stock and the
number of shares constituting any series and the designation thereof, of any of them; and 
 WHEREAS, it is the desire of the
Board of Directors of the Corporation, pursuant to its authority as aforesaid, to fix the rights, preferences, restrictions and other matters relating to a series of preferred stock, which shall consist of up to 1,500 shares of the preferred stock
which the Corporation has the authority to issue, as follows: 
 NOW, THEREFORE, BE IT RESOLVED, that the Board of Directors
does hereby provide for the issuance of a series of preferred stock for cash or exchange of other securities, rights or property and does hereby fix and determine the rights, preferences, restrictions and other matters relating to such series of
preferred stock as follows: 
 TERMS OF PREFERRED STOCK 

1. Designation, Amount and Par Value. The series of preferred stock shall be designated as the Corporation’s Series F
Preferred Stock (the “Series F Preferred Stock”) and the number of shares so designated shall be 1,500 (which shall not be subject to increase without the consent of all of the holders of the Series F Preferred Stock (each
a “Holder” and collectively, the “Holders”). Each share of Series F Preferred Stock shall have a par value of $0.001 per share. 

2. Dividends and Other Distributions. Commencing on the date of the issuance of any such shares of Series F Preferred Stock
(each respectively an “Issuance Date”), Holders of Series F Preferred Stock shall be entitled to receive dividends on each outstanding share of 

 
Series F Preferred Stock (“Dividends”), which shall accrue in shares of Series F Preferred Stock on a daily basis at a rate equal to 10.0% per annum. 

a. Any calculation of the amount of such Dividends payable pursuant to the provisions of this Section 2 shall be made based on
a 365-day year and on the number of days actually elapsed during the applicable calendar quarter, compounded annually. 
 b. So
long as any shares of Series F Preferred Stock are outstanding, no dividends or other distributions will be paid, declared or set apart with respect to any Junior Securities (as defined below). As used herein, “Junior Securities”
means any series or class of the capital stock of the Corporation now or hereafter authorized or issued by the Corporation ranking junior to the Series F Preferred Stock with respect to dividends or distributions or upon the liquidation,
distribution of assets, dissolution or winding-up of the Corporation, including, without limitation, the Corporation’s common stock, par value $0.001 per share (“Common Stock”). The Common Stock shall not be redeemed while the
Series F Preferred Stock is outstanding. 
 3. Protective Provision. So long as any shares of Series F
Preferred Stock are outstanding, the Corporation shall not, without the affirmative approval of the Holders of a majority of the shares of the Series F Preferred Stock then outstanding, (a) alter or change adversely the powers, preferences
or rights given to the Series F Preferred Stock or alter or amend this Certificate of Designations, (b) authorize or create any class of stock ranking as to distribution of assets upon a liquidation senior to the Series F Preferred
Stock, (c) amend its certificate or articles of incorporation or other charter documents in breach of any of the provisions hereof, (d) increase the authorized number of shares of Series F Preferred Stock, (e) liquidate, dissolve
or wind-up the business and affairs of the Corporation, or effect any Deemed Liquidation Event (as defined below), or (f) enter into any agreement with respect to the foregoing. 

a. A “Deemed Liquidation Event” shall mean: (i) a merger or consolidation in which the Corporation is a constituent
party or a subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock pursuant to such merger or consolidation, except any such merger or consolidation involving the Corporation or a subsidiary in
which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such
merger or consolidation, at least a majority, by voting power, of the capital stock of the surviving or resulting corporation or if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such
merger or consolidation, the parent corporation of such surviving or resulting corporation; or (ii) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Corporation
or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole, or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Corporation if
substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of
the Corporation. 

 b. The Corporation shall not have the power to effect a Deemed Liquidation Event referred to
in Section 3.a unless the agreement or plan of merger or consolidation for such transaction provides that the consideration payable to the stockholders of the Corporation shall be allocated among the holders of capital stock of the
Corporation in accordance with Section 4. 
 4. Liquidation. 

a. Upon any liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, after payment or provision for
payment of debts and other liabilities of the Corporation, before any distribution or payment shall be made to the holders of any other equity securities of the Corporation by reason of their ownership thereof, the Holders of Series F Preferred
Stock shall first be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders an amount with respect to each share of Series F Preferred Stock equal to $10,000.00 (the “Original
Series F Issue Price”), plus any accrued but unpaid Dividends thereon (collectively, the “Series F Liquidation Value”). 

b. After payment has been made to the Holders of the Series F Preferred Stock of the full amount of the Series F Liquidation
Value, any remaining assets of the Corporation shall be distributed among the holders of the Corporation’s Junior Securities in accordance with the Corporation’s Certificates of Designation and Certificate of Incorporation, as amended.

 c. If, upon any liquidation, dissolution or winding up of the Corporation, the assets of the Corporation shall be insufficient
to make payment in full to all Holders, then such assets shall be distributed among the Holders at the time outstanding, ratably in proportion to the full amounts to which they would otherwise be respectively entitled. 

5. Redemption. 

a. Corporation’s Redemption Option. Upon or after the first anniversary of the initial Issuance Date, the Corporation shall
have the right, at the Corporation’s option, to redeem all or a portion of the shares of Series F Preferred Stock, at a price per share of Series F Preferred Stock (the “Corporation Redemption Price”) equal to the
Series F Liquidation Value plus the following percentages of the Original Series F Issue Price determined by reference to the original Issuance Date of such shares of Series F Preferred Stock: 

 

				
	 If the redemption occurs
	  	Additional percentage	 
	 After first anniversary of issuance but prior to second anniversary of issuance
	  	26	% 
	 After second anniversary of issuance but prior to third anniversary of issuance
	  	17	% 
	 After third anniversary of issuance but prior to fourth anniversary of issuance
	  	8	% 
	 After fourth anniversary of issuance
	  	0	%. 

  

 
  
  

 b. Mechanics of Redemption. If the Corporation elects to redeem any of the
Holders’ Series F Preferred Stock then outstanding, it shall deliver written notice thereof via facsimile and overnight courier (“Notice of Redemption at Option of Corporation”) to the Holder, which Notice of Redemption at
Option of Corporation shall indicate (A) the number of shares of Series F Preferred Stock that the Corporation is electing to redeem and (B) the Corporation Redemption Price. 

c. Payment of Redemption Price. Upon receipt of a Notice of Redemption at Option of Corporation by any Holder, such Holder shall
promptly submit to the Corporation such Holder’s Series F Preferred Stock certificates. Upon receipt of such Holder’s Series F Preferred Stock certificates, the Corporation shall pay the Corporation Redemption Price in cash to
such Holder. 
 6. Transferability. The Series F Preferred Stock may only be sold, transferred, assigned,
pledged or otherwise disposed of (“Transfer”) in accordance with state and federal securities laws. The Corporation shall keep at its principal office, or at the offices of a transfer agent, a register of the Series F Preferred
Stock. Upon the surrender of any certificate representing Series F Preferred Stock at such place, the Corporation, at the request of the record Holder of such certificate, shall execute and deliver (at the Corporation’s expense) a new
certificate or certificates in exchange therefor representing in the aggregate the number of shares represented by the surrendered certificate. Each such new certificate shall be registered in such name and shall represent such number of shares as
is requested by the Holder of the surrendered certificate and shall be substantially identical in form to the surrendered certificate. 

7. Miscellaneous. 

a. Notices. Any and all notices to the Corporation shall be addressed to the Corporation’s President at the Corporation’s
principal place of business on file with the Secretary of State of the State of Delaware. Any and all notices or other communications or deliveries to be provided by the Corporation to any Holder hereunder shall be in writing and delivered
personally, by facsimile, sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile telephone number or address of such Holder appearing on the books of the Corporation, or if no such facsimile telephone
number or address appears, at the principal place of business of the Holder. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile telephone number specified in this Section 7.a prior to 5:30 p.m. (New York City time), (ii) the date after the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile telephone number specified in this Section 7.a no later than 5:30 p.m. (New York City time) on any date and earlier than 11:59 p.m. (New York City time) on such date,
(iii) the second business day following the date of mailing, if sent by nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. 

b. Lost or Mutilated Preferred Stock Certificate. Upon receipt of evidence reasonably satisfactory to the Corporation (an affidavit
of the registered Holder shall be satisfactory) of the ownership and the loss, theft, destruction or mutilation of any certificate evidencing shares of Series F Preferred Stock, and in the case of any such loss, theft or

 
destruction upon receipt of indemnity reasonably satisfactory to the Corporation (provided that if the Holder is a financial institution or other institutional investor its own agreement shall be
satisfactory) or in the case of any such mutilation upon surrender of such certificate, the Corporation, shall execute and deliver in lieu of such certificate a new certificate of like kind representing the number of shares of such class represented
by such lost, stolen, destroyed or mutilated certificate and dated the date of such lost, stolen, destroyed or mutilated certificate. 

c. Headings. The headings contained herein are for convenience only, do not constitute a part of this Certificate of Designations
and shall not be deemed to limit or affect any of the provisions hereof. 
 RESOLVED, FURTHER, that the Chairman, the president
or any vice-president, and the secretary or any assistant secretary, of the Corporation be and they hereby are authorized and directed to prepare and file a Designation of Preferences, Rights and Limitations of Series F Preferred Stock in
accordance with the foregoing resolution and the provisions of Delaware law. 
 IN WITNESS WHEREOF, the undersigned have
executed this Certificate this 4th day of May 2010. 
  

			
	
	/s/ Kenneth C. Aldrich
	Kenneth C. Aldrich
	Chairman

  

			
	
	/s/ Ray Wood
	Ray Wood
	SecretaryForm of Exchange Notes

 Exhibit 4.2 

[FACE OF NOTE] 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

			
	 No. [    ]
	 	Principal Amount $[                    ]
		 	CUSIP NO.                           
          

 EASTON-BELL SPORTS, INC. 

9.750% Senior Secured Note due 2016 

Easton-Bell Sports, Inc., a Delaware corporation, promises to pay to Cede & Co., or its registered assigns, the principal sum of
                     Dollars, as revised by the Schedule of Increases and Decreases in Global Note attached hereto, on December 1, 2016.

 Interest Payment Dates: June 1 and December 1 

Record Dates: May 15 and November 15 

Additional provisions of this Note are set forth on the other side of this Note. 

 IN WITNESS HEREOF, the Company has caused this instrument to be duly executed. 

Dated:                     , 2010 

 

					
	EASTON-BELL SPORTS, INC.
		
	By:	 	  

		 	Name:	 	Mark Tripp
		 	Title:	 	Chief Financial Officer

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

 

							
	 U.S. BANK NATIONAL ASSOCIATION

as Trustee, certifies
 that this is one
of
 the Notes referred
 to in the
Indenture.
	 		 	
				
	By:	 	  
	 		 	
		 	Authorized Officer	 		 	
				
		 		 		 	Date:                      , 2010

 [REVERSE SIDE OF NOTE] 

EASTON-BELL SPORTS, INC. 

9.750% Senior Secured Note due 2016 

1. Interest 

Easton-Bell Sports, Inc., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter
referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. 

The Company will pay interest semiannually on June 1 and December 1 of each year commencing June 1, 2010. Interest on the
Notes will accrue from the most recent date to which interest has been paid on the Notes or, if no interest has been paid, from December 3, 2009. The Company shall pay interest on overdue principal, and on overdue premium (plus interest on such
interest to the extent lawful), at the rate borne by the Notes to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

2. Method of Payment 

By no later than 10:00 a.m. (New York City time) on the date on which any principal of, premium, if any, or interest on any Note is due
and payable, the Company shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal, premium, if any, and/or interest. The Company will pay interest (except Defaulted Interest) to the Persons who are
registered Holders of Notes at the close of business on the May 15 or November 15 next preceding the interest payment date even if Notes are cancelled, repurchased or redeemed after the record date and on or before the interest payment
date. Holders must surrender Notes to a Paying Agent to collect principal payments. The Company will pay principal, premium, if any, and interest in money of the United States that at the time of payment is legal tender for payment of public and
private debts. Payments in respect of Notes represented by a Global Note (including principal, premium, if any, and interest) will be made by the transfer of immediately available funds to the accounts specified by The Depository Trust Company or
any successor depository. The Company will make all payments in respect of a Definitive Note (including principal, premium, if any, and interest) by mailing a check to the registered address of each Holder thereof; provided, however, that
payments on the Notes may also be made, in the case of a Holder of at least $1,000,000 aggregate principal amount of Notes, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects
payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 15 days immediately preceding the relevant due date for payment (or such other date as the Trustee may
accept in its discretion). 
 3. Paying Agent and Registrar 

Initially, U.S. Bank National Association (the “Trustee”) will act as Trustee, Paying Agent and Registrar. The Company
may appoint and change any Paying Agent, Registrar or co-registrar without notice to any Holder. The Company or any of its domestically organized, wholly owned Subsidiaries may act as Paying Agent, Registrar or co-registrar. 

 4. Indenture 

The Company issued the Notes under an Indenture dated as of December 3, 2009 (as it may be amended or supplemented from time to time
in accordance with the terms thereof, the “Indenture”), among the Company, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”). Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture.
The Notes are subject to all terms and provisions of the Indenture, and Holders are referred to the Indenture and the Act for a statement of those terms. 

The Notes are secured senior obligations of the Company. The aggregate principal amount of Notes that may be authenticated and delivered
under the Indenture is unlimited, provided that at least the net cash proceeds from any issuance of Additional Notes are invested in Additional Assets in accordance with the Indenture. This Note is one of the 9.750% Senior Secured Notes due
2016 referred to in the Indenture. The Notes include (i) $350,000,000 aggregate principal amount of the Company’s 9.750% Senior Secured Notes due 2016 issued under the Indenture on December 3, 2009 (herein called “Initial
Notes”), (ii) if and when issued, additional 9.750% Senior Secured Notes due 2016 of the Company that may be issued from time to time under the Indenture subsequent to December 3, 2009 (herein called “Additional
Notes”) as provided in Section 2.1(a) of the Indenture and (iii) if and when issued, the Company’s 9.750% Senior Secured Notes due 2016 that may be issued from time to time under the Indenture in exchange for Initial
Notes or Additional Notes in an offer registered under the Securities Act as provided in the Registration Rights Agreement (herein called “Exchange Notes”). The Initial Notes, Additional Notes and Exchange Notes are treated as a
single class of securities under the Indenture and shall be secured by first and second priority Liens and security interests, subject to Permitted Liens, in the Collateral. The Indenture imposes certain limitations on the incurrence of
indebtedness, the making of restricted payments, the sale of assets, the incurrence of certain liens, sale-leaseback transactions, transaction with affiliates, the making of payments for consents, business activities, designation of restricted and
unrestricted subsidiaries, the entering into of agreements that restrict distributions from restricted subsidiaries and the consummation of mergers and consolidations. The Indenture also imposes requirements with respect to the provision of
financial information and the provision of guarantees of the Notes by certain subsidiaries. 
 To guarantee the due and punctual
payment of the principal, premium, if any, and interest (including post-filing or post-petition interest) on the Notes and all other amounts payable by the Company under the Indenture, the Notes, the Registration Rights Agreement, the Collateral
Documents and the Intercreditor Agreement when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the Guarantors have unconditionally guaranteed (and
future guarantors, together with the Guarantors, will unconditionally guarantee), jointly and severally, such obligations on a senior, secured basis pursuant to the terms of the Indenture. 

 5. Redemption and prepayment; Springing Maturity 

Except as described below, the Notes will not be redeemable at the Company’s option prior to December 1, 2012. 

At any time prior to December 1, 2012 the Company may on any one or more occasions redeem up to 35% of the aggregate principal
amount of Notes issued under the Indenture at a redemption price of 109.750% of the principal amount, plus accrued and unpaid interest and Special Interest, if any, to the redemption date, with the net cash proceeds of one or more Equity Offerings
of the Company (or of any Parent, to the extent such proceeds are contributed to the Company’s common equity capital); provided that: 

(1) at least 65% of the aggregate principal amount of Notes originally issued under the Indenture (excluding Notes held by
the Company and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 

(2) the redemption occurs within 90 days of the date of the closing of such Equity Offering or contribution. 

At any time prior to December 1, 2012 the Company may also redeem all or a part of the Notes, upon not less than 30 nor more than 60
days’ prior notice mailed by first-class mail to each holder’s registered address, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Special
Interest, if any, to the date of redemption (the “Redemption Date”), subject to the rights of holders of Notes on the relevant record date to receive interest due on the relevant interest payment date. 

At any time prior to December 1, 2012, during any twelve month period commencing on the Issue Date the Company may redeem up to 10%
of aggregate principal amount of the Notes at a redemption price equal to 103% of their principal amount, plus accrued and unpaid interest. 

On or after December 1, 2012 the Company may redeem all or a part of the Notes upon not less than 30 nor more than 60 days’
notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Special Interest, if any, on the Notes redeemed, to the applicable redemption date, if redeemed during the
twelve-month period beginning on December 1 of the years indicated below, subject to the rights of holders of Notes on the relevant record date to receive interest on the relevant interest payment date: 

 

				
	 Year
	  	Percentage	 
	 2012
	  	107.313	% 
	 2013
	  	104.875	% 
	 2014
	  	102.438	% 
	 2015 and thereafter
	  	100.000	% 

 Unless the Company defaults in the payment of the redemption price, interest will cease to
accrue on the Notes or portions thereof called for redemption on the applicable redemption date. 
 “Applicable
Premium” means, with respect to any Note on any redemption date, the greater of: 
 (1) 1.0% of the
principal amount of the Note; or 
 (2) the excess of: 

(a) the present value at such redemption date of (i) the redemption price of the Note at December 1, 2012 (such
redemption price being set forth in the table appearing above) plus (ii) all required interest payments due on the Note through December 1, 2012 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate
equal to the Treasury Rate as of such redemption date plus 50 basis points; over 
 (b) the principal amount of
the Note, if greater. 
 “Treasury Rate” means, as of any redemption date, the yield to maturity as of such
redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two business days prior to
the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to December 1, 2012; provided, however,
that if the period from the redemption date to December 1, 2012 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

Prior to the mailing of any notice of redemption of the Notes, the Company shall deliver to the Trustee an Officers’ Certificate
stating that the conditions precedent to the right of redemption have occurred. Any such notice to the Trustee may be cancelled at any time prior to notice of such redemption being mailed to any Holder and shall thereby be void and of no effect. The
Company will be bound to redeem the Notes on the date fixed for redemption. 
 The Company may acquire Notes by means other than
a redemption, whether by tender offer, open market purchases, negotiated transactions or otherwise, in accordance with applicable securities laws, so long as such acquisition does not otherwise violate the terms of the Indenture. 

Except as set forth in the next succeeding paragraph, the Company is not required to make any mandatory redemption payments or sinking
fund payments with respect to the Notes. 
 The Notes will become due and payable on October 1, 2015 unless on or prior to
August 28, 2015, the Indebtedness under the New Holdco Credit Facility has been either (i) repaid and discharged, provided that any Indebtedness incurred in connection with any such repayment and discharge shall comply with clause
(ii) of this sentence or (ii) extended, replaced or refinanced with Indebtedness constituting a New Holdco Credit Facility with a Stated Maturity that is at least 91 days after the final Stated Maturity of the Notes. 

 6. Change of Control Repurchase Provisions 

If a Change of Control occurs, unless the Company has exercised its right to redeem all of the Notes as described under paragraph 5 of the
Notes, each Holder will have the right to require the Company to repurchase from each Holder all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes at a purchase price in cash equal to 101%
of the aggregate principal amount thereof, plus accrued and unpaid interest and Special Interest, if any, to the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest
payment date) as provided in, and subject to the terms of, the Indenture. 
 7. Denominations; Transfer; Exchange 

The Notes are in registered form without coupons in denominations of principal amount of $2,000 and whole multiples of $1,000 in excess
thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay a sum sufficient to cover any taxes and
fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange of any Note (A) for a period beginning (1) 15 days before the mailing of a notice of an offer to repurchase or redeem Notes and
ending at the close of business on the day of such mailing or (2) 15 days before an interest payment date and ending on such interest payment date or (B) called for redemption, except the unredeemed portion of any Note being redeemed in
part. 
 8. Persons Deemed Owners 

The registered Holder of this Note may be treated as the owner of it for all purposes. 

9. Unclaimed Money 

If money for the payment of principal premium, if any, or interest remains unclaimed for two years after such principal, premium, if any,
or interest has become due and payable, the Trustee or Paying Agent shall pay the money back to the Company at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look
only to the Company for payment as general creditors unless an abandoned property law designates another person and not to the Trustee for payment. 

10. Defeasance 

Subject to certain exceptions and conditions set forth in the Indenture, the Company at any time may terminate some or all of its
obligations under the Notes, the Indenture, the Collateral Documents and the Intercreditor Agreement if the Company deposits with the Trustee money or Government Securities for the payment of principal, premium, if any, and interest on the Notes to
redemption or maturity, as the case may be. 

 11. Amendment, Supplement, Waiver 

Subject to certain exceptions set forth in the Indenture, (i) the Indenture, the Notes, the Note Guarantees, the Collateral Documents
or the Intercreditor Agreement may be amended or supplemented by the Company, Guarantors and Trustee with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and (ii) any default (other
than with respect to nonpayment or in respect of a provision that cannot be amended without the consent of each Holder affected or, in certain cases described in the Indenture, the Collateral Documents and the Intercreditor Agreement, the consent of
Holders of 75% in aggregate principal amount of the Notes) or noncompliance with any provision may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes. Subject to certain exceptions set
forth in the Indenture, without the consent of any Holder, the Company, the Trustee and, other than with respect to clause (8) below, the Guarantors may amend or supplement the Indenture, the Notes, the Note Guarantees, the Collateral Documents
or the Intercreditor Agreement (1) to cure any ambiguity, defect or inconsistency; (2) to provide for uncertificated Notes in addition to or in place of certificated Notes; (3) to provide for the assumption of the Company’s or a
Guarantor’s obligations to Holders of Notes and Note Guarantees by a successor to the Company or such Guarantor pursuant to Article IV or X of the Indenture; (4) to make any change that would provide any additional rights or
benefits to the Holders of Notes or that does not adversely affect the legal rights hereunder or under the Notes, the Note Guarantees, the Collateral Documents and the Intercreditor Agreement of any such Holder; (5) to comply with requirements
of the SEC in order to effect or maintain the qualification of the Indenture under the Trust Indenture Act; (6) to conform the text of the Indenture, Note Guarantees or the Notes to any provision of the “Description of Notes” section
of the Offering Memorandum, to the extent that such provision in that “Description of Notes” section was intended to be a verbatim recitation of a provision of the Indenture, the Notes or the Note Guarantees; (7) to provide for the
issuance of Additional Notes in accordance with the limitations set forth in the Indenture as of the date hereof; (8) to allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee with respect to the Notes; (9) to add
additional Collateral to secure the Notes; or (10) to release Liens in favor of the Collateral Agent in the Collateral as provided in Section 11.6 of the Indenture. 

12. Defaults and Remedies 

Each of the following is an “Event of Default”: 

(1) default for 30 days in the payment when due of interest on, or Special Interest, if any, with respect to, the Notes;

 (2) default in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or
premium, if any, on, the Notes; 
 (3) failure by the Company or any of its Restricted Subsidiaries to comply
with the provisions described in Section 3.5, 3.10 or 4.1 of the Indenture; 
 (4)
failure by the Company or any of its Restricted Subsidiaries for 60 days after notice to the Company by the trustee or the holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with
any of the other agreements in the Indenture, the Notes, the Collateral Documents or the Intercreditor Agreement; 

 (5) default under any mortgage, indenture or instrument under which there
may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries),
whether such Indebtedness or guarantee now exists, or is created after the date of the Indenture, if that default: 

(a) is caused by a failure to pay any such Indebtedness at its stated final maturity (a “Payment
Default”); or 
 (b) results in the acceleration of such Indebtedness prior to its stated final
maturity, 
 and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other
such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $10.0 million or more; 

(6) failure by the Company or any of its Restricted Subsidiaries to pay final judgments entered by a court or courts of
competent jurisdiction aggregating in excess of $10.0 million (net of any amount covered by insurance issued by a national insurance company that has not contested coverage), which judgments are not paid, discharged or stayed for a period of 60
days; 
 (7) any (x) Note Guarantee, (y) Collateral Document governing a security interest with respect
to any Collateral having a fair market value in excess of $10.0 million or (z) obligation under the Intercreditor Agreement, in each case, of a Significant Subsidiary or group of Restricted Subsidiaries that taken together as of the date of the
latest audited consolidated financial statements for the Company and its Restricted Subsidiaries would constitute a Significant Subsidiary ceases to be in full force and effect (except as contemplated by the terms of the Indenture and the Note
Guarantees) or is declared null and void in a judicial proceeding or any Guarantor that is a Significant Subsidiary or group of Guarantors that taken together as of the date of the latest audited consolidated financial statements of the Company and
its Restricted Subsidiaries would constitute a Significant Subsidiary denies or disaffirms its obligations under the Indenture; 

(8) certain events of bankruptcy, insolvency or reorganization described in the Indenture with respect to the Company or
any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; and 

(9) with respect to any Collateral having a fair market value in excess of $10.0 million, individually or in the
aggregate, (A) the failure of the security interest with respect to such Collateral under the Collateral Documents, at any time, to be in full force and effect for any reason other than in accordance with their terms and the terms of the
Indenture and other than the satisfaction in full of all obligations under the Indenture and discharge of the Indenture if such Default continues for 60 days, (B) the declaration that the security interest with respect to such Collateral
created under the Collateral Documents or under the Indenture is invalid or 

 
unenforceable, if such Default continues for 60 days or (C) the assertion by the Company or any Guarantor, in any pleading in any court of competent jurisdiction, that any such security
interest is invalid or unenforceable. 
 If an Event of Default (other than an Event of Default described in clause (8)
above) occurs and is continuing, the Trustee by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the outstanding Notes by notice to the Company and the Trustee, may, and the Trustee at the request of such
Holders shall, declare the principal of, premium, if any, and accrued and unpaid interest (including Special Interest), if any, on all the Notes to be due and payable. Upon such a declaration, such principal, premium and accrued and unpaid interest
shall be due and payable immediately. 
 In the case of an Event of Default specified in clause (8) above, with respect to
the Company, any Restricted Subsidiary of the Company that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary, all outstanding Notes will become due and
payable immediately without further action or notice. 
 The Holders of a majority in aggregate principal amount of the
outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. 

The trustee may withhold from holders of the Notes notice of any continuing Default or Event of Default if it determines that withholding
notice is in their interest, except a Default or Event of Default relating to the payment of principal, interest or premium or Special Interest, if any. 

Subject to the provisions of the Indenture relating to the duties of the trustee or the collateral agent, in case an Event of Default occurs and is
continuing, the trustee or the collateral agent will be under no obligation to exercise any of the rights or powers under the Indenture, the Notes, the Note Guarantees, the Collateral Documents and the Intercreditor Agreement at the request or
direction of any holders of Notes unless such holders have offered to the trustee or the collateral agent reasonable indemnity or security against any loss, liability or expense. 

13. Trustee Dealings with the Company 

Subject to certain limitations set forth in the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may
become the owner or pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 

14. No Recourse Against Others 

An incorporator, director, officer, employee or stockholder of each of the Company or any Guarantor, solely by reason of this status,
shall not have any liability for any obligations of the Company or any Guarantor under the Notes, the Indenture, the Collateral Documents, the Intercreditor Agreement or the Note Guarantees or for any claim based on, in

 
respect of or by reason of such obligations or their creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are a part of the consideration for
the issuance of the Notes. 
 15. Authentication 

This Note shall not be valid until an authorized officer of the Trustee (or an authenticating agent acting on its behalf) manually signs
the certificate of authentication on the other side of this Note. 
 16. Abbreviations 

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by
the entirety), JT TEN (= joint tenants with rights of survivorship and not as tenants in common), CUST (= custodian) and U/G/M/A (= Uniform Gift to Minors Act). 

17. CUSIP, Common Code and ISIN Numbers 

The Company has caused CUSIP, Common Code and ISIN numbers, if applicable, to be printed on the Notes and has directed the Trustee to use
CUSIP, Common Code and ISIN numbers, if applicable, in notices of redemption or purchase as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of
redemption or purchase and reliance may be placed only on the other identification numbers placed thereon. 
 18. Governing Law

 This Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

The Company will furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture which has in it the
text of this Note in larger type. Requests may be made to: 
 Easton-Bell Sports, Inc. 

7855 Haskell Avenue, Suite 200 

Van Nuys, California 91406 

Attention: Mark Tripp

19. USA Patriot Act 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to the Indenture agree that they will provide the Trustee with such information as it may
request in order for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act. 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

							
	I or we assign and transfer this Note to:
	
	  

	(Print or type assignee’s name, address and zip code)
	
	  

	 (Insert assignee’s social security or tax I.D. No.)

 
 and irrevocably appoint
                         agent to transfer this Note on the books of the Company. The agent may substitute another to act for
him.

	
	  

				
	Date: 	 	  
	 	Your Signature	 	  

							
		
	Signature Guarantee:	 	  

		 	 (Signature must be guaranteed)

	
	  

	Sign exactly as your name appears on the other side of this Note.

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Global Note have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease in Principal
Amount of this Global Note	  	Amount of increase in Principal
Amount of this Global Note	  	Principal Amount of this Global
Note following such decrease or
increase	  	Signature of authorized
signatory of Trustee or Notes
Custodian
		  		  		  		  	

 OPTION OF HOLDER TO ELECT PURCHASE 

If you elect to have this Note purchased by the Company pursuant to Section 3.5 or 3.10 of the Indenture, check either box:

  

							
		 	  ̈
	 	 ̈	 	
		 	3.5	 	3.10	 	

 If you want to elect to have only part of this Note purchased by the Company pursuant to
Section 3.5 or Section 3.10 of the Indenture, state the amount in principal amount (must be in denominations of $2,000 or an integral multiple of $1,000 in excess thereof):
$             and specify the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to be issued to the Holder for the portion of the
within Note not being repurchased (in the absence of any such specification, one such Note will be issued for the portion not being repurchased):             . 

 

									
	Date: 	 	  
	 		 	Your Signature:	 	  

		 		 		 	(Sign exactly as your name appears on the other side of the
Note)            

  

			
	Signature Guarantee:	 	  

		 	 (Signature must be guaranteed)

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 

 NOTE GUARANTEE 

Pursuant to the Indenture (the “Indenture”) dated as of December 3, 2009 among Easton-Bell Sports, Inc., the
Guarantors party thereto (each a “Guarantor” and collectively the “Guarantors”) and U.S. Bank National Association, as trustee (the “Trustee”), each Guarantor, subject to the provisions of
Article X of the Indenture, hereby fully, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, jointly and severally with each other Guarantor, to each Holder of the Notes, to the extent lawful, and
the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the principal of, premium, if any, and interest (including Special Interest) on the Notes and all other obligations and
liabilities of the Company under the Indenture (including without limitation interest (including Special Interest) accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding,
relating to the Company or any Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such proceeding and the obligations under Section 7.7 of the Indenture), the Registration Rights Agreement, the
Collateral Documents and the Intercreditor Agreement (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”). 

Each Note Guarantee will be secured on a first-priority basis by the First Priority Collateral owned by such Guarantor and on a
second-priority basis by the ABL Collateral owned by such Guarantor. Such Guarantors will also agree to pay any and all costs and expenses (including reasonable counsel fees and expenses) incurred by the Trustee, the Collateral Agent or the Holders
in enforcing any rights under the Note Guarantees. The obligations of the Guarantors under the Note Guarantees will rank equally in right of payment with other Indebtedness of such Guarantors, except to the extent such other Indebtedness is
expressly subordinated to the obligations arising under the Note Guarantees, in which case the obligations of the Guarantors under the Note Guarantees will rank senior in right of payment to such other Indebtedness. 

Each Guarantor agrees (to the extent permitted by law) that the Guaranteed Obligations may be extended or renewed, in whole or in part,
without notice or further assent from it, and that it will remain bound under Article X of the Indenture notwithstanding any extension or renewal of any Guaranteed Obligation. 

Each Guarantor waives presentation to, demand of payment from and protest to the Company of any of the Guaranteed Obligations and also
waives notice of protest for nonpayment. Each Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. 

Each Guarantor further agrees that its Note Guarantee herein constitutes a Guarantee of payment when due (and not a Guarantee of
collection) and waives any right to require that any resort be had by any Holder to any security held for payment of the Guaranteed Obligations. 

Except as set forth in Section 10.2 of the Indenture, the obligations of each Guarantor hereunder shall not be subject to any
reduction, limitation, impairment or termination for any reason (other than payment of the Guaranteed Obligations in full), including any claim of 

 
waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity,
illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor herein shall not be discharged or impaired or otherwise affected by (a) the failure
of any Holder to assert any claim or demand or to enforce any right or remedy against the Company or any other person under the Indenture, the Notes or any other agreement or otherwise; (b) any extension or renewal of any thereof; (c) any
rescission, waiver, amendment or modification of any of the terms or provisions of the Indenture, the Notes or any other agreement; (d) the release of any security held by any Holder or the Collateral Agent for the Guaranteed Obligations or any
of them; (e) the failure of any Holder to exercise any right or remedy against any other Guarantor; (f) any change in the ownership of the Company; (g) any default, failure or delay, willful or otherwise, in the performance of the
Guaranteed Obligations, or (h) any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a discharge of such Guarantor
as a matter of law or equity. 
 Each Guarantor agrees that its Note Guarantee under the Indenture shall remain in full force
and effect until payment in full of all the Guaranteed Obligations or such Guarantor is released from its Note Guarantee in compliance with Section 10.2 or Article VIII of the Indenture. Each Guarantor further agrees that its Note
Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of, premium, if any, or interest on any of the Guaranteed Obligations is rescinded or must otherwise be
restored by any Holder upon the bankruptcy or reorganization of the Company or otherwise. 
 In furtherance of the foregoing and
not in limitation of any other right which any Holder has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Company to pay any of the Guaranteed Obligations when and as the same shall become due, whether at
maturity, by acceleration, by redemption or otherwise, each Guarantor hereby promises to and will, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Trustee or the Trustee on behalf of the Holders an
amount equal to the sum of (i) the unpaid amount of such Guaranteed Obligations then due and owing and (ii) accrued and unpaid interest (including Special Interest) on such Guaranteed Obligations then due and owing (but only to the extent
not prohibited by law). 
 Each Guarantor further agrees that, as between such Guarantor, on the one hand, and the Holders, on
the other hand, (x) the maturity of the Guaranteed Obligations may be accelerated as provided in the Indenture for the purposes of its Note Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the Guaranteed Obligations and (y) in the event of any such declaration of acceleration of such Guaranteed Obligations, such Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor for
the purposes of this Note Guarantee. 
 Each Guarantor also agrees to pay any and all reasonable costs and expenses (including
reasonable attorneys’ fees) incurred by the Trustee or the Holders in enforcing any rights under this Section. 

 IN WITNESS HEREOF, each Guarantor has caused this instrument to be duly executed.

 Dated:                     , 2010

  

					
	RIDDELL SPORTS GROUP, INC.
	RIDDELL, INC.
	MACMARK CORPORATION
	RIDMARK CORPORATION
	ALL AMERICAN SPORTS CORPORATION
	EQUILINK LICENSING, LLC
	BELL SPORTS CORP.
	BELL SPORTS, INC.
	BELL CHINA INVESTMENTS, INC.
	BELL RACING COMPANY
	EASTON SPORTS, INC.
	EASTON SPORTS ASIA, INC.
	 CDT NEVADA, INC.
  

as Guarantors

		
	By:	 	  

		 	Name: Mark Tripp
		 	Title: Chief Financial Officer

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