Document:

Guaranty

 Exhibit 10.2 
 GUARANTY 
 GUARANTY, dated as of October 11, 2011 by
ANA/DVENTURE 3 CORPORATION, a Massachusetts corporation (the “Guarantor”), in favor of (a) Sovereign Bank as administrative agent (hereinafter, in such capacity, the “Administrative Agent”) for
itself, the other lending institutions (hereinafter, collectively, the “Lenders”) which are or may become parties to that certain Credit Agreement dated as of the date hereof (as amended and in effect from time to time, the
“Credit Agreement”), among ANALOGIC CORPORATION, a Massachusetts corporation (the “Borrower”), the Lenders, the Administrative Agent, Sovereign Bank as L/C Issuer and TD Bank, N.A. as Documentation
Agent and the other Secured Parties (as such term is defined in the Credit Agreement), and (b) each of the Secured Parties. 
 WHEREAS, the Borrower and the Guarantor are members of a group of related entities, the success of any one of which is dependent in part on the success of the other members of such group;

 WHEREAS, the Guarantor expects to receive substantial direct and indirect benefits from the extensions of credit to
the Borrower by the Secured Parties pursuant to the Credit Agreement, the other Loan Documents, the Secured Cash Management Agreements and the Secured Hedge Agreements (which benefits are hereby acknowledged); 

WHEREAS, it is a condition precedent to the Lenders’ and the L/C Issuer making any loans or otherwise extending credit to the
Borrower under the Credit Agreement and the other Secured Parties extending any credit to the Borrower under the Secured Cash Management Agreements and the Secured Hedge Agreements that the Guarantor execute and deliver to the Administrative Agent,
for the benefit of the Secured Parties a guaranty substantially in the form hereof; and 
 WHEREAS, the Guarantor wishes
to guaranty the Borrower’s obligations to the Secured Parties under or in respect of the Credit Agreement, the other Loan Documents, the Secured Cash Management Agreements and the Secured Hedge Agreements as provided herein; 

NOW, THEREFORE, the Guarantor hereby agrees with the Administrative Agent and the other Secured Parties as follows: 

1. Definitions. The term “Obligations” and all other capitalized terms used herein without definition
shall have the respective meanings provided therefor in the Credit Agreement. 
 2. Guaranty of Payment and
Performance. The Guarantor hereby guarantees to the Secured Parties the full and punctual payment when due (whether at stated maturity, by required pre-payment, by acceleration or otherwise), as well as the performance, of all of the
Obligations including all such which would become due but for the operation of the automatic stay pursuant to §362(a) of the Federal Bankruptcy Code and the operation of §§502(b) and 506(b) of the Federal Bankruptcy Code. This
Guaranty is an absolute, unconditional and continuing guaranty of the full and punctual payment and performance of all of the Obligations and not of their collectibility only and is in no way conditioned upon any requirement that any

 
Secured Party first attempt to collect any of the Obligations from the Borrower or resort to any collateral security or other means of obtaining payment. Should the Borrower default in the
payment or performance of any of the Obligations, the obligations of the Guarantor hereunder with respect to such Obligations in default shall, upon demand by the Administrative Agent, become immediately due and payable to the Administrative Agent,
for the benefit of the Secured Parties, without any additional demand or notice of any nature, all of which is expressly waived by the Guarantor. Payments by the Guarantor hereunder may be required by the Administrative Agent on any number of
occasions. All payments by the Guarantor hereunder shall be made to the Administrative Agent, in the manner and at the place of payment specified therefor in the Credit Agreement, for the account of the applicable Secured Parties. Notwithstanding
anything to the contrary contained herein, the obligations of the Guarantor hereunder shall be limited to an amount equal to the largest amount that would not render its obligations hereunder subject to avoidance as a fraudulent transfer or
conveyance under §548 of the Federal Bankruptcy Code or any comparable provisions of any similar federal or state law. Without limiting the foregoing, the Guarantor represents and warrants that it is organized and resident in the United States
of America. The Guarantor shall make all payments hereunder without setoff or counterclaim and free and clear of and without deduction for any taxes, levies, imposts, duties, charges, fees, deductions, withholdings, compulsory loans, restrictions or
conditions of any nature now or hereafter imposed or levied by any jurisdiction or any political subdivision thereof or taxing or other authority therein unless the Guarantor is compelled by law to make such deduction or withholding. If any such
obligation is imposed upon the Guarantor with respect to any amount payable by it hereunder, the Guarantor, to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, will pay to the Administrative Agent,
for the account of the applicable Secured Parties, on the date on which such amount is due and payable hereunder, such additional amount in U.S. dollars as shall be necessary to enable the Secured Parties to receive the same net amount which the
Secured Parties would have received on such due date had no such obligation been imposed upon the Guarantor. The Guarantor will deliver promptly to the Administrative Agent certificates or other valid vouchers for all taxes or other charges deducted
from or paid with respect to payments made by the Guarantor hereunder. The obligations of the Guarantor under this paragraph shall survive the payment in full of the Obligations and termination of this Guaranty. 

3. Guarantor’s Agreement to Pay Enforcement Costs, etc. The Guarantor further agrees, as the principal obligor and not
as a guarantor only, to pay to the Administrative Agent, on demand, all costs and expenses (including court costs and legal expenses) incurred or expended by any Secured Party in connection with the Obligations, this Guaranty and the enforcement
thereof, together with interest on amounts recoverable under this §3 from the time when such amounts become due until payment, whether before or after judgment, at the rate of interest for overdue principal set forth in the Credit Agreement,
provided that if such interest exceeds the maximum amount permitted to be paid under applicable law, then such interest shall be reduced to such maximum permitted amount. 
 4. Waivers by Guarantor; Secured Parties’ Freedom to Act. The Guarantor agrees that the Obligations will be paid and performed strictly in accordance with their respective terms,
regardless of any law, regulation or order now or hereafter in effect in any jurisdiction 

  
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affecting any of such terms or the rights of any Secured Party with respect thereto. The Guarantor waives, to the extent permitted by applicable law, promptness, diligence, presentment, demand,
protest, notice of acceptance, notice of any Obligations incurred and all other notices of any kind, all defenses which may be available by virtue of any valuation, stay, moratorium law or other similar law now or hereafter in effect, any right to
require the marshalling of assets of the Borrower or any other entity or other person primarily or secondarily liable with respect to any of the Obligations, and all suretyship defenses generally. Without limiting the generality of the foregoing,
the Guarantor agrees to the provisions of any instrument evidencing, securing or otherwise executed in connection with any Obligation and agrees that the obligations of the Guarantor hereunder shall not be released or discharged, in whole or in
part, or otherwise affected by (i) the failure of any Secured Party to assert any claim or demand or to enforce any right or remedy against the Borrower or any other entity or other person primarily or secondarily liable with respect to any of
the Obligations; (ii) any extensions, compromise, refinancing, consolidation or renewals of any Obligation; (iii) any change in the time, place or manner of payment of any of the Obligations or any rescissions, waivers, compromise,
refinancing, consolidation or other amendments or modifications of any of the terms or provisions of the Credit Agreement, the Note, the other Loan Documents or any other agreement evidencing, securing or otherwise executed in connection with any of
the Obligations, (iv) the addition, substitution or release of any entity or other person primarily or secondarily liable for any Obligation; (v) the adequacy of any rights which any Secured Party may have against any collateral security
or other means of obtaining repayment of any of the Obligations; (vi) the impairment of any collateral securing any of the Obligations, including without limitation the failure to perfect or preserve any rights which any Secured Party might
have in such collateral security or the substitution, exchange, surrender, release, loss or destruction of any such collateral security; or (vii) any other act or omission which might in any manner or to any extent vary the risk of the
Guarantor or otherwise operate as a release or discharge of the Guarantor, all of which may be done without notice to the Guarantor. To the fullest extent permitted by law, the Guarantor hereby expressly waives any and all rights or defenses arising
by reason of (A) any “one action” or “anti-deficiency” law which would otherwise prevent any Secured Party from bringing any action, including any claim for a deficiency, or exercising any other right or remedy (including
any right of set-off), against the Guarantor before or after such Secured Party’s commencement or completion of any foreclosure action, whether judicially, by exercise of power of sale or otherwise, or (B) any other law which in any other
way would otherwise require any election of remedies by any Secured Party. 
 5. Unenforceability of Obligations Against
Borrower. If for any reason the Borrower has no legal existence or is under no legal obligation to discharge any of the Obligations, or if any of the Obligations have become irrecoverable from the Borrower by reason of the Borrower’s
insolvency, bankruptcy or reorganization or by other operation of law or for any other reason, this Guaranty shall nevertheless be binding on the Guarantor to the same extent as if the Guarantor at all times had been the principal obligor on all
such Obligations. In the event that acceleration of the time for payment of any of the Obligations is stayed upon the insolvency, bankruptcy or reorganization of the Borrower, or for any other reason, all such amounts otherwise subject to
acceleration under the terms of the Credit Agreement, the Notes, the other Loan Documents or any other agreement evidencing, securing or otherwise executed in connection with any Obligation shall be immediately due and payable by the Guarantor.

  
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 6. Subrogation; Subordination. 

6.1. Waiver of Rights Against Borrower. Until the final payment and performance in full of all of the
Obligations, the Guarantor shall not exercise and hereby waives any rights against the Borrower arising as a result of payment by the Guarantor hereunder, by way of subrogation, reimbursement, restitution, contribution or otherwise, and will not
prove any claim in competition with any Secured Party in respect of any payment hereunder in any bankruptcy, insolvency or reorganization case or proceedings of any nature; the Guarantor will not claim any setoff, recoupment or counterclaim against
the Borrower in respect of any liability of the Guarantor to the Borrower; and the Guarantor waives any benefit of and any right to participate in any collateral security which may be held by any Secured Party. 

6.2. Subordination. The payment of any amounts due with respect to any indebtedness of the Borrower for
money borrowed or credit received now or hereafter owed to the Guarantor is hereby subordinated to the prior payment in full of all of the Obligations. The Guarantor agrees that, after the occurrence of any default in the payment of any of the
Obligations, the Guarantor will not demand, sue for or otherwise attempt to collect any such indebtedness of the Borrower to the Guarantor until all of the Obligations shall have been paid in full. If, notwithstanding the foregoing sentence, the
Guarantor shall collect, enforce or receive any amounts in respect of such indebtedness while any Obligations are still outstanding, such amounts shall be collected, enforced and received by the Guarantor as trustee for the Secured Parties and be
paid over to the Administrative Agent, for the benefit of the Secured Parties, on account of the Obligations without affecting in any manner the liability of the Guarantor under the other provisions of this Guaranty. Nothing in this Guaranty shall
restrict the advance or payment of any extension of credit or financial accommodation by the Guarantor to or for the account of the Borrower prior to any default in the payment of the Obligations. 

6.3. Provisions Supplemental. The provisions of this §6 shall be supplemental to and not in derogation
of any rights and remedies of the Secured Parties under any separate subordination agreement which the Administrative Agent may at any time and from time to time enter into with the Guarantor for the benefit of the Secured Parties. 

7. Setoff. Regardless of the adequacy of any collateral security or other means of obtaining payment of any of the
Obligations, if a payment default or Event of Default shall have occurred and be continuing, each of the Secured Parties and their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by
applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Secured Party or any
such Affiliate to or for the credit or the account of the Guarantor against any and all of the obligations of the Guarantor now or 

  
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hereafter existing under this Guaranty to such Secured Party, irrespective of whether or not such Secured Party shall have made any demand under this Guaranty and although such obligations of the
Guarantor may be contingent or unmatured or are owed to a branch or office of such Secured Party different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Secured Party and their respective
Affiliates hereunder are in addition to other rights and remedies (including other rights of setoff) that such Secured Party or their respective Affiliates may have. Each Secured Party agrees to notify the Guarantor and the Administrative Agent
promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application. 
 8. Further Assurances. The Guarantor agrees that it will from time to time, at the request of the Administrative Agent, do all such things and execute all such documents as the
Administrative Agent may consider necessary or desirable to give full effect to this Guaranty and to perfect and preserve the rights and powers of the Secured Parties and the Administrative Agent hereunder. The Guarantor acknowledges and confirms
that the Guarantor itself has established its own adequate means of obtaining from the Borrower on a continuing basis all information desired by the Guarantor concerning the financial condition of the Borrower and that the Guarantor will look to the
Borrower and not to the Administrative Agent or any other Secured Party in order for the Guarantor to keep adequately informed of changes in the Borrower’s financial condition. 

9. Termination; Reinstatement. This Guaranty shall remain in full force and effect as to the Guarantor until the
Administrative Agent is given written notice of the Guarantor’s intention to discontinue this Guaranty, notwithstanding any intermediate or temporary payment or settlement of the whole or any part of the Obligations. No such notice shall be
effective unless received and acknowledged by an officer of the Administrative Agent at the address of the Administrative Agent for notices set forth in Section 10.02 of the Credit Agreement. No such notice shall affect any rights of any
Secured Party, including without limitation the rights set forth in §§4 and 6, with respect to any Obligations incurred or accrued prior to the receipt of such notice or any Obligations incurred or accrued pursuant to any contract or
commitment in existence prior to such receipt. This Guaranty shall continue to be effective or be reinstated, notwithstanding any such notice, if at any time any payment made or value received with respect to any Obligation is rescinded or must
otherwise be returned by any Secured Party upon the insolvency, bankruptcy or reorganization of the Borrower, or otherwise, all as though such payment had not been made or value received. 

10. Successors and Assigns. This Guaranty shall be binding upon the Guarantor, its successors and assigns, and shall inure
to the benefit of the Secured Parties and their respective successors, transferees and assigns. Without limiting the generality of the foregoing sentence, each Secured Party may assign or otherwise transfer the Credit Agreement, the Notes, the other
Loan Documents or any other agreement or note held by it evidencing, securing or otherwise executed in connection with the Obligations, or sell participations in any interest therein, to any other entity or other person, and such other entity or
other person shall thereupon become vested, to the extent set forth in the agreement evidencing such assignment, transfer or participation, with all the rights in respect thereof granted to such Secured Party herein, all in accordance with the
Credit Agreement. The Guarantor many not assign any of its obligations hereunder. 

  
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 11. Amendments and Waivers. No amendment or waiver of any provision of this
Guaranty nor consent to any departure by the Guarantor therefrom shall be effective unless the same shall be in writing and signed by the Administrative Agent with the consent of the Required Lenders (if required). No failure on the part of any
Secured Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other
right. 
 12. Notices. All notices and other communications called for hereunder shall be made in writing and,
unless otherwise specifically provided herein, shall be deemed to have been duly made or given when delivered by hand or mailed first class, postage prepaid, or, in the case of telegraphic or telexed notice, when transmitted, answer back received,
addressed as follows: if to the Guarantor, at the address set forth beneath its signature hereto, and if to the Administrative Agent, at the address for notices to the Administrative Agent set forth in Section 10.02 of the Credit Agreement, or
at such address as either party may designate in writing to the other. 
 13. Governing Law; Consent to
Jurisdiction. THIS GUARANTY IS INTENDED TO TAKE EFFECT AS A SEALED INSTRUMENT AND SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS. The Guarantor agrees that any suit for the enforcement
of this Guaranty may be brought in the courts of the Commonwealth of Massachusetts or any federal court sitting therein and consents to the nonexclusive jurisdiction of such court and to service of process in any such suit being made upon the
Guarantor by mail at the address specified by reference in §12. The Guarantor hereby waives any objection that it may now or hereafter have to the venue of any such suit or any such court or that such suit was brought in an inconvenient court.

 14. Waiver of Jury Trial. THE GUARANTOR AND EACH SECURED PARTY, BY ITS ACCEPTANCE OF THIS GUARANTY, EACH HEREBY
WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS GUARANTY, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF ANY OF SUCH RIGHTS OR OBLIGATIONS. Except as prohibited by
law, the Guarantor hereby waives any right which it may have to claim or recover in any litigation referred to in the preceding sentence any special, exemplary, punitive or consequential damages or any damages other than, or in addition to, actual
damages. The Guarantor (i) certifies that neither the Administrative Agent or any other Secured Party nor any representative, agent or attorney of the Administrative Agent or any other Secured Party has represented, expressly or otherwise, that
the Administrative Agent or any other Secured Party would not, in the event of litigation, seek to enforce the foregoing waivers and (ii) acknowledges that, in entering into the Credit Agreement and the other Loan Documents to which the
Administrative Agent or any Secured Party is a party, the Administrative Agent and the other Secured Parties are relying upon, among other things, the waivers and certifications contained in this §14. 

  
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 15. Miscellaneous. This Guaranty constitutes the entire agreement of the
Guarantor with respect to the matters set forth herein. The rights and remedies herein provided are cumulative and not exclusive of any remedies provided by law or any other agreement, and this Guaranty shall be in addition to any other guaranty of
or collateral security for any of the Obligations. The invalidity or unenforceability of any one or more sections of this Guaranty shall not affect the validity or enforceability of its remaining provisions. Captions are for the ease of reference
only and shall not affect the meaning of the relevant provisions. The meanings of all defined terms used in this Guaranty shall be equally applicable to the singular and plural forms of the terms defined. 

  
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 IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be executed and
delivered as of the date first above written. 
  

					
	ANA/DVENATURE 3 CORPORATION
		
	 By:
	 	 /s/ Michael L. Levitz

	 Name: Michael L. Levitz

	Title: Treasurer

  
 -8-Pledge Agreement

 Exhibit 10.3 
 October 11, 2011 
 PLEDGE AGREEMENT 

between 
 Analogic Corporation

 as Pledgor 
 and 

Sovereign Bank 
 as Pledgee 

over the shares and preferred equity certificates of 
 Analogic Holding Luxembourg S.à.r.l 
 as the Company 

 TABLE OF CONTENTS 

 

							
	 1.
	  	Definition and interpretation	  	 	4	  
	 2.
	  	Pledge	  	 	6	  
	 3.
	  	Perfection of the pledge	  	 	7	  
	 4.
	  	Effectiveness of the pledge	  	 	8	  
	 5.
	  	Liquidation, recapitalization, etc.	  	 	9	  
	 6.
	  	Representation, warranties and covenants	  	 	10	  
	 7.
	  	Rights to dividends, yields and voting rights	  	 	11	  
	 8.
	  	Enforcement of the pledge	  	 	12	  
	 9.
	  	Application of proceeds, termination and release of security	  	 	14	  
	 10.
	  	Rights of recourse	  	 	14	  
	 11.
	  	Liability and indemnity	  	 	15	  
	 12.
	  	Fees and expenses	  	 	15	  
	 13.
	  	Waivers	  	 	15	  
	 14.
	  	Notices	  	 	15	  
	 15.
	  	Amendments and severability	  	 	16	  
	 16.
	  	Further assurance – Power of attorney	  	 	16	  
	 17.
	  	Governing law and jurisdiction	  	 	16	  
	 18.
	  	Counterparts	  	 	16	  

  
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 This pledge agreement (hereafter the “Agreement”) is made on October 11, 2011.

 between the undersigned 

Analogic Corporation, a company incorporated under the laws of the Commonwealth of Massachusetts, United States of America, and having its
principal place of business at 8 Centennial Drive, Peabody, Massachusetts 01960, United States of America 
 (hereafter referred to as the
“Pledgor”), 
 and 
 Sovereign Bank, in its capacity as administrative agent for itself, the Lenders, and the other Secured Parties (as defined in the Facility Agreement) having its principal place of business at 75
State Street, MA1-SST-05-16, Boston, Massachusetts 02109, United States of America 
 (hereafter referred to as the “Pledgee”),

 Both parties hereinafter referred to as the “Parties” or individually as a “Party”. 

in the presence of 
 Analogic Holding
Luxembourg S.a.r.l, a société à responsabilité limitée (private limited liability company ) incorporated under the laws of the Grand Duchy of Luxembourg, having its registered office at 5 rue Guillaume
Kroll, and registered with the Luxembourg Trade and Companies Register under number B 102.751, 
 (hereafter referred to as the
“Company”), 
 WHEREAS 
  

	(a)	Pursuant to the terms and conditions of that certain Credit Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to
time, the “Facility Agreement”), among the Pledgor as the borrower (the “Borrower”), the Pledgee as Administrative Agent, the Lenders, and certain other parties thereto, certain loan facilities have been made
available to the Borrower. 

  

	(b)	As a condition precedent to the Lenders and the L/C Issuer making loans or otherwise extending credit to the Borrower under the Facility Agreement and the other Secured
Parties extending credit to the Loan Parties under the Secured Cash Management Agreements and the Secured Hedge Agreements, the Pledgor has agreed to grant, as security for the Obligations, 65% of the shares in the capital of the Company and 65% of
the preferred equity certificates issued by the Company, to and in favour of the Pledgee, for the benefit of the Secured Parties, and to enter into this Agreement granting a first ranking pledge, over all Pledged Assets (as defined below);

  
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 NOW, THEREFORE, THE PARTIES HAVE AGREED AS FOLLOWS: 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1.	Recitals 

 The recitals
(a) through (b) are an integral part hereof. 
  

	1.2.	Definitions 

  

	(a)	In this Agreement, terms defined in the Facility Agreement and not defined otherwise in this Agreement have the meaning set out in the Facility Agreement and, in
addition, unless the contrary intention appears or the context otherwise requires: 

 “Agreement”
means this pledge agreement; 
 “Business Day” means a day (other than a Saturday or Sunday or a public holiday)
on which commercial banks are open for general business in Boston, London, and Luxembourg; 
 “Cash Collateral”
shall have the meaning given to such term under Clause 5.2 of this Agreement; 
 “Cash Collateral Account” shall
have the meaning given to such term under Clause 5.2 of this Agreement; 
 “Company” refers to Analogic Holding
Luxembourg S.a.r.l as described above; 
 “Companies Law” means the Luxembourg law dated August 10, 1915 on
commercial companies, as amended; 
 “Event of Default” has the meaning specified therefore in the Facility
Agreement; 
 “Law of 2005” shall have the meaning given to such term under Clause 3(a) of this Agreement;

 “Luxembourg” means the Grand Duchy of Luxembourg; 

“Obligations” has the meaning specified therefore in the Facility Agreement; 

“PECs” means 100% of the preferred equity certificates, being 329,771.69 (three hundred twenty-nine thousand seven
hundred seventy-one point six nine) Tranche A preferred equity certificates issued by the Company and 3,553,252.35 (three million five hundred fifty-three thousand two hundred fifty-two point three five) Tranche B preferred equity certificates
issued by the Company, or other Tranche A or Tranche B PECs to be issued in the future which the Pledgor may subscribe to, acquire or be granted at any time in the future, governed by the terms and conditions of PECs; 

“Pledge” shall have the meaning given to such term under Clause 2 of this Agreement; 

  
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 “Pledgor” refers to Analogic Corporation as described above; 

“Pledgee” refers to Sovereign Bank as described above; 

“Pledged Assets” means the Pledged Shares, Pledged PECs, the Related Assets, the Cash Collateral Account and all of the
Cash Collateral pledged hereunder; 
 “Pledged PECs” means the 214,351.5985 (two hundred fourteen thousand three
hundred fifty one point five nine eight five) Tranche A PECs and 2,309,614.0275 (two million three hundred nine thousand six hundred fourteen point zero two seven five) Tranche B PECs as more fully described on Schedule A hereto, held by the
Pledgor in the Company and representing, on the date of this Agreement, 65% of the issued Tranche A and Tranche B PEC of the Company, as well as any PEC to be issued in the future by the Company which the Pledgor may subscribe to, acquire or be
granted at any time in the future (provided, however, notwithstanding anything to the contrary, the Pledgor shall only be required to pledge 65% of the PEC of the Company) and, generally, 65% of all PEC of the Company now or at any time hereafter
owned by the Pledgor; 
 “Pledged Shares” means the 325 (three hundred twenty-five) shares of the Company of
every class, as more fully described in Schedule A hereto, held by the Pledgor in the Company, representing, on the date of this Agreement, 65% of the issued, fully paid-up and subscribed whole shares of the Company, as well as the securities
acquired or offered in substitution for such shares and any other shares or securities which may be subscribed by the Pledgor in the case of an increase of share capital of the Company following an exchange, merger, consolidation, division, issue of
stock dividend, subscription for cash or otherwise (provided, however, notwithstanding anything to the contrary, the Pledgor shall only be required to pledge 65% of the Shares of the Company) and, generally, 65% of all shares in the capital of the
Company now or at any time hereafter owned by the Pledgor, provided however that the Shares are pledged only for a number of whole shares that would be closest to (but not exceeding) 65% of the total number of Shares; 

“Related Assets” means all future dividends, yields, and all interests and other monies remaining payable to the Pledgor
in respect of the Pledged Shares and of the Pledged PECs and all other rights, benefits and proceeds in respect of or derived from the Pledged Shares or Pledged PECs (whether by way of redemption, bonus, preference, option, substitution, conversion,
disposal or otherwise); 
 “Rights of Recourse” means all and any rights, actions or claims the Pledgor may have
by way of subrogation against the Company or any other person having granted security or given a guarantee for or being liable for the payment of some or all the Obligations, arising under or pursuant to the enforcement of this Agreement, including,
in particular, the Pledgor’s right of recourse against such persons, or any of them, under the terms of Article 2028 et seq. of the Luxembourg Civil Code (including, for the avoidance of doubt, any right of recourse prior to
enforcement), or any right of recourse by way of subrogation or any other similar right, action or claim under any applicable law; 
 “Securities Act” shall have the meaning given to such term under Clause 8.3 of this Agreement; 
 “Security Period” means the period beginning on the date of this Agreement and ending on the earlier of (i) the date upon which all the Obligations have been fully and irrevocably
satisfied, in 

  
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accordance with the provisions of the Facility Agreement, the Secured Cash Management Agreements and the Secured Hedge Agreements, as applicable, and each of the Facility Agreement, each Secured
Cash Management Agreement and each Secured Hedge Agreement has been terminated, and (ii) the release of this Pledge in accordance with Section 9.10 of the Facility Agreement; 

“Shares” means the 501 (five hundred one) shares with a nominal value of EUR 100 each issued by the Company and
representing, on the date of this Agreement, 100% of the issued, fully paid-up and subscribed shares of the Company, or any other shares to be issued in the future which the Pledgor may subscribe to, acquire or be granted at any time in the future;

 “Time Deposits” shall have the meaning given to such term under Clause 5.2 of this Agreement. 

“UCC” shall have the meaning given to such term under Clause 8.1 of this Agreement. 

 

	(b)	Clause headings are inserted for convenience of reference only and shall be ignored in the construction of this Agreement. Clauses, paragraphs and Schedules shall be
construed as references to clauses and paragraphs of, and Schedules to, this Agreement. 

  

	(c)	Words importing the singular shall include the plural and vice-versa; any gender shall include the other genders. 

 

	(d)	References to a document in this Agreement are references to such document as amended, novated or supplemented. References to this Agreement or to any other document
include references to this Agreement or such other document as varied in any manner from time to time, even if changes are made to the composition of the Parties to this Agreement or such other document or to the nature or amount of any loans made
available under such other document. 

  

	(e)	The “Pledgor” or the “Pledgee” shall be construed so as to include its successors in title, permitted assigns and permitted
transferees. 

  

	2.	PLEDGE 

  

	(a)	Until the expiry of the Security Period, pursuant to the terms of this Agreement, the Pledgor hereby irrevocably and unconditionally grants a continuing first-ranking
pledge (nantissement de premier rang) in favour of the Pledgee on the Pledged Assets (the “Pledge”) for the due and full payment and discharge of all the Obligations and the Pledgee hereby accepts the Pledge.

  

	(b)	 In case the Pledgor shall acquire any additional Shares or PECs of the Company or any corporation or other entity which is the successor of the
Company, or any securities exchangeable for or convertible into Shares, whether by purchase, stock dividend, stock split or otherwise, the Pledgor shall promptly notify the Pledgee of such event(s) and, in addition, such Shares, PECs, or other
securities shall immediately and without any further action by any of the Parties or the Company be subject to the pledge, assignment and security interest granted to the Pledgee, for the benefit of the Secured Parties, under this Agreement and the
Company shall promptly formalize such Pledge in the same manner as the Pledge of the current Pledged PECs and Pledged Shares by registering the Pledge in its shareholders register and / or its PECs register, as the case may be, provided, however,
notwithstanding anything to the contrary contained in this Clause 2(b), the 

  
 6 

	 	
Company shall only be required to pledge 65% of the Shares, PECs, or such other securities, provided however that the Shares are pledged only for a number of whole shares that would be closest to
(but not exceeding) 65% of the total number of Shares. After any adjustment of the amount of PECs or Shares of the Company during the term of this Agreement, the percentage of Pledged Shares shall be the same percentage as the percentage of Pledged
PECs, and Schedule A hereto shall be updated to list the Pledged Shares and Pledged PECs or other securities that are pledged at that time. 

  

	3.	PERFECTION OF THE PLEDGE 

  

	(a)	The Pledge shall by virtue of the execution of this Agreement by the Company be acknowledged and accepted by it and shall forthwith be registered in the
shareholders’ register and the PECs register of the Company at the date of execution of this Agreement, in accordance with the law on collateral arrangements dated August 5, 2005 as amended (the “Law of 2005”).

  

	(b)	The Company by executing this Agreement hereby expressly: 

  

	 	(i)	acknowledges and accepts the Pledge; 

  

	 	(ii)	undertakes to enter the Pledge forthwith in its shareholders’ register by making the following inscription: 

“Pursuant to a pledge agreement dated October     , 2011 by and between Analogic Corporation as
Pledgor, Sovereign Bank as Pledgee and Analogic Holding Luxembourg S.a.r.l as the Company (the “Pledge Agreement”), all the Pledged Shares (as defined in the Pledge Agreement), i.e. 325 shares representing 65% of the
Company’s shares held by Analogic Corporation, are pledged as a first ranking security (gage de premier rang) for the benefit of Sovereign Bank as Pledgee).” 

 

	 	(iii)	undertakes to enter the PEC Pledge forthwith in its PECs register by making the following inscription: 

“Pursuant to a pledge agreement dated October     , 2011 by and between Analogic Corporation as
Pledgor, Sovereign Bank as Pledgee and Administrative Agent and Analogic Holding Luxembourg S.à r.l. as the Company (the “Pledge Agreement”), all the Pledged PECs (as defined in the Pledge Agreement) ), i.e.
214,351.5985 Tranche A PECs and 2,309,614.0275 Tranche B PECs representing 65% of the Company’s PECs held by Analogic Corporation, are pledged as a first ranking security (gage de premier rang) for the benefit of Sovereign Bank as Pledgee and
Administrative Agent.” 
  

	(c)	The Pledgor, the Pledgee and the Company instruct and appoint any manager of the Company, each acting individually, to register the Pledge in the shareholders’
register and the PECs register of the Company at the date of execution of this Agreement and to sign such registers. 

  

	(d)	The Pledgor and the Company undertake to promptly provide to the Pledgee a copy of the shareholders’ register and a copy of the PECs register of the Company
evidencing such entry and undertake to reiterate the above steps and formalities every time the Pledge is extended to further Shares or PECs of the Company in accordance with this Agreement. 

  
 7 

	(e)	The Pledgor hereby irrevocably authorises and empowers the Pledgee to cause any formal steps to be taken for the purpose of perfecting the Pledge and, for the avoidance
of doubt, undertakes to take any such steps itself if so directed by the Pledgee. 

  

	(f)	For the avoidance of doubt, the Pledgor, acting as sole shareholder of the Company, hereby accepts the Pledgee or any potential transferee or assignee of the Pledged
Shares as a new shareholder of the Company in case of enforcement of the Pledge for the purpose of article 12 of the Law of 2005. 

  

	4.	EFFECTIVENESS OF THE PLEDGE 

  

	(a)	The Pledge shall be a continuing, first-ranking security, shall not be considered as satisfied or discharged or prejudiced by any intermediate payment, satisfaction or
settlement of any part of the Obligations and shall remain in full force and effect until the expiry of the Security Period. 

  

	(b)	The Pledge shall be cumulative, in addition to and independent of every other security or security interest which the Pledgee may at any time hold as security for the
Obligations or any rights, powers and remedies provided by law and shall not operate so as in any way to prejudice or affect or be prejudiced or affected by any security interest or other right or remedy which the Pledgee may now or at any time in
the future have in respect of the Obligations. 

  

	(c)	The Pledge shall not be prejudiced by any time or indulgence granted to any person, or any abstention or delay by the Pledgee in perfecting or enforcing any security
interest or rights or remedies that the Pledgee may now or at any time in the future have from or against the Pledgor and the Company (or any of them) or any other person. 

 

	(d)	No failure on the part of the Pledgee to exercise, or delay on its part in exercising, any of its rights under this Agreement shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right preclude any further or other exercise of that or any other rights. 

  

	(e)	Neither the obligations of the Pledgor contained in this Agreement nor the rights, powers and remedies conferred upon the Pledgee by the Facility Agreement, this
Agreement or by law, nor the Pledge shall be discharged, impaired or otherwise affected by: 

  

	 	(i)	any amendment to, or any variation, waiver or release of, any obligation of the Company, the Pledgor, or any other person under the Facility Agreement, any documents
delivered in respect thereof; or 

  

	 	(ii)	any failure to take, or to fully take, any security contemplated by the Facility Agreement, any documents delivered in respect thereof or otherwise agreed to be taken
in respect of the Company’s obligations, the Pledgor’ obligations or any other person’s obligations under the Facility Agreement, any documents delivered in respect thereof; or 

 

	 	(iii)	any failure to realise or to fully realise the value of, or any release, discharge, exchange or substitution of, any security taken in respect of the Company’ s
obligations, the Pledgors’ obligations, and the Obligations under the Facility Agreement, any documents delivered in respect thereof; or 

  
 8 

	 	(iv)	any other act, event or omission which, but for this clause 4.(e)(iv) might operate to discharge, impair or otherwise affect any of the obligations of the Pledgor
contained in this Agreement, or any of the rights, powers and remedies conferred upon the Pledgee by the Facility Agreement, any documents delivered in respect thereof, this Agreement, or by law. 

 

	 	(v)	For the avoidance of doubt, the Pledgor hereby expressly waives any rights arising for it (if any) under article 2037 of the Luxembourg Civil Code or any right it may
have of first requiring the Pledgee to proceed against or claim payment from any other person or enforce any guarantee or security before enforcing this Pledge. 

 

	5.	LIQUIDATION, RECAPITALIZATION, ETC. 

  

	5.1.	Distributions Paid to Pledgee. Any sums or other property paid or distributed upon or with respect to any of the Pledged Shares and /or Pledged PECs, whether by
dividend or redemption or upon the liquidation or dissolution of the Company thereof or otherwise, shall, except to the limited extent provided in Clause 7, be immediately paid over and delivered to the Pledgee to be held by the Pledgee, for the
benefit of the Secured Parties, as security for the payment and performance in full of all of the Obligations. Except to the limited extent provided in Clause 7, in case, pursuant to the liquidation, dissolution, recapitalization or reclassification
or otherwise of the capital of the Company or pursuant to the reorganization thereof, any distribution of capital shall be made on or in respect of any of the Pledged Shares and /or Pledged PECs or any property shall be distributed upon or with
respect to any of the Pledged Shares and /or Pledged PECs, the property so distributed shall be delivered to the Pledgee, for the benefit of the Secured Parties, to be held by it as security for the Obligations, provided, notwithstanding anything to
the contrary in this Clause 5.1, any additional Shares or PECs issued or distributed hereby shall be governed by the provisions of Clause 2(b) above. Except to the limited extent provided in Clause 7, all sums of money and property paid or
distributed in respect of the Pledged Shares and /or Pledged PECs as provided in this Clause 5.1 that are received by the Pledgor shall, until paid or delivered to the Pledgee, be held in trust for the Pledgee, for the benefit of the Secured
Parties, as security for the payment and performance in full of all of the Obligations. 

  

	5.2.	 Cash Collateral Account. All sums of money that are delivered to the Pledgee pursuant to this Clause 5 shall be immediately deposited into an
interest bearing account with the Pledgee or, if the Pledgee is not the depositary bank, to an interest bearing account in the name of the Pledgee, for the benefit of the Secured Parties, as customer with a depositary bank satisfactory to the
Pledgee (any such account, whether maintained with the Pledgee or in the Pledgee’s name as customer being herein referred to as the “Cash Collateral Account”). Some or all of the funds from time to time in the Cash Collateral
Account may be invested in time deposits, including, without limitation, certificates of deposit issued by the Pledgee (such certificates of deposit or other time deposits being hereinafter referred to, collectively, as “Time
Deposits”), that are satisfactory to the Pledgee after consultation with the Pledgor, provided, that, in each such case, arrangements satisfactory to the Pledgee are made and are in place to perfect and to insure the first priority of the
Pledgee’s security interest therein. Interest earned on the Cash Collateral Account and on the Time Deposits, and the principal of the Time Deposits at maturity that is not invested in new Time Deposits, shall be deposited in the Cash
Collateral Account. The Cash Collateral Account, all sums from time to time standing to the credit of the Cash Collateral 

  
 9 

	 	
Account, any and all Time Deposits, any and all instruments or other writings evidencing Time Deposits and any and all proceeds of any thereof are hereinafter referred to as the “Cash
Collateral.” 

  

	5.3.	Pledgor’s Rights to Cash Collateral, etc. Except as otherwise expressly provided in Clause 9.2, the Pledgor shall have no right to withdraw sums from the
Cash Collateral Account, to receive any of the Cash Collateral or to require the Pledgee to part with the Pledgee’s possession of any instruments or other writings evidencing any Time Deposits. 

 

	6.	REPRESENTATIONS, WARRANTIES AND COVENANTS 

  

	6.2	Representations and warranties 

 6.1.1 Each of the Parties hereby warrants, represents and undertakes, solely as to itself and not as to any other Party, to the other that: 

 

	 	(i)	it has the legal right and full power and authority to execute and deliver, and to exercise its rights and perform its obligations under, this Agreement and has
obtained all necessary authorisations and consents to enable it to do so; 

  

	 	(ii)	all corporate or other similar action required to validly and duly authorise the execution and delivery of, and the exercise of its rights and performance of its
obligations under this Agreement, has been duly taken; 

  

	 	(iii)	the execution and performance of this Agreement does not and will not breach its articles of association or other constitutional documents or any agreement or
obligation by which it is bound or violate any applicable law; and 

  

	 	(iv)	this Agreement (when executed) will constitute its valid and binding obligations enforceable in accordance with its terms. 

 

	 	6.1.2	The Pledgor hereby also declares and warrants that: 

  

	 	(i)	the Pledgor is the due and sole owner of the Pledged Shares and the Pledged PECs; 

 

	 	(ii)	the Pledged Shares represent, on the date of execution of this Agreement, 65% of the total number of shares issued by the Company and the Pledged PECs represent, on the
date of execution of this Agreement, 65% of the total number of PECs issued by the Company; 

  

	 	(iii)	the information set forth in the Definitions in Clause 1.2 hereto relating to the Shares and PECs is true and correct, in all material respects;

  

	 	(iv)	there exist no pre-emption rights, no other rights by virtue of which any person may be entitled to demand one or more of the Pledged Shares and /or Pledged PECs;

  

	 	(v)	there is no mortgage, pledge, charge, option, lien, encumbrance or any other security interests or third party rights over or affecting the Pledged Shares and / or
Pledged PECs, except as created by this Agreement; 

  
 10 

	 	(vi)	the Pledged Shares and Pledged PECs are not the object of a dispute or claim; 

 

	 	(vii)	the Pledge, when perfected, constitutes a valid, first-ranking security interest (“nantissement de premier rang”) over the Pledged Assets not subject
to any prior or pari passu security interest. 

  

	6.2	Covenants 

 During the
Security Period, unless the Pledgee otherwise consents in writing in advance and save to the extent expressly permitted by the Facility Agreement, the Pledgor hereby undertakes that it will: 

 

	 	(i)	use its best efforts to procure that the Company maintains adequate records concerning the Pledged Shares and Pledged PECs pursuant to this Agreement;

  

	 	(ii)	promptly take any action that is necessary from time to time to maintain and ensure the validity and perfection of the security interest created hereunder and not do or
cause or permit to be done anything, which would be reasonably likely to, directly or indirectly, adversely affect the validity of the security interest created hereunder or its enforceability by the Pledgee, or which is inconsistent with or
materially depreciates, jeopardises or otherwise prejudices the security created by this Agreement; 

  

	 	(iii)	not sell, assign, transfer, dispose of, pledge or otherwise encumber hereafter, the whole or any part of the Pledged Shares and / or Pledged PECs to anyone or any
interests therein save to the extent permitted by the Facility Agreement; 

  

	 	(iv)	assist, and cause the Company to assist, the Pledgee and generally make commercially reasonable efforts to obtain all necessary consents, approvals and authorisations
from any relevant person(s) and/or authorities in order to permit the exercise by the Pledgee of its rights and powers under this Agreement upon enforcement of the Pledge. 

 

	7.	RIGHTS TO DIVIDENDS, YIELDS AND VOTING RIGHTS 

  

	7.1	Until the occurrence of an Event of Default which is continuing, the Pledgor shall remain the owner of the Pledged Shares and / or of the Pledged PECs and shall be
entitled to receive and apply all Related Assets. Upon the occurrence of an Event of Default which is continuing, provisions of Clause 5 shall apply. 

  

	7.2	Until the occurrence of an Event of Default which is continuing, and subject to the provisions of the Facility Agreement, the Pledgor shall be entitled to exercise all
voting rights in relation to the Pledged Shares in a manner which does not materially and adversely affect this Pledge, cause an Event of Default to occur, or vary the rights attaching to or conferred by all or any part of the Pledged Assets. Until
the occurrence of an Event of Default, the Pledgor shall be entitled to cause the issuance of further shares as provided in Clause 2.2. 

  
 11 

	7.3	The Pledgee shall be entitled, after an Event of Default has occurred which is continuing, to exercise the voting rights in the Pledged Shares (to the extent permitted
by law), or to request the Pledgor to appoint the Pledgee (or any person designated to the Pledgor by the Pledgee) as the Pledgor’s irrevocable proxy to represent the Pledgor at shareholders’ meetings and exercise the voting rights in any
manner the Pledgee deems fit for the purpose of protecting and/or enforcing its rights hereunder. The Pledgor shall do whatever is necessary in order to ensure that the exercise of the voting rights in these circumstances is facilitated and becomes
possible for the Pledgee or such other person, including the issuing of a written proxy in any form required under applicable law. 

  

	7.4	The Pledgor hereby expressly acknowledges that, if a power of attorney has been granted pursuant to the provisions of Clause 7.3, the Pledgee or such other person shall
be totally and unconditionally authorised to exercise the voting rights attached to the Pledged Shares in any manner necessary or useful for the purposes of ensuring the complete satisfaction of the Obligations and hereby waives each and any claim
it may have in this respect, in particular with respect to the liability of the Pledgee or such other person (save for events of wilful misconduct or gross negligence). 

 

	8.	ENFORCEMENT OF THE PLEDGE 

  

	8.1	In General. After an Event of Default has occurred which is continuing, and provided such Event of Default has not been remedied or waived in accordance with the
terms of the Facility Agreement or this Agreement, as the case may be, the Pledgee shall be entitled to exercise immediately and without further notice (mise en demeure) its rights and powers under this Agreement, the applicable provisions of
Luxembourg law, and, in addition, to the extent that it does not conflict with Luxembourg law, the rights and remedies of a secured party under the Uniform Commercial Code as in effect in the Commonwealth of Massachusetts in the United States of
America (the “UCC”), and in particular: 

  

	 	(i)	to appropriate the Pledged Shares and Pledged PECs at a price to be determined as the higher of (i) the fair market value, or (ii) on the basis of the net
asset value of the Company; such values will be determined on the basis of the last published annual accounts of the Company (or such more recent or appropriate finance documentation) and such other elements as may be relevant for the determination
of such values by an independent external auditor (réviseur d’entreprises agréé) to be appointed by the Pledgee among the approved statutory auditors’ list (registre public des réviseurs d’entreprises
agréés) available on the website of the Commission de Surveillance du Secteur Financier; or 

  

	 	(ii)	to sell or cause the Pledged Shares and Pledged PECs to be sold in a transaction at arms’ length conditions (conditions commerciales normales) (which shall
mean in particular at a price at least equal to the value determined pursuant to 8.1(i) above); or 

  

	 	(iii)	request a judicial decision that the Pledged Assets shall be attributed to the Pledgee in discharge or partial discharge of the Obligations following a valuation of the
Pledged Assets made by a court-appointed expert; or 

  

	 	(iv)	proceed to a set-off between the Obligations and the Pledged Shares according to the valuation method as set fourth under (i) above; or 

  
 12 

	 	(v)	in general to realise or, as the case may be, to appropriate the Pledged Shares in the most favourable manner permitted by the laws of Luxembourg.

  

	8.2	Sale of Pledged Assets. With reference to Clause 8.1 (ii), the Pledgee may enforce its rights hereunder without any other notice and without compliance with any
other condition precedent now or hereunder imposed by law (all of which are hereby expressly waived by the Pledgor, to the fullest extent permitted by law). The Pledgee may sell any part or all of the Pledged Shares and the Pledged PECs at any
public sale or at private sale,. it being understood that such sale is only possible to the extent that in case of several transferees, each transferee’s ownership percentage of PECs remains identical to its ownership percentage of Shares of
the Company in order to comply with the transfer restrictions provided by Clause 3.4 of the terms and conditions relating to PEC. The Pledgee may apply the cash proceeds actually received from any sale or other disposition to the reasonable expenses
of retaking, holding, preparing for sale, selling and the like, to reasonable attorneys’ fees, travel and all other expenses which may be incurred by the Pledgee in attempting to collect the Obligations or to enforce this Agreement or in the
prosecution or defense of any action or proceeding related to the subject matter of this Agreement, and then to the Obligations pursuant to the terms of the Facility Agreement. Only after such applications, and after payment by the Pledgee of any
amount required by §9-608(a)(1)(C) or §9-615(a)(3) of the UCC, need the Pledgee account to the Pledgor for any surplus. 

  

	8.3	Private Sales. With reference to Clause8.1 (ii), any sale of the Pledged Shares and Pledged PECs shall be made in a commercially reasonable manner, and the
Pledgor agrees to use its best efforts to cause the issuer of the Pledged Shares and Pledged PEC contemplated to be sold, to execute and deliver, and cause the directors and officers of such issuer to execute and deliver, all at the Pledgor’s
expense, all such instruments and documents, and to do or cause to be done all such other acts and things as may be necessary or, in the reasonable opinion of the Pledgee, advisable to exempt such Pledged Share from registration under the provisions
of the Securities Act, and to make all amendments to such instruments and documents which, in the opinion of the Pledgee, are necessary or advisable, all in conformity with the requirements of the Securities Act and the rules and regulations of the
Securities and Exchange Commission applicable thereto. The Pledgor further agrees to use its best efforts, to the extent that it does not conflict with Luxembourg law, to cause such issuer or issuers to comply with the provisions of the securities
or “Blue Sky” laws of any jurisdiction which the Pledgee shall designate and, if required, to cause such issuer to make available to its security holders, as soon as practicable, an earnings statement (which need not be audited) which will
satisfy the provisions of Section 11(a) of the Securities Act. 

  

	8.4	 Pledgor’s Agreements, etc. The Pledgor further agrees, to the extent that it does not conflict with Luxembourg law, to do or cause to be
done all such other acts and things as may be reasonably necessary to make any sales of any portion or all of the Pledged Shares and Pledged PECs pursuant to this Clause 8 valid and binding and in compliance with any and all applicable laws
(including, without limitation, the Securities Act, the Securities Exchange Act of 1934, as amended, the rules and regulations of the Securities and Exchange Commission applicable thereto and all applicable state securities or “Blue Sky”
laws), regulations, orders, writs, injunctions, 

  
 13 

	 	
decrees or awards of any and all courts, arbitrators or governmental instrumentalities, domestic or foreign, having jurisdiction over any such sale or sales, all at the Pledgor’s expense.
The Pledgor further agrees that a breach of any of the covenants contained in this Clause 8 will cause irreparable injury to the Secured Parties, that the Secured Parties have no adequate remedy at law in respect of such breach and, as a
consequence, agrees that each and every covenant contained in this Clause 8 shall be specifically enforceable against the Pledgor by the Pledgee and the Pledgor hereby waives and agrees not to assert any defenses against an action for specific
performance of such covenants. 

  

	8.5	Marshalling. Neither the Pledgee nor any other Secured Party shall be required to marshal any present or future collateral security for (including but not
limited to this Agreement and the Pledged Shares), or other assurances of payment of, the Obligations or any of them, or to resort to such collateral security or other assurances of payment in any particular order. All of the rights of the Pledgee
and the Secured Parties hereunder in respect of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights, however existing or arising. To the extent that it lawfully may, the Pledgor hereby
agrees that it will not invoke any law relating to the marshalling of collateral that might cause delay in or impede the enforcement of the Pledgee’s rights under this Agreement or under any other instrument evidencing any of the Obligations or
under which any of the Obligations is outstanding or by which any of the Obligations is secured or payment thereof is otherwise assured, and to the extent that it lawfully may, the Pledgor hereby irrevocably waives the benefits of all such laws.

  

	9.	APPLICATION OF PROCEEDS, TERMINATION AND RELEASE OF SECURITY 

  

	9.1.	Application of proceeds 

Any monies received by the Pledgee in respect of the Pledged Assets after this Pledge has been enforced shall be applied by the Pledgee to
pay all or any part of the then outstanding Obligations as set forth in the Facility Agreement. In the event the proceeds or any monies received by the Pledgee by virtue of the Pledge’s enforcement lead to any excess remitted to the Pledgee,
the Pledgee shall return to the Pledgor any such excess within thirty (30) Business Days. 
  

	9.2.	Termination and Pledge release 

 Upon expiry of the Security Period, this Agreement shall terminate and the Pledgee shall, at the Pledgor’s request and expense, execute all such documents and do all such things as may be reasonably
necessary to discharge the Pledgor from its liability under the Agreement within five (5) Business Days as from receipt of such request. In addition, the Parties and the Company hereby agree to instruct and appoint any manager of the Company,
each acting individually, as the case may be, to release this Pledge in the shareholders’ register and in the PECs register of the Company. Forthwith upon such release being granted, the Pledgee shall return to the Pledgor any Pledged Assets in
its possession and such Pledgor shall take delivery thereof. 
  

	10.	RIGHTS OF RECOURSE 

 The
Pledgor hereby waives and formally undertakes not to exercise the Rights of Recourse or any other similar rights in any manner (including for the avoidance of doubt, by way of provisional measures such as provisional attachment
(saisie-arrêt conservatoire), by way of set-off or in any other way), nor to take any action or do anything in relation to such Rights of Recourse or other similar rights, except as otherwise permitted in writing by the Pledgee.

  
 14 

 This clause shall remain in full force during the Security Period and shall, to the extent
required, survive any termination or discharge of this Agreement. 
 The Pledgor acknowledges that this waiver is of the essence
for the Pledgee. 
  

	11.	LIABILITY AND INDEMNITY 

  

	11.1	The Pledgee (and its agents, successors and assigns) shall not be liable for any losses arising in connection with the exercise of any of its rights, powers and
discretions hereunder save for liabilities and expenses arising from the gross negligence or wilful default of the Pledgee. 

  

	11.2	The Pledgor will indemnify the Pledgee (and its successors and assigns) and every attorney which may be appointed from time to time in respect of all liabilities and
reasonable expenses incurred by it, him, her or them in the execution of any rights, powers or discretions vested in it, him, her or them pursuant hereto (including the fees and expenses of legal advisers and VAT thereon) save for liabilities and
expenses arising from the gross negligence or wilful default of the Pledgee or its attorney or both. 

  

	12.	FEES AND EXPENSES 

 The
Pledgor shall pay all reasonable out-of-pocket expenses incurred by the Pledgee (including the reasonable fees, charges and disbursements of counsel for the Pledgee), in connection with the preparation, negotiation, execution, delivery and
administration of this Agreement or any amendments, modifications or waivers of the provisions hereof and all reasonable out-of-pocket expenses incurred by the Pledgee (including the fees, charges and disbursements of any counsel for the
Pledgee), in connection with the enforcement or protection of its rights in connection with this Agreement, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of any of the Obligations.

  

	13.	WAIVERS 

 No failure by
either Party to exercise, nor any delay by either Party in exercising, any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof or
the exercise of any other right or remedy. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law. 
  

	14.	NOTICES 

 Any notice given under or in
connection with this Agreement must be given in English. All notices or other communications under this Agreement shall be sent in writing in accordance with the provisions of Section 10.02 of the Facility Agreement. Notices to the Company
shall be sent to the address given at the beginning of this Agreement, with a copy sent to the Pledgor. 

  
 15 

	15.	AMENDMENTS AND SEVERABILITY 

  

	15.1.	Amendments 

 This
Agreement may be amended or waived only with the prior consent in writing of the Parties to this Agreement and any such amendment or waiver will be binding on all Parties. 

 

	15.2.	Severability 

 If any
provision of this Agreement is or becomes prohibited, unenforceable or void in any jurisdiction, this shall not affect the validity or enforceability of any other provision hereof or affect the validity or enforceability of such provision in any
other jurisdiction, but only to the extent as permitted by applicable law. The Parties shall in such case negotiate in good faith to replace the prohibited or unenforceable provision with a provision ensuring a party the same effect. 

 

	16.	FURTHER ASSURANCE – POWER OF ATTORNEY 

 At any time, each Party hereto shall do and execute, or procure to be done and executed, all necessary acts, deeds, documents and things as may be reasonably requested of it by the other Party to give
effect to this Agreement. 
 The Pledgor irrevocably appoints the Pledgee to be its attorney and in its name and on its behalf to
execute, deliver and perfect all documents (including any share transfer forms and other instruments of transfer) and do all things that the Pledgee, acting on behalf of the Pledgor, may consider to be requisite for (a) carrying out any
obligation imposed on the Pledgor under this Agreement or (b) exercising any of the rights conferred to the Pledgee under this Agreement or by law, it being understood that the enforcement of the Pledge over the Pledged Assets must be carried
out as described in clause 7 hereunder. In that case, the Pledgor shall ratify and confirm all things done and all documents executed by the Pledgee in the exercise of this power of attorney. 

 

	17.	GOVERNING LAW AND JURISDICTION 

  

	17.1	Governing law 

 The
present Agreement shall be governed by and construed in accordance with Luxembourg law. 
  

	17.2	Jurisdiction 

 Any dispute
arising in connection with this Agreement shall be submitted to the non-exclusive jurisdiction of the courts of the district of Luxembourg. 
  

	18.	COUNTERPARTS 

 This
Agreement may be executed in any number of counterparts and by way of facsimile exchange of signed pages, all of which together shall constitute one and the same agreement. 

  
 16 

 IN WITNESS THEREOF the Parties hereto have executed the present Agreement in three (3) originals the
day and year first above written, each party acknowledging having received one copy hereof. 
  

	
	 /s/ Michael L. Levitz

	Pledgor: Analogic Corporation
	Name: Michael L. Levitz
	Title: Sr. Vice President, Chief Financial Officer and Treasurer

  

	
	 /s/ Jay L. Massimo

	Pledgee: Sovereign Bank
	Name: Jay L. Massimo
	Title: Senior Vice President

 By signing hereunder for acceptance, the Company acknowledges and accepts the existence of this Agreement and security
interest created hereunder over the Pledged Shares, Pledged PECs and Related Assets for the purposes of Article 5 (3) of the Law of 2005, takes notice of the terms thereof, and undertakes to duly register or allow, respectively grants
sufficient power to, the person(s) designated pursuant to Clause 3 to register forthwith this Pledge in its shareholders register and in the PEC register using the registration wording as set forth in Clause 3. 

 

	
	 /s/ Michael L. Levitz

	The Company: Analogic Holding Luxembourg S.a.r.l
	Name: Michael L. Levitz
	Title: Manager

  
 17 

 SCHEDULE A 

PLEDGED SHARES AND PLEDGED PECS 
  

																	
	 Issuer
	  	 Registered

Owner
	  	 Class of

Securities
	  	Number of
Issued
Securities	 	  	Number of
Pledged
Securities	 	  	Percentage of
Pledged
Securities	 
	 Analogic Holding Luxembourg S.a.r.l.
	  	Analogic Corporation	  	Shares	  	 	501	  	  	 	325	  	  	 	65	% 
	 Analogic Holding Luxembourg S.a.r.l.
	  	Analogic Corporation	  	Preferred Equity Certificates A	  	 	329,771.69	  	  	 	214,351.5985	  	  	 	65	% 
	 Analogic Holding Luxembourg S.a.r.l
	  	Analogic Corporation	  	Preferred Equity Certificates B	  	 	3,553,252.35	  	  	 	2,309,614.0275	  	  	 	65	% 

  
 18

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