Document:

Form of Series B, C and D Warrants

 Exhibit 4.2 
 [FORM OF SERIES [B] [C] [D] WARRANT] 
 STEREOTAXIS, INC. 
 WARRANT TO PURCHASE COMMON STOCK 
 Warrant No.:                      
 Number of Shares of Common Stock:                     

 Date of Issuance: December     , 2008 (“Issuance Date”) 
 Stereotaxis, Inc., a Delaware corporation (the “Company”), hereby certifies that,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, [            ] [            ],
the registered holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, upon surrender of this
Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange, transfer or replacement hereof, the “Warrant”), at any time or times on or after the date hereof but not after 11:59 p.m., New
York time, on the Expiration Date (as defined below), [                    ]
([                    ])1 fully paid
nonassessable shares of Common Stock (as defined below) (the “Warrant Shares”). This Warrant is one of the Warrants to purchase Common Stock (the “SPA Warrants”) issued pursuant to Section 1 of that certain
Securities Purchase Agreement, dated as of December     , 2008 (the “Subscription Date”), by and among the Company and the investors (individually, a “Buyer” and collectively, the
“Buyers”) referred to therein (the “Securities Purchase Agreement”). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings set forth in Section 16. 
 1. EXERCISE OF WARRANT. 
 (a) Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in Section 1(f)), this Warrant may be exercised by the Holder at any time or times on or after the
date hereof, in whole or in part, by (i) delivery of a written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant and (ii) (A) payment to
the Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash or by wire transfer of immediately
available funds or (B) by notifying the Company that this Warrant is being exercised pursuant to a Cashless Exercise (as defined in Section 1(d)). The Holder shall not be required to deliver the original Warrant in 

  

  

	 1
	 [INSERT IN SERIES B WARRANT] [Insert a number of shares equal to pro rata portion of $9,990,000 divided by $4.65]

 [INSERT IN SERIES C & D WARRANT] [Insert number that is equal to the difference between (x) 5 million divided by
$3.25 and (y) 50% of the number of Common Shares (as defined in the Securities Purchase Agreement) issued to the Holder pursuant to the Securities Purchase Agreement] 

 
order to effect an exercise hereunder, but shall deliver the original Warrant within five (5) Business Days after exercising the Warrant in full.
Execution and delivery of the Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number
of Warrant Shares. On or before the first (1st) Business Day following the date on which the Company has received each of the Exercise Notice
and the Aggregate Exercise Price (or notice of a Cashless Exercise) (the “Exercise Delivery Documents”), the Company shall transmit by facsimile an acknowledgment of confirmation of receipt of the Exercise Delivery Documents to the
Holder and the Company’s transfer agent (the “Transfer Agent”). On or before the third (3rd) Trading Day following the
date on which the Company has received all of the Exercise Delivery Documents (the “Share Delivery Date”), the Company shall (X) provided that the Transfer Agent is participating in The Depository Trust Company
(“DTC”) Fast Automated Securities Transfer Program, upon the request of the Holder, credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s
balance account with DTC through its Deposit Withdrawal Agent Commission system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and dispatch by overnight courier to the address as
specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. Upon
delivery of the Exercise Delivery Documents, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant
Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as the case may be. If this Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and
the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later than three
(3) Business Days after any exercise and at its own expense, issue a new Warrant (in accordance with Section 7(d)) representing the right to purchase the number of Warrant Shares issuable immediately prior to such exercise under this
Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but rather the number of shares of Common Stock to be issued shall
be rounded up to the nearest whole number. The Company shall pay any and all taxes which may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant. [INSERT IN SERIES C & D WARRANT ONLY]
[NOTWITHSTANDING ANY PROVISION OF THIS WARRANT TO THE CONTRARY, NO MORE THAN THE MAXIMUM ELIGIBILITY NUMBER OF WARRANT SHARES SHALL BE EXERCISABLE HEREUNDER.] 
 (b) Exercise Price. For purposes of this Warrant, “Exercise
Price” means $[            ]2, subject to adjustment as provided herein.

  

	 2
	 [INSERT IN SERIES B WARRANT] [$4.65] 

 [INSERT IN SERIES C & D WARRANT] [$0.001] 
  

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 (c) Company’s Failure to Timely Deliver Securities. If the Company shall fail
for any reason or for no reason to issue to the Holder within three (3) Trading Days of receipt of the Exercise Delivery Documents, a certificate for the number of shares of Common Stock to which the Holder is entitled and register such shares
of Common Stock on the Company’s share register or credit the Holder’s balance account with DTC for the number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise hereunder or
pursuant to the Company’s obligation pursuant to clause (ii) below, and if on or after such Trading Day the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by
the Holder of shares of Common Stock issuable upon such exercise that the Holder anticipated receiving from the Company (a “Buy-In”), then the Company shall, within three (3) Business Days after the Holder’s request
and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase price (including actual brokerage commissions, if any) for the shares of Common Stock so purchased (the
“Buy-In Price”), at which point the Company’s obligation to deliver such certificate (and to issue such Warrant Shares or credit such Holder’s balance account with DTC) shall terminate, or (ii) promptly
honor its obligation to deliver to the Holder a certificate or certificates representing such Warrant Shares or credit such Holder’s balance account with DTC and pay cash to the Holder in an amount equal to the excess (if any) of the
Buy-In Price over the product of (A) such number of shares of Common Stock, times (B) the Weighted Average Price on the date of exercise. 
 (d) Cashless Exercise. Notwithstanding anything contained herein to the contrary, if the Registration Statement (as defined in the Securities Purchase Agreement) covering the issuance of the Warrant Shares that
are the subject of the Exercise Notice by the Holder pursuant to the 1933 Act (the “Unavailable Warrant Shares”) is not available for the issuance of such Unavailable Warrant Shares, the Holder may only exercise this Warrant in
whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of shares
of Common Stock determined according to the following formula (a “Cashless Exercise”): 
  

					
	Net Number =	  	(A x B) - (A x C)	  	
		  	B	  	

 For purposes of the foregoing formula: 
  

					
	A	 	=	 	the total number of shares with respect to which this Warrant is then being exercised.
			
	B	 	=	 	the Weighted Average Price of the shares of Common Stock (as reported by Bloomberg) on the date immediately preceding the date of the Exercise Notice.

  

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	C	 	=	 	the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 (e) Disputes. In the case of a dispute as to the determination of the
Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in accordance with Section 12. 
 (f) Limitations on Exercises. 
 (i) Beneficial Ownership. The Company shall not effect the exercise of this Warrant, and the Holder shall not have the right to exercise this Warrant, to the extent that after giving effect to such exercise, such Person (together
with such Person’s affiliates) would beneficially own in excess of 4.99% the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing
sentence, the aggregate number of shares of Common Stock beneficially owned by such Person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such
sentence is being made, but shall exclude shares of Common Stock which would be issuable upon (x) exercise of the remaining, unexercised portion of this Warrant beneficially owned by such Person and its affiliates and (y) exercise or
conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such Person and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants)
subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with
Section 13(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”). For purposes of this Warrant, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding
shares of Common Stock as reflected in (1) the Company’s most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing with the Securities and Exchange Commission (“SEC”) as the case may be,
(2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written or oral request
of the Holder, the Company shall within one (1) Business Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined
after giving effect to the conversion or exercise of securities of the Company, including the SPA Warrants, by the Holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. By written notice
to the Company, the Holder may from time to time increase or decrease the Maximum Percentage to any other percentage not in excess of 9.99% 

  

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specified in such notice; provided that (i) any such increase will not be effective until the sixty-first (61st) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the other holder and not to any Holder of SPA Warrants. The
provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 1(f)(i) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with
the intended beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. 
 (ii) Principal Market Regulation. The Company shall not be obligated to issue any shares of Common Stock upon exercise of this Warrant and no Buyer shall be entitled to receive any shares of Common Stock if the
issuance of such shares of Common Stock would exceed that number of shares of Common Stock which the Company may issue upon exercise of the SPA Warrants or otherwise without breaching the Company’s obligations under the rules or
regulations of any applicable Eligible Market (the “Exchange Cap”), except that such limitation shall not apply in the event that the Company (A) obtains the approval of its shareholders as required by the applicable rules of
the Eligible Market for issuances of shares of Common Stock in excess of such amount or (B) obtains a written opinion from outside counsel to the Company that such approval is not required, which opinion shall be reasonably satisfactory to the
Required Holders. Until such approval or written opinion is obtained, no Buyer shall be issued in the aggregate, upon exercise of any SPA Warrants, shares of Common Stock in an amount greater than the product of the Exchange Cap multiplied by a
fraction, the numerator of which is the total number of shares of Common Stock underlying the SPA Warrants issued to such Buyer pursuant to the Securities Purchase Agreement on the Issuance Date and the denominator of which is the aggregate number
of shares of Common Stock underlying the SPA Warrants issued to the Buyers pursuant to the Securities Purchase Agreement on the Issuance Date (with respect to each Buyer, the “Exchange Cap Allocation”). In the event that any Buyer
shall sell or otherwise transfer any of such Buyer’s SPA Warrants, the transferee shall be allocated a pro rata portion of such Buyer’s Exchange Cap Allocation, and the restrictions of the prior sentence shall apply to such
transferee with respect to the portion of the Exchange Cap Allocation allocated to such transferee. In the event that any holder of SPA Warrants shall exercise all of such holder’s SPA Warrants into a number of shares of Common Stock
which, in the aggregate, is less than such holder’s Exchange Cap Allocation, then the difference between such holder’s Exchange Cap Allocation and the number of shares of Common Stock actually issued to such holder shall be
allocated to the respective Exchange Cap Allocations of the remaining holders of SPA Warrants on a pro rata basis in proportion to the shares of 

  

 - 5 - 

 
Common Stock underlying the SPA Warrants then held by each such holder. [INSERT IN SERIES C & D WARRANTS ONLY] [In the event that the Company is
prohibited from issuing any Warrant Shares for which an Exercise Notice has been received as a result of the operation of this Section 1(f)(ii), the Company shall pay cash in exchange for cancellation of such Warrant Shares, at a price per
Warrant Share equal to the difference between the Closing Sale Price and the Exercise Price as of the date of the attempted exercise.] 
 (g) Insufficient Authorized Shares. If at any time while this Warrant remain outstanding the Company does not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its
obligation to reserve for issuance upon exercise of this Warrant at least a number of shares of Common Stock equal to (the “Required Reserve Amount”) the number of shares of Common Stock as shall from time to time be necessary to
effect the exercise of all of this Warrant then outstanding (an “Authorized Share Failure”), then the Company shall immediately take all action necessary to increase the Company’s authorized shares of Common Stock to an
amount sufficient to allow the Company to reserve the Required Reserve Amount for this Warrant then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized
Share Failure, but in no event later than sixty (60) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the number of authorized shares of Common
Stock. In connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its best efforts to solicit its stockholders’ approval of such increase in authorized shares of Common Stock and to
cause its board of directors to recommend to the stockholders that they approve such proposal. 
 (h) [INSERT IN SERIES B
WARRANT ONLY] [Fees Payable by the Company. The Holder acknowledges and understands that the Company has agreed to pay Deutsche Bank Securities Inc. certain fees in the event that this Warrant is exercised pursuant to this Section 1
or otherwise under the terms hereof.] 
 2. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and
the number of Warrant Shares shall be adjusted from time to time as follows: 
 (a) [Intentionally omitted.]

  

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 (b) Adjustment upon Subdivision or Combination of Common Stock. If the Company at
any time on or after the Subscription Date subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect
immediately prior to such subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately increased. If the Company at any time on or after the Subscription Date combines (by combination, reverse stock split or
otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares will be
proportionately decreased. Any adjustment under this Section 2(b) shall become effective at the close of business on the date the subdivision or combination becomes effective. 
 (c) Other Events. If any event occurs of the type contemplated by the provisions of this Section 2 but not expressly provided
for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features), then the Company’s Board of Directors will make an appropriate adjustment in
the Exercise Price and the number of Warrant Shares so as to protect the rights of the Holder; provided that no such adjustment pursuant to this Section 2(c) will increase the Exercise Price or decrease the number of Warrant Shares as otherwise
determined pursuant to this Section 2. 
  

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 (d) Voluntary Adjustment By Company. The Company may at any time during the term
of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board of Directors of the Company. 
 3. RIGHTS UPON DISTRIBUTION OF ASSETS. If the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of
return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar
transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case: 
 (a) any Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close
of business on such record date, to a price determined by multiplying such Exercise Price by a fraction of which (i) the numerator shall be the Weighted Average Price of the shares of Common Stock on the Trading Day immediately preceding such
record date minus the value of the Distribution (as determined in good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and (ii) the denominator shall be the Weighted Average Price of the shares of
Common Stock on the Trading Day immediately preceding such record date; and 
 (b) in the event that the Distribution is of
shares of Common Stock (or common stock) (“Other Shares of Common Stock”) of a company whose common shares are traded on a national securities exchange or a national automated quotation system, then the Holder may elect to receive a
warrant to purchase Other Shares of Common Stock, the terms of which shall be identical to those of this Warrant, except that such warrant shall be exercisable into the number of shares of Other Shares of Common Stock that would have been payable to
the Holder pursuant to the Distribution had the Holder exercised this Warrant immediately prior to such record date and with an aggregate exercise price equal to the product of the amount by which the exercise price of this Warrant was decreased
with respect to the Distribution pursuant to the terms of the immediately preceding paragraph (a) and the number of Warrant Shares calculated in accordance with the first part of this paragraph (b). 
 4. PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS. 
 (a) Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock,
warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights,
the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on the exercise of this Warrant)
immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant,
issue or sale of such Purchase Rights. 
  

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 (b) Fundamental Transactions. The Company shall not enter into or be party to a
Fundamental Transaction unless the Successor Entity assumes in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section (4)(b) pursuant to written
agreements in form and substance reasonably satisfactory to the Required Holders and approved by the Required Holders, including agreements to deliver to each holder of the SPA Warrants in exchange for such Warrants a security of the Successor
Entity evidenced by a written instrument substantially similar in form and substance to this Warrant, including, without limitation, an adjusted exercise price equal to the value for the shares of Common Stock reflected by the terms of such
Fundamental Transaction, and exercisable for a corresponding number of shares of capital stock equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of
this Warrant) prior to such Fundamental Transaction, and reasonably satisfactory to the Required Holders. Upon the occurrence of any Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the
date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of
the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein. In addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental Transaction
pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets with respect to or in exchange for shares of Common Stock (a “Corporate Event”), the Company shall make appropriate provision to
insure that the Holder will thereafter have the right to receive upon an exercise of this Warrant at any time after the consummation of the Fundamental Transaction but prior to the Expiration Date, in lieu of the shares of the Common Stock (or other
securities, cash, assets or other property) issuable upon the exercise of this Warrant prior to such Fundamental Transaction, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or
subscription rights) which the Holder would have been entitled to receive upon the happening of such Fundamental Transaction had this Warrant been exercised immediately prior to such Fundamental Transaction. Provision made pursuant to the preceding
sentence shall be in a form and substance reasonably satisfactory to the Required Holders. The provisions of this Section shall apply similarly and equally to successive Fundamental Transactions and Corporate Events and shall be applied without
regard to any limitations on the exercise of this Warrant. 
 (c)
Notwithstanding the foregoing and the provisions of Section 4(b) above, in the event of a Change of Control, at the request of the Holder delivered before the ninetieth (90th) day after the consummation of such Change of Control, the Company (or the Successor Entity) shall purchase this Warrant from the Holder by paying to the Holder, within five (5) Business Days after such
request (or, if later, on the effective date of the Change of Control), cash in an amount equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of such Change of Control. 
  

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 5. NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by
amendment of its Certificate of Incorporation, Bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights of the Holder. Without limiting the
generality of the foregoing, the Company (i) shall not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may be
necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant and (iii) shall, so long as any of the SPA Warrants are outstanding, take all
action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the exercise of the SPA Warrants, the number of shares of Common Stock as shall from time to time be
necessary to effect the exercise of the SPA Warrants then outstanding (without regard to any limitations on exercise. 
 6. WARRANT HOLDER
NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share
capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a shareholder of the
Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or
subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as
imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a shareholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding
this Section 6, the Company shall provide the Holder with copies of the same notices and other information given to the shareholders of the Company generally, contemporaneously with the giving thereof to the shareholders. 
  

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 7. REISSUANCE OF WARRANTS. 
 (a) Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon
the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred
by the Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares
not being transferred. 
 (b) Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary form and, in the case of
mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing the right to purchase the Warrant Shares then underlying this Warrant.

 (c) Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the
principal office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will
represent the right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, that no Warrants for fractional shares of Common Stock shall be given. 
 (d) Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such
new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being
issued pursuant to Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying the other new Warrants issued in connection with such issuance, does not
exceed the number of Warrant Shares then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv) shall have the same rights and conditions
as this Warrant. 
 8. NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such
notice shall be given in accordance with Section 9(f) of the Securities Purchase Agreement. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant, including in reasonable detail a
description of such action and the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable
detail, and certifying, the calculation of such adjustment and (ii) at least fifteen (15) days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the shares
of Common Stock, (B) with respect to any grants, issuances or sales of any Options, 

  

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Convertible Securities or rights to purchase stock, warrants, securities or other property to holders of shares of Common Stock or (C) for determining
rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided in each case that such information shall be made known to the public prior to or in conjunction with such notice being provided to the Holder.

 9. AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company may
take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Required Holders; provided that no such action may increase the exercise price of any
SPA Warrant or decrease the number of shares or class of stock obtainable upon exercise of any SPA Warrant without the written consent of the Holder. No such amendment shall be effective to the extent that it applies to less than all of the holders
of the SPA Warrants then outstanding. 
 10. GOVERNING LAW. This Warrant shall be governed by and construed and enforced in accordance
with, and all questions concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision
or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. 
 11. CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and all the Buyers and shall not be construed against any person as the drafter hereof. The headings of this Warrant
are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant. 
 12. DISPUTE RESOLUTION.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile within two (2) Business
Days of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three
Business Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within two (2) Business Days submit via facsimile (a) the disputed determination of the Exercise Price to an
independent, reputable investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause at
its expense the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later than ten Business Days from the time it receives the disputed
determinations or calculations. Such investment bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error. 
 13. REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition to all
other remedies available under this Warrant and the other Transaction Documents, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right 

  

 - 12 - 

 
of the Holder right to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges that a breach
by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder of
this Warrant shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being required. 
 14. TRANSFER. This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company, except as may otherwise be
required by Section 2(f) of the Securities Purchase Agreement. 
 15. SEVERABILITY. If any provision of this Warrant is
prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it
would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without material change,
the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of
the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid
provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s). 
 16.
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings: 
 (a)
“1933 Act” means the Securities Act of 1933, as amended. 
 (b) “Black Scholes Value” means
the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day of closing of the applicable Change of Control for pricing purposes and reflecting
(i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Warrant as of such date of request, (ii) an expected volatility equal to the greater of 60% and the 100 day volatility
obtained from the HVT function on Bloomberg as of the day immediately following the public announcement of the applicable Change of Control and (iii) the underlying price per share used in such calculation shall be the sum of the price per
share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in the Change of Control. 
  

 - 13 - 

 (c) “Bloomberg” means Bloomberg Financial Markets. 
 (d) “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New
York are authorized or required by law to remain closed. 
 (e) “Change of Control” means any Fundamental
Transaction other than pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company. 
 (f) “Closing Bid Price” and “Closing Sale Price” means, for any security as of any date, the last closing bid price and last closing trade price, respectively, for such security on
the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price, as the case may be, then the last bid price or the last
trade price, respectively, of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security, the last closing bid price or last
trade price, respectively, of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid price or last trade price,
respectively, of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such security by Bloomberg, the
average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the “pink sheets” by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.). If the Closing Bid Price or the Closing
Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price, as the case may be, of such security on such date shall be the fair market value as mutually
determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to Section 12. All such determinations to be appropriately
adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period. 
 (g) “Common Stock” means (i) the Company’s shares of Common Stock, par value $0.001 per share, and (ii) any share capital into which such Common Stock shall have been changed or any
share capital resulting from a reclassification of such Common Stock. 
  

 - 14 - 

 (h) “Convertible Securities” means any stock or securities (other than
Options) directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock. 
 (i)
“Eligible Market” means the Principal Market, The New York Stock Exchange, Inc., The NYSE Alternext, The NASDAQ Global Select Market or The NASDAQ Capital Market. 
 (j) “Expiration Date” means the date [INSERT IN SERIES B WARRANT] [six (6) months after the Issuance Date]
[INSERT IN SERIES C WARRANT] [ten (10) Trading Days after the two (2) month anniversary of the Issuance Date] [INSERT IN THE SERIES D WARRANT] [ten (10) Trading Days after the five (5) month anniversary of the Issuance
Date] or, if such date falls on a day other than a Business Day or on which trading does not take place on the Principal Market (a “Holiday”), the next day that is not a Holiday. 
 (k) “Fundamental Transaction” means that (A) the Company shall, directly or indirectly, in one or more related
transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Person, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or
assets of the Company to another Person, or (iii) allow another Person to make a purchase, tender or exchange offer that is accepted by the holders of more than the 50% of the outstanding shares of Common Stock (not including any shares of
Common Stock held by the Person or Persons making or party to, or associated or affiliated with the Persons making or party to, such purchase, tender or exchange offer), or (iv) consummate a stock purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than the 50% of the outstanding shares of Common Stock (not including any
shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock purchase agreement or other business combination), or (v) reorganize,
recapitalize or reclassify its Common Stock or (B) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act) is or shall become the 

  

 - 15 - 

 
“beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented
by issued and outstanding Common Stock. 
 (l) [INSERT IN SERIES C
WARRANT ONLY] [“Maximum Eligibility Number” means initially zero and on the second (2nd) month anniversary of the Issuance
Date shall be increased to the number that is the difference between (I) $5,000,000 divided by the arithmetic average of the Weighted Average Price of the Common Stock during the thirty (30) Trading Days immediately preceding the second (2
nd) month anniversary of the Issuance Date and (II) [Insert 50% of the number of Common Shares (as defined in the Securities Purchase
Agreement) issued to the Holder pursuant to the Securities Purchase Agreement].] 
 (m) [INSERT IN SERIES D WARRANT ONLY] [“Maximum Eligibility Number” means initially zero and on the fifth (5th) month anniversary of the Issuance Date shall be increased to the number that is the difference between (I) $5,000,000 divided by the arithmetic average of the Weighted Average Price of the Common Stock
during the thirty (30) Trading Days immediately preceding the fifth (5th) month anniversary of the Issuance Date and (II) [Insert 50%
of the number of Common Shares (as defined in the Securities Purchase Agreement) issued to the Holder pursuant to the Securities Purchase Agreement].] 
 (n) “Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible
Securities. 
 (o) “Parent Entity” of a Person means an entity that, directly or indirectly, controls the
applicable Person and whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization
as of the date of consummation of the Fundamental Transaction. 
 (p) “Person” means an individual, a limited
liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and a government or any department or agency thereof. 
 (q) “Principal Market” means The NASDAQ Global Market. 
 (r) “Required Holders” means the holders of the SPA Warrants representing at least a majority of shares of Common Stock
underlying the SPA Warrants then outstanding. 
 (s) “Successor Entity” means the Person (or, if so elected
by the Required Holders, the Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by the Required Holders, the Parent Entity) with which such Fundamental Transaction shall have been
entered into. 
  

 - 16 - 

 (t) “Trading Day” means any day on which the Common Stock is traded on
the Principal Market, or, if the Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded; provided that “Trading
Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or
market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time). 
 (u) “Weighted Average Price” means, for any security as of any date, the dollar volume-weighted average price for such
security on the Principal Market during the period beginning at 9:30:01 a.m., New York Time (or such other time as the Principal Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York Time (or such other
time as the Principal Market publicly announces is the official close of trading) as reported by Bloomberg through its “Volume at Price” functions, or, if the foregoing does not apply, the dollar volume-weighted average price of such
security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York Time (or such other time as such market publicly announces is the official open of trading), and ending
at 4:00:00 p.m., New York Time (or such other time as such market publicly announces is the official close of trading) as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such
hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the “pink sheets” by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.). If the
Weighted Average Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Weighted Average Price of such security on such date shall be the fair market value as mutually determined by the Company and the
Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to Section 12 with the term “Weighted Average Price” being substituted for the term
“Exercise Price.” All such determinations are to be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period. 
 [Signature Page Follows] 
  

 - 17 - 

 IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to be duly
executed as of the Issuance Date set out above. 
  

			
	 STEREOTAXIS, INC.

		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT A 
 EXERCISE NOTICE 
 TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS 
 WARRANT TO PURCHASE COMMON STOCK 
 STEREOTAXIS, INC. 
 The undersigned holder hereby exercises the right to purchase
                                     of the shares of Common
Stock (“Warrant Shares”) of Stereotaxis, Inc., a Delaware corporation (the “Company”), evidenced by the attached Warrant to Purchase Common Stock (the “Warrant”). Capitalized terms used herein and
not otherwise defined shall have the respective meanings set forth in the Warrant. 
 1. Form of Exercise Price. The Holder intends that
payment of the Exercise Price shall be made as: 
                          a “Cash Exercise” with respect to
                                     Warrant Shares; and/or

                          a “Cashless Exercise” with respect to
                                     Warrant Shares.

 2. Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant Shares
to be issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of
$                                     to the Company in
accordance with the terms of the Warrant. 
 3. Delivery of Warrant Shares. The Company shall deliver to the holder
                         Warrant Shares in accordance with the terms of the Warrant. 
 [INSERT IN SERIES B WARRANT ONLY] [By signing below, the undersigned confirms that Deutsche Bank Securities Inc. is entitled to certain fees
payable by the Company in the event that this Warrant is exercised.] 
 The Holder hereby acknowledges that the Company shall be entitled to rely on
this exercise notice as an indication that the Holder will not, pursuant to this exercise, exceed the Maximum Percentage. 
  

			
	Date:
                                     ,
            	 	
		
	  
	 	
	Name of Registered Holder	 	

  

					
	By:	 	  
	 	
	Name:	 		 	
	Title:	 		 	

 ACKNOWLEDGMENT 
 The Company hereby acknowledges this Exercise Notice and hereby directs BNY Mellon Shareowner Services LLC to issue the above indicated number of shares of Common Stock in accordance with the Transfer Agent
Instructions dated December     , 2008 from the Company and acknowledged and agreed to by BNY Mellon Shareowner Services LLC. 
  

			
	 STEREOTAXIS, INC.

		
	 By:
	 	  

	 Name:
	 	
	 Title:Guaranty dated April 10, 2008

 GUARANTY 
 dated as of April 10, 2008 
 of 
 the Guarantors listed on the signature pages hereof 
 and that otherwise may become a
party hereto 
 in favor of 
 CITIBANK, N.A. 

 TABLE OF CONTENTS 
  

					
	  	  	 	  	Page
		
	 ARTICLE I Definitions and References
	  	1
			
	     Section 1.1.
	  	Definitions in Credit Agreement	  	1
			
	     Section 1.2.
	  	Definitions in this Guaranty	  	1
			
	     Section 1.3.
	  	Rules of Construction; References and Titles	  	2
		
	 ARTICLE II Guaranty
	  	2
			
	     Section 2.1.
	  	Guaranty	  	2
			
	     Section 2.2.
	  	Obligation as a Guarantor	  	2
			
	     Section 2.3.
	  	Fees and Expenses	  	2
			
	     Section 2.4.
	  	Limitation of Liability of Certain Guarantors	  	2
		
	 ARTICLE III Guaranty Absolute
	  	3
			
	     Section 3.1.
	  	Unconditional Guaranty	  	3
			
	     Section 3.2.
	  	No Release Based on Actions of the Lender	  	3
			
	     Section 3.3.
	  	Waivers	  	3
			
	     Section 3.4.
	  	Continuing Guaranty; Reinstatement	  	5
		
	 ARTICLE IV Representations and Warranties
	  	6
			
	     Section 4.1.
	  	Representations and Warranties	  	6
		
	 ARTICLE V Covenants
	  	7
			
	     Section 5.1.
	  	Covenants	  	7
		
	 ARTICLE VI Remedies of the Lender
	  	7
			
	     Section 6.1.
	  	Exercise of Remedies	  	7
			
	     Section 6.2.
	  	Liability for Deficiencies	  	8
			
	     Section 6.3.
	  	Delay not a Waiver; Remedies Cumulative	  	8
			
	     Section 6.4.
	  	Right of Set-Off	  	8
		
	 ARTICLE VII Subordination; Subrogation; Contribution
	  	8
			
	     Section 7.1.
	  	Subordination	  	8
			
	     Section 7.2.
	  	Limited Right of Subrogation	  	9
			
	     Section 7.3.
	  	Right of Contribution	  	9
		
	 ARTICLE VIII Indemnification
	  	10
			
	     Section 8.1.
	  	General Indemnification	  	10
			
	     Section 8.2.
	  	Tax Indemnification	  	10
			
	     Section 8.3.
	  	Waiver of Consequential Damages, Etc.	  	11

					
		
	 ARTICLE IX Miscellaneous
	  	11
			
	     Section 9.1.
	  	Notices	  	11
			
	     Section 9.2.
	  	Amendments and Waivers	  	11
			
	     Section 9.3.
	  	Additional Guarantors	  	11
			
	     Section 9.4.
	  	Severability	  	11
			
	     Section 9.5.
	  	Survival of Agreements	  	11
			
	     Section 9.6.
	  	Binding Effect and Assignment	  	11
			
	     Section 9.7.
	  	Governing Law	  	12
			
	     Section 9.8.
	  	Final Agreement	  	12
			
	     Section 9.9.
	  	Counterparts; Facsimile	  	12
			
	     Section 9.10.
	  	Acceptance by Lender	  	12
			
	     Section 9.11.
	  	Limitation on Interest	  	12
			
	     Section 9.12.
	  	Jurisdiction, Etc.	  	12
			
	     Section 9.13.
	  	Waiver of Jury Trial	  	13
			
	         Schedule I
	  	    Guarantor Information	  	
			
	         Exhibit A
	  	    Form of Guaranty Supplement	  	

 GUARANTY 
 THIS GUARANTY is made as of April 10, 2008, by the Persons listed on the signature pages hereof and that may become parties hereto pursuant to Section 9.3, in favor of CITIBANK, N.A. (the
“Lender”). 
 RECITALS 
 A. TX Energy Services, LLC, a Delaware limited liability company (“TX Energy”), C.C. Forbes, LLC, a Delaware limited liability company (“C.C. Forbes”), Superior Tubing Testers, LLC, a
Delaware limited liability company (“Superior” and together with TX Energy and C.C. Forbes, collectively, the “Borrower”), Forbes Energy Services LLC, a Delaware limited liability company
(“Parent”), and Lender are parties to the Credit Agreement dated as of April 10, 2008 (as amended from time to time, the “Credit Agreement”). 
 B. Pursuant to the Credit Agreement, Lender agreed to extend credit to Borrower. 
 C. In order to induce Lender to extend such credit and to issue letters of credit, Guarantor has agreed to execute and deliver this Guaranty. 

D. It is in the best interest of Guarantor to execute this Guaranty inasmuch as each Guarantor will derive substantial direct and indirect benefits
from the extensions of credit made from time to time to or for the account of Borrower. 
 NOW, THEREFORE, in consideration of the premises
and for other valuable consideration, the receipt and sufficiency of that the parties acknowledge, Guarantor agrees as follows: 
 ARTICLE I

 Definitions and References 
 Section 1.1. Definitions in Credit Agreement. Capitalized terms used herein and not otherwise defined have the respective meanings specified in the Credit Agreement. 
 Section 1.2. Definitions in this Guaranty. The following terms have the following meanings: 
 “Borrower” has the meaning specified in Recital A. 
 “Credit Agreement” has the meaning specified in Recital A. 
 “Guaranteed
Obligations” means all Obligations of Borrower under the Loan Documents, including all amounts that constitute part of the Guaranteed Obligations and would be owed by Borrower to the Lender but for the fact that they are unenforceable or
not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving Borrower. 
 “Guarantor”
means each Person guarantying the Guaranteed Obligations pursuant to this Guaranty. References to “Guarantor” in this Guaranty are intended to refer to each such Person as if such Person were the only guarantor pursuant to this Agreement,
except: 
 (a) that references to “any Guarantor” are meant to refer to each Person that is a Guarantor,

  

 GUARANTY – Page 1 

 (b) that references to “the Guarantors” are meant to refer to collectively all
Persons that are Guarantors, and 
 (c) as otherwise may be specifically set forth herein. 
 “Indemnified Party” has the meaning specified in Section 8.1(a). 
 “Net Worth” has the meaning specified in Section 7.3. 
 “Post-Petition Interest” has the meaning specified in Section 7.1(b). 
 “Subordinated Debt” has the meaning specified in Section 7.1. 
 Section 1.3. Rules of Construction; References and Titles. Section 1.3 of the Credit Agreement is incorporated herein by reference herein as
if fully set forth. 
 ARTICLE II 
 Guaranty 
 Section 2.1. Guaranty. The Guarantors, jointly and severally, irrevocably, absolutely and unconditionally
guarantee to Lender the prompt and complete payment and performance when due, no matter how the same shall become due, of all Guaranteed Obligations. 
 Section 2.2. Obligation as a Guarantor. If Borrower shall for any reason fail to pay any Guaranteed Obligation, as and when such Guaranteed Obligation shall become due and payable, whether at its stated
maturity, as a result of the exercise of any power to accelerate, or otherwise, Guarantor will, upon five (5) days written notice by Lender, pay such Guaranteed Obligation in full to Lender. If Borrower shall for any reason fail to perform
promptly any Guaranteed Obligation that is not for the payment of money, Guarantor will, upon demand by Lender, cause such Guaranteed Obligation to be performed or, if specified by Lender, provide sufficient funds, in such amount and manner as
Lender shall in good faith determine, for the prompt, full and faithful performance of such Guaranteed Obligation by Lender or such other Person as Lender shall designate. Without limiting the generality of the foregoing, Guarantor will pay all
amounts that constitute part of the Guaranteed Obligations and would be owing but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding. 
 Section 2.3. Fees and Expenses. The Guarantors, jointly and severally, forthwith upon demand by Lender, will pay all reasonable expenses
(including all reasonable fees and expenses of counsel) incurred by Lender in enforcing against any Guarantor any right under this Guaranty. 
 Section 2.4. Limitation of Liability of Certain Guarantors. Notwithstanding any other provision of this Guaranty, with respect to any Guaranteed Obligations guaranteed hereby and the liability of such Guarantor under this Guaranty
and any other Loan Document to which it is a party shall be limited to the maximum liability that can be incurred by such Guarantor without rendering this Guaranty subject to avoidance under Section 548 of the United States Bankruptcy Code or
any comparable provisions of any applicable state or federal law. 
  

 GUARANTY – Page 2 

 ARTICLE III 
 Guaranty Absolute 
 Section 3.1. Unconditional Guaranty. (a) Guarantor will pay the
Guaranteed Obligations strictly in accordance with the terms of the Loan Documents, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any such term or any right of any Lender with respect thereto.

 (b) This is a guaranty of payment and not of collection. The obligations of Guarantor under or in respect of this Guaranty and each other
Loan Document to which Guarantor is a party are independent of the Guaranteed Obligations or any other obligation of any other Restricted Person under or in respect of the Loan Documents, and a separate action or actions may be brought and
prosecuted against Guarantor to enforce this Guaranty, irrespective of whether any action is brought against Borrower or any other Restricted Person or whether Borrower or any other Restricted Person is joined in any such action or actions.

 (c) The obligations of Guarantor under this Guaranty and each other Loan Document to which Guarantor is a party shall not be affected by:

 (i) any voluntary or involuntary liquidation, dissolution, sale of all or substantially all assets, marshalling of assets
or liabilities, receivership, conservatorship, assignment for the benefit of creditors, insolvency, bankruptcy, reorganization, arrangement, or composition of any Restricted Person, 
 (ii) any other proceeding involving any Restricted Person or any asset of any Restricted Person under any law for the protection of
debtors, or 
 (iii) any discharge, impairment, modification, release, or limitation of the liability of, or stay of actions
or lien enforcement proceeding against, any Restricted Person, any property of any Restricted Person, or the estate in bankruptcy of any Restricted Person in the course of or resulting from any such proceeding. 
 Section 3.2. No Release Based on Actions of the Lender. Except for Lender’s gross negligence or willful misconduct, no action that Lender may
take or omit to take in connection with any Loan Document, any Guaranteed Obligation (or any other indebtedness owing by Borrower to Lender), or any collateral security, and no course of dealing between Lender and Borrower, any Guarantor or any
other Person, shall release or diminish Guarantor’s Guaranteed Obligations, liabilities, agreements or duties hereunder, affect this Guaranty or any other Loan Document to which Guarantor is a party, or afford Guarantor any recourse against
Lender, regardless of whether any such action or inaction may increase any risk to or liability of Borrower or any Guarantor or increase any risk to or diminish any safeguard of any collateral security. 
 Section 3.3. Waivers. The liability of Guarantor under this Guaranty and each other Loan Document to which Guarantor is a party shall be
irrevocable, absolute and unconditional irrespective of, and Guarantor irrevocably waives, for purposes of this Guaranty and each other Loan Document to which Guarantor is a party, any defense that it may now have or hereafter acquire relating to,
any or all of the following, (and Guarantor acknowledges that it will receive substantial direct and indirect benefits from the financing arrangements contemplated by the Loan Documents and that the waivers set forth below and otherwise in this
Guaranty are knowingly made in contemplation of such benefits): 
  

 GUARANTY – Page 3 

 (a) Any lack of validity or enforceability of any Loan Document, any agreement or instrument relating
thereto, any defense arising by reason of any disability or other defense of any other Person or the cessation from any cause whatsoever of the liability of any other Person. 
 (b) Any change in the time, manner or place of payment of, or in any other term of, any Guaranteed Obligation or any other Obligation of any other
Restricted Person in respect of the Loan Documents, or any other amendment or waiver of or any consent to departure from any Loan Document, including any increase in the Guaranteed Obligations resulting from the extension of additional credit to
Borrower or any Restricted Person or any of its Subsidiaries or otherwise. 
 (c) Any taking, exchange, release or non-perfection of any
collateral security, or any taking, release or amendment or waiver of, or consent to departure from any other guaranty of any Guaranteed Obligation. 
 (d) Any manner of application of collateral security, or proceeds thereof, to any Guaranteed Obligation, or any manner of sale or other disposition of any collateral security securing any Guaranteed Obligation or any
other obligation of any Restricted Person under the Loan Documents or any other asset of Borrower or any Restricted Person or any of its Subsidiaries, and any other obligation to marshall assets. 
 (e) Any right to require Lender to proceed against any other Person, to exhaust any collateral security for the Guaranteed Obligations, to have any other
Person joined with Guarantor in any suit arising out of the Guaranteed Obligations or this Guaranty or to pursue any other remedy in Lender’s power. 
 (f) Any change or restructuring of the corporate structure or termination of the existence of Borrower or any Restricted Person or any of its Subsidiaries. 
 (g) Any failure of Lender to disclose to any Restricted Person any information relating to the business, condition (financial or otherwise), operations,
performance, properties or prospects of any other Restricted Person now or hereafter known to Lender (each Guarantor waiving any duty on the part of Lender to disclose such information). 
 (h) Any failure of any other Person to execute or deliver this Guaranty, any supplement hereto or any other guaranty or agreement. 
 (i) Any release or reduction of the liability of any Guarantor or other guarantor or surety with respect to the Guaranteed Obligations or any other
compromise or settlement of the Guaranteed Obligations. 
 (j) Promptness, diligence, notice of acceptance, presentment, demand for
performance, notice of non-performance, notice of default, notice of intent to accelerate, notice of acceleration, protest or dishonor and, to the extent permitted by Law, any other notice with respect to any Guaranteed Obligation and this Guaranty.

 (k) Any requirement that Lender create or perfect any Lien or protect or insure any property subject thereto. 
 (l) Any right to revoke this Guaranty. 
  

 GUARANTY – Page 4 

 (m) Any election of remedies by Lender that in any manner impairs, reduces, releases or otherwise
adversely affects any collateral security or any subrogation, reimbursement, exoneration, contribution or indemnification right of Guarantor or other right of Guarantor to proceed against any other Restricted Person, any other guarantor, any other
Person or any collateral security. 
 (n) Any right of set-off or counterclaim against or in respect of the Obligations of Guarantor
hereunder. 
 (o) Any neglect, failure or refusal to take any action: 
 (i) for the collection or enforcement of any Guaranteed Obligation, 
 (ii) to realize on any collateral security, 
 (iii) to enforce any Loan Document, 
 (iv) to file or enforce a claim in any proceeding described in Section 3.1(c), 
 (v) in
connection with the administration of any Loan Document, or 
 (vi) otherwise concerning the Guaranteed Obligations or the
Loan Documents, 
 or any delay in taking any such action. 
 (p) The fact that any Guarantor may have incurred directly any Guaranteed Obligation or is otherwise primarily liable therefor. 
 (q) Intentionally Deleted. 
 (r) Any defense to the recovery by Lender against Guarantor of any deficiency
after a non-judicial sale and any defense or benefit that may be afforded by applicable Law (and in that connection Guarantor acknowledges that Lender may, without notice to or demand upon Guarantor and without affecting the liability of such
Guarantor under this Guaranty, foreclose under any mortgage by non-judicial sale). 
 (s) Any statute of limitations applicable to the
Guaranteed Obligations to the extent such statute of limitations can be waived by Guarantor. 
 (t) To the extent permitted by Law, any other
circumstance or any existence of or reliance on any representation by Lender, except for indefeasible payment in full in cash and performance in full of each Guaranteed Obligation, that might otherwise constitute a defense available to, or a
discharge of, Guarantor, any Restricted Person or any other guarantor or surety. 
 Section 3.4. Continuing Guaranty; Reinstatement.
(a) This Guaranty is a continuing guaranty and shall remain in full force and effect until the latest of: 
 (i) the
indefeasible payment in full in cash of the Guaranteed Obligations and all other amounts payable under this Guaranty, 
  

 GUARANTY – Page 5 

 (ii) the date on which all commitments of Lender under the Credit Agreement shall
terminate, and 
 (iii) the latest date of expiration or termination of all Commitments and letters of credit issued under
the Credit Agreement. 
 (b) This Guaranty and each other Loan Document to which Guarantor is a party shall continue to be effective or be
reinstated, as the case may be, if at any time any payment of any Guaranteed Obligation is rescinded or must otherwise be returned by Lender as a result of the insolvency, bankruptcy or reorganization of any Restricted Person or otherwise, all as
though such payment had not been made, and the Guarantor jointly and severally will pay such amount to Lender on demand. Any transfer by subrogation that is made as contemplated in Section 7.2 prior to any such payment shall (regardless of the
terms of such transfer) be automatically voided upon the making of any such payment or payments, and all rights so transferred shall thereupon automatically revert to and be vested in Lender. 
 ARTICLE IV 
 Representations and Warranties 
 Section 4.1. Representations and Warranties. Guarantor represents and warrants to the Lender as follows: 
 (a) Each representation and warranty made with respect to it in any other Loan Document is correct in all material respects. 
 (b) Guarantor is an entity of the type specified opposite its name on Schedule 1 (or Schedule 1 to any guaranty supplement delivered by it pursuant
to Section 9.3) opposite its name and is organized under the laws of the jurisdiction specified in such Schedule opposite its name. 
 (c) None of the execution, delivery or performance by Guarantor of this Guaranty and each other Loan Document to which Guarantor is a party: 
 (i) conflicts with: 
 (A) any domestic or foreign law, statute, rule or regulation,

 (B) any organizational document of Guarantor, or 
 (C) any agreement, judgment, license, order or permit applicable to or binding upon Guarantor, or 
 (ii) results in or requires the creation of any Lien, charge or encumbrance upon any asset of Guarantor. 
 (d) No authorization or approval or other action by, and no notice to or filing with, any governmental authority or other regulatory body or third party
is required for the due execution, delivery and performance by Guarantor of this Guaranty or any other Loan Document to which Guarantor is a party, except to the extent the same has been obtained, effected or given. 
 (e) Each of this Guaranty and each other Loan Document to which Guarantor is a party is the legal, valid and binding obligation of Guarantor, enforceable
against Guarantor in accordance with its 

  

 GUARANTY – Page 6 

 
terms, except as limited by bankruptcy, insolvency, moratorium, fraudulent transfer, fraudulent conveyance or similar laws of general application relating to
the enforcement of creditors’ rights. 
 (f) There is no condition precedent to the effectiveness of this Guaranty or any other Loan
Document to which Guarantor is a party that has not been satisfied or waived. 
 (g) Guarantor has, independently and without reliance upon
Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Guaranty and each other Loan Document to which it is a party, and Guarantor has established adequate means
of obtaining from each other Restricted Person on a continuing basis information pertaining to, and is now and on a continuing basis will be completely familiar with, the business, condition (financial or otherwise), operations, performance,
properties and prospects of each other Restricted Person. 
 (h) The direct or indirect value of the consideration received and to be
received by Guarantor in connection herewith and the incurrence of liability by Guarantor in return for such consideration may reasonably be expected to benefit Guarantor, directly or indirectly. Guarantor is not “insolvent” on the date
hereof (that is, the sum of Guarantor’s absolute and contingent liabilities, including its liabilities hereunder and under each other Loan Document to which Guarantor is a party, does not exceed the fair market value of Guarantor’s
assets). Guarantor’s capital is adequate for the businesses in which Guarantor is engaged and intends to be engaged. Guarantor has not incurred (whether hereby or otherwise), nor does Guarantor intend to incur or believe that it will incur,
debts which will be beyond its ability to pay as such debts mature. 
 ARTICLE V 
 Covenants 
 Section 5.1. Covenants. Guarantor will, so long as any
Guaranteed Obligation shall remain unpaid, any letter of credit shall be outstanding, or Lender shall have any commitment, perform and observe, and cause each of its Subsidiaries to perform and observe, all of the terms, covenants and agreements in
the Loan Documents on its or their part to be performed or observed or that Parent or Borrower has agreed to cause Guarantor or such Subsidiaries to perform or observe. 
 ARTICLE VI 
 Remedies of the Lender 
 Section 6.1. Exercise of Remedies. Lender may enforce, from time to time, in any order and at Lender’s sole discretion, any right, power or remedy that Lender may have under the Loan Documents or
otherwise, including judicial foreclosure, the exercise of a right of power of sale, the taking of a deed or assignment in lieu of foreclosure, the appointment of a receiver to collect rents, issues and profits, the exercise of remedies against
personal property, or the enforcement of any assignment of leases, rentals, or other property or right, whether real or personal, tangible or intangible. 
 Section 6.2. Liability for Deficiencies. Guarantor shall be liable to Lender for any deficiency resulting from the exercise by Lender of any right or remedy, even though any right that Guarantor may have against Borrower or others
may be eliminated or diminished by the exercise of any such right or remedy. 
  

 GUARANTY – Page 7 

 Section 6.3. Delay not a Waiver; Remedies Cumulative. No failure on the part of Lender to
exercise, and no delay in exercising, any right under this Guaranty or any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the
exercise of any other right. The rights and remedies of Lender provided in this Guaranty and the Loan Documents are cumulative and are in addition to, and not exclusive of, any other right or remedy provided by law or otherwise. 
 Section 6.4. Right of Set-Off. Guarantor grants to Lender and its Affiliates a right of set-off on any and all money, securities and other
property (and the proceeds therefrom) of Guarantor now or hereafter held or received by or in transit to Lender from or for the account of Guarantor, whether for safekeeping, custody, pledge, transmission, collection or otherwise, and also upon any
and all deposits (general or special), credits and claims of Guarantor at any time existing against Lender. Upon the occurrence and during the continuance of any Default or Event of Default, Lender and its Affiliates are authorized at any time and
from time to time, without notice to Guarantor, to set-off, appropriate and apply any such items against the Guaranteed Obligations and Guarantor’s obligations and liabilities hereunder irrespective of whether or not Lender shall have made any
demand under this Guaranty and although such Guaranteed Obligations and liabilities may be contingent or unmatured. Lender will notify Guarantor after any such set-off and application made by it; provided that the failure to give such notice shall
not affect the validity of such set-off and application. 
 ARTICLE VII 
 Subordination; Subrogation; Contribution 
 Section 7.1. Subordination.
Guarantor subordinates all debts, liabilities and other Obligations owed to Guarantor by each other Restricted Person (the “Subordinated Obligations”) to the Guaranteed Obligations as follows: 
 (a) Except during the continuance of a Default (including the commencement and continuation of any proceeding under any bankruptcy law relating to any
other Restricted Person), Guarantor may receive regularly scheduled payments or prepayments in whole or in part from any other Restricted Person on account of the Subordinated Obligations or otherwise. After the occurrence and during the continuance
of any Default (including the commencement and continuation of any proceeding under any bankruptcy law relating to any other Restricted Person), unless Lender otherwise agrees, Guarantor shall not demand, accept or take any action to collect any
payment on account of any Subordinated Obligation. 
 (b) In any proceeding under any bankruptcy law relating to any other Restricted Person,
Lender shall be entitled to receive payment in full in cash of all Guaranteed Obligations (including all interest and expenses accruing after the commencement of a proceeding under any Bankruptcy Law, whether or not constituting an allowed claim in
such proceeding (“Post-Petition Interest”)) before Guarantor receives payment of any Subordinated Obligation. 
 (c) After
the occurrence and during the continuance of any Default (including the commencement and continuation of any proceeding under any bankruptcy law relating to any other Restricted Person), Guarantor shall, if Lender so requests, collect, enforce and
receive payments on account of the Subordinated Obligations as trustee for Lender and deliver such payments to Lender on account of the Guaranteed Obligations (including all Post-Petition Interest), together with any necessary endorsements or other
instruments of transfer, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty. 
  

 GUARANTY – Page 8 

 Section 7.2. Limited Right of Subrogation. (a) Until all Guaranteed Obligations have been
indefeasibly paid in full in cash and otherwise performed in full, and all obligations under each other Loan Document to which Guarantor is a party have been paid and performed in full, Guarantor shall have no right of subrogation, reimbursement,
indemnity, exoneration, contribution or any other claim against any Restricted Person or any Security in connection with this Guaranty. Until such time, Guarantor waives any right to enforce any remedy that Guarantor may have against Borrower and
any right to participate in any collateral security. 
 (b) If any amount shall be paid to Guarantor on account of any subrogation or other
similar right, any such other similar remedy with respect to the Guaranteed Obligations, or any collateral security therefor at any time when all of the Guaranteed Obligations and all other expenses guaranteed pursuant hereto shall not have been
paid in full, such amount shall be held in trust for the benefit of Lender, shall be segregated from the other funds of Guarantor and shall forthwith be paid over to Lender to be held by Lender for the benefit of the Lender as collateral security
for, or then or at any time thereafter applied in whole or in part by Lender against, any Guaranteed Obligation, whether matured or unmatured, in such order as Lender shall elect. 
 (c) If Guarantor shall have paid off any Guaranteed Obligation and if all of the Guaranteed Obligations shall have been indefeasibly paid in full in
cash, Lender will, at expense and reasonable request, execute and deliver to Guarantor (without recourse, representation or warranty) appropriate documents necessary to evidence the transfer, without representation or warranty, by subrogation to
Guarantor of an interest in the Guaranteed Obligations resulting from such payment by Guarantor; provided that: 
 (i) such
transfer shall be subject to Section 3.4(b), and 
 (ii) without the consent of Lender (which Lender may withhold in its
discretion) Guarantor shall not have the right to be subrogated to any claim or right against any Restricted Person that has become owned by Lender, whose ownership has otherwise changed in the course of enforcement of the Loan Documents, or that
Lender otherwise has released or wishes to release from its Guaranteed Obligations. 
 Section 7.3. Right of Contribution. After all
Guaranteed Obligations have been indefeasibly paid in full in cash and otherwise performed in full, and all obligations under each other Loan Document to which Guarantor is a party have been paid and performed in full, all Guarantors that have made
payments in respect of the Guaranteed Obligations shall be entitled to contribution from all other Guarantors, to the end that all such payments upon the Guaranteed Obligations shall be shared among all such Guarantors in proportion to their
respective Net Worths; provided that the contribution obligations of each such Guarantor shall be limited to the maximum amount that it can pay at such time without rendering its contribution obligations voidable under applicable law relating to
fraudulent conveyances or fraudulent transfers. “Net Worth” means, at any time and for any Guarantor: 
 (a) the fair value
of such Guarantor’s assets (other than such right of contribution), minus 
 (b) the fair value of such Guarantor’s
liabilities (other than its liabilities under its guaranty of the Guaranteed Obligations). 
  

 GUARANTY – Page 9 

 ARTICLE VIII 
 Indemnification 
 Section 8.1. General Indemnification. Without limiting any other obligation
of any Guarantor or remedy of Lender under this Guaranty, Guarantor shall, to the fullest extent permitted by law, indemnify, defend and save and hold harmless Lender and each of its Affiliates, officers, directors, employees, and advisors (each, an
“Indemnified Party”) from and against, and shall pay on demand, any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and expenses of counsel) that may be incurred by or
asserted or awarded against any Indemnified Party in connection with or as a result of any failure of any Guaranteed Obligation to be the legal, valid and binding obligation of any Restricted Person, enforceable against such Restricted Person in
accordance with its terms. 
 Section 8.2. Tax Indemnification. (a) Any and all payments made by Guarantor under or in respect of
this Guaranty or any other Loan Document shall be made, in accordance with Section 3.1 of the Credit Agreement, free and clear of and without deduction for any present or future Taxes. If Guarantor shall be required by law to deduct any Taxes
from or in respect of any sum payable under or in respect of this Guaranty or any other Loan Document to Lender: 
 (i) the
sum payable by Guarantor shall be increased as may be necessary so that after such Guarantor has made all required deductions (including deductions applicable to additional sums payable under this Section), Lender receives an amount equal to the sum
it would have received had no such deductions been made, 
 (ii) Guarantor shall make all such deductions, and 
 (iii) Guarantor shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable
law. 
 (b) In addition, Guarantor will pay any present or future Other Taxes that arise from any payment made by or on behalf of such
Guarantor under or in respect of this Guaranty or any other Loan Document or from the execution, delivery or registration of, performance under, or otherwise with respect to, this Guaranty and the other Loan Documents. 
 (c) Guarantor will indemnify Lender for and hold it harmless against the full amount of Taxes and Other Taxes, and for the full amount of taxes of any
kind imposed by any jurisdiction on amounts payable under this Section, imposed on or paid by Lender and any liability (including penalties, additions to tax, interest and expenses) arising therefrom or with respect thereto. This indemnification
shall be made within 30 days from the date on which Lender makes written demand therefor. 
 (d) Within 30 days after the date of any payment
of Taxes by or on behalf of any Guarantor, Guarantor shall furnish to Lender the original or a certified copy of a receipt evidencing such payment. In the case of any payment hereunder by or on behalf of Guarantor through an account or branch
outside the United States or by or on behalf of Guarantor by a payor that is not a United States person, if Guarantor determines that no Taxes are payable in respect thereof, Guarantor shall furnish, or shall cause such payor to furnish, to Lender,
at such address, an opinion of counsel acceptable to Lender stating that such payment is exempt from Taxes. For purposes of subsections (d) and (e) of this Section, the terms “United States” and “United States
person” shall have the meanings specified in Section 7701 of the Internal Revenue Code. 
  

 GUARANTY – Page 10 

 Section 8.3. Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable
law, no party hereto shall assert, and hereby waives, any claim against the other party, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. 
 ARTICLE IX 
 Miscellaneous 

Section 9.1. Notices. Any notice or communication required or permitted hereunder shall be given in writing, sent in the manner provided in the
Credit Agreement, if to Lender or to a Guarantor that is a party to the Credit Agreement, to the address set forth in the Credit Agreement and, for any other Guarantor to the address specified opposite its name on Schedule 1, or to such other
address or to the attention of such other individual as hereafter shall be designated in writing by the applicable party sent in accordance herewith. Any such notice or communication shall be deemed to have been given as provided in the Credit
Agreement for notices given thereunder. 
 Section 9.2. Amendments and Waivers. No amendment of this Guaranty shall be effective
unless it is in writing and signed by Guarantor and Lender, and no waiver of this Guaranty or consent to any departure by Guarantor herefrom shall be effective unless it is in writing and signed by Lender, and then such waiver or consent shall be
effective only in the specific instance and for the specific purpose for that given and to the extent specified in such writing. In addition, all such amendments and waivers shall be effective only if given with the necessary approvals required in
the Credit Agreement. No such amendment shall bind any Guarantor not a party thereto, but no such amendment with respect to any Guarantor shall require the consent of any other Guarantor. 
 Section 9.3. Additional Guarantors. Upon the execution and delivery, or authentication, by any Person of a Guaranty supplement in substantially
the form of Exhibit A, such Person shall become a Guarantor hereunder, and each reference in this Guaranty and the other Loan Documents to “Guarantor” shall also mean and be a reference to such Person. 
 Section 9.4. Severability. Any provision of this Guaranty that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or invalidity without invalidating the remaining portions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction. 
 Section 9.5. Survival of Agreements. All representations, warranties, covenants and agreements of Guarantor herein shall survive the execution and
delivery of this Guaranty, the execution and delivery of any other Loan Document and the creation of the Guaranteed Obligations. 
 Section
9.6. Binding Effect and Assignment. This Guaranty shall: 
 (a) be binding on Guarantor and its successors and permitted assigns, and

 (b) inure, together with all rights and remedies of Lender hereunder, to the benefit of Lender its respective successors, transferees and
assigns. 
 Without limiting the generality of the foregoing, Lender may (except as otherwise provided in any Loan Document) pledge, assign or otherwise
transfer any right under any Loan Document to any other Person, 

  

 GUARANTY – Page 11 

 
and such other Person shall thereupon become vested with all of the benefits in respect thereof granted herein or otherwise. No right or duty of Guarantor
hereunder may be assigned or otherwise transferred without the prior written consent of Lender, except in connection with a merger or other consolidation of two or more of the entities comprising the Guarantors and/or the Borrower to the extent
permitted under the Credit Agreement. 
 Section 9.7. Governing Law. This Guaranty shall be governed by and construed in accordance
with the laws of the State of New York. 
 Section 9.8. Final Agreement. This Guaranty and the other Loan Documents represent the
final agreement of the Guarantors and Lender and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties hereto. There are no unwritten oral agreements between the Guarantors and Lender.

 Section 9.9. Counterparts; Facsimile. This Guaranty may be separately executed in any number of counterparts, all of that when so
executed shall be deemed to constitute one and the same Agreement. This Guaranty may be validly delivered by facsimile or other electronic transmission of an executed counterpart of the signature page hereof. 
 Section 9.10. Acceptance by Lender. By its acceptance of the benefits hereof, Lender shall be deemed to have agreed to be bound hereby and to
perform any obligation on its part set forth herein. 
 Section 9.11. Limitation on Interest. Section 10.8 of the Credit
Agreement, which limits the interest for which Guarantor is obligated, is incorporated herein by reference. 
 Section 9.12. Jurisdiction,
Etc. Guarantor: 
 (a) irrevocably and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction of any New
York State court or federal court of the United States of America sitting in Houston, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Guaranty, or for recognition or enforcement of any
judgment; 
 (b) irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and
determined in any such New York State court or, to the extent permitted by law, in such federal court; 
 (c) agrees that a final judgment in
any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law; 
 (d) irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising
out of or relating to this Agreement in any New York State or federal court; and 
 (e) irrevocably waives, to the fullest extent permitted
by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 Nothing in this Guaranty shall affect any
right that any party may otherwise have to bring any action or proceeding relating to this Guaranty in the courts of any jurisdiction. 
 Section 9.13. Waiver of Jury Trial. Guarantor irrevocably waives all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Guaranty or the
actions of Lender in the negotiation, administration, performance or enforcement thereof. 
  

 GUARANTY – Page 12 

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

					
	FORBES ENERGY SERVICES, LLC
		
	By:	 	/s/ John E. Crisp
		 	Name:	 	John E. Crisp
		 	Title:	 	 President and
 Chief Executive
Officer

  

					
	FORBES ENERGY CAPITAL INC.
		
	By:	 	/s/ John E. Crisp
		 	Name:	 	John E. Crisp
		 	Title:	 	 President and
 Chief Executive
Officer

  

 GUARANTY – Page 13 

 SCHEDULE 1 
 to 
 GUARANTY 
  

							
	 Name of Guarantor
	  	 Type of
Organization
	  	Jurisdiction of
Organization	  	Address for Notices
				
	 FORBES ENERGY SERVICES LLC
	  	limited liability company	  	Delaware	  	3000 South Business Hwy 281
 Alice, TX 78332

				
	 FORBES ENERGY CAPITAL INC.
	  	corporation	  	Delaware	  	3000 South Business Hwy 281
 Alice, TX 78332

  

 GUARANTY – SCHEDULE 1 – Page 1 

 EXHIBIT A 
 to 
 GUARANTY 
 GUARANTY SUPPLEMENT 
 FORBES ENERGY SERVICES LTD. 
 Effective May 29, 2008 
 Citibank, N.A. 
 2000 W. Sam Houston Pkwy South, Suite 600 
 Houston, Texas 77042 

Attn: Arthur Pryde 
 Ladies and Gentlemen: 
 The undersigned refers to: 
 (i) the Credit
Agreement dated as of April 10, 2008 (the “Credit Agreement”) among TX Energy Services, LLC, a Delaware limited liability company, C.C. Forbes, LLC, a Delaware limited liability company, Superior Tubing Testers, LLC, a Delaware
limited liability company and Forbes Energy Services LLC, a Delaware limited liability company, and 
 (ii) the Guaranty dated
as of April 10, 2008 (the “Guaranty”) made by the Guarantors from time to time party thereto in your favor for the benefit of Lender. 
 Terms defined in the Credit Agreement or the Guaranty and not otherwise defined herein are used herein as defined in the Credit Agreement or the Guaranty. 
 SECTION 1. Guaranty. The undersigned, jointly and severally with the other Guarantors, irrevocably, absolutely, and unconditionally guarantees to Lender the prompt and complete payment and performance when due,
and no matter how the same shall become due, of all Guaranteed Obligations and otherwise agrees to be bound in all respects by the Guaranty as if an original Guarantor party thereto, subject to any limitation set forth therein. As of the date
first-above written, that each reference in the Guaranty to a “Guarantor” shall also mean and be a reference to the undersigned. 
 SECTION 2. Information Relating to the Undersigned. The undersigned is an entity of the type specified on Schedule 1 and is organized under the laws of the jurisdiction specified on Schedule 1 and its address for notices is specified
on Schedule 1. 
 SECTION 3. Representations and Warranties. The undersigned as of the date hereof makes each representation and
warranty set forth in Section 4.1 of the Guaranty. 
 SECTION 4. Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the jurisdiction whose laws the Guaranty provides will govern it. 
 [Remainder of page left
blank intentionally] 

 IN WITNESS WHEREOF, the parties hereto have caused this Guaranty Supplement to be duly executed, all as
of the date first above written. 
  

					
	 Very truly yours,
  
 FORBES ENERGY SERVICES LTD.

		
	By:	 	/s/ L. Melvin Cooper
		 	Name:	 	L. Melvin Cooper
		 	Title:	 	Senior Vice President and Chief Financial Officer

  
 ACCEPTED AND AGREED AS OF THE

 DATE FIRST-ABOVE STATED. 
  

					
	CITIBANK, N.A.
		
	By:	 	/s/ Arthur Pryde
		 	Name:	 	Arthur Pryde
		 	Title:	 	Vice President

  
 Signature Page to Guaranty
Supplement – Forbes Energy Services Ltd. 

 SCHEDULE 1 
 to 
 GUARANTY SUPPLEMENT 
  

							
	 Name of Guarantor
	 	 Type of
Organization
	 	 Jurisdiction of
Organization
	 	 Address for Notices

	 FORBES ENERGY SERVICES LTD.
	 	An Exempted Company	 	Bermuda	 	 3000 South Business
 Hwy 281
 Alice, TX 78332

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