Document:

EX-10.1

 Exhibit 10.1 
  

 
  

COLLATERAL AGREEMENT 
 DATED AS OF
DECEMBER 22, 2015 
 AMONG 

MERRIMACK PHARMACEUTICALS, INC., 

as Issuer, 
 THE SUBSIDIARY PARTIES
FROM TIME TO TIME PARTY HERETO 
 U.S. BANK NATIONAL ASSOCIATION, 

as Trustee, 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Collateral Agent 
  

 
  

 COLLATERAL AGREEMENT 

THIS COLLATERAL AGREEMENT (as amended, extended, renewed, restated, supplemented, waived or otherwise modified from time to time, this
“Agreement”) is entered into as of December 22, 2015, by and among MERRIMACK PHARMACEUTICALS, INC., a Delaware corporation with an address at One Kendall Square, Suite B7201, Cambridge, Massachusetts 02139, (the
“Issuer”), the SUBSIDIARY PARTIES (as defined below) from time to time party hereto, U.S. BANK NATIONAL ASSOCIATION, in its capacity as Trustee (and its successors under the Indenture (as defined below), in such capacity, the
“Trustee”), and U.S. BANK NATIONAL ASSOCIATION, in its capacity as collateral agent for the Secured Parties (as defined below) (and its successors under the Indenture, in such capacity, the “Collateral Agent”). 

PRELIMINARY STATEMENT 

WHEREAS pursuant to the terms, conditions and provisions of (a) the Indenture dated as of the date hereof (as amended, extended, renewed,
restated, supplemented, waived or otherwise modified from time to time, the “Indenture”), between the Issuer and the Trustee, (b) each Purchase Agreement dated December 22, 2015 (collectively, the “Purchase
Agreement”), among the Issuer and each purchaser party thereto (collectively, the “Purchasers”), the Issuer is issuing the Securities (as defined below), which may be guaranteed on a senior secured basis by each of the
Subsidiary Parties; 
 WHEREAS the initial aggregate principal amount of the Securities will be $175,000,000; 

WHEREAS, the Indenture permits the Issuer and the Subsidiary Parties to grant a lien and security interest in the ABL First Lien Collateral
(as defined below) to one or more ABL Collateral Agents (as defined below) and holders of First Priority Lien Obligations (as defined below); 

WHEREAS the Issuer, the Subsidiary Parties, the Collateral Agent, the Co-Collateral Agent (if applicable), the Trustee and the other parties
party thereto may enter into one or more Lien Subordination and Intercreditor Agreements from time to time (as such agreements may be amended, extended, renewed, restated, supplemented, waived or otherwise modified from time to time, each, an
“Intercreditor Agreement”), which will govern the liens upon and security interests in the Collateral granted by this Agreement and the First Priority Lien Obligations; 

WHEREAS the Issuer is executing and delivering this Agreement pursuant to the terms of the Indenture to induce the Trustee to enter into the
Indenture and, pursuant to the terms of the Purchase Agreements, to induce the Purchasers to purchase the Securities; and 
 WHEREAS the
Issuer has duly authorized the execution, delivery and performance by it of this Agreement. 

  
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 NOW, THEREFORE, for and in consideration of the premises, and of the mutual covenants herein
contained, and in order to induce the Trustee to enter into the Indenture and the Purchasers to purchase the Securities, the Issuer, each Subsidiary Party that later becomes bound hereby and the Collateral Agent, on behalf of itself and each Secured
Party (and each of their respective successors or assigns), hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Terms Defined in Indenture. All capitalized terms used herein and not otherwise defined shall have the meanings
assigned to such terms in the Indenture. 
 Section 1.2 Terms Defined in UCC. Terms defined in the UCC that are not otherwise
defined in this Agreement or the Indenture are used herein as defined in the UCC. 
 Section 1.3 Definitions of Certain Terms Used
Herein. As used in this Agreement, in addition to the terms defined in the preamble and Preliminary Statement above, the following terms shall have the following meanings: 

“ABL Collateral Agent” has the meaning assigned to the term “ABL Collateral Agent” in the applicable Intercreditor
Agreement. 
 “ABL First Lien Collateral” has the meaning assigned to such term in the applicable Intercreditor Agreement.

 “ABL Liens” has the meaning assigned to such term in the applicable Intercreditor Agreement. 

“ABL Secured Parties” has the meaning assigned to such term in the applicable Intercreditor Agreement. 

“Account” means, with respect to a Person, any of such Person’s now owned and hereafter acquired or arising
“accounts”, as defined in the UCC, including any rights to payment for the sale or lease of goods or rendition of services, whether or not they have been earned by performance, and “Accounts” means, with respect to any
such Person, all of the foregoing. 
 “Account Control Agreement” means each of (i) the Account Control Agreement,
dated on or around the date hereof, among the Issuer, the Collateral Agent and Cambridge Savings Bank and (ii) any other account control agreement which is in form and substance reasonably satisfactory to the Collateral Agent (it being agreed
that any agreement that shall require the Collateral Agent to indemnify any institution in its individual capacity shall not be reasonably acceptable to the Collateral Agent). 

“Account Debtor” means each Person obligated on an Account. 

“Affiliate” has the meaning assigned to such term in the Indenture. 

“After-Acquired Property” has the meaning assigned to such term in the Indenture. 

  
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 “Bankruptcy Proceeding” means, with respect to any Person, a general assignment
by such Person for the benefit of its creditors, or the institution by or against such Person of any proceeding seeking relief as debtor, or seeking to adjudicate such Person as bankrupt or insolvent, or seeking reorganization, arrangement,
adjustment or composition of such Person or its debts, under any law or regulation relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, trustee, custodian or other similar official for such
Person or for any substantial part of its property. 
 “Capital Stock” has the meaning assigned to such term in the
Indenture. 
 “Cash Equivalents” has the meaning assigned to such term in the Indenture. 

“Chattel Paper” means any “chattel paper”, as such term is defined in the UCC, now owned or hereafter acquired by
any Person and, in any event, shall include, all Electronic Chattel Paper and Tangible Chattel Paper. 
 “Co-Collateral
Agent” means a financial institution appointed by the Collateral Agent in accordance with Sections 7.6(a) and 7.7 hereto to act as co-collateral agent for the Secured Parties. 

“Collateral” has the meaning specified in Article II. 

“Collateral Agent” has the meaning assigned to such term in the preamble. 

“Collateral Agent’s Liens” means the Liens in the Collateral granted to the Collateral Agent (or any Co-Collateral
Agent), for the benefit of the Secured Parties, pursuant to this Agreement and the other Indenture Documents. 
 “Commercial Tort
Claims” means, with respect to a Person, all of such Person’s now owned or hereafter acquired “commercial tort claims”, as defined by the UCC, including those commercial tort claims identified on Exhibit C and in
any event, shall include, any claim now owned or hereafter acquired by any Person, arising in tort with respect to which: (a) the claimant is an organization; or (b) the claimant is an individual and the claim (i) arose in the course
of the claimant’s business or profession and (ii) does not include damages arising out of personal injury to or the death of an individual. 

“Control” has the meaning assigned to such term in Article 8 of the UCC or, if applicable, in Section 9-104, 9-105,
9-106 or 9-107 of Article 9 of the UCC. 
 “Copyright, Patent, and Trademark Agreements” means each copyright security
agreement, patent collateral agreement, and trademark collateral agreement executed (and if necessary, notarized and legalized) and delivered by a Grantor to the Collateral Agent to evidence and perfect the Collateral Agent’s security interest
in such Grantor’s present and future copyrights, patents, trademarks, and related licenses and rights for the benefit of the Secured Parties. 

“Default” has the meaning assigned to such term in the Indenture. 

  
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 “Dollars” means United States dollars. 

“Effective Date” means the date of this Agreement. 

“Electronic Chattel Paper” means any “electronic chattel paper”, as such term is defined in the UCC, now owned or
hereafter acquired by any Person. 
 “Equipment” means, with respect to a Person, all of such Person’s now owned and
hereafter acquired machinery, “equipment”, as defined by the UCC, furniture, furnishings, fixtures, and other tangible personal property (except Inventory), including rolling stock with respect to which a certificate of title has been
issued, aircraft, dies, tools, jigs, and office equipment, as well as all of such types of property leased by such Person and all of such Person’s rights and interests with respect thereto under such leases (including, options to purchase);
together with all present and future additions and accessions thereto, replacements therefor, component and auxiliary parts and supplies used or to be used in connection therewith, and all substitutes for any of the foregoing, and all manuals,
drawings, instructions, warranties, and rights with respect thereto, wherever any of the foregoing is located. 
 “Equity
Interests” has the meaning assigned to such term in the Indenture. 
 “Event of Default” has the meaning assigned
to such term in the Indenture. 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and
regulations promulgated thereunder. 
 “Excluded Assets” means (i) Excluded Assets (as defined in the Indenture);
(ii) any trademark or service mark applications filed in the United States Patent and Trademark Office on the basis of a Grantor’s intent to use such trademark or service mark, unless and until evidence of use of the mark acceptable to the
United States Patent and Trademark Office has been filed with the United States Patent and Trademark Office pursuant to Section 1(c) of 1(d) of the Lanham Act (15 U.S.C., et seq.), to the extent that granting a security interest in such
application prior to such filing would adversely affect the validity or enforceability of such trademark application; (iii) the Issuer’s Equity Interests in Merrimack Pharmaceuticals UK Limited, unless and until the Fair Market Value of
such Subsidiary or such Subsidiary’s assets exceeds $500,000 and (iv) motor vehicles acquired, owned or leased in the ordinary course of business or otherwise in accordance with prudent business practice. 

“Fair Market Value” has the meaning assigned to such term in the Indenture. 

“Filing Office” means, with respect to the Issuer, the office specified on Exhibit E and, with respect to any
other Grantor, the appropriate office of the state where such Grantor is “located” (as such term is used in Article 9-307 of the UCC) 

“Financial Assets” means any “financial asset”, as such term is defined in the UCC, now owned or hereafter acquired
by any Person. 
 “First Priority Lien Obligations” has the meaning assigned to such term in the Indenture. 

  
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 “Fiscal Year” means the Issuer’s fiscal year for financial accounting
purposes. The Fiscal Year of the Issuer ends on December 31 of each year. 
 “General Intangibles” means, with respect
to a Person, all of such Person’s now owned or hereafter acquired “general intangibles”, as defined in the UCC, including payment intangibles, choses in action and causes of action and all other intangible personal property of such
Person of every kind and nature (other than Accounts), including, all contract rights, Proprietary Rights, corporate or other business records, inventions, designs, blueprints, plans, specifications, patents, patent applications, trademarks, service
marks, trade names, trade secrets, goodwill, copyrights, computer software, customer lists, registrations, licenses, franchises, tax refund claims, any funds which may become due to such Person in connection with the termination of any Plan or other
employee benefit plan or any rights thereto and any other amounts payable to such Person from any Plan or other employee benefit plan, rights and claims against carriers and shippers, rights to indemnification, business interruption insurance and
proceeds thereof, property, casualty or any similar type of insurance and any proceeds thereof, proceeds of insurance covering the lives of key employees on which such Person is beneficiary, rights to receive dividends, distributions, cash,
Instruments and other property in respect of or in exchange for pledged equity interests or Investment Property, and any letter of credit, guarantee, claim, security interest, or other security held by or granted to such Person. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, any central bank
(or similar monetary or regulatory authority) thereof, any entity exercising executive, legislative, judicial, regulatory, or administrative functions of or pertaining to government. 

“Grantors” means the Issuer and the Subsidiary Parties, if any. 

“Holder” has the meaning assigned to such term in the Indenture. 

“Incur” has the meaning assigned to such term in the Indenture. 

“Indebtedness” has the meaning assigned to such term in the Indenture. 

“Indenture” has the meaning assigned to such term in the Preliminary Statement. 

“Indenture Documents” means (a) the Indenture and the Securities, (b) each Intercreditor Agreement, (c) each
other Security Document, including this Agreement and (d) any other related documents or instruments executed and delivered pursuant to or in connection with the Indenture or any other Indenture Document, in each case, as such agreements may be
amended, extended, renewed, restated, supplemented, waived or otherwise modified from time to time. 
 “Intercompany
Obligations” means, collectively, all indebtedness, obligations and other amounts at any time owing to any Grantor from any of such Grantor’s Subsidiaries or Affiliates and all interest, cash, instruments and other property from time
to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such indebtedness, obligations or other amounts. 

  
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 “Intercreditor Agreement” has the meaning assigned to such term in the
Preliminary Statement. 
 “Inventory” means, with respect to a Person, all of such Person’s now owned and hereafter
acquired “inventory”, as defined in the UCC, goods, and merchandise, wherever located, in each case to be furnished under any contract of service or held for sale or lease, all returned goods, raw materials, work-in-process, finished goods
(including embedded software), other materials, and supplies of any kind, nature, or description which are used or consumed in such Person’s business or used in connection with the packing, shipping, advertising, selling, or finishing of such
goods, merchandise, and other property, and all documents of title or other documents representing them. 
 “Investment
Property” means, with respect to a Person, all of such Person’s right, title, and interest in and to any and all “investment property”, as defined in the UCC, including, all (a) securities, whether certificated or
uncertificated, (b) securities entitlements, (c) securities accounts, (d) commodity contracts, (e) commodity accounts and (f) Equity Interests; together with all other units, shares, partnership interests, membership
interests, membership rights, equity interests, rights, or other equivalent evidences of ownership (howsoever designated) issued by any Person. 

“Investment Property Collateral” means Investment Property other than Excluded Assets of the type described in clause
(iii) of the definition thereof in this Agreement and clauses (v), (vi), (vii) and (viii) of the definition of Excluded Assets (as defined in the Indenture). 

“Investment Property Issuer” means the issuer of any Investment Property Collateral. 

“Lien” has the meaning assigned to such term in the Indenture. 

“Majority Holders” means, at any time, the holders of at least a majority of the aggregate principal amount of the Securities
then outstanding. 
 “Material Adverse Effect” has the meaning assigned to such term in the Purchase Agreement. 

“Noteholder First Lien Collateral” has the meaning assigned to such term in the applicable Intercreditor Agreement. 

“Obligations” means all obligations of every nature of each Grantor under the Indenture Documents from time to time owed to
the Trustee, any Holder of Securities, the Collateral Agent and any other Secured Party, whether for principal, interest (including interest which, but for the filing of a petition in any Bankruptcy Proceeding with respect to such Grantor, would
have accrued on any Obligation, whether or not a claim is allowed against such Grantor for such interest in such proceeding), premium, fees, expenses, indemnification, performance or otherwise. 

“Perfection Certificate” means a certificate substantially in the form of Exhibit G, completed and supplemented
with the schedules and attachments contemplated thereby. 

  
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 “Permitted Liens” has the meaning assigned to such term in the Indenture. 

“Person” has the meaning assigned to such term in the Indenture. 

“Plan” has the meaning assigned to such term in the Purchase Agreement. 

“Proprietary Rights” means, with respect to a Person, all of such Person’s now owned and hereafter arising or acquired
new drug applications or abbreviated new drug applications (or equivalent foreign application), including those new drug applications or abbreviated new drug applications (and equivalent foreign applications) that are owned as of the date hereof set
forth on Exhibit B, and any licenses, franchises, permits, patents, patent rights, copyrights, works which are the subject matter of copyrights, trademarks, service marks, trade names, trade styles, patent, trademark and service mark
applications, and all licenses and rights related to any of the foregoing, including those patents and trademarks set forth on Exhibit B, and all other rights under any of the foregoing, all extensions, renewals, reissues, divisions,
continuations, and continuations in part of any of the foregoing, and all rights to sue for past, present, and future infringement of any of the foregoing. 

“Related Person” means, with respect to any specified Person, such Person’s Affiliates, and the respective officers,
directors, employees, agents, advisors and attorneys-in-fact of such Person and its Affiliates. 
 “Requirement of Law”
means, as to any Person, any law (statutory or common), treaty, rule, or regulation or determination of an arbitrator or of a Governmental Authority, in each case applicable to or binding upon the Person or any of its property or to which the Person
or any of its property is subject. 
 “Secured Bank Indebtedness” has the meaning assigned to such term in the Indenture.

 “Secured Parties” means (a) the Collateral Agent (including any Co-Collateral Agents), (b) each Holder of
Securities, (c) the Trustee and (d) the successors and permitted assigns of each of the foregoing. 

“Securities” has the meaning assigned to such term in the Indenture. 

“Security Documents” has the meaning assigned to such term in the Indenture. 

“Senior Liens” has the meaning assigned to such term in the applicable Intercreditor Agreement. 

“Subsidiary” has the meaning assigned to such term in the Indenture. 

“Subsidiary Parties” means each Subsidiary that becomes a party to this Agreement as a Subsidiary Party after the Effective
Date. 
 “Tangible Chattel Paper” means any “tangible chattel paper”, as such term is defined in the UCC, now
owned or hereafter acquired by any Person. 

  
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 “UCC” means the Uniform Commercial Code (or any successor statute), as in effect
from time to time, of the State of New York or of any other state the laws of which are required as a result thereof to be applied in connection with the issue or perfection of security interests. 

Section 1.4 Construction; Certain Defined Terms. The definitions of terms herein shall apply equally to the singular and plural
forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be
followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise, (i) any definition of or reference to
any agreement, instrument, other document, statute or regulation herein shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time amended, supplemented or otherwise modified,
(ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to include the Subsidiaries of such person unless express reference is made to such Subsidiaries,
(iii) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iv) all references
herein to Articles, Sections and Exhibits shall be construed to refer to Articles, Sections and Exhibits of this Agreement, (v) the words “asset” and “property” shall be construed to have the same meaning and effect and to
refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (vi) the term “or” is not exclusive. 

ARTICLE II 
 GRANT OF
SECURITY INTEREST 
 As security for the Obligations, each Grantor hereby grants to the Collateral Agent, for the benefit of the Secured
Parties, a continuing security interest in and lien on, such Grantor’s right, title and interest in and to all of the following property and assets of such Grantor, whether now owned or existing or hereafter acquired or arising, regardless of
where located: 
 (i) all Accounts (including any credit enhancement therefor) and Intercompany Obligations; 

(ii) all Chattel Paper; 

(iii) all Commercial Tort Claims; 

(iv) all contract rights, leases, letters of credit, letter-of-credit rights, instruments, promissory notes, documents, and
documents of title; 
 (v) all Financial Assets; 

(vi) all Equipment; 

(vii) all General Intangibles; 

  
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 (viii) all Investment Property; 

(ix) all Inventory; 

(x) all money, cash, cash equivalents, securities, and other property of any kind of such Grantor; 

(xi) all of such Grantor’s deposit accounts, securities accounts, commodities accounts, credits, and balances with, and
other claims against, any financial institution with which such Grantor maintains deposits; 
 (xii) all of such
Grantor’s books, records, and other property related to or referring to any of the foregoing, including books, records, account ledgers, data processing records, computer software and other property, and General Intangibles at any time
evidencing or relating to any of the foregoing; 
 (xiii) all supporting obligations in respect of any Collateral; 

(xiv) all other items, kinds and types of personal property, tangible or intangible, of whatever nature, and regardless of
whether the creation or perfection or effect of perfection or non-perfection of a security interest therein is governed by the UCC of any particular jurisdiction or by another applicable treaty, convention, statute, law or regulation of any
applicable jurisdiction; and 
 (xv) all accessions to, substitutions for, and replacements, products, and proceeds of any
of the foregoing, including, but not limited to, After-Acquired Property, proceeds of any insurance policies, claims against third parties, and condemnation or requisition payments with respect to all or any of the foregoing. 

All of the foregoing, and all other property of the Grantors’ in which a Secured Party may at any time be granted a Lien to secure the Obligations, is
herein collectively referred to as the “Collateral”; provided, however, that notwithstanding the foregoing, the Collateral shall not include, and the security interest shall not attach to, any and all Excluded Assets.

 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

The Grantors, jointly and severally, represent and warrant to the Collateral Agent, for the benefit of the Secured Parties, that: 

Section 3.1 Validity and Priority of Security Interest. 

(a) This Agreement and the applicable Security Documents are effective to create in favor of the Collateral Agent, for the ratable benefit of
the Secured Parties, a legal, valid and enforceable security interest in the Collateral and the proceeds thereof and (i) when the Investment Property Collateral that consists of Equity Interests is delivered to the Collateral Agent (subject to
the terms of any Secured Bank Indebtedness and each Intercreditor Agreement (if any)), the Lien created under this Agreement and the applicable Security Documents shall 

  
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constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Grantors in such Investment Property Collateral (subject to Permitted Liens), in each case
prior and superior in right to any other Person (ii) upon the execution and delivery of the Account Control Agreement by each party thereto, the Account Control Agreement shall be effective to perfect the security interest in the deposit
accounts specified therein, and such security interest shall be perfected, and (iii) when financing statements in appropriate form are filed in the Filing Offices, the Lien created under this Agreement and the applicable Security Documents will
constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Grantors in such Collateral in which a security interest can be perfected by filing a financing statement (subject to Permitted Liens), in each case
prior and superior in right to any other Person (subject only to a prior ranking lien in respect of (i) the ABL Collateral that secures any First Priority Lien Obligations and (ii) the Permitted Liens set forth in clauses (6)(B), (16),
(28) and (31) and (as it relates to such clauses) clauses (20) and (32) of the definition thereof)). 
 (b) Upon the
recordation of this Agreement or the Copyright, Patent, and Trademark Agreements with the United States Patent and Trademark Office or the United States Copyright Office, as applicable, together with the financing statements in appropriate form
filed in the Filing Offices and (as to Proprietary Rights related to MM-398) in the European Patent Office, the Lien created shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Grantors in the
respective Proprietary Rights in which a security interest may be perfected by filing in the United States and its territories and possessions, or in Europe, respectively, in each case prior and superior in right to any other Person (other than
Permitted Liens of the type described in clause (19) of the definition thereof). 
 Section 3.2 Location of Collateral. As
of the Effective Date, (a) Exhibit A is a correct and complete list of each Grantor’s jurisdiction of organization, the location of its books and records, the locations of the Collateral (other than Inventory that is in
transit, consignments of Inventory not in excess of $2,500,000, rolling stock, and Collateral in the Collateral Agent’s possession or equipment in transit between the locations set forth on Exhibit A and equipment at other locations for
purposes of maintenance or repair), and the locations of all of its other places of business; and (b) Exhibit A correctly identifies any of such facilities and locations that are not owned by such Grantor and sets forth the names of
the owners and lessors or sublessors of such facilities and locations. 
 Section 3.3 Exact Names. As of the Effective Date, the
name in which each Grantor has executed this Agreement is the exact name as it appears in such Grantor’s organizational documents, as amended, as filed with such Grantor’s jurisdiction of organization. Except as set forth on Exhibit
A or as permitted by the Indenture or this Agreement, since the date of its organization or acquisition as a Subsidiary of the Issuer, no Grantor has, as of the Effective Date, been known by or used any other corporate or fictitious name, or
been a party to any merger or consolidation, or acquired all or substantially all of the assets of any Person. 
 Section 3.4
Accounts and Chattel Paper. The names of the obligors, amounts owing, due dates and other information with respect to each Grantor’s Accounts and Chattel Paper that are Collateral are and will be correctly stated, in all material
respects, at the time furnished, in all records of such Grantor relating thereto. 

  
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 Section 3.5 Documents, Instruments, and Chattel Paper. (a) All documents,
instruments, and Chattel Paper of each Grantor describing, evidencing, or constituting Collateral, and all signatures and endorsements thereon, are and will be complete, valid, and genuine in all material respects, and (b) all goods evidenced
by such documents, instruments, and Chattel Paper are and will be owned by such Grantor free and clear of all Liens (subject to Permitted Liens). If any Grantor retains possession of any Chattel Paper or other instruments, at the Collateral
Agent’s request upon an Event of Default, such Chattel Paper or instruments shall be marked with the following legend: “This writing and the obligations evidenced or served hereby are subject to the security interest of U.S. Bank National
Association, as Collateral Agent, for the benefit of Collateral Agent and certain Secured Parties.” 
 Section 3.6 Proprietary
Rights. Exhibit B sets forth a correct and complete list of all of each Grantor’s registered or applied for patents, copyrights and trademarks material to its business, in each case owned by such Grantor in its own name as of
December 18, 2015. 
 Section 3.7 Investment Property. 

(a) Exhibit D sets forth a correct and complete list of all of the Investment Property Collateral owned by each Grantor as of the
Effective Date. As of the Effective Date, each Grantor is the legal and beneficial owner of such Investment Property Collateral, as so reflected, free and clear of any Lien (other than Permitted Liens), and has not sold, granted any option with
respect to, assigned or transferred, or otherwise disposed of any of its rights or interest therein. Each Grantor further represents and warrants that (i) to such Grantor’s knowledge, all Investment Property constituting an Equity Interest
has been (to the extent such concepts are relevant with respect to such Investment Property) duly authorized and validly issued by the Investment Property Issuer thereof and are fully paid and non-assessable,
(ii) with respect to any certificates delivered to the Collateral Agent representing an Equity Interest, either such certificates are Securities as defined in Article 8 of the UCC as a result of actions by the Investment Property Issuer thereof
or otherwise, or, if such certificates are not Securities as defined in Article 8 of the UCC, such Grantor has filed financing statements in appropriate form to perfect the security interest of the Collateral Agent for the benefit of the Secured
Parties therein as a General Intangible, and (iii) to Grantor’s knowledge, all Investment Property that represents Indebtedness owed to any Grantor has been duly authorized, authenticated or issued and delivered by the Investment Property
Issuer of such Indebtedness and is the legal, valid and binding obligation of such Investment Property Issuer. 
 (b) Each Grantor further
represents and warrants that, as of the Effective Date, to the best of such Grantor’s knowledge, none of the Investment Property Collateral is or will be subject to any option, right of first refusal, shareholders agreement, charter or by-law
provisions or contractual restriction of any nature that might prohibit, impair, delay or otherwise affect the pledge of such Investment Property Collateral hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Collateral
Agent of rights and remedies hereunder. 
 Section 3.8 Commercial Tort Claims. As of the Effective Date, no Grantor holds any
Commercial Tort Claims the recovery from which could reasonably be expected to exceed $500,000, for which such Grantor has filed a complaint in a court of competent jurisdiction, except as indicated on Exhibit C hereto. 

  
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 Section 3.9 Bank Accounts and Related Items. As of the Effective Date, Exhibit
J contains a complete and accurate list of all bank accounts, including deposit accounts, securities accounts and commodity accounts, other than any Excluded Assets, maintained by each Grantor with any bank or other financial institution,
broker, securities intermediary, commodity intermediary or other Person. 
 Section 3.10 Perfection Certificate. The Perfection
Certificates delivered by the Grantors as of the Effective Date have been duly prepared, completed and executed and the information set forth therein is correct and complete, in all material respects, as of the Effective Date. 

Section 3.11 Leases. Exhibit I sets forth, as of the Effective Date, a correct and complete list of all leases and
subleases of personal property by each Grantor as lessee or sublessee (other than any Excluded Assets, and other than any leases of personal property as to which it is lessee or sublessee for which the value of such personal property is less than
$500,000), and all leases and subleases of personal property by each Grantor as lessor or sublessor. 
 Section 3.12 Trade
Names. All trade names, business names or corporate names under which, as of the Effective Date, any Grantor sells Inventory or creates Accounts, or to which instruments in payment of Accounts are made payable, are listed on Exhibit K.

 Section 3.13 No Financing Statements, Security Agreements. No financing statement or security agreement describing all or any
portion of the Collateral that has not lapsed or been terminated naming a Grantor as debtor has been filed or is of record in any jurisdiction except (a) for financing statements or security agreements naming the Collateral Agent on behalf of
the Secured Parties as the secured party and (b) for financing statements in connection with Permitted Liens. 
 Section 3.14
Location for Purposes of the UCC. As of the Effective Date, the Issuer is “located” (as such term is used in Article 9-307 of the UCC) in the state of Delaware. 

ARTICLE IV 
 COVENANTS

 From the date hereof, and thereafter until this Agreement is terminated, each Grantor agrees that: 

Section 4.1 General. 

(a) Collateral Records. Each Grantor shall maintain at all times reasonably detailed, accurate and updated books and records pertaining
to the Collateral and promptly furnish to the Collateral Agent such information relating to the Collateral as the Collateral Agent shall from time to time reasonably request. 

(b) Authorization to File Financing Statements; Ratification. The Collateral Agent may, and the Grantors hereby authorize the Collateral
Agent to, at any time and from time to time, file financing statements, continuation statements, and amendments thereto that describe 

  
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the Collateral as “all assets” or words of similar import and which contain any other information required pursuant to Article 9 of the UCC for the sufficiency of filing office
acceptance of any financing statement, continuation statement, or amendment, and each Grantor agrees to furnish any such information to the Collateral Agent promptly upon request. The Collateral Agent shall inform the applicable Grantor of any such
filing either prior to, or reasonably promptly after, such filing. Each Grantor acknowledges that it is not authorized to file any financing statement covering the Collateral or amendment or termination statement with respect to any financing
statement covering the Collateral without the prior written consent of the Collateral Agent and agrees that it will not do so without such consent, subject to (i) the Grantors’ rights under Section 9-509(d)(2) of Article 9 of the UCC
and (ii) financing statements that may be filed, in accordance with the Indenture or each Intercreditor Agreement (if any), to perfect or release any ABL Liens or Permitted Liens. 

(c) Other Perfection, etc. Each Grantor shall, at any time and from time to time (i) notify, in form and substance reasonably
satisfactory to the Collateral Agent, any warehouseman, bailee, or any of such Grantor’s agents or processors having possession of any Collateral consisting of Inventory or Equipment with a Fair Market Value in excess of $2,500,000 (calculated
based on the Grantor’s estimate of the Fair Market Value of the Inventory or Equipment to be possessed by such warehouseman, bailee, agent or processor over the course of any calendar year on a weighted average basis) of the security interest
of the Collateral Agent in such Collateral (with a copy of such notice sent to the Collateral Agent), (ii) use its commercially reasonable efforts to obtain an acknowledgment, in form and substance reasonably satisfactory to the Collateral
Agent, from such warehouseman, bailee, agent or processor (other than with respect to any ABL First Lien Collateral, unless the ABL Collateral Agent, if any, shall also have obtained such acknowledgement from such warehouseman, bailee, agent or
processor) and not having otherwise entered into a subordination agreement for the benefit of the Collateral Agent, stating that the warehouseman, bailee, agent or processor holds such Collateral for the Collateral Agent, subject to each
Intercreditor Agreement (if any) and (iii) take such steps as are necessary or as the Collateral Agent may reasonably request (A) for the Collateral Agent to obtain “control” of any Investment Property Collateral, deposit
accounts, letter-of-credit rights, or Electronic Chattel Paper (as such terms, to the extent they are undefined herein, are defined by Article 9 of the UCC with corresponding provisions thereof defining what constitutes “control” for
such items of Collateral) constituting Noteholder First Lien Collateral in excess of $500,000 (other than Investment Property Collateral constituting Equity Interests of a Subsidiary for which no minimum dollar amount shall apply), excluding any
Excluded Assets, with any agreements establishing control to be in form and substance reasonably satisfactory to the Collateral Agent and (B) to otherwise ensure the continued perfection and priority of the Collateral Agent’s security
interest in any of the Collateral (to the extent required hereunder) and of the preservation of its rights therein. The $500,000 threshold described in clause (iii)(A) of the preceding sentence as it relates to any deposit account shall be measured
by reference to the closing balance of such deposit account as of each Business Day. 
 (d) Change of Name, Etc. Each Grantor agrees
to furnish to the Collateral Agent prompt written notice of any change in: (i) such Grantor’s name; (ii) such Grantor’s state of organization or form of organization, in each case at least fifteen (15) days prior thereto;
(iii) such Grantor’s Federal Taxpayer Identification Number or organizational identification number assigned to it by its jurisdiction of incorporation or formation; or (iv) the acquisition by

  
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such Grantor of any material property for which additional filings or recordings are necessary to perfect and maintain the Collateral Agent’s security interest therein (to the extent
perfection of the security interest in such property is required hereby or by the terms of the Indenture). Each Grantor agrees not to effect or permit any change referred to in the preceding sentence unless all filings are promptly made under the
Uniform Commercial Code or other applicable law that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected, security interest (subject to the terms of each Intercreditor
Agreement (if any) and subject to Permitted Liens) in the Collateral for its benefit and the benefit of the other Secured Parties. 
 (e)
Change in Location of Collateral. No Grantor shall (i) maintain any Collateral with a Fair Market Value in excess of $2,500,000 (other than Inventory in transit, consignments of Inventory not in excess of $2,500,000, rolling stock,
equipment in transit between locations set forth in Exhibit A, equipment at other locations for purposes of maintenance or repair and Collateral in the Collateral Agent’s possession or the possession of any ABL Collateral Agent) at any
location other than those locations listed on Exhibit A, (ii) otherwise change or add to any of such locations, or (iii) change the location of its jurisdiction of organization from the location identified in
Exhibit A, unless in each case it gives the Collateral Agent prompt written notice thereof but in any event described in clause (iii) not later than 30 days prior thereto, and executes or authorizes the filing of any and all
financing statements and other documents that are necessary or that the Collateral Agent reasonably requests in connection therewith. In the event any Grantor changes or adds any location of Collateral, such Grantor shall prepare and promptly
deliver to the Collateral Agent a revised Exhibit A, which shall automatically be adopted as Exhibit A for all purposes. Each Grantor agrees not to effect or permit any change referred to in the preceding sentences unless all
filings are promptly made under the Uniform Commercial Code or other applicable law that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest (subject to
the terms of each Intercreditor Agreement (if any) and subject to Permitted Liens) in the Collateral for its benefit and the benefit of the other Secured Parties. 

Section 4.2 Perfection and Protection of Security Interest. 

(a) Perfection and Protection. Each Grantor shall, at its expense, perform all steps necessary or otherwise reasonably requested by the
Collateral Agent (at the direction of the Majority Holders) at any time to perfect, maintain, protect, and enforce the Collateral Agent’s Liens, subject to the terms of each Intercreditor Agreement (if any), including: (i) filing and
recording of the Copyright, Patent, and Trademark Agreements, and amendments thereof in the United States Patent and Trademark Office, the United States Copyright Office and the European Patent Office, and filing financing statements or continuation
statements in the respective Filing Office; (ii) to the extent constituting Noteholder First Lien Collateral, delivering to the Collateral Agent the originals of all instruments, documents, and Chattel Paper (in each case in excess of
$250,000), and all other Collateral of which the Collateral Agent is required to have or reasonably requests to have physical possession of in order to perfect and protect the Collateral Agent’s security interest therein, duly pledged,
endorsed, or assigned to the Collateral Agent as provided herein; (iii) deliver to the Collateral Agent a duly executed amendment to this Agreement, in the form of Exhibit F hereto (each, an “Amendment”), pursuant
to which such 

  
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Grantor will pledge any additional Collateral that constitutes Commercial Tort Claims; (iv) upon the occurrence and during the continuation of an Event of Default, delivering to the
Collateral Agent (A) warehouse receipts covering any portion of the Noteholder First Lien Collateral located in warehouses and for which warehouse receipts are issued, (B) warehouse receipts covering any portion of the ABL First Lien
Collateral (so long as no Senior Liens are outstanding on such Collateral) located in warehouses and for which warehouse receipts are issued and (C) if requested by the Collateral Agent, certificates of title reflecting the Collateral
Agent’s Liens covering any portion of the Collateral for which certificates of title have been issued; (v) when an Event of Default exists, transferring Inventory to warehouses or other locations designated by the Collateral Agent;
(vi) upon the occurrence and during the continuance of an Event of Default, delivering to the Collateral Agent all letters of credit constituting Collateral on which such Grantor is named beneficiary; and (vii) taking such other steps as
are reasonably deemed necessary or desirable by the Collateral Agent (acting at the direction of the Majority Holders) to maintain, protect and enforce the Collateral Agent’s Liens. To the extent permitted by any Requirement of Law and each
Intercreditor Agreement (if any), the Collateral Agent may file, without any Grantor’s signature, one or more financing statements disclosing the Collateral Agent’s Liens. Each Grantor hereby authorizes the Collateral Agent to attach each
Amendment to this Agreement and agrees that all additional collateral set forth in such Amendments shall be considered to be part of the Collateral. 

(b) Collateral in Other’s Possession. If at any time any Collateral with a Fair Market Value in excess of $2,500,000 (other than
ABL First Lien Collateral, unless (i) no Senior Liens on such Collateral are outstanding or (ii) the applicable ABL Collateral Agent shall also have obtained such waiver or subordination from such landlord) is located at any operating
facility of a Grantor which is not owned by such Grantor, such Grantor shall, upon request, use commercially reasonable efforts to obtain written landlord lien waivers or subordinations, in form and substance reasonably satisfactory to the
Collateral Agent, of all present and future Liens to which the owner or lessor of such premises may be entitled to assert against such Collateral. 

(c) Confirmatory Instruments. From time to time, subject to each Intercreditor Agreement (if any), each Grantor shall, upon the
Collateral Agent’s request, execute and deliver confirmatory written instruments pledging to the Collateral Agent, for the benefit of the Secured Parties, the Collateral with respect to such Grantor, but the failure to do so shall not affect or
limit any security interest or any other rights of the Secured Parties in and to the Collateral with respect to such Grantor. 

Section 4.3 Electronic Chattel Paper. If any Grantor at any time holds or acquires an interest in any Electronic Chattel Paper or
any “transferable record”, as that term is defined in Section 201 of the Federal Electronic Signatures in Global and National Commerce Act, or in Section 16 of the Uniform Electronic Transactions Act as in effect in any relevant
jurisdiction, such Grantor shall promptly notify the Collateral Agent thereof and (other than if such Electronic Chattel Paper constitutes ABL First Lien Collateral for which Senior Liens are outstanding) shall take such action as is necessary to
vest in the Collateral Agent Control under UCC Section 9-105 of such Electronic Chattel Paper or control (to the extent the meaning of “control” has not been clearly established under such provisions, “control” in this
paragraph (d) to have such meaning as the Collateral Agent shall reasonably specify in writing after 

  
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consultation with the Issuer) under Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or, as the case may be, Section 16 of the Uniform Electronic
Transactions Act, as so in effect in such jurisdiction, of such transferable record. The Collateral Agent agrees with such Grantor that the Collateral Agent will arrange, pursuant to procedures reasonably satisfactory to the Collateral Agent and so
long as such procedures will not result in the Collateral Agent’s loss of Control or control, as applicable, which may be established to the satisfaction of the Collateral Agent pursuant to the delivery to it by the Grantor of an Officers’
Certificate or an Opinion of Counsel, for the Grantor to make alterations to the Electronic Chattel Paper or transferable record permitted under UCC Section 9-105 or, as the case may be, Section 201 of the Federal Electronic Signatures in
Global and National Commerce Act or Section 16 of the Uniform Electronic Transactions Act for a party in Control to allow without loss of Control or control, as applicable, unless an Event of Default has occurred and is continuing or would
occur after taking into account any action by such Grantor with respect to such Electronic Chattel Paper or transferable record. 

Section 4.4 Maintenance of Property. Except as otherwise permitted hereunder or pursuant to the Indenture Documents, each Grantor
shall maintain all of its property necessary and useful in the conduct of its business, in reasonable operating condition and repair, ordinary wear and tear excepted. 

Section 4.5 Investment Property. 

(a) Registration in Nominee Name; Denominations. The Collateral Agent, on behalf of the Secured Parties, shall hold certificated
Investment Property Collateral in the name of the applicable Grantor, endorsed or assigned in blank or in favor of the Collateral Agent, but following the occurrence and during the continuance of an Event of Default shall have the right (in its sole
and absolute discretion) to hold such Investment Property Collateral in its own name as pledgee, or in the name of its nominee (as pledgee or as sub-agent). Each Grantor will promptly give to the Collateral Agent copies of any material notices or
other material communications received by it with respect to any Investment Property Collateral registered in the name of such Grantor (provided, that if such Investment Property Collateral constitutes ABL First Lien Collateral only so long as no
Senior Liens are outstanding on such Collateral). Following the occurrence and during the continuance of an Event of Default, the Collateral Agent shall at all times have the right to exchange the certificates representing Investment Property
Collateral for certificates of smaller or larger denominations for any purpose consistent with this Agreement (provided, that if such Investment Property Collateral constitutes ABL First Lien Collateral only so long as no Senior Liens are
outstanding on such Collateral). 
 (b) Voting Rights, Distributions, Etc. in Respect of Investment Property Collateral. 

(i) Unless an Event of Default exists and subject to each Intercreditor Agreement (if any), (A) each Grantor shall be
entitled to exercise any and all voting and other consensual rights (including, the right to give consents, waivers, and notifications in respect of any securities) pertaining to its Investment Property Collateral or any part thereof;
provided, however, that without the prior written consent of the Collateral Agent and the Trustee obtained in accordance with the Indenture (provided, that if such 

  
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Investment Property Collateral constitutes ABL First Lien Collateral only so long as no Senior Liens are outstanding on such Collateral), no vote shall be cast or consent, waiver, or ratification
given or action taken which would amend, modify, or waive any term, provision, or condition of the certificate of incorporation, bylaws, certificate of formation, or other charter document or other agreement relating to, evidencing or providing for
the issuance of any such Investment Property Collateral, in any manner that would materially impair such Investment Property Collateral, the transferability thereof, or the Collateral Agent’s Liens therein, and (B) each Grantor shall be
entitled to receive and retain any and all dividends, interest paid and other cash distributions in respect of any of such Investment Property Collateral (unless otherwise required by the Indenture). 

(ii) During the existence of an Event of Default, subject to each Intercreditor Agreement (if any) and the rights of any
applicable ABL Collateral Agent and any ABL Secured Parties thereunder, (A) the Collateral Agent may, after delivery of notice to the applicable Grantor, exercise all voting and corporate rights at any meeting of any corporation, partnership,
or other business entity issuing any of the Investment Property Collateral and the proceeds thereof (in cash or otherwise) held by the Collateral Agent hereunder, and any and all rights of conversion, exchange, subscription, or any other rights,
privileges, or options pertaining to any of the Investment Property Collateral as if it were the absolute owner thereof, including, the right to exchange at its discretion any and all of the Investment Property Collateral upon the merger,
consolidation, reorganization, recapitalization, or other readjustment of any Investment Property Issuer or upon the exercise by any such issuer or the Collateral Agent of any right, privilege, or option pertaining to any of the Investment Property
Collateral, and in connection therewith, to deposit and deliver any and all of the Investment Property Collateral with any committee, depositary, transfer agent, registrar, or other designated agency upon such terms and conditions as it may
determine, all without liability except to account for property actually received by it, but the Collateral Agent shall have no duty to exercise any of the aforesaid rights, privileges, or options, and the Collateral Agent shall not be responsible
for any failure to do so or delay in so doing, (B) all rights of any Grantor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Section 4.5(b)(i) and to receive the dividends,
interest, and other distributions which it would otherwise be authorized to receive and retain thereunder shall be suspended until such Event of Default shall no longer exist or as the Collateral Agent shall otherwise specify, and all such rights
shall, until such Event of Default shall no longer exist or as the Collateral Agent shall otherwise specify, thereupon become vested in the Collateral Agent which shall thereupon have the sole right, but no duty, to exercise such voting and other
consensual rights and to receive and hold as Investment Property Collateral such dividends, interest, and other distributions, (C) all dividends, interest, and other distributions which are received by any Grantor contrary to the provisions of
this Section 4.5(b)(ii) shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of such Grantor and shall be forthwith paid over to the Collateral Agent as Collateral in the same form as so
received (with any necessary endorsement), and (D) each Grantor shall execute and deliver (or cause to be executed and delivered) to the Collateral Agent all such proxies and other instruments as the Collateral Agent may reasonably request for
the purpose of enabling the Collateral Agent to exercise the voting and other rights which it is entitled to exercise 

  
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pursuant to this Section 4.5(b)(ii) and to receive the dividends, interest, and other distributions which it is entitled to receive and retain pursuant to this Section 4.5(b)(ii). The
foregoing shall not in any way limit the Collateral Agent’s power and authority granted pursuant to Section 7.4. After all Events of Default have been cured or waived and the applicable Grantor shall have delivered to the Collateral Agent
certificates to that effect, the Collateral Agent shall, promptly after all such Events of Default have been cured or waived, repay to each Grantor (without interest) all dividends or other distributions that such Grantor would otherwise be
permitted to retain pursuant to the terms of Section 4.5(b)(i) above and that remain in such account. 
 (c) The Grantors will cause or
permit the Collateral Agent from time to time to cause the appropriate Investment Property Issuers (and, if held with a securities intermediary, such securities intermediary) of uncertificated securities or other types of Investment Property
Collateral not represented by certificates to mark their books and records with the numbers and face amounts of all such uncertificated securities or other types of Investment Property Collateral not represented by certificates and all rollovers and
replacements therefor to reflect the Lien of the Collateral Agent granted pursuant to this Agreement. The Grantors will take any actions reasonably necessary to cause (a) the Investment Property Issuers of uncertificated securities which are
Investment Property Collateral, and (b) any securities intermediary which is the holder of any Investment Property Collateral, to cause the Collateral Agent to have and retain Control over such Investment Property Collateral. 

Section 4.6 Proprietary Rights. 

(a) The Issuer, either directly or through any agent, employee, licensee or designee, shall inform the Collateral Agent on an annual basis of
each application for the registration of any material Proprietary Right owned or licensed by the Issuer or any of its Affiliates with the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency
filed during the preceding year. 
 Section 4.7 Inventory. Each Grantor shall keep its Inventory (other than returned or
obsolete Inventory) in good and marketable condition, except for damaged or defective goods arising in the ordinary course of such Grantor’s business. 

Section 4.8 Commercial Tort Claims. If any Grantor shall at any time, acquire a Commercial Tort Claim, the recovery from which
could reasonably be expected to exceed $500,000, such Grantor shall promptly notify the Collateral Agent thereof in a writing, therein providing a reasonable description and summary thereof, and upon delivery thereof to the Collateral Agent,
together with an Amendment as contemplated by Section 4.2(a)(iii), such Grantor shall be deemed thereby to grant to the Collateral Agent a security interest in such Commercial Tort Claim (subject to each Intercreditor Agreement (if any)). 

Section 4.9 No Interference. Each Grantor agrees that it will not interfere with any right, power and remedy of the Collateral
Agent provided for in this Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the exercise or beginning of the exercise by the Collateral Agent of any one or more of such rights, powers or remedies. 

  
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 Section 4.10 Insurance. 

(a) The Grantors shall maintain with financially sound and reputable insurers insurance that is reasonably consistent with prudent industry
practice. 
 (b) For each of the insurance policies issued as required by this Section 4.10 with respect to Collateral, each Grantor
shall cause the Collateral Agent, for the benefit of the Secured Parties, to be named as an additional insured with respect to insurance policies for general liability for bodily injury and a lenders loss payee for insurance policies for property
damage. Certificates of insurance of the policies shall be delivered to the Collateral Agent if requested. 
 (c) The Issuer shall promptly
provide written notice to the Collateral Agent of any loss, damage, or destruction to the Collateral in excess of (A) $1,500,000 if covered by insurance or (B) $500,000 if not covered by insurance. During the existence of an Event of
Default, subject to each Intercreditor Agreement (if any) and the rights of any applicable ABL Collateral Agent and any ABL Secured Parties thereunder, the Collateral Agent is hereby authorized to directly collect all insurance proceeds in respect
of Collateral and to apply such proceeds in accordance with Section 5.3. 
 (d) Unless the Grantors provide the Collateral Agent with
evidence of the insurance coverage on the Collateral required by this Section 4.10, subject to each Intercreditor Agreement (if any), the Collateral Agent may, upon sixty (60) days’ prior notice, purchase insurance at the applicable
Grantor’s expense to protect the Collateral Agent’s Lien on such Collateral owned by the applicable Grantor. This insurance may, but need not, protect the interests of the Grantors. The coverage that the Collateral Agent purchases may (but
shall not be required to) pay any claim that the Grantors make or any claim that is made against the Grantors in connection with said Collateral. The Grantors may later cancel any insurance purchased by the Collateral Agent but only after providing
the Collateral Agent with evidence that the Grantors have obtained insurance as required by this Agreement. If the Collateral Agent purchases such insurance, the applicable Grantor will be responsible for the costs of that insurance, including
interest and any other reasonable charges the Collateral Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance shall be added to the
Obligations. The costs of the insurance may be more than the cost of insurance that the Grantors may be able to obtain on their own. 

Section 4.11 Condemnation. Subject to each Intercreditor Agreement (if any) and the rights of any applicable ABL Collateral Agent
and any ABL Secured Parties thereunder, each Grantor shall, promptly upon learning of the institution of any proceeding for the condemnation or other taking of any of its property with a Fair Market Value in excess of $500,000, notify the Collateral
Agent of the pendency of such proceeding. 
 Section 4.12 Further Assurances. The Grantors shall, at their own cost and expense,
execute and deliver, or cause to be executed and delivered, to the Collateral Agent and/or the Trustee such documents and agreements, and shall take or cause to be taken such actions, as are necessary or that the Collateral Agent and/or the Trustee
may, from time to time, 

  
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reasonably request to carry out the terms and conditions of this Agreement and the other Indenture Documents. Upon the acquisition by any Grantor of any After-Acquired Property (but subject to
the limitations, if applicable, set forth herein, in the Indenture or in each Intercreditor Agreement (if any)), such Grantor shall execute and deliver such security instruments, financing statements and certificates and opinions of counsel as shall
be reasonably necessary to vest in the Collateral Agent a perfected security interest or other Lien in such After-Acquired Property and to have such After-Acquired Property added to the Collateral and shall promptly deliver such Officers’
Certificates and Opinions of Counsel as are customary in secured financing transactions in the relevant jurisdiction(s) or as are reasonably requested by the Trustee or the Collateral Agent (subject to customary assumptions, exceptions and
qualifications), and thereupon all provisions of this Agreement relating to the Collateral, shall be deemed to relate to such After-Acquired Property to the same extent and with the same force and effect. If any property or assets of the Issuer or
any Grantor originally deemed to be an Excluded Asset at any point ceases to be an Excluded Asset pursuant to such defined term, all or the applicable portion of such property and assets shall be deemed to be After-Acquired Property and shall be
added to the Notes Collateral in accordance with the Indenture and this Agreement and each Intercreditor Agreement (if any). Subject to each Intercreditor Agreement (if any), such security interests and Liens will be created under security
agreements and other instruments and documents in form reasonably satisfactory to the Collateral Agent, and the Grantors shall deliver or cause to be delivered to the Collateral Agent and the Trustee all such instruments and documents (including
legal opinions, Officers’ Certificates, title insurance policies and lien searches) as are necessary or that the Collateral Agent shall reasonably request to evidence compliance with this Section 4.12. The Grantors shall furnish to the
Collateral Agent each year at the time of delivery of the annual report required to be delivered by the Company pursuant to Section 4.02(a) of the Indenture, an Officer’s Certificate setting forth the information required pursuant to the
Perfection Certificate or confirming that there has been no change in such information since the Effective Date or the date of the most recent certificate delivered pursuant to this Section 4.12. 

ARTICLE V 
 REMEDIES

 Section 5.1 Remedies. 

(a) If an Event of Default has occurred and is continuing: 

(i) the Collateral Agent shall have, for the benefit of the Secured Parties, in addition to all other rights of the Collateral
Agent and the Trustee, the rights and remedies of a secured party under the UCC (whether or not the UCC applies to the affected Collateral) or under any other applicable law when a debtor is in default under a security agreement; 

(ii) the Collateral Agent may, at any time, take possession of the Collateral and keep it on any Grantor’s premises, at
no cost to the Collateral Agent, the Trustee or any other Secured Party or remove any part of it to such other place or places as the Collateral Agent may desire, or any Grantor shall, upon the Collateral Agent’s demand, at such Grantor’s
cost, assemble the Collateral and make it available to the Collateral Agent at a place reasonably convenient to the Collateral Agent; 

  
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 (iii) the Collateral Agent may sell and deliver any Collateral at public or
private sales, for cash, upon credit, or otherwise, at such prices and upon such terms as the Collateral Agent deems advisable, in its sole discretion, and may, if the Collateral Agent deems it reasonable, postpone or adjourn any sale of the
Collateral by an announcement at the time and place of sale or of such postponed or adjourned sale without giving a new notice of sale; provided, that in connection with any such sale of Collateral, the Collateral Agent shall use its reasonable
commercial efforts to maintain the confidentiality of any proprietary information of the Grantors (consistent with the confidentiality obligations of the Holders of the Securities as required by the Indenture Documents). 

(iv) the Collateral Agent may give notice of sole control or any other instruction under any Account Control Agreement and
take any action provided therein with respect to the applicable Collateral; 
 (v) the Collateral Agent may, concurrently
with or following written notice to the Grantors, transfer and register in its name or in the name of its nominee the whole or any part of the Investment Property Collateral, exchange certificates or instruments representing or evidencing Investment
Property Collateral for certificates or instruments of smaller or larger denominations, exercise the voting and all other rights as a holder with respect thereto, collect and receive all cash dividends, interest, principal and other distributions
made thereon and otherwise act with respect to the Investment Property Collateral as though the Collateral Agent was the outright owner thereof. 

(b) Without in any way requiring notice to be given in the following manner, each Grantor agrees that any notice by the Collateral Agent of
sale, disposition, or other intended action hereunder or in connection herewith, whether required by the UCC or otherwise, shall constitute reasonable notice to the Grantors if such notice is mailed by registered or certified mail, return receipt
requested, postage prepaid, or is delivered personally against receipt, at least ten (10) Business Days prior to such action to the Grantors’ address specified in or pursuant to Section 8.1. 

(c) If any Collateral is sold on terms other than payment in full at the time of sale, no credit shall be given against the Obligations until
the Collateral Agent receives payment, and if the buyer defaults in payment, the Collateral Agent may resell the Collateral without further notice to any Grantor. 

(d) In the event the Collateral Agent seeks to take possession of all or any portion of the Collateral by judicial process, each Grantor
irrevocably waives: (i) the posting of any bond, surety, or security with respect thereto which might otherwise be required; (ii) any demand for possession prior to the commencement of any suit or action to recover the Collateral; and
(iii) any requirement that the Collateral Agent retain possession and not dispose of any Collateral until after trial or final judgment. 

  
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 (e) If an Event of Default occurs and is continuing, each Grantor hereby waives all rights to a
hearing prior to the exercise by the Collateral Agent of the Collateral Agent’s rights to repossess the Collateral without judicial process or to replevy, attach, or levy upon the Collateral. 

(f) Each Grantor acknowledges and agrees that the Collateral Agent has no obligation to preserve rights to the Collateral or marshal any
Collateral for the benefit of any Person. 
 (g) Each Grantor acknowledges and agrees that the compliance by the Collateral Agent, on behalf
of the Secured Parties, with any applicable state or federal law requirements may be required in connection with a disposition of the Collateral and such compliance will not be considered to adversely affect the commercial reasonableness of any sale
of the Collateral. 
 (h) The Collateral Agent shall have the right upon any public sale or sales and, to the extent permitted by law, upon
any private sale or sales, to purchase for the benefit of the Collateral Agent and the other Secured Parties, the whole or any part of the Collateral so sold, free of any right of equity redemption, which equity redemption each Grantor hereby
expressly releases. 
 (i) Until the Collateral Agent is able to effect a sale, lease, transfer or other disposition of Collateral, the
Collateral Agent shall have the right, but no duty or obligation, to hold or use Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving Collateral or the value of the Collateral, or for any other
purpose deemed appropriate by the Collateral Agent. The Collateral Agent may, if it so elects, but shall have no obligation to, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of the Collateral
Agent’s remedies (for the benefit of the Collateral Agent and Secured Parties), with respect to such appointment without prior notice or hearing as to such appointment. 

(j) Each Grantor recognizes that the Collateral Agent may be unable to effect a public sale of any or all of the Collateral consisting of
securities to be sold by reason of certain prohibitions contained in the laws of any jurisdiction outside the United States or in applicable federal or state securities laws but may be compelled to resort to one or more private sales thereof to a
restricted group of purchasers who will be obliged to agree, among other things, to acquire such Collateral or other property to be sold for their own account for investment and not with a view to the distribution or resale thereof. Each Grantor
acknowledges and agrees that any such private sale may result in prices and other terms less favorable to the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not, by virtue
thereof, be deemed to have been made in a commercially unreasonable manner. Unless required by a Requirement of Law, the Collateral Agent shall not be under any obligation to delay a sale of any of the Collateral or other property to be sold for the
period of time necessary to permit the issuer of such securities to register such securities under the laws of any jurisdiction outside the United States or under any applicable federal or state securities laws, even if such issuer would agree to do
so. Each Grantor further agrees to do or cause to be done, at its own cost and expense, to the extent that such Grantor may do so under Requirements of Law, all such other acts and things as may be necessary to make such sales or resales of any
portion or all of the Collateral or other property to be sold valid and binding and in compliance with any and all Requirements of Law at the Grantors’ expense. 

  
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 (k) Any remedy or enforcement action to be taken hereunder by the Collateral Agent with respect
to the Collateral shall be at the written direction of the Majority Holders. 
 (l) Notwithstanding the foregoing, any rights and remedies
provided in this Section 5.1 shall be subject to each Intercreditor Agreement (if any). 
 Section 5.2 Grant of Intellectual
Property License. Effective only upon the occurrence and during the continuance of an Event of Default, for the purpose of enabling the Collateral Agent to exercise the rights and remedies under this Article V at such time as the Collateral
Agent shall be lawfully entitled to exercise such rights and remedies, subject to the terms of each Intercreditor Agreement (if any), each Grantor hereby grants to the Collateral Agent a non-exclusive license or other right to use, without charge,
each Grantor’s labels, patents, copyrights, name, trade secrets, trade names, trademarks, and advertising matter, or any similar property, to the extent constituting Collateral in completing production of, advertising or selling any Collateral,
and, subject to the rights of any licensor or franchisor under such agreements and to the extent not in violation of such agreements, each Grantor’s rights under all licenses and all franchise agreements shall inure to the Collateral
Agent’s benefit for such purpose. 
 Section 5.3 Application of Proceeds. Subject to each Intercreditor Agreement (if any),
the Collateral Agent shall apply the proceeds of any collection, sale, foreclosure or other realization upon any Collateral, as well as any Collateral consisting of cash, as follows: 

FIRST, to the payment of all reasonable costs and expenses incurred by the Collateral Agent (in its capacity as such hereunder or under the
Indenture or any other Indenture Document) and the Trustee in connection with such collection, sale, foreclosure or realization or reasonable costs, expenses, claims or liabilities of the Collateral Agent or the Trustee otherwise relating to or
arising in connection with this Agreement, the Indenture or any other Indenture Document or any of the Obligations, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by
the Collateral Agent or the Trustee hereunder or under the Indenture or any other Indenture Document on behalf of any Grantor, any other reasonable costs or expenses incurred by the Collateral Agent or the Trustee in connection with the exercise of
any remedy hereunder or under the Indenture or any other Indenture Document, and any indemnification of the Collateral Agent and the Trustee required by the terms hereunder, under the Indenture or any other Indenture Document; 

SECOND, to the interest due in respect of the Obligations which such Collateral secures; 

THIRD, to the remaining Obligations which such Collateral secures; and 

FOURTH, to the applicable Grantors, their successors or assigns, or as a court of competent jurisdiction may otherwise direct. 

  
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 Except as otherwise provided herein, the Collateral Agent shall have absolute discretion as to
the time of application of any such proceeds, moneys or balances in accordance with this Agreement and each Intercreditor Agreement (if any). Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by
statute or under a judicial proceeding), the receipt of the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be
obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof. 

ARTICLE VI 
 CONCERNING
THE COLLATERAL AGENT 
 Section 6.1 Reliance by Collateral Agent; Indemnity Against Liabilities, etc. 

(a) Whenever in the performance of its duties under this Agreement or any other Indenture Document, the Collateral Agent shall deem it
necessary or desirable that a matter be proved or established with respect to the Grantors or any other Person in connection with the taking, suffering or omitting of any action hereunder by the Collateral Agent, such matter may be conclusively
deemed to be proved or established by a certificate executed by an Officer of such Person, including an Officers’ Certificate or an Opinion of Counsel, and the Collateral Agent shall have no liability with respect to any action taken, suffered
or omitted in reliance thereon. The Collateral Agent may at any time solicit written confirmatory instructions, including a direction of the Trustee, any Grantor or an order of a court of competent jurisdiction as to any action that it may be
requested or required to take or that it may propose to take in the performance of any of its obligations under this Agreement or any other Indenture Document and shall be fully justified in failing or refusing to act hereunder or under any
Indenture Document until it shall have received such requisite instruction. 
 (b) The Collateral Agent shall be fully protected in relying
upon any note, writing, affidavit, electronic communication, fax, resolution, statement, certificate, instrument, opinion, report, notice (including any notice of an Event of Default or of the cure or waiver thereof), request, consent, order or
other paper or document or oral conversation (including, telephone conversations) which it in good faith believes to be genuine and correct and to have been signed, presented or made by the proper party. The Collateral Agent may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon any notice, certificate or opinion furnished to the Collateral Agent in connection with this Agreement or any other Indenture Document and upon advice and
statements of legal counsel (including counsel to the Issuer or any Grantor, independent accountants and other agents consulted by the Collateral Agent). 

Section 6.2 Exercise of Remedies. The remedies of the Collateral Agent hereunder and under the other Security Documents shall
include, but not be limited to, the disposition of the Collateral by foreclosure or other sale and the exercising of all remedies of a secured lender under the UCC, bankruptcy laws or similar laws of any applicable jurisdiction. 

  
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 Section 6.3 Authorized Investments. Any and all funds held by the Collateral Agent in
its capacity as Collateral Agent, whether pursuant to any provision hereof or of any other Security Document or otherwise, shall, to the extent reasonably practicable following receipt by the Collateral Agent from the Issuer of specific written
instructions in form and substance reasonably satisfactory to the Collateral Agent delivered to the Collateral Agent at least three (3) business days prior to the proposed investment, be invested by the Collateral Agent within a reasonable time
in the Cash Equivalents identified in such written instructions. Any interest earned on such funds shall be disbursed (i) during an Event of Default, in accordance with Section 5.3 and (ii) at all other times, as the Issuer shall
direct. To the extent that the interest rate payable with respect to any such account varies over time, the Collateral Agent may use an average interest rate in making the interest allocations among the respective Secured Parties. In the absence of
gross negligence or willful misconduct, the Collateral Agent shall not be responsible for any investment losses in respect of any funds invested in accordance with this Section 6.3. The Collateral Agent shall have no duty or obligation
regarding the reinvestment of any such funds in the absence of updated written instructions from the Issuer in form and substance reasonably satisfactory to the Collateral Agent. 

Section 6.4 Bankruptcy Proceedings. The following provisions shall apply during any Bankruptcy Proceeding of any Grantor: 

(a) The Collateral Agent shall represent all Secured Parties in connection with all matters directly relating to the Collateral, including, any
use, sale or lease of Collateral, use of cash collateral, request for relief from the automatic stay and request for adequate protection. 

(b) Each Secured Party shall be free to act independently on any issue not affecting the Collateral. Each Secured Party shall give prior notice
to the Collateral Agent of any such action that could materially affect the rights or interests of the Collateral Agent or the other Secured Parties to the extent that such notice is reasonably practicable. If such prior notice is not given, such
Secured Party shall give prompt notice following any action taken hereunder. 
 (c) Any proceeds of the Collateral received by any Secured
Party as a result of, or during, any Bankruptcy Proceeding will be delivered promptly to the Collateral Agent for distribution in accordance with Section 5.3. 

ARTICLE VII 
 COLLATERAL
AGENT AND TRUSTEE RIGHTS, DUTIES AND 
 LIABILITIES; ATTORNEY IN FACT; PROXY 

Section 7.1 The Collateral Agent’s and the Trustee’s Rights, Duties, and Liabilities. 

(a) The Grantors assume all responsibility and liability arising from or relating to the use, maintenance, storage, sale, collection,
foreclosure, realization on, conveyance or other disposition of or involving the Collateral. The Obligations shall not be affected by any failure of any Grantor, the Collateral Agent or the Trustee to take any steps to perfect the Collateral
Agent’s Liens or to collect or realize upon the Collateral, nor shall loss of or damage to the Collateral release any Grantor from any of the Obligations. Following the occurrence and 

  
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during the continuation of an Event of Default, the Collateral Agent may (but shall not be required to), and at the direction of the Trustee shall, subject to each Intercreditor Agreement (if
any) and the terms of the Indenture, without notice to or consent from any Grantor sue upon or otherwise collect, extend the time for payment of, modify or amend the terms of, compromise or settle for cash, credit, or otherwise upon any terms, grant
other indulgences, extensions, renewals, compositions, or releases, and take or omit to take any other action with respect to the Collateral, any security therefor, any agreement relating thereto, any insurance applicable thereto, or any Person
liable directly or indirectly in connection with any of the foregoing, without discharging or otherwise affecting the liability of any Grantor for the Obligations or under the Indenture, any other Indenture Document or any other agreement now or
hereafter existing between any Secured Party and any Grantor. 
 (b) It is expressly agreed by the Grantors that, anything herein to the
contrary notwithstanding, each of the Grantors shall remain liable under each of its contracts and each of its licenses to observe and perform all the conditions and obligations to be observed and performed by it thereunder. The Collateral Agent and
the Trustee shall not have any obligation or liability under any contract or license by reason of or arising out of this Agreement or the granting herein of a Lien thereon or the receipt by the Collateral Agent or the Trustee of any payment relating
to any contract or license pursuant hereto that is applied as required herein. The Collateral Agent and the Trustee shall not be required or obligated in any manner to perform or fulfill any of the obligations of any Grantor under or pursuant to any
contract or license, or to make any payment, or to make any inquiry as to the nature or the sufficiency of any payment received by it or the sufficiency of any performance by any party under any contract or license, or to present or file any claims,
or to take any action to collect or enforce any performance or the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 

Section 7.2 Right to Cure. The Collateral Agent may, (but shall not be required to) in its reasonable discretion, subject to each
Intercreditor Agreement (if any), pay any reasonable amount or do any reasonable act required of any Grantor hereunder or under any other Indenture Document in order to preserve, protect, maintain, or enforce the Obligations, the Collateral or the
Collateral Agent’s Liens therein, and which any Grantor fails to timely pay or do, including payment of any judgment against any Grantor, any insurance premium, any warehouse charge, any finishing or processing charge, any landlord’s or
bailee’s claim, and any other Lien upon or with respect to the Collateral. All payments that the Collateral Agent makes under this Section 7.2 and all reasonable
out-of-pocket costs and expenses that the Collateral Agent pays or incurs in connection with any action taken by it hereunder shall be promptly reimbursed by such
Grantor. Any payment made or other action taken by the Collateral Agent under this Section 7.2 shall be without prejudice to any right to assert an Event of Default hereunder and to proceed thereafter as herein provided. 

Section 7.3 Confidentiality. 

(a) The Collateral Agent, in its individual capacity and as Collateral Agent, and the Trustee, in its individual capacity and as Trustee, agree
and acknowledge that all information provided to the Collateral Agent or the Trustee by any Grantor may be considered to be proprietary and confidential information (“Confidential Information”). The Trustee and the

  
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Collateral Agent each agrees to take all reasonable precautions necessary to keep such information confidential, which precautions shall be no less stringent than those that the Collateral Agent
and the Trustee, as applicable, employs to protect its own confidential information. Each of the Collateral Agent and the Trustee shall not disclose to any third party other than as set forth herein, and shall not use for any purpose other than the
exercise of the Collateral Agent’s and the Trustee’s rights and the performance of its respective obligations under this Agreement, any such information without the prior written consent of such Grantor, as applicable. Each of the
Collateral Agent and the Trustee shall limit access to such information received hereunder to (a) its directors, officers, managers and employees and (b) its legal advisors, to each of whom disclosure of such information is necessary for
the purposes described above; provided, however, that in each case such party has expressly agreed to maintain such information in confidence under terms and conditions substantially identical to the terms of this Section 7.3(a). 

(b) Each of the Collateral Agent and the Trustee agree that each Grantor does not have any responsibility whatsoever for any reliance on
Confidential Information by the Collateral Agent or the Trustee or by any Person to whom such information is disclosed in connection with this Agreement, whether related to the purposes described above or otherwise. Without limiting the generality
of the foregoing, each of the Collateral Agent and the Trustee agrees that the Grantor makes no representation or warranty whatsoever to it with respect to Confidential Information or its suitability for such purposes. Each of the Collateral Agent
and the Trustee further agrees that it shall not acquire any rights against the Grantor or any employee, officer, director, manager, representative or agent of the Grantor (together with the Issuer, “Confidential Parties”) as a
result of the disclosure of Confidential Information to the Trustee and that no Confidential Party has any duty, responsibility, liability or obligation to any Person as a result of any such disclosure. 

(c) In the event the Collateral Agent or the Trustee is required to disclose any Confidential Information received hereunder in order to comply
with any laws, regulations or court orders, it may disclose Confidential Information only to the extent necessary for such compliance; provided, however, that it shall give the Grantor, reasonable advance written notice of any such
court proceeding in which such disclosure may be required pursuant to a court order so as to afford the Grantor full and fair opportunity to oppose the issuance of such order and to appeal therefrom and shall cooperate reasonably with the Grantor,
as applicable, in opposing such order and in securing confidential treatment of any Confidential Information to be disclosed and/or obtaining a protective order narrowing the scope of such disclosure. 

Section 7.4 Power of Attorney. Each Grantor, as to itself, hereby appoints the Collateral Agent and the Collateral Agent’s
designee as such Grantor’s attorney, with power upon the occurrence and during the continuance of an Event of Default: (a) to endorse such Grantor’s name on any checks, notes, acceptances, money orders, or other forms of payment or
security that come into the Collateral Agent’s or any Secured Parties’ possession; (b) to sign such Grantor’s name on any invoice, bill of lading, warehouse receipt, or other document of title relating to any Collateral, on
drafts against customers, on assignments of Accounts, on notices of assignment, financing statements, and other public records and to file any such financing statements by electronic means with or without a signature as authorized or required by
applicable law or filing procedure; (c) to notify the post office authorities to change the address 

  
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for delivery of such Grantor’s mail to an address designated by the Collateral Agent and to receive, open, and dispose of all mail addressed to such Grantor; (d) to send requests for
verification of Accounts to customers or Account Debtors (but if any such Accounts constitute ABL First Lien Collateral, only so long as no Senior Liens are outstanding on such Collateral); (e) to clear Inventory through customs in such
Grantor’s name, the Collateral Agent’s name, or the name of the Collateral Agent’s designee, and to sign and deliver to customs officials powers of attorney in such Grantor’s name for such purpose; and (f) to do all things
the Collateral Agent reasonably determines are necessary to carry out the security interest provisions of the Indenture and the provisions of this Agreement. Each Grantor ratifies and approves all acts of such attorney. Notwithstanding anything in
this Agreement or any Indenture Document to the contrary, none of the Trustee, the Collateral Agent, nor their attorneys, employees or Affiliates will be liable for any acts or omissions or for any error of judgment or mistake of fact or law other
than any such liability arising from any such Person’s gross negligence or willful misconduct, as finally determined by a court of competent jurisdiction. Notwithstanding the foregoing, any rights and remedies provided in this Section 7.4
shall be subject to each Intercreditor Agreement (if any). 
 Section 7.5 NATURE OF APPOINTMENT; LIMITATION OF DUTY. THE
APPOINTMENT OF THE COLLATERAL AGENT AS ATTORNEY-IN-FACT IN THIS ARTICLE VII IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THE DATE ON WHICH THIS AGREEMENT IS TERMINATED IN ACCORDANCE WITH SECTION 8.13. NOTWITHSTANDING ANYTHING
CONTAINED IN THIS AGREEMENT OR IN ANY INDENTURE DOCUMENT, NEITHER THE COLLATERAL AGENT, NOR ANY SECURED PARTY, NOR ANY OF THEIR RESPECTIVE AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR REPRESENTATIVES SHALL HAVE ANY DUTY TO EXERCISE ANY
RIGHT OR POWER GRANTED HEREUNDER OR OTHERWISE OR TO PRESERVE THE SAME AND SHALL NOT BE LIABLE FOR ANY FAILURE TO DO SO OR FOR ANY DELAY IN DOING SO, EXCEPT TO THE EXTENT SUCH DAMAGES ARE ATTRIBUTABLE TO THEIR OWN GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT AS FINALLY DETERMINED BY A COURT OF COMPETENT JURISDICTION; PROVIDED THAT, IN NO EVENT SHALL THEY BE LIABLE FOR ANY PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES. 

Section 7.6 Additional Matters Relating to the Collateral Agent. 

(a) The Collateral Agent. U.S. Bank National Association shall initially act as Collateral Agent for the Secured Parties and shall be
authorized to appoint co-collateral agents as necessary in its sole discretion. U.S. Bank National Association, as Collateral Agent, is authorized and directed to (i) enter into the Indenture Documents, (ii) enter into Intercreditor
Agreements, (iii) bind the Secured Parties on the terms as set forth in the Indenture Documents and any Intercreditor Agreement and (iv) perform and observe its obligations under the Indenture Documents and each Intercreditor Agreement (if
any). 
 (b) Role of the Collateral Agent. The rights, duties, liabilities and immunities of the Collateral Agent and its appointment,
resignation and replacement hereunder and under the Indenture and the other Indenture Documents shall be governed by this Agreement, Article 11 of the Indenture and the relevant provisions contained in the other Indenture Documents.

  
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Without limiting the foregoing, the rights, privileges, protections and benefits given to the Collateral Agent under the Indenture are extended to, and shall be enforceable by, the Collateral
Agent in connection with the execution, delivery and administration of this Agreement and the other Indenture Documents and any action taken or omitted to be taken by the Collateral Agent in connection with its appointment and performance under this
Agreement and the other Indenture Documents to which it is a party. 
 (c) Absence of Fiduciary Relation. The Collateral Agent
undertakes to perform or to observe only such of its agreements and obligations as are specifically set forth in this Agreement, the Indenture and the other Indenture Documents, and no implied agreements, covenants or obligations with respect to any
Grantor or any Affiliate of any Grantor, any Secured Party or any other party shall be read into this Agreement against the Collateral Agent. The Collateral Agent in its capacity as such is not a fiduciary of and shall not owe or be deemed to owe
any fiduciary duty to any Grantor or any Related Person of any Grantor. 
 (d) Exculpatory Provisions. 

(i) None of the Collateral Agent, the Trustee or any of their respective officers, directors, employees, agents,
attorneys-in-fact or Related Persons shall be responsible or liable in any manner (A) to any Grantor or any of their respective Related Persons for any action taken or omitted to be taken by it under or in connection with this Agreement in
compliance herewith, (B) to any Secured Party or any other Person for any recitals, statements, representations, warranties, covenants or agreements contained in this Agreement or in any Indenture Document or in any certificate, report,
statement or other document referred to or provided for in, or received by the Collateral Agent under or in connection with, this Agreement or any Indenture Document, (C) to any Secured Party or any other Person for the validity, effectiveness,
adequacy, genuineness or enforceability of this Agreement or any Indenture Document, or any Lien purported to be created hereunder or under any Indenture Document, (D) to any Secured Party or any other Person for the validity or sufficiency of
the Collateral or the validity of the title of any Grantor to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral or
(E) to any Secured Party or other Person for any failure of any Grantor to perform its obligations hereunder or of the Issuer to perform any of the Obligations. 

(ii) Notwithstanding anything to the contrary contained in this Agreement, (A) in no event shall the Trustee or the
Collateral Agent be responsible for or have any obligation, duty or liability with respect to the creation, perfection, priority, maintenance, protection or enforcement of any Lien on, security interest in, pledge or other encumbrance involving or
relating to the Collateral or any other assets, properties or rights of the Grantors, provided, however that the Collateral Agent acknowledges that with respect to the enforcement of any Liens, its actions will be subject to each
Intercreditor Agreement (if any), (B) none of the Trustee or the Collateral Agent shall be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or
otherwise perfecting or maintaining the perfection of any Liens in the Collateral and (C) none of the Trustee or the Collateral Agent shall be under any obligation to any Person to ascertain or 

  
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to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or to inspect the properties or records of any Grantor. The permissive
rights of the Collateral Agent to do things enumerated in this Agreement shall not be construed as a duty or obligation. The Collateral Agent may rely conclusively on any Opinions of Counsel rendered to the Collateral Agent under Section 11.02
of the Indenture and otherwise under the Indenture in determining any necessary or desirable actions under this Agreement. Notwithstanding anything to the contrary herein, the Collateral Agent’s sole duty with respect to the custody,
safekeeping and physical preservation of the Collateral in its possession, under the UCC or otherwise, shall be to deal with it in the same manner as the Collateral Agent deals with similar property for its own account and the Collateral Agent shall
be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which comparable secured parties accord comparable collateral. None
of the Collateral Agent or the Trustee shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request
of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. 

(iii) Notwithstanding anything to the contrary contained herein, none of the Collateral Agent, the Trustee or any of their
respective officers, directors, employees, agents, attorneys-in-fact, or Related Persons shall be exonerated from any liability arising from its or their own gross negligence or willful misconduct, as finally determined by a court of competent
jurisdiction. 
 (e) Fees and Expenses. The Grantors agree that they shall, jointly and severally, upon demand pay to the Collateral
Agent and any Secured Party the amount of any and all reasonable out-of-pocket fees, costs and expenses (including the reasonable fees and expenses of their respective counsel, any special consultants reasonably engaged (and, unless an Event of
Default exists, engaged only with the consent of the Issuer), and any local counsel who might reasonably be retained by the Collateral Agent or any Secured Party, as the case may be, in connection with the transactions contemplated hereby) that the
Collateral Agent or any Secured Party, as the case may be, may incur in connection with (i) any Event of Default, including the sale, lease, license or other disposition of, collection from, or other realization upon, any of the Collateral
pursuant to the exercise or enforcement of any of their respective rights hereunder, (ii) the exercise of their respective rights under this Agreement or under any Indenture Document, including the custody, preservation, use or operation of, or
the sale of, any of the Collateral (iii) performance by the Collateral Agent of any obligations of any Grantor that any Grantor has failed or refused to perform with respect to the Collateral, (iv) bankruptcy, insolvency, receivership,
foreclosure, winding up or liquidation proceedings and defending or asserting rights and claims of the Collateral Agent in respect thereof, by litigation or otherwise, including expenses of insurance, or (v) the execution and delivery and
administration of this Agreement, each Intercreditor Agreement and the other Indenture Documents and, any agreement supplemental hereto or thereto, and any instruments of amendment, waiver, further assurance, release or termination, including with
respect to the termination and/or release of any or all of the Liens in the Collateral provided for in this Agreement and the other Security Documents. Any amounts payable by any Grantor pursuant to this Section 7.6 shall be payable on demand.

  
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 (f) Filing Fees, Taxes, etc. The Grantors, jointly and severally, shall pay all filing,
registration and recording fees or re-filing, re-registration, and re-recording fees, and all federal, state, county, and municipal stamp taxes and other similar taxes, duties, imposts, assessments, and charges arising out of or in connection with
the execution and delivery of this Agreement, the Indenture, each Intercreditor Agreement, the other Indenture Documents, and any agreement supplemental hereto or thereto and any instruments of further assurance or termination. 

(g) Security Against Costs. Except for action expressly provided for herein and in the other Indenture Documents, the Collateral Agent
shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement or any other Indenture Document at the request, order or direction of any Secured Party pursuant to the provisions of the Indenture or any Indenture
Document, unless such Secured Party shall have offered to the Collateral Agent reasonable security or indemnity against the costs, expenses and liabilities which may be incurred by it in compliance with such request, order or direction. 

(h) No Responsibility for Investments. In no event shall the Collateral Agent or any Secured Party be liable or responsible for any
funds or investments of funds held by any Grantor or any Affiliates thereof. 
 Section 7.7 Appointment of Co-Collateral Agent.
In the event that the Collateral Agent appoints a Co-Collateral Agent, or Co-Collateral Agents, in accordance with the provisions of Section 7.6(a) of this Agreement, such Co-Collateral Agent(s) shall enter into a Co-Collateral Agent
Appointment Agreement in a form satisfactory to the Collateral Agent and such Co-Collateral Agent, and upon acceptance of the appointment, such Co-Collateral Agent shall be entitled to all of the rights, privileges, limitations on liability and
immunities afforded to and subject to all the duties of the Collateral Agent hereunder, and shall be deemed to be a party to this Agreement for all purposes provided in this Section 7.7, in each case, subject to the specific rights and duties
vested in the Co-Collateral Agent pursuant to the Co-Collateral Agent Appointment Agreement and related Security Documents. It is accepted and acknowledged by the parties hereto that any Co-Collateral Agent appointed in accordance with
Section 7.6(a) and this Section 7.7 shall be entitled to the payment of its fees and expenses as agreed to by the Issuer, and without limitation of any of the other provisions of this Agreement, shall be deemed to be an indemnified party
under Section 8.17 of this Agreement with respect to any liability arising under this Agreement or the other Indenture Documents without need for further act by the Issuer or the Subsidiary Parties. 

Section 7.8 Each of the Trustee and the Collateral Agent, whichsoever is a party to any Account Control Agreement, agrees not to issue a
notice of exclusive control or any other instruction under such Account Control Agreement unless an Event of Default has occurred and is continuing. 

  
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 ARTICLE VIII 

GENERAL PROVISIONS 

Section 8.1 Notice. All notices and other communications provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 
 (a) if to the Collateral Agent, to it
at 
      U.S. Bank National Association 

     Corporate Trust Services 

     One Federal Street, 3rd Floor 

     Boston, Massachusetts 02110 

     Attention: Alison Nadeau (Merrimack Pharmaceuticals 2015 Indenture) 

     Facsimile: (617) 603-6683 

(b) if to the Trustee, to it at 

     U.S. Bank National Association 

     Corporate Trust Services 

     One Federal Street, 3rd Floor 

     Boston, Massachusetts 02110 

     Attention: Alison Nadeau (Merrimack Pharmaceuticals 2015 Indenture) 

     Facsimile: (617) 603-6683 

(c) if to Grantors, at 

     Merrimack Pharmaceuticals, Inc. 

     One Kendall Square, Suite B7201 

     Cambridge, Massachusetts 02139 

     Attention: Legal Department 

     Facsimile: (617) 812-8122 

Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties
hereto (and for this purpose a notice to the Issuer shall be deemed to be a notice to each Grantor). All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been
given on the date of receipt if delivered by hand or overnight courier service or sent by facsimile or on the date five (5) Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly
addressed) to such party as provided in this Section 8.1 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 8.1. Notwithstanding the foregoing, notices to the Collateral Agent shall
only be effective upon actual receipt. 
 Section 8.2 Waiver of Notices. Unless otherwise expressly provided herein, each
Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection with this Agreement or any Collateral. 

  
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 Section 8.3 Limitation on Collateral Agent’s and Secured Party’s Duty with
Respect to the Collateral. The Collateral Agent shall have no obligation to clean-up or otherwise prepare the Collateral for sale. The Collateral Agent and each Secured Party shall use reasonable care with respect to the Collateral in its
possession or under its control. Neither the Collateral Agent nor any Secured Party shall have any other duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of the Collateral Agent or such
Secured Party, or any income thereon (other than to account for proceeds therefrom) or as to the preservation of rights against prior parties or any other rights pertaining thereto. To the extent that applicable law imposes duties on the Collateral
Agent to exercise remedies in a commercially reasonable manner, and to the extent permitted by applicable law, each Grantor acknowledges and agrees that it would be commercially reasonable for the Collateral Agent (i) to fail to incur expenses
deemed significant by the Collateral Agent to prepare Collateral for disposition or otherwise to transform raw material or work in process into finished goods or other finished products for disposition, (ii) to fail to obtain third party
consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of, (iii) to
fail to exercise collection remedies against Account Debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection remedies against Account Debtors and other Persons
obligated on Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral is of a
specialized nature, (vi) to contact other Persons, whether or not in the same business as the Grantor, for expressions of interest in acquiring all or any portion of such Collateral, (vii) to hire one or more professional auctioneers to
assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide for the auction of assets of the types included in the Collateral or
that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to disclaim disposition warranties, such as title, possession or quiet
enjoyment, (xi) to purchase insurance or credit enhancements to insure the Collateral Agent against risks of loss, collection or disposition of Collateral or to provide to the Collateral Agent a guaranteed return from the collection or
disposition of Collateral, or (xii) to the extent deemed appropriate by the Collateral Agent, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist the Collateral Agent in the collection or
disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this Section 8.3 is to provide non-exhaustive indications of what actions or omissions by the Collateral Agent would be commercially reasonable in the
Collateral Agent’s exercise of remedies against the Collateral and that other actions or omissions by the Collateral Agent shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 8.3. Without
limitation upon the foregoing, nothing contained in this Section 8.3 shall be construed to grant any rights to any Grantor or to impose any duties on the Collateral Agent that would not have been granted or imposed by this Agreement or by
applicable law in the absence of this Section 8.3. 
 Section 8.4 Compromises and Collection of Collateral. Each Grantor
and the Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Accounts, that certain of the Accounts may be or become uncollectible in whole or in part and that
the expense and probability of success in 

  
 34 

 
litigating a disputed Account may exceed the amount that reasonably may be expected to be recovered with respect to an Account. In view of the foregoing, each Grantor agrees that the Collateral
Agent may at any time and from time to time if an Event of Default has occurred and is continuing, (provided that if such Account constitutes ABL First Lien Collateral only so long as no Senior Liens are outstanding in on such Collateral),
compromise with the obligor on any Account, accept in full payment of any Account such amount as the Collateral Agent in its sole discretion shall determine or abandon any Account, and any such action by the Collateral Agent shall be commercially
reasonable so long as the Collateral Agent acts in good faith based on information known to it at the time it takes any such action. 

Section 8.5 Specific Performance of Certain Covenants. Each Grantor acknowledges and agrees that a breach of any of the covenants
contained in Sections 4.2(a), 4.5, 4.6, 4.7, 4.8, 4.10, 4.12, 5.1(j), 7.6, 8.11, 8.17 and 8.18, will cause irreparable injury to the Collateral Agent and the other Secured Parties, that the Collateral Agent and the other Secured Parties have no
adequate remedy at law in respect of such breaches and therefore agrees, without limiting the right of the Collateral Agent or the other Secured Parties to seek and obtain specific performance of other obligations of any Grantor contained in this
Agreement, that the covenants of such Grantor contained in the Sections referred to in this Section 8.5 shall be specifically enforceable against such Grantor. 

Section 8.6 Cumulative Remedies; No Prior Recourse to Collateral. The enumeration herein of the Collateral Agent’s and the
Trustee’s rights and remedies is not intended to be exclusive, and such rights and remedies are in addition to and not by way of limitation of any other rights or remedies that the Collateral Agent and the Trustee may have under the UCC, other
applicable law or the Indenture Documents. The Collateral Agent and the Trustee shall have the right, in their sole discretion, to determine which rights and remedies are to be exercised and in which order. The exercise of one right or remedy shall
not preclude the exercise of any others, all of which shall be cumulative. The Collateral Agent and the Trustee may, without limitation, proceed directly against any Person liable therefor to collect the Obligations without any prior recourse to the
Collateral. No failure to exercise and no delay in exercising, on the part of the Collateral Agent or the Trustee, any right, remedy, power, or privilege hereunder, shall operate as a waiver thereof, nor shall any single or partial exercise of any
right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege. 

Section 8.7 Limitation by Law; Severability of Provisions. All rights, remedies and powers provided in this Agreement may be
exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Agreement are intended to be subject to all applicable mandatory provisions of law that may be controlling and to
be limited to the extent necessary so that they shall not render this Agreement invalid, unenforceable or not entitled to be recorded or registered, in whole or in part. The illegality or unenforceability of any provision of this Agreement or any
instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Agreement or any instrument or agreement required hereunder. 

  
 35 

 Section 8.8 Reinstatement. This Agreement shall remain in full force and effect and
continue to be effective should any petition be filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or trustee
be appointed for all or any significant part of such Grantor’s assets. This Agreement shall continue to be effective or be reinstated, as the case may be, if at any time when there is or has been more than one Grantor payment and performance of
the Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations, whether as a “voidable preference,” “fraudulent
conveyance,” or otherwise, all as though such payment or performance had not been made. In the event that any such payment, or any part thereof, is rescinded, reduced, restored or returned, the Obligations shall be reinstated and deemed reduced
only by such amount paid and not so rescinded, reduced, restored or returned. 
 Section 8.9 Binding Effect. The provisions of
this Agreement shall be binding upon and inure to the benefit of the respective representatives, successors, and permitted assigns of the parties hereto; provided, however, no Grantor shall assign or delegate any of its rights or
duties hereunder without the prior written consent of the Collateral Agent and the Trustee (other than pursuant to a transaction permitted under the Indenture), and any attempted assignment without such consent shall be null and void. The rights and
benefits of the Collateral Agent and the Trustee hereunder shall, if such Persons so agree, inure to any party acquiring any interest in the Obligations or any part thereof in accordance with the terms hereof or of the Indenture. 

Section 8.10 Survival of Representations. All representations and warranties made by the Grantors in the Indenture Documents and
in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Indenture Document shall be considered to have been relied upon by the Secured Parties and shall survive the execution and
delivery of the Indenture Documents and the purchase of the Securities by the Purchasers, regardless of any investigation made by any Secured Party or on its behalf and notwithstanding that the Collateral Agent, the Trustee or any other Secured
Party may have had notice or knowledge of any Default or incorrect representation or warranty. Notwithstanding anything to the contrary set forth herein, the provisions of Section 8.17 and 8.18 shall survive and remain in full force and effect
regardless of the consummation of the transactions contemplated hereby, the repayment of the Securities or the termination of this Agreement or any other Indenture Document. 

Section 8.11 Guaranties; Third Party Joinder. Promptly upon creation or acquisition of any Subsidiary of a Grantor, such Grantor
shall, to the extent required pursuant to the terms of the Indenture, cause such new Subsidiary to become a Grantor by executing and delivering to the Collateral Agent such an instrument in the form of Exhibit H hereto and other
instruments, certificates, and agreements as the Collateral Agent may reasonably request. Upon execution and delivery of such instruments, certificates, and agreements, such newly created or acquired Subsidiary shall automatically become a Grantor
and thereupon shall have all of the rights, benefits, duties, and obligations of a Grantor under the Indenture Documents. 

Section 8.12 Captions. The captions contained in this Agreement are for convenience of reference only, are without substantive
meaning and should not be construed to modify, enlarge, or restrict any provision. 

  
 36 

 Section 8.13 Termination and Release. This Agreement and the security interests
granted hereby shall terminate in accordance with the Indenture and each Intercreditor Agreement (if any). 
 Section 8.14 Entire
Agreement. This Agreement, together with the other Indenture Documents embodies the entire agreement and understanding between each Grantor and the Collateral Agent relating to the Collateral and supersedes all prior agreements and
understandings between any Grantor and the Collateral Agent relating to the Collateral. 
 Section 8.15 Governing Law; Jurisdiction;
Consent to Service of Process. 
 (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), EXCEPT TO THE EXTENT THAT LOCAL LAW GOVERNS THE CREATION, PERFECTION, PRIORITY OR ENFORCEMENT OF SECURITY
INTERESTS. 
 (b) EACH PARTY HERETO HEREBY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS OF COMPETENT
JURISDICTION IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS
IN THE MANNER PROVIDED FOR NOTICES IN SECTION 8.1. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

Section 8.16 Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 Section 8.17 Indemnity. EACH GRANTOR AGREES, JOINTLY AND SEVERALLY, TO
DEFEND, INDEMNIFY, AND HOLD THE COLLATERAL AGENT, THE TRUSTEE AND EACH OF THEIR RELATED PERSONS (EACH, AN “INDEMNIFIED PERSON”) HARMLESS FROM AND AGAINST ANY AND ALL LIABILITIES, OBLIGATIONS, LOSSES, DAMAGES, PENALTIES, ACTIONS,
JUDGMENTS, SUITS, COSTS, CHARGES, EXPENSES, AND DISBURSEMENTS (INCLUDING ATTORNEY COSTS) OF ANY KIND OR NATURE WHATSOEVER WHICH MAY AT ANY TIME 

  
 37 

 
(INCLUDING AT ANY TIME FOLLOWING THE TERMINATION, RESIGNATION, OR REPLACEMENT OF THE COLLATERAL AGENT OR THE TRUSTEE) BE IMPOSED ON, INCURRED BY, OR ASSERTED AGAINST ANY SUCH PERSON IN ANY WAY
RELATING TO OR ARISING OUT OF THIS AGREEMENT, THE INDENTURE OR ANY OTHER INDENTURE DOCUMENT OR ANY DOCUMENT CONTEMPLATED BY OR REFERRED TO HEREIN OR THEREIN, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, OR ANY ACTION TAKEN OR OMITTED BY ANY
SUCH PERSON UNDER OR IN CONNECTION WITH ANY OF THE FOREGOING, INCLUDING WITH RESPECT TO ANY INVESTIGATION, LITIGATION, OR PROCEEDING (INCLUDING ANY INSOLVENCY PROCEEDING OR APPELLATE PROCEEDING) RELATED TO OR ARISING OUT OF THIS AGREEMENT, THE
INDENTURE, ANY OTHER INDENTURE DOCUMENT, OR THE SECURITIES OR THE USE OF THE PROCEEDS THEREOF, WHETHER OR NOT ANY INDEMNIFIED PERSON IS A PARTY THERETO INCLUDING ANY SUCH LIABILITIES, OBLIGATIONS, LOSSES, DAMAGES, PENALTIES, ACTIONS, JUDGMENTS,
SUITS, COSTS, CHARGES, EXPENSES AND REIMBURSEMENTS RESULTING FROM THE NEGLIGENCE OF SUCH INDEMNIFIED PERSON (ALL THE FOREGOING, COLLECTIVELY, THE “INDEMNIFIED LIABILITIES”); PROVIDED THAT THE GRANTORS SHALL HAVE NO OBLIGATION
HEREUNDER TO ANY INDEMNIFIED PERSON WITH RESPECT TO INDEMNIFIED LIABILITIES TO THE EXTENT SUCH INDEMNIFIED LIABILITIES RESULT PRIMARILY FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNIFIED PERSON OR ITS RESPECTIVE AFFILIATES, AS
FINALLY DETERMINED BY A COURT OF COMPETENT JURISDICTION. THE AGREEMENTS IN THIS SECTION 8.17 SHALL SURVIVE PAYMENT OF ALL OTHER OBLIGATIONS AND ANY TERMINATION OR EXPIRATION OF THIS AGREEMENT OR ANY OTHER INDENTURE DOCUMENT. 

Section 8.18 Limitation of Liability. NO CLAIM MAY BE MADE BY ANY GRANTOR OR OTHER PERSON AGAINST THE COLLATERAL AGENT, THE
TRUSTEE, OR THE AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES, OR AGENTS OR THEIR RESPECTIVE RELATED PERSONS OF ANY OF THEM FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL, OR PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY OTHER THEORY
OF LIABILITY ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE INDENTURE OR ANY OTHER INDENTURE DOCUMENT, OR ANY ACT, OMISSION, OR EVENT OCCURRING IN CONNECTION THEREWITH, AND EACH GRANTOR HEREBY IRREVOCABLY WAIVES,
RELEASES, AND AGREES NOT TO SUE UPON OR BRING IN ANY JUDICIAL, ARBITRAL OR ADMINISTRATIVE FORUM ANY CLAIM FOR SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR. THE AGREEMENTS IN THIS SECTION 8.18
SHALL SURVIVE PAYMENT OF ALL OTHER OBLIGATIONS AND ANY TERMINATION OR EXPIRATION OF THIS AGREEMENT OR ANY OTHER INDENTURE DOCUMENT. 

Section 8.19 Counterparts. This Agreement may be executed in any number of counterparts, all of which taken together shall
constitute one agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart, and a telecopy of any such counterpart shall be valid as an original. Execution by electronic or PDF signature shall be as effective
as manual signature hereof. 

  
 38 

 Section 8.20 Amendments. Other than as permitted pursuant to each Intercreditor
Agreement (if any) or the Indenture, neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Collateral Agent, the Trustee and the Grantor or
Grantors with respect to which such waiver, amendment or modification is to apply, subject to any consent that may be required in accordance with Section 9.02 of the Indenture. 

Section 8.21 Intercreditor Agreement Governs. (a) Notwithstanding any other provision contained herein, this Agreement, the
Liens created hereby and the rights, remedies, duties and obligations provided for herein are subject in all respects to the provisions of each Intercreditor Agreement (if any) and, to the extent provided therein, the applicable Senior Security
Documents (as defined in each applicable Intercreditor Agreement). In the event of any conflict or inconsistency between the provisions of this Agreement and any Intercreditor Agreement, the provisions of applicable Intercreditor Agreement shall
control. 
 (b) Notwithstanding anything to the contrary herein, in any Indenture Document or any ABL Document (as such term is defined in
each Intercreditor Agreement (if any)), the Grantors shall not be required to act or refrain from acting (a) pursuant to any Indenture Document solely with respect to any ABL First Lien Collateral in any manner that would cause a default under
any ABL Document, or (b) pursuant to any ABL Document solely with respect to any Noteholder First Lien Collateral in any manner that would cause a default under any Indenture Document. For avoidance of doubt and for the purposes of this
paragraph only, the terms Indenture Document and ABL Document do not include any Intercreditor Agreement. 
 Section 8.22
Incorporation by Reference. It is expressly understood and agreed that U.S. Bank National Association is entering into this Agreement solely in its capacity as Collateral Agent as appointed pursuant to the Indenture, and shall be entitled to
all of the rights, privileges, immunities and protections under the Indenture as if such rights, privileges, immunities and protections were set forth herein. 

Section 8.23 English Language. This Agreement and each other Indenture Document has been negotiated and executed in English. All
certificates, reports, notices and other documents and communications given or delivered by any party hereto pursuant to this Agreement or any other Indenture Document shall be in English or, if not in English, accompanied by a certified English
translation thereof. The English version of any such document shall control the meaning of the matters set forth herein. 
 [Signature Page
Follows] 

  
 39 

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

			
	MERRIMACK PHARMACEUTICALS, INC.
		
	By:	 	/s/ Yasir B. Al-Wakeel
		 	Name: Yasir B. Al-Wakeel
		 	Title: Chief Financial Officer and Head of Corporate Development

 Signature page to Collateral Agreement 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Collateral Agent
		
	    By: 	 	/s/ Alison D.B. Nadeau
		 	Name: Alison D.B. Nadeau
		 	Title: Vice President

  

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	    By:  	 	/s/ Alison D.B. Nadeau
		 	Name: Alison D.B. Nadeau
		 	Title: Vice President

 Signature page to Collateral Agreement 

 EXHIBIT A 

(See Sections 3.2, 3.3 and 4.1 of Agreement) 

GRANTORS’ INFORMATION AND COLLATERAL LOCATIONS 

MERRIMACK PHARMACEUTICALS, INC., a Delaware corporation 

Locations of certain Collateral 
  

					
	 Address
	  	 County
	  	State
	 One Kendall Square, Suite B7201
 Cambridge,
Massachusetts 02139
 (also the location of books and records)
	  	Middlesex	  	Massachusetts
	*	  	N/A	  	Korea
	*	  	San Diego	  	California
	*	  	Lehigh	  	Pennsylvania
	*	  	Bullitt	  	Kentucky

  

	*	Non-Grantor location. Facility is owned/leased by the indicated business. 

 EXHIBIT B 

(See Section 3.6 of Agreement) 

PROPRIETARY RIGHTS 
 [See
attached.] 

 EXHIBIT C 

(See Section 3.8 of Agreement) 

COMMERCIAL TORT CLAIMS 
 None.

 EXHIBIT D 

(See Section 3.7 of Agreement) 

LIST OF INVESTMENT PROPERTY 
  

					
	 	  	 Description of Investment Property
	  	 Certificate or Account Number

	Crane Therapeutics, Inc.	  	100% issued and outstanding shares	  	 Certificate Number 1;
 10,000 ordinary
shares

			
	UBS Financial Services Inc.	  	Money market account	  	    1

  

	1 	Please refer to the footnote related to this account on Exhibit J. 

 EXHIBIT E 

(See Section 3.1 of Agreement) 

Delaware Secretary of State, Division of Corporations 

 EXHIBIT F 

(See Section 4.2 of Agreement) 

AMENDMENT 
 This Amendment, dated
[                        ,             ] is delivered pursuant to
Section 4.2 of the Agreement as defined below. All defined terms herein shall have the meanings ascribed thereto or incorporated by reference in the Agreement. The undersigned further agrees that this Amendment may be attached to that certain
Collateral Agreement, dated as of December 22, 2015, between the undersigned, as the Grantors, U.S. Bank National Association, as the Trustee, and U.S. Bank National Association, as the Collateral Agent (the “Agreement”) and
that the Collateral consisting of Commercial Tort Claims listed on Schedule I to this Amendment shall be and become a part of the Collateral referred to in said Agreement and shall secure all Obligations referred to in said Agreement. 

Notwithstanding any other provision contained herein, the Agreement, the Liens created thereby and the rights, remedies, duties and
obligations provided for therein and herein are subject in all respects to the provisions of each Intercreditor Agreement (if any) and, to the extent provided therein, the applicable Senior Security Documents (as defined in the applicable
Intercreditor Agreement). In the event of any conflict or inconsistency between the provisions of the Agreement, this Supplement and any Intercreditor Agreement, the provisions of the applicable Intercreditor Agreement shall control. 

Notwithstanding anything to the contrary herein, in any Indenture Document or any ABL Document (as such term is defined in each Intercreditor
Agreement (if any)), the Grantors shall not be required to act or refrain from acting (a) pursuant to any Indenture Document solely with respect to any ABL First Lien Collateral in any manner that would cause a default under any ABL Document,
or (b) pursuant to any ABL Document solely with respect to any Noteholder First Lien Collateral in any manner that would cause a default under any Indenture Document. For avoidance of doubt and for the purposes of this paragraph only, the terms
Indenture Document and ABL Document do not include any Intercreditor Agreement. 
  

			
	By:	 	
	Name:	 	 
	Title:	 	 

 SCHEDULE I TO AMENDMENT 

[Include description of tort claims with particularity] 

 EXHIBIT G 

FORM OF PERFECTION CERTIFICATE 

[See attached.] 

 EXHIBIT H 

SUPPLEMENT NO. [        ] dated as of
[                        ,         ] (this “Supplement”), to the
Collateral Agreement dated as of December 22, 2015 (the “Agreement”), among MERRIMACK PHARMACEUTICALS, INC., a Delaware corporation with an address at One Kendall Square, Suite B7201, Cambridge, Massachusetts 02139 (the
“Issuer”), each Subsidiary of the Issuer party from time to time thereto (each such subsidiary individually a “Subsidiary Party” and collectively, the “Subsidiary Parties”; the Subsidiary Parties
are referred to collectively herein as the “Grantors”), U.S. BANK NATIONAL ASSOCIATION, as trustee (and its successors under the Indenture (as defined below), in such capacity, the “Trustee”), and U.S. BANK NATIONAL
ASSOCIATION, as collateral agent for the Secured Parties (and its successors under the Indenture, in such capacity, the “Collateral Agent”). 

WHEREAS pursuant to the terms of (a) the Indenture dated as of December 22, 2015 (as amended, restated, supplemented or otherwise
modified from time to time, the “Indenture”), among the Issuer, the Subsidiary Parties and the Trustee, (b) each Purchase Agreement dated December 22, 2015 (collectively, the “Purchase Agreement”), among
the Issuer, the Subsidiary Parties, each purchaser party thereto (collectively, the “Purchasers”), the Issuer issued the Securities (as defined in the Indenture), which may be guaranteed on a senior secured basis by each of the
Subsidiary Parties; 
 WHEREAS, the Indenture permits the Issuer and the Subsidiary Parties to grant a lien and security interest in the ABL
First Lien Collateral (as defined in the Agreement) to one or more ABL Collateral Agents (as defined in the Agreement) and the holders of First Priority Lien Obligations (as defined in the Agreement); 

WHEREAS the Issuer, the Subsidiary Parties, the Collateral Agent, the Co-Collateral Agent (if applicable), the Trustee and the other parties
party thereto may enter into one or more Lien Subordination and Intercreditor Agreement from time to time (as such agreements may be amended, extended, renewed, restated, supplemented, waived or otherwise modified from time to time, each an
“Intercreditor Agreement”), which will govern the liens upon and security interests in the Collateral granted by the Agreement and the First Priority Lien Obligations; 

WHEREAS each Grantor executed and delivered the Agreement, pursuant to the terms of the Indenture to induce the Trustee to enter into the
Indenture and, pursuant to the terms of the Purchase Agreement, to induce the Purchasers to purchase the Securities; and 
 WHEREAS
Section 8.11 of the Agreement and Section 4.10 of the Indenture provide that additional Wholly Owned Restricted Subsidiaries of the Issuer shall become Subsidiary Parties under the Agreement by execution and delivery of an instrument in
the form of this Supplement. The undersigned Subsidiary (the “New Subsidiary”) is executing this Supplement in accordance with the requirements of the Indenture Documents to become a Subsidiary Party under the Agreement. Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Indenture and the Agreement. 

 Accordingly, the Collateral Agent and the New Subsidiary agree as follows: 

SECTION 1. In accordance with Section 8.11 of the Agreement, the New Subsidiary by its signature below becomes a Subsidiary Party and a
Grantor under the Agreement with the same force and effect as if originally named therein as a Subsidiary Party and the New Subsidiary hereby expressly assumes, and hereby agrees to perform and observe, each and every one of the covenants, rights
promises, agreements, terms, conditions, obligations, appointments, duties and liabilities applicable to it as a Subsidiary Party and Grantor thereunder and all other Indenture Documents applicable to it as a Subsidiary Party and Grantor under the
Agreement. By virtue of the foregoing, the New Subsidiary hereby accepts and assumes any liability of a Grantor (as to itself only) related to each representation, warranty, covenant or obligation made by a Grantor (as to itself only) in the
Agreement and hereby expressly affirms, as of the date hereof, each of such representations, warranties, covenants and obligations. In furtherance of the foregoing, the New Subsidiary, as security for the payment and performance in full of the
Obligations, does hereby create and grant to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, their successors and assigns, a security interest in and Lien on all of the New Subsidiary’s right, title and
interest in and to the Collateral of the New Subsidiary. Each reference to a “Grantor” in the Agreement shall be deemed to include the New Subsidiary. The Agreement is hereby incorporated herein by reference. 

SECTION 2. The New Subsidiary represents and warrants to the Collateral Agent and the other Secured Parties that (a) the New Subsidiary
has the requisite [corporate, partnership or company] power and authority to enter into and perform its obligations under this Supplement and that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal,
valid and binding obligation, enforceable against it in accordance with its terms, (b) the representations and warranties set forth in the Agreement are true and correct in all material respects on and as of the date hereof as such
representations and warranties apply to the New Subsidiary (except to the extent that any such representations and warranties expressly relate to an earlier date) with the same force and effect as if made on the date hereof and (c) as of the
date hereof, the New Subsidiary is “located” (as such term is used in Article 9-307 of the UCC) in the state of [Delaware]. 

SECTION 3. This Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Collateral Agent shall have received a counterpart of this Supplement that bears the signature of the
New Subsidiary and the Collateral Agent has executed a counterpart hereof. Delivery of an executed signature page to this Supplement by facsimile transmission or by email shall be as effective as delivery of a manually signed counterpart of this
Supplement. 
 SECTION 4. The New Subsidiary hereby represents and warrants that set forth on Schedule I attached hereto is a copy of a
fully completed Perfection Certificate executed by the New Subsidiary. The information contained in the Perfection Certificate delivered by the New Subsidiary is correct and complete in all material respects as of the date hereof. 

SECTION 5. Except as expressly supplemented hereby, the Agreement shall remain in full force and effect. 

 SECTION 6. THIS SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), EXCEPT TO THE EXTENT THAT LOCAL LAW GOVERNS THE CREATION, PERFECTION, PRIORITY OR ENFORCEMENT OF
SECURITY INTERESTS. 
 SECTION 7. In case any one or more of the provisions contained in this Supplement should be held invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Agreement shall not in any way be affected or impaired thereby (it being understood that the invalidity of a
particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 8. All communications and notices hereunder shall be in writing and given as provided in Section 8.1 of the Agreement. 

SECTION 9. The New Subsidiary agrees to reimburse the Collateral Agent for its reasonable out-of-pocket expenses in connection with this
Supplement, including the reasonable fees, other charges and disbursements of counsel for the Collateral Agent. 
 SECTION 10.
Notwithstanding any other provision contained herein, the Agreement, the Liens created thereby and the rights, remedies, duties and obligations provided for therein and herein are subject in all respects to the provisions of each Intercreditor
Agreement (if any) and, to the extent provided therein, the applicable Senior Security Documents (as defined in the applicable Intercreditor Agreement). In the event of any conflict or inconsistency between the provisions of the Agreement, this
Supplement and any Intercreditor Agreement, the provisions of the applicable Intercreditor Agreement shall control. 
 SECTION 11. It is
expressly understood and agreed that U.S. Bank National Association is entering into this Supplement solely in its capacity as Collateral Agent as appointed pursuant to the Indenture, and shall be entitled to all of the rights, privileges,
immunities and protections under the Indenture as if such rights, privileges, immunities and protections were set forth herein. 
 SECTION
12. Notwithstanding anything to the contrary herein, in any Indenture Document or any ABL Document (as such term is defined in each Intercreditor Agreement (if any)), the Grantors shall not be required to act or refrain from acting (a) pursuant
to any Indenture Document solely with respect to any ABL First Lien Collateral in any manner that would cause a default under any ABL Document, or (b) pursuant to any ABL Document solely with respect to any Noteholder First Lien Collateral in
any manner that would cause a default under any Indenture Document. For avoidance of doubt and for the purposes of this paragraph only, the terms Indenture Document and ABL Document do not include any Intercreditor Agreement. 

 IN WITNESS WHEREOF, the New Subsidiary and the Collateral Agent have duly executed this
Supplement to the Agreement as of the day and year first above written. 
  

					
	[NAME OF NEW SUBSIDIARY]
			
		 	     by 
	 	 
		 		 	 Name:

		 		 	 Title:

			
		 		 	 Legal Name:

Jurisdiction of Formation:

Location of Chief Executive office:

	
	U.S. BANK NATIONAL ASSOCIATION, as Collateral Agent
			
		 	    By 	 	 
		 		 	Name:
		 		 	Title:

 Schedule I 

to the Supplement No        to the 

Amended and Restated Collateral Agreement 

PERFECTION CERTIFICATE 

 EXHIBIT I 

(see Sections 3.11 of Agreement) 

LEASED PROPERTY 
 Personal property leases for
office copiers. 

 EXHIBIT J 

(see Section 3.9 of Agreement) 

BANK ACCOUNTS AND RELATED ITEMS 
 MERRIMACK
PHARMACEUTICALS, INC. 
  

							
	 Name of Institution
	  	 Bank Address
	  	Type of Account	  	Acct. No.
	 Cambridge Savings Bank
	  	 1378 Cambridge St.

Cambridge, MA 02139
	  	Checking	  	
				
	 Cambridge Savings Bank
	  	 1378 Cambridge St.

Cambridge, MA 02139
	  	Checking	  	
				
	 Cambridge Savings Bank
	  	 1378 Cambridge St.

Cambridge, MA 02139
	  	Savings	  	
				
	 Cambridge Savings Bank
	  	 1378 Cambridge St.

Cambridge, MA 02139
	  	Savings	  	
				
	 Cambridge Savings Bank
	  	 1378 Cambridge St.

Cambridge, MA 02139
	  	Checking	  	
				
	 Cambridge Savings Bank
	  	 1378 Cambridge St.

Cambridge, MA 02139
	  	Savings	  	
				
	 UBS Financial Services Inc.
	  	 One North Wacker Dr, 25th & 26th Floor

Chicago, IL 60606-2807
	  	Money Market	  	    2

  

	2 	The Issuer agrees that, on or promptly following the Effective Date (and in no event later than ten (10) Business Days thereafter), the Issuer shall liquidate the investments credited to this account and transfer funds
from such liquidation or otherwise credited to this account to a deposit account that is subject to an Account Control Agreement or to a new deposit account or securities account that is subject to Control in accordance with Section 4.1(c).

 EXHIBIT K 

(see Section 3.12 of Agreement) 

TRADE NAMES 
 None.Exhibit 4.1

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A
LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.  

 

FORM
OF [FIRST/SECOND/THIRD] CLOSING WARRANT

 

MYOS
CORPORATION

 

	Warrant
Shares: ________________1	Initial
    Exercise Date: _____

 

THIS
[FIRST/SECOND/THIRD] CLOSING WARRANT (the “Warrant”) certifies that, for value received, RENS Technology Inc.
or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and
on or prior to the close of business on the fifth anniversary of the Initial Exercise Date (the “Termination Date”)
but not thereafter, to subscribe for and purchase from MYOS Corporation, a Nevada corporation (the “Company”),
up to _____________2 shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common
Stock.  The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as
defined in Section 2(b).

 

Section
1.             Definitions.  Capitalized
terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the
“Purchase Agreement”), dated December 17, 2015, among the Company and RENS Technology Inc.

 

Section
2.             Exercise.

 

a)             Exercise
of Warrant.  Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such
other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the
Holder appearing on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise form annexed hereto
and within three (3) Trading Days of the date said Notice of Exercise is delivered to the Company, the Company shall have received
payment of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United
States bank. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant
to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised
in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days
of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases
of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number
of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.  The
Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The
Company shall deliver any objection to any Notice of Exercise Form within three (3) Business Days of receipt of such notice.  The
Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph,
following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder
at any given time may be less than the amount stated on the face hereof.

 

 

 

1
375,000 for the First Closing Warrant, 231,481 for the Second Closing Warrant and 277,778 for the Third Closing Warrant.

2
375,000 for the First Closing Warrant, 231,481 for the Second Closing Warrant and 277,778 for the Third Closing Warrant.  

 

     

     

    

 

b)             Exercise
Price.  The exercise price per share of the Common Stock under this Warrant shall be $______________,3
subject to adjustment hereunder (the “Exercise Price”).

 

c)           
 Mechanics of Exercise.

 

i.              Delivery
of Warrant Shares Upon Exercise.  Warrant Shares purchased hereunder shall be transmitted by the Transfer Agent
to the Holder by physical delivery to the address specified by the Holder in the Notice of Exercise by the date that is three
(3) Trading Days after the latest of (A) the delivery to the Company of the Notice of Exercise, (B) surrender of this Warrant
(if required), and (C) payment of the aggregate Exercise Price as set forth above (such date, the “Warrant Share Delivery
Date”).   The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated
to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant
has been exercised, with payment to the Company of the Exercise Price and all taxes required to be paid by the Holder, if any,
pursuant to Section 2(c)(iv) prior to the issuance of such shares, having been paid.

 

ii.             Delivery
of New Warrants Upon Exercise.  If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which
new Warrant shall in all other respects be identical with this Warrant.

 

iii.            No
Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the
exercise of this Warrant.  As to any fraction of a share which the Holder would otherwise be entitled to purchase upon
such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount
equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

 

iv.            Charges,
Taxes and Expenses.  Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of Warrant Shares, all of which taxes and expenses shall be paid by
the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by
the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other
than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto
duly executed by the Holder and the Company may require that the Holder deliver to the Company, as a condition thereto, the payment
of a sum sufficient to reimburse it for any transfer tax incidental thereto.  The Company shall pay all Transfer Agent
fees required for same-day processing of any Notice of Exercise.

 

v.             Closing
of Books.  The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

 

 

3
$7.00 for the First Closing Warrant, $10.80 for the Second Closing Warrant and $18.00 for the Third Closing Warrant.

 

    	 	2	 

     

    

 

d)            Holder’s
Exercise Limitations.  The Company shall not effect any exercise of this Warrant, and a Holder shall not have the
right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such
issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates,
and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially
own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the
number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common
Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number
of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially
owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any
other securities of the Company (including, without limitation, any other  Common Stock Equivalents) subject to a limitation
on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates.  Except
as set forth in the preceding sentence, for purposes of this Section 2(d), beneficial ownership shall be calculated in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder
that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act
and the Holder is solely responsible for any schedules required to be filed in accordance therewith.   To the extent
that the limitation contained in this Section 2(d) applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall
be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and
of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination.   In addition, a determination
as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the
rules and regulations promulgated thereunder.  For purposes of this Section 2(d), in determining the number of outstanding
shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s
most recent periodic report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company
or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock 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 this Warrant, by the Holder or its Affiliates since the date as of which such number of
outstanding shares of Common Stock was reported.  The “Beneficial Ownership Limitation” shall be
4.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common
Stock issuable upon exercise of this Warrant.  The Holder, upon not less than 61 days’ prior notice to the Company,
may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(d), provided that the Beneficial Ownership
Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to
the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(d)
shall continue to apply.  Any such increase or decrease will not be effective until the 61st day after such notice is
delivered to the Company.  The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2(d) 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. The limitations contained in this paragraph shall apply to a successor
holder of this Warrant. Notwithstanding the foregoing, this Section 2(d) shall not be applicable so long as the Holder beneficially
owns in excess of the Beneficial Ownership Limitation without giving effect to the exercise of any portion of this Warrant.

  

Section
3.             Certain
Adjustments.

 

a)         
 Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged.  Any adjustment made pursuant to this
Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive
such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination
or re classification.

 

    	 	3	 

     

    

  

b)             Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

c)           
 Notice to Holder.

 

i.              Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall
promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the
number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.           Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last
address as it shall appear upon the Warrant Register of the Company, at least 5 calendar days prior to the applicable record or
effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common
Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the
date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or
close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their
shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger,
sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof
shall not affect the validity of the corporate action required to be specified in such notice.  The Holder shall remain
entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice  except as may otherwise be expressly set forth herein.

 

Section
4.             Transfer
of Warrant.

 

a)         
   Transferability.  Subject to compliance with any applicable securities laws and the conditions
set forth in Section 4(d) hereof and to the provisions of Section 4 of the Purchase Agreement, this Warrant and all rights hereunder
(including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant
at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially
in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of such transfer.  Upon such surrender and, if required, such payment, the Company shall execute
and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant
not so assigned, and this Warrant shall promptly be cancelled.  The Warrant, if properly assigned in accordance herewith,
may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

  

    	 	4	 

     

    

 

b)           
 New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney.  Subject to compliance with Section 4(a), as to any transfer which may
be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the
Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall
be dated the Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

c)           
 Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that
purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time.  The
Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise
hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

d)           
 Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant,
the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions
or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the transfer restrictions set forth in the Purchase
Agreement.

 

e)           
 Representation by the Holder.  The Holder, by the acceptance hereof, represents and warrants that it is
acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own
account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities
Act or any applicable state securities law.

 

Section
5.             Miscellaneous.

 

a)             No
Rights as Stockholder Until Exercise.  This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(c)(i), except as expressly
set forth in Section 3.

  

b)             Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c)             Saturdays,
Sundays, Holidays, etc.  If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

d)           
 Authorized Shares.  The Company covenants that, during the period the Warrant is outstanding, it will reserve
from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares
upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise
of the purchase rights under this Warrant.  The Company will take all such reasonable action as may be necessary to
assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of
any requirements of the Trading Market upon which the Common Stock may be listed.  The Company covenants that all Warrant
Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase
rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued,
fully paid and nonassessable and free from all taxes, liens (other than transfer restrictions under applicable securities laws)
and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

    	 	5	 

     

    

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, 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, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.  Without
limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount
payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise
of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under
this Warrant. Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant
is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto,
as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e)             Jurisdiction. All questions concerning the construction, validity, enforcement and
interpretation of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement.

 

f)              Restrictions.  The Holder acknowledges that the Warrant Shares acquired upon
the exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities
laws.

 

g)     
      Nonwaiver and Expenses.  No course of dealing or any delay or failure to
exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s
rights, powers or remedies, notwithstanding the fact that all rights hereunder terminate on the Termination Date.  If
the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages
to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including,
but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting
any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h)   
        Notices.  Any notice, request or other document required or permitted to be given or delivered
to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

 

i)         
   Limitation of Liability.  No provision hereof, in the absence of any affirmative action
by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the
Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company,
whether such liability is asserted by the Company or by creditors of the Company.

 

j)        
     Remedies.  The Holder, in addition to being entitled to exercise all rights granted
by law, including recovery of damages, will be entitled to seek specific performance of its rights under this Warrant.  The
Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the
provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that
a remedy at law would be adequate.

 

k)       
     Successors and Assigns.  Subject to applicable securities laws, this Warrant
and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted
assigns of the Company and the successors and permitted assigns of Holder.  The provisions of this Warrant are intended
to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant
Shares.

  

l)   
          Amendment.  This Warrant may be modified or amended
or the provisions hereof waived with the written consent of the Company and the Holder.

 

    	 	6	 

     

    

 

m)        
   Severability.  Wherever possible, each provision of this Warrant shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid
under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating
the remainder of such provisions or the remaining provisions of this Warrant.

 

n)      
     Headings.  The headings used in this Warrant are for the convenience of reference
only and shall not, for any purpose, be deemed a part of this Warrant.

 

********************

 

(Signature
Page Follows)

 

    	 	7	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first
above indicated.

 

	 	MYOS
    CORPORATION
	 	 	 
	 	By:	 
	 	 	Name: Joseph
    DosSantos
	 	 	Title: Chief
    Financial Officer

 

     

     

    

 

NOTICE
OF EXERCISE

 

TO:  <
>

 

(1)        
 The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)     
    Payment shall take the form of lawful money of the United States.

 

(3)        
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

                                                                                                       

    

The
Warrant Shares shall be delivered to the following mailing address or DWAC Account Number, as applicable:

 

                                                                                                    

 

                                                                                                       

 

                                                                                                       

 

(4)   
     Accredited Investor.  The undersigned is an “accredited
investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity:                                                                                                                     
                          

Signature
of Authorized Signatory of Investing Entity:                                                                                                  
 

Name
of Authorized Signatory:                                                                           

Title
of Authorized Signatory:                                           

Date:                                                   

  

     

     

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute

this
form and supply required information.

Do
not use this form to exercise the warrant.)

 

FOR
VALUE RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned
to

 

                                                                                                                                                                                                                                whose
address is

 

                                                                                                                                                                                                           .

 

                                                                                                                                                                                                           

 

 

Dated:  ______________,
_______

 

Holder’s
Signature:                                                                          

 

Holder’s
Address:                                                                                                       

 

                                                                                                           

 

 

Signature
Guaranteed:                                                                                                     

 

NOTE:  The
signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank or trust company.  Officers of corporations and
those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing
Warrant.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00252-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00252-of-00352.parquet"}]]