Document:

EX-4.1

 Exhibit 4.1 

CERTIFICATE OF DESIGNATION OF 

SERIES B CONVERTIBLE PREFERRED STOCK, 

PAR VALUE $0.001 PER SHARE, 

OF 
 dELiA*s, Inc.

 Pursuant to Section 151 of the 

General Corporation Law of the State of Delaware 

The undersigned DOES HEREBY CERTIFY that the following resolution was duly adopted by the Board of Directors (the “Board”) of
dELiA*s, Inc., a Delaware corporation (hereinafter called the “Corporation”), with the designations, powers, preferences and relative, participating, optional or other special rights, and qualifications, limitations and restrictions
having been fixed by the Board pursuant to authority granted to it under the Corporation’s Amended and Restated Certificate of Incorporation and in accordance with the provisions of Section 151 of the General Corporation Law of the State
of Delaware: 
 WHEREAS, the Corporation’s Amended and Restated Certificate of Incorporation provides for a class of its authorized
stock known as Preferred Stock, consisting of 25,000,000 shares, $0.001 par value per share, issuable from time to time in one or more series; 

WHEREAS, the Board is authorized by the Corporation’s Amended and Restated Certificate of Incorporation to fix the designations, powers,
preferences and relative, participating, optional or other special rights, and qualifications, limitations and restrictions of any wholly unissued series of Preferred Stock and the number of shares constituting any such series; 

NOW, THEREFORE, BE IT RESOLVED, that, pursuant to authority conferred upon the Board by the Amended and Restated Certificate of Incorporation
of the Corporation, the Board hereby authorizes the issuance of 441,000 shares of Series B Convertible Preferred Stock, par value $0.001 per share, of the Corporation and hereby fixes the designations, powers, preferences and relative,
participating, optional or other special rights, and qualifications, limitations and restrictions relating to such shares, in addition to those set forth in the Amended and Restated Certificate of Incorporation of the Corporation, as follows: 

Section 1. Designation. The shares of such series shall be designated “Series B Convertible Preferred Stock,” and the
number of shares constituting such series shall be 441,000 (the “Series B Preferred Stock”). The number of shares of Series B Preferred Stock may be increased or decreased by resolution of the Board and the approval by the holders
of a majority of the shares of the outstanding Series B Preferred Stock, voting as a separate class; provided that no decrease shall reduce the number of shares of Series B Preferred Stock to a number less than the number of shares of such
series then outstanding. 
 Section 2. Currency. All Series B Preferred Stock shall be denominated in United States currency,
and all payments and distributions thereon or with respect thereto shall be made in United States currency. All references herein to “$” or “dollars” refer to United States currency. 

Section 3. Ranking. The Series B Preferred Stock shall, with respect to dividend rights and rights upon liquidation, winding up or
dissolution, rank senior to each other class or series of shares of the Corporation that the Corporation may issue in the future the terms of which do not expressly provide that such class or series ranks equally with, or senior to, the Series B
Preferred Stock, with respect to dividend rights and/or rights upon liquidation, winding up or dissolution, including, without limitation, the common stock of the Corporation, par value $0.001 per share (the “Common Stock”) and the
Corporation’s Series A Junior Participating Preferred Stock (such junior stock being referred to hereinafter collectively as “Junior Stock”). 

 The Series B Preferred Stock shall, with respect to dividend rights and rights upon liquidation,
winding up or dissolution, rank equally with each other class or series of shares of the Corporation that the Corporation may issue in the future the terms of which expressly provide that such class or series shall rank equally with the Series B
Preferred Stock with respect to dividend rights and rights upon liquidation, winding up or dissolution (“Parity Stock”). 

The Series B Preferred Stock shall, with respect to dividend rights and rights upon liquidation, winding up or dissolution, rank junior to
each other class or series of shares of the Corporation that the Corporation may issue in the future the terms of which expressly provide that such class or series shall rank senior to the Series B Preferred Stock with respect to dividend rights and
rights upon liquidation, winding up or dissolution (“Senior Stock”). The Series B Preferred Stock shall also rank junior to the Corporation’s existing and future indebtedness. 

Section 4. Dividends. 

(a) The holders of Series B Preferred Stock shall be entitled to receive, when, as and if declared by the Board, out of any funds legally
available therefor, dividends per share of Series B Preferred Stock of an amount equal to 6.0% per annum of the Stated Value (as herein defined) of each share of such Series B Preferred Stock then in effect, before any dividends shall be
declared, set apart for or paid upon the Junior Stock (the “Dividends”). For purposes hereof, the term “Stated Value” shall mean $100 per share of Series B Preferred Stock. 

(b) Dividends shall be payable in arrears. The first date on which Dividends shall be payable shall be February 18, 2015 (the
“First Payment Date”), and, thereafter, Dividends shall be payable semi-annually in arrears only on February 18 and August 18 of each year (unless any such day is not a Business Day, in which event such Dividends shall be
payable on the next succeeding Business Day, without accrual to the actual payment date), commencing on February 18, 2015 (such First Payment Date, and each such semi-annual payment date, being a “Dividend Payment Date,” and
the period from the date of issuance of the Series B Preferred Stock to the first Dividend Payment Date and each such semi-annual period thereafter being a “Dividend Period”). The amount of Dividends payable on the Series B
Preferred Stock for any period shall be computed on the basis of a 365-day year and the actual number of days elapsed. For the avoidance of doubt, on the First Payment Date the Company shall pay both (i) the dividend otherwise due on such date,
and (ii) an additional dividend equal to the dividend which accrued in the first semi-annual period following the filing of this Certificate. 

(c) Dividends, whether or not declared, shall begin to accrue and be cumulative from the Issue Date. If the Corporation does not pay any
Dividend in full on any scheduled Dividend Payment Date, then Dividends thereafter will accrue at an annual rate of 8.0% of the Stated Value from such scheduled Dividend Payment Date to the date that all accumulated Dividends on the Series B
Preferred have been paid in cash in full. For the avoidance of doubt, Dividends shall accumulate whether or not in any Dividend Period there have been funds of the Corporation legally available for the payment of such Dividends. By way of example,
with respect to one share of Series B Preferred Stock, if the Dividend Payment Dates were February 15 and August 15, and on February 15 the Company fails to make the required $3 Dividend (i.e., 6% per annum on the $100 Stated
Value), then on August 15 the Corporation owes $3 for the prior Dividend and $4 for the current Dividend. 
 (d) Except as otherwise
provided herein, if at any time the Corporation pays less than the total amount of Dividends then accumulated with respect to the Series B Preferred Stock, such payment 

  
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shall be distributed pro rata among the holders thereof based upon the Stated Value on all shares of Series B Preferred Stock held by each such holder. When Dividends are not paid in full upon
the shares of Series B Preferred Stock, all Dividends declared on Series B Preferred Stock and any other Parity Stock shall be paid pro rata so that the amount of Dividends so declared on the shares of Series B Preferred Stock and each such other
class or series of Parity Stock shall in all cases bear to each other the same ratio as accumulated Dividends (for the full amount of dividends that would be payable for the most recently payable dividend period if dividends were declared in full on
non-cumulative Parity Stock) on the shares of Series B Preferred Stock and such other class or series of Parity Stock bear to each other. 

(e) When and if declared, the Dividends shall be paid in cash. 

(f) From and after the time, if any, that the Corporation shall have failed to pay in full all accumulated and unpaid Dividends for all prior
Dividend Periods in accordance with this Section 4, without the consent of a majority of the holders of the Series B Preferred Stock, no dividends shall be declared or paid or set apart for payment, or other distribution declared or made, upon
any Junior Stock, nor shall any Junior Stock be redeemed, purchased or otherwise acquired for any consideration (nor shall any moneys be paid to or made available for a sinking fund for the redemption of any shares of any such Junior Stock) by the
Corporation, directly or indirectly until all such Dividends have been paid in full. 
 (g) The Board may fix a record date for the
determination of holders entitled to receive payment of the Dividends payable pursuant to this Section 4, which record date shall not be more than 60 days nor less than 10 days prior to the date on which any such Dividend is paid. 

(h) Notwithstanding anything herein to the contrary, any Dividend payments made with respect to shares of Series B Preferred Stock will be
made so long as such payments are permitted under the Credit Agreement; provided however, that for the avoidance of doubt, if Dividends are not paid on a Scheduled Payment Date because they are not permitted under the Credit Agreement, Dividends
will accrue at an annual rate of 8.0% of the Stated Value from such scheduled Dividend Payment Date to the date that all accumulated Dividends on the Series B Preferred have been paid. 

Section 5. Liquidation, Dissolution or Winding Up. 

(a) Upon any voluntary or involuntary liquidation, dissolution or winding up of the Corporation (each, a “Liquidation”),
after satisfaction of all liabilities and obligations to creditors of the Corporation and before any distribution or payment shall be made to holders of any Junior Stock, each holder of Series B Preferred Stock shall be entitled to receive, out of
the assets of the Corporation or proceeds thereof (whether capital or surplus) legally available therefor, an amount per share of Series B Preferred Stock equal to the Stated Value per share, plus, an amount equal to any Dividends accumulated but
unpaid thereon (whether or not declared) through the date of Liquidation (the “Liquidation Preference”). Subject to Section 8(i), holders of Series B Preferred Stock will not be entitled to any other amounts from the
Corporation after they have received the full amounts provided for in this Section 5(a) and will have no right or claim to any of the Corporation’s remaining assets. Notwithstanding anything herein to the contrary, any Dividend payments
made with respect to shares of Series B Preferred Stock will be made so long as such payments are permitted under the Credit Agreement; provided, however, that for the avoidance of doubt, if accrued but unpaid Dividends are not paid on any date of
Liquidation because Dividends are not permitted under the Credit Agreement, such accrued but unpaid Dividends will accrue at an annual rate of 8.0% until paid. 

(b) If, in connection with any distribution described in Section 5(a) above, the assets of the Corporation or proceeds thereof are not
sufficient to pay in full the Liquidation Preference payable on the Series B Preferred Stock and the corresponding amounts payable on the Parity Stock, then such assets, or the proceeds thereof, shall be paid pro rata in accordance with the full
respective amounts which would be payable on such shares if all amounts payable thereon were paid in full. 

  
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 (c) For purposes of Section 5(a), the merger or consolidation of the Corporation with or
into any other corporation or other entity, or the sale, conveyance, license, lease or other disposition of all or substantially all of the assets of the Corporation shall constitute a Liquidation; provided however, that the holders of a majority of
the Preferred Stock may declare that an event described in this Section 5(c) does not constitute a Liquidation and the holders of the Series B Preferred will receive the Conversion Price adjustment set forth in Section 8(e). 

(d) If the Corporation does not pay any accrued but unpaid Dividends in full on any date of Liquidation, such accrued but unpaid Dividends
will bear interest at rate of 8.0% per annum until paid in full. 
 Section 6. Voting Rights. The holders of the shares of
Series B Preferred Stock shall be entitled to (i) vote with the holders of the Common Stock on all matters submitted for a vote of holders of Common Stock, (ii) a number of votes per share of Series B Preferred Stock equal to the number of
shares of whole shares of Common Stock into which each such share of Series B Preferred Stock is then convertible at the time of the related record date and (iii) notice of all stockholders’ meetings (or pursuant to any action by written
consent) in accordance with the Corporation’s Amended and Restated Certificate of Incorporation and Bylaws as if the holders of Series B Preferred Stock were holders of Common Stock. Except as provided herein or by law, holders of Series B
Preferred Stock shall vote together with the holders of Common Stock as a single class. 
 Section 7. Conversion. 

(a) Mandatory Conversion by the Corporation. If, at any time beginning on the eighteenth (18) month anniversary of the Issue Date,
the average of the Closing Price of the Common Stock equals or exceeds two times the Conversion Price (adjusted as described in Section 8) for a period of 30 Trading Days in any 45 consecutive Trading Day period (the Business Day immediately
following such 30th Trading Day, the “Mandatory Conversion Date”), then at the Corporation’s election at any time thereafter, each share of Series B Preferred Stock shall be
converted into that number of shares of Common Stock determined by dividing the Stated Value of such share of Series B Preferred Stock by the Conversion Price, plus the Corporation shall pay to the holders of the Series B Preferred Stock an amount
of cash per share of Series B Preferred Stock equal to accrued but unpaid Dividends on such share through but excluding the Mandatory Conversion Date, out of surplus and from funds legally available therefor (the “Mandatory
Conversion”); provided that the foregoing Mandatory Conversion may only be elected by the Corporation if (i) there is an effective registration statement covering all of the shares of Common Stock issuable upon such Mandatory
Conversion, and (ii) the Common Stock is then trading on the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global Market, or the NASDAQ Capital Market. If the Corporation does not pay any accrued but unpaid
Dividends in full in cash on any Mandatory Conversion Date, such accrued but unpaid Dividends will bear interest at rate of 8.0% per annum until paid in full. Notwithstanding anything herein to the contrary, any such payments made with respect
to shares of Series B Preferred Stock will be made so long as such payments are permitted under the Credit Agreement; provided, however, that for the avoidance of doubt, if accrued but unpaid Dividends are not paid on any Mandatory Conversion Date
because Dividends are not permitted under the Credit Agreement, such accrued but unpaid Dividends will accrue at an annual rate of 8.0% until paid. 

(b) Optional Conversion. At any time, each holder of Series B Preferred Stock shall have the right, at such holder’s option, to
convert any or all of such holder’s shares of Series B Preferred Stock, 

  
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and the shares of Series B Preferred Stock to be converted shall be converted into that number of shares of Common Stock determined by dividing the Stated Value of such share of Series B
Preferred Stock by the Conversion Price, plus the Corporation shall pay to the holders of the Series B Preferred Stock an amount in cash per share of Series B Preferred Stock equal to accrued but unpaid dividends on such shares through but excluding
the applicable conversion date, out of surplus and from funds legally available therefor. If the Corporation does not pay any accrued but unpaid Dividends in cash in full on any Conversion Date (as defined below), such accrued but unpaid Dividends
will bear interest at rate of 8.0% per annum until paid in full. Notwithstanding anything herein to the contrary, any such payments made with respect to shares of Series B Preferred Stock will be made so long as such payments are permitted
under the Credit Agreement; provided, however, that for the avoidance of doubt, if accrued but unpaid Dividends are not paid on any Conversion Date because Dividends are not permitted under the Credit Agreement, such accrued but unpaid Dividends
will accrue at an annual rate of 8.0% until paid. 
 (c) Conversion Price. The Conversion Price is subject to adjustment in
accordance with Section 8. 
 (d) Conversion Procedures. A holder must do each of the following in order to convert its shares
of Series B Preferred Stock pursuant to this Section 7: 
 (1) complete and manually sign the conversion notice provided by the
Corporation, and deliver such notice to the Corporation; 
 (2) deliver to the Corporation the certificate or certificates representing the
shares of Series B Preferred Stock to be converted (or, if such certificate or certificates have been lost, stolen or destroyed, a lost certificate affidavit and indemnity in form and substance reasonably acceptable to the Corporation); 

(3) if required, furnish appropriate endorsements and transfer documents in form and substance reasonably acceptable to the Corporation; and

 (4) if required, pay any stock transfer, documentary, stamp or similar taxes not payable by the Corporation pursuant to
Section 7(h). 
 The “Conversion Date” means the date on which a holder complies in all respects with the procedures set forth in this
Section 7(d). 
 (e) Effect of Conversion. Effective immediately prior to the Close of Business on the Conversion Date
applicable to any shares of Series B Preferred Stock, dividends shall no longer accrue or be declared on any such shares of Series B Preferred Stock and such shares of Series B Preferred Stock shall cease to be outstanding. 

(f) Record Holder of Underlying Securities as of Conversion Date. The Person or Persons entitled to receive the Common Stock and, to
the extent applicable, cash, issuable upon conversion of Series B Preferred Stock on a Conversion Date shall be treated for all purposes as the record holder(s) of such shares of Common Stock and/or cash as of the Close of Business on such
Conversion Date. As promptly as practicable on or after the Conversion Date and compliance by the applicable holder with the relevant conversion procedures contained in Section 7(d) (and in any event no later than three Trading Days
thereafter), the Corporation shall issue the number of whole shares of Common Stock issuable upon conversion. Such delivery of shares of Common Stock shall be made in certificated form. Any such certificate or certificates and any cash shall be
delivered by the Corporation to the appropriate holder by mailing certificates evidencing the shares to the holders at their respective addresses as set forth in the 

  
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conversion notice. If fewer than all of the shares of Series B Preferred Stock held by any holder are converted pursuant to Section 7(b), then a new certificate representing the unconverted
shares of Series B Preferred Stock shall be issued to such holder concurrently with the issuance of the certificates representing the applicable shares of Common Stock. In the event that a holder shall not by written notice designate the name in
which shares of Common Stock and, to the extent applicable, cash to be delivered upon conversion of shares of Series B Preferred Stock should be registered or paid, or the manner in which such shares and, if applicable, cash should be delivered, the
Corporation shall be entitled to register and deliver such shares and, if applicable, cash in the name of the holder and in the manner shown on the records of the Corporation. 

(g) Status of Converted or Acquired Shares. Shares of Series B Preferred Stock duly converted in accordance with this Certificate of
Designation, or otherwise acquired by the Corporation in any manner whatsoever, shall be retired promptly after the acquisition thereof. All such shares shall upon their retirement and any filing required by the Delaware General Corporation Law
become authorized but unissued shares of Preferred Stock, without designation as to series until such shares are once more designated as part of a particular series by the Board pursuant to the provisions of the Amended and Restated Certificate of
Incorporation. 
 (h) Taxes. (1) The Corporation and its paying agent shall be entitled to withhold taxes on all payments on the
Series B Preferred Stock or Common Stock or other securities issued upon conversion of the Series B Preferred Stock to the extent required by law. Prior to the date of any such payment, each holder of Series B Preferred Stock shall deliver to the
Corporation or its paying agent a duly executed, valid, accurate and properly completed Internal Revenue Service Form W-9 or an appropriate Internal Revenue Service Form W-8, as applicable. 

(2) The Corporation shall pay any and all documentary, stamp and similar issue or transfer tax due on (x) the issue of the Series B
Preferred Stock and (y) the issue of shares of Common Stock upon conversion of the Series B Preferred Stock. However, in the case of conversion of Series B Preferred Stock, the Corporation shall not be required to pay any tax or duty that may
be payable in respect of any transfer involved in the issue and delivery of shares of Common Stock or Series B Preferred Stock in a name other than that of the holder of the shares to be converted, and no such issue or delivery shall be made unless
and until the person requesting such issue has paid to the Corporation the amount of any such tax or duty, or has established to the satisfaction of the Corporation that such tax or duty has been paid. 

(i) Compensation for Buy-In on Failure to Timely Deliver Certificates upon Conversion. If the Corporation fails to deliver to a holder
of Series B Preferred Stock the applicable certificate or certificates, with respect to the Conversion Shares within three (3) Trading Days following each Conversion Date (the “Share Delivery Date”) (other than a failure caused
by incorrect or incomplete information provided by such holder to the Corporation), and if after such Share Delivery Date such holder is required by its brokerage firm to purchase (in an open market transaction or otherwise), or the holder’s
brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by such holder of the Conversion Shares (a “Buy-In”), then the Corporation shall (A) pay in cash to such holder (in addition to any
other remedies available to or elected by such holder) the amount by which (x) such holder’s total purchase price (including any brokerage commissions) for the shares of Common Stock so purchased pursuant to such Buy-In exceeds
(y) the product of (1) the number of shares of Common Stock subject to such Buy-In multiplied by (2) the actual sale price at which the sell order giving rise to such purchase obligation was executed) including brokerage commissions),
and (B) at the option of such holder, either reissue (if surrendered) the shares of Series B Preferred Stock equal to the number of shares of Series B Preferred Stock submitted for conversion or deliver to such holder the number of shares of
Common Stock that would have been issued if the Corporation had timely complied 

  
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with its delivery requirements. For example, if a holder purchases shares of Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted conversion of
shares of Series B Preferred Stock with respect to which the actual sale price (including any brokerage commissions) giving rise to such purchase obligation was a total of $10,000 under clause (A) of the immediately preceding sentence, the
Corporation shall be required to pay such holder $1,000. The holder shall provide the Corporation written notice, within five (5) Trading Days after the occurrence of Buy-In, indicating the amounts payable to such holder in respect of such
Buy-In together with applicable confirmations and other evidence reasonably requested by the Corporation. Nothing herein shall limit a holder’s right to pursue any other remedies available to it hereunder, at law, or in equity, including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Corporation’s failure to timely deliver certificates representing shares of Common Stock upon conversion of the shares of the Series B Preferred
Stock as required pursuant to the terms hereof; provided, however, that the holder shall not be entitled to both (i) require the reissuance of the shares of Series B Preferred Stock submitted for conversion for which such
conversion was not timely honored and (ii) receive the number of shares of Common Stock that would have been issued if the Corporation had timely complied with its delivery requirements set forth herein 

Section 8. Certain Adjustments. 

(a) Stock Dividends and Stock Splits. If the Corporation, at any time while the Series B Preferred Stock is outstanding: (i) pays
a stock dividend or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any other Common Stock Equivalents (which, for avoidance of doubt, shall not include any shares of Common Stock issued
by the Corporation upon conversion of, or payment of a Dividend on, the Series B Preferred Stock), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of a reverse stock
split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues, in the event of a reclassification of shares of the Common Stock, any shares of capital stock of the Corporation, then the Conversion Price shall be
multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding any treasury shares of the Corporation) outstanding immediately before such event, and of which the denominator shall be the number of shares of
Common Stock outstanding immediately after such event. Any adjustment made pursuant to this Section 8(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. 

(b) Subsequent Equity Sales. If the Corporation, at any time while the Series B Preferred Stock is outstanding, shall sell, grant any
option to purchase, sell or grant any right to reprice its securities, or otherwise disposes of or issue any Common Stock or Common Stock Equivalents entitling any Person to acquire shares of Common Stock, at a price per share less than the then
Conversion Price (such issuances collectively, a “Dilutive Issuance”), as adjusted hereunder (if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price
adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which is issued in connection with such issuance, be entitled to receive shares of Common Stock at an
effective price per share which is less than the Conversion Price, such issuance shall be deemed to have occurred for less than the Conversion Price on such date of the Dilutive Issuance), then the Conversion Price shall be reduced by multiplying
the Conversion Price by a fraction, the numerator of which is the number of shares of Common Stock issued and outstanding immediately prior to the Dilutive Issuance plus the number of shares of Common Stock which the offering price for such Dilutive
Issuance would purchase at the then Conversion Price, and the denominator of which shall be the sum of the number of shares of Common Stock issued and outstanding immediately prior to the Dilutive Issuance plus the number of shares of Common Stock
so issued or 

  
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issuable in connection with the Dilutive Issuance. Such adjustment shall be made whenever such Common Stock or Common Stock Equivalents are issued. Notwithstanding the foregoing, no adjustment
will be made under this Section 8(b) in respect of an Exempt Issuance. Notwithstanding anything to the contrary in this Section 8(b), the Conversion Price will not be adjusted to a price that is less than $0.75 (as adjusted in accordance
with Section 8(a) and Section 8(c)-(i)). 
 (c) Subsequent Rights Offerings. In addition to any adjustments pursuant to
Section 8(a) above, if at any time the Corporation grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock
(the “Purchase Rights”), then the holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the holder could have acquired if the holder had held the number of shares
of Common Stock acquirable upon complete conversion of such holder’s Series B Preferred Stock immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights. 

(d) Pro Rata Distributions. During such time as the Series B Preferred Stock is outstanding, if the Corporation declares or makes any
dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities,
property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of the Series B Preferred Stock,
then, in each such case, the holder shall be entitled to participate in such Distribution to the same extent that the holder would have participated therein if the holder had held the number of shares of Common Stock acquirable upon complete
conversion of the Series B Preferred Stock immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the
participation in such Distribution. 
 (e) Fundamental Transaction. Subject to Section 5(c), if, at any time while
the Series B Preferred Stock is outstanding, (i) the Corporation, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Corporation with or into another Person, (ii) the Corporation,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer,
tender offer or exchange offer (whether by the Corporation or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted
by the holders of 50% or more of the outstanding Common Stock, (iv) the Corporation, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any
compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Corporation, directly or indirectly, in one or more related transactions consummates a
stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the
outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement
or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent conversion of the Series B Preferred Stock, the holder shall have the right to receive, for each share of Common Stock that would have been
issuable upon such conversion immediately prior to the occurrence of such Fundamental Transaction, the number of shares of Common Stock of the successor or acquiring corporation or of the Corporation, if it is the surviving corporation,

  
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and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for
which the Series B Preferred Stock is convertible immediately prior to such Fundamental Transaction. For purposes of any such conversion, the determination of the Conversion Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Corporation shall apportion the Conversion Price among the Alternate Consideration in a reasonable
manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the holder of
Series B Preferred Stock shall be given the same choice as to the Alternate Consideration it receives upon any conversion of the Series B Preferred Stock following such Fundamental Transaction. To the extent necessary to effectuate the foregoing
provisions, any successor to the Corporation or surviving entity in such Fundamental Transaction shall file a new Certificate of Designation with the same terms and conditions and issue to the holders new preferred stock consistent with the
foregoing provisions and evidencing the holders’ right to convert such preferred stock into Alternate Consideration. The Corporation shall cause any successor entity in a Fundamental Transaction in which the Corporation is not the survivor (the
“Successor Entity”) to assume in writing all of the obligations of the Corporation under this Certificate of Designation in accordance with the provisions of this Section 8(e) pursuant to written agreements in form and
substance reasonably satisfactory to the holder and approved by the holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the holder of the Series B Preferred Stock, deliver to the holder in exchange
for the Series B Preferred Stock a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to the Series B Preferred Stock which is convertible for a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon conversion of the Series B Preferred Stock (without regard to any limitations on the conversion of the Series B Preferred
Stock) prior to such Fundamental Transaction, and with a conversion price which applies the Conversion Price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such
Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such conversion price being for the purpose of protecting the economic value of the Series B Preferred Stock immediately prior to the
consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that
from and after the date of such Fundamental Transaction, the provisions of this Certificate of Designation referring to the “Corporation” shall refer instead to the Successor Entity), and may exercise every right and power of the
Corporation and shall assume all of the obligations of the Corporation under this Certificate of Designation with the same effect as if such Successor Entity had been named as the Corporation herein. 

(f) Other Events. If any event occurs of the type contemplated by the foregoing provisions of this Section 8 but not expressly
provided for by such provisions, then the Board will make an appropriate adjustment to the Conversion Price so as to protect the rights of the holders of the Series B Preferred Stock; provided, however, that no such adjustment will increase the
Conversion Price as otherwise determined pursuant to this Section 8. 
 (g) Limitation to Conversion Price Adjustment. All
calculations under this Section 8 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 8, 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 any treasury shares of the Corporation) issued and outstanding. 

  
 9 

 (h) Notice to the Holders. Whenever the Conversion Price is adjusted pursuant to any
provision of this Section 8, the Corporation shall promptly deliver to each holder a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. 

(i) Notice to Allow Conversion by Holder. In addition to any notices required pursuant to Section 8(h), if (A) the
Corporation shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Corporation shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Corporation shall
authorize the granting to all holders of the Common Stock of 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 Corporation shall be required in
connection with any reclassification of the Common Stock, any consolidation or merger to which the Corporation is a party, any sale or transfer of all or substantially all of the assets of the Corporation, or any compulsory share exchange whereby
the Common Stock is converted into other securities, cash or property, (E) the Corporation shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Corporation, or (F) any Liquidation not
covered by the foregoing clauses, then, in each case, the Corporation shall cause to be filed at each office or agency maintained for the purpose of conversion of this Series B Preferred Stock, and shall cause to be delivered to each holder at its
last address as it shall appear upon the stock books of the Corporation, at least twenty (20) 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 

Section 9. Negative Covenants. So long as the Lead Investor or Flatbush, as the case may be, beneficially owns (determined in
accordance with Rule 13D-3 under the Exchange Act) at least ten percent (10%) of the Common Stock (on an as-converted basis), the Company shall not, without the prior written consent of the Lead Investor and/or Flatbush, as the case may be,
take any of the following actions or engage in any of the following transactions: (a) if all accrued dividends on the Series B Preferred Stock shall not have been paid in full, declare or pay dividends on, or repurchase or redeem, any shares of
capital stock of the Company; except for repurchases or deemed repurchases in connection with net or cashless exercise of options and issuances under the Rights Agreement; (b) authorize, create or issue any class or series of capital stock of
the Corporation that ranks senior to or in parity with the Preferred Stock, including any additional Series B Preferred Stock; or (iii) amend, alter or repeal of any provision of the certificate of incorporation or bylaws of the Corporation
that materially and adversely affects the rights, preferences, privileges or voting powers of the Series B Preferred Stock; provided, that an amendment to the certificate of incorporation of the Corporation to increase the number of
authorized and unissued shares of Common Stock by an amount not less than the maximum number of Common Stock issuable upon conversion of the shares of Series B Preferred Stock, as well as an incremental increase in the number of authorized shares of
Common Stock to be used, inter alia, in respect of the Corporation’s present or future compensation plans, shall not require the consent of the Lead Investor or Flatbush. 

Section 10. Reservation of Shares. The Corporation shall at all times when the Series B Preferred Stock shall be outstanding
reserve and keep available, free from preemptive rights, for issuance upon the conversion of Series B Preferred Stock, such number of its authorized but unissued Common Stock as will from time to time be sufficient to permit the conversion of all
outstanding Series B Preferred Stock. Prior to the delivery of any securities which the Corporation shall be obligated to deliver upon conversion of the Series B Preferred Stock, the Corporation shall comply with all applicable laws and regulations
which require action to be taken by the Corporation. 

  
 10 

 Section 11. Fractional Shares. No fractional shares of Common Stock will be delivered
to the holders of Series B Preferred Stock upon conversion. If the issuance would result in the issuance of a fraction of a share of Common Stock, the Corporation shall round such fraction up to the nearest whole share. 

Section 12. Notices. Any and all notices or other communications or deliveries hereunder shall be in writing and shall be deemed
given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified in this Section prior to or at the Close of Business on a Business Day and
electronic confirmation of receipt is received by the sender, (ii) the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified in this Section on a day that
is not a Business Day or later than the Close of Business on any Business Day, (iii) the Business Day following the date of mailing, if sent by nationally recognized overnight courier service, or (iv) upon actual receipt by the party to
whom such notice is required to be given. The addresses for such communications shall be: (i) if to the Corporation, attention: General Counsel, or (ii) if to a holder of Series B Preferred Stock, to the address or facsimile number
appearing on the Corporation’s stockholder records or such other address or facsimile number as such holder may provide to the Corporation in accordance with this Section 12. 

Section 13. Certain Definitions. As used in this Certificate of Designation, the following terms shall have the following
meanings, unless the context otherwise requires: 
 “Alternate Consideration” shall have the meaning ascribed to it in
Section 8(e). 
 “Board” shall have the meaning ascribed to it in the recitals. 

“Business Day” shall mean a day that is a Monday, Tuesday, Wednesday, Thursday or Friday and is not a day on which banking
institutions in New York, New York generally are authorized or obligated by law, regulation or executive order to close. 
 “Capital
Stock” shall mean any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by the Corporation. 

“Certificate of Designation” shall mean this Certificate of Designation relating to the Series B Preferred Stock, as it may
be amended from time to time. 
 “Close of Business” shall mean 5:00 p.m., New York City time, on any Business Day. 

“Closing Price” shall mean (i) if the Common Stock is listed on a national securities exchange, the volume weighted
average price per share of the Common Stock on the applicable Trading Day on the principal national securities exchange on which the Common Stock is listed or admitted to trading, (ii) if the Common Stock is not listed on a national securities
exchange and if prices for the Common Stock are then quoted on the OTC Bulletin Board, the volume weighted average price per share of the Common Stock on the applicable Trading Day on the OTC Bulletin Board, or (iii) if the Common Stock is not
then listed or quoted on the OTC Bulletin Board, then a price per share of Common Stock calculated by reference to the fair market value of the Corporation as may be established by a nationally recognized third party valuation consultant mutually
acceptable to the Corporation and the holders of a majority of the Preferred Stock, the cost of which valuation will be borne by the Corporation. 

  
 11 

 “Commission” means the United States Securities and Exchange Commission. 

“Common Stock” shall have the meaning ascribed to it in Section 3. 

“Common Stock Equivalents” means any securities of the Corporation which would entitle the holder thereof to acquire at any
time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive,
Common Stock. 
 “Conversion Date” shall have the meaning ascribed to it in Section 7(d). 

“Conversion Price” means $0.80. 

“Conversion Shares” means, collectively, the shares of Common Stock issuable upon conversion of the shares of Series B
Preferred Stock in accordance with the terms hereof. 
 “Corporation” shall have the meaning ascribed to it in the
recitals. 
 “Credit Agreement” means that certain credit agreement, dated as of June 14, 2013, by, among others, the
Corporation, certain wholly-owned subsidiaries of the Corporation, and Salus Capital Partners, LLC, as amended and in effect from time to time. 

“Dilutive Issuance” shall have the meaning ascribed to it in Section 8(b). 

“Distribution” shall have the meaning ascribed to it in Section 8(d). 

“Dividend” shall have the meaning ascribed to it in Section 4(a). 

“Dividend Payment Date” shall have the meaning ascribed to it in Section 4(b). 

“Dividend Period” shall have the meaning ascribed to it in Section 4(b). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exempt Issuance” shall mean, any issuances of (1) Capital Stock to employees, directors, officers or consultants of or
to the Corporation or any of its Subsidiaries pursuant to a stock option or incentive compensation or similar plan outstanding as of the date hereof or, subsequent to the date hereof, approved by the Board or a duly authorized committee of the
Board, (2) securities pursuant to any bona fide merger, joint venture, partnership, consolidation, dissolution, liquidation, tender offer, recapitalization, reorganization, share exchange, business combination or similar transaction or any
other direct or indirect acquisition by the Corporation, whereby the Corporation’s securities comprise, in whole or in part, the consideration paid by the Corporation in such transaction, (3) shares of Common Stock issued at a price equal
to or greater than the Closing Price on the Trading Day immediately preceding the earlier of (x) the date on which the sale or issuance of the Series B Preferred Stock is publicly announced and (y) the date on which the price for such sale
or issuance of the Series B Preferred Stock is agreed or fixed, and (4) securities convertible into, exercisable or exchangeable for shares of Common Stock issued with an exercise or conversion price equal to or greater than the Closing Price
on the Trading Day immediately preceding the earlier of (x) the date on which the sale or issuance is publicly announced and (y) the date on which the price for such sale or issuance is agreed or fixed. 

“Fundamental Transaction” shall have the meaning ascribed to it in Section 8(e). 

  
 12 

 “Issue Date” shall mean February 18, 2014, including, without limitation,
with respect to any shares of Series B Preferred Stock issued in connection with the conversion of Secured Convertible Notes (the “Notes”) of the Corporation issued to the holders of Series B Preferred Stock on or about the Issue
Date, without regard to when such shares of Preferred Stock are actually issued. For the avoidance of doubt, upon conversion of the Notes into shares of Series B Preferred Stock, Dividends shall be deemed to have started accruing on such shares as
of the Issue Date, even though such shares were issued after the Issue Date 
 “Junior Stock” shall have the meaning
ascribed to it in Section 3. 
 “Liquidation” shall have the meaning ascribed to it in Section 5(a). 

“Liquidation Preference” shall have the meaning ascribed to it in Section 5(a). 

“Mandatory Conversion” shall have the meaning ascribed to it in Section 7(a). 

“Mandatory Conversion Date” shall have the meaning ascribed to it in Section 7(a). 

“Parity Stock” shall have the meaning ascribed to it in Section 3. 

“Person” shall mean any individual, company, partnership, limited liability company, joint venture, association, joint stock
company, trust, unincorporated organization, government or agency or political subdivision thereof or any other entity. 

“Preferred Stock” shall mean any and all series of preferred stock of the Corporation, including the Series B Preferred
Stock. 
 “Purchase Rights” shall have the meaning ascribed to it in Section 8(c). 

“Senior Stock” shall have the meaning ascribed to it in Section 3. 

“Series B Preferred Stock” shall have the meaning ascribed to it in Section 1. 

“Stated Value” shall have the meaning ascribed to it in Section 4(a). 

“Subsidiary” means any company or corporate entity for which the Corporation owns, directly or indirectly, an amount of the
voting securities, other voting rights or voting partnership interests of which is sufficient to elect at least a majority of its board of directors or other governing body (or, if there are no such voting interests, more than 50% of the equity
interests of such company or corporate entity). 
 “Successor Entity” shall have the meaning ascribed to it in
Section 8(e). 
 “Trading Day” shall mean any Business Day on which the Common Stock is traded, or able to be traded,
on the principal national securities exchange on which the Common Stock is listed or admitted to trading. 
 Section 14.
Headings. The headings of the paragraphs of this Certificate of Designation are for convenience of reference only and shall not define, limit or affect any of the provisions hereof. 

Section 15. Record Holders. To the fullest extent permitted by applicable law, the Corporation may deem and treat the record
holder of any share of the Series B Preferred Stock as the true and lawful owner thereof for all purposes, and the Corporation shall not be affected by any notice to the contrary. 

  
 13 

 Section 16. Replacement Certificates. The Corporation shall replace any mutilated
certificate at the holder’s expense upon surrender of that certificate to the Corporation. The Corporation shall replace certificates that become destroyed, stolen or lost at the holder’s expense upon delivery to the Corporation of
reasonably satisfactory evidence that the certificate has been destroyed, stolen or lost, together with any indemnity that may be required by the Corporation. 

Section 17. Transfer Agent, Conversion Agent, Registrar and Paying Agent. The duly appointed Transfer Agent, Conversion Agent,
Registrar and Paying Agent for the Series B Preferred Stock shall be the Corporation. The Corporation may, in its sole discretion, cease to act as Transfer Agent, Conversion Agent, Registrar and Paying Agent for the Series B Preferred Stock;
provided that the Corporation shall appoint a successor transfer agent who shall accept such appointment prior to the effectiveness of such cessation. Upon any such cessation or appointment, the Corporation shall send notice thereof to the
holders of the Series B Preferred Stock. 
 Section 18. Waiver. Any waiver by the Corporation or a holder of a breach of any
provision of this Certificate of Designation shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Certificate of Designation or a waiver by any other holders. The
failure of the Corporation or a holder to insist upon strict adherence to any term of this Certificate of Designation on one or more occasions shall not be considered a waiver or deprive that party (or any other holder) of the right thereafter to
insist upon strict adherence to that term or any other term of this Certificate of Designation on any other occasion. Any waiver by the Corporation or a holder must be in writing. 

Section 19. Severability. If any term of the Series B Preferred Stock set forth herein is invalid, unlawful or incapable of being
enforced by reason of any rule of law or public policy, all other terms set forth herein which can be given effect without the invalid, unlawful or unenforceable term will, nevertheless, remain in full force and effect, and no term herein set forth
will be deemed dependent upon any other such term unless so expressed herein. 
 Section 20. Other Rights. The shares of Series
B Preferred Stock shall not have any rights, preferences, privileges or voting powers or relative, participating, optional or other special rights, or qualifications, limitations or restrictions thereof, other than as set forth herein or in the
Amended and Restated Certificate of Incorporation or as provided by applicable law and regulation. 
 RESOLVED, FURTHER, that the Chief Executive Officer or
Secretary of the Corporation be and they hereby are authorized and directed to prepare and file this Certificate of Designation in accordance with the foregoing resolution and the provisions of Delaware law. 

  
 14 

 IN WITNESS WHEREOF, dELiA*s, Inc. has caused this Certificate of Designation to be duly executed
by its authorized corporate officer this 18th day of February, 2014. 
  

			
	dELiA*s, Inc.
		
	By:	 	  

		 	Name:
		 	Title:

  
 15EX-4.2

 Exhibit 4.2 

THESE SECURITIES (AND THE SECURITIES ISSUABLE UPON CONVERSION OF THESE SECURITIES) HAVE NOT 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”), OR ANY APPLICABLE STATE SECURITIES LAWS 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 COMPLIANCE WITH
APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS. THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS
DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES. THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OR CONVERSION OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
SECURED BY SUCH SECURITIES. ANY TRANSFEREE OF THIS NOTE SHOULD CAREFULLY REVIEW THE TERMS OF THIS NOTE, INCLUDING SECTION 3 HEREOF. 

dELiA*s, Inc. 

SECURED CONVERTIBLE NOTE 

 

			
	Issuance Date: February 18, 2014	  	Original Principal Amount: U.S. $[            ]        

 Note No.:              

FOR VALUE RECEIVED, dELiA*s, Inc., a Delaware corporation (the “Company”), hereby promises to pay to
[                    ] or its registered assigns (“Holder”) the amount set out above as the Original Principal Amount (as reduced in
connection with the automatic conversion of this Note, the “Principal”) on the Maturity Date and to pay interest (“Interest”) on any outstanding Principal at the Interest Rate (as defined below) from the date set
out above as the Issuance Date (the “Issuance Date”) until the same is paid in full on the Maturity Date or otherwise (in each case in accordance with the terms hereof). Upon payment in full of all Principal and Interest payable
hereunder (or upon conversion of this Note (as defined below) in accordance with Section 3 hereof), this Note shall be surrendered to the Company for cancellation. This Secured Convertible Note (including all Secured Convertible Notes issued in
exchange, transfer or replacement hereof, this “Note”) is one of an issue of Secured Convertible Notes issued pursuant to the Purchase Agreement (as defined below) on the Issuance Date (collectively, the “Notes” and
such other Secured Convertible Notes, the “Other Notes”). Certain capitalized terms used herein are defined in Section 25. 

1. PAYMENTS OF PRINCIPAL. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding
Principal and all accrued and unpaid Interest. Any such payment shall be applied pro rata to the Note and the Other Notes in accordance with the respective Principal amounts thereof. The Company may not prepay any portion of the outstanding
Principal. 
 2. INTEREST; INTEREST RATE. Interest on this Note shall (i) accrue at the Interest Rate, (ii) commence
accruing on the Issuance Date, (iii) be computed on the basis of a 365-day year for the actual number of days elapsed, and (iv) be payable in cash to the Holder on the Maturity Date; provided that Interest shall not be payable to the
Holder under this Note if Stockholder Approval is obtained. From 

 
and after the occurrence and during the continuance of any Event of Default, the applicable Interest Rate shall automatically be increased by two percent (2%) per annum above the Interest
Rate otherwise applicable in accordance with the terms hereof (the “Default Rate”). In the event that such Event of Default is subsequently cured, the adjustment referred to in the preceding sentence shall cease to be effective as
of the date of such cure. 
 3. CONVERSION. This Note shall be convertible into validly issued, fully paid and non-assessable shares
of Preferred Stock (as defined below), on the terms and conditions set forth in this Section 3. 
 (a) Automatic Conversion. If
at any time after the Issuance Date and prior to the Maturity Date, the Company obtains Stockholder Approval, then the outstanding Principal amount of this Note automatically shall convert into shares of Preferred Stock at the Conversion Price (as
defined below) as of 12:00 noon, New York City time, on the Stockholder Approval Date; provided that such conversion shall not occur if an Event of Default has occurred and is continuing on the Stockholder Approval Date. If an Event of Default that
occurred prior to the Stockholder Approval Date and was continuing on the Stockholder Approval Date is subsequently cured prior to the earlier to occur of (i) the Maturity Date and (ii) the acceleration of this Note by the Holder, then the
Note shall automatically convert into shares of Preferred Stock at the Conversion Price as of 12:00 noon, New York City time on the date of such cure. The Company shall not issue any fraction of a share of Preferred Stock upon any conversion. If the
issuance would result in the issuance of a fraction of a share of Preferred Stock, the Company shall round such fraction of a share of Preferred Stock up to the nearest whole share. Except as provided in this Section 3(a), this Note shall not
be convertible into shares of Preferred Stock. 
 (b) Conversion Rate. The number of shares of Preferred Stock issuable upon
conversion of this Note shall be determined by dividing (x) the outstanding Principal amount of this Note as of 12:00 noon, New York City time, on the Conversion Date by (y) the Conversion Price. 

(c) Mechanics of Conversion. The Company shall notify the Holder of the automatic conversion in writing within one (1) Trading Day
after the Conversion Date. Within three (3) Trading Days after the Conversion Date, the Company shall cause the Transfer Agent to issue, and the Company shall deliver, to the address of such Holder set forth in the Purchase Agreement or to such
address as specified by the Holder in writing to the Company at least two (2) Business Days prior to the Conversion Date, a certificate, registered in the name of the Holder or its designee, for the number of Conversion Shares to which the
Holder shall be entitled. 
 4. GRANT OF SECURITY INTEREST. As collateral security for the Obligations, the Company hereby grants to
Valinor Management, LLC, on behalf of the investment vehicles that it manages and who are holders of the Notes and on behalf of all of the holders of the Other Notes (in such capacity, the “Lead Investor”), a continuing, first
priority security interest in the Deposit Account, all funds therein, and all cash and non-cash proceeds thereof (collectively, the “Collateral”). The security interest in the Collateral shall remain in effect until all of the
Obligations to the holders of the Notes are fully paid and satisfied. 
 5. RIGHTS UPON EVENT OF DEFAULT. 

(a) Event of Default. Each of the following events shall constitute an “Event of Default”: 

(i) the Company’s failure to pay to the Holder any amount of Principal or Interest when and as due under this Note and the
continuation of such failure for a period of at least five (5) Trading Days; 

  
 2 

 (ii) the commencement by the Company of a voluntary case or proceeding under any
applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated as bankrupt or insolvent, or the consent by it to the entry of a decree, order, judgment or other
similar document in respect of the Company in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or
proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal, state or foreign law, or the consent by it to the filing of such petition or to the appointment of or taking
possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the execution
of a composition of debts, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action; 

(iii) the commencement against the Company by a third party of bankruptcy, insolvency, reorganization or liquidation
proceedings or other similar proceedings for the relief of debtors and the same shall not be dismissed within sixty (60) days of their initiation; 

(iv) any representation or warranty made by the Company in Section 3.1 of the Purchase Agreement shall prove to be
incorrect as of the time it was made and all such incorrect representations and warranties made by the Company shall, when taken together in the aggregate, result in a Material Adverse Effect; 

(v) the Company shall (i) merge with any Person, other than a merger with any subsidiary of the Company in which the
Company is the surviving corporation, (ii) sell all or substantially all of its assets to any Person or entity, or (iii) sell any equity interests of the Company if, after giving effect to such sale of equity interests of the Company, any
person or group (as such term is defined in Section 13(d) of the Securities Exchange Act of 1934, as amended), would own more than 50% of the issued and outstanding equity interests of the Company; or 

(vi) the Company shall breach any of the covenants set forth in this Note or in the Purchase Agreement. 

Upon the occurrence of an Event of Default with respect to this Note or any Other Note, the Company shall promptly deliver written notice
thereof via facsimile and overnight courier (with next day delivery specified) (an “Event of Default Notice”) to each Holder. 

(b) If an Event of Default specified in Sections 5(a)(i), 5(a)(iv), 5(a)(v) or 5(a)(vi) occurs, then the Holder may, by written notice to the
Company, declare this Note to be forthwith due and payable, as to Principal and all accrued Interest, whereupon this Note shall become forthwith due and payable, without presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived by the Company. If any Event of Default specified in Sections 5(a)(ii) or (iii) occurs, the Principal of and accrued Interest on this Note shall automatically forthwith become due and payable without presentment,
demand, protest or notice of any kind, all of which are hereby expressly waived by the Company. 

  
 3 

 (c) If any Event of Default shall have occurred and be continuing: 

(i) The Lead Investor, on behalf of the holders of the Notes, may exercise in respect of the Collateral all of the rights and
remedies of a secured party upon default under the Uniform Commercial Code and under applicable law. Any surplus of the Collateral held by the Lead Investor remaining after the payment in full in cash of all of the Obligations shall be paid over to
whomsoever shall be lawfully entitled to receive the same or as a court of competent jurisdiction shall direct. 
 (ii) In
the event that the proceeds of any such sale, collection or realization are insufficient to pay the Obligations, the Company shall be liable for the deficiency, together with interest thereon at the Default Rate. 

(iii) The Lead Investor shall not be required to marshal any present or future collateral security (including, but not limited
to, the Collateral) for, or other assurances of payment of, the Obligations or any of them or to resort to such collateral security or other assurances of payment in any particular order, and all of the Lead Investor’s rights hereunder and in
respect of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights, however existing or arising. To the extent that the Company lawfully may, the Company hereby agrees that it will not invoke
any law relating to the marshaling of collateral which might cause delay in or impede the enforcement of the Lead Investor’s rights under this Agreement or under any other instrument creating or evidencing any of the Obligations or under which
any of the Obligations is outstanding or by which any of the Obligations is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, the Company hereby irrevocably waives the benefits of all such laws. 

(iv) Upon the indefeasible payment in full of the Obligations, (i) the security interests created hereby shall terminate
and all rights to the Collateral shall revert to the Company, and (ii) the Investors will, upon the Company’s request and at the Company’s expense, (A) return to the Company such of the Collateral as shall not have been sold or
otherwise disposed of or applied pursuant to the terms hereof, and (B) execute and deliver to the Company such documents as the Company shall reasonably request to evidence such termination, all without any representation, warranty or recourse
whatsoever. Notwithstanding the foregoing, the Obligations shall continue to be effective or shall be reinstated, as the case may be, if at any time 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, 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 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 

(d) If any Event of Default occurs and is continuing, the Holder may pursue any available remedy to collect the payment of Principal and
Interest or to enforce the performance of any provision of this Note. If an Event of Default occurs and is continuing, the holder of this Note may proceed to protect and enforce its rights by an action at law, suit in equity or other appropriate
proceeding. No course of dealing and no delay on the part of the holder of this Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, power or
remedy conferred by this Note upon the holder hereof shall be exclusive of any other right, power or remedy referred to herein or now or hereafter available at law, in equity, by statute or otherwise. 

  
 4 

 6. ADJUSTMENTS. Upon conversion of this Note, the Holder shall receive the benefit of any
adjustments made to the conversion price of the Preferred Stock pursuant to Section 8 of the certificate of designation of the Preferred Stock that occurred prior to Conversion Date. 

7. NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its certificate of
incorporation, bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms of this Note, and will at all times in good faith carry out all of the provisions of this Note and take all action as may be required to protect the rights of the Holder of this Note. 

8. RESERVATION OF AUTHORIZED SHARES. Subject to the receipt of Stockholder Approval, the Company shall reserve out of its authorized
and unissued Preferred Stock and Common Stock, and for so long as any of the Notes are outstanding the Company shall take all action necessary to reserve and keep available out of its authorized and unissued Preferred Stock and Common Stock, a
number of shares of Preferred Stock and Common Stock equal to the maximum number of shares of Preferred Stock and Common Stock issuable upon conversion of the Note and the conversion of the Conversion Shares issuable pursuant to the Notes
(determined without taking into account any limitations on the conversion of the Notes set forth therein). If at any time the number of authorized but unissued shares of Preferred Stock and/or Common Stock shall not be sufficient to effect the
conversion of the entire outstanding principal amount of the Notes or the conversion of the Conversion Shares, as applicable, without limitation of such other remedies as shall be available to the Holder of this Note, the Company will use its
commercially reasonably efforts to take such corporate action as may, in the opinion of counsel, be necessary to increase its authorized but unissued shares of Preferred Stock and/or Common Stock to such number of shares as shall be sufficient for
such purposes. 
 9. VOTING RIGHTS. The Holder shall have no voting rights as the holder of this Note, except as required by law
(including, but not limited to, the Delaware General Corporation Law). 
 10. COVENANTS. Until all of the Notes have been converted,
redeemed or otherwise satisfied in accordance with their terms: 
 (a) Rank. All payments due under this Note shall
rank pari passu with all Other Notes. 
 (b) Preservation of Existence, Etc. The Company shall maintain and
preserve its existence, rights and privileges. 
 (c) Incurrence of Indebtedness. Except as set forth in the Purchase
Agreement, the Company shall not (y) create, incur, assume, suffer to exist or otherwise become or remain liable with respect to, any indebtedness for borrowed money other than pursuant to the Credit Agreement or (z) grant any Lien (as
defined in the Purchase Agreement) on the assets of the Company or its subsidiaries; provided, however, that the foregoing restriction shall not, subject to Section 10(e)(ii) of this Note, in any way, apply to, prohibit or otherwise restrict
(i) the Salus Liens (as defined in the Purchase Agreement) or (ii) any other Liens that are permitted under the Credit Agreement. 

(d) Deposit Account Control Agreement. Prior to or at the Closing, the Company will cause the bank or financial
institution at which the Deposit Account shall be maintained to enter into with the Company and the Lead Investor a deposit account control agreement in form 

  
 5 

 
and substance acceptable to the Lead Investor (such acceptance not to be unreasonably withheld or delayed). The Lead Investor will promptly comment on the form of deposit account control
agreement. 
 (e) Use of Proceeds of Deposit Account Control Agreement. For so long as the Notes are outstanding, the
Company shall not (i) use or withdraw any of the proceeds in the Deposit Account (except for an amount equal to the Principal amount of the Notes so converted into Common Stock in accordance with the terms of the Notes) or (ii) grant any
Lien on or any Person (other than Lead Investor, on behalf of the holders of the Notes) any interest in the Deposit Account or the proceeds thereof. 

11. AMENDING THE TERMS OF THIS NOTE. The prior written consent of the Holder shall be required for any change or amendment to this
Note. 
 12. TRANSFER. This Note may be offered, sold, assigned or transferred by the Holder in whole or in part, subject only to the
provisions of the restrictive legend set forth at the top of the first page of this Note; provided that, so long as no Event of Default has occurred and is continuing, any such sale, assignment or transfer shall be subject to the prior
written consent of the Company, which consent shall not be unreasonably withheld, delayed or conditioned; provided, further, that any partial offer, sale, assignment or transfer of this Note shall be in a principal amount not less than
$250,000. 
 13. REISSUANCE OF THIS NOTE. 

(a) Transfer. If this Note is to be transferred as permitted under Section 12 above, the Holder shall surrender
this Note to the Company along with a duly executed copy of the transfer instrument attached hereto as Exhibit A, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Note (in accordance with Section 13(c)),
registered as the Holder may request, representing the outstanding Principal being transferred by the Holder and, if less than the entire outstanding Principal is being transferred, a new Note (in accordance with Section 13(c)) to the Holder
representing the outstanding Principal not being transferred. 
 (b) Lost, Stolen or Mutilated Note. Upon receipt by
the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Note (as to which a written certification and the indemnification contemplated below shall suffice as such evidence), and, in the
case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Note, the Company shall execute and deliver
to the Holder a new Note (in accordance with Section 13(c)) representing the outstanding Principal. 
 (c) Issuance
of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such new Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the
Principal remaining outstanding, (iii) shall have an issuance date, as indicated on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have the same rights and conditions as this Note, and
(v) shall represent accrued and unpaid Interest on the Principal and Interest of this Note, from the Issuance Date. 
 14. REMEDIES,
CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note shall be cumulative and in addition to all other remedies available under this Note at law or in equity (including a decree of specific
performance and/or other injunctive relief), and nothing herein shall limit the Holder’s right to pursue actual and 

  
 6 

 
consequential damages for any failure by the Company to comply with the terms of this Note. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm
to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies, to an
injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being required. The Company shall provide all information and documentation to the Holder that is requested by the Holder to
enable the Holder to confirm the Company’s compliance with the terms and conditions of this Note (including, without limitation, compliance with Section 10). 

15. CONSTRUCTION; HEADINGS. This Note shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed
against any Person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part of, or affect the interpretation of, this Note. Terms used in this Note but defined in the Purchase Agreement shall have the
meanings ascribed to such terms on the Issuance Date in the Purchase Agreement unless otherwise consented to in writing by the Holder. 

16. FAILURE OR INDULGENCE NOT WAIVER. No failure or delay on the part of the Holder in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. No waiver shall be effective unless it
is in writing and signed by an authorized representative of the waiving party. 
 17. NOTICES; CURRENCY; PAYMENTS. 

(a) Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice
shall be given in accordance with Section 7 of the Purchase Agreement. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Note, including in reasonable detail a description of such action and
the reason therefore. 
 (b) Currency. All principal, interest and other amounts, if any, owing under this Note or any
Transaction Document that, in accordance with their terms, are paid in cash, shall be paid in United States Dollars (“U.S. Dollars”). 

(c) Payments. Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, unless
otherwise expressly set forth herein, such payment shall be made in lawful money of the United States of America by (i) wire transfer of immediately available funds to such Person according to wire transfer instructions previously provided to
the Company in writing or (ii) a certified check drawn on the account of the Company and sent via overnight courier service to such Person at such address as previously provided to the Company in writing. Whenever any amount expressed to be due
by the terms of this Note is due on any day which is not a Business Day, the same shall instead be due on the next succeeding day which is a Business Day. 

18. CANCELLATION. After all Principal and accrued Interest at any time owed on this Note have been paid in full (or upon conversion of
this Note in accordance with Section 3 hereof, together with payment of any Interest due and owing upon conversion in accordance with Section 3 hereof), this Note shall automatically be deemed canceled, shall be surrendered to the Company
for cancellation and shall not be reissued. 

  
 7 

 19. WAIVER OF NOTICE. To the extent permitted by law, the Company hereby irrevocably
waives demand, notice, presentment, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note. 

20. SEVERABILITY. If any provision of this Note is held to be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Note shall not in any way be affected or impaired thereby and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing,
shall incorporate such substitute provision in this Note. 
 21. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD DEFER TO THE LAW OF ANOTHER JURISDICTION. THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE
AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN FOR THE ADJUDICATION OF ANY DISPUTE BROUGHT BY THE COMPANY OR THE HOLDER HEREUNDER, IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN
(INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY WAIVE, AND AGREE NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING BROUGHT BY THE COMPANY OR THE HOLDER, ANY CLAIM THAT IT IS NOT PERSONALLY
SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, OR THAT SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. THE COMPANY AND THE HOLDER EACH HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION
OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE
GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. THE COMPANY AND THE HOLDER HEREBY WAIVE ALL RIGHTS TO A TRIAL BY JURY.

 22. MAXIMUM PAYMENTS. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or other
charges in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid or other charges hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited
against amounts owed by the Company to the Holder and, if there shall remain any excess after such application, such excess shall be refunded to the Company 

23. APPOINTMENT OF LEAD INVESTOR. 

(a) Appointment. The Holder hereby designates Lead Investor to act as agent (“Agent”) for the holders
of the Notes with respect to any and all actions taken by the Lead Investor, on behalf of the holders of the Notes and the other Transaction Documents with respect to the Collateral (including under Section 4 and Section 5(c) hereof). The
Holder hereby irrevocably authorizes Lead Investor to take such action on its behalf with respect to the Collateral under the provisions of this Agreement and the other Loan Documents and to exercise such powers and to perform such duties hereunder
and thereunder as are specifically delegated to or required of Lead Investor by the terms hereof and thereof and such other powers as are 

  
 8 

 
reasonably incidental thereto and Lead Investor shall hold all Collateral, payments of principal and interest, fees, charges and collections received pursuant to the Transaction Documents in its
capacity as Agent (and not in its individual capacity as a holder of a Note), for the ratable benefit of the holders of the Notes in proportion to the aggregate amounts then due and owing to the holders under the Notes. Agent may perform any of its
duties hereunder by or through its agents or employees. As to any matters not expressly provided for by the Transaction Documents, Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain
from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Holders, and such instructions shall be binding; provided, however, that Agent shall not be required to take any
action which exposes Agent to liability or which is contrary to this Agreement or the other Transaction Documents or applicable law unless Agent is furnished with an indemnification reasonably satisfactory to Agent with respect thereto. 

(b) Nature of Duties. Agent shall have no duties or responsibilities except those expressly set forth in the Notes. None
of Agent or any of its officers, directors, partners, employees or agents shall be (i) liable for any action taken or omitted by them as such hereunder or in connection herewith, unless caused by its gross negligence or willful misconduct (as
determined by a court of competent jurisdiction in a final non-appealable judgment), or (ii) responsible in any manner for any recitals, statements, representations or warranties made by the Company contained in any of the Transaction Documents
or for any failure of the Company to perform its obligations under any of the Transaction Documents. Agent shall not be under any obligation to any holder of the Notes to ascertain or to inquire as to the observance or performance of any of the
agreements contained in, or conditions of, the Transaction Documents, or to inspect the properties, books or records of the Company. The duties of Agent shall be mechanical and administrative in nature; Agent shall not by reason of the Transaction
Documents have a fiduciary relationship in respect of the Holder or any other holder of the Notes; and nothing herein, expressed or implied, is intended to or shall be so construed as to impose upon Agent any obligations in respect of the
Transaction Documents except as expressly set forth herein. 
 (c) Lack of Reliance on Agent and Resignation. Agent
shall not be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of the Transaction Documents or existence of any Event of Default. Agent may resign on thirty
(30) days’ written notice to each of the holders of the Notes and the Company and upon such resignation, the Required Holders will promptly designate a successor Agent. Any such successor Agent shall succeed to the rights, powers and
duties of Agent, and the term “Agent” shall mean such successor agent effective upon its appointment, and the former Agent’s rights, powers and duties as Agent shall be terminated, without any other or further act or deed on the part
of such former Agent. After any Agent’s resignation as Agent, the provisions of this Section 23 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent. 

(d) Certain Rights of Agent. If Agent shall request instructions from the holders of the Notes with respect to any act
or action (including failure to act) in connection with the Notes or with respect to the Collateral, Agent shall be entitled to refrain from such act or taking such action unless and until Agent shall have received instructions from the Required
Holders; and Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, the holders of the Notes shall not have any right of action whatsoever against Agent as a result of its acting or refraining from
acting hereunder in accordance with the instructions of the Required Holders. 

  
 9 

 (e) Reliance. Agent shall be entitled to rely, and shall be fully
protected in relying, upon any note, writing, resolution, notice, statement, certificate, telex, teletype or telecopier message, cablegram, email, order or other document or telephone message believed by it to be genuine and correct and to have been
signed, sent or made by the proper person or entity, and, with respect to all legal matters pertaining to the Notes and the other Transaction Documents and its duties hereunder, upon advice of counsel selected by it. Agent may employ agents and
attorneys-in-fact and shall not be liable for the default or misconduct of any such agents or attorneys-in-fact selected by Agent with reasonable care. 

(f) Notice of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any Event of Default
hereunder, unless Agent has received written notice from a holder of the Notes or the Company referring to the Notes, describing such Event of Default and stating that such notice is a “notice of default”. Agent shall take such action with
respect to such Event of Default in respect of the Collateral as shall be reasonably directed by the Required Holders; provided, that, unless and until Agent shall have received such directions, Agent may (but shall not be obligated to) take
such action, or refrain from taking such action, with respect to such Event of Default in respect of the Collateral as it shall deem advisable in the best interests of the holders of the Notes. 

(g) Indemnification. To the extent Agent is not reimbursed and indemnified by the Company, each holder of the Notes will
reimburse and indemnify Agent in proportion to its respective portion of the Notes outstanding, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind or nature whatsoever which may be imposed on, incurred by or asserted against Agent in performing its duties hereunder, or in any way relating to or arising out of the Notes or the other Transaction Documents; provided, that, the holders
of the Notes shall not be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from Agent’s gross (not mere) negligence or willful misconduct
(as determined by a court of competent jurisdiction in a final non-appealable judgment). 
 (h) Agent in its Individual
Capacity. With respect to the rights of Agent arising under the Note purchased by it and the other Transaction Documents to which it is a party, the Agent shall have the same rights and powers hereunder as any other holder of the Notes as if it
were not performing the duties as Agent specified herein. 
 24. COLLECTION. The Company agrees to pay all reasonable costs and
expenses incurred by the Holder or the Agent, on behalf of the holders of the Notes, including reasonable attorneys’ fees (including those for appellate proceedings), incurred in connection with any Event of Default or in connection with the
collection or attempted collection or enforcement hereof, whether or not legal proceedings may have been instituted. 
 25. CERTAIN
DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings: 
 (a) “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed. 

(b) “Collateral” shall have the meaning assigned to that term in the Purchase Agreement. 

  
 10 

 (c) “Common Stock” means (i) the Company’s shares of
common stock, $0.001 par value per share, and (ii) any capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification of such common stock. 

(d) “Conversion Date” means the date upon which this Note is converted pursuant to Section 2(a). 

(e) “Conversion Price” means $0.80. 

(f) “Conversion Shares” means the shares of Preferred Stock issuable upon conversion of the Notes. 

(g) “Credit Agreement” means that certain Credit Agreement, dated as of June 14, 2013, as amended to date
and in effect from time to time, among the Company, as the Lead Borrower for the Borrowers named therein, the Guarantors named therein, Salus Capital Partners, LLC, as Administrative Agent and Collateral Agent, and the other lenders party thereto.

 (h) “Deposit Account” means the deposit account of the Company established by the Company for the purpose
of holding the proceeds of the Notes during the period provided for in the Purchase Agreement. 
 (i)
“Flatbush” means Flatbush Watermill LLC. 
 (j) “Insolvency Proceeding” means any
proceeding commenced by or against any Person under any provision of the Bankruptcy Code (Chapter 11 of Title 11 of the United States Code) or under any other bankruptcy or insolvency law, assignments for the benefit of creditors, or proceedings
seeking reorganization, arrangement, or other similar relief. 
 (k) “Interest Rate” means Seven and
Twenty-Five Hundredths percent (7.25%) per annum. The “Interest Rate” shall in all cases be subject to adjustment as set forth in Section 2. 

(l) “Material Adverse Effect” shall mean any set of circumstances or events which (i) has or could
reasonably be expected to have any material adverse effect upon the business, properties, assets, financial condition, results of operations or prospects of the Company and its subsidiaries taken as a whole, (ii) impairs or could reasonably be
expected to impair the ability of the Company to perform its obligations under the Transaction Documents, or (iii) impairs or could reasonably be expected to impair the ability of the Holder to enforce its legal remedies pursuant to the
Transaction Documents. 
 (m) “Maturity Date” means the earlier of (i) August 18, 2014 and
(ii) the Trading Day after the Stockholder Meeting (as defined in the Purchase Agreement) if Stockholder Approval is not obtained at the Stockholder Meeting. 

(n) “Obligations” means for so long as the Notes are outstanding, the payment by the Company, as and when due
and payable (by scheduled maturity, acceleration, demand or otherwise, but not including the payment of any Notes by conversion thereof into shares of Preferred Stock), of all principal and interest from time to time owing by the Company under the
Notes, including, without limitation, all interest that accrues after the commencement of any Insolvency Proceeding of the Company, whether or not the payment of such interest is unenforceable or is not allowable due to the existence of an
Insolvency Proceeding. 

  
 11 

 (o) “Person” means an individual, a limited liability company, a
partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity or a government or any department or agency thereof. 

(p) “Preferred Stock” means (i) the Company’s Series B Convertible Preferred Stock, $0.001 par value
per share, and (ii) any capital stock into which such preferred stock shall have been changed or any share capital resulting from a reclassification of such preferred stock. 

(q) “Purchase Agreement” means that certain Securities Purchase Agreement, dated as of February 18, 2014,
by and among the Company and the initial holders of the Notes pursuant to which the Company issued the Notes, as may be amended, modified or supplemented from time to time. 

(r) “Principal Market” means the Nasdaq Global Market. 

(s) “Required Holders” means the holders of Notes representing at least a majority of the aggregate principal
amount of the Notes then outstanding (which majority must include the Lead Investor and Flatbush). 
 (t) “Rights
Agreement” means that certain stockholders rights agreement, dated as of December 19, 2005, between the Company and AST, as rights agent. 

(u) “Stockholder Approval” means approval by the stockholders of the Company of an amendment to the
certificate of incorporation of the Company to increase the number of authorized and unissued shares of Common Stock by an amount not less than the maximum number of shares of Common Stock issuable upon conversion of the Conversion Shares issuable
as of the Issuance Date, including Common Stock issuable upon conversion of the Preferred Stock, pursuant to the Notes. 

(v) “Salus Liens” shall have the meaning ascribed to it in the Purchase Agreement. 

(w) “Stockholder Approval Date” the date on which the Company obtains Stockholder Approval. 

(x) “Trading Day” means any day on which the Common Stock is traded on the Principal Market, or, if the
Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded, provided that “Trading Day” shall not include any day on
which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market
does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00 p.m., New York City time) unless such day is otherwise designated as a Trading Day in writing by the Holder. 

(y) “Transaction Documents” means this Note, the Other Notes, the Purchase Agreement, the Certificate of
Designation, the amendment to the Rights Agreement, together with any amendments, restatements, extensions or other modification thereto. 

(page intentionally ends here) 

  
 12 

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

					
	dELiA*s, Inc.
		
	By:	 	  

		 	Name:	 	David J. Dick
		 	Title:	 	Chief Financial Officer

 EXHIBIT A 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto [NAME OF ASSIGNEE] the within instrument of
dELiA*s, Inc. and does hereby irrevocably constitute and appoint [                    ] as Attorney to transfer said instrument on the books
of the within-named Company, with full power of substitution in the premises. 
 Please Insert Social Security or Other Identifying Number of Assignee:
                     
 Dated:
                 , 20     
  

			
	By:	 	  

		 	Name:
		 	Title:

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in
every particular, without alteration or enlargement or any change whatever.

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