Document:

EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT 

THIS AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT (this “Agreement”), dated as of December 3, 2015 (the
“Closing Date”) by and among MIDCAP FUNDING III TRUST, a Delaware statutory trust (“MidCap”), as administrative agent (“Agent”), the Lenders listed on the Credit Facility Schedule
attached hereto and otherwise party hereto from time to time (each a “Lender”, and collectively the “Lenders”), and OCULAR THERAPEUTIX, INC., a Delaware corporation (“Borrower”), provides the
terms on which Lenders agree to lend to Borrower and Borrower shall repay Lenders. 
 A. MidCap, Borrower, and the Lenders party thereto
(the “Existing Lenders”) are party to that certain Credit and Security Agreement, dated as of April 17, 2014 (the “Original Closing Date”) by and among MidCap, as successor agent to MidCap Financial SBIC, LP
(the “Existing Agent”), Borrower and the Existing Lenders (as amended, restated, supplemented or otherwise modified from time to time, the “Existing Credit Agreement”). 

B. Existing Agent, Borrower and certain Existing Lenders wish to amend and restate the Existing Credit Agreement in its entirety with this
Agreement, it being their intention that this Agreement and the execution and the delivery of the other documents or agreements executed in connection herewith shall not be a novation of the ‘Credit Extensions’ (as such term is defined in
the Existing Credit Agreement, the “Existing Loan”) and ‘Obligations’ (as defined in the Existing Credit Agreement and as used herein, the “Existing Obligations”) of the Borrower or any Credit Party
pursuant to the Existing Credit Agreement and the ‘Financing Documents’ (as such term is defined in the Existing Credit Agreement and as used herein, the “Existing Financing Documents”), but shall merely restate, and where
applicable, amend or modify the terms of such Existing Obligations, so that the Obligations (as hereinafter defined) represent, among other things, the amendment, restatement, renewal, extension and modification of the Existing Obligations and the
Financing Documents (as hereinafter defined) shall restructure, restate, renew, extend, amend and modify the Existing Credit Agreement and the other Existing Financing Documents executed in connection therewith. The parties agree as follows: 

 

	 	1	ACCOUNTING AND OTHER TERMS 

 Accounting terms not defined in this Agreement shall
be construed in accordance with GAAP. Calculations and determinations must be made in accordance with GAAP. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 15. All other terms
contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such terms are defined therein. All headings numbered without a decimal point are herein referred to as “Articles,” and all
paragraphs numbered with a decimal point (and all subparagraphs or subsections thereof) are herein referred to as “Sections.” 
  

	 	2	CREDIT FACILITIES AND TERMS 

 2.1 Promise to Pay. Borrower hereby
unconditionally promises to pay to each Lender in accordance with each Lender’s respective Pro Rata Share of each Credit Facility, the outstanding principal amount of all Credit Extensions made by the Lenders under such Credit Facility and
accrued and unpaid interest thereon and any other amounts due hereunder as and when due in accordance with this Agreement. 

  
 - 1 - 

 2.2 Credit Facilities. Subject to the terms and conditions hereof, each Lender, severally,
but not jointly, agrees to make available to Borrower Credit Extensions in respect of each Credit Facility set forth opposite such Lender’s name on the Credit Facility Schedule, in each case not to exceed such Lender’s commitment as
identified on the Credit Facility Schedule (such commitment of each Lender, as it may be amended to reflect assignments made in accordance with this Agreement or terminated or reduced in accordance with this Agreement, its “Applicable
Commitment”, and the aggregate of all such commitments, the “Applicable Commitments”). 
 2.3 Term Credit
Facilities. 
 (a) Nature of Credit Facility; Credit Extension Requests. For any Credit Facility identified on the Credit Facility
Schedule as a term facility (a “Term Credit Facility”), Credit Extensions in respect of a Term Credit Facility may be requested by Borrower during the Draw Period for such Term Credit Facility. As of the Closing Date, the Existing
Loan (in the outstanding principal amount of $13,500,000 made pursuant to Credit Facility #1 on the Original Closing Date under the Existing Credit Agreement, shall constitute a portion of the principal balance of the Credit Extension for the Term
Credit Facility funded pursuant to this Agreement and shall constitute a portion of the Obligations under, and subject to the terms of, this Agreement (including the revised Credit Facility Schedule and Amortization Schedule attached hereto). On the
Closing Date, the Existing Loan shall be deemed assigned by the Existing Lenders as of the Closing Date to the Lenders hereunder as of the Closing Date in accordance with (i) the allocations set forth on the Credit Facility Schedule and
(ii) Article 9. To the extent any Term Credit Facility proceeds are repaid for any reason, whether voluntarily or involuntarily (including repayments from insurance or condemnation proceeds), Agent and Lenders shall have no obligation to
re-advance such sums to Borrower. 
 (b) Principal Payments. Principal payable on account of a Term Credit Facility shall be payable
by Borrower to Agent immediately upon the earliest of (i) the date(s) set forth in the Amortization Schedule for such Term Credit Facility (or if no such Amortization Schedule is attached, then upon Agent’s demand for
payment), or (ii) the Maturity Date. Except as this Agreement may specifically provide otherwise, all prepayments of Credit Extensions under Term Credit Facilities shall be applied by Agent to the applicable Term Credit Facility in inverse
order of maturity. The monthly payments required under the Amortization Schedule shall continue in the same amount (for so long as the applicable Term Credit Facility shall remain outstanding) notwithstanding any partial prepayment, whether
mandatory or optional, of the applicable Term Credit Facility. 
 (c) Mandatory Prepayment. If a Term Credit Facility is accelerated
following the occurrence of an Event of Default, Borrower shall immediately pay to Agent, for payment to each Lender in accordance with its respective Pro Rata Share, an amount equal to the sum of: (i) all outstanding principal of the Term
Credit Facility and all other Obligations, plus accrued and unpaid interest thereon, (ii) any fees payable under the Fee Letters by reason of such prepayment, (iii) the Applicable Prepayment Fee as specified in the Credit Facility
Schedule for the Credit 

  
 - 2 - 

 
Facility being prepaid, and (iv) all other sums that shall have become due and payable, including Protective Advances. Additionally, at the election of Agent, Borrower shall prepay the Term
Credit Facilities (to be allocated pro rata among the outstanding Credit Extensions under all Term Credit Facilities) in the following amounts: (A) on the date on which any Credit Party (or Agent as loss payee or assignee) receives any casualty
proceeds in excess of Fifty Thousand Dollars ($50,000) for personal property, or in excess of One Hundred Thousand Dollars ($100,000) for real property, in respect of assets upon which Agent maintained a Lien, an amount equal to one hundred percent
(100%) of such proceeds (net of out-of-pocket expenses and, in the case of personal property, repayment of any permitted purchase money debt encumbering the personal property that suffered such casualty), or such lesser portion of such proceeds
as Agent shall elect to apply to the Obligations; and (B) upon receipt by any Credit Party of the proceeds of any asset disposition of personal property not made in the Ordinary Course of Business (other than transfers permitted by
Section 7.1) an amount equal to one hundred percent (100%) of the net cash proceeds of such asset disposition (net of out-of-pocket expenses and repayment of any permitted purchase money debt encumbering such asset), or such
lesser portion as Agent shall elect to apply to the Obligations. Notwithstanding the foregoing, (a) so long as no Default or Event of Default has occurred and is continuing, Borrower shall have the option of applying the proceeds of any
casualty policy up to $100,000 in the aggregate with respect to any property loss in any one year, toward the replacement or repair of destroyed or damaged property; provided that any such replaced or repaired property (x) shall be of equal or
like value as the replaced or repaired Collateral and (y) shall be deemed Collateral in which Agent and Lenders have been granted a first priority security interest, and (b) after the occurrence and during the continuance of a Default or
Event of Default, all proceeds payable under such casualty policy shall, at the option of Agent, be payable to Agent, for the ratable benefit of the Lenders, on account of the Obligations. 

(d) Permitted Prepayment. Except as provided below, Borrower shall have no right to prepay the Credit Extensions made in respect of a
Term Credit Facility. After the Closed Period, if any, for the applicable Term Credit Facility as specified in the Credit Facility Schedule, Borrower shall have the option to prepay the Prepayable Amount (as defined below) of a Term Credit
Facility advanced by the Lenders under this Agreement, provided Borrower (i) provides written notice to Agent of its election to prepay the Prepayable Amount at least thirty (30) days prior to such prepayment, and (ii) pays to
Agent, for payment to each Lender in accordance with its respective Pro Rata Share, on the date of such prepayment, an amount equal to the sum of (A) the Prepayable Amount plus accrued interest thereon, (B) any fees payable under the Fee
Letters by reason of such prepayment, (C) the Applicable Prepayment Fee as specified in the Credit Facility Schedule for the Credit Facility being prepaid and (D) all Protective Advances. The term “Prepayable
Amount” means all or any portion of the Credit Extensions and all other Obligations under the applicable Term Credit Facility. 

2.4 Reserved. 
 2.5
Reserved. 
 2.6 Interest and Payments; Administration. 

(a) Interest; Computation of Interest. Each Credit Extension shall bear interest on the outstanding principal amount thereof from the
date when made until paid in full at a rate per 

  
 - 3 - 

 
annum equal to the Applicable Interest Rate. Each Lender may, upon the failure of Borrower to pay any fees or interest as required herein, capitalize such interest and fees and begin to accrue
interest thereon until paid in full, which such interest shall be at a rate per annum equal to the Applicable Interest Rate unless and until the Default Rate shall otherwise apply. All other Obligations shall bear interest on the outstanding amount
thereof from the date they first become payable by Borrower under the Financing Documents until paid in full at a rate per annum equal to the Applicable Interest Rate unless and until the Default Rate shall otherwise apply. Interest on the Credit
Extensions and all fees payable under the Financing Documents shall be computed on the basis of a 360-day year and the actual number of days elapsed in the period during which such interest accrues. In computing interest on any Credit Extension or
other advance, the date of the making of such Credit Extension or advance shall be included and the date of payment shall be excluded; provided, however, that if any Credit Extension or advance is repaid on the same day on which it is
made, such day shall be included in computing interest on such Credit Extension or advance. 
 (b) Default Rate. Upon the election of
Agent following the occurrence and during the continuance of an Event of Default, Obligations shall bear interest at a rate per annum which is four hundred basis points (4.00%) above the rate that is otherwise applicable thereto (the
“Default Rate”). Payment or acceptance of the increased interest rate provided in this subsection is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or
limit any rights or remedies of Agent or Lenders. 
 (c) Payments Generally. Except as otherwise provided in this
Section 2.6(c), all payments in respect of the Obligations shall be made to Agent for the account of the applicable Lenders in accordance with their Pro Rata Share. Payments of principal and interest in respect of any Credit
Facility identified on the Credit Facility Schedule as “Term” shall be made to each applicable Lender. All Obligations are payable upon demand of Agent in the absence of any other due date specified herein. All fees payable under
the Financing Documents shall be deemed non-refundable as of the date paid. Any payment required to be made to Agent or a Lender under this Agreement may be made by debit or automated clearing house payment initiated by Agent or such Lender from any
of Borrower’s deposit accounts, including the Designated Funding Account, and Borrower hereby authorizes Agent and each Lender to debit any such accounts for any amounts Borrower owes hereunder when due. Without limiting the foregoing, Borrower
shall tender to Agent and Lenders any authorization forms as Agent or any Lender may require to implement such debit or automated clearing house payment. These debits or automated clearing house payments shall not constitute a set-off. Payments of
principal and/or interest received after 12:00 noon New York time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment is due the next Business Day and
additional fees or interest, as applicable, shall continue to accrue until paid. All payments to be made by Borrower under any Financing Document shall be made without set-off, recoupment or counterclaim, in lawful money of the United States and in
immediately available funds. The balance of the Obligations, as recorded in Agent’s books and records at any time, shall be conclusive and binding evidence of the amounts due and owing to Agent and Lenders by each Borrower absent manifest
error; provided, however, that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower’s duty to pay all amounts owing hereunder or under any Financing Document. Agent shall endeavor
to provide Borrower with a monthly statement regarding the Credit Extensions (but neither Agent nor any 

  
 - 4 - 

 
Lender shall have any liability if Agent shall fail to provide any such statement). Unless Borrower notifies Agent of any objection to any such statement (specifically describing the basis for
such objection) within ninety (90) days after the date of receipt thereof, it shall be deemed final, binding and conclusive upon Borrower in all respects as to all matters reflected therein. 

(d) Interest Payments; Maturity Date. Commencing on the first (1st) Payment
Date following the funding of a Credit Extension, and continuing on the Payment Date of each successive month thereafter through and including the Maturity Date, Borrower shall make monthly payments of interest, in arrears, calculated as set forth
in this Section 2.6. All unpaid principal and accrued interest is due and payable in full on the Maturity Date or any earlier date specified herein. If the Obligations are not paid in full on or before the Maturity Date, all
interest thereafter accruing shall be payable immediately upon accrual. 
 (e) Fees. Borrower shall pay, as and when due and payable
under the terms of the Fee Letters, to Agent and each Lender, for their own accounts and not for the benefit of any other Lenders, the fees set forth in the Fee Letters. 

(f) Protective Advances. Borrower shall pay to Agent for the account of Lenders all Protective Advances (including reasonable
attorneys’ fees and expenses for documentation and negotiation of this Agreement, the Warrants and the other Financing Documents) when due under any Financing Document (and in the absence of any other due date specified herein, such Protective
Advances shall be due upon demand). 
 (g) Maximum Lawful Rate. In no event shall the interest charged hereunder with respect to the
Obligations exceed the maximum amount permitted under the Laws of the State of Maryland. Notwithstanding anything to the contrary in any Financing Document, if at any time the rate of interest payable hereunder (the “Stated Rate”)
would exceed the highest rate of interest permitted under any applicable Law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to
the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, Borrower shall, to the extent permitted by Law, continue to pay interest at the Maximum Lawful Rate until
such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the
Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have
received, had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be
applied to the reduction of the principal balance of such Lender’s Credit Extensions or to other amounts (other than interest) payable hereunder, and if no such Credit Extensions or other amounts are then outstanding, such excess or part
thereof remaining shall be paid to Borrower. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the
number of days in the year in which such calculation is made. 

  
 - 5 - 

 (h) Taxes; Additional Costs. 

(i) All payments of principal and interest on the Obligations and all other amounts payable hereunder shall be made free and clear of and
without deduction for any present or future income, excise, stamp, documentary, payroll, employment, property or franchise taxes and other taxes, fees, duties, levies, assessments, withholdings or other charges of any nature whatsoever (including
interest and penalties thereon) imposed by any taxing authority, excluding taxes imposed on or measured by Agent’s or any Lender’s net income by the jurisdictions under which Agent or such Lender is organized or conducts business (other
than solely as the result of entering into any of the Financing Documents or taking any action thereunder) (all non-excluded items being called “Taxes”). If any withholding or deduction from any payment to be made by any Borrower
hereunder is required in respect of any Taxes pursuant to any applicable Law, then Borrower will: (i) pay directly to the relevant authority the full amount required to be so withheld or deducted; (ii) promptly forward to Agent an official
receipt or other documentation satisfactory to Agent evidencing such payment to such authority; and (iii) pay to Agent for the account of Agent and Lenders such additional amount or amounts as is necessary to ensure that the net amount actually
received by Agent and each Lender will equal the full amount Agent and such Lender would have received had no such withholding or deduction been required. If any Taxes are directly asserted against Agent or any Lender with respect to any payment
received by Agent or such Lender hereunder, Agent or such Lender may pay such Taxes and Borrower will promptly pay such additional amounts (including any penalty, interest or expense) as is necessary in order that the net amount received by such
Person after the payment of such Taxes (including any Taxes on such additional amount) shall equal the amount such Person would have received had such Taxes not been asserted so long as such amounts have accrued on or after the day which is two
hundred seventy (270) days prior to the date on which Agent or such Lender first made written demand therefor. 
 (ii) If any Borrower
fails to pay any Taxes when due to the appropriate taxing authority or fails to remit to Agent, for the account of Agent and the respective Lenders, the required receipts or other required documentary evidence, Borrower shall indemnify Agent and
Lenders for any incremental Taxes, interest or penalties that may become payable by Agent or any Lender as a result of any such failure. 

(iii) Each Lender that (A) is organized under the laws of a jurisdiction other than the United States, and (B)(1) is a party hereto on
the Closing Date or (2) purports to become an assignee of an interest as a Lender under this Agreement after the Closing Date (unless such Lender was already a Lender hereunder immediately prior to such assignment) (each such Lender a
“Foreign Lender”) shall execute and deliver to each of Borrower and Agent one or more (as Borrower or Agent may reasonably request) United States Internal Revenue Service Forms W-8ECI, W-8BEN, W-8IMY (as applicable) and other
applicable forms, certificates or documents prescribed by the United States Internal Revenue Service or reasonably requested by Agent certifying as to such Lender’s entitlement to a complete exemption from withholding or deduction of Taxes.
Borrower shall not be required to pay additional amounts to any Lender pursuant to this subsection (h) with respect to United States withholding and income Taxes to the extent that the obligation to pay such additional amounts would not
have arisen but for the failure of such Lender to comply with this paragraph other than as a result of a change in law. 
 (iv) If any
Lender shall determine in its commercially reasonable judgment that the adoption or taking effect of, or any change in, any applicable Law regarding 

  
 - 6 - 

 
capital adequacy, in each instance, after the Closing Date, or any change after the Closing Date in the interpretation, administration or application thereof by any Governmental Authority,
central bank or comparable agency charged with the interpretation, administration or application thereof, or the compliance by any Lender or any Person controlling such Lender with any request, guideline or directive regarding capital adequacy
(whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency adopted or otherwise taking effect after the Closing Date, has or would have the effect of reducing the rate of return on such
Lender’s or such controlling Person’s capital as a consequence of such Lender’s obligations hereunder to a level below that which such Lender or such controlling Person could have achieved but for such adoption, taking effect, change,
interpretation, administration, application or compliance (taking into consideration such Lender’s or such controlling Person’s policies with respect to capital adequacy) then from time to time, upon written demand by such Lender (which
demand shall be accompanied by a statement setting forth the basis for such demand and a calculation of the amount thereof in reasonable detail, a copy of which shall be furnished to Agent), Borrower shall promptly pay to such Lender such additional
amount as will compensate such Lender or such controlling Person for such reduction, so long as such amounts have accrued on or after the day which is two hundred seventy (270) days prior to the date on which such Lender first made demand
therefor; provided, however, that notwithstanding anything in this Agreement to the contrary, (A) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued
in connection therewith and (B) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or
foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “change in applicable Law”, regardless of the date enacted, adopted or issued. 

(v) If any Lender requires compensation under this subsection (h), or requires any Borrower to pay any additional amount to any Lender
or any Governmental Authority for the account of any Lender pursuant to this subsection (h), then, upon the written request of Borrower, such Lender shall use reasonable efforts to designate a different lending office for funding or booking
its Credit Extensions hereunder or to assign its rights and obligations hereunder (subject to the terms of this Agreement) to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(A) would eliminate or materially reduce amounts payable pursuant to any such subsection, as the case may be, in the future, and (B) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender (as determined in its sole discretion). Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(i) Administrative Fees and Charges. 

(i) Borrower shall pay to Agent, for its own account and not for the benefit of any other Lenders, all reasonable fees and expenses in
connection with audits and inspections of the books and records of the Credit Parties, audits, valuations or appraisals of the Collateral, audits of Borrower’s compliance with applicable Laws and such other matters as Agent shall deem
appropriate, which shall be due and payable on the first Business Day of the month following the date of issuance by Agent of a written request for payment thereof to any Borrower; provided, that, as long as no Default has occurred
within the preceding twelve (12) months, Agent shall be entitled to such reimbursement for no more than one audit and inspection per calendar quarter. 

  
 - 7 - 

 (ii) If payments of principal or interest due on the Obligations, or any other amounts due
hereunder or under the other Financing Documents, are not timely made and remain overdue for a period of five (5) days, Borrower, without notice or demand by Agent, promptly shall pay to Agent, for its own account and not for the benefit of any
other Lenders, as additional compensation to Agent in administering the Obligations, an amount equal to five percent (5.0%) of each delinquent payment. 

2.7 Secured Promissory Notes. At the election of any Lender made as to each Credit Facility for which it has made Credit Extensions,
each Credit Facility shall be evidenced by one or more secured promissory notes in form and substance satisfactory to Agent and Lenders (each a “Secured Promissory Note”). Upon receipt of an affidavit of an officer of a Lender as to
the loss, theft, destruction, or mutilation of its Secured Promissory Note, Borrower shall issue, in lieu thereof, a replacement Secured Promissory Note in the same principal amount thereof and of like tenor. 

 

	 	3	CONDITIONS OF CREDIT EXTENSIONS 

 3.1 Conditions Precedent to Credit Extension
to be made on the Closing Date. Each Lender’s obligation to make an advance in respect of a Credit Facility is subject to the condition precedent that Agent shall consent to or shall have received, in form and substance satisfactory to
Agent, such documents, and completion of such other matters, as Agent may reasonably deem necessary or appropriate, including, without limitation, all items listed on the Closing Deliveries Schedule attached hereto. 

3.2 Conditions Precedent to all Credit Extensions. The obligation of each Lender to make each Credit Extension, including the initial
Credit Extension, is subject to the following conditions precedent: 
 (a) satisfaction of all Applicable Funding Conditions for the
applicable Credit Extension as set forth in the Credit Facility Schedule, each in form and substance satisfactory to Agent and each Lender; 

(b) timely receipt by the Agent and each Lender of an executed Credit Extension Form in the form attached hereto; 

(c) (i) for Credit Extensions made on the Closing Date, the representations and warranties in Article 5 and elsewhere in the
Financing Documents shall be true, correct and complete in all respects on the Closing Date; provided, however, that those representations and warranties expressly referring to a specific date shall be true, correct and complete in all
respects as of such date; and 
 (ii) for Credit Extensions made after the Closing Date, if any, the representations and warranties in
Article 5 and elsewhere in the Financing Documents shall be true, correct and complete in all material respects on the date of the Credit Extension Form and on the Funding Date of each Credit Extension; provided, however, that
such materiality qualifier shall 

  
 - 8 - 

 
not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations
and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and
warranties in Article 5 and elsewhere in the Financing Documents remain true, accurate and complete in all material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all
material respects as of such date; 
 (d) no Default or Event of Default shall have occurred and be continuing or result from the Credit
Extension; 
 (e) Agent shall be satisfied with the results of any searches conducted under Section 3.5; 

(f) receipt by Agent of such evidence as Agent shall request to confirm that the deliveries made in Section 3.1 remain
current, accurate and in full force and effect, or if not, updates thereto, each in form and substance satisfactory to Agent; and 
 (g) as
determined in such Lender’s sole discretion, there has not been any Material Adverse Change or any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Agent. 

3.3 Method of Borrowing. The Credit Extension in respect of each Credit Facility shall be funded in a single drawing and shall be in an
amount at least equal to the applicable Minimum Credit Extension Amount for such Credit Facility as set forth in the Credit Facility Schedule. The date of funding for any requested Credit Extension shall be a Business Day. To obtain a Credit
Extension, Borrower shall deliver to Agent a completed Credit Extension Form executed by a Responsible Officer. Agent may rely on any notice given by a person whom Agent reasonably believes is a Responsible Officer or designee thereof. Agent and
Lenders shall have no duty to verify the authenticity of any such notice. 
 3.4 Funding of Credit Facilities. Upon the terms and
subject to the conditions set forth herein, each Lender, severally and not jointly, shall make available to Agent its Pro Rata Share of the requested Credit Extension, in lawful money of the United States of America in immediately available funds,
prior to 11:00 a.m. (New York time) on the specified date for the Credit Extension. Agent shall, unless it shall have determined that one of the conditions set forth in Section 3.1 or 3.2, as applicable, has not been
satisfied, by 2:00 p.m. (New York time) on such day, credit the amounts received by it in like funds to Borrower by wire transfer to the Designated Funding Account (or to the account of Borrower in respect of the Obligations, if the Credit Extension
is being made to pay an Obligation of Borrower). A Credit Extension made prior to the satisfaction of any conditions set forth in Section 3.1 or 3.2 shall not constitute a waiver by Agent or Lenders of
Borrower’s obligation to satisfy such conditions, and any such Credit Extension made in the absence of such satisfaction shall be made in Agent’s discretion. 

  
 - 9 - 

 3.5 Searches. Before the Closing Date, and thereafter (as and when determined by Agent in
its discretion), Agent shall have the right to perform, all at Borrower’s expense, the searches described in clauses (a), (b), and (c) below against Borrower and any other Credit Party, the results of which are to be consistent with
Borrower’s representations and warranties under this Agreement and the reasonably satisfactory results of which shall be a condition precedent to all Credit Extensions requested by Borrower: (a) title investigations, UCC searches and
fixture filings searches; (b) judgment, pending litigation, federal tax lien, personal property tax lien, and corporate and partnership tax lien searches, in each jurisdiction searched under clause (a) above; and (c) searches of
applicable corporate, limited liability company, partnership and related records to confirm the continued existence, organization and good standing of the applicable Person and the exact legal name under which such Person is organized. 

 

	 	4	CREATION OF SECURITY INTEREST 

 4.1 Grant of Security Interest. Borrower
hereby reaffirms its grant of the security interests, pledges and other Liens granted to the Existing Agent and Existing Lenders under the Existing Credit Agreement, as more fully described in Article 9 of this Agreement, and hereby further grants
to Agent, for the ratable benefit of the Lenders, to secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Agent, for the ratable benefit of the Lenders, the Collateral, wherever
located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority
perfected security interest in the Collateral, subject only to Permitted Liens that may have priority by operation of applicable Law or by the terms of a written intercreditor or subordination agreement entered into by Agent. 

4.2 Representations and Covenants. 

(a) As of the Closing Date, Borrower has no ownership interest in any Chattel Paper, letter of credit rights, commercial tort claims,
Instruments, documents or investment property (other than equity interests in any Subsidiaries of Borrower disclosed on the Disclosure Schedule attached hereto). 

(b) Borrower shall deliver to Agent all tangible Chattel Paper and all Instruments and documents owned by any Borrower and constituting part
of the Collateral duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance satisfactory to Agent. Borrower shall provide Agent with “control” (as in the Code) of all electronic Chattel
Paper owned by any Borrower and constituting part of the Collateral by having Agent identified as the assignee on the records pertaining to the single authoritative copy thereof and otherwise complying with the applicable elements of control set
forth in the Code. Borrower also shall deliver to Agent all security agreements securing any such Chattel Paper and securing any such Instruments. Borrower will mark conspicuously all such Chattel Paper and all such Instruments and Documents with a
legend, in form and substance satisfactory to Agent, indicating that such Chattel Paper and such Instruments and Documents are subject to the security interests and Liens in favor of Agent created pursuant to this Agreement and the Financing
Documents. 

  
 - 10 - 

 (c) Borrower shall deliver to Agent all letters of credit on which any Borrower is the
beneficiary and which give rise to letter of credit rights owned by such Borrower which constitute part of the Collateral in each case duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance
satisfactory to Agent. Borrower shall take any and all actions as may be necessary or desirable, or that Agent may request, from time to time, to cause Agent to obtain exclusive “control” (as defined in the Code) of any such letter of
credit rights in a manner acceptable to Agent. 
 (d) Borrower shall promptly advise Agent upon any Borrower becoming aware that it has any
interests in any commercial tort claim that constitutes part of the Collateral, which such notice shall include descriptions of the events and circumstances giving rise to such commercial tort claim and the dates such events and circumstances
occurred, the potential defendants with respect such commercial tort claim and any court proceedings that have been instituted with respect to such commercial tort claims, and Borrower shall, with respect to any such commercial tort claim, execute
and deliver to Agent such documents as Agent shall request to perfect, preserve or protect the Liens, rights and remedies of Agent with respect to any such commercial tort claim. 

(e) Except for Accounts and Inventory in an aggregate amount of Twenty-Five Thousand Dollars ($25,000), no Accounts or Inventory or other
Collateral shall at any time be in the possession or control of any warehouse, consignee, bailee or any of Borrower’s agents or processors without prior written notice to Agent and the receipt by Agent, if Agent has so requested, of warehouse
receipts, consignment agreements or bailee lien waivers (as applicable) satisfactory to Agent prior to the commencement of such possession or control. Borrower shall, upon the request of Agent, notify any such warehouse, consignee, bailee, agent or
processor of the security interests and Liens in favor of Agent created pursuant to this Agreement and the Financing Documents, instruct such Person to hold all such Collateral for Agent’s account subject to Agent’s instructions and shall
obtain an acknowledgement from such Person that such Person holds the Collateral for Agent’s benefit. 
 (f) Upon request of Agent,
Borrower shall promptly deliver to Agent any and all certificates of title, applications for title or similar evidence of ownership of all such tangible personal property and shall cause Agent to be named as lienholder on any such certificate of
title or other evidence of ownership. Borrower shall not permit any such tangible personal property to become fixtures to real estate unless such real estate is subject to a Lien in favor of Agent. 

(g) Each Borrower hereby authorizes Agent to file without the signature of such Borrower one or more UCC financing statements relating to its
Liens on all or any part of the Collateral, which financing statements may list Agent as the “secured party” and such Borrower as the “debtor” and which describe and indicate the collateral covered thereby as all or any part of
the Collateral under the Financing Documents in such jurisdictions as Agent from time to time determines are appropriate, and to file without the signature of such Borrower any continuations of or corrective amendments to any such financing
statements, in any such case in order for Agent to perfect, preserve or protect the Liens, rights and remedies of Agent with respect to the Collateral. Each Borrower also ratifies its authorization for Agent to have filed in any jurisdiction any
initial financing statements or amendments thereto if filed prior to the date hereof. Any financing statement may include a notice that any disposition of the Collateral, by either Borrower or any other Person, shall be deemed to violate the rights
of Agent and the Lenders under the Code. 

  
 - 11 - 

 (h) As of the Closing Date, no Borrower holds, and after the Closing Date Borrower shall promptly
notify Agent in writing upon creation or acquisition by any Borrower of, any Collateral which constitutes a claim against any Governmental Authority, including, without limitation, the federal government of the United States or any instrumentality
or agency thereof, the assignment of which claim is restricted by any applicable Law, including, without limitation, the federal Assignment of Claims Act and any other comparable Law. Upon the request of Agent, Borrower shall take such steps as may
be necessary or desirable, or that Agent may request, to comply with any such applicable Law. 
 (i) Borrower shall furnish to Agent from
time to time any statements and schedules further identifying or describing the Collateral and any other information, reports or evidence concerning the Collateral as Agent may reasonably request from time to time. 

(j) Borrower shall, and shall cause each Credit Party to, maintain its deposit accounts, transaction accounts, and primary investment accounts
with Silicon Valley Bank and its Affiliates. 
  

	 	5	REPRESENTATIONS AND WARRANTIES 

 Borrower represents and warrants as follows on
the Closing Date and the date of each Credit Extension: 
 5.1 Due Organization, Authorization: Power and Authority. 

(a) Each Credit Party is duly existing and in good standing, as a Registered Organization in its respective jurisdiction of formation. Each
Credit Party is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its business or its ownership of property requires that it be qualified except where the failure to do so could not reasonably
be expected to have a Material Adverse Change. The Financing Documents have been duly authorized, executed and delivered by each Credit Party and constitute legal, valid and binding agreements enforceable in accordance with their terms. The
execution, delivery and performance by each Credit Party of each Financing Document executed or to be executed by it is in each case within such Credit Party’s powers. 

(b) The execution, delivery and performance by each Credit Party of the Financing Documents to which it is a party do not (i) conflict
with any of such Credit Party’s organizational documents; (ii) contravene, conflict with, constitute a default under or violate any Law; (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree,
determination or award of any Governmental Authority by which such Credit Party or any of its property or assets may be bound or affected; (iv) require any action by, filing, registration, or qualification with, or Required Permit from, any
Governmental Authority (except such Required Permits which have already been obtained and are in full force and effect); or (v) constitute a default under or conflict with any Material Agreement. No Credit Party is in default under any
agreement to which it is a party or by which it is bound in which the default could reasonably be expected to have a Material Adverse Change. 

  
 - 12 - 

 5.2 Litigation. Except as disclosed on the Disclosure Schedule or, after the
Closing Date, pursuant to Section 6.7, there are no actions, suits, proceedings or investigations pending or, to the knowledge of the Responsible Officers, threatened in writing by or against any Credit Party which involves the
possibility of any judgment or liability of more than Fifty Thousand Dollars ($50,000.00) or that could result in a Material Adverse Change, or which questions the validity of the Financing Documents, or the other documents required thereby or any
action to be taken pursuant to any of the foregoing, nor does any Credit Party have reason to believe that any such actions, suits, proceedings or investigations are threatened. 

5.3 No Material Deterioration in Financial Condition; Financial Statements. All financial statements for the Credit Parties delivered
to Agent or any Lender fairly present, in conformity with GAAP, in all material respects the consolidated financial condition and consolidated results of operations of such Credit Party. There has been no material deterioration in the consolidated
financial condition of any Credit Party from the most recent financial statements and projections submitted to Agent or any Lender. There has been no material adverse deviation from the most recent annual operating plan of Borrower delivered to
Agent and Lenders 
 5.4 Solvency. The fair salable value of each Credit Party’s assets (including goodwill minus
disposition costs) exceeds the fair value of its liabilities. After giving effect to the transactions described in this Agreement, (a) no Credit Party is left with unreasonably small capital in relation to its business as presently
conducted, and (b) each Credit Party is able to pay its debts (including trade debts) as they mature. 
 5.5 Subsidiaries;
Investments. Borrower and its Subsidiaries do not own any stock, partnership interest or other equity securities, except for Permitted Investments. 

5.6 Tax Returns and Payments; Pension Contributions. Each Credit Party has timely filed all required tax returns and reports, and each
Credit Party has timely paid all foreign, federal, state and material local taxes, assessments, deposits and contributions owed by such Credit Party. Borrower is unaware of any claims or adjustments proposed for any of prior tax years of any Credit
Party which could result in additional taxes becoming due and payable by such Credit Party. Each Credit Party has paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms,
and no Credit Party has withdrawn from participation in, or has permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability
of such Credit Party, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other Governmental Authority. 

5.7 Disclosure Schedule. All information set forth in the Disclosure Schedule is true, accurate and complete as of the date
hereof. All information set forth in the Perfection Certificate is true, accurate and complete, as of the date hereof, other than with respect to changes that are reflected in the Disclosure Schedule, Intangible Assets Schedule,
Required Permits Schedule or Products Schedule attached to this Agreement. 

  
 - 13 - 

	 	6	AFFIRMATIVE COVENANTS 

 Borrower covenants and agrees as follows: 

6.1 Organization and Existence; Government Compliance. 

(a) Each Credit Party shall maintain its legal existence and good standing in its respective jurisdiction of formation and maintain
qualification in each jurisdiction in which the failure to so qualify could reasonably be expected to have a Material Adverse Change. If a Credit Party is not now a Registered Organization but later becomes one, Borrower shall promptly notify Agent
of such occurrence and provide Agent with such Credit Party’s organizational identification number. 
 (b) Each Credit Party shall
comply with all Laws, ordinances and regulations to which it or its business locations is subject, the noncompliance with which could reasonably be expected to result in a Material Adverse Change. Each Credit Party shall obtain and keep in full
force and effect and comply with all of the Required Permits, except where failure to have or maintain compliance with or effectiveness of such Required Permit could not reasonably be expected to result in a Material Adverse Change. Each Credit
Party shall promptly provide copies of any such obtained Required Permits to Agent. Borrower shall notify Agent within three (3) Business Days (but in any event prior to Borrower submitting any requests for Credit Extensions or release of any
reserves) of the occurrence of any facts, events or circumstances known to a Borrower, whether threatened, existing or pending, that could cause any Required Permit to become limited, suspended or revoked. 

6.2 Financial Statements, Reports, Certificates. 

(a) Each Credit Party shall deliver to Agent and each Lender: (i) as soon as available, but no later than thirty (30) days after the
last day of each month, a company prepared consolidated and consolidating balance sheet, income statement and cash flow statement covering such Credit Party’s consolidated operations for such month certified by a Responsible Officer and in a
form acceptable to Agent and each Lender; (ii) as soon as available, but no later than one hundred eighty (180) days after the last day of a Credit Party’s fiscal year, audited consolidated and consolidating financial statements
prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from an independent certified public accounting firm acceptable to Agent and each Lender in its reasonable discretion; (iii) as soon as
available after approval thereof by such Credit Party’s governing board, but no later than sixty (60) days after the last day of such Credit Party’s fiscal year, and as amended and/or updated, such Credit Party’s financial
projections for current fiscal year; (iv) within five (5) days of delivery, copies of all statements, reports and notices made available to all of such Credit Party’s security holders; (v) in the event that such Credit Party is
or becomes subject to the reporting requirements under the Securities Exchange Act of 1934, as amended, within five (5) days of filing, all reports on Form 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission
(“SEC”) or a link thereto on such Credit Party’s or another website on the Internet; (vi) budgets, sales projections, operating plans and other financial information reasonably requested by Agent or any Lender;
(vii) as soon as available, but no later than thirty (30) days after the last day of each month, copies of the month-end account statements for each Collateral Account maintained by a Credit Party, which statements may be provided to Agent
and each Lender by Borrower or directly from the applicable institution(s); and (viii) such additional information, reports or statements regarding the Credit Parties or their respective businesses, contractors and subcontractors as Agent or
any Lender may from time to time reasonably request. 

  
 - 14 - 

 (b) Within thirty (30) days after the last day of each month, Borrower shall deliver to
Agent and each Lender with the monthly financial statements described above, a duly completed Compliance Certificate signed by a Responsible Officer. 

(c) Borrower shall cause each Credit Party to keep proper books of record and account in accordance with GAAP in which full, true and correct
entries shall be made of all dealings and transactions in relation to its business and activities. Upon prior written notice and during business hours (which such limitations shall not apply if a Default or Event of Default has occurred), Borrower
shall allow, and cause each Credit Party to allow, Agent and Lenders to visit and inspect any properties of a Credit Party, to examine and make abstracts or copies from any Credit Party’s books, to conduct a collateral audit and analysis of its
operations and the Collateral to verify the amount and age of the accounts, the identity and credit of the respective account debtors, to review the billing practices of the Credit Party and to discuss its respective affairs, finances and accounts
with their respective officers, employees and independent public accountants as often as may reasonably be desired. Borrower shall reimburse Agent and each Lender for all reasonable costs and expenses associated with such visits and inspections;
provided, however, that Borrower shall be required to reimburse Agent and each Lender for such costs and expenses for no more than two (2) such visits and inspections per twelve (12) month period unless a Default or Event of
Default has occurred during such period. 
 (d) Borrower shall, and shall cause each Credit Party to, deliver to Agent and each Lender,
within five (5) days after the same are sent or received, copies of all material correspondence, reports, documents and other filings with any Governmental Authority that could reasonably be expected to have a material effect on any of the
Required Permits material to Borrower’s business or otherwise on the operations of Borrower or any of its Subsidiaries. 
 6.3
Maintenance of Property. Borrower shall cause all equipment and other tangible personal property other than Inventory to be maintained and preserved in the same condition, repair and in working order as of the date hereof, ordinary wear and
tear excepted, and shall promptly make or cause to be made all repairs, replacements and other improvements in connection therewith that are necessary or desirable to such end. Borrower shall cause each Credit Party to keep all Inventory in good and
marketable condition, free from material defects. Returns and allowances between a Credit Party and its Account Debtors shall follow the Credit Party’s customary practices as they existed at the Original Closing Date. Borrower shall promptly
notify Agent of all returns, recoveries, disputes and claims that involve more than One Hundred Thousand Dollars ($100,000) of Inventory collectively among all Credit Parties. 

6.4 Taxes; Pensions. Borrower shall timely file and cause each Credit Party to timely file, all required tax returns and reports and
timely pay, and cause each Credit Party to timely pay, all foreign, federal, state, and local taxes, assessments, deposits and contributions owed, and shall deliver to Agent, on demand, appropriate certificates attesting to such payments. Borrower
shall pay, and cause each Credit Party to pay, all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms. Notwithstanding the foregoing, a Credit Party may defer payment of any
contested taxes, provided, however, that such Credit Party (a) in good faith contests its obligation to pay the taxes by appropriate proceedings promptly and diligently instituted and conducted, (b) notifies Agent in writing
of the commencement of, and any material development in, the proceedings, and (c) posts bonds or takes any other steps required to prevent the Governmental Authority levying such contested taxes from obtaining a Lien upon any of the Collateral.

  
 - 15 - 

 6.5 Insurance. Borrower shall, and shall cause each Credit Party to, keep its business and
the Collateral insured for risks and in amounts standard for companies in Borrower’s industry and location and as Agent may reasonably request. Insurance policies shall be in a form, with companies, and in amounts that are satisfactory to
Agent. All property policies shall have a lender’s loss payable endorsement showing Agent as sole lender’s loss payee and waive subrogation against Agent, and all liability policies shall show, or have endorsements showing, Agent as an
additional insured. No other loss payees may be shown on the policies unless Agent shall otherwise consent in writing. If required by Agent, all policies (or the loss payable and additional insured endorsements) shall provide that the insurer shall
endeavor to give Agent at least thirty (30) days’ notice before canceling, amending, or declining to renew its policy. At Agent’s request, Borrower shall deliver certified copies of all such Credit Party insurance policies and
evidence of all premium payments. If any Credit Party fails to obtain insurance as required under this Section 6.5 or to pay any amount or furnish any required proof of payment to third persons and Agent, Agent may make all or
part of such payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies Agent deems prudent. Each Borrower hereby waives any rights against Agent and Lenders for any property
damages or claims to the extent the same is insured or required to be insured hereunder. 
 6.6 Collateral Accounts. Borrower shall,
and shall cause each Credit Party to, provide Agent five (5) days prior written notice before establishing any Collateral Account at or with any bank or financial institution. In addition, for each Collateral Account that any Credit Party at
any time maintains, Borrower shall, and shall cause each Credit Party to, cause the applicable bank or financial institution at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate
instrument with respect to such Collateral Account to perfect Agent’s Lien in such Collateral Account in accordance with the terms hereunder, which Control Agreement may not be terminated without prior written consent of Agent. The provisions
of the previous sentence shall not apply to deposit accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of a Credit Party’s employees and identified to Agent by Borrower as
such; provided, however, that at all times Borrower shall maintain one or more separate Deposit Accounts to hold any and all amounts to be used for payroll, payroll taxes and other employee wage and benefit payments, and shall not
commingle any monies allocated for such purposes with funds in any other Deposit Account. 
 6.7 Notices of Material Agreements,
Litigation and Defaults; Cooperation in Litigation. Promptly (and in any event within three (3) Business Days), (a) upon Borrower becoming aware of the existence of any Event of Default or event which, with the giving of notice or
passage of time, or both, would constitute an Event of Default or (b) upon the execution and delivery of any Material Agreement and each material amendment, consent, waiver or other modification, and each notice of termination or default or
similar notice delivered to or by a Credit Party in connection with any Material Agreement, or (c) upon Borrower becoming aware of (or having reason to believe any of the following are pending or threatened in writing) any action, suit,
proceeding or investigation by or against Borrower or any Credit Party which involves the possibility of any judgment or liability of more than Fifty Thousand Dollars ($50,000) or that could result in a Material Adverse Change, or which questions
the validity of any of the Financing 

  
 - 16 - 

 
Documents, or the other documents required thereby or any action to be taken pursuant to any of the foregoing, Borrower shall give written notice to Agent and each Lender of such occurrence, and
such further information (including copies of such documentation) as Agent or any Lender shall reasonably request. From the date hereof and continuing through the termination of this Agreement, Borrower shall, and shall cause each Credit Party to,
make available to Agent and each Lender, without expense to Agent or any Lender, each Credit Party’s officers, employees and agents and books, to the extent that Agent or any Lender may deem them reasonably necessary to prosecute or defend any
third-party suit or proceeding instituted by or against Agent or any Lender with respect to any Collateral or relating to a Credit Party. 

6.8 Creation/Acquisition of Subsidiaries. In the event Borrower or any Subsidiary creates or, to the extent permitted hereunder,
acquires any Subsidiary, Borrower and such Subsidiary shall promptly (and in any event within five (5) Business Days of such creation or acquisition) notify Agent of the creation or acquisition of such new Subsidiary and take all such action as
may be reasonably required by Agent or the Required Lenders to cause each such Subsidiary to become a co-Borrower hereunder or to guarantee the Obligations of Borrower under the Financing Documents and, in each case, grant a continuing pledge and
security interest in and to the assets of such Subsidiary (substantially as described on Exhibit A hereto); and Borrower shall grant and pledge to Agent, for the ratable benefit of the Lenders, a perfected security interest in the stock,
units or other evidence of ownership of each Subsidiary (the foregoing collectively, the “Joinder Requirements”); provided, that Borrower shall not be permitted to make any Investment in such Subsidiary until such time as
Borrower has satisfied the Joinder Requirements. 
 6.9 Use of Proceeds. Borrower shall use the proceeds of the Credit Extensions
solely for (a) transaction fees incurred in connection with the Financing Documents, (b) for working capital needs of Borrower and its Subsidiaries, and (c) any other Permitted Purpose specified in the Credit Facility Schedule
for such Credit Facility. No portion of the proceeds of the Credit Extensions will be used for family, personal, agricultural or household use. 

6.10 Hazardous Materials; Remediation. 

(a) If any release or disposal of Hazardous Materials shall occur or shall have occurred on any real property or any other assets of any
Borrower or any other Credit Party, such Borrower will cause, or direct the applicable Credit Party to cause, the prompt containment and removal of such Hazardous Materials and the remediation of such real property or other assets as is necessary to
comply with all Laws and to preserve the value of such real property or other assets. Without limiting the generality of the foregoing, each Borrower shall, and shall cause each other Credit Party to, comply with each Law requiring the performance
at any real property by any Borrower or any other Credit Party of activities in response to the release or threatened release of a Hazardous Material. 

(b) Borrower will provide Agent within thirty (30) days after written demand therefor with a bond, letter of credit or similar financial
assurance evidencing to the reasonable satisfaction of Agent that sufficient funds are available to pay the cost of removing, treating and disposing of any Hazardous Materials or Hazardous Materials Contamination and discharging any assessment which
may be established on any property as a result thereof, such demand to be made, if at all, upon Agent’s determination that the failure to remove, treat or dispose of any Hazardous Materials or Hazardous Materials Contamination, or the failure
to discharge any such assessment could reasonably be expected to have a Material Adverse Change. 

  
 - 17 - 

 (c) If there is any conflict between this Section 6.10 and any environmental
indemnity agreement which is a Financing Document, the environmental indemnity agreement shall govern and control. 
 6.11 Power of
Attorney. Each of the officers of Agent is hereby irrevocably made, constituted and appointed the true and lawful attorney for each Borrower (without requiring any of them to act as such) with full power of substitution to do the following:
(a) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral (in each case, so long as no Default or Event of Default has occurred, other than Permitted Liens), or any judgment based
thereon, or otherwise take any action to terminate or discharge the same; (b) so long as Agent has provided not less than three (3) Business Days’ prior written notice to Borrower to perform the same and Borrower has failed to take
such action, (i) execute in the name of any Person comprising Borrower any schedules, assignments, instruments, documents, and statements that Borrower is obligated to give Agent under this Agreement or that Agent or any Lender deems necessary
to perfect or better perfect Agent’s security interest or Lien in any Collateral, (ii) do such other and further acts and deeds in the name of Borrower that Agent may deem necessary or desirable to enforce, protect or preserve any
Collateral or its rights therein, including, but not limited to, to sign Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; and (iii) after the occurrence and during the continuance of an
Event of Default, (A) endorse the name of any Borrower upon any and all checks, drafts, money orders, and other instruments for the payment of money that are payable to Borrower; (B) make, settle, and adjust all claims under
Borrower’s insurance policies; (C) take any action any Credit Party is required to take under this Agreement or any other Financing Document; (D) transfer the Collateral into the name of Agent or a third party as the Code permits;
(E) exercise any rights and remedies described in this Agreement or the other Financing Documents; and (F) do such other and further acts and deeds in the name of Borrower that Agent may deem necessary or desirable to enforce its rights
with regard to any Collateral. 
 6.12 Further Assurances. Borrower shall, and shall cause each Credit Party to, promptly execute any
further instruments and take further action as Agent reasonably requests to perfect or better perfect or continue Agent’s Lien in the Collateral or to effect the purposes of this Agreement or any other Financing Document. 

6.13 Post-Closing Obligations. Borrower shall, and shall cause each Credit Party to, complete each of the post-closing obligations
and/or deliver to Agent each of the documents, instruments, agreements and information listed on the Post-Closing Obligations Schedule attached hereto, on or before the date set forth for each such item thereon (as may be extended by the
Agent in writing in its sole discretion), each of which shall be completed or provided in form and substance satisfactory to Agent and Lenders. 

6.14 Disclosure Schedule. Borrower shall, in the event of any information in the Disclosure Schedule becoming outdated,
inaccurate, incomplete or misleading, deliver to Agent, together with the next Compliance Certificate required to be delivered under this Agreement for a calendar month ending March 31, June 30, September 30 or
December 31, a proposed update to 

  
 - 18 - 

 
the Disclosure Schedule correcting all outdated, inaccurate, incomplete or misleading information. With respect to any proposed updates to the Disclosure Schedule involving
Permitted Liens, Permitted Indebtedness or Permitted Investments, Agent will replace the Disclosure Schedule attached hereto with such proposed update only if such updated information is consistent with the definitions of and limitations
herein pertaining to Permitted Liens, Permitted Indebtedness or Permitted Investments. With respect to any proposed updates to the Disclosure Schedule involving other matters, Agent will replace the applicable portion of the Disclosure
Schedule attached hereto with such proposed update upon Agent’s approval thereof. 
  

	 	7	NEGATIVE COVENANTS 

 Borrower shall not do, nor shall it permit any Credit Party
to do, any of the following without the prior written consent of Agent and the Required Lenders: 
 7.1 Dispositions. Convey, sell,
abandon, lease, license, transfer, assign or otherwise dispose of (collectively, “Transfer”) all or any part of its business or property, except for (a) sales, transfers or dispositions of Inventory in the Ordinary Course of
Business; (b) sales or abandonment of worn-out or obsolete Equipment; or (c) non-exclusive licenses of patent rights of Borrower or its Subsidiaries granted to third parties in the Ordinary Course of Business and that does not result in a
legal transfer of title to the licensed property. 
 7.2 Changes in Business, Management, Ownership or Business Locations.
(a) Engage in any business other than the businesses currently engaged in by Borrower or such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; (c) (i) have a change in Chief Executive Officer
or Chief Operating Officer where a suitable permanent replacement, as approved by Borrower’s board of directors, has not been named and hired by not later than sixty (60) days after such change, or (ii) enter into any transaction or
series of related transactions which would result in a Change in Control; (d) add any new offices or business locations, or enter into any new leases with respect to existing offices or business locations (unless such new or existing offices or
business locations contain less than One Hundred Thousand Dollars ($100,000) in Borrower’s assets or property and do not contain any of Borrower’s Books) without first delivering a fully-executed Access Agreement to Agent; (e) change
its jurisdiction of organization; (f) change its organizational structure or type; (g) change its legal name; or (h) change any organizational number (if any) assigned by its jurisdiction of organization. 

7.3 Mergers or Acquisitions. Merge or consolidate with any other Person, or acquire all or substantially all of the capital stock or
property of another Person; provided, however, that a Subsidiary of Borrower may merge or consolidate into another Subsidiary that is a Borrower, so long as (a) Borrower has provided Agent and each Lender with prior written notice
of such transaction, (b) a Person already comprising the Borrower shall be the surviving legal entity, (c) Borrower’s tangible net worth is not thereby reduced, (d) no Event of Default has occurred and is continuing prior thereto
or arises as a result therefrom, and (e) Borrower shall be in compliance with the covenants set forth in this Agreement both before and after giving effect to such transaction. 

7.4 Indebtedness. Create, incur, assume, or be liable for any Indebtedness other than Permitted Indebtedness. 

  
 - 19 - 

 7.5 Encumbrance. (a) Create, incur, allow, or suffer any Lien on any of its property,
except for Permitted Liens, (b) permit any Collateral to fail to be subject to the first priority security interest granted herein except for Permitted Liens that may have priority by operation of applicable Law or by the terms of a written
intercreditor or subordination agreement entered into by Agent, or (c) enter into any agreement, document, instrument or other arrangement (except with or in favor of Agent for the ratable benefit of Lenders) with any Person which directly or
indirectly prohibits or has the effect of prohibiting Borrower or any Subsidiary from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s Collateral or Intellectual
Property, except as is otherwise permitted in the definition of “Permitted Liens” herein. 
 7.6 Maintenance of Collateral
Accounts. Maintain any Collateral Account, except pursuant to the terms of Section 6.6 hereof. 
 7.7
Distributions; Investments; Margin Stock. (a) Pay any dividends (other than dividends payable solely in common stock) or make any distribution or payment with respect to or redeem, retire or purchase or repurchase any of its equity
interests (other than repurchases pursuant to the terms of employee stock purchase plans, employee restricted stock agreements or similar plans), or (b) directly or indirectly make any Investment (including, without limitation, any additional
Investment in any Subsidiary) other than Permitted Investments. Without limiting the foregoing, Borrower shall not, and shall not permit any of its Subsidiaries to, purchase or carry Margin Stock. 

7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of
any Credit Party, except for (a) transactions that are in the Ordinary Course of Business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated
Person, (b) transactions with Subsidiaries that are designated as a Borrower hereunder and that are not otherwise prohibited by Article 7 of this Agreement, and (c) transactions permitted by Section 7.7 of this
Agreement. 
 7.9 [Reserved] 

7.10 Compliance. Become an “investment company” or a company controlled by an “investment company”, under the
Investment Company Act of 1940, as amended or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds
of any Credit Extension for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; fail to comply with the Federal Fair Labor Standards Act or violate
any other Law or regulation, if the violation could reasonably be expected to have a Material Adverse Change; withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any
present pension, profit sharing and deferred compensation plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other Governmental
Authority. 

  
 - 20 - 

 7.11 Amendments to Organization Documents and Material Agreements. Amend, modify or waive
any provision of (a) any Material Agreement in a manner that is materially adverse to Borrower, that is adverse to Agent or any Lender, that pertains to rights to assign or grant a security interest in such Material Agreement or that could or
could reasonably be expected to result in a Material Adverse Change, or (b) any of its organizational documents (other than a change in registered agents, or a change that could not adversely affect the rights of Agent or Lenders hereunder,
but, for the avoidance of doubt, under no circumstances a change of its name, type of organization or jurisdiction of organization), in each case, without the prior written consent of Agent. Borrower shall provide to Agent copies of all amendments,
waivers and modifications of any Material Agreement or organizational documents. 
 7.12 Compliance with Anti-Terrorism Laws.
Directly or indirectly, knowingly enter into any documents, instruments, agreements or contracts with any Person listed on the OFAC Lists. Borrower shall immediately notify Agent if Borrower has knowledge that Borrower or any Subsidiary or Affiliate
is listed on the OFAC Lists or (a) is convicted on, (b) pleads nolo contendere to, (c) is indicted on, or (d) is arraigned and held over on charges involving money laundering or predicate crimes to money laundering.
Borrower will not, nor will Borrower permit any Subsidiary or Affiliate to, directly or indirectly, (i) conduct any business or engage in any transaction or dealing with any Blocked Person, including, without limitation, the making or receiving
of any contribution of funds, goods or services to or for the benefit of any Blocked Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to Executive Order
No. 13224, any similar executive order or other Anti-Terrorism Law, or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the
prohibitions set forth in Executive Order No. 13224 or other Anti-Terrorism Law. Agent hereby notifies Borrower that pursuant to the requirements of Anti-Terrorism Laws, and Agent’s policies and practices, Agent is required to obtain,
verify and record certain information and documentation that identifies Borrower and its principals, which information includes the name and address of Borrower and its principals and such other information that will allow Agent to identify such
party in accordance with Anti-Terrorism Laws. 
  

	 	8	LIFE SCIENCES PROVISIONS. 

 8.1 Life Sciences Covenants. 

(a) As used in this Agreement, the following terms have the following meanings: 

“DEA” means the Drug Enforcement Administration of the United States of America, and any successor agency thereof. 

“Drug Application” means a new drug application, an abbreviated drug application, or a product license application for any
Product, as appropriate, as those terms are defined in the FDCA. 
 “FDA” means the Food and Drug Administration of the
United States of America, or any successor entity thereto. 

  
 - 21 - 

 “FDCA” means the Federal Food, Drug and Cosmetic Act, as amended, 21 U.S.C.
Section 301 et seq., and all regulations promulgated thereunder. 
 “Material Intangible Assets” means all of
Borrower’s Intellectual Property and license or sublicense agreements or other agreements with respect to rights in Intellectual Property that are material to the condition (financial or other), business or operations of Borrower. 

“Products” means any products manufactured, sold, developed, tested or marketed by any Borrower or any of its Subsidiaries,
including without limitation, those products set forth on the Products Schedule (as updated from time to time in accordance with Section 8.1(d)); provided, however, that if Borrower shall fail to comply with
the obligations under Section 8.1(d) to give notice to Agent and each Lender and update the Products Schedule prior to manufacturing, selling, developing, testing or marketing any new Product, any such improperly
undisclosed Product shall be deemed to be included in this definition. 
 “Registered Intellectual Property” means any
patent, registered trademark or servicemark, registered copyright, registered mask work, or any pending application for any of the foregoing. 

(b) [Reserved]; 
 (c) Borrower
represents and warrants as follows at all times unless expressly provided below: 
 (i) Intellectual Property and License
Agreements. A list of all of Intellectual Property of each Credit Party and all license agreements, sublicenses, or other rights of any Credit Party to use Intellectual Property (including all in-bound license agreements, but excluding
over-the-counter software that is commercially available to the public), as of the Closing Date and, as updated pursuant to Section 8.1(d), is set forth on the Intangible Assets Schedule, which indicates, for each item of
property: (A) the name of the Credit Party owning such Intellectual Property or licensee to such license agreement; (B) the Credit Party’s identifier for such property (i.e., name of patent, license, etc.), (C) whether such
property is Intellectual Property (or application therefor) owned by a Credit Party or is property to which a Credit Party has rights pursuant to a license agreement, and (D) the expiration date of such Intellectual Property or license
agreement. In the case of any Material Intangible Property that is a license agreement, the Intangible Assets Schedule further indicates, for each: (1) the name and address of the licensor, (2) the name and date of the agreement
pursuant to which such item of Material Intangible Property is licensed, (3) whether or not such license agreement grants an exclusive license to a Credit Party, (4) whether there are any purported restrictions in such license agreement as
to the ability of a Credit Party to grant a security interest in and/or to transfer any of its rights as a licensee under such license agreement, and (5) whether a default under or termination of such license agreement could interfere with
Agent’s right to sell or assign such license or any other Collateral. Except as noted on the Intangible Assets Schedule, each Credit Party is the sole owner of its Intellectual Property, free and clear of any Liens. Each Patent is valid
and enforceable to the knowledge of the Borrower and no part of the Material Intangible Property has been judged invalid or unenforceable, in whole or in part, and to the best of Borrower’s knowledge, no claim has been made that Borrower’s
use of any part of the Intellectual Property violates the rights of any third party. 

  
 - 22 - 

 (ii) Regulatory Status. 

(A) All Products and all Required Permits are listed on the Products Schedule and Required Permits Schedule (as updated from
time to time pursuant to Section 8.1(d)), and Borrower has delivered to Agent and each Lender a copy of all Required Permits requested by Agent and such Lender as of the date hereof or to the extent requested by Agent or such
Lender pursuant to Section 8.1(d). 
 (B) Without limiting the generality of Section 8.1 above, as of
the date of this Agreement and on each subsequent date that the representations and warranties in this Agreement are brought down or remade, with respect to any Product being tested or manufactured, Borrower and its Subsidiaries have received, and
such Product is the subject of, all Required Permits needed in connection with the testing or manufacture of such Product as such testing or manufacturing is currently being conducted by or on behalf of Borrower, and Borrower and its Subsidiaries
have not received any notice from any applicable Governmental Authority, specifically including the FDA, that such Governmental Authority is conducting an investigation or review of (1) Borrower’s or such Subsidiary’s manufacturing
facilities and processes for such Product which have disclosed any material deficiencies or violations of Laws and/or the Required Permits related to the manufacture of such Product, or (2) any such Required Permit or that any such Required
Permit has been revoked or withdrawn, nor has any such Governmental Authority issued any order or recommendation stating that the development, testing and/or manufacturing of such Product should cease. 

(C) Without limiting the generality of Section 8.1 above, as of the date of this Agreement and on each subsequent date
that the representations and warranties in this Agreement are brought down or remade, with respect to any Product marketed or sold by Borrower or its Subsidiaries, Borrower and its Subsidiaries have received, and such Product is the subject of, all
Required Permits needed in connection with the marketing and sales of such Product as currently being marketed or sold by Borrower or its Subsidiaries, and Borrower and its Subsidiaries have not received any notice from any applicable Governmental
Authority, specifically including the FDA, that such Governmental Authority is conducting an investigation or review of any such Required Permit or approval or that any such Required Permit has been revoked or withdrawn, nor has any such
Governmental Authority issued any order or recommendation stating that such marketing or sales of such Product cease or that such Product be withdrawn from the marketplace. 

(D) Without limiting the generality of Section 8.1 above, as of the date of this Agreement and on each subsequent date
that the representations and warranties in this Agreement are brought down or remade, (i) there have been no adverse clinical test results which have or could reasonably be expected to result in a Material Adverse Change, and (ii) there
have been no Product recalls or voluntary Product withdrawals from any market. 
 (E) As of the date of this Agreement and on each
subsequent date that the representations and warranties in this Agreement are brought down or remade, 

  
 - 23 - 

 
Borrower and its Subsidiaries have not experienced any significant failures in its manufacturing of any Product such that the amount of such Product successfully manufactured by Borrower or its
Subsidiaries in accordance with all specifications thereof and the required payments related thereto in any month shall decrease significantly with respect to the quantities of such Product produced in the prior month. 

(d) Borrower covenants and agrees as follows: 

(i) [Reserved.] 
 (ii)
Borrower shall own, or be licensed to use or otherwise have the right to use, all Material Intangible Property. All Material Intangible Property of Borrower is and shall be fully protected and/or duly and properly registered, filed or issued in the
appropriate office and jurisdictions for such registrations, filings or issuances, except where the failure to do so would not reasonably be expected to result in a Material Adverse Change. Borrower shall not become a party to, nor become bound by,
any material license or other agreement with respect to which Borrower is the licensee that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or other property.
Borrower shall at all times conduct its business without infringement or claim of infringement of any Intellectual Property rights of others. Borrower shall do the following, to the extent it determines, in the exercise of its reasonable business
judgment, that it is prudent to do so: (A) protect, defend and maintain the validity and enforceability of its Material Intangible Property; (B) promptly advise Agent and each Lender in writing of material infringements of its Material
Intangible Property; and (C) not allow, without Agent’s and Required Lenders’ prior written consent, any Material Intangible Property to be abandoned, invalidated, forfeited or dedicated to the public or to become unenforceable. If
Borrower (1) obtains any patent, registered trademark or servicemark, registered copyright, registered mask work, or notice of any pending application for any of the foregoing, whether as owner, licensee or otherwise, or (2) applies for
any patent or the registration of any trademark or servicemark, then concurrently with the delivery of an updated Intangible Assets Schedule as required under clause (iv) below, Borrower shall provide written notice thereof to
Agent and each Lender and shall execute such documents and take such other actions as Agent or the Required Lenders shall request in its or their, as applicable, good faith business judgment to perfect and maintain a first priority perfected
security interest in favor of Agent, for the ratable benefit of Lenders, in the IP Proceeds (as defined in Exhibit A) pertaining thereto. Borrower shall promptly provide to Agent and each Lender copies of all applications that it files
for patents or for the registration of trademarks, servicemarks, copyrights or mask works. 
 (iii) In connection with the development,
testing, manufacture, marketing or sale of each and any Product by a Credit Party, such Credit Party shall comply fully and completely in all respects with all Required Permits at all times issued by any Governmental Authority the noncompliance with
which could have a Material Adverse Change, specifically including the FDA, with respect to such development, testing, manufacture, marketing or sales of such Product by such Credit Party as such activities are at any such time being conducted by
such Credit Party. 
 (iv) If, after the Closing Date, Borrower acquires and/or develops any new Registered Intellectual Property, or
enters or becomes bound by any additional license or 

  
 - 24 - 

 
sublicense agreement or other agreement with respect to rights in Intellectual Property (other than over-the-counter software that is commercially available to the public), and upon any other
material change in Borrower’s Material Intangible Property from that listed on the Intangible Assets Schedule, then together with the next Compliance Certificate required to be delivered after such event under this Agreement for a
calendar month ending March 31, June 30, September 30 or December 31, Borrower shall deliver to Agent and each Lender an updated Intangible Assets Schedule reflecting same. Borrower shall take such steps as Agent
or the Required Lenders request to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for (x) all licenses or agreements to be deemed “Collateral” and for Agent to have a security interest in it that
might otherwise be restricted or prohibited by Law or by the terms of any such license or agreement, whether now existing or entered into in the future, and (y) Agent to have the ability in the event of a liquidation of any Collateral to
dispose of such Collateral in accordance with Agent’s rights and remedies under this Agreement and the other Financing Documents. 

(v) If, after the Closing Date, Borrower determines to manufacture, sell, develop, test or market any new Product, then together with the
next Compliance Certificate required to be delivered after such determination under this Agreement for a calendar month ending March 31, June 30, September 30 or December 31, Borrower shall give written notice to Agent
and each Lender of such determination (which shall include a brief description of such Product, plus a list of all Required Permits relating to such new Product (and a copy of such Required Permits if requested by Agent or such Lender) and/or
Borrower’s manufacture, sale, development, testing or marketing thereof issued or outstanding as of the date of such notice), along with a copy of an updated Intangible Assets Schedule, Products Schedule and Required Permits
Schedule; provided, however, that if Borrower shall at any time obtain any new or additional Required Permits from the FDA, DEA, or parallel state or local authorities, or foreign counterparts of the FDA, DEA, or parallel state or
local authorities, with respect to any Product which has previously been disclosed to Agent or any Lender, then together with the next Compliance Certificate required to be delivered under this Agreement for a calendar month ending
March 31, June 30, September 30 or December 31, Borrower shall provide Agent and each Lender with a copy of an updated Required Permits Schedule reflecting such new or additional Required Permits (along with a
copy thereof if requested by Agent or such Lender). 
 (e) In addition to the events listed in Article 10, any one of the following shall
also constitute an Event of Default under this Agreement: (i) the order by FDA or similar Governmental Authority to withdraw any Product or Product category from the market or to enjoin Borrower, its Subsidiaries or any representative of
Borrower or its Subsidiaries from manufacturing, marketing, selling or distributing any Product or Product category that could reasonably be expected to result in Material Adverse Change, (ii) the decision by any DEA, FDA, or any other
Governmental Authority to revoke, suspend, reject, withdraw, limit, or restrict any Required Permit held by Borrower, its Subsidiaries or any representative of Borrower or its Subsidiaries, which, in each case, could reasonably be expected to result
in a Material Adverse Change, (iii) the commencement of any enforcement action against Borrower, its Subsidiaries or any representative of Borrower or its Subsidiaries (with respect to the business of Borrower or its Subsidiaries) by DEA, FDA,
or any other Governmental Authority that could reasonably be expected to result in a Material Adverse Change, (iv) the recall of any Products from the market, the voluntary withdrawal of any Products from the market, or actions to discontinue
the sale of any Products which could reasonably be expected to result in a Material Adverse Change, or (v) the occurrence of adverse test results in connection with a Product which could reasonably be expected to result in a Material Adverse
Change. 

  
 - 25 - 

	 	9	AMENDMENT AND RESTATEMENT; NO NOVATION 

 9.1 On the Closing Date upon the
satisfaction of the conditions precedent in Section 3.1, the Existing Credit Agreement shall be amended and restated in its entirety as set forth herein. The Existing Loan outstanding on the Closing Date shall be reallocated in
accordance with the terms set forth in Section 2.3 and this Article 9. 
 9.2 The parties hereto acknowledge and
agree that (i) this Agreement and the other Financing Documents, whether executed and delivered in connection herewith or otherwise, do not constitute a novation or termination of the Existing Obligations under the Existing Credit Agreement as
in effect prior to the Closing Date and which remain outstanding and are in all respects continuing (on the terms as amended and restated hereby), (ii) the Liens and security interests as granted under the Existing Credit Agreement and other
Existing Financing Documents securing payment of such Existing Obligations are in all respects continuing and in full force and effect after giving effect to this Agreement and the transactions contemplated hereby and all such Liens granted to the
Existing Agent shall be deemed to constitute Liens granted to the Agent on behalf of the Lenders under this Agreement, (iii) references in the Existing Financing Documents or the Financing Documents to the “Credit Agreement” shall be
deemed to be references to this Agreement (as the same may be amended, restated, supplemented or otherwise modified from time to time), and to the extent necessary to effect the foregoing, each such Financing Document is hereby deemed amended
accordingly, (iv) all of the terms and provisions of the Existing Credit Agreement shall continue to apply for the period prior to the Closing Date, including any determinations of payment dates, interest rates, Events of Default or any amount
that may be payable to the Agent or the Lenders (or their assignees or replacements hereunder), (v) the Existing Obligations under the Existing Credit Agreement shall continue to be paid or prepaid on or prior to the Closing Date on the terms
set forth in the Existing Credit Agreement, and shall from and after the Closing Date continue to be owing and be subject to the terms of this Agreement, (vi) all references in the Financing Documents to the “Lenders” or a
“Lender” shall be deemed to refer to such terms as defined in this Agreement, and to the extent necessary to effect the foregoing, each such Financing Document is hereby deemed amended accordingly and (vii) any Defaults or Events of
Default that are continuing under the Existing Credit Agreement shall constitute Defaults or Events of Default under this Agreement unless the same shall have been specifically waived in writing in accordance with this Agreement, and to the extent
necessary to effect the foregoing, each such Financing Document is hereby deemed amended accordingly. 
 9.3 The Borrower, Credit Parties,
Agent and Lenders acknowledge and agree that all principal, interest, fees, costs, reimbursable expenses and indemnification obligations accruing or arising under or in connection with the Existing Credit Agreement which remain unpaid and
outstanding as of the Closing Date shall be and remain outstanding and payable as an Obligation under the terms of this Agreement and the other Financing Documents. 

9.4 The parties hereto agree that as of the Closing Date, (i) the Lenders signatory hereto shall become “Lenders” under this
Agreement and the other Financing Documents and (ii) each Lender shall have the Applicable Commitment set forth on the Credit Facility Schedule. Borrower 

  
 - 26 - 

 
hereby directs Agent to apply the proceeds of the Credit Extension made on the Closing Date to the reallocation in accordance with Section 2.3 on the Closing Date of certain
outstanding obligations of the Borrower owing to the Existing Lenders and the payment of certain fees and expenses relating thereto, as more specifically set forth in the disbursement letter referred to in the Closing Deliveries Schedule. 

9.5 Each Credit Party hereby ratifies the Existing Financing Documents (as amended hereby and in connection herewith) and Warrants and
acknowledges and reaffirms (i) that it is bound by all terms thereunder applicable to it and (ii) that it is responsible for the observance and full performance of its respective obligations thereunder. 

9.6 Notwithstanding anything to the contrary contained in the Existing Credit Agreement or this Article 9, each Existing Lender hereby waives
any Applicable Prepayment Fee (under and as defined in the Existing Credit Agreement) payable to such Existing Lender under Section 2.3(d) of the Existing Credit Agreement solely as a result of the amendment and restatement of the Existing
Credit Agreement. 
  

	 	10	EVENTS OF DEFAULT 

 10.1 Events of Default. The occurrence of any of the
following conditions and/or events, whether voluntary or involuntary, by operation of law or otherwise, shall constitute an “Event of Default” and Credit Parties shall thereupon be in default under this Agreement and each of the
other Financing Documents: 
 (a) Borrower fails to (i) make any payment of principal or interest on any Credit Extension on its due
date, or (ii) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day grace period shall not apply to payments due on the Maturity Date or the date of
acceleration pursuant to Section 10.2 hereof); 
 (b) Any Credit Party defaults in the performance of or compliance with
any term contained in this Agreement or in any other Financing Document (other than occurrences described in other provisions of this Section 10.1 for which a different grace or cure period is specified or for which no grace or
cure period is specified and thereby constitute immediate Events of Default) and such default is not remedied by the Credit Party or waived by Agent within ten (10) days after the earlier of (i) the date of receipt by any Borrower of
notice from Agent or Required Lenders of such default, or (ii) the date an officer of such Credit Party becomes aware, or through the exercise of reasonable diligence should have become aware, of such default; 

(c) Any Credit Party defaults in the performance of or compliance with any term contained in Section 6.2,
6.4, 6.5, 6.6, 6.8 or 6.10 or Article 7 or Article 8; 

(d) Any representation, warranty, certification or statement made by any Credit Party or any other Person acting for or on behalf of a Credit
Party (i) in any Financing Document or in any certificate, financial statement or other document delivered pursuant to any Financing Document or (ii) to induce Agent and/or Lenders to enter into this Agreement or any Financing Document is
incorrect in any respect (or in any material respect if such representation, warranty, certification or statement is not by its terms already qualified as to materiality) when made (or deemed made); 

  
 - 27 - 

 (e) (i) any Credit Party defaults under or breaches any Material Agreement (after any
applicable grace period contained therein), or a Material Agreement shall be terminated by a third party or parties party thereto prior to the expiration thereof, or there is a loss of a material right of a Credit Party under any Material Agreement
to which it is a party, in each case which could reasonably be expected to result in a Material Adverse Change, (ii) (A) any Credit Party fails to make (after any applicable grace period) any payment when due (whether due because of
scheduled maturity, required prepayment provisions, acceleration, demand or otherwise) on any Indebtedness (other than the Obligations) of such Credit Party or such Subsidiary having an aggregate principal amount (including undrawn committed or
available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than Two Hundred Fifty Thousand Dollars ($250,000) (“Material Indebtedness”), (B) any other event shall
occur or condition shall exist under any contractual obligation relating to any such Material Indebtedness, if the effect of such event or condition is to accelerate, or to permit the acceleration of (without regard to any subordination terms with
respect thereto), the maturity of such Material Indebtedness or (C) any such Material Indebtedness shall become or be declared to be due and payable, or be required to be prepaid, redeemed, defeased or repurchased (other than by a regularly
scheduled required prepayment), prior to the stated maturity thereof, (iii) any Credit Party defaults (beyond any applicable grace period) under any obligation for payments due or other material obligation under any lease agreement for such
Credit Party’s principal place of business or any place of business that meets the criteria for the requirement of an Access Agreement under Section 7.2 or for which an Access Agreement exists or was required to be delivered,
(iv) any Borrower makes any payment on account of any Indebtedness that has been subordinated to any of the Obligations, other than payments specifically permitted by the terms of such subordination; 

(f) (i) any Credit Party shall generally not pay its debts as such debts become due, shall admit in writing its inability to pay its
debts generally, shall make a general assignment for the benefit of creditors, or shall cease doing business as a going concern, (ii) any proceeding shall be instituted by or against any Credit Party seeking to adjudicate it a bankrupt or
insolvent or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, composition of it or its debts or any similar order, in each case under any law relating to bankruptcy, insolvency or reorganization or relief
of debtors or seeking the entry of an order for relief or the appointment of a custodian, receiver, trustee, conservator, liquidating agent, liquidator, other similar official or other official with similar powers, in each case for it or for any
substantial part of its property and, in the case of any such proceedings instituted against (but not by or with the consent of) such Credit Party, either such proceedings shall remain undismissed or unstayed for a period of thirty (30) days or
more or any action sought in such proceedings shall occur or (iii) any Credit Party shall take any corporate or similar action or any other action to authorize any action described in clause (i) or (ii) above; 

(g) (i) The service of process seeking to attach, execute or levy upon, seize or confiscate any Collateral Account, any Intellectual
Property, or any funds of any Credit Party on deposit with Agent, any Lender or any Affiliate of Agent or any Lender, or (ii) a notice of lien, levy, or assessment is filed against any assets of a Credit Party by any government agency, and the
same under subclauses (i) and (ii) hereof are not discharged or stayed (whether through the posting of a bond or otherwise) prior to the earlier to occur of twenty (20) days after the occurrence thereof or such action becoming
effective; 

  
 - 28 - 

 (h) (i) any court order enjoins, restrains, or prevents Borrower from conducting any
material part of its business, (ii) the institution by any Governmental Authority of criminal proceedings against any Credit Party, or (iii) one or more judgments or orders for the payment of money (not paid or fully covered by insurance
and as to which the relevant insurance company has acknowledged coverage in writing) aggregating in excess of $100,000 shall be rendered against any or all Credit Parties and either (A) enforcement proceedings shall have been commenced by any
creditor upon any such judgments or orders, or (B) there shall be any period of ten (10) consecutive days during which a stay of enforcement of any such judgments or orders, by reason of a pending appeal, bond or otherwise, shall not be in
effect; 
 (i) any Lien created by any of the Financing Documents shall at any time fail to constitute a valid and perfected Lien on all of
the Collateral purported to be encumbered thereby, subject to no prior or equal Lien except Permitted Liens, or any Credit Party shall so assert; any provision of any Financing Document shall fail to be valid and binding on, or enforceable against,
a Credit Party, or any Credit Party shall so assert; 
 (j) A Change in Control occurs or any Credit Party or direct or indirect equity
owner in a Credit Party shall enter into agreement which contemplates a Change in Control; 
 (k) Any Required Permit shall have been
(i) revoked, rescinded, suspended, modified in an adverse manner or not renewed in the Ordinary Course of Business for a full term, or (ii) subject to any decision by a Governmental Authority that designates a hearing with respect to any
applications for renewal of any of such Required Permit or that could result in the Governmental Authority taking any of the actions described in clause (i) above, and such decision or such revocation, rescission, suspension, modification or
non-renewal (A) causes, or could reasonably be expected to cause, a Material Adverse Change, or (B) adversely affects the legal qualifications of any Credit Party to hold such Required Permit in any applicable jurisdiction and such
revocation, rescission, suspension, modification or non-renewal could reasonably be expected to affect the status of or legal qualifications of any Credit Party to hold any Required Permit in any other jurisdiction in such a manner as could
reasonably be expected to cause a Material Adverse Change; 
 (l) If any Borrower is or becomes an entity whose equity is registered with
the SEC, and/or is publicly traded on and/or registered with a public securities exchange, such Borrower’s equity fails to remain registered with the SEC in good standing, and/or such equity fails to remain publicly traded on and registered
with a public securities exchange; or 
 (m) The occurrence of a Material Adverse Change. 

Notwithstanding the foregoing, if a Credit Party fails to comply with any same provision of this Agreement two (2) times in any twelve (12) month
period and Agent has given to any Borrower in connection with each such failure any notice to which Borrower would be entitled under this Section 10.1 before such failure could become an Event of Default, then all subsequent
failures by a Credit Party to comply with such provision of this Agreement shall effect an immediate Event of 

  
 - 29 - 

 
Default (without the expiration of any applicable cure period) with respect to all subsequent failures by a Credit Party to comply with such provision of this Agreement, and Agent thereupon may
exercise any remedy set forth in this Article 10 without affording Borrower any opportunity to cure such Event of Default. 
 All cure periods
provided for in this Section 10.1 shall run concurrently with any cure period provided for in any applicable Financing Documents under which the default occurred. 

10.2 Rights and Remedies. 

(a) Upon the occurrence and during the continuance of an Event of Default, Agent may, and at the written direction of any Lender shall, without
notice or demand, do any or all of the following: (i) deliver notice of the Event of Default to Borrower, (ii) by notice to any Borrower declare all Obligations immediately due and payable (but if an Event of Default described in
Section 10.1(f) occurs all Obligations shall be immediately due and payable without any action by Agent or the Lenders), or (iii) by notice to any Borrower suspend or terminate the obligations, if any, of the Lenders to
advance money or extend credit for Borrower’s benefit under this Agreement or under any other agreement between any Credit Party and Agent and/or the Lenders (but if an Event of Default described in Section 10.1(f) occurs all
obligations, if any, of the Lenders to advance money or extend credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower and Agent and/or the Lenders shall be immediately terminated without any action by
Agent or the Lenders). 
 (b) Without limiting the rights of Agent and Lenders set forth in Section 10.2(a) above, upon
the occurrence and during the continuance of an Event of Default, Agent shall have the right, without notice or demand, to do any or all of the following: 

(i) with or without legal process, enter any premises where the Collateral may be and take possession of and remove the Collateral from the
premises or store it on the premises, and foreclose upon and/or sell, lease or liquidate, the Collateral, in whole or in part; 
 (ii)
apply to the Obligations (A) any balances and deposits of any Credit Party that Agent or any Lender or any Affiliate of Agent or a Lender holds or controls, or (B) any amount held or controlled by Agent or any Lender or any Affiliate of
Agent or a Lender owing to or for the credit or the account of any Credit Party; 
 (iii) settle, compromise or adjust and grant releases
with respect to disputes and claims directly with Account Debtors for amounts on terms and in any order that Agent considers advisable, notify any Person owing any Credit Party money of Agent’s security interest in such funds, and verify the
amount of such Account; 
 (iv) make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its
security interest in the Collateral. Borrower shall assemble the Collateral if Agent requests and make it available as Agent designates. Agent may also render any or all of the Collateral unusable at a Credit Party’s premises and may dispose of
such Collateral on such premises without liability for rent or costs. Borrower grants Agent a license to enter and occupy any of its premises, without charge, to exercise any of Agent’s rights or remedies; 

  
 - 30 - 

 (v) pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its
security interest and pay all expenses incurred; 
 (vi) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, and/or
advertise for sale, the Collateral. Agent is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, patents, copyrights, mask works, rights of use of any name, trade secrets, trade names,
trademarks, service marks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral (and including in such license access to all media in which
any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof) and, in connection with Agent’s exercise of its rights under this Article 10, Borrower’s
rights under all licenses and all franchise agreements shall be deemed to inure to Agent for the benefit of the Lenders; 
 (vii) place a
“hold” on any account maintained with Agent or the Lenders or any Affiliate of Agent or a Lender and/or deliver a notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any Control Agreement or
similar agreements providing control of any Collateral; 
 (viii) demand and receive possession of the Books of Borrower and the other
Credit Parties; and 
 (ix) exercise all other rights and remedies available to Agent under the Financing Documents or at law or equity,
including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 
 10.3 Notices.
Any notice that Agent is required to give to a Credit Party under the Code of the time and place of any public sale or the time after which any private sale or other intended disposition of the Collateral is to be made shall be deemed to constitute
reasonable notice if such notice is given in accordance with this Agreement at least five (5) days prior to such action. 
 10.4
Protective Payments. If any Credit Party fails to pay or perform any covenant or obligation under this Agreement or any other Financing Document, Agent may pay or perform such covenant or obligation, and all amounts so paid by Agent are
Protective Advances and immediately due and payable, bearing interest at the then highest applicable rate for the Credit Facilities hereunder, and secured by the Collateral. No such payments or performance by Agent shall be construed as an agreement
to make similar payments or performance in the future or constitute Agent’s waiver of any Event of Default. 
 10.5 Liability for
Collateral No Waiver; Remedies Cumulative. So long as Agent and the Lenders comply with reasonable banking practices regarding the safekeeping of the Collateral in the possession or under the control of Agent and the Lenders, Agent and the
Lenders shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier,
warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or destruction of the Collateral. Agent’s failure, at any time or times, to require strict performance by Borrower of any provision of this Agreement or any other
Financing Document shall not waive, affect, or 

  
 - 31 - 

 
diminish any right of Agent thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless signed by Agent and then is only effective
for the specific instance and purpose for which it is given. Agent’s rights and remedies under this Agreement and the other Financing Documents are cumulative. Agent has all rights and remedies provided under the Code, by Law, or in equity.
Agent’s exercise of one right or remedy is not an election, and Agent’s waiver of any Event of Default is not a continuing waiver. Agent’s delay in exercising any remedy is not a waiver, election, or acquiescence. 

10.6 Application of Payments and Proceeds. Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence
and during the continuance of an Event of Default, (i) Borrower, for itself and the other Credit Parties, irrevocably waives the right to direct the application of any and all payments at any time or times thereafter received by Agent from or
on behalf of Borrower of all or any part of the Obligations, and, as between Borrower and the Credit Parties on the one hand and Agent and Lenders on the other, Agent shall have the continuing and exclusive right to apply and to reapply any and all
payments received against the Obligations in such manner as Agent may deem advisable notwithstanding any previous application by Agent, and (ii) unless the Agent and the Lenders shall agree otherwise, the proceeds of any sale of, or other
realization upon all or any part of the Collateral shall be applied: first, to the Protective Advances; second, to accrued and unpaid interest on the Obligations (including any interest which, but for the provisions of the United
States Bankruptcy Code, would have accrued on such amounts); third, to the principal amount of the Obligations outstanding; and fourth, to any other indebtedness or obligations of the Credit Parties owing to Agent or any Lender under
the Financing Documents. Borrower shall remain fully liable for any deficiency. Any balance remaining shall be delivered to Borrower or to whoever may be lawfully entitled to receive such balance or as a court of competent jurisdiction may direct.
Unless the Agent and the Lenders shall agree otherwise, in carrying out the foregoing, (x) amounts received shall be applied in the numerical order provided until exhausted prior to the application to the next succeeding category, and
(y) each of the Persons entitled to receive a payment in any particular category shall receive an amount equal to its pro rata share of amounts available to be applied pursuant thereto for such category. 

10.7 Waivers. 
 (a) Except
as otherwise provided for in this Agreement and to the fullest extent permitted by applicable law, each Borrower waives: (i) presentment, demand and protest, and notice of presentment, dishonor, intent to accelerate, acceleration, protest,
default, nonpayment, maturity, release, compromise, settlement, extension or renewal of any or all Financing Documents and hereby ratifies and confirms whatever Agent or Lenders may do in this regard; (ii) all rights to notice and a hearing
prior to Agent’s or any Lender’s entry upon the premises of a Borrower, the taking possession or control of, or to Agent’s or any Lender’s replevy, attachment or levy upon, any Collateral or any bond or security which might be
required by any court prior to allowing Agent or any Lender to exercise any of its remedies; and (iii) the benefit of all valuation, appraisal and exemption Laws. Each Borrower acknowledges that it has been advised by counsel of its choices and
decisions with respect to this Agreement, the other Financing Documents and the transactions evidenced hereby and thereby. 

  
 - 32 - 

 (b) Each Borrower for itself and all its successors and assigns, (i) agrees that its
liability shall not be in any manner affected by any indulgence, extension of time, renewal, waiver, or modification granted or consented to by Lender; (ii) consents to any indulgences and all extensions of time, renewals, waivers, or
modifications that may be granted by Agent or any Lender with respect to the payment or other provisions of the Financing Documents, and to any substitution, exchange or release of the Collateral, or any part thereof, with or without substitution,
and agrees to the addition or release of any Borrower, endorsers, guarantors, or sureties, or whether primarily or secondarily liable, without notice to any other Borrower and without affecting its liability hereunder; (iii) agrees that its
liability shall be unconditional and without regard to the liability of any other Borrower, Agent or any Lender for any tax on the indebtedness; and (iv) to the fullest extent permitted by law, expressly waives the benefit of any statute or
rule of law or equity now provided, or which may hereafter be provided, which would produce a result contrary to or in conflict with the foregoing. 

(c) To the extent that Agent or any Lender may have acquiesced in any noncompliance with any requirements or conditions precedent to the
closing of the Credit Facilities or to any subsequent disbursement of Credit Extensions, such acquiescence shall not be deemed to constitute a waiver by Agent or any Lender of such requirements with respect to any future Credit Extensions and Agent
may at any time after such acquiescence require Borrower to comply with all such requirements. Any forbearance by Agent or a Lender in exercising any right or remedy under any of the Financing Documents, or otherwise afforded by applicable law,
including any failure to accelerate the maturity date of the Credit Facilities, shall not be a waiver of or preclude the exercise of any right or remedy nor shall it serve as a novation of the Financing Documents or as a reinstatement of the
Obligations or a waiver of such right of acceleration or the right to insist upon strict compliance of the terms of the Financing Documents. Agent’s or any Lender’s acceptance of payment of any sum secured by any of the Financing Documents
after the due date of such payment shall not be a waiver of Agent’s and such Lender’s right to either require prompt payment when due of all other sums so secured or to declare a default for failure to make prompt payment. The procurement
of insurance or the payment of taxes or other Liens or charges by Agent as the result of an Event of Default shall not be a waiver of Agent’s right to accelerate the maturity of the Obligations, nor shall Agent’s receipt of any
condemnation awards, insurance proceeds, or damages under this Agreement operate to cure or waive any Credit Party’s default in payment of sums secured by any of the Financing Documents. 

(d) Without limiting the generality of anything contained in this Agreement or the other Financing Documents, each Borrower agrees that if an
Event of Default is continuing (i) Agent and Lenders shall not be subject to any “one action” or “election of remedies” law or rule, and (ii) all Liens and other rights, remedies or privileges provided to Agent or
Lenders shall remain in full force and effect until Agent or Lenders have exhausted all remedies against the Collateral and any other properties owned by Borrower and the Financing Documents and other security instruments or agreements securing the
Obligations have been foreclosed, sold and/or otherwise realized upon in satisfaction of Borrower’s obligations under the Financing Documents. 

(e) Neither Agent nor any Lender shall be under any obligation to marshal any assets in payment of any or all of the Obligations. Nothing
contained herein or in any other Financing Document shall be construed as requiring Agent or any Lender to resort to any part of the Collateral for the satisfaction of any of Borrower’s obligations under the Financing Documents

  
 - 33 - 

 
in preference or priority to any other Collateral, and Agent may seek satisfaction out of all of the Collateral or any part thereof, in its absolute discretion in respect of Borrower’s
obligations under the Financing Documents. To the fullest extent permitted by law, each Borrower, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Collateral any equitable right otherwise available
to any Credit Party which would require the separate sale of any of the Collateral or require Agent or Lenders to exhaust their remedies against any part of the Collateral before proceeding against any other part of the Collateral; and further in
the event of such foreclosure each Borrower does hereby expressly consent to and authorize, at the option of Agent, the foreclosure and sale either separately or together of each part of the Collateral. 

10.8 Injunctive Relief. The parties acknowledge and agree that, in the event of a breach or threatened breach of any Credit
Party’s obligations under any Financing Documents, Agent and Lenders may have no adequate remedy in money damages and, accordingly, shall be entitled to an injunction (including, without limitation, a temporary restraining order, preliminary
injunction, writ of attachment, or order compelling an audit) against such breach or threatened breach, including, without limitation, maintaining any cash management and collection procedure described herein. However, no specification in this
Agreement of a specific legal or equitable remedy shall be construed as a waiver or prohibition against any other legal or equitable remedies in the event of a breach or threatened breach of any provision of this Agreement. Each Credit Party waives,
to the fullest extent permitted by law, the requirement of the posting of any bond in connection with such injunctive relief. By joining in the Financing Documents as a Credit Party, each Credit Party specifically joins in this
Section 10.8 as if this Section 10.8 were a part of each Financing Document executed by such Credit Party. 
  

	 	11	NOTICES 

 All notices, consents, requests, approvals, demands, or other
communication (collectively, “Communication”) by any party to this Agreement or any other Financing Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of
actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail (if an email
address is specified herein) or facsimile transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be
addressed to the party to be notified and sent to the address, facsimile number, or email address indicated below. Any of Agent, Lender or Borrower may change its mailing or electronic mail address or facsimile number by giving the other party
written notice thereof in accordance with the terms of this Article 11. 
 If to Borrower: 

Ocular Therapeutix, Inc. 
 36
Crosby Drive, Ste. 101 
 Bedford, MA 01730 

Attention: Chief Financial Officer, Brad Smith 

Fax: (781) 357-4001 
 E-Mail:
bsmith@ocutx.com 

  
 - 34 - 

 If to Agent or MidCap (or any of its Affiliates or Approved Funds) as a Lender: 

MidCap Funding III Trust 
 c/o
MidCap Financial Services, LLC, as servicer 
 7255 Woodmont Ave, Suite 200 

Bethesda, MD 20814 
 Attn: Account
Manager for Ocular transaction 
 Facsimile: 301-941-1450 

Email: notices@midcapfinancial.com 

with a copy to: 
 MidCap Funding
III Trust 
 c/o MidCap Financial Services, LLC, as servicer 

7255 Woodmont Ave, Suite 200 

Bethesda, MD 20814 
 Attn: Legal

 Facsimile: 301-941-1450 

Email: legalnotices@midcapfinancial.com 

If to any Lender other than Midcap: at the address set forth on the signature pages to this Agreement or provided to Borrower as a
notice address for such Lender in connection with any assignment hereunder. 
  

	 	12	CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER; CONFESSION OF JUDGMENT 

 12.1 THIS
AGREEMENT, EACH SECURED PROMISSORY NOTE AND EACH OTHER FINANCING DOCUMENT, AND THE RIGHTS, REMEDIES AND OBLIGATIONS OF THE PARTIES HERETO AND THERETO, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT OR SUCH FINANCING
DOCUMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES AND ALL OTHER MATTERS RELATING HERETO, THERETO OR ARISING THEREFROM (WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR
OTHERWISE), SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MARYLAND, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS. NOTWITHSTANDING THE FOREGOING, AGENT AND LENDERS SHALL HAVE THE RIGHT TO
BRING ANY ACTION OR PROCEEDING AGAINST BORROWER OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION WHICH AGENT AND LENDERS (IN ACCORDANCE WITH THE PROVISIONS OF SECTION 12.1) DEEM NECESSARY OR APPROPRIATE TO REALIZE ON THE
COLLATERAL OR TO OTHERWISE ENFORCE AGENT’S AND LENDERS’ RIGHTS AGAINST BORROWER OR ITS PROPERTY. BORROWER EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND BORROWER HEREBY
WAIVES ANY OBJECTION THAT IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, 

  
 - 35 - 

 
IMPROPER VENUE, OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. BORROWER HEREBY WAIVES PERSONAL SERVICE OF
THE SUMMONS, COMPLAINTS, AND OTHER PROCESS ISSUED IN SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINTS, AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO BORROWER AT THE ADDRESS SET FORTH IN ARTICLE
11 OF THIS AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER TO OCCUR OF BORROWER’S ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAIL, PROPER POSTAGE PREPAID. 

12.2 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER, AGENT AND LENDERS EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR
CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE FINANCING DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO
THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 12.3 Borrower, Agent and each Lender agree that each Credit
Extension (including those made on the Closing Date) shall be deemed to be made in, and the transactions contemplated hereunder and in any other Financing Document shall be deemed to have been performed in, the State of Maryland. 

12.4 CONFESSION OF JUDGMENT. UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, EACH BORROWER AUTHORIZES ANY ATTORNEY ADMITTED TO
PRACTICE BEFORE ANY COURT OF RECORD IN THE UNITED STATES OR THE CLERK OF SUCH COURT TO APPEAR ON BEHALF OF SUCH BORROWER IN ANY COURT IN ONE OR MORE PROCEEDINGS, OR BEFORE ANY CLERK THEREOF OR PROTHONOTARY OR OTHER COURT OFFICIAL, AND TO CONFESS
JUDGMENT AGAINST BORROWER IN FAVOR OF AGENT (FOR THE BENEFIT OF ALL LENDERS) IN THE FULL AMOUNT DUE ON THIS AGREEMENT (INCLUDING PRINCIPAL, ACCRUED INTEREST AND ANY AND ALL CHARGES, FEES AND COSTS) PLUS ATTORNEYS’ FEES EQUAL TO FIFTEEN PERCENT
(15%) OF THE AMOUNT DUE (EXCEPT THAT AGENT SHALL NOT SEEK TO COLLECT AN AMOUNT IN EXCESS OF ITS ACTUAL ATTORNEYS’ FEES), PLUS COURT COSTS, ALL WITHOUT PRIOR NOTICE OR OPPORTUNITY OF SUCH BORROWER FOR PRIOR HEARING. EACH BORROWER AGREES AND
CONSENTS THAT VENUE AND JURISDICTION SHALL BE PROPER IN THE CIRCUIT COURT OF ANY COUNTY OF THE STATE OF MARYLAND. THE AUTHORITY AND POWER TO APPEAR FOR AND ENTER JUDGMENT AGAINST A BORROWER SHALL NOT BE EXHAUSTED BY ONE OR MORE EXERCISES THEREOF, OR
BY ANY IMPERFECT EXERCISE THEREOF, AND SHALL NOT BE EXTINGUISHED BY ANY JUDGMENT ENTERED PURSUANT THERETO; SUCH AUTHORITY AND POWER MAY BE EXERCISED ON ONE OR MORE OCCASIONS FROM TIME TO TIME, IN THE SAME OR DIFFERENT JURISDICTIONS, AS OFTEN AS
AGENT SHALL DEEM NECESSARY, CONVENIENT, OR PROPER. 

  
 - 36 - 

	 	13	GENERAL PROVISIONS 

 13.1 Successors and Assigns. 

(a) This Agreement binds and is for the benefit of the successors and permitted assigns of each party. Borrower may not assign this Agreement
or any rights or obligations under it without Agent’s and each Lender’s prior written consent (which may be granted or withheld in Agent’s or such Lender’s discretion). Any Lender may at any time assign to one or more Eligible
Assignees all or any portion of such Lender’s Applicable Commitment and/or Credit Extensions, together with all related obligations of such Lender hereunder. Borrower and Agent shall be entitled to continue to deal solely and directly with such
Lender in connection with the interests so assigned until Agent shall have received and accepted an effective assignment agreement in form and substance acceptable to Agent, executed, delivered and fully completed by the applicable parties thereto,
and shall have received such other information regarding such Eligible Assignee as Agent reasonably shall require. Notwithstanding anything set forth in this Agreement to the contrary, any Lender may at any time pledge or assign a security interest
in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided, however, that no such pledge or assignment
shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. If requested by Agent, Borrower agrees to (i) execute any documents reasonably required to effectuate
and acknowledge each assignment of an Applicable Commitment or Credit Extension to an assignee hereunder, (ii) make Borrower’s management available to meet with Agent and prospective participants and assignees of Applicable Commitments or
Credit Extensions and (iii) assist Agent or the Lenders in the preparation of information relating to the financial affairs of Borrower as any prospective participant or assignee of an Applicable Commitment or Credit Extension reasonably may
request. 
 (b) From and after the date on which the conditions described above have been met, (i) such Eligible Assignee shall be
deemed automatically to have become a party hereto and, to the extent of the interests assigned to such Eligible Assignee pursuant to such assignment agreement, shall have the rights and obligations of a Lender hereunder, and (ii) the assigning
Lender, to the extent that rights and obligations hereunder have been assigned by it pursuant to such assignment agreement, shall be released from its rights and obligations hereunder (other than those that survive termination). Upon the request of
the Eligible Assignee (and, as applicable, the assigning Lender) pursuant to an effective assignment agreement, each Borrower shall execute and deliver to Agent for delivery to the Eligible Assignee (and, as applicable, the assigning Lender) secured
notes in the aggregate principal amount of the Eligible Assignee’s Credit Extensions or Applicable Commitments (and, as applicable, secured promissory notes in the principal amount of that portion of the principal amount of the Credit
Extensions or Applicable Commitments retained by the assigning Lender). 
 (c) Agent, through its servicer, acting solely for this purpose
as an agent of Borrower, shall maintain at its servicer’s offices located in Bethesda, Maryland a copy of each 

  
 - 37 - 

 
assignment agreement delivered to it and a Register for the recordation of the names and addresses of each Lender, and the commitments of, and principal amount (and stated interest) of the Credit
Extensions owing to, such Lender pursuant to the terms hereof (the “Register”). The entries in such Register shall be conclusive, and Borrower, Agent and Lenders may treat each Person whose name is recorded therein pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. Such Register shall be available for inspection by Borrower and any Lender, at any reasonable time upon reasonable prior notice to Agent. Each
Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each
participant’s interest in the Obligations (each, a “Participant Register”). The entries in the Participant Registers shall be conclusive. Each Participant Register shall be available for inspection by Borrower and the Agent at any
reasonable time upon reasonable prior notice to the applicable Lender; provided, that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information
relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person (including Borrower) except to the extent that such disclosure is necessary to establish that such
commitment, loan, letter of credit or other obligation is in registered form under Section 5f. 103-1(c) of the United States Treasury Regulations. 

(d) Notwithstanding anything to the contrary contained in this Agreement, the Credit Extensions (including any Secured Promissory Notes
evidencing such Credit Extensions) are registered obligations, the right, title and interest of the Lenders and their assignees in and to such Credit Extensions shall be transferable only upon notation of such transfer in the Register and no
assignment thereof shall be effective until recorded therein. This Agreement shall be construed so that the Credit Extensions are at all times maintained in “registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2)
of the Internal Revenue Code of 1986 as amended and Section 5f.103-1(c) of the United States Treasury Regulations. 
 13.2
Indemnification. 
 (a) Borrower hereby agrees to promptly pay (i) all costs and expenses of Agent (including, without
limitation, the fees, costs and expenses of counsel to, and independent appraisers and consultants retained by Agent) in connection with the examination, review, due diligence investigation, documentation, negotiation, closing and syndication of the
transactions contemplated by the Financing Documents, in connection with the performance by Agent of its rights and remedies under the Financing Documents and in connection with the continued administration of the Financing Documents including
(A) any amendments, modifications, consents and waivers to and/or under any and all Financing Documents, and (B) any periodic public record searches conducted by or at the request of Agent (including, without limitation, title
investigations, UCC searches, fixture filing searches, judgment, pending litigation and tax lien searches and searches of applicable corporate, limited liability, partnership and related records concerning the continued existence, organization and
good standing of certain Persons); (ii) without limitation of the preceding clause (i), all costs and expenses of Agent in connection with the creation, perfection and maintenance of Liens pursuant to the Financing Documents; (iii) without
limitation of the preceding clause (i), all costs and expenses of Agent in connection with (A) protecting, storing, insuring, handling, maintaining or selling any Collateral, (B) any litigation,

  
 - 38 - 

 
dispute, suit or proceeding relating to any Financing Document, and (C) any workout, collection, bankruptcy, insolvency and other enforcement proceedings under any and all of the Financing
Documents; and (iv) all costs and expenses incurred by Agent or Lenders in connection with any litigation, dispute, suit or proceeding relating to any Financing Document and in connection with any workout, collection, bankruptcy, insolvency and
other enforcement proceedings under any and all Financing Documents, whether or not Agent or Lenders are a party thereto. 
 (b) Borrower
hereby agrees to indemnify, pay and hold harmless Agent and Lenders and the officers, directors, employees, trustees, agents, investment advisors, collateral managers, servicers, and counsel of Agent and Lenders (collectively called the
“Indemnitees”) from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the fees and
disbursements of counsel for such Indemnitee) in connection with any investigative, response, remedial, administrative or judicial matter or proceeding, whether or not such Indemnitee shall be designated a party thereto and including any such
proceeding initiated by or on behalf of a Credit Party, and the reasonable expenses of investigation by engineers, environmental consultants and similar technical personnel and any commission, fee or compensation claimed by any broker (other than
any broker retained by Agent or Lenders) asserting any right to payment for the transactions contemplated hereby, which may be imposed on, incurred by or asserted against such Indemnitee as a result of or in connection with the transactions
contemplated hereby and the use or intended use of the proceeds of the Credit Facilities, except that Borrower shall have no obligation hereunder to an Indemnitee with respect to any liability resulting from the gross negligence or willful
misconduct of such Indemnitee, as determined by a final non-appealable judgment of a court of competent jurisdiction. To the extent that the undertaking set forth in the immediately preceding sentence may be unenforceable, Borrower shall contribute
the maximum portion which it is permitted to pay and satisfy under applicable Law to the payment and satisfaction of all such indemnified liabilities incurred by the Indemnitees or any of them. No Indemnitee shall be liable for any damages arising
from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Financing Documents or the
transactions contemplated hereby or thereby. 
 (c) Notwithstanding any contrary provision in this Agreement, the obligations of Borrower
under this Section 13.2 shall survive the payment in full of the Obligations and the termination of this Agreement. NO INDEMNITEE SHALL BE RESPONSIBLE OR LIABLE TO ANY CREDIT PARTY OR TO ANY OTHER PARTY TO ANY FINANCING DOCUMENT,
ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY BENEFICIARY OR ANY OTHER PERSON ASSERTING CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES WHICH MAY BE ALLEGED AS A RESULT OF CREDIT HAVING BEEN EXTENDED,
SUSPENDED OR TERMINATED UNDER THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT OR AS A RESULT OF ANY OTHER TRANSACTION CONTEMPLATED HEREUNDER OR THEREUNDER. 

13.3 Time of Essence. Time is of the essence for the payment and performance of the Obligations in this Agreement. 

  
 - 39 - 

 13.4 Severability of Provisions. Each provision of this Agreement is severable from every
other provision in determining the enforceability of any provision. 
 13.5 Correction of Financing Documents. Agent and the Lenders
may correct patent errors and fill in any blanks in this Agreement and the other Financing Documents consistent with the agreement of the parties. 

13.6 Integration. This Agreement and the Financing Documents represent the entire agreement about this subject matter and supersede
prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Agreement and the Financing Documents merge into this Agreement and the
Financing Documents. 
 13.7 Counterparts. This Agreement may be executed in any number of counterparts and by different parties on
separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. Delivery of an executed signature page of this Agreement by facsimile transmission or electronic transmission shall
be as effective as delivery of a manually executed counterpart hereof. 
 13.8 Survival. All covenants, representations and
warranties made in this Agreement continue in full force until this Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the
termination of this Agreement) have been satisfied. The obligation of Borrower in Section 13.2 to indemnify each Lender and Agent shall survive until the statute of limitations with respect to such claim or cause of action shall
have run. All powers of attorney and appointments of Agent or any Lender as Borrower’s attorney in fact hereunder, and all of Agent’s and Lenders’ rights and powers in respect thereof, are coupled with an interest, are irrevocable
until all Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) have been fully repaid and performed and Agent’s and the Lenders’
obligation to provide Credit Extensions terminates. 
 13.9 Confidentiality. In handling any confidential information of Borrower,
each of the Lenders and Agent shall use all reasonable efforts to maintain, in accordance with its customary practices, the confidentiality of information obtained by it pursuant to any Financing Document and designated in writing by any Credit
Party as confidential, but disclosure of information may be made: (a) to the Lenders’ and Agent’s Subsidiaries or Affiliates; (b) to prospective transferees or purchasers of any interest in the Credit Extensions; (c) as
required by Law, regulation, subpoena, order or other legal, administrative, governmental or regulatory request; (d) to regulators or as otherwise required in connection with an examination or audit, or to any nationally recognized rating
agency; (e) as Agent or any Lender considers appropriate in exercising remedies under the Financing Documents; (f) to financing sources that are advised of the confidential nature of such information and are instructed to keep such
information confidential; (g) to third party service providers of the Lenders and/or Agent so long as such service providers are bound to such Lender or Agent by obligations of confidentiality; (h) to the extent necessary or customary for
inclusion in league table measurements; and (i) in connection with any litigation or other proceeding to which such Lender or Agent or any of their Affiliates is a party or bound, or to the extent necessary to respond to public statements or
disclosures by Credit Parties or their Affiliates referring to a 

  
 - 40 - 

 
Lender or Agent or any of their Affiliates. Confidential information does not include information that either: (i) is in the public domain or in the Lenders’ and/or Agent’s
possession when disclosed to the Lenders and/or Agent, or becomes part of the public domain after disclosure to the Lenders and/or Agent; or (ii) is disclosed to the Lenders and/or Agent by a third party, if the Lenders and/or Agent does not
know that the third party is prohibited from disclosing the information. Agent and/or Lenders may use confidential information for any purpose, including, without limitation, for the development of client databases, reporting purposes, and market
analysis, so long as Agent and/or Lenders, as applicable, do not disclose Borrower’s identity or the identity of any Person associated with Borrower unless otherwise permitted by this Agreement. The provisions of the immediately preceding
sentence shall survive the termination of this Agreement. The agreements provided under this Section 13.9 supersede all prior agreements, understanding, representations, warranties, and negotiations between the parties about the
subject matter of this Section 13.9. 
 13.10 Right of Set-off. Borrower hereby grants to Agent and to each
Lender, a lien, security interest and right of set-off as security for all Obligations to Agent and each Lender hereunder, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in
the possession, custody, safekeeping or control of Agent or the Lenders or any entity under the control of Agent or the Lenders (including an Agent or Lender Affiliate) or in transit to any of them. At any time after the occurrence and during the
continuance of an Event of Default, without demand or notice, Agent or the Lenders may set-off the same or any part thereof and apply the same to any liability or obligation of Borrower even though unmatured and regardless of the adequacy of any
other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE AGENT TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SET-OFF WITH RESPECT TO SUCH
DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
 13.11 Publicity.
Borrower will not directly or indirectly publish, disclose or otherwise use in any public disclosure, advertising material, promotional material, press release or interview, any reference to the name, logo or any trademark of Agent or any Lender or
any of their Affiliates or any reference to this Agreement or the financing evidenced hereby, in any case except as required by applicable Law, subpoena or judicial or similar order, in which case Borrower shall endeavor to give Agent prior written
notice of such publication or other disclosure. Each Lender and Borrower hereby authorizes each Lender to publish the name of such Lender and Borrower, the existence of the financing arrangements referenced under this Agreement, the primary purpose
and/or structure of those arrangements, the amount of credit extended under each facility, the title and role of each party to this Agreement, and the total amount of the financing evidenced hereby in any “tombstone”, comparable
advertisement or press release which such Lender elects to submit for publication. In addition, each Lender and Borrower agrees that each Lender may provide lending industry trade organizations with information necessary and customary for inclusion
in league table measurements after the Closing Date. With respect to any of the foregoing, such authorization shall be subject to such Lender providing Borrower and the other Lenders with an opportunity to review and confer with such Lender
regarding, and approve, the contents of any such tombstone, advertisement or information, as applicable, prior to its initial submission for publication, but subsequent publications of the same tombstone, advertisement or information shall not
require Borrower’s approval. 

  
 - 41 - 

 13.12 No Strict Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 
 13.13 Approvals. Unless
expressly provided herein to the contrary, any approval, consent, waiver or satisfaction of Agent or Lenders with respect to any matter that is the subject of this Agreement or the other Financing Documents may be granted or withheld by Agent and
Lenders in their sole and absolute discretion and credit judgment. 
 13.14 Amendments; Required Lenders; Inter-Lender Matters. 

(a) No amendment, modification, termination or waiver of any provision of this Agreement or any other Financing Document, no approval or
consent thereunder, or any consent to any departure by Borrower therefrom (in each case, other than amendments, waivers, approvals or consents deemed ministerial by Agent), shall in any event be effective unless the same shall be in writing and
signed by Borrower, Agent and Required Lenders. Except as set forth in clause (b) below, all such amendments, modifications, terminations or waivers requiring the consent of the “Lenders” shall require the written consent of Required
Lenders. 
 (b) No amendment, modification, termination or waiver of any provision of this Agreement or any other Financing Document shall,
unless in writing and signed by Agent and by each Lender directly affected thereby: (i) increase or decrease the Applicable Commitment of any Lender (which shall be deemed to affect all Lenders), (ii) reduce the principal of or rate of
interest on any Obligation or the amount of any fees payable hereunder, (iii) postpone the date fixed for or waive any payment of principal of or interest on any Credit Extension, or any fees or reimbursement obligation hereunder,
(iv) release all or substantially all of the Collateral, or consent to a transfer of any of the Intellectual Property, in each case, except as otherwise expressly permitted in the Financing Documents (which shall be deemed to affect all
Lenders), (v) subordinate the lien granted in favor of Agent securing the Obligations (which shall be deemed to affect all Lenders, except as otherwise provided below), (vi) release a Credit Party from, or consent to a Credit Party’s
assignment or delegation of, such Credit Party’s obligations hereunder and under the other Financing Documents or any Guarantor from its guaranty of the Obligations (which shall be deemed to affect all Lenders) or (vii) amend, modify,
terminate or waive this Section 13.14(b) or the definition of “Required Lenders” or “Pro Rata Share” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise
modify any rights hereunder or make any determination or grant any consent hereunder, without the consent of each Lender. For purposes of the foregoing, no Lender shall be deemed affected by (i) waiver of the imposition of the Default Rate or
imposition of the Default Rate to only a portion of the Obligations, (ii) waiver of the accrual of late charges, (iii) waiver of any fee solely payable to Agent under the Financing Documents, (iv) subordination of a lien granted in
favor of Agent provided such subordination is limited to equipment being financed by a third party providing Permitted Indebtedness. Notwithstanding any provision in this Section 13.14 to the contrary, no amendment, modification,
termination or waiver affecting or modifying the rights or obligations of Agent hereunder shall be effective unless signed by Agent and Required Lenders 

  
 - 42 - 

 (c) Agent shall not grant its written consent to any deviation or departure by Borrower or any
Credit Party from the provisions of Article 7 without the prior written consent of the Required Lenders. Required Lenders shall have the right to direct Agent to take any action described in Section 10.2(b). Upon the
occurrence of any Event of Default, Agent shall have the right to exercise any and all remedies referenced in Section 10.2 without the written consent of Required Lenders following the occurrence of an “Exigent
Circumstance” (as defined below). Any reference in this Agreement to an allocation between or sharing by the Lenders of any right, interest or obligation “ratably,” “proportionally” or in similar terms shall refer to Pro
Rata Share unless expressly provided otherwise. As used in this Section 13.14(c), “Exigent Circumstance” means any event or circumstance that, in the reasonable judgment of Agent, imminently threatens the ability
of Agent to realize upon all or any material portion of the Collateral, such as, without limitation, fraudulent removal, concealment, or abscondment thereof, destruction or material waste thereof, or failure of Borrower after reasonable demand to
maintain or reinstate adequate casualty insurance coverage, or which, in the judgment of Agent, could result in a material diminution in value of the Collateral. 

13.15 Borrower Liability. If there is more than one entity comprising Borrower, then (a) any Borrower may, acting singly, request
Credit Extensions hereunder, (b) each Borrower hereby appoints the other as agent for the other for all purposes hereunder, including with respect to requesting Credit Extensions hereunder, (c) each Borrower shall be jointly and severally
obligated to pay and perform all obligations under the Financing Documents, including, but not limited to, the obligation to repay all Credit Extensions made hereunder and all other Obligations, regardless of which Borrower actually receives said
Credit Extensions, as if each Borrower directly received all Credit Extensions, and (d) each Borrower waives (i) any suretyship defenses available to it under the Code or any other applicable law, and (ii) any right to require the
Lenders or Agent to: (A) proceed against any Borrower or any other person; (B) proceed against or exhaust any security; or (C) pursue any other remedy. The Lenders or Agent may exercise or not exercise any right or remedy they have
against any Credit Party or any security (including the right to foreclose by judicial or non-judicial sale) without affecting any other Credit Party’s liability or any Lien against any other Credit Party’s assets. Notwithstanding any
other provision of this Agreement or other related document, until payment in full of the Obligations and termination of the Applicable Commitments, each Borrower irrevocably waives all rights that it may have at law or in equity (including, without
limitation, any law subrogating Borrower to the rights of the Lenders and Agent under this Agreement) to seek contribution, indemnification or any other form of reimbursement from any other Credit Party, or any other Person now or hereafter
primarily or secondarily liable for any of the Obligations, for any payment made by any Credit Party with respect to the Obligations in connection with this Agreement or otherwise and all rights that it might have to benefit from, or to participate
in, any security for the Obligations as a result of any payment made by a Credit Party with respect to the Obligations in connection with this Agreement or otherwise. Any agreement providing for indemnification, reimbursement or any other
arrangement prohibited under this Section 13.15 shall be null and void. If any payment is made to a Credit Party in contravention of this Section 13.15, such Credit Party shall hold such payment in trust for the
Lenders and Agent and such payment shall be promptly delivered to Agent for application to the Obligations, whether matured or unmatured. 

13.16 Reinstatement. This Agreement shall remain in full force and effect and continue to be effective should any petition or other
proceeding be filed by or against any Credit Party for 

  
 - 43 - 

 
liquidation or reorganization, should any Credit Party become insolvent or make an assignment for the benefit of any creditor or creditors or should an interim receiver, receiver, receiver and
manager or trustee be appointed for all or any significant part of any Credit Party’s assets, and shall continue to be effective or to 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 by any obligee of the Obligations, whether as a fraudulent preference reviewable transaction 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. 
 13.17 USA PATRIOT Act Notification. Agent (for itself and not on behalf of any Lender) and each Lender
hereby notifies each Borrower that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record certain information and documentation that identifies Borrower, which information includes the name and address of
Borrower and such other information that will allow Agent or such Lender, as applicable, to identify Borrower in accordance with the USA PATRIOT Act. 

13.18 Warrants. Notwithstanding anything to the contrary herein, any warrants issued to the Lenders by any Credit Party, the stock
issuable thereunder, any equity securities purchased by Lenders, any amounts paid thereunder, any dividends, and any other rights in connection therewith shall not be subject to the terms and conditions of this Agreement. Nothing herein shall affect
any Lender’s rights under any such warrants, stock, or other equity securities to administer, manage, transfer, assign, or exercise such warrants, stock, or other equity securities for its own account. 

 

	 	14	AGENT 

 14.1 Appointment and Authorization of Agent. Each Lender hereby
irrevocably appoints, designates and authorizes Agent to take such action on its behalf under the provisions of this Agreement and each other Financing Document and to exercise such powers and perform such duties as are expressly delegated to it by
the terms of this Agreement or any other Financing Document, together with such powers as are reasonably incidental thereto. The provisions of this Article 14 are solely for the benefit of Agent and Lenders and none of Credit Parties nor any
other Person shall have any rights as a third party beneficiary of any of the provisions hereof. The duties of Agent shall be mechanical and administrative in nature. Notwithstanding any provision to the contrary contained elsewhere herein or in any
other Financing Document, Agent shall not have any duties or responsibilities, except those expressly set forth herein, nor shall Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Financing Document or otherwise exist against Agent. Without limiting the generality of the foregoing sentence, the use of the term
“agent” herein and in the other Financing Documents with reference to Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used
merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. Without limiting the generality of the foregoing, Agent shall have the sole and exclusive right
and authority (to the exclusion of the Lenders), and is hereby authorized, to (a) act as collateral agent for Agent and 

  
 - 44 - 

 
each Lender for purposes of the perfection of all liens created by the Financing Documents and all other purposes stated therein, (b) manage, supervise and otherwise deal with the
Collateral, (c) take such other action as is necessary or desirable to maintain the perfection and priority of the liens created or purported to be created by the Financing Documents, (d) except as may be otherwise specified in any
Financing Document, exercise all remedies given to Agent and the other Lenders with respect to the Collateral, whether under the Financing Documents, applicable law or otherwise and (e) execute any amendment, consent or waiver under the
Financing Documents on behalf of any Lender that has consented in writing to such amendment, consent or waiver; provided, however, that Agent hereby appoints, authorizes and directs each Lender to act as collateral sub-agent for Agent
and the Lenders for purposes of the perfection of all liens with respect to the Collateral, including any deposit account maintained by a Credit Party with, and cash and cash equivalents held by, such Lender, and may further authorize and direct the
Lenders to take further actions as collateral sub-agents for purposes of enforcing such liens or otherwise to transfer the Collateral subject thereto to Agent, and each Lender hereby agrees to take such further actions to the extent, and only to the
extent, so authorized and directed. 
 14.2 Successor Agent. 

(a) Agent may at any time assign its rights, powers, privileges and duties hereunder to (i) another Lender, or (ii) any Person to
whom Agent, in its capacity as a Lender, has assigned (or will assign, in conjunction with such assignment of agency rights hereunder) fifty percent (50%) or more of the Credit Extensions or Applicable Commitments then held by Agent (in its
capacity as a Lender), in each case without the consent of the Lenders or Borrower. Following any such assignment, Agent shall give notice to the Lenders and Borrower. An assignment by Agent pursuant to this subsection (a) shall not be
deemed a resignation by Agent for purposes of subsection (b) below. 
 (b) Without limiting the rights of Agent to designate an
assignee pursuant to subsection (a) above, Agent may at any time give notice of its resignation to the Lenders and Borrower. Upon receipt of any such notice of resignation, Required Lenders shall have the right to appoint a successor
Agent. If no such successor shall have been so appointed by Required Lenders and shall have accepted such appointment within ten (10) Business Days after the retiring Agent gives notice of its resignation, then the retiring Agent may, on behalf
of the Lenders, appoint a successor Agent; provided, however, that if Agent shall notify Borrower and the Lenders that no Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such
notice from Agent that no Person has accepted such appointment and, from and following delivery of such notice, (i) the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Financing Documents, and
(ii) all payments, communications and determinations provided to be made by, to or through Agent shall instead be made by or to each Lender directly, until such time as Required Lenders appoint a successor Agent as provided for above in this
subsection (b). 
 (c) Upon (i) an assignment permitted by subsection (a) above, or (ii) the acceptance of a
successor’s appointment as Agent pursuant to subsection (b) above, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Agent, and the retiring Agent
shall be discharged from all of its duties and obligations hereunder and under the other Financing Documents (if not already discharged 

  
 - 45 - 

 
therefrom as provided above in this subsection (c)). The fees payable by Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between
Borrower and such successor. After the retiring Agent’s resignation hereunder and under the other Financing Documents, the provisions of this Article 14 shall continue in effect for the benefit of such retiring Agent and its sub-agents
in respect of any actions taken or omitted to be taken by any of them while the retiring Agent was acting or was continuing to act as Agent. 

14.3 Delegation of Duties. Agent may execute any of its duties under this Agreement or any other Financing Document by or through its,
or its Affiliates’, agents, employees or attorneys-in-fact and shall be entitled to obtain and rely upon the advice of counsel and other consultants or experts concerning all matters pertaining to such duties. Agent shall not be responsible for
the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct. Any such Person to whom Agent delegates a duty shall benefit from this Article 14 to the extent provided
by Agent. 
 14.4 Liability of Agent. Except as otherwise provided herein, no “Agent-Related Person” (as defined below)
shall (a) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Financing Document or the transactions contemplated hereby (except for its own gross negligence or willful
misconduct in connection with its duties expressly set forth herein), or (b) be responsible in any manner to any Lender or participant for any recital, statement, representation or warranty made by any Credit Party or any officer thereof,
contained herein or in any other Financing Document, or in any certificate, report, statement or other document referred to or provided for in, or received by Agent under or in connection with, this Agreement or any other Financing Document, or the
validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Financing Document, or for any failure of any Credit Party or any other party to any Financing Document to perform its obligations hereunder or
thereunder. No Agent-Related Person shall be under any obligation to any Lender or participant to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other
Financing Document, or to inspect the Collateral, other properties or books or records of any Credit Party or any Affiliate thereof. The term “Agent-Related Person” means the Agent, together with its Affiliates, and the officers,
directors, employees, agents, advisors, auditors and attorneys-in-fact of such Persons; provided, however, that no Agent-Related Person shall be an Affiliate of Borrower. 

14.5 Reliance by Agent. Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication,
signature, resolution, representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail message, statement or other document or conversation believed by it to be genuine and correct
and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to Borrower), independent accountants and other experts selected by Agent. Agent shall be fully justified in
failing or refusing to take any action under any Financing Document (a) if such action would, in the opinion of Agent, be contrary to law or any Financing Document, (b) if such action would, in the opinion of Agent, expose Agent to any
potential liability under any law, statute or regulation or (c) if Agent shall not first have received such advice or concurrence of all Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction
by the Lenders against any and all liability and expense which 

  
 - 46 - 

 
may be incurred by it by reason of taking or continuing to take any such action. Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any
other Financing Document in accordance with a request or consent of all Lenders (or Required Lenders where authorized herein) and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders. 

14.6 Notice of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any Default and/or Event of Default,
unless Agent shall have received written notice from a Lender or Borrower, describing such default or Event of Default. Agent will notify the Lenders of its receipt of any such notice. While an Event of Default has occurred and is continuing, Agent
may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default as Agent shall deem advisable or in the best interest of the Lenders, including without limitation, satisfaction of other
security interests, liens or encumbrances on the Collateral not permitted under the Financing Documents, payment of taxes on behalf of Borrower or any other Credit Party, payments to landlords, warehouseman, bailees and other Persons in possession
of the Collateral and other actions to protect and safeguard the Collateral, and actions with respect to insurance claims for casualty events affecting a Credit Party and/or the Collateral. 

14.7 Credit Decision; Disclosure of Information by Agent. Each Lender acknowledges that no Agent-Related Person has made any
representation or warranty to it, and that no act by Agent hereafter taken, including any consent to and acceptance of any assignment or review of the affairs of Borrower or any Affiliate thereof, shall be deemed to constitute any representation or
warranty by any Agent-Related Person to any Lender as to any matter, including whether Agent-Related Persons have disclosed material information in their possession. Each Lender represents to Agent that it has, independently and without reliance
upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, prospects, operations, property, financial and other condition and
creditworthiness of the Credit Parties, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to Borrower hereunder. Each Lender
also represents that it will, independently and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions
in taking or not taking action under this Agreement and the other Financing Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and
creditworthiness of Borrower. Except for notices, reports and other documents expressly required to be furnished to the Lenders by Agent herein, Agent shall not have any duty or responsibility to provide any Lender with any credit or other
information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any Credit Party which may come into the possession of any Agent-Related Person. 

14.8 Indemnification of Agent. Whether or not the transactions contemplated hereby are consummated, each Lender shall, severally and
pro rata based on its respective Pro Rata Share, indemnify upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf of Borrower and without limiting the obligation of Borrower to do so), and hold harmless each
Agent-Related Person from and against any and all Indemnified Liabilities (which shall not 

  
 - 47 - 

 
include legal expenses of Agent incurred in connection with the closing of the transactions contemplated by this Agreement) incurred by it; provided, however, that no Lender shall
be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities to the extent determined in a judgment by a court of competent jurisdiction to have resulted from such Agent-Related Person’s own gross
negligence or willful misconduct; provided, however, that no action taken in accordance with the directions of the Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this
Section 14.8. Without limitation of the foregoing, each Lender shall, severally and pro rata based on its respective Pro Rata Share, reimburse Agent upon demand for its ratable share of any costs or out-of-pocket expenses
(including Protective Advances incurred after the closing of the transactions contemplated by this Agreement) incurred by Agent (in its capacity as Agent, and not as a Lender) in connection with the preparation, execution, delivery, administration,
modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Financing Document, or any document contemplated by
or referred to herein, to the extent that Agent is not reimbursed for such expenses by or on behalf of Borrower. The undertaking in this Section 14.8 shall survive the payment in full of the Obligations, the termination of this
Agreement and the resignation of Agent. 
 14.9 Agent in its Individual Capacity. With respect to its Credit Extensions, MidCap shall
have the same rights and powers under this Agreement as any other Lender and may exercise such rights and powers as though it were not Agent, and the terms “Lender” and “Lenders” include MidCap in its individual capacity. MidCap
and its Affiliates may lend money to, invest in, and generally engage in any kind of business with, any Credit Party and any of their Affiliates and any person who may do business with or own securities of any Credit Party or any of their
Affiliates, all as if MidCap were not Agent and without any duty to account therefor to Lenders. MidCap and its Affiliates may accept fees and other consideration from a Credit Party for services in connection with this Agreement or otherwise
without having to account for the same to Lenders. Each Lender acknowledges the potential conflict of interest between MidCap as a Lender holding disproportionate interests in the Credit Extensions and MidCap as Agent, and expressly consents to, and
waives, any claim based upon, such conflict of interest. 
 14.10 Agent May File Proofs of Claim. In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Credit Party, Agent (irrespective of whether the principal of any Credit Extension, shall then be
due and payable as herein expressed or by declaration or otherwise and irrespective of whether Agent shall have made any demand on such Credit Party) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Credit Extensions and all
other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and Agent (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Lenders and Agent and their respective agents and counsel and all other amounts due the Lenders and Agent allowed in such judicial proceeding); and 

(b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 

  
 - 48 - 

 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Lender to make such payments to Agent and, in the event that Agent shall consent to the making of such payments directly to the Lenders, to pay to Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of Agent and its agents and counsel, including Protective Advances. To the extent that Agent fails timely to do so, each Lender may file a claim relating to such Lender’s claim. 

14.11 Collateral and Guaranty Matters. The Lenders irrevocably authorize Agent, at its option and in its discretion, to release
(a) any Credit Party and any Lien on any Collateral granted to or held by Agent under any Financing Document upon the date that all Obligations due hereunder have been fully and indefeasibly paid in full and no Applicable Commitments or other
obligations of any Lender to provide funds to Borrower under this Agreement remain outstanding, and (b) any Lien on any Collateral that is transferred or to be transferred as part of or in connection with any transfer permitted hereunder or
under any other Financing Document. Upon request by Agent at any time, all Lenders will confirm in writing Agent’s authority to release its interest in particular types or items of Collateral pursuant to this Section 14.11.

 14.12 Advances; Payments; Non-Funding Lenders. 

(a) Advances; Payments. If Agent receives any payment for the account of Lenders on or prior to 11:00 a.m. (New York time) on any
Business Day, Agent shall pay to each applicable Lender such Lender’s Pro Rata Share of such payment on such Business Day. If Agent receives any payment for the account of Lenders after 11:00 a.m. (New York time) on any Business Day, Agent
shall pay to each applicable Lender such Lender’s Pro Rata Share of such payment on the next Business Day. To the extent that any Lender has failed to fund any Credit Extension (a “Non-Funding Lender”), Agent shall be entitled
to set-off the funding short-fall against that Non-Funding Lender’s Pro Rata Share of all payments received from Borrower. 
 (b)
Return of Payments. 
 (i) If Agent pays an amount to a Lender under this Agreement in the belief or expectation that a related
payment has been or will be received by Agent from a Credit Party and such related payment is not received by Agent, then Agent will be entitled to recover such amount (including interest accruing on such amount at the Federal Funds Rate for the
first Business Day and thereafter, at the rate otherwise applicable to such Obligation) from such Lender on demand without set-off, counterclaim or deduction of any kind. 

(ii) If Agent determines at any time that any amount received by Agent under this Agreement must be returned to a Credit Party or paid to any
other person pursuant to any insolvency law or otherwise, then, notwithstanding any other term or condition of this Agreement or any other Financing Document, Agent will not be required to distribute any portion thereof to any Lender. In addition,
each Lender will repay to Agent on demand any portion of such amount that Agent has distributed to such Lender, together with interest at such rate, if any, as Agent is required to pay to a Credit Party or such other person, without set-off,
counterclaim or deduction of any kind. 

  
 - 49 - 

 14.13 Miscellaneous. 

(a) Neither Agent nor any Lender shall be responsible for the failure of any Non-Funding Lender to make a Credit Extension or make any other
advance required hereunder. The failure of any Non-Funding Lender to make any Credit Extension or any payment required by it hereunder shall not relieve any other Lender (each such other Lender, an “Other Lender”) of its obligations
to make the Credit Extension or payment required by it, but neither any Other Lender nor Agent shall be responsible for the failure of any Non-Funding Lender to make a Credit Extension or make any other payment required hereunder. Notwithstanding
anything set forth herein to the contrary, a Non-Funding Lender shall not have any voting or consent rights under or with respect to any Financing Document or constitute a “Lender” (or be included in the calculation of “Required
Lender” hereunder) for any voting or consent rights under or with respect to any Financing Document. At Borrower’s request, Agent or a person reasonably acceptable to Agent shall have the right with Agent’s consent and in Agent’s
sole discretion (but shall have no obligation) to purchase from any Non-Funding Lender, and each Non-Funding Lender agrees that it shall, at Agent’s request, sell and assign to Agent or such person, all of the Applicable Commitments and all of
the outstanding Credit Extensions of that Non-Funding Lender for an amount equal to the principal balance of the Credit Extensions held by such Non-Funding Lender and all accrued interest and fees with respect thereto through the date of sale, such
purchase and sale to be consummated pursuant to an executed assignment agreement reasonably acceptable to Agent. 
 (b) Each Lender shall
promptly remit to the other Lenders such sums as may be necessary to ensure the ratable repayment of each Lender’s portion of any Credit Extension and the ratable distribution of interest, fees and reimbursements paid or made by any Credit
Party. Notwithstanding the foregoing, if this Agreement requires payments of principal and interest to be made directly to the Lenders, a Lender receiving a scheduled payment shall not be responsible for determining whether the other Lenders also
received their scheduled payment on such date; provided, however, if it is determined that a Lender received more than its ratable share of scheduled payments made on any date or dates, then such Lender shall remit to the Agent (for Agent to
redistribute to itself and the Lenders in a manner to ensure the payment to Agent of any sums due Agent hereunder and the ratable repayment of each Lender’s portion of any Credit Extension and the ratable distribution of interest, fees and
reimbursements) such sums as may be necessary to ensure the ratable payment of such scheduled payments, as instructed by Agent. If any payment or distribution of any kind or character, whether in cash, properties or securities and whether voluntary,
involuntary, through the exercise of any right of set-off, or otherwise, shall be received by a Lender in excess of its ratable share, then (i) the portion of such payment or distribution in excess of such Lender’s ratable share shall be
received by such Lender in trust for application to the payments of amounts due on the other Lender’s claims, or, in the case of Collateral, shall hold such Collateral for itself and as agent and bailee for the Agent and other Lenders and
(ii) such Lender shall promptly advise the Agent of the receipt of such payment, and, within five (5) Business Days of such receipt and, in the case of payments and distributions, such Lender shall purchase (for cash at face value) from
the other Lenders (through the Agent), without recourse, such participations in the Credit Extension made by the other Lenders as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of them in accordance
with the respective Pro Rata Shares of the Lenders; provided, however, that if all or any portion of such excess payment is thereafter recovered by or on behalf of a Credit Party from 

  
 - 50 - 

 
such purchasing Lender, the purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest; provided, however, that the provisions
of this Section 14.13(b) shall not be construed to apply to (x) any payment made by a Credit Party pursuant to and in accordance with the express terms of this Agreement or the other Financing Documents, or (y) any
payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Applicable Commitment pursuant to Section 13.1. Borrower agrees that any Lender so purchasing a participation from
another Lender pursuant to this Section 14.13(b) may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the
amount of such participation. No documentation other than notices and the like shall be required to implement the terms of this Section 14.13(b). The Agent shall keep records (which shall be conclusive and binding in the absence
of manifest error) of participations purchased pursuant to this Section 14.13(b) and shall in each case notify the Lenders following any such purchases. 
  

	 	15	DEFINITIONS 

 In addition to any terms defined elsewhere in this Agreement, or in
any schedule or exhibit attached hereto, as used in this Agreement, the following terms have the following meanings: 
 “Access
Agreement” means a landlord consent, bailee letter or warehouseman’s letter, in form and substance reasonably satisfactory to Agent, in favor of Agent executed by such landlord, bailee or warehouseman, as applicable, for any third
party location. 
 “Account” means any “account”, as defined in the Code, with such additions to such term as may
hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to Borrower. 
 “Account
Debtor” means any “account debtor”, as defined in the Code, with such additions to such term as may hereafter be made. 

“Affiliate” means, with respect to any Person, a Person that owns or controls directly or indirectly the Person, any Person
that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited liability company, that Person’s managers and
members. 
 “Agent” means, MidCap, not in its individual capacity, but solely in its capacity as agent on behalf of and for
the benefit of the Lenders, together with its successors and assigns. 
 “Agreement” has the meaning given it in the
preamble of this Agreement. 
 “Anti-Terrorism Laws” means any Laws relating to terrorism or money laundering, including
Executive Order No. 13224 (effective September 24, 2001), the USA PATRIOT Act, the Laws comprising or implementing the Bank Secrecy Act, and the Laws administered by OFAC. 

“Applicable Commitment” has the meaning given it in Section 2.2. 

“Applicable Interest Rate” means a per annum rate of interest equal to eight and 25/100 percent (8.25%). 

  
 - 51 - 

 “Approved Fund” means any (a) investment company, fund, trust,
securitization vehicle or conduit that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the Ordinary Course of Business, or (b) any Person (other than a
natural person) which temporarily warehouses loans for any Lender or any entity described in the preceding clause (a) and that, with respect to each of the preceding clauses (a) and (b), is administered or managed by (i) a Lender,
(ii) an Affiliate of a Lender or (iii) a Person (other than a natural person) or an Affiliate of a Person (other than a natural person) that administers or manages a Lender. 

“Blocked Person” means: (a) any Person listed in the annex to, or is otherwise subject to the provisions of, Executive
Order No. 13224, (b) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224, (c) a Person with which any
Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law, (d) a Person that commits, threatens or conspires to commit or supports “terrorism” as defined in Executive Order No. 13224, or
(e) a Person that is named a “specially designated national” or “blocked person” on the most current list published by OFAC or other similar list. 

“Books” means all of books and records of a Person, including ledgers, federal and state tax returns, records regarding the
Person’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 

“Borrower” mean the entity(ies) described in the first paragraph of this Agreement and each of their successors and permitted
assigns. The term “each Borrower” shall refer to each Person comprising the Borrower if there is more than one such Person, or the sole Borrower if there is only one such Person. The term “any Borrower” shall refer to any Person
comprising the Borrower if there is more than one such Person, or the sole Borrower if there is only one such Person. 
 “Borrowing
Resolutions” means, with respect to any Person, those resolutions, in form and substance satisfactory to Agent, adopted by such Person’s Board of Directors or other appropriate governing body and delivered by such Person to Agent
approving the Financing Documents to which such Person is a party and the transactions contemplated thereby, as well as any other approvals as may be necessary or desired to approve the entering into the Financing Documents or the consummation of
the transactions contemplated thereby or in connection therewith. 
 “Business Day” means any day that is not (a) a
Saturday or Sunday or (b) a day on which Agent is closed. 
 “Change in Control” means any event, transaction, or
occurrence as a result of which (a) Preferred Investors cease to own and control all of the economic and voting rights associated with ownership of at least fifty percent (50%) of the outstanding securities of all classes of the Borrower
on a fully diluted basis (other than by the sale of Borrower’s equity securities in or following an initial public offering; provided that upon the sale of Borrower’s equity securities in an initial public offering, a Change in
Control under this clause (a) shall occur when any “person” (as such 

  
 - 52 - 

 
term is defined in Sections 3(a)(9) and 13(d)(3) of the Exchange Act), other than a trustee or other fiduciary holding securities under an employee benefit plan of Borrower, is or becomes a
beneficial owner (within the meaning Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of Borrower, representing twenty-five percent (25%) or more of the combined voting power of Borrower’s then
outstanding securities); (b) during any period of twelve consecutive calendar months, individuals who at the beginning of such period constituted the board of directors or managers of Borrower (together with any new directors or managers whose
election by the board of directors or managers of Borrower was approved by a vote of not less than two-thirds of the directors then still in office who either were directors at the beginning of such period or whose election or nomination for
election was previously so approved) cease for any reason other than death or disability to constitute a majority of the directors then in office; (c) the occurrence of any “change in control” or any term of similar effect under any
Material Agreement; (d) Borrower ceases to own and control, directly or indirectly, all of the economic and voting rights associated with the outstanding voting capital stock (or other voting equity interest) of each of its Subsidiaries; or
(e) any of the chief executive officer, the chief financial officer or the chief scientific officer of Borrower as of the date hereof shall cease to be involved in the day to day operations (including research and development) or management of
the business of Borrower, and a successor of such officer reasonably acceptable to Agent is not appointed on terms reasonably acceptable to Agent within 90 days of such cessation or involvement. 

“Closing Date” has the meaning given it in the preamble of this Agreement. 

“Code” means the Uniform Commercial Code in effect on the date hereof, as the same may, from time to time, be enacted and in
effect in the State of Maryland; provided, however, that to the extent that the Code is used to define any term herein or in any Financing Document and such term is defined differently in different Articles or Divisions of the Code,
the definition of such term contained in Article or Division 9 shall govern; and provided, further that in the event that, by reason of mandatory provisions of Law, any or all of the attachment, perfection, or priority of, or remedies
with respect to, Agent’s Lien on any Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the State of Maryland the term “Code” shall mean the Uniform Commercial Code as enacted and in
effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” means all property, now existing or hereafter acquired, mortgaged or pledged to, or purported to be subjected to
a Lien in favor of, Agent, for the benefit of Agent and Lenders, pursuant to this Agreement and the other Financing Documents, including, without limitation, all of the property described in Exhibit A hereto. 

“Collateral Account” means any Deposit Account, Securities Account or Commodity Account. 

“Commitment Commencement Date” has the meaning given it in the Credit Facility Schedule. 

“Commitment Termination Date” has the meaning given it in the Credit Facility Schedule. 

  
 - 53 - 

 “Commodity Account” means any “commodity account”, as defined in the
Code, with such additions to such term as may hereafter be made. 
 “Communication” has the meaning given it in Article
11. 
 “Compliance Certificate” means a certificate, duly executed by an authorized officer of Borrower, appropriately
completed and substantially in the form of Exhibit B. 
 “Contingent Obligation” means, for any Person, any direct
or indirect liability, contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation directly or indirectly guaranteed, endorsed, co-made, discounted or sold
with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or
commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent
Obligation” does not include endorsements in the Ordinary Course of Business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not
determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement. 

“Control Agreement” means any control agreement entered into among the depository institution at which Borrower maintains a
Deposit Account or the securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Agent pursuant to which Agent obtains control (within the meaning of the Code) for the
benefit of the Lenders over such Deposit Account, Securities Account or Commodity Account. 
 “Credit Extension” means an
advance or disbursement of proceeds to or for the account of Borrower in respect of a Credit Facility. 
 “Credit Extension
Form” means that certain form attached hereto as Exhibit C, as the same may be from time to time revised by Agent. 

“Credit Facility” means a credit facility specified on the Credit Facility Schedule. 

“Credit Party” means any Borrower, any Guarantor under a guarantee of the Obligations or any part thereof, and any other
Person (other than Agent, a Lender or a participant of a Lender), whether now existing or hereafter acquired or formed, that becomes obligated as a borrower, guarantor, surety, indemnitor, pledgor, assignor or other obligor under any Financing
Document, and any Person whose equity interests or portion thereof have been pledged or hypothecated to Agent under any Financing Document; and “Credit Parties” means all such Persons, collectively. 

“Default” means any fact, event or circumstance which with notice or passage of time or both, could constitute an Event of
Default. 
 “Default Rate” has the meaning given it in Section 2.6(b). 

  
 - 54 - 

 “Deposit Account” means any “deposit account” as defined in the Code
with such additions to such term as may hereafter be made. 
 “Designated Funding Account” is Borrower’s Deposit
Account, account number 3300540510, maintained with Silicon Valley Bank and over which Agent has been granted control for the ratable benefit of all Lenders. 

“Dollars,” “dollars” and “$” each means lawful money of the United States. 

“Draw Period” means, for each Credit Facility, the period commencing on the Commitment Commencement Date and ending on the
Commitment Termination Date. 
 “Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an
Approved Fund, and (d) any other Person (other than a natural person) approved by Agent; provided, however, that notwithstanding the foregoing, “Eligible Assignee” shall not include any Credit Party or any Subsidiary of a
Credit Party. Notwithstanding the foregoing, in connection with assignments by a Lender due to a forced divestiture at the request of any regulatory agency, the restrictions set forth herein shall not apply and Eligible Assignee shall mean any
Person or party becoming an assignee incident to such forced divestiture. 
 “Environmental Law” means all any law
(statutory or common), ordinance, treaty, rule, regulation, order, policy, other legal requirement or determination of an arbitrator or of a Governmental Authority and/or Required Permits imposing liability or standards of conduct for or relating to
the regulation and protection of human health, safety, the workplace, the environment and natural resources, and including public notification requirements and environmental transfer of ownership, notification or approval statutes. 

“Equipment” means all “equipment”, as defined in the Code, with such additions to such term as may hereafter be
made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“ERISA” means the Employee Retirement Income Security Act of 1974, and all regulations promulgated thereunder. 

“Event of Default” has the meaning given it in Section 10.1. 

“Exigent Circumstance” has the meaning given it in Section 13.14. 

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal
funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day, provided that if no such rate is
so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate quoted to Agent on such day on such transactions as determined by Agent in a commercially reasonable manner. 

“Fee Letters” means, collectively, the fee letter agreements among Borrower and Agent and Borrower and each Lender. 

  
 - 55 - 

 “Financing Documents” means, collectively, this Agreement, the Perfection
Certificate, the Fee Letter(s), each note and guarantee executed by one or more Credit Parties in connection with the indebtedness governed by this Agreement, and each other present or future agreement executed by one or more Credit Parties and, or
for the benefit of, the Lenders and/or Agent in connection with this Agreement, all as amended, restated, or otherwise modified from time to time. 

“Foreign Lender” has the meaning given it in Section 2.6(h)(iii). 

“Funding Date” means any date on which a Credit Extension is made to or on account of Borrower which shall be a Business Day.

 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a significant segment of
the accounting profession in the United States, which are applicable to the circumstances as of the date of determination. 

“General Intangibles” means all “general intangibles”, as defined in the Code, with such additions to such term as
may hereafter be made, and includes without limitation, all copyright rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative work, whether published or unpublished, any patents,
trademarks, service marks and, to the extent permitted under applicable Law, any applications therefor, whether registered or not, any trade secret rights, including any rights to unpatented inventions, payment intangibles, royalties, contract
rights, goodwill, franchise agreements, purchase orders, customer lists, route lists, telephone numbers, domain names, claims, income and other tax refunds, security and other deposits, options to purchase or sell real or personal property, rights
in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including, without limitation, key man, property damage, and business interruption insurance), payments of insurance and rights to payment
of any kind. 
 “Governmental Authority” means any nation or government, any state or other political subdivision thereof,
any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization. 
 “Guarantor” means any present or future guarantor of the Obligations. 

“Hazardous Materials” means petroleum and petroleum products and compounds containing them, including gasoline, diesel fuel
and oil; explosives, flammable materials; radioactive materials; polychlorinated biphenyls and compounds containing them; lead and lead-based paint; asbestos or asbestos-containing materials; underground or above-ground storage tanks, whether empty
or containing any substance; any substance the presence of which is prohibited by any Laws; toxic mold, any substance that requires special handling; and any other material or substance now or in the future defined as a “hazardous
substance,” “hazardous 

  
 - 56 - 

 
material,” “hazardous waste,” “toxic substance,” “toxic pollutant,” “contaminant,” “pollutant” or other words of similar import within the
meaning of any Environmental Law, including: (a) any “hazardous substance” defined as such in (or for purposes of) CERCLA, or any so-called “superfund” or “superlien” Law, including the judicial interpretation
thereof; (b) any “pollutant or contaminant” as defined in 42 U.S.C.A. § 9601(33); (c) any material now defined as “hazardous waste” pursuant to 40 C.F.R. Part 260; (d) any petroleum or petroleum by-products,
including crude oil or any fraction thereof; (e) natural gas, natural gas liquids, liquefied natural gas, or synthetic gas usable for fuel; (f) any “hazardous chemical” as defined pursuant to 29 C.F.R. Part 1910; (g) any
toxic or harmful substances, wastes, materials, pollutants or contaminants (including, without limitation, asbestos, polychlorinated biphenyls (“PCB’s”), flammable explosives, radioactive materials, infectious substances, materials
containing lead-based paint or raw materials which include hazardous constituents); and (h) any other toxic substance or contaminant that is subject to any Environmental Laws or other past or present requirement of any Governmental Authority.

 “Hazardous Materials Contamination” means contamination (whether now existing or hereafter occurring) of the
improvements, buildings, facilities, personalty, soil, groundwater, air or other elements on or of the relevant property by Hazardous Materials, or any derivatives thereof, or on or of any other property as a result of Hazardous Materials, or any
derivatives thereof, generated on, emanating from or disposed of in connection with the relevant property. 

“Indebtedness” means (a) indebtedness for borrowed money (including the Obligations) or the deferred price of property
or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations, (d) non-contingent
obligations of such Person to reimburse any bank or other Person in respect of amounts paid under a letter of credit, banker’s acceptance or similar instrument, (e) equity securities of such Person subject to repurchase or redemption other
than at the sole option of such Person, (f) obligations secured by a Lien on any asset of such Person, whether or not such obligation is otherwise an obligation of such Person, (g) “earnouts”, purchase price adjustments, profit
sharing arrangements, deferred purchase money amounts and similar payment obligations or continuing obligations of any nature of such Person arising out of purchase and sale contracts, (h) all Indebtedness of others guaranteed by such Person,
(i) off-balance sheet liabilities and/or pension plan or multiemployer plan liabilities of such Person, (j) obligations arising under non-compete agreements, (k) obligations arising under bonus, deferred compensation, incentive
compensation or similar arrangements, other than those arising in the Ordinary Course of Business, and (l) Contingent Obligations. 

“Indemnified Liabilities” means those liabilities described in Section 13.2(a) and (b). 

“Indemnitee” has the meaning given it in Section 13.2. 

“Insolvency Proceeding” means any proceeding by or against any Person under the United States Bankruptcy Code, or any other
bankruptcy or insolvency Law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

  
 - 57 - 

 “Intellectual Property” includes without limitation, all copyright rights,
copyright applications, copyright registrations and like protections in each work of authorship and derivative work, whether published or unpublished, any patents, patent applications and like protections, including improvements, divisions,
continuations, renewals, reissues, extensions, and continuations-in-part of the same, trademarks, trade names, service marks, mask works, rights of use of any name, domain names, or any other similar rights, any applications therefor, whether
registered or not, know-how, operating manuals, trade secret rights, clinical and non-clinical data, rights to unpatented inventions, and any claims for damage by way of any past, present, or future infringement of any of the foregoing. 

“Inventory” means all “inventory”, as defined in the Code, with such additions to such term as may hereafter be
made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out of Borrower’s
custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 

“Investment” means, with respect to any Person, directly or indirectly, (a) to purchase or acquire any stock or stock
equivalents, or any obligations or other securities of, or any interest in, any Person, including the establishment or creation of a Subsidiary, (b) to make or commit to make any acquisition of all or substantially all of the assets of another
Person, or of any business, Product, business line or product line, division or other unit operation of any Person or (c) make or purchase any advance, loan, extension of credit or capital contribution to, or any other investment in, any
Person. 
 “Joinder Requirements” has the meaning set forth in Section 6.8. 

“Laws” means any and all federal, state, provincial, territorial, local and foreign statutes, laws, judicial decisions,
regulations, guidance, guidelines, ordinances, rules, judgments, orders, decrees, codes, plans, injunctions, permits, concessions, grants, franchises, governmental agreements and governmental restrictions, whether now or hereafter in effect, which
are applicable to any Credit Party in any particular circumstance. 
 “Lender” means any one of the Lenders. 

“Lenders” means the Persons identified on the Credit Facility Schedule as amended from time to time to reflect
assignments made in accordance with this Agreement. 
 “Lien” means a claim, mortgage, deed of trust, lien, levy, charge,
pledge, security interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of Law or otherwise against any property. 

“Margin Stock” means “margin stock” as such term is defined in Regulation T, U, or X of the Board of Governors of
the Federal Reserve System. 
 “Material Adverse Change” means (a) a material impairment in the perfection or priority
of the Agent’s Lien (or any Lender’s Lien therein to the extent provided for in the Financing Documents) in the Collateral; (b) a material impairment in the value of the Collateral; (c) a material adverse change in the business,
operations, or condition (financial or otherwise) of any Credit Party; or (d) a material impairment of the prospect of repayment of any portion of the Obligations. 

  
 - 58 - 

 “Material Agreement” means (a) the agreements listed in the Disclosure
Schedule, (b) each agreement or contract to which a Credit Party is a party relating to licensure of Intellectual Property or development of Products or Intellectual Property, and (c) any agreement or contract to which such Credit
Party or its Subsidiaries is a party the termination of which could reasonably be expected to result in a Material Adverse Change. 

“Material Indebtedness” has the meaning given it in Section 10.1. 

“Maturity Date” means December 1, 2019. 

“Maximum Lawful Rate” has the meaning given it in Section 2.6(g). 

“MidCap” has the meaning given it in the preamble of this Agreement. 

“Obligations” means all of Borrower’s obligations to pay when due any debts, principal, interest, Protective Advances,
fees, indemnities and other amounts Borrower owes the Agent or Lenders now or later, under this Agreement or the other Financing Documents, including, without limitation, interest accruing after Insolvency Proceedings begin (whether or not allowed)
and debts, liabilities, or obligations of Borrower assigned to the Lenders and/or Agent, and the payment and performance of each other Credit Party’s covenants and obligations under the Financing Documents. “Obligations” does not
include obligations under any warrants issued to Agent or a Lender. 
 “OFAC” means the U.S. Department of Treasury Office
of Foreign Assets Control. 
 “OFAC Lists” means, collectively, the Specially Designated Nationals and Blocked Persons List
maintained by OFAC pursuant to Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons maintained pursuant to any of the rules and regulations of OFAC or pursuant to any
other applicable Executive Orders. 
 “Operating Documents” means, for any Person, such Person’s formation documents,
as certified with the Secretary of State of such Person’s state of formation on a date that is no earlier than thirty (30) days prior to the Closing Date, and (a) if such Person is a corporation, its bylaws in current form,
(b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the foregoing with all
current amendments or modifications thereto. 
 “Ordinary Course of Business” means, in respect of any transaction
involving any Credit Party, the ordinary course of business of such Credit Party, as conducted by such Credit Party in accordance with past practices, which shall in any event be at arms-length. 

“Payment Date” means the first calendar day of each calendar month. 

  
 - 59 - 

 “Perfection Certificate” means the Perfection Certificate delivered to Agent as
of the Closing Date, together with any amendments thereto required under this Agreement. 
 “Permitted Contingent
Obligations” means (a) Contingent Obligations resulting from endorsements for collection or deposit in the Ordinary Course of Business; (b) Contingent Obligations incurred in the Ordinary Course of Business with respect to surety
and appeal bonds, performance bonds and other similar obligations not to exceed Twenty-Five Thousand Dollars ($25,000) in the aggregate at any time outstanding; (c) Contingent Obligations arising under indemnity agreements with title insurers;
(d) Contingent Obligations arising with respect to customary indemnification obligations in favor of purchasers in connection with dispositions of personal property assets permitted under Article 7; (e) so long as there exists no
Event of Default both immediately before and immediately after giving effect to any such transaction, Contingent Obligations existing or arising under any swap contract, provided, however, that such obligations are (or were) entered
into by Borrower or an Affiliate in the Ordinary Course of Business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person and not for
purposes of speculation; and (f) other Contingent Obligations not permitted by clauses (a) through (e) above, not to exceed $25,000 in the aggregate at any time outstanding. 

“Permitted Indebtedness” means: (a) Borrower’s Indebtedness to the Lenders and Agent under this Agreement and the
other Financing Documents; (b) Indebtedness existing on the Closing Date and described on the Disclosure Schedule; (c) Indebtedness secured by Permitted Liens; (d) [reserved]; (e) unsecured Indebtedness to trade creditors
incurred in the Ordinary Course of Business; (f) Permitted Contingent Obligations; (g) extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (b) and (c) above,
provided, however, that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon the obligors thereunder; and (h) Indebtedness consisting of intercompany loans and
advances made by any Borrower to any other Borrower, provided that (1) the obligations of the Borrower under such intercompany loan shall be subordinated at all times to the Obligations of the Borrower hereunder or under the other Financing
Documents in a manner satisfactory to Agent and (2) to the extent that such Indebtedness is evidenced by a promissory note or other written instrument, Borrower shall pledge and deliver to Agent, for the benefit of itself and the Lenders, the
original promissory note or instrument, as applicable, along with an endorsement in blank in form and substance satisfactory to Agent. 

“Permitted Investments” means: (a) Investments existing on the Closing Date and described on the Disclosure
Schedule; (b) Investments consisting of cash equivalents; (c) any Investments in liquid assets permitted by Borrower’s investment policy, as amended from time to time, provided that such investment policy (and any such amendment
thereto) has been approved in writing by Agent (provided, that, under no circumstances shall Borrower be permitted to invest in or hold Margin Stock); (d) Investments consisting of the endorsement of negotiable instruments for deposit or
collection or similar transactions in the ordinary course of any Credit Party; (e) Investments consisting of deposit accounts or securities accounts in which the Agent has a first priority perfected security interest except as otherwise
provided by Section 6.6; (f) Investments in Subsidiaries solely to the extent permitted pursuant to Section 6.8; (g) Investments consisting of (i) travel advances and employee relocation loans and
other employee loans and advances in the Ordinary Course of Business, and (ii) loans to employees, officers or directors relating to the 

  
 - 60 - 

 
purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plans or agreements approved by Borrower’s board of directors; (h) Investments
(including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the Ordinary Course of
Business; and (i) Investments consisting of intercompany Indebtedness in accordance with and to the extent permitted by clause (h) of the definition of “Permitted Indebtedness”. 

“Permitted Liens” means: (a) Liens existing on the Closing Date and shown on the Disclosure Schedule or arising
under this Agreement and the other Financing Documents; (b) purchase money Liens securing no more than One Million Five Hundred Thousand Dollars ($1,500,000) in the aggregate amount outstanding (i) on Equipment acquired or held by a Credit
Party incurred for financing the acquisition of the Equipment, or (ii) existing on Equipment when acquired, if the Lien is confined to the property and improvements and the proceeds of the Equipment; (c) Liens for taxes, fees,
assessments or other government charges or levies, either not delinquent or being contested in good faith and for which adequate reserves are maintained on the Books of the Credit Party against whose asset such Lien exists, provided that no
notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended, and the treasury regulations adopted thereunder; (d) statutory Liens securing claims or demands of materialmen, mechanics, carriers,
warehousemen, landlords and other Persons imposed without action of such parties, provided that they have no priority over any of Agent’s Lien and the aggregate amount of such Liens for all Credit Parties does not any time exceed
Twenty-Five Thousand Dollars ($25,000); (e) leases or subleases of real property granted in the Ordinary Course of Business, and leases, subleases, non-exclusive licenses or sublicenses of property (other than real property or Intellectual
Property) granted in the Ordinary Course of Business, if the leases, subleases, licenses and sublicenses do not prohibit granting Agent a security interest; (f) banker’s liens, rights of set-off and Liens in favor of financial
institutions incurred made in the Ordinary Course of Business arising in connection with a Credit Party’s Collateral Accounts provided that such Collateral Accounts are subject to a Control Agreement to the extent required hereunder;
(g) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations incurred in the Ordinary Course of Business (other than Liens imposed by ERISA); (h) Liens
arising from judgments, decrees or attachments in circumstances not constituting an Event of Default; (i) easements, reservations, rights-of-way, restrictions, minor defects or irregularities in title and similar charges or encumbrances
affecting real property not constituting a Material Adverse Change; (j) Liens incurred in the extension, renewal or refinancing of the indebtedness secured by Liens described in (a) and (b) above, but any extension, renewal or
replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the Indebtedness may not increase; and (k) Liens in favor of Silicon Valley Bank on cash and/or securities in connection with the
provision by Silicon Valley Bank to Borrower of cash management services (including, without limitation, merchant services, direct deposit of payroll, business credit cards and check cashing services) and letters of credit, in an aggregate amount
not to exceed at any time the lesser of (1) the amount outstanding for such cash management services and letters of credit and (2) Four Hundred Thousand Dollars ($400,000.00). 

“Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust,
unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

  
 - 61 - 

 “Preferred Investors” means Baxter Healthcare Corporation, Versant, SV Life
Sciences Fund IV, L.P., Polaris Ventures, and CHV. 
 “Pro Rata Share” means, as determined by Agent, with respect to each
Credit Facility and Lender holding an Applicable Commitment or Credit Extensions in respect of such Credit Facility, a percentage (expressed as a decimal, rounded to the ninth decimal place) determined by dividing (a) in the case of
fully-funded Credit Facilities, the amount of Credit Extensions held by such Lender in such Credit Facility by the aggregate amount of all outstanding Credit Extensions for such Credit Facility, and (b) in the case of Credit Facilities
that are not fully-funded, the amount of Credit Extensions and unfunded Applicable Commitments held by such Lender in such Credit Facility by the aggregate amount of all outstanding Credit Extensions and unfunded Applicable Commitments for
such Credit Facility. 
 “Protective Advances” means all audit fees and expenses, costs, and expenses (including reasonable
attorneys’ fees and expenses) of Agent and Lenders for preparing, amending, negotiating, administering, defending and enforcing the Financing Documents and the Warrants (including, without limitation, those incurred in connection with appeals
or Insolvency Proceedings) or otherwise incurred by Agent or the Lenders in connection with the Financing Documents and the Warrants. 

“Register” has the meaning given it in Section 13.1(d). 

“Registered Organization” means any “registered organization” as defined in the Code, with such additions to such
term as may hereafter be made. 
 “Required Lenders” means, unless all of the Lenders and Agent agree otherwise in writing,
Lenders having (a) more than sixty percent (60%) of the Applicable Commitments of all Lenders, or (b) if such Applicable Commitments have expired or been terminated, more than sixty percent (60%) of the aggregate outstanding
principal amount of the Credit Extensions. 
 “Required Permit” means all licenses, certificates, accreditations, product
clearances or approvals, provider numbers or provider authorizations, supplier numbers, provider numbers, marketing authorizations, other authorizations, registrations, permits, consents and approvals of a Credit Party (a) issued or required
under Laws applicable to the business of Borrower or any of its Subsidiaries or necessary in the manufacturing, importing, exporting, possession, ownership, warehousing, marketing, promoting, sale, labeling, furnishing, distribution or delivery of
goods or services under Laws applicable to the business of Borrower or any of its Subsidiaries, or (b) issued by any Person from which Borrower or any of its Subsidiaries have received an accreditation. Without limiting the generality of the
foregoing, “Required Permits” includes any Drug Application (including without limitation, at any point in time, all licenses, approvals and permits issued by the FDA or any other applicable Governmental Authority necessary for the
testing, manufacture, marketing or sale of any Product by any applicable Borrower(s) as such activities are being conducted by such Borrower with respect to such Product at such time) and any drug listings and drug establishment registrations under
21 U.S.C. Section 510, registrations issued by DEA under 21 U.S.C. Section 823 (if applicable to any Product), and those issued by State governments for the conduct of Borrower’s or any Subsidiary’s business. 

  
 - 62 - 

 “Reserve Percentage” means, on any day, for any Lender, the maximum percentage
prescribed by the Board of Governors of the Federal Reserve System (or any successor Governmental Authority) for determining the reserve requirements (including any basic, supplemental, marginal, or emergency reserves) that are in effect on such
date with respect to eurocurrency funding (currently referred to as “eurocurrency liabilities”) of that Lender, but so long as such Lender is not required or directed under applicable regulations to maintain such reserves, the Reserve
Percentage shall be zero. 
 “Responsible Officer” means any of the President and Chief Executive Officer or Chief
Financial Officer of Borrower. 
 “Secretary’s Certificate” means, with respect to any Person, a certificate, in form
and substance satisfactory to Agent, executed by such Person’s secretary on behalf of such Person certifying that (a) such Person has the authority to execute, deliver, and perform its obligations under each of the Financing Documents to
which it is a party, (b) that attached as Exhibit A to such certificate is a true, correct, and complete copy of the Borrower Resolutions then in full force and effect authorizing and ratifying the execution, delivery, and performance by such
Person of the Financing Documents to which it is a party, (c) the name(s) of the Person(s) authorized to execute the Financing Documents on behalf of such Person, together with a sample of the true signature(s) of such Person(s), and
(d) that Agent and the Lenders may conclusively rely on such certificate unless and until such Person shall have delivered to Agent a further certificate canceling or amending such prior certificate. 

“Secured Promissory Note” has the meaning given it in Section 2.7. 

“Securities Account” means any “securities account”, as defined in the Code, with such additions to such term as
may hereafter be made. 
 “Stated Rate” has the meaning given it in Section 2.6(g). 

“Subordination Agreement” means a subordination, intercreditor, or other similar agreement in form and substance, and on
terms, approved by Agent in writing. 
 “Subsidiary” means, with respect to any Person, any Person of which more than fifty
percent (50.0%) of the voting stock or other equity interests (in the case of Persons other than corporations) is owned or controlled, directly or indirectly, by such Person. 

“Taxes” has the meaning given it in Section 2.6(h). 

“Transfer” has the meaning given it in Section 7.1. 

“Warrants” means collectively (i) the Warrant to Purchase Stock in favor of MidCap, and (ii) the Warrant to
Purchase Stock in favor of Silicon Valley Bank, each issued as of the Original Closing Date. 

  
 - 63 - 

 [SIGNATURES APPEAR ON FOLLOWING PAGE(S)] 

  
 - 64 - 

 IN WITNESS WHEREOF, intending that this instrument constitute an instrument executed and
delivered under seal, the parties hereto have caused this Agreement to be executed as of the Closing Date. 
  

					
	BORROWER:
	
	OCULAR THERAPEUTIX, INC.
			
	By:	 	 /s/ Brad Smith
	 	(SEAL)
	Name:	 	Brad Smith	 	
	Title:	 	Chief Financial Officer	 	

  
 OCULAR THERAPEUTIX, INC.

 AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT 

SIGNATURE PAGE 

					
	AGENT:
	
	 MIDCAP FUNDING III TRUST,

as Agent for Lenders

		
	By:	 	Apollo Capital Management, L.P.,
		 	its investment manager
		
	By:	 	Apollo Capital Management GP, LLC,
		 	its general partner
			
	By:	 	 /s/ Maurice Amsellem
	 	(SEAL)
	Name:	 	Maurice Amsellem	 	
	Title:	 	Authorized Signatory	 	

 [Signatures continued on following page] 

  
 OCULAR THERAPEUTIX, INC.

 AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT 

SIGNATURE PAGE 

			
	LENDERS:
	
	MIDCAP FUNDING III TRUST
		
	By:	 	Apollo Capital Management, L.P.,
		 	its investment manager
		
	By:	 	Apollo Capital Management GP, LLC,
		 	its general partner
		
	By:	 	/s/ Maurice Amsellem                     (SEAL)
	Name:	 	Maurice Amsellem
	Title:	 	Authorized Signatory

 [Signatures continued on following page] 

  
 OCULAR THERAPEUTIX, INC.

 AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT 

SIGNATURE PAGE 

					
	SILICON VALLEY BANK
			
	By:	 	 /s/ Clark Hayes
	 	(SEAL)
	Name:	 	Clark Hayes	 	
	Title:	 	Director, Healthcare and Life Sciences	 	

 [Signatures continued on following page] 

  
 OCULAR THERAPEUTIX, INC.

 AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT 

SIGNATURE PAGE 

					
	FLEXPOINT MCLS SPV LLC
			
	By:	 	 /s/ Daniel Edelman
	 	(SEAL)
	Name:	 	Daniel Edelman	 	
	Title:	 	Vice President	 	

  
 OCULAR THERAPEUTIX, INC.

 AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT 

SIGNATURE PAGE 

 EXHIBITS AND SCHEDULES 

 

			
	EXHIBITS	  	
		
	Exhibit A	  	Collateral
	Exhibit B	  	Form of Compliance Certificate
	Exhibit C	  	Credit Extension Form

 SCHEDULES 
 Credit
Facility Schedule 
 Amortization Schedule (for each Credit Facility) 

Post-Closing Obligations Schedule 
 Closing Deliveries Schedule

 Disclosure Schedule 
 Intangible Assets Schedule 

Products Schedule 
 Required Permits Schedule 

 EXHIBIT A 

COLLATERAL 
 The
Collateral consists of all assets of Borrower, including all of Borrower’s right, title and interest in and to the following personal property: 

(a) all goods, Accounts (including health-care insurance receivables), Equipment, Inventory, contract rights or rights to payment of money,
leases, license agreements, franchise agreements, General Intangibles, commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, investment accounts,
commodity accounts and other Collateral Accounts, all certificates of deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations,
and financial assets, whether now owned or hereafter acquired, wherever located; and 
 (b) all Borrower’s Books relating to the
foregoing, and any and all claims, rights and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of
the foregoing. 
 Notwithstanding the foregoing, except as provided below, the Collateral shall not include any Intellectual Property of any
Credit Party, whether now owned or hereafter acquired, except to the extent that it is necessary under applicable law to have a Lien and security interest in any such Intellectual Property in order to have a perfected Lien and security interest in
and to IP Proceeds (defined below), and for the avoidance of any doubt, the Collateral shall include, and Agent shall have a Lien and security interest in, (i) all IP Proceeds, and (ii) all payments with respect to IP Proceeds that are
received after the commencement of a bankruptcy or insolvency proceeding. The term “IP Proceeds” means, collectively, all cash, Accounts, license and royalty fees, claims, products, awards, judgments, insurance claims, and other
revenues, proceeds or income, arising out of, derived from or relating to any Intellectual Property of any Credit Party, and any claims for damage by way of any past, present or future infringement of any Intellectual Property of any Credit Party
(including, without limitation, all cash, royalty fees, other proceeds, Accounts and General Intangibles that consist of rights of payment to or on behalf of a Credit Party and the proceeds from the sale, licensing or other disposition of all or any
part of, or rights in, any Intellectual Property by or on behalf of a Credit Party). 
 Pursuant to the terms of a certain negative pledge
arrangement with Agent and Lenders, Borrower has agreed not to encumber any of its Intellectual Property without Agent’s and Lenders’ prior written consent. 

 EXHIBIT B 

COMPLIANCE CERTIFICATE 
  

			
	TO:	    	MidCap Funding III Trust, as Agent
	FROM:	    	Ocular Therapeutix Inc.
	DATE:	    	            , 201  

 The undersigned authorized officer of Ocular Therapeutix, Inc., a Delaware corporation
(“Borrower”), certifies that under the terms and conditions of the Amended and Restated Credit and Security Agreement between Borrower, Agent and the Lenders (as amended, restated, supplemented, replaced or otherwise modified from
time to time, the “Agreement”): 
 (1) Borrower is in complete compliance with all required covenants for the month ending
            , 201  , except as noted below; 
 (2) there are no Events
of Default; 
 (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as
noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further, that those
representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; 

(4) Each of Borrower and the other Credit Parties has timely filed all required tax returns and reports, and has timely paid all foreign,
federal, state and local taxes, assessments, deposits and contributions owed except as otherwise permitted pursuant to the terms of the Agreement; and 

(5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of
which Borrower has not previously provided written notification to Agent. 
 For Compliance Certificates delivered in respect of any month
ending March 31, June 30, September 30, and December 31, attached hereto are proposed updates (if any) to the Disclosure Schedule, Intangible Assets Schedule, Required Permits Schedule, and Products Schedule, to the
extent required by the Agreement. 
 Attached are the required documents supporting the certifications set forth in this Compliance
Certificate. The undersigned certifies, in his/her capacity as an officer of the Borrower, that these are prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes.
The undersigned acknowledges, in his/her capacity as an officer of Borrower, that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance is
determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 

 Please indicate compliance status by circling Yes/No under “Complies” column.

  

					
	 Reporting Covenant
	  	 Required
	  	Complies
	Monthly Financial Statements	  	Monthly within 30 days	  	Yes        No
			
	Audited Financial Statements	  	Annually within 180 days after FYE	  	Yes        No
			
	Board Approved Projections	  	Annually within 60 days after FYE	  	Yes        No
			
	Compliance Certificate	  	Monthly within 30 days	  	Yes        No

 The following are the exceptions with respect to the certification above: (If no exceptions exist, state
“No exceptions to note.”) 
  

	
	  

	  

	  

  

									
	OCULAR THERAPEUTIX, INC.	 		 	AGENT USE ONLY
					
		 		 		 	Received by:	 	  

	By:	 	  
	 		 	AUTHORIZED SIGNER
	Name:	 	  
	 		 	Date:	 	
	Title:	 	  
	 		 		 	

									
					
		 		 		 	Verified:	 	  

		 		 		 	AUTHORIZED SIGNER
		 		 		 	Date:	 	
				
		 		 		 	Compliance Status:        Yes        No

 EXHIBIT C CREDIT EXTENSION FORM 

DEADLINE IS NOON E.S.T. 

Date:             , 201   

 

									
	 LOAN ADVANCE:
	 		 		 	
	
	 Complete Outgoing Wire Request section below if all or a portion of the funds from
this loan advance are for an outgoing wire.
  

	
From Account #                        
                                         
     
	 		 	To Account #                                
                                         
               
	    (Loan Account #)	 		 	(Deposit Account #)
				
	
Amount of Advance $                       
                                     
	 		 		 	
	  
 All Borrower’s representations and
warranties in the Amended and Restated Credit and Security Agreement are true, correct and complete in all material respects on the date of the request for an advance; provided, however, that such materiality qualifier shall not be applicable
to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further, that those representations and warranties expressly referring to a specific date shall be true, accurate
and complete in all material respects as of such date:
  

	
Authorized Signature:                       
                                         
    
	 		 	Phone Number:                            
                                         
               
	
Print Name/Title:                         
                                         
            
	 		 		 	

 
  

			
	 OUTGOING WIRE REQUEST:
	  	
	
	 Complete only if all or a portion of funds from the loan advance above is to be wired.

	
	
Beneficiary Name:                         
                                         
                                         
                                         
                                         
                               

	                                  
                                         
                     Amount of Wire:
$                                         
                                         
                                       
		
	 Beneficiary
Lender:                                        
                                         

	  	
	                                  
                                         
                     Account
Number:                                        
                                         
                                         
 
		
	 City and
State:                                        
                                         
         
	  	
		
	 Beneficiary Lender Transit (ABA)
#:                                        
                 
	  	Beneficiary Lender Code (Swift, Sort, Chip, etc.):                        
                
	 (For International Wire Only)
	  	
	 Intermediary
Lender:                                        
                                       
	  	Transit (ABA) #:                                 
                                         
             
	
	 For Further Credit
to:                                        
                                         
                                         
                                         
                                         
              

	 Special
Instruction:                                       
                                         
                                         
                                         
                                         
                   

	
	 By signing below, I (we) acknowledge and agree that my (our) funds transfer request shall be processed in
accordance with and subject to the terms and conditions set forth in the agreements(s) covering funds transfer service(s), which agreements(s) were previously received and executed by me.

 

		
	
    Authorized Signature:                    
                                         
              
	  	2nd Signature (if required):                     
                                         
             
	
    Print Name/Title:                     
                                         
                   
	  	Print Name/Title:                                  
                                         
            
	
    Telephone #:                      
                                         
                        
	  	Telephone #:                                   
                                         
                 

 

 CREDIT FACILITY SCHEDULE 

The following Credit Facilities are specified on this Credit Facility Schedule: 

Credit Facility #1: 
 Credit Facility and Type:
Term 
 Lenders for and their respective Applicable Commitments to this Credit Facility: 

 

			
	 Lender
	  	Applicable Commitment
	 MidCap Funding III Trust
	  	$5,935,645.06
	 Silicon Valley Bank
	  	$7,800,000.00
	 Flexpoint MCLS SPV LLC
	  	$1,864,354.94

 The following defined terms apply to this Credit Facility: 

Applicable Prepayment Fee: means the following amount, calculated as of the date (the “Accrual Date”) that the Applicable Prepayment
Fee becomes payable in the case of prepayments required under the Financing Documents or the date any voluntary prepayment is made: (a) for an Accrual Date on or after the Closing Date through and including the date which is twelve
(12) months after the Closing Date, three and one quarter percent (3.25%) multiplied by the amount of the outstanding principal of the Credit Extension prepaid or required to be prepaid (whichever is greater); (b) for an Accrual Date
after the date which is twelve (12) months after the Closing Date through and including the date which is twenty-four (24) months after the Closing Date, two percent (2.00%) multiplied by the amount of the outstanding principal of the
Credit Extension prepaid or required to be prepaid (whichever is great); (c) for an Accrual Date after the date which is twenty-four (24) months after the Closing Date and through and including the date immediately preceding the Maturity
Date, one percent (1.00%) multiplied by the amount of the outstanding principal of the Credit Extension prepaid or required to be prepaid (whichever is greater). 

Closed Period: not applicable. 
 Commitment
Commencement Date: the Closing Date 
 Commitment Termination Date: the earliest to occur of (a) the close of the Business Day
following the Closing Date, (b) an Event of Default, (c) the existence of any Default, or (d) the Maturity Date. 
 Minimum Credit
Extension Amount: $15,600,000 
 Permitted Purpose: not applicable. 

 AMORTIZATION SCHEDULE 

Commencing on January 1, 2017, and continuing on the first day of each calendar month thereafter, an amount per month equal to the total amount of Credit
Extensions made under all Credit Facilities divided by thirty-six (36) months. 

 POST-CLOSING OBLIGATIONS SCHEDULE 

Borrower shall satisfy and complete each of the following obligations, or provide Agent each of the items listed below, as applicable, on or
before the date indicated below, all to the satisfaction of Agent in its sole and absolute discretion: 
  

	1.	None. 

 Borrower’s failure to complete and satisfy any of the above obligations on or
before the date indicated above, or Borrower’s failure to deliver any of the above listed items on or before the date indicated above, shall constitute an immediate and automatic Event of Default. 

 CLOSING DELIVERIES SCHEDULE 

 

	1.	duly executed original signatures to the Financing Documents to which Borrower is a party; 

  

	2.	duly executed original Secured Promissory Notes in favor of each Lender so requesting with a face amount equal to such Lender’s Applicable Commitment under each Credit Facility; 

 

	3.	the Operating Documents of Borrower and good standing certificates of Borrower certified by the Secretary of State of the state(s) of organization of Borrower as of a date no earlier than thirty (30) days prior to
the Closing Date; 

  

	4.	good standing certificates dated as of a date no earlier than thirty (30) days prior to the Closing Date to the effect that Borrower is qualified to transact business in all states in which the nature of
Borrower’s business so requires; 

  

	5.	duly executed original signatures to the completed Borrowing Resolutions for Borrower; 

  

	6.	certified copies, dated as of a recent date, of financing statement searches, as Agent shall request, accompanied by written evidence (including any UCC termination statements) that the Liens indicated in any such
financing statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated or released; 

  

	7.	a legal opinion of Borrower’s counsel dated as of the Closing Date together with the duly executed original signatures thereto; 

 

	8.	evidence satisfactory to Agent that the insurance policies required by Article 6 are in full force and effect, together with appropriate evidence showing loss payable and/or additional insured clauses or
endorsements in favor of Agent, for the ratable benefit of the Lenders; 

  

	9.	payment of the fees and expenses of Agent and Lenders then accrued, including pursuant to the Fee Letters; 

  

	10.	a duly executed original Secretary’s Certificate dated as of the Closing Date which includes copies of the completed Borrowing Resolutions for Borrower; 

 

	11.	timely receipt by the Agent of an executed disbursement letter; 

  

	12.	a certificate executed by a Responsible Officer of Borrower, in form and substance satisfactory to Agent, which shall, among other things, certify as to certain conditions to the funding of the Credit Extensions on the
Closing Date; and 

  

	13.	evidence that (i) the Liens securing Indebtedness owed by Borrower to The Harvard Drug Group, L.L.C. have been terminated and (ii) filings evidencing the perfection of such Liens, including without limitation
the financing statement with filing number 2014 2393502 filed in favor of The Harvard Drug Group, L.L.C., has been terminated. 

 DISCLOSURE SCHEDULE 

Scheduled Permitted Liens 
  

									
	 Debtor
	 	 Secured Party
	 	 Collateral
	 	 State and

Jurisdiction
	 	 Filing Date and
Number (include

original file date
and continuations,

amendments, etc.)

	 None
	 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 Scheduled Permitted Indebtedness 
  

							
	 Debtor
	 	 Creditor
	 	 Amount of Indebtedness

outstanding as of         

    ,         
	 	 Maturity Date

	 None
	 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

 Scheduled Material Agreements 
  

							
	 Debtor
	 	 Type of Investment
	 	 Date
	 	 Amount Outstanding as

of                     

	 None
	 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

 Scheduled Material Agreements 

1. Amended and Restated License Agreement, dated January 27, 2012, between the Borrower and Incept LLC (the “Incept Agreement”). 

2. Lease Agreement dated September 2, 2009, by and between the Borrower and RAR2-Crosby Corporate Center QRS, Inc., as amended. 

3. 

 Scheduled Litigation 
  

	1.	None 

  

	2.	

  

	3.	

 Scheduled ownership interest in any Chattel Paper, letter of credit rights, commercial tort
claims, Instruments, documents or investment property 
  

	1.	None 

  

	2.	

  

	3.	

 IN TANGIBLE ASSETS SCHEDULE 

SUMMARY OF ACTIVE UNITED STATES PATENTS AND FOREIGN APPLICATIONS 

EXCLUSIVELY LICENSED TO OCULAR THERAPEUTIX INC. IN ITS FIELD OF USE FROM 

INCEPT LLC UNDER THE INCEPT AGREEMENT. 
  

							
	 Ref No.
	  	 Matter
	  	 Pat. No.

(Issue Date) OR
 Serial
No.
 (Filing Date)
	  	 Status

	03-US-01	  	Composite Hydrogel Drug Delivery Systems	  	 6,632,457
 (08-14-2003)
	  	Issued. Expires August 14, 2018.
				
	03-US-02	  	Composite Hydrogel Drug Delivery Systems	  	 7,413,752
 (08-19-2008)
	  	Issued. Expires August 14, 2018.
				
	03-US-03*	  	Composite Hydrogel Drug Delivery Systems	  	 12/218,152
 (07-11-2008)
	  	Issue Fee Due 12-28-2015
				
	03-WO-CA*	  	Composite Hydrogel Drug Delivery Systems	  	 2,339,482
 (10-20-2009)
	  	Issued. Expires 8-13-2019.
				
	03-WO-EP*	  	Composite Hydrogel Drug Delivery Systems	  	 EP 99941154.9
 (08-13-1999)
	  	In prosecution
				
	03-WO-JP*	  	Composite Hydrogel Drug Delivery Systems	  	 4601169
 (10-08-2010)
	  	Issued. Expires on August 13, 2019
				
	04-US-01	  	Biocompatible Crosslinked Polymers	  	 6,566,406
 (05-20-2003)
	  	Issued. Expires Dec 4, 2019
				
	04-US-02	  	Biocompatible Hydrogels Made With Small Molecule Precursors	  	 8,003,705
 (08-23-2011)
	  	Issued. Expires March 3, 2019
				
	04-US-05	  	Biocompatible Polymers And Hydrogels And Methods Of Use	  	 8,535,705
 (09-17-2013)
	  	Issued. Expires August 3, 2024
				
	04-WO-CA	  	Biocompatible Crosslinked Polymers	  	 2,353,642
 (11-10-2009)
	  	Issued. Expires Dec 3, 2019
				
	06-US-01	  	Dehydrated Hydrogel Precursor-Based, Tissue Adherent Compositions And Methods Of Use	  	 6,703,047
 (03-09-2004)
	  	Issued. Expires Feb 2, 2021.
				
	06-US-02	  	Dehydrated Hydrogel Precursor-Based, Tissue Adherent Compositions And Methods Of Use	  	 8,512,749
 (08-20-2013)
	  	Issued. Expires 3-29-2029
				
	07-US-02	  	Crosslinking Agents And Methods And Uses Therefore	  	 6,887,974
 (05-03-2005)
	  	Issued. Expires 11-17-2018
				
	07-US-03	  	Proteinaceous Gels Having Visualization Agents And Methods Of Use Thereof	  	 7,211,651
 (05-01-2007)
	  	Issued.
				
	07-US-04	  	Crosslinked Albumin Hydrogels	  	 7,057,019
 (06-06-2006)
	  	Issued.
				
	07-US-07	  	Implantable Materials And Compositions	  	 8,557,535
 (10-15-2013)
	  	Issued, expires 4-10-2021

							
	 Ref No.
	  	 Matter
	  	 Pat. No.

(Issue Date) OR
 Serial
No.
 (Filing Date)
	  	 Status

	10-US-01	  	Methods Of Using In Situ Hydration Articles For Sealing Of Augmentation Of Tissue Or Vessels	  	 6,605,294
 (8-12-2003)
	  	Issued, expires August 12, 2018
				
	10-US-02	  	Methods Of Using In Situ Hydration Articles For Sealing Of Augmentation Of Tissue Or Vessels	  	 7,648,713
 (1-19-2010)
	  	Issued, expires August 11, 2020
				
	12-US-01	  	Biocompatible Crosslinked Polymers	  	 7,009,034
 (03-07-2006)
	  	Issued, expires Nov 13, 2018
				
	12-US-02	  	Biocompatible Crosslinked Polymers With Visualization Agents	  	 7,332,566
 (02-19-2008)
	  	Issued, expires Sep 22, 2017
				
	12-US-03	  	Biocompatible Crosslinked Polymers With Visualization Agents	  	 7,592,418
 (09-22-2009)
	  	Issued, expires September 6, 2019
				
	20-US-01	  	Compositions And Methods For Controlled Drug Delivery From Biodegradable Hydrogels	  	 60/899,898
 (02-06-2007)
	  	Perfected
				
	28-US-01	  	Hydrogel Polymeric Compositions And Methods	  	 9,125,807
 (09-08-2015)
	  	Issued, expires 7-22-2028
				
	28-US-02	  	Hydrogel Polymeric Compositions And Methods	  	 12/485,192
 (06-16-2009)
	  	In prosecution
				
	28-US-03	  	Hydrogel Polymeric Compositions And Methods	  	 14/470,081
 (08-27-2014)
	  	In prosecution
				
	28-WO-AU	  	Hydrogel Polymeric Compositions And Methods	  	 2008275786
 (1-30-2014)
	  	Issued. Expires 5-14-2028
				
	28-WO-EP	  	Hydrogel Polymeric Compositions And Methods	  	 08754416.9
 (05-14-2008)
	  	Awaiting exam
				
	28-WO-JP	  	Hydrogel Polymeric Compositions And Methods	  	 5693954
 (02-13-2015)

2010-516020
 (05-14-2008)
	  	Issued. Expires 5-14-2028
				
	30-US-01	  	Surgical Delivery System For Medical Sealant	  	 7,862,538
 (01-04-2011)
	  	Issued. Expires: March 22, 2028
				
	36-US-01	  	Drug Delivery Through Punctum Plugs	  	 61/152,081
 (02-12-2009)
	  	Perfected
				
	36-US-02	  	Drug Delivery Through Hydrogel Plugs	  	 8,409,606
 (04-02-2013)
	  	Issued. Expires 5-14-2030
				
	36-US-03	  	Drug Delivery Through Hydrogel Plugs	  	 8,563,027
 (10-22-2013)
	  	Issued. Expires 2-12-2030

							
	 Ref No.
	  	 Matter
	  	 Pat. No.

(Issue Date) OR
 Serial
No.
 (Filing Date)
	  	 Status

	36-WO-AU	  	Drug Delivery Through Hydrogel Plugs	  	 2010213612
 (08-13-2015)
	  	Issued
				
	36-WO-CA	  	Drug Delivery Through Hydrogel Plugs	  	 2,750,242
 (02-12-2010)
	  	Awaiting exam
				
	36-WO-CN	  	Drug Delivery Through Hydrogel Plugs	  	 ZL 201080016295
 (08-19-2015)
	  	Issued
				
	36-WO-EP	  	Drug Delivery Through Hydrogel Plugs	  	 10741771.9
 (02-12-2010)

2396070
 (12-21-2012)
	  	In prosecution.
				
	36-WO-IN	  	Drug Delivery Through Hydrogel Plugs	  	 6272/DELNP/2011
 (02-12-2010)
	  	Awaiting exam
				
	36-WO-JP	  	Drug Delivery Through Hydrogel Plugs	  	 2011-550256
 (02-12-2010)
	  	In prosecution.
				
	42-US-01	  	Method For Applying Flowable Hydrogels To A Cornea	  	 8,961,501
 (02-24-2015)
	  	Issued, expires 10-8-2032
				
	50-US-01	  	Drug Delivery Systems and Applications	  	 13/234,428
 (09-16-2011)
	  	In prosecution.
				
	52-US-01	  	Medical Organogel Processes And Compositions	  	 61/566,768
 (12-05-2011)
	  	Perfected
				
	52-US-02	  	Medical Organogel Processes And Compositions	  	 13/705,808
 (12-05-2012)
	  	In prosecution.
				
	52-US-03	  	Medical Organogel Processes And Compositions	  	 14/926,707
 (10-29-2015)
	  	
				
	52-WO-AU	  	Medical Organogel Processes And Compositions	  	 2012347926
 (12-05-2012)
	  	Awaiting exam
				
	52-WO-CA	  	Medical Organogel Processes And Compositions	  	 2,858,161
 (12-05-2012)
	  	Awaiting exam
				
	52-WO-CN	  	Medical Organogel Processes And Compositions	  	 201280073745.X
 (12-05-2012)
	  	Awaiting exam
				
	52-WO-CN-HK	  	Medical Organogel Processes And Compositions	  	 15103895.3
 (04-22-2015)
	  	Pending issuance of CN case
				
	52-WO-EP	  	Medical Organogel Processes And Compositions	  	 12856353.3
 (12-05-2012)
	  	Awaiting exam
				
	52-WO-IN	  	Medical Organogel Processes And Compositions	  	 4557/DELNP/2014
 (12-05-2012)
	  	Awaiting exam

							
	 Ref No.
	  	 Matter
	  	 Pat. No.

(Issue Date) OR
 Serial
No.
 (Filing Date)
	  	 Status

	52-WO-JP	  	Medical Organogel Processes And Compositions	  	 2014-546028
 (12-05-2012)
	  	Awaiting exam
				
	52-WO-KR	  	Medical Organogel Processes And Compositions	  	 No. 10-2014-7018751

(12-05-2012)
	  	Awaiting exam
				
	62-US-01	  	Hydrogel Drug Delivery Implants	  	 62/089,994
 (12-10-2014)
	  	Filed
				
	64-US-01	  	Ocular Hydrogels	  	 62/064,885
 (10-16-2014)
	  	Filed
				
	64-US-02	  	Ocular Gels Or Hydrogels And Microinjectors	  	 14/878,243
 (10-08-2015)
	  	Awaiting exam.
				
	64-WO-01	  	Ocular Gels or Hydrogels and Microinjectors	  	 PCT/US2015/054637
 (10-8-2015)
	  	Pending
				
	69-US-01	  	Drug Delivery From Hydrogels	  	 62/160,394
 (5-12-2015)
	  	Filed
				
	70-US-01	  	Improved Punctal Plugs	  	 62/195,580
 (7-22-2015)
	  	Filed

  

	*	also licensed nonexclusively to GENZYME CORP. 

 Trademarks 
  

							
	 Ref No. (Country)
	  	 Trademark
	  	 Registration
No.

(Issue Date)
	  	 Status

	15-US-01 (United States)	  	RESURE	  	 4,135,965
 (05/01/2012)
	  	Registered.
				
	15-WO-01 (Australia)	  	RESURE	  	 1 050 699
 (08-26-2010)
	  	Protection granted 02/16/11.
				
	15-WO-01 (China)	  	RESURE	  	 1 050 699
 (08-26-2010)
	  	Protection granted 08/08/11.
				
	 15-WO-01
 (Czech Republic)
	  	RESURE	  	 1 050 699
 (08-26-2010)
	  	Protection granted 05/06/11.
				
	15-WO-01 (France)	  	RESURE	  	 1 050 699
 (08-26-2010)
	  	Protection granted.
				
	15-WO-01 (Germany)	  	RESURE	  	 1 050 699
 (08-26-2010)
	  	Protection granted 2-25-11
				
	15-WO-01 (Hungary)	  	RESURE	  	 1 050 699
 (08-26-2010)
	  	Protection granted 06-29-11
				
	 15-WO-01
 (Italy)
	  	RESURE	  	 1 050 699
 (08-26-2010)
	  	Protection granted 08/01/11.
				
	15-WO-01 (Japan)	  	RESURE	  	 1 050 699
 (08-26-2010)
	  	Registered 9-16-11.
				
	15-WO-01 (Korea)	  	RESURE	  	 1 050 699
 (08-26-2010)
	  	Protection granted 9/1/11. Assigned Int’l Reg. No.
				
	15-WO-01 (Poland)	  	RESURE	  	 1 050 699
 (08-26-2010)
	  	Protection granted 03/21/11.
				
	15-WO-01 (Russia)	  	RESURE	  	 1 050 699
 (08-26-2010)
	  	Protection granted 08/29/11.
				
	15-WO-01 (Singapore)	  	RESURE	  	 1 050 699
 (08-26-2010)
	  	Protection granted 01-19-2011.
				
	15-WO-01 (Spain)	  	RESURE	  	 1 050 699
 (08-26-2010)
	  	Protection granted 02-10-11.

							
	 Ref No. (Country)
	  	 Trademark
	  	 Registration No.

(Issue Date)
	  	 Status

	 15-WO-01
 (United Kingdom)
	  	RESURE	  	 1 050 699
 (08-26-2010)
	  	Protection granted 01-10-11.
				
	 22-US-01
 (United States)
	  	OCULAR THERAPEUTIX logo	  	 86/412,904
 (10-2-2014)
	  	In prosecution
				
	 N/A
 (United States)
	  	DEXTENZA	  	 86425297
 (10-16-14)
	  	Protection granted 05-19-15.
				
	 N/A
 (United States)
	  	DEXOLVA	  	 86425301
 (10-16-14)
	  	Protection granted 05-19-15.

 INTANGIBLE ASSETS SCHEDULE (CONTINUED) 

LICENSE AND SIMILAR AGREEMENTS 
  

							
	LICENSE # 1 [COMPLETE FOR EACH AGREEMENT]
		
	Name and Date of License Agreement:	  	Amended and Restated License Agreement
		
	Borrower that is Licensee:	  	Ocular Therapeutix, Inc.
		
	Name and address of Licensor:	  	Incept, LLC
		
	Expiration Date of License	  	Perpetual
		
	Exclusive License [Y/N]?	  	Yes
			
	Restrictions on:	  	Right to Grant a Lien [Y/N]?	  	No
	  	  
 Right to Assign [Y/N]?
	  	  
 Yes, as part of a sale

	  	  
 Right to Sublicense [Y/N]?
	  	  
 Yes

		
	 Does Default or Termination Affect Agent’s Ability to sell

[Y/N]?
	  	
	
	 Describe Licensed Intellectual Property For
This License

	 Name / Identifier of IP
	  	 Type of
IP (e.g., patent, TM, 
 ©, mask work)
	  	 Registration/ Publication or Application

Number
	  	Filing Date/Expiration Date
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
	  
 LICENSE # 2 [COMPLETE FOR EACH AGREEMENT]

		
	Name and Date of License Agreement:	  	
		
	Borrower that is Licensee:	  	
		
	Name and address of Licensor:	  	
		
	Expiration Date of License	  	
		
	Exclusive License [Y/N]?	  	
			
	Restrictions on:	  	Right to Grant a Lien	  	
			
		  	[Y/N]?	  	
			
		  	Right to Assign [Y/N]?	  	
			
		  	Right to Sublicense [Y/N]?	  	
			
	 Does Default or Termination Affect Agent’s Ability to sell

[Y/N]?
	  		  	

							
	 Describe Licensed Intellectual Property For
This License

	 Name / Identifier of IP
	  	
Type of IP (e.g., patent, TM,
©, mask work)
	  	 Registration/ Publication or Application

Number
	  	Filing Date/Expiration Date
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  

					
	LICENSE # 3 [COMPLETE FOR EACH AGREEMENT]	  	
			
	Name and Date of License Agreement:	  		  	
			
	Borrower that is Licensee:	  		  	
			
	Name and address of Licensor:	  		  	
			
	Expiration Date of License	  		  	
			
	Exclusive License [Y/N]?	  		  	
			
	Restrictions on:	  	Right to Grant a Lien [Y/N]?	  	
	  	  
 Right to Assign [Y/N]?
	  	
	  	  
 Right to Sublicense [Y/N]?
	  	
			
	Does Default or Termination Affect Agent’s Ability to sell [Y/N]?	  		  	

							
	 Describe Licensed Intellectual Property For
This License

	 Name / Identifier of IP
	  	Type of IP (e.g., patent, TM,
©, mask work)	  	Registration/ Publication or Application Number	  	Filing Date/Expiration Date
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

 PRODUCTS SCHEDULE 

RESURE 

 REQUIRED PERMITS SCHEDULE 

Certificate of Compliance, Town of Bedford, Issued April 1, 2015EX-4.3

 Exhibit 4.3 
  

 
 DISCOVER BANK 

as Master Servicer and Servicer, 

DISCOVER FUNDING LLC, 
 as
Transferor, 
 and 
 U.S. BANK
NATIONAL ASSOCIATION 
 as Trustee 

on behalf of the Certificateholders 

[FORM OF] AMENDED AND RESTATED SERIES SUPPLEMENT 

Dated as of December [    ], 2015 

to 
 THIRD AMENDED AND RESTATED
POOLING AND SERVICING AGREEMENT 
 Dated as of December [    ], 2015 

 
  

DISCOVER CARD MASTER TRUST I 

SERIES 2007-CC 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 Section 1.
	 	 Definitions
	  	 	1	  
			
	 Section 2.
	 	 No Subordination
	  	 	11	  
			
	 Section 3.
	 	 Representations, Warranties and Covenants of the Transferor
	  	 	11	  
			
	 Section 4.
	 	 Representations, Warranties and Covenants of Discover Bank as Master Servicer and Servicer
	  	 	13	  
			
	 Section 5.
	 	 Representations and Warranties of Other Servicers
	  	 	13	  
			
	 Section 6.
	 	 Representations, Warranties and Covenants of the Trustee
	  	 	14	  
			
	 Section 7.
	 	 Authentication of Certificates
	  	 	14	  
			
	 Section 8.
	 	 Establishment and Administration of Investor Accounts
	  	 	14	  
			
	 Section 9.
	 	 Allocations of Collections
	  	 	15	  
			
	 Section 10.
	 	 Servicing Compensation
	  	 	23	  
			
	 Section 11.
	 	 Investor Certificateholders’ Monthly Statement
	  	 	23	  
			
	 Section 12.
	 	 Purchase of Notes; Sales of Receivables
	  	 	23	  
			
	 Section 13.
	 	 Ratification of Pooling and Servicing Agreement
	  	 	24	  
			
	 Section 14.
	 	 Counterparts
	  	 	24	  
			
	 Section 15.
	 	 Governing Law
	  	 	24	  
			
	 Section 16.
	 	 Intention of Parties
	  	 	24	  
			
	 Section 17.
	 	 Amendment for Sale Accounting Purposes
	  	 	25	  
			
	 Section 18.
	 	 Election Under Delaware Asset-Backed Securities Facilitation Act
	  	 	25	  
			
	 Section 19.
	 	 Increases to Series Investor Interest
	  	 	25	  
			
	 Section 20.
	 	 Amendments for Additional Collateral Certificates
	  	 	26	  
			
	 Section 21.
	 	 Dispute Resolution
	  	 	27	  
			
	 Section 22.
	 	 Asset Representations Review
	  	 	29	  
			
	 Section 23.
	 	 Effectiveness
	  	 	29	  

  
 -i- 

 EXHIBITS 
  

			
	EXHIBIT A:	  	Form of Series 2007-CC Investor Certificate
		
	EXHIBIT B:	  	Form of Certificateholders’ Monthly Statement

  
 ii 

 THIS AMENDED AND RESTATED SERIES SUPPLEMENT, dated as of December [    ],
2015 (this “Series Supplement”), by and among DISCOVER BANK, a Delaware banking corporation (“Discover Bank”), as Master Servicer and Servicer, DISCOVER FUNDING LLC, a Delaware limited liability company
(“Discover Funding”), as Transferor, and U.S. BANK NATIONAL ASSOCIATION (the “Trustee”), as Trustee under the Third Amended and Restated Pooling and Servicing Agreement, dated as of December
[    ], 2015, among Discover Bank, as Servicer, Discover Funding, as Transferor, and the Trustee (as amended and supplemented from time to time the “Pooling and Servicing Agreement”), relates to the series of
Master Trust Certificates to be known as the DISCOVER CARD MASTER TRUST I, SERIES 2007-CC COLLATERAL CERTIFICATE (“Series 2007-CC”). Series 2007-CC is an Interchange Series that is a member of Group One of the Discover Card Master
Trust I and is eligible for reallocations to and from other Series in Group One. (For purposes of any Series Supplement for any other Series that requires that Interchange Series be so designated in their Series Term Sheet, this introductory
paragraph shall constitute the Series Terms Sheet for this Series. For purposes of any Series Supplement for any other Series that allocates payments sequentially by Class, the entire Series Investor Interest of this Series shall constitute Class
A.) 
 WHEREAS, the Trustee and Discover Bank have heretofore executed and delivered a Series Supplement, dated as of November 3, 2004
(as amended, supplemented or otherwise modified prior to the Effective Date, the “Original Series 2007-CC Supplement”); 

WHEREAS, Discover Funding, as Transferor, Discover Bank, as Servicer, and the Trustee have executed the Pooling and Servicing Agreement in
order to substitute Discover Funding in the place of Discover Bank as the Seller (now referred to as the Transferor); 
 WHEREAS, the
parties hereto desire to amend and restate in its entirety the Original Series 2007-CC Supplement to, among other things, provide for the substitution of Discover Funding in the place of Discover Bank, in its capacity as Seller (now referred to as
the Transferor). 
 NOW, THEREFORE, in consideration of the promises and the agreements contained herein, the Original Series 2007-CC
Supplement is hereby amended and restated in its entirety as follows: 
 SECTION 1. Definitions. 

(a) Capitalized terms not otherwise defined in this Series Supplement shall have the meanings ascribed to them in the Pooling and Servicing
Agreement. Capitalized terms that refer to a Series refer to Series 2007-CC unless the context otherwise requires. For purposes of determining any amount or making any calculation hereunder, such amount or calculation, (i) if specified to be as
of the first day of any Due Period, shall (a) include any increase in the Series Investor Interest occurring during such Due Period as if such increase had occurred on the first day of such Due Period and (b) give effect to any payments,
deposits or other allocations made on the Distribution Date related to the prior Due Period; and (ii) if specified to be as of the close of business on the last day of any Due Period, shall give effect to any reduction to the Series Investor
Interest as a result of payments, deposits or allocations made on the related Distribution Date. For purposes of this Series Supplement, a reference to any agreement, document, policy, or procedure is to that agreement, document, policy, or
procedure as may be amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time. 

 (b) The following terms have the definitions set forth below with respect to Series 2007-CC,
unless the context otherwise clearly requires: 
 “60-Day Delinquent Receivables” means, as of any date of determination,
all Receivables, other than Receivables in Charged-Off Accounts, in the Trust that are 60 or more days delinquent as of the last day of the Due Period immediately preceding such date, as determined in accordance with the related Servicer’s
customary servicing practices. 
 “AAA” shall have the meaning set forth in Section 21. 

“Accumulation Period’’ with respect to any Note, shall have the meaning set forth in the applicable Indenture
Supplement. 
 “Additional Collateral Certificate” shall have the meaning set forth in the Indenture. “Calculation
Agent” shall have the meaning set forth in the Indenture. 
 “ADR Proceeding” shall mean a mediation or
arbitration instituted pursuant to Section 21 hereof. 
 “Asset Representations Review Agreement” means that
certain Asset Representations Review Agreement among Discover Bank, as Master Servicer and Servicer, the Issuer and the Asset Representations Reviewer. 

“Asset Representations Reviewer” shall mean the entity appointed to be the “asset representations reviewer”
pursuant to the Asset Representations Review Agreement. 
 “Charge-offs” shall have the meaning set forth in the Indenture.

 “Class A Cumulative Investor Charged-Off Amount” on any Distribution Date, shall have the meaning set forth in step
(21) (Allocation from the DCMT Group One Finance Charge Collections Reallocation Account) of Section 3.01 of the Indenture Supplement for the DiscoverSeries, as adjusted pursuant to Sections 9(b)(7) and 9(b)(l0) and,
as applicable, with respect to each other Series of Investor Certificates then outstanding, shall have the meaning set forth in the applicable Series Supplement. 

“Class A Principal Distribution Amount Shortfall” shall have the meaning set forth in step (64) (Allocation from the
DCMT Group One Principal Collections Reallocation Account for Principal Shortfalls other than Prefunding Shortfalls) of Section 3.01 of the Indenture Supplement for the DiscoverSeries, as adjusted pursuant to Section 9(b)(15)
and, as applicable, with respect to each other Series of Investor Certificates then outstanding, shall have the meaning set forth in the applicable Series Supplement. 

“Class A Required Amount Shortfall” on any Distribution Date, shall have the meaning set forth in step
(9) (Allocation from the DCMT Group One Finance Charge Collections Reallocation Account) of Section 3.01 of the Indenture Supplement for the DiscoverSeries, as adjusted pursuant to Section 9(b)(6) and 9(b)(9) and,
as applicable, with respect to each other Series of Investor Certificates then outstanding, shall have the meaning set forth in the applicable Series Supplement. 

  
 2 

 “Class Invested Amount” shall mean the Series Invested Amount. 

“Clean-Up Call Amount” shall have the meaning set forth in Section 12(a). 

“Controlled Liquidation Period” shall mean any period in which the Targeted Principal Deposit minus the Targeted
Prefunding Deposit for any series, class or Tranche of Notes is greater than zero. 
 “Delinquency Percentage” means, for
each Distribution Date and the related Due Period, an amount (expressed as a percentage) equal to the ratio of (i) the aggregate balance of all 60-Day Delinquent Receivables as of the last day of the Due Period immediately preceding such
Distribution Date to (ii) the aggregate balance of Receivables in the Trust as of the last day of the Due Period immediately preceding such Distribution Date. 

“Discover Bank” shall have the meaning set forth in the recitals hereto. 

“Discount Note” shall have the meaning set forth in the applicable Indenture Supplement. 

“Distribution Date” shall mean the 15th day of each calendar month (or,
if such day is not a Business Day, the next succeeding Business Day) commencing in August 2007. When used with respect to a Due Period, the Distribution Date means the first Distribution Date following the end of such Due Period. 

“Early Redemption Event” shall have the meaning set forth in the Indenture. 

“Effective Date” shall have the meaning set forth in the Pooling and Servicing Agreement. 

“Event of Default” shall have the meaning set forth in the Indenture. 

“Excess Spread Amount” shall have the meaning set forth in the applicable Indenture Supplement. 

“Finance Charge Allocation Amount” with respect to any series, class or Tranche of Notes, shall have the meaning set forth in
the Indenture. 
 “Finance Charge Amounts” shall have the meaning set forth in the Indenture. 

“Group Excess Spread” shall mean, for any Distribution Date, the sum of the Series Excess Spreads for each Series (including
the Series established hereby) that is a member of the same Group as the Series established hereby, in each case for such Distribution Date. 

“Group Finance Charge Collections Reallocation Account” shall have the meaning specified in Section 8. 

“Group Interchange Reallocation Account” shall have the meaning specified in Section 8. 

  
 3 

 “Group Principal Collections Reallocation Account” shall have the meaning
specified in Section 8. 
 “Indenture” shall mean that certain Amended and Restated Indenture, dated as of
December [    ], 2015, by and between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee. 

“Indenture Supplement” shall mean, with respect to the DiscoverSeries Notes, that certain Second Amended and Restated
Indenture Supplement, dated as of December [    ], 2015, by and between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee, and with respect to any other series of Notes issued
by Discover Card Execution Note Trust, the applicable indenture supplement entered into pursuant to the Indenture relating to such series. 

“Indenture Trustee” shall have the meaning set forth in the Indenture. 

“Initial Dollar Principal Amount” with respect to any class or Tranche of Notes, shall have the meaning set forth in the
applicable Indenture Supplement. 
 “Interchange Series” shall mean this Series and each series issued by the Trust that
indicates in its Series Supplement that it is an Interchange Series. 
 “Interchange Subgroup Allocable Group Excess
Spread” shall mean, if the Group Excess Spread is greater than or equal to zero, the product of the Group Excess Spread and the Interchange Subgroup Excess Allocation Percentage; and if the Group Excess Spread is less than zero, the product
of the Group Excess Spread and the Interchange Subgroup Shortfall Allocation Percentage. 
 “Interchange Subgroup Excess Allocation
Percentage” shall mean a ratio, the numerator of which is the sum of the Series Investor Interest for each Interchange Series that is a member of the same Group as the Series established hereby (including the Series established hereby); and
the denominator of which is the sum of the Series Investor Interests for each Series that is a member of the same Group as the Series established hereby (including each Interchange Series and the Series established hereby). 

“Interchange Subgroup Excess Spread” shall mean, for any Distribution Date, the sum of (x) all amounts available to be
deposited into the Group Interchange Reallocation Account for all Interchange Series and (y) the Interchange Subgroup Allocable Group Excess Spread. 

“Interchange Subgroup Shortfall Allocation Percentage” shall mean a ratio, the numerator of which is the sum of the Series
Excess Spread for each Interchange Series that is a member of the same Group as the Series established hereby (including, if applicable, the Series established hereby) for which the Series Excess Spread is less than zero; and the denominator of
which is the sum of the Series Excess Spread for each Series that is a member of the same Group as the Series established hereby (including, if applicable, each Interchange Series and the Series established hereby) for which the Series Excess Spread
is less than zero. 

  
 4 

 “Investor Accounts” shall mean, in addition to Investor Accounts established
pursuant to the Pooling and Servicing Agreement, the Series Collections Account, the Series Distribution Account, the Group Finance Charge Collections Reallocation Account, the Group Principal Collections Reallocation Account and the Group
Interchange Reallocation Account. 
 “Investor Certificateholder” shall mean, at any time, the holder or holders of the
Series 2007-CC Collateral Certificate. 
 “Investor Servicing Fee” shall mean, with respect to any Distribution Date, an
amount equal to the product of the Investor Servicing Fee Percentage and the Series Investor Interest on the first day of the Due Period related to such Distribution Date (or in the case of the first Distribution Date for the Series established
hereby, the Series Investor Interest on the Series Closing Date). 
 “Investor Servicing Fee Percentage” shall mean
2.0% per annum calculated on the basis of a 360-day year of twelve 30-day months. 
 “Investor Servicing Fee
Shortfall” shall have the meaning specified in Section 9(b)(3). 
 “Monthly Interest Accrual Period”
shall have the meaning set forth in the applicable Indenture Supplement. 
 “Nominal Liquidation Amount” with respect to
any series, class or Tranche of Notes, shall have the meaning set forth in the Indenture. 
 “Note Issuance Trust” shall
mean the Discover Card Execution Note Trust, governed by the Amended and Restated Trust Agreement, dated as of December [    ], 2015, by and between Discover Funding, as Beneficiary, and Wilmington Trust Company, as Owner
Trustee. 
 “Note Issuance Trust’s Annual Report Date” shall have the meaning specified in Section 4(b).

 “Note Rating Agency” shall have the meaning set forth in the Indenture. 

“Notes” shall mean any notes issued by the Note Issuance Trust under the Indenture and any applicable Indenture Supplement.

 “Outstanding Dollar Principal Amount” with respect to any series, class or Tranche of Notes, shall have the meaning set
forth in the Indenture. 
 “Paying Agent” shall mean the Corporate Trust Office of the Trustee. 

“Pooling and Servicing Agreement” shall have the meaning set forth in the recitals hereto. 

“Prefunding Negative Spread” shall have the meaning set forth in the applicable Indenture Supplement. 

  
 5 

 “Principal Allocation Amount” with respect to any series, class or Tranche of
Notes, shall have the meaning set forth in the Indenture. 
 “Principal Distribution Amount Shortfall” when used for
purposes of any Series Supplement for any other Series in the Group to which the Series established hereby belongs, shall mean the Class A Principal Distribution Amount Shortfall. 

“Public Notes” means any Notes that have been registered under the Securities Act. 

“Rating Agency Condition” shall have the meaning set forth in the Indenture. 

“Required Daily Deposit” shall have the meaning set forth in the Indenture. 

“Revolving Period’’ shall mean each Due Period, prior to the Series Termination Date, for which the Targeted Principal
Deposit for the related Distribution Date for all series, classes or Tranches of Notes, as applicable, is zero. 
 “Series
2007-CC” shall have the meaning set forth in the recitals hereto. 
 “Series 2007-CC Collateral Certificate” shall
mean the Investor Certificate created under this Series Supplement and issued to the Investor Certificateholder. 
 “Series 2007-CC
Collateral Certificate Percentage” shall have the meaning set forth in the Indenture. 
 “Series Charge-Off Allocation
Percentage” shall mean, with respect to any Distribution Date or any “trust Distribution Date, as applicable, the percentage equivalent of a fraction the numerator of which shall be
the amount of the Series Investor Interest and the denominator of which shall be the greater of (i) the amount of Principal Receivables in the Trust and (ii) the Aggregate Investor Interest, in each case on the first day of the related Due
Period. 
 “Series Closing Date” shall mean July 26, 2007. 

“Series Collections Account” shall have the meaning specified in Section 8. 

“Series Distribution Account” shall have the meaning specified in Section 8. 

“Series Excess Spread” shall, with respect to the Series established hereby, for any Distribution Date (x) so long as
the only collateral certificate owned by the Note Issuance Trust is the Series 2007-CC Collateral Certificate, mean the sum of the Excess Spread Amounts for the DiscoverSeries and each additional series of Notes issued under the Indenture;
provided, however, that solely for purposes of determining the Group Excess Spread and the Interchange Subgroup Shortfall Allocation Percentage for this Series and any other Series in the Group to which this Series belongs, Series Excess
Spread shall be the amount determined as set forth above minus for so long as any Series that is not an Interchange Series is outstanding and the Series Excess Spread is positive, the lesser of Series Interchange or the amount determined as
the Series Excess Spread without giving effect to this proviso; provided, that Series Excess Spread, for purposes of determining the Group Excess Spread and the Interchange Subgroup Shortfall 

  
 6 

 
Allocation Percentage, shall not be reduced below zero as a result of this proviso, if any, for such Distribution Date or (y) during any period when Additional Collateral Certificates are
owned by the Note Issuance Trust, have the meaning set forth in the documents relating to such addition (provided that such documents are accepted and agreed to by the parties hereto); and with respect to each other Series of Investor Certificates
then outstanding, shall have the meaning set forth in the applicable Series Supplement. 
 “Series Finance Charge Amounts”
shall, with respect to any series of Notes, have the meaning set forth in the applicable Indenture Supplement. 
 “Series Finance
Charge Collections” shall mean with respect to any day or any Distribution Date or Trust Distribution Date, as applicable, an amount equal to the product of (x) the Series Finance Charge Collections Allocation Percentage for the
related Distribution Date and (y) the amount of Finance Charge Collections for such day or for the related Due Period, as applicable; provided, however, that Series Finance Charge Collections shall be increased by the lesser of
(i) the amount of Series Prefunding Negative Spread, if any, for each series, class or Tranche of Notes, as applicable (without duplication) and (ii) an amount equal to the product of the total amount of Finance Charge Collections
otherwise allocable to Discover Funding as Holder of the Transferor Certificate for the related Due Period and a fraction the numerator of which is the Series Invested Amount and the denominator of which is the Aggregate Invested Amount. 

“Series Finance Charge Collections Allocation Percentage” shall mean, with respect to any Distribution Date or any Trust
Distribution Date, as applicable, 
 (a) so long as an Early Redemption Event or an Event of Default is not then continuing with respect to
any series, class or Tranche of Notes or an Amortization Event is not then continuing with respect to this Series 2007-CC, the percentage equivalent of a fraction the numerator of which shall be the amount of the Series Investor Interest on the
first day of the related Due Period and the denominator of which shall be the greater of (i) the amount of Principal Receivables in the Trust on the first day of the related Due Period and (ii) the sum of the numerators used in calculating
the components of the Series Percentage with respect to Finance Charge Collections for each Series then outstanding (including the Series established hereby) as of such Distribution Date or Trust Distribution Date, as applicable; 

(b) if an Early Redemption Event or an Event of Default for any series, class or Tranche of Notes issued by the Note Issuance Trust has
occurred and is then continuing, the percentage equivalent of a fraction the numerator of which shall be the sum of the Finance Charge Allocation Amounts for each series, class or Tranche of Notes (without duplication) multiplied by the
Series 2007-CC Collateral Certificate Percentage; and the denominator of which shall be the greater of (i) the amount of Principal Receivables in the Trust on the first day of the related Due Period and (ii) the sum of the numerators used
in calculating the components of the Series Percentage with respect to Finance Charge Collections for each Series then outstanding (including the Series established hereby) as of such Distribution Date or Trust Distribution Date, as applicable; or
 
 (c) if an Amortization Event has occurred and is then continuing with respect to this Series 2007-CC, the percentage equivalent
of a fraction, the numerator of which shall be the amount of the Series Investor Interest on the last day of the Due Period immediately preceding such Amortization Event, and the denominator of which shall be the greater of (i) the amount of
Principal Receivables in the Trust on the first day of the related Due Period and (ii) the sum of the numerators used in calculating the components of the Series Percentage with respect to Finance Charge Collections for each Series then
outstanding (including the Series established hereby) as of such Distribution Date or Trust Distribution Date, as applicable; 

  
 7 

 provided, however, in the event that clause (b) and clause (c) of this definition are both
applicable (i.e., if an Early Redemption Event or an Event of Default for any series, class or Tranche of Notes issued by the Note Issuance Trust has occurred and is then continuing and an Amortization Event has occurred and is continuing), then the
“Series Finance Charge Collections Allocation Percentage” shall be the higher of the amount determined in accordance with clause (b) and the amount determined in accordance with clause (c). 

“Series Interchange” shall mean, with respect to any Distribution Date or Trust Distribution Date, as applicable, an amount
equal to the product of (x) the Series Interchange Allocation Percentage for the related Distribution Date and (y) Interchange for the related Due Period. 

“Series Interchange Allocation Percentage” shall mean, with respect to any Distribution Date or Trust Distribution Date, as
applicable, the percentage equivalent of a fraction the numerator of which shall be the amount of the Series Investor Interest and the denominator of which shall be the greater of (i) the amount of Principal Receivables in the Trust and
(ii) the Aggregate Investor Interest, in each case on the first day of the related Due Period. 
 “Series Invested
Amount” shall mean the product of (x) the sum of the Outstanding Dollar Principal Amounts for all Notes and (y) the Series 2007-CC Collateral Certificate Percentage. 

“Series Investor Charged-Off Amount” shall mean, with respect to this Series for any Distribution Date, an amount equal to
the product of (a) the Charged-Off Amount for such Distribution Date and (b) the Series Charge-Off Allocation Percentage. 

“Series Investor Interest” as of any date of determination shall (i) so long as the only collateral certificate owned by
the Note Issuance Trust is the Series 2007-CC Collateral Certificate, mean an amount equal to the sum, without duplication, of the Nominal Liquidation Amounts for each series, class or Tranche of Notes then outstanding or (ii) during any period
when Additional Collateral Certificates are owned by the Note Issuance Trust, have meaning set forth in the documents relating to such addition (provided that such documents are accepted and agreed to by the parties hereto). 

“Series Minimum Principal Receivables Balance” shall mean, with respect to the Series established hereby, on any date of
determination (a) if no series, class or Tranche of Notes has a Targeted Principal Deposit that is greater than zero or no Amortization Event has occurred and is then continuing with respect to this Series 2007-CC, the Series Investor Interest
on such date of 

  
 8 

 
determination, divided by 0.93, and (b)(i) if any series, class or Tranche of Notes has a Targeted Principal Deposit that is greater than zero, the sum of, without duplication, the Principal
Allocation Amounts for each such series, class or Tranche, multiplied by the Series 2007-CC Collateral Certificate Percentage, divided by 0.93 or (ii) if an Amortization Event has occurred and is continuing with respect to this Series
2007-CC, the Series Investor Interest as of the last day of the calendar month preceding the date of the occurrence of the Amortization Event, divided by 0.93 (in the event that clause (i) and clause (ii) are both applicable, then the
“Series Minimum Principal Receivables Balance” shall be the higher of the amount determined in accordance with clause (i) and the amount determined in accordance with clause (ii)) divided by 0.93; provided, however, that
Discover Funding as Holder of the Transferor Certificate may, upon 30 days’ prior notice to the Trustee and the Rating Agencies, reduce the Series Minimum Principal Receivables Balance by increasing the divisors set forth above, subject to the
condition that Discover Funding as Holder of the Transferor Certificate shall have been notified by the Rating Agencies that such reduction would not result in the lowering below or withdrawal of the Required Rating of any Class of any Series then
outstanding or of any series, class or Tranche of Notes then outstanding, and provided, further, that the divisors set forth above may not be increased to more than 0.98. 

“Series Percentage” shall mean, (a) for this Series with respect to Principal Collections, the “Series Principal
Collections Allocation Percentage,” and for each other Series with respect to Principal Collections, shall have the meaning set forth in the applicable Series Supplement, and (b) for this Series with respect to Finance Charge Collections,
the “Series Finance Charge Collections Allocation Percentage,” and for each other Series with respect to Finance Charge Collections, shall have the meaning set forth in the applicable Series Supplement. 

“Series Prefunding Negative Spread” shall mean the sum of the amounts of Prefunding Negative Spread for each Tranche of Notes
multiplied by the Series 2007-CC Collateral Certificate Percentage. 
 “Series Principal Amounts” with respect to
any series of Notes, shall have the meaning set forth in the applicable Indenture Supplement. 
 “Series Principal
Collections” shall mean, with respect to any day or any Distribution Date or Trust Distribution Date, as applicable, an amount equal to the product of (x) the Series Principal Collections Allocation Percentage for the related
Distribution Date and (y) the amount of Principal Collections for such day or for the related Due Period, as applicable. 

“Series Principal Collections Allocation Percentage” shall mean, with respect to any Distribution Date or any Trust
Distribution Date, as applicable, 
 (a) if no series, class or Tranche of Notes has a Targeted Principal Deposit that is greater than zero
or an Amortization Event is not then continuing with respect to this Series 2007-CC, the percentage equivalent of a fraction the numerator of which shall be the amount of the Series Investor Interest on the first day of the related Due Period and
the denominator of which shall be the greater of (i) the amount of Principal Receivables in the Trust on the first day of the related Due Period and (ii) the sum of the numerators used in calculating the components of the Series Percentage
with respect to Principal Collections for each Series then outstanding (including the Series established hereby) as of such Distribution Date or Trust Distribution Date, as applicable; 

  
 9 

 (b) if any series, class or Tranche of Notes has a Targeted Principal Deposit that is greater
than zero, the percentage equivalent of a fraction, the numerator of which shall be the sum of the Principal Allocation Amounts for each series, class or Tranche of Notes (without duplication) multiplied by the Series 2007-CC Collateral
Certificate Percentage; and the denominator of which shall be the greater of (i) the amount of Principal Receivables in the Trust on the first day of the related Due Period and (ii) the sum of the numerators used in calculating the
components of the Series Percentage with respect to Principal Collections for each Series then outstanding (including the Series established hereby) as of such Distribution Date or Trust Distribution Date, as applicable; or 

(c) if an Amortization Event has occurred and is then continuing with respect to this Series 2007-CC, the percentage equivalent of a fraction,
the numerator of which shall be the amount of the Series Investor Interest on the last day of the Due Period immediately preceding such Amortization Event and the denominator of which shall be the greater of (i) the amount of Principal
Receivables in the Trust on the first day of the related Due Period and (ii) the sum of the numerators used in calculating the components of the Series Percentage with respect to Principal Collections for each Series then outstanding (including
the Series established hereby) as of such Distribution Date or Trust Distribution Date, as applicable; 
 provided, however, in the event that clause
(b) and clause (c) of this definition are both applicable (i.e., if the Targeted Principal Deposit of any series, class or Tranche of Notes issued by the Note Issuance Trust is greater than zero and an Amortization Event has occurred and
is then continuing), then the “Series Principal Collections Allocation Percentage” shall be the higher of the amount determined in accordance with clause (b) and the amount determined in accordance with clause (c). 

“Series Required Principal Amount” shall mean, with respect to each Distribution Date of any Controlled Liquidation Period,
the product of (x) (i) if the related Due Period does not occur in February, 1.15 or (ii) if the related Due Period occurs in February, 1.05, and (y) the product of (A) the sum of the Targeted Principal Deposits minus
Targeted Prefunding Deposits for each Tranche of Notes for such Distribution Date and (B) the Series 2007-CC Collateral Certificate Percentage. 

“Series Servicing Fee” with respect to any series of Notes shall have the meaning set forth in the Indenture Supplement. 

“Series Supplement” shall have the meaning set forth in the recitals hereto or, as applicable, with respect to any other
Series issued by the Trust, the series supplement(s) relating to such Series, as such agreement may be amended, restated or supplemented from time to time. 

“Series Termination Date” shall mean, unless extended by the parties hereto, July 1, 2028 or, if earlier, the date on
which the Nominal Liquidation Amount for all series, classes and Tranches of Notes has been reduced to zero. 
 “Statement
Date” shall mean each Distribution Date, commencing in August 2007. 

  
 10 

 “Targeted Prefunding Deposit” with respect to any series, class or Tranche of
Notes shall have the meaning set forth in the applicable Indenture Supplement. 
 “Targeted Principal Deposit” with respect
to any series, class or Tranche of Notes shall have the meaning set forth in the applicable Indenture Supplement. 

“Tranche” shall have the meaning set forth in the Indenture. 

“Transferred Assets” shall have the meaning set forth in Section 18 hereto. 

“Trustee” shall have the meaning set forth in the recitals hereto. 

“United States” or “U.S.” shall mean the United States of America, its territories and possessions, any
State of the United States and the District of Columbia. 
 “Unscheduled Principal Distribution Amount Shortfall” shall
have the meaning set forth in step (65) (Allocation from the DCMT Group One Principal Collections Reallocation Account for Prefunding Shortfalls) of Section 3.01 of the Indenture Supplement for the DiscoverSeries and, as applicable,
with respect to each other Series of Investor Certificates then outstanding, shall have the meaning set forth in the applicable Series Supplement. 

“Verified Note Owner” shall have the meaning set forth in the Indenture. 

(c) Any provision of the Pooling and Servicing Agreement that requires confirmation that any action, amendment, event or other circumstance
will not result in a reduction below the Required Rating or withdrawal of the rating of any Class of any Series then outstanding as confirmed in writing by the Rating Agencies shall require satisfaction of the Rating Agency Condition with respect to
any applicable Note Rating Agency. 
 SECTION 2. No Subordination. Series 2007-CC shall not be subordinated in right of
payment to any other Series, whether currently outstanding or to be issued in the future. No other Series issued by the Trust may be subordinated in right of payment to Series 2007-CC. 

SECTION 3. Representations, Warranties and Covenants of the Transferor. 

(a) Representations and Warranties. The representations and warranties of the Transferor contained in Section 2.04 of the Pooling
and Servicing Agreement and the corresponding sections of any Assignment are true on and as of the Effective Date and/or the date set forth in the Pooling and Servicing Agreement, as applicable. The Transferor also represents and warrants to the
Trust as of the Effective Date that: 
 (i) The execution, delivery and performance of this Series Supplement by such Transferor have been
duly authorized by all necessary limited liability company action, do not require any approval or consent of any governmental agency or authority, do not and will not conflict with any material provision of the Certificate of Formation or the
Limited Liability Company Agreement of the Transferor, do not and will not conflict with, or result in a breach which would constitute a material default under, any agreement for borrowed money binding upon or applicable to it or such of its
property which is material to it, or, to the best of the 

  
 11 

 
Transferor’s knowledge, any law or governmental regulation or court decree applicable to it or such material property, and this Series Supplement is the valid, binding and enforceable
obligation of the Transferor, except as the same may be limited by receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or by general equity principles. 

(ii) The Pooling and Servicing Agreement creates a valid and enforceable security interest (as defined in the applicable UCC) which security
interest is prior to all other Liens and is enforceable as such against creditors of and purchasers from the Transferor, except as the same may be limited by receivership, insolvency, reorganization, moratorium or other laws relating to the
enforcement of creditors’ rights generally or by general equity principles. 
 (iii) The Receivables constitute “accounts”
within the meaning of Article 9 of the applicable UCC. 
 (iv) The Transferor has caused or will have caused, within ten days of the
Effective Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest (as defined in the applicable UCC) in the Receivables
conveyed to the Trustee under the Pooling and Servicing Agreement. 
 (v) Other than the sale, transfer, assignment and conveyance of the
Receivables to the Trust and the grant of a security interest therein pursuant to the Pooling and Servicing Agreement, the Transferor has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Receivables. 

(vi) The Transferor has not authorized the filing of and is not aware of any financing statements against the Transferor that include a
description of collateral covering the Receivables, other than any financing statement (i) relating to the interest of the Trust in the Receivables under the Pooling and Servicing Agreement or (ii) that has been terminated. 

(vii) The Transferor is not aware of any judgment or tax lien filings against it. 

(viii) The representations and warranties set forth in this Section 3(a) shall survive the transfer and assignment to the Trust
of the Receivables transferred to the Trust by the Transferor. 
 (b) Notice of Other Securitization. The Transferor shall provide
prior written notice to each Rating Agency if it enters into other securitization transactions and shall cause the pooling and servicing agreement or indenture related to such other securitization transactions to contain a provision similar to
Section 1602 of the Indenture. 

  
 12 

 SECTION 4. Representations, Warranties and Covenants of Discover Bank as Master Servicer
and Servicer. 
 (a) Representations and Warranties. The representations and warranties of Discover Bank as the Master Servicer
and as a Servicer contained in Section 3.04 of the Pooling and Servicing Agreement are true on and as of the Effective Date. Discover Bank as Master Servicer and Servicer also represents and warrants to the Trust as of the Effective Date that
the execution, delivery and performance of this Series Supplement by Discover Bank have been duly authorized by all necessary corporate action, do not require any approval or consent of any governmental agency or authority, do not and will not
conflict with any material provision of the Certificate of Incorporation or By-Laws of Discover Bank, do not and will not conflict with, or result in a breach which would constitute a material default under, any agreement for borrowed money binding
upon or applicable to it or such of its property which is material to it, or, to the best of Discover Bank’s knowledge, any law or governmental regulation or court decree applicable to it or such material property, and this Series Supplement is
the valid, binding and enforceable obligation of Discover Bank, except as the same may be limited by receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or by general
equity principles. 
 (b) Regulation AB Compliance. The Master Servicer and each Servicer agree that the provisions of Article XIV of
the Pooling and Servicing Agreement shall be for the benefit of the Note Issuance Trust. Without limiting the foregoing, the Master Servicer and each Servicer agree that (i) they will make available to the depositor for the Note Issuance Trust,
on or before the date on which the Note Issuance Trust is required to file its Annual Report pursuant to Section l3 or 15(d) of the Securities Exchange Act of 1934 on Form 10-K with the Commission (the “Note Issuance Trust’s Annual
Report Date”), such assessments, attestations, compliance certificates and other materials consistent in scope with those provided to the Transferor under Article XIV, (ii) they will provide such additional information and disclosures
as shall be necessary for any prospectus or other offering document for the Notes to comply with Regulation AB, consistent with the requirements of Article XIV, and (iii) they shall use their best efforts to cause any Servicing Participant used
by them (directly or indirectly) for the benefit of the Transferor to comply with the provisions of this Section 4(b) to the same extent as if such Servicing Participant were the Master Servicer or the Servicer. The Master Servicer and
each Servicer acknowledge that the depositor for the Note Issuance Trust or any other Person that will be responsible for signing the Sarbanes Certification on behalf of the Note Issuance Trust may rely on the certifications provided pursuant to
this Section 4(b) in signing a Sarbanes Certification and filing such certification with the Commission. 
 SECTION 5.
Representations and Warranties of Other Servicers. The representations and warranties of each Servicer (other than Discover Bank), if any, contained in Section 3.05 of the Pooling and Servicing Agreement are true and correct on and as of
the Effective Date. Each such Servicer also represents and warrants to the Trust as of the Effective Date that the execution, delivery and performance of this Series Supplement by such Servicer have been duly authorized by all necessary corporate
action, do not require any approval or consent of any governmental agency or authority, do not and will not conflict with any material provision of the Certificate of Incorporation or By-Laws of such Servicer, do not and will not conflict with, or
result in a breach which would constitute a material default under, any 

  
 13 

 
agreement for borrowed money binding upon or applicable to it or such of its property which is material to it, or, to the best of such Servicer’s knowledge, any law or governmental
regulation or court decree applicable to it or such material property, and this Series Supplement is the valid, binding and enforceable obligation of such Servicer, except as the same may be limited by receivership, insolvency, reorganization,
moratorium or other laws relating to the enforcement of creditors’ rights generally or by general equity principles. 
 SECTION 6.
Representations, Warranties and Covenants of the Trustee. 
 (a) Representations and Warranties. The representations and
warranties of the Trustee contained in Section 11.16 of the Pooling and Servicing Agreement are true on and as of the Effective Date. The Trustee also represents and warrants as of the Effective Date that the Trustee has full power, authority
and right to execute, deliver and perform this Series Supplement, and has taken all necessary action to authorize the execution, delivery and performance by it of this Series Supplement, and this Series Supplement has been duly executed and
delivered by the Trustee. 
 (b) Regulation AB Compliance. The Trustee agrees that the provisions of Article XIV of the Pooling and
Servicing Agreement shall be for the benefit of the Note Issuance Trust. Without limiting the foregoing, the Trustee agrees that (i) it will make available to the depositor for the Note Issuance Trust, on or before the Note Issuance
Trust’s Annual Report Date, such assessments, attestations, compliance certificates and other materials consistent in scope with those provided to the Transferor under Article XIV and (ii) it will provide such additional information and
disclosures as shall be necessary for any prospectus or other offering document for the Notes to comply with Regulation AB, consistent with the requirements of Article XIV. The Trustee acknowledges that the depositor for the Note Issuance Trust or
any other Person that will be responsible for signing the Sarbanes Certification on behalf of the Note Issuance Trust may rely on the certifications provided pursuant to this Section 6(b) in signing a Sarbanes Certification and filing
such certification with the Commission. 
 SECTION 7. Authentication of Certificates. Pursuant to the Original Series 2007-CC
Supplement, the Trustee has duly authenticated and delivered the Series 2007-CC Collateral Certificate in accordance with Section 6.06 of the Pooling and Servicing Agreement. The Series 2007-CC Collateral Certificate has been issued in fully
registered form, without coupons. 
 SECTION 8. Establishment and Administration of Investor Accounts. 

(a) The Series Distribution Account and Series Collections Account. The Trustee, for the benefit of the Certificateholders, shall cause
to be established and maintained in the name of the Trust, with the corporate trust department of an office or branch of either the Trustee or a Qualified Institution, two non-interest bearing segregated trust accounts (the “Series Distribution
Account;” and, for Collections, the “Series Collections Account”) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Trust shall possess all right, title
and interest in all funds on deposit from time to time in the Series Distribution Account and the Series Collections Account and in all proceeds thereof; provided, however, that all interest and earnings (less investment expenses) on funds on
deposit in any such account shall be paid to the Holder of the Transferor Certificate in 

  
 14 

 
accordance with Section 4.02(c) of the Pooling and Servicing Agreement. Pursuant to authority granted to it pursuant to Section 3.0l(b) of the Pooling and Servicing Agreement, the
Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Series Distribution Account and the Series Collections Account for the purpose of carrying out the duties of the Master Servicer hereunder. The Master
Servicer at all times shall maintain accurate records reflecting each transaction in the Series Distribution Account and the Series Collections Account. The Paying Agent also shall have the revocable authority to make withdrawals from the Series
Distribution Account. 
 (b) Reallocation Accounts. The Trustee, for the benefit of the Certificateholders, shall cause to be
established and maintained in the name of the Trust, with the corporate trust department of an office or branch of either the Trustee or a Qualified Institution, three non-interest bearing segregated trust accounts for the Group of which the Series
established hereby is a member (for reallocated Series Finance Charge Collections and similar amounts for other Series in the Group of which this Series is a member, the “Group Finance Charge Collections Reallocation Account,” for
reallocated Series Principal Collections and amounts used to reimburse charge-offs for this Series and other Series in the Group of which this Series is a member, the “Group Principal Collections Reallocation Account” and for reallocated
Series Interchange and similar amounts for other Series in the Group of which this Series is a member, the “Group Interchange Reallocation Account”) bearing a designation clearly indicating that the funds deposited therein are held for the
benefit of the Certificateholders. The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Group Finance Charge Collections Reallocation Account, the Group Principal Collections Reallocation Account and
the Group Interchange Reallocation Account and in all proceeds thereof; provided, however, that all interest and earnings (less investment expenses) on funds on deposit in any such account shall be paid to the Holder of the Transferor
Certificate in accordance with Section 4.02(c) of the Pooling and Servicing Agreement. Pursuant to authority granted to it pursuant to Section 3.0l (b) of the Pooling and Servicing Agreement, the Master Servicer shall have the
revocable power to instruct the Trustee to withdraw funds from the Group Finance Charge Collections Reallocation Account, the Group Principal Collections Reallocation Account and the Group Interchange Reallocation Account for the purpose of carrying
out the duties of the Master Servicer hereunder. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Group Finance Charge Collections Reallocation Account, the Group Principal Collections Reallocation
Account and the Group Interchange Reallocation Account. 
 (c) Transfer of Investor Accounts. If at any time any of the Investor
Accounts established in Sections 8(a) and 8(b) is not being held by the Trustee and the institution holding such Investor Account ceases to be a Qualified Institution, the Master Servicer shall within 10 Business Days establish a new
Investor Account (meeting any conditions specified in this Series Supplement with respect to such Investor Account) with a Qualified Institution and transfer any cash and/or any investments to such new Investor Account. 

SECTION 9. Allocations of Collections. 

(a) Deposits to Series Collections Account. On or before each Distribution Date, the Master Servicer shall direct the Trustee in
writing to withdraw from the Group Collections Account and deposit into the Series Collections Account an amount equal to the sum of the Series Finance Charge Collections, the Series Principal Collections and the Series Interchange for the related
Due Period. 

  
 15 

 (b) Deposits. The Master Servicer shall, on or before each Distribution Date, direct the
Trustee in writing that funds be paid or deposited in the following amounts, to the extent such funds are available and in the order of priority specified, to the account or Person indicated, in each case as set forth below. 

(1) Series Finance Charge Collections and Series Interchange to Series Distribution Account. An amount equal to the sum of
(x) Series Finance Charge Collections and (y) Series Interchange shall be withdrawn from the Series Collections Account and deposited into the Series Distribution Account. 

(2) Series Principal Collections to Series Distribution Account. An amount equal to the Series Principal Collections shall be
withdrawn from the Series Collections Account and deposited into the Series Distribution Account. 
 (3) Investor Servicing Fee from
Series Distribution Account. An amount equal to the lesser of 
  

	 	(x)	the Investor Servicing Fee and 

  

	 	(y)	the portion of the Series Servicing Fee payable to the Master Servicer under step 7 (Series Servicing Fees from Series Finance Charge Amounts) of Section 3.01 of the Indenture Supplement for
the DiscoverSeries (and any comparable step under any other Indenture Supplement, as applicable) 

 shall be withdrawn from the Series
Distribution Account and paid to the Master Servicer. The amount by which the Investor Serving Fee exceeds the amount of such payment shall be the “Investor Servicing Fee Shortfall.” 

(4) Reallocation to Group Finance Charge Collections Reallocation Account. An amount, if any, equal to the portion of Series Finance
Charge Amounts for each series of Notes that are to be reallocated to the Group Finance Charge Collections Reallocation Account under step (56) (Reallocation of Series Finance Charge Amounts to the DCMT Group One Finance Charge Collections
Reallocation Account) of Section 3.01 of the Indenture Supplement for the DiscoverSeries (and any comparable step under any other Indenture Supplement, as applicable) shall be withdrawn from the Series Distribution Account and deposited
into the Group Finance Charge Collections Reallocation Account. 
 (5) Reallocation to Group Interchange Reallocation Account. An
amount, if any, equal to the portion of Series Finance Charge Amounts for each series of Notes that are to be reallocated to the Group Interchange Reallocation Account under step (57) (Reallocation of Series Finance Charge Amounts to the
DCMT Group One Interchange Reallocation Account) of Section 3.01 of the Indenture Supplement for the DiscoverSeries (and any comparable step under any other Indenture Supplement, as applicable) shall be withdrawn from the Series
Distribution Account and deposited into the Group Interchange Reallocation Account. 

  
 16 

 (6) Reallocation from Group Finance Charge Collections Reallocation Account for Class A
Required Amount Shortfall. An amount equal to the lesser of 
  

	 	(x)	the Class A Required Amount Shortfall and 

  

	 	(y)	the product of 

  

	 	(1)	a fraction the numerator of which is the Class A Required Amount Shortfall for this Series and the denominator of which is the sum of the Class A Required Amount Shortfalls for this Series and the Class A
Required Amount Shortfalls for all Classes designated as Class A of all other Series in the Group to which the Series established hereby belongs (after giving effect to provisions in the applicable Series Supplements substantially similar to
the clauses preceding this clause (6)) and 

  

	 	(2)	the amount on deposit in the Group Finance Charge Collections Reallocation Account before any withdrawals therefrom with respect to any other Series pursuant to a comparable clause in the applicable Series Supplements,

 shall be withdrawn from the Group Finance Charge Collections Reallocation Account and deposited into the Series Distribution Account. The
Class A Required Amount Shortfall shall be reduced by the amount of such deposit. 
 (7) Reallocation from Group Finance Charge
Collections Reallocation Account for Class A Cumulative Investor Charged-Off Amount. An amount equal to the lesser of 
  

	 	(x)	the Class A Cumulative Investor Charged-Off Amount and 

  

	 	(y)	the product of 

  

	 	(1)	a fraction the numerator of which is the Class A Cumulative Investor Charged-Off Amount for this Series and the denominator of which is the sum of the Class A Cumulative Investor Charged-Off Amounts for this
Series and the Class A Cumulative Investor Charged-Off Amounts for all Classes designated as Class A of all other Series in the Group to which the Series established hereby belongs (after giving effect to provisions in the applicable
Series Supplements substantially similar to the clauses preceding this clause (7)) and 

  

	 	(2)	the amount on deposit in the Group Finance Charge Collections Reallocation Account before any withdrawals therefrom with respect to any other Series pursuant to a comparable clause in the applicable Series Supplements,

  
 17 

 shall be withdrawn from the Group Finance Charge Collections Reallocation Account and deposited into the Series
Distribution Account. The Class A Cumulative Investor Charged-Off Amount shall be reduced by the amount of such deposit. 
 (8)
Reallocation from Group Finance Charge Collections Reallocation Account for other Series. After the allocations set forth in clauses (6) and (7) are made, then (i) if there are one or more Subordinate Classes with respect to
any other Series in the Group to which the Series established hereby belongs, the allocations set forth in other Series Supplements which are substantially similar to clauses (6) and (7) shall be made with respect to each other such Class,
in alphabetical order, to the extent that funds are available pursuant to this clause (8) and (ii) following the allocations set forth in clause (i), any other allocations set forth in other Series Supplements with respect to funds on
deposit in the Group Finance Charge Collections Reallocation Account shall be made in accordance with such Series Supplements, to the extent that funds are available pursuant to this clause (8). For purposes of calculating the amount to be withdrawn
from the Group Finance Charge Collections Reallocation Account and paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the Credit Enhancement Agreement, the Series Investor Interest of the Series
established hereby shall be treated as zero. 
 (9) Reallocation from Group Interchange Reallocation Account for Class A Required
Amount Shortfall. An amount equal to the lesser of 
  

	 	(x)	the Class A Required Amount Shortfall and 

  

	 	(y)	the product of 

  

	 	(l)	a fraction the numerator of which is the Class A Required Amount Shortfall and the denominator of which is the sum of the Class A Required Amount Shortfalls for this Series and the Class A Required Amount
Shortfall for all Classes designated as Class A of all other Interchange Series in the Group to which the Series established hereby belongs (after giving effect to provisions in the applicable Series Supplements substantially similar to the
clauses preceding this clause (9)) and 

  

	 	(3)	 the amount on deposit in the Group Interchange Reallocation Account before any withdrawals

  
 18 

	 	
therefrom with respect to any other Series pursuant to a comparable clause in the applicable Series Supplements, 

shall be withdrawn from the Group Interchange Reallocation Account and deposited into the Series Distribution Account. The Class A Required Amount
Shortfall shall be reduced by the amount of such deposit. 
 (10) Reallocation from Group Interchange Reallocation Account for
Class A Cumulative Investor Charged-Off Amount. An amount equal to the lesser of 
  

	 	(x)	the Class A Cumulative Investor Charged-Off Amount and 

  

	 	(y)	the product of 

  

	 	(1)	a fraction the numerator of which is the Class A Cumulative Investor Charged-Off Amount for this Series and the denominator of which is the sum of the Class A Cumulative Investor Charged-Off Amounts for this
Series and the Class A Cumulative Investor Charged-Off Amount for all Classes designated as Class A of all other Interchange Series in the Group to which the Series established hereby belongs (after giving effect to provisions in the
applicable Series Supplements substantially similar to the clauses preceding this clause (10)) and 

  

	 	(2)	the amount on deposit in the Group Interchange Reallocation Account before any withdrawals therefrom with respect to any other Series pursuant to a comparable clause in the applicable Series Supplements,

 shall be withdrawn from the Group Interchange Reallocation Account and deposited into the Series Distribution Account. The Class A
Cumulative Investor Charged-Off Amount shall be reduced by the amount of such deposit. 
 (11) Reallocation from Group Interchange
Reallocation Account for other Series. After the allocations set forth in clauses (9) and (10) are made, then (i) if there are one or more Subordinate Classes with respect to any other Interchange Series in the Group to which the
Series established hereby belongs, the allocations set forth in other Series Supplements which are substantially similar to the allocations set forth in clauses (9) and (10) shall be made with respect to each other such Class, in
alphabetical order, to the extent that funds are available pursuant to this clause (11) and (ii) following the allocations set forth in clause (i), any other allocations set forth in other Series Supplements with respect to funds on
deposit in the Group Interchange Reallocation Account shall be made in accordance with such Series Supplements, to the extent that funds are available pursuant to this clause (11). For purposes of calculating the

  
 19 

 
amount to be withdrawn from the Group Interchange Reallocation Account and paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the Credit Enhancement
Agreement, the Series Investor Interest of the Series established hereby shall be treated as zero. 
 (12) Investor Servicing Fee
from Series Distribution Account after Reallocations. An amount equal to the lesser of 
  

	 	(x)	the Investor Servicing Fee Shortfall after step (3) and 

  

	 	(y)	the portion of the Series Servicing Fee payable to the Master Servicer under step 14 (Series Servicing Fee Shortfall from Reallocated Finance Charge Amounts) of Section 3.01 of the Indenture Supplement for
the DiscoverSeries (and any comparable step under any other Indenture Supplement, as applicable), 

 shall be withdrawn from the Series
Distribution Account and paid to the Master Servicer. The Investor Servicing Fee Shortfall shall be reduced by the amount of such payment. 

(13) Reallocation from Subordinated Notes Principal for Investor Servicing Fee Shortfall. An amount equal to the lesser of 

 

	 	(x)	the Investor Servicing Fee Shortfall after step (12) and 

  

	 	(y)	the portion of the Series Servicing Fee payable to the Master Servicer under each of steps (41) (Series Servicing Fee Shortfall from Class D Principal), (42) (Series Servicing Fee Shortfall from Class C
Principal) and (43) (Series Servicing Fee Shortfall from Class B Principal), as applicable, of Section 3.01 of the Indenture Supplement for the DiscoverSeries (and any comparable steps under any other Indenture
Supplement, as applicable) 

 Shall be withdrawn from the Series Distribution Account and paid to the Master Servicer. 

(14) Reallocation to Group Principal Collections Reallocation Account. An amount, if any, equal to the portion of Series Principal
Amounts for each series of Notes that are to be reallocated to the Group Principal Collections Reallocation Account under step (79) (Reallocation of Series Principal Amounts to the DCMT Group One Principal Collections Reallocation
Account) of Section 3.01 of the Indenture Supplement for the DiscoverSeries (and any comparable step under any other Indenture Supplement, as applicable) shall be withdrawn from the Series Distribution Account and deposited into the Group
Principal Collections Reallocation Account. 

  
 20 

 (15) Reallocation from Group Principal Collections Reallocation Account for Class A
Principal Distribution Amount Shortfall. An amount equal to the lesser of 
  

	 	(x)	the Class A Principal Distribution Amount Shortfall and 

  

	 	(y)	the product of 

  

	 	(1)	a fraction the numerator of which is the Class A Principal Distribution Amount Shortfall for this Series and the denominator of which is the sum of the Class A Principal Distribution Amount Shortfall for this
Series and the Principal Distribution Amount Shortfalls allocable to all Class A Certificates of all other Series in the Group to which the Series established hereby belongs that are in their Accumulation Periods or Controlled Liquidation
Periods, as applicable (after giving effect to provisions in the applicable Series Supplements substantially similar to the clauses preceding this clause (15)) and 

 

	 	(2)	the amount on deposit in the Group Principal Collections Reallocation Account before any withdrawals therefrom with respect to any other Series pursuant to a comparable clause in the applicable Series Supplements,

 shall be withdrawn from the Group Principal Collections Reallocation Account and deposited into the Series Distribution Account. The
Class A Principal Distribution Amount Shortfall shall be reduced by the amount of such deposit. 
 (16) Reallocation from Group
Principal Collections Reallocation Account for other Series. After the allocations set forth in clause (15) are made, then (i) if there are one or more Subordinate Classes with respect to any other Series in the Group to which the
Series established hereby belongs, the allocations set forth in other Series Supplements which are substantially similar to clause (15) shall be made with respect to each other such Class, in alphabetical order and (ii) following the
allocations set forth in clause (i), any other allocations set forth in other Series Supplements with respect to funds on deposit in the Group Principal Collections Reallocation Account shall be made in accordance with such Series Supplements, to
the extent that funds are available pursuant to this clause (16). 
 (17) Reallocation from Group Principal Collections Reallocation
Account for Unscheduled Principal Distribution Amount Shortfall. An amount equal to the lesser of 
  

	 	(x)	the Unscheduled Principal Distribution Amount Shortfall and 

  
 21 

	 	(y)	the product of 

  

	 	(1)	a fraction the numerator of which is the Unscheduled Principal Distribution Amount Shortfall for this Series and the denominator of which is the sum of the Unscheduled Principal Distribution Amount Shortfall for this
Series and the Unscheduled Principal Distribution Amount Shortfall for any other Series in the Group to which the Series established hereby belongs (after giving effect to provisions in the applicable Series Supplements substantially similar to the
clauses preceding this clause (17)), and 

  

	 	(2)	the amount on deposit in the Group Principal Collections Reallocation Account before any withdrawals therefrom with respect to any other Series pursuant to a comparable clause in the applicable Series Supplements,

 shall be withdrawn from the Group Principal Collections Reallocation Account and deposited into the Series Distribution Account. 

(18) After all allocations from the Group Principal Collections Reallocation Account to be made pursuant to any other Series Supplement for
any Series that is a member of the same Group of which the Series established hereby is a member have been made, the amount remaining on deposit in the Group Principal Collections Reallocation Account shall be withdrawn from the Group Principal
Collections Reallocation Account and deposited into the Collections Account. 
 (19) An amount equal to the portion of Series Principal
Amounts for each series of Notes that are to be deposited into the Collections Account pursuant to step (80) (Remaining Series Principal Amounts to Collections Account for the DCMT for Reinvestment in New Receivables) of
Section 3.01 of the Indenture Supplement for the DiscoverSeries (and any comparable step under any other Indenture Supplement, as applicable) shall be withdrawn from the Series Distribution Account and deposited into the Collections Account.

 (20) All remaining amounts in the Series Distribution Account shall be paid to the Indenture Trustee for application in accordance with
the Indenture and each applicable Indenture Supplement. 
 (21) After all other allocations have been provided for with respect to each
Series then outstanding (whether or not such Series is a member of the same Group as the Series established hereby), the lesser of 
  

	 	(x)	the amount of Transferor Interest and 

  

	 	(y)	the amount on deposit in the Collections Account 

  
 22 

 shall be paid to the Holder of the Transferor Certificate. If, after such payment, any amounts remain on deposit
in the Collections Account, such amounts shall remain in the Collections Account for allocation as Principal Collections on the next Trust Distribution Date. 

SECTION 10. Servicing Compensation. As compensation for its servicing activities hereunder and under the Pooling and
Servicing Agreement and reimbursement of its expenses as set forth in Section 3.03 of the Pooling and Servicing Agreement (including, without limitation, its servicing activities as Calculation Agent under the Indenture), the Master Servicer
shall be entitled to receive the Investor Servicing Fees with respect to the Series established hereby in respect of any Due Period (or portion thereof) prior to the earlier of the date on which the Series Investor Interest is reduced to zero and
the Series Termination Date. The Investor Servicing Fees shall be paid to the Master Servicer on each Distribution Date pursuant to the terms hereof and the Indenture and each applicable Indenture Supplement. 

SECTION 11. Investor Certificateholders’ Monthly Statement. On each Statement Date, a statement substantially in the
form of Exhibit B as prepared by the Trustee (based on information provided by the Master Servicer) setting forth the information listed thereon shall be available to the Investor Certificateholder and to any holder of Notes from the Trustee
and each Paying Agent. 
 SECTION 12. Purchase of Notes; Sales of Receivables. 

(a) The Indenture Supplement for the DiscoverSeries and any additional Indenture Supplement issued with respect to any Notes may provide that
if, as of any Distribution Date (after giving effect to any payments calculated pursuant to Section 3.01 or an equivalent section of the applicable Indenture Supplement made on such Distribution Date), the Outstanding Dollar Principal Amount
with respect to any series, class or Tranche of Notes is less than or equal to 5% of the Initial Principal Dollar Amount of each corresponding Tranche or Tranches of Notes, the Transferor, or an Affiliate of the Transferor, may elect to repurchase
such series, class or Tranche of Notes. In the event of such election, the Calculation Agent shall request that Discover Funding, as Holder of the Transferor Certificate, purchase and cancel a portion of the Series Investor Interest equal to the
product of (x) the Nominal Liquidation Amount of such series, class or Tranche of Notes and (y) the Series 2007-CC Collateral Certificate Percentage (such portion, the “Clean-Up Call Amount”) by depositing into the Series
Distribution Account, on the immediately succeeding Distribution Date, an amount equal to the Clean-Up Call Amount. If Discover Funding as Holder of the Transferor Certificate deposits the Clean-Up Call Amount into the Series Distribution Account,
the Master Servicer shall direct the Trustee in writing to withdraw the Clean-Up Call Amount from the Series Distribution Account and pay such amount to the Indenture Trustee for distribution in accordance with the applicable Indenture Supplement.

 (b) If there has been an Event of Default and acceleration of any series, class or Tranche of Notes under the Indenture, and the
Indenture Trustee is directed to cause the sale of Receivables in accordance with Section 705 of the Indenture and the provisions of the applicable Indenture Supplement, or if the applicable Indenture Supplement otherwise authorizes the
Indenture Trustee (in its discretion) to cause a sale and any conditions precedent thereto have been satisfied, the Indenture Trustee shall notify the Trustee of the amount of Receivables to be 

  
 23 

 
sold, which shall equal the Nominal Liquidation Amount of each affected series, class or Tranche, as applicable, plus accrued interest thereon multiplied by the Series 2007-CC Collateral
Certificate Percentage (the “Receivables Sale Amount”). Receivables (or interests therein) in an amount equal to the Receivables Sale Amount shall be sold on behalf of the Trust by an institution acceptable to the Trustee, the Indenture
Trustee and the Master Servicer that is either (i) a nationally recognized investment bank, (ii) a nationally recognized commercial bank or (iii) any other institution whose regular business includes the sale of receivables similar to
the Receivables in the Trust; provided, however, that in no event shall the amount of Receivables sold hereunder with respect to any series, class or Tranche, as applicable, exceed the product of (A) the aggregate amount of Receivables
in the Trust and (B) a fraction the numerator of which is the product of the Nominal Liquidation Amount of such series, class or Tranche, as applicable, and the Series 2007-CC Collateral Certificate Percentage, and the denominator of which is
the Aggregate Investor Interest, in each case, as of the close of business on the last day of the Due Period immediately preceding the month in which such Receivables sale occurs; and provided, further, the Receivables selected to be sold
hereunder shall not be materially different from the Receivables remaining in the Trust as of such selection date and shall be selected at random from the Receivables. The proceeds (the “Receivables Sale Proceeds”) therefrom shall
be paid to the Trust and immediately deposited into the Series Distribution Account and paid to the Indenture Trustee immediately following such deposit. Such payment shall be deemed to be the final distribution with respect to the affected Tranche.
No Originator and no affiliate or agent of any Originator shall be permitted to bid for or purchase Receivables pursuant to this Section 12(b); provided, however, that an affiliate or agent of any Originator may act as selling
institution for the sale as specified in the first sentence of this Section 12(b), so long as such affiliate or agent does not act as principal in connection with such sale. 

SECTION 13. Ratification of Pooling and Servicing Agreement. As supplemented and amended by this Series Supplement, the Pooling
and Servicing Agreement is in all respects ratified and confirmed and the Pooling and Servicing Agreement as so supplemented by this Series Supplement shall be read, taken, and construed as one and the same instrument. 

SECTION 14. Counterparts. This Series Supplement may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 
 SECTION 15.
Governing Law. This Series Supplement and all disputes arising out of or relating to it shall be construed in accordance with the internal laws of the State of New York, without reference to its conflict of law provisions that would result in
the application of the law of any state other than New York, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws. 

SECTION 16. Intention of Parties. The parties intend the sale, transfer, assignment or conveyance of Receivables, Interchange and
all proceeds thereof in connection herewith to be a sale of financial assets in connection with a securitization and an absolute transfer for all purposes (unless otherwise required under applicable law). The parties intend the sale, transfer,
assignment or conveyance of Receivables in connection herewith to be treated as a sale for accounting purposes. 

  
 24 

 SECTION 17. Amendment for Sale Accounting Purposes. If the Transferor determines that
(i) an amendment to this Agreement or the Pooling and Servicing Agreement is necessary or desirable for such Transferor to maintain or establish sale accounting treatment under then-applicable financial accounting standards, and (ii) the
Transferor cannot enter into such amendment pursuant to Section 13.01 of the Pooling and Servicing Agreement without obtaining the consent of a specified percentage of Investor Certificateholders, then the Master Servicer, the Transferor, the
Trustee and the Servicers may nonetheless enter into such amendment without obtaining the consent of any Certificateholder of any Investor Certificates of this Series so long as the Rating Agency Condition shall have been satisfied. 

Any such amendment may include, without limitation, any changes necessary to convert the Trust from a “one-tier” securitization
structure to a “two-tier” securitization structure. Notwithstanding the foregoing, any Investor Certificateholder that acquires an Investor Certificate of this Series will be deemed to have consented to any such amendment for all purposes,
including for purposes of calculating whether the requisite consent percentage, if any, under Section 13.01 of the Pooling and Servicing Agreement has been received for any amendment that requires such consent because of the lack of provisions
comparable to this Section 17 in the Series Supplements for other Series then outstanding (except that Investor Certificates beneficially owned by the Transferor or any affiliate or agent of the Transferor will not be included in any
such calculation). 
 SECTION 18. Election Under Delaware Asset-Backed Securities Facilitation Act. Without limiting any other
provisions of the Pooling and Servicing Agreement or this Series Supplement, the parties hereto agree that (a) the transactions contemplated hereby constitute a “securitization transaction” and (b) to the fullest extent permitted
under applicable law, including without limitation, the Asset-Backed Securities Facilitation Act Delaware Code An. tit. 6, § 2701 A et seq: (1) all right, title and interest to the Receivables, whether now existing or hereafter acquired,
all monies due or to become due with respect thereto, all proceeds of such Receivables and all Interchange (the “Transferred Assets”), which have been transferred to the Trust in connection with the securitization transactions contemplated
herein, shall be deemed to no longer be the property, assets or rights of the Transferor; (2) the Transferor, its creditors or, in any insolvency proceeding with respect to the Transferor or the Transferor’s property, a bankruptcy trustee,
receiver, debtor, debtor in possession or similar person, shall have no rights, legal or equitable, whatsoever to reacquire, reclaim, recover, repudiate, disaffirm, redeem or recharacterize as property of the Transferor any of the Transferred
Assets; and (3) in the event of a bankruptcy, receivership or other insolvency proceeding with respect to the Transferor or the Transferor’s property, such Transferred Assets shall not be deemed to be part of the Transferor’s
property, assets, rights or estate. 
 SECTION 19. Increases to Series Investor Interest. In connection with any issuance of
Notes, Discover Funding shall transfer to the Note Issuance Trust an additional fractional undivided interest in the assets of the Trust as represented by an increase in the Series Investor Interest for the Series 2007-CC Collateral Certificate from
time to time, subject to the satisfaction of the conditions described below: 
 (a) The Calculation Agent shall have notified Discover
Funding, as Holder of the Transferor Certificate, of the issuance of such Notes and Discover Funding shall have 

  
 25 

 
notified the Calculation Agent of its intention to transfer to the Note Issuance Trust an additional fractional undivided interest in the assets of the Trust as represented by an increase in the
Series Investor Interest in an amount equal to the product of (i) the Nominal Liquidation Amount of any Notes to be issued by the Note Issuance Trust and (ii) the percentage of the Nominal Liquidation Amount of such Notes to be allocated
to the Series 2007-CC Collateral Certificate, as determined by Discover Funding as beneficiary of the Note Issuance Trust; 
 (b) Discover
Funding, as Holder of the Transferor Certificate, shall have received an amount equal to (i) the issuance proceeds received by the Note Issuance Trust in connection with the corresponding issuance of Notes, multiplied by the percentage
of the Nominal Liquidation Amount of such Notes to be allocated to the Series 2007-CC Collateral Certificate, minus (ii) the sum of (x) any issuance expenses relating to such notes multiplied by the percentage of the Nominal
Liquidation Amount of such Notes to be allocated to the Series 2007-CC Collateral Certificate and (y) any amounts required to be retained in any reserve account or subaccount for the Note Issuance Trust in connection with such issuance of
Notes, multiplied by the percentage of the Nominal Liquidation Amount of such Notes to be allocated to the Series 2007-CC Collateral Certificate; 

(c) Discover Funding, as Holder of the Transferor Certificate, shall have notified the Trustee, in writing, at least one business day in
advance of the date upon which the Series Investor Interest is to be increased, which notice shall state the amount of such increase in the Series Investor Interest; 

(d) The Transferor shall have delivered to the Trustee written confirmation from the Rating Agencies that they will not, as a result of the
increase, reduce the rating below the Required Rating of any Class of any Series outstanding at the time of the increase; and 
 (e)
Discover Funding, as Holder of the Transferor Certificate, shall not be required to designate Additional Accounts or convey a Participation interest to the Trust pursuant to Section 2.10(a) of the Pooling and Servicing Agreement as a result of
such increase. 
 Upon any increase in the Series Investor Interest the Trustee shall make appropriate entries in the certificate registrar
for the Series 2007-CC Collateral Certificate in the amount of the increase. 
 SECTION 20. Amendments for Additional Collateral
Certificates. Concurrently with the effectiveness of any documents relating to the assignment of any Additional Collateral Certificates (or, if applicable, direct interests in pools of credit card receivables) to the Note Issuance Trust, the
parties hereto may amend this agreement without notice to or the consent of any Investor Certificateholder (or the holders of any series, class or Tranche of Notes then outstanding) to the extent necessary to reflect any changes in the definitions
of “Series Excess Spread” and “Series Investor Interest” set forth herein, and to otherwise reflect any allocations or other provision with respect to the Notes or such Additional Collateral Certificates (or, if applicable,
direct interests in pools of credit card receivables) subject to the condition that Discover Funding as Holder of the Transferor Certificate shall have been notified by the Rating Agencies that such amendment would not result in the lowering or
withdrawal of the rating below the Required Rating of any Class of any Series then outstanding. 

  
 26 

 SECTION 21. Dispute Resolution. 

(a) If a Person, including any Certificateholder or a Verified Note Owner, makes a request to Discover Funding to repurchase a Receivable
pursuant to Section 2.07 of the Pooling and Servicing Agreement (the “Requesting Party”) and such repurchase request has not been fulfilled or otherwise resolved within 180 days of the related Receivable Repurchase Event, the
Requesting Party will have the right to refer the matter, at its discretion, to either mediation (including non-binding arbitration) or arbitration pursuant to this Section 21; provided, however, that any such referral
shall be made within 90 days of the delivery of the monthly statement following the end of such 180 day period. 
 (b) The Requesting Party
will provide notice through DTC communication procedures or otherwise in accordance with the provisions of Section 13.05 of the Pooling and Servicing Agreement of its intention to refer the matter to mediation (including non-binding
arbitration) or arbitration, as applicable, to Discover Funding. Discover Funding agrees to the resolution method selected by the Requesting Party. Discover Funding shall provide notice to Discover Bank, the Note Issuance Trust, the Trustee and the
Indenture Trustee that Discover Funding has received a request to mediate or arbitrate a repurchase request. 
 (c) If the Requesting Party
selects mediation as the resolution method, the following provisions will apply: 
 (i) The mediation will be administered by the American
Arbitration Association (the “AAA”) or, if the AAA no longer exists, another nationally recognized mediation organization selected by the Master Servicer, pursuant to such association’s mediation procedures in effect at such time.

 (ii) The fees and expenses of the mediation will be allocated as mutually agreed by the parties as part of the mediation. 

(iii) The mediator will be appointed from a roster of neutrals maintained by the AAA and must be an attorney admitted to practice in the
State of New York and have at least 15 years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters. 

  
 27 

 (d) If the Requesting Party selects arbitration as the resolution method, the following
provisions will apply: 
 (i) The arbitration will be administered by the AAA or, if the AAA no longer exists, another nationally
recognized arbitration organization selected by the Master Servicer, and conducted pursuant to such association’s arbitration procedures in effect at such time. 

(ii) The arbitrator will be appointed from a roster of neutrals maintained by AAA and must be an attorney admitted to practice in the State
of New York and have at least 15 years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters. 

(iii) The arbitrator will make its final determination no later than [90] days after appointment or as soon as practicable thereafter. The
arbitrator will resolve the dispute in accordance with the terms of this Agreement and the Pooling and Servicing Agreement, and may not modify or change this Agreement or the Pooling and Servicing Agreement in any way. The arbitrator will not have
the power to award punitive damages or consequential damages in any arbitration conducted by it, and Discover Funding shall not be required to pay more than the amount required under Section 2.07 of the Pooling and Servicing Agreement plus any
fees and expenses related to the arbitration with respect to any Receivable which such Requested Party is required to repurchase under the terms of the Pooling and Servicing Agreement. In its final determination, the arbitrator will determine and
award the costs of the arbitration (including the fees of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and reasonable attorneys’ fees to the parties as determined by the arbitrator in its
reasonable discretion. The determination of the arbitrator will be in writing and counterpart copies will be promptly delivered to the parties. The determination will be final and non-appealable absent manifest error and may be enforced in any court
of competent jurisdiction. 
 (iv) By selecting arbitration, the Requesting Party is waiving the right to sue in court, including the right
to a trial by jury. 
 (v) No person may bring a putative or certified class action to arbitration. 

(e) The following provisions will apply to both mediations and arbitrations: 

(i) Any mediation or arbitration will be held in [New York, New York] or such other location mutually agreed to by the Requesting Party and
Discover Funding; 
 (ii) Notwithstanding this dispute resolution provision, the parties will have the right to seek provisional relief
from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, provided such relief would otherwise be available by law; 

(iii) Each ADR Proceeding, including the occurrence of such ADR Proceeding, the nature and amount of any relief sought or granted and the
results of any discovery taken in such ADR Proceeding, shall be kept strictly confidential by each of Discover 

  
 28 

 
Funding and the Requesting Party, except as necessary in connection with a judicial challenge to or enforcement of an award, or as otherwise required by law. The Trustee and the Indenture Trustee
shall have no obligation to provide any Certificateholder or Note Owner (other than any Certificateholder or Verified Note Owner directing the Trustee’s or Indenture Trustee’s actions, if any) with any information that it receives with
respect to an ADR Proceeding by virtue of its being a Requesting Party. 
 (iv) Any expenses incurred by the Trustee or Indenture Trustee
acting as the Requesting Party pursuant to this Section 21 shall be subject to reimbursement pursuant to the terms set forth in Section 11.05 of the Pooling and Servicing Agreement and Section 806 of the Indenture, as
applicable. 
 SECTION 22. Asset Representations Review. Discover Funding shall (i) cooperate with procedures for a review
of the representations and warranties to be tested pursuant to the Asset Representations Review Agreement, and (ii) provide the Asset Representations Reviewer with reasonable access to Discover Funding’s offices and information databases
upon the initiation of an Asset Representations Review as set forth in Section 715 of the Indenture. 
 SECTION 23.
Effectiveness. This Series Supplement amends and restates the Original Series 2007-CC Supplement as of the Effective Date. Prior to the Effective Date, the Original Series 2007-CC Supplement shall remain in full force and effect and is in all
respects ratified and confirmed. Upon the effectiveness of this Series Supplement on the Effective Date, the terms and provisions of the Original Series 2007-CC Supplement shall be restated in their entirety (other than as set forth in
Section 2.01(d) of the Pooling and Servicing Agreement) and each reference to the Original Series 2007-CC Supplement in any other document, instrument or agreement shall mean a reference to this Series Supplement. 

  
 29 

 IN WITNESS WHEREOF, the Transferor, the Master Servicer, the Servicer and the Trustee have caused this Series
Supplement to be duly executed by their respective officers thereunto duly authorized as of the date and year first above written. 
  

	
	DISCOVER BANK,
	as Master Servicer and Servicer
	
	  

	Michael F. Rickert
	Vice President, Chief Financial Officer and Treasurer
	
	 DISCOVER FUNDING LLC,
 as
Transferor

	
	  

	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

	
	  

	Edwin Janis
	Vice President

 EXHIBIT A 

Form of Series 2007-CC Investor Certificate 

 EXHIBIT B 

Form of investor Certificateholders’ Monthly Statement 

Discover Card Master Trust I 

Series 2007-CC Monthly Statement 

 Exhibit B 

Form of Investor Certificateholders’ Monthly Statement 

Discover Card Master Trust I 

Series 2007-CC Monthly Statement 
  

					
	Distribution Date:                  ,         	 		  	Month Ending:                  ,         

 Pursuant to the Series Supplement dated as of December [    ], 2015, as amended, (the “Series
Supplement”) relating to the Third Amended and Restated Pooling and Servicing Agreement dated as of December [    ], 2015, as amended, by and between Discover Bank and U.S. Bank National Association as Trustee (the
“Pooling and Servicing Agreement”), the Trustee is required to prepare certain information each month regarding current distributions to investors and the performance of Discover Card Master Trust I (the “Master Trust”). We have
set forth below this information and certain other information required under the Securities Exchange Act of 1934, as amended, for the Distribution Date listed above, as well as for the calendar month ended on the date listed above. Capitalized
terms used in this report without definition have the meanings given to them in the Pooling and Servicing Agreement and the Series Supplement. The Pooling and Servicing Agreement and the Series Supplement were filed with the Securities and Exchange
Commission as follows: 
  

			
	Third Amended and Restated Pooling and Servicing Agreement	  	As Exhibit [    ] to the [            ] filed on [            ] under the file number
[            ], as amended.
		
	Series Supplement	  	As Exhibit [    ] to the [            ] filed on [            ] under the file number
[            ], as amended.

  

	1.	Principal Receivables at the end of [Month][Year] 

  

											
	 	 	 	  	Beginning
Principal Balance	 	  	Ending
Principal Balance	 
	 (a)
	 	 Aggregate Investor Interest (including Series 2007-CC Investor Interest)
	  	$	            	  	  	$	            	  
				
		 	 Seller Interest
	  	$	            	  	  	$	            	  
				
		 	 Total Master Trust
	  	$	            	  	  	$	            	  
				
	 (b)
	 	 Group One Investor Interest
	  	$	            	  	  	$	            	  
				
	 (c)
	 	 Series 2007-CC Investor Interest
	  	$	            	  	  	$	            	  
				
	 (d)
	 	 Total Master Trust # of Accounts
	  				  			
			
	 (e)
	 	 Minimum Principal Receivables Balance at the End of Month 1
	   
	  	$	                	  
			
	 (f)
	 	 Amount by which Master Trust Receivables Exceeded the Minimum Principal Receivables Balance at the End of Month
	    
	  	$	            	  
			
	 (g)
	 	 Percentage of the principal receivables that reflect Seller Interest
	   
	  	 	    	% 

  

	2.	Allocation Percentages at the beginning of [Month][Year] (after giving effect to any increases in the Aggregate Investor Interest or the Series 2007-CC Investor Interest occurring during the month)

  

							
	 (a)
	  	 Series 2007-CC Finance Charge Collections Allocation Percentage
	  	 	    	% 
			
	 (b)
	  	 Series 2007-CC Principal Collections Allocation Percentage
	  	 	    	% 
			
	 (c)
	  	 Series 2007-CC Charge-Off Allocation Percentage
	  	 	    	% 
			
	 (d)
	  	 Series 2007-CC Interchange Allocation Percentage
	  	 	    	% 

	3.	Allocation of Receivables and other amounts collected during [Month][Year] 

  

															
	 	  	 	  	Finance Charge
Collections	 	 	Principal
Collections	 	  	Interchange	 
	 (a)
	  	 Allocation between Investors and Seller:
	  				 				  			
					
		  	 Aggregate Investor Allocation (including Series 2007-CC Allocation)
	  	$	            	  	 	$	            	  	  	$	            	  
					
		  	 Seller Allocation
	  	$	            	  	 	$	            	  	  	$	            	  
					
	 (b)
	  	 Group One Allocation
	  	$	            	  	 	$	            	  	  	$	            	  
					
	 (c)
	  	 Series 2007-CC Allocation
	  	$	            	  	 	$	            	  	  	$	            	  
					
	 (d)
	  	 Reallocation to Series 2007-CC from Other Series
	  	$	            	  	 	$	            	  	  	$	            	  
					
	 (e)
	  	 Reallocation from Series 2007-CC to Other Series
	  	$	            	  	 	$	            	  	  	$	            	  
					
	 (f)
	  	 Group One Portfolio Yield, as an annualized percentage of the Aggregate Investor Interest (FCC yield excludes principal
recoveries)
	  	 	    	% 	 	 	N/A	  	  	 	    	% 
					
	 (g)
	  	 Series 2007-CC Portfolio Yield, as an annualized percentage of the Series Investor Interest (FCC yield excludes principal
recoveries)
	  	 	    	% 	 	 	N/A	  	  	 	    	% 
			
	 (h)
	  	 Principal Collections as a monthly percentage of Master Trust Receivables at the beginning of [Month][Year]
	    
	  	 	    	% 
			
	 (i)
	  	 Finance Charge Collections as a monthly percentage of Master Trust Receivables at the beginning of [Month][Year]
	    
	  	 	    	% 
			
	 (j)
	  	 Total Collections as a monthly percentage of Master Trust Receivables at the beginning of [Month][Year]
	    
	  	 	    	% 
			
	 (k)
	  	 Interchange as a monthly percentage of Master Trust Receivables at the beginning of [Month][Year]
	    
	  	 	    	% 
			
	 (l)
	  	 Total Collections and Interchange as a monthly percentage of Master Trust Receivables at the beginning of
[Month][Year]
	    
	  	 	    	% 
				
	 	  	 	 	 	Prior Month	 	  	[Month][Year]	 
	 (m)
	  	 Trust Collections deposited for the month 2
	   
	 	$	            	  	  	$	            	  

  

	4.	Investor Charged-Off Amount 

  

											
	 	  	 	  	[Month][Year]	 	 	Cumulative
Reductions in
Series Investor
Interests Due to
Unreimbursed
Investor
Charged-off
Amounts	 
	 (a)
	  	 Group One
	  	$	            	  	 	$	            	  
				
	 (b)
	  	 Series 2007-CC
	  	$	            	  	 	$	            	  
				
	 (c)
	  	 As an annualized percentage of Principal Receivables at the Beginning of [Month][Year]
	  	 	    	% 	 	 	N/A	  

 
  

	5.	Investor Monthly Servicing Fee payable to Discover Bank on this Distribution Date 

  

							
	 (a)
	  	 Group One
	  	$	            	  
	 (b)
	  	 Series 2007-CC
	  	$	            	  

  

	6.	Delinquency Summary 

  

							
	 (a)
	  	 Master Trust Receivables Outstanding at the end of [Month][Year]
	  	$	            	  

  

											
	Payment Status	  	Number of
Delinquent
Accounts	  	Delinquent
Amount Ending
Balance	 	  	Percentage of
Ending
Receivables
Outstanding	 
	 30 – 59 days
	  		  	$	            	  	  	 	    	% 
				
	 60 – 89 days
	  		  	$	            	  	  	 	    	% 
				
	 90 – 119 days
	  		  	$	            	  	  	 	    	% 
				
	 120 – 149 days
	  		  	$	            	  	  	 	    	% 
				
	 150 – 179 days
	  		  	$	            	  	  	 	    	% 
				
	 180+ days
	  		  	$	            	  	  	 	    	% 
		  	  
	  	  
	  
	 	  	  
	  
	 
				
	 Total
	  		  	$	            	  	  	 	    	% 
		  	  
	  	  
	  
	 	  	  
	  
	 

  

	 	(b)	Delinquency Percentage: [    ]% 

  
 B-2 

	7.	Investor Principal Charge-Offs on this Distribution Date 3 

  

											
	 	  	 	  	Amount	 	  	Rate	 
	 (a)
	  	 Gross Charge-offs (rate shown as an annualized percentage of Investor Principal Receivables at the Beginning of [Month][Year])
	  	$	            	  	  	 	    	% 
				
	 (b)
	  	 Recoveries (rate shown as an annualized percentage of Investor Principal Receivables at the Beginning of [Month][Year])
	  	$	            	  	  	 	    	% 
				
	 (c)
	  	 Net Charges-offs (rate shown as an annualized percentage of Investor Principal Receivables at the Beginning of [Month][Year])
	  	$	            	  	  	 	    	% 

  

	1 	The Discover Card Master Trust I is required to maintain Principal Receivables greater than or equal to the Minimum Principal Receivables Balance. The Minimum Principal Receivables Balance is generally calculated by
dividing the Investor Interest by 93%. If the Principal Receivables in the Master Trust are less than the Minimum Principal Receivables Balance, and Discover Bank fails to assign sufficient Receivables to eliminate the deficiency, then an
amortization event would occur. This would also cause an early redemption event for the notes issued by Discover Card Execution Note Trust. 

	2 	Only the portion of Master Trust Collections required to be deposited under the Master Trust’s Required Daily Deposit provisions will typically be deposited in the Master Trust Collections Account each month, and
these required amounts may vary markedly from month to month depending on whether any - Notes (or Certificates) are maturing on the following distribution date (in which case additional Principal Collections are retained in such account).
Accordingly, the amount deposited in the account is not meaningful as an indicator of Master Trust performance. 

	3 	For purposes of allocations to investors, all recoveries are treated as Finance Charge Collections and are included as such in Item 3 above. 

  
 B-3

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