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<![CDATA[A&R Cert of Designation of Series I Preferred Stock]]>

 Exhibit 4.2 

AMENDED AND RESTATED 

CERTIFICATE OF DESIGNATION 

OF 
 SERIES I CONVERTIBLE
PREFERRED STOCK 
 OF 

LIGHTING SCIENCE GROUP CORPORATION 
  

 
 Pursuant to
Section 242 of the 
 General Corporation Law of the State of Delaware 

 
  

Lighting Science Group Corporation, a corporation organized and existing under and by virtue of the General Corporation Law of the State of
Delaware (the “Corporation”), in accordance with the provisions of Section 242 thereof, hereby certifies as follows: 

FIRST: That pursuant to the authority conferred upon the Board of Directors (the “Board of Directors”) of the Corporation in
accordance with the Amended and Restated Certificate of Incorporation of the Corporation, as amended (the “Certificate of Incorporation”), and the Amended and Restated Bylaws of the Corporation, as amended to date (the
“Bylaws”), the Board of Directors has duly adopted a resolution amending and restating the rights of the Series I Convertible Preferred Stock, declaring said amendment and restatement to be advisable and authorizing the appropriate
officers of the Corporation to solicit the requisite consent of the holders of the Series I Convertible Preferred Stock therefor: 

RESOLVED, that the rights set forth in the Certificate of Designation of Series I Convertible Preferred Stock (the “Certificate of
Designation”), are hereby amended and restated as follows: 
 1. Number of Shares; Designation. A total of 90,000
shares (the “Preferred Shares”) of preferred stock, par value $0.001 per share, of the Corporation have been designated as Series I Convertible Preferred Stock (the “Series”). 

2. Rank. The Series shall, with respect to payment of dividends, distributions and rights (including to redemption payments)
upon liquidation, dissolution or winding-up of the affairs of the Corporation, rank: 
 (a) Senior and prior to: (i) the Common Stock,
par value $0.001 per share, of the Corporation (the “Common Stock”), and all other equity securities of the Corporation (including warrants and other securities exercisable, convertible or exchangeable into or for shares of Common
Stock (“Common Stock Equivalents”)) other than any shares of the Corporation’s Series H Convertible Preferred Stock; and (ii) any additional class or series of stock which may in the future be issued by the Corporation and
is designated in the amendment to the Corporation’s Certificate of Incorporation or the certificate of designation establishing such additional class or series of stock as ranking junior to the Preferred Shares or which does not state they are
Parity Liquidation Shares (as defined below) or Senior Liquidation Shares (as defined below). Any shares of the Corporation’s Capital Stock that are junior to the Preferred Shares with respect to dividends, distributions and rights (including
to redemption payments) upon liquidation, dissolution or winding up of the affairs of the Corporation, including upon a Liquidation Event (as defined below), are hereinafter referred to as “Junior Liquidation Shares.”

(b) Pari passu with: (i) the Series H Convertible Preferred Stock of the Corporation and (ii) any additional class or series
of stock which may in the future be issued by the Corporation in 

 
accordance with the terms hereof and is expressly designated in the amendment to the Corporation’s Certificate of Incorporation or the certificate of designation establishing such additional
class or series of stock as ranking equal to the Preferred Shares. Any shares of the Corporation’s Capital Stock that rank equal to the Preferred Shares with respect to dividends, distributions and rights (including to redemption payments) upon
liquidation, dissolution or winding-up of the affairs of the Corporation, including upon a Liquidation Event, are hereinafter referred to as “Parity Liquidation Shares.” 

(c) Junior to any additional class or series of stock which may in the future be issued by the Corporation in accordance with the terms hereof
and is expressly designated in the amendment to the Corporation’s Certificate of Incorporation or the certificate of designation establishing such additional class or series of stock as ranking senior to the Preferred Shares. Any shares of the
Corporation’s Capital Stock that rank senior to the Preferred Shares with respect to dividends, distributions and rights (including to redemption payments) upon liquidation, dissolution or winding up of the affairs of the Corporation, including
upon a Liquidation Event, are hereinafter referred to as “Senior Liquidation Shares.” 
 3. Dividends.  

(a) Subject to the rights and preferences of any Senior Liquidation Shares, each Holder shall be entitled to receive, when, as and if declared
by the Board of Directors, out of funds legally available for the payment of dividends for each Preferred Share, dividends of the same type as any dividends or other distribution, whether in cash, in kind or in other property, payable or to be made
on outstanding shares of Common Stock, in an amount equal to the amount of such dividends or other distribution as would be made on the number of shares of Common Stock equal to the number of Optional Conversion Shares issuable to each Holder on the
applicable record date for such dividends or other distribution on the Common Stock (the “Dividends”). 
 (b) Any Dividends
shall be payable to each Holder at the same time as and when such dividend or other distribution on Common Stock is paid to the holders of Common Stock and shall be payable to each Holder on the record date for the corresponding dividend or
distribution on the Common Stock; provided, that no dividend or distribution on Common Stock shall be made to any holders of Common Stock unless the Dividends are paid (or are concurrently being paid) to all Holders pursuant to this
Section 3. 
 (c) The Preferred Shares shall not be entitled to any dividend, whether payable in cash, in kind or other
property, in excess of or in any instance other than the Dividends as provided in this Section 3. 
 (d) So long as any
Preferred Shares remain outstanding, the Corporation shall not, directly or indirectly, make any Parity Securities Distribution or Junior Securities Distribution, other than (i) as may be required pursuant to that certain Commitment Agreement,
dated September 25, 2012, by and between the Corporation and Pegasus Partners IV, L.P., as may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof, (ii) for the redemption of the
Series H Convertible Preferred Stock pursuant to an exercise of the Optional Redemption Right (as defined in the Series H Certificate of Designation as in effect on the Investment Date) or (iii) with respect to any other Parity Securities
Distribution, to the extent that such distribution is made in accordance with the requirements of Section 11(b) and the Holders participate in such Parity Securities Distribution in exactly the same manner, to the same extent and in the
same proportions (on an as converted basis) as all other Parity Liquidation Shares. 

  
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 4. Conversion. 

(a) Conversion at Option of Holder. Each Preferred Share shall be convertible, at the option of the Holder thereof, at any time and
from time to time, into the number of duly authorized, validly issued, fully paid and nonassessable shares of Common Stock equal to the number of Optional Conversion Shares issuable with respect to each Preferred Share (subject to
Section 4(e)). In the event of a Liquidation Event, the conversion rights provided by this Section 4(a) shall terminate at the close of business on the last full day preceding the date fixed for payment of any amounts
distributable on such Liquidation Event to the Holders. 
 (b) Procedures for Conversion at Option of Holder. Each Holder shall
effect an optional conversion pursuant to Section 4(a) by providing the Corporation with a written conversion notice specifying (i) the number of Preferred Shares to be converted and (ii) the date on which such conversion is to
be effected (such date, the “Conversion Date”), which conversion date and time shall not be prior to the date such Holder delivers such notice to the Corporation nor more than twenty (20) business days thereafter. If no
Conversion Date is specified in a notice of conversion, the Conversion Date shall be the date that such notice of conversion to the Corporation is deemed delivered to the Corporation hereunder. To effect any conversion of the Preferred Shares, each
Holder shall surrender the certificate(s) representing such Preferred Shares to the Corporation. Any Preferred Shares converted into Common Stock pursuant to the terms hereof shall be canceled and shall not be reissued. As soon as practicable after
the Conversion Date and the surrender of the certificate(s) representing Preferred Shares, the Corporation shall issue and deliver to each such Holder or its nominee, at such Holder’s address as it appears on the books of the Corporation, a
certificate(s) for the number of Optional Conversion Shares. Such conversion shall be deemed to have been made on the Conversion Date, and the Holder entitled to receive the shares of Common Stock issuable upon such conversion shall be treated for
all purposes as the record holder of such shares of Common Stock on the Conversion Date. Unless a Holder converts all of its Preferred Shares pursuant to an Optional Conversion, the Corporation shall, as soon as practicable and in no event later
than five (5) business days after the Conversion Date and at its own expense, issue a new certificate evidencing the number of Preferred Shares owned by such Holder after giving effect to the Preferred Shares converted on the Conversion Date.

 (c) Conversion at the Option of the Corporation. At any time on or after the first date that (x) Primary Investor no longer
beneficially owns any Preferred Shares and (y) fewer than 5,000 Preferred Shares remain outstanding in the aggregate (as adjusted for any Reclassification (as defined below) of the Preferred Shares), then at the Corporation’s option and
election, all outstanding Preferred Shares, in whole but not in part, may be converted automatically into the number of duly authorized, validly issued, fully paid and nonassessable shares of Common Stock equal to the number of Optional Conversion
Shares with respect to all outstanding Preferred Shares (subject to Section 4(e)). The Corporation shall effect an optional conversion pursuant to this Section 4(c) by mailing a written conversion notice to each Holder at the
address of record on the books of the Corporation specifying (i) the Conversion Date, which conversion date and time shall not be prior to fifteen (15) days after the date the Corporation delivers such notice, and (ii) (A) that
at any time prior to the Conversion Date, each Holder shall have the right in lieu of conversion to exercise its right to redeem such Preferred Shares for an amount in cash equal to the Liquidation Amount with respect thereto in the same manner as
upon receipt of a Contingent Redemption Notice pursuant to Section 5(a)(ii), and (B) the Redemption Date with respect to any such Redemption (as defined below), which Redemption Date shall be no more than sixty (60) days after
the Conversion Date. For the avoidance of doubt, the Corporation shall not have the right to effect an optional conversion pursuant to this Section 4(c) so long as Primary Investor continues to beneficially own any Preferred Shares. 

  
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 (d) Automatic Conversion. Upon the date on which a Qualified Public Offering is
consummated (the “Forced Conversion Date”), each Preferred Share shall automatically be converted (a “Forced Conversion”), into the number of duly authorized, validly issued, fully paid and nonassessable shares of
Common Stock equal to the greater of (1) the number of Optional Conversion Shares issuable with respect to each Preferred Share (subject to Section 4(e)) or (2) the quotient obtained by dividing (I) the Returned Value by
(II) the price per share of Common Stock paid by the public in such Qualified Public Offering. All outstanding Preferred Shares shall, on the Forced Conversion Date, be converted into Common Stock for all purposes, notwithstanding the failure of any
Holder thereof to surrender any certificate representing such shares on or prior to such date. On and after the Forced Conversion Date, (w) no Preferred Shares shall be deemed to be outstanding or be transferable on the books of the
Corporation; and (x) each Holder, as such, shall not be entitled to receive any dividends or other distributions, to receive notices or to vote such Preferred Shares or to exercise or enjoy any other powers, preferences or rights in respect
thereof, other than (y) the right, upon surrender of the certificate(s) representing such Preferred Shares, to receive a certificate(s) for the shares of Common Stock into which such shares have been converted, and (z) all dividends
accrued and unpaid with respect to Preferred Shares accrued up to and including the Forced Conversion Date. On the Forced Conversion Date, all such Preferred Shares shall be retired and cancelled and shall not be reissued. 

(e) Fractional Shares. No fractional shares of Common Stock or scrip shall be issued upon conversion of any Preferred Shares. In lieu
of any fractional share to which any Holder would otherwise be entitled, based on the number of Preferred Shares of such Holder being converted in a single or series of related transactions, the Corporation shall issue a number of shares of Common
Stock to such Holder rounded up to the nearest whole number of shares of Common Stock. No cash shall be payable to any Holder upon conversion of Preferred Shares. 

5. Redemption. 

(a) Redemption Right at Option of Holders. 

(i) At any time on or after September 25, 2015, subject to this Section 5, (A) so long as Primary
Investor continues to beneficially own any Preferred Shares, Primary Investor shall, and (B) in the event that Primary Investor ceases to own any Preferred Shares, each Holder shall, have the right at any time thereafter to require the
Corporation to redeem all or a portion of such Holder’s Preferred Shares for an amount in cash equal to the Liquidation Amount of such Preferred Shares (the “Optional Redemption Right”). 

(ii) In the event that Primary Investor elects to exercise its Optional Redemption Right pursuant to
Section 5(a)(i)(A) and delivers a Redemption Notice (as defined below) whereby it elects to exercise its Optional Redemption Right, all other Holders shall, subject to this Section 5(a)(ii), have the right (a
“Contingent Redemption Right”) to have all or any portion of their Preferred Shares redeemed for an amount in cash equal to the Liquidation Amount of such Preferred Shares. The Corporation shall mail to each Holder (other than
Primary Investor) at the address of record on the books of the Corporation a written notice (a “Contingent Redemption Notice”) of such Contingent Redemption Right not later than ten (10) days following the Corporation’s
receipt from Primary Investor of the Redemption Notice triggering such Contingent Redemption Right. Each Holder shall have ten (10) days from the date of receipt of any Contingent Redemption Notice to deliver a Redemption Notice to the
Corporation electing to exercise its Contingent Redemption Right; provided, that the Redemption Date (as defined below) for such Redemption shall be the Redemption Date selected by Primary Investor in the Redemption Notice triggering the
Contingent Redemption Right. If for any or no reason at all, Primary Investor withdraws the Redemption Notice triggering the Contingent Redemption Right prior to the Redemption Date related thereto, the Holders shall no longer have the right to
redeem Preferred Shares on such Redemption Date. 
 (iii) For the avoidance of doubt, the obligations of the Corporation to
the Holders shall be senior to the obligations of the Corporation to any and all Junior Liquidation Shares. 

  
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 (b) Redemption Event. Upon the occurrence of a Redemption Event, the Corporation shall
provide each Holder with written notice thereof not later than ten (10) days following discovery by the Corporation of such Redemption Event. Upon receipt of notice of a Redemption Event, each Holder shall, subject to this
Section 5, have the right to require the Corporation to redeem all or a portion of such Holder’s Preferred Shares for an amount in cash equal to the Liquidation Amount, which right shall terminate upon the Corporation’s
satisfaction or cure of the obligation or obligations giving rise to the Redemption Event or any waiver thereof. 
 (c) Limitations on
Redemption. Any redemption of Preferred Shares pursuant to this Section 5 or Section 6 (a “Redemption”) shall be payable out of any cash or surplus available therefor under applicable Delaware law, and if
there is not a sufficient amount of cash or surplus available, then out of the remaining assets of the Corporation available therefor under applicable Delaware law (valued at the fair market value thereof on the date of payment, as determined by the
Board of Directors). At the time of a Redemption, the Corporation shall take all actions required or permitted under Delaware law to permit the Redemption of the Preferred Shares, including, without limitation, through the revaluation of its assets
in accordance with Delaware law, to make funds available under applicable Delaware law for such Redemption or to determine the existence of sufficient surplus. Notwithstanding anything to the contrary herein, the Corporation shall not be permitted
or required to redeem any Preferred Shares for so long as such Redemption would result in an event of default under: (x) that certain Second Lien Letter of Credit, Loan and Security Agreement, dated September 20, 2011, by and among the
Corporation, as borrower, the guarantors and lenders party from time to time thereto and Ares Capital Corporation, as agent; (y) that certain Loan and Security Agreement, dated as of November 22, 2010, by and among the Corporation, the
guarantors and lenders from time to time party thereto, Wells Fargo Bank, National Association, as agent, (or its successor) and Wells Fargo Capital Finance, LLC, as sole lead arranger, manager and bookrunner (or its successor) (together,
(x) and (y), the “Credit Facilities”); or (z) any amendments or restatements of, supplements to, or new facility or facilities entered into in replacement of, the Credit Facilities in accordance with the terms hereof,
including Section 11(b) (to the extent applicable). 
 (d) Redemption Procedures. Primary Investor shall effect a
Redemption pursuant to this Section 5 and each Holder shall effect a Redemption pursuant to Section 5(a)(i)(B), 5(a)(ii) or 5(b) by providing the Corporation with a written Redemption notice (a
“Redemption Notice”) specifying: (i) the number of Preferred Shares to be redeemed and (ii) the date on which such Redemption is to be effected (the “Redemption Date”), which Redemption Date and time shall
(subject to the rights of any Senior Liquidation Shares): (A) with respect to the Optional Redemption Right (and any Contingent Redemption Right triggered thereby), not be prior to sixty (60) days after delivery of such Redemption Notice
to the Corporation nor more than one hundred eighty (180) days thereafter; or (B) with respect to a Redemption effected pursuant to Section 5(a) or Section 5(b), not be prior to the date and time of delivery of such
Redemption Notice to the Corporation nor more than twenty (20) business days thereafter. To effect a Redemption of the Preferred Shares, a Holder shall surrender the certificate(s) representing such Preferred Shares to the Corporation. On the
Redemption Date, the Corporation shall pay the Liquidation Amount by check to the order of the record holder of the Preferred Shares or, if instructions are provided therefore in the Redemption Notice, by wire transfer of immediately available
funds. Unless all of a Holder’s Preferred Shares are redeemed on the Redemption Date, the Corporation shall, as soon as practicable and in no event later than five (5) business days after the Redemption Date and at its own expense, issue a

  
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new certificate evidencing the number of Preferred Shares owned by such Holder after giving effect to the Preferred Shares redeemed on the Redemption Date. Any Preferred Shares redeemed pursuant
to the terms hereof shall be canceled and shall not be reissued. 
 (e) Other than with respect to the Optional Redemption Right and the
Contingent Redemption Right set forth in Section 5(a), in no event shall the Corporation or any of its Subsidiaries redeem, purchase or acquire any Preferred Shares from one or more Holders unless the Corporation (or the applicable
Subsidiary) irrevocably offers to simultaneously redeem, purchase or acquire a pro rata amount of Preferred Shares from each other Holder on the same terms. 

6. Change of Control. 

(a) Except to the extent Section 9(b) applies, upon consummation of a Change of Control, the Corporation shall immediately (and in
any event within two (2) business days) make an offer in writing to each Holder to redeem all of the outstanding Preferred Shares for cash equal to the aggregate Liquidation Amount with respect to such Preferred Shares. 

(b) Upon a Change of Control, the Corporation shall give to each Holder notice (the “Change of Control Notice”) of the
occurrence of the Change of Control and of the Holder’s right to receive the Liquidation Amount as a result of such Change of Control (the “Repurchase Right”). The Change of Control Notice shall be mailed to each Holder at the
address of record on the books of the Corporation and shall state (i) the date on which the Preferred Shares shall be repurchased (the “Repurchase Date”); (ii) the date by which the Repurchase Right must be exercised,
which date shall be no earlier than twenty (20) days after the delivery by the Corporation of the Change of Control Notice (the “Repurchase Right Expiration Date”); (iii) the Liquidation Amount; and (iv) a description
of the procedures a Holder must follow to exercise the Repurchase Right. 
 (c) To exercise the Repurchase Right, a Holder shall deliver to
the Corporation, on or before the Repurchase Right Expiration Date, a written notice specifying the number of Preferred Shares to be repurchased by the Corporation. Each Holder shall retain the right to convert Preferred Shares at any time on or
prior to the Repurchase Date, or to withdraw an election to have such shares repurchased at any time on or prior to the Repurchase Date. 

(d) Notwithstanding anything herein to the contrary, the Corporation shall comply with all requirements under the Exchange Act and any other
securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the Repurchase Right as a result of a Change of Control. No failure by the Corporation to give the Change of Control Notice and no
defect in any Change of Control Notice shall limit any Holder’s right to exercise its Repurchase Right or affect the validity of the proceedings for the repurchase of Preferred Shares. 

7. Liquidation. In the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Corporation (a
“Liquidation Event”), the Holders shall be entitled to receive and to be paid out of the assets of the Corporation, the Liquidation Amount of the Preferred Shares held by them; provided, that the Holders (i) shall not be
entitled to receive the Liquidation Amount of the Preferred Shares held by them until the liquidation value of any and all Senior Liquidation Shares shall have been paid in full, and (ii) shall be entitled to receive the Liquidation Amount of
such shares held by them in preference to and in priority over any distributions upon any Junior Liquidation Shares. Upon payment in full of the then present Liquidation Amount to which the Holders are entitled, the Holders will not be entitled to
any further participation in any distribution of assets by the Corporation and the Preferred Shares held by such Holders shall be deemed redeemed and cancelled. If the assets of the Corporation are not sufficient to pay in full the then present
Liquidation Amount payable to the Holders and the 

  
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liquidation value payable to the holders of any Parity Liquidation Shares, the holders of all such shares shall share ratably in such distribution of assets in accordance with the amounts that
would be payable on the distribution if the amounts to which the Holders and the holders of any Parity Liquidation Shares are entitled were paid in full. For purposes of this Section 7, a Change of Control (in and of itself) shall not be
deemed a Liquidation Event (it being understood that an actual liquidation, dissolution or winding up of the Corporation in connection with a Change of Control will be subject to this Section 7). 

8. Status and Reservation of Shares. 

(a) Status. All Preferred Shares that are at any time converted pursuant to Section 4 or redeemed or repurchased pursuant
to Sections 5, 6 or 7, and all Preferred Shares that are otherwise reacquired by the Corporation and subsequently canceled by the Board of Directors, shall be retired and shall not be subject to reissuance and shall be
automatically returned to the status of authorized and unissued shares of preferred stock of the Corporation, available for future designation and issuance pursuant to the terms of the Corporation’s Certificate of Incorporation. 

(b) Reservation. On and after the Investment Date, the Corporation shall at all times reserve and keep available out of any stock held
as treasury or out of its authorized but unissued Common Stock, or both, solely for the purpose of effecting optional conversions or the Forced Conversion, no less than the aggregate number of shares of Common Stock equal to the product obtained by
multiplying (a) the Optional Conversion Shares by (b) the aggregate number of issued and outstanding Preferred Shares. All shares of Common Stock issued upon conversion of the Preferred Shares will, upon issuance by the Corporation, be
duly and validly issued, fully paid and nonassessable, not issued in violation of any preemptive rights arising under law or contract and free from all taxes, liens and charges with respect to the issuance thereof, and the Corporation shall take no
action which will cause a contrary result. 
 9. Certain Adjustments. 

(a) Stock Reclassifications, Splits and Dividends. If the Corporation, at any time while any Preferred Shares remain outstanding, shall
undertake any reclassification, stock split, reverse stock split, stock dividend, subdivision, combination, consolidation, recapitalization or any similar proportionately-applied change (collectively, a “Reclassification”) of
outstanding shares of Common Stock (other than a change in, of, or from par value), then the Conversion Price shall be adjusted such that each Holder shall thereafter be entitled to receive upon conversion the kind and amount of shares of Common
Stock and/or other Capital Stock and/or property that such Holder of outstanding Preferred Shares would have been entitled to acquire immediately prior to such Reclassification as if such Preferred Shares were converted to Common Stock immediately
prior to such Reclassification. Any adjustment made pursuant to this Section 9(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall
become effective immediately after the effective date in the case of a subdivision, combination or reclassification. 
 (b) Mergers or
Consolidations. If at any time or from time to time prior to a conversion pursuant to Section 4(a), Section 4(c) or Section 4(d) there is a merger, consolidation or similar capital reorganization of the Common
Stock (each a “Reorganization”), then as part of such Reorganization, provision shall be made so that each Holder of outstanding Preferred Shares at the time of such Reorganization shall thereafter be entitled to receive, upon
conversion of such Preferred Shares and in lieu of Common Stock, the Capital Stock or property that such Holder of outstanding Preferred Shares would have been entitled to receive in such Reorganization as if such Preferred Shares were converted to
Common Stock immediately prior to such Reorganization, subject to adjustment in respect of such Capital Stock by the terms thereof. In any such case, the resulting or surviving entity (if not the Corporation) shall expressly assume the obligations
to deliver, upon such conversion, such Capital Stock 

  
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or property as the Holders of Preferred Shares remaining outstanding (or of other convertible preferred stock received by such Holders in place thereof) shall be entitled to receive pursuant to
the provisions hereof, and to make provisions for the protection of the conversion rights as provided above. If this Section 9(b) applies to a Reorganization, Section 9(a) shall not apply to such Reorganization. 

10. Voting Rights; Board Designees. 

(a) Generally. Unless otherwise provided by any Federal or State law, the Corporation’s Certificate of Incorporation, the
Corporation’s Bylaws, this Section 10 or Section 11 hereof, the Holders shall not have the right to vote for the election of directors or on any other matters presented to the Corporation’s stockholders for action
by their written consent or at any annual or special meeting of stockholders. On any matter on which the Holders are entitled by any Federal or State law, under the Corporation’s Certificate of Incorporation or Bylaws or pursuant to this
Section 10 or Section 11 hereof to vote separately as a class, each such Holder shall be entitled to one vote for each Preferred Share held and such matter shall be determined by a majority of the Preferred Shares voting on
such matter. Notwithstanding the foregoing but subject to the last sentence of Section 11(a) hereof, for so long as Primary Investor beneficially owns at least 10,000 Preferred Shares (as adjusted for any Reclassification of the
Preferred Shares) (or (x) the equivalent number of those certain shares of Common Stock, as adjusted for any Reclassification thereof, issued upon conversion thereof on an as-converted basis and (y) at least one Preferred Share), the vote,
consent, approval, waiver or authorization of Primary Investor on any matter, including without limitation, any matter on which the Holders are entitled by any Federal or State law (other than as may be required by Section 242(b)(2) of the
Delaware General Corporation Law), under the Corporation’s Certificate of Incorporation or Bylaws or pursuant to this Series I Certificate of Designation to vote separately as a class, shall be, and shall be deemed to be, the vote, consent,
approval, waiver or authorization of all of the Preferred Shares and the Holders of all of the Preferred Shares; provided, that Primary Investor shall not, without the consent of each adversely affected Holder, act to amend this Series I
Certificate of Designation so as to alter the terms of the Preferred Shares of any Holder in a manner different from the other Holders with respect to their Preferred Shares or otherwise specifically targeting and materially and adversely affecting
any such Holder with respect to its Preferred Shares in a manner different from the other Holders with respect to their Preferred Shares; provided, further, that in addition, the consent of Holders of a majority of the Preferred Shares
then outstanding, subject to the rights and privileges of Holders expressly set forth herein, is also required to waive any or all obligations of the Corporation in respect of a Redemption Event or upon a Change of Control (and for the avoidance of
doubt, the foregoing shall not restrict the ability of the Corporation and the Primary Investor to effect a Reorganization that complies with the terms and provisions of Section 9(b) in all respects). The foregoing sentence may not be
amended without the consent of each Holder of Preferred Shares. 
 (b) Board Designees. 

(i) So long as Primary Investor continues to beneficially own at least 2,500 Preferred Shares (as adjusted for any
Reclassification of the Preferred Shares) (or the equivalent number of those certain shares of Common Stock, as adjusted for any Reclassification thereof, issued upon conversion thereof on an as-converted basis), to the fullest extent permitted by
the Exchange Act, the rules of any national securities exchange or over-the-counter market on which the Common Stock is listed or traded and any other applicable Federal and State laws, and subject to Section 10(b)(iv), Primary Investor,
voting separately on behalf of the Preferred Shares as a class, shall be entitled at any annual or special meeting of the Corporation’s stockholders involving the election of directors of the Corporation, and at all other times at which
stockholders of the Corporation will have the right to or will vote for or render consent in writing regarding the election of directors of the Corporation, to elect (A) prior to the Reconfiguration Date, a number

  
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of directors to the Board of Directors equal to the greater of: (x) two (2) directors and (y) the number of directors (rounded to the nearest whole number) equal to the product
obtained by multiplying (1) the total number of directors that constitute the whole Board of Directors by (2) Primary Investor’s Pro Rata Share and (B) after the Reconfiguration Date, two (2) directors. Subject to the
Exchange Act, the rules of any national securities exchange or over-the-counter market on which the Common Stock is listed or traded and any other applicable Federal and State laws, (A) one (1) of the Series I Directors (as defined below)
elected pursuant to this Section 10(b)(i) shall be appointed to the audit committee of the Board of Directors and (B) Primary Investor shall have the right to designate the director who will serve as the chairperson of the Board of
Directors (which, for the avoidance of doubt may or may not be one of the Series I Directors). Notwithstanding the foregoing, if after his or her election or appointment to the Board of Directors, any Series I Director shall die, shall become
disabled, shall resign or shall be removed from the Board of Directors in accordance with applicable law, then Primary Investor shall be entitled to designate, by delivery of notice to the Company, a successor to replace the applicable Series I
Director for election to the Board of Directors at the next scheduled annual or special meeting of the Corporation’s stockholders involving the election of directors of the Corporation. The Corporation shall use its best efforts to give effect
to and preserve the intent of the constituency of the Board of Directors provided for in this Section 10. 
 (ii)
In the event that Primary Investor no longer has designee rights pursuant to Section 10(b)(i), so long as the Preferred Shares, on an as-converted basis, represent at least ten percent (10%) or more of the Corporation’s
outstanding Capital Stock, the Holders of the Preferred Shares, voting separately as a class, shall be entitled at any annual or special meeting of the Corporation’s stockholders involving the election of directors of the Corporation, and at
all other times at which stockholders of the Corporation will have the right to or will vote for or render consent in writing regarding the election of directors of the Corporation, to elect one (1) director to the Board of Directors. 

(iii) Each director elected by Primary Investor pursuant to Section 10(b)(i) or the Holders pursuant to
Section 10(b)(ii) shall be referred to as a “Series I Director”. Each Series I Director must be reasonably acceptable to the Corporation. 

(iv) After the Reconfiguration Date, Primary Investor shall vote, and cause its Affiliates to vote, all Equity Securities owned
(or to the extent that any such securities are owned in “street name,” beneficially owned) by Primary Investor or its Affiliates at any annual or special meeting of the Corporation’s stockholders involving the election of directors of
the Corporation, and at all other times at which stockholders of the Corporation will have the right to or will vote for or render consent in writing regarding the election of directors of the Corporation in favor of the election of two
(2) directors that meet the definition of Independent Directors (which for the avoidance of doubt shall not include the Series I Directors or any director designated by the holders of shares of Series H Convertible Preferred Stock pursuant to
the Series H Certificate of Designation). If at any time after the Reconfiguration Date Primary Investor fails to comply with the provisions of this Section 10(b)(iv), Primary Investor, during the period of such non-compliance, shall no
longer be entitled to appoint any Series I Directors or to nominate the chairperson of the Board of Directors. 
 (v)
Notwithstanding anything to the contrary herein, the provisions of this Section 10(b) shall terminate automatically and be of no further force or effect upon the consummation of a Qualified Public Offering or the conversion or redemption
of all outstanding Preferred Shares pursuant to Section 4(c). 

  
 9 

 (c) Waivers. Any provision of this Certificate of Designation may be waived in a written
instrument executed by the waiving party including, without limitation, a waiver by Primary Investor in accordance with the third sentence of Section 10(a). 

11. Restrictions and Limitations. 

(a) The Holders of the Preferred Shares are entitled to vote separately as a single class on all matters to which they are entitled to vote
under Section 242(b)(2) of the Delaware General Corporation Law, and on all other matters as required by applicable law, including (i) any increase or decrease in the authorized amount of Preferred Shares, except for the cancellation and
retirement of shares set forth in Section 8(a); and (ii) any amendment, alteration or change in the powers, preferences or special rights of the Preferred Shares that would affect the Holders adversely. In addition, so long as any
Holder continues to beneficially own at least seven thousand (7,000) Preferred Shares (as adjusted for any Reclassification of the Preferred Shares), notwithstanding the consent of the Primary Investor as may have been given pursuant to
Section 10(a) hereof, the Corporation shall not, without the written consent of such Holder, alter, modify or amend (whether by amendment to the Certificate of Incorporation or Bylaws, merger, consolidation or otherwise) the terms,
rights, preferences, privileges or powers of, or the other restrictions provided for the benefit of, the Series in any way as set forth herein or in any other agreement entered into by the Corporation (provided, that the written consent of
such Holder(s) pursuant to the immediately preceding provision of this Section 11(a) shall not be required to make such alteration, modification or amendment if effected solely to consummate, and which is otherwise conditioned upon the
consummation of, a Reorganization that complies with the terms and provisions of Section 9(b) in all respects). 
 (b) So long
as Primary Investor continues to beneficially own (I) in the case of Sections 11(b)(i), 11(b)(ii), 11(b)(iii), 11(b)(iv) or 11(b)(vii)(A), at least 2,500 Preferred Shares (as adjusted for any
Reclassification of the Preferred Shares); (II) in the case of Section 11(b)(ix), at least 2,500 Preferred Shares (as adjusted for any Reclassification of the Preferred Shares) (or the equivalent number of those certain shares of
Common Stock, as adjusted for any Reclassification thereof, issued upon conversion thereof on an as-converted basis); and (III) in the case of Sections 11(b)(v), 11(b)(vi), 11(b)(vii)(B), 11(b)(viii), 11(b)(x),
11(b)(xi) and 11(b)(xii), at least 10,000 Preferred Shares (as adjusted for any Reclassification of the Preferred Shares) (or the equivalent number of those certain shares of Common Stock, as adjusted for any Reclassification thereof,
issued upon conversion thereof on an as-converted basis), but for purposes of the calculations in (I), (II) and (III) above disregarding any reduction in the number of Preferred Shares beneficially owned by Primary Investor attributable to:
(x) any Transfer pursuant to a public offering (other than a Qualified Public Offering), (y) any Transfer to Riverwood or (z) any Transfer by Primary Investor that gives rise to the Co-Sale Rights or that otherwise would give rise to
the Co-Sale Rights but for the exceptions pursuant to Section 1 of the Co-Sale Agreement, and in each case with Sections 11(b)(xi) and 11(b)(xii) continuing to apply with respect to the subsections still in effect pursuant to the
foregoing clauses (I), (II) and (III), the Corporation shall not, without the written consent of Primary Investor: 
 (i)
alter, modify or amend (whether by amendment to the Certificate of Incorporation or Bylaws, merger, consolidation or otherwise) the terms, rights, preferences, privileges or powers of, or the other restrictions provided for the benefit of, the
Series in any way as set forth herein or in any other agreement entered into by the Corporation (provided, that the written consent of Primary Investor pursuant to this Section 11(b)(i) shall not be required to make such
alteration, modification or amendment if effected solely to consummate, and which is otherwise conditioned upon the consummation of, a Reorganization that complies with the terms and provisions of Section 9(b) in all respects); 

  
 10 

 (ii) re-issue (whether by merger or otherwise) any Preferred Shares that have
been converted, redeemed or otherwise reacquired by the Corporation; 
 (iii) pay dividends or cash interests or other
distributions (whether in cash, Equity Securities or otherwise) on, redeem or repurchase or otherwise acquire any Capital Stock, Equity Securities, convertible debt, or debt coupled with any Common Stock Equivalents of the Corporation, other than as
may be required by any Senior Liquidation Shares issued in accordance with the terms hereof, including Section 11(b)(vii); 

(iv) liquidate, dissolve or wind-up the affairs of the Corporation or otherwise initiate any insolvency proceeding or any
proceeding under the Bankruptcy Reform Act of 1978, as amended, or other applicable bankruptcy or insolvency laws; 
 (v)
engage in any recapitalization, merger, consolidation, reorganization or similar transaction; provided, that such consent may not be unreasonably withheld, conditioned or delayed to the extent such transaction will constitute a Change of
Control and the Corporation has available, or will obtain in connection with such transaction, sufficient proceeds to redeem all of the Preferred Shares in accordance with the provisions of Section 6 and, for the avoidance of doubt, to
the extent such transaction will constitute a Change of Control, this subsection (v) is not intended to be utilized by Primary Investor to modify the amount of proceeds payable to the Holders with respect to the Preferred Shares upon
such Change of Control from the amount to which such Holders would otherwise be entitled pursuant to Section 6 hereof upon such Change of Control; or other than in the ordinary course of business, form or maintain any direct or indirect
Subsidiary; 
 (vi) engage in a public offering or listing of Equity Securities (including indirectly by means of equity
securities of a successor entity or otherwise) on any national securities exchange, other than (A) in connection with a Qualified Public Offering, (B) an offering made in connection with a business acquisition pursuant to a registration
statement on Form S-4 or any similar form that does not otherwise require consent pursuant to this Section 11(b), or (C) in connection with an employee benefit plan pursuant to a registration statement on Form S-8 or any similar
form; 
 (vii) other than with respect to any Permitted Equity Issuance, (A) issue any Senior Liquidation Shares or
Parity Liquidation Shares, or reclassify any outstanding Equity Securities into Senior Liquidation Shares or Parity Liquidation Shares or (B) issue any other Equity Securities, or reclassify any other outstanding Equity Securities;
provided, that consent shall not be required pursuant to this Section 11(b)(vii) with respect to any issuance of Equity Securities to the extent the proceeds thereof shall upon receipt thereof immediately be used to satisfy in
full the obligations of the Corporation to redeem all then-outstanding Preferred Shares pursuant to Section 4, Section 5 or Section 6 hereof; 

(viii) incur any Indebtedness (A) in excess of $50.0 million, other than (x) any Indebtedness incurred pursuant to a
refinancing of the Credit Facilities or any other working capital facilities of the Corporation in effect as of the Investment Date, in each case without any increase in the available principal amount thereof or (y) pursuant to any refinancing
or replacement of the Credit Facilities with respect to working capital or other working capital facilities as approved by the Board of Directors, in each case such that the aggregate available principal amount thereunder is secured only by the
Corporation’s account receivables and finished goods inventory and does not exceed 80% of accounts receivable, 60% of finished goods inventory and $75 million in the aggregate (each of (A)(x) and (A)(y), “Permitted
Indebtedness”); or (B) containing any provision that limits the Corporation’s ability to redeem any Preferred 

  
 11 

 
Shares pursuant to Section 5(a) for a period that exceeds that contained in the Credit Facilities as in effect as of the Investment Date; provided, that if such provision is
contained in any Permitted Indebtedness, such Indebtedness shall continue to be Permitted Indebtedness for purposes of the foregoing clause (A) and consent shall only be required pursuant to this clause (B) with respect to such provision;
and provided further that consent shall not be required pursuant to this Section 11(b)(viii) for Indebtedness to the extent the proceeds thereof shall upon receipt thereof immediately be used to satisfy in full the
obligations of the Corporation to redeem all then-outstanding Preferred Shares pursuant to Section 4, Section 5 or Section 6 hereof; 

(ix) enter into any new agreements or transactions or series of agreements or transactions with any Affiliate of the
Corporation or any holder of five percent (5%) or more of the Corporation’s Capital Stock or any Affiliates of any such stockholder of the Corporation (a “Related Party Agreement”) or amend or modify the terms of any
existing Related Party Agreements, other than: (A) up to $500,000 in the aggregate of fees or other amounts payable annually by the Corporation to Primary Investor pursuant to any management or similar services agreement; (B) up to
$200,000 in the aggregate of fees or other amounts payable annually by the Corporation to Riverwood or any of its Affiliates pursuant to any management or similar services agreement; and (C) up to $100,000 in the aggregate of fees or other
amounts payable annually by the Corporation to any Significant Holder or its Affiliates pursuant to any management or similar services agreement; 

(x) purchase, acquire, license, transfer, sell, divest, or dispose of property, rights or assets (whether tangible or
intangible) of the Corporation or any of its Subsidiaries (whether by merger, consolidation, other business combination, purchase or sale of Capital Stock or other Equity Security, spin-off, divestiture, asset
purchase, asset sale or other transaction involving the Corporation or any of its Subsidiaries) or enter into any joint venture where either (A) the aggregate consideration to be paid or received by the Corporation or any of its Subsidiaries,
or (B) the fair market value of the relevant property, rights or assets, in one transaction or a series of related transactions, exceeds $5.0 million, other than commercial transactions with customers and distributors for the sale of the
Corporation’s products in the ordinary course of business; provided, that such consent may not be unreasonably withheld, conditioned or delayed to the extent such transaction will constitute a Change of Control and the Corporation has
available, or will obtain in connection with such transaction, sufficient proceeds to redeem all of the Preferred Shares in accordance with the provisions of Section 6 and, for the avoidance of doubt, to the extent such transaction will
constitute a Change of Control, this subsection (x) is not intended to be utilized by Primary Investor to modify the amount of proceeds payable to the Holders with respect to the Preferred Shares upon such Change of Control from the
amount to which such Holders would otherwise be entitled pursuant to Section 6 hereof upon such Change of Control; 

(xi) enter into any definitive agreement or commitment with respect to any of the foregoing; or

(xii) indirectly engage in any of the foregoing through an Affiliated person (including without limitation Riverwood),
including cause or permit any Subsidiary to engage in or enter into any definitive agreement or commitment with respect to any of the foregoing. 

(c) In the event that the Holders of at least a majority of the outstanding Preferred Shares agree (whether by a vote, written consent, waiver
or otherwise) to allow the Corporation to alter or change the rights, preferences or privileges of the Series pursuant to applicable law, no such change shall be effective to the extent that, by its terms, such change applies to less than all of the
Preferred Shares then outstanding. 

  
 12 

 (d) Notwithstanding anything to the contrary herein, subject to applicable law, the provisions of
this Section 11 shall terminate automatically and be of no further force or effect upon the consummation of a Qualified Public Offering or the conversion or redemption of all outstanding Preferred Shares pursuant to
Section 4(c). 
 12. Covenants. For so long as Primary Investor continues to beneficially own at least 2,500
Preferred Shares (as adjusted for any Reclassification of the Preferred Shares), the Corporation agrees that: 
 (a) Maintenance of
Existence; Compliance. The Corporation shall, and shall cause each of its Subsidiaries to (i) preserve, renew and keep in full force and effect its organizational existence, (ii) take all reasonable action to maintain all material
rights, privileges and franchises necessary or desirable in the normal conduct of its business and (iii) comply in all material respects with all material contractual obligations and requirements of law applicable to the Corporation and its
Subsidiaries, and its and their respective properties, rights and assets. 
 (b) Maintenance of Property; Insurance. The Corporation
shall, and shall cause each of its Subsidiaries to (a) keep all property necessary for the conduct of its business as conducted on the Investment Date in good working order and condition, ordinary wear and tear excepted, and (b) maintain
with financially sound and reputable insurance companies insurance on all property necessary for the conduct of its business in at least such amounts and against at least such risks (but including in any event public liability, product liability and
business interruption) as are usually insured against in the same general area by companies engaged in the same or a similar business. 

(c) Minimum Consolidated EBITDA. The Corporation shall not, and shall not permit any of its Subsidiaries to, directly or indirectly,
permit Consolidated EBITDA as at the last day of any period of four consecutive fiscal quarters of the Corporation ending on the last day of the Corporation’s fiscal year set forth below to be less than the amount set forth opposite such fiscal
year end: 
  

					
	 Fiscal Year End
	  	Minimum
Consolidated
EBITDA	 
	 December 31, 2015 and each fiscal year end thereafter
	  	$	20.0 million	  

 The Corporation shall have the right to cure a breach of this Section 12(c) with respect to any
fiscal year within fifteen (15) days of the earlier of (x) March 31 immediately following such fiscal year and (y) the date of the Corporation’s audited financials for such fiscal year, by using up to $5.0 million in
proceeds from an Exempt Equity Issuance. 
 (d) Certificates; Other Information. The Corporation shall, and shall cause each of its
Subsidiaries to, furnish Primary Investor, concurrently with the delivery of any unaudited annual financial statements pursuant to Section 4(e)(ii) of the Subscription Agreement, (i) a certificate of a Responsible Officer stating that, to
the best of each such Responsible Officer’s knowledge, the Corporation and each of its Subsidiaries has during such period observed or performed all of its covenants and other agreements, and satisfied every material obligation contained herein
to be observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge of any Triggering Event except as specified in such certificate and (ii) a Compliance Certificate containing all information and
calculations necessary for determining compliance by the Corporation and its Subsidiaries with the provisions set forth herein referred to therein as of the last day of the fiscal year of the Corporation. 

  
 13 

 (e) Notices. The Corporation shall, and shall cause each of its Subsidiaries to, promptly
give the Holders written notice of the occurrence of any Liquidation Event. 
 (f) Freedom to Pursue Corporate Opportunities. The
Corporation expressly acknowledges and agrees as follows, for so long as Primary Investor or any Significant Holder beneficially owns any Preferred Shares (or the equivalent number of those certain shares of Common Stock, as adjusted for any
Reclassification thereof, issued upon conversion thereof on an as-converted basis) (a) Primary Investor or such Significant Holder and each director of the Corporation who is a member, director, officer, employee or Affiliate of Primary
Investor or such Significant Holder (an “Affiliated Person”) has the right to, and shall have no duty (contractual or otherwise) not to, directly or indirectly engage in the same or similar business activities or lines of business
as the Corporation or any of its Subsidiaries, including those deemed to be competing with the Corporation or any of its Subsidiaries; and (b) in the event that Primary Investor, such Significant Holder or such Affiliated Person acquires
knowledge of a potential transaction or matter that may be a corporate opportunity for the Corporation, Primary Investor, such Significant Holder or such Affiliated Person shall have no duty (contractual or otherwise) to communicate or present such
corporate opportunity to the Corporation or any of its Subsidiaries, as the case may be, and, notwithstanding any provision of any agreement to the contrary, shall not be liable to the Corporation or its Affiliates or stockholders or creditors for
breach of any duty (contractual or otherwise) by reason of the fact that Primary Investor, such Significant Holder or such Affiliated Person, directly or indirectly, pursues or acquires such opportunity for itself, directs such opportunity to
another person, or does not present such opportunity to the Corporation or any of its Subsidiaries; provided, that the provisions of this Section 12(f) shall not apply with respect to the actions of any individual while serving in
an operational capacity as an officer or other employee of the Corporation. Primary Investor and each Significant Holder agrees on behalf of itself and each Affiliated Person to keep confidential all proprietary and non-public information regarding
the Corporation received in such capacity and not to use such proprietary and non-public information for any purpose other than in connection with evaluating, monitoring or taking any other action with respect to the investment by Primary Investor
or such Significant Holder in the Preferred Shares, provided, that nothing herein shall prevent Primary Investor, such Significant Holder or such Affiliated Persons from disclosing or using any such information that (i) is or becomes
generally available to the public in accordance with Federal or State laws other than as a result of a disclosure by Primary Investor, such Significant Holder or such Affiliated Persons in violation of this Section 12(f) or any other legal
duty, fiduciary duty or other duty of trust and confidence, of Primary Investor, such Significant Holder or such Affiliated Person; (ii) was in Primary Investor’s, such Significant Holder’s or such Affiliated Person’s possession
or developed by it prior to being furnished with such information, as evidenced by Primary Investor’s, such Significant Holder’s or such Affiliated Person’s records; (iii) becomes available to Primary Investor, such Significant
Holder or such Affiliated Person on a non-confidential basis from a source other than the Corporation, or (iv) is required to be disclosed by applicable law or legal process. 

13. Transfers. 

(a) Generally. Subject to this Section 13, Preferred Shares may be Transferred by any Holder pursuant to a Permitted
Transfer. During the Restrictive Period, Holders may not Transfer Preferred Shares except pursuant to a Permitted Transfer. As used herein, the “Restrictive Period” shall mean the period commencing on the Investment Date and ending
upon the earliest of (A) the three (3) year anniversary of the Investment Date, (B) a Qualified Public Offering and (C) a Redemption Event. 

(b) To the extent the Restrictive Period ends by reason of the occurrence of the three (3) year anniversary of the Investment Date as
provided in clause (A) of the definition thereof, and neither a Qualified Public Offering nor a Redemption Event has occurred, Preferred Shares may be Transferred by any Holder with the prior written consent of the Corporation, such consent not
to be unreasonably 

  
 14 

 
withheld, conditioned or delayed, or pursuant to a Permitted Transfer. Notwithstanding the foregoing, Preferred Shares may be offered, sold, transferred or assigned by any Holder without consent
after the occurrence of a Change of Control or a Liquidation Event. 
 (c) All Transfers of Preferred Shares must also be made in accordance
with the Securities Act, and applicable state securities laws. Any attempted Transfer of Preferred Shares in violation of this Section 13 shall be null and void ab initio. Notwithstanding anything in this Section 13 to
the contrary, in the event that the Corporation consents to a Transfer of more than five thousand (5,000) Preferred Shares in the aggregate (as adjusted for any Reclassification of the Preferred Shares) by Primary Investor in one or more
transactions, the Corporation shall be deemed to have consented to all Transfers of Preferred Shares from and after such time by all Holders. 

(d) Primary Investor Rights. Notwithstanding Section 13(a), the Primary Investor Rights shall not be transferrable and
shall terminate with respect to such Transferred shares upon any Transfer by Primary Investor of Preferred Shares; provided, that, following a Control Event (as defined in the Series H Certificate of Designation as in effect on the Investment
Date), the Primary Investor Rights shall be transferrable in connection with a Transfer by Primary Investor, in a single transaction to a single transferee, of more than 7,782 Preferred Shares (as adjusted for any Reclassification of the Preferred
Shares) (or the equivalent number of those certain shares of Common Stock, as adjusted for any Reclassification thereof, issued upon conversion thereof on an as-converted basis). 

(e) Lock-up. In connection with a Qualified Public Offering or any other underwritten public offering, each Holder shall complete and
execute a customary lock-up agreement to the extent required pursuant to the terms of the underwriting arrangements of the Qualified Public Offering agreeing not to effect any public sale or distribution, including any sale pursuant to Rule 144
under the Securities Act, of any Capital Stock of the Corporation during the seven (7) day period prior to, and for the one hundred and eighty (180) days after, the effective date of the registration statement for such Qualified Public
Offering or other underwritten public offering (or such lesser period as the managing underwriters may require or permit), except for such Capital Stock to be included in such offering; provided that all of the Corporation’s Affiliates
and executive officers and all of the members of the Board of Directors are restricted in the same manner and for the same duration; provided, further, that notwithstanding anything in this Section 13(e) to the contrary, in
no event shall any Holder be obligated to execute a lock-up agreement restricting it or otherwise prohibiting it from effecting any public sale or distribution, including any sale pursuant to Rule 144 under the Securities Act, of any Capital Stock
for any period of time exceeding the period of time (including with respect to any requirements that such period be applicable to other persons or entities) that such Holder has contractually agreed to in writing with the Corporation. 

(f) Registration Rights. To the extent that any shares of Common Stock are being offered for the account of selling stockholders in the
Qualified Public Offering (an “Eligible Offering”), each Holder shall be permitted to participate in such Eligible Offering and to sell an Eligible Amount of the shares of Common Stock issuable upon conversion of such Holder’s
Preferred Shares. The Corporation will, at least twenty (20) days prior to the filing of a registration statement with respect to an Eligible Offering, notify the Holders in writing of such Eligible Offering. Each Holder may elect to
participate in such Eligible Offering (up to the Eligible Amount) by delivering written notice of such Holder’s election to the Corporation within five (5) days after the Corporation’s delivery of the notice provided under this
Section 13(f). The right of any Holder to participate in an Eligible Offering shall be conditioned upon such Holder agreeing to: (i) sell its shares of Common Stock in the Eligible Offering on the basis provided in any customary
underwriting arrangements and (ii) complete and execute all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, and other documents required under the terms of such underwriting arrangements. The registration
rights provided by this Section 13(f) shall be junior to any registration rights granted to any other holder of the Corporation’s Equity Securities 

  
 15 

 
on or prior to the Investment Date and any registration rights granted after the Investment Date to the extent a written agreement evidencing such registration rights is executed by the parties
and provides rights senior to those provided by this Section 13(f). 
 14. Preemptive Rights.  

(a) Except with respect to any Exempt Equity Issuances or any offering of Capital Stock by the Corporation that is registered pursuant to the
Securities Act, if the Corporation after the date hereof, proposes to issue or sell any Equity Securities, the Corporation will, at least twenty (20) days prior to the proposed issuance or sale but subject to applicable Federal and State laws,
notify the Holders in writing (the “Issuance Notice”) of (i) the number and type of Equity Securities which the Corporation proposes to issue, the price thereof and the date on which such price shall be paid; (ii) all
other material terms and conditions, including terms of condition of payment, relating to the proposed issuance or sale; (iii) the proportionate number of Equity Securities which each Holder shall have the right to purchase, which shall be
equal to such Holder’s Pro Rata Share of such Equity Securities; and (iv) where the proposed purchasers of such Equity Securities are known, the identities of such proposed purchasers. Each Holder may elect to purchase all or any portion
of its respective Pro Rata Share of the securities to be issued in such issuance or sale at the same price and on the same terms identified in the notice. If electing to participate, such Holder (an “Exercising Holder”) shall be
required to purchase the same Equity Securities that are being issued by the Corporation and shall be entitled to make such purchase on the same terms and conditions, in each case as set forth in the Issuance Notice. Such Holder’s election to
participate in any such transaction must be made in writing and be delivered to the Corporation ten (10) days after the Corporation’s delivery of the Issuance Notice; provided, that if there is a material change in the
Corporation’s proposed terms or conditions of issuance or sale, a new Issuance Notice shall be provided to the Holders pursuant to this Section 14(a) and the Holders will have ten (10) days after the Corporation’s delivery
of such new Issuance Notice with such revised terms to reconfirm such Holder’s intention to invest. To the extent any Holder does not elect to purchase all of its Pro Rata Share of the Equity Securities (a “Declining Holder”),
the Exercising Holders shall be entitled to purchase the Equity Securities allocated to the Declining Holder, and the Corporation shall deliver to each Exercising Holder a written notice (the “Remaining Equity Notice”) not less than
fifteen (15) days after the date of the Issuance Notice specifying the aggregate number of Equity Securities that all of the Declining Holders did not elect to purchase. Each Exercising Holder shall have the right to purchase additional Equity
Securities, which right must be exercised not less than ten (10) days after delivery of the Remaining Equity Notice, by notifying the Corporation in writing (a “Second Exercise Notice”) of the maximum number of such Equity
Securities that such Exercising Holder wishes to purchase. To the extent the aggregate number of shares sought to be purchased under the Second Exercise Notices is equal to or less than the number of Equity Securities set forth in the Remaining
Equity Notice, each Holder delivering a Second Exercise Notice shall be entitled to purchase the number of Equity Securities set forth in such Holder’s Second Exercise Notice. To the extent the aggregate number of shares sought to be purchased
under the Second Exercise Notices is greater than the number of Equity Securities set forth in the Remaining Equity Notice, such Equity Securities shall be allocated among the Holders on a pro rata basis based on their relative Pro Rata Share. If
after notifying the Holders, the Corporation elects not to proceed with the issuance or sale, any elections made by such Holder shall be deemed rescinded. Notwithstanding anything to the contrary contained in this Section 14(a), if the
consideration to be received by the Corporation with respect to the issuance of Equity Securities specified in the Issuance Notice is other than cash to be paid upon the issuance of the Equity Securities (that is, if the consideration would
constitute so called “in kind” property), or if security is to be provided to secure the payment of any deferred portion of the purchase price, then any Holder exercising his, hers or its rights under this Section 14 may
purchase such Equity Securities by making a cash payment at the time of the closing specified in the Issuance Notice in the amount of the reasonably equivalent value of the “in kind” property specified in the Issuance Notice and/or may
provide reasonably equivalent security to that 

  
 16 

 
provided in the Issuance Notice. Such “reasonably equivalent value” or “reasonably equivalent security” shall be determined by the Board of Directors. In the event of any
issuance or sale of any debt securities by the Corporation to any Significant Holder or any Affiliate of any Significant Holder, in whole or in part, other than any offering of debt securities by the Corporation that is registered pursuant to the
Securities Act (a “Preemptive Debt Issuance”), such Preemptive Debt Issuance shall be treated in the same manner as an issuance of Equity Securities for purposes of the rights provided in this Section 14 and each Holder
shall have the right to notice of, and to elect to participate in, such Preemptive Debt Issuance as if each reference to “Equity Securities” in this Section 14 were replaced with a reference to such debt securities. If, in
connection with any issuance of Equity Securities or debt securities by the Corporation after the date hereof other than any Exempt Equity Issuance or any offering of Capital Stock or debt securities that is registered pursuant to the Securities
Act, the Corporation grants any Significant Holder or any Affiliate of any Significant Holder (i) any new material right or contractual benefit which is in addition and/or supplemental to those rights and benefits of such Significant Holder
that are in effect immediately prior to such issuance (and which is not granted as a condition of such issuance) or (ii) any additional securities (clauses (i) and (ii) each, an “Ancillary Right”) in connection with
or relating to such Significant Holder’s ownership of Preferred Shares or shares of Series H Convertible Preferred Stock, as applicable, in each case which Ancillary Right (x) is not otherwise made available to the Holders that exercise
their rights in full pursuant to this Section 14 and (y) does not arise out of a law, regulation, order or other legal circumstance that is applicable to such Significant Holder but not to such other Holders that exercise their
rights in full, then each other Significant Holder shall be offered a Pro Rata Share of such Ancillary Right on the same terms and conditions as such Significant Holder or such Affiliate of such Significant Holder in the same manner as is provided
in this Section 14, so long as such other Significant Holder participates in such issuance of Equity Securities or debt securities to the same extent on a pro rata basis as such Significant Holder or such Affiliate of such Significant
Holder. 
 (b) If the Holders do not elect to purchase all of the Equity Securities proposed to be issued in such issuance or sale as
described in Section 14(a), upon the expiration of the offering periods described in Section 14(a), the Corporation shall be entitled to sell any Equity Securities that the Holders have not elected to purchase during the one
hundred and twenty (120) calendar days following such expiration at a price not less than, and on other terms and conditions either substantially the same as, or more favorable to the Corporation than, those set forth in the Issuance Notice.
Any shares of Capital Stock offered or sold by the Corporation after such one hundred and twenty (120) day period (or, if prior to such one hundred and twenty (120) day period, at a price less than, or on other terms and conditions not
substantially the same as, or more favorable to the Corporation than, those offered set forth in the Issuance Notice) must be reoffered to the Holders pursuant to the terms of this Section 14. 

(c) Notwithstanding anything to the contrary contained in Section 14(a), in the event that the Board of Directors determines that
time is of the essence in completing any issuance of Equity Securities pursuant to this Section 14, the Corporation may issue or sell Equity Securities without first complying with the terms of Section 14(a); provided
that the terms of such issuance or sale shall require that, promptly following such issuance or sale, (i) the Corporation shall deliver an Issuance Notice to each Holder and (ii) each Holder shall have the right to purchase all or any part
of the Equity Securities described in the Issuance Notice (whether pursuant to the resale of Equity Securities by the initial purchaser(s) of such Equity Securities or the issuance by the Corporation of additional Equity Securities) upon the terms,
and subject to the conditions, set forth in Section 14(a). 
 15. Notices. 

(a) Notices of Record Date. In the event of any taking by the Corporation of a record of the holders of any class of the
Corporation’s Equity Securities for the purposes of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend) or other distribution, any 

  
 17 

 
right to subscribe for, purchase or otherwise acquire any Equity Securities of any class or any other securities or property, or any other right, the Corporation shall mail to each Holder, at
least ten (10) days prior to the date specified therein, a notice specifying the date on which any such record is to be taken for the purpose of such dividend, distribution or right, and the amount and character of such dividend, distribution
or right. 
 (b) Notices by the Corporation. Any notice required by the provisions of this Series I Certificate of Designation to be
given to the Holders shall be deemed given if sent by U.S. nationally recognized overnight courier service, and addressed to each holder of record at his or her address appearing on the books of the Corporation. 

16. Certain Definitions. As used in this Series I Certificate of Designation, the following terms shall have the following
respective meanings: 
 “Affiliate” of, or a person or entity “Affiliated” with, a specified person or
entity, is a person or entity that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person or entity specified. Notwithstanding the foregoing, for purposes hereof, the
Corporation, its Subsidiaries and its other controlled Affiliates shall not be considered Affiliates of any Holder by reason of such person being a Holder. 

“Appraiser” means a nationally recognized investment bank, financial advisor or valuation or appraisal firm selected by
mutual agreement of the Corporation and Primary Investor (but only if Primary Investor continues to hold any Preferred Shares) as having appropriate experience in the Corporation’s industry in doing valuations of the nature required, which is
independent of and not affiliated with the Corporation, Primary Investor, any other Holder participating in the relevant transaction or any of their respective Affiliates. 

“Capital Stock” of any person or entity means any and all shares, interests, rights to purchase, warrants, options,
participations or other equivalents of or interests in the common stock or preferred stock of such person or entity, including, without limitation, partnership and membership interests. 

“Change of Control” means (a) the sale, conveyance or disposition, including but not limited to any spin-off or in-kind
distribution (a “Divestiture”), by the Corporation or by one or more of its Subsidiaries, of all or substantially all of the assets of the Corporation (on a consolidated basis) to any person or group (other than the Corporation or its
wholly-owned Subsidiaries and other than pursuant to a joint venture arrangement in which the Corporation, directly or indirectly, receives at least fifty percent (50%) of the equity and voting interests); (b) the effectuation of a
transaction or series of related transactions in which more than thirty-five percent (35)% of the voting power of the Corporation is disposed of (other than (i) as a direct result of normal, uncoordinated trading activities in the Common Stock
generally or (ii) solely as a result of the disposition by a stockholder of the Corporation to an Affiliate of such stockholder); (c) any merger, consolidation, stock or asset purchase, recapitalization or other business combination
transaction (or series of related transactions) as a result of which the shares of Capital Stock entitled to vote generally in the election of directors and the Preferred Shares (treated on an as-converted basis) immediately prior to such
transaction (or series of related transactions) are converted into and/or continue to represent (on an as-converted basis), in the aggregate, less than sixty-five percent (65%) of the total voting power of all shares of Capital Stock that are
entitled to vote generally in the election of directors of the entity surviving or resulting from such transaction (or ultimate parent thereof); (d) a transaction or series of transactions in which any person, entity or “group” (as
such term is used in Sections 13(d) and 14(d) of the Exchange Act) acquires more than thirty-five percent (35)% of the voting equity of the Corporation (other than the acquisition by a person, entity or “group” that is an Affiliate of or
Affiliated with a person, entity or “group” that immediately prior to such acquisition, beneficially owned thirty-five percent (35)% or more of the voting equity of the Corporation) or (e) Primary Investor ceases to beneficially own
in the aggregate at least ten percent (10%) of the outstanding Capital Stock of the Corporation, on a fully-diluted basis. 

  
 18 

 “Compliance Certificate” means a certificate duly executed by a Responsible
Officer substantially in the form of Exhibit A. 
 “Consolidated EBITDA” means, for any period, the net income (or
loss) of the Corporation and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, plus, without duplication and solely to the extent reflected as a charge in the statement of such consolidated net income for such
period, the sum of (a) income tax expense, (b) interest expense associated with Indebtedness, (c) depreciation and amortization, (d) amortization of intangibles (including, but not limited to, goodwill), (e) expenses related
to the transactions consummated on the Investment Date and (f) non-recurring or extraordinary items. 
 “Conversion
Price” means $0.95, subject to adjustment in accordance with the terms hereof. 
 “Co-Sale Agreement” means the
rights set forth in that certain co-sale agreement, dated as of September 25, 2012, among Primary Investor, Riverwood, Portman and Zouk and certain of their Affiliates. 

“Co-Sale Rights” means the rights of each of the parties to the Co-Sale Agreement, as set forth in such Agreement. 

“Eligible Amount” means with respect to any Holder, the “Eligible Amount” of shares of Common Stock equal to the
product obtained by multiplying (a) the maximum number of shares of Common Stock that the underwriter(s) estimate(s) can be underwritten in connection with an Eligible Offering at a price range that is acceptable to the Corporation less any
shares of Common Stock being offered by the Corporation or any other person or entity holding registration rights that are senior to those granted to the Holders in this Series I Certificate of Designation, by (b) a fraction, the numerator of
which shall equal the number of shares of Common Stock issuable to such Holder upon the conversion of such Holder’s Preferred Shares, and the denominator of which shall equal the total number of shares of Common Stock issuable to all Holders
upon conversion of such Holders’ Preferred Shares that are requested to be included in the Eligible Offering. 
 “Equity
Securities” means any Capital Stock or any other equity securities of the Corporation and any of its Subsidiaries, whether now or hereafter authorized, and any instrument convertible into or exchangeable for any of the foregoing equity
securities or equity security. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exempt Equity Issuance” means the issuance of any Capital Stock of the Corporation: (i) upon the conversion or exercise
of any options, warrants or rights to acquire securities of the Corporation which options, warrants or rights were (A) outstanding on the Investment Date (as certified by an officer of the Corporation to Primary Investor on the Investment
Date), (B) issued as part of another Exempt Equity Issuance or (C) offered to the Holders pursuant to an Issuance Notice in compliance with Section 14(a) hereof; (ii) compensatory issuances to (A) the executives and
directors of the Corporation in their capacity as such and (B) other employees of the Corporation in their capacity as such, in each case pursuant to an option, stock or other equity plan approved by the Board of Directors; (iii) having a
value of less than or equal to $15.0 million in the aggregate for all such issuances under this clause (iii), provided, that any such issuance must also be at a price per share (or equivalent security) greater than or equal to the
Conversion Price; (iv) in a Qualified Public Offering; (v) for consideration in lieu of 

  
 19 

 
cash pursuant to the bona fide acquisition of another corporation or entity by the Corporation by consolidation, merger, purchase of all or substantially all of the assets of such other
corporation or entity or fifty percent (50%) or more of the voting power of such other corporation or entity or fifty percent (50%) or more of the equity ownership of such other corporation or entity approved by the Board of Directors and
by Primary Investor to the extent required (but only to the extent actually required) by Section 11(b) hereof, in each case the primary purpose of which is not to raise capital; (vi) in connection with a bona fide strategic
commercial agreement or commercial relationship as determined by the Corporation and approved by the Board of Directors and by Primary Investor to the extent required (but only to the extent actually required) by Section 11(b) hereof,
the primary purpose of which is not to raise capital; (vii) pursuant to any stock split or reverse stock split; (viii) pursuant to the Series H/I Offering; provided, that any such sale is on terms no more favorable to the purchaser
of Preferred Shares or shares of Series H Convertible Preferred Stock than the terms to Riverwood pursuant to the Subscription Agreement, including that the purchase price for each Preferred Share shall be no less than the Stated Value;
(ix) upon the exercise by any Series H Holder of the preemptive rights granted pursuant to the terms of the Series H Certificate of Designation; (x) upon the conversion of any shares of Series H Convertible Preferred Stock pursuant to the
terms of the Series H Certificate of Designation; and (xi) shares of Capital Stock of the Corporation issued upon conversion or exercise of the securities set forth in the foregoing clauses (i) – (x); provided
that “Exempt Equity Issuance” shall in no event include any issuance of Senior Liquidation Shares, or any issuance of Parity Liquidation Shares other than as provided in the foregoing clauses (viii) and (ix). 

“Fair Market Value” means, as of any date, the value of a share of the Common Stock determined as follows: (a) if the
Common Stock is publicly traded and is then listed on a national securities exchange, the volume weighted average closing price of the Common Stock on the ten (10) consecutive trading days immediately preceding (but not including) such date on
the principal national securities exchange on which the Common Stock is listed or admitted to trading as reported by Bloomberg L.P.; (b) if the Common Stock is publicly traded but is neither listed nor admitted to trading on a national
securities exchange, the volume weighted average closing price of the Common Stock on the ten (10) consecutive trading days immediately preceding (but not including) such date in the over-the-counter market as reported by Bloomberg L.P.;
(c) if the Common Stock is neither listed nor admitted to trading on a national securities exchange or quoted in the over-the-counter market, the average of the highest closing bid price and the lowest closing ask price of any of the market
makers for the Common Stock for the ten (10) consecutive trading days immediately preceding (but not including) such date as reported in the “pink sheets” by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.); or
(d) if none of the foregoing is applicable, by an Appraiser, which Appraiser shall be instructed to present its conclusions within thirty (30) days and to use one or more valuation methods that, in its best professional judgment, would be
most appropriate to ascertain the price at which such Common Stock would change hands between a willing buyer and a willing seller, each having reasonable knowledge of relevant facts and neither being under any compulsion to act; provided
that the valuation of the Corporation by Appraiser shall assume that the Corporation has continued ownership of its Subsidiaries and other properties and continued benefit of its contractual and other relationships and arrangements and shall take in
to account other factors relevant to such valuation, including the prospects of the Corporation and its Subsidiaries, and the value of the estimated future earning of the Corporation and its Subsidiaries. All such determinations shall be
appropriately adjusted for any share dividend, share split or other similar transaction during such period. 
 “Holder”
means any holder of Preferred Shares, all of such holders being the “Holders.” 
 “Indebtedness” means,
with respect to the Corporation and its Subsidiaries: (a) any liabilities for borrowed money or amounts owed or indebtedness issued in substitution for or exchange of indebtedness for borrowed money; (b) obligations evidenced by notes,
bonds, debentures or other similar instruments; 

  
 20 

 
(c) obligations under leases (contingent or otherwise, as obligor, guarantor or otherwise) required to be accounted for as capitalized leases pursuant to generally accepted accounting
principles; (d) obligations for amounts drawn and outstanding under acceptances, letters of credit, contingent reimbursement liabilities with respect to letters of credit or similar facilities; (e) any liability for deferred purchase price
of property or services, contingent or otherwise, as obligor or otherwise, other than accounts payable incurred in the ordinary course of business and (f) any accrued and unpaid interest on, and any prepayment premiums, penalties or similar
contractual charges in respect of, any of the foregoing. 
 “Independent Director” means a natural person that qualifies as
an “independent director” in accordance with the requirements of Rule 10A-3 of the Exchange Act and the rules of the NASDAQ Stock Market. 

“Investment Date” means the first issue date of the Preferred Shares. 

“Junior Securities Distribution” means the declaration or payment on account of, or setting apart for payment money for a
sinking or other similar fund for, the purchase, redemption or other retirement of, any Junior Liquidation Shares, or any distribution in respect thereof, either directly or indirectly, and whether in cash, obligations, securities or other property,
or the purchase or redemption by any entity directly or indirectly controlled by the Corporation of any of the Junior Liquidation Shares. 

“Liquidation Amount” means the greater of (a) the Fair Market Value of the Optional Conversion Shares issuable to a
Holder upon conversion of each Preferred Share on the applicable date of determination and (b) the Returned Value. 
 “Optional
Conversion Shares” means the number of shares of Common Stock equal to the quotient obtained by dividing (a) the Stated Value of each Preferred Share by (b) the Conversion Price as in effect on the relevant Conversion Date. 

“Parity Securities Distribution” means the declaration or payment on account of, or setting apart for payment money for a
sinking or other similar fund for, the purchase, redemption or other retirement of (other than by conversion into or exchange for Junior Liquidation Shares), any Parity Liquidation Shares, or any distribution in respect thereof, either directly or
indirectly, and whether in cash, obligations, Common Stock, securities or other property, or the purchase or redemption by any entity directly or indirectly controlled by the Corporation of any of the Parity Liquidation Shares. 

“Permitted Equity Issuance” means the issuance of any Capital Stock of the Corporation: (1) in an Exempt Equity Issuance
pursuant to clause (i)(A), (i)(C), (ii)(B) (provided, that the shares reserved to be issued under such plan(s) do not exceed in the aggregate three percent (3%) of the issued and outstanding shares of Common Stock at the
time of adoption of such plan(s)), (iii), (iv), (vii), (viii), (ix), (x) or (xi) of the definition of “Exempt Equity Issuance”, (2) in an Exempt Equity Issuance pursuant to
clause (i)(B) of the definition of “Exempt Equity Issuance” to the extent relating to an Exempt Equity Issuance as described in the foregoing clause (1), and (3) in an Exempt Equity Issuance as described in clause
(xii) of the definition of “Exempt Equity Issuance” to the extent relating to an Exempt Equity Issuance as described in the foregoing clauses (1) or (2); provided, that “Permitted Equity Issuance” shall in
no event include any issuance of Senior Liquidation Shares, or any issuance of Parity Liquidation Shares other than as provided in clauses (viii) and (ix) of the definition of “Exempt Equity Issuance”. 

“Permitted Transfer” means any Transfer by: (1) a Holder of all or any portion of the Preferred Shares (a) to
Primary Investor; (b) to Riverwood; (c) to the Corporation or any of the Corporation’s Subsidiaries, (d) pursuant to the exercise of the Co-Sale Rights; (e) in any transaction in which all or substantially all of the Equity
Securities of the Corporation are Transferred pursuant to any 

  
 21 

 
reorganization, merger, consolidation or sale of the Corporation; (f) in a Qualified Public Offering; (g) pursuant to a tender or exchange offer pursuant to the Securities Act or the
Exchange Act; (h) with respect to the Transfers by any party other than Primary Investor, with the prior written consent of the Corporation, such consent not to be unreasonably withheld, conditioned or delayed; or (i) with respect to
Transfers by Primary Investor, with the prior written consent of the Corporation; (2) PCA LSG Holdings, LLC of up to 18,316 Preferred Shares on or prior to the six (6) month anniversary of the Investment Date; or (3) Primary Investor
pursuant to a pro rata in-kind distribution or dividend to the equityholders of Pegasus Partners IV, L.P. (and any intermediary transfers amongst Affiliates of Primary Investor as part of giving effect thereto) who were equityholders of Pegasus
Partners IV, L.P. on May 25, 2102 (provided, that such distribution or dividend shall not result in a Transfer to any such equityholder of more than 15% of the Equity Securities held by Primary Investor as of the date hereof;
provided, further, that such distribution or dividend shall not be structured so as to avoid the occurrence or triggering of a Change of Control). 

“Portman” means Portman Limited, a Cayman Islands exempted company and its Affiliates. 

“Primary Investor” means Pegasus Capital Advisors, L.P. and its Affiliates. 

“Primary Investor Rights” means those rights provided to Primary Investor pursuant to Section 5(a)(i)(A),
Section 5(e), Section 10(b)(i), Section 11(b) and Section 12 hereof. 
 “Pro Rata
Share” means, with respect any Holder, the quotient (in percentage terms) obtained by dividing (i) the number of shares of Common Stock and shares of Common Stock Equivalents owned by such Holder at the time of determination and
(ii) the number of shares of Common Stock and Common Stock Equivalents issued and outstanding at the time of such determination. For purposes of determining each Holder’s Pro Rata Share, the number of Common Stock Equivalents shall include
the number of shares of Common Stock that would be issuable upon the conversion of the applicable Preferred Shares. 
 “Qualified
Public Offering” means a firmly committed underwritten public offering of the Common Stock on The NASDAQ Stock Market or the New York Stock Exchange pursuant to an effective registration statement filed under the Securities Act, where
(a) the gross proceeds received by the Corporation and any selling stockholders in the offering are no less than $100 million and (b) the market capitalization of the Corporation immediately after consummation of the offering is no less
than $500 million. 
 “Reconfiguration Date” means the date on which the Corporation shall have received gross proceeds of
at least $8.0 million in the aggregate from purchases of Preferred Shares and/or warrants to purchase shares of Common Stock by investment funds that are Affiliates of Riverwood, Zouk and/or Portman; provided, that such proceeds shall have
been received by the Company after January 3, 2014 but on or before January 31, 2014. 
 “Redemption Event” means
(a) any default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Corporation or any of its Subsidiaries, whether such
Indebtedness now exists, or is created after the Investment Date, if that default: (i) is caused by a failure to pay the principal of, or interest or premium, if any, on, such Indebtedness prior to the expiration of any grace period provided
pursuant to the terms of such Indebtedness on the date of such default and (x) the aggregate amount unpaid equals $10.0 million or more or (y) the principal amount of such Indebtedness aggregates to $15.0 million or more; or
(ii) results in the acceleration of such Indebtedness prior to its express maturity and the principal amount of such Indebtedness aggregates to $8.0 million or more; provided, that if such default is cured or waived or any such
acceleration rescinded, or such Indebtedness is repaid, within a 

  
 22 

 
period of ten (10) days from the continuation of such default beyond the applicable grace period or the occurrence of such acceleration, as the case may be, no Redemption Event shall be
deemed to have occurred; (b) any material breach or default under this Series I Certificate of Designation; provided, that if such breach or default is cured or waived within a period of ten (10) days from the continuation of such
breach or default beyond any applicable grace period, no Redemption Event shall be deemed to have occurred; and (c) any material breach of default under the certificate of designation with respect to the Series H Certificate of Designation or
the certificate of designation with respect to any other series of preferred stock of the Corporation (other than the Series), in each case to the extent outstanding; provided, that in the case of this clause (c), if such breach or default is
cured or waived within a period of ten (10) days from the continuation of such breach or default beyond any applicable grace period, no Redemption Event shall be deemed to have occurred. 

“Responsible Officer” means either the Chief Executive Officer or Chief Financial Officer of the Corporation. 

“Returned Value” means with respect to each Preferred Share, if the Triggering Event occurs (i) on or prior to the one
(1) year anniversary of the Investment Date, an amount equal to the product obtained by multiplying (A) the Stated Value thereof by (B) 1.5; (ii) subsequent to the one (1) year anniversary of the Investment Date and on or
prior to the two (2) year anniversary of the Investment Date, an amount equal to the product obtained by multiplying (A) the Stated Value thereof by (B) 1.75; and (iii) subsequent to the two (2) year anniversary of the
Investment Date, an amount equal to the product obtained by multiplying (A) the Stated Value thereof by (B) 2.0. 

“Riverwood” means RW LSG Holdings LLC and its Affiliates. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Series H Certificate of Designation” means the Certificate of Designation of Series H Convertible Preferred Stock of the
Corporation, as filed with the Secretary of State of the State of Delaware and as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Series H Holder” means any holder of the Corporation’s outstanding shares of Series H Convertible Preferred Stock. 

“Series H/I Offering” means the sale of up to 31,000 Preferred Shares or shares of Series H Convertible Preferred Stock (each
as adjusted for any Reclassification of the Preferred Shares) or any combination thereof by the Corporation after the Investment Date but on or prior to the four (4) month anniversary thereof. 

“Series I Certificate of Designation” means this Certificate of Designation of Preferred Stock to be designated Series I
Convertible Preferred Stock. 
 “Significant Holder” means, as of the applicable date of determination, (i) Primary
Investor so long as Primary Investor continues to beneficially own at least 2,500 Preferred Shares (as adjusted for any Reclassification of Preferred Shares); (ii) Primary Investor (as such term is defined in the Series H Certificate of
Designation), so long as such Primary Investor continues to beneficially own at least 2,500 shares of the Corporation’s Series H Convertible Preferred Stock (as adjusted for any reclassification of such shares of Series H Convertible Preferred
Stock); (iii) any Holder that beneficially owns at least 20,000 Preferred Shares (as adjusted for any Reclassification of the Preferred Shares); and (iv) any Series H Holder that beneficially owns at least 20,000 shares of the
Corporation’s Series H Convertible Preferred Stock (as adjusted for any reclassification of such shares of Series H Convertible Preferred Stock). 

  
 23 

 “Stated Value” means, with respect to a Preferred Share, $1,000 (as adjusted for
any Reclassification of the Preferred Shares). 
 “Subscription Agreement” means that certain Preferred Stock Subscription
Agreement entered into on May 25, 2012 by and between the Corporation, RW LSG Holdings LLC, and certain parties signatories thereto, as may be amended or modified from time to time in accordance with its terms. 

“Subsidiary” means any corporation, partnership, trust, association, limited liability company or other entity owned or
controlled by the Corporation, or in which the Corporation, directly or indirectly, owns a majority of the Capital Stock or similar interest that would be disclosable pursuant to Regulation S-K, Item 601(b)(21). 

“Transfer” means, as a noun, any voluntary or involuntary transfer, sale, pledge or hypothecation or other disposition,
whether directly or indirectly and whether through one or a series of transactions, and, as a verb, voluntarily or involuntarily to transfer, sell, pledge or hypothecation or otherwise dispose of, whether directly or indirectly and whether through
one or a series of transactions. 
 “Triggering Event” means any Change of Control, Redemption Event, Liquidation Event or
the delivery of a Redemption Notice pursuant to the exercise of the Optional Redemption Right or the Contingent Redemption Right. 

“Zouk” means Cleantech Europe II (A) LP, Cleantech Europe II (B) LP and their Affiliates. 

[signature page follows] 

  
 24 

 IN WITNESS WHEREOF, the Corporation has caused this Certificate to be duly executed on its behalf
by its undersigned Chief Financial Officer as of January 3, 2014. 
  

					
	LIGHTING SCIENCE GROUP CORPORATION
		
	By:	 	 /s/ Thomas C. Shields

		 	Name:	 	Thomas C. Shields
		 	Title:	 	Chief Financial Officer

 Signature Page to Amended and Restated Series I Certificate of Designation 

 Exhibit A 

FORM OF 
 COMPLIANCE
CERTIFICATE 
 This Compliance Certificate is delivered pursuant to Section 12(d) of the Certificate of Designation of
Preferred Stock of Lighting Sciences Group Corporation (the “Corporation”) to be designated Series I Convertible Preferred Stock (the “Series I Certificate of Designation”). Unless otherwise defined herein, terms
defined in the Series I Certificate of Designation and used herein shall have the meanings given to them in the Series I Certificate of Designation. 

1. I am the duly elected, qualified and acting [Chief Executive Officer][Chief Financial Officer] of the Corporation. 

2. I have reviewed and am familiar with the contents of this Compliance Certificate. 

3. I have reviewed the terms of the Series I Certificate of Designation and have made, or caused to be made, under my supervision, a review in
reasonable detail of the transactions and condition of the Corporation and its Subsidiaries during the accounting period covered by the audited annual financial statements attached hereto as Annex I (the “Financial
Statements”). Such review did not disclose the existence during or at the end of the accounting period covered by the Financial Statements, and I have no knowledge of the existence, as of the date of this Compliance Certificate, of any
condition or event which constitutes a Triggering Event [, except as set forth below]. 
 4. Attached hereto as Annex II are the
computations showing compliance with the covenants set forth in Section 12(a) through (e) of the Series I Certificate of Designation. 

IN WITNESS WHEREOF, I have executed this Certificate this      day of
            , 20    . 
  

	
	  

	Name:
	Title:

 Annex I 

to Compliance Certificate 

[Attach Financial Statements] 

 Annex II 

to Compliance Certificate 

The information described herein is as of
                    ,             , and pertains to the period from
                    ,              to
                         ,             . 

[Set forth Covenant Calculations]<![CDATA[A&R Cert of Designation of Series J Preferred Stock]]>

 Exhibit 4.3 

AMENDED AND RESTATED 

CERTIFICATE OF DESIGNATION 

OF 
 SERIES J CONVERTIBLE
PREFERRED STOCK 
 OF 

LIGHTING SCIENCE GROUP CORPORATION 
  

 
 Pursuant to
Section 242 of the 
 General Corporation Law of the State of Delaware 

 
  

Lighting Science Group Corporation, a corporation organized and existing under and by virtue of the General Corporation Law of the State of
Delaware (the “Corporation”), in accordance with the provisions of Section 242 thereof, hereby certifies as follows: 

FIRST: That pursuant to the authority conferred upon the Board of Directors (the “Board of Directors”) of the Corporation in
accordance with the Amended and Restated Certificate of Incorporation of the Corporation, as amended (the “Certificate of Incorporation”), and the Amended and Restated Bylaws of the Corporation, as amended to date (the
“Bylaws”), the Board of Directors has duly adopted a resolution amending and restating the rights of the Series J Convertible Preferred Stock, declaring said amendment and restatement to be advisable and authorizing the appropriate
officers of the Corporation to solicit the requisite consent of the holders of the Series J Convertible Preferred Stock therefor: 

RESOLVED, that the rights set forth in the Certificate of Designation of Series J Convertible Preferred Stock (the “Certificate of
Designation”), are hereby amended and restated as follows: 
 1. Number of Shares; Designation. A total of 70,000
shares (the “Preferred Shares”) of preferred stock, par value $0.001 per share, of the Corporation have been designated as Series J Convertible Preferred Stock (the “Series”). 

2. Rank. The Series shall, with respect to payment of dividends, distributions and rights (including to redemption payments)
upon liquidation, dissolution or winding-up of the affairs of the Corporation, rank: 
 (a) Senior and prior to (i) the Series H
Convertible Preferred Stock of the Corporation, par value 0.001 per share (the “Series H Preferred Stock”); (ii) the Series I Convertible Preferred Stock of the Corporation, par value 0.001 per share (the
“Series I Preferred Stock”); (iii) the Common Stock of the Corporation, par value $0.001 per share (the “Common Stock”); (iv) all other Equity Securities of the Corporation (including warrants and other
securities exercisable, convertible or exchangeable into or for (A) shares of Common Stock (“Common Stock Equivalents”), (B) shares of Series H Preferred Stock and (C) shares of Series I Preferred Stock; and
(v) any additional class or series of stock which may in the future be issued by the Corporation and is designated in the amendment to the Corporation’s Certificate of Incorporation or the certificate of designation establishing such
additional class or series of stock as ranking junior to the Preferred Shares or which does not state they are Parity Liquidation Shares (as defined below) or Senior Liquidation Shares (as defined below). Any shares of the Corporation’s Capital
Stock that are junior to the Preferred Shares with respect to dividends, distributions and rights (including to redemption payments) upon liquidation, dissolution or winding up of the affairs of the Corporation, including upon a Liquidation Event
(as defined below), are hereinafter referred to as “Junior Liquidation Shares.”

 (b) Pari passu with any additional class or series of stock which may in the future be
issued by the Corporation in accordance with the terms hereof and is expressly designated in the amendment to the Corporation’s Certificate of Incorporation or the certificate of designation establishing such additional class or series of stock
as ranking equal to the Preferred Shares. Any shares of the Corporation’s Capital Stock that rank equal to the Preferred Shares with respect to dividends, distributions and rights (including to redemption payments) upon liquidation, dissolution
or winding-up of the affairs of the Corporation, including upon a Liquidation Event, are hereinafter referred to as “Parity Liquidation Shares.” 

(c) Junior to any additional class or series of stock which may in the future be issued by the Corporation in accordance with the terms hereof
and is expressly designated in the amendment to the Corporation’s Certificate of Incorporation or the certificate of designation establishing such additional class or series of stock as ranking senior to the Preferred Shares. Any shares of the
Corporation’s Capital Stock that rank senior to the Preferred Shares with respect to dividends, distributions and rights (including to redemption payments) upon liquidation, dissolution or winding up of the affairs of the Corporation, including
upon a Liquidation Event, are hereinafter referred to as “Senior Liquidation Shares.” 
 3. Dividends.  

(a) Subject to the rights and preferences of any Senior Liquidation Shares, each Holder shall be entitled to receive, when, as and if declared
by the Board of Directors, out of funds legally available for the payment of dividends for each Preferred Share, dividends of the same type as any dividends or other distribution, whether in cash, in kind or in other property, payable or to be made
on outstanding shares of Common Stock, in an amount equal to the amount of such dividends or other distribution as would be made on the number of shares of Common Stock equal to the number of Optional Conversion Shares issuable to each Holder on the
applicable record date for such dividends or other distribution on the Common Stock (the “Dividends”). 
 (b) Any Dividends
shall be payable to each Holder at the same time as and when such dividend or other distribution on Common Stock is paid to the holders of Common Stock and shall be payable to each Holder on the record date for the corresponding dividend or
distribution on the Common Stock; provided, that no dividend or distribution on Common Stock shall be made to any holders of Common Stock unless the Dividends are paid (or are concurrently being paid) to all Holders pursuant to this
Section 3. 
 (c) The Preferred Shares shall not be entitled to any dividend, whether payable in cash, in kind or other
property, in excess of or in any instance other than the Dividends as provided in this Section 3. 
 (d) So long as any
Preferred Shares remain outstanding, the Corporation shall not, directly or indirectly, make any Parity Securities Distribution or Junior Securities Distribution, other than (i) as may be required pursuant to that certain Commitment Agreement,
dated September 25, 2012, by and between the Corporation and Pegasus Partners IV, L.P., as may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof, (ii) subject to
Section 5, for the redemption of any shares of the Series H Preferred Stock or Series I Preferred Stock or (iii) with respect to any other Parity Securities Distribution, to the extent that such distribution is made in
accordance with the requirements of Section 11(b) and the Holders participate in such Parity Securities Distribution in exactly the same manner, to the same extent and in the same proportions (on an as converted basis) as all other
Parity Liquidation Shares. 

  
 2 

 4. Conversion. 

(a) Conversion at Option of Holder. Each Preferred Share shall be convertible, at the option of the Holder thereof, at any time and
from time to time, into the number of duly authorized, validly issued, fully paid and nonassessable shares of Common Stock equal to the number of Optional Conversion Shares issuable with respect to each Preferred Share (subject to
Section 4(e)). In the event of a Liquidation Event, the conversion rights provided by this Section 4(a) shall terminate at the close of business on the last full day preceding the date fixed for payment of any amounts
distributable on such Liquidation Event to the Holders. 
 (b) Procedures for Conversion at Option of Holder. Each Holder shall
effect an optional conversion pursuant to Section 4(a) by providing the Corporation with a written conversion notice specifying (i) the number of Preferred Shares to be converted and (ii) the date on which such conversion is to
be effected (such date, the “Conversion Date”), which conversion date and time shall not be prior to the date such Holder delivers such notice to the Corporation nor more than twenty (20) business days thereafter. If no
Conversion Date is specified in a notice of conversion, the Conversion Date shall be the date that such notice of conversion to the Corporation is deemed delivered to the Corporation hereunder. To effect any conversion of the Preferred Shares, each
Holder shall surrender the certificate(s) representing such Preferred Shares to the Corporation. Any Preferred Shares converted into Common Stock pursuant to the terms hereof shall be canceled and shall not be reissued. As soon as practicable after
the Conversion Date and the surrender of the certificate(s) representing Preferred Shares, the Corporation shall issue and deliver to each such Holder or its nominee, at such Holder’s address as it appears on the books of the Corporation, a
certificate(s) for the number of Optional Conversion Shares. Such conversion shall be deemed to have been made on the Conversion Date, and the Holder entitled to receive the shares of Common Stock issuable upon such conversion shall be treated for
all purposes as the record holder of such shares of Common Stock on the Conversion Date. Unless a Holder converts all of its Preferred Shares pursuant to an Optional Conversion, the Corporation shall, as soon as practicable and in no event later
than five (5) business days after the Conversion Date and at its own expense, issue a new certificate evidencing the number of Preferred Shares owned by such Holder after giving effect to the Preferred Shares converted on the Conversion Date.

 (c) Conversion at the Option of the Corporation. At any time on or after the first date that fewer than 2,500 Preferred Shares
remain outstanding in the aggregate (as adjusted for any Reclassification (as defined below) of the Preferred Shares), then at the Corporation’s option and election, all outstanding Preferred Shares, in whole but not in part, may be converted
automatically into the number of duly authorized, validly issued, fully paid and nonassessable shares of Common Stock equal to the number of Optional Conversion Shares with respect to all outstanding Preferred Shares (subject to
Section 4(e)). The Corporation shall effect an optional conversion pursuant to this Section 4(c) by mailing a written conversion notice to each Holder at the address of record on the books of the Corporation specifying
(i) the Conversion Date, which conversion date and time shall not be prior to fifteen (15) days after the date the Corporation delivers such notice, and (ii) (A) that at any time prior to the Conversion Date, each Holder shall
have the right in lieu of conversion to exercise its right to redeem such Preferred Shares for an amount in cash equal to the Liquidation Amount with respect thereto in the same manner as upon receipt of a Mandatory Redemption Notice pursuant to
Section 5(a)(i), and (B) the Redemption Date with respect to any such Redemption (as defined below), which Redemption Date shall be no more than sixty (60) days after the Conversion Date. 

(d) Automatic Conversion. Upon the date on which a Qualified Public Offering is consummated (the “Forced Conversion
Date”), each Preferred Share shall automatically be converted (a “Forced Conversion”), into the number of duly authorized, validly issued, fully paid and nonassessable shares of Common Stock equal to the greater of
(1) the number of Optional Conversion Shares issuable 

  
 3 

 
with respect to each Preferred Share (subject to Section 4(e)) or (2) the quotient obtained by dividing (I) the Returned Value by (II) the price per share of Common Stock
paid by the public in such Qualified Public Offering. All outstanding Preferred Shares shall, on the Forced Conversion Date, be converted into Common Stock for all purposes, notwithstanding the failure of any Holder thereof to surrender any
certificate representing such shares on or prior to such date. On and after the Forced Conversion Date, (w) no Preferred Shares shall be deemed to be outstanding or be transferable on the books of the Corporation; and (x) each Holder, as
such, shall not be entitled to receive any dividends or other distributions, to receive notices or to vote such Preferred Shares or to exercise or enjoy any other powers, preferences or rights in respect thereof, other than (y) the right, upon
surrender of the certificate(s) representing such Preferred Shares, to receive a certificate(s) for the shares of Common Stock into which such shares have been converted, and (z) all dividends accrued and unpaid with respect to Preferred Shares
accrued up to and including the Forced Conversion Date. On the Forced Conversion Date, all such Preferred Shares shall be retired and cancelled and shall not be reissued. 

(e) Fractional Shares. No fractional shares of Common Stock or scrip shall be issued upon conversion of any Preferred Shares. In lieu
of any fractional share to which any Holder would otherwise be entitled, based on the number of Preferred Shares of such Holder being converted in a single or series of related transactions, the Corporation shall issue a number of shares of Common
Stock to such Holder rounded up to the nearest whole number of shares of Common Stock. No cash shall be payable to any Holder upon conversion of Preferred Shares. 

5. Redemption. 

(a) Redemption Rights; Automatic and at Option of Holders. 

(i) Upon the Corporation’s receipt of written notice of any Series H Redemption, the Corporation shall redeem all of the
Preferred Shares for an amount in cash equal to the Liquidation Amount of such Preferred Shares (the “Mandatory Redemption”) unless, and only to the extent that, any Holder of Preferred Shares gives written notice to the Corporation
of such Holder’s election to have less than all or none of its Preferred Shares so redeemed. The Corporation shall mail via nationally recognized overnight courier service to each Holder at the address of record on the books of the Corporation,
and e-mail and fax (to the extent the Corporation has a current e-mail and fax number, as applicable, on record for such Holder) a written notice (a “Mandatory Redemption Notice”) of such Mandatory Redemption not later than one
(1) business day following the Corporation’s receipt of notice of a Series H Redemption, which Mandatory Redemption Notice shall specify the earliest redemption date for that Series H Redemption. Each Holder shall have until the earliest
redemption date specified in the Mandatory Redemption Notice triggering the Mandatory Redemption to deliver a notice to the Corporation electing to exercise its right to have less than all or none of its Preferred Shares redeemed (a “Notice
of Non-Redemption”). To the extent any Preferred Shares are redeemed in a Mandatory Redemption, such Mandatory Redemption shall be senior to and payable in full prior to the payment of any amounts pursuant to any Series H Redemption or
Series I Redemption (including, without limitation, with respect to the Series H Redemption that triggered the Mandatory Redemption); provided, that the redemption date for such Mandatory Redemption (the “Mandatory Redemption
Date”) shall be the earliest redemption date specified in the Mandatory Redemption Notice triggering the Mandatory Redemption. If, for any or no reason at all, the Series H Redemption triggering the Mandatory Redemption is withdrawn or if
the Corporation satisfies or cures, or the applicable Series H Holders waive, the obligation or obligations giving rise to such Series H Redemption, or any other action is taken such that there is no longer an obligation on the part of the
Corporation to consummate the Series H Redemption at such time, and no shares of Series H Preferred Stock are redeemed, the Holders shall no longer have the right to redeem Preferred Shares on such Mandatory Redemption Date. 

  
 4 

 (ii) Notwithstanding anything in Section 5(a)(i) the contrary, after
the Corporation has redeemed any shares of the Series H Preferred Stock, each Holder may at any time and from time to time thereafter elect to have all or a portion of such Holder’s Preferred Shares redeemed by the Corporation for an amount in
cash equal to the Liquidation Amount of such Preferred Shares (the “Optional Redemption Right”). 
 (iii)
For the avoidance of doubt, the obligations of the Corporation to the Holders shall be senior to the obligations of the Corporation to any and all Junior Liquidation Shares. 

(b) Limitations on Redemption. Any redemption of Preferred Shares pursuant to this Section 5 or Section 6 (a
“Redemption”) shall be payable out of any cash or surplus available therefor under applicable Delaware law, and if there is not a sufficient amount of cash or surplus available, then out of the remaining assets of the Corporation
available therefor under applicable Delaware law (valued at the fair market value thereof on the date of payment, as determined by the Board of Directors). If the Redemption is executed prior to or simultaneously with any Series H Redemption or any
Series I Redemption, the Corporation shall pay all Holders of Preferred Shares any amounts payable pursuant to such Redemption prior to any payments made in respect of any Junior Liquidation Shares. At the time of a Redemption, the Corporation shall
take all actions required or permitted under Delaware law to permit the Redemption of the Preferred Shares, including, without limitation, through the revaluation of its assets in accordance with Delaware law, to make funds available under
applicable Delaware law for such Redemption or to determine the existence of sufficient surplus. Notwithstanding anything to the contrary herein, the Corporation shall not be permitted or required to redeem any Preferred Shares for so long as such
Redemption would result in an event of default under: (x) that certain Second Lien Letter of Credit, Loan and Security Agreement, dated September 20, 2011, by and among the Corporation, as borrower, the guarantors and lenders party from
time to time thereto and Ares Capital Corporation, as agent; (y) that certain Loan and Security Agreement, dated as of November 22, 2010, by and among the Corporation, the guarantors and lenders from time to time party thereto, Wells Fargo
Bank, National Association, as agent, (or its successor) and Wells Fargo Capital Finance, LLC, as sole lead arranger, manager and bookrunner (or its successor) (together, (x) and (y), the “Credit Facilities”); or (z) any
amendments or restatements of, supplements to, or new facility or facilities entered into in replacement of, the Credit Facilities in accordance with the terms hereof, including Section 11(b) (to the extent applicable). 

(c) Redemption Procedures. 

(i) A Redemption pursuant to Section 5(a)(i) shall occur automatically on the applicable Mandatory Redemption Date
unless and only to the extent that the Holder has provided the Corporation with a Notice of Non-Redemption specifying the number of Preferred Shares to be retained by such Holder. 

(ii) Holders shall exercise the Optional Redemption Right (an “Optional Redemption”) by providing the
Corporation with a written notice of their election to exercise such Optional Redemption Right (an “Optional Redemption Notice”) specifying (i) the number of Preferred Shares to be redeemed and (ii) the date on which such
Optional Redemption is to be effected (the “Optional Redemption Date”), which Optional Redemption Date and time shall not be prior to sixty (60) days after delivery of such Optional Redemption Notice to the Corporation nor more
than one hundred eighty (180) days thereafter. 

  
 5 

 (iii) To effect a Redemption of the Preferred Shares, a Holder shall surrender
the certificate(s) representing such Preferred Shares to the Corporation. On the Mandatory Redemption Date or Optional Redemption Date, as applicable, the Corporation shall pay the Liquidation Amount by check to the order of the record holder of the
Preferred Shares or, if written instructions are provided therefor in the Mandatory Redemption Notice or Optional Redemption Notice, as applicable, or otherwise (it being acknowledged that e-mail instruction shall be sufficient), by wire transfer of
immediately available funds in accordance with such instructions. Unless all of a Holder’s Preferred Shares are redeemed on the Mandatory Redemption Date or Optional Redemption Date, as applicable, the Corporation shall, as soon as practicable
and in no event later than five (5) business days after the Mandatory Redemption Date or Optional Redemption Date, as applicable, and at its own expense, issue a new certificate evidencing the number of Preferred Shares owned by such Holder
after giving effect to the Preferred Shares redeemed on the Mandatory Redemption Date or Optional Redemption Date, as applicable. Any Preferred Shares redeemed pursuant to the terms hereof shall be canceled and shall not be reissued. 

(d) Other than with respect to a Mandatory Redemption (in the event any Holder elects not to be so Redeemed) or Optional Redemption as set
forth in Section 5(a), in no event shall the Corporation or any of its Subsidiaries redeem, purchase or acquire any Preferred Shares from one or more Holders unless the Corporation (or the applicable Subsidiary) irrevocably offers to
simultaneously redeem, purchase or acquire a pro rata amount of Preferred Shares from each other Holder on the same terms. 
 6.
Change of Control. 
 (a) Except to the extent Section 9(b) applies, upon consummation of a Change of Control, the
Corporation shall immediately (and in any event within two (2) business days) make an offer in writing to each Holder to redeem all of the outstanding Preferred Shares for cash equal to the aggregate Liquidation Amount with respect to such
Preferred Shares. 
 (b) Upon a Change of Control, the Corporation shall give to each Holder notice (the “Change of Control
Notice”) of the occurrence of the Change of Control and of the Holder’s right to receive the Liquidation Amount as a result of such Change of Control (the “Repurchase Right”). The Change of Control Notice shall be
mailed to each Holder at the address of record on the books of the Corporation and shall state (i) the date on which the Preferred Shares shall be repurchased (the “Repurchase Date”); (ii) the date by which the Repurchase
Right must be exercised, which date shall be no earlier than twenty (20) days after the delivery by the Corporation of the Change of Control Notice (the “Repurchase Right Expiration Date”); (iii) the Liquidation Amount;
and (iv) a description of the procedures a Holder must follow to exercise the Repurchase Right. 
 (c) To exercise the Repurchase
Right, a Holder shall deliver to the Corporation, on or before the Repurchase Right Expiration Date, a written notice specifying the number of Preferred Shares to be repurchased by the Corporation. Each Holder shall retain the right to convert
Preferred Shares at any time on or prior to the Repurchase Date, or to withdraw an election to have such shares repurchased at any time on or prior to the Repurchase Date. 

  
 6 

 (d) Notwithstanding anything herein to the contrary, the Corporation shall comply with all
requirements under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the Repurchase Right as a result of a Change of Control. No failure by the
Corporation to give the Change of Control Notice and no defect in any Change of Control Notice shall limit any Holder’s right to exercise its Repurchase Right or affect the validity of the proceedings for the repurchase of Preferred Shares.

 7. Liquidation. In the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Corporation (a
“Liquidation Event”), the Holders shall be entitled to receive and to be paid out of the assets of the Corporation, the Liquidation Amount of the Preferred Shares held by them; provided, that the Holders (i) shall not be
entitled to receive the Liquidation Amount of the Preferred Shares held by them until the liquidation value of any and all Senior Liquidation Shares shall have been paid in full, and (ii) shall be entitled to receive the Liquidation Amount of
such shares held by them in preference to and in priority over any distributions upon any Junior Liquidation Shares. Upon payment in full of the then present Liquidation Amount to which the Holders are entitled, the Holders will not be entitled to
any further participation in any distribution of assets by the Corporation and the Preferred Shares held by such Holders shall be deemed redeemed and cancelled. If the assets of the Corporation are not sufficient to pay in full the then present
Liquidation Amount payable to the Holders and the liquidation value payable to the holders of any Parity Liquidation Shares, the holders of all such shares shall share ratably in such distribution of assets in accordance with the amounts that would
be payable on the distribution if the amounts to which the Holders and the holders of any Parity Liquidation Shares are entitled were paid in full. For purposes of this Section 7, a Change of Control (in and of itself) shall not be
deemed a Liquidation Event (it being understood that an actual liquidation, dissolution or winding up of the Corporation in connection with a Change of Control will be subject to this Section 7). 

8. Status and Reservation of Shares. 

(a) Status. All Preferred Shares that are at any time converted pursuant to Section 4 or redeemed or repurchased pursuant
to Sections 5, 6 or 7, and all Preferred Shares that are otherwise reacquired by the Corporation and subsequently canceled by the Board of Directors, shall be retired and shall not be subject to reissuance and shall be
automatically returned to the status of authorized and unissued shares of preferred stock of the Corporation, available for future designation and issuance pursuant to the terms of the Corporation’s Certificate of Incorporation. 

(b) Reservation. On and after the Investment Date, the Corporation shall at all times reserve and keep available out of any stock held
as treasury or out of its authorized but unissued Common Stock, or both, solely for the purpose of effecting optional conversions or the Forced Conversion, no less than the aggregate number of shares of Common Stock equal to the product obtained by
multiplying (a) the Optional Conversion Shares by (b) the aggregate number of issued and outstanding Preferred Shares. All shares of Common Stock issued upon conversion of the Preferred Shares will, upon issuance by the Corporation, be
duly and validly issued, fully paid and nonassessable, not issued in violation of any preemptive rights arising under law or contract and free from all taxes, liens and charges with respect to the issuance thereof, and the Corporation shall take no
action which will cause a contrary result. 
 9. Certain Adjustments. 

(a) Stock Reclassifications, Splits and Dividends. If the Corporation, at any time while any Preferred Shares remain outstanding, shall
undertake any reclassification, stock split, reverse stock split, stock dividend, subdivision, combination, consolidation, recapitalization or any similar proportionately-applied change (collectively, a “Reclassification”) of
outstanding shares of Common Stock (other than a change in, of, or from par value), then the Conversion Price shall be adjusted such that each Holder shall 

  
 7 

 
thereafter be entitled to receive upon conversion the kind and amount of shares of Common Stock and/or other Capital Stock and/or property that such Holder of outstanding Preferred Shares would
have been entitled to acquire immediately prior to such Reclassification as if such Preferred Shares were converted to Common Stock immediately prior to such Reclassification. Any adjustment made pursuant to this Section 9(a) shall
become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or
reclassification. 
 (b) Mergers or Consolidations. If at any time or from time to time prior to a conversion pursuant to
Section 4(a), Section 4(c) or Section 4(d) there is a merger, consolidation or similar capital reorganization of the Common Stock (each a “Reorganization”), then as part of such Reorganization,
provision shall be made so that each Holder of outstanding Preferred Shares at the time of such Reorganization shall thereafter be entitled to receive, upon conversion of such Preferred Shares and in lieu of Common Stock, the Capital Stock or
property that such Holder of outstanding Preferred Shares would have been entitled to receive in such Reorganization as if such Preferred Shares were converted to Common Stock immediately prior to such Reorganization, subject to adjustment in
respect of such Capital Stock by the terms thereof. In any such case, the resulting or surviving entity (if not the Corporation) shall expressly assume the obligations to deliver, upon such conversion, such Capital Stock or property as the Holders
of Preferred Shares remaining outstanding (or of other convertible preferred stock received by such Holders in place thereof) shall be entitled to receive pursuant to the provisions hereof, and to make provisions for the protection of the conversion
rights as provided above. If this Section 9(b) applies to a Reorganization, Section 9(a) shall not apply to such Reorganization. 

(c) Mandatory Exchange into Follow-On Securities; Automatic Amendments. 

(i) To the extent that (x) Pegasus and Riverwood collectively hold more than a majority of the outstanding Preferred
Shares (as adjusted for any Reclassification of the Preferred Shares) and (y) in connection with any Qualified Follow-On, Pegasus and Riverwood elect to exercise their rights pursuant to the Subscription Agreement to exchange all of the
Preferred Shares then held by Pegasus and Riverwood into the equivalent face amount (based on the original purchase price for such Preferred Shares and the purchase price for such Follow-On Securities) of the Follow-On Securities being offered in a
such Qualified Follow-On on substantially the same terms and conditions that govern such Qualified Follow-On (an “Exchange”), then all of the then-outstanding Preferred Shares held by all of the Holders shall participate in such
Exchange and be mandatorily exchanged into the equivalent face amount (based on the original purchase price for such Preferred Shares and the purchase price for such Follow-On Securities) of the Follow-On Securities being offered in such Qualified
Follow-On on substantially the same terms and conditions that govern such Qualified Follow-On. 
 (ii) Upon the issuance of
any Follow-On Securities in a Qualified Follow-On that would, upon the conversion thereof, permit the holders thereof to receive shares of Common Stock at a price per share (regardless of the form of consideration to be paid) less than the
Conversion Price, then the Conversion Price in effect immediately prior to such Qualified Follow-On shall be adjusted so that the Conversion Price shall equal the price at which the holders of such Follow-On Securities are able to convert such
Follow-On Securities into shares of Common Stock. In determining whether any Follow-On Securities entitle the holders thereof to receive shares of Common Stock at a price per share less than the Conversion Price, there shall be taken into account
any consideration received by the Corporation for such Follow-On Securities, the value of such consideration, if other than cash, to be determined in good faith by the Board, whose determination shall be conclusive and described in a certificate
filed with the records of corporate proceedings of the Corporation. 

  
 8 

 (iii) If, in connection with any Follow-On Offering, either the Series H
Certificate of Designation, on the one hand, or the Series I Certificate of Designation, on the other, is amended in a manner that is more favorable to the Series I Holders, on the one hand, or the Series H Holders, on the other (any such
amendments, the “Improved Terms”), then, to the extent that the Certificate of Designation contains any term that is equivalent to the Improved Term in the Series H Certificate of Designation or Series I Certificate of Designation
and without any action required on the part of any Holder, the Series J Certificate of Designation shall similarly be amended to provide the Holders with the benefit of the applicable Improved Terms. Notwithstanding the foregoing, no term contained
in the Series H Certificate of Designation and Series I Certificate of Designation in effect immediately following consummation of any Follow-On Offering shall be deemed to be an Improved Term to the extent that the difference between the applicable
term in the Series H Certificate of Designation or Series I Certificate of Designation is substantially similar to the difference in the Series H Certificate of Designation and Series I Certificate of Designation as of the date of the Subscription
Agreement. 
 10. Voting Rights. 

(a) Generally. Unless otherwise provided by any Federal or State law, the Corporation’s Certificate of Incorporation, the
Corporation’s Bylaws, this Section 10 or Section 11 hereof, the Holders shall not have the right to vote for the election of directors or on any other matters presented to the Corporation’s stockholders for action
by their written consent or at any annual or special meeting of stockholders. On any matter on which the Holders are entitled by any Federal or State law, under the Corporation’s Certificate of Incorporation or Bylaws or pursuant to this
Section 10 or Section 11 hereof to vote separately as a class, each such Holder shall be entitled to one vote for each Preferred Share held and such matter shall be determined by a majority of the Preferred Shares voting on
such matter. Notwithstanding the foregoing, the joint vote, consent, approval, waiver or authorization of each Primary Investor on any matter, including without limitation, any matter on which the Holders are entitled by any Federal or State law
(other than as may be required by Section 242(b)(2) of the Delaware General Corporation Law), under the Corporation’s Certificate of Incorporation or Bylaws or pursuant to this Series J Certificate of Designation to vote separately as a
class, shall be, and shall be deemed to be, the vote, consent, approval, waiver or authorization of all of the Preferred Shares and the Holders of all of the Preferred Shares; provided, that no Primary Investor shall, without the consent of
each adversely affected Holder, act to amend this Series J Certificate of Designation so as to alter the terms of the Preferred Shares of any Holder in a manner different from the other Holders with respect to their Preferred Shares or otherwise
specifically targeting and materially and adversely affecting any such Holder with respect to its Preferred Shares in a manner different from the other Holders with respect to their Preferred Shares (and for the avoidance of doubt, the foregoing
shall not restrict the ability of the Corporation and/or any Primary Investor to effect a Reorganization that complies with the terms and provisions of Section 9(b) in all respects, or an amendment to this Certificate of Designation to
comply with the terms and conditions set forth in Section 9(c) or in Section 5 of the Subscription Agreement). The foregoing sentence may not be amended without the consent of each Holder of Preferred Shares. 

(b) Waivers. Any provision of this Certificate of Designation may be waived in a written instrument executed by the waiving party
including, without limitation, a waiver executed by each Primary Investor in accordance with the third sentence of Section 10(a). 

11. Restrictions and Limitations. 

(a) The Holders of the Preferred Shares are entitled to vote separately as a single class on all matters to which they are entitled to vote
under Section 242(b)(2) of the Delaware General Corporation Law, and on all other matters as required by applicable law, including (i) any increase or decrease in the 

  
 9 

 
authorized amount of Preferred Shares, except for the cancellation and retirement of shares set forth in Section 8(a); and (ii) any amendment, alteration or change in the powers,
preferences or special rights of the Preferred Shares that would affect the Holders adversely. 
 (b) The Corporation shall not, without the
written consent of each Primary Investor: 
 (i) alter, modify or amend (whether by amendment to the Certificate of
Incorporation or Bylaws, merger, consolidation or otherwise) the terms, rights, preferences, privileges or powers of, or the other restrictions provided for the benefit of, the Series in any way as set forth herein or in any other agreement entered
into by the Corporation (provided, that the written consent of the Primary Investor(s) pursuant to this Section 11(b)(i) shall not be required to make such alteration, modification or amendment if effected solely to consummate,
and which is otherwise conditioned upon the consummation of, a Reorganization that complies with the terms and provisions of Section 9(b) or Section 9(c) in all respects); 

(ii) re-issue (whether by merger or otherwise) any Preferred Shares that have been converted, redeemed or otherwise reacquired
by the Corporation; 
 (iii) pay dividends or cash interests or other distributions (whether in cash, Equity Securities or
otherwise) on, redeem or repurchase or otherwise acquire any Capital Stock, Equity Securities, convertible debt, or debt coupled with any Common Stock Equivalents of the Corporation other than (i) as may be required by any Senior Liquidation
Shares issued in accordance with the terms hereof, including Section 11(b)(vii) and (ii) as part of any Series H Redemption or Series I Redemption to the extent that such redemption(s) are made in accordance with, and subject to,
the terms and conditions of Section 5. 
 (iv) liquidate, dissolve or wind-up the affairs of the Corporation or
otherwise initiate any insolvency proceeding or any proceeding under the Bankruptcy Reform Act of 1978, as amended, or other applicable bankruptcy or insolvency laws; 

(v) engage in any recapitalization, merger, consolidation, reorganization or similar transaction; provided, that such
consent may not be unreasonably withheld, conditioned or delayed to the extent such transaction will constitute a Change of Control and the Corporation has available, or will obtain in connection with such transaction, sufficient proceeds to redeem
all of the Preferred Shares in accordance with the provisions of Section 6 and, for the avoidance of doubt, to the extent such transaction will constitute a Change of Control, this subsection (v) is not intended to be
utilized by the Primary Investor(s) to modify the amount of proceeds payable to the Holders with respect to the Preferred Shares upon such Change of Control from the amount to which such Holders would otherwise be entitled pursuant to
Section 6 hereof upon such Change of Control; or other than in the ordinary course of business, form or maintain any direct or indirect Subsidiary; 

(vi) engage in a public offering or listing of Equity Securities (including indirectly by means of equity securities of a
successor entity or otherwise) on any national securities exchange, other than (A) in connection with a Qualified Public Offering, (B) an offering made in connection with a business acquisition pursuant to a registration statement on Form
S-4 or any similar form that does not otherwise require consent pursuant to this Section 11(b), or (C) in connection with an employee benefit plan pursuant to a registration statement on Form S-8 or any similar form; 

(vii) other than with respect to any Permitted Equity Issuance, (A) issue any Senior Liquidation Shares or Parity
Liquidation Shares, or reclassify any outstanding Equity Securities 

  
 10 

 
into Senior Liquidation Shares or Parity Liquidation Shares or (B) issue any other Equity Securities, or reclassify any other outstanding Equity Securities; provided, that consent
shall not be required pursuant to this Section 11(b)(vii) with respect to any issuance of Equity Securities to the extent the proceeds thereof shall upon receipt thereof immediately be used to satisfy in full the obligations of the
Corporation to redeem all then-outstanding Preferred Shares pursuant to Section 4, Section 5 or Section 6 hereof; 

(viii) incur any Indebtedness (A) in excess of $50.0 million, other than (x) any Indebtedness incurred pursuant to a
refinancing of the Credit Facilities or any other working capital facilities of the Corporation in effect as of the Investment Date, in each case without any increase in the available principal amount thereof or (y) pursuant to any refinancing
or replacement of the Credit Facilities with respect to working capital or other working capital facilities as approved by the Board of Directors, in each case such that the aggregate available principal amount thereunder is secured only by the
Corporation’s account receivables and finished goods inventory and does not exceed 80% of accounts receivable, 60% of finished goods inventory and $75 million in the aggregate (each of (A)(x) and (A)(y), “Permitted
Indebtedness”); or (B) containing any provision that limits the Corporation’s ability to redeem any Preferred Shares pursuant to Section 5(a) for a period that exceeds that contained in the Credit Facilities as in
effect as of the Investment Date; provided, that if such provision is contained in any Permitted Indebtedness, such Indebtedness shall continue to be Permitted Indebtedness for purposes of the foregoing clause (A) and consent shall only
be required pursuant to this clause (B) with respect to such provision; and provided further that consent shall not be required pursuant to this Section 11(b)(viii) for Indebtedness to the extent the proceeds thereof
shall upon receipt thereof immediately be used to satisfy in full the obligations of the Corporation to redeem all then-outstanding Preferred Shares pursuant to Section 4, Section 5 or Section 6 hereof; 

(ix) enter into any new agreements or transactions or series of agreements or transactions with any Affiliate of the
Corporation or any holder of five percent (5%) or more of the Corporation’s Capital Stock or any Affiliates of any such stockholder of the Corporation (a “Related Party Agreement”) or amend or modify the terms of any
existing Related Party Agreements, other than: (A) up to $500,000 in the aggregate of fees or other amounts payable annually by the Corporation to Pegasus pursuant to any management or similar services agreement; (B) up to $200,000 in the
aggregate of fees or other amounts payable annually by the Corporation to Riverwood or any of its Affiliates pursuant to any management or similar services agreement; and (C) up to $100,000 in the aggregate of fees or other amounts payable
annually by the Corporation to any Significant Holder or its Affiliates pursuant to any management or similar services agreement; 

(x) purchase, acquire, license, transfer, sell, divest, or dispose of property, rights or assets (whether tangible or
intangible) of the Corporation or any of its Subsidiaries (whether by merger, consolidation, other business combination, purchase or sale of Capital Stock or other Equity Security, spin-off, divestiture, asset
purchase, asset sale or other transaction involving the Corporation or any of its Subsidiaries) or enter into any joint venture where either (A) the aggregate consideration to be paid or received by the Corporation or any of its Subsidiaries,
or (B) the fair market value of the relevant property, rights or assets, in one transaction or a series of related transactions, exceeds $5.0 million, other than commercial transactions with customers and distributors for the sale of the
Corporation’s products in the ordinary course of business; provided, that such consent may not be unreasonably withheld, conditioned or delayed to the extent such transaction will constitute a Change of Control and the Corporation has
available, or will obtain in connection with such transaction, sufficient proceeds to redeem all of the Preferred Shares in accordance with the provisions of Section 6 and, for the avoidance of doubt, to the

  
 11 

 
extent such transaction will constitute a Change of Control, this subsection (x) is not intended to be utilized by the Primary Investor(s) to modify the amount of proceeds payable to
the Holders with respect to the Preferred Shares upon such Change of Control from the amount to which such Holders would otherwise be entitled pursuant to Section 6 hereof upon such Change of Control; 

(xi) enter into any definitive agreement or commitment with respect to any of the foregoing; or

(xii) indirectly engage in any of the foregoing through an affiliated person (including without limitation Pegasus or
Riverwood), including cause or permit any Subsidiary to engage in or enter into any definitive agreement or commitment with respect to any of the foregoing. 

(c) In the event that the Holders of at least a majority of the outstanding Preferred Shares agree (whether by a vote, written consent, waiver
or otherwise) to allow the Corporation to alter or change the rights, preferences or privileges of the Series pursuant to applicable law, no such change shall be effective to the extent that, by its terms, such change applies to less than all of the
Preferred Shares then outstanding. 
 (d) Notwithstanding anything to the contrary herein, subject to applicable law, the provisions of this
Section 11 shall terminate automatically and be of no further force or effect upon the consummation of a Qualified Public Offering or the conversion or redemption of all outstanding Preferred Shares pursuant to Section 4(c).

 12. Covenants. 

(a) For so long as any Primary Investor continues to beneficially own at least 2,000 Preferred Shares (as adjusted for any Reclassification of
the Preferred Shares), the Corporation agrees that: 
 (i) Maintenance of Existence; Compliance. The Corporation
shall, and shall cause each of its Subsidiaries to (A) preserve, renew and keep in full force and effect its organizational existence, (B) take all reasonable action to maintain all material rights, privileges and franchises necessary or
desirable in the normal conduct of its business and (C) comply in all material respects with all material contractual obligations and requirements of law applicable to the Corporation and its Subsidiaries, and its and their respective
properties, rights and assets. 
 (ii) Maintenance of Property; Insurance. The Corporation shall, and shall cause each
of its Subsidiaries to (A) keep all property necessary for the conduct of its business as conducted on the Investment Date in good working order and condition, ordinary wear and tear excepted, and (B) maintain with financially sound and
reputable insurance companies insurance on all property necessary for the conduct of its business in at least such amounts and against at least such risks (but including in any event public liability, product liability and business interruption) as
are usually insured against in the same general area by companies engaged in the same or a similar business. 
 (b) Notices. The
Corporation shall, and shall cause each of its Subsidiaries to, promptly give the Holders written notice of the occurrence of any Liquidation Event. 

(c) Freedom to Pursue Corporate Opportunities. The Corporation expressly acknowledges and agrees as follows, for so long as a Primary
Investor or Significant Holder beneficially owns any Preferred Shares (or shares of Common Stock issued upon conversion thereof) (i) such Primary Investor or Significant Holder and each director of the Corporation who is a member, director,
officer, employee 

  
 12 

 
or Affiliate of such Primary Investor or Significant Holder (an “Affiliated Person”) has the right to, and shall have no duty (contractual or otherwise) not to, directly or
indirectly engage in the same or similar business activities or lines of business as the Corporation or any of its Subsidiaries, including those deemed to be competing with the Corporation or any of its Subsidiaries; and (ii) in the event that
such Primary Investor or such Affiliated Person acquires knowledge of a potential transaction or matter that may be a corporate opportunity for the Corporation, such Primary Investor, Significant Holder or Affiliated Person shall have no duty
(contractual or otherwise) to communicate or present such corporate opportunity to the Corporation or any of its Subsidiaries, as the case may be, and, notwithstanding any provision of any agreement to the contrary, shall not be liable to the
Corporation or its Affiliates or stockholders or creditors for breach of any duty (contractual or otherwise) by reason of the fact that such Primary Investor, Significant Holder or Affiliated Person, directly or indirectly, pursues or acquires such
opportunity for itself, directs such opportunity to another person, or does not present such opportunity to the Corporation or any of its Subsidiaries; provided, that the provisions of this Section 12(c) shall not apply with
respect to the actions of any individual while serving in an operational capacity as an officer or other employee of the Corporation. Each Primary Investor and each Significant Holder agrees on behalf of itself and each Affiliated Person to keep
confidential all proprietary and non-public information regarding the Corporation received in such capacity and not to use such proprietary and non-public information for any purpose other than in connection with evaluating, monitoring or taking any
other action with respect to the investment by such Primary Investor or such Significant Holder in the Preferred Shares, provided, that nothing herein shall prevent such Primary Investor, Significant Holder or Affiliated Persons from
disclosing or using any such information that (i) is or becomes generally available to the public in accordance with Federal or State laws other than as a result of a disclosure by such Primary Investor, Significant Holder or Affiliated Persons
in violation of this Section 12(c) or any other legal duty, fiduciary duty or other duty of trust and confidence, of such Primary Investor, Significant Holder or Affiliated Person; (ii) was in such Primary Investor’s, such
Significant Holder’s or such Affiliated Person’s possession or developed by it prior to being furnished with such information, as evidenced by such Primary Investor’s, such Significant Holder’s or such Affiliated Person’s
records; (iii) becomes available to such Primary Investor, Significant Holder or Affiliated Person on a non-confidential basis from a source other than the Corporation, or (iv) is required to be disclosed by applicable law or legal
process. 
 13. Transfers. 

(a) Generally. Subject to this Section 13, Preferred Shares may be Transferred by any Holder pursuant to a Permitted
Transfer. During the Restrictive Period, Holders may not Transfer Preferred Shares except pursuant to a Permitted Transfer. As used herein, the “Restrictive Period” shall mean the period commencing on the Investment Date and ending
upon the earliest of (A) May 25, 2015, (B) a Qualified Public Offering and (C) a Triggering Event. 
 (b) To the extent
the Restrictive Period ends by reason of the occurrence of the date provided in clauses (A) of the definition thereof, and neither a Qualified Public Offering nor a Redemption Event has occurred, Preferred Shares may be Transferred by any
Holder with the prior written consent of the Corporation, such consent not to be unreasonably withheld, conditioned or delayed, or pursuant to a Permitted Transfer. Notwithstanding the foregoing, Preferred Shares may be offered, sold, transferred or
assigned by any Holder without consent after the occurrence of a Change of Control or a Liquidation Event. 
 (c) All Transfers of Preferred
Shares must also be made in accordance with the Securities Act, and applicable state securities laws. Any attempted Transfer of Preferred Shares in violation of this Section 13 shall be null and void ab initio. 

  
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 (d) Primary Investor Rights. Notwithstanding Section 13(a), the Primary
Investor Rights shall not be transferrable and shall terminate with respect to such Transferred shares upon any Transfer by any Primary Investor of Preferred Shares. 

(e) Lock-up. In connection with a Qualified Public Offering or any other underwritten public offering, each Holder shall complete and
execute a customary lock-up agreement to the extent required pursuant to the terms of the underwriting arrangements of the Qualified Public Offering agreeing not to effect any public sale or distribution, including any sale pursuant to Rule 144
under the Securities Act, of any Capital Stock of the Corporation during the seven (7) day period prior to, and for the one hundred and eighty (180) days after, the effective date of the registration statement for such Qualified Public
Offering or other underwritten public offering (or such lesser period as the managing underwriters may require or permit), except for such Capital Stock to be included in such offering; provided that all of the Corporation’s Affiliates
and executive officers and all of the members of the Board of Directors are restricted in the same manner and for the same duration; provided, further, that notwithstanding anything in this Section 13(e) to the contrary, in
no event shall any Holder be obligated to execute a lock-up agreement restricting it or otherwise prohibiting it from effecting any public sale or distribution, including any sale pursuant to Rule 144 under the Securities Act, of any Capital Stock
for any period of time exceeding the period of time (including with respect to any requirements that such period be applicable to other persons or entities) that such Holder has contractually agreed to in writing with the Corporation. 

(f) Registration Rights. To the extent that any shares of Common Stock are being offered for the account of selling stockholders in the
Qualified Public Offering (an “Eligible Offering”), each Holder shall be permitted to participate in such Eligible Offering and to sell an Eligible Amount of the shares of Common Stock issuable upon conversion of such Holder’s
Preferred Shares. The Corporation will, at least twenty (20) days prior to the filing of a registration statement with respect to an Eligible Offering, notify the Holders in writing of such Eligible Offering. Each Holder may elect to
participate in such Eligible Offering (up to the Eligible Amount) by delivering written notice of such Holder’s election to the Corporation within five (5) days after the Corporation’s delivery of the notice provided under this
Section 13(f). The right of any Holder to participate in an Eligible Offering shall be conditioned upon such Holder agreeing to: (i) sell its shares of Common Stock in the Eligible Offering on the basis provided in any customary
underwriting arrangements and (ii) complete and execute all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, and other documents required under the terms of such underwriting arrangements. The registration
rights provided by this Section 13(f) shall be junior to any registration rights granted to any other holder of the Corporation’s Equity Securities on or prior to the Investment Date and any registration rights granted after the
Investment Date, in each case to the extent a written agreement evidencing such registration rights is executed by the parties and provides rights senior to those provided by this Section 13(f). For the avoidance of doubt, the
registration rights provided by this Section 13(f) shall be pari passu with the registration rights set forth in the Series H Certificate of Designation and Series I Certificate of Designation. 

14. Preemptive Rights.  

(a) Except with respect to any Exempt Equity Issuances or any offering of Capital Stock by the Corporation that is registered pursuant to the
Securities Act, if the Corporation after the date hereof, proposes to issue or sell any Equity Securities, the Corporation will, at least twenty (20) days prior to the proposed issuance or sale but subject to applicable Federal and State laws,
notify the Holders in writing (the “Issuance Notice”) of (i) the number and type of Equity Securities which the Corporation proposes to issue, the price thereof and the date on which such price shall be paid; (ii) all
other material terms and conditions, including terms of condition of payment, relating to the proposed issuance or sale; (iii) the proportionate number of Equity Securities which each Holder shall have the right to purchase, which shall be
equal to such Holder’s Pro Rata Share of such Equity Securities; and (iv) where the proposed 

  
 14 

 
purchasers of such Equity Securities are known, the identities of such proposed purchasers. Each Holder may elect to purchase all or any portion of its respective Pro Rata Share of the securities
to be issued in such issuance or sale at the same price and on the same terms identified in the notice. If electing to participate, such Holder (an “Exercising Holder”) shall be required to purchase the same Equity Securities that
are being issued by the Corporation and shall be entitled to make such purchase on the same terms and conditions, in each case as set forth in the Issuance Notice. Such Holder’s election to participate in any such transaction must be made in
writing and be delivered to the Corporation ten (10) days after the Corporation’s delivery of the Issuance Notice; provided, that if there is a material change in the Corporation’s proposed terms or conditions of issuance or
sale, a new Issuance Notice shall be provided to the Holders pursuant to this Section 14(a) and the Holders will have ten (10) days after the Corporation’s delivery of such new Issuance Notice with such revised terms to
reconfirm such Holder’s intention to invest. To the extent any Holder does not elect to purchase all of its Pro Rata Share of the Equity Securities (a “Declining Holder”), the Exercising Holders shall be entitled to purchase
the Equity Securities allocated to the Declining Holder, and the Corporation shall deliver to each Exercising Holder a written notice (the “Remaining Equity Notice”) not less than fifteen (15) days after the date of the
Issuance Notice specifying the aggregate number of Equity Securities that all of the Declining Holders did not elect to purchase. Each Exercising Holder shall have the right to purchase additional Equity Securities, which right must be exercised not
less than ten (10) days after delivery of the Remaining Equity Notice, by notifying the Corporation in writing (a “Second Exercise Notice”) of the maximum number of such Equity Securities that such Exercising Holder wishes to
purchase. To the extent the aggregate number of shares sought to be purchased under the Second Exercise Notices is equal to or less than the number of Equity Securities set forth in the Remaining Equity Notice, each Holder delivering a Second
Exercise Notice shall be entitled to purchase the number of Equity Securities set forth in such Holder’s Second Exercise Notice. To the extent the aggregate number of shares sought to be purchased under the Second Exercise Notices is greater
than the number of Equity Securities set forth in the Remaining Equity Notice, such Equity Securities shall be allocated among the Holders on a pro rata basis based on their relative Pro Rata Share. If after notifying the Holders, the Corporation
elects not to proceed with the issuance or sale, any elections made by such Holder shall be deemed rescinded. Notwithstanding anything to the contrary contained in this Section 14(a), if the consideration to be received by the
Corporation with respect to the issuance of Equity Securities specified in the Issuance Notice is other than cash to be paid upon the issuance of the Equity Securities (that is, if the consideration would constitute so called “in kind”
property), or if security is to be provided to secure the payment of any deferred portion of the purchase price, then any Holder exercising his, hers or its rights under this Section 14 may purchase such Equity Securities by making a
cash payment at the time of the closing specified in the Issuance Notice in the amount of the reasonably equivalent value of the “in kind” property specified in the Issuance Notice and/or may provide reasonably equivalent security to that
provided in the Issuance Notice. Such “reasonably equivalent value” or “reasonably equivalent security” shall be determined by the Board of Directors. In the event of any issuance or sale of any debt securities by the Corporation
to any Significant Holder or any Affiliate of any Significant Holder, in whole or in part, other than any offering of debt securities by the Corporation that is registered pursuant to the Securities Act (a “Preemptive Debt
Issuance”), such Preemptive Debt Issuance shall be treated in the same manner as an issuance of Equity Securities for purposes of the rights provided in this Section 14 and each Holder shall have the right to notice of, and to
elect to participate in, such Preemptive Debt Issuance as if each reference to “Equity Securities” in this Section 14 were replaced with a reference to such debt securities. If, in connection with any issuance of Equity
Securities or debt securities by the Corporation after the date hereof other than any Exempt Equity Issuance or any offering of Capital Stock or debt securities that is registered pursuant to the Securities Act, the Corporation grants any
Significant Holder or any Affiliate of any Significant Holder (i) any new material right or contractual benefit which is in addition and/or supplemental to those rights and benefits of such Significant Holder that are in effect immediately
prior to such issuance (and which is not granted as a condition of such issuance) or (ii) any additional securities (clauses (i) and (ii) each, an “Ancillary Right”) in connection with or relating to such

  
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Significant Holder’s ownership of Preferred Shares, which Ancillary Right (x) is not otherwise made available to the Holders that exercise their rights in full pursuant to this
Section 14 and (y) does not arise out of a law, regulation, order or other legal circumstance that is applicable to such Significant Holder but not to such other Holders that exercise their rights in full, then each other
Significant Holder shall be offered a Pro Rata Share of such Ancillary Right on the same terms and conditions as such Significant Holder or such Affiliate of such Significant Holder in the same manner as is provided in this Section 14,
so long as such other Significant Holder participates in such issuance of Equity Securities or debt securities to the same extent on a pro rata basis as such Significant Holder or such Affiliate of such Significant Holder. 

(b) If the Holders do not elect to purchase all of the Equity Securities proposed to be issued in such issuance or sale as described in
Section 14(a), upon the expiration of the offering periods described in Section 14(a), the Corporation shall be entitled to sell any Equity Securities that the Holders have not elected to purchase during the one hundred and
twenty (120) calendar days following such expiration at a price not less than, and on other terms and conditions either substantially the same as, or more favorable to the Corporation than, those set forth in the Issuance Notice. Any shares of
Capital Stock offered or sold by the Corporation after such one hundred and twenty (120) day period (or, if prior to such one hundred and twenty (120) day period, at a price less than, or on other terms and conditions not substantially the
same as, or more favorable to the Corporation than, those offered set forth in the Issuance Notice) must be reoffered to the Holders pursuant to the terms of this Section 14. 

(c) Notwithstanding anything to the contrary contained in Section 14(a), in the event that the Board of Directors determines that
time is of the essence in completing any issuance of Equity Securities pursuant to this Section 14, the Corporation may issue or sell Equity Securities without first complying with the terms of Section 14(a); provided
that the terms of such issuance or sale shall require that, promptly following such issuance or sale, (i) the Corporation shall deliver an Issuance Notice to each Holder and (ii) each Holder shall have the right to purchase all or any part
of the Equity Securities described in the Issuance Notice (whether pursuant to the resale of Equity Securities by the initial purchaser(s) of such Equity Securities or the issuance by the Corporation of additional Equity Securities) upon the terms,
and subject to the conditions, set forth in Section 14(a). 
 15. Notices. 

(a) Notices of Record Date. In the event of any taking by the Corporation of a record of the holders of any class of the
Corporation’s Equity Securities for the purposes of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend) or other distribution, any right to subscribe for, purchase or otherwise acquire any
Equity Securities of any class or any other securities or property, or any other right, the Corporation shall mail to each Holder, at least ten (10) days prior to the date specified therein, a notice specifying the date on which any such record
is to be taken for the purpose of such dividend, distribution or right, and the amount and character of such dividend, distribution or right. 

(b) Notices by the Corporation. Any notice required by the provisions of this Series J Certificate of Designation to be given to the
Holders shall be deemed given if sent by U.S. nationally recognized overnight courier service, and addressed to each holder of record at his or her address appearing on the books of the Corporation. 

  
 16 

 16. Certain Definitions. As used in this Series J Certificate of Designation, the
following terms shall have the following respective meanings: 
 “Affiliate” of, or a person or entity
“Affiliated” with, a specified person or entity, is a person or entity that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person or entity specified.
Notwithstanding the foregoing, for purposes hereof, the Corporation, its Subsidiaries and its other controlled Affiliates shall not be considered Affiliates of any Holder by reason of such person being a Holder. 

“Appraiser” means a nationally recognized investment bank, financial advisor or valuation or appraisal firm selected by
mutual agreement of the Corporation and each Primary Investor as having appropriate experience in the Corporation’s industry in doing valuations of the nature required, which is independent of and not affiliated with the Corporation, any
Primary Investor whose agreement was required for the selection of the Appraiser, any other Holder participating in the relevant transaction or any of their respective Affiliates. 

“Capital Stock” of any person or entity means any and all shares, interests, rights to purchase, warrants, options,
participations or other equivalents of or interests in the common stock or preferred stock of such person or entity, including, without limitation, partnership and membership interests. 

“Change of Control” means (a) the sale, conveyance or disposition, including but not limited to any spin-off or in-kind
distribution (a “Divestiture”), by the Corporation or by one or more of its Subsidiaries, of all or substantially all of the assets of the Corporation (on a consolidated basis) to any person or group (other than the Corporation or
its wholly-owned Subsidiaries and other than pursuant to a joint venture arrangement in which the Corporation, directly or indirectly, receives at least fifty percent (50%) of the equity and voting interests); (b) the effectuation of a
transaction or series of related transactions in which more than thirty-five percent (35)% of the voting power of the Corporation is disposed of (other than (i) as a direct result of normal, uncoordinated trading activities in the Common Stock
generally or (ii) solely as a result of the disposition by a stockholder of the Corporation to an Affiliate of such stockholder); (c) any merger, consolidation, stock or asset purchase, recapitalization or other business combination
transaction (or series of related transactions) as a result of which the shares of Capital Stock entitled to vote generally in the election of directors and the Preferred Shares (treated on an as-converted basis) immediately prior to such
transaction (or series of related transactions) are converted into and/or continue to represent (on an as-converted basis), in the aggregate, less than sixty-five percent (65%) of the total voting power of all shares of Capital Stock that are
entitled to vote generally in the election of directors of the entity surviving or resulting from such transaction (or ultimate parent thereof); (d) a transaction or series of transactions in which any person, entity or “group” (as
such term is used in Sections 13(d) and 14(d) of the Exchange Act) acquires more than thirty-five percent (35)% of the voting equity of the Corporation (other than the acquisition by a person, entity or “group” that is an Affiliate of or
Affiliated with a person, entity or “group” that immediately prior to such acquisition, beneficially owned thirty-five percent (35)% or more of the voting equity of the Corporation) or (e) Pegasus ceases to beneficially own in the
aggregate at least ten percent (10%) of the outstanding Capital Stock of the Corporation, on a fully-diluted basis. 

“Conversion Price” means $0.95, subject to adjustment in accordance with the terms hereof. 

“Co-Sale Agreement” means the rights set forth in that certain co-sale agreement, dated as of September 25, 2012, among
Pegasus, Riverwood, Cleantech Europe II (A) LP, Cleantech Europe II (B) LP, Portman Limited and certain of their Affiliates. 

“Co-Sale Rights” means the rights of each of the parties to the Co-Sale Agreement, as set forth in such Agreement. 

“Eligible Amount” means with respect to any Holder, the “Eligible Amount” of shares of Common Stock equal to the
product obtained by multiplying (a) the maximum number of shares of 

  
 17 

 
Common Stock that the underwriter(s) estimate(s) can be underwritten in connection with an Eligible Offering at a price range that is acceptable to the Corporation less any shares of Common Stock
being offered by the Corporation or any other person or entity holding registration rights that are senior to those granted to the Holders in this Series J Certificate of Designation, by (b) a fraction, the numerator of which shall equal the
number of shares of Common Stock issuable to such Holder upon the conversion of such Holder’s Preferred Shares, and the denominator of which shall equal the total number of shares of Common Stock issuable to all Holders upon conversion of such
Holders’ Preferred Shares that are requested to be included in the Eligible Offering. 
 “Equity Securities” means any
Capital Stock or any other equity securities of the Corporation and any of its Subsidiaries, whether now or hereafter authorized, and any instrument convertible into or exchangeable for any of the foregoing equity securities or equity security. 

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

“Exempt Equity Issuance” means the issuance of any Capital Stock of the Corporation: (i) upon the
conversion or exercise of any options, warrants or rights to acquire securities of the Corporation which options, warrants or rights were (A) outstanding on the Investment Date (as certified by an officer of the Corporation to each Primary
Investor, (B) issued as part of another Exempt Equity Issuance or (C) offered to the Holders pursuant to an Issuance Notice in compliance with Section 14(a) hereof; (ii) compensatory issuances to (A) the executives
and directors of the Corporation in their capacity as such and (B) other employees of the Corporation in their capacity as such, in each case pursuant to an option, stock or other equity plan approved by the Board of Directors;
(iii) having a value of less than or equal to $15.0 million in the aggregate for all such issuances under this clause (iii), provided, that any such issuance must also be at a price per share (or equivalent security) greater than or
equal to the Conversion Price; (iv) in a Qualified Public Offering; (v) for consideration in lieu of cash pursuant to the bona fide acquisition of another corporation or entity by the Corporation by
consolidation, merger, purchase of all or substantially all of the assets of such other corporation or entity or fifty percent (50%) or more of the voting power of such other corporation or entity or fifty percent (50%) or more of the
equity ownership of such other corporation or entity approved by the Board of Directors and by each Primary Investor to the extent required (but only to the extent actually required) by Section 11(b) hereof, in each case the primary
purpose of which is not to raise capital; (vi) in connection with a bona fide strategic commercial agreement or commercial relationship as determined by the Corporation and approved by the Board of Directors
and by each Primary Investor to the extent required (but only to the extent actually required) by Section 11(b) hereof, the primary purpose of which is not to raise capital; (vii) pursuant to any stock split or reverse stock split;
(viii) upon the exercise by any Series H Holder of the preemptive rights granted pursuant to the terms of the Series H Certificate of Designation; (ix) upon the conversion of any shares of Series H Preferred Stock pursuant to the terms of
the Series H Certificate of Designation; (x) upon the exercise by any Series I Holder of any preemptive rights contained in the Series I Certificate of Designation; (xi) upon the conversion of any shares of Series I Preferred Stock
pursuant to the terms of the Series I Certificate of Designation; (xii) upon the exercise by any holder of Preferred Shares of the preemptive rights set forth in Section 14; or (xiii) shares of Capital Stock of the Corporation
issued upon conversion or exercise of the securities set forth in the foregoing clauses (i) – (xii); provided that “Exempt Equity Issuance” shall in no event include any issuance of Senior Liquidation Shares,
or any issuance of Parity Liquidation Shares. 
 “Fair Market Value” means, as of any date, the value of a
share of the Common Stock determined as follows: (a) if the Common Stock is publicly traded and is then listed on a national securities exchange, the volume weighted average closing price of the Common Stock on the ten (10) consecutive
trading days immediately preceding (but not including) such date on the principal national securities exchange on which the Common Stock is listed or admitted to trading as reported by Bloomberg L.P.; (b) if the

  
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Common Stock is publicly traded but is neither listed nor admitted to trading on a national securities exchange, the volume weighted average closing price of the Common Stock on the ten
(10) consecutive trading days immediately preceding (but not including) such date in the over-the-counter market as reported by Bloomberg L.P.; (c) if the Common Stock is neither listed nor admitted to trading on a national securities
exchange or quoted in the over-the-counter market, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for the Common Stock for the ten (10) consecutive trading days immediately preceding
(but not including) such date as reported in the “pink sheets” by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.); or (d) if none of the foregoing is applicable, by an Appraiser, which Appraiser shall be instructed to
present its conclusions within thirty (30) days and to use one or more valuation methods that, in its best professional judgment, would be most appropriate to ascertain the price at which such Common Stock would change hands between a willing
buyer and a willing seller, each having reasonable knowledge of relevant facts and neither being under any compulsion to act; provided that the valuation of the Corporation by Appraiser shall assume that the Corporation has continued
ownership of its Subsidiaries and other properties and continued benefit of its contractual and other relationships and arrangements and shall take in to account other factors relevant to such valuation, including the prospects of the Corporation
and its Subsidiaries, and the value of the estimated future earning of the Corporation and its Subsidiaries. All such determinations shall be appropriately adjusted for any share dividend, share split or other similar transaction during such period.

 “Follow-On Offering” shall mean any issuance or sale of any security of the Corporation (whether debt, equity or
otherwise but excluding any security issued pursuant to an Exempt Equity Issuance or the Preemptive Rights Offering (as defined in the Subscription Agreement)), which offer for issuance or sale is made on or before the earlier of (i) the
consummation of one or more Qualified Follow-Ons that result in aggregate gross proceeds to the Corporation equal to or in excess of $30,000,000 and (ii) March 11, 2014 provided, that for purposes of this paragraph (ii) only,
if the Corporation has substantially negotiated the material terms of an issuance or sale by or prior to March 11, 2014, that, but for the fact that such transaction does not actually close by such date would have been a Follow-On Offering,
then such transaction, when and if consummated, shall still be considered a Follow-On Offering to the extent consummated on such terms within forty-five (45) days of March 11, 2014. 

“Follow-On Securities” shall mean, with respect to any Follow-On Offering or Qualified Follow-On, the securities of the
Corporation issued or sold in such Follow-On Offering or Qualified Follow-On. 
 “Holder” means any holder of Preferred
Shares, all of such holders being the “Holders.” 
 “Indebtedness” means, with respect to the Corporation
and its Subsidiaries: (a) any liabilities for borrowed money or amounts owed or indebtedness issued in substitution for or exchange of indebtedness for borrowed money; (b) obligations evidenced by notes, bonds, debentures or other similar
instruments; (c) obligations under leases (contingent or otherwise, as obligor, guarantor or otherwise) required to be accounted for as capitalized leases pursuant to generally accepted accounting principles; (d) obligations for amounts
drawn and outstanding under acceptances, letters of credit, contingent reimbursement liabilities with respect to letters of credit or similar facilities; (e) any liability for deferred purchase price of property or services, contingent or
otherwise, as obligor or otherwise, other than accounts payable incurred in the ordinary course of business and (f) any accrued and unpaid interest on, and any prepayment premiums, penalties or similar contractual charges in respect of, any of
the foregoing. 
 “Investment Date” means the first issue date of the Preferred Shares. 

“Junior Securities Distribution” means the declaration or payment on account of, or setting apart for payment money for a
sinking or other similar fund for, the purchase, redemption or other retirement 

  
 19 

 
of, any Junior Liquidation Shares, or any distribution in respect thereof, either directly or indirectly, and whether in cash, obligations, securities or other property, or the purchase or
redemption by any entity directly or indirectly controlled by the Corporation of any of the Junior Liquidation Shares. 

“Liquidation Amount” means the greater of (a) the Fair Market Value of the Optional Conversion Shares issuable to a
Holder upon conversion of each Preferred Share on the applicable date of determination and (b) the Returned Value. 

“Non-Pegasus Purchasers” shall mean, collectively, Riverwood, Zouk and Portman. 

“Optional Conversion Shares” means the number of shares of Common Stock equal to the quotient obtained by dividing
(a) the Stated Value of each Preferred Share by (b) the Conversion Price as in effect on the relevant Conversion Date. 

“Parity Securities Distribution” means the declaration or payment on account of, or setting apart for payment money for a
sinking or other similar fund for, the purchase, redemption or other retirement of (other than by conversion into or exchange for Junior Liquidation Shares), any Parity Liquidation Shares, or any distribution in respect thereof, either directly or
indirectly, and whether in cash, obligations, Common Stock, securities or other property, or the purchase or redemption by any entity directly or indirectly controlled by the Corporation of any of the Parity Liquidation Shares. 

“Pegasus” means, collectively, Pegasus Capital Advisors, L.P., Pegasus Partners IV, L.P. and each of their Affiliates. 

“Permitted Equity Issuance” means the issuance of any Capital Stock of the Corporation: (1) in an Exempt Equity Issuance
pursuant to clause (i)(A), (i)(C), (ii)(B) (provided, that the shares reserved to be issued under such plan(s) do not exceed in the aggregate three percent (3%) of the issued and outstanding shares of Common Stock at
the time of adoption of such plan(s)), (iii), (iv), (vii), (viii), (ix), (x) or (xi) of the definition of “Exempt Equity Issuance”, (2) in an Exempt Equity Issuance pursuant
to clause (i)(B) of the definition of “Exempt Equity Issuance” to the extent relating to an Exempt Equity Issuance as described in the foregoing clause (1), and (3) in an Exempt Equity Issuance as described in clause
(xii) of the definition of “Exempt Equity Issuance” to the extent relating to an Exempt Equity Issuance as described in the foregoing clauses (1) or (2); provided, that “Permitted Equity Issuance” shall in
no event include any issuance of Senior Liquidation Shares, or any issuance of Parity Liquidation Shares. 
 “Permitted
Transfer” means any Transfer by: (1) a Holder of all or any portion of the Preferred Shares (a) to Pegasus; (b) to Riverwood; (c) to the Corporation or any of the Corporation’s Subsidiaries, (d) pursuant to the
exercise of the Co-Sale Rights; (e) in any transaction in which all or substantially all of the Equity Securities of the Corporation are Transferred pursuant to any reorganization, merger, consolidation or sale of the Corporation; (f) in a
Qualified Public Offering; (g) pursuant to a tender or exchange offer pursuant to the Securities Act or the Exchange Act; or (h) with the prior written consent of the Corporation, such consent not to be unreasonably withheld, conditioned
or delayed; (2) by a Primary Investor pursuant to a pro rata in-kind distribution or dividend to the equityholders of such Primary Investor (and any intermediary transfers amongst Affiliates of such Primary Investor as part of giving effect
thereto) who were equityholders of such Primary Investor on the Investment Date (provided, that such distribution or dividend shall not result in a Transfer to any such equityholder of more than 15% of the Equity Securities held by such
Primary Investor as of the Investment Date; provided, further, that such distribution or dividend shall not be structured so as to avoid the occurrence or triggering of a Change of Control); (3) Zouk to any Affiliate or direct or
indirect equityholder of Zouk; or (4) Portman to any Affiliate or direct or indirect equityholder of Portman. 

  
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 “Portman” shall mean Portman Limited, a Cayman Islands exempted company and its
Affiliates. 
 “Primary Investor” means (i) so long as Pegasus and Riverwood both continue to beneficially own all of
the Preferred Shares acquired thereby, both Pegasus and Riverwood, (ii) in the event either Pegasus or Riverwood, but not both, continues to beneficially own all of the Preferred Shares acquired thereby, whichever one of Pegasus and Riverwood
that continues to beneficially own all such Preferred Shares, (iii) in the event that both Pegasus and Riverwood beneficially own less than all of the Preferred Shares acquired thereby, (x) Pegasus to the extent that Pegasus continues to
beneficially own at least 1,750 Preferred Shares (as adjusted for any Reclassification of the Preferred Shares) and (y) Riverwood to the extent that Riverwood continues to beneficially own at least 1,750 Preferred Shares (as adjusted for any
Reclassification of the Preferred Shares). To the extent that both (A) Pegasus beneficially owns fewer than 1,750 Preferred Shares (as adjusted for any Reclassification of the Preferred Shares) and (B) Riverwood beneficially owns fewer
than 1,750 Preferred Shares (as adjusted for any Reclassification of the Preferred Shares), there shall be no Primary Investor. For purposes of the foregoing definition and the determination of the number of Preferred Shares beneficially owned by
Pegasus or Riverwood, beneficial ownership of shares of Common Stock, as adjusted for any Reclassification thereof, issued upon conversion of Preferred Shares on an as-converted basis shall be treated as beneficial ownership of Preferred Shares.

 “Primary Investor Rights” means those rights provided to the Primary Investor(s) pursuant to Section 11(b)
and Section 12 hereof. 
 “Pro Rata Share” means, with respect any Holder, the quotient (in percentage terms)
obtained by dividing (i) the number of shares of Common Stock and shares of Common Stock Equivalents owned by such Holder at the time of determination and (ii) the number of shares of Common Stock and Common Stock Equivalents issued and
outstanding at the time of such determination. For purposes of determining each Holder’s Pro Rata Share, the number of Common Stock Equivalents shall include the number of shares of Common Stock that would be issuable upon the conversion of the
applicable Preferred Shares. 
 “Qualified Follow-On” shall mean a Follow-On Offering led by any of the Non-Pegasus
Purchasers. 
 “Qualified Public Offering” means a firmly committed underwritten public offering of the Common Stock on The
NASDAQ Stock Market or the New York Stock Exchange pursuant to an effective registration statement filed under the Securities Act, where (a) the gross proceeds received by the Corporation and any selling stockholders in the offering are no less
than $100 million and (b) the market capitalization of the Corporation immediately after consummation of the offering is no less than $500 million. 

“Responsible Officer” means either the Chief Executive Officer or Chief Financial Officer of the Corporation. 

“Returned Value” means with respect to each Preferred Share, if the Triggering Event occurs (i) on or prior May 26,
2014, an amount equal to the product obtained by multiplying (A) the Stated Value thereof by (B) 1.75 and (ii) subsequent to May 26, 2014, an amount equal to the product obtained by multiplying (A) the Stated Value thereof
by (B) 2.0. 
 “Riverwood” means RW LSG Holdings LLC and its Affiliates. 

“Securities Act” means the Securities Act of 1933, as amended. 

  
 21 

 “Series H Certificate of Designation” means the Certificate of Designation of
Series H Preferred Stock of the Corporation, as filed with the Secretary of State of the State of Delaware and as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Series H Holder” means any holder of the Corporation’s outstanding shares of Series H Preferred Stock. 

“Series H Redemption” means the Redemption (as defined in the Series H Certificate of Designation) of any shares of Series H
Preferred Stock. 
 “Series I Certificate of Designation” means the Certificate of Designation of governing terms of the
Series I Preferred Stock. 
 “Series I Holder” means any holder of the Corporation’s outstanding shares of Series I
Preferred Stock. 
 “Series I Redemption” means the Redemption (as defined in the Series I Certificate of Designation) of
any shares of Series I Preferred Stock. 
 “Series J Certificate of Designation” means this Certificate of Designation of
Preferred Stock to be designated Series J Convertible Preferred Stock. 
 “Significant Holder” means, as of the applicable
date of determination, (i) each Primary Investor so long as such Primary Investor remains a Primary Investor (as defined herein); (ii) any Holder that beneficially owns at least 20,000 Preferred Shares (as adjusted for any Reclassification
of the Preferred Shares); (iii) any Series H Holder that beneficially owns at least 20,000 shares of the Corporation’s Series H Convertible Preferred Stock (as adjusted for any reclassification of such shares of Series H Convertible
Preferred Stock); and (iv) any Series I Holder that beneficially owns at least 20,000 shares of the Corporation’s Series I Convertible Preferred Stock (as adjusted for any reclassification of such shares of Series I Convertible Preferred
Stock). 
 “Stated Value” means, with respect to a Preferred Share, $1,000 (as adjusted for any Reclassification of the
Preferred Shares). 
 “Subscription Agreement” means that certain Preferred Stock Subscription Agreement entered into on
the Investment Date by and between the Corporation, Pegasus and RW LSG Holdings LLC, as may be amended or modified from time to time in accordance with its terms. 

“Subsidiary” means any corporation, partnership, trust, association, limited liability company or other entity owned or
controlled by the Corporation, or in which the Corporation, directly or indirectly, owns a majority of the Capital Stock or similar interest that would be disclosable pursuant to Regulation S-K, Item 601(b)(21). 

“Transfer” means, as a noun, any voluntary or involuntary transfer, sale, pledge or hypothecation or other disposition,
whether directly or indirectly and whether through one or a series of transactions, and, as a verb, voluntarily or involuntarily to transfer, sell, pledge or hypothecation or otherwise dispose of, whether directly or indirectly and whether through
one or a series of transactions. 
 “Triggering Event” means any Change of Control, Liquidation Event or the delivery of a
Redemption Notice pursuant to the exercise of the Mandatory Redemption Right. 

  
 22 

 “Zouk” means Cleantech Europe II (A) LP, Cleantech Europe II (B) LP
and their Affiliates. 
 [signature page follows] 

  
 23 

 IN WITNESS WHEREOF, the Corporation has caused this Certificate to be duly executed on its behalf
by its undersigned Chief Financial Officer as of January 3, 2014. 
  

					
	LIGHTING SCIENCE GROUP CORPORATION
		
	By:	 	 /s/ Thomas C. Shields

		 	Name:	 	Thomas C. Shields
		 	Title:	 	Chief Financial Officer

 Signature Page to Amended and Restated Series J Certificate of Designation

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