Document:

EX-4.2

 Exhibit 4.2 
 SCRIPPS NETWORKS INTERACTIVE, INC. 
 Company 

and 

U.S. BANK NATIONAL ASSOCIATION, 
 Trustee 
 FIRST SUPPLEMENTAL INDENTURE 

DATED AS OF DECEMBER 1, 2011 
 TO 
 INDENTURE 

DATED AS OF DECEMBER 1, 2011 
 Relating To 
 2.700% Senior Notes due 2016 

							
			
	ARTICLE 1	 	 DEFINITIONS
	  	 	1	  
			
	ARTICLE 2	 	 GENERAL TERMS AND CONDITIONS OF THE NOTES
	  	 	2	  
			
	2.01	 	 Designation and Principal Amount
	  	 	2	  
			
	2.02	 	 Maturity
	  	 	3	  
			
	2.03	 	 Form and Payment
	  	 	3	  
			
	2.04	 	 Interest
	  	 	3	  
			
	2.05	 	 Other Terms
	  	 	3	  
			
	ARTICLE 3	 	 ADDITIONAL COVENANTS
	  	 	3	  
			
	3.01	 	 Restrictions on Secured Debt
	  	 	3	  
			
	3.02	 	 Restrictions on Sale and Lease-Back Transactions
	  	 	4	  
			
	3.03	 	 Consolidation, Merger and Sale of Assets
	  	 	5	  
			
	ARTICLE 4	 	 REDEMPTION OF THE NOTES
	  	 	5	  
			
	4.01	 	 Optional Redemption
	  	 	5	  
			
	4.02	 	 Purchase of Notes Upon a Change of Control Triggering Event
	  	 	7	  
			
	ARTICLE 5	 	 MISCELLANEOUS
	  	 	10	  
			
	5.01	 	 Covenant Defeasance
	  	 	10	  
			
	5.02	 	 Form of Notes
	  	 	10	  
			
	5.03	 	 Ratification of Base Indenture
	  	 	10	  
			
	5.04	 	 Trust Indenture Act Controls
	  	 	10	  
			
	5.05	 	 Conflict with Indenture
	  	 	10	  
			
	5.06	 	 Governing Law
	  	 	10	  
			
	5.07	 	 Successors
	  	 	10	  
			
	5.08	 	 Counterparts
	  	 	10	  
			
	5.09	 	 Trustee Disclaimer
	  	 	10	  

 FIRST SUPPLEMENTAL INDENTURE 

FIRST SUPPLEMENTAL INDENTURE, dated as of December 1, 2011 (the “Supplemental Indenture”), to the Base
Indenture (defined below) among Scripps Networks Interactive, Inc., an Ohio corporation (the “Company”), and U.S. Bank National Association, as Trustee (the “Trustee”). 

R E C I T A L S 
 WHEREAS, the Company has executed and delivered to the Trustee the Indenture, dated as of December 1, 2011 (the “Base Indenture” and, together with this Supplemental
Indenture, the “Indenture”), providing for the issuance from time to time of its Notes; 
 WHEREAS,
pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a new series of its Notes to be known as its 2.700% Senior Notes due 2016 (the “Notes”), the form and substance of such Notes and
the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this Supplemental Indenture; 

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture, and all requirements
necessary to make this Supplemental Indenture a valid instrument in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid and legally binding obligations of the
Company, and all acts and things necessary have been done and performed to make this Supplemental Indenture enforceable in accordance with its terms, and the execution and delivery of this Supplemental Indenture has been duly authorized in all
respects. 
 W I T N E S S E T H: 
 NOW, THEREFORE, for and in consideration of the premises contained herein, each party agrees for the benefit of each other party and for the equal and ratable benefit of the Holders of the Notes,
as follows: 
 ARTICLE 1 
 DEFINITIONS 
 1.01 Capitalized terms used but not defined in this
Supplemental Indenture shall have the meanings ascribed to them in the Base Indenture. 
 1.02 References in this Supplemental
Indenture to article and section numbers shall be deemed to be references to article and section numbers of this Supplemental Indenture unless otherwise specified. 
 1.03 For purposes of this Supplemental Indenture, the following terms have the meanings ascribed to them as follows: 
 “Attributable Debt”, in respect of a Sale and Lease-Back Transaction, means, as of any particular time, the present value (discounted at the rate of interest implicit in the terms of the
lease involved in such Sale and Lease-Back Transaction, as determined in good faith by the Company) of the obligation of the lessee thereunder for rental payments (excluding, however, any amounts required to be paid by such lessee, whether or not
designated as rent or additional rent, on account of maintenance and repairs, insurance, taxes, assessments, water rates or similar charges or any amounts required to be paid by such lessee thereunder contingent upon the amount of sales, maintenance
and repairs, insurance, taxes, assessments, water rates or similar charges) during the remaining term of such lease (including any period for which such lease has been extended or may, at the option of the lessor, be extended). 

“Consolidated Net Tangible Assets” means, as of any particular time, the total amount of assets (less applicable
reserves) after deducting therefrom (a) all current liabilities (excluding any thereof which are by their terms extendible or renewable at the option of the obligor thereon to a time more than 12 months after the time as of which the amount
thereof is being computed and excluding current maturities of long-term indebtedness), and (b) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangible assets,

 
all as shown in the consolidated balance sheet of the Company and Subsidiaries, as of the most recently ended fiscal quarter for which financial statements are available computed in accordance
with GAAP. 
 “Consolidated Shareholders’ Equity” means the Company’s total shareholders’ equity
as shown in the Company’s consolidated balance sheet as of the most recently ended fiscal quarter for which financial statements are available computed in accordance with GAAP. 

“Base Indenture” has the meaning provided in the recitals. 

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

“Family Agreement” means the Scripps Family Agreement, dated October 15, 1992, as amended to the date hereof and as
it may be amended from time to time after the date hereof. 
 “GAAP” means generally accepted accounting
principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board
or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 

“Indenture” has the meaning provided in the recitals. 

“Interest Payment Date” has the meaning provided in Section 2.04. 

“Notes” has the meaning provided in the recitals. 

“Paying Agent” has the meaning provided in Section 2.03(d). 

“Principal Property” means any real property interest (all such interests forming an integral part of a single
development or operation being considered as one interest) located within the United States of America and owned by the Company or any of the Company’s Restricted Subsidiaries and having a gross book value in excess of 1% of Consolidated Net
Tangible Assets of the Company at the time of determination thereof, other than any such interest or portion of such interest which, in the opinion of the Board of Directors of the Company, is not material to the total business conducted by the
Company and the Company’s Restricted Subsidiaries considered as one enterprise. 
 “Restricted Subsidiary”
any Subsidiary of the Company (a) substantially all of the property of which is located, or substantially all of the business of which is carried on, within the United States of America and (b) which owns a Principal Property; provided,
that any Subsidiary of the Company which is principally engaged in financing operations outside the United States of America or which is principally engaged in leasing or financing installment receivables shall not be deemed a Restricted Subsidiary
for purposes of this Indenture. 
 “Supplemental Indenture” has the meaning provided in the preamble.

 “Trustee” has the meaning provided in the recitals. 

“United States” or “U.S.” means the United States of America, its territories and possessions, any
state of the United States, and the District of Columbia. 
 ARTICLE 2 

GENERAL TERMS AND CONDITIONS OF THE NOTES 
 2.01 Designation and Principal Amount. 

  
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 (a) The Notes are hereby authorized and are designated the “2.700%
Notes due 2016,” unlimited in aggregate principal amount. The Notes issued on the date hereof pursuant to the terms of this Indenture shall be in an aggregate principal amount of $500,000,000, of which amounts shall be set forth in the written
order of the Company for the authentication and delivery of the Notes pursuant to Section 2.04 of the Base Indenture. 
 (b) The Company may, from time to time, without notice to or the consent of the Holders of the Notes, create and issue additional Notes ranking equally and ratably with the Notes issued on the date hereof
in all respects (or in all respects except for the payment of interest accruing prior to the issue date of such additional Notes or except for the first payment of interest following the issue date of such additional Notes), so that such additional
Notes shall be consolidated and form a single series with such series of Notes issued on the date hereof and shall have the same terms as to status, redemption or otherwise as such series of Notes issued on the date hereof. 

2.02 Maturity. The principal amount of the Notes shall be payable on December 15, 2016. 

2.03 Form and Payment. 
 (a) The Notes shall be issued as global notes, only in fully registered book-entry form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

(b) Principal, premium, if any, and/or interest, if any, on the global notes representing the Notes shall be made to the
Paying Agent (defined below) which in turn shall make payment to The Depository Trust Company as the Depositary with respect to the Notes or its nominee. 
 (c) The global notes representing the Notes shall be deposited with, or on behalf of, the Depositary and shall be registered, at the request of the Depositary, in the name of Cede & Co.

 (d) U.S. Bank National Association shall act as paying agent for the Notes (the “Paying
Agent”). The Company may appoint and change the Paying Agent without prior notice to the Holders. 
 2.04
Interest. Interest on the Notes shall accrue at the rate of 2.700% per annum. Interest on the Notes shall be payable semiannually in arrears on June 15 and December 15, commencing on June 15, 2012 (each an
“Interest Payment Date”), to the Holders in whose names the Notes are registered at the close of business on June 1 and December 1 immediately preceding such Interest Payment Date. Interest on the Notes shall be computed
on the basis of a 360-day year comprised of twelve 30-day months. If any Interest Payment Date is not a Business Day, then the related payment of interest for such Interest Payment Date shall be paid on the next succeeding Business Day with the same
force and effect as if made on such Interest Payment Date and no further interest shall accrue as a result of such delay. 

2.05 Other Terms. The Notes shall be unsecured senior indebtedness of the Company and shall rank equally and ratably in
right of payment with all of the Company’s other unsecured and unsubordinated indebtedness outstanding from time to time. The Notes shall not be convertible into, or exchangeable for, any other securities of the Company, except that the Notes
shall be exchangeable for other Notes to the extent provided for in the Base Indenture. 
 ARTICLE 3 

ADDITIONAL COVENANTS 
 3.01 Restrictions on Secured Debt. 
 (a) The Company
shall not, nor shall it permit any of its Restricted Subsidiaries to, create, incur, issue, assume or guarantee any indebtedness for borrowed money (hereinafter referred to as “indebtedness”) secured by a mortgage, security
interest, pledge or lien (hereinafter referred to as “mortgage”) of or upon any Principal Property or on any shares of capital stock or indebtedness of any Restricted Subsidiary (whether such Principal Property, shares of capital
stock or indebtedness is owned at the date hereof or acquired after the date hereof) without in any such case making or causing to be made effective provision (and the Company covenants that in any such case it shall make or cause to be made
effective provision) whereby the Notes (together with, if the Company shall so determine, any other indebtedness created, incurred, issued, assumed or guaranteed by the Company or any Restricted

  
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Subsidiary then existing or thereafter created) shall be secured equally and ratably with (or, at the option of the Company, prior to) such indebtedness, until such time as such indebtedness
shall no longer be secured. 
 (b) The provisions of paragraph (a) of this Section shall not, however, apply
to any indebtedness secured by any one or more of the following: 
 (i) mortgages of or upon any property
acquired, constructed or improved by, or of or upon any shares of capital stock or indebtedness acquired by, the Company or any Restricted Subsidiary after the date of this Indenture to secure indebtedness incurred for the purpose of financing or
refinancing all or any part of the purchase price of such property, shares of capital stock or indebtedness or of the cost of any construction or improvements on such properties, in each case, to the extent that the indebtedness is incurred prior to
or within 180 days after the applicable acquisition, completion of construction or beginning of commercial operation of such property, as the case may be; 
 (ii) mortgages of or upon any property, shares of capital stock or indebtedness existing at the time of acquisition thereof by the Company or any Restricted Subsidiary; 

(iii) mortgages of or upon any property of a Person existing at the time such Person is merged with or into or
consolidated with the Company or any Restricted Subsidiary or existing at the time of a sale or transfer of all or substantially all of the properties of such Person to the Company or any Restricted Subsidiary; 

(iv) mortgages of or upon any property of, or shares of capital stock or indebtedness of, a Person existing at the time
such Person becomes a Restricted Subsidiary; 
 (v) mortgages to secure indebtedness of any Restricted Subsidiary
to the Company or to another Restricted Subsidiary; 
 (vi) mortgages in favor of the United States of America or
any State thereof, or any department, agency or instrumentality or political subdivision of the United States of America or any State thereof or the District of Columbia, or in favor of any other country or political subdivision, to secure partial,
progress, advance or other payments pursuant to any contract or statute or to secure any indebtedness incurred or guaranteed for the purpose of financing or refinancing all or any part of the purchase price of the property, shares of capital stock
or indebtedness subject to such mortgages, or the cost of constructing or improving the property subject to such mortgages; and 
 (vii) any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part of any mortgage existing at the date of this Indenture or any mortgage referred to in
the foregoing clauses (i) through (vi), inclusive; provided, that the principal amount of indebtedness secured thereby shall not exceed the principal amount of indebtedness so secured at the time of such extension, renewal or replacement (plus
all accrued interest on the indebtedness and the amount of all fees and expenses, including premiums, incurred in connection with such extension, renewal or replacement), and that such extension, renewal or replacement shall be limited to all or a
part of the property (plus improvements and construction on such property), shares of capital stock or indebtedness which was subject to the mortgage so extended, renewed or replaced. 

(c) Notwithstanding the provisions of paragraph (a) of this Section 3.01, the Company or any Restricted
Subsidiary may, without equally and ratably securing the Notes, create, incur, issue, assume or guarantee indebtedness secured by a mortgage not excepted by clauses (i) through (vii) of paragraph (b) of this Section 3.01, if the
aggregate amount of such indebtedness, together with (x) all other indebtedness of, or indebtedness guaranteed by, the Company and its Restricted Subsidiaries existing at such time and secured by mortgages not so excepted, and
(y) Attributable Debt in respect of Sale and Lease-Back Transactions with respect to any Principal Property existing at such time (other than Sale and Lease-Back Transactions permitted by clause (i) of Section 3.02 and other than Sale
and Lease-Back Transactions the proceeds of which have been applied in accordance with clause (iii) of Section 3.02), does not at the time exceed 15% of Consolidated Shareholders’ Equity. 

3.02 Restrictions on Sale and Lease-Back Transactions. 

  
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 The Company will not, and will not permit any of the Restricted Subsidiaries to, enter into
any arrangement with any Person providing for the leasing by the Company or any of the Restricted Subsidiaries of any Principal Property, whether owned at or acquired after the date of the Indenture (except for temporary leases for a term, including
any renewal thereof, of not more than three years and except for leases between the Company and any Restricted Subsidiary, or between Restricted Subsidiaries), which property has been or is to be sold or transferred by the Company or such Restricted
Subsidiary to such Person with the intention of taking back a lease of such property (herein referred to as a “Sale and Lease-Back Transaction”) unless (i) the Company or such Restricted Subsidiary would (at the time of
entering into such arrangement) be entitled, pursuant to clause (i) or (vi) of Section 3.01(b), without equally and ratably securing the Notes, to create, issue, assume or guarantee indebtedness secured by a mortgage on such property,
(ii) the Company or such Restricted Subsidiary would (at the time of entering into such arrangement) be entitled pursuant to Section 3.01(c), without equally and ratably securing the Notes, to create, issue, assume or guarantee
indebtedness secured by a mortgage on such property in an amount at least equal to the Attributable Debt in respect of such Sale and Lease-Back Transaction or (iii) the Company or such Restricted Subsidiary shall apply, within 180 days of the
effective date of such arrangement, an amount not less than the greater of (x) the net proceeds of the sale of such property or (y) the fair market value (as determined by the Board of Directors of the Company) of such property to either
the prepayment or retirement (other than any mandatory prepayment or retirement) of indebtedness incurred or assumed by the Company or any Restricted Subsidiary (other than indebtedness owned by the Company or any Restricted Subsidiary) which by its
terms matures at or is extendible or renewable at the option of the obligor to a date more than twelve months after the date of the creation of such indebtedness, or to the acquisition, construction or improvement of a real property interest which
is, or upon such acquisition, construction or improvement will be, a Principal Property. 
 3.03 Consolidation, Merger and
Sale of Assets. If, upon any consolidation or merger, or upon any lease, sale or transfer of all or substantially all of the Company’s assets as provided in Section 9.01 of the Base Indenture, any Principal Property or any shares
of capital stock or indebtedness of any Restricted Subsidiary, owned immediately prior to the transaction, would thereupon become subject to any mortgage, security interest, pledge or lien securing any indebtedness for borrowed money of, or
guaranteed by, such other Person (other than any mortgage permitted as described in Section 3.01 hereof), the Company, prior to such consolidation, merger, lease, sale or transfer, shall, by executing and delivering to the Trustee a
supplemental indenture, secure the due and punctual payment of the principal of, and any premium and interest on, the Notes (together with, if the Company decides, any other indebtedness of, or guaranteed by, the Company or any of its Restricted
Subsidiaries then existing or thereafter created) equally and ratably with (or, at the Company’s, prior to) the indebtedness secured by such mortgage. 
 ARTICLE 4 
 REDEMPTION OF THE NOTES 

4.01 Optional Redemption. 
 (a) The Notes shall be redeemable, in each case, in whole or in part, at the option of the Company at any time and from time to time at a redemption price equal to the greater of: 

(i) 100% of the principal amount of the Notes to be redeemed, and 

(ii) as determined by the Quotation Agent (as defined below), the sum of the present values of the remaining scheduled
payments of principal and interest on the Notes to be redeemed (not including any portion of such payments of interest accrued as of the date of redemption) discounted to the date of redemption (the “Redemption Date”) on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined below) plus 30 basis points, plus accrued and unpaid interest thereon to, but not including, the Redemption Date. 

(b) If the Company elects to redeem the Notes pursuant to the optional redemption provisions of Section 4.01(a)
hereof, at least 30 days prior to the redemption date (unless a shorter notice shall be agreed to in writing by the Trustee) but not more than 60 days before the Redemption Date, the Company shall furnish to the Trustee an Officers’ Certificate
setting forth (i) the applicable section of this 

  
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Indenture pursuant to which the redemption shall occur, (ii) the Redemption Date, (iii) the principal amount of Notes to be redeemed and (iv) the redemption price. 

(c) If less than all of the Notes are to be redeemed, the Trustee shall select the Notes to be redeemed on a pro rata
basis or on as nearly a pro rata basis as is practicable. The Trustee shall promptly notify in writing the Company of the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount thereof to be
redeemed. Notes and portions of Notes selected shall be in amounts of $2,000 or integral multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such
Holder, even if not an integral multiple of $1,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption.

 (d) In the case of any redemption, at least 30 days but no more than 60 days before the redemption date, the
Company shall mail, or cause to be mailed, a notice of redemption by first-class mail to each Holder of Notes to be redeemed at such Holder’s registered address appearing on the register. The notice shall identify the Notes to be redeemed
(including the CUSIP and/or ISIN numbers thereof, if any) and shall state: 
 (i) the Redemption Date;

 (ii) the principal amount of the Notes that are being redeemed; 

(iii) the appropriate calculation of the redemption price, but need not include the actual redemption price; the actual
redemption price shall be set forth in an Officers’ Certificate delivered to the Trustee no later than two Business Days prior to the redemption date; 
 (e) if fewer than all outstanding Notes are to be redeemed, the portion of the principal amount of such Notes to be redeemed and that, after the Redemption Date and upon surrender of such Notes, if
applicable, a new Note or Notes in principal amount equal to the unredeemed portion will be issued; 
 (f) the
name and address of the Paying Agent; 
 (g) that Notes called for redemption must be surrendered to the Paying
Agent to collect the redemption price; 
 (h) that unless the Company defaults in making the redemption payment,
interest on Notes called for redemption ceases to accrue on and after the redemption date; 
 (i) if such notice
is conditioned upon the occurrence of one or more conditions precedent, the nature of such conditions precedent; 

(j) the applicable section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and

 (k) that no representation is made as to the correctness or accuracy of the CUSIP and/or ISIN numbers, if any,
listed in such notice or printed on the Notes. 
 The Company may state in the notice of redemption that payment of the redemption price and
performance of its obligations with respect to redemption or purchase may be performed by another Person. 
 At the Company’s request, the
Trustee shall give the notice of redemption in the Company’s name and at its expense; provided, that the Company shall have delivered to the Trustee, at least 45 days prior to the redemption date, an Officers’ Certificate requesting that
the Trustee give such notice and attaching a copy of such notice, which shall set forth the information to be stated in such notice as provided in this Section 4.01(k). 

(l) For purposes of this Section 4.01, the following definitions are applicable: 

“Adjusted Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue (as defined below), assuming a price for 

  
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the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price (as defined below) for that redemption date. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a
maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to
the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to any Redemption Date,
(i) the average of the Reference Treasury Dealer Quotations (as defined below) for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains fewer than
four such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Quotation Agent” means
the Reference Treasury Dealer appointed by the Company. 
 “Reference Treasury Dealer” means (1) J.P.
Morgan Securities LLC and a Primary Treasury Dealer (as defined below) selected by Wells Fargo Securities, LLC, and their respective successors and (2) any two other primary U.S. government securities dealer selected by the Company; provided
that if any of the foregoing shall cease to be a primary U.S. government securities dealer in New York City (each, a “Primary Treasury Dealer”) selected by the Company; provided that if any of the foregoing shall cease to a Primary
Treasury Dealer, the Company will substitute another Primary Treasury Dealer for any of the foregoing. 
 “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

4.02 Purchase of Notes Upon a Change of Control Triggering Event. 

(a) If a Change of Control Triggering Event with respect to the Notes occurs, unless the Company has exercised its right
to redeem the Notes in full, pursuant to Section 4.01, Holders of Notes shall have the right to require the Company to repurchase all or a portion (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such Notes held by the
Holders pursuant to the offer described in (b) below (such offer, the “Change of Control Offer”) on the terms set forth in this Section 4.02. In the Change of Control Offer, the Company shall offer payment in cash equal to
101% of the principal amount of Notes repurchased plus accrued and unpaid interest, if any, to the date of repurchase (the “Change of Control Payment”), subject to the rights of Holders of such Notes on the relevant record date to
receive interest due on the relevant Interest Payment Date. 
 (b) Within 30 days following the applicable 60 day
period referenced in the definition of the term “Below Investment Grade Rating Event” (as such period may be extended as provided in such definition) with respect to the Notes, or at the Company’s option, prior to any Change of
Control but after the public announcement of the pending Change of Control, the Company shall be required to send, by first class mail, a notice to Holders of Notes, with a copy to the Trustee, which notice shall govern the terms of the Change of
Control Offer. Such notice shall, among other things, describe the transaction or transactions that constitute the Change of Control Triggering events and state the repurchase date, which must be no earlier than 30 days nor later than 60 days from
the date such notice is mailed, other than as may be required by law (the “Change of Control Payment Date”). The notice, if mailed prior to the date of consummation of the Change of Control, shall state that the Change of Control
Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. Holders of Notes electing to have Notes repurchased pursuant to a Change of Control Offer shall be required to surrender their Notes,
with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to the Paying Agent at the address specified in the notice, or transfer their Notes to the Paying Agent by book-entry transfer pursuant to
the applicable procedures of the Paying Agent, prior to the close of business on the third Business Day prior to the Change of Control Payment Date. 

  
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 (c) On or prior to the Change of Control Payment Date, the Company shall, to
the extent lawful: 
 (i) accept for payment all Notes or portions of Notes properly tendered and not withdrawn
pursuant to the Change of Control Offer; 
 (ii) deposit with the Payment Agent funds in an amount equal to the
purchase price of the Notes set forth in Section 4.02(a) (the “Purchase Price”) in respect of all Notes or portions of Notes properly tendered; and 

(iii) deliver or cause to be delivered to the Trustee the Notes properly tendered and not withdrawn together with an
Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company, and that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this
Section 4.02. 
 (d) The Company shall not be required to make a Change of Control Offer if (i) a third
party makes such an offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to such an offer made by the Company, and such third party purchases all Notes properly tendered and not
withdrawn under its offer, or (ii) the Company has exercised its right to redeem the Notes under Section 4.01 and has given notice of redemption in accordance with the provisions of Section 4.01, unless and until there is a default in
payment of the applicable redemption price 
 (e) The Company shall comply with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent
that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached its
obligations under the provisions in the Indenture governing the Change of Control Offer by virtue of any such conflict. 
 (f) For purposes of this Section 4.02, the following definitions are applicable: 
 “Below Investment Grade Rating Event” occurs if both the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below Investment Grade Rating by each of the
Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be
extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in
rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event hereunder) if any of
the Rating Agencies making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any
event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).

 “Change of Control” means the occurrence of any one of the following: 

(i) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the
Exchange Act) or group other than the Company or one or more of its Subsidiaries; 
 (ii) the consummation of
any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) or group becomes the “beneficial owner” (as

  
 8 

 
defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the voting power of the Company’s common equity entitled to vote generally in the
election of directors; 
 (iii) the first day on which a majority of the members of the Board of Directors of
the Company are not Continuing Directors; 
 (iv) the adoption of a plan relating to the liquidation or
dissolution of the Company; or 
 (v) the consummation of a so-called “going private/Rule 13e-3
Transaction” that results in any of the effects described in paragraph (a)(3)(ii) of Rule 13e-3 under the Exchange Act (or any successor provision) with respect to our Class A Common Shares, following which The Edward W. Scripps Trust or
Scripps Family Members beneficially own, directly or indirectly, more than 50% of the voting power of the Company’s common equity entitled to vote generally in the election of directors. 

Notwithstanding anything to the contrary in this definition, neither the termination of The Edward W. Scripps Trust nor
the effectiveness, as a result of such termination, of the Family Agreement, in and of itself, shall constitute a Change of Control. For the purpose of this definition, “Family Agreement” means the Scripps Family Agreement, dated
October 15, 1992, as it may be amended from time to time and “Scripps Family Members” shall mean the “Future Shareholders,” as such term is defined in the Family Agreement, and their respective heirs, executors, legal
representatives, successors and permitted assigns. 
 “Change of Control Triggering Event” means
the occurrence of both a Change of Control and a Below Investment Grade Rating Event. 
 “Continuing
Directors” means, as of any date of determination, any member of the Board of Directors (or equivalent body) of the Company who: 
 (i) was a member of such board of directors on the date of the issuance of the Notes; or 
 (ii) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination
or election (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director, without objection to such nomination); provided, that Continuing Directors will
include persons not elected by or recommended for election by the then-incumbent Board of Directors if such Board of Directors determines reasonably and in good faith that failure to approve any such persons as members of the Board of Directors
could reasonably be expected to violate a fiduciary duty under applicable law. 
 “Investment Grade
Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P. 
 “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Rating Agencies” means (i) each of Moody’s and S&P; and (ii) if either Moody’s
or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of our control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F)
under the Exchange Act, selected by the Company (as certified by a resolution of our board of directors) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

  
 9 

 “S&P” means Standard & Poor’s Ratings
Services, a division of The McGraw-Hill Companies, Inc., and its successors. 
 ARTICLE 5 

MISCELLANEOUS 
 5.01 Defeasance and Covenant Defeasance. Pursuant to Article 10 of the Base Indenture provision is hereby made for both (i) “defeasance” (as defined in Section 10.04
of the Base Indenture) and (ii) “covenant defeasance” (as defined in Section 10.05 of the Base Indenture) of the Notes, in each case, upon the terms and conditions contained in Article 10 of the Base Indenture. If the Company
effects covenant defeasance pursuant to Article 10 of the Base Indenture, then the Company shall be released from its obligations under Article 3 and Section 4.02 of this Supplemental Indenture with respect to the Notes as provided
for in Article 10 of the Base Indenture. 
 5.02 Form of Notes. 

(a) The Notes and the Trustee’s certificates of authentication to be endorsed thereon are to be substantially in the
form of Exhibit A and Exhibit B attached hereto, which form is hereby incorporated in and made a part of this Supplemental Indenture. 
 (b) The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Supplemental Indenture, and the Company and the Trustee, by their execution and delivery
of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 5.03 Ratification
of Base Indenture. The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent
herein and therein provided. 
 5.04 Trust Indenture Act Controls. If any provision hereof limits, qualifies or
conflicts with the duties imposed by Section 310 through 317 of the Trust Indenture Act of 1939, the imposed duties shall control. 
 5.05 Conflict with Indenture. To the extent not expressly amended or modified by this Supplemental Indenture, the Base Indenture shall remain in full force and effect. If any provision of
this Supplemental Indenture relating to the Notes is inconsistent with any provision of the Base Indenture, the provision of this Supplemental Indenture shall control. 
 5.06 Governing Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF SUCH STATE. 
 5.07 Successors. All agreements of the Company in the Base Indenture, this
Supplemental Indenture and the Notes shall bind its successors. All agreements of the Trustee in the Base Indenture and this Supplemental Indenture shall bind its successors. 
 5.08 Counterparts. This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same instrument. 
 5.09 Trustee Disclaimer. The Trustee makes no representation as to
the validity or sufficiency of this Supplemental Indenture other than as to the validity of its execution and delivery by the Trustee. The recitals and statements herein are deemed to be those of the Company and not the Trustee. 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused the Supplemental Indenture to be
duly executed as of the day and year first above written. 
  

			
	SCRIPPS NETWORKS INTERACTIVE, INC.
		
	By:	 	/s/ Mark Schuermann        
		 	Name: Mark Schuermann
		 	Title: Senior Vice President and Treasurer

  

			
	 U.S. BANK NATIONAL ASSOCIATION,Trustee

		
	By:	 	/s/ William E. Sicking        
		 	Name: William E. Sicking
		 	Title: Authorized Officer

 [First Supplemental Indenture] 

  
 11 

 EXHIBIT A 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 SCRIPPS NETWORKS INTERACTIVE, INC. 
 2.700% Senior Note Due 2016

  

			
	 No. [     ]
	  	 CUSIP No.:
  

ISIN No.:

$

 SCRIPPS NETWORKS INTERACTIVE, INC., an Ohio corporation (the “Company”, which term includes any
successor corporation), for value received promises to pay to CEDE & CO., or registered assigns, the principal sum of $             (the “Principal”) on
December 15, 2016. 
 Interest Payment Dates: June 15 and December 15 (each, an “Interest Payment
Date”), commencing on June 15. 
 Interest Record Dates: June 1 and December 1 (each, an
“Interest Record Date”). 
 Reference is made to the further provisions of this Note contained herein, which
will for all purposes have the same effect as if set forth at this place. 
 IN WITNESS WHEREOF, the Company has caused
this Note to be signed manually or by facsimile by its duly authorized officer. 
  

			
	SCRIPPS NETWORKS INTERACTIVE, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  
 B-1

 This is one of the Notes of the series designated herein and referred to in the
within-mentioned Indenture. 
 Dated: December 1, 2011 

 

			
	 U.S. BANK NATIONAL ASSOCIATION,
 Trustee

		
	By:	 	 
		 	Name:
		 	Title: Authorized Officer

  
 B-2

 (REVERSE OF SECURITY) 

SCRIPPS NETWORKS INTERACTIVE, INC. 
 2.700% Senior Note Due 2016 
 1. Interest. SCRIPPS NETWORKS
INTERACTIVE, INC., an Ohio corporation (the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. Cash interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from December 1, 2011. The Company will pay interest semi-annually in arrears on each Interest Payment Date, commencing June 15, 2012. Interest will be computed on the basis of a
360-day year of twelve 30-day months. If any Interest Payment Date is not a Business Day, then the related payment of interest for such Interest Payment Date shall be paid on the next succeeding Business Day with the same force and effect as if made
on such Interest Payment Date and no further interest shall accrue as a result of such delay. 
 The Company shall pay interest
on overdue principal from time to time on demand at the rate borne by the Notes and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful. 

2. Method of Payment. The Company shall pay interest on the Notes (except defaulted interest) to the persons who are the
registered Holders at the close of business on the Interest Record Date immediately preceding the Interest Payment Date notwithstanding any transfer or exchange of such Note subsequent to such Interest Record Date and prior to such Interest Payment
Date. Holders must surrender Notes to the Trustee to collect principal payments. The Company shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts
(“U.S. Legal Tender”). Payment of principal of (and premium, if any) and any such interest on this Note will be made at the Corporate Trust Office of the Trustee in Cincinnati, Ohio or at any other office or agency designated by the
Company for such purpose; provided that at the option of the Company payment of interest may be made by check mailed to the address of the Holder entitled thereto as such address appears in the Note register. However, the payments of interest, and
any portion of the principal (other than interest payable at maturity or on any redemption or repayment date or the final payment of principal) shall be made by the Paying Agent, upon receipt from the Company of immediately available funds by
12:30 p.m., New York City time (or such other time as may be agreed to between the Company and the Paying Agent or the Company), directly to a Holder (by Federal funds wire transfer or otherwise) if the Holder has delivered written instructions
to the Trustee 15 days prior to such payment date requesting that such payment will be so made and designating the bank account to which such payments shall be so made and in the case of payments of principal surrenders the same to the Trustee in
exchange for a Note or Notes aggregating the same principal amount as the unredeemed principal amount of the Notes surrendered. 

3. Paying Agent. Initially, U.S. Bank National Association (the “Trustee”) will act as Paying Agent. The
Company may change any Paying Agent without notice to the Holders. 
 4. Indenture. The Company and the Trustee
entered into an Indenture, dated as of December 1, 2011 (the “Base Indenture”) and a First Supplemental Indenture, dated as of December 1, 2011, setting forth certain terms of the Notes pursuant to Section 2.04 of the
Base Indenture (the “Supplemental Indenture” and, together with the Supplemental Indenture, the “Indenture”). Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. The terms
of the Notes include those stated in the Base Indenture and those made part of the Base Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the “TIA”), as in effect on the date of the
Base Indenture. Notwithstanding anything to the contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Base Indenture and the TIA for a statement of them. To the extent the terms of the Base Indenture and
this Note are inconsistent, the terms of the Indenture shall govern. 
 The Supplemental Indenture imposes certain limitations
on the incurrence of liens and certain sale and leaseback transactions and limits the Company’s ability to consolidate, merge, convey, transfer or lease its properties and assets substantially as an entirety. To the extent the terms of the
Supplemental Indenture are inconsistent with the Indenture or this Note, the terms of the Supplemental Indenture shall govern. 

  
 B-3

 5. Optional Redemption. The Notes are redeemable, in whole or in part, at the
option of the Company, at any time and from time to time at the redemption price described in the Supplemental Indenture. 
 6.
Change of Control Offer to Repurchase. If a Change of Control Triggering Event (as defined in the Supplemental Indenture) occurs, unless the Company has exercised its right to redeem the Notes, Holders of the Notes will have the right
to require the Company to repurchase all or a portion of their Notes pursuant to the offer described in the Supplemental Indenture at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the
date of repurchase, subject to the rights of Holders of Notes on the relevant Interest Record Date to receive interest due on the relevant Interest Payment Date. 
 7. Denominations; Transfer; Exchange. The Notes are in registered form, without coupons, in denominations of $2,000 and multiples of $1,000. A Holder shall register the transfer of or
exchange Notes in accordance with the Indenture. The Company may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection
therewith as permitted by the Indenture. The Company need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for a period of 15 days before such series is selected for redemption, nor need the Company
register the transfer or exchange of any Note selected for redemption in whole or in part. 
 8. Persons Deemed
Owners. The registered Holder of a Note shall be treated as the owner of it for all purposes. 
 9. Unclaimed
Funds. If funds for the payment of principal or interest remain unclaimed for two years, the Trustee and the Paying Agent will repay the funds to the Company at its written request. After that, all liability of the Trustee and such Paying
Agent with respect to such funds shall cease. 
 10. Defeasance and Covenant Defeasance. The Company may be
discharged from its obligations under the Notes and under the Indenture with respect to the Notes except for certain provisions thereof, and may be discharged from obligations to comply with certain covenants contained in the Notes and in the
Indenture with respect to the Notes, in each case upon satisfaction of certain conditions specified in the Indenture. 
 11.
Amendment; Supplement; Waiver. Subject to certain exceptions, the Notes and the provisions of the Indenture relating to the Notes may be amended or supplemented with the written consent of the Holders of at least a majority in
aggregate principal amount of the Notes of all series then outstanding affected by such amendment or supplement (voting as one class), and any existing Default or Event of Default or compliance with certain provisions of the Indenture with respect
to a series may be waived with the consent of the Holders of a majority in aggregate principal amount of all the Notes of such series then outstanding. Without notice to or consent of any Holder, the parties thereto may amend or supplement the
Indenture and the Notes to, among other things, cure any ambiguity, defect or inconsistency, provide for uncertificated Notes in addition to or in place of certificated Notes, or make any other change that does not adversely affect the rights of any
Holder of a Note in any material respect. 
 12. Defaults and Remedies. If an Event of Default (other than certain
bankruptcy Events of Default with respect to the Company) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of Notes of this series then outstanding (voting as a separate class) may declare all of the
Notes to be due and payable immediately in the manner and with the effect provided in the Indenture. If a bankruptcy Event of Default with respect to the Company occurs and is continuing, the entire principal amount of the Notes then outstanding and
interest accrued thereon, if any, shall immediately become due and payable. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it
has received indemnity satisfactory to it. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding to direct the Trustee in its exercise of any trust
or power. The Trustee may withhold from Holders of Notes notice of certain continuing Defaults or Events of Default if it determines that withholding notice is in their interest. 

  
 B-4

 13. Trustee Dealings with Company. The Trustee under the Indenture, in its
individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company as if it were not the Trustee. 
 14. No Recourse Against Others. No stockholder, director, officer, employee, member or incorporator, as such, of the Company, or any successor Person thereof shall have any liability for any
obligation under the Notes or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each Holder of a Note by accepting a Note waives and releases all such liability. The waiver and release are
part of the consideration for the issuance of the Notes. 
 15. Authentication. This Note shall not be valid until
the Trustee manually signs the certificate of authentication on this Note. 
 16. Abbreviations and Defined Terms.
Customary abbreviations may be used in the name of a Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common),
CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 17. CUSIP Numbers. Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the accuracy of
such numbers as printed on the Notes and reliance may be placed only on the other identification numbers printed hereon. 
 18.
Governing Law. The laws of the State of New York shall govern the Indenture and this Note thereof. 

  
 B-5

 ASSIGNMENT FORM 

I or we assign and transfer this Note to         
                                         
                                         
                                         
                                         

  
  
         (Print or type name, address and zip code of assignee or transferee) 
  

 
 (Insert Social Security or other
identifying number of assignee or transferee) 
 and irrevocably
appoint                     agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.

  

			
	Dated:	  	Signed:
		
	  
	  	  
 (Signed exactly as name
appears on the other side of this Note)

  
 B-6

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.02 of the Supplemental Indenture, check the
box. 
 If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.02 of the
Supplemental Indenture, state the amount you elect to have purchased (must be integral multiples of $1,000): 

$             

 

			
	Dated:	  	Signed:
		
	  
	  	  
 (Signed exactly as name
appears on the other side of this Note)Form of Warrant

 Exhibit 4.1 
 INOVIO PHARMACEUTICALS, INC. 
 WARRANT TO
PURCHASE COMMON STOCK 
 Warrant No.: 
 Number of Shares of Common Stock: 
 Date of Issuance: December 6, 2011 (“Issuance
Date”) 
 Inovio Pharmaceuticals, Inc., a Delaware corporation (the “Company”), hereby certifies
that, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
                                        ,
the registered holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, upon surrender of this
Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange, transfer or replacement hereof, the “Warrant”), at any time or times before 11:59 p.m., New York time, on the Expiration Date (as
defined below), December 6, 2016 fully paid nonassessable shares of Common Stock (as defined below) (the “Warrant Shares”). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings
set forth in Section 15. This Warrant is the Warrant to purchase Common Stock (this “Warrant”) issued pursuant to (i) that certain Underwriting Agreement (the “Underwriting Agreement”), dated as of
December 1, 2011 (the “Offer Date”), by and between the Company and Brean Murray, Carret & Co., LLC and (ii) the Company’s Registration Statement on Form S-3 (File number 333-176670) (the
“Registration Statement”). 
 1. EXERCISE OF WARRANT. 

(a) Mechanics of Exercise. Subject to the terms and conditions hereof, this Warrant may be exercised by the Holder on any day on
or before the Expiration Date, in whole or in part, by (i) delivery of a written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant and
(ii) (A) payment to the Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash or by wire
transfer of immediately available funds or (B) provided the conditions for cashless exercise set forth in Section 1(d) are satisfied, by notifying the Company that this Warrant is being exercised pursuant to a Cashless Exercise (as
defined in Section 1(d)). The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise Notice with respect to less than all of the Warrant Shares shall
have the same effect as cancellation of the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. On or before the third (3rd) Business Day following the date on which the
Company has received each of the Exercise Notice and the Aggregate Exercise Price (or notice of a Cashless Exercise) (the “Exercise Delivery Documents”) (the “Share Delivery Date”), the Company shall
(X) provided that Computershare Investor Services Inc. (the “Transfer Agent”) is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, upon the request of the Holder,
credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC 

 
through its Deposit/Withdrawal At Custodian system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and dispatch by overnight
courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant
to such exercise. Upon delivery of the Exercise Delivery Documents, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective
of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as the case may be. If this Warrant is submitted in connection with any exercise pursuant to
this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no
event later than three (3) Business Days after any exercise and at its own expense, issue a new Warrant (in accordance with Section 7(d)) representing the right to purchase the number of Warrant Shares purchasable immediately prior
to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but rather the number of shares of
Common Stock to be issued shall be rounded up to the nearest whole number. In the event the Registration Statement is not effective at the time this Warrant is exercised, there is no circumstance that would require the Company to net cash settle
this Warrant. The Company shall pay any and all transfer taxes which may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant. 
 (b) Exercise Price. For purposes of this Warrant, “Exercise Price” means $0.65, subject to adjustment as provided herein. 

(c) Company’s Failure to Timely Deliver Securities. If the Company shall fail for any reason or for no reason to issue to
the Holder within three (3) Business Days of receipt of the Exercise Delivery Documents in compliance with the terms of this Section 1, a certificate for the number of shares of Common Stock to which the Holder is entitled and
register such shares of Common Stock on the Company’s share register or to credit the Holder’s balance account with DTC for such number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise of this
Warrant, and if on or after such Trading Day the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of shares of Common Stock issuable upon such exercise that the
Holder anticipated receiving from the Company (a “Buy-In”), then the Company shall, within three (3) Business Days after the Holder’s written request and in the Holder’s discretion, either (i) pay cash to the
Holder in an amount equal to the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased (the “Buy-In Price”), at which point the Company’s obligation to deliver
such certificate (and to issue such Warrant Shares) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such Warrant Shares and pay cash to the Holder in an amount equal to
the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Common Stock, times (B) the Closing Bid Price on the date of exercise. 

  
 2 

 (d) Cashless Exercise. Notwithstanding anything contained herein to the contrary, if
a registration statement covering the Warrant Shares that are the subject of the Exercise Notice (the “Unavailable Warrant Shares”), or an exemption from registration, is not available for the resale of such
Unavailable Warrant Shares, the Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate
Exercise Price, elect instead to receive upon such exercise the “Net Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”): 

 

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

	
                        
                          B

 For purposes of the foregoing formula: 

 

	 	A=	the total number of shares with respect to which this Warrant is then being exercised. 

 

	 	B=	the arithmetic average of the Closing Sale Prices of the shares of Common Stock for the five (5) consecutive Trading Days ending on the date immediately preceding
the date of the Exercise Notice. 

  

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

(e) Rule 144. For purposes of Rule 144(d) promulgated under the Securities Act, as in effect on the date hereof, assuming the
Holder is not an affiliate of the Company, it is intended that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on
the date this Warrant was originally issued pursuant to the Underwriting Agreement. 
 (f) Disputes. In the case of a
dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed. 

(g) Beneficial Ownership. The Company shall not effect the exercise of this Warrant, and the Holder shall not have the right to
exercise this Warrant, to the extent that after giving effect to such exercise, such Person (together with such Person’s affiliates) would beneficially own in excess of 19.99% (the “Maximum Percentage”) of the shares of Common
Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such Person and its affiliates shall include the number of shares of
Common Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock which would be issuable upon (i) exercise of the remaining, unexercised portion
of this Warrant beneficially owned by such Person and its affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other 

  
 3 

 
securities of the Company beneficially owned by such Person and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a
limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of this Warrant, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock
as reflected in the most recent of (1) the Company’s most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing with the Securities and Exchange Commission, as the case may be, (2) a more recent public
announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written or oral request of the Holder, the Company
shall within two (2) Business Days confirm to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise
of securities of the Company, including this Warrant, by the Holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. 

(h) Call Right. In the event that the closing bid price per share of Common Stock as traded on an Eligible Market equals or
exceeds $1.30 (appropriately adjusted for any stock split, reverse stock split, stock dividend or other reclassification or combination of the Common Stock occurring after the date hereof) for twenty (20) consecutive Trading Days after the
Issuance Date, the Company, upon thirty (30) days prior written notice (the “Notice Period”) given to the Holder within one Business Day immediately following the end of such twenty (20) Trading Day period, may call this
Warrant, in whole but not in part, at a redemption price equal to $0.01 per share of Common Stock then purchasable pursuant to this Warrant; provided that (i) the Company simultaneously calls all warrants issued in the Offering (as defined in
the Underwriting Agreement) on the same terms, (ii) all of the Warrant Shares are either registered pursuant to an effective registration Statement which is not suspended and for which no stop order is in effect, and pursuant to which the
Holder is able to sell all of such Warrant Shares or may be freely resold upon a Cashless Exercise without restriction or limitation pursuant to Rule 144 at all times during the Notice Period and (iii) notwithstanding the provisions of
Section 1(g), this Warrant is fully exercisable for the full amount of Warrant Shares covered hereby. Notwithstanding any such notice by the Company, the Holder shall have the right to exercise this Warrant prior to the end of the Notice
Period. 
 2. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and the number of Warrant
Shares shall be adjusted from time to time as follows: 
 (a) Adjustment upon Subdivision or Combination of Common
Stock. If the Company at any time on or after the Offer Date subdivides (by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) one or more classes of its outstanding shares of Common Stock into a
greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately increased. If the Company at any time on or

  
 4 

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

3. RIGHTS UPON DISTRIBUTION OF ASSETS. 
 (a) If at any time or from time to time the holders of Common Stock of the Company (or any shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received
or become entitled to receive, without payment therefore. 
 (i) Common Stock or any shares of stock or other
securities which are at any time directly or indirectly convertible into or exchangeable for Common Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution (other
than a dividend or distribution covered in Section 2(a) above); 
 (ii) any cash paid or payable
otherwise than as a cash dividend; or 
 (iii) Common Stock or additional stock or other securities or property
(including cash) by way of spinoff, split-up, reclassification, combination of shares or similar corporate rearrangement (other than shares of Common Stock pursuant to Section 2(a) above), then and in each such case, the Holder hereof
will, upon the exercise of this Warrant, be entitled to receive, in addition to the number of shares of Common Stock receivable thereupon, and without payment of any additional consideration therefor, the amount of stock and other securities and
property (including cash in the cases referred to in clauses (ii) and (iii) above) which such Holder would hold on the date of such exercise had such Holder been the holder of record of such Common Stock as of the date on which holders of
Common Stock received or became entitled to receive such shares or all other additional stock and other securities and property. 
 (b) Upon the occurrence of each adjustment pursuant to this Section 3, the Company at its expense will, at the written request of the Holder, promptly compute such adjustment in accordance
with the terms of this Warrant and prepare a certificate setting forth such adjustment, including a statement of the adjusted number or type of Warrant Shares or other 

  
 5 

 
securities issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment is
based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s transfer agent. 
 4. FUNDAMENTAL TRANSACTIONS. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor Entity assumes this Warrant in accordance with the provisions of this
Section 4, including agreements to deliver to each holder of Warrants in exchange for such Warrants a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant,
including, without limitation, an adjusted exercise price equal to the value for the shares of Common Stock reflected by the terms of such Fundamental Transaction, and exercisable for a corresponding number of shares of capital stock equivalent to
the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and satisfactory to the Holder. Upon the occurrence of any
Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer
instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.
In addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets with respect to or
in exchange for shares of Common Stock (a “Corporate Event”), the Company shall make appropriate provision to insure that the Holder will thereafter have the right to receive upon an exercise of this Warrant at any time after the
consummation of the Fundamental Transaction but prior to the Expiration Date, in lieu of the shares of the Common Stock (or other securities, cash, assets or other property) purchasable upon the exercise of the Warrant prior to such Fundamental
Transaction, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights) which the Holder would have been entitled to receive upon the happening of such Fundamental
Transaction had the Warrant been exercised immediately prior to such Fundamental Transaction. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall
be given the same choice as to the consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The provisions of this Section 4 shall apply similarly and equally to successive Fundamental
Transactions and Corporate Events and shall be applied without regard to any limitations on the exercise of this Warrant. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction other than one in which a Successor Entity
that is a publicly traded corporation whose stock is quoted or listed for trading on an Eligible Market assumes this Warrant such that the Warrant shall be exercisable for the publicly traded Common Stock of such Successor Entity, the Company or any
Successor Entity shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying to the Holder an amount of cash
equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction. The terms of any agreement pursuant to which a Fundamental

  
 6 

 
Transaction is effected shall include terms requiring any such successor or surviving entity to comply with the provisions of this Section 4 and insuring that this Warrant (or any such
replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction. 
 5.
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation, Bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement,
dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at all times in good faith comply with all the provisions of this Warrant and
take all actions consistent with effectuating the purposes of this Warrant. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any shares of Common Stock receivable upon the exercise of this
Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise
of this Warrant, and (iii) shall, so long as this Warrant is outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the exercise of
this Warrant, 100% of the number of shares of Common Stock issuable upon exercise of this Warrant then outstanding (without regard to any limitations on exercise). 
 6. WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled to
vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this
Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or
otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In
addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are
asserted by the Company or by creditors of the Company. 
 7. REISSUANCE OF WARRANTS. 

(a) Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company and deliver
the completed and executed Assignment Form, in the form attached hereto as Exhibit B, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered
as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in
accordance with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred. 

  
 7 

 (b) Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary form and, in the case
of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing the right to purchase the Warrant Shares then underlying
this Warrant. 
 (c) Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the
Holder at the principal office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the number of Warrant Shares then underlying this Warrant, and each such
new Warrant will represent the right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, that no Warrants for fractional shares of Common Stock shall be given.
Notwithstanding anything to the contrary herein, in no event shall the original Warrant be subdivided into more than three (3) separate Warrants and such new Warrants shall not be further subdivided. 

(d) Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such
new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being
issued pursuant to Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying the other new Warrants issued in connection with such issuance,
does not exceed the number of Warrant Shares then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv) shall have the same rights and
conditions as this Warrant. 
 8. NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise
provided herein, such notice shall be given in accordance with Section 16 of the Underwriting Agreement. 
 9.
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the
Company has obtained the written consent of the Holder. 
 10. GOVERNING LAW. This Warrant shall be governed by and
construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any choice
of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. 

  
 8 

 11. CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by
the Company and the Holder and shall not be construed against any person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant. 

12. DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of
the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile within two (2) Business Days of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If
the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three Business Days of such disputed determination or arithmetic calculation being submitted to the Holder, then
the Company shall, within two (2) Business Days submit via facsimile (a) the disputed determination of the Exercise Price to an independent, reputable investment bank selected by the Company and approved by the Holder, which approval shall
not be unreasonably withheld, or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause the investment bank or the accountant, as the case may be, to perform
the determinations or calculations and notify the Company and the Holder of the results no later than ten Business Days from the time it receives the disputed determinations or calculations. The prevailing party in any dispute resolved pursuant to
this Section 12 shall be entitled to the full amount of all reasonable expenses, including all costs and fees paid or incurred in good faith, in relation to the resolution of such dispute. Such investment bank’s or accountant’s
determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error. 
 13.
REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition to all other remedies available under this Warrant, at law or in equity (including a decree of specific
performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. 

14. TRANSFER. Subject to applicable laws, this Warrant may not be offered for sale, sold, transferred or assigned without the
consent of the Company, such consent not to be unreasonably withheld or delayed. 
 15. CERTAIN DEFINITIONS. For purposes
of this Warrant, the following terms shall have the following meanings: 
 (a) “Black Scholes Value” means the
value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting
(A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable 

  
 9 

 
Fundamental Transaction and the Expiration Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the
Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the
value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the
Expiration Date. 
 (b) “Bloomberg” means Bloomberg Financial Markets. 

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

  
 10 

 (h) “Expiration Date” means the date five (5) years following the
Issuance Date or, if such date falls on a day other than a Business Day or on which trading does not take place on the Principal Market (a “Holiday”), the next date that is not a Holiday. 

(i) “Fundamental Transaction” means that the Company shall, directly or indirectly, in one or more related
transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Person (but excluding a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the
Company), or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company to another Person, or (iii) allow another Person to make a purchase, tender or exchange offer that
is accepted by the holders of more than the 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the Person or Persons making or party to, or associated or affiliated with the Persons making or party to,
such purchase, tender or exchange offer), or (iv) consummate a stock purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person
whereby such other Person acquires more than the 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock purchase agreement or other business combination), (v) reorganize, recapitalize or reclassify its Common Stock, or (vi) any “person” or “group” (as these terms are used for purposes of
Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and
outstanding Common Stock. 
 (j) “Options” means any rights, warrants or options to subscribe for or purchase
shares of Common Stock or Convertible Securities. 
 (k) “Parent Entity” of a Person means an entity that,
directly or indirectly, controls the applicable Person and whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity with the
largest public market capitalization as of the date of consummation of the Fundamental Transaction. 
 (l)
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and a government or any department or agency thereof. 

(m) “Principal Market” means NYSE Amex. 
 (n) “Successor Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so
elected by the Holder, the Parent Entity) with which such Fundamental Transaction shall have been entered into. 

  
 11 

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

[Signature Page Follows] 

  
 12 

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

			
	INOVIO PHARMACEUTICALS, INC.
		
	By:	 	/s/ J. Joseph Kim
	
	 Name: J. Joseph Kim

	 Title: President & Chief Executive Officer

  

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

                   
  a “Cash Exercise” with respect to                      Warrant Shares; and/or 

                   
  a “Cashless Exercise” with respect to                      Warrant Shares. 

2. Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant
Shares to be issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of $                     to the Company in
accordance with the terms of the Warrant. 
 3. Delivery of Warrant Shares. The Company shall deliver to the holder
                     Warrant Shares in accordance with the terms of the Warrant and, after delivery of such Warrant Shares,
                     Warrant Shares remain subject to the Warrant. 

 

			
	 Date:
                                         
                ,         

	
	  

    Name of Registered Holder

		
	By:    	 	 
		 	Name:
		 	Title:

  
 A-1

 EXHIBIT B 
 ASSIGNMENT FORM 
 INOVIO PHARMACEUTICALS, INC. 

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to 

 

			
	 Name:
	  	  

		  	 (Please Print)

	 Address:
	  	
		  	  

		  	 (Please Print)

		
	 Dated:
                             ,
        
	  	
		
	 Holder’s Signature:
                                         
         
	  	
		
	 Holder’s Address:
                                         
           
	  	

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

  
 B-1

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