Document:

Registration Rights Agreement dated June 11, 2009

 Exhibit 4.4 
 Clearwater Paper Corporation 
 10 5/8% Senior Notes due 2016 
  
  
 Exchange and
Registration Rights Agreement 
 June 11,
2009                     
 Goldman, Sachs &
Co., 
 Banc of America Securities LLC 
     As Representatives of the several Purchasers 
     named in Schedule I to the Purchase Agreement

 c/o Goldman, Sachs & Co., 
 85 Broad Street

 New York, New York 10004 
 Ladies and Gentlemen: 

Clearwater Paper Corporation, a Delaware corporation (the “Company”), proposes to issue and sell to the Purchasers (as
defined herein) upon the terms set forth in the Purchase Agreement (as defined herein) its 10 5/8% Senior Notes due 2016. As an
inducement to the Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the obligations of the Purchasers thereunder, the Company agrees with the Purchasers for the benefit of holders (as defined herein) from time to
time of the Registrable Securities (as defined herein) as follows: 
 1. Certain Definitions. For purposes of this Exchange and
Registration Rights Agreement, the following terms shall have the following respective meanings: 
 “Base
Interest” shall mean the interest that would otherwise accrue on the Securities under the terms thereof and the Indenture, without giving effect to the provisions of this Exchange and Registration Rights Agreement. 
 The term “broker-dealer” shall mean any broker or dealer registered with the Commission under the Exchange Act.

 “Blackout Period” shall have the meaning assigned thereto in Section 3(h) hereof. 
 “Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in New York are generally authorized or obligated by law or executive order to close. 
 “Closing
Date” shall mean the date on which the Securities are initially issued. 

 “Commission” shall mean the United States Securities and Exchange
Commission, or any other federal agency at the time administering the Exchange Act or the Securities Act, whichever is the relevant statute for the particular purpose. 
 “Effective Time,” in the case of (i) an Exchange Registration, shall mean the time and date as of which the
Commission declares the Exchange Registration Statement effective or as of which the Exchange Registration Statement otherwise becomes effective and (ii) a Shelf Registration, shall mean the time and date as of which the Commission declares the
Shelf Registration Statement effective or as of which the Shelf Registration Statement otherwise becomes effective. 
 “Electing Holder” shall mean any holder of Registrable Securities that has returned a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(ii) or 3(d)(iii) hereof. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, or any successor thereto, as the same shall be amended
from time to time. 
 “Exchange Offer” shall have the meaning assigned thereto in Section 2(a) hereof.

 “Exchange Registration” shall have the meaning assigned thereto in Section 3(c) hereof. 

“Exchange Registration Statement” shall have the meaning assigned thereto in Section 2(a) hereof. 
 “Exchange Securities” shall have the meaning assigned thereto in Section 2(a) hereof. 
 “Free Trade Date” shall mean the 380th day following the Closing Date. 
 “Freely Tradable” shall mean, with respect to a Security at any time of determination, that (a) if such Security were not held by an “affiliate” (as defined in Rule 405 under the Securities Act) of the
Company or any Guarantor during the preceding 90 days, such Security would be eligible to be sold without any volume or manner of sale restrictions under the Securities Act and (b) the Company has provided a certificate to the Trustee
instructing the Trustee that the restrictive legend on such Security no longer applies. 
 “Guarantors” shall
have the meaning assigned thereto in the Indenture. 
 The term “holder” shall mean each of the Purchasers
and other persons who acquire Registrable Securities from time to time (including any successors or assigns), in each case for so long as such person owns any Registrable Securities. 
 “Indenture” shall mean the Indenture, dated as of June 11, 2009, between the Company and U.S. Bank National
Association, as Trustee, as the same shall be supplemented or amended from time to time. 
 “Notice and
Questionnaire” means a Notice of Registration Statement and Selling Securityholder Questionnaire substantially in the form of Exhibit A hereto. 
 The term “person” shall mean a corporation, association, partnership, organization, business, individual, government or political subdivision thereof or governmental agency. 
 “Purchase Agreement” shall mean the Purchase Agreement, dated as of June 11, 2009, between the Purchasers and the
Company relating to the Securities. 
  

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 “Purchasers” shall mean the Purchasers named in Schedule I to the
Purchase Agreement. 
 “Registrable Securities” shall mean each Security; provided, however, that a
Security shall cease to be a Registrable Security when (i) in the circumstances contemplated by Section 2(a) hereof, the Security has been exchanged for an Exchange Security in an Exchange Offer (provided that any Exchange Security
that, pursuant to the second to last and third to last sentences of Section 2(a) hereof, is included in a prospectus for use in connection with resales by broker-dealers shall be deemed to be a Registrable Security with respect to Sections 5, 6
and 9 hereof for the Resale Period); (ii) in the circumstances contemplated by Section 2(b) hereof, a Shelf Registration Statement registering such Security under the Securities Act has been declared or becomes effective and such Security
has been sold or otherwise transferred by the holder thereof pursuant to and in a manner contemplated by such effective Shelf Registration Statement; (iii) such Security becomes Freely Tradable; or (iv) such Security shall cease to be
outstanding for purposes of the Indenture. 
 “Registration Default” shall have the meaning assigned thereto
in Section 2(c) hereof. 
 “Registration Default Period” shall have the meaning assigned thereto in
Section 2(c) hereof. 
 “Registration Expenses” shall have the meaning assigned thereto in
Section 4 hereof. 
 “Resale Period” shall have the meaning assigned thereto in Section 2(a)
hereof. 
 “Restricted Holder” shall mean (i) a holder that is an affiliate of the Company within the
meaning of Rule 405, (ii) a holder who acquires Exchange Securities outside the ordinary course of such holder’s business, (iii) a holder who has arrangements or understandings with any person to participate in the Exchange Offer for
the purpose of distributing Exchange Securities and (iv) a holder that is a broker-dealer, but only with respect to Exchange Securities received by such broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities acquired
by the broker-dealer directly from the Company. 
 “Rule 144,” “Rule 405” and “Rule
415” shall mean, in each case, such rule promulgated under the Securities Act (or any successor provision), as the same shall be amended from time to time. 
 “Securities” shall mean, collectively, the 10 5/8% Senior Notes due 2016 of the Company to be issued and sold to the Purchasers, and securities issued in exchange therefor or in
lieu thereof pursuant to the Indenture. Each Security is entitled to the benefit of any guarantees provided for in the Indenture (the “Guarantees”) and, unless the context otherwise requires, any reference herein to a “Security,”
an “Exchange Security” or a “Registrable Security” shall include a reference to any related Guarantees. 
 “Securities Act” shall mean the Securities Act of 1933, or any successor thereto, as the same shall be amended from time to time. 
 “Shelf Registration” shall have the meaning assigned thereto in Section 2(b) hereof. 
 “Shelf Registration Statement” shall have the meaning assigned thereto in Section 2(b) hereof. 
  

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 “Special Interest” shall have the meaning assigned thereto in
Section 2(c) hereof. 
 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, or any
successor thereto, and the rules, regulations and forms promulgated thereunder, all as the same shall be amended from time to time. 
 “Trustee” shall mean U.S. Bank National Association, as trustee under the Indenture. 
 Unless the context
otherwise requires, any reference herein to a “Section” or “clause” refers to a Section or clause, as the case may be, of this Exchange and Registration Rights Agreement, and the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Exchange and Registration Rights Agreement as a whole and not to any particular Section or other subdivision. 
 2. Registration Under the Securities Act. 
 (a) Except as set forth in Section 2(b) hereof, and subject to the penultimate sentence of this Section 2(a), if any Registrable Securities have not become Freely Tradable on or before the Free Trade Date,
the Company agrees to use all commercially reasonable efforts to (i) file under the Securities Act, as soon as practicable, but no later than 30 days after the Free Trade Date, a registration statement relating to an offer to exchange (such
registration statement, the “Exchange Registration Statement”, and such offer, the “Exchange Offer”) any and all of the Registrable Securities for a like aggregate principal amount of debt securities issued by the Company and
guaranteed by the Guarantors, if any, which debt securities and guarantees are substantially identical to the Securities and any related Guarantees, respectively (and are entitled to the benefits of a trust indenture which is substantially identical
to the Indenture or is the Indenture and which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the
additional interest contemplated in Section 2(c) hereof (such new debt securities and any guarantees are hereinafter called “Exchange Securities”), (ii) cause the Exchange Registration Statement to become effective under the
Securities Act as soon as practicable thereafter, (iii) commence the Exchange Offer promptly after the Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if
required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of Registrable Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on
or prior to the expiration of the Exchange Offer and (vi) complete the Exchange Offer promptly, but no later than 130 days after the Free Trade Date (unless the Exchange Registration Statement is reviewed by the SEC, in which case within 190
days after the Free Trade Date). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed
to have been “completed” only if the Exchange Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the
Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the States of the United States of America. The Exchange Offer shall be deemed to have been completed upon the
earlier to occur of (i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange
Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall 

  

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be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company agrees (x) to include in the Exchange
Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (y) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when
Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed and such time as such broker-dealers no longer own any Registrable Securities. With
respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (c), (d) and (e) hereof. The obligations of the Company set forth in
this Section 2(a) shall cease on the date on which any and all Registrable Securities become Freely Tradable. Each holder of Registrable Securities who participates in an Exchange Offer will be required to represent to the Company in writing
(which may be contained in the applicable letter of transmittal relating to such Exchange Offer) that it is not a Restricted Holder. 
 (b) Subject to the last sentence of this Section 2(b), if any Registrable Securities have not become Freely Tradable on or before the Free Trade Date and (i) at or prior to the time the Exchange Offer is completed existing
Commission interpretations are changed such that the Exchange Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder
without restriction under the Securities Act, (ii) the Exchange Offer has not been completed within 130 days after the Free Trade Date (unless the Exchange Registration Statement is reviewed by the SEC, in which case within 190 days after the
Free Trade Date) or (iii) any holder of Registrable Securities is not eligible to participate in the Exchange Offer, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by
Section 2(a) hereof, file under the Securities Act as soon as practicable, but no later than 30 days after the time such obligation to file arises, a “shelf” registration statement providing for the registration of, and the sale on a
continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the
“Shelf Registration Statement”). The Company agrees to use all commercially reasonable efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 100 days after the time the obligation to
file a Shelf Registration Statement arises (unless such Shelf Registration Statement is reviewed by the Commission, in which case within 160 days of the date such obligation arises) and to keep such Shelf Registration Statement continuously
effective for a period ending on the earlier of the first anniversary of the Effective Time of such Shelf Registration Statement and such time as all Registrable Securities covered by the Shelf Registration Statement have either been sold as
contemplated in the Shelf Registration Statement or have become Freely Tradable or shall cease to be outstanding under the Indenture; provided, however, that no holder shall be entitled to be named as a selling securityholder in the
Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the
request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without
limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this clause (y) shall relieve any such holder of the obligation to return a
completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules,
regulations or instructions applicable to the 

  

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registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf
registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. The obligations of the Company set forth in this
Section 2(b) shall cease on the date on which all Registrable Securities become Freely Tradable. 
 (c) If any
Registrable Securities have not become Freely Tradable on or before the Free Trade Date (a “Registration Default” and the period during which a Registration Default has occurred and is continuing, the “Registration Default
Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 9(b) hereof, special interest (“Special Interest”), in addition to the Base Interest, shall accrue on the Registrable
Securities at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the
Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period. The Registration Default Period shall terminate on the date on which (i) the Registrable Securities become
Freely Tradable or (ii) (A) the Exchange Registration Statement has been declared effective and the Exchange Offer has been completed or (B) the Shelf Registration Statement (if required pursuant to Section 2(b) hereof) has been
declared effective. Notwithstanding anything to the contrary in this Section 2(c), Special Interest shall not accrue on any Registrable Security if the holder thereof failed to comply with its obligations to make the representations set forth
in Section 2(a) hereof or failed to provide the information required to be provided by it, if any, pursuant to Section 3(d) hereof. 
 (d) If a Shelf Registration Statement required pursuant to Section 2(b) hereof is declared effective but thereafter either is withdrawn by the Company or becomes subject to a stop order issued pursuant to
Section 8(d) of the Securities Act suspending the effectiveness of such registration statement, Special Interest shall accrue at the rates specified in Section 2(c) hereof with respect to the date of such withdrawal or stop
order until (i) the date on which the Registrable Securities become Freely Tradable, (ii) a replacement Shelf Registration Statement is filed and declared effective or (iii) the stop order is withdrawn. 
 (e) The Company shall take, and shall cause any Guarantors to take, all actions necessary or advisable to be taken to ensure that the
transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register any Guarantees under the registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. 

(f) Any reference herein to a registration statement as of any time shall be deemed to include any document incorporated, or deemed to
be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by
reference as of such time. 
 (g) The Company shall use all commercially reasonable efforts to provide an unrestricted CUSIP
to all Freely Tradable Securities. 
 3. Registration Procedures. 
 If the Company files a registration statement pursuant to Section 2(a) or 2(b) hereof, the following provisions shall apply: 
  

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 (a) At or before the Effective Time of the Exchange Registration or the Shelf
Registration, as the case may be, the Company shall qualify the Indenture under the Trust Indenture Act of 1939. 
 (b) In the
event that such qualification would require the appointment of a new trustee under the Indenture, the Company shall appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 
 (c) In connection with the Company’s obligations with respect to the registration of Exchange Securities as contemplated by
Section 2(a) hereof (the “Exchange Registration”), if applicable, the Company shall, as soon as practicable (or as otherwise specified): 
 (i) prepare and file with the Commission, as soon as practicable but no later than 30 days after the Free Trade Date, an Exchange Registration Statement on any form which may be utilized by the Company and which shall
permit the Exchange Offer and resales of Exchange Securities by broker-dealers during the Resale Period to be effected as contemplated by Section 2(a) hereof, and use all commercially reasonable efforts to cause such Exchange Registration
Statement to become effective as soon as practicable thereafter; 
 (ii) as soon as practicable prepare and file with the
Commission such amendments and supplements to such Exchange Registration Statement and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Exchange Registration Statement for the periods and purposes
contemplated in Section 2(a) hereof and as may be required by the applicable rules and regulations of the Commission and the instructions applicable to the form of such Exchange Registration Statement, and promptly provide each broker-dealer
holding Exchange Securities with such number of copies of the prospectus included therein (as then amended or supplemented), in conformity in all material respects with the requirements of the Securities Act and the Trust Indenture Act and the rules
and regulations of the Commission thereunder, as such broker-dealer reasonably may request prior to the expiration of the Resale Period, for use in connection with resales of Exchange Securities; 
 (iii) promptly notify each broker-dealer that has requested or received copies of the prospectus included in such registration statement,
and confirm such advice in writing, (A) when such Exchange Registration Statement or the prospectus included therein or any prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to such Exchange
Registration Statement or any post-effective amendment, when the same has become effective, (B) of any comments by the Commission and by the blue sky or securities commissioner or regulator of any state with respect thereto or any request by
the Commission for amendments or supplements to such Exchange Registration Statement or prospectus or for additional information, (C) of the issuance by the Commission of any stop order suspending the effectiveness of such Exchange Registration
Statement or the initiation or threatening of any proceedings for that purpose, (D) if at any time the representations and warranties of the Company contemplated by Section 5 hereof cease to be true and correct in all material respects,
(E) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Exchange Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, or
(F) at any time during the Resale Period when a prospectus is required to be delivered under the Securities Act, that 

  

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such Exchange Registration Statement, prospectus, prospectus amendment or supplement or post-effective amendment does not conform in all material respects to
the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder or contains an untrue statement of a material fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 
 (iv) in the
event that the Company would be required, pursuant to Section 3(c)(iii)(F) hereof, to notify any broker-dealers holding Exchange Securities, without delay prepare and furnish to each such holder a reasonable number of copies of a prospectus
supplemented or amended so that, as thereafter delivered to purchasers of such Exchange Securities during the Resale Period, such prospectus shall conform in all material respects to the applicable requirements of the Securities Act and the Trust
Indenture Act and the rules and regulations of the Commission thereunder and shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing; 
 (v) use all commercially reasonable efforts to obtain the
withdrawal of any order suspending the effectiveness of such Exchange Registration Statement or any post-effective amendment thereto at the earliest practicable date; 
 (vi) use all commercially reasonable efforts to (A) register or qualify the Exchange Securities under the securities laws or blue sky
laws of such jurisdictions as are contemplated by Section 2(a) hereof no later than the commencement of the Exchange Offer, (B) keep such registrations or qualifications in effect and comply with such laws so as to permit the continuance
of offers, sales and dealings therein in such jurisdictions until the expiration of the Resale Period and (C) take any and all other actions as may be reasonably necessary or advisable to enable each broker-dealer holding Exchange Securities to
consummate the disposition thereof in such jurisdictions; provided, however, that the Company shall not be required for any such purpose to (1) qualify as a foreign corporation in any jurisdiction wherein it would not otherwise be
required to qualify but for the requirements of this Section 3(c)(vi), (2) consent to general service of process in any such jurisdiction or (3) make any changes to its certificate of incorporation or by-laws or any agreement between
it and its stockholders; 
 (vii) use all commercially reasonable efforts to obtain the consent or approval of each
governmental agency or authority, whether federal, state or local, which may be required to effect the Exchange Registration, the Exchange Offer and the offering and sale of Exchange Securities by broker-dealers during the Resale Period; 

(viii) provide a CUSIP number for all Exchange Securities, not later than the applicable Effective Time; and 
 (ix) comply with all applicable rules and regulations of the Commission, and make generally available to its securityholders as soon as
practicable but no later than eighteen months after the effective date of such Exchange Registration Statement, an earnings statement of the Company and its subsidiaries complying with Section 11(a) of the Securities Act (including, at the
option of the Company, Rule 158 thereunder). 
  

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 (d) In connection with the Company’s obligations with respect to the Shelf
Registration, if applicable, the Company shall, as soon as practicable (or as otherwise specified): 
 (i) prepare and file
with the Commission, as soon as practicable but in any case within the time periods specified in Section 2(b) hereof, a Shelf Registration Statement on any form which may be utilized by the Company and which shall register all of the
Registrable Securities for resale by the holders thereof in accordance with such method or methods of disposition as may be specified by such of the holders as, from time to time, may be Electing Holders and use all commercially reasonable efforts
to cause such Shelf Registration Statement to become effective as soon as practicable but in any case within the time periods specified in Section 2(b) hereof; 
 (ii) not less than 30 calendar days prior to the Effective Time of the Shelf Registration Statement, mail the Notice and Questionnaire to
the holders of Registrable Securities; no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement as of the Effective Time, and no holder shall be entitled to use the prospectus forming a part thereof for
resales of Registrable Securities at any time, unless such holder has returned a completed and signed Notice and Questionnaire to the Company by the deadline for response set forth therein; provided, however, that holders of Registrable
Securities shall have at least 28 calendar days from the date on which the Notice and Questionnaire is first mailed to such holders to return a completed and signed Notice and Questionnaire to the Company; 
 (iii) after the Effective Time of the Shelf Registration Statement, upon the request of any holder of Registrable Securities that is not
then an Electing Holder, promptly send a Notice and Questionnaire to such holder; provided that the Company shall not be required to take any action to name such holder as a selling securityholder in the Shelf Registration Statement or to
enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities until such holder has returned a completed and signed Notice and Questionnaire to the Company; 
 (iv) as soon as practicable prepare and file with the Commission such amendments and supplements to such Shelf Registration Statement and
the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Shelf Registration Statement for the period specified in Section 2(b) hereof and as may be required by the applicable rules and regulations of
the Commission and the instructions applicable to the form of such Shelf Registration Statement, and furnish to the Electing Holders copies of any such supplement or amendment simultaneously with or prior to its being used or filed with the
Commission; 
 (v) comply with the provisions of the Securities Act with respect to the disposition of all of the Registrable
Securities covered by such Shelf Registration Statement in accordance with the intended methods of disposition by the Electing Holders provided for in such Shelf Registration Statement; 
 (vi) provide (A) the Electing Holders, (B) the underwriters (which term, for purposes of this Exchange and Registration Rights
Agreement, shall include a person deemed to be an underwriter within the meaning of Section 2(a)(11) of the 

  

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Securities Act), if any, thereof, (C) any sales or placement agent therefor, (D) counsel for any such underwriter or agent and (E) not more
than one counsel for all the Electing Holders the opportunity to participate in the preparation of such Shelf Registration Statement, each prospectus included therein or filed with the Commission and each amendment or supplement thereto; 

(vii) for a reasonable period prior to the filing of such Shelf Registration Statement, and throughout the period specified in
Section 2(b) hereof, make available at reasonable times at the Company’s principal place of business or such other reasonable place for inspection by the persons referred to in Section 3(d)(vi) hereof who shall certify to the Company
that they have a current intention to sell the Registrable Securities pursuant to the Shelf Registration such financial and other information and books and records of the Company and any Guarantors, and cause the officers, employees, counsel and
independent certified public accountants of the Company and any Guarantors to respond to such inquiries, as shall be reasonably necessary, in the judgment of the counsel referred to in such Section, to conduct a reasonable investigation within the
meaning of Section 11 of the Securities Act; provided, however, that each such party shall be required to maintain in confidence and not to disclose to any other person any information or records reasonably designated by the Company as
being confidential, until such time as (A) such information becomes a matter of public record (whether by virtue of its inclusion in such registration statement or otherwise), or (B) such person shall be required so to disclose such
information pursuant to a subpoena or order of any court or other governmental agency or body having jurisdiction over the matter (subject to the requirements of such order, and only after such person shall have given the Company prompt prior
written notice of such requirement), or (C) such information is required to be set forth in such Shelf Registration Statement or the prospectus included therein or in an amendment to such Shelf Registration Statement or an amendment or
supplement to such prospectus in order that such Shelf Registration Statement, prospectus, amendment or supplement, as the case may be, complies with applicable requirements of the federal securities laws and the rules and regulations of the
Commission and does not contain an untrue statement of a material fact or omit to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing;

 (viii) promptly notify each of the Electing Holders, any sales or placement agent therefor and any underwriter thereof
(which notification may be made through any managing underwriter that is a representative of such underwriter for such purpose) and confirm such advice in writing, (A) when such Shelf Registration Statement or the prospectus included therein or
any prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to such Shelf Registration Statement or any post-effective amendment, when the same has become effective, (B) of any comments by the Commission
and by the blue sky or securities commissioner or regulator of any state with respect thereto or any request by the Commission for amendments or supplements to such Shelf Registration Statement or prospectus or for additional information,
(C) of the issuance by the Commission of any stop order suspending the effectiveness of such Shelf Registration Statement or the initiation or threatening of any proceedings for that purpose, (D) if at any time the representations and
warranties set forth in Section 5 hereof or those contemplated by Section 3(d)(xvii) hereof cease to be true and correct in all material respects, (E) of the receipt by the Company of any notification 

  

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with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose, or (F) if at any time when a prospectus is required to be delivered under the Securities Act, that such Shelf Registration Statement, prospectus, prospectus amendment or supplement or post-effective amendment does
not conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder or contains an untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 
 (ix) use all commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of such registration statement or any post-effective amendment thereto at the earliest practicable date;

 (x) if requested by any managing underwriter or underwriters, any placement or sales agent or any Electing Holder, promptly
incorporate in a prospectus supplement or post-effective amendment such information as is required by the applicable rules and regulations of the Commission and as such managing underwriter or underwriters, such agent or such Electing Holder
specifies should be included therein relating to the terms of the sale of such Registrable Securities, including information with respect to the principal amount of Registrable Securities being sold by such Electing Holder or agent or to any
underwriters, the name and description of such Electing Holder, agent or underwriter, the offering price of such Registrable Securities and any discount, commission or other compensation payable in respect thereof, the purchase price being paid
therefor by such underwriters and with respect to any other terms of the offering of the Registrable Securities to be sold by such Electing Holder or agent or to such underwriters; and make all required filings of such prospectus supplement or
post-effective amendment promptly after notification of the matters to be incorporated in such prospectus supplement or post-effective amendment; 
 (xi) furnish to each Electing Holder, each placement or sales agent, if any, therefor, each underwriter, if any, thereof and the counsel referred to in Section 3(d)(vi) hereof a conformed copy of such Shelf
Registration Statement, each such amendment and supplement thereto (in each case including all exhibits thereto (in the case of an Electing Holder of Registrable Securities, upon request) and documents incorporated by reference therein) and such
number of copies of such Shelf Registration Statement (excluding exhibits thereto and documents incorporated by reference therein unless specifically so requested by such Electing Holder, agent or underwriter, as the case may be) and of the
prospectus included in such Shelf Registration Statement (including each preliminary prospectus and any summary prospectus), in conformity in all material respects with the applicable requirements of the Securities Act and the Trust Indenture Act
and the rules and regulations of the Commission thereunder, and such other documents, as such Electing Holder, agent, if any, and underwriter, if any, may reasonably request in order to facilitate the offering and disposition of the Registrable
Securities owned by such Electing Holder, offered or sold by such agent or underwritten by such underwriter and to permit such Electing Holder, agent and underwriter to satisfy the prospectus delivery requirements of the Securities Act; and the
Company hereby consents to the use of such prospectus (including such preliminary and summary prospectus) and any amendment or supplement thereto by each such Electing Holder and by any such 

  

 11 

 
agent and underwriter, in each case in the form most recently provided to such person by the Company, in connection with the offering and sale of the
Registrable Securities covered by the prospectus (including such preliminary and summary prospectus) or any supplement or amendment thereto; 
 (xii) use all commercially reasonable efforts to (A) register or qualify the Registrable Securities to be included in such Shelf Registration Statement under such securities laws or blue sky laws of such
jurisdictions as any Electing Holder and each placement or sales agent, if any, therefor and underwriter, if any, thereof shall reasonably request, (B) keep such registrations or qualifications in effect and comply with such laws so as to
permit the continuance of offers, sales and dealings therein in such jurisdictions during the period the Shelf Registration is required to remain effective under Section 2(b) hereof and for so long as may be necessary to enable any such
Electing Holder, agent or underwriter to complete its distribution of Securities pursuant to such Shelf Registration Statement and (C) take any and all other actions as may be reasonably necessary or advisable to enable each such Electing
Holder, agent, if any, and underwriter, if any, to consummate the disposition in such jurisdictions of such Registrable Securities; provided, however, that neither the Company nor any Guarantor shall be required for any such purpose to
(1) qualify as a foreign corporation in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(d)(xii), (2) consent to general service of process in any such jurisdiction or
(3) make any changes to its certificate of incorporation or by-laws or any agreement between it and its stockholders; 
 (xiii) use all commercially reasonable efforts to obtain the consent or approval of each governmental agency or authority, whether federal, state or local, which may be required to effect the Shelf Registration or the offering or sale in
connection therewith; 
 (xiv) unless any Registrable Securities shall be in book-entry only form, cooperate with the Electing
Holders and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, which certificates, if so required by any securities exchange upon which any Registrable
Securities are listed, shall be penned, lithographed or engraved, or produced by any combination of such methods, on steel engraved borders, and which certificates shall not bear any restrictive legends; and, in the case of an underwritten offering,
enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriters may request at least two Business Days prior to any sale of the Registrable Securities; 
 (xv) provide a CUSIP number for all Registrable Securities, not later than the applicable Effective Time; 
 (xvi) enter into one or more underwriting agreements, engagement letters, agency agreements, “best efforts” underwriting
agreements or similar agreements, as appropriate, including customary provisions relating to indemnification and contribution, and take such other actions in connection therewith as any Electing Holders aggregating at least 25% in aggregate
principal amount of the Registrable Securities at the time outstanding shall request in order to expedite or facilitate the disposition of such Registrable Securities; 

  

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(xvii) whether or not an agreement of the type referred to in Section 3(d)(xvi) hereof is entered into and whether or not any portion of the offering
contemplated by the Shelf Registration is an underwritten offering or is made through a placement or sales agent or any other entity, (A) make such representations and warranties to the Electing Holders and the placement or sales agent, if any,
therefor and the underwriters, if any, thereof in form, substance and scope as are customarily made in connection with an offering of debt securities pursuant to any appropriate agreement or to a registration statement filed on the form applicable
to the Shelf Registration; (B) obtain an opinion of counsel to the Company in customary form and covering such matters, of the type customarily covered by such an opinion, as the managing underwriters, if any, or as any Electing Holders of at
least 25% in aggregate principal amount of the Registrable Securities at the time outstanding may reasonably request, addressed to such Electing Holder or Electing Holders and the placement or sales agent, if any, therefor and the underwriters, if
any, thereof and dated the effective date of such Shelf Registration Statement (and if such Shelf Registration Statement contemplates an underwritten offering of a part or all of the Registrable Securities, dated the date of the closing under the
underwriting agreement relating thereto) (it being agreed that the matters to be covered by such opinion shall include the due incorporation and good standing of the Company and its subsidiaries; the qualification of the Company and its subsidiaries
to transact business as foreign corporations; the due authorization, execution and delivery of the relevant agreement of the type referred to in Section 3(d)(xvi) hereof; the due authorization, execution, authentication and issuance, and the
validity and enforceability, of the Securities; the absence of material legal or governmental proceedings involving the Company or any Guarantors; the absence of a material breach by the Company or any of its subsidiaries of, or a default under,
material agreements binding upon the Company or any subsidiary of the Company; the absence of governmental approvals required to be obtained in connection with the Shelf Registration, the offering and sale of the Registrable Securities, this
Exchange and Registration Rights Agreement or any agreement of the type referred to in Section 3(d)(xvi) hereof, except such approvals as may be required under state securities or blue sky laws; the material compliance as to form of such Shelf
Registration Statement and any documents incorporated by reference therein and of the Indenture with the requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder, respectively; and as
of the date of the opinion and of the Shelf Registration Statement or most recent post-effective amendment thereto, as the case may be, the absence from such Shelf Registration Statement and the prospectus included therein, as then amended or
supplemented, and from the documents incorporated by reference therein (in each case other than the financial statements and other financial information contained therein) of an untrue statement of a material fact or the omission to state therein a
material fact necessary to make the statements therein not misleading (in the case of such documents, in the light of the circumstances existing at the time that such documents were filed with the Commission under the Exchange Act)); (C) obtain
a “cold comfort” letter or letters from the independent certified public accountants of the Company addressed to the selling Electing Holders, the placement or sales agent, if any, therefor or the underwriters, if any, thereof, such letter
or letters to be delivered as of such date or dates as such letters are customarily dated and in customary form and covering such matters of the type customarily covered by such letters; (D) deliver such documents and certificates, including
officers’ certificates, as may be reasonably requested by any Electing Holders of at least 25% in aggregate principal amount of the Registrable Securities at the time outstanding or the placement or sales agent, if any, therefor 

  

 13 

 
and the managing underwriters, if any, thereof to evidence the accuracy of the representations and warranties made pursuant to clause (A) above or those
contained in Section 5(a) hereof and the compliance with or satisfaction of any agreements or conditions contained in the underwriting agreement or other agreement entered into by the Company or any Guarantors; and (E) undertake such
obligations relating to expense reimbursement, indemnification and contribution as are provided in Section 6 hereof; 
 (xviii) notify in writing each holder of Registrable Securities of any proposal by the Company to amend or waive any provision of this Exchange and Registration Rights Agreement pursuant to Section 9(h) hereof and of any amendment or
waiver effected pursuant thereto, each of which notices shall contain the text of the amendment or waiver proposed or effected, as the case may be; 
 (xix) in the event that any broker-dealer registered under the Exchange Act shall underwrite any Registrable Securities or participate as a member of an underwriting syndicate or selling group or “assist in the
distribution” (within the meaning of the Conduct Rules (the “Conduct Rules) of the Financial Industry Regulatory Authority (“FINRA”) or any successor thereto, as amended from time to time) thereof, whether as a holder of such
Registrable Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, assist such broker-dealer in complying with the requirements of the Conduct Rules, including by (A) if the Conduct
Rules shall so require, engaging a “qualified independent underwriter” (as defined in the Conduct Rules) to participate in the preparation of the Shelf Registration Statement relating to such Registrable Securities, to exercise usual
standards of due diligence with respect thereto and, if any portion of the offering contemplated by such Shelf Registration Statement is an underwritten offering or is made through a placement or sales agent, to recommend the yield of such
Registrable Securities, (B) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section 6 hereof (or to such other customary extent as may be requested by such
underwriter) and (C) providing such information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Conduct Rules; and 
 (xx) comply with all applicable rules and regulations of the Commission, and make generally available to its securityholders as soon as
practicable but in any event not later than eighteen months after the effective date of such Shelf Registration Statement, an earning statement of the Company and its subsidiaries complying with Section 11(a) of the Securities Act (including,
at the option of the Company, Rule 158 thereunder). 
 (e) In the event that the Company would be required, pursuant to
Section 3(d)(viii)(F) hereof, to notify the Electing Holders, the placement or sales agent, if any, therefor and the managing underwriters, if any, thereof, the Company shall without delay prepare and furnish to each of the Electing Holders, to
each placement or sales agent, if any, and to each such underwriter, if any, a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to purchasers of Registrable Securities, such prospectus shall
conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder and shall not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. Each Electing Holder agrees that upon 

  

 14 

 
receipt of any notice from the Company pursuant to Section 3(d)(viii)(F) hereof, or upon receipt of any notice from the Company of a Blackout Period
pursuant to Section 3(h) hereof, such Electing Holder shall forthwith discontinue the disposition of Registrable Securities pursuant to the Shelf Registration Statement applicable to such Registrable Securities until (i) in the case of
such notice from the Company pursuant to Section 3(d)(viii)(F) hereof, such Electing Holder shall have received copies of such amended or supplemented prospectus, and if so directed by the Company, such Electing Holder shall deliver to the
Company (at the Company’s expense) all copies, other than permanent file copies, then in such Electing Holder’s possession of the prospectus covering such Registrable Securities at the time of receipt of such notice and (ii) in the
case of such notice from the Company pursuant to Section 3(h) hereof, the earlier of (A) 90 days after the commencement of such Blackout Period and (B) receipt of notice from the Company pursuant to Section 3(h) hereof that such
Blackout Period has been terminated. 
 (f) In the event of a Shelf Registration, in addition to the information required to
be provided by each Electing Holder in its Notice and Questionnaire, the Company may require such Electing Holder to furnish to the Company such additional information regarding such Electing Holder and such Electing Holder’s intended method of
distribution of Registrable Securities as may be required in order to comply with the Securities Act. Each such Electing Holder agrees to notify the Company as promptly as practicable of any inaccuracy or change in information previously furnished
by such Electing Holder to the Company or of the occurrence of any event in either case as a result of which any prospectus relating to such Shelf Registration contains or would contain an untrue statement of a material fact regarding such Electing
Holder or such Electing Holder’s intended method of disposition of such Registrable Securities or omits to state any material fact regarding such Electing Holder or such Electing Holder’s intended method of disposition of such Registrable
Securities required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, and promptly to furnish to the Company any additional information required to correct and update any
previously furnished information or required so that such prospectus shall not contain, with respect to such Electing Holder or the disposition of such Registrable Securities, an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. 
 (g) Until the expiration of one year after the Closing Date, the Company will not, and will use its commercially reasonable efforts to cause its “affiliates” (as defined in Rule 144) not to, resell any
of the Securities that have been reacquired by any of them except pursuant to Rule 144 or an effective registration statement under the Securities Act. 
 (h) Notwithstanding anything to the contrary in this Exchange and Registration Rights Agreement, the Company, upon notice to the Electing Holders that the prospectus in an effective Shelf Registration Statement is
unusable pending a material development, may suspend the use of such prospectus for a period of time (a “Blackout Period”) not to exceed an aggregate of 90 days in any 12-month period; provided, however, that, upon the termination
of such Blackout Period, the Company promptly shall notify the Electing Holders that such Blackout Period has been terminated. 
 4.
Registration Expenses. 
 The Company agrees to bear and to pay or cause to be paid promptly all expenses incident to the
Company’s performance of or compliance with this Exchange and Registration Rights Agreement, including (a) all Commission and any FINRA registration, filing and review 

  

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fees and expenses, (b) all fees and expenses in connection with the qualification of the Securities for offering and sale under the State securities and
blue sky laws referred to in Section 3(d)(xii) hereof and determination of their eligibility for investment under the laws of such jurisdictions as any managing underwriters or the Electing Holders may designate, including any reasonable fees
and disbursements of counsel for the Electing Holders or underwriters in connection with such qualification and determination, (c) all expenses relating to the preparation, printing, production, distribution and reproduction of each
registration statement required to be filed hereunder, each prospectus included therein or prepared for distribution pursuant hereto, each amendment or supplement to the foregoing, the expenses of preparing the Securities for delivery and the
expenses of printing or producing any underwriting agreements, agreements among underwriters, selling agreements and blue sky or legal investment memoranda and all other documents in connection with the offering, sale or delivery of Securities to be
disposed of (including certificates representing the Securities), (d) messenger, telephone and delivery expenses relating to the offering, sale or delivery of Securities and the preparation of documents referred in clause (c) above,
(e) fees and expenses of the Trustee, any agent of the Trustee and any counsel for the Trustee and of any collateral agent or custodian, (f) internal expenses (including all salaries and expenses of the Company’s or any
Guarantors’ officers and employees performing legal or accounting duties), (g) fees, disbursements and expenses of counsel and independent certified public accountants of the Company (including the expenses of any opinions or “cold
comfort” letters required by or incident to such performance and compliance), (h) fees, disbursements and expenses of any “qualified independent underwriter” engaged pursuant to Section 3(d)(xix) hereof, (i) fees,
disbursements and expenses of one counsel for the Electing Holders retained in connection with a Shelf Registration, as selected by the Electing Holders of at least a majority in aggregate principal amount of the Registrable Securities held by
Electing Holders (which counsel shall be reasonably satisfactory to the Company), (j) any fees charged by securities rating services for rating the Securities and (k) fees, expenses and disbursements of any other persons, including special
experts, retained by the Company or any Guarantors in connection with such registration (collectively, the “Registration Expenses”). To the extent that any Registration Expenses are incurred, assumed or paid by any holder of Registrable
Securities or any placement or sales agent therefor or underwriter thereof, the Company shall reimburse such person for the full amount of the Registration Expenses so incurred, assumed or paid promptly after receipt of a request therefor.
Notwithstanding the foregoing, the holders of the Registrable Securities being registered shall pay all agency fees and commissions and underwriting discounts and commissions attributable to the sale of such Registrable Securities and the fees and
disbursements of any counsel or other advisors or experts retained by such holders (severally or jointly) , other than the counsel and experts specifically referred to above. 
 5. Representations and Warranties. 
 The Company represents and warrants to, and agrees with, each Purchaser and each of the holders from time to time of Registrable Securities that: 
 (a) Each registration statement covering Registrable Securities and each prospectus (including any preliminary or summary prospectus) contained therein or furnished pursuant to Section 3(c) or 3(d) hereof and any
further amendments or supplements to any such registration statement or prospectus, when it becomes effective or is filed with the Commission, as the case may be, and, in the case of an underwritten offering of Registrable Securities, at the time of
the closing under the underwriting agreement relating thereto, will conform in all material respects to the requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder and will not
contain an untrue statement of a material fact or omit to state a material fact required to be 

  

 16 

 
stated therein or necessary to make the statements therein not misleading; and at all times subsequent to the Effective Time when a prospectus would be
required to be delivered under the Securities Act, other than from (i) such time as a notice has been given to holders of Registrable Securities pursuant to Section 3(c)(iii)(F) or 3(d)(viii)(F) hereof until (ii) such time as the
Company furnishes an amended or supplemented prospectus pursuant to Section 3(c)(iv) or 3(e) hereof, each such registration statement, and each prospectus (including any summary prospectus) contained therein or furnished pursuant to
Section 3(c) or 3(d) hereof, as then amended or supplemented, will conform in all material respects to the requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder and will not
contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; provided, however, that
this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by a holder of Registrable Securities expressly for use therein. 

(b) Any documents incorporated by reference in any prospectus referred to in Section 5(a) hereof, when they become or became
effective or are or were filed with the Commission, as the case may be, will conform or conformed in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and none of such documents will contain or
contained an untrue statement of a material fact or will omit or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that this representation and
warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by a holder of Registrable Securities, the placement or sales agent, if any, therefor or the
managing underwriters, if any, thereof, expressly for use therein. 
 (c) The compliance by the Company with all of the
provisions of this Exchange and Registration Rights Agreement and the consummation of the transactions herein contemplated will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, any material
indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any subsidiary of the Company is a party or by which the Company or any subsidiary of the Company is bound or to which any of the material
property or assets of the Company or any subsidiary of the Company is subject, nor will such action result in any violation of the provisions of the certificate of incorporation, as amended, or the by-laws of the Company or any statute or any order,
rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any subsidiary of the Company or any of their properties; and no consent, approval, authorization, order, registration or qualification of or with
any such court or governmental agency or body is required for the consummation by the Company of the transactions contemplated by this Exchange and Registration Rights Agreement, except the registration under the Securities Act of the Securities,
qualification of the Indenture under the Trust Indenture Act and such consents, approvals, authorizations, registrations or qualifications as may be required under State securities or blue sky laws in connection with the offering and distribution of
the Securities. 
 (d) This Exchange and Registration Rights Agreement has been duly authorized, executed and delivered by the
Company. 
 6. Indemnification. 
  

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 (a) Indemnification by the Company. The Company will indemnify and hold harmless
each of the holders of Registrable Securities included in an Exchange Registration Statement, each of the Electing Holders of Registrable Securities included in a Shelf Registration Statement and each person who participates as a placement or sales
agent or as an underwriter in any offering or sale of such Registrable Securities against any losses, claims, damages or liabilities, joint or several, to which such holder, agent or underwriter may become subject under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in any Exchange Registration Statement or
Shelf Registration Statement, as the case may be, under which such Registrable Securities were registered under the Securities Act, or any preliminary, final or summary prospectus contained therein or furnished by the Company to any such holder,
Electing Holder, agent or underwriter, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, and will reimburse such holder, such Electing Holder, such agent and such underwriter for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such action or claim as such
expenses are incurred; provided, however, that the Company shall not be liable to any such person in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged
untrue statement or omission or alleged omission made in such registration statement, or preliminary, final or summary prospectus, or amendment or supplement thereto, in reliance upon and in conformity with written information furnished to the
Company by such person expressly for use therein. 
 (b) Indemnification by the Holders and any Agents and
Underwriters. The Company may require, as a condition to including any Registrable Securities in any registration statement filed pursuant to Section 2(b) hereof and to entering into any underwriting agreement with respect thereto, that the
Company shall have received an undertaking reasonably satisfactory to it from the Electing Holder of such Registrable Securities and from each underwriter named in any such underwriting agreement, severally and not jointly, to (i) indemnify and
hold harmless the Company, any Guarantors, and all other holders of Registrable Securities, against any losses, claims, damages or liabilities to which the Company, any Guarantors or such other holders of Registrable Securities may become subject,
under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in such
registration statement, or any preliminary, final or summary prospectus contained therein or furnished by the Company to any such Electing Holder, agent or underwriter, or any amendment or supplement thereto, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by such Electing Holder or underwriter expressly for use therein, and (ii) reimburse the Company and any
Guarantors for any legal or other expenses reasonably incurred by the Company and any Guarantors in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that no such Electing
Holder shall be required to undertake liability to any person under this Section 6(b) for any amounts in excess of the dollar amount of the proceeds to be received by such Electing Holder from the sale of such Electing Holder’s Registrable
Securities pursuant to such registration. 
  

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 (c) Notices of Claims, Etc. Promptly after receipt by an indemnified party under
Section 6(a) or 6(b) hereof of written notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party pursuant to the indemnification provisions of or
contemplated by this Section 6, notify such indemnifying party in writing of the commencement of such action; but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified
party otherwise than under the indemnification provisions of or contemplated by Section 6(a) or 6(b) hereof. In case any such action shall be brought against any indemnified party and it shall notify an indemnifying party of the commencement
thereof, such indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to
such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof,
such indemnifying party shall not be liable to such indemnified party for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than
reasonable costs of investigation. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action
or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an
unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified
party. 
 (d) Contribution. If for any reason the indemnification provisions contemplated by Section 6(a) or 6(b)
hereof are unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount
paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified
party in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative fault of such indemnifying party
and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such
indemnifying party or by such indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and
equitable if contributions pursuant to this Section 6(d) were determined by pro rata allocation (even if the holders or any agents or underwriters or all of them were treated as one entity for such purpose) or by any other method of allocation
which does not take account of the equitable considerations referred to in this Section 6(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages, or liabilities (or actions in respect thereof) referred
to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 6(d),
no holder shall be required to contribute any amount in excess of the amount by which the dollar amount of the proceeds received by such holder from the sale of any Registrable Securities (after deducting any fees, discounts and commissions
applicable thereto) exceeds the amount of any damages which such 

  

 19 

 
holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and no underwriter shall be
required to contribute any amount in excess of the amount by which the total price at which the Registrable Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such
underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The holders’ and any underwriters’ obligations in this Section 6(d) to contribute shall be several in proportion to the
principal amount of Registrable Securities registered or underwritten, as the case may be, by them and not joint. 
 (e) The
obligations of the Company under this Section 6 shall be in addition to any liability which the Company may otherwise have and shall extend, upon the same terms and conditions, to each officer, director and partner of each holder, agent and
underwriter and each person, if any, who controls any holder, agent or underwriter within the meaning of the Securities Act; and the obligations of the holders and any agents or underwriters contemplated by this Section 6 shall be in addition
to any liability which the respective holder, agent or underwriter may otherwise have and shall extend, upon the same terms and conditions, to each officer and director of the Company (including any person who, with his consent, is named in any
registration statement as about to become a director of the Company) and to each person, if any, who controls the Company within the meaning of the Securities Act. 
 7. Underwritten Offerings. 
 (a) Selection of Underwriters. If any of the
Registrable Securities covered by the Shelf Registration are to be sold pursuant to an underwritten offering, the managing underwriter or underwriters thereof shall be designated by Electing Holders holding at least a majority in aggregate principal
amount of the Registrable Securities to be included in such offering, provided that such designated managing underwriter or underwriters is or are reasonably acceptable to the Company. 
 (b) Participation by Holders. Each holder of Registrable Securities hereby agrees with each other such holder that no such holder
may participate in any underwritten offering hereunder unless such holder (i) agrees to sell such holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the persons entitled hereunder to approve
such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 
 8. Rule 144. 
 The Company covenants
to the holders of Registrable Securities that to the extent it shall be required to do so under the Exchange Act, the Company shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including the
reports under Section 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144) and the rules and regulations adopted by the Commission thereunder, and shall take such further action as any holder of Registrable
Securities may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144 under the
Securities Act, as such Rule may be amended from time to time, or any similar or 

  

 20 

 
successor rule or regulation hereafter adopted by the Commission. Upon the request of any holder of Registrable Securities in connection with that
holder’s sale pursuant to Rule 144, the Company shall deliver to such holder a written statement as to whether it has complied with such requirements. 
 9. Miscellaneous. 
 (a) No Inconsistent Agreements. The Company represents,
warrants, covenants and agrees that it has not granted, and shall not grant, registration rights with respect to Registrable Securities or any other securities which would be inconsistent with the terms contained in this Exchange and Registration
Rights Agreement. 
 (b) Specific Performance. The parties hereto acknowledge that there would be no adequate remedy at
law if the Company fails to perform any of its obligations hereunder and that the Purchasers and the holders from time to time of the Registrable Securities may be irreparably harmed by any such failure, and accordingly agree that the Purchasers and
such holders, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to compel specific performance of the obligations of the Company under this Exchange and Registration Rights Agreement in accordance
with the terms and conditions of this Exchange and Registration Rights Agreement, in any court of the United States or any State thereof having jurisdiction. 
 (c) Notices. All notices, requests, claims, demands, waivers and other communications hereunder shall be in writing and shall be
deemed to have been duly given when delivered by hand, if delivered personally or by courier, or three days after being deposited in the mail (registered or certified mail, postage prepaid, return receipt requested) as follows: If to the Company, to
it at 601 W. Riverside Avenue, Suite 1100, Spokane, Washington 99201, Attention: Chief Financial Officer, and if to a holder, to the address of such holder set forth in the security register or other records of the Company, or to such other address
as the Company or any such holder may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 
 (d) Parties in Interest. All the terms and provisions of this Exchange and Registration Rights Agreement shall be binding upon,
shall inure to the benefit of and shall be enforceable by the parties hereto and the holders from time to time of the Registrable Securities and the respective successors and assigns of the parties hereto and such holders. In the event that any
transferee of any holder of Registrable Securities shall acquire Registrable Securities, in any manner, whether by gift, bequest, purchase, operation of law or otherwise, such transferee shall, without any further writing or action of any kind, be
deemed a beneficiary hereof for all purposes and such Registrable Securities shall be held subject to all of the terms of this Exchange and Registration Rights Agreement, and by taking and holding such Registrable Securities such transferee shall be
entitled to receive the benefits of, and be conclusively deemed to have agreed to be bound by all of the applicable terms and provisions of this Exchange and Registration Rights Agreement. If the Company shall so request, any such successor, assign
or transferee shall agree in writing to acquire and hold the Registrable Securities subject to all of the applicable terms hereof. 
 (e) Survival. The respective indemnities, agreements, representations, warranties and each other provision set forth in this Exchange and Registration Rights Agreement or made pursuant hereto shall remain in full force and effect
regardless of any investigation (or statement as to the results thereof) made by or on behalf of any holder of Registrable Securities, any director, officer or partner of such holder, any agent or underwriter or any 

  

 21 

 
director, officer or partner thereof, or any controlling person of any of the foregoing, and shall survive delivery of and payment for the Registrable
Securities pursuant to the Purchase Agreement and the transfer and registration of Registrable Securities by such holder and the consummation of an Exchange Offer. 
 (f) Governing Law. This Exchange and Registration Rights Agreement shall be governed by and construed in accordance with
the laws of the State of New York. 
 (g) Headings. The descriptive headings of the several Sections and paragraphs
of this Exchange and Registration Rights Agreement are inserted for convenience only, do not constitute a part of this Exchange and Registration Rights Agreement and shall not affect in any way the meaning or interpretation of this Exchange and
Registration Rights Agreement. 
 (h) Entire Agreement; Amendments. This Exchange and Registration Rights Agreement and
the other writings referred to herein (including the Indenture, the Purchase Agreement and the form of Securities) or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect to its subject
matter. This Exchange and Registration Rights Agreement supersedes all prior agreements and understandings between the parties with respect to its subject matter. This Exchange and Registration Rights Agreement may be amended and the observance of
any term of this Exchange and Registration Rights Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument duly executed by the Company and the holders of at least
a majority in aggregate principal amount of the Registrable Securities at the time outstanding. Each holder of any Registrable Securities at the time or thereafter outstanding shall be bound by any amendment or waiver effected pursuant to this
Section 9(h), whether or not any notice, writing or marking indicating such amendment or waiver appears on such Registrable Securities or is delivered to such holder. 
 (i) Inspection. For so long as this Exchange and Registration Rights Agreement shall be in effect, this Exchange and Registration
Rights Agreement and a complete list of the names and addresses of all the holders of Registrable Securities shall be made available for inspection and copying on any Business Day by any holder of Registrable Securities for proper purposes only
(which shall include any purpose related to the rights of the holders of Registrable Securities under the Securities, the Indenture and this Exchange and Registration Rights Agreement) at the offices of the Company at the address thereof set forth
in Section 9(c) hereof and at the office of the Trustee under the Indenture. 
 (j) Counterparts. This Exchange
and Registration Rights Agreement may be executed by the parties in counterparts, each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument. 
 If the foregoing is in accordance with your understanding, please sign and return to us five counterparts hereof, and upon the acceptance hereof by you,
on behalf of each of the Purchasers, this letter and such acceptance hereof shall constitute a binding agreement among the Purchasers and the Company. It is understood that your acceptance of this letter on behalf of each of the Purchasers is
pursuant to the authority set forth in a form of Agreement among Purchasers, the form of which shall be submitted to the Company for examination upon request, but without warranty on your part as to the authority of the signers thereof. 

 

 22 

					
	Very truly yours,
	
	Clearwater Paper Corporation
		
	By:	 	/s/ Linda Massman
		 	Name:	 	Linda Massman
		 	Title:	 	Vice President, Finance and Chief Financial Officer

  

			
	Accepted as of the date hereof:
	Goldman, Sachs & Co.
		
	By:	 	/s/ Goldman, Sachs & Co.    
		 	(Goldman, Sachs & Co.)

  

					
	Banc of America Securities LLC
		
	By:	 	/s/ Andrew Gordon
		 	Name:	 	Andrew Gordon
		 	Title:	 	Principal

 On behalf of each of the Purchasers 
  

 23 

 Exhibit A 
 Clearwater Paper Corporation 
 INSTRUCTION TO DTC PARTICIPANTS 
 (Date of Mailing) 
 URGENT -
IMMEDIATE ATTENTION REQUESTED 
 DEADLINE FOR RESPONSE: [DATE] * 
 The Depository Trust Company (“DTC”) has identified you as a DTC Participant through which beneficial
interests in the Clearwater Paper Corporation (the “Company”) 10 5/8% Senior Notes due 2016 (the
“Securities”) are held. 
 The Company is in the process of registering the Securities under the Securities Act of 1933 for resale by the
beneficial owners thereof. In order to have their Securities included in the registration statement, beneficial owners must complete and return the enclosed Notice of Registration Statement and Selling Securityholder Questionnaire. 
 It is important that beneficial owners of the Securities receive a copy of the enclosed materials as soon as possible as their rights to have the Securities
included in the registration statement depend upon their returning the Notice and Questionnaire by [Deadline For Response]. Please forward a copy of the enclosed documents to each beneficial owner that holds interests in the Securities
through you. If you require more copies of the enclosed materials or have any questions pertaining to this matter, please contact Clearwater Paper Corporation, 601 W. Riverside Avenue, Suite 1100, Spokane, Washington 99201, Attention: Chief
Financial Officer. 
  
  

	*	Not less than 28 calendar days from date of mailing. 

  

 A-1 

 Clearwater Paper Corporation 
 Notice of Registration Statement 
 and 
 Selling Securityholder Questionnaire 
 (Date) 
 Reference is hereby made to the Exchange and Registration Rights Agreement (the
“Exchange and Registration Rights Agreement”) among Clearwater Paper Corporation (the “Company”) and the Purchasers named therein. Pursuant to the Exchange and Registration Rights Agreement, the Company has filed with the United
States Securities and Exchange Commission (the “Commission”) a registration statement on Form [__] (the “Shelf Registration Statement”) for the registration and resale under Rule 415 under the Securities Act of
1933, as amended (the “Securities Act”), of the Company’s 10 5/8% Senior Notes due 2016 (the
“Securities”). A copy of the Exchange and Registration Rights Agreement is attached hereto. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Exchange and Registration Rights Agreement.

 Each beneficial owner of Registrable Securities (as defined below) is entitled to have the Registrable Securities beneficially owned by it included
in the Shelf Registration Statement. In order to have Registrable Securities included in the Shelf Registration Statement, this Notice of Registration Statement and Selling Securityholder Questionnaire (“Notice and Questionnaire”) must be
completed, executed and delivered to the Company’s counsel at the address set forth herein for receipt ON OR BEFORE [Deadline for Response]. Beneficial owners of Registrable Securities who do not complete, execute and return this Notice
and Questionnaire by such date (i) will not be named as selling securityholders in the Shelf Registration Statement and (ii) may not use the Prospectus forming a part thereof for resales of Registrable Securities. 
 Certain legal consequences arise from being named as a selling securityholder in the Shelf Registration Statement and related Prospectus. Accordingly, holders and
beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling securityholder in the Shelf Registration Statement and related Prospectus.

 The term “Registrable Securities” is defined in the Exchange and Registration Rights Agreement. 
  

 A-2 

 ELECTION 
 The undersigned holder (the “Selling Securityholder”) of Registrable Securities hereby elects to include in the Shelf Registration Statement the Registrable Securities beneficially owned by it and listed below in Item (3).
The undersigned, by signing and returning this Notice and Questionnaire, agrees to be bound with respect to such Registrable Securities by the terms and conditions of this Notice and Questionnaire and the Exchange and Registration Rights Agreement,
including, without limitation, Section 6 of the Exchange and Registration Rights Agreement, as if the undersigned Selling Securityholder were an original party thereto. 
 Upon any sale of Registrable Securities pursuant to the Shelf Registration Statement, the Selling Securityholder will be required to deliver to the Company and Trustee the Notice of Transfer set forth in
Appendix A to the Prospectus and as Exhibit B to the Exchange and Registration Rights Agreement. 
 The Selling Securityholder hereby provides the
following information to the Company and represents and warrants that such information is accurate and complete: 
  

 A-3 

 QUESTIONNAIRE 
  

	(1)	(a)    Full Legal Name of Selling Securityholder: 

  

	 	(b)	Full Legal Name of Registered Holder (if not the same as in (a) above) of Registrable Securities Listed in Item (3) below: 

  

	 	(c)	Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) Through Which Registrable Securities Listed in Item (3) below are Held:

  

	(2)	Address for Notices to Selling Securityholder: 

  

							
		  	 	  		  	
		  	 	  		  	
		  	 	  		  	

  

							
		  	Telephone:	  	 	  	
		  	Fax:	  	 	  	
		  	Contact Person:	  	 	  	

  

	(3)	Beneficial Ownership of Securities: 

 Except as set
forth below in this Item (3), the undersigned does not beneficially own any Securities. 
  

	 	(a)	Principal amount of Registrable Securities beneficially owned:
                                         
                                         
           

	 	 	CUSIP No(s). of such Registrable Securities:
                                         
                                         
                                      

  

	 	(b)	Principal amount of Securities other than Registrable Securities beneficially owned: ____________________________
__________________________________________________________________________________________ 

	 	 	CUSIP No(s). of such other Securities:
                                         
                                         
                                         
          

  

	 	(c)	Principal amount of Registrable Securities which the undersigned wishes to be included in the Shelf Registration Statement:
                                         
                                         
                                         
                                         
                     

	 	 	CUSIP No(s). of such Registrable Securities to be included in the Shelf Registration Statement:
                                         
   
                                         
                                         
                                      

  

	(4)	Beneficial Ownership of Other Securities of the Company: 

 Except as set forth below in this Item (4), the undersigned Selling Securityholder is not the beneficial or registered owner of any other securities of the Company, other than the Securities listed above in Item (3).

 State any exceptions here: 
  

 A-4 

	(5)	Relationships with the Company: 

 Except as set forth
below, neither the Selling Securityholder nor any of its affiliates, officers, directors or principal equity holders (5% or more) has held any position or office or has had any other material relationship with the Company (or its predecessors or
affiliates) during the past three years. 
 State any exceptions here: 
  

	(6)	Plan of Distribution: 

 Except as set forth below, the
undersigned Selling Securityholder intends to distribute the Registrable Securities listed above in Item (3) only as follows (if at all): Such Registrable Securities may be sold from time to time directly by the undersigned Selling
Securityholder or, alternatively, through underwriters, broker-dealers or agents. Such Registrable Securities may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined at
the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block transactions) (i) on any national securities exchange or quotation service on which the Registered Securities may be
listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise than on such exchanges or services or in the over-the-counter market, or (iv) through the writing of options. In connection
with sales of the Registrable Securities or otherwise, the Selling Securityholder may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the Registrable Securities in the course of hedging the positions
they assume. The Selling Securityholder may also sell Registrable Securities short and deliver Registrable Securities to close out such short positions, or loan or pledge Registrable Securities to broker-dealers that in turn may sell such
securities. 
 State any exceptions here: 
 By signing below, the Selling Securityholder acknowledges that it understands its obligation to comply, and agrees that it will comply, with the provisions of the Exchange Act and the rules and regulations thereunder, particularly
Regulation M. 
 In the event that the Selling Securityholder transfers all or any portion of the Registrable Securities listed in Item (3) above after
the date on which such information is provided to the Company, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer of its rights and obligations under this Notice and Questionnaire and the Exchange and
Registration Rights Agreement. 
 By signing below, the Selling Securityholder consents to the disclosure of the information contained herein in its answers
to Items (1) through (6) above and the inclusion of such information in the Shelf Registration Statement and related Prospectus. The Selling Securityholder understands that such information will be relied upon by the Company in connection
with the preparation of the Shelf Registration Statement and related Prospectus. 
 In accordance with the Selling Securityholder’s obligation under
Section 3(d) of the Exchange and Registration Rights Agreement to provide such information as may be required by law for 

  

 A-5 

 
inclusion in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify the Company of any inaccuracies or changes in the
information provided herein which may occur subsequent to the date hereof at any time while the Shelf Registration Statement remains in effect. All notices hereunder and pursuant to the Exchange and Registration Rights Agreement shall be made in
writing, by hand-delivery, first-class mail, or air courier guaranteeing overnight delivery as follows: 
  

	 	(i)	To the Company: 

  

							
		  		  	 	  	
				
		  		  	 	  	
				
		  		  	 	  	
				
		  		  	 	  	
				
		  		  	 	  	

  

	 	(ii)	With a copy to: 

  

							
		  		  	 	  	
				
		  		  	 	  	
				
		  		  	 	  	
				
		  		  	 	  	
				
		  		  	 	  	

 Once this Notice and Questionnaire is executed by the Selling Securityholder and received by the Company’s
counsel, the terms of this Notice and Questionnaire, and the representations and warranties contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by the respective successors, heirs, personal representatives,
and assigns of the Company and the Selling Securityholder (with respect to the Registrable Securities beneficially owned by such Selling Securityholder and listed in Item (3) above. This Exchange and Registration and Rights Agreement shall be
governed in all respects by the laws of the State of New York. 
  

 A-6 

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and
delivered either in person or by its duly authorized agent. 
  

			
	Dated: 	 	 

  

			
	 
	Selling Securityholder
	(Print/type full legal name of beneficial owner of Registrable Securities)
		
	By: 	 	 
	Name:
	Title:

 PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE [DEADLINE FOR
RESPONSE] TO THE COMPANY’S COUNSEL AT: 
  

					
		  	 	  	
			
		  	 	  	
			
		  	 	  	
			
		  	 	  	
			
		  	 	  	

  

 A-7 

 Exhibit B 
 NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT 
 [Name of Trustee] 
 Clearwater Paper Corporation 
 c/o [Name of Trustee] 
 [Address of Trustee] 
 Attention: Trust Officer 
  

	 	Re:	Clearwater Paper Corporation (the “Company”) 

	 	  
	 10 5/8% Senior Notes due 2016 

 Dear Sirs: 
 Please be advised that __________________________________ has transferred $_________________________ aggregate principal amount of the above-referenced Notes pursuant to an effective Registration Statement on Form
[        ] (File No. 333-            ) filed by the Company. 
 We hereby certify that the prospectus delivery requirements, if any, of the Securities Act of 1933, as amended, have been satisfied and that the above-named beneficial owner of the Notes is named as a “Selling
Securityholder” in the Prospectus dated [date] or in supplements thereto, and that the aggregate principal amount of the Notes transferred are the Notes listed in such Prospectus opposite such owner’s name. 
 Dated: 
  

			
	Very truly yours,
		
		 	 
		 	(Name)
		
	By: 	 	 
		 	(Authorized Signature)

  

 B-1Exhibit 10.1

 Exhibit 10.1 
 MANAGEMENT AGREEMENT 
 THIS MANAGEMENT AGREEMENT is made as of
                    , 2009 by and among TWO HARBORS INVESTMENT CORP., a Maryland corporation (the “Company”), TWO HARBORS
OPERATING COMPANY LLC, a Delaware limited liability company (the “Operating Company”) and PRCM ADVISERS LLC, a Delaware limited liability company (together with its permitted assignees, the “Manager”). 

WHEREAS, the Company is a newly organized corporation that intends to elect to be taxed as a REIT for federal income tax purposes; 
 WHEREAS, Pine River Capital (as defined below) is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the
“Advisers Act”), and the Manager is a wholly-owned subsidiary of Pine River Capital; and 
 WHEREAS, the Company and each of
the Subsidiaries desire to retain the Manager to provide investment advisory services to them on the terms and conditions hereinafter set forth, and the Manager wishes to be retained to provide such services. 
 NOW THEREFORE, in consideration of the mutual agreements herein set forth, the parties hereto agree as follows: 
 Section 1. Definitions. The following terms have the following meanings assigned to them: 
 (a) “Agreement” means this Management Agreement, as amended from time to time. 
 (b) “Bankruptcy” means, with respect to any Person, (a) the filing by such Person of a voluntary petition seeking liquidation,
reorganization, arrangement or readjustment, in any form, of its debts under Title 11 of the United States Code or any other federal, state or foreign insolvency law, or such Person’s filing an answer consenting to or acquiescing in any such
petition, (b) the making by such Person of any assignment for the benefit of its creditors, (c) the expiration of 60 days after the filing of an involuntary petition under Title 11 of the Unites States Code, an application for the
appointment of a receiver for a material portion of the assets of such Person, or an involuntary petition seeking liquidation, reorganization, arrangement or readjustment of its debts under any other federal, state or foreign insolvency law,
provided that the same shall not have been vacated, set aside or stayed within such 60-day period or (d) the entry against it of a final and non-appealable order for relief under any bankruptcy, insolvency or similar law now or
hereinafter in effect. 
 (c) “Base Management Fee” means a base management fee equal to 1.5% per annum, calculated and
paid (in cash) quarterly in arrears, of the Stockholders’ Equity. The Base Management Fee will be reduced, but not below zero, by the Company’s proportionate share of any securitization base management fees that Pine River receives in
connection with any securitizations in which the Company invests, based on the percentage of equity the Company holds in such securitizations. 
 (d) “Board of Directors” means the Board of Directors of the Company. 
 (e) “CLA Founders LLC”
means CLA Founders LLC, a Delaware limited liability company. 
 (f) “Code” means the Internal Revenue Code of 1986, as
amended. 

 (g) “Company” has the meaning set forth in the first paragraph of this Agreement.

 (h) “Company Account” has the meaning set forth in Section 5 of this Agreement. 
 (i) “Company Indemnified Party” has the meaning set forth in Section 11(b) of this Agreement. 
 (j) “Effective Termination Date” has the meaning set forth in Section 13(a) of this Agreement. 
 (k) “Excess Funds” has the meaning set forth in Section 2(m) of this Agreement. 
 (l) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (m) “Expenses” has the meaning set forth in Section 9 of this Agreement. 
 (n) “GAAP” means generally accepted accounting principles, as applied in the United States. 
 (o) “Governing Instruments” means, with regard to any entity, the articles or certificate of incorporation and bylaws in the case of a
corporation, certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the articles or certificate of formation and the operating agreement in the case of a limited liability
company, the trust instrument in the case of a trust, or similar governing documents, in each case as amended from time to time. 
 (p)
“Guidelines” has the meaning set forth in Section 2(b)(i) of this Agreement. 
 (q) “Indemnitee” has
the meaning set forth in Section 11(b) of this Agreement. 
 (r) “Indemnitor” has the meaning set forth in
Section 11(c) of this Agreement. 
 (s) “Independent Directors” means the members of the Board of Directors who are not
officers or employees of the Manager or any Person directly or indirectly controlling or controlled by the Manager, and who are otherwise “independent” in accordance with the Company’s Governing Instruments and policies and, if
applicable, the rules of any national securities exchange on which the Company’s common stock is listed. 
 (t) “Initial
Term” has the meaning set forth in Section 13(a) of this Agreement. 
 (u) “Investment Company Act” means the
Investment Company Act of 1940, as amended. 
 (v) “Investments” means the investments of the Company and the Subsidiaries.

 (w) “Manager” has the meaning set forth in the first paragraph of this Agreement. 
 (x) “Manager Indemnified Party” has the meaning set forth in Section 11(a) of this Agreement. 
 (y) “MBS” means mortgage-backed securities. 
  

 - 2 - 

 (z) “Monitoring Services” has the meaning set forth in Section 2(b) of this
Agreement. 
 (aa) “Notice of Proposal to Negotiate” has the meaning set forth in Section 13(a) of this Agreement.

 (bb) “NYSE” means the New York Stock Exchange, Inc. 
 (cc) “Operating Company” has the meaning set forth in the first paragraph of this Agreement. 
 (dd) “Person” means any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated
association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 
 (ee) “Pine River” means, separately and collectively, Pine River Capital and its direct and indirect subsidiaries; provided,
however, that the term “Pine River” shall not include the Company or any of the Subsidiaries. 
 (ff) “Pine River
Capital” means Pine River Capital Management L.P., a Delaware limited partnership. 
 (gg) “Portfolio Management
Services” has the meaning set forth in Section 2(b) of this Agreement. 
 (hh) “REIT” means a “real
estate investment trust” as defined under the Code. 
 (ii) “Renewal Term” has the meaning set forth in
Section 13(a) of this Agreement. 
 (jj) “Securities Act” means the Securities Act of 1933, as amended. 
 (kk) “Shared Services Agreement” means the Shared Facilities and Services Agreement, dated the date hereof, between the Manager and Pine
River Capital. 
 (ll) “Stockholders’ Equity” means: 
 (i) the sum of the net proceeds from any issuances of the Company’s equity securities since inception (allocated on a pro rata daily basis
for such issuances during the fiscal quarter of any such issuance), plus 
 (ii) the Company’s retained earnings at the end of the most
recently completed quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less 
 (iii) any amount that the Company pays for repurchases of its common stock since inception, any unrealized gains, losses or other items that do not affect realized net income (regardless of whether such items are included in other
comprehensive income or loss, or in net income), as adjusted to exclude 
  

 - 3 - 

 (iv) one-time events pursuant to changes in GAAP and certain non-cash charges after discussions between
the Manager and the Company’s Independent Directors and approved by a majority of the Company’s Independent Directors. 
 For purposes of
calculating Stockholders’ Equity, outstanding limited liability company interests in the Operating Company (other than limited liability company interests held by the Company) shall be treated as outstanding shares of capital stock of the
Company. 
 (mm) “Subsidiary” means any subsidiary of the Company; any partnership, the general partner of which is the
Company or any subsidiary of the Company; any limited liability company, the managing member of which is the Company or any subsidiary of the Company; and any corporation or other entity of which a majority of (i) the voting power of the voting
equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by the Company or any subsidiary of the Company. 
 (nn) “Sub-Management Agreement” has the meaning set forth in Section 2(e) of this Agreement. 
 (oo)
“Termination Fee” has the meaning set forth in Section 13(b) of this Agreement. 
 (pp) “Termination
Notice” has the meaning set forth in Section 13(a) of this Agreement. 
 (qq) “Treasury Regulations” means the
regulations promulgated under the Code as amended from time to time. 
 Section 2. Appointment and Duties of the Manager.

 (a) The Company and each of the Subsidiaries hereby appoints the Manager to manage the assets of the Company and the Subsidiaries subject
to the further terms and conditions set forth in this Agreement and the Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set forth herein. The appointment of the Manager shall be exclusive to the Manager
except to the extent that the Manager otherwise agrees, in its sole and absolute discretion, and except to the extent that the Manager elects, pursuant to the terms of this Agreement, to cause the duties of the Manager hereunder to be provided by
third parties. 
 (b) The Manager, in its capacity as manager of the assets and the day-to-day operations of the Company and the
Subsidiaries, at all times will be subject to the supervision of the Company’s Board of Directors and will have only such functions and authority as the Company may delegate to it including the functions and authority identified herein and
delegated to the Manager hereby. The Manager will be responsible for the day-to-day operations of the Company and the Subsidiaries and will perform (or cause to be performed) such services and activities relating to the assets and operations of the
Company and the Subsidiaries as may be appropriate, including: 
 (i) serving as the Company’s and the Subsidiaries’ consultant
with respect to the periodic review of the investment guidelines and other parameters for the Investments, financing activities and operations, any modifications to which shall be approved by a majority of the Independent Directors (such guidelines
as initially approved and attached hereto as Exhibit A, as the same may be modified with such approval, the “Guidelines”), and other policies for approval by the Board of Directors; 
  

 - 4 - 

 (ii) investigating, analyzing and selecting possible investment opportunities and acquiring, financing,
retaining, selling, restructuring or disposing of Investments consistent with the Guidelines; 
 (iii) with respect to prospective
purchases, sales or exchanges of Investments, conducting negotiations on behalf of the Company and the Subsidiaries with sellers, purchasers and brokers and, if applicable, their respective agents and representatives; 
 (iv) negotiating and entering into, on behalf of the Company and the Subsidiaries, repurchase agreements, credit finance agreements, securitizations,
agreements relating to borrowings under programs established by the U.S. government, commercial papers, interest rate swap agreements and other hedging instruments, custodial agreements, warehouse facilities and all other agreements and engagements
required for the Company and the Subsidiaries to conduct their business; 
 (v) engaging and supervising, on behalf of the Company and the
Subsidiaries and at the Company’s expense, independent contractors which provide investment banking, securities brokerage, mortgage brokerage, other financial services, due diligence services, underwriting review services, legal and accounting
services, and all other services as may be required relating to Investments; 
 (vi) coordinating and managing operations of any joint
venture or co-investment interests held by the Company and the Subsidiaries and conducting all matters with the joint venture or co-investment partners; 
 (vii) providing executive and administrative personnel, office space and office services required in rendering services to the Company and the Subsidiaries; 
 (viii) administering the day-to-day operations and performing and supervising the performance of such other administrative functions necessary to the
management of the Company and the Subsidiaries as may be agreed upon by the Manager and the Board of Directors, including the collection of revenues and the payment of the debts and obligations of the Company and the Subsidiaries and maintenance of
appropriate computer and technological services to perform such administrative functions; 
 (ix) communicating on behalf of the Company and
the Subsidiaries with the holders of any of their equity or debt securities as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders;

 (x) counseling the Company in connection with policy decisions to be made by the Board of Directors; 
 (xi) evaluating and recommending to the Board of Directors hedging strategies and engaging in hedging activities on behalf of the Company and the
Subsidiaries, consistent with such strategies as so modified from time to time, with the Company’s qualification as a REIT and with the Guidelines; 
 (xii) counseling the Company regarding the maintenance of its qualification as a REIT and monitoring compliance with the various REIT qualification tests and other rules set out in the Code and Treasury Regulations
thereunder and using commercially reasonable efforts to cause the Company to qualify for taxation as a REIT; 
  

 - 5 - 

 (xiii) counseling the Company and the Subsidiaries regarding the maintenance of their exemptions from
the status of an investment company required to register under the Investment Company Act, monitoring compliance with the requirements for maintaining such exemptions and using commercially reasonable efforts to cause them to maintain such
exemptions from such status; 
 (xiv) assisting the Company and the Subsidiaries in developing criteria for asset purchase commitments that
are specifically tailored to the Company’s investment objectives and making available to the Company and the Subsidiaries its knowledge and experience with respect to MBS, mortgage loans, real estate, real estate-related securities, other real
estate-related assets and non-real estate-related assets; 
 (xv) furnishing reports and statistical and economic research to the Company
and the Subsidiaries regarding their activities and services performed for the Company and the Subsidiaries by the Manager; 
 (xvi)
monitoring the operating performance of Investments and providing periodic reports with respect thereto to the Board of Directors, including comparative information with respect to such operating performance and budgeted or projected operating
results; 
 (xvii) investing and reinvesting any moneys and securities of the Company and the Subsidiaries (including investing in
short-term Investments pending investment in other Investments, payment of fees, costs and expenses, or payments of dividends or distributions to stockholders and partners of the Company and the Subsidiaries) and advising the Company and the
Subsidiaries as to their capital structure and capital raising; 
 (xviii) causing the Company and the Subsidiaries to retain qualified
accountants, auditors and legal counsel, as applicable, to assist in developing appropriate accounting procedures and systems, internal controls and other compliance procedures and testing systems with respect to financial reporting obligations and
compliance with the provisions of the Code applicable to REITs and to conduct quarterly compliance reviews with respect thereto; 
 (xix)
assisting the Company and the Subsidiaries in qualifying to do business in all applicable jurisdictions and to obtain and maintain all appropriate licenses; 
 (xx) assisting the Company and the Subsidiaries in complying with all regulatory requirements applicable to them in respect of their business activities, including preparing or causing to be prepared all financial
statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the Exchange Act, the Securities Act, or by the NYSE; 
 (xxi) assisting the Company and the Subsidiaries in taking all necessary action to enable them to make required tax filings and reports, including
soliciting stockholders and partners for required information to the extent required by the provisions of the Code applicable to REITs; 
 (xxii) placing, or arranging for the placement of, all orders pursuant to the Manager’s investment determinations for the Company and the Subsidiaries, either directly with the issuer or with a broker or dealer (including any
affiliated broker or dealer); 
 (xxiii) handling and resolving all claims, disputes or controversies (including all litigation,
arbitration, settlement or other proceedings or negotiations) in which the Company and/or the Subsidiaries may be involved or to which they may be subject arising out of their day-to-day operations (other than with the Manager or its affiliates),
subject to such limitations or parameters as may be imposed from time to time by the Board of Directors; 
  

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 (xxiv) using commercially reasonable efforts to cause expenses incurred by the Company and the
Subsidiaries or on their behalf to be commercially reasonable or commercially customary and within any budgeted parameters or expense guidelines set by the Board of Directors from time to time; 
 (xxv) representing and making recommendations to the Company and the Subsidiaries in connection with the purchase and financing of, and commitment to
purchase and finance, MBS, mortgage loans (including on a portfolio basis), real estate, real estate-related securities and loans, other real estate-related assets and non-real estate-related assets, and the sale and commitment to sell such assets;

 (xxvi) advising the Company and the Subsidiaries with respect to obtaining appropriate repurchase agreements, warehouse facilities or
other secured and unsecured forms of borrowing for their assets; 
 (xxvii) advising the Company on preparing, negotiating and entering
into, on the Company’s behalf, applications and agreements relating to programs established by the U.S. government; 
 (xxviii)
advising the Company and the Subsidiaries with respect to and structuring long-term financing vehicles for their portfolio of assets, and offering and selling securities publicly or privately in connection with any such structured financing;

 (xxix) performing such other services as may be required from time to time for management and other activities relating to the assets and
business of the Company and the Subsidiaries as the Board of Directors shall reasonably request or the Manager shall deem appropriate under the particular circumstances; and 
 (xxx) using commercially reasonable efforts to cause the Company and the Subsidiaries to comply with all applicable laws. 
 Without limiting the foregoing, the Manager will perform portfolio management services (the “Portfolio Management Services”) on behalf of the Company
and the Subsidiaries with respect to the Investments. Such services will include consulting with the Company and the Subsidiaries on the purchase and sale of, and other investment opportunities in connection with, the Company’s portfolio of
assets; the collection of information and the submission of reports pertaining to the Company’s assets, interest rates and general economic conditions; periodic review and evaluation of the performance of the Company’s portfolio of assets;
acting as liaison between the Company and the Subsidiaries and banking, mortgage banking, investment banking and other parties with respect to the purchase, financing and disposition of assets; and other customary functions related to portfolio
management. Additionally, the Manager will perform monitoring services (the “Monitoring Services”) on behalf of the Company and the Subsidiaries with respect to any loan servicing activities provided by third parties. Such
Monitoring Services will include negotiating servicing agreements; acting as a liaison between the servicers of the assets and the Company and the Subsidiaries; review of servicers’ delinquency, foreclosure and other reports on assets;
supervising claims filed under any insurance policies; and enforcing the obligation of any servicer to repurchase assets. 
 (c) For the
period and on the terms and conditions set forth in this Agreement, the Company and each of the Subsidiaries hereby constitutes, appoints and authorizes the Manager as its true 
  

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 and lawful agent and attorney-in-fact, in its name, place and stead, to negotiate, execute, deliver and enter into such
credit finance agreements and arrangements and securities repurchase and reverse repurchase agreements and arrangements, brokerage agreements, interest rate swap agreements, custodial agreements and such other agreements, instruments and
authorizations on their behalf, on such terms and conditions as the Manager, acting in its sole and absolute discretion, deems necessary or appropriate. This power of attorney is deemed to be coupled with an interest. 
 (d) The Manager may enter into agreements with other parties, including its affiliates, for the purpose of engaging one or more parties for and on
behalf, and at the sole cost and expense, of the Company and the Subsidiaries to provide property management, asset management, leasing, development and/or other services to the Company and the Subsidiaries (including Portfolio Management Services
and Monitoring Services) pursuant to agreement(s) with terms which are then customary for agreements regarding the provision of services to companies that have assets similar in type, quality and value to the assets of the Company and the
Subsidiaries; provided that (i) any such agreements entered into with affiliates of the Manager shall be (A) on terms no more favorable to such affiliate than would be obtained from a third party on an arm’s-length basis and
(B) to the extent the same do not fall within the provisions of the Guidelines, approved by a majority of the Independent Directors, (ii) with respect to Portfolio Management Services, (A) any such agreements shall be subject to the
Company’s prior written approval and (B) the Manager shall remain liable for the performance of such Portfolio Management Services, and (iii) with respect to Monitoring Services, any such agreements shall be subject to the
Company’s prior written approval. Notwithstanding the foregoing, the Shared Services Agreement shall not be subject to further review or approval by the Independent Directors prior to the expiration of its initial term, unless such agreement
shall be amended, in which case such amendment shall be subject to the foregoing limitations on agreements between the Manager and its affiliates. 
 (e) The Company and the Operating Company expressly acknowledge and agree that the Manager and Pine River Capital are, concurrent with this Agreement, entering into the Sub-Management Agreement, dated as of even date herewith, by and among
the Manager, Pine River Capital and CLA Founders LLC (the “Sub-Management Agreement”), and nothing herein shall limit the ability of the Manager or Pine River Capital to enter into and perform their respective obligations under such
Sub-Management Agreement or otherwise limit the effectiveness of such agreement. The Company represents and warrants that the Sub-Management Agreement has been duly authorized and approved by all necessary action of the Company. After the date of
this Agreement, to the extent that the Manager deems necessary or advisable, the Manager may, from time to time, propose to retain one or more additional entities for the provision of sub-advisory services to the Manager in order to enable the
Manager to provide the services to the Company and the Subsidiaries specified by this Agreement; provided that any such agreement (i) shall be on terms and conditions substantially identical to the terms and conditions of this Agreement
or otherwise not adverse to the Company and the Subsidiaries, and (ii) shall be approved by the Independent Directors of the Company. 
 (f) The Manager may retain, for and on behalf and at the sole cost and expense of the Company and the Subsidiaries, such services of accountants, legal counsel, appraisers, insurers, brokers, transfer agents, registrars, developers,
investment banks, financial advisors, due diligence firms, underwriting review firms, banks and other lenders and others as the Manager deems necessary or advisable in connection with the management and operations of the Company and the
Subsidiaries. Notwithstanding anything contained herein to the contrary, the Manager shall have the right to cause any such services to be rendered by its employees or affiliates. Except as otherwise provided herein, the Company and the Subsidiaries
shall pay or reimburse the Manager or its affiliates performing such services for the cost thereof; provided that such costs and reimbursements are no greater than those which would be payable to outside professionals or consultants engaged
to perform such services pursuant to agreements negotiated on an arm’s-length basis. 
  

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 (g) The Manager may effect transactions by or through the agency of another person with it or its
affiliates which have an arrangement under which that party or its affiliates will from time to time provide to or procure for the Manager and/or its affiliates goods, services or other benefits (including research and advisory services; economic
and political analysis, including valuation and performance measurement; market analysis, data and quotation services; computer hardware and software incidental to the above goods and services; clearing and custodian services and investment related
publications), the nature of which is such that provision can reasonably be expected to benefit the Company and the Subsidiaries as a whole and may contribute to an improvement in the performance of the Company and the Subsidiaries or the Manager or
its affiliates in providing services to the Company and the Subsidiaries on terms that no direct payment is made but instead the Manager and/or its affiliates undertake to place business with that party. 
 (h) In executing portfolio transactions and selecting brokers or dealers, the Manager will use its best efforts to seek on behalf of the Company and the
Subsidiaries the best overall terms available. In assessing the best overall terms available for any transaction, the Manager shall consider all factors that it deems relevant, including the breadth of the market in the security, the price of the
security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available, and in
selecting the broker or dealer to execute a particular transaction, the Manager may also consider whether such broker or dealer furnishes research and other information or services to the Manager. 
 (i) The Manager has no duty or obligation to seek in advance competitive bidding for the most favorable commission rate applicable to any particular
purchase, sale or other transaction, or to select any broker-dealer on the basis of its purported or “posted” commission rate, but will endeavor to be aware of the current level of charges of eligible broker-dealers and to minimize the
expense incurred for effecting purchases, sales and other transactions to the extent consistent with the interests and policies of the Company and the Subsidiaries. Although the Manager will generally seek competitive commission rates, it is not
required to pay the lowest commission or commission equivalent, provided that such decision is made to promote the best interests of the Company and the Subsidiaries. 
 (j) As frequently as the Manager may deem necessary or advisable, or at the direction of the Board of Directors, the Manager shall, at the sole cost and
expense of the Company and the Subsidiaries, prepare, or cause to be prepared, with respect to any Investment, reports and other information with respect to such Investment as may be reasonably requested by the Company. 
 (k) The Manager shall prepare, or cause to be prepared, at the sole cost and expense of the Company and the Subsidiaries, all reports, financial or
otherwise, with respect to the Company and the Subsidiaries reasonably required by the Board of Directors in order for the Company and the Subsidiaries to comply with their Governing Instruments or any other materials required to be filed with any
governmental body or agency, and shall prepare, or cause to be prepared, all materials and data necessary to complete such reports and other materials including an annual audit of the Company’s and the Subsidiaries’ books of account by a
nationally recognized registered independent public accounting firm. 
 (l) The Manager shall prepare regular reports for the Board of
Directors to enable the Board of Directors to review the Company’s and the Subsidiaries’ acquisitions, portfolio composition and characteristics, credit quality, performance and compliance with the Guidelines and policies approved by the
Board of Directors. 
  

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 (m) Notwithstanding anything contained in this Agreement to the contrary, except to the extent that the
payment of additional moneys is proven by the Company to have been required as a direct result of the Manager’s acts or omissions which result in the right of the Company and the Subsidiaries to terminate this Agreement pursuant to
Section 15 of this Agreement, the Manager shall not be required to expend money (“Excess Funds”) in connection with any expenses that are required to be paid for or reimbursed by the Company and the Subsidiaries pursuant to
Section 9 in excess of that contained in any applicable Company Account (as herein defined) or otherwise made available by the Company and the Subsidiaries to be expended by the Manager hereunder. Failure of the Manager to expend Excess Funds
out-of-pocket shall not give rise or be a contributing factor to the right of the Company and the Subsidiaries under Section 13(a) of this Agreement to terminate this Agreement due to the Manager’s unsatisfactory performance. 

(n) In performing its duties under this Section 2, the Manager shall be entitled to rely reasonably on qualified experts and professionals
(including accountants, legal counsel and other service providers) hired by the Manager at the Company’s and the Subsidiaries’ sole cost and expense. 
 Section 3. Devotion of Time; Additional Activities. 
 (a) The Manager and its affiliates will
provide the Company and the Subsidiaries with a management team, including a Chief Executive Officer, President, Chief Financial Officer, Chief Investment Officer, and other support personnel, to provide the management services to be provided by the
Manager to the Company and the Subsidiaries hereunder, the members of which team shall devote such portion of their time to the management of the Company and the Subsidiaries as is necessary to enable the Company and the Subsidiaries to operate
their business. 
 (b) The Manager agrees to offer the Company and the Subsidiaries the right to participate in all investment opportunities
that the Manager determines are appropriate for the Company and the Subsidiaries in view of their investment objectives, policies and strategies, and other relevant factors, subject to the exception that the Company and the Subsidiaries might not
participate in each such opportunity but will on an overall basis equitably participate with the Manager’s other clients in relevant investment opportunities in accordance with the Manager’s then prevailing investment allocation policy.
Nothing in this Agreement shall (i) prevent the Manager, Pine River or any of their affiliates, officers, directors, employees or personnel, from engaging in other businesses or from rendering services of any kind to any other Person, including
investing in, or rendering advisory services to others investing in, any type of business (including investments that meet the principal investment objectives of the Company), whether or not the investment objectives or policies of any such other
Person or entity are similar to those of the Company or (ii) in any way bind or restrict the Manager, Pine River or any of their affiliates, officers, directors, employees or personnel from buying, selling or trading any securities or
investments for their own accounts or for the account of others for whom the Manager, Pine River or any of their affiliates, officers, directors, employees or personnel may be acting. When making decisions where a conflict of interest may arise, the
Manager will endeavor to allocate investment and financing opportunities in a fair and equitable manner over time as between the Company and the Subsidiaries and the Manager’s other clients, in each case in accordance with the Manager’s
then prevailing allocation policy. 
 (c) Managers, partners, officers, employees, personnel and agents of the Manager or affiliates of the
Manager may serve as directors, officers, employees, personnel, agents, nominees or signatories for the Company and/or any Subsidiary, to the extent permitted by their Governing Instruments or by any resolutions duly adopted by the Board of
Directors pursuant to the Company’s Governing Instruments. When executing documents or otherwise acting in such capacities for the Company or the Subsidiaries, such persons shall use their respective titles in the Company or the Subsidiaries.

  

 - 10 - 

 Section 4. Agency. The Manager shall act as agent of the Company and the Subsidiaries in
making, acquiring, financing and disposing of Investments, disbursing and collecting the funds of the Company and the Subsidiaries, paying the debts and fulfilling the obligations of the Company and the Subsidiaries, supervising the performance of
professionals engaged by or on behalf of the Company and the Subsidiaries and handling, prosecuting and settling any claims of or against the Company and the Subsidiaries, the Board of Directors, holders of the Company’s securities or
representatives or properties of the Company and the Subsidiaries. 
 Section 5. Bank Accounts. At the direction of the Board of
Directors, the Manager may establish and maintain one or more bank accounts in the name of the Company or any Subsidiary (any such account, a “Company Account”), and may collect and deposit funds into any such Company Account or
Company Accounts, and disburse funds from any such Company Account or Company Accounts, under such terms and conditions as the Board of Directors may approve; and the Manager shall from time to time render appropriate accountings of such collections
and payments to the Board of Directors and, upon request, to the auditors of the Company or any Subsidiary. 
 Section 6. Records;
Confidentiality. The Manager shall maintain appropriate books of accounts and records relating to services performed under this Agreement, and such books of account and records shall be accessible for inspection by representatives of the Company
or any Subsidiary at any time during normal business hours upon reasonable advance notice. The Manager shall keep confidential any and all information obtained in connection with the services rendered under this Agreement and shall not disclose any
such information (or use the same except in furtherance of its duties under this Agreement) to unaffiliated third parties except (i) with the prior written consent of the Board of Directors; (ii) to legal counsel, accountants and other
professional advisors; (iii) to appraisers, financing sources and others in the ordinary course of the Company’s business; (iv) to governmental officials having jurisdiction over the Company or any Subsidiary; (v) in connection
with any governmental or regulatory filings of the Company or any Subsidiary or disclosure or presentations to Company investors; or (vi) as required by law or legal process to which the Manager or any Person to whom disclosure is permitted
hereunder is a party. The foregoing shall not apply to information which has previously become publicly available through the actions of a Person other than the Manager not resulting from the Manager’s violation of this Section 6. The
provisions of this Section 6 shall survive the expiration or earlier termination of this Agreement for a period of one year. 
 Section 7. Obligations of Manager; Restrictions. 
 (a) The Manager shall require each seller or transferor of investment
assets to the Company and the Subsidiaries to make such representations and warranties regarding such assets as may, in the judgment of the Manager, be necessary and appropriate. In addition, the Manager shall take such other action as it deems
necessary or appropriate with regard to the protection of the Investments. 
 (b) The Manager shall refrain from any action that, in its sole
judgment, (i) is not in compliance with the Guidelines, (ii) would adversely and materially affect the status of the Company as a REIT under the Code, (iii) would adversely and materially affect the Company’s or any
Subsidiary’s status as an entity intended to be exempted or excluded from investment company status under the Investment Company Act or (iv) would violate any law, rule or regulation of any governmental body or agency having jurisdiction
over the Company or any Subsidiary or that would otherwise not be permitted by the Company’s Governing Instruments. If the Manager is ordered to take any such action by the Board of Directors, the Manager shall promptly notify the Board of
Directors of the Manager’s judgment 
  

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 that such action would adversely and materially affect such status or violate any such law, rule or regulation or the
Governing Instruments. Notwithstanding the foregoing, the Manager, its officers, stockholders, members, managers, personnel, directors, any Person controlling or controlled by the Manager and any Person providing sub-advisory services to the Manager
shall not be liable to the Company or any Subsidiary, the Board of Directors, or the Company’s or any Subsidiary’s stockholders, members or partners, for any act or omission by any such Person except as provided in Section 11 of this
Agreement. 
 (c) The Board of Directors shall periodically review the Guidelines and the Company’s portfolio of Investments but will
not review each proposed investment, except as otherwise provided herein. If a majority of the Independent Directors determine in their periodic review of transactions that a particular transaction does not comply with the Guidelines, then a
majority of the Independent Directors will consider what corrective action, if any, can be taken. The Manager shall be permitted to rely upon the direction of the Secretary of the Company to evidence the approval of the Board of Directors or the
Independent Directors with respect to a proposed investment. 
 (d) Neither the Company nor the Subsidiaries shall invest in any security
structured or issued by an entity managed by the Manager or any affiliate thereof, unless (i) the Investment is made in accordance with the Guidelines; (ii) such Investment is approved in advance by at least one of the Independent
Directors; and (iii) the Investment is made in accordance with applicable laws. 
 (e) The Manager shall use its best efforts to at all
times during the term of this Agreement maintain “errors and omissions” insurance coverage and other insurance coverage which is customarily carried by property, asset and investment managers performing functions similar to those of the
Manager under this Agreement with respect to assets similar to the assets of the Company and the Subsidiaries, in an amount which is comparable to that customarily maintained by other managers or servicers of similar assets. 
 Section 8. Compensation. 
 (a)
During the Initial Term and any Renewal Term (each as defined below), the Company shall pay the Manager the Base Management Fee quarterly in arrears commencing with the quarter in which this Agreement was executed (with such initial payment
pro-rated based on the number of days during such quarter that this Agreement was in effect). 
 (b) The Manager shall compute each
installment of the Base Management Fee within 30 days after the end of the fiscal quarter with respect to which such installment is payable. A copy of the computations made by the Manager to calculate such installment shall thereafter, for
informational purposes only and subject in any event to Section 13(a) of this Agreement, promptly be delivered to the Board of Directors and, upon such delivery, payment of such installment of the Base Management Fee shown therein shall be due
and payable in cash no later than the date which is five business days after the date of delivery to the Board of Directors of such computations. 
 (c) The Base Management Fee is subject to adjustment pursuant to and in accordance with the provisions of Section 13(a) of this Agreement. 
 Section 9. Expenses of the Company. The Company shall pay all of its expenses and shall reimburse the Manager for documented expenses of the Manager incurred on its behalf (collectively, the
“Expenses”) excepting those expenses that are specifically the responsibility of the Manager as set forth herein. Such costs and reimbursements shall be in amounts which are no greater than those which would be payable to outside
professionals or consultants engaged to perform such services pursuant to 
  

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 agreements negotiated on an arm’s-length basis. Expenses include all costs and expenses which are expressly
designated elsewhere in this Agreement as the Company’s, together with the following: 
 (i) expenses in connection with the issuance
and transaction costs incident to the acquisition, disposition and financing of Investments; 
 (ii) costs of legal, tax, accounting,
consulting, auditing, administrative, and other similar services rendered for the Company and the Subsidiaries by providers retained by the Manager or, if provided by the Manager’s personnel, in amounts which are no greater than those which
would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis; 
 (iii) the compensation and expenses of the Company’s directors and the cost of liability insurance to indemnify the Company’s directors and officers; 
 (iv) costs associated with the establishment and maintenance of any of the Company’s or any Subsidiary’s repurchase agreements, warehouse
facilities and other secured and unsecured forms of borrowings (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Company’s or any Subsidiary’s securities offerings; 
 (v) expenses in connection with the application for, and participation in, programs established by the U.S. government; 
 (vi) expenses connected with communications to holders of the Company’s or any Subsidiary’s securities and other bookkeeping and clerical work
necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including all costs of preparing and filing required reports with the
Securities and Exchange Commission, the costs payable by the Company to any transfer agent and registrar in connection with the listing and/or trading of the Company’s stock on any exchange, the fees payable by the Company to any such exchange
in connection with its listing, and costs of preparing, printing and mailing the Company’s annual report to its stockholders and proxy materials with respect to any meeting of the Company’s stockholders; 
 (vii) costs associated with any computer software or hardware, electronic equipment or purchased information technology services from third party
vendors that is used for the Company and the Subsidiaries; 
 (viii) expenses incurred by managers, officers, personnel and agents of the
Manager for travel or entertainment on the Company’s behalf and other out-of-pocket expenses incurred by managers, officers, personnel and agents of the Manager in connection with the purchase, financing, refinancing, sale or other disposition
of an Investment or establishment and maintenance of any repurchase agreements, warehouse facilities, borrowings under programs established by the U.S. government, other secured and unsecured forms of borrowings or any of the Company’s or any
Subsidiary’s securities offerings; 
 (ix) costs and expenses incurred with respect to market information systems and publications,
research publications and materials, including financial analytics and market data, and settlement, clearing and custodial fees and expenses; 
 (x) compensation and expenses of the Company’s custodian and transfer agent, if any; 
  

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 (xi) the costs of maintaining compliance with all federal, state and local rules and regulations or any
other regulatory agency; 
 (xii) all taxes and license fees; 
 (xiii) all insurance costs incurred in connection with the operation of the Company’s business, except for the costs attributable to the insurance
that the Manager elects to carry for itself and its personnel; provided, however, that the Company will be responsible for its pro rata portion of the premiums related to the Manager’s “errors and omissions”
insurance coverage, as provided below; 
 (xiv) costs and expenses incurred in contracting with third parties, including affiliates of the
Manager, for the servicing and special servicing of the assets of the Company and the Subsidiaries; 
 (xv) all other costs and expenses
relating to the business of the Company and the Subsidiaries and investment operations, including the costs and expenses of acquiring, owning, protecting, maintaining, developing and disposing of Investments, including appraisal, valuation,
reporting, audit and legal fees; 
 (xvi) expenses relating to any office(s) or office facilities, including disaster backup recovery sites
and facilities, maintained for the Company and the Subsidiaries or Investments separate from the office or offices of the Manager; 
 (xvii)
expenses connected with the payments of interest, dividends or distributions in cash or any other form authorized or caused to be made by the Board of Directors to or on account of holders of the Company’s or any Subsidiary’s securities,
including in connection with any dividend reinvestment plan; 
 (xviii) any judgment or settlement of pending or threatened proceedings
(whether civil, criminal or otherwise) against the Company or any Subsidiary, or against any trustee, director or officer of the Company or of any Subsidiary in his capacity as such for which the Company or any Subsidiary is required to indemnify
such trustee, director or officer by any court or governmental agency; 
 (xix) all other expenses actually incurred by the Manager (except
as described below) which are reasonably necessary for the performance by the Manager of its duties and functions under this Agreement; and 
 (xx) any costs and expenses (including those described above) incurred by a sub-adviser engaged by the Manager pursuant to Section 2(e) in connection with the provision of sub-advisory services in respect of the Manager, including such
costs and expenses of CLA Founders LLC; provided, however, that the reimbursement of any such costs and expenses shall be subject to the same limitations set forth in this Agreement on the reimbursement of the costs and expenses of the
Manager. 
 The Company shall have no obligation to reimburse the Manager for the salary, bonus, benefit and other compensation costs of the
Manager’s personnel who provide services to the Company under this Agreement, except that, the Company shall reimburse the Manager for the Company’s allocable share of the compensation paid by the Manager to its personnel serving as the
Company’s principal financial officer and general counsel and personnel hired by the Manager as in-house legal, tax, accounting, consulting, auditing, administrative, information technology, valuation, computer programming and development and
back-office resources to the Company. The Company’s share of such out of pocket 
  

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 costs shall be based upon commercially reasonable estimates of the percentage of time devoted by such personnel of the
Manager to the Company’s affairs. The Manager shall provide the Company with such information as the Company may reasonably request to support the determination of the Company’s share of such costs. The Manager shall be responsible for the
compensation paid by the Manager to its personnel serving as the Company’s Chief Executive Officer, President, and Chief Investment Officer and the Manager’s investment professionals. 
 In addition, the Company will be required to pay the Company’s pro rata portion of (i) rent, telephone, utilities, office furniture,
equipment, machinery and other office, internal and overhead expenses of the Manager and its affiliates required for the operations of the Company and the Subsidiaries and (ii) premiums related to the “errors and omissions” insurance
coverage referred to in Section 7(e). These expenses will be allocated between the Manager and the Company based on the ratio of the Company’s proportion of net assets compared to all remaining net assets managed or held by Pine River or
managed or held by the Manager as calculated at each quarter end. The Manager and the Company will modify this allocation methodology, subject to the Independent Directors’ approval, if the allocation becomes inequitable. 
 The Manager may, at its option, elect not to seek reimbursement for certain expenses during a given quarterly period, which determination shall not be
deemed to construe a waiver of reimbursement for similar expenses in future periods. In the event that the Company’s business combination transaction (the “Business Combination Transaction”) with Capitol Acquisition Corp., a
Delaware corporation, is consummated, the Company will reimburse the Manager for all organizational, formation and transaction costs it has incurred on behalf of the Company, but the Company shall not be responsible for such costs in the event the
Business Combination Transaction is not consummated. 
 The provisions of this Section 9 shall survive the expiration or earlier
termination of this Agreement to the extent such expenses have previously been incurred or are incurred in connection with such expiration or termination. 
 Section 10. Calculations of Expenses. The Manager shall prepare a statement documenting the Expenses of the Company and the Subsidiaries and the Expenses incurred by the Manager on behalf of the Company
and the Subsidiaries during each fiscal quarter, and shall deliver such statement to the Company within 30 days after the end of each fiscal quarter. Expenses incurred by the Manager on behalf of the Company and the Subsidiaries shall be reimbursed
by the Company to the Manager on the fifth business day immediately following the date of delivery of such statement; provided, however, that such reimbursements may be offset by the Manager against amounts due to the Company and the
Subsidiaries. The provisions of this Section 10 shall survive the expiration or earlier termination of this Agreement. 
 Section 11. Limits of Manager Responsibility; Indemnification. 
 (a) The Manager assumes no responsibility under this
Agreement other than to render the services called for under this Agreement and shall not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendations of the Manager, including as set
forth in Section 7(b) of this Agreement. The Manager, CLA Founders LLC, their respective officers, stockholders, members, managers, personnel and directors, any Person controlling or controlled by the Manager or CLA Founders LLC and any Person
providing sub-advisory services to the Manager and the managers, officers, directors and personnel of the Manager, CLA Founders LLC and their respective officers, members, directors, managers and personnel will not be liable to the Company or any
Subsidiary, to the Board of Directors, or the Company’s or any Subsidiary’s stockholders, members or partners for any acts or omissions by any such Person (including trade errors that may result from ordinary negligence, such as errors in
the investment decision making process or in the trade process), 
  

 - 15 - 

 pursuant to or in accordance with this Agreement, except by reason of acts constituting reckless disregard of the
Manager’s duties under this Agreement which has a material adverse effect on the Company and the Subsidiaries, willful misconduct or gross negligence, as determined by a final non-appealable order of a court of competent jurisdiction. The
Company and the Operating Company shall, to the full extent lawful, reimburse, indemnify and hold the Manager, CLA Founders LLC, their respective officers, stockholders, directors, members and personnel, any Person controlling or controlled by the
Manager or CLA Founders LLC and any Person providing sub-advisory services to the Manager, together with the managers, officers, directors and personnel of the Manager, CLA Founders LLC and their respective officers, members, directors, managers and
personnel (each a “Manager Indemnified Party”), harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including attorneys’ fees) in respect of or arising
from any acts or omissions of such Manager Indemnified Party not constituting such Manager Indemnified Party’s reckless disregard of the Manager’s duties under this Agreement which has a material adverse effect on the Company and the
Subsidiaries, willful misconduct or gross negligence. 
 (b) The Manager shall, to the full extent lawful, reimburse, indemnify and hold the
Company (or any Subsidiary) and its directors and officers (each, a “Company Indemnified Party” and together with a Manager Indemnified Party, the “Indemnitee”), harmless of and from any and all expenses, losses,
damages, liabilities, demands, charges and claims of any nature whatsoever (including attorneys’ fees) in respect of or arising from the Manager’s reckless disregard of the Manager’s duties under this Agreement which has a material
adverse effect on the Company and the Subsidiaries, willful misconduct or gross negligence. 
 (c) The Indemnitee will promptly notify the
party against whom indemnity is claimed (the “Indemnitor”) of any claim for which it seeks indemnification; provided, however, that the failure to so notify the Indemnitor will not relieve the Indemnitor from any
liability which it may have hereunder, except to the extent such failure actually prejudices the Indemnitor. The Indemnitor shall have the right to assume the defense and settlement of such claim; provided, that the Indemnitor notifies the
Indemnitee of its election to assume such defense and settlement within 30 days after the Indemnitee gives the Indemnitor notice of the claim. In such case, the Indemnitee will not settle or compromise such claim, and the Indemnitor will not be
liable for any such settlement made without its prior written consent. If the Indemnitor is entitled to, and does, assume such defense by delivering the aforementioned notice to the Indemnitee, the Indemnitee will (i) have the right to approve
the Indemnitor’s counsel (which approval will not be unreasonably withheld, delayed or conditioned), (ii) be obligated to cooperate in furnishing evidence and testimony and in any other manner in which the Indemnitor may reasonably request
and (iii) be entitled to participate in (but not control) the defense of any such action, with its own counsel and at its own expense. 
 Section 12. No Joint Venture. Nothing in this Agreement shall be construed to make the Company (or any Subsidiary) and the Manager partners or joint venturers or impose any liability as such on either of them. 
 Section 13. Term; Termination. 
 (a) Until this Agreement is terminated in accordance with its terms, this Agreement shall be in effect until [            ], 2012 (the “Initial Term”) and shall be
automatically renewed for a one-year term (a “Renewal Term”) upon the expiration of the Initial Term and on each anniversary date thereafter unless at least two-thirds of all of the Independent Directors or the holders of a majority
of the outstanding shares of common stock (other than those shares held by Pine River or its affiliates) agree that (i) there has been unsatisfactory performance by the Manager that is materially detrimental to the Company and the Subsidiaries
or (ii) the compensation payable to the Manager hereunder is unfair; 
  

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 provided that the Company shall not have the right to terminate this Agreement under clause (ii) above if the
Manager agrees to continue to provide the services under this Agreement at a reduced fee that at least two-thirds of all of the Independent Directors determines to be fair pursuant to the procedure set forth below. If the Company elects not to renew
this Agreement at the expiration of the Initial Term or any Renewal Term as set forth above, the Company shall deliver to the Manager prior written notice (the “Termination Notice”) of the Company’s intention not to renew this
Agreement based upon the terms set forth in this Section 13(a) not less than 180 days prior to the expiration of the then existing term. If the Company so elects not to renew this Agreement, the Company shall designate the date (the
“Effective Termination Date”), not less than 180 days from the date of the notice, on which the Manager shall cease to provide services under this Agreement, and this Agreement shall terminate on such date; provided,
however, that in the event that such Termination Notice is given in connection with a determination that the compensation payable to the Manager is unfair, the Manager shall have the right to renegotiate such compensation by delivering to the
Company, no fewer than 45 days prior to the prospective Effective Termination Date, written notice (any such notice, a “Notice of Proposal to Negotiate”) of its intention to renegotiate its compensation under this Agreement.
Thereupon, the Company (represented by the Independent Directors) and the Manager shall endeavor to negotiate the revised compensation payable to the Manager under this Agreement. In the event that the Manager and at least two-thirds of all of the
Independent Directors agree to the terms of the revised compensation to be payable to the Manager within 45 days following the receipt of the Notice of Proposal to Negotiate, the Termination Notice shall be deemed of no force and effect and this
Agreement shall continue in full force and effect on the terms stated in this Agreement, except that the compensation payable to the Manager hereunder shall be the revised compensation then agreed upon by the parties to this Agreement. The Company
and the Manager agree to execute and deliver an amendment to this Agreement setting forth such revised compensation promptly upon reaching an agreement regarding same. In the event that the Company and the Manager are unable to agree to the terms of
the revised compensation to be payable to the Manager during such 45-day period, this Agreement shall terminate, such termination to be effective on the date which is the later of (A) 10 days following the end of such 45-day period and
(B) the Effective Termination Date originally set forth in the Termination Notice. 
 (b) In recognition of the level of the upfront
effort required by the Manager to structure and acquire the assets of the Company and the Subsidiaries and the commitment of resources by the Manager, in the event that this Agreement is terminated in accordance with the provisions of
Section 13(a) or Section 15(b) of this Agreement, the Company shall pay to the Manager, on the date on which such termination is effective, a termination fee (the “Termination Fee”) equal to three times the sum of the
average annual Base Management Fee earned by the Manager during the 24-month period immediately preceding the date of such termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination. The
obligation of the Company to pay the Termination Fee shall survive the termination of this Agreement. 
 (c) No later than 180 days prior to
the anniversary date of this Agreement of any year during the Initial Term or Renewal Term, the Manager may deliver written notice to the Company informing it of the Manager’s intention to decline to renew this Agreement, whereupon this
Agreement shall not be renewed and extended and this Agreement shall terminate effective on the anniversary date of this Agreement next following the delivery of such notice. The Company is not required to pay to the Manager the Termination Fee if
the Manager terminates this Agreement pursuant to this Section 13(c). 
 (d) If this Agreement is terminated pursuant to Section 13
or Section 15 of this Agreement, such termination shall be without any further liability or obligation of either party to the other, except as provided in Sections 6, 9, 10, 13(b), 15(b), and 16 of this Agreement. In addition, Sections 11,
13(d) and 21 of this Agreement shall survive termination of this Agreement. 
  

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 Section 14. Assignment. 
 (a) Except as set forth in Section 14(b) of this Agreement, this Agreement shall terminate automatically in the event of its “assignment”
(as defined under the Advisers Act), in whole or in part, by the Manager, unless such assignment is consented to in writing by the Company with the consent of a majority of the Independent Directors; provided, however, that no such consent shall be
required in the case of an assignment by the Manager to Pine River or any of its affiliates. Any such permitted assignment to an affiliate shall bind the assignee under this Agreement in the same manner as the Manager is bound, and the Manager shall
be liable to the Company for all errors or omissions of the assignee under any such assignment. In addition, the assignee shall execute and deliver to the Company a counterpart of this Agreement naming such assignee as Manager. This Agreement shall
not be assigned by the Company without the prior written consent of the Manager, except in the case of assignment by the Company to another REIT or other organization which is a successor (by merger, consolidation, purchase of assets, or similar
transaction) to the Company, in which case such successor organization shall be bound under this Agreement and by the terms of such assignment in the same manner as the Company is bound under this Agreement. 
 (b) Notwithstanding any provision of this Agreement, the Manager may subcontract and assign any or all of its responsibilities under Sections 2(b),
2(c) and 2(d) of this Agreement to any of its affiliates in accordance with the terms of this Agreement applicable to any such subcontract or assignment, and the Company hereby consents to any such assignment and subcontracting. In addition,
provided that the Manager provides prior written notice to the Company for informational purposes only, nothing contained in this Agreement shall preclude any pledge, hypothecation or other transfer of any amounts payable to the Manager under
this Agreement. In addition, the Manager may assign this Agreement to any of its affiliates without the approval of the Independent Directors. 
 Section 15. Termination for Cause. 
 (a) The Company may terminate this Agreement effective upon 30 days’ prior
written notice of termination from the Company to the Manager, without payment of any Termination Fee, if (i) the Manager, its agents or its assignees materially breaches any provision of this Agreement and such breach shall continue for a
period of 30 days after written notice thereof specifying such breach and requesting that the same be remedied in such 30-day period (or 90 days after written notice of such breach if the Manager takes steps to cure such breach within 30 days of the
written notice), (ii) the Manager engages in any act of fraud, misappropriation of funds, or embezzlement against the Company or any Subsidiary, (iii) there is an event of any gross negligence on the part of the Manager in the performance
of its duties under this Agreement, (iv) there is a commencement of any proceeding relating to the Manager’s Bankruptcy or insolvency, including an order for relief in an involuntary bankruptcy case or the Manager authorizing or filing a
voluntary bankruptcy petition, (v) there is a dissolution of the Manager or (vi) the Manager is convicted of (including a plea of nolo contendere) a felony. 
 (b) The Manager may terminate this Agreement effective upon 60 days’ prior written notice of termination to the Company in the event that the
Company shall default in the performance or observance of any material term, condition or covenant contained in this Agreement and such default shall continue for a period of 30 days after written notice thereof specifying such default and
requesting that the same be remedied in such 30-day period. The Company is required to pay to the Manager the Termination Fee if the termination of this Agreement is made pursuant to this Section 15(b). 
 (c) The Manager may terminate this Agreement, without payment of any Termination Fee, in the event the Company becomes regulated as an “investment
company” under the Investment Company Act, with such termination deemed to have occurred immediately prior to such event. 
  

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 Section 16. Action Upon Termination. From and after the effective date of termination of this
Agreement, pursuant to Sections 13 or 15 of this Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to the date of termination and, if terminated
pursuant to Section 13(a) or Section 15(b), the applicable Termination Fee. Upon such termination, the Manager shall forthwith: 
 (i) after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled, pay over to the Company or a Subsidiary all money collected and held for the account of the Company or a Subsidiary pursuant to
this Agreement; 
 (ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and
a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors with respect to the Company or a Subsidiary; and 
 (iii) deliver to the Board of Directors all property and documents of the Company or any Subsidiary then in the custody of the Manager. 
 Section 17. Release of Money or Other Property Upon Written Request. The Manager agrees that any money or other property of the Company or
any Subsidiary held by the Manager under this Agreement shall be held by the Manager as custodian for the Company or Subsidiary, and the Manager’s records shall be appropriately marked clearly to reflect the ownership of such money or other
property by the Company or such Subsidiary. Upon the receipt by the Manager of a written request signed by a duly authorized officer of the Company requesting the Manager to release to the Company or any Subsidiary any money or other property then
held by the Manager for the account of the Company or any Subsidiary under this Agreement, the Manager shall release such money or other property to the Company or any Subsidiary within a reasonable period of time, but in no event later than 30 days
following such request. The Manager shall not be liable to the Company, any Subsidiary, the Independent Directors, or the Company’s or a Subsidiary’s stockholders, members or partners for any acts performed or omissions to act by the
Company or any Subsidiary in connection with the money or other property released to the Company or any Subsidiary in accordance with the second sentence of this Section 17. The Company and any Subsidiary shall indemnify the Manager and the
other Manager Indemnified Parties against any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever, which arise in connection with the Manager’s release of such money or other property to the
Company or any Subsidiary in accordance with the terms of this Section 17. Indemnification pursuant to this provision shall be in addition to any right of the Manager or any such other Manager Indemnified Party to indemnification under
Section 11 of this Agreement. 
 Section 18. Notices. Unless expressly provided otherwise in this Agreement, all notices,
requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of (i) personal
delivery, (ii) delivery by reputable overnight courier, (iii) delivery by facsimile transmission with telephonic confirmation or (iv) delivery by registered or certified mail, postage prepaid, return receipt requested, addressed as
set forth below: 
  

	 	(a)	If to the Company: 

 Two Harbors Investment Corp.

 601 Carlson Parkway 
 Suite
330 
 Minnetonka, MN 55305 
 Attention: [            ] 
  

 - 19 - 

	 	(b)	If to the Manager: 

 PRCM Advisers LLC 
 601 Carlson Parkway 
 Suite 330 

Minnetonka, MN 55305 
 Attention:
[            ] 
 Either party may alter the address to which communications or copies are to be
sent by giving notice of such change of address in conformity with the provisions of this Section 18 for the giving of notice. 
 Section 19. Binding Nature of Agreement; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and permitted
assigns as provided in this Agreement. 
 Section 20. Entire Agreement. This Agreement contains the entire agreement and
understanding among the parties hereto with respect to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature
whatsoever with respect to the subject matter of this Agreement. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. This Agreement may
not be modified or amended other than by an agreement in writing signed by the parties hereto. 
 Section 21. GOVERNING LAW. THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES TO THE CONTRARY.

 Section 22. No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any party
hereto, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of
any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. No waiver of any provision hereunder shall be
effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 Section 23. Headings. The
headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed part of this Agreement. 
 Section 24. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together
constitute one and the same instrument. This Agreement shall become binding when one or more counterparts of this Agreement, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

  

 - 20 - 

 Section 25. Severability. Any provision of this Agreement that is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 26. Gender. Words used herein regardless
of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 [SIGNATURE PAGE FOLLOWS] 
  

 - 21 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

  

			
	 TWO HARBORS INVESTMENT CORP.

		
	 By:
	 	  

	Name:	 	
	 Title:
	 	

  

			
	 TWO HARBORS OPERATING COMPANY LLC

		
	 By:
	 	  

	Name:	 	
	Title:	 	

  

			
	 PRCM ADVISERS LLC

		
	 By:
	 	  

	Name:	 	
	Title:	 	

 Exhibit A 
  

	•	 	 No investment shall be made that would cause the Company to fail to qualify as a REIT for U.S. federal income tax purposes; and 

  

	•	 	 No investment shall be made that would cause the Company to be required to register as an investment company under the Investment Company Act.

  

	•	 	 The Company’s assets will be invested within the Company’s target assets, consisting primarily of Agency RMBS and non-Agency RMBS that will generate
attractive returns while having a moderate risk profile; not more than 10% of the Company’s investment portfolio may be invested in assets other than Agency RMBS, non-Agency RMBS, and investments related thereto. 

 

	•	 	 Until appropriate investments can be identified, the Company may invest available cash in interest-bearing, short-term investments, including money market accounts
and/or funds, that are consistent with (i) the Company’s intention to qualify as a REIT, and (ii) the Company’s and each Subsidiary’s exemption from “investment company” status under the Investment Company Act.

 For purposes of the above, “Agency RMBS” means residential mortgage-backed securities (“RMBS”) for
which a U.S. government agency (including the Government National Mortgage Association) or a federally chartered corporation (including the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation) guarantees payments of
principal and interest on the securities and “non-Agency RMBS” means RMBS that are not issued or guaranteed by a U.S. government agency or a federally chartered corporation. 
  

 Exh. A-1

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