Document:

Amended and Restated Certificate of Designation

 Exhibit 4.3 

AMENDED AND RESTATED 

CERTIFICATE OF DESIGNATION 

OF 
 SERIES I CONVERTIBLE
PREFERRED STOCK 
 OF 

LIGHTING SCIENCE GROUP CORPORATION 
  

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

 
  

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

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

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

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

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

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

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

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

  
 2 

 4. Conversion. 

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

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

  
 3 

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

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

5. Redemption. 

(a) Redemption Right at Option of Holders. 

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

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

  
 4 

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

  
 5 

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

6. Change of Control. 

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

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

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

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

  
 6 

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

8. Status and Reservation of Shares. 

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

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

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

  
 7 

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

10. Voting Rights; Board Designees. 

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

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

  
 8 

 
(A) two (2) directors and (B) the number of directors (rounded to the nearest whole number) equal to the product obtained by multiplying (1) the total number of directors that
constitute the whole Board of Directors by (2) Primary Investor’s Pro Rata Share. Subject to the Exchange Act, the rules of any national securities exchange or over-the-counter market on which the Common Stock is listed or traded and any
other applicable Federal and State laws, one (1) Series I Director (as defined below) elected pursuant to this Section 10(b)(i) shall be appointed to the audit committee of the Board of Directors. 

(ii) In the event that Primary Investor no longer has designee rights pursuant to Section 10(b)(i), so long as the
Preferred Shares, on an as-converted basis, represent at least ten percent (10%) or more of the Corporation’s outstanding Capital Stock, the Holders of the Preferred Shares, voting separately as a class, shall be entitled at any annual or
special meeting of the Corporation’s stockholders involving the election of directors of the Corporation, and at all other times at which stockholders of the Corporation will have the right to or will vote for or render consent in writing
regarding the election of directors of the Corporation, to elect one (1) director to the Board of Directors. 
 (iii)
Each director elected by Primary Investor pursuant to Section 10(b)(i) or the Holders pursuant to Section 10(b)(ii) shall be referred to as a “Series I Director”. Each Series I Director must be reasonably
acceptable to the Corporation. 
 (iv) Notwithstanding anything to the contrary herein, the provisions of this
Section 10(b) shall terminate automatically and be of no further force or effect upon the consummation of a Qualified Public Offering or the conversion or redemption of all outstanding Preferred Shares pursuant to
Section 4(c). 
 (c) Waivers. Any provision of this Certificate of Designation may be waived in a written instrument
executed by the waiving party including, without limitation, a waiver by Primary Investor in accordance with the third sentence of Section 10(a). 

11. Restrictions and Limitations. 

(a) The Holders of the Preferred Shares are entitled to vote separately as a single class on all matters to which they are entitled to vote
under Section 242(b)(2) of the Delaware General Corporation Law, and on all other matters as required by applicable law, including (i) any increase or decrease in the authorized amount of Preferred Shares, except for the cancellation and
retirement of shares set forth in Section 8(a); and (ii) any amendment, alteration or change in the powers, preferences or special rights of the Preferred Shares that would affect the Holders adversely. In addition, so long as any
Holder continues to beneficially own at least seven thousand (7,000) Preferred Shares (as adjusted for any Reclassification of the Preferred Shares), notwithstanding the consent of the Primary Investor as may have been given pursuant to
Section 10(a) hereof, the Corporation shall not, without the written consent of such Holder, alter, modify or amend (whether by amendment to the Certificate of Incorporation or Bylaws, merger, consolidation or otherwise) the terms,
rights, preferences, privileges or powers of, or the other restrictions provided for the benefit of, the Series in any way as set forth herein or in any other agreement entered into by the Corporation (provided, that the written consent of
such Holder(s) pursuant to the immediately preceding provision of this Section 11(a) shall not be required to make such alteration, modification or amendment if effected solely to consummate, and which is otherwise conditioned upon the
consummation of, a Reorganization that complies with the terms and provisions of Section 9(b) in all respects). 
 (b) So long
as Primary Investor continues to beneficially own (I) in the case of Sections 11(b)(i), 11(b)(ii), 11(b)(iii), 11(b)(iv) or 11(b)(vii)(A), at least 2,500 Preferred Shares (as

  
 9 

 
adjusted for any Reclassification of the Preferred Shares); (II) in the case of Section 11(b)(ix), at least 2,500 Preferred Shares (as adjusted for any Reclassification of the
Preferred Shares) (or the equivalent number of those certain shares of Common Stock, as adjusted for any Reclassification thereof, issued upon conversion thereof on an as-converted basis); and (III) in the case of Sections 11(b)(v),
11(b)(vi), 11(b)(vii)(B), 11(b)(viii), 11(b)(x), 11(b)(xi) and 11(b)(xii), at least 10,000 Preferred Shares (as adjusted for any Reclassification of the Preferred Shares) (or the equivalent number of those
certain shares of Common Stock, as adjusted for any Reclassification thereof, issued upon conversion thereof on an as-converted basis), but for purposes of the calculations in (I), (II) and (III) above disregarding any reduction in the number of
Preferred Shares beneficially owned by Primary Investor attributable to: (x) any Transfer pursuant to a public offering (other than a Qualified Public Offering), (y) any Transfer to Riverwood or (z) any Transfer by Primary Investor
that gives rise to the Co-Sale Rights or that otherwise would give rise to the Co-Sale Rights but for the exceptions pursuant to Section 1 of the Co-Sale Agreement, and in each case with Sections 11(b)(xiii) and 11(b)(xiv)
continuing to apply with respect to the subsections still in effect pursuant to the foregoing clauses (I), (II) and (III), the Corporation shall not, without the written consent of Primary Investor: 

(i) alter, modify or amend (whether by amendment to the Certificate of Incorporation or Bylaws, merger, consolidation or
otherwise) the terms, rights, preferences, privileges or powers of, or the other restrictions provided for the benefit of, the Series in any way as set forth herein or in any other agreement entered into by the Corporation (provided, that the
written consent of Primary Investor pursuant to this Section 11(b)(i) shall not be required to make such alteration, modification or amendment if effected solely to consummate, and which is otherwise conditioned upon the consummation of,
a Reorganization that complies with the terms and provisions of Section 9(b) in all respects); 
 (ii) re-issue
(whether by merger or otherwise) any Preferred Shares that have been converted, redeemed or otherwise reacquired by the Corporation; 

(iii) pay dividends or cash interests or other distributions (whether in cash, Equity Securities or otherwise) on, redeem or
repurchase or otherwise acquire any Capital Stock, Equity Securities, convertible debt, or debt coupled with any Common Stock Equivalents of the Corporation, other than as may be required by any Senior Liquidation Shares issued in accordance with
the terms hereof, including Section 11(b)(vii); 
 (iv) liquidate, dissolve or wind-up the affairs of the
Corporation or otherwise initiate any insolvency proceeding or any proceeding under the Bankruptcy Reform Act of 1978, as amended, or other applicable bankruptcy or insolvency laws; 

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

  
 10 

 (vi) engage in a public offering or listing of Equity Securities (including
indirectly by means of equity securities of a successor entity or otherwise) on any national securities exchange, other than (A) in connection with a Qualified Public Offering, (B) an offering made in connection with a business acquisition
pursuant to a registration statement on Form S-4 or any similar form that does not otherwise require consent pursuant to this Section 11(b), or (C) in connection with an employee benefit plan pursuant to a registration statement on
Form S-8 or any similar form; 
 (vii) other than with respect to any Permitted Equity Issuance, (A) issue any Senior
Liquidation Shares or Parity Liquidation Shares, or reclassify any outstanding Equity Securities into Senior Liquidation Shares or Parity Liquidation Shares or (B) issue any other Equity Securities, or reclassify any other outstanding Equity
Securities; provided, that consent shall not be required pursuant to this Section 11(b)(vii) with respect to any issuance of Equity Securities to the extent the proceeds thereof shall upon receipt thereof immediately be used to
satisfy in full the obligations of the Corporation to redeem all then-outstanding Preferred Shares pursuant to Section 4, Section 5 or Section 6 hereof; 

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

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

(x) purchase, acquire, license, transfer, sell, divest, or dispose of property, rights or assets (whether tangible or
intangible) of the Corporation or any of its Subsidiaries (whether by merger, consolidation, other business combination, purchase or sale of Capital Stock or other Equity Security, spin-off, divestiture, asset
purchase, asset sale or other transaction involving the 

  
 11 

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

(xi) (A) appoint a new, or remove the then-current, Chief Executive Officer, Chief Operating Officer, Chief Financial Officer
or Chief Technology Officer (or equivalents thereof) of the Corporation and any other senior executive officer having a comparable scope of authority to the foregoing with respect to his or her relevant function, or (B) determine or modify any
compensation (including cash and equity) or establish any compensation performance targets for any individual that is an “officer” of the Corporation as such term is defined in Rule 3b-2 of the Exchange Act; 

(xii) adopt or approve any strategic business plan or annual budget, including adopting or approving any revised strategic plan
or revised budget or any material deviations therefrom; 
 (xiii) enter into any definitive agreement or commitment with
respect to any of the foregoing; or
 (xiv) indirectly engage in any of the foregoing through an Affiliated person
(including without limitation Riverwood), including cause or permit any Subsidiary to engage in or enter into any definitive agreement or commitment with respect to any of the foregoing. 

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

 12. Covenants. For so long as Primary Investor continues to beneficially own at least 2,500 Preferred Shares (as adjusted
for any Reclassification of the Preferred Shares), the Corporation agrees that: 
 (a) Maintenance of Existence; Compliance. The
Corporation shall, and shall cause each of its Subsidiaries to (i) preserve, renew and keep in full force and effect its organizational existence, (ii) take all reasonable action to maintain all material rights, privileges and franchises
necessary or desirable in the normal conduct of its business and (iii) comply in all material respects with all material contractual obligations and requirements of law applicable to the Corporation and its Subsidiaries, and its and their
respective properties, rights and assets. 

  
 12 

 (b) Maintenance of Property; Insurance. The Corporation shall, and shall cause each of its
Subsidiaries to (a) keep all property necessary for the conduct of its business as conducted on the Investment Date in good working order and condition, ordinary wear and tear excepted, and (b) maintain with financially sound and reputable
insurance companies insurance on all property necessary for the conduct of its business in at least such amounts and against at least such risks (but including in any event public liability, product liability and business interruption) as are
usually insured against in the same general area by companies engaged in the same or a similar business. 
 (c) Minimum Consolidated
EBITDA. The Corporation shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, permit Consolidated EBITDA as at the last day of any period of four consecutive fiscal quarters of the Corporation ending on the last day
of the Corporation’s fiscal year set forth below to be less than the amount set forth opposite such fiscal year end: 
  

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

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

(e) Notices. The Corporation shall, and shall cause each of its Subsidiaries to, promptly give the Holders written notice of the
occurrence of any Liquidation Event. 
 (f) Freedom to Pursue Corporate Opportunities. The Corporation expressly acknowledges and
agrees as follows, for so long as Primary Investor or any Significant Holder beneficially owns any Preferred Shares (or the equivalent number of those certain shares of Common Stock, as adjusted for any Reclassification thereof, issued upon
conversion thereof on an as-converted basis) (a) Primary Investor or such Significant Holder and each director of the Corporation who is a member, director, officer, employee or Affiliate of Primary Investor or such Significant Holder (an
“Affiliated Person”) has the right to, and shall have no duty (contractual or otherwise) not to, directly or indirectly engage in the same or similar business activities or lines of business as the Corporation or any of its
Subsidiaries, including those deemed to be competing with the Corporation or any of its Subsidiaries; and (b) in the event that Primary 

  
 13 

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

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

(b) To the extent the Restrictive Period ends by reason of the occurrence of the three (3) year anniversary of the Investment Date as
provided in clause (A) of the definition thereof, and neither a Qualified Public Offering nor a Redemption Event has occurred, Preferred Shares may be Transferred by any Holder with the prior written consent of the Corporation, such consent not
to be unreasonably withheld, conditioned or delayed, or pursuant to a Permitted Transfer . Notwithstanding the foregoing, Preferred Shares may be offered, sold, transferred or assigned by any Holder without consent after the occurrence of a Change
of Control or a Liquidation Event. 
 (c) All Transfers of Preferred Shares must also be made in accordance with the Securities Act, and
applicable state securities laws. Any attempted Transfer of Preferred Shares in violation of this Section 13 shall be null and void ab initio. Notwithstanding anything in this Section 13 to the contrary, in the event
that the Corporation consents to a Transfer of more than five thousand (5,000) Preferred Shares in the aggregate (as adjusted for any Reclassification of the Preferred Shares) by Primary Investor in one or more transactions, the Corporation
shall be deemed to have consented to all Transfers of Preferred Shares from and after such time by all Holders. 

  
 14 

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

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

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

14. Preemptive Rights.  

(a) Except with respect to any Exempt Equity Issuances or any offering of Capital Stock by the Corporation that is registered pursuant to the
Securities Act, if the Corporation after the date hereof, proposes to issue or sell any Equity Securities, the Corporation will, at least twenty (20) days prior to the proposed issuance or sale but subject to applicable Federal and State laws,
notify the Holders in writing (the “Issuance Notice”) of (i) the number and type of Equity Securities which the Corporation proposes to issue, the price thereof and the date on which such price shall be paid; (ii) all
other material terms and 

  
 15 

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

  
 16 

 
addition and/or supplemental to those rights and benefits of such Significant Holder that are in effect immediately prior to such issuance (and which is not granted as a condition of such
issuance) or (ii) any additional securities (clauses (i) and (ii) each, an “Ancillary Right”) in connection with or relating to such Significant Holder’s ownership of Preferred Shares or shares of Series H
Convertible Preferred Stock, as applicable, in each case which Ancillary Right (x) is not otherwise made available to the Holders that exercise their rights in full pursuant to this Section 14 and (y) does not arise out of a
law, regulation, order or other legal circumstance that is applicable to such Significant Holder but not to such other Holders that exercise their rights in full, then each other Significant Holder shall be offered a Pro Rata Share of such Ancillary
Right on the same terms and conditions as such Significant Holder or such Affiliate of such Significant Holder in the same manner as is provided in this Section 14, so long as such other Significant Holder participates in such issuance
of Equity Securities or debt securities to the same extent on a pro rata basis as such Significant Holder or such Affiliate of such Significant Holder. 

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

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

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

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

  
 17 

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

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

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

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

“Compliance Certificate” means a certificate duly executed by a Responsible Officer substantially in the form of Exhibit
A. 
 “Consolidated EBITDA” means, for any period, the net income (or loss) of the Corporation and its Subsidiaries,
determined on a consolidated basis in accordance with GAAP, plus, without duplication and solely to the extent reflected as a charge in the statement of such consolidated net income for such period, the sum of (a) income tax expense,
(b) interest expense associated with Indebtedness, (c) depreciation and amortization, (d) amortization of intangibles (including, but not limited to, goodwill), (e) expenses related to the transactions consummated on the
Investment Date and (f) non-recurring or extraordinary items. 

  
 18 

 “Conversion Price” means $0.95, subject to adjustment in accordance with the
terms hereof. 
 “Co-Sale Agreement” means the rights set forth in that certain co-sale agreement, dated as of
September 25, 2012, among Primary Investor, Riverwood, Portman and Zouk and certain of their Affiliates. 
 “Co-Sale
Rights” means the rights of each of the parties to the Co-Sale Agreement, as set forth in such Agreement. 
 “Eligible
Amount” means with respect to any Holder, the “Eligible Amount” of shares of Common Stock equal to the product obtained by multiplying (a) the maximum number of shares of Common Stock that the underwriter(s) estimate(s) can
be underwritten in connection with an Eligible Offering at a price range that is acceptable to the Corporation less any shares of Common Stock being offered by the Corporation or any other person or entity holding registration rights that are senior
to those granted to the Holders in this Series I Certificate of Designation, by (b) a fraction, the numerator of which shall equal the number of shares of Common Stock issuable to such Holder upon the conversion of such Holder’s Preferred
Shares, and the denominator of which shall equal the total number of shares of Common Stock issuable to all Holders upon conversion of such Holders’ Preferred Shares that are requested to be included in the Eligible Offering. 

“Equity Securities” means any Capital Stock or any other equity securities of the Corporation and any of its Subsidiaries,
whether now or hereafter authorized, and any instrument convertible into or exchangeable for any of the foregoing equity securities or equity security. 

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

“Exempt Equity Issuance” means the issuance of any Capital Stock of the Corporation: (i) upon the conversion or exercise
of any options, warrants or rights to acquire securities of the Corporation which options, warrants or rights were (A) outstanding on the Investment Date (as certified by an officer of the Corporation to Primary Investor on the Investment
Date), (B) issued as part of another Exempt Equity Issuance or (C) offered to the Holders pursuant to an Issuance Notice in compliance with Section 14(a) hereof; (ii) compensatory issuances to (A) the executives and
directors of the Corporation in their capacity as such and (B) other employees of the Corporation in their capacity as such, in each case pursuant to an option, stock or other equity plan approved by the Board of Directors; (iii) having a
value of less than or equal to $15.0 million in the aggregate for all such issuances under this clause (iii), provided, that any such issuance must also be at a price per share (or equivalent security) greater than or equal to the
Conversion Price; (iv) in a Qualified Public Offering; (v) for consideration in lieu of cash pursuant to the bona fide acquisition of another corporation or entity by the Corporation by consolidation, merger, purchase of all or
substantially all of the assets of such other corporation or entity or fifty percent (50%) or more of the voting power of such other corporation or entity or fifty percent (50%) or more of the equity ownership of such other corporation or
entity approved by the Board of Directors and by Primary Investor to the extent required (but only to the extent actually required) by Section 11(b) hereof, in each case the primary purpose of which is not to raise capital; (vi) in
connection with a bona fide strategic commercial agreement or commercial relationship as determined by the Corporation and approved by the Board of Directors and by Primary Investor to the extent required (but only to the extent actually
required) by Section 11(b) hereof, the primary purpose of which is not to raise capital; (vii) pursuant to any stock split or reverse stock split; (viii) pursuant to the Series H/I Offering; provided, that any such sale
is on terms no more favorable to the purchaser of Preferred Shares or shares 

  
 19 

 
of Series H Convertible Preferred Stock than the terms to Riverwood pursuant to the Subscription Agreement, including that the purchase price for each Preferred Share shall be no less than the
Stated Value; (ix) upon the exercise by any Series H Holder of the preemptive rights granted pursuant to the terms of the Series H Certificate of Designation; (x) upon the conversion of any shares of Series H Convertible Preferred Stock
pursuant to the terms of the Series H Certificate of Designation; and (xi) shares of Capital Stock of the Corporation issued upon conversion or exercise of the securities set forth in the foregoing clauses (i) – (x);
provided that “Exempt Equity Issuance” shall in no event include any issuance of Senior Liquidation Shares, or any issuance of Parity Liquidation Shares other than as provided in the foregoing clauses (viii) and
(ix). 
 “Fair Market Value” means, as of any date, the value of a share of the Common Stock determined as follows:
(a) if the Common Stock is publicly traded and is then listed on a national securities exchange, the volume weighted average closing price of the Common Stock on the ten (10) consecutive trading days immediately preceding (but not
including) such date on the principal national securities exchange on which the Common Stock is listed or admitted to trading as reported by Bloomberg L.P.; (b) if the Common Stock is publicly traded but is neither listed nor admitted to
trading on a national securities exchange, the volume weighted average closing price of the Common Stock on the ten (10) consecutive trading days immediately preceding (but not including) such date in the over-the-counter market as reported by
Bloomberg L.P.; (c) if the Common Stock is neither listed nor admitted to trading on a national securities exchange or quoted in the over-the-counter market, the average of the highest closing bid price and the lowest closing ask price of any
of the market makers for the Common Stock for the ten (10) consecutive trading days immediately preceding (but not including) such date as reported in the “pink sheets” by Pink Sheets LLC (formerly the National Quotation Bureau,
Inc.); or (d) if none of the foregoing is applicable, by an Appraiser, which Appraiser shall be instructed to present its conclusions within thirty (30) days and to use one or more valuation methods that, in its best professional judgment,
would be most appropriate to ascertain the price at which such Common Stock would change hands between a willing buyer and a willing seller, each having reasonable knowledge of relevant facts and neither being under any compulsion to act;
provided that the valuation of the Corporation by Appraiser shall assume that the Corporation has continued ownership of its Subsidiaries and other properties and continued benefit of its contractual and other relationships and arrangements
and shall take in to account other factors relevant to such valuation, including the prospects of the Corporation and its Subsidiaries, and the value of the estimated future earning of the Corporation and its Subsidiaries. All such determinations
shall be appropriately adjusted for any share dividend, share split or other similar transaction during such period. 

“Holder” means any holder of Preferred Shares, all of such holders being the “Holders.” 

“Indebtedness” means, with respect to the Corporation and its Subsidiaries: (a) any liabilities for borrowed money or
amounts owed or indebtedness issued in substitution for or exchange of indebtedness for borrowed money; (b) obligations evidenced by notes, bonds, debentures or other similar instruments; (c) obligations under leases (contingent or
otherwise, as obligor, guarantor or otherwise) required to be accounted for as capitalized leases pursuant to generally accepted accounting principles; (d) obligations for amounts drawn and outstanding under acceptances, letters of credit,
contingent reimbursement liabilities with respect to letters of credit or similar facilities; (e) any liability for deferred purchase price of property or services, contingent or otherwise, as obligor or otherwise, other than accounts payable
incurred in the ordinary course of business and (f) any accrued and unpaid interest on, and any prepayment premiums, penalties or similar contractual charges in respect of, any of the foregoing. 

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

  
 20 

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

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

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

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

“Permitted Transfer” means any Transfer by: (1) a Holder of all or any portion of the Preferred Shares (a) to
Primary Investor; (b) to Riverwood; (c) to the Corporation or any of the Corporation’s Subsidiaries, (d) pursuant to the exercise of the Co-Sale Rights; (e) in any transaction in which all or substantially all of the Equity
Securities of the Corporation are Transferred pursuant to any reorganization, merger, consolidation or sale of the Corporation; (f) in a Qualified Public Offering; (g) pursuant to a tender or exchange offer pursuant to the Securities Act
or the Exchange Act; (h) with respect to the Transfers by any party other than Primary Investor, with the prior written consent of the Corporation, such consent not to be unreasonably withheld, conditioned or delayed; or (i) with respect
to Transfers by Primary Investor, with the prior written consent of the Corporation; (2) PCA LSG Holdings, LLC of up to 18,316 Preferred Shares on or prior to the six (6) month anniversary of the Investment Date; or (3) Primary
Investor pursuant to a pro rata in-kind distribution or dividend to the equityholders of Pegasus Partners IV, L.P. (and any intermediary transfers amongst Affiliates of Primary Investor as part of giving effect thereto) who were equityholders of
Pegasus Partners IV, L.P. on May 25, 2102 (provided, that such distribution or dividend shall not result in a Transfer to any such equityholder of more than 15% of the Equity Securities held by Primary Investor as of the date hereof;
provided, further, that such distribution or dividend shall not be structured so as to avoid the occurrence or triggering of a Change of Control). 

  
 21 

 “Portman” means Portman Limited, a Cayman Islands exempted company and its
Affiliates. 
 “Primary Investor” means Pegasus Capital Advisors, L.P. and its Affiliates. 

“Primary Investor Rights” means those rights provided to Primary Investor pursuant to Section 5(a)(i)(A),
Section 5(e), Section 10(b)(i), Section 11(b) and Section 12 hereof. 
 “Pro Rata
Share” means, with respect any Holder, the quotient (in percentage terms) obtained by dividing (i) the number of shares of Common Stock and shares of Common Stock Equivalents owned by such Holder at the time of determination and
(ii) the number of shares of Common Stock and Common Stock Equivalents issued and outstanding at the time of such determination. For purposes of determining each Holder’s Pro Rata Share, the number of Common Stock Equivalents shall include
the number of shares of Common Stock that would be issuable upon the conversion of the applicable Preferred Shares. 
 “Qualified
Public Offering” means a firmly committed underwritten public offering of the Common Stock on The NASDAQ Stock Market or the New York Stock Exchange pursuant to an effective registration statement filed under the Securities Act, where
(a) the gross proceeds received by the Corporation and any selling stockholders in the offering are no less than $100 million and (b) the market capitalization of the Corporation immediately after consummation of the offering is no less
than $500 million. 
 “Redemption Event” means (a) any default under any mortgage, indenture or instrument under which
there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Corporation or any of its Subsidiaries, whether such Indebtedness now exists, or is created after the Investment Date, if that default:
(i) is caused by a failure to pay the principal of, or interest or premium, if any, on, such Indebtedness prior to the expiration of any grace period provided pursuant to the terms of such Indebtedness on the date of such default and
(x) the aggregate amount unpaid equals $10.0 million or more or (y) the principal amount of such Indebtedness aggregates to $15.0 million or more; or (ii) results in the acceleration of such Indebtedness prior to its express
maturity and the principal amount of such Indebtedness aggregates to $8.0 million or more; provided, that if such default is cured or waived or any such acceleration rescinded, or such Indebtedness is repaid, within a period of ten
(10) days from the continuation of such default beyond the applicable grace period or the occurrence of such acceleration, as the case may be, no Redemption Event shall be deemed to have occurred; (b) any material breach or default under
this Series I Certificate of Designation; provided, that if such breach or default is cured or waived within a period of ten (10) days from the continuation of such breach or default beyond any applicable grace period, no Redemption
Event shall be deemed to have occurred; and (c) any material breach of default under the certificate of designation with respect to the Series H Certificate of Designation or the certificate of designation with respect to any other series of
preferred stock of the Corporation (other than the Series), in each case to the extent outstanding; provided, that in the case of this clause (c), if such breach or default is cured or waived within a period of ten (10) days from the
continuation of such breach or default beyond any applicable grace period, no Redemption Event shall be deemed to have occurred. 

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

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

  
 22 

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

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

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

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

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

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

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

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

“Transfer” means, as a noun, any voluntary or involuntary transfer, sale, pledge or hypothecation or other disposition,
whether directly or indirectly and whether through one or a series of transactions, and, as a verb, voluntarily or involuntarily to transfer, sell, pledge or hypothecation or otherwise dispose of, whether directly or indirectly and whether through
one or a series of transactions. 

  
 23 

 “Triggering Event” means any Change of Control, Redemption Event, Liquidation
Event or the delivery of a Redemption Notice pursuant to the exercise of the Optional Redemption Right or the Contingent Redemption Right. 

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

[signature page follows] 

  
 24 

 IN WITNESS WHEREOF, the Corporation has caused this Certificate to be duly executed on its behalf
by its undersigned Chief Financial Officer as of September 11, 2013. 
  

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

		 	Name:	 	Thomas C. Shields
		 	Title:	 	Chief Financial Officer

 Signature Page to Series I Certificate of DesignationWarrant

 Exhibit 4.4 

THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES REPRESENTED BY THIS WARRANT HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OR AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OR APPLICABLE STATE SECURITIES LAWS UNLESS SOLD PURSUANT TO RULE 144 UNDER THE SECURITIES ACT. THE
SECURITIES REPRESENTED BY THIS WARRANT ARE SUBJECT TO THE TERMS AND CONDITIONS OF, AND MAY ONLY BE TRANSFERRED IN ACCORDANCE WITH, THE TERMS OF THIS WARRANT. 

LIGHTING SCIENCE GROUP CORPORATION 

WARRANT TO PURCHASE COMMON STOCK 
  

			
	Warrant No.: PP1	 	Number of Shares: 10,000,000

 Issuance Date: September 11, 2013 

THIS CERTIFIES THAT, for value received, LSGC Holdings II, LLC (the “Holder”) is entitled to purchase from Lighting
Science Group Corporation, a Delaware corporation (the “Company”), at any time and from time to time during the applicable Warrant Exercise Period (defined below) at the Exercise Price (defined below) 10,000,000 fully
paid nonassessable shares of Common Stock (defined below) (as may be adjusted from time in accordance with the terms of this Warrant, the “Warrant Shares”), all subject to adjustment and upon the terms and conditions provided
herein. This Warrant is being issued to the Holder in consideration for services rendered by the Holder to the Company. 
 Section 1.
Definitions. 
 The following terms as used in this Warrant have the following meanings: 

(a) “Acquiring Entity” has the meaning attributed to it in Section 8. 

(b) “Affiliate” of, or a Person “Affiliated” with, a specified Person, is a Person that
directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Person specified. 

(c) “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in New York, New
York are authorized or obligated to close. 

 (d) “Capital Stock” means any of the Company’s shares of Common
Stock or preferred stock or any other Derivative Security of the Company. 
 (e) “Change of Control” means
(i) the sale, conveyance or disposition, including but not limited to any spin-off or in-kind distribution, by the Company or by one or more of its subsidiaries, of all or substantially all of the assets of the Company (on a consolidated basis)
to any Person or group (other than the Company or its wholly-owned subsidiaries and other than pursuant to a joint venture arrangement in which the Company, directly or indirectly, receives at least fifty percent (50%) of the equity and voting
interests); (ii) the effectuation of a transaction or series of related transactions in which more than thirty-five percent (35)% of the voting power of the Company is disposed of (other than (A) as a direct result of normal, uncoordinated
trading activities in the Common Stock generally or (B) solely as a result of the disposition by a stockholder of the Company to an Affiliate of such stockholder); (iii) any merger, consolidation, stock or asset purchase, recapitalization
or other business combination transaction (or series of related transactions) as a result of which the shares of Capital Stock entitled to vote generally in the election of directors and the Preferred Shares (treated on an as-converted basis)
immediately prior to such transaction (or series of related transactions) are converted into and/or continue to represent (on an as-converted basis), in the aggregate, less than sixty-five percent (65%) of the total voting power of all shares
of capital stock that are entitled to vote generally in the election of directors of the entity surviving or resulting from such transaction (or ultimate parent thereof); (iv) a transaction or series of transactions in which any Person, entity
or “group” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) acquires more than thirty-five percent (35)% of the voting equity of the Company (other than the acquisition by a Person, entity or “group” that is
an Affiliate of or Affiliated with a Person, entity or “group” that immediately prior to such acquisition, beneficially owned thirty-five percent (35)% or more of the voting equity of the Company) or (v) Pegasus ceases to beneficially
own in the aggregate at least ten percent (10%) of the outstanding Capital Stock of the Company, on a fully-diluted basis. 
 (f)
“Common Stock” means (i) the Company’s common stock, $0.001 par value per share, and (ii) any capital stock into which the Common Stock is changed or any capital stock resulting from a reclassification of the
Common Stock. 
 (g) “Delivery Date” has the meaning attributed to it in Section 2(c). 

(h) “Derivative Security” means any right, option, warrant, convertible preferred stock or other security or right
convertible into or exercisable or exchangeable for shares of Common Stock. 
 (i) “Effective Consideration” means
the amount paid or payable to acquire shares of Common Stock (or, in the case of Derivative Securities, the amount paid or payable to acquire the Derivative Security, if any, plus the exercise price for the underlying Common Stock). 

(j) “Ex-Date” means (i) when used with respect to any issuance or distribution, the first date on which the
Common Stock trades, regular way, on the relevant Trading Market or such other market without the right to receive such issuance or distribution, and (ii) when used with respect to any subdivision, split, combination or reclassification of
shares of Common Stock, the first date on which the Common Stock trades, regular way, on such Trading Market or such other market after the time at which such subdivision, split, combination or reclassification becomes effective. 

  
 2 

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

 (l) “Exercise Date” has the meaning attributed to it in Section 2(c). 

(m) “Exercise Documents” has the meaning attributed to it in Section 2(c). 

(n) “Exercise Notice” has the meaning attributed to it in Section 2(a)(i). 

(o) “Exercise Price” is equal to the price computed using the following formula (for the avoidance of doubt, Exercise
Price shall be determined after all other adjustments to the number of Warrant Shares are taken into account): 
  

 
 

 
 where: 
  

			
	CEqV	  	means, as of any date, the Fair Market Value per share of Common Stock on the Trading Day immediately preceding the Exercise Date;
		
	RefEqV	  	$523,905,541.61; provided, that such amount shall be increased by any cash amounts raised by the Company (net of costs and expenses) pursuant to any issuance or sale of any Capital Stock on or after the Issuance Date;
provided, further, that such amount shall be decreased by any cash amounts paid by the Company pursuant to any redemption, repurchase, retirement or other acquisition of, or dividends or distributions in respect of, any Capital
Stock;
		
	WS	  	means, as of any date, the number of Warrant Shares issuable upon exercise of this Warrant;
		
	TEqV	  	means, as of any date, the dollar value computed using the following formula:
		
		  	

		
	S0	  	means, as of any date, the number of shares of Common Stock outstanding on a fully-diluted basis (accounting for all Derivative Securities using the treasury stock method, which, for the avoidance of doubt, would include any shares
of Common Stock into which any outstanding shares of preferred stock are convertible if the liquidation value of such preferred stock is less than the Fair Market Value of the Common Stock issuable upon conversion thereof); provided, that for
purposes of calculating the number of shares of Common Stock outstanding on a fully-diluted basis, up to 10,750,000 shares of Common Stock or Derivative Securities (as adjusted for any
subdivision,

  
 3 

			
		  	split, combination or reclassification of shares of Common Stock) issued after May 25, 2012 to the executives, directors and employees of the Company in their capacity as such pursuant to an option, stock or other equity plan
approved by the Board of Directors shall not be included in such calculation.
		
	PVAG	  	means, as of any date, the aggregate value of all outstanding shares of any class or series of the Company’s preferred stock, calculated as the greater of (i) the liquidation value of each outstanding share of preferred
stock and (ii) if applicable, the Fair Market Value of all shares of Common Stock (determined prior to the Open for Business on such date) issuable upon conversion of each share of preferred stock, excluding the value of any shares of preferred
stock that are included in the calculation of S0 under the treasury stock method;

 provided, that, if: 
  

 
 then this Warrant shall be deemed to have no value; 

provided, further, that, if: 
  

 
 

 
 then the Exercise Price shall not be negative and shall be deemed to equal zero. 

(p) “Event of Default” means (a) any default by the Company or any of its subsidiaries under any mortgage,
indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its subsidiaries, whether such Indebtedness now exists, or is created after the
Issuance Date, if that default: (i) is caused by a failure to pay the principal of, or interest or premium, if any, on, such Indebtedness prior to the expiration of any grace period provided pursuant to the terms of such Indebtedness on the
date of such default and (x) the aggregate amount unpaid equals $10.0 million or more or (y) the principal amount of such Indebtedness aggregates to $15.0 million or more; or (ii) results in the acceleration of such Indebtedness prior
to its express maturity, and, in each case, the principal amount of any such Indebtedness aggregates to $8.0 million or more; provided, that if such default is cured or waived or any such acceleration rescinded, or such Indebtedness is
repaid, within a period of ten (10) days from the continuation of such default beyond the applicable grace period or the occurrence of such acceleration, as the case may be, no Event of Default shall be deemed to have occurred; (b) any
material breach or default under the certificate of designation of the Company’s Series I Convertible Preferred Stock; provided, that if such breach or default is cured or waived within a period of ten (10) days from the
continuation of such breach or default beyond any applicable grace period, no Event of Default shall be deemed to have occurred; and (c) any material breach of default under the certificate of designation with respect to the

  
 4 

 
Company’s the Series H Convertible Preferred Stock or the certificate of designation of any other series of preferred stock of the Company (other than the Series I Convertible Preferred
Stock), in each case to the extent outstanding; provided, that in the case of this clause (c), if such breach or default is cured or waived within a period of ten (10) days from the continuation of such breach or default beyond any
applicable grace period, no Event of Default shall be deemed to have occurred. 
 (q) “Fair Market Value” means, as
of any date with respect to a share of Common Stock, the Trading Price as of such date; provided, that if “Fair Market Value” is being determined in connection with a transaction with an Acquiring Entity for which
Section 8(a) or Section 8(b) applies, then the fair market value of a share of Common Stock shall be the value of the consideration payable by such Acquiring Entity for each share of Common Stock; provided,
further, that for accounting purposes only, to the extent that the “Fair Market Value” is not determinable in accordance with the foregoing provisions of this definition, “Fair Market Value” means, as of any date with
respect to a share of Common Stock, the fair market value of a share of Common Stock as determined in good faith by the Board of Directors of the Company. 

(r) “Indebtedness” means, with respect to the Company and its subsidiaries: (i) any liabilities for borrowed
money or amounts owed or indebtedness issued in substitution for or exchange of indebtedness for borrowed money; (ii) obligations evidenced by notes, bonds, debentures or other similar instruments; (iii) obligations under leases
(contingent or otherwise, as obligor, guarantor or otherwise) required to be accounted for as capitalized leases pursuant to generally accepted accounting principles; (iv) obligations for amounts drawn and outstanding under acceptances, letters
of credit, contingent reimbursement liabilities with respect to letters of credit or similar facilities; (v) any liability for deferred purchase price of property or services, contingent or otherwise, as obligor or otherwise, other than
accounts payable incurred in the ordinary course of business and (vi) any accrued and unpaid interest on, and any prepayment premiums, penalties or similar contractual charges in respect of, any of the foregoing. 

(s) “Issuance Date” means September 11, 2013. 

(t) “Open of Business” means 9:00 a.m. New York City time. 

(u) “Payment” has the meaning attributed to it in Section 2(a)(ii). 

(v) “Pegasus” means Pegasus Capital Advisors, L.P. and its Affiliates. 

(w) “Permitted Transfer” means any transfer by Holder of all or any portion of this Warrant or all or any portion of
the Common Stock issued upon exercise of this Warrant: (i) to any Affiliate or direct or indirect equityholder of Holder or any of its Affiliates, (ii) to Riverwood, (iii) to the Company or any of the Company’s subsidiaries,
(iv) in any transaction in which all or substantially all of the equity interests of the Company are transferred pursuant to any reorganization, merger, consolidation or sale of the Company, (v) in a Qualified Public Offering or in another
offering registered pursuant to the Securities Act after a Qualified Public Offering, (vi) pursuant to a tender or exchange offer pursuant to the Securities Act or the Exchange Act, (vii) with the prior written consent of the Company,
(viii) pursuant to a pro rata in-kind distribution or dividend to the equityholders of Holder (and any intermediary transfers amongst Affiliates of Holder as part of giving effect thereto), (ix) to any operating partner of Pegasus that
provides services to the Company or (x) with respect to any operating partner of Pegasus described in clause (ix), for estate planning purposes. 

  
 5 

 (x) “Person” means a natural person or entity, or a government or any
division, department or agency thereof. 
 (y) “Preferred Shares” means the Company’s shares of Series H
Convertible Preferred Stock and Series I Convertible Preferred Stock. 
 (z) “Qualified Public Offering” means a
firmly committed underwritten public offering of the Common Stock on the NASDAQ Stock Market or the New York Stock Exchange pursuant to an effective registration statement filed under the Securities Act, where (a) the gross proceeds received by
the Company and any selling stockholders in the offering are no less than $100 million and (b) the market capitalization of the Company immediately after consummation of the offering is no less than $500 million. 

(aa) “Restrictive Period” has the meaning attributed to it in Section 6(a). 

(bb) “Riverwood” means Riverwood Capital Partners, L.P. and its Affiliates. 

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

(dd) “Trading Day” means a day on which the Common Stock is traded on a Trading Market. 

(ee) “Trading Market” means The NASDAQ Stock Market or the New York Stock Exchange. 

(ff) “Trading Price” means, for any date, the price determined by the first of the following clauses that applies:

 (i) after a Qualified Public Offering, the closing sale price or, if no closing sale price is reported, the last reported
sale price of the Common Stock for such date (or the nearest preceding date) on the principal Trading Market on which the Common Stock is listed or quoted for trading as reported by Bloomberg, L.P. (based on a Trading Day from 9:30 a.m. (New York
City time) to 4:02 p.m. (New York City time)); or 
 (ii) in all other cases, the fair market value of a share of Common
Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. 

(gg) “Warrant” means this Warrant and all Warrants issued in exchange, transfer or replacement thereof. 

(hh) “Warrant Exercise Period” has the meaning attributed to it in Section 2(a). 

(ii) “Warrant Shares” has the meaning attributed to it in the preamble of this Warrant, as may be adjusted from time
to time in accordance with this Warrant. 

  
 6 

 Section 2. Exercise of Warrant. 

(a) This Warrant may be exercised, to the extent permitted by applicable laws and regulations, for Warrant Shares, in whole or in part, by the
Holder registered on the books of the Company at any time on or before 5:00 p.m., New York City time on May 25, 2022 (the “Warrant Exercise Period”). Any exercise of this Warrant shall be effected by: 

(i) delivery of a written notice, in the form attached as Exhibit A (the “Exercise Notice”), of
Holder’s election to exercise this Warrant with respect to the Warrant Shares; 
 (ii) payment to the Company of an
amount equal to the Exercise Price (determined as of the close of business on the Trading Day prior to exercise) multiplied by the number of Warrant Shares being purchased, either (A) in cash or by wire transfer of immediately available funds
or (B) by means of a cashless exercise pursuant to Section 2(d) (the foregoing methods of payment set forth in (A) and (B), including any combination of such methods, referred to herein as the
“Payment”); and 
 (iii) the surrender at the principal office of the Company or to a nationally
recognized courier for overnight delivery to the Company, simultaneously with or as soon as practicable following the delivery of the Exercise Notice and the Payment, of this Warrant (or an indemnification undertaking with respect to this Warrant in
the case of its loss, theft or destruction, in such form and substance as is reasonably satisfactory to the Company). 
 (b) If the Holder
does not exercise this Warrant in its entirety, the Holder will be entitled to receive from the Company within a reasonable time, and in any event not exceeding five (5) Business Days, a new warrant in substantially identical form for the
purchase of that number of shares of Common Stock equal to the difference between the number of shares of Common Stock subject to this Warrant and the number of shares of Common Stock as to which this Warrant is so exercised. Notwithstanding
anything in this Warrant to the contrary, the Holder hereby acknowledges and agrees that its exercise of this Warrant for shares of Common Stock is subject to the condition (for the benefit of the Company and the Holder) that the Holder will have
first received any applicable regulatory approvals required to be obtained by Holder with respect to such exercise of the Warrants and issuance of the Warrant Shares. Unless the rights represented by this Warrant have expired or been fully
exercised, the Company shall, as soon as practicable and in no event later than five (5) Business Days after receipt of the Exercise Documents and at its own expense, issue a new Warrant identical in all respects to this Warrant, except it
shall represent rights to purchase the number of Warrant Shares purchasable immediately prior to exercise, less the number purchased. 
 (c)
The Company shall, not later than the fifth (5th) Business Day (the “Delivery Date”) following receipt of an Exercise Notice, the Payment and this Warrant or such indemnification (collectively, the “Exercise
Documents”), arrange for its transfer agent, on or before the Delivery Date, to issue and surrender to a nationally recognized courier for overnight delivery to the address 

  
 7 

 
specified in the Exercise Notice, a certificate, registered in the name of the Holder or its permitted designee, for the number of shares of Common Stock to which the Holder is entitled. Upon
delivery of the Exercise Notice and the Payment (the “Exercise Date”), the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has
been exercised on the Delivery Date, irrespective of the date of delivery of the certificates evidencing such Warrant Shares. 
 (d) In lieu
of or in addition to exercising this Warrant and making the Payment in cash or by wire transfer pursuant to Section 2(a)(ii)(A), the Holder may elect to make the Payment by means of receiving shares of Common Stock equal to the value of
this Warrant (or portion thereof being exercised) by delivery and surrender of the Warrant together with the Exercise Notice in accordance with the terms hereof, duly completed to indicate a net issuance exercise and executed by the Holder, in which
event the Company shall issue to the Holder a number of shares of Common Stock computed using the following formula: 
  

 
 

 
 where: 
  

			
	S	  	equals the number of shares of Common Stock to be issued as Warrant Shares to the Holder;
		
	WS0	  	means, as of any date, the number of Warrant Shares purchasable (or portion thereof) under this Warrant that are being exercised at the applicable date of determination;
		
	CEqV	  	means, as of any date, the Fair Market Value per share of Common Stock on the Trading Day immediately preceding the Exercise Date (for the avoidance of doubt, CEqV as used in this equation must equal CEqV used for purposes of
determining the Exercise Price); and
		
	E	  	the Exercise Price on the Exercise Date.

 (e) No fractional shares of Common Stock or scrip representing fractional shares of Common Stock shall be
issued upon any exercise of this Warrant. In lieu of any fractional share of Common Stock to which the Holder would otherwise be entitled, the Company shall issue a number of shares of Common Stock to Holder rounded up to the nearest whole number of
shares of Common Stock. No cash shall be payable to any Holder upon exercise of the Warrant Shares. 
 (f) This Warrant shall not be
exercisable for any shares (and, for the avoidance of doubt, shall have no other value) if, in accordance with, and solely to the extent and in the circumstances specifically provided in, the definition of “Exercise Price,” this Warrant is
“deemed to have no value”. 

  
 8 

 Section 3. Representations, Warranties, Covenants and Agreements. The Company hereby
represents, warrants, covenants and agrees, as applicable, as follows: 
 (a) This Warrant is, and any Warrants issued in substitution for
or in replacement of this Warrant upon issuance will be, duly authorized, executed and delivered. 
 (b) All shares of Common Stock issuable
upon exercise of this Warrant have been duly authorized and when issued upon such exercise will be validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issue thereof. 

(c) As long as this Warrant may be exercised, the Company will at all times have authorized and reserved for issuance and delivery upon
exercise of this Warrant at least the number of shares of Common Stock needed to provide for the exercise in full of the rights then represented by this Warrant. 

(d) The Company will use its reasonable best efforts to ensure that the Common Stock may be issued without violation of any law or regulation
applicable to the Company or of any requirement of any securities exchange applicable to the Company on which the shares of Common Stock are listed or traded. 

Section 4. Warrant Holder Not Deemed a Stockholder. Nothing contained in this Warrant shall be construed to (a) grant the
Holder any rights to vote or receive dividends or be deemed the holder of shares of the Company for any purpose, (b) confer upon the Holder any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any
corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, or (c) impose any
liabilities on the Holder to purchase any securities or as a stockholder of the Company, whether asserted by the Company or creditors of the Company, prior to the exercise hereof. 

Section 5. Representations of Holder. The Holder, by the acceptance hereof, represents that it is acquiring this Warrant and the
Warrant Shares for its own account for investment only and not with a view towards, or for resale in connection with, the public sale or distribution of this Warrant or the Warrant Shares, except pursuant to sales registered or exempted under the
Securities Act. Upon exercise of this Warrant, the Holder shall, if requested by the Company, confirm in writing, in a form satisfactory to the Company, that the Warrant Shares are being acquired solely for the Holder’s own account and not as a
nominee for any other party, for investment, and not with a view toward distribution or resale. If Holder cannot make such representations because they would be factually incorrect, it shall be a condition to Holder’s exercise of this Warrant
that the Company receives such other representations as the Company considers reasonably necessary to assure the Company that the issuance of its securities upon exercise of this Warrant shall not violate any federal or state securities laws. The
Company shall not be penalized or disadvantaged by the Holder’s inability to exercise this Warrant due to its inability to make the required representations in connection with the exercise of this Warrant. 

Section 6. Ownership and Transfer. 

(a) This Warrant, and any shares of Common Stock issued upon exercise of this Warrant, may be offered, sold, transferred or assigned by any
Holder to a transferee in a Permitted Transfer. Subject to this Section 6, during the Restrictive Period, this Warrant, and any shares of 

  
 9 

 
Common Stock issued upon exercise of this Warrant, may not be offered, sold, transferred or assigned by any Holder except pursuant to a Permitted Transfer. As used herein, the
“Restrictive Period” shall mean the period commencing on the Issuance Date and ending upon the earliest of (A) the three year anniversary of the Issuance Date, (B) a Qualified Public Offering and (C) an Event
of Default. 
 (b) To the extent the Restrictive Period ends by reason of the occurrence of the three-year anniversary of the Issuance Date
as provided in clause (A) of the definition thereof, and neither a Qualified Public Offering nor an Event of Default has occurred, this Warrant, and any shares of Common Stock issued upon exercise of this Warrant, may only be offered, sold,
transferred or assigned by any Holder with the prior written consent of the Company, such consent not to be unreasonably withheld, conditioned or delayed, or pursuant to a Permitted Transfer. 

(c) All offers, sales, transfers and assignments of this Warrant, or any shares of Common Stock issued upon exercise of this Warrant must also
be made in accordance with the Securities Act, and applicable state securities laws. Any attempted transfer of this Warrant, or any shares of Common Stock issued upon exercise of this Warrant, in violation of this Section 6 shall be null
and void ab initio. 
 (d) Subject to Section 6(a), upon surrender of this Warrant to the Company, together with
instructions by the applicable Holder that all or a portion of this Warrant be assigned, the Company shall, without charge, execute and deliver a new Warrant in the name of the assignee or assignees named in such instrument of assignment and, if the
applicable Holder’s entire interest is not being assigned, in the name of the Holder and this Warrant shall promptly be canceled. All expenses (other than stock transfer taxes) and other charges payable in connection with the preparation,
execution and delivery of the new Warrants pursuant to this Section 6(b) shall be paid by the Company. 
 (e) Issuance of
certificates for Warrant Shares (or other securities) to the Holder upon exercise of this Warrant shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificates,
all of which taxes and expenses shall be paid by the Company. 
 (f) The Company shall maintain a registry showing the name and address of
the Holder as the registered holder of this Warrant, and the Company shall be entitled to rely in all respects, prior to written notice to the contrary, upon such registry. This Warrant is exchangeable, upon the surrender hereof by the Holder to the
Company, for a new Warrant or Warrants of like tenor and representing the right to purchase the same aggregate number of Warrant Shares. 

Section 7. Adjustment of Number of Warrant Shares. 

(a) In the event of any issuance of Common Stock as a dividend or distribution to all holders of Common Stock, or a subdivision, split,
combination or reclassification of the outstanding shares of Common Stock into a greater or smaller number of shares, the number of Warrant Shares for which this Warrant is exercisable shall be adjusted pursuant to the following formula: 

 
 

 

  
 10 

 where: 
  

					
	WS	  	=	  	the number of Warrant Shares for which this Warrant is exercisable immediately after the Open of Business on the Ex-Date for such dividend or distribution, or immediately after the Open of Business on the effective date for such
subdivision, combination or reclassification, as the case may be;
			
	WS0	  	=	  	the number of Warrant Shares for which this Warrant is exercisable immediately prior to the Open of Business on the Ex-Date for such dividend or distribution, or immediately prior to the Open of Business on the effective date for
such subdivision, combination or reclassification, as the case may be;
			
	N0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the Open of Business on the Ex-Date for such dividend or distribution, or immediately prior to the Open of Business on the effective date for such subdivision,
combination or reclassification, as the case may be; and
			
	N1	  	=	  	the number of shares of Common Stock equal to (i) in the case of a dividend or distribution, the sum of (A) the number of shares outstanding immediately prior to the Open of Business on the Ex-Date for such dividend or distribution
plus (B) the total number of shares issued pursuant to such dividend or distribution or (ii) in the case of a subdivision, combination or reclassification, the number of shares outstanding immediately after such subdivision, combination or
reclassification.

 Such adjustment shall become effective (i) in the case of a dividend or distribution, immediately after
the Open of Business on the Ex-Date for such dividend or distribution or (ii) in the case of a subdivision, split, combination or reclassification, immediately after the Open of Business on the effective date for such subdivision, split,
combination or reclassification. If any dividend or distribution or subdivision, split, combination or reclassification of the type described in this Section 7(a) is declared or announced but not made, the number of Warrant Shares for
which this Warrant is exercisable shall again be adjusted to the number of Warrant Shares that would then be in effect if such dividend or distribution or subdivision, split, combination or reclassification had not been declared or announced, as the
case may be. 
 (b) In the event of (w) any or a subdivision, split, combination or reclassification of the outstanding shares of
Common Stock, (x) any declaration or making of a dividend or other distribution to holders of Common Stock, (y) the dissolution, liquidation or winding up of the Company, or (z) the entry into, or commitment by the Company to effect,
any event described in clauses (a) or (b) of Section 8 (including a Change of Control), then the Company shall file with its corporate records and mail to the Holder at its last address as shown on the records of the Company,
at least ten (10) days prior to the record or other date specified below, a notice stating: 
 (i) the record date of
such split, dividend or other distribution, or, if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such subdivision, split, combination or reclassification, dividend or other distribution are
to be determined; or 

  
 11 

 (ii) the date on which such subdivision, reclassification, liquidation,
dissolution, winding up, combination, event, transaction or Change of Control, is estimated to become effective, and the date as of which it is expected that holders of Common Stock of record will be entitled to exchange their shares of Common Stock
for the capital stock, other securities or other property (including but not limited to cash and evidences of indebtedness) deliverable upon such subdivision, reclassification, liquidation, dissolution, winding up, combination, event, transaction or
Change of Control. 
 (c) Upon the occurrence of each adjustment or readjustment of the number of Warrant Shares pursuant to this
Section 7, the Company at its expense shall as promptly as reasonably practicable compute such adjustment or readjustment in accordance with the terms hereof and furnish to each Holder a certificate, signed by an executive officer of the
Company, setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based and shall file a copy of such certificate with its corporate records. The Company shall, upon the reasonable
written request of any Holder, furnish to such Holder a similar certificate setting forth (i) the calculation of such adjustments and readjustments in reasonable detail and (ii) the number of shares of Common Stock and the amount, if any,
of capital stock, other securities or other property (including but not limited to cash and evidences of indebtedness) which then would be received upon the exercise of this Warrant. 

Section 8. Purchase Rights; Reorganization, Reclassification, Consolidation, Merger or Sale. Upon the consummation of any
(a) sale of all or substantially all of the Company’s assets to an acquiring Person or (b) other Change of Control following which the Company is not a surviving entity, the Company will secure from the Person purchasing the assets or
the successor resulting from the Change of Control (in each case, the “Acquiring Entity”) a written agreement to deliver to the Holder, in exchange for this Warrant, a security of the Acquiring Entity evidenced by a written
instrument substantially similar in form and substance to this Warrant and reasonably satisfactory to the Holder. Prior to the consummation of any other Change of Control, the Company shall make appropriate provision to insure that the Holder will
thereafter have the right to acquire and receive, in lieu of the shares of Common Stock immediately theretofore acquirable and receivable upon the exercise of this Warrant, such shares of stock, securities or assets that would have been issued or
payable in the Change of Control with respect to or in exchange for the number of Warrant Shares that would have been acquirable as of the date of the Change of Control. 

Section 9. Lost, Stolen, Mutilated or Destroyed Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company
shall promptly, on receipt of an indemnification undertaking reasonably satisfactory to the Company (or, in the case of a mutilated Warrant, the Warrant), issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated
or destroyed. 
 Section 10. Notice. Any notices, consents, waivers or other communications required or permitted to be given
under the terms of this Warrant must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by fax (provided confirmation of transmission is mechanically or
electronically generated and kept on file by the sending party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The
addresses, fax numbers and email addresses for communications shall be: 
 If to the Company: 

Lighting Science Group Corporation 

1227 South Patrick Drive 

Building 2A 
 Satellite Beach, FL
32937 
 Attention: Gregory T. Kaiser, Chief Financial Officer 

Fax: (321) 779-5521 

  
 12 

 With a copy (which shall not constitute notice or constructive notice) to: 

Haynes and Boone, LLP 
 2323
Victory Avenue, Suite 700 
 Dallas, TX 75219 

Attention: Greg R. Samuel, Esq. 

Fax: (214) 200-0577 
 If to
the Holder: 
 Pegasus Capital Advisors, L.P. 

99 River Road 
 Cos Cob, CT 06807

 Attention: Steven Wacaster 

Tel: (212) 710-2509 
 With a
copy (which shall not constitute notice or constructive notice) to: 
 Akin Gump Strauss Hauer & Feld LLP 

399 Park Ave 
 New York, NY 10022

 Attention: Jeffrey Kochian 

Tel: (212) 872-806 Fax: (212) 872-1002 

Email: jkochian@akingump.com 
 Each party shall
provide five (5) days’ prior written notice to the other party of any change in address or fax number or email address. Written confirmation of receipt (A) given by the recipient of any notice, consent, waiver or other communication,
(B) mechanically or electronically generated by the sender’s fax machine or computer containing the time, date, recipient fax number or email address and an image of the first page of the fax transmission or the content of the email, or
(C) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of receipt. 
 Section 11.
Amendment and Waiver. This Warrant may not be modified or amended except pursuant to an instrument in writing signed by the Company and the Holder. No provision 

  
 13 

 
hereunder may be waived other than in a written instrument executed by the waiving party. No failure or delay by either party in exercising any right, power or privilege hereunder shall operate
as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive
of any rights or remedies provided by law. 
 Section 12. Governing Law. This Warrant shall be construed and enforced in
accordance with, and all questions concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. 

Section 13. Restrictive Legends. At all times this Warrant, and until such time as a registration statement has been declared
effective by the U.S. Securities and Exchange Commission or the Warrant Shares may be sold pursuant to Rule 144 under the Securities Act without any restriction as to the number of securities that can then be immediately sold, certificates for any
Warrant Shares will, in addition to any legend required under applicable securities law, bear a restrictive legend substantially in the form set forth on the first page of this Warrant. 

Section 14. Binding Effect. This Warrant shall be binding upon any successors or assigns of the Company. 

Section 15. Entire Agreement. This Warrant and the Support Services Agreement entered into between the Company and Holder and
dated as of the Issuance Date (and the other documents referenced therein), contain the entire agreement between the parties with respect to the subject matter hereof and supersede all prior and contemporaneous arrangement or undertakings with
respect thereto. 

*            *           
 *            *            * 

  
 14 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed as of September 11,
2013. 
  

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

		 	Name:	 	Thomas C. Shields
		 	Title:	 	Chief Financial Officer

 Agreed and Acknowledged on September 11, 2013. 

 

					
	LSGC HOLDINGS II LLC
		
	By:	 	Pegasus Partners IV, L.P., its managing member
		
	By:	 	Pegasus Investors IV, L.P., its general partner
		
	By:	 	Pegasus Investors IV GP, L.L.C., its general partner
		
	By:	 	 /s/ Steven Wacaster

		 	Name:	 	Steven Wacaster
		 	Title:	 	VP

 Signature Page to Warrant

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}]]