Document:

EX-10.1

 Exhibit 10.1 

SECURITIES PURCHASE AGREEMENT 

This Securities Purchase Agreement (this “Agreement”) is dated as of December 19, 2018 (the “Agreement
Date”), between Soleno Therapeutics, Inc., a Delaware corporation (the “Company”), and each purchaser identified on Exhibit A hereto (each, including its successors and assigns, a
“Purchaser” and collectively, the “Purchasers”). 
 RECITALS 

WHEREAS, on the terms and subject to the conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of
1933, as amended, and Rule 506 promulgated thereunder, the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in
this Agreement; 
 WHEREAS, the Company has authorized, upon the terms and conditions stated in this Agreement, the sale and issuance of an
aggregate of 10,272,375 immediately separable Units (each a “Unit” and collectively, the “Units”), with each Unit consisting of: (i) one share of Common Stock (as hereinafter defined) and (ii) a Warrant (as hereinafter
defined) to acquire five percent (5%) of a share of Common Stock; 
 WHEREAS, at the Closing (as hereinafter defined), each Purchaser,
severally and not jointly, wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, the number of Units as hereafter specified on Exhibit A annexed hereto; and 

WHEREAS, the Company has engaged Roth Capital Partners, LLC as its exclusive placement agent (the “Placement Agent”) for the
offering of the Units on a “best efforts” basis. 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this
Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows: 

ARTICLE 1 
 DEFINITIONS

 1.1    Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this
Agreement, the following terms have the meanings set forth in this Section 1.1: 
 “Abingworth”
means Abingworth LLP. 
 “Action” means any action, suit, inquiry, notice of violation, proceeding or investigation
pending or, to the Company’s Knowledge, threatened against or affecting the Company, or any of its properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or
foreign). 
 “Additional Effectiveness Deadline” means the date which is the earliest to occur of (i) if the
Additional Registration Statement does not become subject to any review or comment process by the Commission, (a) ninety (90) days after the filing of the Additional Registration Statement or, if such date is not a Business Day, the next date
that is a Business Day, or (b) five (5) Trading Days after the Company receives written notification from the Commission that the Additional Registration Statement will not become subject to any review or comment process by the Commission and
the Company fails to request to accelerate the effectiveness of the Additional Registration Statement, or (ii) if the Additional Registration Statement becomes subject to any review or comment process by the Commission, one
hundred and twenty (120) days after the filing of the Additional Registration Statement, or, if such date is not a Business Day, the next date that is a Business Day; provided, however, that in the event the foregoing applicable
deadline in any case falls within the Grace Period and the Company has not yet filed with the Commission its Complete Form 10-K for the preceding fiscal year by such deadline, then such deadline

 
shall be extended until the Business Day following the date on which the Complete Form 10-K for such preceding fiscal year is filed with the Commission;
provided further, however, that such deadline shall not be extended beyond the date that is 120 days following the end of the Company’s most recent fiscal year (or, if such date is not a Business Day, the next date that is a
Business Day). In any case where the Additional Effectiveness Deadline is extended pursuant to the foregoing provisos, then the Additional Effectiveness Deadline, as so extended, shall be deemed the Additional Effectiveness Deadline for all purposes
of this Agreement. 
 “Additional Filing Deadline” means the later to occur of (i) the date sixty (60) days
after the date substantially all of the Registrable Securities registered under the immediately preceding effective Registration Statement are sold and (ii) the date six (6) months from the Effective Date of such immediately preceding
effective Registration Statement, or, if such date is not a Business Day, the next date that is a Business Day; provided, however, that in the event the foregoing deadline in any case falls within the Grace Period and the Company has
not yet filed with the Commission its Complete Form 10-K for the preceding fiscal year by such deadline, then such deadline shall be extended until the Business Day following date on which the Complete Form 10-K for such preceding fiscal year is filed with the Commission; provided further, however, that such deadline shall not be extended beyond the date that is 120 days following end of the Company’s most
recent fiscal year (or, if such date is not a Business Day, the next date that is a Business Day). In any case where the Additional Filing Deadline is extended pursuant to the foregoing provisos, then the Additional Filing Deadline, as so extended,
shall be deemed the Additional Filing Deadline for all purposes of this Agreement. 
 “Additional Registration Statement”
shall have the meaning ascribed to such term in Section 5.1(a). 
 “Affiliate” means any Person
that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

“Agreement” shall have the meaning ascribed to such term in the preamble. 

“Board of Directors” means the board of directors of the Company. 

“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States
or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close. 

“Buy-In” and “Buy-In Price”
shall have the meanings ascribed to such terms in Section 6.1(d). 
 “Closing” shall have the
meaning ascribed to such term in Section 2.2. 
 “Closing Date” shall have the meaning ascribed
to such term in Section 2.2. 
 “Code” shall have the meaning ascribed to such term in
Section 3.16. 
 “Commission” means the United States Securities and Exchange Commission. 

“Common Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into
which such securities may hereafter be reclassified or changed. 
 “Company” shall have the meaning ascribed to such term
in the preamble. 
 “Company’s Knowledge” means with respect to any statement made to the knowledge of the Company,
that statement is based upon the actual knowledge of an executive officer of the Company (as disclosed in the Company’s SEC Reports), in each case after making reasonable inquiry. 

  
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 “Complete Form 10-K” means the
annual report on Form 10-K filed by the Company with the Commission that includes, or incorporates by reference from the Company’s most recent definitive proxy statement on Schedule 14A actually filed
with the Commission, the information and disclosures required by Part III of the Commission’s Form 10-K. For the avoidance of doubt, if the Company files its annual report on Form 10-K with the Commission and does not include therein all of the information and disclosures required by Part III of the Commission’s Form 10-K, then such annual report
on Form 10-K shall not be deemed a Complete Form 10-K for purposes of this Agreement until the Company either (i) files an amendment to such annual report on Form 10-K to include the information and disclosures required by Part III of the Commission’s Form 10-K or (ii) files its definitive proxy statement on Schedule 14A with
the Commission for its next annual meeting of stockholders. 
 “Confidentiality Agreement” shall have the meaning ascribed
to such term in Section 3.32. 
 “Contingent Obligation” has the meaning set forth in
Section 3.30. 
 “Cut Back Shares” shall have the meaning ascribed to such term in
Section 5.1(a). 
 “Disclosure Schedule” means the Disclosure Schedule, if any, delivered by the
Company concurrently with the execution and delivery of this Agreement and referred to in the first paragraph of ARTICLE 3 of this Agreement. 

“Effective Date” means the date that a Registration Statement is first declared effective by the SEC. 

“Effectiveness Deadline” means the Initial Effectiveness Deadline and the Additional Effectiveness Deadline, as applicable.

 “Effectiveness Period” shall have the meaning ascribed to such term in Section 5.1(b). 

“Environmental Laws” shall have the meaning ascribed to such term in Section 3.15. 

“ERISA” shall have the meaning ascribed to such term in Section 3.16. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
 “FCPA” means the Foreign Corrupt Practices Act of 1977, as amended. 

“FDA” means the U.S. Food and Drug Administration. 

“Filing Deadline” means the Initial Filing Deadline and the Additional Filing Deadline, as applicable. 

“GAAP” shall have the meaning ascribed to such term in Section 3.8. 

“Grace Period” shall mean the period commencing on the date that is 134 days following the end of the Company’s most
recent fiscal third quarter and ending on, and including, the date that is 120 days following the end of the Company’s most recent fiscal year. 

“Indebtedness” has the meaning set forth in Section 3.30. 

“Indemnified Party” shall have the meaning ascribed to such term in Section 5.4(c). 

“Indemnifying Party” shall have the meaning ascribed to such term in Section 5.4(c). 

“Initial Registration Statement” has the meaning set forth in Section 5.1(a). 

  
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 “Initial Effectiveness Deadline” means the date which is the earliest of
(i) if the Initial Registration Statement does not become subject to any review or comment process by the Commission, (a) sixty (60) days after the filing of the Initial Registration Statement or (b) five (5) Trading Days after the
Company receives written notification from the Commission that the Initial Registration Statement will not become subject to any review or comment process by the Commission and the Company fails to request to accelerate the effectiveness of the
Initial Registration Statement, or (ii) if the Initial Registration Statement becomes subject to any review or comment process by the Commission, one hundred and twenty (120) days after the filing of the Initial Registration Statement, or,
if such date is not a Business Day, the next date that is a Business Day. 
 “Initial Filing Deadline” means
March 30, 2019, or if such date is not a Business Day, the next date that is a Business Day. 
 “Insiders” means each
director, executive officer, other officer of the Company participating in the offering of the Units, any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, and any
promoter connected with the Company in any capacity on the date hereof. 
 “Insolvent” has the meaning set forth in
Section 3.9. 
 “Intellectual Property” means (i) worldwide patents, patent applications,
invention disclosures and other rights of invention, filed with any governmental authority, and all reissues, divisions, renewals, extensions, provisionals, continuations and
continuations-in-part thereof and all reexamined patents or other applications or patents claiming the benefit of the filing date of any of the foregoing;
(ii) worldwide (A) registered trademarks and service marks and registrations and applications for such registrations, and (B) unregistered trademarks and service marks, trade names, fictitious business names, corporate names, trade
dress, logos, product names and slogans, including any common law rights; in each case together with the goodwill associated therewith; (iii) worldwide (A) registered copyrights in published or unpublished works, mask work rights and
similar rights, including rights created under Sections 901-914 of Title 17 of the United States Code, mask work registrations, and copyright applications for registration, including any renewals thereof,
and (B) any unregistered copyrightable works and other rights of authorship in published or unpublished works; (iv) worldwide (A) internet domain names; (B) website content; (C) telephone numbers; and (D) moral rights
and publicity rights; (v) any computer program or other software (irrespective of the type of hardware for which it is intended), including firmware and other software embedded in hardware devices, whether in the form of source code, assembly
code, script, interpreted language, instruction sets or binary or object code (including compiled and executable programs), including any library, component or module of any of the foregoing, including, in the case of source code, any related
images, videos, icons, audio or other multimedia data or files, data files, and header, development or compilations tools, scripts, and files, and (vi) worldwide confidential or proprietary information or trade secrets, including technical
information, inventions and discoveries (whether or not patentable and whether or not reduced to practice) and improvements thereto, know-how, processes, discoveries, developments, designs, techniques, plans,
schematics, drawings, formulae, preparations, assays, surface coatings, diagnostic systems and methods, patterns, compilations, databases, database schemas, specifications, technical data, inventions, concepts, ideas, devices, methods, and
processes; and includes any rights to exclude others from using or appropriating any Intellectual Property rights, including the rights to sue for or assets claims against and remedies against past, present or future infringements or
misappropriations of any or all of the foregoing and rights of priority and protection of interests therein, and any other proprietary, intellectual property or other rights relating to any or all of the foregoing anywhere in the world. 

“Issuer Covered Person” shall have the meaning ascribed to such term Section 3.38. 

“Legend Removal Date” shall have the meaning ascribed to such term in Section 6.1(c). 

“Losses” means any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including
all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation. 

  
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 “Material Adverse Effect” means a material adverse effect on (i) the
assets, liabilities, results of operations, condition (financial or otherwise), business, or prospects of the Company taken as a whole, (ii) the ability of the Company to perform its obligations under the Transaction Documents or (iii) the
legality, validity or enforceability of any Transaction Document. 
 “Nasdaq” means The Nasdaq Stock Market, LLC. 

“Occupational Laws” shall have the meaning ascribed to such term in Section 3.16. 

“OFAC” shall have the meaning ascribed to such term in Section 3.36. 

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture,
limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Placement Agent” shall have the meaning ascribed to such term the Recitals to this Agreement. 

“Preferred Stock” shall have the meaning ascribed to such term in Section 3.3. 

“Price Per Unit” shall have the meaning ascribed to such term in Section 2.1. 

“Principal Purchasers” means, as of any time, the Purchaser or Purchasers holding or having the right to acquire, as of such
time, at least a majority-in-interest of the total number of Unit Shares; provided that such
majority-in-interest must include Abingworth. 

“Principal Trading Market” means the Trading Market on which the Common Stock is primarily listed on and quoted for trading.

 “Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, a partial
proceeding, such as a deposition), whether commenced or threatened in writing. 
 “Prospectus” means the prospectus
included in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under
the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement, and all other amendments and supplements to
the Prospectus including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

“Purchaser Party” shall have the meaning ascribed to such term in Section 6.6. 

“Purchasers” shall have the meaning ascribed to such term in the preamble. 

“Registration Statement” means each registration statement required to be filed under ARTICLE 5, including the
Initial Registration Statement, all Additional Registration Statements, and, in each case, the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and
post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

“Registrable Securities” means the Shares and any shares of Common Stock issued as (or issuable upon the conversion or
exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange for, or in replacement of, the Shares, provided, that the holder of such Shares has completed and
delivered to the Company a Selling Stockholder Questionnaire; and provided further, that the Shares shall cease to be Registrable Securities upon the earliest to occur of the following: (A) sale by any Person to the
public either pursuant to a registration statement under the Securities Act or under Rule 144 (in which case, 

  
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only such Shares sold shall cease to be Registrable Securities) or (B) becoming eligible for sale by the holder thereof pursuant to Rule 144 without volume or manner of sale restrictions and
without current public information pursuant to Rule 144. 
 “Removal Request Date” shall have the meaning ascribed to such
term in Section 6.1(c). 
 “Rule 144,” “Rule 415,” and “Rule
424” means Rule 144, Rule 415 and Rule 424, respectively, promulgated by the Commission pursuant to the Securities Act, as such Rules may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC having
substantially the same effect as such Rule. 
 “SEC Guidance” means (i) any publicly-available written or oral
guidance, comments, requirements or requests of the Commission staff and (ii) the Securities Act. 
 “SEC
Restrictions” shall have the meaning ascribed to such term in Section 5.1(a). 
 “SEC
Reports” shall have the meaning ascribed to such term in Section 3.7. 
 “Securities”
means the Units, the Warrants and the Shares. 
 “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations of the Commission promulgated thereunder. 
 “Selling Stockholder Questionnaire” shall have the
meaning ascribed to such term in Section 5.2(j). 
 “Shares” means, collectively, the Unit
Shares and the Warrant Shares. 
 “Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO
under the Exchange Act (but shall not be deemed to include the location and/or reservation of borrowable shares of Common Stock). 

“Trading Day” means a day on which the Principal Trading Market is open for trading. 

“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading
on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or any successors to any of the foregoing). 

“Transaction Documents” means this Agreement, the Warrants, all exhibits and schedules thereto and hereto and any other
documents or agreements executed in connection with the transactions contemplated hereunder. 
 “Transfer Agent” means
American Stock Transfer & Trust Company, LLC, the current transfer agent of the Company, with a mailing address of 6201 15th Avenue, Brooklyn, NY 11219, and a telephone number of (718) 921-8200, and any successor transfer agent of the Company. 
 “Units” has the meaning
set forth in the Recitals to this Agreement. Units will not be issued or certificated. The Unit Shares and the Warrants are immediately separable and will be issued separately. 

“Unit Purchase Price” shall have the meaning ascribed to such term in Section 2.1. 

“Unit Shares” shall have the meaning ascribed to such term the Recitals to this Agreement. 

“Voting Commitment” shall have the meaning ascribed to such term in Section 4.2(a). 

  
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 “Warrant Exercise Price” shall mean $2.00. 

“Warrants” shall have the meaning ascribed to such term in Section 2.3. 

“Warrant Shares” means the shares of Common Stock issuable upon exercise of the Warrants. 

ARTICLE 2 
 PURCHASE AND
SALE 
 2.1    Purchase and Sale. Subject to and upon the terms and conditions set forth in this Agreement,
at the Closing, the Company shall issue and sell to each Purchaser, and each Purchaser shall, severally and not jointly, purchase from the Company, such number of Units set forth opposite their respective names on
Exhibit A, at a price per Unit equal to $1.60625 (the “Price Per Unit” and the total purchase price for the Units, the “Unit Purchase Price”). 

2.2    Closing. The Company agrees to issue and sell to the Purchasers and, in consideration of and in express
reliance upon the representations, warranties, covenants, terms and conditions of this Agreement, the Purchasers agree, severally and not jointly, to purchase the Units. The closing of the purchase and sale of the Units (the “Closing”)
shall take place at the offices of Wilson Sonsini Goodrich & Rosati, located at 650 Page Mill Road, Palo Alto, California, 94304, three Business Days following the satisfaction or waiver of the conditions set forth in
Section 2.5, or at such other time and place or on such date as the Principal Purchasers and the Company may agree upon (such date is hereinafter referred to as the “Closing Date”). 

2.3    Payment. On the Closing Date, (a) each Purchaser shall pay to the Company its Unit Purchase Price in
United States dollars and in immediately available funds, by wire transfer to the Company’s account as set forth in instructions previously delivered to each Purchaser, (b) the Company shall irrevocably instruct the Transfer Agent to
deliver, on an expedited basis, to each Purchaser, either in book entry form in the Direct Registration System or in the form of a stock certificate, as set forth on the Stock Registration Questionnaire included as Exhibit C, the
number of Unit Shares set forth opposite such Purchaser’s name on Exhibit A hereto, and (c) the Company shall issue to each Purchaser a warrant substantially in the form attached hereto as
Exhibit B (each a “Warrant” and collectively, the “Warrants”) pursuant to which such Purchaser shall have the right to acquire the number of Warrant Shares set forth opposite such Purchaser’s name
on Exhibit A hereto, and in the case of clauses (b) and (c), duly executed on behalf of the Company and registered in the name of such Purchaser as set forth on the Stock Registration Questionnaire included as
Exhibit C. The Warrants issued and sold at the Closing shall have an initial exercise price equal to the Warrant Exercise Price. 

2.4    Deliveries. 

(a)    Company. On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each
Purchaser the following: 
 (i)    this Agreement duly executed by the Company; 

(ii)    a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver, on an
expedited basis, to such Purchaser, either in book entry form in the Direct Registration System or in the form of a stock certificate as indicated by such Purchaser on the Stock Registration Questionnaire included as Exhibit C, the
number of Unit Shares set forth opposite such Purchaser’s name on Exhibit A hereto, registered in the name of such Purchaser as set forth on the Stock Registration Questionnaire included as Exhibit C;

 (iii)    a Warrant, registered in the name of such Purchaser as set forth on the Stock Registration Questionnaire
included as Exhibit C, to purchase up to the number of shares of Common Stock set forth opposite such Purchaser’s name on Exhibit A hereto; 

  
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 (iv)    the Company shall have delivered a Certificate, executed on
behalf of the Company by its chief executive officer and its principal financial officer, dated as of the Closing Date, certifying to the fulfillment of the conditions specified in subsections (i), (ii), (iv), (v), (vi), (vii), (viii) and
(ix) of Section 2.5(b); 
 (v)    the Company shall have delivered a Certificate,
executed on behalf of the Company by its Secretary, dated as of the Closing Date, certifying the resolutions adopted by the Board of Directors and a duly authorized committee thereof approving the transactions contemplated by the Transaction
Documents and the issuance of the Securities, certifying the current versions of the Certificate of Incorporation and Bylaws of the Company and certifying as to the signatures and authority of Persons signing the Transaction Documents and related
documents on behalf of the Company; 
 (vi)    a legal opinion of Wilson Sonsini Goodrich & Rosati,
Professional Corporation counsel for the Company, in substantially the form attached hereto as Exhibit C, executed by Wilson Sonsini Goodrich & Rosati, Professional Corporation and addressed to the Purchasers and to the Placement
Agent; 
 (vii)    fully completed and duly executed Bad Actor Questionnaires for each officer, director and beneficial
owners of 20% or more of the issuer’s outstanding equity securities, in the form attached hereto as Exhibit F; and 

(viii)    A Nasdaq Listing of Additional Shares notification form. 

(b)    Purchasers. On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the
Company the following: 
 (i)    this Agreement duly executed by such Purchaser; 

(ii)    a fully completed and duly executed Stock Registration Questionnaire in the form attached hereto as Exhibit
C; 
 (iii)    unless such Purchaser is a director or an executive officer (as such term is defined in Rule 501(f)
promulgated by the Commission under the Securities Act) of the Company as of the Closing Date, a fully completed and duly executed Accredited Investor Qualification Questionnaire in the form attached hereto as Exhibit E; and 

(iv)    the Unit Purchase Price by wire transfer to the account specified by the Company. 

2.5    Closing Conditions. 

(a)    The obligations of the Company hereunder with respect to any Purchaser in connection with the Closing are subject
to the following conditions being met: 
 (i)    the accuracy in all material respects on the Closing Date of the
representations and warranties of such Purchaser contained herein (unless as of a specific date therein in which case they shall be accurate as of such date); 

(ii)    all obligations, covenants and agreements of such Purchaser required to be performed at or prior to the Closing
Date shall have been performed in all material respects; 
 (iii)    the delivery by such Purchaser of the items set
forth in Section 2.4(b) of this Agreement; and 
 (iv)    Nasdaq shall have raised no
objection to the consummation of the transactions contemplated by the Transaction Documents in the absence of stockholder approval of such transactions. 

  
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 (b)    The respective obligations of the Purchasers hereunder in
connection with the Closing are subject to the following conditions being met: 
 (i)    the representations and
warranties made by the Company in ARTICLE 3 hereof qualified as to materiality shall be true and correct as of the date hereof and the Closing Date, except to the extent any such representation or warranty expressly speaks
as of an earlier date, in which case such representation or warranty shall be true and correct as of such earlier date, and, the representations and warranties made by the Company in ARTICLE 3 hereof not qualified as to
materiality shall be true and correct in all material respects as of the date hereof and the Closing Date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation or warranty
shall be true and correct in all material respects as of such earlier date; 
 (ii)    all obligations, covenants and
agreements of the Company required to be performed at or prior to the Closing Date, whether under this Agreement or the other Transaction Documents, shall have been performed in all material respects; 

(iii)    the delivery by the Company of the items set forth in Section 2.4(a) of this
Agreement; 
 (iv)    the Company shall have obtained any and all consents, permits, approvals, registrations and
waivers necessary or appropriate for consummation of the purchase and sale of the Units and the consummation of the other transactions contemplated by the Transaction Documents, all of which shall be in full force and effect, except for such that
would not reasonably be expected to have a Material Adverse Effect; 
 (v)    no judgment, writ, order, injunction,
award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy court or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding shall have been instituted by any
governmental authority, enjoining or preventing the consummation of the transactions contemplated hereby or in the other Transaction Documents; 

(vi)    no stop order or suspension of trading shall have been imposed by Nasdaq, the Commission or any other
governmental or regulatory body with respect to public trading in the Common Stock; 
 (vii)    Nasdaq shall have
raised no objection to the consummation of the transactions contemplated by the Transaction Documents in the absence of stockholder approval of such transactions; 

(viii)    there shall have been no Material Adverse Effect with respect to the Company since the date hereof; 

(ix)    the Company’s Board of Directors shall have approved the appointment of Andrew Sinclair, Ph.D., the designee
of Abingworth, to the Company’s Board of Directors, and taken all action necessary to effect such appointment; and 

(x)    from the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the
Commission or the Company’s principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been
established on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material
outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of such Purchaser, makes it
impracticable or inadvisable to purchase the Securities at the Closing. 

  
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 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company and all of its subsidiaries (and all references to the Company below shall be deemed to also include its subsidiaries to the
extent the context requires) hereby represents and warrants to the Purchasers and to the Placement Agent as of the date hereof (except for the representations and warranties that speak as of a specific date, which shall be made as of such date)
that, except as otherwise set forth in the Disclosure Schedule, if any, delivered herewith: 
 3.1    Organization,
Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation and has all requisite corporate power and legal authority to own and use
its properties and assets and carry on its business as now conducted and to own its properties. The Company is not in violation of any of the provisions of its Certificate of Incorporation or Bylaws. The Company is duly qualified to do business as a
foreign corporation and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property makes such qualification or leasing necessary unless the failure to so qualify has not had and could not
reasonably be expected to have a Material Adverse Effect and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification. The Company
has no direct or indirect subsidiaries other than those listed in Schedule 3.1 hereto. Except as disclosed in Schedule 3.1 hereto, the Company owns, directly or indirectly, all of the capital stock or comparable equity interests of
each subsidiary free and clear of any and all liens, and all the issued and outstanding shares of capital stock or comparable equity interest of each subsidiary are validly issued and are fully paid,
non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. 

3.2    Authorization; Enforcement. The Company has all corporate right, power and authority to enter into this
Agreement and each of the other Transaction Documents and to consummate the transactions and otherwise carry out its obligations contemplated hereby and thereby. All corporate action on the part of the Company, its directors and stockholders
necessary for the authorization, execution, delivery and performance of the Transaction Documents by the Company, the authorization, sale, issuance and delivery of the Securities contemplated herein and the performance of the Company’s
obligations hereunder and thereunder has been taken. The Transaction Documents have been (or upon delivery will have been) duly executed and delivered by the Company and constitute the legal, valid and binding obligation of the Company, enforceable
against the Company in accordance with their terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of
creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited
by applicable law. 
 3.3    Capitalization. The authorized capital stock of the Company consists of 100,000,000
shares of Common Stock and 10,000,000 shares of preferred stock, par value $0.001 per share (the “Preferred Stock”), of which 21,435,241 shares of Common Stock are outstanding as of the date hereof (prior to the issuance of the
Units) and no shares of Preferred Stock are outstanding as of the date hereof. All of the issued and outstanding shares of the Company’s capital stock have been duly authorized and validly issued and are fully paid and non-assessable. The Company has not issued any shares of capital stock since its most recently filed Quarterly Report on Form 10-Q. Except (i) for options to
purchase Common Stock or other equity awards (including restricted stock units) issued to employees, consultants and members of the Board of Directors pursuant to the equity compensation plans or arrangements disclosed in the SEC Reports,
(ii) for securities exercisable for, or convertible into or exchangeable for any shares of capital stock of the Company disclosed in the SEC Reports, (iii) shares issuable under any deferred compensation plan of the Company disclosed in
the SEC Reports, and (iv) as contemplated by this Agreement, there are no existing options, warrants, calls, preemptive (or similar) rights, subscriptions or other rights, agreements, arrangements or commitments of any character obligating the
Company to issue, transfer or sell, or cause to be issued, transferred or sold, any shares of the capital stock of, or other equity interests in, the Company or any securities convertible into or exchangeable for such shares of capital stock or
other equity interests, and there are no outstanding contractual obligations of the Company to repurchase, redeem or otherwise acquire any shares of its capital stock or other equity interests. No Person has any right of first refusal,
preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. There are no outstanding securities or instruments of the Company that contain any redemption or similar

  
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provisions, and there are no contracts, commitments, understandings or arrangements by which the Company is or may become bound to redeem a security of the Company. Except as disclosed in the SEC
Reports, the Company does not have any stock appreciation rights or “phantom stock” plans or any similar plan or agreement. The issue and sale of the Units will not result in the right of any holder of Company securities to adjust the
exercise, conversion or exchange price under such securities. Except for customary adjustments as a result of stock dividends, stock splits, combinations of shares, reorganizations, recapitalizations, reclassifications or other similar events, there
are no anti-dilution or price adjustment provisions contained in any security issued by the Company (or in any agreement providing rights to security holders) and the issuance and sale of the Securities will not obligate the Company to issue shares
of Common Stock or other securities to any Person (other than the Purchasers) and will not result in a right of any holder of securities to adjust the exercise, conversion, exchange or reset price under such securities. There are no stockholders
agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the Company’s Knowledge, between or among any of the Company’s stockholders. 

3.4    Issuance; Reservation of Shares. The issuance of the Unit Shares has been duly and validly authorized by all
necessary corporate and stockholder action, and the Unit Shares, when issued and paid for pursuant to this Agreement, will be validly issued, fully paid and non-assessable, and shall be free and clear of all
encumbrances and restrictions (other than as provided in the Transaction Documents). The issuance of the Warrants and the Warrant Shares has been duly and validly authorized by all necessary corporate and stockholder action, and the Warrant Shares,
when issued upon the due exercise of the Warrants, will be validly issued, fully paid and non-assessable, and shall be free and clear of all encumbrances and restrictions (other than as provided in the
Transaction Documents). The Company will reserve, at all times that any of the Warrants remain outstanding, such number of shares of Common Stock sufficient to enable the full exercise of the then outstanding Warrants. Assuming (A) the accuracy
of the representations and warranties of the Purchasers set forth in ARTICLE 4 hereof, (B) none of the Insiders or the Placement Agent or its controlling persons (within the meaning of Rule 506(d)(1) of the Securities Act) is subject to
any “bad actor” disqualification specified in Rule 506(d) of the Securities Act that has not been waived pursuant to Rule 506(d)(2) of the Securities Act, and (C) the Insiders and the Placement Agent and its controlling persons
(within the meaning of Rule 506(d)(1) of the Securities Act) have complied with the “bad actor” disclosure requirements set forth in Rule 506(e) of the Securities Act and any disclosure requirements in connection with any waiver of the
disqualification provisions of Rule 506(d) of the Securities Act, then the offer, issuance and sale of the Shares to the Purchasers pursuant to the Agreement, are exempt from the registration requirements of the Securities Act. 

3.5    No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the
issuance and sale of the Securities will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or
give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of (i) the Company’s Certificate of Incorporation or the Company’s Bylaws, both as in effect on the date
hereof (true and complete copies of which have been made available to the Purchasers through the EDGAR system), (ii) any statute, rule, regulation or order, judgment, injunction, decree or other restriction of any governmental agency or body or
any court, domestic or foreign, having jurisdiction over the Company or any of its respective assets or properties, or (iii) any material agreement or instrument to which the Company is a party or by which the Company is bound or to which any
of their respective assets or properties is subject, in each case except for any such conflict, breach, violation or default that would not reasonably be expected to have a Material Adverse Effect. 

3.6    Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or
order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the
Transaction Documents, other than filings that have been made, or will be made, or consents that have been obtained, or will be obtained, pursuant to the rules and regulations of Nasdaq, including a Nasdaq Listing of Additional Shares notification
form, applicable state securities laws and post-sale filings pursuant to applicable state and federal securities laws which the Company undertakes to file or obtain within the applicable time periods and the filings required to be made pursuant to
Sections 5.1 and 6.4 of this Agreement. 

  
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 3.7    SEC Reports. The Company has filed all reports, schedules,
forms, registration statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the twenty-four (24) months preceding the date
hereof (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such
time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as
applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The Company has not received any letters of comment from the staff of the Commission that have not been
satisfactorily resolved as of the date hereof. All material agreements to which the Company is a party or to which the property or assets of the Company is subject are included as part of or identified in the SEC Reports, to the extent such
agreements are required to be included or identified pursuant to the rules and regulations of the SEC. 

3.8    Financial Statements. The financial statements of the Company included in the SEC Reports comply in all
material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United States
generally accepted accounting principles (“GAAP”), applied on a consistent basis during the periods involved, except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial
statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company as of and for the dates thereof and the results of operations and cash flows for the periods then ended,
subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. 

3.9    Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited
financial statements included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof: (i) there has been no event, occurrence or development that has had or that could reasonably be
expected to have a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past
practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting or changed
its principal registered public accounting firm, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares
of its capital stock and (v) the Company has not issued any equity securities, except pursuant to existing Company equity compensation plans. The Company does not have pending before the Commission any request for confidential treatment of
information. The Company has not taken any steps to seek protection pursuant to any bankruptcy law and the Company has not received any written notice that any Person intends to initiate involuntary bankruptcy proceedings against the Company. The
Company is not as of the date hereof, and immediately after giving effect to the transactions contemplated hereby to occur at the Closing, will not be Insolvent (as defined below). For purposes of this Section 3.9,
“Insolvent” means (i) the present fair saleable value of the Company’s assets is less than the amount required to pay the Company’s total Indebtedness, (ii) the Company is unable to pay its debts and liabilities,
subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured, (iii) the Company intends to incur or believes that it will incur debts that would be beyond its ability to pay as such debts mature, or
(iv) the Company has unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted. 

3.10    Internal Controls. The Company maintains a system of internal control over financial reporting (as such
term is defined in Rule 13a-15(f) of the Exchange Act) that complies with the requirements of the Exchange Act and has been designed by the Company’s principal executive officer and principal
financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles; the Company’s internal control over financial reporting is effective and the Company is not aware of any material weaknesses in its internal control over financial reporting; there has been no fraud, whether or not material, that
involves management or other employees who have a significant role in the Company’s internal control over 

  
 12 

 
financial reporting; since the date of the latest audited financial statements included or incorporated by reference in the Company’s SEC Reports and except as disclosed in the
Company’s SEC Reports, there has been no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial
reporting. The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) of the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure
controls and procedures have been designed to ensure that material information relating to the Company is made known to the Company’s principal executive officer and principal financial officer by others within those entities; such disclosure
controls and procedures are effective. The Company is in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated by the Commission thereunder. The Company
maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as
necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or
specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 

3.11    Accountant. To the Company’s Knowledge, Marcum LLP, which has expressed its opinion with respect to
the Company’s financial statements as of December 31, 2017, 2016 and 2015, respectively, and included in the SEC Reports (including the related notes), is an independent registered public accounting firm as required by the Act and the
Public Company Accounting Oversight Board (United States). Marcum LLP has not been engaged by the Company to perform any “prohibited activities” (as defined in Section 10A of the Exchange Act). 

3.12    Litigation. Except as set forth in the SEC Reports, there is not pending or, to the Company’s
Knowledge, threatened or contemplated, any action, suit or proceeding to which the Company is a party or of which any property or assets of the Company is the subject before or by any court or governmental agency, authority or body, or any
arbitrator, which, individually or in the aggregate, (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision,
have or reasonably be expected to result in a Material Adverse Effect. There are no current or pending legal, governmental or regulatory actions, suits or proceedings that are required to be described in the SEC Reports that have not been so
described. Neither the Company nor any director or officer of the Company is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There
has not been, and to the Company’s Knowledge, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission has not issued any stop
order or other order suspending the effectiveness of any registration statement filed by the Company under the Exchange Act or the Securities Act. 

3.13    Tax Matters. The Company (i) has filed all federal, state, local and foreign income, franchise tax and
all other tax returns reports and declarations required by any jurisdiction to which it is subject to be filed or has requested extensions thereof (except in any case in which the failure so to file would not have a Material Adverse Effect), except
as set forth in the SEC Reports, (ii) has paid all taxes required to be paid by it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such assessment, fine or
penalty that is currently being contested in good faith and (iii) has set aside on its books provision reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply,
except in those, in each of the cases described in clauses (i), (ii) and (iii) of this Section 3.13, that would not singularly or in the aggregate have a Material Adverse Effect, except as set forth in or contemplated
in the SEC Reports. 
 3.14    Insurance. The Company maintains in full force and effect insurance coverage
that is customary for comparably situated companies for the business being conducted and properties owned or leased by the Company, and the Company reasonably believes such insurance coverage to be adequate against all liabilities, claims and risks
against which it is customary for comparably situated companies to insure. 
 3.15    Environmental Matters. The
Company (A) is in compliance in all material respects with any and all applicable federal, state, local and foreign laws, rules, regulations, decisions and orders relating to pollution or protection of human health and safety, the environment
(including, without limitation, ambient air, surface water, 

  
 13 

 
groundwater, land surface or subsurface strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals, hazardous or toxic substances
or wastes, pollutants or contaminants (collectively, “Environmental Laws”); (B) has received and is in material compliance with all permits, licenses or other approvals required of it under applicable Environmental Laws to
conduct its business; and (C) has not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except in any
such case for any such failure to comply, or failure to receive required permits, licenses or approvals, or liability as would not, individually or in the aggregate, have a Material Adverse Effect. 

3.16    Labor Relations. The Company (A) is in compliance, in all material respects, with any and all
applicable foreign, federal, state and local laws, rules, regulations, treaties, statutes and codes promulgated by any and all governmental authorities (including pursuant to the Occupational Health and Safety Act) relating to the protection of
human health and safety in the workplace (“Occupational Laws”); (B) has received all material permits, licenses or other approvals required of it under applicable Occupational Laws to conduct their business as currently
conducted; and (C) is in compliance, in all material respects, with all terms and conditions of such permits, licenses or approvals. No action, proceeding, revocation proceeding, writ, injunction or claim is pending or, to the Company’s
Knowledge, threatened against the Company relating to Occupational Laws, and the Company does not have knowledge of any material facts, circumstances or developments relating to its operations or cost accounting practices that could reasonably be
expected to form the basis for or give rise to such actions, suits, investigations or proceedings. Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), that is maintained, administered or contributed to by the Company or any of its affiliates for employees or former employees of the Company and has been maintained in material compliance with its terms and the
requirements of any applicable statutes, orders, rules and regulations, including but not limited to, ERISA and the Internal Revenue Code of 1986, as amended (the “Code”). No prohibited transaction, within the meaning of
Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any such plan excluding transactions effected pursuant to a statutory or administrative exemption; and for each such plan that is subject to the funding rules
of Section 412 of the Code or Section 302 of ERISA, no “accumulated funding deficiency” as defined in Section 412 of the Code has been incurred, whether or not waived, and the fair market value of the assets of each such
plan (excluding for these purposes accrued but unpaid contributions) exceeds the present value of all benefits accrued under such plan determined using reasonable actuarial assumptions. To the Company’s Knowledge, no executive officer or key
employee of the Company plans to terminate employment with the Company. The Company is in compliance in all material respects with all federal, state, local and foreign laws and regulations respecting labor, employment and employment practices and
benefits, terms and conditions of employment and wages and hours, except where failure to be in compliance would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

3.17    Certificates, Authorities and Permits. The Company holds, and is operating in compliance in all material
respects with, all registrations, approvals, certificates, authorizations and permits of any governmental authority or self-regulatory body required for the conduct of its business as described in the SEC Reports, including without limitation, all
such registrations, approvals, certificates, authorizations and permits required by the FDA or any other federal, state, local or foreign agencies or bodies engaged in the regulation of pharmaceuticals or biohazardous substances or materials; and
the Company has not received notice of any revocation or modification of any such registration, approval, certificate, authorization and permit or has reason to believe that any such registration, approval, certificate, authorization and permit will
not be renewed in the ordinary course that could lead to, the withdrawal, revocation, suspension, modification or termination of any such registration, approval, certificate, authorization or permit, which, singly or in the aggregate, if the subject
of an unfavorable decision, ruling or finding, could result in a Material Adverse Effect. 
 3.18    Title to
Assets. The Company has good and marketable title to all property (whether real or personal) owned by it that is material to the business of the Company, in each case free and clear of all liens, claims, security interests, other encumbrances or
defects, except those that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The property held under lease by the Company is held under valid, subsisting and enforceable leases of which the
Company is in compliance in all material respects, with only such exceptions with respect to any particular lease as do not interfere in any material respect with the conduct of the business of the Company. 

  
 14 

 3.19    Intellectual Property. The Company owns, possesses, or
can acquire on reasonable terms, all Intellectual Property necessary for the conduct of its business as now conducted or as described in the SEC Reports to be conducted in all material respects, except as such failure to own, possess, or acquire
such rights would not have a Material Adverse Effect. To the Company’s Knowledge, all Intellectual Property of the Company is valid and enforceable, except as would not, singly or in the aggregate, have a Material Adverse Effect. The Company
has not received any opinion from its legal counsel concluding that any activities of its respective businesses infringe, misappropriate, or otherwise violate, valid and enforceable Intellectual Property of any other person. Except as set forth in
the SEC Reports, (A) to the Company’s Knowledge, there is no infringement, misappropriation or violation by third parties of any such Intellectual Property, except as such infringement, misappropriation or violation would not have a
Material Adverse Effect; (B) there is no pending or, to Company’s Knowledge, threatened action, suit, proceeding or claim by others challenging the Company’s rights in or to any such Intellectual Property, and the Company is unaware
of any material facts which would form a reasonable basis for any such claim; (C) the Intellectual Property owned by the Company, and to the Company’s Knowledge, the Intellectual Property licensed to the Company, have not been adjudged
invalid or unenforceable, in whole or in part, and there is no pending or threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property, and the Company is unaware of any material facts
which would form a reasonable basis for any such claim; (D) to the Company’s Knowledge, there is no pending or threatened action, suit, proceeding or claim by others that the Company infringes, misappropriates or otherwise violates any
Intellectual Property or other proprietary rights of others, the Company has not received any written notice of such claim and the Company is unaware of any other material fact which would form a reasonable basis for any such claim; and (E) to
the Company’s Knowledge, no Company employee is obligated under any contract (including licenses, covenants or commitments of any nature) or other agreement, or subject to any judgment, decree or order of any court or administrative agency,
that would interfere with the use of such employee’s best efforts to promote the interest of the Company or that would conflict with the Company’s business; none of the execution and delivery of this Agreement, the carrying on of the
Company’s business by the employees of the Company, and the conduct of the Company’s business as proposed, will conflict with or result in a breach of terms, conditions, or provisions of, or constitute a default under, any contract,
covenant or instrument under which any such employee is now obligated; and it is not and will not be necessary to use any inventions, trade secrets or proprietary information of any of its consultants, or its employees (or Persons it currently
intends to hire) made prior to their employment by the Company, except for technology that is licensed to or owned by the Company. All licenses for the use of Company’s Intellectual Property are valid, binding upon, and enforceable against the
Company and, to the Company’s Knowledge, the other parties thereto in accordance to its terms. The Company has complied in all material respects with any intellectual property license, and except as would not, singly or in the aggregate, have a
Material Adverse Effect, the Company is not in breach nor has received any written notice asserting or threatening any claim of breach of any intellectual property license, and to the Company’s Knowledge there is no breach or anticipated breach
by any other person to any intellectual property license. The Company has taken reasonable steps to protect, maintain and safeguard its Intellectual Property, including the execution of appropriate nondisclosure and confidentiality agreements. The
Company has not received a notice (written or otherwise) that any of the Intellectual Property necessary for the conduct of its business as now conducted or as described in the SEC Reports has expired, terminated or been abandoned, or is expected to
expire or terminate or be abandoned, within two (2) years from the date of this Agreement. 
 3.20    FDA and
Related Matters. The Company and, to the Company’s Knowledge, others who perform services on the Company’s behalf have been and are in compliance with all applicable federal, state, local and foreign laws, rules, regulations,
standards, orders and decrees governing their respective businesses, including without limitation, all regulations promulgated by the FDA or any other federal, state, local or foreign agencies or bodies engaged in the regulation of pharmaceuticals
or biohazardous substances or materials, except where noncompliance would not, singly or in the aggregate, have a Material Adverse Effect; and the Company has not received any notice citing action or inaction by the Company or others who perform
services on the Company’s behalf that would constitute non-compliance with any applicable federal, state, local or foreign laws, rules, regulations or standards excepting, however, such actions that have
heretofore been resolved to the satisfaction of such governmental entity. All tests and preclinical and clinical studies conducted by or on behalf of the Company were and, if still pending, are being, conducted in all material respects in accordance
with experimental protocols, procedures and controls generally used by qualified experts in the preclinical and clinical study of new drugs, and laws and regulations; the descriptions of the tests and preclinical and clinical studies, and results
thereof, conducted by or on behalf of the Company are accurate in all material respects; except as disclosed in the SEC Reports, the 

  
 15 

 
Company has not received any written notice or correspondence from the FDA or any foreign, state or local governmental body exercising comparable authority or any Institutional Review Board or
comparable authority requiring the termination, suspension, material modification or clinical hold of any tests or preclinical or clinical studies being conducted by or on behalf of the Company, which termination, suspension, material modification
or clinical hold would reasonably be expected to have a Material Adverse Effect; and the Company has not received any written notices or correspondence from others concerning the termination, suspension, material modification or clinical hold of any
tests or preclinical or clinical studies conducted by others on any active ingredient contained in the existing products of the Company or the products described in the SEC Reports as being under development, which termination, suspension, material
modification or clinical hold would reasonably be expected to have a Material Adverse Effect. 
 3.21    Compliance
with Nasdaq Continued Listing Requirements. Except as set forth in the SEC Reports, the Company is, and has no reason to believe that it will not, upon the issuance of the Securities hereunder, continue to be, in compliance with the listing and
maintenance requirements for continued listing on Nasdaq in all material respects. Assuming the representations and warranties of the Purchasers set forth in Section 4.2 are true and correct in all material respects, the
consummation of the transactions contemplated by the Transaction Documents does not contravene the rules and regulations of Nasdaq. Except as set forth in the SEC Reports, (i) there are no proceedings pending or, to the Company’s
Knowledge, threatened against the Company relating to the continued listing of the Common Stock on Nasdaq and (ii) the Company has not received any notice of, nor to the Company’s Knowledge is there any basis for, the delisting of the
Common Stock from Nasdaq. 
 3.22    Application of Takeover Protections. The Company and the Board of Directors
have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the
Company’s certificate of incorporation (or similar charter documents) or the laws of its state of incorporation, including Section 203 of the Delaware General Corporation Law, as well as other laws or provisions that would prevent the
Purchasers or the Company from fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of the Company’s issuance of the Securities and the Purchasers’ ownership of
the Securities and exercise in full of the Warrants. 
 3.23    Fees. The Company shall be responsible for the
payment of the Placement Agent’s fees. No Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid right, interest or claim against or upon any Purchaser for any commission, fee or other
compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of the Company, and no Purchaser shall have any obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons
for fees of a type contemplated in this Section 3.23 that may be due in connection with the transactions contemplated by the Transaction Documents and that arise out of any agreement, arrangement or understanding entered
into by or on behalf of the Company. The Company shall pay, and hold each Purchaser harmless against, any liability, loss or expense (including, without limitation, reasonable attorney’s fees and out-of-pocket expenses) arising in connection with any such claim for fees arising out of the issuance of the Securities pursuant to this Agreement. 

3.24    No Directed Selling Efforts or General Solicitation. Neither the Company nor, to the Company’s
Knowledge, any Person acting on its behalf has conducted any general solicitation or general advertising (as those terms are used in Regulation D) in connection with the offer or sale of any of the Securities. 

3.25    No Integrated Offering. Neither the Company nor any of its Affiliates, nor, to the Company’s
Knowledge, any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any Company security or solicited any offers to buy any security, under circumstances that would adversely affect reliance by the Company on
Section 4(a)(2) under the Securities Act for the exemption from registration for the transactions contemplated hereby or would require registration of the Shares under the Securities Act or cause the offering of the Securities pursuant to the
Transaction Documents to be integrated with prior offerings by the Company for purposes of any applicable law, regulation or stockholder approval provisions, including, without limitation, under the rules and regulations of any Trading Market on
which the Common Stock is now listed or quoted. Assuming the satisfaction of all conditions set forth in Section 2.5(b), the sale and issuance of the Securities hereunder does not contravene the rules and regulation of any
Trading Market on which the Common Stock is now listed or quoted. 

  
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 3.26    Private Placement. Assuming the accuracy of the
Purchasers’ representations and warranties set forth in ARTICLE 4, no registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchasers as contemplated hereby.

 3.27    Investment Company. The Company is not and, after giving effect to the offering and sale of the
Securities, will not be an “investment company,” as such term is defined in the Investment Company Act of 1940, as amended. 

3.28    Foreign Corrupt Practices. The Company, nor, to the best of the Company’s Knowledge, any director,
officer, agent, employee or other Person associated with or acting on behalf of the Company has (A) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity;
(B) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (C) violated or is in violation of any provision of the FCPA; or (D) made any bribe, rebate, payoff,
influence payment, kickback or other unlawful payment. 
 3.29    Indebtedness. Except as disclosed in the SEC
Reports, the Company does not (i) have any outstanding Indebtedness (as defined below), (ii) is in violation of any term of or in default under any contract, agreement or instrument relating to any Indebtedness, except where such violations and
defaults would not result, individually or in the aggregate, in a Material Adverse Effect, or (iii) is a party to any contract, agreement or instrument relating to any Indebtedness, the performance of which, in the judgment of the
Company’s officers, has or is expected to have a Material Adverse Effect. For purposes of this Agreement: (x) “Indebtedness” of any Person means, without duplication (A) all indebtedness for borrowed money, (B) all
obligations issued, undertaken or assumed as the deferred purchase price of property or services (other than trade payables entered into in the ordinary course of business), (C) all reimbursement or payment obligations with respect to letters of
credit, surety bonds and other similar instruments, (D) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition of property, assets or
businesses, (E) all indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as financing, in either case with respect to any property or assets acquired with the proceeds of such indebtedness
(even though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale of such property), (F) all monetary obligations under any leasing or similar arrangement which, in connection
with generally accepted accounting principles, consistently applied for the periods covered thereby, is classified as a capital lease, (G) all indebtedness referred to in clauses (A) through (F) above secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property or assets (including accounts and contract rights) owned by any
Person, even though the Person which owns such assets or property has not assumed or become liable for the payment of such indebtedness, and (H) all Contingent Obligations in respect of indebtedness or obligations of others of the kinds
referred to in clauses (A) through (G) above; and (y) “Contingent Obligation” means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to any indebtedness, lease, dividend
or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or
that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto. 

3.30    Regulation M Compliance. The Company has not, and to the Company’s Knowledge no one acting on its
behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold,
bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company. 

3.31    Disclosure. No representation or warranty by the Company in this Agreement, including the Disclosure
Schedules to this Agreement, if any, and no statement contained in the SEC Reports or any certificate or other document furnished or to be furnished to the Purchasers pursuant to this Agreement contains any untrue statement of a material fact or
omits to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which they were made, not misleading. The Company confirms that neither it nor any officers or directors has provided any
Purchaser or its agents or counsel with any information that 

  
 17 

 
constitutes or might constitute material, nonpublic information, other than with respect to the existence of, and the material terms and conditions of, the transactions contemplated by the
Transaction Documents. The Company understands and confirms that each of the Purchasers will rely on the foregoing representations in effecting transactions in securities of the Company. The Company acknowledges and agrees that no Purchaser makes or
has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in ARTICLE 4 hereof. 

3.32    Registration Rights. Except as described in the SEC Reports, the Company has not granted or agreed to grant
to any Person any rights (including “piggy-back” registration rights) to have any securities of the Company registered with the SEC or any other governmental authority. All such registration rights have either been satisfied or waived so
that no Person shall have the right to demand the inclusion of any Company securities (other than the Securities to be issued hereunder) in the Registration Statement. 

3.33    Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or
12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act nor has the Company received any
notification that the Commission is contemplating terminating such registration. Except as set forth in the SEC Reports, the Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Common
Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Common Stock is currently eligible for electronic transfer through the Depository
Trust Company or another established clearing corporation (except for any restricted shares of Common Stock) and the Company is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in
connection with such electronic transfer. 
 3.34    Transactions With Affiliates and Employees. Except as set
forth in the SEC Reports, none of the officers or directors of the Company and, to the Company’s Knowledge, none of the employees of the Company is presently a party to any transaction with the Company (other than for services as employees,
officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from providing for the borrowing of money from or lending of
money to, or otherwise requiring payments to or from any officer, director or such employee or, to the Company’s Knowledge, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director,
trustee, stockholder, member or partner, in each case as such that would be disclosable under Item 404 of the Commission’s Regulation S-K, other than (i) for: (A) payment of salary or consulting fees
for services rendered, (B) payment of cash retainers for non-employee directors, (C) reimbursement for expenses incurred on behalf of the Company and (D) other employee, consultant and non-employee director benefits, including equity compensation; and (ii) the transactions contemplated by the Transaction Documents. 

3.35    Office of Foreign Assets Control. Neither the Company nor, to the Company’s knowledge, any director,
officer, agent, employee or affiliate of the Company is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”). 

3.36    Money Laundering. The operations of the Company are and have been conducted at all times in compliance with
applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the
“Money Laundering Laws”), and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the
Company’s Knowledge, threatened. 
 3.37    Defense Protection Act. The Company represents and warrants that
it does not engage in the design, fabrication, development, testing, production or manufacture of critical technologies within the meaning of the Defense Production Act of 1950, as amended, including all implementing regulations thereof (the
“DPA”) and that it has no current intention of engaging in such activities in the future. 

3.38    No Disqualification Events. With respect to the Securities to be offered and sold hereunder in reliance on
Rule 506 under the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, 

  
 18 

 
any director, executive officer, other officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s outstanding voting equity
securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered Person”
and, together, “Issuer Covered Persons”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for a
Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its
disclosure obligations under Rule 506(e), and has furnished to the Purchasers a copy of any disclosures provided thereunder. 

3.39    Other Covered Persons. Other than the Placement Agent, the Company is not aware of any person (other than
any Issuer Covered Person) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Securities. 

3.40    Notice of Disqualification Events. The Company will notify the Purchasers and the Placement Agent in
writing, prior to the Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Issuer Covered Person. 

ARTICLE 4 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS 

Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of the date hereof and as of the Closing Date to the
Company and to the Placement Agent as follows (unless as of a specific date therein): 
 4.1    Organization;
Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership,
limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of
the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable,
on the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding
obligation of such Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution
provisions may be limited by applicable law. 
 4.2    Purchaser Status. At the time such Purchaser was offered
the Securities, it was, and as of the date hereof it is, and on each date on which it exercises the Warrants it will be, an “accredited investor” as defined in Rule 501 under the Securities Act. Such Purchaser is not a broker-dealer
registered under Section 15 of the Exchange Act. Such Purchaser is acting alone in its determination as to whether to invest in the Securities. Such Purchaser is not a party to any voting agreements or similar arrangements with respect to the
Securities. Except as expressly disclosed in a Schedule 13D or Schedule 13G (or amendments thereto) filed by such Purchaser with the Commission with respect to the beneficial ownership of the Company’s Common Stock, such Purchaser is not a
member of a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, voting or disposing of the Securities. Each Purchaser represents and warrants that it (i) is not and will not become a party to
(A) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any Person as to how such Person, if serving as a director or if elected as a director of the Corporation, will act or vote on any issue or
question (a “Voting Commitment”) or (B) any Voting Commitment that could limit or interfere with 

  
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such Person’s ability to comply, if serving as or elected as a director of the Company, with such Person’s fiduciary duties under applicable law; (ii) is not and will not become a
party to any agreement, arrangement or understanding with any Person other than the corporation with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a director of the Company.

 4.3    Certain Transactions and Confidentiality. Other than consummating the transactions contemplated
hereunder, such Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during
the period commencing as of the time that such Purchaser was first contacted by the Company, the Placement Agent or any other Person regarding the transactions contemplated hereby and ending immediately prior to the date hereof. Notwithstanding the
foregoing, in the case of an Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment
decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment
decision to purchase the Shares covered by this Agreement. The Purchasers, its Affiliates and authorized representatives and advisors who are aware of the transactions contemplated by the Transaction Documents, maintained the confidentiality of all
disclosures made to it in connection with such transactions (including the existence and terms of such transactions). Notwithstanding the foregoing, for avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or
preclude any actions, with respect to the identification of the availability of, or securing of, available shares to borrow in order to effect Short Sales or similar transactions in the future. 

4.4    General Solicitation; Pre-Existing Relationship. Such Purchaser is
not purchasing the Securities as a result of any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar
or any other general solicitation or general advertisement. Such Purchaser also represents that such Purchaser was contacted regarding the sale of the Units by the Company or the Placement Agent (or an authorized agent or representative of the
Company or the Placement Agent) with which such Purchaser had a substantial pre-existing relationship. 

4.5    Purchase Entirely for Own Account. The Securities to be received by such Purchaser hereunder will be
acquired for such Purchaser’s own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the Securities Act, and such Purchaser has no present intention of selling, granting any
participation in, or otherwise distributing the same in violation of the Securities Act without prejudice, however, to such Purchaser’s right at all times to sell or otherwise dispose of all or any part of such Securities in compliance with
applicable federal and state securities laws. Nothing contained herein shall be deemed a representation or warranty by such Purchaser to hold the Securities for any period of time. 

4.6    Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such
knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the merits and risks of such investment. Such
Purchaser is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment. 

4.7    Disclosure of Information. Such Purchaser has had an opportunity to receive all information related to the
Company requested by it and to ask questions of and receive answers from the Company and the Placement Agent regarding the Company, its business and the terms and conditions of the offering of the Securities. Such Purchaser acknowledges receipt of
copies of the SEC Reports (or access thereto via EDGAR). Neither such inquiries nor any other due diligence investigation conducted by such Purchaser shall modify, limit or otherwise affect such Purchaser’s right to rely on the Company’s
representations and warranties contained in this Agreement. 
 4.8    Placement Agent. Such Purchaser hereby
acknowledges and agrees that it has independently evaluated the merits of its decision to purchase the Shares, and that (i) the Placement Agent is acting solely as placement agent in connection with the execution, delivery and performance of
the Transaction Documents and is not acting as an underwriter or in any other capacity and is not and shall not be construed as a fiduciary for such Purchaser, the Company or any other Person in connection with the execution, delivery and
performance of the Transaction Documents, and (ii) such Purchaser has not relied on the Placement Agent or its officers, directors, 

  
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employees, attorneys or Affiliates with respect to the negotiation, execution or performance of the Transaction Documents or any representation or warranty made in, in connection with, or as an
inducement to the Transaction Documents. 
 4.9    Interested Stockholders. Each Purchaser that is an
“Interested Stockholder” (as such term is defined in Section 203 of the General Corporation Law of the State of Delaware) represents and warrants that either (a) it has been an Interested Stockholder for at least three years
prior to the date hereof or (b) the transaction that resulted in such Purchaser becoming an Interested Stockholder was approved by the Board of Directors or a duly authorized committee thereof. 

4.10    Restricted Securities. Such Purchaser understands that the Securities are “restricted securities”
and have not been registered under the Securities Act and may not be offered, resold, pledged or otherwise transferred except (i) pursuant to an exemption from registration under the Securities Act or pursuant to an effective registration
statement in compliance with Section 5 under the Securities Act and (ii) in accordance with all applicable securities laws of the states of the United States and other jurisdictions. 

4.11    No Rule 506 Disqualifying Activities. Such Purchaser has not taken any of the actions set forth in, and is
not subject to, the disqualification provisions of Rule 506(d)(1) of the Securities Act. 
 4.12    Compliance.
No part of the funds being used by such Purchaser to acquire the Securities has been, or shall be, directly or indirectly derived from, or related to, any activity that may contravene United States federal or state or
non-United States laws or regulations. 
 4.13    Commissions. No Person
will have, as a result of the transactions contemplated by the Transaction Documents, any valid right, interest or claim against the Company or upon any other Purchaser for any commission, fee or other compensation pursuant to any agreement,
arrangement or understanding entered into by or on behalf of such Purchaser. Such Purchaser shall pay, and hold the Company and each other Purchaser harmless against, any liability, loss or expense (including, without limitation, reasonable
attorney’s fees and out-of-pocket expenses) arising in connection with any such claim for fees pursuant to any such agreement, arrangement or understanding entered
into by or on behalf of such Purchaser. 
 4.14    Residency. Such Purchaser is a resident of or an entity
organized under the jurisdiction specified below its address on Exhibit A hereto. 
 The Company acknowledges and agrees that the
representations contained in ARTICLE 4 shall not modify, amend or affect such Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement or any representations and
warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transaction contemplated hereby. 

ARTICLE 5 
 REGISTRATION
RIGHTS 
 5.1    Registration Statement. 

(a)    On or prior to the Initial Filing Deadline, the Company shall prepare and file with the Commission a Registration
Statement covering the resale of all Registrable Securities for an offering to be made on a continuous basis pursuant to Rule 415. The Registration Statement shall be on Form S-3 (except if the Company is not then eligible to register for resale the
Registrable Securities on Form S-3, in which case such registration shall be on another appropriate form in accordance with the Securities Act) and shall contain (except if otherwise required pursuant to
written comments received from the Commission upon a review of such Registration Statement by the Commission) the “Plan of Distribution” in substantially the form attached hereto as Exhibit G. Notwithstanding any other provision of
this ARTICLE 5, if the staff of the Commission does not permit all of the Registrable Securities to be registered on the initial Registration Statement filed pursuant to this Section 5.1(a) (the “Initial
Registration Statement”) or requires any Purchaser to be named as an “underwriter”, then the Company shall use commercially 

  
 21 

 
reasonable efforts to persuade the staff of the Commission that the offering contemplated by the Registration Statement is a valid secondary offering and not an offering “by or on behalf of
the issuer” as defined in Rule 415 and that none of the Purchasers is an “underwriter”; provided, however, that in no event shall the Company be required to continue discussions with the staff of the Commission if the
Company reasonably determines that doing so is reasonably likely to cause the Company to incur liquidated damages pursuant to Section 5.1(d) because of a failure to have the Initial Registration Statement declared effective
prior to the Initial Effectiveness Deadline. In the event that, despite the Company’s commercially reasonable efforts to advocate with the Commission for the registration of all of the Registrable Securities in accordance with the SEC Guidance,
including without limitation, Compliance and Disclosure Interpretation 612.09 and compliance with the terms of this Section 5.1(a), the staff of the Commission refuses to alter its position, the Company shall
(i) remove from the Registration Statement such portion of the Registrable Securities (the “Cut Back Shares”) as determined below and/or (ii) agree to such restrictions and limitations on the registration and resale of the
Registrable Securities as the staff of the Commission may require to assure the Company’s compliance with the requirements of Rule 415 (collectively, the “SEC Restrictions”); provided, however, that the Company
shall not agree to name any Purchaser as an “underwriter” in such Registration Statement without the prior written consent of such Purchaser; provided, further, that if any such Purchaser refuses to be named as an underwriter
as required by the SEC Restrictions, such Purchaser’s Registrable Securities shall be removed from the Initial Registration Statement and such Registrable Securities shall be deemed to constitute Cut Back Shares and the provisions of this
Section 5.1(a) shall apply to such Cut Back Shares. Except as provided in the immediately preceding sentence, any cut-back imposed pursuant to this
Section 5.1(a) shall be allocated among the Purchasers on a pro rata basis by (x) first removing Registrable Securities represented by Unit Shares on a pro rata basis based on the total number of
unregistered Unit Shares held by such Purchasers and then (y) by removing Registrable Securities represented by Warrant Shares on a pro rata basis based on the total number of unregistered Warrant Shares held by such Purchasers, in each
case unless the SEC Restrictions otherwise require or provide or the Purchasers otherwise agree. In the event of a cutback hereunder, the Company shall give the Holder at least three (3) Trading Days prior written notice along with the
calculations as to such Holder’s allotment. In furtherance of the foregoing, each Purchaser shall promptly notify the Company when it has sold substantially all of its Registrable Securities covered by the Initial Registration Statement
(or any Additional Registration Statement (as defined below)) so as to enable the Company to determine whether it can file one or more additional registration statements covering the Cut Back Shares and the Company agrees that it shall file one or
more additional Registration Statements (each, an “Additional Registration Statement”) as promptly as possible, and in any event on or prior to the applicable Additional Filing Deadline, successively using its commercially
reasonable efforts to register on each such Additional Registration Statement the maximum number of remaining Cut Back Shares that continue to constitute Registrable Securities until all of the Cut Back Shares that continue to constitute Registrable
Securities have been registered with the SEC. 
 (b)    The Company shall use its commercially reasonable efforts to
cause each Registration Statement to be declared effective by the Commission as promptly as possible after the filing thereof, but in any event prior to the applicable Effectiveness Deadline, and shall use commercially reasonable efforts to keep the
Registration Statement continuously effective under the Securities Act until the date that all Registrable Securities covered by such Registration Statement have been sold or can be sold publicly without restriction or limitation under Rule 144
(including, without limitation, the requirement to be in compliance with Rule 144(c)(1)) (the “Effectiveness Period”). Not later than two Trading Days after a Registration Statement is declared effective, the Company shall file a
prospectus supplement for any Registration Statement to the extent required pursuant to Rule 424. 
 (c)    The Company
shall notify the Purchasers in writing promptly (and in any event within two Trading Days) after receiving notification from the Commission that a Registration Statement has been declared effective. 

(d)    Notwithstanding anything in this Agreement to the contrary, the Company may, by written notice to the Purchasers,
suspend sales under a Registration Statement after the Effective Date thereof and/or require that the Purchasers immediately cease the sale of shares of Common Stock pursuant thereto and/or defer the filing of any Additional Registration Statement
if the Company is engaged in a material merger, acquisition or sale or any other pending development that the Company believes may be material, and the Board of Directors determines in good faith, by appropriate resolutions, that, as a result of
such activity, (A) it would be materially detrimental to the Company (other than as relating solely to the price of the Common Stock) to maintain a 

  
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Registration Statement at such time or (B) it is in the best interests of the Company to suspend sales under such registration at such time. Upon receipt of such notice, each Purchaser
agrees to immediately discontinue any sales of Registrable Securities pursuant to such Registration Statement until such Purchaser is advised in writing by the Company that the current Prospectus or amended Prospectus, as applicable, may be used. In
no event, however, shall this right be exercised to suspend sales beyond the period during which (in the good faith determination of the Board of Directors) the failure to require such suspension would be materially detrimental to the Company. The
Company’s rights under this Section 5.1(d) may be exercised for a period of no more than 20 Trading Days at a time with a subsequent permitted trading window of at least 90 Trading Days, and not more than two times in
any twelve-month period. Immediately after the end of any suspension period under this Section 5.1(d), the Company shall take all necessary actions (including filing any required supplemental prospectus) to restore the
effectiveness of the applicable Registration Statement and the ability of the Purchasers to publicly resell their Registrable Securities pursuant to such effective Registration Statement. 

5.2    Registration Procedures. In connection with the Company’s registration obligations hereunder, the
Company shall: 
 (a)    Not less than five Trading Days prior to the filing of a Registration Statement or any related
Prospectus or any amendment or supplement thereto, furnish via email to those Purchasers or their counsels who have supplied the Company with email addresses copies of all such documents proposed to be filed, which documents (other than any document
that is incorporated or deemed to be incorporated by reference therein) will be subject to the review of such Purchasers. The Company shall reflect in each such document when so filed with the Commission such comments regarding the Purchasers and
the plan of distribution as the Purchasers may reasonably and promptly propose no later than two Trading Days after the Purchasers have been so furnished with copies of such documents as aforesaid. 

(b)    (i) Subject to Section 5.1(d), prepare and file with the Commission such amendments,
including post-effective amendments, to each Registration Statement and the Prospectus used in connection therewith as may be necessary to keep the Registration Statement continuously effective, as to the applicable Registrable Securities for the
Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities; (ii) cause the related Prospectus to be amended or
supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; and (iii) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the
disposition of all Registrable Securities covered by the Registration Statement during the applicable period in accordance with the intended methods of disposition by the Purchasers thereof set forth in the Registration Statement as so amended or in
such Prospectus as so supplemented. 
 (c)    Notify the Purchasers as promptly as reasonably possible, and if
requested by the Purchasers, confirm such notice in writing no later than two Trading Days thereafter, of any of the following events: (i) the Commission notifies the Company whether there will be a “review” of any Registration
Statement; (ii) any Registration Statement or any post-effective amendment is declared effective; (iii) the Commission issues any stop order suspending the effectiveness of any Registration Statement or initiates any Proceedings for that
purpose; (iv) the Company receives notice of any suspension of the qualification or exemption from qualification of any Registrable Securities for sale in any jurisdiction, or the initiation or threat of any Proceeding for such purpose;
(v) the financial statements included in any Registration Statement become ineligible for inclusion therein; or (vi) the Company becomes aware that any Registration Statement or Prospectus or other document contains any untrue statement of
a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(d)    Use reasonable best efforts to avoid the issuance of or, if issued, obtain the withdrawal of (i) any order
suspending the effectiveness of any Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, as soon as possible. 

(e)    If requested by a Purchaser, provide such Purchaser, without charge, at least one conformed copy of each
Registration Statement and each amendment thereto, including financial statements and 

  
 23 

 
schedules, and all exhibits to the extent requested by such Person (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the
Commission; provided, that the Company shall have no obligation to provide any document pursuant to this clause that is available on the Commission’s EDGAR system. 

(f)    Promptly deliver to each Purchaser, without charge, as many copies of the Prospectus or Prospectuses (including
each form of prospectus) and each amendment or supplement thereto as such Persons may reasonably request. The Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Purchasers in
connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto to the extent permitted by federal and state securities laws and regulations. 

(g)    Prior to any resale of Registrable Securities by a Purchaser, use commercially reasonable best efforts to register
or qualify or cooperate with the selling Purchasers in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or Blue Sky laws
of such jurisdictions within the United States as any Purchaser requests in writing, to keep each such registration or qualification (or exemption therefrom) effective for so long as required, but not to exceed the duration of the Effectiveness
Period, and to do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by a Registration Statement; provided, however, that the Company
shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing
business in any jurisdiction in which it is not otherwise so subject. 
 (h)    Use reasonable best efforts to cause
all Registrable Securities covered by a Registration Statement to be listed on the Trading Market; 
 (i)    If
requested by the Purchasers, cooperate with the Purchasers to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates
shall be free, to the extent permitted by this Agreement and under law, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Purchasers may reasonably request.

 (j)    Upon the occurrence of any event described in Section 5.2(c)(iii)-(vi), as promptly
as reasonably practicable, prepare a supplement or amendment, including a post-effective amendment, to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by
reference, and file any other required document so that, as thereafter delivered, neither the Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(k)    It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this
Agreement with respect to the Registrable Securities of any particular Purchaser that such Purchaser furnish to the Company a completed Selling Stockholder Questionnaire in the form proffered by the Company (the “Selling Stockholder
Questionnaire”) and such other information regarding itself, the Registrable Securities and other shares of Common Stock held by it and the intended method of disposition of the Registrable Securities held by it (if different from the Plan
of Distribution set forth on Exhibit G hereto) as shall be reasonably required to effect the registration of such Registrable Securities and shall complete and execute such documents in connection with such registration as the Company
may reasonably request. 
 (l)    The Company shall comply with all applicable rules and regulations of the Commission
under the Securities Act and the Exchange Act, including, without limitation, Rule 172 under the Securities Act, file any final Prospectus, including any supplement or amendment thereof, with the Commission pursuant to Rule 424 under the Securities
Act, promptly inform the Purchasers in writing if, at any time during the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Purchasers are required to make available a Prospectus in
connection with any disposition of Registrable Securities and take such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder. 

  
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 (m)    Not identify any Purchaser as an underwriter without its prior
written consent in any public disclosure or filing with the Commission or any Trading Market and any Purchaser being deemed an underwriter by the Commission shall not relieve the Company of any obligations it has under this Agreement;
provided, however, that the foregoing shall not prohibit the Company from including the disclosure found in the “Plan of Distribution” section attached hereto as Exhibit G in the Registration Statement. In
addition, and notwithstanding anything to the contrary contained herein, if the Company has received a comment by the Commission requiring an Purchaser to be named as an underwriter in the Registration Statement (which notwithstanding the reasonable
best efforts of the Company is not withdrawn by the Commission) and such Purchaser refuses to be named as an underwriter in the Registration Statement, such Purchaser’s Registrable Securities shall be removed from the Registration Statement,
such Registrable Securities shall be deemed to constitute Cut Back Shares. 
 5.3    Registration Expenses. The
Company shall pay all fees and expenses incident to the performance of or compliance with ARTICLE 5 of this Agreement by the Company, including without limitation (a) all registration and filing fees and expenses, including without
limitation those related to filings with the Commission, any Trading Market, and in connection with applicable state securities or Blue Sky laws, (b) printing expenses (including without limitation expenses of printing certificates for
Registrable Securities), (c) messenger, telephone and delivery expenses, (d) fees and disbursements of counsel for the Company, (e) fees and expenses of all other Persons retained by the Company in connection with the consummation of the
transactions contemplated by this Agreement, (f) all listing fees to be paid by the Company to the Trading Market and (g) reasonable and reasonably-documented fees and disbursements, not to exceed $15,000 in the aggregate, of one counsel
for the Purchasers. In no event shall the Company be responsible for any underwriting, broker or similar fees or commissions of any Purchaser or, except to the extent provided for above or in the Transaction Documents, any legal fees or other costs
of the Purchasers. 
 5.4    Indemnification. 

(a)    Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement,
indemnify and hold harmless each Purchaser, the officers, directors, partners, members, agents and employees of each of them, each Person who controls any such Purchaser (within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act) and the officers, directors, partners, members, agents and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all Losses, as incurred, arising out of or
relating to any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the
Registrable Securities, any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any Prospectus or in any amendment or supplement thereto, or arising out of or relating to any omission or alleged omission of
a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading,
except to the extent, but only to the extent, that (A) such untrue statements, alleged untrue statements, omissions or alleged omissions are based solely upon information regarding such Purchaser furnished in writing to the Company by such
Purchaser for use therein, or to the extent that such information relates to such Purchaser or such Purchaser’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved by such Purchaser expressly for
use in the Registration Statement, or (B) with respect to any Prospectus, if the untrue statement or omission of material fact contained in such Prospectus was corrected on a timely basis in the Prospectus, as then amended or supplemented, if
such corrected prospectus was timely made available by the Company to the Purchaser, and the Purchaser seeking indemnity hereunder was advised in writing not to use the incorrect prospectus prior to the use giving rise to Losses. 

(b)    Indemnification by Purchasers. Each Purchaser shall, severally and not jointly, indemnify and hold harmless
the Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees
of such controlling Persons, to the fullest extent permitted by applicable law, 

  
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from and against all Losses (as determined by a court of competent jurisdiction in a final judgment not subject to appeal or review) arising solely out of any untrue statement of a material fact
contained in the Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement thereto, or arising out of or relating to any omission of a material fact required to be stated therein or necessary to make the
statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, but only to the extent that such untrue statement or omission is contained
in any information so furnished by such Purchaser in writing to the Company specifically for inclusion in such Registration Statement or such Prospectus or to the extent that (i) such untrue statements or omissions are based solely upon
information regarding such Purchaser furnished to the Company by such Purchaser in writing expressly for use in the Registration Statement or Prospectus, or to the extent that such information relates to such Purchaser or such Purchaser’s
proposed method of distribution of Registrable Securities and was reviewed and expressly approved by such Purchaser expressly for use in the Registration Statement (it being understood that the information provided by the Purchaser to the Company in
the Questionnaire and the Plan of Distribution set forth on Exhibit G, as the same may be modified by such Purchaser constitutes information reviewed and expressly approved by such Purchaser in writing expressly for use in the Registration
Statement), such Prospectus or such form of Prospectus or in any amendment or supplement thereto. In no event shall the liability of any selling Purchaser hereunder be greater in amount than the dollar amount of the net proceeds received by such
Purchaser upon the sale of the Registrable Securities giving rise to such indemnification obligation. 

(c)    Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person
entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall
assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified
Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which
determination is not subject to appeal or further review) that such failure shall have proximately and materially adversely prejudiced the Indemnifying Party. 

An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (i) the Indemnifying Party has agreed in writing to pay such fees and expenses; or (ii) the Indemnifying Party shall have failed
within 15 days of receiving notification of a Proceeding from an Indemnified Party to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; (iii) any counsel
engaged by the applicable Indemnifying Party shall fail to timely commence or diligently conduct the defense of any such claim and such failure has materially prejudiced (or, in the reasonable judgment of the Indemnified Party, is in danger of
materially prejudicing) the outcome of the applicable claim; or (iv) such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to or may exist between the applicable Indemnifying Party and Indemnified Party
or that there may be one or more different or additional defenses, claims, counterclaims or causes of action available to such Indemnified Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to
employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of separate counsel shall be at the expense of the Indemnifying
Party). It being understood, however, that the Indemnifying Party shall not, in connection with any one such Proceeding (including separate Proceedings that have been or will be consolidated before a single judge) be liable for the fees and expenses
of more than one separate firm of attorneys at any time for all Indemnified Parties, which firm shall be appointed by a majority of the Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any such Proceeding
effected without its written consent, which consent shall not be unreasonably withheld. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any
Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding. 

All reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with
investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within 20 Trading Days of written 

  
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notice thereof to the Indemnifying Party (regardless of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided, that the Indemnifying
Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to the extent it is finally judicially determined (not subject to appeal) that such Indemnified Party is not entitled to indemnification hereunder). 

(d)    Contribution. If a claim for indemnification under Section 5.4(a) or
(b) is unavailable to an Indemnified Party (by reason of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party
as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other
relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a
material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in Section 5.4(c),
any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this
Section was available to such party in accordance with its terms. 
 The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 5.4(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately
preceding paragraph. Notwithstanding the provisions of this Section 5.4(d), no Purchaser shall be required to contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such
Purchaser from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have
to the Indemnified Parties, including pursuant to Section 6.6 hereof. 

5.5    Dispositions. Each Purchaser agrees that it will comply with the prospectus delivery requirements of the
Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to the Registration Statement and shall sell its Registrable Securities that it sells pursuant to the Registration Statement in accordance with the Plan
of Distribution set forth in the Prospectus. Each Purchaser further agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 5.2(c)(iii)-(vi), such Purchaser
will discontinue disposition of such Registrable Securities under the Registration Statement until such Purchaser is advised in writing by the Company that the use of the Prospectus, or amended Prospectus, as applicable, may be used. The Company may
provide appropriate stop orders to enforce the provisions of this paragraph. Each Purchaser, severally and not jointly with the other Purchasers, agrees that the removal of the restrictive legend from certificated or uncertificated Shares as set
forth in the Section 6.1 is predicated upon the Company’s reliance that the Purchaser will comply with the provisions of this subsection. 

5.6    No Piggyback on Registrations. Neither the Company nor any of its security holders (other than the
Purchasers in such capacity pursuant hereto) may include securities of the Company in the Registration Statement other than the Registrable Securities. The Company shall not file any other registration statements, other than any registration
statements on Form S-4 or Form S-8 (each as promulgated under the Securities Act), prior to the Effective Date of the Initial Registration Statement, provided
that this Section 5.6 shall not prohibit the Company from filing amendments to registration statements filed prior to the date of this Agreement. 

5.7    Amendments; Waivers. Notwithstanding anything in this Agreement to the contrary, the provisions of this
ARTICLE 5 may be amended or waived (either generally or in a particular instance, either retroactively or prospectively and either for a specified period of time or indefinitely), with the written consent of (i) the Company and
(ii) the Purchaser or Purchasers holding at least a majority of the then outstanding Registrable 

  
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Securities. Notwithstanding the foregoing, a waiver or consent to depart from the provisions of this ARTICLE 5 with respect to a matter that relates exclusively to the rights of Purchasers
and that does not directly or indirectly affect the rights of other Purchasers may be given by Purchasers of all of the Registrable Securities to which such waiver or consent relates; provided, however, that the provisions of
this sentence may not be amended, modified or supplemented except in accordance with the provisions of the immediately preceding sentence. 

ARTICLE 6 
 OTHER
AGREEMENTS OF THE PARTIES 
 6.1    Transfer Restrictions. 

(a)    The Securities may only be disposed of in compliance with state and federal securities laws, and each Purchaser
agrees that it will sell, transfer or otherwise dispose of the Securities only in compliance with all applicable state and federal securities laws, and, as applicable, in accordance with the requirements of Section 5.5
hereof. In connection with any transfer of Securities other than pursuant to an effective registration statement under the Securities Act or Rule 144, to the Company or to an Affiliate of a Purchaser, the Company may require the transferor thereof
to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not
require registration of such transferred Securities under the Securities Act. 
 (b)    The Purchasers agree to the
imprinting, so long as is required by this Section 6.1, of a legend on any of the Securities, whether in certificated or uncertificated form, in substantially the following forms, as applicable: 

NEITHER THIS WARRANT, NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT (COLLECTIVELY, THE “SECURITIES”), HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAWS. THE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE OFFERED, SOLD, PLEDGED,
HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES OR BLUE SKY LAWS, PURSUANT TO REGISTRATION OR QUALIFICATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE
REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE COMPANY MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT ANY PROPOSED TRANSFER IS IN
COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES OR BLUE SKY LAWS. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN
“ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES. 
 THIS SECURITY
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAWS. THIS SECURITY IS SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE OFFERED,
SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES OR BLUE SKY LAWS, PURSUANT TO REGISTRATION OR QUALIFICATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY
MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE COMPANY MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT ANY

  
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PROPOSED TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES OR BLUE SKY LAWS. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A
REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES. 

The Company acknowledges and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered
broker-dealer or grant a security interest in some or all of the Securities to a financial institution that is an “accredited investor” as defined in Rule 501(a) under the Securities Act and, if required under the terms of such
arrangement, such Purchaser may transfer pledged or secured Securities to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party
or pledgor shall be required in connection therewith. Further, no notice shall be required of such pledge. At the applicable Purchaser’s expense, the Company will, subject to Section 8.6 hereof, execute and deliver
such reasonable documentation as a pledgee or secured party of Securities may reasonably request in connection with a pledge or transfer of the Securities, including, if the Securities are subject to registration pursuant to ARTICLE 5, the
preparation and filing of any required prospectus supplement under Rule 424(b)(3) under the Securities Act or other applicable provision of the Securities Act to appropriately amend the list of Selling Stockholders thereunder; provided,
however, that nothing in this provision will require the Company to post-effectively amend any Registration Statement to amend the list of Selling Stockholders included therein. 

(c)    Instruments, whether certificated or uncertificated, evidencing the Unit Shares and Warrant Shares shall not
contain any legend (including the legend set forth in Section 6.1(b) hereof), (i) while a registration statement (including the Registration Statement) covering the resale of such security is effective under the Securities Act,
(ii) if such Unit Shares or Warrant Shares are eligible for sale under Rule 144, without the requirement for the Company to be in compliance with the current public information required under Rule 144 as to such Unit Shares and Warrant Shares
and without volume or manner-of-sale restrictions, (iii) following any sale of such Unit Shares or Warrant Shares pursuant to Rule 144 or (iv) if such legend
is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). Upon request by any Purchaser, following such time as a legend is no longer required
under this Section 6.1(c), the Company shall cause its counsel to issue a legal opinion to the Transfer Agent (if required by the Transfer Agent) to effect the removal of the legend hereunder from any Shares. If all or any portion of a Warrant
is exercised at a time when there is an effective registration statement to cover the resale of the Warrant Shares, or if the Warrant Shares issuable upon exercise of such Warrant may be sold under Rule 144 without limitation or restriction and the
Company is then in compliance with the current public information required under Rule 144, or if such Warrant Shares may be sold under Rule 144 without limitation or restriction and without the requirement for the Company to be in compliance with
the current public information required under Rule 144 as to such Warrant Shares or if such legend is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the
staff of the Commission) then such Warrant Shares shall be issued free of all legends. The Company agrees that following such time as a legend is no longer required under this Section 6.1(c), no later than three Trading Days following the
delivery by a Purchaser to the Company of all of (i) an instrument, whether certificated or uncertificated, representing Unit Shares or Warrant Shares, as the case may be, issued with a restrictive legend, (ii) a written request addressed
to the Company that such restrictive legend be removed, (iii) customary broker and representation letters in form and substance reasonably satisfactory to the Company and (iv) with respect to a legend removal request in reliance upon the
availability of Rule 144, such further information as may be reasonably required by the Company and its counsel that provides reasonable assurance that such Unit Shares or Warrant Shares may be sold, assigned or transferred pursuant to Rule 144 as
of the date in question (the date that all of such foregoing information and documentation is delivered to the Company by a Purchaser, the “Removal Request Date” and such third Trading Day thereafter, the “Legend Removal
Date”), the Company will deliver or cause to be delivered to such Purchaser an instrument, certificated or uncertificated as directed by such Purchaser, representing such Shares that is free from all restrictive and other legends. The
Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 6.1(c). Securities subject to legend removal hereunder shall,
unless otherwise directed by a Purchaser, be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser’s prime broker with the Depository Trust Company System as directed by such Purchaser. 

  
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 (d)    In addition to a Purchaser’s other available remedies, if
the Company shall fail for any reason (other than failure of such Purchaser to comply with the provisions set forth in this Section 6.1) to deliver any Shares without a restrictive legend by the Legend Removal Date, and if
on or after the Legend Removal Date such Purchaser purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by such Purchaser of any portion of such Shares that such Purchaser anticipated
receiving without legend by the Legend Removal Date (a “Buy-In”), then the Company shall, within two (2) Trading Days after such Purchaser’s request and in such Purchaser’s
discretion, either: (i) pay cash to such Purchaser in an amount equal to such Purchaser’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased by such Purchaser (the “Buy-In Price”), at which point the Company’s obligation to deliver such unlegended Shares shall terminate, or (ii) promptly honor its obligation to deliver to such Purchaser such unlegended Shares
as provided above and pay cash to such Purchaser in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of Shares, times (B) the closing price on the
Principal Trading Market of one share of Common Stock as of the Removal Request Date. 
 6.2    Furnishing of
Information; Public Information. In order to enable the Purchasers to sell Shares under Rule 144, for a period of one year from the Closing, the Company covenants to use commercially reasonable efforts to timely file (or obtain extensions
in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Section 13(a) or 15(d) of the Exchange Act. During such one year period, if the Company is not
required to file reports pursuant to Section 13(a) or 15(d) of the Exchange Act, it will prepare and furnish to the Holders and make publicly available in accordance with Rule 144(c) promulgated under the Securities Act annual and quarterly
financial statements, together with a discussion and analysis of such financial statements in form and substance substantially similar to those that would otherwise be required to be included in reports required by Section 13(a) or 15(d) of the
Exchange Act, as well as any other information required thereby, in the time period that such filings would have been required to have been made under the Exchange Act. 

6.3    Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in
respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would require the registration under the Securities Act of the sale of the Securities or
that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of Nasdaq such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is
obtained before the closing of such subsequent transaction. The Purchasers shall take no action to become a group such that any transactions contemplated by this Agreement would require shareholder approval prior to Closing. 

6.4    Securities Laws Disclosure; Publicity. The Company shall (a) by 4:15 p.m. (New York City time) on
the Trading Day immediately following the date hereof, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including the
Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange Act. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this
Agreement are publicly disclosed by the Company as described in this Section 6.4, such Purchaser will maintain the confidentiality of all disclosures made to it in connection with this transaction (including the existence
and terms of this transaction), except that such Purchaser may disclose the terms to its financial, accounting, legal and other advisors. From and after the issuance of such press release, the Company represents to the Purchasers that it shall have
publicly disclosed all material, non-public information delivered to any of the Purchasers by the Company or any of its officers, directors, employees or agents in connection with the transactions contemplated
by the Transaction Documents. In addition, effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the
Company or any of its officers, directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. Notwithstanding the foregoing, the Company shall not publicly
disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except: (a) as required by federal
securities laws in connection with (i) any Registration Statement contemplated by this Agreement and (ii) the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or
Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause (b). 

  
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 6.5    Use of Proceeds. The Company shall use the net proceeds
from the sale of the Securities hereunder for funding research and development and its other operations, or for working capital and other general corporate purposes, and shall not use any such proceeds in violation of FCPA or OFAC regulations. 

6.6    Indemnification of Purchasers. Subject to the provisions of this Section 6.6, the
Company will indemnify and hold each Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of
such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or
employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling Persons (each, a “Purchaser Party”) harmless from any
and all Losses that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction
Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser Parties, with respect to any of the
transactions contemplated by the Transaction Documents (unless such action is based upon a breach of such Purchaser Party’s representations, warranties or covenants under the Transaction Documents or any agreements or understandings such
Purchaser Parties may have with any such stockholder or any violations by such Purchaser Parties of state or federal securities laws or any conduct by such Purchaser Parties which constitutes fraud, gross negligence, willful misconduct or
malfeasance of such Purchaser Party). If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the
Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the
defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company
has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and
the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement
(y) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage or
liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. No Purchaser shall be liable for
the indemnification obligations of any other Purchaser and no Purchaser’s liability shall exceed the purchase price paid for the Securities pursuant to this Agreement. The indemnification required by this Section 6.6
shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or
similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law. 

6.7    Reservation of Common Stock. The Company has reserved and the Company shall continue to reserve and keep
available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to (i) issue the Unit Shares pursuant to this Agreement and (ii) to issue the Warrant Shares upon
exercise of the Warrants (the “Required Minimum”). If, on any date, the number of authorized but unissued (and otherwise unreserved) shares of Common Stock is less than the Required Minimum on such date, then, not later than the
Company’s next annual meeting of stockholders occurring on or after the 60th day following such date, the Board of Directors shall use its best efforts to amend the Company’s certificate
of incorporation to increase the number of authorized but unissued shares of Common Stock to at least the Required Minimum at such time. 

6.8    Listing of Common Stock. In the time and manner required by the Principal Trading Market, the Company shall
prepare and file (or shall have prepared and filed) with such Trading Market an additional shares listing application covering all of the Shares and shall use its commercially reasonable efforts to take all steps necessary to maintain, so long as
any other shares of Common Stock shall be so listed, such listing or if no longer listed on the Principal Trading Market, shall use its commercially reasonable efforts to take all steps necessary to 

  
 31 

 
maintain a listing on another Trading Market. The Company will then use its commercially reasonable efforts to continue the listing or quotation and trading of its Common Stock on a Trading
Market and will comply in all material respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Trading Market. In addition, the Purchasers and the Company agree to cooperate in good faith, if
necessary, to restructure the transactions contemplated by the Transaction Documents such that they do not contravene the rules and regulations of Nasdaq; provided, however, that such restructuring does not impact the economic
interests of the Purchasers contemplated by the Transaction Documents. Each Purchaser agrees to provide information reasonably requested by the Company to comply with this Section 6.8 and
Section 3.21. The provisions of Sections 6.8 shall terminate and be of no further force and effect upon the expiration of the Effectiveness Period. 

6.9    Equal Treatment of Purchasers. No consideration (including any modification of any Transaction Document)
shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration is also offered to all of the parties to this Agreement. For clarification purposes, this
provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers
acting in concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise. 

6.10    Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Securities as
required under Regulation D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the
Securities for, sale to the Purchasers at the Closing under applicable securities or “Blue Sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon request of any Purchaser. Each Purchaser
shall provide any information reasonably requested by the Company to comply with Section 6.10. 

6.11    Acknowledgment of Dilution. The Company acknowledges that the issuance of the Securities may result in
dilution of the outstanding shares of Common Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges that its obligations under the Transaction Documents, including, without limitation, its
obligation to issue the Unit Shares and Warrant Shares pursuant to the Transaction Documents, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect of any such dilution or
any claim the Company may have against any Purchaser and regardless of the dilutive effect that such issuance may have on the ownership of the other stockholders of the Company. 

6.12    Non-Public Information. The Company covenants and agrees that
neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material
non-public information after the date hereof, unless prior thereto such Purchaser shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The
Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company delivers any material,
non-public information to a Purchaser without such Purchaser’s consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company or any of its
officers, directors, agents, employees or Affiliates, or a duty to the Company, or any of its respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material,
non-public information, provided that the Purchaser shall remain subject to applicable law. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting
transactions in securities of the Company. 
 6.13    Acknowledgment Regarding Purchaser’s Trading Activity.
Anything in this Agreement or elsewhere herein to the contrary notwithstanding (except for Section 4.3), it is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any
Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or “derivative” securities based on securities issued by the Company or to hold the Securities for any specified term, (ii) past or
future open market or other transactions by any Purchaser, specifically including, without limitation, Short Sales or “derivative” transactions, before or after the closing of this or future private placement transactions, may negatively
impact the market price of the Company’s publicly-traded securities, (iii) any Purchaser, and counter-parties in “derivative” 

  
 32 

 
transactions to which any such Purchaser is a party, directly or indirectly, may presently have a “short” position in the Common Stock and (iv) each Purchaser shall not be deemed
to have any affiliation with or control over any arm’s length counter-party in any “derivative” transaction. The Company further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at
various times during the period that the Securities are outstanding, and (z) such hedging activities (if any) could reduce the value of the existing stockholders’ equity interests in the Company at and after the time that the hedging
activities are being conducted. Except as contemplated by Section 4.3 hereof, Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents. 

6.14    Other Actions. Except as otherwise set forth in this Agreement, from the date of this Agreement until the
earlier to occur of the Closing or the termination of this Agreement in accordance with the terms hereof, the Company and the Purchasers shall not, and shall not permit any of their respective Affiliates to, take, or agree or commit to take, any
action that would reasonably be expected to, individually or in the aggregate, prevent, materially delay or materially impede the consummation of the transactions contemplated by this Agreement. 

6.15    Board Seat. Effective as of the Closing Date, the Company shall have appointed Andrew Sinclair, Ph.D., as a
designee of Abingworth, to the Company’s Board of Directors. Thereafter, from the Closing Date, and for as long as Abingworth holds at least five percent (5%) of the Company’s issued and outstanding Common Stock, the Company will nominate
and use its commercially reasonable efforts (including, without limitation, soliciting proxies for the Abingworth’s designee to the same extent as it does for any of its other nominees to the Board of Directors) to have one (1) individual
designated by Abingworth elected to the Board of Directors. Subject to compliance with any Trading Market’s rules on which the Common Stock is listed or quoted for trading on the date in question, for as long as Abingworth is entitled to
appoint one persons to the Board of Directors, the Company shall appoint Abingworth’s designee to serve on such committees of the Board of Directors as shall exist from time to time as requested by Abingworth or the designee of Abingworth . If
at any time Abingworth (i) shall hold less than 5% of the Company’s issued and outstanding Common Stock, and (ii) shall have a designee serving as a member of the Board of Directors, then, upon the request of the Company, such
designee shall decline nomination for re-election at the next annual meeting of the Company’s stockholders. 

6.16    Subsequent Equity Sales. From the date hereof until the later of (i) ninety (90) days following the
Closing Date and (ii) thirty (30) days after the Effective Date, neither the Company nor any subsidiary of the Company shall issue shares of Common Stock or securities convertible into or exchangeable for Common Stock; provided, however,
the thirty (30) day period set forth in this Section 6.15 shall be extended for the number of Trading Days during such period in which (i) trading in the Common Stock is suspended by any Trading Market, or
(ii) following the Effective Date, the Registration Statement is not effective or the prospectus included in the Registration Statement may not be used by the Purchasers for the resale of the Securities. Notwithstanding anything to the contrary
contained herein, the foregoing restriction shall not apply to (a) securities required to be issued pursuant to contractual obligations of the Company in effect as of the date of this Agreement, (b) equity securities issued or issuable
pursuant to employee benefit or purchase plans in effect as of the date of this Agreement or pursuant to bona fide employee benefit or purchase plans established during the period described in the first sentence of this Section 6.14, (c) the
issuance of up to that number of shares equal to fifteen (15) percent of the Company’s outstanding shares of Common Stock, calculated following the sale of the Securities hereunder, in connection with mergers or acquisitions of businesses,
entities, property or other assets, joint ventures or strategic alliances, or (d) securities issued by Capnia, Inc., a consolidated partially-owned subsidiary of the Company, for the purpose of funding Capnia, Inc.’s separate medical
device business. 
 6.17    Defense Protection Act. To the extent that the Company engages in the design,
fabrication, development, testing, production or manufacture of critical technologies within the meaning of the DPA, whether because of a new categorization of technology by the U.S. government or otherwise, the Company shall immediately provide
notice to Abingworth. 

  
 33 

 ARTICLE 7 

TERMINATION 

7.1    Termination. The obligations of the Company, on the one hand, and the Purchasers, on the other hand, to
effect the Closing shall terminate as follows: 
 (a)    Upon the mutual written consent of the Company and the
Purchasers; 
 (b)    By the Company if any of the conditions set forth in Section 2.5(a)
shall have become incapable of fulfillment, and shall not have been waived by the Company; 
 (c)    By a Purchaser
(with respect to itself only) if any of the conditions set forth in Section 2.5(b) shall have become incapable of fulfillment, and shall not have been waived by such Purchaser; or 

(d)    By either the Company or any Purchaser (with respect to itself only) if the Closing has not occurred on or prior
to January 15, 2019; 
 provided, however, that, except in the case of clause (a) above, the party seeking to terminate its
obligation to effect the Closing shall not then be in breach of any of its representations, warranties, covenants or agreements contained in this Agreement or the other Transaction Documents if such breach has resulted in the circumstances giving
rise to such party’s seeking to terminate its obligation to effect the Closing. 
 7.2    Notice of Termination;
Effect of Termination. In the event of termination by the Company or any Purchaser of its obligations to effect the Closing pursuant to this ARTICLE 7, written notice thereof shall forthwith be given to the other
Purchasers by the Company and the other Purchasers shall have the right to terminate their obligations to effect the Closing upon written notice to the Company and the other Purchasers. Nothing in this ARTICLE 7 shall be
deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or the other Transaction Documents or to impair the right of any party to compel specific performance by any other party of its
obligations under this Agreement or the other Transaction Documents. For the avoidance of doubt, the obligation to reimburse Abingworth’s documented expenses, including reasonable expenses of counsel, pursuant to Section 8.1 shall survive
the termination of this Agreement. 
 ARTICLE 8 

MISCELLANEOUS 

8.1    Fees and Expenses. The parties hereto shall pay their own costs and expenses in connection herewith,
including all attorneys’ fees; provided that the Company shall reimburse Abingworth for reasonable and documented expenses incurred in connection with the pre and post-closing due diligence, investment documentation, detailed background
searches on management, counsel expenses of Latham & Watkins LLP and such other expenses incurred from time to time in connection with this Agreement in an amount not to exceed $100,000. The Company shall pay all Transfer Agent fees, stamp
taxes and other taxes and duties levied in connection with the sale and issuance of their applicable Securities. 

8.2    Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the
entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such
documents, exhibits and schedules; provided, however, that any Confidentiality Agreements previously entered into between the Company and any Applicable Purchasers shall remain in full force and effect. At or after the Closing, and without further
consideration, the Company will execute and deliver to the Purchasers, and the Purchasers will execute and deliver to the Company, such further documents as may be reasonably requested in order to give practical effect to the intention of the
parties under the Transaction Documents. 
 8.3    Notices. Any and all notices or other communications or
deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of 

  
 34 

 
transmission, if such notice or communication is delivered via facsimile at the facsimile number or by electronic mail at the email address set forth on the signature pages attached hereto at or
prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or by electronic mail at the email
address set forth on Exhibit A attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if
sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as follows: 

(i)    if to the Company, to Soleno Therapeutics, Inc., 1235 Radio Road, Suite 110, Redwood City, California 94065,
Attention: Anish Bhatnagar, (email: anish@soleno.life), with a copy to Wilson Sonsini Goodrich & Rosati, Professional Corporation, 650 Page Mill Road, Palo Alto, California 94304 (e-mail:
esatusky@wsgr.com), Attention: Elton Satusky; and 
 (ii)    if to the Purchasers, to their respective addresses as set
forth on Exhibit A attached hereto. 
 8.4    Amendments; Waivers. Subject to the
provisions of Section 5.7, no provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and the Principal Purchasers or,
in the case of a waiver, by the party against whom enforcement of any such waived provision is sought, provided, however, that any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and
obligations of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected Purchaser. No waiver of any default with respect to any provision, condition or
requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise
any right hereunder in any manner impair the exercise of any such right. Any amendment effected in accordance with accordance with this Section 8.4 shall be binding upon each Purchaser and the Company. 

8.5    Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall
not be deemed to limit or affect any of the provisions hereof. 
 8.6    Successors and Assigns. This Agreement
shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser. With the
consent of the Company which will not be unreasonably withheld, any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided, that a Purchaser may
assign any or all rights under this Agreement to an Affiliate of such Purchaser without the consent of the Company, and provided, further: (i) such transferor agrees in writing with the transferee or assignee to assign such
rights, and a copy of such agreement is furnished to the Company after such assignment; (ii) the Company is furnished with written notice of (x) the name and address of such transferee or assignee and (y) if the transferor is
assigning any registration rights under ARTICLE 5 hereof, the Registrable Securities with respect to which such registration rights are being transferred or assigned; (iii) following such transfer or assignment, the further disposition
of such securities by the transferee or assignee is restricted under the Securities Act and applicable state securities laws, unless such disposition was made pursuant to an effective registration statement or an exemption under Rule 144 under the
Securities Act; (iv) such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers” including, without limitation, all of
representations, warranties and agreements set forth in ARTICLE 4 hereof; and (v) such transfer shall have been made in accordance with the applicable requirements of this Agreement and with all laws applicable thereto. 

8.7    No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their
respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Sections 5.4 and 6.6 and this
Section 8.7. In addition, the Placement Agent shall be an intended third party beneficiary of (i) the Company’s representations and warranties set forth in ARTICLE 3 hereof and (ii) each
Purchaser’s representations, warranties and agreements set forth in ARTICLE 4 hereof, including Section 4.8 hereof. 

  
 35 

 8.8    Governing Law; Jurisdiction. This Agreement shall be
governed by, and construed in accordance with, the internal laws of the State of New York without regard to the choice of law principles thereof. Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the state and federal
courts located in the State of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or
proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any
such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that
any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

8.9    WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY
PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

8.10    Survival. The representations and warranties contained herein shall survive the Closing and the delivery of
the Securities for a period of one (1) year. 
 8.11    Execution. This Agreement may be executed in two or
more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties
need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 

8.12    Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated,
and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby
stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or
unenforceable. 
 8.13    Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in
(and without limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related
obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice
to its future actions and rights. 
 8.14    Replacement of Securities. If any certificate or instrument
evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a
new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable
third-party costs (including customary indemnity) associated with the issuance of such replacement Securities. 

8.15    Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including
recovery of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any
breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be adequate. 

  
 36 

 8.16    Independent Nature of Purchasers’ Obligations and
Rights. The obligations of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereof or
thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement or out of the other
Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and negotiation
of the Transaction Documents. The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers. 

8.17    Adjustments in Share Numbers and Prices. In the event of any stock split, subdivision, dividend or
distribution payable in shares of Common Stock (or other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly shares of Common Stock), combination or other similar recapitalization or event
occurring after the date hereof, each reference in any Transaction Document to a number of shares or a price per share shall be deemed to be amended to appropriately account for such event. 

8.18    Liquidated Damages. The Company’s obligations to pay any partial liquidated damages or other amounts
owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to
which such partial liquidated damages or other amounts are due and payable shall have been canceled. 

8.19    Waiver of Conflicts. Each party to this Agreement acknowledges that Wilson Sonsini Goodrich &
Rosati, Professional Corporation (“WSGR”), outside general counsel to the Company, has in the past performed and is or may now or in the future represent one or more Purchasers or their affiliates in matters unrelated to the
transactions contemplated by this Agreement (the “Offering”), including representation of such Purchasers or their affiliates in matters of a similar nature to the Offering. The applicable rules of professional conduct require that
WSGR inform the parties hereunder of this representation and obtain their consent. WSGR has served as outside general counsel to the Company and has negotiated the terms of the Offering solely on behalf of the Company. The Company and each Purchaser
hereby (a) acknowledge that they have had an opportunity to ask for and have obtained information relevant to such representation, including disclosure of the reasonably foreseeable adverse consequences of such representation;
(b) acknowledge that with respect to the Offering, WSGR has represented solely the Company, and not any Purchaser or any stockholder, director or employee of the Company or any Purchaser; and (c) gives its informed consent to WSGR’s
representation of the Company in the Offering. 
 [Remainder of Page Intentionally Left Blank; Signature Pages Follow] 

  
 37 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

			
	SOLENO THERAPEUTICS, INC.
		
	By:	 	  

	Name:	 	Anish Bhatnagar
	Title:	 	Chief Executive Officer

  
 (Signature page to
Securities Purchase Agreement) 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

			
	[PURCHASER]

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 
			
	
	Address for Notice:
	
	  

	
	  

	
	  

			
		
	Telephone No.:	 	  

		
	Facsimile No.:	 	  

		
	E-mail Address:	 	  

 
			
		
	Attention:	 	  

  
 (Signature page to
Securities Purchase Agreement) 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

			
	 Abingworth Bioventures VII LP acting by

	 Its Manager Abingworth
LLP

 
			
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	
 

			
	
	 Notice details (if needed):

	
	 c/o Abingworth LLP

Attn: General Counsel

38 Jermyn Street

London SW1Y 6DN

United Kingdom

	
	 Email: legal@abingworth.com

  
 (Signature page to
Securities Purchase Agreement) 

 EXHIBIT A 

SCHEDULE OF PURCHASERS 
  

																	
	 Name of Purchaser

and Address/Contact Information
	  	Units
Purchased	 	  	Number of
Unit Shares
Separable from
Units
Purchased	 	  	Number of Warrant
Shares Exercisable
from Warrants
Separable from
Units Purchased	 	  	Unit Purchase Price	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
	 TOTAL
	  				  				  				  			

 EXHIBIT B 

FORM OF WARRANT 

 EXHIBIT C 

FORM OF WSGR OPINION 

 EXHIBIT D 

STOCK REGISTRATION QUESTIONNAIRE 

Pursuant to Section 2.3 of the Agreement, please provide us with the following information: 

 

			
	The exact name that the Securities are to be registered in (this is the name that will appear on the warrant(s) and common stock certificate(s) or Direct Registration System advice(s)):	 	  

		
	The relationship between the Purchaser of the Securities and the Registered Purchaser listed in response to Item 1 above:	 	  

		
	The mailing address, telephone and telecopy number of the Registered Purchaser listed in response to Item 1 above:	 	  

		
		 	  

		
		 	  

		
		 	  

		
		 	  

		
	The Tax Identification Number (or, if an individual, the Social Security Number) of the Registered Purchaser listed in response to Item 1 above:	 	  

		
	American Stock Transfer & Trust Company, LLC Account Number of the Registered Purchaser listed in response to Item 1 above (indicate none if such Registered Purchaser does not yet have one):	 	  

		
	Form of delivery of Unit Shares:	 	 Stock certificate(s):
  

Electronic book-entry in the Direct Registration System:

 EXHIBIT E 

ACCREDITED INVESTOR QUALIFICATION QUESTIONNAIRE 

Each prospective holder of equity securities of Soleno Therapeutics, Inc. (the “Company”) must meet certain requirements in
order to comply with the nonpublic offering exemption from the registration requirements under the U.S. Securities Act of 1933, as amended (the “Act”), and applicable state securities laws under which securities are to be issued in
connection with the purchase of equity securities of the Company (the “Purchase”). Before the Purchase can be effected, the Company must be satisfied that you are an “accredited investor” (as such term is defined in Rule
501(a) of Regulation D promulgated under the Act) or that you, either alone or with your investment advisors, have sufficient financial expertise to be able to evaluate the merits and risks of your proposed purchase. You are requested to submit the
following information in connection with the Purchase. 
 By signing this Questionnaire you also confirm your understanding that the Company
will be relying on the accuracy and completeness of your responses to establish the Company’s legal right to issue shares of capital stock to you without registration under U.S. federal securities laws and applicable state securities laws. YOUR
ANSWERS WILL AT ALL TIMES BE KEPT STRICTLY CONFIDENTIAL. However, you agree by signing this Questionnaire that the Company may present this Questionnaire to such parties as it deems appropriate if called upon to establish the legality of your
participation. 
 Please answer all questions which are applicable to you. 

  
 [Remainder of page
intentionally left blank] 

 A. THIS SECTION A IS TO BE COMPLETED BY PROSPECTIVE INVESTORS WHO ARE INDIVIDUALS
(also referred to as “natural persons” under the Act). 
  

	1.	 State of Principal Residence:
                     (if outside the U.S. please also complete Section C). 

 

	2.	 Accredited Investor Status: 

For purposes of this Question 2, an individual stockholder is an “Accredited Investor” if any of the following descriptions
apply to the individual: 
  

	 	(1)	 The undersigned has a net worth (assets minus liabilities), individually or jointly with his or her spouse, in
excess of $1,000,000 at the time of the investment.2 In calculating net worth of the undersigned, (a) the value of the primary residence of the undersigned shall be excluded as
an asset, (b) the outstanding indebtedness secured by the primary residence of the undersigned up to the fair market value of such primary residence at the time of investment shall be excluded as a liability, provided,
however, that if the amount of such outstanding indebtedness at the time of investment exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess
shall be included as a liability,3 and (c) the outstanding indebtedness secured by the primary residence in excess of the fair market value of such primary residence at the time
of investment shall be included as a liability;4 

  

	 	(2)	 The undersigned had an individual income in excess of $200,000, or joint income with spouse in excess of
$300,000, in each of the two preceding years and reasonably expects to reach the same income level in the current year; or 

  

	 	(3)	 The undersigned is a director, executive officer or general partner of the Company. 

Please check the appropriate box: 
  

	 	[    ]	 (a) The undersigned meets the definition of an “Accredited Investor.” 

 

	 	[    ]	 (b) The undersigned does not meet the definition of an “Accredited Investor.” 

 

	2 	 Since the July 21, 2010 enactment of Section 413(a) of the Dodd-Frank Wall Street Reform and Consumer
Protection Act, the value of a person’s primary residence must be excluded from his/her net worth. On December 21, 2011, the SEC adopted amendments to Rule 501(a)(5) and Rule 215 to clarify treatment of indebtedness secured by a
person’s primary residence when calculating his or her net worth (Release No. 33-9287 Net Worth Standard for Accredited Investors). These amendments are effective February 27, 2012. It is important to follow carefully the instructions set forth
in this Questionnaire when calculating net worth. 

	3 	 Effective February 27, 2012, the net worth standard includes a 60-day look-back requirement to identify any
increase in mortgage debt incurred during the 60 days preceding the purchase of securities. The purpose of the look-back is to deter individuals from manipulating their net worth by borrowing against any positive equity in their primary residence
shortly before seeking to qualify as an accredited investor. 

	4 	 Effective February 27, 2012, the net worth standard includes a limited grandfathering exception for certain
pre-existing investors who held rights to purchase issuer’s securities (such as contractual pre-emptive rights or rights of first offer) immediately prior to the effective date of the Dodd-Frank Act. An investor may use the pre-Dodd-Frank Act
net worth test (thereby including the value of the individual’s primary residence and any corresponding mortgage indebtedness in his or her net worth calculation) if all of the following conditions are satisfied: (a) the
individual is purchasing securities in accordance with a right to purchase such securities; (b) the right was held by the individual on July 20, 2010, (c) the individual qualified as an accredited investor on the basis of net worth at the time that
such right was acquired and (d) the individual held securities of the same issuer, other than such right, on July 20, 2010. If the undersigned believes that he or she may qualify for this exception, please contact Brian Cuneo at Latham & Watkins
LLP, email: brian.cuneo@lw.com; phone: (650) 463-3014. 

 The undersigned hereby represents and warrants to the Company that (i) the information
contained herein is complete and accurate and may be relied upon by the Company, (ii) the undersigned, together with his or her investment advisors, has such knowledge and experience in financial matters that he, she or they are capable of
evaluating the merits and risks of the investment, and (iii) the undersigned will notify the Company or its counsel immediately of any material change in such information occurring prior to the acceptance or rejection of his or her stock in the
Company. 
 The undersigned has or have executed this Investor Questionnaire on this      day of
            , 2018. 
  

									
	  
	 		 		 	  
	 	
	Print Name of Stockholder	 		 		 	Signature of Stockholder	 	
					
	  
	 		 		 	  
	 	
	Print name of Spouse	 		 		 	Signature of Spouse	 	
	(if the Shares are held in joint name or are property)	 		 	(if the Shares are held in joint name or are community community property)	 	

 B.    THIS SECTION B IS TO BE COMPLETED BY ANY PROSPECTIVE INVESTOR THAT IS A
CORPORATION, PARTNERSHIP OR TRUST(INCLUDING GRANTOR TRUST). 
  

	1.	 Type of Entity: [    ] General Partnership 

 [    ] Limited Liability Partnership (LLP) 

 [    ] Corporation 

 [    ] Limited Liability Company (LLC) 

 [    ] Trust 

 [    ] Other
Entity:                     (please describe type of entity) 
  

	2.	 State in Which Organized or
Incorporated:                     (if outside the U.S. please also complete Section C). 

 

	3.	 Accredited Investor Status: 

For purposes of this Question 3, an entity is an “Accredited Investor” if any or all of the following descriptions apply to
the entity: 
  

	 	(1)	 Each partner (including general and limited partners), stockholder, grantor of a revocable trust or other
equity owner of the entity who is a natural person (a) has a net worth, individually or jointly with his or her spouse, in excess of $1,000,000 (such net worth shall be calculated in accordance with the instructions set forth in Question
A.2.(1) of this Questionnaire) or (b) had an individual income in excess of $200,000, or joint income with that person’s spouse in excess of $300,000, in each of the two preceding years and reasonably expects to reach the same income level
in the current year; or 

  

	 	(2)	 The undersigned is (a) a broker dealer registered pursuant to Section 15 of the Securities Exchange
Act of 1934, as amended; (b) a bank, as defined in Section 3(a)(2) of the Act, or a savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Act, whether acting in its individual or fiduciary capacity;
(c) an insurance company, as defined in Section 2(13) of the Act; (d) an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) or a “business development
company,” as defined in Section 2(a)(48) of the 1940 Act; (e) a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958;
(f) a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; or
(g) an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 (“ERISA”), if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of ERISA, that is either
a bank, savings and loan association, insurance company or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000, or if a self directed plan, with investment decisions made solely by persons that are
accredited investors; or 

  

	 	(3)	 The undersigned is a “private business development company” as defined in Section 202(a)(22) of
the Investment Advisers Act of 1940; or 

  

	 	(4)	 The undersigned is a corporation, an organization described in Section 501(c)(3) of the Internal Revenue
Code of 1986, as amended (the “Code”), a Massachusetts or similar business trust, or a partnership, not formed for the specific purpose of acquiring the securities offered, in each case with total assets in excess of $5,000,000; or

	 	(5)	 The undersigned is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of
acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the Act. 

Please check the appropriate box: 
  

	 	[    ]	 (a) The undersigned meets the definition of an “Accredited Investor.” 

 

	 	[    ]	 (b) The undersigned does not meet the definition of an “Accredited Investor.” 

 

	4.	 The undersigned hereby agrees to provide the Company upon request with a true and correct list of the names of
all partners, stockholders, grantors of an irrevocable trust or other equity owners of the undersigned. 

 The undersigned
has executed this Investor Questionnaire on this      day of             , 2018. 
  

									
	  
	  		  	  
	  	
	Print name of partnership	  		  	Print name of authorized	  	
	corporation, trust or	  		  	representative	  	
	other entity	  		  		  	
					
	By:	 	  
	  		  	  
	  	
		 	Signature of authorized	  		  	Capacity of authorized	  	
		 	representative	  		  	representative	  	

	C.	 THIS SECTION C IS TO BE COMPLETED BY ANY PROSPECTIVE INVESTOR THAT IS AN INTERNATIONAL INDIVIDUAL OR
CORPORATION, PARTNERSHIP OR TRUST (INCLUDING GRANTOR TRUST). 

 In connection with the Purchase of the Company’s securities
pursuant to that certain Securities Purchase Agreement by and among the Company and the investors party thereto (the “Agreement”), the undersigned represents and warrants to the Company as follows (which representation and warranty
shall be in addition to the undersigned’s representations and warranties in Section 3 of the Agreement and shall have full force and effect as though it were a part of the Agreement): 

If the undersigned is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), the undersigned
hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Company’s securities or any use of the Agreement, including (i) the legal
requirements within its jurisdiction for the purchase of the Company’s securities, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and
(iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Company’s securities. The undersigned’s subscription and payment for and continued
beneficial ownership of the Company’s securities will not violate any applicable securities or other laws of the undersigned’s jurisdiction. 

The undersigned has executed this International Investor Representation on this          day of
            , 2018. 
 Individual Signature Block 

 

									
	  
	 		 	  
	 	
	Print Name of Stockholder	 		 	Signature of Stockholder	 	
				
	Entity Signature Block	 		 		 	
				
	  
	 		 	  
	 	
	Print name of partnership	 		 	Print name of authorized	 	
	corporation, trust or	 		 	representative	 	
	other entity	 		 		 	
					
	By:	 	  
	 		 	  
	 	
		 	Signature of authorized	 		 	Capacity of authorized	 	
		 	representative	 		 	representative	 	

 EXHIBIT F 

BAD ACTOR QUESTIONNAIRE 
  

	1)	 During the past ten years, have you been convicted of any felony or misdemeanor that is related to any
securities matter? 

  

					
	Yes	 	☐	 	(If yes, please continue to Question 1.a)
			
	No	 	☐	 	(If no, please continue to Question 2)

  

	 	a)	 If your answer to Question 1 was “yes”, was the conviction related to: (i) the purchase or sale
of any security; (ii) the making of any false filing with the Securities and Exchange Commission (the “SEC”); or (iii) the conduct of an underwriter, broker, dealer, municipal securities dealer, investment adviser, or paid
solicitor of purchasers of securities? 

  

							
	Yes	  	☐	  	No	  	☐

  

	2)	 Are you subject to any court injunction or restraining order entered during the past five years that is
related to any securities matter? 

  

					
	Yes	 	☐	 	(If yes, please continue to Question 2.a)
			
	No	 	☐	 	(If no, please continue to Question 3)

  

	 	a)	 If your answer to Question 2 was “yes”, does the court injunction or restraining order currently
restrain or enjoin you from engaging or continuing to engage in any conduct or practice related to: (i) the purchase or sale of any security; (ii) the making of any false filing with the SEC; or (iii) the conduct of an
underwriter, broker, dealer, municipal securities dealer, investment adviser, or paid solicitor of purchasers of securities? 

  

							
	Yes	  	☐	  	No	  	☐

	3)	 Are you subject to any final order5 of any governmental
commission, authority, agency or officer6 related to any securities, insurance, or banking matter? 

  

					
	Yes	 	☐	 	(If yes, please continue to Question 3.a)
			
	No	 	☐	 	(If no, please continue to Question 4)

  

	 	a)	 If your answer to Question 3 was “yes”: 

 

	 	i)	 Does the order currently bar you from: (i) associating with an entity regulated by such commission,
authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities? 

 

							
	Yes	  	☐	  	No	  	☐

  

	 	ii)	 Was the order (i) entered within the past ten years and (ii) based on a violation of any law
or regulation that prohibits fraudulent, manipulative, or deceptive conduct? 

  

							
	Yes	  	☐	  	No	  	☐

  

	4)	 Are you subject to any SEC disciplinary order?7

  

					
	Yes	 	☐	 	(If yes, please continue to Question 4.a)
			
	No	 	☐	 	(If no, please continue to Question 5)

  

	 	a)	 If your answer to Question 4 was “yes”, does the order currently: (i) suspend or revoke your
registration as a broker, dealer, municipal securities dealer, or investment adviser; (ii) place limitations on your activities, functions, or operations; or (iii) bar you from being associated with any particular entity or class of
entities or from participating in the offering of any penny stock? 

  

							
	Yes	  	☐	  	No	  	☐

  

	5 	 A “final order” is defined under Rule 501(g) as a written directive or declaratory statement issued
by a federal or state agency described in Rule 506(d)(1)(iii) under applicable statutory authority that provides for notice and an opportunity for a hearing, and that constitutes a final disposition or action by such federal or state agency.

	6 	 You may limit your response to final orders of: (i) state securities commissions (or state agencies/officers
that perform a similar function); (ii) state authorities that supervise or examine banks, savings associations, or credit unions; (iii) state insurance commissions (or state agencies/officers that perform a similar function); (iv) federal banking
agencies; (v) the U.S. Commodity Futures Trading Commission; or (vi) the U.S. National Credit Union Administration. 

	7 	 You may limit your response to disciplinary orders issued pursuant to Sections 15(b) or 15B(c) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) or Section 203(e) or (f) of the Investment Advisers Act of 1940 (the “Advisers Act”). 

	5)	 Are you subject to any SEC cease and desist order entered within the past five years?

  

					
	Yes	 	☐	 	(If yes, please continue to Question 5.a)
			
	No	 	☐	 	(If no, please continue to Question 6)

  

	 	a)	 If your answer to Question 5 was “yes”, does the order currently require you to cease and desist from
committing or causing a violation or future violation of (i) any knowledge-based anti-fraud provision of the U.S. federal securities laws8 or (ii) Section 5 of the Securities Act?

  

							
	Yes	  	☐	  	No	  	☐

  

	6)	 Have you been suspended or expelled from membership in, or suspended or barred from association with a
member of, a registered national securities exchange or a registered national or affiliated securities association? 

  

					
	Yes	 	☐	 	(If yes, please describe the basis of any such suspension or expulsion and any related details in the space provided under Question 10 below)9
			
	No	 	☐	 	(If no, please continue to Question 7)

  

	8 	 Including (but not limited to) Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and
Rule 10b-5 thereunder, Section 15(c)(1) of the Exchange Act, and Section 206(1) of the Advisers Act or any other rule or regulation thereunder. 

	9 	 In providing additional information, please explain whether or not the suspension or expulsion resulted from
“any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.” 

	7)	 Have you registered a securities offering with the SEC, made an offering under Regulation A or been named as
an underwriter in any registration statement or Regulation A offering statement filed with the SEC? 

  

					
	Yes	 	☐	 	(If yes, please continue to Question 5.a)
			
	No	 	☐	 	(If no, please continue to Question 6)

  

	 	a)	 If your answer to Question 7 was “yes”: 

 

	 	i)	 During the past five years, was any such registration statement or Regulation A offering statement the subject
of a refusal order, stop order, or order suspending the Regulation A exemption? 

  

							
	Yes	  	☐	  	No	  	☐

  

	 	ii)	 Is any such registration statement or Regulation A offering statement currently the subject of an investigation
or proceeding to determine whether a stop order or suspension order should be issued? 

  

							
	Yes	  	☐	  	No	  	☐

  

	8)	 Are you subject to a U.S. Postal Service false representation order entered within the past five years?

  

							
	Yes	  	☐	  	No	  	☐

  

	9)	 Are you currently subject to a temporary restraining order or preliminary injunction with respect to conduct
alleged by the U.S. Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations? 

  

							
	Yes	  	☐	  	No	  	☐

 EXHIBIT G 

PLAN OF DISTRIBUTION 
 We
are registering the shares of common stock issued to the selling stockholders and issuable upon exercise of the warrants issued to the selling stockholders to permit the resale of these shares of common stock by the selling stockholders from time to
time from after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling stockholders of the shares of common stock. We will bear all fees and expenses incident to our obligation to register the shares of
common stock. 
 Each selling stockholder may, from time to time, sell any or all of their shares of common stock covered hereby on The
Nasdaq Capital Market or any other stock exchange, market or trading facility on which the shares are traded or in private transactions. These sales may be at fixed prices, at prevailing market prices at the time of the sale, at varying prices
determined at the time of sale, or privately negotiated prices. A selling stockholder may use any one or more of the following methods when selling shares: 
  

	 	•	 	 ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

  

	 	•	 	 block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a
portion of the block as principal to facilitate the transaction; 

  

	 	•	 	 purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

 

	 	•	 	 an exchange distribution in accordance with the rules of the applicable exchange; 

 

	 	•	 	 privately negotiated transactions; 

 

	 	•	 	 settlement of short sales, to the extent permitted by law; 

 

	 	•	 	 in transactions through broker-dealers that agree with the selling stockholders to sell a specified number of
such shares at a stipulated price per share; 

  

	 	•	 	 through the writing or settlement of options or other hedging transactions, whether through an options exchange
or otherwise; 

  

	 	•	 	 a combination of any such methods of sale; or 

 

	 	•	 	 any other method permitted pursuant to applicable law. 

The selling stockholders may also sell the shares of common stock under Rule 144 under the Securities Act, if available, rather than
under this prospectus. 
 Broker-dealers engaged by the selling stockholders may arrange for other brokers-dealers to participate in sales.
Broker-dealers may receive commissions or discounts from the selling stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this
prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction a markup or markdown in compliance with FINRA IM-2440-1. 
 In connection with the sale of the shares of common
stock or interests therein, the selling stockholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the shares of common stock in the course of hedging the
positions they assume. The selling stockholders may also sell the shares of common stock short and deliver these securities to close out their short positions or to return borrowed shares in connection with such short sales, or loan or pledge the
shares of common stock to broker-dealers that in turn may sell these securities. The selling stockholders may also enter into option or other transactions with broker-dealers or other financial institutions or create one or more derivative
securities which require the delivery to such broker-dealer or other financial institution of shares of common stock offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this
prospectus (as supplemented or amended to reflect such transaction). 

 The selling stockholders and any broker-dealers or agents that are involved in selling the
shares of common stock may be deemed to be “underwriters” within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such selling stockholders, broker-dealers or agents and any profit
on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. Selling stockholders who are “underwriters” within the meaning of Section 2(11) of the Securities Act
will be subject to the prospectus delivery requirements of the Securities Act and may be subject to certain statutory liabilities of, including but not limited to, Sections 11, 12 and 17 of the Securities Act and
Rule 10b-5 under the Exchange Act. Each selling stockholder has informed us that it is not a registered broker-dealer or an affiliate of a registered broker-dealer. In no event shall any broker-dealer
receive fees, commissions and markups which, in the aggregate, would exceed eight percent (8%). 
 We are required to pay certain fees and
expenses incurred by us incident to the registration of the shares. We have agreed to indemnify the selling stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act, and the selling
stockholders may be entitled to contribution. We may be indemnified by the selling stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act that may arise from any written information
furnished to us by the selling stockholders specifically for use in this prospectus, or we may be entitled to contribution. 
 The selling
stockholders will be subject to the prospectus delivery requirements of the Securities Act including Rule 172 thereunder unless an exemption therefrom is available. 

We agreed to cause the registration statement of which this prospectus is a part to remain effective until the earlier to occur
of [●] or the date on which all of the shares registered hereby are either sold pursuant to the registration statement or sold or available for resale without restriction under Rule 144 under the Securities Act. The shares of common
stock will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states, the shares of common stock covered hereby may not be sold unless they have been registered
or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with. 

Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the shares of common stock may
not simultaneously engage in market making activities with respect to the shares of common stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the selling stockholders
will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of shares of common stock by the selling stockholders or any other
person. We will make copies of this prospectus available to the selling stockholders and have informed them of the need to deliver a copy of this prospectus at or prior to the time of the sale (including by compliance with Rule 172 under the
Securities Act). 
 There can be no assurance that any selling stockholder will sell any or all of the shares of common stock we registered
on behalf of the selling stockholders pursuant to the registration statement of which this prospectus forms a part. 
 Once sold under the
registration statement of which this prospectus forms a part, the shares of common stock will be freely tradable in the hands of persons other than our affiliates.EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 FIRST
AMENDMENT TO AMENDED AND RESTATED LOAN, GUARANTY 
 AND SECURITY AGREEMENT 

This FIRST AMENDMENT TO AMENDED AND RESTATED LOAN, GUARANTY AND SECURITY AGREEMENT (this “Amendment”) is dated as of
December 17, 2018, and is entered into by and among TURTLE BEACH CORPORATION, a Nevada corporation, formerly known as Parametric Sound Corporation (“TBC”), VOYETRA TURTLE BEACH, INC., a Delaware corporation
(“Voyetra”; and together with TBC, individually, “US Borrower,” and individually and collectively, jointly and severally, “US Borrowers”), TURTLE BEACH EUROPE LIMITED, a company limited by
shares and incorporated in England and Wales with company number 03819186 (“Turtle Beach,” also referred to hereinafter as “UK Borrower”; and together with US Borrowers, individually,
“Borrower,” and individually and collectively, “Borrowers”), VTB HOLDINGS, INC., a Delaware corporation (“VTB” or “US Guarantor”; and together with US Borrowers,
individually, a “UK Guarantor,” and individually and collectively, jointly and severally, “UK Guarantors”; UK Guarantors and US Guarantor, individually, a “Guarantor,” and individually and
collectively, “Guarantors”), the financial institutions party hereto as lenders (collectively, “Lenders”), and BANK OF AMERICA, N.A., a national banking association, as administrative agent, collateral agent
and security trustee for Lenders (in such capacities, together with its successors and assigns in such capacities, “Agent”). 

WHEREAS, Borrowers, Guarantors, Agent, and Lenders have entered into that certain Amended and Restated Loan, Guaranty and Security
Agreement (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Existing Loan Agreement” and as amended by this Amendment and as further amended, restated, amended and restated,
supplemented, or otherwise modified from time to time, the “Loan Agreement”), dated as of March 5, 2018; and 

WHEREAS, the Borrowers, Parent and Guarantors have requested that the Loan Agreement be amended in certain respects and for ease of
reference, be restated as set forth in Exhibit A hereto; 
 NOW, THEREFORE, in consideration of the mutual conditions and
agreements set forth in the Loan Agreement and this Amendment, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Initially capitalized terms used but not otherwise defined in this Amendment have the respective meanings set forth in the Loan
Agreement, as amended hereby. 
 ARTICLE II 

AMENDMENTS TO LOAN AGREEMENT. 

Each of the parties hereto agrees and consents that, effective as of the First Amendment Effectiveness Date (as defined in Exhibit A
hereto), the Existing Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example:
double-underlined text) in the form of Exhibit A hereto.

  
 1 

 REPRESENTATIONS AND WARRANTIES 

Each Obligor hereby represents and warrants to Agent and each Lender, as of the date hereof, as follows: 

2.01. Representations and Warranties. After giving effect to this Amendment, the representations and warranties set forth
in Section 9 of the Loan Agreement and in each other Loan Document are true and correct in all material respects on and as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such
representations and warranties expressly relate solely to an earlier date. 
 2.02. First Amendment Closing Date
Certification of Repayment of Term Loan Debt. After giving effect to this Amendment and the repayment in full of the Term Loan Debt, on the First Amendment Effectiveness Date, (a) the aggregate amount of such payment does not exceed
$12,500,000, (b) immediately prior to and after giving effect to such payment, no Default or Event of Default has occurred or will occur, (i) for each of the 30 days immediately prior to and after giving effect to such payment,
Availability is in an amount greater than $10,000,000 (disregarding any decreased commitment amount during the Seasonal Period) and (ii) the Fixed Charge Coverage Ratio, determined on a pro forma basis after giving effect to the repayment (as
if such repayment were consummated on the first day of the period of measurement), is not less than 1.25 to 1.00, measured on a trailing 12 month basis. 

2.03. First Amendment Closing Date Certification of Repayment of TBC Notes. After giving effect to this Amendment and the
repayment in full of all obligations under the TBC Notes, on the first (1st) Business Day after the First Amendment Effectiveness Date, (a) the aggregate amount of such payment does not
exceed $11,000,000, (b) immediately prior to and after giving effect to such payment, no Default or Event of Default has occurred or will occur, (c) either (i) for each of the 30 days immediately prior to and after giving effect to
such repayment, Availability is an amount greater than 15% of the Revolver Commitments (disregarding any decreased commitment amount during such Seasonal Period), (ii)(x) for each of the 30 days immediately prior to and after giving effect to such
repayment, Availability is in an amount greater than 10% of the Revolver Commitments (disregarding any decreased commitment amount during the Seasonal Period) and (y) the Fixed Charge Coverage Ratio, determined on a pro forma basis, after
giving effect to the repayment (as if such repayment were consummated on the first day of the period of measurement), is not less than 1.25 to 1.00, measured on a trailing 12-month basis.  

2.04. No Defaults. After giving effect to this Amendment, each Obligor is in compliance with all terms and conditions of
the Loan Agreement and the other Loan Documents on its part to be observed and performed and no Default or Event of Default has occurred and is continuing. 

2.05. Authority and Pending Actions. The execution, delivery, and performance by each Obligor of this Amendment has been
duly authorized by each such Obligor (as applicable) and there is no action pending or any judgment, order, or decree in effect which is likely to restrain, prevent, or impose materially adverse conditions upon the performance by any Obligor of its
obligations under the Loan Agreement or the other Loan Documents. 
 2.06. Enforceability. This Amendment
constitutes the legal, valid, and binding obligation of each Obligor, enforceable against each such Obligor in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, moratorium,
reorganization, or other similar laws affecting the enforcement of creditors’ rights or by the effect of general equitable principles. 

  
 2 

 ARTICLE III 

CONDITIONS PRECEDENT AND FURTHER ACTIONS 

3.01. Conditions Precedent. This Amendment shall not be binding upon Agent, Lenders or any Obligor until each of the following
conditions precedent have been satisfied in form and substance reasonably satisfactory to Agent, unless otherwise agreed to by the Agent: 

(a) Each Obligor shall have delivered to Agent duly executed counterparts of this Amendment which, when taken together, bear the authorized
signatures of Obligors, Agent and Lenders; 
 (b) Borrowers shall have delivered to Agent duly executed counterparts of the First Amendment
Fee Letter; 
 (c) UK Borrower shall have delivered to Agent a duly executed counterpart of an English law debenture substantially in the
form of the English law debenture dated 31 March 2014 and Voyetra shall have delivered to Agent a duly executed counterpart of an English law share mortgage substantially in the form of the English law share mortgage dated 31 March 2014;

 (d) Agent shall have received good standing certificates (to the extent such concept exists and is applicable under the requirements of
Applicable Law of the relevant jurisdiction) for each Obligor other than UK Borrower, issued by the Secretary of State or other appropriate official of such Obligor’s jurisdiction of organization. 

(e) Agent shall have received a certificate of a duly authorized officer of each Obligor (or a director in the case of a UK Borrower),
certifying (i) that the Organizational Documents of such Obligor most recently certified and delivered to the Agent prior to the First Amendment Effectiveness Date remain in full force and effect on the First Amendment Effectiveness Date
without modification or amendment since such prior delivery; (ii) that an attached copy of resolutions (of, in the case of a UK Borrower, its board of directors and all the holders of its Equity Interests) authorizing execution and delivery of
the Amendment and other Loan Documents to which it is a party is true and complete, and that such resolutions are in full force and effect, were duly adopted, and have not been amended, modified or revoked; and (iii) to the title, name and
signature of each Person authorized to sign the applicable Loan Documents; and 
 (f) Agent shall have received a written opinion in form
and substance reasonably satisfactory to Agent from Norton Rose Fulbright LLP, legal counsel to the Agent and Lenders as to English law. 

3.02. Further Actions. Each of the parties to this Amendment agrees that at any time and from time to time upon the written
request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to affect the purposes of this Amendment. 

ARTICLE IV 
 COSTS AND
EXPENSES 
 4.01. Without limiting the terms and conditions of the Loan Documents, notwithstanding anything in the Loan Documents to the
contrary, Obligors jointly and severally agree to pay immediately following demand: (a) all reasonable and documented out-of-pocket costs and expenses incurred by 

  
 3 

 
Agent in connection with the preparation, negotiation, and execution of this Amendment and the other Loan Documents executed pursuant to this Amendment and any and all subsequent amendments,
modifications, and supplements to this Amendment, including, without limitation, the reasonable and documented out-of-pocket costs and fees of Agent’s legal counsel; and (b) all reasonable and documented out-of-pocket costs and expenses
reasonably incurred by Agent in connection with the enforcement or preservation of any rights under the Loan Agreement, this Amendment, and/or the other Loan Documents, including, without limitation, the reasonable and documented out-of-pocket costs
and fees of Agent’s legal counsel. 
 ARTICLE V 

MISCELLANEOUS 
 5.01.
No Course of Dealing. The amendments and consents set forth herein are a one-time accommodation only and relate only to the matters set forth in Article II herein. The amendments and consents are not amendments or consents to
any other deviation of the terms and conditions of the Loan Agreement or any other Loan Document unless otherwise expressly agreed to by Agent and Lenders in writing. 

5.02. Cross-References. References in this Amendment to any Section are, unless otherwise specified, to such Section of this
Amendment. 
 5.03. Instrument Pursuant to Loan Agreement. This Amendment is a Loan Document executed pursuant to the Loan
Agreement and shall (unless otherwise expressly indicated herein) be construed, administered, and applied in accordance with the terms and provisions of the Loan Agreement. Any failure by Obligors to comply with any of the terms and conditions of
this Amendment shall constitute an immediate Event of Default. 
 5.04. Acknowledgment of the Obligors. Each Obligor hereby
represents and warrants that the execution and delivery of this Amendment and compliance by such Obligor with all of the provisions of this Amendment: (a) are within the powers and purposes of such Obligor; (b) have been duly authorized or
approved by the board of directors (or other equivalent governing body) of such Obligor; and (c) when executed and delivered by or on behalf of such Obligor will constitute valid and binding obligations of such Obligor, enforceable in
accordance with its terms. Each Obligor reaffirms its obligations to perform and pay all amounts due to Agent or Lenders under the Loan Documents (including, without limitation, its obligations under any promissory note evidencing any of the Loans)
in accordance with the terms thereof, as amended and modified hereby. 
 5.05. Loan Documents Unmodified. Each of the
amendments provided herein shall apply and be effective only with respect to the provisions of the Loan Document specifically referred to by such amendments. Except as otherwise specifically modified by this Amendment, all terms and provisions of
the Loan Agreement and all other Loan Documents, as modified hereby, shall remain in full force and effect and are hereby ratified and confirmed in all respects. Nothing contained in this Amendment shall in any way impair the validity or
enforceability of the Loan Documents, as modified hereby, or alter, waive, annul, vary, affect, or impair any provisions, conditions, or covenants contained therein or any rights, powers, or remedies granted therein, except as otherwise specifically
provided in this Amendment. Subject to the terms of this Amendment, any lien and/or security interest granted to Agent, for the benefit of Lenders, in the Collateral set forth in the Loan Documents shall remain unchanged and in full force and effect
and the Loan Agreement and the other Loan Documents shall continue to secure the payment and performance of all of the Obligations. 

  
 4 

 5.06. Parties, Successors and Assigns. This Amendment represents the agreement
of Obligors, Agent and each Lender signatory hereto with respect to the subject matter hereof, and there are no promises, undertakings, representations, or warranties relative to the subject matter hereof not expressly set forth or referred to
herein or in the other Loan Documents. This Amendment shall be binding upon and inure to the benefit of Obligors, Agent, Lenders, and their respective successors and assigns, except that (a) no Borrower shall have the right to assign its rights
or delegate its obligations under any Loan Documents; and (b) any assignment by a Lender must be made in compliance with Section 14.3 of the Loan Agreement. 

5.07. Counterparts. This Amendment may be executed in counterparts, each of which shall constitute an original, but all
of which when taken together shall constitute a single contract. Delivery of a signature page of this Amendment by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this Amendment. This Amendment may be
executed and delivered by facsimile or electronic mail, and will have the same force and effect as manually signed originals. 

5.08. Headings. The headings, captions, and arrangements used in this Amendment are for convenience only, are not a part of this
Amendment, and shall not affect the interpretation hereof. 
 5.09. Miscellaneous. This Amendment is subject to the general
provisions set forth in the Loan Agreement, including, but not limited to, Sections 15.14, 15.15, and 15.16. 

5.10. Severability. Wherever possible, each provision of the Loan Documents shall be interpreted in such manner as to be valid
under Applicable Law. If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity and the remaining provisions of the Loan Documents shall remain in full force and effect. 

5.11. Release. 

(a) EACH OBLIGOR HEREBY IRREVOCABLY RELEASES AND FOREVER DISCHARGES AGENT, LENDERS AND THEIR AFFILIATES, AND EACH SUCH
PERSON’S RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, MEMBERS, ATTORNEYS AND REPRESENTATIVES (EACH, A “RELEASED PERSON”) OF AND FROM ALL DAMAGES, LOSSES, CLAIMS, DEMANDS, LIABILITIES, OBLIGATIONS, ACTIONS OR CAUSES OF
ACTION WHATSOEVER (EACH, A “CLAIM”) THAT SUCH OBLIGOR MAY NOW HAVE OR CLAIM TO HAVE AGAINST ANY RELEASED PERSON ON THE DATE OF THIS AMENDMENT, WHETHER KNOWN OR UNKNOWN, OF EVERY NATURE AND EXTENT WHATSOEVER, FOR OR BECAUSE OF ANY
MATTER OR THING DONE, OMITTED OR SUFFERED TO BE DONE OR OMITTED BY ANY OF THE RELEASED PERSONS THAT BOTH (1) OCCURRED PRIOR TO OR ON THE DATE OF THIS AMENDMENT AND (2) IS ON ACCOUNT OF OR IN ANY WAY CONCERNING, ARISING OUT OF OR FOUNDED
UPON THE LOAN AGREEMENT OR ANY OTHER LOAN DOCUMENT. 
 (b) EACH OBLIGOR INTENDS THE ABOVE RELEASE TO COVER, ENCOMPASS,
RELEASE, AND EXTINGUISH, INTER ALIA, ALL CLAIMS, DEMANDS, AND CAUSES OF ACTION THAT MIGHT OTHERWISE BE RESERVED BY THE CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS: 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE
TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 

  
 5 

 (c) EACH OBLIGOR ACKNOWLEDGES THAT IT MAY HEREAFTER DISCOVER FACTS DIFFERENT
FROM OR IN ADDITION TO THOSE NOW KNOWN OR BELIEVED TO BE TRUE WITH RESPECT TO SUCH CLAIMS, DEMANDS, OR CAUSES OF ACTION, AND AGREES THAT THIS AMENDMENT AND THE ABOVE RELEASE ARE AND WILL REMAIN EFFECTIVE IN ALL RESPECTS NOTWITHSTANDING ANY SUCH
DIFFERENCES OR ADDITIONAL FACTS. 
 5.12. Total Agreement. This Amendment, the Loan Agreement, and all other Loan Documents
constitute the entire agreement, and supersede all prior understandings and agreements, among the parties relating to the subject matter hereof. 

[Remainder of Page Intentionally Left Blank] 

  
 6 

 IN WITNESS WHEREOF, the parties have executed and delivered this Amendment as of the day and
year first written above. 
  

			
	BORROWERS:
	
	TURTLE BEACH CORPORATION, a Nevada corporation, formerly known as Parametric Sound Corporation

 
			
		
	By:	 	 /s/ John T. Hanson

	Name:	 	John Hanson
	Title:	 	Chief Financial Officer

 
			
	
	 VOYETRA TURTLE BEACH, INC.,

a Delaware corporation

 
			
		
	By:	 	 /s/ John T. Hanson

	Name:	 	John Hanson
	Title:	 	Chief Financial Officer

 
			
	
	 TURTLE BEACH EUROPE LIMITED,

a company limited by shares and incorporated in England and Wales with company number
03819186

 
			
		
	By:	 	 /s/ John T. Hanson

	Name:	 	John Hanson
	Title:	 	Chief Financial Officer

 FIRST AMENDMENT TO AMENDED AND RESTATED LOAN, GUARANTY AND SECURITY AGREEMENT 

(TURTLE BEACH) 
 SIGNATURE PAGE 

			
	BANK OF AMERICA, N.A.,
	as Agent and Lender
		
	By:	 	 /s/ Matthew Van Steenhuyse

	Name:	 	Matthew Van Steenhuyse
	Title:	 	Senior Vice President

 FIRST AMENDMENT TO AMENDED AND RESTATED LOAN, GUARANTY AND SECURITY AGREEMENT 

(TURTLE BEACH) 
 SIGNATURE PAGE 

 GUARANTOR CONSENT 

The undersigned hereby consents to the foregoing Amendment and hereby (a) confirms and agrees that notwithstanding the effectiveness of the foregoing
Amendment, each Loan Document to which it is a party is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except that, on and after the effectiveness of the foregoing Amendment, each reference
in any Loan Document to the “Loan Agreement,” “thereunder,” “thereof” or words of like import shall mean and be a reference to the Loan Agreement, as amended by the foregoing Amendment, (b) confirms and agrees that
the pledge and security interest in the Collateral granted by it pursuant to any Security Documents to which it is a party shall continue in full force and effect, (c) acknowledges and agrees that such pledge and security interest in the
Collateral granted by it pursuant to such Security Documents shall continue to secure the Obligations purported to be secured thereby, as amended or otherwise affected hereby, and (d) agrees to be bound by the release set forth in
Section 6.11 of the Amendment. 
 [Signature Page Follows] 

 
			
	VTB HOLDINGS, INC.,
	a Delaware corporation

 
			
		
	By:	 	 /s/ John T. Hanson

	Name:	 	John T. Hanson
	Title:	 	Chief Financial Officer

 GUARANTOR CONSENT TO 

FIRST AMENDMENT TO AMENDED AND RESTATED LOAN, GUARANTY AND SECURITY AGREEMENT 

(TURTLE BEACH) 
 SIGNATURE PAGE 

 EXECUTION
VERSIONExecution Version 

EXHIBIT A

 TO

 FIRST AMENDMENT
TO AMENDED AND RESTATED 

LOAN, GUARANTY AND SECURITY
AGREEMENT 
  
  

AMENDED AND RESTATED LOAN, GUARANTY AND SECURITY AGREEMENT 

Dated as of March 5, 2018 
  

 
 TURTLE BEACH CORPORATION 

(FORMERLY KNOWN AS PARAMETRIC SOUND CORPORATION), 

as a US Borrower and a UK Guarantor 

VOYETRA TURTLE BEACH, INC., 

as a US Borrower and a UK Guarantor 

TURTLE BEACH EUROPE LIMITED, 

as UK Borrower 
 and 

VTB HOLDINGS, INC., 

as a US Guarantor and a UK Guarantor 
  

 
 BANK OF AMERICA, N.A., 

as Agent, Sole Lead Arranger and Sole Bookrunner 
  

 
  

 Table of Contents 

 

									
	 	 	 	 	 	  	Page	 
			
	 SECTION 1.
	 	DEFINITIONS; RULES OF CONSTRUCTION	  	 	1	 
				
		 	1.1	 	Definitions	  	 	1	 
		 	1.2	 	Accounting Terms	  	 	41	 
		 	1.3	 	Uniform Commercial Code	  	 	42	 
		 	1.4	 	Certain Matters of Construction	  	 	42	 
		 	1.5	 	Currency Equivalents	  	 	42	 
			
	 SECTION 2.
	 	CREDIT FACILITIES	  	 	43	 
				
		 	2.1	 	Revolver Commitment	  	 	43	 
		 	2.2	 	[Reserved]	  	 	46	 
		 	2.3	 	Letter of Credit Facility	  	 	46	 
			
	 SECTION 3.
	 	INTEREST, FEES AND CHARGES	  	 	48	 
				
		 	3.1	 	Interest	  	 	48	 
		 	3.2	 	Fees	  	 	51	 
		 	3.3	 	Computation of Interest, Fees, Yield Protection	  	 	52	 
		 	3.4	 	Reimbursement Obligations	  	 	52	 
		 	3.5	 	Illegality	  	 	53	 
		 	3.6	 	Inability to Determine Rates	  	 	53	 
		 	3.7	 	Increased Costs; Capital Adequacy	  	 	53	 
		 	3.8	 	Mitigation	  	 	54	 
		 	3.9	 	Funding Losses	  	 	54	 
		 	3.10	 	Maximum Interest	  	 	55	 
			
	 SECTION 4.
	 	REVOLVER LOAN ADMINISTRATION	  	 	55	 
				
		 	4.1	 	Manner of Borrowing and Funding Revolver Loans	  	 	55	 
		 	4.2	 	Defaulting Lender	  	 	57	 
		 	4.3	 	Number and Amount of Interest Period Loans; Determination of Rate	  	 	57	 
		 	4.4	 	Borrower Agent	  	 	58	 
		 	4.5	 	One Obligation	  	 	58	 
		 	4.6	 	Effect of Termination	  	 	58	 
			
	 SECTION 5.
	 	PAYMENTS	  	 	58	 
				
		 	5.1	 	General Payment Provisions	  	 	58	 
		 	5.2	 	Repayment of Revolver Loans	  	 	59	 
		 	5.3	 	Mandatory Prepayments	  	 	59	 
		 	5.4	 	Payment of Other Obligations	  	 	59	 
		 	5.5	 	Marshaling; Payments Set Aside	  	 	59	 
		 	5.6	 	Application and Allocation of Payments	  	 	59	 
		 	5.7	 	Dominion Account	  	 	61	 
		 	5.8	 	Account Stated	  	 	62	 
		 	5.9	 	Taxes	  	 	62	 
		 	5.10	 	Lender Tax Information	  	 	63	 
		 	5.11	 	Nature and Extent of Each US Borrower’s Liability	  	 	65	 
		 	5.12	 	United Kingdom Tax Matters	  	 	67	 
			
	 SECTION 6.
	 	CONDITIONS PRECEDENT	  	 	72	 
				
		 	6.1	 	Conditions Precedent to Initial Revolver Loans	  	 	72	 
		 	6.2	 	Conditions Precedent to All Credit Extensions	  	 	74	 
		 	6.3	 	Post-Restatement Effective Date Conditions	  	 	74	 

  
 (i) 

									
			
	 SECTION 7.
	 	COLLATERAL	  	 	74	 
				
		 	7.1	 	Grant of Security Interest in US Collateral	  	 	74	 
		 	7.2	 	Lien on Deposit Accounts; Cash Collateral	  	 	75	 
		 	7.3	 	Real Estate Collateral	  	 	76	 
		 	7.4	 	Other Collateral	  	 	76	 
		 	7.5	 	Limitations	  	 	76	 
		 	7.6	 	Further Assurances	  	 	76	 
		 	7.7	 	Foreign Subsidiary Stock	  	 	76	 
			
	 SECTION 8.
	 	COLLATERAL ADMINISTRATION	  	 	77	 
				
		 	8.1	 	Borrowing Base Reports	  	 	77	 
		 	8.2	 	Accounts	  	 	77	 
		 	8.3	 	Inventory	  	 	78	 
		 	8.4	 	Equipment	  	 	79	 
		 	8.5	 	Deposit Accounts	  	 	79	 
		 	8.6	 	Administration of Equity Interests and Instruments	  	 	79	 
		 	8.7	 	Administration of Investment Property	  	 	80	 
		 	8.8	 	Administration of Letter of Credit Rights	  	 	81	 
		 	8.9	 	General Provisions	  	 	81	 
		 	8.10	 	Power of Attorney	  	 	83	 
		 	8.11	 	Intellectual Property	  	 	83	 
			
	 SECTION 9.
	 	REPRESENTATIONS AND WARRANTIES	  	 	85	 
				
		 	9.1	 	General Representations and Warranties	  	 	85	 
		 	9.2	 	Complete Disclosure	  	 	91	 
		 	9.3	 	Subordinated Debt	  	 	91	 
			
	 SECTION 10.
	 	COVENANTS AND CONTINUING AGREEMENTS	  	 	91	 
				
		 	10.1	 	Affirmative Covenants	  	 	91	 
		 	10.2	 	Negative Covenants	  	 	95	 
		 	10.3	 	Financial Covenants	  	 	102	 
			
	 SECTION 11.
	 	GUARANTY	  	 	103	 
				
		 	11.1	 	Guaranty by US Guarantors	  	 	103	 
		 	11.2	 	Guaranty by UK Guarantors	  	 	103	 
		 	11.3	 	Evidence of Debt	  	 	104	 
		 	11.4	 	No Setoff or Deductions; Taxes; Payments	  	 	105	 
		 	11.5	 	Rights of Lender	  	 	105	 
		 	11.6	 	Certain Waivers	  	 	105	 
		 	11.7	 	Obligations Independent	  	 	105	 
		 	11.8	 	Subrogation	  	 	106	 
		 	11.9	 	Termination; Reinstatement	  	 	106	 
		 	11.10	 	Subordination	  	 	106	 
		 	11.11	 	Stay of Acceleration	  	 	106	 
		 	11.12	 	Miscellaneous	  	 	106	 
		 	11.13	 	Condition of Borrowers	  	 	107	 
		 	11.14	 	Setoff	  	 	107	 
		 	11.15	 	Representations and Warranties	  	 	107	 
		 	11.16	 	Additional Guarantor Waivers and Agreements	  	 	107	 
			
	 SECTION 12.
	 	EVENTS OF DEFAULT; REMEDIES ON DEFAULT	  	 	108	 
				
		 	12.1	 	Events of Default	  	 	108	 
		 	12.2	 	Remedies upon Default	  	 	110	 
		 	12.3	 	License	  	 	110	 

  
 (ii) 

									
		 	12.4	 	Setoff	  	 	111	 
		 	12.5	 	Remedies Cumulative; No Waiver.	  	 	111	 
			
	 SECTION 13.
	 	AGENT	  	 	111	 
				
		 	13.1	 	Appointment, Authority and Duties of Agent	  	 	111	 
		 	13.2	 	Agreements Regarding Collateral and Borrower Materials	  	 	113	 
		 	13.3	 	Reliance By Agent	  	 	114	 
		 	13.4	 	Action Upon Default	  	 	114	 
		 	13.5	 	Ratable Sharing	  	 	114	 
		 	13.6	 	Indemnification	  	 	114	 
		 	13.7	 	Limitation on Responsibilities of Agent	  	 	114	 
		 	13.8	 	Successor Agent and Co-Agents	  	 	115	 
		 	13.9	 	Due Diligence and Non-Reliance	  	 	115	 
		 	13.10	 	Remittance of Payments and Collections	  	 	116	 
		 	13.11	 	Individual Capacities	  	 	116	 
		 	13.12	 	Titles	  	 	116	 
		 	13.13	 	Bank Product Providers	  	 	116	 
		 	13.14	 	No Third Party Beneficiaries	  	 	117	 
			
	 SECTION 14.
	 	BENEFIT OF AGREEMENT; ASSIGNMENTS	  	 	117	 
				
		 	14.1	 	Successors and Assigns	  	 	117	 
		 	14.2	 	Participations	  	 	117	 
		 	14.3	 	Assignments	  	 	118	 
		 	14.4	 	Replacement of Certain Lenders	  	 	118	 
		 	14.5	 	Register	  	 	119	 
			
	 SECTION 15.
	 	MISCELLANEOUS	  	 	119	 
				
		 	15.1	 	Consents, Amendments and Waivers	  	 	119	 
		 	15.2	 	Indemnity	  	 	120	 
		 	15.3	 	Notices and Communications	  	 	121	 
		 	15.4	 	Performance of Obligors’ Obligations	  	 	121	 
		 	15.5	 	Credit Inquiries	  	 	122	 
		 	15.6	 	Severability	  	 	122	 
		 	15.7	 	Cumulative Effect; Conflict of Terms	  	 	122	 
		 	15.8	 	Counterparts; Execution	  	 	122	 
		 	15.9	 	Entire Agreement	  	 	122	 
		 	15.10	 	Relationship with Lenders	  	 	122	 
		 	15.11	 	No Advisory or Fiduciary Responsibility	  	 	122	 
		 	15.12	 	Confidentiality	  	 	123	 
		 	15.13	 	Reserved	  	 	123	 
		 	15.14	 	GOVERNING LAW	  	 	123	 
		 	15.15	 	Consent to Forum; Bail-In of EEA Financial Institutions	  	 	123	 
		 	15.16	 	Waivers by Obligors	  	 	125	 
		 	15.17	 	Patriot Act Notice	  	 	125	 
		 	15.18	 	NO ORAL AGREEMENT	  	 	125	 
		 	15.19	 	Amendment and Restatement of Existing ABL Revolver Loan Agreement	  	 	125	 
		 	15.20	 	INTERCREDITOR AGREEMENT	  	 	126	 

  
 (iii) 

 LIST OF EXHIBITS AND SCHEDULES 

 

					
	Exhibit A	 	Assignment and Acceptance	  	
	Exhibit B	 	Assignment Notice	  	
			
	Schedule 1.1	 	Commitments of Lenders	  	
	Schedule 1.1C	 	Eligible Inventory	  	
	Schedule 1.1S	 	Specified Closing Date Holders	  	
	Schedule 6.3	 	Post-Restatement Effective Date Conditions	  	
	Schedule 8.5	 	Deposit Accounts	  	
	Schedule 8.6.1	 	Equity Interests	  	
	Schedule 8.6.2	 	Debt Securities Instruments	  	
	Schedule 8.8	 	Letters of Credit	  	
	Schedule 8.9.1	 	Location of Collateral	  	
	Schedule 9.1.4	 	Names and Capital Structure	  	
	Schedule 9.1.5	 	Real Property in Special Flood Hazard Zone	  	
	Schedule 9.1.11	 	Patents, Trademarks, Copyrights and Licenses	  	
	Schedule 9.1.14	 	Environmental Matters	  	
	Schedule 9.1.15	 	Restrictive Agreements	  	
	Schedule 9.1.16	 	Litigation	  	
	Schedule 9.1.18	 	Pension Plans	  	
	Schedule 9.1.20	 	Labor Contracts	  	
	Schedule 10.2.1	 	Permitted Debt; Borrowed Money	  	
	Schedule 10.2.2	 	Existing Liens	  	
	Schedule 10.2.17	 	Existing Affiliate Transactions	  	

 AMENDED AND RESTATED LOAN, GUARANTY AND SECURITY AGREEMENT 

THIS AMENDED AND RESTATED LOAN, GUARANTY AND SECURITY AGREEMENT (this “Agreement”), is dated as of March 5, 2018,
among TURTLE BEACH CORPORATION, a Nevada corporation, formerly known as Parametric Sound Corporation (“Parent”), VOYETRA TURTLE BEACH, INC., a Delaware corporation (“Voyetra”; and together with Parent,
individually “US Borrower,” and individually and collectively, jointly and severally, “US Borrowers”), TURTLE BEACH EUROPE LIMITED, a company limited by shares and incorporated in England and Wales with
company number 03819186 (“Turtle Beach,” also referred to hereinafter as “UK Borrower”; and together with US Borrowers, individually “Borrower” and individually and collectively,
“Borrowers”), VTB HOLDINGS, INC., a Delaware corporation (“VTB” or “US Guarantor”; and together with US Borrowers, individually a “UK Guarantor” and individually and
collectively, jointly and severally, “UK Guarantors”; UK Guarantors and US Guarantors, individually a “Guarantor,” and individually and collectively, “Guarantors”); the financial institutions party
to this Agreement from time to time as lenders (collectively, “Lenders”), and BANK OF AMERICA, N.A., a national banking association (“Bank of America”), as agent collateral agent and security trustee for
Lenders (in such capacity, together with its successors and assigns in such capacity, “Agent”), and Bank of America as sole lead arranger and sole book runner for the Lenders. 

R E C I T A L S: 

WHEREAS, Borrowers and Guarantors have previously entered into that certain Loan, Guaranty and Security Agreement dated March 31,
2014 with various lenders party thereto and Bank of America as agent, pursuant to which Borrowers have obtained revolving lines of credit (as amended, restated, supplemented or otherwise modified from time to time, the “Existing ABL Revolver
Loan Agreement”). 
 WHEREAS, Borrowers and Guarantors have requested that Agent and Lenders continue to provide credit
facilities to Borrowers to finance their business enterprise and to amend and restate, in its entirety, the Existing ABL Revolver Loan Agreement and all loan documents executed in connection therewith. Lenders are willing to provide the credit
facility and amend and restate the OriginalExisting
ABL Revolver Loan Agreement on the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, for valuable consideration hereby acknowledged, the parties agree as follows: 

SECTION 1. DEFINITIONS; RULES OF CONSTRUCTION 

1.1 Definitions. As used herein, the following terms have the meanings set forth below: 

Acquisition: a transaction or series of transactions resulting in (a) acquisition of a business, division or substantially all
assets of a Person; (b) record or beneficial ownership of 50% or more of the Equity Interests of a Person; or (c) merger, amalgamation, consolidation or combination of a Borrower or Subsidiary with another Person. 

Affiliate: with respect to a specified Person, any other Person that directly, or indirectly through intermediaries, Controls, is
Controlled by or is under common Control with the specified Person. 
 Agent: as defined in the preamble to this Agreement. 

Agent Indemnitees: Agent and its officers, directors, employees, Affiliates, branches, agents and attorneys. 

  
 -1- 

 Agent Professionals: attorneys, accountants, appraisers, auditors, business valuation
experts, environmental engineers or consultants, turnaround consultants, and other professionals and experts retained by Agent. 

Agreement Currency: as defined in Section 1.5. 

Allocable Amount: as defined in Section 5.11.3(b). 

Anti-Terrorism Law: any law relating to terrorism or money laundering, including the Patriot Act. 

Applicable Law: all laws, rules, regulations and governmental guidelines applicable to the Person or matter in question, including all
applicable statutory law, common law and equitable principles, as well as provisions of constitutions, treaties, statutes, rules, regulations, orders and decrees of Governmental Authorities. 

Applicable Margin: the margin set forth below, as determined by the
Fixed Charge Coverage Ratioaverage daily
Availability for the last Fiscal Quarter: 
  

																							
	 Level
	  	Fixed Charge
Coverage Ratio	 	US Base
Rate Loans	 	 	US LIBOR
Loans	 	 	UK Base
Rate Loans	 	 	UK LIBOR
Loans	 	 	US 
FILO
Loans	 
	I	  	£ 1.10:1.00	 	 	1.25	% 	 	 	2.252.00	% 	 	 	1.25	% 	 	 	2.252.00	% 	 	 	2.75	% 
	II	  	> 1.10:1.00 £ 
<
 1.20:1.00
	 	 	1.00	% 	 	 	2.001.75	% 	 	 	1.00	% 	 	 	2.001.75	% 	 	 	2.50	% 
	III	  	> 1.20:1.00 £<

1.25:1.00
	 	 	0.75	% 	 	 	1.751.50	% 	 	 	0.75	% 	 	 	1.751.50	% 	 	 	2.25	% 
	IV	  	> 1.25:1.00	 	 	0.50	% 	 	 	1.501.25	% 	 	 	0.50	% 	 	 	1.501.25	% 	 	 	2.00	% 

 The above margins shall be subject to increase or decrease on the first day of the calendar month following
each Fiscal Quarter end based on the most recent financial statements for the most recent Fiscal Quarterrequired to be delivered to Agent as set forth hereunder. If Agent is unable to calculate the Fixed Charge Coverage Ratio for a Fiscal Quarter due to Borrowers’ failure to deliver any financial statement when required hereunder, then, at the option of Agent or Required Lenders, margins shall be
determined as if Level I were applicable until the first day of the calendar month following its receipt. 
 Applicable Time
Zone: for borrowings under, and payments due by Borrowers or Lenders on (a) US Revolver Loans, Pacific time, and (b) UK Revolver Loans, London time. 

Approved Fund: any entity that is owned or Controlled by a Lender or Affiliate of a Lender, and is engaged in making or investing in
commercial loans in its ordinary course of activities. 
 Asset Disposition: a sale, lease, license, consignment, transfer or other
disposition of Property of an Obligor, including any disposition in connection with a sale-leaseback transaction or synthetic lease. 

Assignment and Acceptance: an assignment agreement between a Lender and Eligible Assignee, in the form of Exhibit A or otherwise
satisfactory to Agent. 
 Attributable Indebtedness: on any date, (a) in respect of any capital lease of any Person, the
capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP (or IFRS as it relates to UK Obligors), and (b) in respect of any Synthetic Lease Obligation, the capitalized amount
of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP (or, as the context may require, IFRS) if such lease were accounted for as a capital lease.

  
 -2- 

 Available Currency: (i) in the case of a US Borrower, Dollars, and (ii) in
the case of UK Borrower, Sterling, Euro and Dollars. 
 Availability: the sum of US Availability and UK Availability. 

Bail-In Action: the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any
liability of an EEA Financial Institution. 
 Bail-In Legislation: with respect to any EEA Member Country implementing Article 55 of
Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 

Bank of America Indemnitees: Bank of America and its officers, directors, employees, Affiliates, branches, agents and attorneys. 

Bank Product: US Bank Product or UK Bank Product, as the context requires. 

Bank Product Reserve: US Bank Product Reserve or UK Bank Product Reserve, as the context requires. 

Bankruptcy Code: Title 11 of the United States Code. 

Board of Governors: the Board of Governors of the Federal Reserve System. 

Borrowed Money: with respect to any Obligor, without duplication, its (a) Debt that (i) arises from the lending of money by
any Person to such Obligor, (ii) is evidenced by notes, drafts, bonds, debentures, credit documents or similar instruments, (iii) accrues interest or is a type upon which interest charges are customarily paid (excluding trade payables
owing in the Ordinary Course of Business), or (iv) was issued or assumed as full or partial payment for Property; (b) Capital Leases; (c) letter of credit reimbursement obligations; and (d) guaranties of any of the foregoing
owing by another Person. 
 Borrower or Borrowers: as defined in the preamble to this Agreement. 

Borrower Materials: Borrowing Base Reports, Compliance Certificates and other information, reports, financial statements and other
materials delivered by Borrowers hereunder, as well as other Reports and information provided by Agent to Lenders. 
 Borrowing: a
group of Revolver Loans that are made or converted together on the same day and have the same interest option and, if applicable, Interest Period. 

Borrowing Base: the sum of the US Borrowing Base and the UK Borrowing Base. 

Borrowing Base Report: a US Borrowing Base Report or a UK Borrowing Base Report, as the context requires. 

Business Day: any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of,
or are in fact closed in, North Carolina and California (or, if such day relates to (a) any UK Revolver Loan or UK Lender, any day on which commercial banks are authorized to close under the laws of, or are in fact closed in, London, or
(b) any Revolver Loan denominated in Euro, any day which is not a TARGET Day. 

  
 -3- 

 Capital Expenditures: all liabilities incurred or expenditures made by a Borrower or
Subsidiary for the acquisition of fixed assets, or any improvements, replacements, substitutions or additions thereto with a useful life of more than one year; provided, however, that Capital Expenditures shall not include any such expenditures that
are: (a) made with the proceeds of any contribution of capital to Parent or sale or issuance by Parent of Equity Interests which are substantially contemporaneously used for the making of such Capital Expenditure; (b) Permitted
Acquisitions or incurred by any Person acquired in any Permitted Acquisition prior to (but not in anticipation of) the closing of such Permitted Acquisition; (c) made with net proceeds of the sale or other disposition (including by casualty or
condemnation) or a capital asset reinvested in assets to the extent such reinvestment is commenced within 180 days and completed within 270 days of the date of such sale or disposition; or (d) financed with Debt permitted pursuant to
Section 10.2.1. 
 Capital Lease: any lease required to be capitalized for financial reporting purposes in accordance
with GAAP (or IFRS as it relates to UK Obligors individually (and not on a consolidated basis)). 
 Cash Collateral: cash delivered
to Agent to Cash Collateralize any Obligations, and all interest, dividends, earnings and other proceeds relating thereto. 
 Cash
Collateral Account: a demand deposit, money market or other account established by Agent at such financial institution as Agent may select in its discretion, which account shall be subject to a Lien in favor of Agent. 

Cash Collateralize: the delivery of cash to Agent, as security for the payment of Obligations, in an amount equal to (a) with
respect to LC Obligations, 105% of the aggregate LC Obligations, and (b) with respect to any inchoate, contingent or other Obligations (including Secured Bank Product Obligations), Agent’s good faith estimate of the amount due or to become
due, including fees, expenses and indemnification hereunder. “Cash Collateralization” has a correlative meaning. 
 Cash
Equivalents: (a) marketable obligations issued or unconditionally guaranteed by, and backed by the full faith and credit of, the U.S. government, maturing within 12 months of the date of acquisition; (b) certificates of deposit, time
deposits and bankers’ acceptances maturing within 12 months of the date of acquisition, and overnight bank deposits, in each case which are issued by Bank of America or a commercial bank organized under the laws of the United States or any
state or district thereof, rated A-1 (or better) by S&P or P-1 (or better) by Moody’s at the time of acquisition, and (unless issued by a Lender) not subject to offset rights; (c) repurchase obligations with a term of not more than 30
days for underlying investments of the types described in clauses (a) and (b) entered into with any bank described in clause (b); (d) commercial paper issued by Bank of America or rated A-1 (or better) by S&P or P-1 (or better) by
Moody’s, and maturing within nine months of the date of acquisition; (e) shares of any money market fund that has substantially all of its assets invested continuously in the types of investments referred to above, has net assets of at
least $500,000,000 and has the highest rating obtainable from either Moody’s or S&P. 
 Cash Management Services: services
relating to operating, collections, payroll, trust, or other depository or disbursement accounts, including automated clearinghouse, e-payable, electronic funds transfer, wire transfer, controlled disbursement, overdraft, depository, information
reporting, lockbox and stop payment services. 
 CERCLA: the Comprehensive Environmental Response Compensation and Liability Act (42
U.S.C. § 9601 et seq.). 

  
 -4- 

 Change in Law: the occurrence, after the date hereof, of (a) the adoption,
taking effect or phasing in of any law, rule, regulation or treaty; (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof; or (c) the making, issuance or application of any
request, guideline, requirement or directive (whether or not having the force of law) by any Governmental Authority; provided, that “Change in Law” shall include, regardless of the date enacted, adopted or issued, all requests,
rules, guidelines, requirements or directives (i) under or relating to the Dodd-Frank Wall Street Reform and Consumer Protection Act, or (ii) promulgated pursuant to Basel III by the Bank for International Settlements, the Basel Committee
on Banking Supervision (or any similar authority) or any other Governmental Authority. 
 Change of Control: (a) any Person
other than the Specified Closing Date Holders owns or control 20% or more of the Voting Equity Interests of Parent; (b) Parent ceases to own and control, beneficially and of record, directly or indirectly, (x) 100% of the outstanding
Voting Equity Interests (other than the Series B Preferred Stock as in effect on the Restatement Effective Date) of Voyetra and (y) 100% of the Voting Equity Interests of its other direct or indirect Subsidiaries; (c) a change in the
majority of directors of Parent during any 24 month period, unless approved by the majority of directors serving at the beginning of such period; or (d) the sale or transfer of all or substantially all assets of a Borrower, except to another
Borrower. 
 Claims: all claims, liabilities, obligations, losses, damages, penalties, judgments, proceedings, interest, costs and
expenses of any kind (including remedial response costs, reasonable attorneys’ fees and Extraordinary Expenses) at any time (including after Full Payment of the Obligations or replacement of Agent or any Lender) incurred by any Indemnitee or
asserted against any Indemnitee by any Obligor or other Person, in any way relating to (a) any Revolver Loans, Letters of Credit, Loan Documents, Borrower Materials, or the use thereof or transactions relating thereto, (b) any action taken
or omitted in connection with any Loan Documents, (c) the existence or perfection of any Liens, or realization upon any Collateral, (d) exercise of any rights or remedies under any Loan Documents or Applicable Law, or (e) failure by
any Obligor to perform or observe any terms of any Loan Document, in each case including all costs and expenses relating to any investigation, litigation, arbitration or other proceeding (including an Insolvency Proceeding or appellate proceedings),
whether or not the applicable Indemnitee is a party thereto. 
 Code: the Internal Revenue Code of 1986. 

Collateral: the US Collateral and the UK Collateral, as the context requires. 

Commodity Exchange Act: the Commodity Exchange Act (7 U.S.C. § 1 et seq.). 

Compliance Certificate: a certificate, in form and substance reasonably satisfactory to Agent, by which Borrowers certify compliance
with Section 10.3. 
 Connection Income Taxes: Other Connection Taxes that are imposed on or measured by net income
(however denominated) or that are franchise Taxes or branch profits Taxes. 

Consolidated Funded Indebtedness: as of any date of
determination, for Parent and its Subsidiaries on a consolidated basis, the sum of (a) the outstanding principal amount of all obligations, whether current or long-term, for Borrowed Money (including Obligations hereunder) and all obligations
evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) all purchase money Debt, (c) all direct obligations arising under letters of credit (including standby and commercial), bankers’ acceptances,
bank guaranties, surety bonds and similar instruments, (d) all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business), (e) Attributable
Indebtedness in respect of capital leases and Synthetic Lease Obligations, (f) without duplication, all Guaranties with respect to outstanding Debt of the types specified in clauses (a) through (e) above of
Persons other than Parent or any Subsidiary, and (g) all Debt of the types referred to in clauses (a) 

  
 -5- 

 
through (f) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which Parent or a Subsidiary is a general partner or joint venturer, unless such Debt is expressly made non-recourse to Parent or such Subsidiary; provided, however, that
(i) the foregoing shall not include Subordinated Indebtedness and (ii) for the purposes of this definition, the amount of Revolver Loans which constitute Consolidated Funded Indebtedness shall be determined based on the average Revolver
Loans outstanding on the last day of each of the trailing twelve months. 

Consolidated Leverage Ratio: as of any date of
determination, the ratio of (a) Consolidated Funded Indebtedness as of such date to (b) EBITDA for Parent and its Subsidiaries on a consolidated basis for the period of the twelve months most recently ended. 
 Contingent Obligation: any obligation of a Person arising from a guaranty, indemnity
or other assurance of payment or performance of any Debt, lease, dividend or other obligation (“primary obligations”) of another obligor (“primary obligor”) in any manner, whether directly or indirectly, including
any obligation of such Person under any (a) guaranty, endorsement, co-making or sale with recourse of an obligation of a primary obligor; (b) obligation to make take-or-pay or similar payments regardless of nonperformance by any other
party to an agreement; and (c) arrangement (i) to purchase any primary obligation or security therefor, (ii) to supply funds for the purchase or payment of any primary obligation, (iii) to maintain or assure working capital,
equity capital, net worth or solvency of the primary obligor, (iv) to purchase Property or services for the purpose of assuring the ability of the primary obligor to perform a primary obligation, or (v) otherwise to assure or hold harmless
the holder of any primary obligation against loss in respect thereof. The amount of any Contingent Obligation shall be deemed to be the stated or determinable amount of the primary obligation (or, if less, the maximum amount for which such Person
may be liable under the instrument evidencing the Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability with respect thereto. 

Contribution Notice: a contribution notice issued by the Pensions Regulator under Section 38 or Section 47 of the Pensions
Act 2004 (UK). 
 Control: possession, directly or indirectly, of the power to direct or cause direction of a Person’s
management or policies, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have correlative meanings. 

CWA: the Clean Water Act (33 U.S.C. §§ 1251 et seq.). 

Debt: as applied to any Person, without duplication, (a) all items that would be included as liabilities on a balance sheet in
accordance with GAAP (or IFRS as it relates to UK Obligors individually (and not on a consolidated basis)), including Capital Leases, but excluding trade payables incurred and being paid in the Ordinary Course of Business; (b) all Contingent
Obligations (including the Guaranteed Obligations); (c) all reimbursement obligations in connection with letters of credit issued for the account of such Person; and (d) in the case of a Borrower, the applicable Obligations. The Debt of a
Person shall include any recourse Debt of any partnership in which such Person is a general partner or joint venturer. 
 Default: an
event or condition that, with the lapse of time or giving of notice, would constitute an Event of Default. 
 Default Rate: for any
Obligation (including, to the extent permitted by law, interest not paid when due), 2% per annum plus the interest rate otherwise applicable thereto. 

Defaulting Lender: any Lender that (a) has failed to comply with its funding obligations hereunder, and such failure is not cured
within two Business Days; (b) has notified Agent or any Borrower that such Lender does not intend to comply with its funding obligations hereunder or under any other credit facility, 

  
 -6- 

 
or has made a public statement to that effect; (c) has failed, within three Business Days following request by Agent or any Borrower, to confirm in a manner satisfactory to Agent and
Borrowers that such Lender will comply with its funding obligations hereunder; or (d) has, or has a direct or indirect parent company that has, become the subject of an Insolvency Proceeding (including reorganization, liquidation, or
appointment of a receiver, custodian, administrator or similar Person by the Federal Deposit Insurance Corporation or any other regulatory authority) or Bail-In Action; provided, that a Lender shall not be a Defaulting Lender solely by virtue
of a Governmental Authority’s ownership of an equity interest in such Lender or parent company unless the ownership provides immunity for such Lender from jurisdiction of courts within the United States or from enforcement of judgments or writs
of attachment on its assets, or permits such Lender or Governmental Authority to repudiate or otherwise to reject such Lender’s agreements. 

Deposit Account Control Agreement: a control agreement reasonably satisfactory to Agent executed by an institution maintaining a
Deposit Account or a Securities Account for an Obligor, to perfect Agent’s Lien on such account or its equivalent in any applicable jurisdiction (including, without limitation, any notice and acknowledgment of any Lien granted over such account
pursuant to a UK Security Agreement). 
 Designated Jurisdiction: a country or territory that is the target of a Sanction. 

Dilution Percent: with respect to any Borrower, the percent, determined for such Borrower’s most recent Fiscal Quarter, equal to
(a) bad debt write-downs or write-offs, discounts, returns, promotions, credits, credit memos and other dilutive items with respect to Accounts of such Borrower, divided by (b) gross sales of such Borrower. 

Distribution: any declaration or payment of a distribution, interest or dividend on any Equity Interest (other than payment-in-kind);
distribution, advance or repayment of Debt to a holder of Equity Interests; or purchase, redemption, or other acquisition or retirement for value of any Equity Interest. 

Disqualified Equity Interests: any Equity Interest that, by its terms (or by the terms of any security or other Equity Interests into
which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or
asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Obligations), (b) is redeemable at the option of the holder thereof,
in whole or in part, (c) provides for the scheduled payments of dividends or any other amounts in cash, or (d) is or becomes convertible into or exchangeable for Debt or any other Equity Interests that would constitute Disqualified Equity
Interests, in each case, prior to the repayment in full of the Obligations. 
 Dollar Equivalent: at any time, (i) with respect
to any amount denominated in Dollars, such amount, and (ii) with respect to any amount denominated in any other currency, the amount of Dollars that Agent determines (which determination shall be conclusive and binding absent manifest error)
would be necessary to be sold on such date at the applicable Exchange Rate to obtain the stated amount of the other currency. 
 Dollars
or $: lawful money of the US. 
 Dominion Account: a separate special account established by each Borrower at Bank of
America (including its London branch, as regards UK Borrower) or another bank acceptable to Agent, over which Agent has exclusive control for withdrawal purposes. 

Dutch Pledge: the pledge agreement or other document whereby the UK Borrower delivered to Agent duly executed Dutch law pledge of its
Inventory. 

  
 -7- 

 Dutch Security Agreements: the Dutch Pledge and each pledge agreement or other
similar agreement, instrument or document governed by the laws of the Netherlands now or hereafter securing (or given with the intent to secure) any Obligations. 

EBITDA: for any period, the sum, for Parent and its Subsidiaries (determined on a consolidated basis in accordance with GAAP) of the
following (for such period): 
 (a) consolidated net income, excluding (i) earnings or losses of any Person in which such Person has an
ownership interest (other than Subsidiaries of such Person), except to the extent received by such Person in a cash distribution, (ii) unrealized non-cash gains and unrealized non-cash losses with respect to obligations under Hedging Agreements
for such period and (iii) non-cash gains and non-cash losses due solely to fluctuations in currency values and the related tax effects determined in accordance with GAAP for such period; plus 

(b) to the extent deducted in determining consolidated net income, the sum of: (i) any provision for cash income tax expense and cash
interest expense; (ii) depreciation and amortization, including, without duplication, to the extent not included in interest expense, cash amortization of transaction and financing fees and expenses; (iii) non-cash deferred compensation,
stock option or employee benefits-based and other equity-based compensation expenses; (iv) reasonable and customary documented third-party fees, costs and expenses in connection with any Permitted Acquisition to the extent permitted by this
Agreement and not exceeding $3,000,000 during any 12 month period or $5,000,000 in the aggregate; (v) non-cash charges or amounts recorded in connection with purchase accounting under Statement of Financial Accounting Standards 14l(r)
(including any applicable to future Permitted Acquisitions); (vi) non-cash purchase accounting adjustments relating to the writedown of deferred revenue (whether billed or unbilled) that are the result of accounting for any acquisition;
(vii) reasonable and customary debt discounts and debt issuance costs, fees, charges and commissions, in each case incurred in connection with Debt permitted to be incurred hereunder, (viii) the Permitted Earnout Payment to the extent paid
(to the extent applicable for such period), (ix) fees, charges and expenses incurred in connection with the consummation of the merger of Paris Acquisition Corp. with and into VTB, (x) one-time, non-recurring severance restructuring costs
and expenses not exceeding the aggregate amount of $2,000,000, and (xi) the amount of reasonable consulting and advisory
fees (incurred to third party consultants and advisors other than Sponsor or its Affiliates) and related reasonable expenses, in each case, incurred in such period and not to exceed $1,250,000 in any trailing twelve-month period, and (xii) one-time, non-recurring payments made with
respect to warrants issued to the Term Loan Lenders and prepayment premiums paid to the Term Loan Lenders, in each case, on or about the First Amendment Effectiveness Date, in an aggregate amount not exceeding $1,500,000, plus or minus 
 (c) to the extent used in determining consolidated net income
(i) other non-cash losses (or gains) (to the extent not relating to or resulting in any cash expense or charge in any future period), (ii) losses (or gains) from Asset Dispositions (excluding sales, expenses or losses related to current
assets), (iii) costs and expenses in connection with the preparation, negotiation and execution of this Agreement and the other Loan Documents, (iv) any extraordinary, one-time, unusual or non-recurring items approved by the Agent in its
reasonable discretion, and (v) any non-cash charges (including reserves) relating to the reduction or discontinuation of operations of or the sale of all or any portion of the business of the Hypersound Division including the reclassification
of the Hypersound Division as a discontinued operation, in each case as required under GAAP 
 provided, that (i) the EBITDA of
any Subsidiary acquired pursuant to a Permitted Acquisition during such period shall be, so long as such EBITDA is either validated by audited financial statements or a third party due diligence report, in either case, in a manner acceptable to the
Agent, included on a pro forma basis for such period (assuming the consummation of such acquisition and the incurrence or assumption of any Debt in connection therewith occurred as of the first day of such period, and giving effect to pro forma

  
 -8- 

 
adjustments acceptable to the Agent (which may include cost savings and synergies that are, in each case, factually supportable, expected to be realized within the twelve months following the
applicable Permitted Acquisition, and are expected to have a continuing impact) which are directly attributable to such proposed Permitted Acquisition) and (ii) the EBITDA of any Person or line of business sold or otherwise disposed of by the
Borrower or any Subsidiary during such period shall be excluded for such period (assuming the consummation of such sale or other disposition and the repayment of any Debt in connection therewith occurred as of the first day of such period). 

EEA Financial Institution: (a) any credit institution or investment firm established in an EEA Member Country that is subject to
the supervision of an EEA Resolution Authority; (b) any entity established in an EEA Member Country that is a parent of an institution described in clause (a) above; or (c) any financial institution established in an EEA Member
Country that is a subsidiary of an institution described in the foregoing clauses and is subject to consolidated supervision with its parent. 

EEA Member Country: any of the member states of the European Union, Iceland, Liechtenstein and Norway. 

EEA Resolution Authority: any public administrative authority or any Person entrusted with public administrative authority of an EEA
Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 
 Eligible
Account: an Account owing to a Borrower that arises in the Ordinary Course of Business from the sale of goods, is payable in Dollars (or payable in Dollars, Euros or Sterling, if owing to a UK Borrower) and is deemed by Agent, in its Permitted
Discretion, to be an Eligible Account. Without limiting the foregoing, no Account shall be an Eligible Account if 
 (a) it is unpaid for
more than 60 days after the original due date, or more than 120 days after the original invoice date; 
 (b) 50% or more of the Accounts
owing by the Account Debtor are not Eligible Accounts under the foregoing clause; 
 (c) when aggregated with other Accounts owing by the
Account Debtor, it exceeds 15% of the aggregate Eligible Accounts (or (x) with respect to such Accounts owed to a US Borrower, 55% with respect to Accounts owed by Gamestop and 40% with respect to Accounts owed by Target, Best Buy, Amazon,
Walmart and Solutions 2 Go, Inc. (Canada), and (y) with respect to such Accounts owed to UK Borrower, 40% with respect to Accounts owed by Argos and Amazon, or in any case, such higher percentage as Agent may establish for such or any other
Account Debtor from time to time); 
 (d) it does not conform with a covenant or representation herein; 

(e) it is owing by a creditor or supplier, or is otherwise subject to a potential offset, counterclaim, dispute, deduction, discount,
recoupment, reserve, defense, chargeback, credit or allowance (but ineligibility shall be limited to the amount thereof); 
 (f) an
Insolvency Proceeding has been commenced by or against the Account Debtor; or the Account Debtor has failed, has suspended or ceased doing business, is liquidating, dissolving or winding up its affairs, is not Solvent, or is the target of any
Sanction or on an specially designated nationals list maintained by OFAC; or the Borrower is not able to bring suit or enforce remedies against the Account Debtor through judicial process; 

  
 -9- 

 (g) (i) with respect to a US Borrower, the Account Debtor is organized or has its
principal offices or assets outside the United States or Canada, unless the Account Debtor is supported by a letter of credit (delivered to and directly drawable by Agent) or credit insurance satisfactory in all respects to Agent, and (ii) with
respect to UK Borrower, the Account Debtor is organized or has its principal offices or assets outside of England and Wales other than a UK Eligible Foreign Account; 

(h) it is owing by a Governmental Authority, unless the Account Debtor is the United States or any department, agency or instrumentality
thereof and the Account has been assigned to Agent in compliance with the federal Assignment of Claims Act; 
 (i) it is not subject to a
duly perfected Lien (in the case of Eligible UK Accounts, expressed as a fixed charge) in favor of Agent or is subject to any other Lien; 

(j) the goods giving rise to it have not been delivered to the Account Debtor, the services giving rise to it have not been accepted by the
Account Debtor, or it otherwise does not represent a final sale; 
 (k) it is evidenced by Chattel Paper or an Instrument of any kind, or
has been reduced to judgment; 
 (l) its payment has been extended or the Account Debtor has made a partial payment; 

(m) it arises from a sale to an Affiliate, from a sale on a cash-on-delivery, bill-and-hold, sale or return, sale on approval, consignment, or
other repurchase or return basis, or from a sale for personal, family or household purposes; 
 (n) it represents a progress billing or
retainage, or relates to services for which a performance, surety or completion bond or similar assurance has been issued; or 
 (o) it
includes a billing for interest, fees or late charges, but ineligibility shall be limited to the extent thereof. 
 In calculating delinquent portions of
Accounts under clauses (a) and (b), credit balances more than 90 days old will be excluded. 
 Eligible Assignee: (a) a
Lender, Affiliate of a Lender or Approved Fund; (b) an assignee approved by US Borrower Agent (which approval shall not be unreasonably withheld or delayed, and shall be deemed given if no objection is made within five Business Days after
notice of the proposed assignment) and Agent; (c) if such person is to hold any UK Revolver Commitments, such person is at all times, other than during any Event of Default, a Qualifying Lender; or (d) during an Event of Default, any
Person acceptable to Agent in its discretion. 
 Eligible Inventory: Inventory owned by a US Borrower or UK Borrower, as applicable,
that Agent, in its Permitted Discretion, deems to be Eligible Inventory. Without limiting the foregoing, no Inventory shall be Eligible Inventory unless it 

(a) is finished goods or raw materials, and not work-in-process, packaging or shipping materials, labels, samples, display items, bags,
replacement parts or manufacturing supplies; 
 (b) is not held on consignment, nor subject to retention of title or similar arrangements
nor subject to any deposit or down payment; 
 (c) is in new and saleable condition and is not damaged, defective, shopworn or otherwise
unfit for sale; 

  
 -10- 

 (d) is not slow-moving, perishable, obsolete or unmerchantable, and does not constitute
returned or repossessed goods; 
 (e) meets all standards imposed by any Governmental Authority, has not been acquired from a Person that is
the target of any Sanction or on any specially designated nationals list maintained by OFAC, and does not constitute hazardous materials under any Environmental Law; 

(f) conforms with the covenants and representations herein; 

(g) is subject to Agent’s duly perfected Lien, and no other Lien (other than Permitted Liens); 

(h) is within the continental United States, Canada or any jurisdiction listed on Schedule 1.1C, is not in transit except for Eligible
US In-Transit Inventory and Eligible UK In-Transit Inventory, and is not consigned to any Person; 
 (i) is not subject to any warehouse
receipt or negotiable Document; 
 (j) is not subject to any License or other arrangement that restricts such Borrower’s or
Agent’s right to dispose of such Inventory, unless Agent has received an appropriate Lien Waiver or has otherwise waived such requirement (the parties acknowledge that such requirement has been waived with respect to Licenses set forth on
Schedule 9.1.11 as of the Closing Date); 
 (k) is not located on leased premises or in the possession of a warehouseman, processor,
repairman, mechanic, shipper, freight forwarder or other Person, unless the lessor or such Person has delivered a Lien Waiver or an appropriate Rent and Charges Reserve has been established; and 

(l) is reflected in the details of a current perpetual inventory report. 

Eligible UK Accounts: Eligible Accounts owing to UK Borrower. 

Eligible UK In-Transit Inventory: Inventory owned by a UK Borrower that would be Eligible Inventory if it were not subject to a
Document and in transit from with respect to a UK Revolver Loan, a foreign location to a location of the applicable UK Borrower within the United Kingdom that Agent, in its Permitted Discretion, deems to be Eligible UK In-Transit Inventory. Without
limiting the foregoing, no Inventory shall be Eligible UK In-Transit Inventory unless it (a) is subject to a negotiable Document showing Agent (or, with the consent of Agent, the UK Borrower) as consignee, which Document is in the possession of
Agent or such other Person as Agent shall approve; (b) is fully insured in a manner satisfactory to Agent; (c) is not sold by a vendor that has a right to reclaim, divert shipment of, repossess, stop delivery, claim any reservation of
title or otherwise assert Lien rights against the Inventory, or with respect to whom UK Borrower is in default of any obligations; (d) is subject to purchase orders and other sale documentation satisfactory to Agent, and title has passed to UK
Borrower; (e) is shipped by a common carrier that is not affiliated with the vendor and is not subject to Sanctions or any specially designated nationals list maintained by OFAC; and (f) is being handled by a customs broker,
freight-forwarder or other handler that has delivered a Lien Waiver. 
 Eligible UK Inventory: Eligible Inventory of UK Borrower.

 Eligible US Accounts: Eligible Accounts owing to a US Borrower. 

Eligible US In-Transit Inventory: Inventory owned by a US Borrower that would be Eligible Inventory if it were not subject to a
Document and in transit from with respect to a US Revolver Loan, a foreign location to a location of the applicable US Borrower within the United States that Agent, in its Permitted Discretion, deems to be Eligible US In-Transit Inventory. Without
limiting the foregoing, no 

  
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Inventory shall be Eligible US In-Transit Inventory unless it (a) is subject to a negotiable Document showing Agent (or, with the consent of Agent, the applicable Borrower) as consignee,
which Document is in the possession of Agent or such other Person as Agent shall approve; (b) is fully insured in a manner satisfactory to Agent; (c) is not sold by a vendor that has a right to reclaim, divert shipment of, repossess, stop
delivery, claim any reservation of title or otherwise assert Lien rights against the Inventory, or with respect to whom any Borrower is in default of any obligations; (d) is subject to purchase orders and other sale documentation satisfactory
to Agent, and title has passed to the Borrower; (e) is shipped by a common carrier that is not affiliated with the vendor and is not subject to Sanctions or any specially designated nationals list maintained by OFAC; and (f) is being
handled by a customs broker, freight-forwarder or other handler that has delivered a Lien Waiver. 
 Eligible US Inventory: Eligible
Inventory of a US Borrower. 
 Enforcement Action: any action to enforce any Obligations (other than Secured Bank Product
Obligations) or Loan Documents or to exercise any rights or remedies relating to any Collateral, whether by judicial action, self-help, notification of Account Debtors, setoff or recoupment, credit bid, deed in lieu of foreclosure, action in an
Insolvency Proceeding or otherwise. 
 Environmental Laws: Applicable Laws (including programs, permits and guidance promulgated by
regulators) relating to public health (other than occupational safety and health regulated by OSHA or similar foreign Governmental Authority) or the protection or pollution of the environment, including CERCLA, RCRA , CWA and other similar
Applicable Laws of any foreign jurisdiction. 
 Environmental Notice: a notice (whether written or oral) from any Governmental
Authority or other Person of any possible noncompliance with, investigation of a possible violation of, litigation relating to, or potential fine or liability under any Environmental Law, or with respect to any Environmental Release, environmental
pollution or hazardous materials, including any complaint, summons, citation, order, claim, demand or request for correction, remediation or otherwise. 

Environmental Release: a release as defined in CERCLA or under any other Environmental Law. 

Equity Interest: the interest of any (a) shareholder in a corporation; (b) partner in a partnership (whether general,
limited, limited liability or joint venture); (c) member in a limited liability company; or (d) other Person having any other form of equity security or ownership interest, and, in each case, all of the warrants, options or other rights
for the purchase or acquisition of any of the foregoing. 
 ERISA: the Employee Retirement Income Security Act of 1974. 

ERISA Affiliate: any trade or business (whether or not incorporated) under common control with an Obligor within the meaning of
Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

ERISA Event: (a) a Reportable Event with respect to a Pension Plan; (b) withdrawal of an Obligor or ERISA Affiliate from a
Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under
Section 4062(e) of ERISA; (c) complete or partial withdrawal of an Obligor or ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) filing of a notice of intent to terminate,
treatment of a Pension Plan or Multiemployer Plan amendment as a termination under Section 4041 or 4041A of ERISA, or institution of proceedings by the PBGC to terminate a Pension Plan; (e) determination that a Pension Plan or
Multiemployer Plan (as applicable) is considered an at-risk plan or a plan in critical or endangered status under the Code or ERISA; (f) an event or condition that constitutes grounds under Section 4042 of ERISA for termination of, or

  
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appointment of a trustee to administer, any Pension Plan; or (g) imposition of any liability on an Obligor or ERISA Affiliate under Title IV of ERISA, other than for PBGC premiums due but
not delinquent under Section 4007 of ERISA; or (h) failure by an Obligor or ERISA Affiliate to meet all applicable requirements under the Pension Funding Rules in respect of a Pension Plan, whether or not waived, or to make a required
contribution to a Multiemployer Plan. 
 Euro or “€”: the lawful currency of the Participating Member States.

 Event of Default: as defined in Section 12. 

Exchange Rate: on any date, (i) with respect to Sterling in relation to Dollars, the spot rate as quoted by Bank of America
(acting through its London branch) at its noon spot rate (in the Applicable Time Zone) at which Dollars are offered on such date for Sterling, (ii) with respect to Dollars in relation to Sterling, the spot rate as quoted by Bank of America
(acting through its London branch) at its noon spot rate (in the Applicable Time Zone) at which Sterling are offered on such date for such Dollars, (iii) with respect to Euro in relation to Dollars, the spot rate as quoted by Bank of America
(acting through its London branch) at its noon spot rate (in the Applicable Time Zone) at which Dollars are offered on such date for Euro, and (iv) with respect to Dollars in relation to Euro, the spot rate as quoted by Bank of America (acting
through its London branch) at its noon spot rate (in the Applicable Time Zone) at which Euro are offered on such date for such Dollars. 

Excluded Assets: (a) any lease, license, contract, property right or agreement to which any Obligor is a party or any of its right
or interests thereunder if and only for so long as the grant of a security interest or Lien under this Agreement (i) is prohibited by Applicable Law or would constitute or result in the abandonment, invalidation or unenforceability of any
right, title or interest of such Obligor therein pursuant to Applicable Law, (ii) would require the consent of third parties and such consent shall have not been obtained, or (iii) would constitute or result in a breach, termination or
default under any such lease, license, contract, property right or agreement (in each case other than to the extent that any such consent requirement or other term thereof would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or
9-409 of the UCC of any relevant jurisdiction or any other Applicable Law or principles of equity); provided that such lease, license, contract, property right or agreement will be an Excluded Asset only to the extent and for so long as the
consequences specified above will result and will cease to be an Excluded Asset and will become Collateral, immediately and automatically, at such time as such consequences will no longer result; (b) deposit accounts used solely to fund
payroll, payroll Taxes and similar employment Taxes or employee benefits in the Ordinary Course of Business; (c) any motor vehicles covered by a certificate of title, together with any motor vehicle trailers, regardless of whether such trailers
may be covered by a certificate of title, and all spare parts and accessories for such vehicles and trailers; and (d) all Excluded Equity Interests. 

Excluded Equity Interests: solely in the case of any pledge of Equity Interests of any Foreign Subsidiary of a US Borrower or a US
Guarantor to secure any US Obligations, any Equity Interests that are Voting Equity Interests of such Foreign Subsidiary of a US Borrower or a US Guarantor in excess of 65% of the outstanding Voting Equity Interests of such class. 

Excluded Swap Obligation: with respect to an Obligor, each Swap Obligation as to which, and only to the extent that, such
Obligor’s guaranty of or grant of a Lien as security for such Swap Obligation is or becomes illegal under the Commodity Exchange Act because the Obligor does not constitute an “eligible contract participant” as defined in the act
(determined after giving effect to any keepwell, support or other agreement for the benefit of such Obligor and all guarantees of Swap Obligations by other Obligors) when such guaranty or grant of Lien becomes effective with respect to the Swap
Obligation. If a Hedging Agreement governs more than one Swap Obligation, only the Swap Obligation(s) or portions thereof described in the foregoing sentence shall be Excluded Swap Obligation(s) for the applicable Obligor. 

  
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 Excluded Taxes: any of the following Taxes imposed on or with respect to a Recipient
or required to be withheld or deducted from a payment to a Recipient; (a) Taxes imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes, in each case, (i) as a result of such Recipient
being organized under the laws of, or having its principal office (or, in the case of any Lender, its applicable Lending Office) located in, the jurisdiction imposing such Tax (or any political subdivision thereof), or (ii) that are Other
Connection Taxes; (b) in the case of a Lender, US federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Revolver Loan or Revolver Commitment pursuant to a law in
effect on the date on which (i) such Lender becomes a party hereto or, in the case of a Participant, acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by US Borrower Agent under
Section 14.4) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 5.9, amounts with respect to such Taxes were payable to its assignor immediately prior to such
assignment or to the Lender immediately prior to its change in Lending Office; (c) Taxes attributable to such Recipient’s failure to comply with Section 5.10; and (d) any withholding Taxes imposed under FATCA. In no event
shall “Excluded Taxes” include any withholding Tax imposed on amounts paid by or on behalf of a foreign Obligor to a Recipient that has complied with Section 5.10.2. 

Existing ABL Revolver Loan Agreement: as defined in the recitals to this Agreement. 

Existing Term Loan Agreement: that certain Term
Loan, Guaranty and Security Agreement, dated as of June 22, 2015 by and among the Borrowers, the Guarantors, the Term Loan Lenders and the Term Agent, as the same may be amended, amended and restated, restated, supplemented, modified or
otherwise in effect prior to the Restatement Effective Date. 

Extraordinary Expenses: all costs, expenses or advances that Agent may incur during a Default or Event of Default, or during the
pendency of an Insolvency Proceeding of an Obligor, including those relating to (a) any audit, inspection, repossession, storage, repair, appraisal, insurance, manufacture, preparation or advertising for sale, sale, collection, or other
preservation of or realization upon any Collateral; (b) any action, arbitration or other proceeding (whether instituted by or against Agent, any Lender, any Obligor, any representative of creditors of an Obligor or any other Person) in any way
relating to any Collateral (including the validity, perfection, priority or avoidability of Agent’s Liens with respect to any Collateral), Loan Documents, Letters of Credit or Obligations, including any lender liability or other Claims;
(c) the exercise of any rights or remedies of Agent in, or the monitoring of, any Insolvency Proceeding; (d) settlement or satisfaction of taxes, charges or Liens with respect to any Collateral; (e) any Enforcement Action; and
(f) negotiation and documentation of any modification, waiver, workout, restructuring or forbearance with respect to any Loan Documents or Obligations. Such costs, expenses and advances include transfer fees, Other Taxes, storage fees,
insurance costs, permit fees, utility reservation and standby fees, legal fees, appraisal fees, brokers’ and auctioneers’ fees and commissions, accountants’ fees, environmental study fees, wages and salaries paid to employees of any
Obligor or independent contractors in liquidating any Collateral, and travel expenses. 
 FATCA: Sections 1471 through 1474 of the
Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, and any agreements
entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such
Sections of the Code. 
 Federal Funds Rate: (a) the weighted average per annum interest rate on overnight federal funds
transactions with members of the Federal Reserve System on the applicable day (or the preceding Business Day, if the applicable day is not a Business Day), as published by the Federal Reserve Bank of New York on the next Business Day; or (b) if
the rate is not so published, the average rate per annum (rounded up to the nearest 1/8 of 1%) charged to Bank of America on the applicable day on such transactions, as determined by Agent; provided, that in no event shall the Federal Funds
Rate be less than zero. 

  
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 Fee Letter:
(i) the Restatement Fee Letter, and (ii) the fee letter agreement by and
between Borrowers and Agent, dated as of the Original Closing Date, as such letter
agreementFirst Amendment Effectiveness Date (the “First Amendment Fee Letter”), in each case, as the
same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time. 
 Financial Covenant Trigger Period: the period (a) commencing on the day that an Event of Default occurs, or the Availability is less
than the greater of (x) 15% of the Borrowing Base (disregarding any decreased Revolver Commitment amount during the Seasonal Period) and (y) $10,000,000, for a period of five (5) consecutive days; and (b) continuing until, during
each of the preceding 30 consecutive days, no Event of Default has existed, the Availability has been equal to or greater than the greater of (x) 15% of the Borrowing Base (disregarding any decreased Revolver Commitment amount during the
Seasonal Period) and (y) $10,000,000. 
 Financial Support Direction: a
financial support direction issued by the Pensions Regulator under Section 43 of the Pensions Act 2004 (UK). 
 First Amendment Effectiveness Date: December [    ], 2018.

 Fiscal Quarter: each period of three months, commencing on the first day of a Fiscal Year. 

Fiscal Year: the fiscal year of Borrowers and Subsidiaries for accounting and tax purposes, ending on December 31 of each year.

 Fixed Charge Coverage Ratio: the ratio, determined on a consolidated basis for Parent and Subsidiaries for any period of
measurement, of (a) EBITDA minus Capital Expenditures (except those financed with Borrowed Money other than Revolver Loans) and cash taxes paid for such period, to (b) Fixed Charges for such period. 

Fixed Charges: for any period of measurement, the sum of cash interest expense (net of interest income received in cash) for such
period, regularly scheduled payments of principal on Debt for Borrowed Money actually made or required to be made in cash, Distributions actually made in cash, and the Permitted
Earnout Payment actually made in cash (to the extent the Permitted Earnout Payment is applicable to the subject period); provided that Fixed Charges shall exclude (i) regularly scheduled principal payments and prepayment of the U.S. Special Advance Loan, and (ii) principal payments
ofon the Third Lien Debt made with the proceeds of the Delayed Draw Term Loan (as defined in the Term Loan Agreement).Term Loan Debt made with respect to the full repayment thereof on the First Amendment Effectiveness Date (ii) principal payments on the
TBC Notes made in August 2018, October 2018 and with respect to the full repayment thereof on the First Amendment Effectiveness Date and (iii) the Permitted Earnout Payments. 

 Floating LIBOR: for any day, a per annum
rate equal to LIBOR in effect on such day for a 30 day interest period. 

Floating Rate Loan: a US Base Rate Loan or a UK Base Rate Loan, as the context requires. 

Flood Laws: the National Flood Insurance Act of 1968, Flood Disaster Protection Act of 1973 and related laws. 

FLSA: the Fair Labor Standards Act of 1938. 

  
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 Foreign Lender: any Lender that is not a US Person. 

Foreign Plan: any employee benefit plan or arrangement (a) maintained or contributed to by any Obligor or Subsidiary that is not
subject to the laws of the United States; or (b) mandated by a government other than the United States, in either case, for employees of any Obligor or Subsidiary. 

Foreign Subsidiary: a Subsidiary that is a “controlled foreign corporation” under Section 957 of the Code, or a
Subsidiary in a case in which substantially all of such entity’s assets are comprised of one or more “controlled foreign corporations” under Section 957 of the Code. 

Fronting Exposure: a Defaulting Lender’s interest in LC Obligations, Swingline Loans and Protective Advances, except to the extent
Cash Collateralized by the Defaulting Lender or allocated to other Lenders hereunder. 
 Full Payment: with respect to any
Obligations, (a) the full and cash payment thereof, including any interest, fees and other charges accruing during an Insolvency Proceeding (whether or not allowed in the proceeding); and (b) if such Obligations are LC Obligations or
inchoate or contingent in nature, Cash Collateralization thereof (or delivery of a standby letter of credit acceptable to Agent in its discretion, in the amount of required Cash Collateral). No Revolver Loans shall be deemed to have been paid in
full unless all Revolver Commitments related to such Revolver Loans are terminated. 
 GAAP: generally accepted accounting principles
in effect in the United States from time to time. 
 Governmental Approvals: all authorizations, consents, approvals, licenses and
exemptions of, registrations and filings with, and required reports to, all Governmental Authorities. 
 Governmental Authority: any
federal, provincial, state, local, municipal, foreign or other governmental department agency, authority, body, commission, board, bureau, court, tribunal, instrumentality, political subdivision, central bank, or other entity or officer exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions for any governmental, judicial, investigative, regulatory or self-regulatory authority, or a province or territory thereof or a foreign entity or government
(including the Financial Conduct Authority, the Prudential Regulation Authority and any supra-national bodies such as the European Union or European Central Bank). 

Growth Multiple: shall mean, at any time, (a) if EBITDA for the most recently ended twelve-month period for which financial
statements have been delivered is equal to or less than $16,213,000, one; and (b) if EBITDA for the most recently ended twelve-month period for which financial statements have been delivered is greater than $16,213,000, an amount equal to
(i) EBITDA of the Companies for the most recently ended twelve-month period for which financial statements have been delivered divided by (ii) $16,213,000. 

Guaranteed Obligations: US Guaranteed Obligations or UK Guaranteed Obligations, as the case may be. 

Guarantors: as defined in the preamble to this Agreement and each other Person that guarantees payment or performance of Obligations.

 Guaranty: each guaranty or guarantee agreement executed by a Guarantor in favor of Agent, including the guaranty provided pursuant
to Section 11. 
 Headset Division: the business division of Parent which engages in the international distribution of
retail multi-platform advanced gaming headsets. 

  
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 Hedging Agreement: a “swap agreement” as defined in Bankruptcy Code
Section 101(53B)(A). 
 Hypersound Division: the business division of Parent which engages in business relating to Parent’s
ultrasonic sound delivery technology. 
 Hypersound Division
Foxconn Expenditures: Obligors’ payments to, or other expenditures in respect of, Foxconn Technology Group and/or its Affiliates in respect of the Hypersound Division for the applicable period, all calculated in a manner reasonably
acceptable to Agent. 
 Hypersound Division Net Operating Disbursements: Obligors’ actual disbursements in respect of the Hypersound Division (other than the Hypersound Division
Foxconn Expenditures) for the applicable period, net of any cash collections of the Hypersound Division for such period, all calculated in a manner reasonably acceptable to Agent. 

IFRS: International Financial Reporting Standards as issued by the International Accounting Standards Board. 

Indemnified Taxes: (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any
obligation of the Borrower under any Loan Document; and (b) to the extent not otherwise described in clause (a), Other Taxes. 

Indemnitees: Agent Indemnitees, Lender Indemnitees, Issuing Bank Indemnitees and Bank of America Indemnitees. 

Insolvency Proceeding: any case or proceeding commenced by or against a Person under any state, federal or foreign law for, or any
agreement of such Person to, (a) the entry of an order for relief under the Bankruptcy Code, or any other insolvency, debtor relief or debt adjustment law; (b) the appointment of a receiver, trustee, liquidator, administrator, conservator
or other custodian for such Person or any part of its Property; or (c) an assignment or trust mortgage for the benefit of creditors. 

Intellectual Property: all intellectual Property of a Person, including inventions, designs, patents, copyrights, trademarks, service
marks, trade names, trade secrets, confidential or proprietary information, customer lists, know-how, software and databases; all embodiments or fixations thereof and all related documentation, applications, registrations and franchises; all
licenses or other rights to use any of the foregoing; and all books and records relating to the foregoing. 
 Intellectual Property
Claim: any claim or assertion (whether in writing, by suit or otherwise) that a Borrower’s or Subsidiary’s ownership, use, marketing, sale or distribution of any Inventory, Equipment, Intellectual Property or other Property violates
another Person’s Intellectual Property. 
 Intellectual Property Licenses: with respect to any Person (for the purpose of this
definition, the “Specified Party”), (A) any licenses or other similar rights provided to the Specified Party in or with respect to Intellectual Property owned or controlled by any other Person (other than license agreements for
commercially available off-the-shelf software that is generally available to the public which have been licensed to such Person) and (B) any licenses or other similar rights provided to any other Person in or with respect to Intellectual
Property owned or controlled by the Specified Party (other than non-exclusive licenses granted to customers in the Ordinary Course of Business in connection with products or services provided by such Person). 

Intercreditor Agreement: that certain Amended and
Restated Intercreditor Agreement dated as of the Restatement Effective Date by and between the Agent, in its capacity as the “ABL Agent” thereunder and the Term Agent in its capacity as the “Term Agent” thereunder.
 

  
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 Interest Period: as defined in Section 3.1.4. 

Interest Period Loan: a US LIBOR Loan or a UK LIBOR Loan, as the context requires. 

Inventory: as defined in the UCC, including all goods intended for sale, lease, display or demonstration; all work in process; and all
raw materials, and other materials and supplies of any kind that are or could be used in connection with the manufacture, printing, packing, shipping, advertising, sale, lease or furnishing of such goods, or otherwise used or consumed in a
Borrower’s business (but excluding Equipment). 
 Investment: an Acquisition, an acquisition of record or beneficial ownership
of any Equity Interests of a Person, or an advance or capital contribution to or other investment in a Person. 
 IP Security
Agreement: a trademark security agreement, a patent security agreement, copyright security agreement, charge over intellectual property, or equivalent agreement in the applicable jurisdiction, by and among one or more Obligors and Agent, with
such amendments or modifications as may be reasonably approved by Agent. 
 IRS: the United States Internal Revenue Service. 

Issuing Bank: Bank of America (including any Lending Office of Bank of America), or any replacement issuer appointed pursuant to
Section 2.3.4 (or Bank of America acting through its London branch with respect to Letters of Credit requested by UK Borrower). 

Issuing Bank Indemnitees: Issuing Bank and its officers, directors, employees, Affiliates, branches, agents and attorneys. 

Judgment Currency: as defined in Section 1.5.2. 

LC Application: an application by a Borrower to Issuing Bank for issuance of a Letter of Credit, in form and substance reasonably
satisfactory to Issuing Bank and Agent. 
 LC Conditions: upon giving effect to issuance of a Letter of Credit, (a) the
conditions in Section 6.1 and 6.2 are satisfied; (b)(i) total LC Obligations do not exceed the Letter of Credit Subline, (ii) no Overadvance exists, (iii) no US Overadvance exists if the Requesting Borrower is a US
Borrower, (iv) no UK Overadvance exists if the Requesting Borrower is UK Borrower, (v) if Requesting Borrower is a US Borrower and no US Revolver Loans are outstanding, the US LC Obligations do not exceed the US Borrowing Base,
(vi) if Requesting Borrower is UK Borrower and no UK Revolver Loans are outstanding, the UK LC Obligations do not exceed the UK Borrowing Base; (c) the Letter of Credit and payments thereunder are denominated in Dollars or other currency
satisfactory to Issuing Bank; and (d) the purpose and form of the Letter of Credit are satisfactory to Issuing Bank in its discretion. 

LC Documents: all documents, instruments and agreements (including LC Requests and LC Applications) delivered by the applicable
Borrower or any other Person to Issuing Bank or Agent in connection with any Letter of Credit. 
 LC Obligations: the US LC
Obligations or the UK LC Obligations, as the context requires. 
 LC Request: a request for issuance of a Letter of Credit, to be
provided by the applicable Borrower to Issuing Bank, in form satisfactory to Issuing Bank. 
 LC Reserve: the aggregate of all LC
Obligations of the applicable Borrower, other than those that have been Cash Collateralized by the applicable Borrower. 

  
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 Lender Indemnitees: Each Lender and its officers, directors, employees, Affiliates,
branches, agents and attorneys. 
 Lenders: lenders party this Agreement (including US Lenders, UK Lenders, Agent in its capacity as
provider of Swingline Loans) and any Person who hereafter becomes a “Lender” pursuant to an Assignment, including any Lending Office of the foregoing. 

Lending Office: the office (including any domestic or foreign Affiliate or branch) designated as such by Agent, a Lender or Issuing
Bank by notice to US Borrower Agent and, if applicable, Agent. 
 Letter of Credit: any standby or documentary letter of credit,
foreign guaranty, documentary bankers acceptance, indemnity, reimbursement agreement or similar instrument issued by Issuing Bank for the account or benefit of a Borrower or Affiliate of such Borrower. 

Letter of Credit Subline: $5,000,000. 

LIBOR: the per annum rate of interest (rounded up to the nearest 1/8th of 1%) determined by Agent at or about 11:00 a.m. (London time)
two (2) Business Days prior to an Interest Period, and set on the same day for Sterling denominated Interest Periods in EMEA, for a term equivalent to such Interest Period, equal to the London Interbank Offered Rate, or comparable or successor
rate approved by Agent, as published on the applicable Reuters screen page (or other commercially available source designated by Agent); provided that any comparable or successor rate shall be applied by Agent, if administratively feasible,
in a manner consistent with market practice; provided, further, that in no event shall LIBOR be less than zero. 
 LIBOR Screen Rate: LIBOR quote on the applicable screen page the Agent designates to determine LIBOR (or such other commercially available
source providing such quotations as may be designated by the Agent from time to time). 

LIBOR Successor Rate: as
defined in Section 3.1.5(b). 
 LIBOR Successor Rate Conforming Changes: with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of Base
Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate, in the discretion of the Agent, to reflect the adoption of such LIBOR Successor Rate and to
permit the administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice
for the administration of such LIBOR Successor Rate exists, in such other manner of administration as the Agent determines in consultation with the Borrower Agent). 

LIBOR Scheduled
Unavailability Date: as defined in Section 3.1.5(b)(ii). 
 License: any
license or agreement under which an Obligor is authorized to use Intellectual Property in connection with any manufacture, marketing, distribution or disposition of Collateral, any use of Property or any other conduct of its business. 

Licensor: any Person from whom an Obligor obtains the right to use any Intellectual Property. 

Lien: any Person’s interest in Property securing an obligation owed to, or a claim by, such Person, whether such interest is based
on common law, statute or contract, including liens, security interests, mortgages, charges, assignments, pledges, hypothecations, statutory trusts, deemed trusts, reservations, exceptions, encroachments, easements, servitudes, rights-of-way,
covenants, conditions, restrictions, leases, and other title exceptions and encumbrances affecting Property. 

  
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 Lien Waiver: an agreement, in form and substance reasonably satisfactory to Agent, by
which (a) for any material Collateral located on leased premises, the lessor waives or subordinates any Lien it may have on the Collateral, and agrees to permit Agent to enter upon the premises and remove the Collateral or to use the premises
to store or dispose of the Collateral; (b) for any Collateral held by a warehouseman, processor, shipper, customs broker or freight forwarder, such Person waives or subordinates any Lien it may have on the Collateral, agrees to hold any
Documents in its possession relating to the Collateral as agent for Agent, and agrees to deliver the Collateral to Agent upon request; (c) for any Collateral held by a repairman, mechanic or bailee, such Person acknowledges Agent’s Lien,
waives or subordinates any Lien it may have on the Collateral, and agrees to deliver the Collateral to Agent upon request; and (d) for any Collateral subject to a Licensor’s Intellectual Property rights, the Licensor grants to Agent the
right, vis-à-vis such Licensor, to enforce Agent’s Liens with respect to the Collateral, including the right to dispose of it with the benefit of the Intellectual Property, whether or not a default exists under any applicable License.

 Loan Documents: this Agreement, Other Agreements and Security Documents. 

Loan Year: each 12 month period commencing on the Original Closing Date or an each anniversary thereof. 

Mandatory Cost: any amount incurred periodically by a Lender constituting fees, costs or charges imposed by any Governmental Authority
on lenders generally in the jurisdiction where such Lender is domiciled, is subject to regulation or has its office through which it performs its obligations hereunder. 

Margin Stock: as defined in Regulation U of the Board of Governors. 

Material Adverse Effect: the effect of any event or circumstance that, taken alone or in conjunction with other events or
circumstances, (a) has or could be reasonably expected to have a material adverse effect on the business, operations, Properties or financial condition of the Obligors, taken as a whole, on the value of any material Collateral, on the
enforceability of any Loan Document, or on the validity or priority of Agent’s Liens on any Collateral; (b) materially impairs the ability of the Obligors, taken as a whole, to perform their obligations under the Loan Documents, including
repayment of any Obligations; or (c) otherwise materially and adversely impairs the ability of Agent or any Lender to enforce or collect any Obligations or to realize upon any Collateral. 

Material Contract: any written agreement or arrangement to which any Obligor or its respective Subsidiaries is party (other than the
Loan Documents) (a) that is deemed to be a material contract under any securities law applicable to such Person, including the Securities Act of 1933; or (b) for which breach, termination, nonperformance or failure to renew could
reasonably be expected to have a Material Adverse Effect. 
 Material Real Estate: means any Real Estate located in the United States
and owned in fee by any US Obligor with a fair market value of $1,000,000 or more, as reasonably determined by US Borrower Agent in good faith. 

Moody’s: Moody’s Investors Service, Inc., and its successors. 

Mortgage: a mortgage, deed of trust, deed of hypothec, or deed to secure debt in which an Obligor grants a Lien on its Material Real
Estate to Agent, for the benefit of Secured Parties, as security for the Obligations. 

  
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 Multiemployer Plan: any employee benefit plan of the type described in
Section 4001(a)(3) of ERISA, to which an Obligor or ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions or to which any Obligor or any ERISA
Affiliate has any liability (contingent or otherwise). 
 Net Proceeds: with respect to an Asset Disposition or any proceeds of
insurance of any Collateral or any awards arising from condemnation of any Collateral, proceeds (including, when received, any deferred or escrowed payments) received by any Obligor or its respective Subsidiaries in cash from such disposition, net
of (a) reasonable and customary costs and expenses actually incurred in connection therewith, including legal fees and sales commissions; (b) amounts applied to repayment of Debt secured by a Permitted Lien senior to Agent’s Liens on
Collateral sold; (c) transfer or similar taxes; and (d) reserves for indemnities, until such reserves are no longer needed. 

NOLV Percentage: the net orderly liquidation value of Inventory, expressed as a percentage, expected to be realized at an orderly,
negotiated sale held within a reasonable period of time, net of all liquidation expenses, as determined from the most recent appraisal of the applicable Borrower’s Inventory performed by an appraiser and on terms satisfactory to Agent. 

Notice of Borrowing: request by US Borrower Agent for a Borrowing of Revolver Loans, in form reasonably satisfactory to Agent. 

Notice of Conversion/Continuation: a request by US Borrower Agent for conversion or continuation of a Loan as a US LIBOR Loan, or a UK
LIBOR Loan as applicable, in form reasonably satisfactory to Agent. 
 Obligations: all (a) principal of and premium, if any, on
the Revolver Loans, (b) LC Obligations and other obligations of Obligors with respect to Letters of Credit, (c) interest, expenses, fees, indemnification obligations, Extraordinary Expenses and other amounts payable by Obligors under Loan
Documents, (d) Secured Bank Product Obligations, and (e) other Debts, obligations and liabilities of any kind owing by Obligors pursuant to the Loan Documents, in each case whether now existing or hereafter arising, whether evidenced by a
note or other writing, whether allowed in any Insolvency Proceeding, whether arising from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty, indemnification or otherwise, and whether direct or indirect, absolute or
contingent, due or to become due, primary or secondary, or joint or several; provided, that Obligations of an Obligor shall not include its Excluded Swap Obligations. 

Obligor: each Borrower, Guarantor or other Person that is liable for payment of any Obligations or that has granted a Lien on its
assets in favor of Agent to secure any Obligations. 
 OFAC: Office of Foreign Assets Control of the US Treasury Department. 

Omnibus Reaffirmation Agreement: that certain Omnibus Reaffirmation Agreement executed by each Obligor in favor of Agent and Secured
Parties dated as of the Restatement Effective Date. 
 Ordinary Course of Business: the ordinary course of business of any Borrower
or Subsidiary, undertaken in good faith and consistent with Applicable Law and past practices. 
 Organic Documents: with respect to
any Person, its charter, certificate or articles of incorporation, memorandum and articles of association, constitutional documents, certificate of change of name (if any), bylaws, articles of organization, limited liability agreement, operating
agreement, members agreement, shareholders agreement, partnership agreement, certificate of partnership, certificate of formation, memorandum of association, voting trust agreement, or similar agreement or instrument governing the formation or
operation of such Person. 

  
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 Original Closing Date: March 31, 2014. 

OSHA: the Occupational Safety and Health Act of 1970. 

Other Agreement: each LC Document, Fee Letter, the Restatement Fee Letter, the Omnibus Reaffirmation Agreement, Lien Waiver, Related
Real Estate Documents, Borrowing Base Report, Subordination Agreements, Compliance Certificate, Borrower Materials, intercreditor agreements, or other note, document, instrument or agreement (other than this Agreement or a Security Document) now or
hereafter delivered by an Obligor or other Person to Agent or a Lender in connection with any transactions relating hereto. 
 Other
Connection Taxes: with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed,
delivered, become a party to, performed its obligations under, received payments under, received or perfected a Lien under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in, any Revolver
Loan or Loan Document). 
 Other Taxes: all present or future stamp, court, documentary, intangible, recording, filing or similar
Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a Lien under, or otherwise with respect to, any Loan Document, except any such Taxes that are
Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 14.4(c)). 

Overadvance: a US Overadvance or a UK Overadvance, as the context requires. 

Parent: as defined in the preamble to this Agreement. 

Participant: as defined in Section 14.2.1. 

Participating Member State: any member state of the European Union that has the Euro as its lawful currency in accordance with
legislation of the European Union relating to Economic and Monetary Union. 
 Patriot Act: the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56, 115 Stat. 272 (2001). 

Payment Item: each check, draft or other item of payment payable to any Obligor, including those constituting proceeds of any
Collateral. 
 PBGC: the Pension Benefit Guaranty Corporation. 

Pension Funding Rules: Code and ERISA rules regarding minimum required contributions (including installment payments) to Pension Plans
set forth in, for plan years ending prior to the Pension Protection Act of 2006 effective date, Section 412 of the Code and Section 302 of ERISA, both as in effect prior to such act, and thereafter, Sections 412, 430, 431, 432 and 436 of
the Code and Sections 302, 303, 304 and 305 of ERISA. 
 Pension Plan: any employee pension benefit plan (as defined in
Section 3(2) of ERISA), other than a Multiemployer Plan, but for purposes of clarity, including any multiple employer plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Obligor or ERISA Affiliate or to which the
Obligor or ERISA Affiliate contributes or has an obligation to contribute, or has made contributions at any time during the immediately preceding five plan years or to which any Obligor or ERISA Affiliate has any liability (contingent or otherwise).

  
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 Pensions Regulator: the body corporate called the Pensions Regulator established
under Part I of the Pensions Act 2004 (UK). 
 Permitted Acquisition: any Acquisition as long as (a) no Default or Event of
Default exists or is caused thereby; (b) the Acquisition is consensual; (c) the assets, business or Person being acquired is useful or engaged in the business of Borrowers and Subsidiaries, is located or organized within the United States,
and had positive EBITDA for the 12 month period most recently ended; (d) no Debt or Liens are assumed or incurred, except as permitted by Sections 10.2.1(i) and 10.2.2(j); (e) the total consideration (including deferred
payment obligations and Debt of the types generally included in the calculation of
the Consolidated Leverage Ratioleverage
ratio assumed or incurred) is less than $30,000,000 and, when aggregated with the total consideration for all other Acquisitions made during the preceding 12 months, is less than $50,000,000;
(f) upon giving effect thereto, Availability is at least 15% of the Revolver Commitments (disregarding any decreased commitment amount during the Seasonal Period) for the 30 days preceding and as of the Acquisition; (g) the Agent shall
have received satisfactory evidence that the Fixed Charge Coverage Ratio, determined on a pro forma basis after giving effect to the Acquisition (as if such Acquisition were consummated on the first day of the period of measurement), is not less
than 1.25:1.001.00, measured on a trailing
12-month basis; (h) the Agent shall have received satisfactory evidence that the Borrowers are in compliance with clause (g) above and the financial covenant set forth in
Section 10.3.2 on a pro forma basis after giving effect to the Acquisition (as if such Acquisition were consummated on the first day of the period of measurement) as determined for last day of month most recently ended prior to such
Acquisition (for the trailing twelve month period then-ended), all based on calculations and assumptions acceptable to the Agent in its Permitted Discretion, (i) no more than two (2) Permitted Acquisitions are made in any 12 month period
and (j) Borrowers deliver to Agent, at least
103 Business Days prior to the Acquisition (or such shorter period as approved by
Agent), copies of all material agreements relating thereto and a certificate, in form and substance reasonably satisfactory to Agent, stating that the Acquisition is a “Permitted
Acquisition” and demonstrating compliance with the foregoing requirements. 
 Permitted Asset Disposition: as long as no
Default or Event of Default exists and all Net Proceeds are remitted to the Dominion Account, an Asset Disposition that is (a) a sale of Inventory, cash or Cash Equivalents in the Ordinary Course of Business; (b) a disposition of Equipment
that, in the aggregate during any 12 month period, has a fair market or book value (whichever is more) of $2,000,000 or less; (c) a disposition of property that is obsolete, unmerchantable or otherwise unsalable or other property not necessary
for operations in the Ordinary Course of Business; (d) termination of a lease of real or personal Property that is not necessary for the Ordinary Course of Business, could not reasonably be expected to have a Material Adverse Effect and does
not result from an Obligor’s default; or (e) dispositions resulting from any casualty or other insured damage to, or any taking under any power of eminent domain or by condemnation or similar proceeding of, any Property of any Obligor or
any Subsidiary; (f) any transactions permitted by Sections 10.2.2, 10.2.4, 10.2.5, 10.2.7 or 10.2.9; (g) [reserved]; (h) approved in writing by Agent and Required Lenders, provided that no
Obligor shall dispose of any property charged by way of fixed charge pursuant to a UK Security Agreement without the express written consent of the Agent; (i) a non-exclusive licensing agreement for Intellectual Property, leases, or subleases,
in each case in the Ordinary Course of Business; (j) any assignment or transfer of an Account to a provider of credit insurance to the extent such provider has advanced insurance proceeds to the applicable Obligor with respect to such Account
being transferred; or (k) any other Asset Disposition, so long as the applicable Obligor receives fair market value in consideration in cash for such sale and the aggregate consideration payable in connection with all such dispositions does not
exceed $2,000,000 in any calendar year. 

  
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 Permitted Contingent Obligations: Contingent Obligations (a) arising from
endorsements of Payment Items for collection or deposit in the Ordinary Course of Business; (b) arising from Hedging Agreements permitted hereunder; (c) existing on the Restatement Effective Date, and any extension or renewal thereof that
does not increase the amount of such Contingent Obligation when extended or renewed; (d) incurred in the Ordinary Course of Business with respect to surety, appeal or performance bonds, or other similar obligations; (e) arising from
customary indemnification obligations in favor of purchasers in connection with dispositions of Equipment permitted hereunder; (f) arising under the Loan Documents; or (g) in an aggregate amount of $5,000,000 or less at any time. 

Permitted Earnout Payment: the payment to Carmine J. Bonanno and Frederick J. Romano on July 31, 2014 in the aggregate amount of
$3,125,000 to be paid in accordance with the terms of that certain Stock Purchase Agreement dated as of September 28, 2010, by and among SG VTB Merger Sub, Inc. SG VTB Holdings, LLC, Voyetra and the stockholders party thereto; provided, that such payment can only be paid by or on behalf of any Obligor if (a) immediately prior to and after giving effect to such payment, no Default or
Event of Default has occurred or will occur, and (b) for each of the 30 days immediately prior to and after giving effect to such payment, Availability is in an amount greater than 15% of the Revolver Commitments (disregarding any decreased
commitment amount during the Seasonal Period), and US Availability is in an amount greater than 15% of the US Revolver Commitments(disregarding any decreased commitment amount during the Seasonal Period). 
 Permitted Discretion: a determination made in the exercise, in good faith, of
reasonable business judgment (from the perspective of a secured, asset-based lender). 
 Permitted Lien: as defined in
Section 10.2.2. 
 Permitted Purchase Money Debt: Purchase Money Debt of any Obligor or its respective Subsidiaries that
is unsecured or secured only by a Purchase Money Lien and Debt under Capital Leases of any Obligor, as long as the aggregate amount does not exceed $5,000,000 at any time. 

Person: any individual, corporation, limited liability company, unlimited liability company, partnership, joint venture, association,
trust, unincorporated organization, Governmental Authority or other entity. 
 Plan: an employee benefit plan (as defined in
Section 3(3) of ERISA) maintained for employees of an Obligor or ERISA Affiliate, or to which an Obligor or ERISA Affiliate is required to contribute on behalf of its employees. 

Platform: as defined in Section 15.3.3. 

Prime Rate: the rate of interest announced by Bank of America from time to time as its prime rate. Such rate is set by Bank of America
on the basis of various factors, including its costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above or below such rate. Any change in such
rate publicly announced by Bank of America shall take effect at the opening of business on the day specified in the announcement. 
 Pro
Rata: with respect to: 
 (a) any US Lender and its share of any US Revolver Commitments or US Obligations, or its voting or other
rights with respect to, or any other matters relating to, the US Obligations, (i) prior to the Revolver Commitment Termination Date, a percentage (carried out to the ninth decimal place) determined by dividing the amount of such US
Lender’s US Revolver Commitment by the aggregate amount of all US Revolver Commitments (the “US Applicable Percentage”), and (ii) upon and after the Revolver Commitment Termination Date, the US Applicable Percentage of
such US Lender under this clause most recently in effect, giving effect to any subsequent assignment; 

  
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 (b) any UK Lender and its share of any UK Revolver Commitments or UK Obligations, or its
voting or other rights with respect to or matters relating to the UK Obligations, (i) prior to the Revolver Commitment Termination Date, a percentage (carried out to the ninth decimal place) determined by dividing the amount of such UK
Lender’s UK Revolver Commitment by the aggregate amount of all UK Revolver Commitments (the “UK Applicable Percentage”), and (ii) upon and after the Revolver Commitment Termination Date, the UK Applicable Percentage of
such UK Lender under this clause most recently in effect, giving effect to any subsequent assignment; and 
 (c) any Lender and its share of
all Revolver Commitments or Obligations, or its voting or other rights with respect to or matters relating to the Revolving Facility as a whole, including indemnity obligations and reimbursement obligations owing to Agent, (i) prior to the
Revolver Commitment Termination Date, a percentage (carried out to the ninth decimal place) determined by dividing the sum of such Lender’s US Revolver Commitment and the Dollar Equivalent of the amount of such Lenders’ UK Revolver
Commitment by the aggregate amount of the Dollar Equivalent of all Revolver Commitments (the “Applicable Percentage”); and (ii) upon and after the Revolver Commitment Termination Date, the Applicable Percentage of such Lender
under this clause most recently in effect, giving effect to any subsequent assignment. 
 Properly Contested: with respect to any
obligation of an Obligor, (a) the obligation is subject to a bona fide dispute regarding amount or the Obligor’s liability to pay; (b) the obligation is being properly contested in good faith by appropriate proceedings promptly
instituted and diligently pursued; (c) appropriate reserves have been established in accordance with GAAP (or, as the context may require, IFRS as it relates to UK Obligors); (d) non-payment could not have a Material Adverse Effect, nor
result in forfeiture or sale of any material assets of the Obligor; (e) no Lien (other than a Permitted Lien) is imposed on assets of the Obligor, unless bonded and stayed to the satisfaction of Agent; and (f) if the obligation results
from entry of a judgment or other order, such judgment or order is stayed pending appeal or other judicial review. 
 Property: any
interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible. 
 Protective Advances: US
Protective Advances or UK Protective Advances, as the context requires. 
 Purchase Money Debt: (a) Debt (other than the
Obligations) for payment of any of the purchase price of fixed assets; (b) Debt (other than the Obligations) incurred within ten (10) days before or after acquisition of any fixed assets, for the purpose of financing any of the purchase
price thereof; and (c) any renewals, extensions or refinancings (but not increases) thereof. 
 Purchase Money Lien: a Lien that
secures Purchase Money Debt, encumbering only the fixed assets acquired with such Debt and constituting a Capital Lease or a purchase money security interest under the UCC or other Applicable Law. 

Qualified ECP: an Obligor with total assets exceeding $10,000,000, or that constitutes an “eligible contract participant”
under the Commodity Exchange Act and can cause another Person to qualify as an “eligible contract participant” under Section 1a(18)(A)(v)(II) of such act. 

  
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 Qualifying Lender: 

(a) a Lender (other than a Lender within clause (b) below) which is beneficially entitled to interest payable to that Lender in respect of
an advance and is: 
 (i) a Lender: 

(A) that is a bank (as defined for the purpose of section 879 of the ITA) making an advance; or 

(B) in respect of an advance by a person that was a bank (as defined for the purpose of section 879 of the ITA) at the time
that such advance was made, 
 and, in each case, which is within the charge to United Kingdom corporation tax with respect to any payments
of interest made in respect of that advance; or 
 (ii) a Lender which is: 

(A) a company resident in the United Kingdom for United Kingdom tax purposes; 

(B) a partnership, each member of which is: 

(C) a company so resident in the United Kingdom; or 

(D) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent
establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or

 (E) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent
establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company; or 

(F) a Treaty Lender; or 

(b) a building society (as defined for the purposes of section 880 of the ITA) making an advance. 

RCRA: the Resource Conservation and Recovery Act (42 U.S.C. §§ 6991-6991i). 

Real Estate: all right, title and interest (whether as owner, lessor or lessee) in any real Property or any buildings, structures,
parking areas or other improvements thereon. 
 Recipient: Agent, Issuing Bank, any Lender or any other recipient of a payment to be
made by an Obligor under a Loan Document or on account of an Obligation. 
 Refinancing Conditions: the following conditions for
Refinancing Debt: (a) it is in an aggregate principal amount that does not exceed the principal amount of the Debt being extended, renewed or refinanced (other than by the amount of premiums paid thereon, any paid-in-kind or other capitalized
interest and the fees and expenses incurred in connection therewith and by the amount of unfunded commitments with respect thereto); (b) it has a final maturity no sooner than, a weighted average life no less than the Debt being extended,
renewed or refinanced; (c) it is on terms not materially less favorable to 

  
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Borrowers (taken as a whole)
than those applicable to the Debt being extended, renewed or refinanced (including any terms relating to collateral (if any) and subordination (if any)) and the interest rates with respect thereto
are on market terms; (d) with respect to Debt under the Term Loan Documents, such Refinancing Debt is subject to the Intercreditor Agreement[Reserved]; (e) no additional Person is obligated on such Debt and (f) upon
giving effect to it, no Event of Default. 
 Refinancing Debt: Borrowed Money that is the result of an extension, renewal or
refinancing of Debt permitted under Section 10.2.1(b), (c), (d), (p) or (q). 
 Reimbursement Date: as
defined in Section 2.3.2. 
 Related Real Estate Documents: with respect to any Real Estate subject to a Mortgage, the
following, in form and substance reasonably satisfactory to Agent in its Permitted Discretion and received by Agent for review: (a) at least 45 days prior to the effective date of the Mortgage (or such later date agreed by the Agent) all
information requested by Agent or any Lender for due diligence pursuant to Flood Laws; and (b) on or prior to the effective date of the Mortgage, (i) a mortgagee title policy (or binder therefor) covering Agent’s interest under the
Mortgage, by an insurer reasonably acceptable to Agent, which must be fully paid on such effective date; (ii) such assignments of leases, estoppel letters, attornment agreements, consents, waivers and releases as Agent may reasonably require
with respect to other Persons having an interest in the Real Estate; (iii) a current, as-built survey of the Real Estate, containing a metes-and-bounds property description and certified by a licensed surveyor reasonably acceptable to Agent;
(iv) a life-of-loan flood hazard determination and, if any Real Estate is located in a special flood hazard zone, flood insurance documentation and coverage as required by Flood Laws or otherwise reasonably satisfactory to each Lender;
(v) a current appraisal of the Real Estate, prepared by an appraiser acceptable to Agent, and in form and substance reasonably satisfactory to Required Lenders; (vi) an environmental assessment, prepared by environmental engineers
acceptable to Agent, an environmental indemnity agreement if appropriate, and such other reports, certificates, studies or data as Agent may reasonably require, all in form and substance reasonably satisfactory to Required Lenders; and
(vii) such other documents, instruments or agreements as Agent may reasonably require with respect to the Real Estate and Mortgage. 

Rent and Charges Reserve: the aggregate of (a) all past due rent and other amounts owing by an Obligor to any landlord,
warehouseman, processor, repairman, mechanic, shipper, freight forwarder, broker or other Person who possesses any Collateral or could assert a Lien on any Collateral; and (b) a reserve at least equal to three months’ rent and other
charges that could be payable to any such Person, unless it has executed a Lien Waiver. 
 Report: as defined in
Section 13.2.3. 
 Reporting Trigger Date:
(ai)
 The third Business Day of each week, if Availability is in an amount less than the greater of (a) twelve and one-half percent (12.5%) of the aggregate Borrowing Base (disregarding any decreased commitment amount during the Seasonal
Period) and
(b) $6,000,000,10,000,000, for a period of
threefive
(35) consecutive days (commencing on the third Business Day of the week following such threefive
(35) consecutive day period and ending on the first day after Availability is in an amount equal to or greater than the greater of (a) twelve and one-half percent (12.5%) of the aggregate Borrowing
Base (disregarding any decreased commitment amount during the Seasonal Period) and
(b) $6,000,000,10,000,000, for a period of thirty (30) consecutive days) and
(bii) otherwise, the 15th day of each month (or if such day is not a Business Day, then the first Business Day thereafter). 

Reportable Event: any event set forth in Section 4043(c) of ERISA. 

  
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 Requesting Borrower: with respect to any Letter of Credit, shall mean the Borrower
requesting such Letter of Credit to be issued for the benefit of itself or any of its Subsidiaries. 
 Required Lenders: one or more
unaffiliated Secured Parties holding more than 50% of (a) the aggregate outstanding Revolver Commitments; or (b) after termination of the Revolver Commitments, the aggregate outstanding Revolver Loans and LC Obligations or, upon Full
Payment of all Revolver Loans and LC Obligations, the aggregate remaining Obligations; provided, that Revolver Commitments, Revolver Loans and other Obligations held by a Defaulting Lender and its Affiliates shall be disregarded in making
such calculation, but any related Fronting Exposure shall be deemed held as a Revolver Loan or LC Obligation by the Lender that funded the applicable Revolver Loan or issued the applicable Letter of Credit. 

Restatement Effective Date: as defined in Section 6.1. 

Restatement Fee Letter: the fee letter agreement by and among Borrowers and Agent, dated as of the Restatement Effective Date, as such
letter agreement may be amended, restated, supplemented or otherwise modified from time to time. 
 Restricted Investment: any
Investment by a Borrower or Subsidiary, other than (a) Investments in Subsidiaries to the extent existing on the Restatement Effective Date; (b) Cash Equivalents that are subject to Agent’s Lien and control, pursuant to documentation
in form and substance reasonably satisfactory to Agent; (c) loans and advances permitted under Section 10.2.7; (d) Permitted Acquisitions; (e) Investments consisting of extensions of credit in the nature of accounts
receivable or notes receivable arising from the grant of trade credit in the Ordinary Course of Business and payable or dischargeable in accordance with customary trade terms, and Investments received in satisfaction or partial satisfaction thereof
from financially troubled Account Debtors and other credits to suppliers in the Ordinary Course of Business; provided, however, that such trade terms may include such concessionary trade terms as Parent or any such Subsidiary deems
reasonable under the circumstances; (f) without duplication of the repurchase, redemption or other acquisition or retirement of
Equity Interests of Parent permitted under Section 10.2.4(d), so long as no Event of Default exists immediately before and after giving effect thereto and the Agent shall have received
satisfactory evidence that the Borrowers
isare in compliance with each of the financial covenants set forth in Section 10.3 on a pro forma basis after giving effect to the such Investment (as if such Investment were consummated on the first day of
the period of measurement) as determined for last day of month most recently ended prior to such Investment (for the trailing twelve month period then-ended), all based on calculations and assumptions acceptable to the Agent, the repurchase,
redemption or other acquisition or retirement of any Equity Interests of Parent held by any current or former officer, director or employee of Parent or any of its Subsidiaries pursuant to any equity subscription agreement, stock option agreement,
shareholders’ agreement or similar agreement in an aggregate amount not to exceed
$1,000,0005,000,000 (or such greater amount as
reasonably approved by Agent in writing) in any calendar year or $3,000,00010,000,000 (or such greater amount as reasonably approved by Agent in writing) in the
aggregate; (g) Investments consisting of any deferred portion of the sales price received in connection with any Permitted Disposition; (h) without duplication, Investments to the extent permitted as Debt or Contingent Obligations
hereunder; (i) the endorsement of negotiable instruments held for collection in the ordinary course of business; (j) Investments by UK Borrower in any other Obligor or by US Borrower in any other Obligor which is not a Foreign Subsidiary;
(k) any other Investment (other than the type set forth above) to the extent that payment for such investment is made with the proceeds of any equity investments in Parent by Persons who are not Obligors, the cash proceeds of which are
(i) contributed directly or indirectly to any Obligor or any of its Subsidiaries and (ii) used substantially contemporaneously by such Obligor or its Subsidiaries to make such Investment; (l) obligations incurred pursuant to Hedging
Agreements incurred pursuant to Section 10.2.1; and (m) other Investments (other than the type set forth in clauses (a) through (l) above) not to exceed $2,000,000 times the Growth Multiple. For purposes of this
definition, (i) the outstanding amount of any investment shall be deemed to be the initial cost of such Investment when made, purchased or acquired (without any adjustments for subsequent

  
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increases or decreases in value), but giving effect to any repayments, interest, returns, profits, dividends, distributions, proceeds, fees, income and other amounts received or realized by the
Obligors in respect of such Investment and determined without regard to any write-downs or write-offs of any investments, loans or advances in connection therewith and (ii) in the event that any Investment meets the criteria of more than one of
the categories described in clauses (a) through (m), the Obligors shall be permitted to make any such Investment in any manner that complies with this definition and may rely upon more than one of the categories described above. 

Restrictive Agreement: an agreement (other than a Loan Document) that conditions or restricts the right of any Borrower, Subsidiary or
other Obligor to incur or repay Borrowed Money, to grant Liens on any assets, to declare or make Distributions, to modify, extend or renew any agreement evidencing Borrowed Money, or to repay any intercompany Debt. 

Revolver Commitment: the US Revolver Commitment or the UK Revolver Commitment, as the context requires. 

Revolver Commitments: the aggregate amount of the Revolver Commitment of all Lenders. 

Revolver Commitment Termination Date: the earliest to occur of (a) the Revolver Termination Date; (b) the date on which the
US Borrower Agent terminates the US Revolver Commitments pursuant to Section 2.1.7; or (c) the date on which the Revolver Commitments are terminated pursuant to Section 12.2. 

Revolver Loan: a US Revolver Loan or a UK Revolver Loan, as the context requires. 

Revolver Termination Date: the earliest of (a) March 5,
2023,2024, and (b) the maturity date of the Term Loan Agreement and (c) the date that
is 91 days prior to the maturity date of the TBC Notes or the Third Lien Debt or any other Subordinated Indebtedness.

 Revolver Usage: the sum of the US Revolver Usage and the UK Revolver Usage. 

S&P: Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., or any successor
thereto. 
 Sanction: any sanction administered or enforced by the U.S. government (including OFAC), United Nations Security Council,
European Union, U.K. government or other relevant sanctions authority. 
 Seasonal Period: the period commencing on (and including)
March 1 of each calendar year and ending on (and including) July 31 of such calendar year. 
 Secured Bank Product
Obligations: Debt, obligations and other liabilities with respect to Bank Products owing by a Borrower or any Subsidiary of a Borrower to a Secured Bank Product Provider; provided, that Secured Bank Product Obligations of an Obligor shall
not include its Excluded Swap Obligations. 
 Secured Bank Product Provider: (a) Bank of America or any of its branches or
Affiliates; and (b) any other Lender or Affiliate of a Lender that is providing a Bank Product, provided such provider delivers written notice to Agent, in form and substance reasonably satisfactory to Agent, within 10 days following the later
of the Closing Date or creation of the Bank Product, (i) describing the Bank Product and setting forth the maximum amount to be secured by the Collateral and the methodology to be used in calculating such amount, and (ii) agreeing to be
bound by Section 13.13. 
 Secured Parties: US Secured Parties or UK Secured Parties, as the context requires. 

  
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 Security Documents: the Guaranties, Mortgages, UK Security Agreements, Dutch Security
Agreements, Deposit Account Control Agreements, IP Security Agreements and all other documents, instruments and agreements now or hereafter securing (or given with the intent to secure) any Obligations. 

Senior Officer: the chairman of the board, president, chief executive officer or chief financial officer of a Borrower or, if the
context requires, an Obligor. 
 Settlement Report: a report summarizing Revolver Loans and participations in LC Obligations
outstanding as of a given settlement date, allocated to Lenders on a Pro Rata basis in accordance with their Revolver Commitments. 

Solvent: as to any Person, such Person (a) owns Property whose fair salable value is greater than the amount required to pay all
of its debts (including contingent, subordinated, unmatured and unliquidated liabilities); (b) owns Property whose present fair salable value (as defined below) is greater than the probable total liabilities (including contingent, subordinated,
unmatured and unliquidated liabilities) of such Person as they become absolute and matured; (c) is able to pay all of its debts as they mature; (d) has capital that is not unreasonably small for its business and is sufficient to carry on
its business and transactions and all business and transactions in which it is about to engage; (e) is not “insolvent” within the meaning of Section 101(32) of the Bankruptcy Code, or, with respect to UK Borrower or any other
Obligor organized under the laws of England and Wales, it is not or is not deemed, for the purpose of and under the Insolvency Act 1986, to be unable to pay its debts as they fall due; and (f) has not incurred (by way of assumption or
otherwise) any obligations or liabilities (contingent or otherwise) under any Loan Documents, or made any conveyance in connection therewith, with actual intent to hinder, delay or defraud either present or future creditors of such Person or any of
its Affiliates. “Fair salable value” means the amount that could be obtained for assets within a reasonable time, either through collection or through sale under ordinary selling conditions by a capable and diligent seller to an
interested buyer who is willing (but under no compulsion) to purchase. 
 Specified Closing Date Holders: the holders of Equity
Interests of Parent set forth on Schedule 1.1S and the heirs or such holders or any trusts or other estate planning vehicles of such holders, or any trust, the beneficiary of which, any charitable trust, the grantor of which, or any
corporation, limited liability company, partnership or other entity, the stockholders, members, general or limited partners or owners of which include only such holder and any of the foregoing individuals or entities. 

Specified Obligor: an Obligor that is not then an “eligible contract participant” under the Commodity Exchange Act
(determined prior to giving effect to Section 5.11). 
 Sponsor: Stripes Group, LLC and any person controlled by, in
control of or under common control with Stripes Group, LLC and which is organized primarily for the purpose of making debt and equity contribution. 

Spot Rate: the exchange rate, as determined by Agent, that is applicable to conversion of one currency into another currency, which is
(a) the exchange rate reported by Bloomberg (or other commercially available source designated by Agent) as of the end of the preceding business day in the financial market for the first currency; or (b) if such report is unavailable for
any reason, the spot rate for the purchase of the first currency with the second currency as in effect during the preceding business day in Agent’s principal foreign exchange trading office for the first currency. 

Stated Amount: the outstanding amount of a Letter of Credit, including any automatic increase or tolerance (whether or not then in
effect) provided by the terms of the Letter of Credit or related LC Documents. 

  
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 Sterling or £: the lawful currency of the UK. 

Subordinated Debt: (i) Debt incurred by any Obligor or any of its respective Subsidiaries that is expressly subordinate and junior
in right of payment to Full Payment of all Obligations pursuant to a Subordination Agreement and is also on terms (including maturity, interest, fees, repayment, covenants and subordination) reasonably satisfactory to Agent, and (ii) debt incurred pursuant to the TBC Notes subject to the terms of a
Subordination Agreement and (iii) debt incurred pursuant to the Third Lien Subordinated Note(s), which debt shall be subject to the terms of the Third Lien Subordination
Agreement in all respects. 
 Subordination Agreement: a
subordination agreement or subordination provisions, in each case, executed by the holders of any Subordinated Debt in favor of the Agent and the Secured Parties, which agreement is or which provisions are in form and substance reasonably
satisfactory to Agent. 
 Subsidiary: any entity at least 50% of whose Voting Equity Interests is owned by a Borrower or combination
of Borrowers (including indirect ownership through other entities in which a Borrower directly or indirectly owns 50% of such Voting Equity Interests). 

Swap Obligations: with respect to an Obligor, its obligations under a Hedging Agreement that constitutes a “swap” within the
meaning of Section 1a(47) of the Commodity Exchange Act. 
 Synthetic Lease Obligation: the monetary obligation of a Person
under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency
or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 

Swingline Loan: a US Swingline Loan or a UK Swingline Loan, as the context requires. 

TARGET Day: any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system (or, if
such payment system ceases to be operative, such other payment system (if any) determined by the Agent to be a suitable replacement) is open for the settlement of payments in Euro. 

Taxes: all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees
or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 Tax
Confirmation: a confirmation by a UK Lender that the person beneficially entitled to interest payable to that UK Lender in respect of an advance is either: 

(a) a company resident in the United Kingdom for United Kingdom tax purposes; or 

(b) a partnership each member of which is: 

(i) a company so resident in the United Kingdom; or 

(ii) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which
brings into account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or 

  
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 (c) a company not so resident in the United Kingdom which carries on a trade in the United
Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company. 

Tax Credit: a credit against, relief or remission for, or repayment of, any Taxes. 

Tax Deduction: a deduction or withholding from a payment under any Loan Document for and on account of any taxes, levies, imposts,
duties, fees, assessments or other charges of whatever nature now or hereafter imposed by any jurisdiction or by any political subdivision or taxing authority thereof or therein with respect to such payments and all interest, penalties or similar
liabilities with respect thereto. 
 Tax Payment: in relation to any UK Borrower, either the increase in a payment made by that UK
Borrower to a UK Lender under Section 5.12(b) or a payment under Section 5.12(c). 
 TBC Notes: collectively,
the (a) Second Amended and Restated Subordinated Promissory Note, dated as of the Restatement Effective Date, issued by Parent in favor of SG VTB Holdings, LLC, in the original principal amount of $1,324,430.08, (b) Second Amended and
Restated Subordinated Promissory Note, dated as of the Restatement Effective Date, issued by Parent in favor of Doornink Revocable Living Trust, in the original principal amount of $3,435,326.20, (c) Second Amended and Restated Subordinated
Promissory Note, dated as of the Restatement Effective Date, issued by Parent in favor of SG VTB Holdings, LLC, in the original principal amount of $5,121,504.31, and (d) Second Amended and Restated Subordinated Promissory Note, dated as of the
Restatement Effective Date, issued by Parent in favor of SG VTB Holdings, LLC, in the original principal amount of $9,011,257.73. 
 Temporary Availability Block: $4,000,000; provided that from and after the date of the filing of Parent’s Form 10-K with the Securities
and Exchange Commission for its Fiscal Year ending December 31, 2017, so long as the Temporary Availability Block Reduction Conditions are satisfied on such date, such amount shall be equal to $2,000,000, which amount shall be further reduced
to $0 for any Fiscal Quarter (commencing with the Fiscal Quarter ending June 30, 2018) so long as the following conditions are satisfied: (a) no Default or Event of Default has occurred and is then continuing, (b) Obligors are in
compliance with all of the financial covenants contained in Section 10.3 for the most recently ended period for which financial statements and the related Compliance Certificate are required to be furnished to the Agent under Sections
10.1.2(b) and (c), (c) the Borrowers shall have delivered to the Agent all of the financial statements and the related Compliance Certificate required to be delivered pursuant to Sections 10.1.2(b) and (c) and
(d) such most-recently delivered financial statements and related Compliance Certificate demonstrate that the Obligors have maintained a Fixed Charge Coverage Ratio of not less than 1.25 to 1.00 for the twelve (12) month period then ended.
 

Temporary Availability Block Reduction Conditions:
each of the following conditions are satisfied: (a) no Default or Event of Default has occurred and is then continuing, (b) Obligors are in compliance with all of the financial covenants contained in Section 10.3,
(c) Borrowers shall have delivered to Agent all of the financial statements and Compliance Certificates required to be delivered pursuant to Sections 10.1.2(a) and (c) for the Fiscal Year of the Obligors ending
December 31, 2017 and such financial statements do not demonstrate any material adverse (as determined by the Agent in its discretion) change from the Obligor-prepared financial statements provided to the Agent prior to the Restatement
Effective Date. 
 Term Agent: Crystal Financial LLC, in its
capacity as agent under the Term Loan Documents. 

  
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 Term Loan Agreement: that certain Amended and Restated Term Loan, Guaranty and
Security Agreement by and among the Obligors, the Term Loan Lenders and the Term Agent dated as of the Restatement Effective Date, as in effect on the date hereof or as amended,
restated, amended and restated, supplemented or otherwise modified, renewed, replaced or refinanced from time to time in accordance with the terms of the Intercreditor Agreement.Term Loan Borrowing Base Certificate: Borrowing
Base Certificate as defined in the Term Loan Agreement. 
 Term Loan
Debt: Debt owed by the Obligors to the Term Loan Lenders and Term Agent pursuant to the Term Loan Documents. 
 Term Loan
Documents: the Term Loan Agreement and each of the other loan documents entered into in connection therewith, in each case, as in effect on the date hereof or as amended,
restated, amended and restated, supplemented or otherwise modified, renewed, replaced or refinanced from time to time in accordance with the terms of the Intercreditor Agreement. 

Term Loan Lenders: means “Lenders” as defined in the preamble to the Term Loan Agreement. 

Term Loan Obligations: the “Obligations”
as defined in the Term Loan Agreement. 
 Third Lien Creditors: Sponsor and/or its Affiliates that hold Third Lien Debt and each other holder of Third Lien Debt, in each case, under the Third Lien
Subordinated Note(s), which holders of Third Lien Debt shall, in each case, be satisfactory to Agent. 

Third Lien Debt: means the aggregate principal
amount of Subordinated Debt due under the Third Lien Subordinated Note(s), which principal amount, on the Restatement Effective Date is $3,509,536.50.  

Third Lien Loan Documents: collectively, the Third
Lien Subordinated Note(s) and each other note, agreement, instrument or other document (including each security or pledge agreement) now or hereafter delivered by an Obligor or other Person in connection with the transactions in respect of the Third
Lien Subordinated Note(s), in each case, in form and substance satisfactory to Agent, and as the same may from time to time thereafter be amended, restated, amended and restated, supplemented, refinanced, replaced or otherwise modified in accordance
with the terms of this Agreement and the Third Lien Subordination Agreement. 

Third Lien Obligations: all amounts, indemnities and
reimbursement obligations, direct or indirect, contingent or absolute, of every type or description, and at any time existing or owing by any Borrower or any other Obligor to Third Lien Agent or any Third Lien Creditor, pursuant to the terms of the
Third Lien Subordinated Note or any other Third Lien Loan Document (including, but not limited to, interest and fees that accrue after the commencement by or against any Obligor of any insolvency proceeding, regardless of whether allowed or
allowable in such proceeding or subject to an automatic stay under section 362(a) of the Bankruptcy Code). 

Third Lien Subordinated Note(s): certain secured
subordinated promissory notes, made by Borrowers in favor of Third Lien Creditors, in form and substance, and on terms, satisfactory to Agent, as each of the same may from time to time be amended, restated, amended and restated, supplemented,
refinanced, replaced or otherwise modified in accordance with the terms of this Agreement and the Third Lien Subordination Agreement. 

Third Lien Subordination Agreement: a subordination
agreement by and among Third Lien Creditors, Agent on behalf of Lenders, Term Agent on behalf of Term Loan Lenders, and Obligors, in form and substance, and on terms (including, without limitation, full payment and lien subordination terms),
satisfactory to Agent, and as the same may from time to time thereafter be amended, restated, amended and restated, supplemented, replaced or otherwise modified with the written consent of Agent. 

  
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 Total Commitment: means the sum of the amounts of the UK Lenders’ UK Revolver
Commitments and US Lenders’ US Revolver Commitments. 

Transactions: the closing of the transaction
contemplated by the Loan Documents and funding of extensions of credit hereunder, the amendment of the Term Loan Documents in a manner reasonably acceptable to the Agent, the advance of the Delayed Draw Term Loan (as defined in the Term Loan
Agreement) and the refinancing of certain Third Lien Debt with the proceeds thereof and the payment of fees and expenses relating thereto. 

Transferee: any actual or potential Eligible Assignee, Participant or other Person acquiring an interest in any Obligations. 

Treaty Lender: a Lender which: 

(a) is treated as a resident of a Treaty State for the purposes of the relevant Treaty; 

(b) does not carry on a business in the United Kingdom through a permanent establishment with which that Lender’s
participation in any advance is effectively connected; and 
 (c) fulfils any other conditions which must be fulfilled under
the relevant Treaty by residents of that Treaty State (subject to completion of any necessary procedural or filing requirements) for such residents to obtain full exemption from United Kingdom taxation on interest payable to that Lender in respect
of an advance under a Loan Document. 
 Treaty State: a jurisdiction having a double taxation agreement (a “Treaty”)
with the United Kingdom which makes provision for full exemption from tax imposed by the United Kingdom on interest. 
 Turtle Beach:
as defined in the preamble to this Agreement. 
 UCC: the Uniform Commercial Code as in effect in the State of California or, when
the laws of any other jurisdiction govern the perfection or enforcement of any Lien, the Uniform Commercial Code (or similar or equivalent legislation) of such jurisdiction. 

UK: the United Kingdom of Great Britain and Northern Ireland. 

UK Accounts Formula Amount: 85% of the Value of Eligible UK Accounts. 

UK Availability: The Dollar Equivalent of the UK Borrowing Base minus UK Revolver Usage. 

UK Availability Reserve: the sum (without duplication) of (a) the Inventory Reserve with respect to the Inventory of UK Borrower;
(b) the Rent and Charges Reserve with respect to UK Borrower; (c) the LC Reserve applicable to UK Borrower; (d) the UK Bank Product Reserve; (e) all accrued Royalties payable by UK Borrower, whether or not then due and payable by
UK Borrower; (f) the aggregate amount of liabilities secured by Liens upon UK Collateral that are or may be senior to Agent’s Liens (but imposition of any such reserve shall not waive an Event of Default arising therefrom); (g) the UK
Dilution Reserve; (h) a reserve for the prescribed part of floating charge realisations which may be set aside for unsecured creditors which at the date of this Agreement is a maximum of 600,000 Sterling for UK Borrower, (i) the UK Term Loan Deficiency Reserve[Reserved], and (j) such additional reserves, in such amounts and with respect to such matters, as Agent in its Permitted Discretion may elect to impose from time to time; provided, that the reserves included in
the UK Availability Reserve shall not be duplicative of the eligibility criteria for Eligible UK Accounts or Eligible UK Inventory. 

  
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 UK Bank Product: any of the following products or services extended to a UK Borrower,
any Subsidiary of UK Borrower, or any Affiliate of UK Borrower by Bank of America (acting through its London branch) or any of its Affiliates or branches: (a) Cash Management Services; (b) products under Hedging Agreements;
(c) commercial credit card and merchant card services; and (d) leases and other banking products or services, other than Letters of Credit. 

UK Bank Product Reserve: the aggregate amount of reserves established by Agent from time to time in its Permitted Discretion with
respect to Secured Bank Product Obligations of UK Borrower. 
 UK Base Rate:
(i) with respect to Revolver Loans denominated in Sterling, the rate equal to
the highest of (A) the interest per annum as set and published by the Bank of England known as the BOE Official Bank Rate (or any successor rate), and (B) the 3 month LIBOR, (ii) with respect to Revolver Loans denominated in Euros,
the rate equal to the highest of (A) the rate as set and published by the European Central Bank known as the ECB Main Refinancing Rate (or any successor rate), and (B) the 3 month LIBOR, (iii) with respect to Revolver Loans
denominated in Dollars, a fluctuating rate per annum equal to the highest of (A) the Federal Funds Effective Rate plus 1/2 of 1%, (B) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as
its “prime rate,” and
(iiiC) the Adjusted LIBOR on such day (or if such day is not a Business Day, the immediately preceding Business Day) for a deposit in Dollars, with a maturity of one month plus 1.00%; provided, that in no event
shall the UK Base Rate be less than zero. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as
a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public
announcement of such change. 
 UK Base Rate Loan: a UK Revolver Loan that bears interest based on the UK Base Rate. 

UK Borrower: as defined in the preamble to this Agreement. 

UK Borrowing Base: on any date of determination, a Dollar Equivalent amount equal to the lesser of (a) the aggregate UK Revolver
Commitments or (b) the UK Accounts Formula Amount, plus the UK Inventory Formula Amount, minus the UK Availability Reserve. 

UK Borrowing Base Report: a report of the Borrowing Base, in form and substance satisfactory to Agent. 

UK Collateral: all Property of each UK Obligor described in any Security Document that secures the UK Obligations or UK Guaranteed
Obligations and all other Property of each UK Obligor that now or hereafter secures (or is intended to secure) any UK Obligations or any UK Guaranteed Obligations. 

UK Commitment Percentage: as to any UK Lender at any time, the ratio, expressed as a percentage, which such UK Lender’s UK
Revolver Commitment bears to the aggregate UK Revolver Commitments at such time. 
 UK Dilution Reserve: a reserve established by
Agent in its Permitted Discretion if the Dilution Percent of UK Borrower for any period exceeds such Dilution Percent in existence on the Restatement Effective Date, which reserve shall be in an amount equal to 1.0% of Eligible UK Accounts for each
whole percentage point (or fraction thereof) that Dilution Percent of UK Borrower exceeds such percentage. 
 UK Eligible Foreign
Account: an Account of UK Borrower that is owed by an Account Debtor that is organized or has its principal offices or assets in a jurisdiction that has been a Participating Member State since before April 30, 2004 or otherwise approved by
Agent. 

  
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 UK Guaranteed Obligations: as defined in Section 11.2. 

UK Guarantors: as defined in the preamble to this Agreement. 

UK Inventory Formula Amount: the sum of (a) the lesser of (i) 65% of the Value of Eligible UK Inventory; and (ii) 85% of
the NOLV Percentage of the Value of Eligible UK Inventory, plus (b) the lesser of (i) 65% of the Value of Eligible UK In-Transit Inventory; and (ii) 85% of the NOLV Percentage of the Value of Eligible UK In-Transit Inventory. 

UK Inventory Reserve: reserves established by Agent to reflect factors that may negatively impact the Value of UK Borrower’s
Inventory, including change in salability, obsolescence, seasonality, theft, shrinkage, imbalance, change in composition or mix, markdowns and vendor chargebacks. 

UK LC Obligations: the sum (without duplication) of (a) all amounts owing by UK Borrower for any drawings under Letters of Credit
issued for the benefit of UK Borrower or any Subsidiary of a UK Borrower that is not otherwise a US Borrower; and (b) the stated amount of all outstanding Letters of Credit issued for the benefit of UK Borrower or any such Subsidiary of UK
Borrower; provided that, any amounts owing under any Letter of Credit issued for the benefit of such Subsidiary of a UK Borrower shall be the Obligation of UK Borrower. 

UK Lenders: Bank of America (acting through its London branch or such other branch or branches as it may designate from time to time)
and each other Lender that has issued a UK Revolver Commitment. 
 UK LIBOR Loan: each set of UK Revolver Loans, or portion thereof,
funded in Sterling or Euro, and bearing interest calculated by reference to the LIBOR having a common length and commencement of Interest Period. 

UK Obligations: on any date, the portion of the Obligations outstanding that are owing by any UK Obligor. 

UK Obligors: UK Borrower, each UK Guarantor and each other Person that is liable for payment of any UK Obligations or that has granted
a Lien in favor of Agent on its assets to secure any UK Obligations. 
 UK Overadvance: as defined in Section 2.1.6(b).

 UK Overadvance Loan: a UK Base Rate Loan made when a UK Overadvance exists or is caused by the funding thereof. 

UK Protective Advances: as defined in Section 2.1.7(b). 

UK Required Lenders: one or more UK Secured Parties holding more than 50% of (a) the aggregate outstanding UK Revolver
Commitments; or (b) following termination of the UK Revolver Commitments, the aggregate outstanding UK Revolver Loans and LC Obligations of UK Borrowers or, if all Revolver Loans and LC Obligations have been paid in full, the aggregate
remaining Obligations; provided, however, that Revolver Commitments, Revolver Loans and other Obligations held by a Defaulting Lender and its Affiliates shall be disregarded in making such calculation, but any related Fronting Exposure
shall be deemed held as a Revolver Loan or LC Obligation by the Secured Party that funded the applicable Revolver Loan or issued the applicable Letter of Credit. 

UK Revolver Commitment: for any UK Lender, its obligation to make UK Revolver Loans and to participate in UK LC Obligations up to the
maximum principal Dollar Equivalent amount in the applicable Available Currencies equal to its UK Commitment Percentage of the aggregate amount of all UK Revolver Commitments, which are shown on Schedule 1.1 as of the Restatement Effective
Date, or as hereafter determined pursuant to each Assignment and Acceptance to which it is a party. 

  
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 UK Revolver Commitments: the aggregate amount of the UK Revolver Commitment of all UK
Lenders. 
 UK Revolver Loan: a loan made pursuant to Section 2.1.2, any UK Swingline Loan, any UK Overadvance Loan or UK
Protective Advance. 
 UK Revolver Usage: on any date, the Dollar Equivalent of the sum of (a) the aggregate amount of
outstanding UK Revolver Loans, plus (b) the UK LC Obligations, except to the extent Cash Collateralized by UK Borrower on any date. 

UK Secured Parties: Agent, UK Lenders, Issuing Bank and Secured Bank Product Providers of UK Bank Products. 

UK Security Agreement: each debenture, deed of charge or other similar agreement, instrument or document governed by the laws of
England and Wales now or hereafter securing (or given with the intent to secure) any Obligations. 
 UK Swingline Loan: any Borrowing
of UK Base Rate Loans funded with Agent’s funds, until such Borrowing is settled among UK Lenders or repaid by UK Borrower. 
 UK Term Loan Deficiency Reserve: As of any date of determination by Agent based on the most recent Term Borrowing Base Certificate (as defined in the Term Loan
Agreement) delivered to Agent by the UK Borrower (subject to adjustments thereto made by the Term Agent), an amount equal to the greater of (a) $0 and (b) the amount, if any, by which (i) the aggregate UK Term Exposure (as defined in
the Term Loan Agreement) at such time exceeds (ii) the result of (x) the UK Borrowing Base (as defined in the Term Loan Agreement) minus (y) the result of (A) the UK Inventory Formula Amount, plus (B) the UK Accounts Formula
Amount, minus (C) the UK Availability Reserve (but excluding the UK Term Loan Deficiency Reserve). 

Unfunded Pension Liability: the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the
current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to the Code, ERISA or the Pension Protection Act of 2006 for the applicable plan year. 

Unused Line Fee Rate: a per annum rate equal to (a) 0.25%, if average monthly applicable Revolver Usage equals or exceeds
66.6650% of the applicable Revolver Commitments during the preceding calendar month, and
(b) 0.375%, if applicable average monthly Revolver Usage exceeds 33.33% but is less than or equal to
66.6650% of the applicable Revolver Commitments during such
month, and (c) 0.50%, if applicable average monthly Revolver Usage is less than or equal to 33.33% of the applicable Revolver Commitments during the preceding calendar
month. 
 Upstream Payment: a Distribution by a Subsidiary of a
Borrower to such Borrower. 
 US: the United States of America. 

US Accounts Formula Amount: 85% of the Value of Eligible US Accounts. 

US Availability: the US Borrowing Base minus US Revolver Usage. 

  
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 US Availability Reserve: the sum (without duplication) of (a) the Inventory
Reserve with respect to the Inventory of any US Borrower; (b) the Rent and Charges Reserve with respect to any US Borrower; (c) the LC Reserve applicable to US Borrowers; (d) the US Bank Product Reserve; (e) all accrued Royalties
payable by US Borrower, whether or not then due and payable by US Borrower; (f) the aggregate amount of liabilities secured by Liens upon US Collateral that are or may be senior to Agent’s Liens (but imposition of any such reserve shall
not waive an Event of Default arising therefrom); (g) the US Dilution Reserve; (h) the US Term Loan Deficiency
Reserve[Reserved]; and (i) such additional reserves, in such amounts and
with respect to such matters, as Agent in its Permitted Discretion may elect to impose from time to time; provided, that the reserves included in the US Availability Reserve shall not be duplicative of the eligibility criteria for Eligible US
Accounts or Eligible US Inventory. 
 US Bank Product: any of the following products or services extended to a US
Borrower, Subsidiary of US Borrower (other than UK Borrower), or any Affiliate of US Borrower by Bank of America or any of its Affiliates or branches: (a) Cash Management Services; (b) products under Hedging Agreements; (c) commercial
credit card and merchant card services; and (d) leases and other banking products or services, other than Letters of Credit. 
 US
Bank Product Reserve: the aggregate amount of reserves established by Agent from time to time in its Permitted Discretion with respect to Secured Bank Product Obligations of US Obligors. 

US Base Rate: for any day, a per annum rate equal to the greater of (a) the Prime Rate for such day; (b) the Federal Funds
Rate for such day, plus 0.50%; or (c) LIBOR for a 30 day interest period as of such day, plus1.0%; provided, that in no event shall the US Base Rate be less than zero. 

US Base Rate Loan: a US Revolver Loan that bears interest based on the US Base Rate. 

US Borrower or US Borrowers: as defined in the preamble to this Agreement. 

US Borrower Agent: as defined in Section 4.4. 

US Borrowing Base: on any date of determination, an amount equal to the lesser of (a) the aggregate US Revolver Commitments, minus the Temporary Availability Block, or (b) the sum of the US Accounts Formula Amount, plus
the US Inventory Formula Amount, plus the US FILO Amount, minus the US Availability Reserve, minus the Temporary Availability Block; provided that the Accounts and Inventory of Parent shall
not be included in the US Borrowing Base until Agent has completed its business due diligence with respect to such assets and the results of such due diligence are satisfactory to Agent in its Permitted Discretion. 

US Borrowing Base Report: a report of the US Borrowing Base, in form and substance satisfactory to Agent. 

US Collateral: all Property described in Section 7.1 that secures the US Obligations or US Guarantor’s Guarantor
Obligations, all Property described in any Security Documents as security for any US Obligations or US Guarantor’s Guarantor Obligations, and all other Property that now or hereafter secures (or is intended to secure) any US Obligations or US
Guarantor’s Guarantor Obligations. 
 US Commitment Percentage: as to any US Lender at any time, the ratio, expressed as a
percentage, which such US Lender’s US Revolver Commitment bears to the aggregate US Revolver Commitments at such time. 

  
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 US Dilution Reserve: a reserve established by Agent in its Permitted Discretion if
the Dilution Percent of US Borrowers for any period exceeds such Dilution Percent for US Borrowers in existence on the Restatement Effective Date, which reserve shall be in an amount equal to 1.0% of Eligible US Accounts for each whole percentage
point (or fraction thereof) that Dilution Percent of US Borrowers exceeds such percentage. 
 US Dominion Trigger Period: the period
(a) commencing on the day that an Event of Default occurs, or the Availability is less than the greater of (x) 15% of the Revolver
CommitmentsBorrowing Base (disregarding any decreased Revolver
Commitment amount during the Seasonal Period) or the US Availability is less than 15% of the US Revolver Commitments (disregarding any decreased US Revolver Commitment amount
during the Seasonal Period)and (y) $10,000,000; and
(b) continuing until, during each of the preceding 30 consecutive days, no Event of Default has existed, the
Availability has been equal to or greater than 15% of the Revolver CommitmentsBorrowing Base (disregarding any decreased Revolver Commitment amount during the
Seasonal Period), and the US Availability has been equal to or greater than 15% of the US Revolver Commitments (disregarding any decreased US Revolver Commitment amount during
the Seasonal Period). and $10,000,000. 

US FILO Amount: the lesser
of (i) $6,800,000 and (ii) the sum of (a) 5% of the Value of Eligible US Accounts; provided, that commencing on January 1, 2020 and continuing on the first day of each quarter thereafter, such percentage shall be reduced by
0.42% per quarter until reduced to 0%, plus (b) the lesser of (x) 10% of the Value of Eligible US Inventory and (y) 10% of the NOLV Percentage of the Value of Eligible US Inventory; provided, commencing on January 1, 2020
and continuing on the first day of each quarter thereafter, such percentage shall be reduced by 0.83% per quarter until reduced to 0%; provided further, that notwithstanding anything else contained herein, Borrower Agent may by written notice
to Agent permanently reduce the FILO Amount to $0 without premium or penalty. 

US FILO Loan: a US LIBOR
Loan (having a 3 month Interest Period) up to the US FILO Amount that is borrowed and deemed outstanding pursuant to Section 2.1. 

US Guaranteed Obligations: as defined in Section 11.1. 

US Guarantors: as defined in the preamble to this Agreement and any other Guarantor that is organized under the laws of the United
States and which is not a Foreign Subsidiary. 

US Guarantor Payment: as set forth in Section 5.11.3(b). 

US Inventory Reserve: reserves established by Agent to reflect factors that may negatively impact the Value of US Borrower’s
Inventory, including change in salability, obsolescence, seasonality, theft, shrinkage, imbalance, change in composition or mix, markdowns and vendor chargebacks. 

US Inventory Formula Amount: the sum of (a) the lesser of (i) 65% of the Value of Eligible US Inventory; and (ii) 85% of
the NOLV Percentage of the Value of Eligible US Inventory, plus (b) the lesser of (i) 65% of the Value of Eligible US In-Transit Inventory; and (ii) 85% of the NOLV Percentage of the Value of Eligible US In-Transit Inventory. 

US LC Obligations: the sum (without duplication) of (a) all amounts owing by US Borrowers for any drawings under Letters of Credit
issued for the benefit of US Borrowers or any Subsidiary of US Borrower (other than UK Borrower); and (b) the stated amount of all outstanding Letters of Credit issued for the benefit of US Borrowers or such Subsidiary of US Borrower; provided
that, any amounts owing under any Letter of Credit issued for the benefit of such Subsidiary of a US Borrower shall be the Obligation of such US Borrower. 

  
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 US LIBOR Loan: each set of US Revolver Loans bearing interest calculated by reference
to the LIBOR having a common length and commencement of Interest Period. 
 US Lenders: Bank of America and each other Lender (other
than UK Lenders) permitted hereunder that has issued a US Revolver Commitment. 
 US LC Request: an LC Request made by a US Borrower.

 US Obligations: on any date, the portion of the Obligations outstanding that are owing by any US Obligor. 

US Obligors: each US Borrower, each US Guarantor and each other Person that is liable for payment of any US Obligations or that has
granted a Lien in favor of Agent on its assets to secure any US Obligations. 
 US Overadvance: as defined in
Section 2.1.6(a). 
 US Overadvance Loan: a US Base Rate Loan made when a US Overadvance exists or is caused by the
funding thereof. 
 US Person: “United States Person” as defined in Section 7701(a)(30) of the Code. 

US Protective Advances: as defined in Section 2.1.7(a). 

US Required Lenders: one or more US Secured Parties holding more than 50% of (a) the aggregate outstanding US Revolver
Commitments; or (b) following termination of the US Revolver Commitments, the aggregate outstanding US Revolver Loans and LC Obligations of US Borrowers or, if all Revolver Loans and LC Obligations have been paid in full, the aggregate
remaining Obligations; provided, however, that Revolver Commitments, Revolver Loans and other Obligations held by a Defaulting Lender and its Affiliates shall be disregarded in making such calculation, but any related Fronting Exposure
shall be deemed held as a Revolver Loan or LC Obligation by the Secured Party that funded the applicable Revolver Loan or issued the applicable Letter of Credit. 

US Revolver Commitment: for any US Lender, its obligation to make US Revolver Loans and to participate in US LC Obligations up to the
maximum principal amount in US Dollars equal to its US Commitment Percentage of the aggregate amount of all US Revolver Commitments, which are shown on Schedule 1.1 as of the Restatement Effective Date, or as hereafter modified pursuant to
Section 2.1.8 or an Assignment and Acceptance to which it is a party. 
 US Revolver Commitments: the aggregate amount of
the US Revolver Commitment of all US Lenders. 
 US Revolver Usage: on any date, the sum of (a) the aggregate amount of
outstanding US Revolver Loans, plus (b) the US LC Obligations, except to the extent Cash Collateralized by US Borrowers. 

US Revolver Loan: a loan made pursuant to Section 2.1.1, and any US Overadvance Loan or US Protective Advance. 

US Secured Parties: Agent, US Lenders, Issuing Bank and Secured Bank Product Providers of US Bank Products. 

US Special Advance Loan: a US Revolver Loan that is
borrowed on or about December 26, 2014 in the original amount of Seven Million Six Hundred Ninety One Thousand Five Hundred Eighty Six Dollars and Ninety-Three Cents ($7,691,586.93), which as of the Restatement Effective Date, the outstanding
amount is $1,281,931.23. 

  
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 US Swingline Loan: any Borrowing of US Base Rate Loans funded with Agent’s
funds, until such Borrowing is settled among US Lenders or repaid by US Borrowers. 
 US Tax Compliance Certificate: as defined in
Section 5.10.2(b)(iii). 
 US Term Loan Deficiency
Reserve: As of any date of determination by Agent based on the most recent Term Borrowing Base Certificate (as defined in the Term Loan Agreement) delivered to Agent by the US Borrowers (subject to adjustments thereto made by the Term
Agent), an amount equal to the greater of (a) $0 and (b) the amount, if any, by which (i) the aggregate US Term Exposure (as defined in the Term Loan Agreement) at such time exceeds (ii) the result of (x) the US Borrowing
Base (as defined in the Term Loan Agreement) minus (y) the result of (A) the US Inventory Formula Amount, plus (B) the US Accounts Formula Amount, minus
(C) the Temporary Availability Block, minus (D) the US Availability Reserve (but excluding the US Term Loan Deficiency Reserve). 

Value: (a) for Inventory, its value determined on the basis of the lower of cost or market, calculated on a first-in, first-out
basis, and excluding any portion of cost attributable to intercompany profit among Borrowers and their Affiliates; and (b) for an Account, its face amount, net of any returns, rebates, discounts (calculated on the shortest terms), credits,
allowances or Taxes (including sales, excise or other taxes) that have been or could be claimed by the Account Debtor or any other Person. 

VAT: (a) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax
(EC Directive 2006/112); and (b) any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

 Voting Equity Interests: the Equity Interests of any Person which entitle the holders thereof to vote for the election of the
board of directors of such Person. 
 Voyetra: as defined in the preamble to this Agreement. 

VTB: as defined in the preamble to this Agreement. 

Write-Down and Conversion Powers: the write-down and conversion powers of the applicable EEA Resolution Authority from time to time
under the Bail-In Legislation for the applicable EEA Member Country, which powers are described in the EU Bail-In Legislation Schedule. 

1.2 Accounting Terms. Under the Loan Documents (except as otherwise specified therein), all accounting terms shall be
interpreted, all accounting determinations shall be made, and all financial statements shall be prepared, in accordance with GAAP (or IFRS as it relates to UK Obligors individually (and not on a consolidated basis)) applied on a basis consistent
with the most recent audited financial statements of Borrowers delivered to Agent before the Restatement Effective Date and using the same inventory valuation method as used in such financial statements, except for any change required or permitted
by GAAP (or, as the context may require, IFRS) if Borrowers’ certified public accountants concur in such change, the change is disclosed to Agent, and all relevant provisions of the Loan Documents are amended in a manner satisfactory to
Required Lenders to take into account the effects of the change. Unless otherwise specified, all accounting terms used in each Loan Document with respect to the Obligors on a consolidated basis shall be interpreted, and all accounting determinations
and computations thereunder (including under Consolidated EBITDA, Consolidated Leverage Ratio, Fixed Charge Coverage Ratio
and the component definitions used in such calculations) shall be made, in accordance with GAAP, applied in a 

  
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consistent manner except as otherwise specifically prescribed herein. Any change in GAAP (or, as the context may require, IFRS as it relates to UK Obligors) occurring after the date hereof that
would require operating leases to be treated as capital leases shall be disregarded for the purposes of determining Debt and any financial ratio or compliance requirement contained in any Loan Document. 

1.3 Uniform Commercial Code. As used herein, the following terms are defined in accordance with the UCC in effect in the State
of California from time to time: “Certificated Securities,” “Account,” “Account Debtor,” “Chattel Paper,” “Commercial Tort Claim,” “Deposit Account,” “Document,” “Document of
Title,” “Equipment,” “General Intangibles,” “Goods,” “Instrument,” “Intangible,” “Investment Property,” “Letter-of-Credit Right,” “Proceeds,” “Security,”
and “Supporting Obligation.” 
 1.4 Certain Matters of Construction. The terms “herein,”
“hereof,” “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision. Any pronoun used shall be deemed to cover all genders. In the computation of
periods of time from a specified date to a later specified date, “from” means “from and including,” and “to” and “until” each mean “to but excluding.” The terms “including” and
“include” shall mean “including, without limitation” and, for purposes of each Loan Document, the parties agree that the rule of ejusdem generis shall not be applicable to limit any provision. Section titles appear as a
matter of convenience only and shall not affect the interpretation of any Loan Document. All references to (a) laws include all related regulations, interpretations, supplements, amendments and successor provisions; (b) any document,
instrument or agreement includes any amendments, waivers and other modifications, extensions or renewals (to the extent permitted by the Loan Documents); (c) any section means, unless the context otherwise requires, a section of this Agreement;
(d) any exhibits or schedules means, unless the context otherwise requires, exhibits and schedules attached hereto, which are hereby incorporated by reference; (e) any Person include successors and assigns; (f) time of day means time
of day in the Applicable Time; or (g) discretion of Agent, Issuing Bank or any Lender mean the sole and absolute discretion of such Person (acting reasonably). All determinations (including calculations of Borrowing Base and financial
covenants) made from time to time under the Loan Documents shall be made in light of the circumstances existing at such time. Borrowing Base calculations shall be consistent with historical methods of valuation and calculation, and otherwise
satisfactory to Agent in its Permitted Discretion (and not necessarily calculated in accordance with GAAP (or, as the context may require, IFRS)). Borrowers shall have the burden of establishing any alleged negligence, misconduct or lack of good
faith by Agent, Issuing Bank or any Lender under any Loan Documents. No provision of any Loan Documents shall be construed against any party by reason of such party having, or being deemed to have, drafted the provision. Reference to a
Borrower’s “knowledge” or similar concept means actual knowledge of a Senior Officer, or knowledge that a Senior Officer would have obtained if he or she had engaged in good faith and diligent performance of his or her duties,
including reasonably specific inquiries of employees or agents and a good faith attempt to ascertain the matter. 
 1.5 Currency
Equivalents. 
 1.5.1 Calculations. All references in the Loan Documents to Revolver Loans, Letters of Credit,
Obligations, Borrowing Base components and other amounts shall be denominated in Dollars, unless expressly provided otherwise. The Dollar equivalent of any amounts denominated or reported under a Loan Document in a currency other than Dollars shall
be determined by Agent on a daily basis, based on the current Spot Rate. Borrowers shall report Value and other Borrowing Base components to Agent in the currency invoiced by Borrowers (for Accounts) or shown in Borrowers’ financial records
(for all other assets), and unless expressly provided otherwise, shall deliver financial statements and calculate financial covenants in Dollars. Notwithstanding anything herein to the contrary, if an Obligation is funded or expressly denominated in
a currency other than Dollars, Borrowers shall repay such Obligation in such other currency. 

  
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 1.5.2 Judgments. If, in connection with obtaining judgment in any court, it is
necessary to convert a sum from the currency provided under a Loan Document (“Agreement Currency”) into another currency, the Spot Rate shall be used as the rate of exchange. Notwithstanding any judgment in a currency
(“Judgment Currency”) other than the Agreement Currency, a Borrower shall discharge its obligation in respect of any sum due under a Loan Document only if, on the Business Day following receipt by Agent of payment in the Judgment
Currency, Agent can use the amount paid to purchase the sum originally due in the Agreement Currency. If the purchased amount is less than the sum originally due, such Borrower agrees, as a separate obligation and notwithstanding any such judgment,
to indemnify Agent and Lenders against such loss. If the purchased amount is greater than the sum originally due, Agent shall return the excess amount to such Borrower (or to the Person legally entitled thereto). 

SECTION 2. CREDIT FACILITIES 
 2.1
Revolver Commitment. 
 2.1.1 US Revolver Loans. Each US Lender agrees, severally (and not jointly) on a Pro Rata
basis up to its US Revolver Commitment, on the terms set forth herein, to make US Revolver Loans to Borrowers from time to time through the Revolver Commitment Termination Date. The US Revolver Loans may be repaid and reborrowed as provided herein.
In no event shall US Lenders have any obligation to honor a request for a US Revolver Loan if US Revolver Usage at such time plus the requested US Revolver Loan would exceed the US Borrowing Base. Each US Revolver Loan shall be funded and repaid in
Dollars. Notwithstanding anything to the contrary in this Agreement, all US Revolver Loans outstanding from time to time up to the US
FILO Amount (until the US FILO Amount is $0) shall be deemed to be US FILO Loans. 

2.1.2 UK Revolver Loans. Each UK Lender agrees, severally (and not jointly) on a Pro Rata basis up to its UK Revolver
Commitment, on the terms set forth herein, to make UK Revolver Loans to UK Borrower from time to time through the Revolver Commitment Termination Date. The UK Revolver Loans may be repaid and reborrowed as provided herein. In no event shall UK
Lenders have any obligation to honor a request for a UK Revolver Loan if (a) UK Revolver Usage at such time plus the requested UK Revolver Loan would exceed the UK Borrowing Base or (b) the sum of the UK Revolver Usage at such time plus
the requested UK Revolver Loan plus the US Revolver Usage at such time would exceed the aggregate Revolver Commitments. Each UK Revolver Loan shall be funded and repaid in an Available Currency for the UK Borrower. 

2.1.3 Notes. Revolver Loans and interest accruing thereon shall be evidenced by the records of Agent and the applicable Lender.
At the request of a Lender, Borrowers shall deliver promissory note(s) to such Lender, evidencing its Revolver Loans. 
 2.1.4 Use
of Proceeds. The proceeds of Revolver Loans shall be used by Borrowers solely (a) to pay fees and transaction expenses associated with the closing of this credit facility; (b) to pay Obligations in accordance with this Agreement
(including but not limited to the restrictions set forth in Section 10.3.2 of this Agreement); (c) for lawful corporate purposes of Borrowers, including working capital and (d) in accordance with the restrictions. Borrowers
shall not, directly or indirectly, use any Letter of Credit or Loan proceeds, nor use, lend, contribute or otherwise make available any Letter of Credit or Loan proceeds to any Subsidiary, joint venture partner or other Person, (i) to fund any
activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of issuance of the Letter of Credit or funding of the Revolver Loan, is the target of any Sanction; or (ii) in any manner that would result in a
violation of a Sanction by any Person (including any Secured Party or other individual or entity participating in any transaction. 

  
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 2.1.5 Voluntary Reduction or Termination of Revolver Commitments. 

(a) Termination of Revolver Commitments. 

(i) The Revolver Commitments shall terminate on the Revolver Termination Date, unless sooner terminated in accordance with this Agreement. UponAt any time upon at least 90 days prior written notice to Agent at any
time(or such shorter period as agreed to by Agent), Borrowers may,
at their option, terminate the Revolver Commitments and this credit facility; provided that if Borrowers terminate the Revolver Commitments in whole during the first Loan Year, Borrowers shall pay to the Agent for the account of the Lenders
an amount equal to 1.00% multiplied by the principal amount of the Revolving Commitments terminated. Any notice of termination given by Borrowers shall be irrevocable. On the termination date, Borrowers shall make Full Payment of all
Obligations. For the avoidance of doubt, any reduction of the FILO amount shall be without premium or penalty.  
 (ii) The UK Revolver Commitments shall terminate on the Revolver Termination Date, unless
sooner terminated in accordance with this Agreement. Upon at least 90 days prior written notice to Agent (or such shorter period as
agreed to by Agent), UK Borrower may, at its option, terminate the UK Revolver Commitments and this credit facility; provided that if Borrowers terminate the UK Revolver Commitments in
whole during the first Loan Year, Borrowers shall pay to the Agent for the account of the Lenders an amount equal to 1.00% multiplied by the principal amount of the UK Revolving Commitments terminated. Any notice of termination given by UK Borrower
shall be irrevocable. On the termination date, UK Borrower shall make Full Payment of all UK Obligations. 
 (b) Reduction of
Revolver Commitments. Borrowers may permanently reduce the Revolver Commitments, on a ratable basis for all Lenders, upon at least 30 days prior written notice to
Agent (or such shorter period as agreed to by Agent), which notice shall specify
the amount of the reduction and shall be irrevocable once given. Each reduction shall be in a minimum amount of $5,000,000, or an increment of $1,000,000 in excess thereof. No reduction in the Revolver Commitments shall result in the Revolver
Commitments being reduced to an amount less than $25,000,000. 
 2.1.6 Overadvances. 

(a) US Overadvances. If US Revolver Usage exceeds the US Borrowing Base (“US Overadvance”) at any time, the excess
shall be payable by US Borrowers onimmediately
following demand by Agent and shall constitute a US Obligation secured by the US Collateral, entitled to all benefits of the Loan Documents. Agent may require US Lenders to fund US Base Rate Loans
that cause or constitute a US Overadvance and to forbear from requiring US Borrowers to cure a US Overadvance, as long as the total US Overadvance does not exceed 10% of the US Borrowing Base and does not constitute for more than 30 consecutive days
without the consent of Required Lenders. In no event shall US Revolver Loans be required that would cause US Revolver Usage to exceed the aggregate US Revolver Commitments. No funding or sufferance of a US Overadvance shall constitute a waiver by
Agent or US Lenders of the Event of Default caused thereby. No Obligor shall be a beneficiary of this Section nor authorized to enforce any of its terms. 

(b) UK Overadvances. If UK Revolver Usage exceeds the UK Borrowing Base (“UK Overadvance”) at any time, the amount
shall be payable by UK Borrowers onimmediately
following demand by Agent and shall constitute a UK Obligation secured by the UK Collateral, entitled to all benefits of the Loan Documents. Agent may require UK Lenders to fund UK Base Rate Loans
that cause or constitute a UK Overadvance as long as the total UK Overadvance does not exceed 10% of the UK Borrowing Base and does not constitute for more than 30 consecutive days without the consent of the Required Lenders. In no event shall UK
Revolver Loans be required that would cause UK Revolver Usage to exceed the aggregate UK Revolver Commitments. No funding or sufferance of a UK Overadvance shall constitute a waiver by Agent or UK Lenders of the Event of Default caused thereby. No
Obligor shall be a beneficiary of this Section nor authorized to enforce any of its terms. 

  
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 2.1.7 Protective Advances. 

(a) US Protective Advances. Agent shall be authorized, in its discretion, at any time that any conditions in Section 6 are
not satisfied, to make US Base Rate Loans (“US Protective Advances”) (a) up to an aggregate amount of 10% of the US Revolver Commitments outstanding at any time (disregarding any decreased Revolver Commitment amount during the
Seasonal Period), if Agent deems such US Revolver Loans are necessary or desirable to preserve or protect US Collateral, or to enhance the collectability or repayment of US Obligations, as long as such Revolver Loans do not cause US Revolver Usage
to exceed the aggregate US Revolver Commitments; or (b) to pay any other amounts chargeable to US Obligors under any Loan Documents, including interest, costs, fees and expenses. Lenders shall participate on a Pro Rata basis in US Protective
Advances outstanding from time to time. US Required Lenders may at any time revoke Agent’s authority to make further US Protective Advances under clause (a) by written notice to Agent. Absent such revocation, Agent’s determination
that funding of a US Protective Advance is appropriate shall be conclusive. 
 (b) UK Protective Advances. Agent shall be
authorized, in its discretion, at any time that any conditions in Section 6 are not satisfied, to make UK Base Rate Loans (“UK Protective Advances”) (a) up to an aggregate amount of 10% of the UK Revolver
Commitments outstanding at any time (disregarding any decreased Revolver Commitment amount during the Seasonal Period), if Agent deems such UK Revolver Loans are necessary or desirable to preserve or protect UK Collateral, or to enhance the
collectability or repayment of UK Obligations, as long as such Revolver Loans do not cause UK Revolver Usage to exceed the aggregate UK Revolver Commitments; or (b) to pay any other amounts chargeable to UK Borrower under any Loan Documents,
including interest, costs, fees and expenses. Lenders shall participate on a Pro Rata basis in UK Protective Advances outstanding from time to time. US Required Lenders may at any time revoke Agent’s authority to make further UK Protective
Advances under clause (a) by written notice to Agent. Absent such revocation, Agent’s determination that funding of a UK Protective Advance is appropriate shall be conclusive. 

2.1.8 Increase in US Revolver Commitments. US Borrowers may request an increase in US Revolver Commitments from time to time
upon notice to Agent, as long as (a) the requested increase is in a minimum amount of $5,000,000 and is offered on the same terms as existing US Revolver Commitments, except for a closing fee specified by Borrowers, (b) total increases
under this Section do not exceed
$15,000,00040,000,000 in the aggregate and no more than 3 increases are made, and (c) no reduction in Revolver Commitments pursuant to Section 2.1.5 has occurred prior to the requested increase. Agent shall promptly
notify US Lenders of the requested increase and, within 10 Business Days thereafter, each US Lender shall notify Agent if and to what extent such US Lender commits to increase its US Revolver Commitment. Any US Lender not responding within such
period shall be deemed to have declined an increase. If US Lenders fail to commit to the full requested increase, Eligible Assignees may issue additional US Revolver Commitments and become US Lenders hereunder. Agent may allocate, in its discretion,
the increased US Revolver Commitments among committing US Lenders and, if necessary, Eligible Assignees. Total US Revolver Commitments shall be increased by the requested amount (or such lesser amount committed by US Lenders and Eligible Assignees)
on a date agreed upon by Agent and US Borrower Agent. Agent, US Borrowers, and the new and existing US Lenders shall execute and deliver such documents and agreements as Agent deems appropriate to evidence the increase in and allocations of US
Revolver Commitments. On the effective date of an increase, the US Revolver Usage and other exposures under the US Revolver Commitments shall be reallocated among US Lenders, and settled by Agent as necessary, in accordance with US Lenders’
adjusted shares of such commitments. 

  
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 2.2 [Reserved]. 

2.3 Letter of Credit Facility. 

2.3.1 Issuance of Letters of Credit. Issuing Bank shall issue Letters of Credit from time to time until the Revolver Commitment
Termination Date, on the terms set forth herein, including the following: 
 (a) Each Borrower acknowledges that Issuing Bank’s
issuance of any Letter of Credit is conditioned upon Issuing Bank’s receipt of a LC Application with respect to the requested Letter of Credit, as well as such other instruments and agreements as Issuing Bank may customarily require for
issuance of a letter of credit of similar type and amount. Issuing Bank shall have no obligation to issue any Letter of Credit unless (i) Issuing Bank receives a LC Request and LC Application at least three Business Days prior to the requested
date of issuance; (ii) each LC Condition is satisfied; and (iii) if a Defaulting Lender exists, such Lender or Borrowers have entered into arrangements satisfactory to Agent and Issuing Bank to eliminate any Fronting Exposure associated
with such Lender. If, in sufficient time to act, Issuing Bank receives written notice from Agent or the applicable Required Lenders that a LC Condition has not been satisfied, Issuing Bank shall not issue the requested Letter of Credit. Prior to
receipt of any such notice, Issuing Bank shall not be deemed to have knowledge of any failure of LC Conditions. 
 (b) Letters of Credit
may be requested by any Borrower to support obligations of such Borrower or on behalf of any Subsidiary of such Borrower (other than a Subsidiary that is otherwise a US Borrower or UK Borrower and can incur LC Obligations on its own behalf) incurred
in the Ordinary Course of Business, or as otherwise approved by Agent. The renewal or extension of any Letter of Credit shall be treated as the issuance of a new Letter of Credit, except that delivery of a new LC Application shall be required at the
discretion of Issuing Bank. 
 (c) Each Borrower assumes all risks of the acts, omissions or misuses of any Letter of Credit by the
beneficiary with respect to the Letters of Credit issued for the benefit of such Borrower or Subsidiary of such Borrower (other than a Subsidiary that is otherwise a US Borrower or UK Borrower and can incur LC Obligations on its own behalf). In
connection with any Letter of Credit, none of Agent, Issuing Bank or any Lender shall be responsible for the existence, character, quality, quantity, condition, packing, value or delivery of any goods purported to be represented by any LC Documents;
any differences or variation in the character, quality, quantity, condition, packing, value or delivery of any goods from that expressed in any LC Documents; the form, validity, sufficiency, accuracy, genuineness or legal effect of any LC Documents
or of any endorsements thereon; the time, place, manner or order in which shipment of goods is made; partial or incomplete shipment of, or failure to ship, any goods referred to in a Letter of Credit or LC Documents; any deviation from instructions,
delay, default or fraud by any shipper or other Person in connection with any goods, shipment or delivery; any breach of contract between a shipper or vendor and any Obligor; errors, omissions, interruptions or delays in transmission or delivery of
any messages, by mail, cable, telegraph, telex, telecopy, e-mail, telephone or otherwise; errors in interpretation of technical terms; the misapplication by a beneficiary of any Letter of Credit or the proceeds thereof; or any consequences arising
from causes beyond the control of Issuing Bank, Agent or any Lender, including any act or omission of a Governmental Authority. Borrowers shall take all action to avoid and mitigate any damages relating to any Letter of Credit or claimed against
Issuing Bank, Agent or any Lender, including through enforcement of any available rights against a beneficiary. Issuing Bank shall be fully subrogated to the rights and remedies of any beneficiary whose claims against any Borrower are discharged
with proceeds of a Letter of Credit. The rights and remedies of Issuing Bank under the Loan Documents shall be cumulative. 
 (d) In
connection with its administration of and enforcement of rights or remedies under any Letters of Credit or LC Documents, Issuing Bank shall be entitled to act, and shall be fully protected in acting, upon any certification, documentation or
communication in whatever form believed by Issuing Bank, in good faith, to be genuine and correct and to have been signed, sent or made by 

  
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a proper Person. Issuing Bank may use legal counsel, accountants and other experts to advise it concerning its obligations, rights and remedies, and shall be entitled to act upon, and shall be
fully protected in any action taken in good faith reliance upon, any advice given by such experts. Issuing Bank may employ agents and attorneys-in-fact in connection with any matter relating to Letters of Credit or LC Documents, and shall not be
liable for the negligence or misconduct of agents and attorneys-in-fact selected with reasonable care. 
 2.3.2 Reimbursement;
Participations. 
 (a) If Issuing Bank honors any request for payment under a Letter of Credit, Requesting Borrower shall pay to Issuing
Bank, on the same day (“Reimbursement Date”), the amount paid by Issuing Bank under such Letter of Credit, together with interest at the interest rate for Floating Rate Loans from the Reimbursement Date until payment by such
Requesting Borrower. The obligation of Borrowers to reimburse Issuing Bank for any payment made under a Letter of Credit shall be absolute, unconditional, irrevocable, and joint and several, and shall be paid without regard to any lack of validity
or enforceability of any Letter of Credit or the existence of any claim, setoff, defense or other right that Requesting Borrower may have at any time against the beneficiary. Whether or not a Notice of Borrowing has been submitted on behalf of a
Requesting Borrower, such Requesting Borrower shall be deemed to have requested a Borrowing of Floating Rate Loans in an amount necessary to pay all amounts due Issuing Bank on any Reimbursement Date and each Lender shall fund its Pro Rata share of
such Borrowing whether or not any Revolver Commitments have terminated, an Overadvance exists or is created thereby, or the conditions in Section 6 are satisfied. 

(b) Upon issuance of a Letter of Credit, each Lender providing a Revolver Commitment to the Requesting Borrower shall be deemed to have
irrevocably and unconditionally purchased from Issuing Bank, without recourse or warranty, an undivided Pro Rata interest and participation in all LC Obligations of the Requesting Borrower relating to such Letter of Credit. If Issuing Bank makes any
payment under a Letter of Credit and the Requesting Borrower does not reimburse such payment on the Reimbursement Date, Agent shall promptly notify the Lenders providing a Revolver Commitment to the Requesting Borrower and each such Lender shall
promptly (within one Business Day) and unconditionally pay to Agent, for the benefit of Issuing Bank, such Lender’s Pro Rata share of such payment. Upon request by a Lender, Issuing Bank shall furnish copies of any Letters of Credit and LC
Documents in its possession at such time. 
 (c) The obligation of each Lender to make payments to Agent for the account of Issuing Bank in
connection with Issuing Bank’s payment under a Letter of Credit shall be absolute, unconditional and irrevocable, not subject to any counterclaim, setoff, qualification or exception whatsoever, and shall be made in accordance with this
Agreement under all circumstances, irrespective of any lack of validity or unenforceability of any Loan Documents; any draft, certificate or other document presented under a Letter of Credit having been determined to be forged, fraudulent,
noncompliant, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; any waiver by Issuing Bank of a requirement that exists for its protection (and not a Requesting Borrower’s protection) or
that does not materially prejudice a Requesting Borrower; any honor of an electronic demand for payment even if a draft is required; any payment of an item presented after a Letter of Credit’s expiration date if authorized by the UCC or
applicable customs or practices; or any setoff or defense that an Obligor may have with respect to any Obligations. Issuing Bank does not assume any responsibility for any failure or delay in performance or any breach by any Borrower or other Person
of any obligations under any LC Documents. Issuing Bank does not make to Lenders any express or implied warranty, representation or guaranty with respect to any Letter of Credit, Collateral, LC Document or Obligor. Issuing Bank shall not be
responsible to any Lender for any recitals, statements, information, representations or warranties contained in, or for the execution, validity, genuineness, effectiveness or enforceability of any LC Documents; the validity, genuineness,
enforceability, collectability, value or sufficiency of any Collateral or the perfection of any Lien therein; or the assets, liabilities, financial condition, results of operations, business, creditworthiness or legal status of any Obligor. 

  
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 (d) No Issuing Bank Indemnitee shall be liable to any Lender or other Person for any action
taken or omitted to be taken in connection with any Letter of Credit or LC Document except as a result of its gross negligence or willful misconduct. Issuing Bank may refrain from taking any action with respect to a Letter of Credit until it
receives written instructions (and in its discretion, appropriate assurances) from the Lenders. 
 2.3.3 Cash Collateral. At
Agent’s or Issuing Bank’s request, Borrowers shall Cash Collateralize (a) the Fronting Exposure of any Defaulting Lender, and (b) all outstanding Letters of Credit an Event of Default exists, the Revolver Commitment Termination
Date occurs, or the Revolver Termination Date is scheduled to occur within 5 Business Days. If Requesting Borrower fails to provide any Cash Collateral as required hereunder, Lenders providing a Revolver Commitment to such Requesting Borrower may
(and shall upon direction of Agent) advance, as Floating Rate Loans, the amount of Cash Collateral required (whether or not the Revolver Commitments have terminated, an Overadvance exists or the conditions in Section 6 are satisfied).

 2.3.4 Resignation of Issuing Bank. Issuing Bank may resign at any time upon notice to Agent and Borrowers, and any
resignation of Agent hereunder shall automatically constitute its concurrent resignation as Issuing Bank. From the effective date of its resignation, Issuing Bank shall have no obligation to issue, amend, renew, extend or otherwise modify any Letter
of Credit, but shall otherwise to have all rights and obligations of an Issuing Bank hereunder relating to any Letter of Credit issued by it prior to such date. A replacement Issuing Bank may be appointed by written agreement among Agent, Borrower
Agent and the new Issuing Bank. 
 SECTION 3. INTEREST, FEES AND CHARGES 

3.1 Interest. 

3.1.1 Rates and Payment of Interest. 

(a) The Obligations shall bear interest as set forth below, which interest shall accrue from the date the Revolver Loan is advanced or the
Obligation is incurred or payable, until paid by the applicable Borrower. If a Revolver Loan is repaid on the same day made, one day’s interest shall accrue. 
  

			
	 OBLIGATION
	  	 APPLICABLE INTEREST

		
	US Base Rate Loan	  	 US Base Rate in effect from time to time, plus the

Applicable Margin for US Base Rate Loans

		
	US LIBOR Loan (other than US FILO Loans)	  	 LIBOR for the applicable Interest Period, plus the

Applicable Margin for US LIBOR Loans

		
	UK Base Rate Loan	  	 UK Base Rate in effect from time to time, plus the

Applicable Margin for UK Base Rate Loans

		
	UK LIBOR Loan	  	 UK LIBOR for the applicable Interest Period, plus the

Applicable Margin for UK LIBOR Loans, plus any
 Mandatory
Costs

		
	US FILO Loan	  	 LIBOR for the applicable Interest Period, plus
the
 Applicable Margin for US FILO Loans

		
	 any other US Obligation
 (including, to the
extent permitted by law, interest not paid when due)
	  	 US Base Rate in effect from time to time, plus the

Applicable Margin for US Base Rate Loans

		
	 any other UK Obligation
 (including to the
extent permitted by law, interest not paid when due)
	  	 UK Base Rate in effect from time to time, plus the

Applicable Margin for UK Base Rate Loans

  
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 (b) During an Insolvency Proceeding with respect to any Borrower, or during any other Event
of Default if Agent or Required Lenders in their discretion so elect, Obligations shall bear interest at the Default Rate (whether before or after any judgment), payable
onimmediately following demand. 
 (c) Interest shall accrue from the date a Revolver Loan is advanced or Obligation is
incurred or payable, until paid in full by US Borrowers or UK Borrower, as applicable, and shall in no event be less than zero at any time. Interest accrued on the Revolver Loans shall be due and payable in arrears, (i) on the first day of each
month; (ii) on any date of prepayment, with respect to the principal amount being prepaid; and (iii) on the Revolver Commitment Termination Date. Interest accrued on any other Obligations shall be due and payable as provided in the
applicable agreements or, if no payment date is specified,
onimmediately following demand. 

(d) Notwithstanding the
above, on the First Amendment Effectiveness Date, the interest applicable to US FILO Loans shall be based on LIBOR for an Interest Period of 3 months as determined on December 1, 2018 and commencing on January 1, 2019 shall be rest based
on LIBOR for an Interest Period of 3 months as in effect on that day and thereafter pursuant to Section 3.1.2(b). 

3.1.2 Application of LIBOR to Outstanding US Revolver Loans. 

(a) US Borrowers may on any Business Day elect to convert any portion of the US Revolver Loans which are US Base Rate Loans to, or to continue
any US Revolver Loan which is a US LIBOR Loan at the end of its Interest Period as, a US LIBOR Loan; provided that US FILO Loans shall
convert into and continue as US FILO Loans with an Interest Period of 3 months on the first day of each month. During any Default or Event of Default, Agent may (and shall at the direction of US
Required Lenders) declare that no US Revolver Loan may be made, converted or continued as a US LIBOR Loan. 
 (b) To convert or
continue US Revolver Loans as US LIBOR Loans (other than US FILO Loans which shall continue with an Interest Period of 3 months set on
the first day of each month), US Borrower Agent shall give Agent a Notice of Conversion/Continuation, no later than 11:00 a.m. (Applicable Time Zone) at least two Business Days before the
requested conversion or continuation date. Promptly after receiving any such notice, Agent shall provide notify thereof to US Lenders. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of US Revolver Loans to
be converted or continued, the conversion or continuation date (which shall be a Business Day), and the duration of the Interest Period (which shall be deemed to be
3 months with respect to US FILO Loans and otherwise 30 days if not
specified with respect to all other US LIBOR Loans).

  
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If, upon the expiration of any Interest Period for any Interest Period Loans, US Borrowers shall have failed to deliver a Notice of Conversion/Continuation, they shall be deemed to have elected
to convert such US Revolver Loans into US Base Rate Loans. 
 3.1.3 Application of UK LIBOR to Outstanding UK Revolver Loans.

 (a) UK Borrowers may on any Business Day elect to convert any portion of the UK Revolver Loans which are UK Base Rate Loans to, or to
continue any UK Revolver Loan which is a UK LIBOR Loan at the end of its Interest Period as, a UK LIBOR Loan. During any Default or Event of Default, Agent may (and shall at the direction of UK Required Lenders) declare that no UK Revolver Loan may
be made, converted or continued as a UK LIBOR Loan. 
 (b) To convert or continue UK Revolver Loans as UK LIBOR Loans, UK Borrower shall
give Agent a Notice of Conversion/Continuation, no later than 11:00 a.m. (Applicable Time Zone) at least two Business Days before the requested conversion or continuation date. Promptly after receiving any such notice, Agent shall provide notify
thereof to UK Lenders. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of UK Revolver Loans to be converted or continued, the conversion or continuation date (which shall be a Business Day), and the duration
of the Interest Period (which shall be deemed to be 30 days if not specified). If, upon the expiration of any Interest Period for any Interest Period Loans, UK Borrower shall have failed to deliver a Notice of Conversion/Continuation, they shall be
deemed to have elected to convert such UK Revolver Loans into UK Base Rate Loans. Agent does not warrant or accept responsibility for, nor shall it have any liability with respect to, administration, submission or any other matter related to any
rate described in the definition of LIBOR. Agent does not warrant or accept responsibility for, nor shall it have any liability with respect to, administration, submission or any other matter related to any rate described in the definition of LIBOR.

 3.1.4 Interest Periods. US Borrowers or UK Borrower, as applicable, shall select an interest period (“Interest
Period”) of one (1), two (2), or three (3) months to apply to the US LIBOR Loan or UK LIBOR Loan, as applicable (if available from all US Lenders or US Lenders, as applicable); provided: 

(a) the Interest Period shall begin on the date the US Revolver Loan or UK Revolver Loan, as applicable, is made or continued as, or
converted into, a US LIBOR Loan or UK LIBOR Loan, as applicable, and shall expire on the numerically corresponding day in the calendar month at its end; 

(b) if any Interest Period begins on a day for which there is no corresponding day in the calendar month at its end or if such corresponding
day falls after the last Business Day of such month, then the Interest Period shall expire on the last Business Day of such month; and if any Interest Period would otherwise expire on a day that is not a Business Day, the period shall expire on the
next Business Day; and 
 (c) no Interest Period shall extend beyond the Revolver Termination Date. 

3.1.5 Interest Rate Not Ascertainable. 

(a) If, due to any circumstance affecting the London interbank market, (A) Agent reasonably determines that adequate and fair means do not exist for ascertaining LIBOR on any applicable date or that any requested Interest Period is not available on the basis provided herein,
or (B) the LIBOR Scheduled Unavailability Date has occurred, then
Agent shall immediately notify US Borrowers or UK Borrower, as applicable, of such determination. Until Agent notifies US Borrowers or UK Borrower, as applicable, that such circumstance no longer exists, the obligation of US Lenders or UK Lenders,
as applicable to make affected US LIBOR Loans or UK LIBOR Loans or the applicable requested 

  
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Interest Period, as applicable, shall be suspended and no further US Revolver Loans or UK Revolver Loans, as applicable, may be converted into or continued as such US Revolver Loans or UK
Revolver Loans and such affected Interest Period shall not be available. 

(b) Notwithstanding
anything to the contrary in this Agreement or any other Loan Documents, if the Agent determines (which determination shall be conclusive absent manifest error), or the Borrower Agent or Required Lenders notify the Agent (with, in the case of the
Required Lenders, a copy to Borrower Agent) that the Borrower Agent or Required Lenders (as applicable) have determined, that: 

(i) adequate and reasonable
means do not exist for ascertaining LIBOR for any requested Interest Period, because the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or 

(ii) the administrator of
the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Agent has made a public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available, or used for determining the
interest rate of loans (such specific date, the “LIBOR Scheduled Unavailability Date”), or 

(iii) syndicated loans
currently being executed, or that include language similar to that contained in this Section, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR, 

then, reasonably promptly after such
determination by Agent or receipt by Agent of such notice, as applicable, the Agent and the Borrowers may amend this Agreement to replace LIBOR with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if
any) incorporated therein), giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks (any such proposed rate, a “LIBOR Successor
Rate”), together with any proposed LIBOR Successor Rate Conforming Changes (as defined below) and any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Agent shall have posted such proposed amendment to all
Lenders and the Borrowers unless, prior to such time, Lenders comprising the Required Lenders have delivered to Agent written notice that such Required Lenders do not accept such amendment.

 (c) If no LIBOR
Successor Rate has been determined and the circumstances under clause (b)(i) above exist or the LIBOR Scheduled Unavailability Date has occurred (as applicable), the Agent will promptly so notify the Borrower Agent and each Lender. Thereafter,
(x) the obligation of the Lenders to make or maintain Interest Period Loans shall be suspended, (to the extent of the affected Interest Period Loans or Interest Periods), and (y) the LIBOR component shall no longer be utilized in
determining the Base Rate. Upon receipt of such notice, the Borrower Agent may revoke any pending request for a Borrowing of conversion to or continuation of Interest Period Loans (to the extent of the affected Interest Period Loans or Interest
Periods) or, failing that, will be deemed to have converted such request into a request for Floating Rate Loans (subject to the foregoing clause (y)) in the amount specified therein. 

3.2 Fees. 

3.2.1 Unused Line Fee. 

(a) US Borrowers shall pay to Agent, for the Pro Rata benefit of US Lenders, a fee equal to the Unused Line Fee Rate times the amount by which
the US Revolver Commitments exceed the average daily US Revolver Usage during any month. Such fee shall be payable in arrears, on the first day of each month and on the Revolver Commitment Termination Date. 

  
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 (b) UK Borrower shall pay to Agent, for the Pro Rata benefit of UK Lenders, a fee equal to
the Unused Line Fee Rate times the amount by which the UK Revolver Commitments exceed the average daily UK Revolver Usage during any month. Such fee shall be payable in arrears, on the first day of each month and on the Revolver Commitment
Termination Date. 
 3.2.2 LC Facility Fees. Requesting Borrowers shall pay (a) to Agent, for the Pro Rata benefit of
Lenders, a fee equal to the Applicable Margin in effect for Interest
PeriodUS LIBOR Loans times the average daily Stated Amount of
Letters of Credit, which fee shall be payable monthly in arrears, on the first day of each month; (b) to Agent, for its own account, a fronting fee equal to 0.125% per annum on the Stated Amount of each Letter of Credit, which fee shall be
payable monthly in arrears, on the first day of each month; and (c) to Issuing Bank, for its own account, all customary charges associated with the issuance, amending, negotiating, payment, processing, transfer and administration of Letters of
Credit, which charges shall be paid as and when incurred. During an Event of Default, if the Agent or the Required Lenders so decide, the fee payable under clause (a) shall be increased by 2% per annum. 

3.2.3 Agent’s Fee. Borrowers shall pay all fees set forth in the Fee Letter and the Restated Fee Letter executed in
connection with this Agreement. 
 3.3 Computation of Interest, Fees, Yield Protection. All interest, as well as fees and
other charges calculated on a per annum basis, shall be computed for the actual days elapsed, based on a year of 360 days; provided that, in the case of a UK Revolver Loan made in Sterling, such calculation shall be made on the basis of a 365
day year (or a 366 day year, in the case of a leap year). Each determination by Agent of any interest, fees or interest rate hereunder shall be final, conclusive and binding for all purposes, absent manifest error. All fees shall be fully earned
when due and shall not be subject to rebate, refund or proration. All fees payable under Section 3.2 are compensation for services and are not, and shall not be deemed to be, interest or any other charge for the use, forbearance or
detention of money. A certificate as to amounts payable by Borrowers under Section 3.4, 3.6, 3.7, 3.9 or 5.9, submitted to US Borrower Agent by Agent or the affected Lender, as applicable, shall be final, conclusive and binding
for all purposes, absent manifest error, and Borrowers shall pay such amounts to the appropriate party within 10 days following receipt of the certificate. 

3.4 Reimbursement Obligations. Obligors shall pay all Extraordinary Expenses promptly upon request. Obligors shall also
reimburse Agent for all reasonable and documented legal, accounting, appraisal, consulting, and other reasonable and documented fees and expenses incurred by it in connection with (a) negotiation and preparation of any Loan Documents, including
any modification thereof; (b) administration of and actions relating to any Collateral, Loan Documents and transactions contemplated thereby, including any actions taken to perfect or maintain priority of Agent’s Liens on any Collateral,
to maintain any insurance required hereunder or to verify Collateral; and (c) subject to the limits of Section 10.1.1(b), any examination or appraisal with respect to any Obligor or Collateral, by Agent’s personnel or a third
party. All reasonable and documented legal, accounting and consulting fees shall be charged to Obligors by Agent’s professionals at their full hourly rates, regardless of any alternative fee arrangements that Agent, any Lender or any of their
Affiliates may have with such professionals that otherwise might apply to this or any other transactions. Obligors acknowledge that counsel may provide Agent with a benefit (such as a discount, credit or accommodation for other matters) based on
counsel’s overall relationship with Agent, including fees paid hereunder. If, for any reason (including inaccurate reporting in any Obligors Materials), it is determined that a higher Applicable Margin should have applied to a period than was
actually applied, then the proper margin shall be applied retroactively and Obligors shall immediately pay to Agent, for the ratable benefit of Lenders, an amount equal to the difference between the amount of interest and fees that would have
accrued using the proper margin and the amount actually paid. All amounts payable by Obligors under this Section shall be due onimmediately following demand. 

  
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 3.5 Illegality. If any Lender determines that any Applicable Law has made it
unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender to perform any of its obligations hereunder, to make, maintain, fund, participate in, or charge applicable interest or fees with respect to, any Revolver
Loan or Letter of Credit, or to determine or charge interest based on LIBOR or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, the applicable Available
Currency in the London interbank market, then, on notice thereof by such Lender to Agent, any obligation of such Lender to perform such obligations, to make, maintain, fund or participate in the Revolver Loan or Letter of Credit (or to charge
interest or fees otherwise applicable thereto), or to continue or covert Floating Rate Loans to Interest Period Loans, shall be suspended until such Lender notifies Agent that the circumstances giving rise to such determination no longer exist. Upon
delivery of such notice, US Borrowers or UK Borrowers, as applicable, shall prepay the applicable Revolver Loan, Cash Collateralize the applicable LC Obligations or, if applicable, convert Interest Period Loan(s) of such Lender to Floating Rate
Loan(s), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Interest Period Loans to such day, or immediately, if such Lender may not lawfully continue to maintain the Interest Period Loan.
Upon any such prepayment or conversion, US Borrowers or UK Borrowers, as applicable, shall also pay accrued interest on the amount so prepaid or converted. 

3.6 Inability to Determine Rates. Agent will promptly notify US Borrowers or UK Borrower, as applicable, and US Lenders or UK
Lenders, as applicable, and if, in connection with any Revolver Loan or request for a Revolver Loan, (a) Agent determines in its Permitted Discretion that (i) deposits in the applicable currency or bankers’ acceptances are not being
offered to banks in the London interbank Eurodollar market, for the applicable Revolver Loan amount or Interest Period, or (ii) adequate and reasonable means do not exist for determining LIBOR for the Interest Period; or (b) Agent or
Required Lenders, as applicable, determine for any reason that LIBOR, as applicable, for the Interest Period does not adequately and fairly reflect the cost to such Lenders of funding the Revolver Loan. Thereafter, such US Lenders’ or UK
Lenders’, as applicable, obligations to make or maintain affected Interest Period Loans and utilization of the LIBOR component (if affected) in determining Floating Rate shall be suspended until Agent (upon instruction by the Required Lenders)
withdraws the notice. Upon receipt of such notice, US Borrowers or UK Borrowers, as applicable, may revoke any pending request for an Interest Period Loan or, failing that, will be deemed to have requested a Floating Rate Loan, as applicable to such
Borrower. 
 3.7 Increased Costs; Capital Adequacy. 

3.7.1 Increased Costs Generally. If any Change in Law shall: 

(a) impose, modify or deem applicable any reserve, liquidity, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in calculating LIBOR or Mandatory Costs) or Issuing Bank; 

(b) subject any Recipient to Taxes (other than (i) Indemnified Taxes, (ii) Taxes described in clauses (b) through (d) of
the definition of Excluded Taxes, and (iii) Connection Income Taxes) on any Revolver Loan, Letter of Credit, Revolver Commitment or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 

(c) impose on any Lender, Issuing Bank or interbank market any other condition, cost or expense (other than Taxes) affecting any Revolver
Loan, Letter of Credit, participation in LC Obligations, Revolver Commitment or Loan Document; 

  
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 and the result thereof shall be to increase the cost to a Lender of making or maintaining any Revolver Loan
or Revolver Commitment, or converting to or continuing any interest option for a Revolver Loan, or to increase the cost to a Lender or Issuing Bank of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to
participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by a Lender or Issuing Bank hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or Issuing Bank
setting forth in reasonable detail the costs incurred or reduction suffered, Borrowers will pay to it such additional amount(s) as will compensate it for the additional costs incurred or reduction suffered. 

3.7.2 Capital Requirements. If a Lender or Issuing Bank determines that a Change in Law affecting such Lender or Issuing Bank or
its holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s, Issuing Bank’s or holding company’s capital as a consequence of this Agreement, or
such Lender’s or Issuing Bank’s Revolver Commitments, Revolver Loans, Letters of Credit or participations in LC Obligations or Revolver Loans, to a level below that which such Lender, Issuing Bank or holding company could have achieved but
for such Change in Law (taking into consideration its policies with respect to capital adequacy), then from time to time Borrowers will pay to such Lender or Issuing Bank, as the case may be, such additional amounts as will compensate it or its
holding company for the reduction suffered. 
 3.7.3 Interest Period Loan Reserves. If any US Lender or UK Lender, as
applicable, is required to maintain reserves with respect to liabilities or assets consisting of or including Euros or deposits, US Borrowers or UK Borrowers, as applicable, shall pay additional interest to such US Lender or UK Lender, as
applicable, on each Interest Period Loan equal to the costs of such reserves allocated to the Revolver Loan by such US Lender or UK Lender, as applicable (as determined by it in good faith, which determination shall be conclusive). The additional
interest shall be due and payable on each interest payment date for the Revolver Loan; provided, that if such US Lender or UK Lender notifies US Borrowers or UK Borrowers, as applicable (with a copy to Agent), of the additional interest less
than 10 days prior to the interest payment date, then such interest shall be payable 10 days after such Borrowers’ receipt of the notice. 

3.7.4 Compensation. Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section
shall not constitute a waiver of its right to demand such compensation, but Borrowers shall not be required to compensate a Lender or Issuing Bank for any increased costs or reductions suffered more than nine months (plus any period of retroactivity
of the Change in Law giving rise to the demand) prior to the date that the Lender or Issuing Bank notifies US Borrower Agent of the applicable Change in Law and of such Lender’s or Issuing Bank’s intention to claim compensation therefor.

 3.8 Mitigation. If any Lender gives a notice under Section 3.5 or requests compensation under
Section 3.7, or if Borrowers are required to pay any Indemnified Taxes or additional amounts with respect to a Lender under Section 5.9, then at the request of US Borrower Agent, such Lender shall use reasonable efforts to
designate a different Lending Office or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such designation or assignment (a) would eliminate the need for such
notice or reduce amounts payable or to be withheld in the future, as applicable; and (b) would not subject the Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to it or unlawful. Borrowers shall pay all
reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 3.9 Funding
Losses. If for any reason (a) any Borrowing, conversion or continuation of an Interest Period Loan does not occur on the date specified therefor in a Notice of Borrowing or Notice of Conversion/Continuation (whether or not withdrawn),
(b) any repayment or conversion of an Interest Period Loan occurs on a day other than the end of its Interest Period, (c) Borrowers fail to repay an Interest 

  
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Period Loan when required hereunder, or (d) a Lender (other than a Defaulting Lender) is required to assign an Interest Period Loan prior to the end of its Interest Period pursuant to
Section 13.4, then Borrowers shall pay to Agent its customary administrative charge and to each Lender all losses, expenses and fees arising from redeployment of funds or termination of match funding. For purposes of calculating amounts
payable under this Section, a Lender shall be deemed to have funded an Interest Period Loan by a matching deposit or other borrowing in the London interbank market for a comparable amount and period, whether or not the Revolver Loan was in fact so
funded. 
 3.10 Maximum Interest. Notwithstanding anything to the contrary contained in any Loan Document, the interest
paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by Applicable Law (“maximum rate”). If Agent or any Lender shall receive interest in an amount that exceeds the
maximum rate, the excess interest shall be applied to the principal of the Obligations or, if it exceeds such unpaid principal, refunded to Borrowers. In determining whether the interest contracted for, charged or received by Agent or a Lender
exceeds the maximum rate, such Person may, to the extent permitted by Applicable Law, (a) characterize any payment that is not principal as an expense, fee or premium rather than interest; (b) exclude voluntary prepayments and the effects
thereof; and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 

SECTION 4. REVOLVER LOAN ADMINISTRATION 

4.1 Manner of Borrowing and Funding Revolver Loans. 

4.1.1 Notice of Borrowing. 

(a) To request Revolver Loans, US Borrowers or UK Borrower, as applicable, shall give Agent a Notice of Borrowing by 11:00 a.m. (Applicable
Time Zone) (i) on the requested funding date, in the case of Floating Rate Loans, and (ii) at least three Business Days prior to the requested funding date, in the case of Interest Period Loans. Notices received by Agent after such time
shall be deemed received on the next Business Day. Each Notice of Borrowing shall be irrevocable and shall specify (A) the Borrowing amount, (B) the requested funding date (which must be a Business Day), (C) whether the Borrowing is
to be made as a Floating Rate Loan or an Interest Period Loan, and (D) in the case of an Interest Period Loan, the applicable Interest Period (which shall be deemed to be 30 days if not specified). 

(b) Unless payment is otherwise made by the US Borrowers or UK Borrower, as applicable, the becoming due of any US Obligation or UK
Obligation, as applicable (whether principal, interest, fees or other charges, including Extraordinary Expenses, LC Obligations, Cash Collateral and Secured Bank Product Obligations) shall be deemed to be a request for a Floating Rate Loan on the
due date in the amount due and the Revolver Loan proceeds shall be disbursed as direct payment of such Obligation. In addition, Agent may, at its option, charge such amount against any operating, investment or other account of the applicable
Borrower maintained with Agent or any of its Affiliates. 
 (c) If any Borrower maintains a disbursement account with Agent as the case may
be, or any of their respective Affiliates, then presentation for payment in the account of a Payment Item when there are insufficient funds to cover it shall be deemed to be a request for a Floating Rate Loan on the presentation date, in the amount
of the Payment Item. Proceeds of the Revolver Loan may be disbursed directly to the account. 
 4.1.2 Fundings by Lenders.
Except for Swingline Loans, Agent shall endeavor to notify US Lenders or UK Lenders, as applicable, of each applicable Notice of Borrowing (or deemed request for a Borrowing) by 1:00 p.m. (Applicable Time Zone) on the proposed funding date for a
Floating Rate Loan or by 3:00 p.m. (Applicable Time Zone) two Business Days before a proposed funding of an Interest Period 

  
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Loan. Each US Lender or UK Lender, as applicable, shall fund its Pro Rata share of a Borrowing in immediately available funds not later than 3:00 p.m. (Applicable Time Zone) on the requested
funding date, unless Agent’s notice is received after the times provided above, in which case the applicable Lender shall fund by 11:00 a.m. (Applicable Time Zone) on the next Business Day. Subject to its receipt of such amounts from the
applicable Lenders, Agent shall disburse the Borrowing proceeds in a manner directed by the US Borrowers or UK Borrower, as applicable, and acceptable to Agent. Unless Agent receives (in sufficient time to act) written notice from a Lender that it
will not fund its share of a Borrowing, Agent may assume that such Lender has deposited or promptly will deposit its share with Agent, and Agent may disburse a corresponding amount to the applicable Borrowers. If a Lender’s share of a Borrowing
or of a settlement under Section 4.1.3(b) is not received by Agent, then US Borrowers or UK Borrower, as applicable, agree to repay to Agent onimmediately following demand the amount of such share, together with interest
thereon from the date disbursed until repaid, at the rate applicable to the Borrowing. Agent, a Lender or Issuing Bank may fulfill its obligations under Loan Documents through one or more Lending Offices, and this shall not affect any obligation of
Obligors under the Loan Documents or with respect to any Obligations. 
 4.1.3 Swingline Loans; Settlement. 

(a) To fulfill any request for a Revolver Loan hereunder, Agent may in its discretion advance US Swingline Loans or UK Swingline Loans, as
applicable, to US Borrowers or UK Borrowers, as applicable, up to an aggregate outstanding amount of 10% of the US Revolver Commitments (in the case of US Swingline Loans) and 10% of the UK Revolver Commitments (in the case of UK Swingline Loans),
each disregarding the decreased Revolver Commitment amount during the Seasonal Period. Swingline Loans shall constitute Revolver Loans for all purposes, except that payments thereon shall be made to Agent for its own account until settled with or
funded by Lenders hereunder. 
 (b) Settlement of Revolver Loans, including Swingline Loans, among the applicable Lenders and Agent shall
take place on a date determined from time to time by Agent (but at least weekly, unless the settlement amount is de minimis), on a Pro Rata basis in accordance with the Settlement Report delivered by Agent to the applicable Lenders. Between
settlement dates, Agent may in its discretion apply payments on Revolver Loans to Swingline Loans, regardless of any designation by the applicable Borrowers or anything herein to the contrary. Each US Lender hereby purchases, without recourse or
warranty, an undivided Pro Rata participation in all US Swingline Loans outstanding from time to time until settled. Each UK Lender hereby purchases, without recourse or warranty, an undivided Pro Rata participation in all UK Swingline Loans
outstanding from time to time until settled. If a Swingline Loan cannot be settled among the applicable Lenders, whether due to an Obligor’s Insolvency Proceeding or for any other reason, each US Lender or UK Lender, as applicable, shall pay
the amount of its participation in the US Revolver Loan or UK Revolver Loan, as applicable, to Agent, in immediately available funds, within one Business Day after Agent’s request therefor. Lenders’ obligations to make settlements and to
fund participations are absolute, irrevocable and unconditional, without offset, counterclaim or other defense, and whether or not the Revolver Commitments have terminated, an Overadvance exists or the conditions in Section 6 are
satisfied. 
 4.1.4 Notices. If Borrowers request, convert or continue Revolver Loans, select interest rates or transfer funds
based on telephonic or electronic instructions to Agent. Borrowers shall confirm the request by prompt delivery to Agent of a Notice of Borrowing or Notice of Conversion/Continuation, as applicable. Agent and Lenders are not liable for any loss
suffered by any Obligor as a result of Agent on its understanding of telephonic or electronic instructions from a person believed in good faith to be authorized to give instructions on a Borrower’s behalf. 

  
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 4.2 Defaulting Lender. Notwithstanding anything herein to the contrary: 

4.2.1 Reallocation of Pro Rata Share; Amendments. For purposes of determining Lenders’ obligations or rights to fund,
participate in or receive collections with respect to Revolver Loans and Letters of Credit (including existing Swingline Loans, Protective Advances and LC Obligations), Agent may in its discretion reallocate Pro Rata shares by excluding a Defaulting
Lender’s Revolver Commitments and Revolver Loans of a Defaulting Lender from the calculation of shares. A Defaulting Lender shall have no right to vote on any amendment, waiver or other modification of a Loan Document, except as provided in
Section 15.1.1(c). 
 4.2.2 Payments; Fees. Agent may, in its discretion, receive and retain any amounts payable
to a Defaulting Lender under the Loan Documents, and a Defaulting Lender shall be deemed to have assigned to Agent such amounts until all Obligations owing to Agent, non-Defaulting Lenders and other Secured Parties have been paid in full. Agent may
use such amounts to cover the Defaulting Lender’s defaulted obligations, to Cash Collateralize such Lender’s Fronting Exposure, to readvance the amounts to Borrowers or to repay Obligations. A Lender shall not be entitled to receive any
fees accruing hereunder while it is a Defaulting Lender and its unfunded Revolver Commitment shall be disregarded for purposes of calculating the unused line fee under Section 3.2.1. If any LC Obligations owing to a Defaulting Lender are
reallocated to other Lenders, fees attributable to such LC Obligations under Section 3.2.2 shall be paid to such Lenders. Agent shall be paid all fees attributable to LC Obligations that are not reallocated. 

4.2.3 Status; Cure. Agent may determine in its Permitted Discretion that a Lender constitutes a Defaulting Lender and the
effective date of such status shall be conclusive and binding on all parties, absent manifest error. US Borrowers or UK Borrowers (as applicable), Agent and Issuing Bank may agree in writing that a US Lender or UK Lender (as applicable) has ceased
to be a Defaulting Lender, whereupon Pro Rata shares shall be reallocated without exclusion of the reinstated Lender’s Revolver Commitments and Revolver Loans, and the Revolver Usage and other exposures under the Revolver Commitments shall be
reallocated among the US Lenders or UK Lenders, as applicable, and settled by Agent (with appropriate payments by the reinstated Lender, including its payment of breakage costs for reallocated Interest Period Loans) in accordance with the readjusted
Pro Rata shares. Unless expressly agreed by US Borrowers or UK Borrowers (as applicable), Agent and Issuing Bank, or as expressly provided herein with respect to Bail-In Actions and related matters, no reallocation of Revolver Commitments and
Revolver Loans to non-Defaulting Lenders or reinstatement of a Defaulting Lender shall constitute a waiver or release of claims against such Lender. The failure of any Lender to fund a Revolver Loan, to make a payment in respect of LC Obligations or
otherwise to perform obligations hereunder shall not relieve any other Lender of its obligations under any Loan Document. No Lender shall be responsible for default by another Lender. 

4.3 Number and Amount of Interest Period Loans; Determination of Rate. 

4.3.1 EachOther than FILO Loans, each Borrowing of US LIBOR Loans when made shall be in a
minimum amount of $1,000,000, plus an increment of $100,000 in excess thereof. No more than 5 Borrowings of US LIBOR Loans may be outstanding at any time, and all US LIBOR Loans having the same length and beginning date of their Interest
Periods shall be aggregated together and considered one Borrowing for this purpose. 
 4.3.2 Each Borrowing of UK LIBOR Loans
when made shall be in a minimum amount of $1,000,000 (or its equivalent in another Available Currency), plus an increment of $1,000,000 (or its equivalent in another Available Currency) in excess thereof. No more than 5 Borrowings of UK LIBOR
Loans may be outstanding at any time, and all UK LIBOR Loans having the same length and beginning date of their Interest Periods shall be aggregated together and considered one Borrowing for this purpose. 

  
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 4.3.3 Upon determining LIBOR, as applicable, for any Interest Period requested by
Borrowers, Agent shall promptly notify such Borrowers thereof by telephone or electronically and, if requested by such Borrowers, shall confirm any telephonic notice in writing. 

4.4 Borrower Agent. Each Borrower hereby designates Voyetra (“US Borrower Agent”) as its representative
and agent for all purposes under the Loan Documents, including requests for and receipt of Revolver Loans and Letters of Credit, designation of interest rates, delivery or receipt of communications, delivery of Borrower Materials, payment of
Obligations, requests for waivers, amendments or other accommodations, actions under the Loan Documents (including in respect of compliance with covenants), and all other dealings with Agent, Issuing Bank or any Lender. US Borrower Agent hereby
accepts such appointment. Agent and Lenders shall be entitled to rely upon, and shall be fully protected in relying upon, any notice or communication (including any notice of borrowing) delivered by US Borrower Agent on behalf of any US Borrower.
Agent and Lenders may give any notice or communication with a US Borrower hereunder to US Borrower Agent on behalf of such US Borrower. Each of Agent, Issuing Bank and US Lenders shall have the right, in its discretion, to deal exclusively with US
Borrower Agent for all purposes under the Loan Documents. Each US Borrower agrees that any notice, election, communication, delivery, representation, agreement, action, omission or undertaking by US Borrower Agent shall be binding upon and
enforceable against such Borrower. 
 4.5 One Obligation. 

4.5.1 US Obligation. The US Revolver Loans, US LC Obligations and other US Obligations constitute one general obligation of US
Borrowers and are secured by Agent’s Lien on all US Collateral; provided, that Agent and each US Lender shall be deemed to be a creditor of, and the holder of a separate claim against, each Borrower to the extent of any Obligations
jointly or severally owed by such Borrower. 
 4.5.2 UK Obligation. The UK Revolver Loans, UK LC Obligations and other UK
Obligations constitute one general obligation of UK Borrower and are secured by Agent’s Lien on all UK Collateral; provided, however, that Agent and each UK Lender shall be deemed to be a creditor of, and the holder of a separate claim against,
UK Borrower to the extent of any UK Obligations jointly or severally owed by such Borrower. 
 4.6 Effect of Termination. On
the effective date of the termination of all Revolver Commitments, the Obligations shall be immediately due and payable, and each Secured Bank Product Provider may terminate its Bank Products. Until Full Payment of the Obligations, all undertakings
of Obligors contained in the Loan Documents shall continue, and Agent shall retain its Liens in the Collateral and all of its rights and remedies under the Loan Documents. Agent shall not be required to terminate its Liens unless it receives Cash
Collateral or a written agreement, in each case satisfactory to it, protecting Agent and Lenders from dishonor or return of any Payment Item previously applied to the Obligations. Sections 2.3, 3.4, 3.7, 3.9, 5.5, 5.9, 5.10, 13, 15.2, this
Section, and each indemnity or waiver given by an Obligor or Lender in any Loan Document, shall survive Full Payment of the Obligations. 
 SECTION 5.
PAYMENTS 
 5.1 General Payment Provisions. All payments of US Obligations shall be made in Dollars and payments of
UK Obligations shall be made in Sterling, Euros or Dollars, in each case, without offset, counterclaim or defense of any kind, free and clear of (and without deduction for) any Taxes, and in immediately available funds, not later than 12:00 noon
(Applicable Time Zone) on the due date. Any payment after such time shall be deemed made on the next Business Day. Any payment of an Interest Period Loan prior to the end of its Interest Period shall be accompanied by all amounts due under
Section 3.9. US Borrowers and UK Borrowers, as applicable agree that Agent shall have the continuing, exclusive 

  
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right to apply and reapply payments and proceeds of US Collateral or UK Collateral, as applicable, against the US Obligations or UK Obligations, as applicable, in such manner as Agent deems
advisable, but whenever possible, any prepayment of Revolver Loans shall be applied first to Floating Rate Loans and then to Interest Period Loans. 

5.2 Repayment of Revolver Loans. Revolver Loans shall be due and payable in full on the Revolver Termination Date, unless
payment is sooner required hereunder. Revolver Loans may be prepaid from time to time, without penalty or premium. Upon the Restatement Effective Date, the US Revolver Loans shall be advanced and the proceeds shall be used to prepay the US Special Advance Loan
in full. Subject to Section 2.1.6, if an Overadvance exists at any time, US Borrowers or UK Borrowers, as applicable shall, on the sooner of Agent’s demand or the first
Business Day after any applicable Borrower has knowledge thereof, repay Revolver Loans in an amount sufficient to reduce US Revolver Usage to the US Borrowing Base or UK Revolver Usage to the UK Borrowing Base, as applicable. If any Asset
Disposition includes the disposition of Accounts or Inventory, Borrowers shall apply Net Proceeds to repay Revolver Loans equal to the greater of (a) the net book value of such Accounts and Inventory, or (b) the reduction in Borrowing Base
resulting from the disposition. Notwithstanding anything to the contrary in this Agreement, any payment in respect of US
Revolver Loans shall be applied first to the US Revolver Loans that are not US FILO Loans until repaid in full, and then applied to US FILO Loans. 

5.3 Mandatory Prepayments 

5.3.2 UK Obligors. If any Asset Disposition
is consummated by any UK Obligor includes the disposition of ABL Priority Collateral (as defined in the Intercreditor Agreement) of a UK Obligor, such
UK Obligor shall deliver the Net Proceeds of such Asset Disposition to Agent for application to the UK Obligations or Cash Collateralization of the UK Obligations, as determined by Agent. 

5.3.3 US Obligors. If any Asset Disposition
is consummated by any US Obligor includes the disposition of ABL Priority Collateral (as defined in the Intercreditor Agreement) of a US Obligor, such
US Obligor shall deliver the Net Proceeds of such Asset Disposition to Agent for application to the Obligations or Cash Collateralization of the Obligations, as determined by Agent. 

5.4 Payment of Other Obligations. Obligations other than Revolver Loans, including LC Obligations and Extraordinary Expenses,
shall be paid by the applicable Obligor as provided in the Loan Documents or, if no payment date is specified, on demand. 
 5.5
Marshaling; Payments Set Aside. None of Agent or Lenders shall be under any obligation to marshal any assets in favor of any Obligor or against any Obligations. If any payment by or on behalf of an Obligor is made to Agent, Issuing Bank
or any Lender, or if Agent, Issuing Bank or any Lender exercises a right of setoff, and any of such payment or setoff is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement
entered into by Agent, Issuing Bank or a Lender in its discretion) to be repaid to a trustee, receiver or any other Person, then the Obligation originally intended to be satisfied, and all Liens, rights and remedies relating thereto, shall be
revived and continued in full force and effect as if such payment or setoff had not occurred. 
 5.6 Application and Allocation of
Payments. 
 5.6.1 Application. Payments made by Borrowers hereunder shall be applied (a) first, as
specifically required hereby; (b) second, to Obligations then due and owing; (c) third, to other Obligations specified by Borrowers; and (d) fourth, as determined by Agent in its discretion. 

  
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 5.6.2 Post-Default Allocation for US Obligations. Notwithstanding anything in
any Loan Document to the contrary, during an Event of Default under Section 12.1(j), or during any other Event of Default at the discretion of Agent or Required Lenders, monies to be applied to the US Obligations, whether arising from
payments by US Obligors, realization on US Collateral, setoff or otherwise, shall be allocated as follows: 
 (a) FIRST, to
all fees, indemnification, costs and expenses, including Extraordinary Expenses, owing to Agent; 
 (b) SECOND, to all other
amounts owing to Agent, US Swingline Loans, US Protective Advances, and US Revolver Loans and participations in the foregoing that a Defaulting Lender has failed to settle or fund; 

(c) THIRD, to all amounts owing to Issuing Bank in respect of US LC Obligations; 

(d) FOURTH, to all US Obligations (other than Secured Bank Product Obligations) constituting fees, indemnification, costs or
expenses owing to US Lenders; 
 (e) FIFTH, to all US Obligations (other than Secured Bank Product Obligations) constituting
interest; 
 (f) SIXTH, to Cash Collateralize all US LC Obligations; 

(g) SEVENTH, to all US Revolver Loans, and to US Obligations consisting of Secured Bank Product Obligations arising under
Hedging Agreements (including Cash Collateralization thereof) up to the amount of Reserves existing therefor; 
 (h) EIGHTH,
to all US Obligations consisting of Secured Bank Product Obligations; and 
 (i) LAST, to all remaining US Obligations
including Obligations of US Guarantors. 
 Amounts shall be applied to payment of each category of US Obligations only after Full Payment of amounts payable
from time to time under all preceding categories. If amounts are insufficient to satisfy a category, they shall be paid ratably among outstanding US Obligations in the category. Monies and proceeds obtained from a US Obligor shall not be applied to
its Excluded Swap Obligations, but appropriate adjustments shall be made with respect to amounts obtained from other US Obligors to preserve the allocations in each category. Agent shall have no obligation to calculate the amount of any Secured Bank
Product Obligation and may request a reasonably detailed calculation thereof from a Secured Bank Product Provider. If the provider fails to deliver the calculation within five days following request, Agent may assume the amount is zero. The
allocations in this Section are solely to determine the priorities among US Secured Parties and may be changed by agreement of affected US Secured Parties, without the consent of any US Obligor. This Section is not for the benefit of or enforceable
by any US Obligor, and no Obligor has any right to direct the application of any payments or US Collateral proceeds subject to this Section. 

  
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 5.6.3 Post-Default Allocation for UK Obligations. Notwithstanding anything in
any Loan Document to the contrary, during an Event of Default, monies to be applied to the UK Obligations, whether arising from payments by UK Obligors, realization on UK Collateral, setoff or otherwise, shall be allocated as follows: 

(a) FIRST, to all fees, indemnification, costs and expenses, including Extraordinary Expenses, owing to Agent; 

(b) SECOND, to all amounts owing to Agent on UK Swingline Loans, UK Protective Advances, and UK Revolver Loans and
participations in the foregoing that a Defaulting Lender has failed to settle or fund; 
 (c) THIRD, to all amounts owing to
Issuing Bank in respect of UK LC Obligations; 
 (d) FOURTH, to all UK Obligations (other than Secured Bank Product
Obligations) constituting fees, indemnification, costs or expenses owing to UK Lenders; 
 (e) FIFTH, to all UK Obligations
(other than Secured Bank Product Obligations) constituting interest; 
 (f) SIXTH, to Cash Collateralize all UK LC
Obligations; 
 (g) SEVENTH, to all UK Revolver Loans, and to UK Obligations consisting of Secured Bank Product Obligations
arising under Hedging Agreements (including Cash Collateralization thereof) up to the amount of Reserves existing therefor; 
 (h)
EIGHTH, to all other UK Obligations consisting of Secured Bank Product Obligations; and 
 (i) LAST, to all
remaining UK Obligations. 
 Amounts shall be applied to payment of each category of UK Obligations only after Full Payment of amounts payable from time to
time under all preceding categories. If amounts are insufficient to satisfy a category, they shall be paid ratably among outstanding UK Obligations in the category. Monies and proceeds obtained from a UK Obligor shall not be applied to its Excluded
Swap Obligations, but appropriate adjustments shall be made with respect to amounts obtained from other UK Obligors to preserve the allocations in any applicable category. Agent shall have no obligation to calculate the amount of any Secured Bank
Product Obligation and may request a reasonably detailed calculation thereof from a Secured Bank Product Provider. If the provider fails to deliver the calculation within five days following request, Agent may assume the amount is zero. The
allocations set forth in this Section are solely to determine the rights and priorities among UK Secured Parties, and may be changed by agreement of the affected UK Secured Parties, without the consent of any UK Obligor. This Section is not for the
benefit of or enforceable by any UK Obligor, and each UK Borrower irrevocably waives the right to direct the application of
any payments or UK Collateral proceeds subject to this Section. 
 5.6.4 Erroneous Application. Agent shall not
be liable for any application of amounts made by it in good faith and, if any such application is subsequently determined to have been made in error, the sole recourse of any Lender or other Person to which such amount should have been paid shall be
to recover the amount from the Person that actually received it (and, if such amount was received by a Secured Party, the Secured Party agrees to return it). 

5.7 Dominion Account. The ledger balance in the main Dominion Account as of the end of a Business Day shall be applied to the
applicable Obligations at the beginning of the next Business Day (with respect to the Obligations of US Borrowers, during any US Dominion Trigger
Period and at such other times designated by Borrower Agent). Any resulting credit
balance shall not accrue interest in favor of Borrowers and shall be made available to Borrowers as long as no Default or Event of Default exists. 

  
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 5.8 Account Stated. Agent shall maintain, in accordance with its customary
practices, loan account(s) evidencing the Debt of Borrowers hereunder. Any failure of Agent to record anything in a loan account, or any error in doing so, shall not limit or otherwise affect the obligation of Borrowers to pay any amount owing
hereunder. Entries made in a loan account shall constitute presumptive evidence of the information contained therein. If any information contained in a loan account is provided to or inspected by any Person, the information shall be conclusive and
binding on such Person for all purposes absent manifest error, except to the extent such Person notifies Agent in writing within 30 days after receipt or inspection that specific information is subject to dispute. 

5.9 Taxes. For purposes of this Section 5.9, the term “Lender” includes any Issuing Bank and the term
“Applicable Law” includes FATCA. 
 5.9.1 Payments Free of Taxes; Obligation to Withhold; Tax Payment. 

(a) Any and all payments by any Obligor or on account of any Obligation under any Loan Document shall be made without deduction or withholding
for any Taxes, except as required by Applicable Law. If Applicable Law (as determined by Agent in its good faith discretion) requires the deduction or withholding of any Tax from any such payment by Agent or an Obligor, then Agent or such Obligor
shall be entitled to make such deduction or withholding based on information and documentation provided pursuant to Section 5.10. 

(b) If Agent or any Obligor is required by the Code to withhold or deduct Taxes, including backup withholding and withholding taxes, from any
payment, then (i) Agent shall pay the full amount that it determines is to be withheld or deducted to the relevant Governmental Authority pursuant to the Code, and (ii) to the extent the withholding or deduction is made on account of
Indemnified Taxes, the sum payable by the applicable Obligor shall be increased as necessary so that the Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made. 

(c) If Agent or any Obligor is required by any Applicable Law other than the Code to withhold or deduct Taxes from any payment, then
(i) Agent or such Obligor, to the extent required by Applicable Law, shall timely pay the full amount to be withheld or deducted to the relevant Governmental Authority, and (ii) to the extent the withholding or deduction is made on account
of Indemnified Taxes, the sum payable by the applicable Obligor shall be increased as necessary so that the Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made. 

5.9.2 Payment of Other Taxes. Each Obligor shall timely pay to the relevant Governmental Authority in accordance with Applicable
Law, or at Agent’s option, timely reimburse Agent for payment of, any Other Taxes. 
 5.9.3 Tax Indemnification. 

(a) Each Obligor shall indemnify and hold harmless, on a joint and several basis, each Recipient against any Indemnified Taxes (including
Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable
expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Each Obligor shall indemnify and hold harmless Agent against any amount
that a Lender or Issuing Bank fails for any reason to pay indefeasibly to Agent as required pursuant to this Section. Each Obligor shall make payment within 10 days after demand for any amount or liability payable under this Section. A certificate
as to the amount of such payment or liability delivered to Obligors by a Lender or Issuing Bank (with a copy to Agent), or by Agent on its own behalf or on behalf of any Recipient, shall be conclusive absent manifest error. 

  
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 (b) Each Lender and Issuing Bank shall indemnify and hold harmless, on a several basis,
(i) Agent against any Indemnified Taxes attributable to such Lender or Issuing Bank (but only to the extent Obligors have not already paid or reimbursed Agent therefor and without limiting Obligors’ obligation to do so), (ii) Agent
and Obligors, as applicable, against any Taxes attributable to such Lender’s failure to maintain a Participant register as required hereunder, and (iii) Agent and Obligors, as applicable, against any Excluded Taxes attributable to such
Lender or Issuing Bank, in each case, that are payable or paid by Agent or an Obligor in connection with any Obligations, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. Each Lender and Issuing Bank shall make payment within 10 days after demand for any amount or liability payable under this Section. A certificate as to the amount of such payment or
liability delivered to any Lender or Issuing Bank by Agent shall be conclusive absent manifest error. 
 5.9.4 Evidence of
Payments. As soon as practicable after payment by an Obligor of any Taxes pursuant to this Section, US Borrower Agent shall deliver to Agent the original or a certified copy of a receipt issued by the appropriate Governmental Authority
evidencing the payment, a copy of any return required by Applicable Law to report the payment or other evidence of payment reasonably satisfactory to Agent. 

5.9.5 Treatment of Certain Refunds. Unless required by Applicable Law, at no time shall Agent have any obligation to file for or
otherwise pursue on behalf of a Lender or Issuing Bank, nor have any obligation to pay to any Lender or Issuing Bank, any refund of Taxes withheld or deducted from funds paid for the account of a Lender or Issuing Bank. If a Recipient determines in
its discretion that it has received a refund of Taxes that were indemnified by Borrowers or with respect to which a Borrower paid additional amounts pursuant to this Section, it shall pay the amount of such refund to Borrowers (but only to the
extent of indemnity payments or additional amounts actually paid by Borrowers with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than
interest paid by the relevant Governmental Authority with respect to the refund). Borrowers shall, upon request by the Recipient, repay to the Recipient such amount paid over to Borrowers (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) if the Recipient is required to repay such refund to the Governmental Authority, but only to the extent that such amount would constitute an Indemnified Tax payable to such Recipient pursuant to
Section 5.9.3. Notwithstanding anything herein to the contrary, no Recipient shall be required to pay any amount to Borrowers if such payment would place it in a less favorable net after-Tax position than it would have been in if the Tax
subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. In no event shall Agent or any
Recipient be required to make its tax returns (or any other information relating to its taxes that it deems confidential) available to any Obligor or other Person. 

5.9.6 Survival. Each party’s obligations under Sections 5.9 and 5.10 shall survive the resignation or
replacement of Agent or any assignment of rights by or replacement of a Lender or Issuing Bank, the termination of the Revolver Commitments, and the repayment, satisfaction, discharge or Full Payment of any Obligations. 

5.10 Lender Tax Information. 

5.10.1 Status of Lenders. Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to
payments made under any Loan Document shall deliver to Borrowers and Agent, at the time or times reasonably requested by the Borrowers or Agent, such properly completed 

  
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and executed documentation reasonably requested by Borrowers or Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if
reasonably requested by Borrowers or Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by Borrowers or Agent to enable them to determine whether such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding the foregoing, such documentation (other than documentation described in Sections 5.10.2(a), (b) and (d)) shall not be required if a Lender reasonably believes delivery of the
documentation would subject it to any material unreimbursed cost or expense or would materially prejudice its legal or commercial position. 

5.10.2 Documentation. Without limiting the foregoing, if any Borrower is a US Person, 

(a) Any Lender that is a US Person shall deliver to Borrowers and Agent on or prior to the date on which such Lender becomes a Lender
hereunder (and from time to time thereafter upon reasonable request of Borrowers or Agent), executed copies of IRS Form W-9, certifying that such Lender is exempt from US federal backup withholding Tax; 

(b) Any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrowers and Agent (in such number of copies as
shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender hereunder (and from time to time thereafter upon reasonable request of Borrowers or Agent), whichever of the following is applicable: 

(i) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party, (x) with
respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or W-8BEN-E establishing an exemption from or reduction of US federal withholding Tax pursuant to the “interest” article of such tax treaty, and
(y) with respect to other payments under the Loan Documents, IRS Form W-8BEN or W-8BEN-E establishing an exemption from or reduction of US federal withholding Tax pursuant to the “business profits” or “other income” article
of such tax treaty; 
 (ii) executed copies of IRS Form W-8ECI; 

(iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate in form satisfactory to Agent to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of a Borrower within the meaning
of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (“US Tax Compliance Certificate”), and (y) executed copies of IRS Form W-8BEN or
W-8BEN-E; or 
 (iv) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS
Form W-8ECI, IRS Form W-8BENE, IRS Form W-8BEN-E, a US Tax Compliance Certificate in form satisfactory to Agent, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender
is a partnership and one or more of its direct or indirect partners is claiming the portfolio interest exemption, such Foreign Lender may provide a US Tax Compliance Certificate on behalf of each such partner; 

(c) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrowers and Agent (in such number of copies as
shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender hereunder (and from time to time thereafter upon reasonable request), executed copies of any other form prescribed by Applicable Law as a
basis for claiming exemption from or a reduction in US federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit Borrowers or Agent to determine the withholding or
deduction required to be made; and 

  
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 (d) if payment made to a Lender under any Loan Document would be subject to US federal
withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code), such Lender shall deliver to Borrowers and Agent
at the time(s) prescribed by law and otherwise upon reasonable request, such documentation prescribed by Applicable Law (including Section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be appropriate for Borrowers or
Agent as may be necessary for them to comply with their obligations under FATCA and to determine that such Lender has complied with its obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes
of this clause (d), “FATCA” shall include any amendments made to FATCA after the date hereof. 
 5.10.3 Redelivery of
Documentation. If any form or certification previously delivered by a Lender pursuant to this Section expires or becomes obsolete or inaccurate in any respect, such Lender shall promptly update the form or certification or notify Borrowers and
Agent in writing of its inability to do so. 
 5.11 Nature and Extent of Each US Borrower’s Liability. 

5.11.1 Joint and Several Liability. Each US Borrower agrees that it is jointly and severally liable for, and absolutely and
unconditionally guarantees to Agent and US Lenders the prompt payment and performance of, all US Obligations, except its Excluded Swap Obligations. Each US Borrower agrees that its guaranty obligations hereunder constitute a continuing guaranty of
payment and not of collection, that such obligations shall not be discharged until Full Payment of the US Obligations, and that such obligations are absolute and unconditional, irrespective of (a) the genuineness, validity, regularity,
enforceability, subordination or any future modification of, or change in, any US Obligations or Loan Document, or any other document, instrument or agreement to which any US Obligor is or may become a party or be bound; (b) the absence of any
action to enforce this Agreement (including this Section) or any other Loan Document, or any waiver, consent or indulgence of any kind by Agent or any Lender with respect thereto; (c) the existence, value or condition of, or failure to perfect
a Lien or to preserve rights against, any security or guaranty for any US Obligations or any action, or the absence of any action, by Agent or any Lender in respect thereof (including the release of any security or guaranty); (d) the insolvency
of any US Obligor; (e) any election by Agent or any Lender in an Insolvency Proceeding for the application of Section 1111(b)(2) of the Bankruptcy Code; (f) any borrowing or grant of a Lien by any other Borrower, as
debtor-in-possession under Section 364 of the Bankruptcy Code or otherwise; (g) the disallowance of any claims of Agent or any Lender against any US Obligor for the repayment of any Obligations under Section 502 of the Bankruptcy Code
or otherwise; or (h) any other action or circumstances that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, except Full Payment of the US Obligations. 

5.11.2 Waivers. 

(a) Each US Borrower expressly waives all rights that it may have now or in the future under any statute, at common law, in equity or
otherwise, to compel Agent or US Lenders to marshal assets or to proceed against any US Obligor, other Person or security for the payment or performance of any US Obligations before, or as a condition to, proceeding against such US Borrower. Each US
Borrower waives all defenses available to a surety, guarantor or accommodation co-obligor other than Full Payment of US Obligations and waives, to the maximum extent permitted by law, any right to revoke any guaranty of US Obligations as long as it
is a US Borrower. It is agreed among each US Borrower, Agent and US Lenders that the provisions of this Section 5.11 are of the essence of the transaction contemplated by the Loan Documents and that, but for such provisions, Agent and US
Lenders would decline to make US Revolver Loans and issue US Letters of Credit. Each US Borrower acknowledges that its guaranty pursuant to this Section is necessary to the conduct and promotion of its business, and can be expected to benefit such
business. 

  
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 (b) Agent and US Lenders may, in their discretion, pursue such rights and remedies as they
deem appropriate, including realization upon US Collateral or any Real Estate by judicial foreclosure or nonjudicial sale or enforcement, to the extent permitted under Applicable Law, without affecting any rights and remedies under this
Section 5.11. If, in taking any action in connection with the exercise of any rights or remedies, Agent or any US Lender shall forfeit any other rights or remedies, including the right to enter a deficiency judgment against any US
Borrower or other Person, whether because of any Applicable Laws pertaining to “election of remedies” or otherwise, each US Borrower consents to such action and, to the extent permitted under Applicable Law, waives any claim based upon it,
even if the action may result in loss of any rights of subrogation that any US Borrower might otherwise have had. To the extent permitted under Applicable Law, any election of remedies that results in denial or impairment of the right of Agent or
any US Lender to seek a deficiency judgment against any US Borrower shall not impair any other US Borrower’s obligation to pay the full amount of the US Obligations. To the extent permitted under Applicable Law, each US Borrower waives all
rights and defenses arising out of an election of remedies, such as nonjudicial foreclosure with respect to any security for US Obligations, even though that election of remedies destroys such US Borrower’s rights of subrogation against any
other Person. To the extent permitted under Applicable Law, Agent may bid US Obligations, in whole or part, at any foreclosure, trustee or other sale, including any private sale, and the amount of such bid need not be paid by Agent but shall be
credited against the US Obligations. To the extent permitted under Applicable Law, the amount of the successful bid at any such sale, whether Agent or any other Person is the successful bidder, shall be conclusively deemed to be the fair market
value of the US Collateral, and the difference between such bid amount and the remaining balance of the US Obligations shall be conclusively deemed to be the amount of the US Obligations guaranteed under this Section 5.11,
notwithstanding that any present or future law or court decision may have the effect of reducing the amount of any deficiency claim to which Agent or any US Lender might otherwise be entitled but for such bidding at any such sale. 

5.11.3 Extent of Liability; Contribution. 

(a) Notwithstanding anything herein to the contrary, each US Borrower’s liability under this Section 5.11 shall not exceed
the greater of (i) all amounts for which such US Borrower is primarily liable, as described in clause (e) below, and (ii) such US Borrower’s Allocable Amount. 

(b) If any US Borrower makes a payment under this Section 5.11 of any US Obligations (other than amounts for which such US
Borrower is primarily liable) (a “US Guarantor Payment”) that, taking into account all other US Guarantor Payments previously or concurrently made by any other US Borrower, exceeds the amount that such US Borrower would otherwise
have paid if each US Borrower had paid the aggregate US Obligations satisfied by such US Guarantor Payments in the same proportion that such US Borrower’s Allocable Amount bore to the total Allocable Amounts of all US Borrowers, then such US
Borrower shall be entitled to receive contribution and indemnification payments from, and to be reimbursed by, each other US Borrower for the amount of such excess, ratably based on their respective Allocable Amounts in effect immediately prior to
such US Guarantor Payment. The “Allocable Amount” for any US Borrower shall be the maximum amount that could then be recovered from such US Borrower under this Section 5.11 without rendering such payment voidable under
Section 548 of the Bankruptcy Code or under any applicable state fraudulent transfer or conveyance act, or similar statute or common law. 

(c) Sections 5.11.3(a) and 5.11.3(b) shall not limit the liability of any Borrower to pay or guarantee Revolver Loans made directly or
indirectly to it (including Revolver Loans advanced hereunder to any other Person and then re-loaned or otherwise transferred to, or for the benefit of, such Borrower), LC Obligations relating to Letters of Credit issued to support its business,
Secured Bank 

  
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Product Obligations incurred to support its business, and all accrued interest, fees, expenses and other related Obligations with respect thereto, for which such Borrower shall be primarily
liable for all purposes hereunder. Agent and Revolver Lenders shall have the right, at any time in their discretion, to condition Revolver Loans and Letters of Credit upon a separate calculation of borrowing availability for each Borrower and to
restrict the disbursement and use of Loans and Letters of Credit to a Borrower based on that calculation. 
 (d) Each Obligor that is a
Qualified ECP when its guaranty of or grant of Lien as security for a Swap Obligation becomes effective hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide funds or other support to each Specified Obligor
with respect to such Swap Obligation as may be needed by such Specified Obligor from time to time to honor all of its obligations under the Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such
liability that can be hereby incurred without rendering such Qualified ECP’s obligations and undertakings under this Section 5.11 voidable under any applicable fraudulent transfer or conveyance act). The obligations and undertakings
of each Qualified ECP under this Section shall remain in full force and effect until Full Payment of all Obligations. Each Obligor intends this Section to constitute, and this Section shall be deemed to constitute, a guarantee of the obligations of,
and a “keepwell, support or other agreement” for the benefit of, each Obligor for all purposes of the Commodity Exchange Act. 

5.11.4 Joint Enterprise. Each US Borrower has requested that Agent and US Lenders make this credit facility available to US
Borrowers on a combined basis, in order to finance US Borrowers’ business most efficiently and economically. US Borrowers’ business is a mutual and collective enterprise, and the successful operation of each US Borrower is dependent upon
the successful performance of the integrated group. US Borrowers believe that consolidation of their credit facility will enhance the borrowing power of each US Borrower and ease administration of the facility, all to their mutual advantage. US
Borrowers acknowledge that Agent’s and Lenders’ willingness to extend credit and to administer the Collateral on a combined basis hereunder is done solely as an accommodation to US Borrowers and at US Borrowers’ request. 

5.11.5 Subordination. Each Borrower hereby subordinates any claims, including any rights at law or in equity to payment,
subrogation, reimbursement, exoneration, contribution, indemnification or set off, that it may have at any time against any other Obligor, howsoever arising, to the Full Payment of its Obligations. 

5.12 United Kingdom Tax Matters. 

(a) The provisions of this Section 5.12 shall only apply in respect of any UK Borrower (a “Relevant Borrower”),
and in respect of any such UK Borrower the provisions of Sections 5.9, 5.10 and 5.11 shall not apply. 
 (b) Tax gross-up. 

(i) Each Relevant Borrower shall make all payments to be made by it under any Loan Document without any Tax Deduction unless a Tax Deduction
is required by law. 
 (ii) A Relevant Borrower shall, promptly upon becoming aware that it must make a Tax Deduction (or that there is any
change in the rate or the basis of a Tax Deduction) notify Agent accordingly. Similarly, a Lender shall promptly notify Agent on becoming so aware in respect of a payment payable to that Lender. If Agent receives such notification from a Lender it
shall notify the Relevant Borrower. 

  
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 (iii) If a Tax Deduction is required by law to be made by a Relevant Borrower, the amount
of the payment due from that Relevant Borrower shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 

(iv) A payment shall not be increased under clause (iii) above by reason of a Tax Deduction on account of Taxes imposed by the United
Kingdom if, on the date on which the payment falls due: 
 (1) the payment could have been made to the relevant Lender without a Tax
Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the
interpretation, administration, or application of) any law or Treaty or any published practice or published concession of any relevant taxing authority; or 

(2) the relevant Lender is a Qualifying Lender solely by virtue of clause (a)(ii) of the definition of Qualifying Lender, and: 

a. an officer of H.M. Revenue & Customs has given (and not revoked) a direction (a “Direction”) under section 931
of the ITA which relates to the payment and that Lender has received from the Relevant Borrower making the payment a certified copy of that Direction; and 

b. the payment could have been made to the Lender without any Tax Deduction if that Direction had not been made; or 

(3) the relevant Lender is a Qualifying Lender solely by virtue of clause (a)(ii) of the definition of Qualifying Lender and: 

a. the relevant Lender has not given a Tax Confirmation to the Relevant Borrower; and 

b. the payment could have been made to the Lender without any Tax Deduction if the Lender had given a Tax Confirmation to the Relevant
Borrower, on the basis that the Tax Confirmation would have enabled the Relevant Borrower to have formed a reasonable belief that the payment was an “excepted payment” for the purpose of section 930 of the ITA; or 

(4) the relevant Lender is a Treaty Lender and the Relevant Borrower making the payment is able to demonstrate that the payment could have
been made to the Lender without the Tax Deduction had that Lender complied with its obligations under clause (vii) below. 

(v) If a Relevant Borrower is required to make a Tax Deduction, that Relevant Borrower shall make that Tax Deduction and any payment required
in connection with that Tax Deduction within the time allowed and in the minimum amount required by law. 
 (vi) Within thirty days of
making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Relevant Borrower making that Tax Deduction shall deliver to Agent for the benefit of the Lender entitled to the payment a statement under section 975
of the ITA or other evidence reasonably satisfactory to that Lender that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority. 

  
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 (vii) A Treaty Lender and each Relevant Borrower which makes a payment to which that Treaty
Lender is entitled shall co-operate in completing any procedural formalities necessary for that Relevant Borrower to obtain authorization to make that payment without a Tax Deduction. 

(viii) Nothing in clause (b)(vii) above shall require a Treaty Lender to: 

(1) register under the HMRC DT Treaty Passport scheme; 

(2) apply the HMRC DT Treaty Passport scheme to any advance if it has so registered; or 

(3) file Treaty forms if it has included an indication to the effect that it wishes the HMRC DT Treaty Passport Scheme to apply to this
Agreement in accordance with clause (b)(xi) or clause (f)(i) and the Relevant Borrower making that payment has not complied with its obligations under clause (b)(xii) or clause (f)(ii). 

(ix) A UK Non-Bank Lender which becomes a party on the day on which this Agreement is entered into gives a Tax Confirmation to the UK
Borrower by entering into this Agreement. 
 (x) A UK Non-Bank Lender shall promptly notify the Relevant Borrower and Agent if there is any
change in the position from that set out in the Tax Confirmation. 
 (xi) A Treaty Lender which becomes a party on the day on which this
Agreement is entered into that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall include an indication to that effect (for the benefit of the Agent and without liability to any
Relevant Borrower) by notifying the UK Borrower of its scheme reference number and its jurisdiction of tax residence. 
 (xii) Where a
Lender notifies the UK Borrower as described in clause (b)(xi) above each Relevant Borrower shall file a duly completed form DTTP2 in respect of such Lender with HM Revenue & Customs within 30 days of the date of this Agreement and
shall promptly provide the Lender with a copy of that filing. 
 (xiii) If clause (b)(xii) above applies but: 

(1) that UK Borrower’s form DTTP2 has been rejected by HM Revenue & Customs; or 

(2) HM Revenue & Customs has not given the UK Borrower authority to make payments to that Lender without a Tax Deduction within 60
days of the date of the UK Borrower’s filing, and in each case, the UK Borrower has notified that Lender in writing, that Lender and the UK Borrower shall co-operate in completing any additional procedural formalities necessary for that UK
Borrower to obtain authorisation to make that payment without a Tax Deduction. 
 (xiv) If a Lender has not included an indication to the
effect that it wishes the HMRC DT Treaty Passport scheme to apply to this Agreement in accordance with clause (b)(xi) or clause (f)(i) (HMRC DT Treaty Passport scheme confirmation), no Relevant Borrower shall file any form relating to
the HMRC DT Treaty Passport scheme in respect of that Lender’s advance or its participation in any advance. 

  
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 (c) Tax indemnity. 

(i) The UK Borrower shall (within three Business Days of demand by the Agent) pay to a Lender an amount equal to the loss, liability or cost
which that Lender determines will be or has been (directly or indirectly) suffered for or on account of Taxes by that Lender in respect of a Loan Document. 

(ii) Clause (c)(i) above shall not apply: 

(1) with respect to any Taxes assessed on a Lender 

a. under the law of the jurisdiction in which such Lender is incorporated or, if different, the jurisdiction (or jurisdictions) in which such
Lender is treated as resident for tax purposes; or 
 b. under the law of the jurisdiction in which such Lender’s Facility Office is
located in respect of amounts received or receivable in such jurisdiction, if such Taxes are imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by such Lender; or 

(2) to the extent a loss, liability or cost: 

a. is compensated for by an increased payment under Section 5.12(b)(iii); or 

b. would have been compensated for by an increased payment under Section 5.12 (b)(iii) but was not so compensated solely because
one of the exclusions in Section 5.12 (b)(iv) applied; 
 c. relates to US federal withholding Taxes imposed under FATCA; or

 d. is suffered or incurred in respect of the bank levy imposed by the United Kingdom government as enacted by section 73 of, and
schedule 19 to, the Finance Act 2011; or any other levy or Tax of a similar nature which is imposed by reference to the assets and/or liabilities of any financial institution or other entity carrying out financial transactions in any jurisdiction
and which has been publicly announced or and is in force at the date of this agreement, 
 (iii) A Lender making, or intending to make a
claim under Section 5.12 (c)(i) shall promptly notify Agent of the event which will give, or has given, rise to the claim, following which Agent shall notify the UK Borrower. 

(iv) A Lender shall, on receiving a payment from the UK Borrower under this clause (c), notify Agent. 

(d) Tax Credit. If a Relevant Borrower makes a Tax Payment and the relevant Lender determines that: 

(i) a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part, or to that Tax Payment or to a Tax
Deduction in consequence of which that Tax Payment was required; and 

  
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 (ii) such Lender has obtained, utilized and retained that Tax Credit, such Lender shall pay
an amount to the Relevant Borrower which such Lender determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Relevant Borrower. 

(e) Lender Status Confirmation. Each Lender which becomes a party to this Agreement after the date of this Agreement (“New
Lender”) shall indicate, in the Assignment and Acceptance Agreement which it executes on becoming a party, and for the benefit of Agent and without liability to any Relevant Borrower, which of the following categories it falls within: 

(i) not a Qualifying Lender; 

(ii) a Qualifying Lender (other than a Treaty Lender); or 

(iii) a Treaty Lender. If a New Lender fails to indicate its status in accordance with this Section 5.12(e), then such New Lender
or Lenders (as appropriate) shall be treated for the purposes of this Agreement (including by each Relevant Borrower) as if it is not a Qualifying Lender until such time as it notifies Agent which category of Qualifying Lender applies (and Agent,
upon receipt of such notification, shall inform the Relevant Borrower). For the avoidance of doubt, an Assignment and Acceptance shall not be invalidated by any failure of a New Lender to comply with this Section 5.12. 

(f) HMRC DT Treaty Passport Scheme Confirmation. 

(i) A New Lender that is a Treaty Lender that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to
apply to this Agreement, shall include an indication to that effect (for the benefit of the Agent and without liability to any Relevant Borrower) in the Assignment and Acceptance which it executes by including its scheme reference number and its
jurisdiction of tax residence in that Assignment and Acceptance. 
 (ii) Where an Assignment and Acceptance includes the indication
described in clause (f)(i) above in the relevant Assignment and Acceptance each Relevant Borrower which is a Party as a Borrower as at the date that the relevant Assignment and Acceptance Agreement is executed (the “Transfer
Date”) shall file a duly completed form DTTP2 in respect of such Lender with HM Revenue & Customs within 30 days of that Transfer Date and shall promptly provide the Lender with a copy of that filing. 

(iii) If clause (f)(ii) above applies but: 

(1) that UK Borrower’s form DTTP2 has been rejected by HM Revenue & Customs; or 

(2) HM Revenue & Customs has not given the UK Borrower authority to make payments to that Lender without a Tax Deduction within 60
days of the date of the UK Borrower’s filing, and in each case, the UK Borrower has notified that Lender in writing, that Lender and the UK Borrower shall co-operate in completing any additional procedural formalities necessary for that UK
Borrower to obtain authorisation to make that payment without a Tax Deduction. 
 (g) Stamp Taxes. The Relevant Borrower shall pay and,
within three Business Days of demand, indemnify each Lender against any cost, loss or liability that Lender incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Loan Document. 

  
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 (h) Value Added Tax. 

(i) All amounts set out or expressed in a Loan Document to be payable by any party to any Lender which (in whole or in part) constitute the
consideration for a supply or supplies for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply or supplies, and accordingly, subject to clause (ii) below, if VAT is or becomes chargeable on any
supply made by any Lender to any party under a Loan Document, that party shall pay to the Lender (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of such VAT (and such Lender shall
promptly provide an appropriate VAT invoice to such party). 
 (ii) If VAT is or becomes chargeable on any supply made by any Lender (the
“Supplier”) to any other Lender (the “Recipient”) under a Loan Document, and any party other than the Recipient (the “Subject Party”) is required by the terms of any Loan Document to pay an amount equal to the
consideration for such supply to the Supplier (rather than being required to reimburse the Recipient in respect of that consideration), such Party shall also pay to the Supplier (in addition to and at the same time as paying such amount) an amount
equal to the amount of such VAT. The Recipient will promptly pay to the Subject Party an amount equal to any credit or repayment obtained by the Recipient from the relevant tax authority which the Recipient reasonably determines is in respect of
such VAT. 
 (iii) Where a Loan Document requires any party to reimburse or indemnify a Lender for any cost or expense, that party shall
reimburse or indemnify (as the case may be) such Lender for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Lender reasonably determines that it is entitled to credit or repayment
in respect of such VAT from the relevant tax authority. 
 (iv) Any reference in this Section 5.12(h) to any party shall, at
any time when such party is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the representative member of such group at such time (the term “representative
member” to have the same meaning as in the United Kingdom Value Added Tax Act 1994). 
 (v) Except as otherwise expressly provided
in Section 5.12(h), a reference to “determines” or “determined” in connection with tax provisions contained in Section 5.12(h) means a determination made in the absolute discretion of the person making the
determination. 
 SECTION 6. CONDITIONS PRECEDENT 

6.1 Conditions Precedent to Initial Revolver Loans. In addition to the conditions set forth in Section 6.2, each
Lender shall not be required to fund any requested Revolver Loan, issue any Letters of Credit, or otherwise extend credit to any Borrower hereunder, until the date (“Restatement Effective Date”) that each of the following conditions
has been satisfied: 
 (a) Each Loan Document required to be executed on the Restatement Effective Date to which any Obligor is a party
shall have been duly executed and delivered to Agent by each of the signatories thereto, and each Obligor shall be in compliance with all terms thereof. The Agent shall receive an
amendment and restatement of the Existing Term Loan Agreement in the form of the Term Loan Agreement, which shall be in form and substance reasonably satisfactory to the Agent, together with any other material documents, instruments and agreements
to be entered into by the Borrowers in connection with such amendment.  

  
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 (b) Agent shall have received acknowledgments of all filings or recordations necessary to
perfect its Liens in the Collateral, as well as UCC and Lien searches and other evidence satisfactory to Agent that such Liens are the only Liens upon the Collateral, except Permitted Liens. 

(c) Agent shall have received certificates, in form and substance reasonably satisfactory to it, from a knowledgeable Senior Officer of
Parent certifying that, after giving effect to the Restatement Effective Date, (i) the Obligors and their Subsidiaries, on a consolidated basis, are Solvent; (ii) no Default or Event of Default exists; (iii) the representations and
warranties set forth in Section 9 are true and correct in all material respects on and as of such date, except to the extent that such representations and warranties expressly relate to an earlier date, in which case such representations
shall have been true and correct in all material respects as of such earlier date; (iv) each Borrower has complied with all agreements and conditions to be satisfied by it on the Restatement Effective date under the Loan Documents to which such
Borrower is a party; (v) certifying that, either (x) to the extent not previously delivered to the Agent, attaching copies of all material consents, licenses and approvals
required in connection with the consummation by each Obligor of the Transactions contemplated to occur on the Restatement Effective Date, the execution, delivery and performance by each
Obligor and/or the validity against each Obligor of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect or (y) stating that no such consent, licenses or approvals are so
required; and (vi) certifying that the conditions set forth in this Section 6.1 are satisfied. 
 (d) Agent shall
have received a certificate of a duly authorized officer of each Obligor (or a director in the case of a UK Borrower), certifying (i) that attached copies of such Obligor’s Organic Documents are true and complete, and in full force and
effect, without amendment except as shown; (ii) that an attached copy of resolutions (of, in the case of a UK Borrower, its board of directors and all the holders of its Equity Interests) authorizing execution and delivery of the Loan Documents
to which it is a party is true and complete, and that such resolutions are in full force and effect, were duly adopted, have not been amended, modified or revoked, and constitute all resolutions adopted with respect to this credit facility; and
(iii) to the title, name and signature of each Person authorized to sign the applicable Loan Documents. Agent may conclusively rely on this certificate until it is otherwise notified by the applicable Obligor in writing. 

(e) Agent shall have received a written opinion in form and substance reasonably satisfactory to Agent from (i) Dechert LLP, principal
legal counsel to the Obligors, (ii) Snell & Wilmer, Nevada counsel to the Obligors, and (iii) Norton Rose Fulbright LLP, legal counsel to the Agent and Lenders as to English law. 

(f) Agent shall have received copies of the charter documents of each Obligor, certified by the Secretary of State or other appropriate
official of such Obligor’s jurisdiction of organization (where applicable). Agent shall have received good standing certificates (to the extent such concept exists and is applicable under the requirements of Applicable Law of the relevant
jurisdiction) for each Obligor other than UK Borrower, issued by the Secretary of State or other appropriate official of such Obligor’s jurisdiction of organization and each jurisdiction where such Obligor’s conduct of business or
ownership of Property necessitates qualification. 
 (g) [Reserved]. 

(h) [Reserved.] 
 (i) If
necessary, Agent shall have received a power of attorney authorizing attorneys to execute any Loan Documents on behalf of
each UK Borrower. 

  
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 (j) (i) US Borrowers shall have paid all fees and expenses to be paid to Agent and US
Lenders on the Restatement Effective Date; and (ii) UK Borrower shall have paid all fees and expenses to be paid to Agent and UK Lenders on the Restatement Effective Date. 

(k) [Reserved.] 
 (l)
[Reserved.] 
 (m) [Reserved.] 

(n) Agent shall have received Borrowing Base Reports, each prepared as of February 23, 2018. Upon giving effect to the initial funding
of Revolver Loans and issuance of Letters of Credit, and the payment by Borrowers of all fees and expenses incurred in connection herewith as well as any payables stretched beyond their customary payment practices, Availability shall be at least $10,000,000 (after giving effect to the Temporary Availability
Block).10,000,000. 

6.2 Conditions Precedent to All Credit Extensions. Agent, Issuing Bank and Lenders shall in no event be required to make any
credit extension hereunder (including funding any Revolver Loan, arranging any Letter of Credit, or granting any other accommodation to or for the benefit of any Borrower), if the following conditions are not satisfied on such date and upon giving
effect thereto: 
 (a) No Default or Event of Default exists; 

(b) The representations and warranties of each Obligor in the Loan Documents are true and correct in all material respects (except for
representations and warranties that expressly relate to an earlier date); 
 (c) All conditions precedent in any Loan Document are
satisfied; and 
 (d) With respect to a Letter of Credit issuance, all LC Conditions are satisfied. 

Each request (or deemed request) by a Borrower for any credit extension shall constitute a representation by Borrowers that the foregoing conditions are
satisfied on the date of such request and on the date of the credit extension. As an additional condition to a credit extension, Agent may request any other information, certification, document, instrument or agreement as it reasonably deems
appropriate in its Permitted Discretion. 
 6.3 Post-Restatement Effective Date Conditions. Borrowers shall satisfy each of
the conditions set forth in Schedule 6.3 within the applicable time periods. 
 SECTION 7. COLLATERAL 

7.1 Grant of Security Interest in US Collateral. To secure the prompt payment and performance of all US Obligations, each US
Obligor hereby (I) ratifies, restates and confirms the continuing security interest granted in favor of the Agent, for the benefit of the Secured Parties pursuant to the Existing ABL Revolver Loan Agreement and (II) grants to Agent, for the
benefit of the Secured Parties, a continuing security interest in and Lien upon all Property of such US Obligor, including all of the following Property, whether now owned or hereafter acquired, and wherever located: 

(a) all Accounts; 
 (b) all
Chattel Paper, including electronic chattel paper; 

  
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 (c) all Commercial Tort Claims, including those shown on Schedule 9.1.16; 

(d) all Deposit Accounts; 
 (e)
all Documents; 
 (f) all General Intangibles, including Intellectual Property (except any “intent to use” trademark or service
mark applications for which a statement of use or amendment to allege use has not been filed and accepted by the United States Patent and Trademark Office (but only until such statement of use or amendment to allege use is filed and accepted by the
United States Patent and Trademark Office)); 
 (g) all Goods, including Inventory, Equipment and fixtures; 

(h) all Instruments; 
 (i) all
Investment Property; 
 (j) all Letter-of-Credit Rights; 

(k) all Supporting Obligations; 

(l) all monies, whether or not in the possession or under the control of Agent, a Lender, or a bailee or Affiliate of Agent or a US Lender,
including any Cash Collateral; 
 (m) all accessions to, substitutions for, and all replacements, products, and cash and non-cash proceeds
of the foregoing, including proceeds of and unearned premiums with respect to insurance policies, and claims against any Person for loss, damage or destruction of any US Collateral; and 

(n) all books and records (including customer lists, files, correspondence, tapes, computer programs, print-outs and computer records)
pertaining to the foregoing. 
 Notwithstanding the foregoing, no security interest is granted in or Lien granted upon any Excluded Assets.

 7.2 Lien on Deposit Accounts; Cash Collateral. 

7.2.1 Deposit Accounts. To further secure the prompt payment and performance of its applicable Obligations, each US Obligor
hereby grants to Agent a continuing security interest in and Lien upon all amounts credited to any Deposit Account of such Obligor, including sums in any blocked, lockbox, sweep or collection account. Each Obligor hereby authorizes and directs each
bank or other depository to deliver to Agent, upon request, all balances in any Deposit Account maintained for such Obligor, without inquiry into the authority or right of Agent to make such request. 

7.2.2 Cash Collateral. Cash Collateral may be invested, at Agent’s discretion (with the consent of Obligors, provided no
Event of Default exists), but Agent shall have no duty to do so, regardless of any agreement or course of dealing with any Obligor, and shall have no responsibility for any investment or loss. As security for its Obligations, each US Obligor hereby
grants to Agent a security interest in and Lien upon all Cash Collateral delivered hereunder from time to time, whether held in a segregated cash collateral account or otherwise. Agent may apply Cash Collateral to payment of such Obligations as they
become due, in such order as Agent may elect. All Cash Collateral and related deposit accounts shall be under the sole dominion and control of Agent, and no Obligor or other Person shall have any right to any Cash Collateral until Full Payment of
the Obligations. 

  
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 7.3 Real Estate Collateral. If any US Obligor acquires any Material Real
Estate hereafter, following the request of the Agent, such US Obligor shall, within 90 days (or such later date agreed by the Agent in its sole discretion), execute, deliver and record a Mortgage sufficient to create a first priority Lien (subject
to the Intercreditor Agreement and Permitted Liens) in favor of Agent on such Real Estate, and shall deliver all Related Real
Estate Documents. If any UK Obligor acquires any Real Estate owned in fee with a fair market value of $1,000,000 or more, as reasonably determined by Agent in good faith, following the request of the Agent, such UK Obligor shall, within 90 days (or
such later date agreed by the Agent), execute and deliver the documentation and/or take perfection steps with respect to such Real Property of the type contemplated by Section 8.9 of the Debenture dated 31 March 2014 (as amended, restated
supplemented or otherwise modified from time to time) entered into between the UK Borrower and the Agent (or the equivalent to the extent applicable in the applicable jurisdiction).  

7.4 Other Collateral. 

7.4.1 Commercial Tort Claims. Obligors shall promptly notify Agent in writing if any US Obligor has a Commercial Tort Claim
(other than, as long as no Default or Event of Default exists, a Commercial Tort Claim for less than $100,000), shall promptly amend Schedule 9.1.16 to include such claims in excess of $100,000, and upon the request of the Agent, and shall
take such commercially reasonable actions as Agent deems necessary in its Permitted Discretion to subject such claim to a duly perfected, first priority Lien (subject to Permitted Liens) in favor of Agent. 

7.4.2 Certain After-Acquired Collateral. Obligors shall promptly (a) notify Agent if an Obligor obtains an interest in any
Deposit Account, Chattel Paper, Document, Instrument, registered Intellectual Property, Investment Property or Letter-of-Credit Rights, and (b) upon request, take such actions as Agent reasonably deems necessary and appropriate in its Permitted
Discretion to effect its perfected, first priority Lien (subject only to Permitted Liens and the Intercreditor Agreement) on
such Collateral, including using commercially reasonable efforts to obtain any appropriate possession, control agreement or Lien Waiver. If Collateral owned by an Obligor is in the possession of a third party, at Agent’s reasonable request,
Obligors shall use commercially reasonable efforts to obtain an acknowledgment that such third party holds the Collateral for the benefit of Agent. 

7.5 Limitations. The Lien on Collateral granted hereunder is given as security only and shall not subject Agent or any Lender
to, or in any way modify, any obligation or liability of Obligors relating to any Collateral. In no event shall the grant of any Lien under any Loan Document secure an Excluded Swap Obligation of the granting Obligor. 

7.6 Further Assurances. All Liens granted to Agent under the Loan Documents are for the benefit of Secured Parties. Each Obligor
authorizes Agent to file any financing statement that describes the Collateral as “all assets” or “all personal property” of such US Obligor, or words to similar effect, and ratifies any action taken by Agent before the
Restatement Effective Date to effect or perfect its Lien on any Collateral. Promptly following request, Obligors shall deliver such instruments and agreements, and shall take such commercially reasonable further actions, as Agent in its Permitted
Discretion reasonably deems necessary and appropriate under Applicable Law to evidence or perfect its Lien on any Collateral, or otherwise to give effect to the intent of this Agreement. Notwithstanding any of the forgoing, the Loan Documents shall
not require the creation or perfection or any pledges of, Liens on or security interests in, or the delivery of particular documents with respect to, particular assets if and for so long as the Agent determines in its Permitted Discretion that the
burden or cost of creating or perfecting such pledges, Liens or security interest in such assets shall outweigh the benefit of the security afforded thereby. 

7.7 Foreign Subsidiary Stock. Notwithstanding anything herein to the contrary, in no event shall the US Collateral
include or the Lien granted under Section 7.1 hereof (a) attach to any of the Excluded Equity Interests, or (b) include any assets of a Foreign Subsidiary. 

  
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 SECTION 8. COLLATERAL ADMINISTRATION 

8.1 Borrowing Base Reports. 

8.1.1 US Borrowing Base Report. By the
applicable Reporting Trigger Date, US Borrower shall deliver to Agent (and Agent
shall promptly deliver same to US Lenders) a US Borrowing Base Report prepared as of the close of business of the previous week or month, as applicable, and at such other times as Agent may reasonably request in its Permitted Discretion. All
information (including calculation of US Availability) in a US Borrowing Base Report shall be certified by US Obligors. Agent may in its Permitted Discretion adjust such report (a) to reflect Agent’s reasonable estimate of declines in
value of any US Collateral, due to collections received in the Dominion Account or otherwise; (b) to adjust advance rates to reflect changes in dilution, quality, mix and other factors affecting US Collateral; and (c) to the extent any
information or the calculation is not made in accordance with this Agreement or does not accurately reflect the US Availability Reserve. 

8.1.2 UK Borrowing Base Report. By the Reporting Trigger Date, UK Borrower shall deliver to Agent (and Agent shall promptly
deliver same to UK Lenders) a UK Borrowing Base Report prepared as of the close of business of the previous week or month, as applicable, and at such other times as Agent may reasonably request in its Permitted Discretion. All calculations of UK
Availability in any UK Borrowing Base Certificate shall originally be made by UK Obligors and certified by a Senior Officer, provided that Agent may in its Permitted Discretion from time to time review and adjust any such calculation (a) to
reflect its reasonable estimate of declines in value of any UK Collateral, due to collections received in the Dominion Account or otherwise; (b) to adjust advance rates to reflect changes in dilution, quality, mix and other factors affecting UK
Collateral; and (c) to the extent the calculation is not made in accordance with this Agreement or does not accurately reflect the UK Availability Reserve. 

8.2 Accounts. 

8.2.1 Records and Schedules of Accounts. Each Obligor shall keep materially accurate and complete records of its Accounts,
including all payments and collections thereon, and shall submit to Agent sales, collection, reconciliation and other reports in form reasonably satisfactory to Agent, on such periodic basis as Agent may request. Each Obligor shall also provide to
Agent, on or before the Reporting Trigger Date, a detailed aged trial balance of all Accounts as of the end of the preceding month, specifying each Account’s Account Debtor name and address, amount, invoice date and due date, showing any
discount, allowance, credit, authorized return or dispute, and including such proof of delivery, copies of invoices and invoice registers, copies of related documents, repayment histories, status reports and other information as Agent may reasonably
request. If Accounts in an aggregate face amount of $1,000,000 or more cease to be Eligible Accounts, Obligors shall notify Agent of such occurrence promptly (and in any event within one Business Day) after any responsible officer of an Obligor has
knowledge thereof. 
 8.2.2 Taxes. If an Account of any Obligor includes a charge for any Taxes, Agent is authorized, in its
discretion, to pay the amount thereof to the proper taxing authority for the account of such Obligor and to charge Obligors therefor; provided, that neither Agent nor Lenders shall be liable for any Taxes that may be due from Obligors or with
respect to any Collateral. 
 8.2.3 Account Verification. Whether or not a Default or Event of Default exists, Agent shall
have the right at any time following notice to the Obligors (which notice shall not be required if a Default or Event of Default exists), in the name of Agent, any designee of Agent or any Obligor, to verify the validity, amount or any other matter
relating to any Accounts of Obligors by mail, telephone or otherwise. Obligors shall cooperate with Agent in an effort to facilitate and promptly conclude any such verification process. Agent agrees that unless a Default or Event of Default exists,
it will only conduct such verifications in connection with an audit or field exam which is being conducted at the same time. 

  
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 8.2.4 Maintenance of Dominion Account. Obligors shall maintain Dominion
Accounts pursuant to lockbox or other arrangements reasonably acceptable to Agent provided that lockboxes shall not be required in the UK or any other jurisdiction where lockboxes are not available. Obligors shall obtain an agreement (in form and
substance reasonably satisfactory to Agent) from each lockbox servicer and Dominion Account bank, establishing Agent’s control over and Lien in the lockbox or Dominion Account (which with respect to the Dominion Account of US Borrowers may be
exercised by Agent during any US Dominion Trigger Period and such other times as designated by Borrower Agent), requiring immediate deposit of all remittances received in the lockbox to a Dominion Account, and waiving offset rights of such servicer or bank, except for customary administrative charges. Dominion Accounts
of UK Borrowers shall be under the sole dominion and exclusive control of the Agent. If a Dominion Account is not maintained with Bank of America, Agent may (during any US Dominion Trigger Period and at such other times as designated by Borrower Agent with respect to the Dominion
Account of US Borrowers) require immediate transfer of all funds in such account to a Dominion Account maintained with Bank of America. Agent and Lenders assume no responsibility to Obligors for any lockbox arrangement or Dominion Account, including
any claim of accord and satisfaction or release with respect to any Payment Items accepted by any bank. 
 8.2.5 Proceeds
of Collateral. Obligors shall request in writing and otherwise take all commercially reasonable and necessary steps to ensure that all payments on Accounts or otherwise relating to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account). If any Obligor or Subsidiary
receives cash or Payment Items with respect to any Collateral, it shall hold same in trust for Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account. 

8.3 Inventory. 

8.3.1 Records and Reports of Inventory. Each Obligor shall keep accurate and complete records of its Inventory in all material
respects, including costs and daily withdrawals and additions, and shall submit to Agent inventory and reconciliation reports in form reasonably satisfactory to Agent, on a monthly basis by the
15th day of each month. Each Obligor shall conduct a physical inventory at least once per calendar year (and on a more frequent basis if requested by Agent when an Event of Default exists) and
periodic cycle counts consistent with historical practices, and shall provide to Agent a report based on each such inventory and count promptly upon completion thereof, together with such supporting information as Agent may reasonably request. Agent
may participate in and observe each physical count. 
 8.3.2 Returns of Inventory. No Obligor shall return any Inventory to a
supplier, vendor or other Person, whether for cash, credit or otherwise, unless (a) such return is in the Ordinary Course of Business; (b) no Default, Event of Default or Overadvance exists or would result therefrom; (c) Agent is
promptly notified if the aggregate amount of all Inventory returned in any month to UK Borrower exceeds 10% of the UK Borrower’s gross revenue (as measured by UK Borrower using the methodology in place on the Restatement Effective Date) or US
Borrower exceeds 10% of the US Borrower’s gross revenue (as measured by US Borrower using the methodology in place on the Restatement Effective Date); and (d) any payment received by an Obligor for a return is promptly remitted to Agent
for application to the Obligations. 
 8.3.3 Acquisition, Sale and Maintenance. No Obligor shall acquire or accept any
Inventory on consignment or approval, and each Obligor shall take all steps to assure that all Inventory is produced in accordance with Applicable Law, including the FLSA (if applicable). No Obligor shall sell any Inventory on consignment or
approval or any other basis under which the customer may return or require an Obligor to repurchase such Inventory. Obligors shall use, store and maintain all Inventory with reasonable care and caution, in accordance with applicable standards of any
insurance and in conformity with all Applicable Law, and shall make current rent payments (within applicable grace periods provided for in leases) at all locations where any Collateral is located. 

  
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 8.4 Equipment. 

8.4.1 Records and Schedules of Equipment. Each Obligor shall keep accurate and complete records in all material respects of its
Equipment, including kind, quality, quantity, cost, acquisitions and dispositions thereof, and shall submit to Agent, on such periodic basis as Agent may reasonably request, a current schedule thereof, in form reasonably satisfactory to Agent.
During the existence of an Event of Default, promptly upon request, Obligors shall deliver to Agent evidence of their ownership or interests in any Equipment. 

8.4.2 Dispositions of Equipment. No Obligor shall sell, lease or otherwise dispose of any Equipment, without the prior written
consent of Agent, other than (a) a Permitted Asset Disposition; and (b) replacement of Equipment that is worn, damaged or obsolete with Equipment used or useful in the business of such Obligor, if the replacement Equipment is acquired
substantially contemporaneously with such disposition and is free of Liens other than Permitted Liens. 
 8.4.3 Condition of
Equipment. The Equipment is in good operating condition and repair, and all necessary replacements and repairs have been made so that its value and operating efficiency are preserved at all times, reasonable wear and tear excepted. Each Obligor
shall ensure that the Equipment is mechanically and structurally sound in all material respects, and capable of performing the functions for which it was designed, in accordance with manufacturer specifications. No Obligor shall permit any Equipment
to become affixed to Real Estate unless such Obligor uses its commercially reasonable efforts to have the applicable landlord or mortgagee deliver a Lien Waiver. 

8.5 Deposit Accounts. Schedule 8.5 lists all Deposit Accounts maintained by Obligors on the Restatement Effective Date,
including Dominion Accounts. To the extent not already established, each Obligor shall take all commercially reasonable actions necessary to establish Agent’s first priority Lien on each Deposit Account (except (i) accounts exclusively
used for payroll, payroll taxes or employee benefits or similar fiduciary accounts solely for the benefit of third parties, other disbursement accounts acceptable to Agent, or (ii) an account containing not more than $10,000 at any time
(“Excluded Accounts”)). Obligors shall be the sole account
holders of each Deposit Account (other than Excluded Accounts described in clause (i) of that definition) and shall not allow any Person (other than Agent and the depository bank) to have control over their Deposit Accounts or any Property
deposited therein. Obligors shall promptly notify Agent of any opening or closing of a Deposit Account and, with the consent of Agent (which shall not be unreasonably withheld or delayed), will promptly amend or supplement Schedule 8.5 to
reflect same. 
 8.6 Administration of Equity Interests and Instruments. Certificated Security.

 (a) Schedule 8.6.1 sets forth all Equity Interests owned by each Obligor to the extent included in the Collateral on the
Restatement Effective Date. 
 (b) With respect to any such Equity Interest (other than Excluded Equity Interests) that constitutes
Certificated Securities, each Obligor shall deliver to Agent any and all certificates evidencing such Certificated Securities duly endorsed by an effective endorsement (within the meaning of Section 8-107 of the UCC or other Applicable Law), or
accompanied by share transfer powers or other instruments of transfer duly endorsed by such an effective endorsement, in each case, to Agent or in blank. 

(c) With respect to any such Equity Interests (other than Excluded Equity Interests) that is uncertificated, each Obligor shall deliver to
Agent any and all control agreements and other documents requested by Agent in order to have control over and to perfect Agent’s Lien on such Equity Interest. 

  
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 (d) Each Obligor shall promptly notify Agent of any change to Schedule 8.6.1 and,
with the consent of Agent which shall not be unreasonably withheld, will promptly amend or supplement Schedule 8.6.1 to reflect same, which consent shall not be required if the Schedule is being amended to reflect the consummation of a
Permitted Acquisition. 
 8.6.3 Instruments. 

(a) Schedule 8.6.2 sets forth all debt securities issued to each Obligor to the extent included in the Collateral on the Restatement
Effective Date. With respect to any such debt securities that constitute an Instrument, each Obligor shall deliver to Agent all such Instruments to Agent duly indorsed in blank. 

(b) Each Obligor shall promptly notify Agent of any change to Schedule 8.6.2 and, with the consent of Agent which shall not be
unreasonably withheld, will promptly amend or supplement Schedule 8.6.2 to reflect same, which such consent shall not be required if the Schedule is being amended to include additional debt securities. 

8.7 Administration of Investment Property. Registration in Nominee Name; Denominations. Agent, on behalf of the Secured
Parties, shall have the right (in its sole and absolute discretion), after the occurrence and during the continuance of an Event of Default to hold any Equity Interests which are included in the Collateral in its own name as pledgee, the name of its
nominee (as pledgee or as sub-agent) or the name of the relevant Obligor, endorsed or assigned in blank or in favor of Agent. Each Obligor will promptly give to Agent copies of any material notices or other communications received by them with
respect to such Collateral registered in the name of the relevant Obligor. Agent shall have the right after the occurrence and during the continuance of an Event of Default to exchange the certificates registered in its name representing such
pledged Equity Interests for certificates of smaller or larger denominations for any purpose consistent with this Agreement. 
 8.7.2
Voting Rights; Dividends and Interest, etc. 
 (a) Unless and until an Event of Default shall have occurred and be continuing: 

(i) Each Obligor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner of Equity
Interests or any part thereof for any purpose consistent with the terms of this Agreement and the other Loan Document; 
 (ii) Each Obligor
shall be entitled to receive and retain any and all cash dividends, interest and principal paid on the Equity Interests included in Collateral. All noncash dividends, interest and principal, and all dividends, interest and principal paid or payable
in cash or otherwise in connection with a partial or total liquidation or dissolution, return of capital, capital surplus or paid-in surplus, and all other distributions (other than distributions referred to in the preceding sentence) made on or in
respect of the Equity Interests included in the Collateral, whether paid or payable in cash or otherwise, whether resulting from a subdivision, combination or reclassification of the outstanding capital stock of the issuer of any Equity Interests
included in the Collateral or received in exchange for such Collateral or any part thereof, or in redemption thereof, or as a result of any merger, amalgamation, consolidation, acquisition or other exchange of assets to which such issuer may be a
party or otherwise, shall be and become part of the Collateral, and, if received by any Obligor, shall not be commingled by such Obligor with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust
for the benefit of Agent and shall be forthwith delivered to Agent in the same form as so received (with any necessary endorsement). 

  
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 (b) Upon the occurrence and during the continuance of an Event of Default, and upon prior
written notice from Agent to any Obligor, all rights of such Obligor to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section shall cease, and all such rights shall thereupon
become vested in Agent, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers in a manner not inconsistent with the terms of this Agreement or the other Loan Documents, provided
that, unless otherwise directed by the Required Lenders, Agent shall have the right from time to time following and during the continuance of an Event of Default to permit the Obligors to exercise such rights. After all Events of Default have been
cured or waived, such Obligor will have the right to exercise the voting and consensual rights and powers that it would otherwise be entitled to exercise pursuant to the terms of paragraph (a)(i) above. 

(c) Upon the occurrence and during the continuance of an Event of Default, and after written notice from Agent to any Obligor, all rights of
such Obligor to dividends, interest or principal that such Obligor is authorized to receive pursuant to paragraph (a)(ii) above shall cease, and all such rights shall thereupon become vested in Agent, which shall have the sole and exclusive right
and authority to receive and retain such dividends, interest or principal. All dividends, interest or principal received by an Obligor contrary to the provisions of this Section shall be held in trust for the benefit of Agent, shall be segregated
from other property or funds of such Obligor and shall be forthwith delivered to Agent upon demand in the same form as so received (with any necessary endorsement). Any and all money and other property paid over to or received by Agent pursuant to
the provisions of this paragraph (c) shall be retained by Agent in an account to be established by Agent upon receipt of such money or other property and shall be applied to the Obligations as set forth herein. 

8.8 Administration of Letter of Credit Rights. Schedule 8.8 sets forth all letters of credit with a stated amount in
excess of $500,000 to which such Obligor has rights as of the Restatement Effective Date. If any Obligor is at any time a beneficiary under a letter of credit now or hereafter issued in favor of such Obligor, with a stated amount in excess of
$500,000, such Obligor shall promptly notify Agent thereof and, at the reasonable request and option of Agent, such Obligor shall use commercially reasonable efforts, pursuant to an agreement in form and substance reasonably satisfactory to Agent to
arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to Agent of the Proceeds of any drawing under the letter of credit, agreeing that the proceeds of any drawing under the letter of credit are to be paid to
the applicable Obligor unless an Event of Default has occurred or is continuing. Each Obligor shall promptly notify Agent of any change to Schedule 8.8 and, with the consent of Agent which shall not be unreasonably withheld, will promptly
amend or supplement Schedule 8.8 to reflect same, which such consent shall not be required if the Schedule is being amended to include additional letters of credit with a stated amount in excess of $500,000. 

8.9 General Provisions. 

8.9.1 Location of Collateral. All tangible items of Collateral consisting of Inventory and Equipment, other than Inventory in
transit and mobile goods, shall at all times be kept by Obligors at the business locations set forth in Schedule 8.9.1, except that Obligors may (a) make sales or other dispositions of Collateral in accordance with
Section 10.2.6; and (b) move Collateral of a US Obligor to another location in the United States, upon 30 Business Days prior written notice to Agent. 

  
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 8.9.2 Insurance of Collateral; Condemnation Proceeds. 

(a) Each Obligor shall maintain insurance with respect to the Collateral, covering casualty, hazard, theft, malicious mischief, flood and
other risks, in amounts, with endorsements and with insurers (with a Best rating of at least A+, unless otherwise approved by Agent in its discretion) satisfactory to Agent; provided, that if Real Estate secures any Obligations, flood hazard
diligence, documentation and insurance for such Real Estate shall comply with all Flood Laws or shall otherwise by satisfactory to all Lenders. All proceeds under each policy shall be payable to the Dominion Account, subject to clause
(c) below. From time to time upon request, Obligors shall deliver to Agent the originals or certified copies of its insurance policies and updated flood plain searches. Unless Agent shall agree otherwise, each policy shall include
satisfactory endorsements (i) showing Agent as loss payee; (ii) requiring 10 days prior written notice to Agent in the event of cancellation of the policy for any reason whatsoever; and (iii) specifying that the interest of Agent
shall not be impaired or invalidated by any act or neglect of any Obligor or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If any Obligor fails to provide and pay for
any insurance, Agent may, at its option, but shall not be required to, procure the insurance and charge Obligors therefor. Each Obligor agrees to deliver to Agent, following the delivery thereof, copies of all material reports made to insurance
companies. While no Event of Default exists, Obligors may settle, adjust or compromise any insurance claim, as long as the proceeds are delivered to Agent. If an Event of Default exists, only Agent shall be authorized to settle, adjust and
compromise such claims. 
 (b) Subject to clause (c) below, any proceeds of insurance (other than proceeds from workers’
compensation or D&O insurance) and any awards arising from condemnation of any Collateral shall be paid to Agent. Any such proceeds or awards that relate to Inventory shall be applied first to payment of the applicable Revolver Loans, and then
to other applicable Obligations. Subject to clause (c) below, any proceeds or awards that relate to Equipment or Real Estate shall be applied first to the applicable Revolver Loans and then to other applicable Obligations. 

(c) If requested by Obligors in writing within 15 days after Agent’s receipt of any insurance proceeds or condemnation awards relating
to any loss or destruction of Equipment or Real Estate, Obligors may use such proceeds or awards to repair or replace such Equipment or Real Estate (and until so used, the proceeds shall be held by Agent as Cash Collateral) as long as (i) no
Default or Event of Default exists; (ii) such repair or replacement is promptly undertaken and concluded, in accordance with plans satisfactory to Agent; (iii) replacement buildings are constructed on the sites of the original casualties
and are of comparable size, quality and utility to the destroyed buildings; (iv) the repaired or replaced Property is free of Liens, other than Permitted Liens that are not Purchase Money Liens; (v) Obligors comply with disbursement
procedures for such repair or replacement as Agent may reasonably require; and (vi) the aggregate amount of such proceeds or awards from any single casualty or condemnation does not exceed $500,000. 

8.9.3 Protection of Collateral. All expenses of protecting, storing, warehousing, insuring, handling, maintaining and shipping
any Collateral, all Taxes payable with respect to any Collateral (including any sale thereof), and all other payments required to be made by Agent to any Person to realize upon any Collateral, shall be borne and paid by Obligors. Agent shall not be
liable or responsible in any way for the safekeeping of any Collateral, for any loss or damage thereto (except for reasonable care in its custody while Collateral is in Agent’s actual possession), for any diminution in the value thereof, or for
any act or default of any warehouseman, carrier, forwarding agency or other Person whatsoever, but the same shall be at Obligors’ sole risk. 

8.9.4 Defense of Title. Each Obligor shall use commercially reasonable efforts to defend its title to Collateral and
Agent’s Liens therein against all Persons, claims and demands, except Permitted Liens. 

  
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 8.10 Power of Attorney . Each Obligor hereby irrevocably constitutes and
appoints Agent (and all Persons designated by Agent) as such Obligor’s true and lawful attorney (and agent-in-fact) for the purposes provided in this Section. Agent, or Agent’s designee, may (but shall have no obligation to), without
notice and in either its or an Obligor’s name, but at the cost and expense of Obligors: 
 (a) Endorse an Obligor’s name on any
Payment Item or other proceeds of Collateral (including proceeds of insurance) that come into Agent’s possession or control; and 
 (b)
During an Event of Default, (i) notify any Account Debtors of the assignment of their Accounts, demand and enforce payment of Accounts by legal proceedings or otherwise, and generally exercise any rights and remedies with respect to Accounts;
(ii) settle, adjust, modify, compromise, discharge or release any Accounts or other Collateral, or any legal proceedings brought to collect Accounts or Collateral; (iii) sell or assign any Accounts and other Collateral upon such terms, for
such amounts and at such times as Agent deems advisable; (iv) collect, liquidate and receive balances in Deposit Accounts or investment accounts, and take control, in any manner, of proceeds of Collateral; (v) prepare, file and sign an
Obligor’s name to a proof of claim or other document in a bankruptcy of an Account Debtor, or to any notice, assignment or satisfaction of Lien or similar document; (vi) receive, open and dispose of mail addressed to an Obligor, and notify
postal authorities to deliver any such mail to an address designated by Agent; (vii) endorse any Chattel Paper, Document, Instrument, bill of lading, or other document or agreement relating to any Accounts, Inventory or other Collateral;
(viii) use an Obligor’s stationery and sign its name to verifications of Accounts and notices to Account Debtors; (ix) use information contained in any data processing, electronic or information systems relating to Collateral;
(x) make and adjust claims under insurance policies; (xi) take any action as may be necessary or appropriate to obtain payment under any letter of credit, banker’s acceptance or other instrument for which an Obligor is a beneficiary;
(xii) exercise any voting or other rights under or with respect to any Investment Property; (xiii) exercise any voting or other rights under or with respect to any Investment Property; and (xiv) take all other actions as Agent acting
in its Permitted Discretion deems necessary and appropriate to fulfill any Obligor’s obligations under the Loan Documents. 
 8.11
Intellectual Property.  
 8.11.1 Following the request of Agent, in order to facilitate filings with the United States
Patent and Trademark Office (together with any successor agency, the “PTO”) and the United States Copyright Office or any similar foreign office or agency, each US Obligor shall execute and deliver to Agent one or more IP Security
Agreements or such other documents, agreements or instruments, in each case in form and substance reasonably satisfactory to the Agent, to establish or further evidence Agent’s Lien on such Obligor’s Intellectual Property, and the General
Intangibles of such Obligor relating thereto or represented thereby; 
 8.11.2 Each Obligor shall have the duty, with respect to
Intellectual Property that is owned by such Obligor and that is necessary in or material to the conduct of such Obligor’s business, to protect and diligently enforce and defend at such Obligor’s expense such Intellectual Property,
including, subject to the Obligor’s exercise, in good faith, of its reasonable business judgment (A) to diligently enforce and defend, including promptly suing for infringement, misappropriation, or dilution and to recover any and all
damages for such infringement, misappropriation, or dilution, and filing for opposition, interference, and cancellation against conflicting Intellectual Property rights of any Person, (B) to prosecute diligently any trademark application or
service mark application that is part of the trademarks pending as of the date hereof or hereafter until the termination of this Agreement, (C) to prosecute diligently any patent application that is part of the patents pending as of the date
hereof or hereafter until the termination of this Agreement, (D) to take all reasonable and necessary action to preserve and maintain all of such Obligor’s trademarks, patents, copyrights, Intellectual Property Licenses, and its rights
therein, including paying all maintenance fees and filing of applications for renewal, affidavits of use, and affidavits of noncontestability, and (E) to require all employees, consultants, and contractors of each Obligor who were materially
involved in the creation or development 

  
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of such Intellectual Property to sign agreements containing assignment of Intellectual Property rights and obligations of confidentiality. Each Obligor further agrees not to abandon any
Intellectual Property or Intellectual Property License that is necessary in or material to the conduct of such Obligor’s business. Each Obligor hereby agrees to take the steps described in this Section 8.11.2 with respect to all new
or acquired Intellectual Property to which it or any of its Subsidiaries is now or later becomes entitled that is necessary in or material to the conduct of such Obligor’s business; 

8.11.3 Obligors acknowledge and agree that the Secured Parties shall have no duties with respect to any Intellectual Property or
Intellectual Property Licenses of any Obligor. Without limiting the generality of this Section 8.11.3, Obligors acknowledge and agree that no Secured Party shall be under any obligation to take any steps necessary to preserve rights in
the Collateral consisting of Intellectual Property or Intellectual Property Licenses against any other Person, but any Secured Party may do so at its option from and after the occurrence and during the continuance of an Event of Default, and all
reasonable expenses incurred in connection therewith (including reasonable fees and expenses of attorneys and other professionals) shall constitute Obligations hereunder; 

8.11.4 [Reserved]. 

8.11.5 On each date on which a Compliance Certificate is to be delivered pursuant to this Agreement (or, if an Event of Default has
occurred and is continuing, more frequently if requested by Agent) (each Obligor shall provide Agent with a written report of
all new or acquired: (i) patents, trademarks or copyrights that are registered or the subject of pending applications for registration; (ii) all Intellectual Property Licenses that are material to the conduct of such Obligor’s
business; and (iii) all statements of use or amendment to allege use with respect to intent-to-use trademark applications, in the case of (i) and (ii) that were acquired, registered, or for which applications for registration were
filed by any Obligor since the date of the last Compliance Certificate, and in the case of (iii) that were filed by any Obligor since the date of the last Compliance Certificate. Each Obligor shall continue to register or not register, as the
case may be, its patents, copyrights, trademarks and Intellectual Property Licenses in accordance with its historical practices as they existed as of the Original Closing Date. In the case of such registrations or applications therefor, that were
acquired by any Obligor since the date of the last Compliance Certificate, each such Obligor shall file the necessary documents, if applicable, with the appropriate Governmental Authority identifying the applicable Obligor as the owner (or as a
co-owner thereof, if such is the case) of such Intellectual Property. In each of the foregoing cases, the applicable Obligor shall within fifteen (15) Business Days cause to be prepared, executed, and delivered to Agent supplemental schedules
to the applicable Loan Documents to identify such new or acquired patent, trademark and copyright registrations and applications therefor (with the exception of trademark applications filed on an intent-to-use basis for which no statement of use or
amendment to allege use has been filed) and Intellectual Property Licenses as being subject to the security interests created thereunder; 

8.11.6 Upon receipt from the United States Copyright Office of notice of registration of any copyright, each Obligor shall promptly
(but in no event later than fifteen (15) Business Days following such receipt) notify (but without duplication of any notice required by Section 8.11.4 or Section 8.11.5) Agent of such registration by delivering, or
causing to be delivered, to Agent, documentation sufficient for Agent to perfect Agent’s Liens on such copyright. If any Obligor acquires from any Person any copyright registered with the United States Copyright Office or an application to
register any Copyright with the United States Copyright Office, such Obligor shall promptly (but in no event later than fifteen (15) Business Days following such acquisition) notify Agent of such acquisition and deliver, or cause to be
delivered, to Agent, documentation sufficient for Agent to perfect Agent’s Liens on such copyright. In the case of such copyright registrations or applications therefor which were acquired by any Obligor, each such Obligor shall promptly (but
in no event later than fifteen (15) Business Days following such acquisition) file the necessary documents with the appropriate Governmental Authority identifying the applicable Obligor as the owner (or as a co-owner thereof, if such is the
case) of such copyrights; and 

  
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 8.11.7 Each Obligor shall take such commercially reasonable steps necessary to
maintain the confidentiality of, and otherwise protect and enforce its rights in, the Intellectual Property that is necessary in or material to the conduct of such Obligor’s business, including, as applicable (A) protecting the secrecy and
confidentiality of its material confidential information and trade secrets by having and enforcing a policy requiring all current employees, consultants, licensees, vendors and contractors with access to such information to execute appropriate
confidentiality agreements; (B) taking actions reasonably necessary to ensure that no material trade secret falls into the public domain, except where, in the exercise of its reasonable business judgment, an Obligor determines that it is
appropriate to allow a trade secret to fall into the public domain; and (C) protecting the secrecy and confidentiality of the source code of all software programs that are material to the conduct of such Obligor’s business of which it is
the owner or licensee by having and enforcing a policy requiring any licensees (or sublicensees) of such source code to enter into license agreements with commercially reasonable use and non-disclosure restrictions. 

8.11.8 At the request of the Agent, the Obligors shall use commercially reasonable efforts to permit the assignment of or grant of a
security interest in Intellectual Property Licenses (and all rights of Obligor thereunder) that are material to the conduct of the business to Agent (and any transferees of Agent). 

SECTION 9. REPRESENTATIONS AND WARRANTIES 

9.1 General Representations and Warranties. To induce Agent and Lenders to enter into this Agreement and to make available the
Revolver Commitments, Revolver Loans and Letters of Credit, each Obligor represents and warrants that: 
 9.1.1 Organization and
Qualification. Each Obligor and Subsidiary is duly organized, validly existing and in good standing (to the extent such concept exists and is applicable under the requirements of Applicable Law of the relevant jurisdiction) under the laws of the
jurisdiction of its organization or incorporation. Each Obligor and Subsidiary is duly qualified, authorized to do business and in good standing (to the extent such concept exists and is applicable under the requirements of Applicable Law of the
relevant jurisdiction) as a foreign corporation in each jurisdiction where failure to be so qualified could reasonably be expected to have a Material Adverse Effect. No Obligor is an EEA Financial Institution. 

9.1.2 Power and Authority. Each Obligor is duly authorized to execute, deliver and perform the Loan Documents to which it is a
party. The execution, delivery and performance of the Loan Documents have been duly authorized by all necessary action, and do not (a) require any consent or approval of any holders of Equity Interests of any Obligor, except those already
obtained; (b) contravene the Organic Documents of any Obligor; (c) violate or cause a default under any Applicable Law or Material Contract; or (d) result in or require imposition of a Lien (other than Permitted Liens) on any
Obligor’s Property. 
 9.1.3 Enforceability. Each Loan Document is a legal, valid and binding obligation of each Obligor
party thereto, enforceable in accordance with its terms, except (i) as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and (ii) Section 8.10
may be unenforceable under English law with respect to UK Borrower. 

  
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 9.1.4 Capital Structure. As of the Restatement Effective Date, Schedule
9.1.4 shows, for each Obligor and Subsidiary, its name, jurisdiction of organization or incorporation, authorized and issued Equity Interests, holders of its Equity Interests (other than the holders of the Equity Interests of Parent), and
agreements binding on such holders with respect to such Equity Interests. Except as disclosed on Schedule 9.1.4, in the five years preceding the Restatement Effective Date, no Obligor or Subsidiary has acquired any substantial assets from any
other Person nor been the surviving entity in a merger, amalgamation or combination. Each Obligor has good title to its Equity Interests in its Subsidiaries, subject only to Agent’s Lien, and all such Equity Interests are duly issued, fully
paid and non-assessable. As of the Restatement Effective Date, there are no outstanding purchase options (excluding such options with respect to the Equity Interests of Parent), warrants, subscription rights, agreements to issue or sell, convertible
interests, phantom rights or powers of attorney relating to Equity Interests of any Obligor or Subsidiary, except as disclosed on Schedule 9.1.4. Borrowers will amend or supplement Schedule 9.1.4 from time to time to reflect changes
thereto as a result of a Permitted Acquisition or other transaction permitted hereunder or otherwise with the consent of Agent, which consent shall not be unreasonably withheld or delayed. 

9.1.5 Title to Properties; Priority of Liens. Each Obligor and Subsidiary has good and marketable title to (or valid leasehold
interests in) all of its Real Estate, and good title to all of its personal Property, including all Property reflected in any financial statements delivered to Agent or Lenders, in each case free of Liens except Permitted Liens. As of the
Restatement Effective Date, no Real Estate subject to a Mortgage is located in a special flood hazard zone, except as disclosed on Schedule 9.1.5. Each Obligor and Subsidiary has paid and discharged all lawful claims that, if unpaid, could
become a Lien on its Properties, other than Permitted Liens. All Liens of Agent in the Collateral are duly perfected, first priority Liens, subject only to Permitted Liens. 

9.1.6 Accounts. Agent may rely, in determining which Accounts are Eligible Accounts, on all statements and representations made
by Obligors with respect thereto. Obligors warrant, with respect to each Account shown as an Eligible Account in a Borrowing Base Report, that: 

(a) it is genuine and in all respects what it purports to be; 

(b) it arises out of a completed, bona fide sale and delivery of goods in the Ordinary Course of Business, and substantially in
accordance with any purchase order, contract or other document relating thereto; 
 (c) it is for a sum certain, maturing as stated in the
applicable invoice, a copy of which has been furnished or is available to Agent on request; 
 (d) it is not subject to any offset, Lien
(other than Agent’s Lien), deduction, defense, dispute, counterclaim or other adverse condition except as arising in the Ordinary Course of Business and disclosed to Agent; and it is absolutely owing by the Account Debtor, without contingency
of any kind; 
 (e) no purchase order, agreement, document or Applicable Law restricts assignment of the Account to Agent (regardless of
whether, under the UCC or other applicable law, the restriction is ineffective), and the applicable Obligor is the sole payee or remittance party shown on the invoice; 

(f) no extension, compromise, settlement, modification, credit, deduction or return has been authorized or is in process with respect to the
Account, except discounts or allowances granted in the Ordinary Course of Business for prompt payment that are reflected on the face of the invoice related thereto and in the reports submitted to Agent hereunder; and 

  
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 (g) to the best of Obligors’ knowledge, (i) there are no facts or circumstances
that are reasonably likely to impair the enforceability or collectability of such Account; (ii) the Account Debtor had the capacity to contract when the Account arose, continues to meet the applicable Obligor’s customary credit standards,
is Solvent (or in the case of a jurisdiction other than the US, the equivalent solvency or insolvency standard), is not contemplating or subject to an Insolvency Proceeding, and has not failed, or suspended or ceased doing business; and
(iii) there are no proceedings or actions threatened or pending against any Account Debtor that could reasonably be expected to have a material adverse effect on the Account Debtor’s financial condition. 

9.1.7 Financial Statements. The consolidated and consolidating balance sheets, and related statements of income, cash flow and
shareholders’ equity, of Obligors and Subsidiaries that have been and are hereafter delivered to Agent and Lenders, are prepared in accordance with GAAP, and fairly present in all material respects the financial positions and results of
operations of Obligors and Subsidiaries at the dates and for the periods indicated and, for unaudited financial statements, subject to normal year-end adjustments and the absence of footnotes. All projections delivered from time to time to Agent and
Lenders have been prepared in good faith, based on reasonable assumptions in light of the circumstances at such time. Since January 31, 2018, there has been no change in the condition, financial or otherwise, of any Obligor or Subsidiary that
could reasonably be expected to have a Material Adverse Effect. No financial statement delivered to Agent or Lenders contains any untrue statement of a material fact, nor fails to disclose any material fact necessary to make such statement when
taken as a whole not materially misleading. It being understood that (A) projections are by their nature subject to significant uncertainties and contingencies, many of which are beyond the Obligors’ control, (B) actual results may
differ materially from the projections and such variations may be material and (C) the projections are not a guarantee of performance. The Obligors and their Subsidiaries are Solvent on a consolidated basis. 

9.1.8 Surety Obligations. No Obligor or Subsidiary is obligated as surety or indemnitor under any bond or other contract that
assures payment or performance of any obligation of any Person, except as permitted hereunder and pursuant to the Term Loan Documents. 
 9.1.9 Taxes. Each Obligor and Subsidiary has filed all material federal, state
and local tax returns and other reports that it is required by law to file, and has paid, or made provision for the payment of, all material Taxes upon it, its income and its Properties that are due and payable, except to the extent being Properly
Contested. The provision for all material Taxes on the books of each Obligor and Subsidiary is adequate for all years not closed by applicable statutes, and for its current Fiscal Year. 

9.1.10 Brokers. There are no brokerage commissions, finder’s fees or investment banking fees payable in connection with any
transactions contemplated by the Loan Documents. 
 9.1.11 Intellectual Property. Each Obligor and Subsidiary owns or has the
lawful right to use all Intellectual Property necessary for the conduct of its business, without conflict with any material Intellectual Property of others. There is no pending or, to any Obligor’s knowledge, threatened Intellectual Property
Claim in an amount exceeding $500,000 in the aggregate, with respect to any Obligor, any Subsidiary or any of their Property (including any Intellectual Property). No Obligor has received any written notice or other communication of any actual or
alleged infringement or misappropriation of any Intellectual Property rights of any Person, except where such infringement is not material. Except as pursuant to the Intellectual Property Licenses disclosed on Schedule 9.1.11 and other than
license agreements for commercially available off-the-shelf software that is generally available to the public, as of the Restatement Effective Date, no Obligor or Subsidiary pays or owes any Royalty or other compensation to any Person with respect
to any Intellectual Property. All registered Intellectual Property owned or exclusively licensed by, or otherwise subject to any exclusive interests of, any Obligor or Subsidiary as of the Restatement Effective Date is shown on Schedule
9.1.11. Borrowers may update Schedule 9.1.11 with the consent of Agent which shall not be unreasonably withheld. 

  
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 9.1.12 Governmental Approvals. Each Obligor and Subsidiary has, is in
compliance with, and, to the extent such concept is applicable in such jurisdiction, is in good standing (to the extent such concept exists and is applicable under the requirements of Applicable Law of the relevant jurisdiction) with respect to, all
Governmental Approvals necessary to conduct its business and to own, lease and operate its Properties, except as could reasonably be expected to result in a Material Adverse Effect. All necessary import, export or other licenses, permits or
certificates for the import or handling of any goods or other Collateral have been procured and are in effect, and Obligors and Subsidiaries have complied with all foreign and domestic laws with respect to the shipment and importation of any goods
or Collateral, except where noncompliance could not reasonably be expected to have a Material Adverse Effect. 
 9.1.13 Compliance
with Laws. Each Obligor and Subsidiary has duly complied, and its Properties and business operations are in compliance, in all material respects with all Applicable Law, except where noncompliance could not reasonably be expected to have a
Material Adverse Effect. There have been no citations, notices or orders of material noncompliance issued to any Obligor or Subsidiary under any Applicable Law, except where noncompliance could reasonably be expected to result in a Material Adverse
Effect. No inventory has been produced in violation of the FLSA. 
 9.1.14 Compliance with Environmental Laws. Except as
disclosed on Schedule 9.1.14, or as could not reasonably be expected to result in a Material Adverse Effect, no Obligor’s or Subsidiary’s past or present operations, Real Estate or other Properties are subject to any federal, state
or local investigation to determine whether any remedial action is needed to address any environmental pollution, hazardous material or environmental clean-up. No Obligor or Subsidiary has received any Environmental Notice that could reasonably be
expected to result in a Material Adverse Effect. No Obligor or Subsidiary has any contingent liability with respect to any Environmental Release, environmental pollution or hazardous material on any Real Estate now or previously owned, leased or
operated by it that could reasonably be expected to result in a Material Adverse Effect. 
 9.1.15 Burdensome Contracts. No
Obligor or Subsidiary is a party or subject to any contract, agreement or charter restriction that could reasonably be expected to have a Material Adverse Effect. No Obligor or Subsidiary is party or subject to any material Restrictive Agreement,
except as shown on Schedule 9.1.15. No such Restrictive Agreement prohibits the execution, delivery or performance of any Loan Document by an Obligor. 

9.1.16 Litigation. Except as shown on Schedule 9.1.16, there are no proceedings or investigations pending or, to any
Obligor’s knowledge, threatened against any Obligor or Subsidiary, or any of their businesses, operations, Properties or financial condition, that (a) relate to any Loan Documents or transactions contemplated thereby; or (b) could
reasonably be expected to have a Material Adverse Effect to any Obligor or Subsidiary. Except as shown on such Schedule (as supplemented from time to time to add Commercial Tort Claims), no Obligor has a Commercial Tort Claim (other than, as long as
no Default or Event of Default exists, a Commercial Tort Claim for less than $100,000). Except where such default could reasonably be expected to have a Material Adverse Effect or where such default results in a monetary obligation to an Obligor
(not covered by insurance) in excess of $1,000,000, no Obligor or Subsidiary is in default with respect to any order, injunction or judgment of any Governmental Authority. 

9.1.17 No Defaults. No event or circumstance has occurred or exists that constitutes a Default or Event of Default. No Obligor
or Subsidiary is in default, and no event or circumstance has occurred or exists that with the passage of time or giving of notice would constitute a default, under any Material Contract or in the payment of any Borrowed Money in excess of
$2,000,000. There is no basis upon which any party (other than an Obligor or Subsidiary) could terminate a Material Contract prior to its scheduled termination date. 

  
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 9.1.18 ERISA. Except as would not reasonably be expected, whether taken
individually or in the aggregate, to have a Material Adverse Effect: 
 (a) Each Plan is in compliance in all respects with the applicable
provisions of ERISA, the Code, and other federal and state laws. Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination letter from the IRS or an application for such a letter is currently
being processed by the IRS with respect thereto and nothing has occurred which would prevent, or cause the loss of, such qualification. Each Obligor and ERISA Affiliate has met all applicable requirements under the Code, ERISA and the Pension
Protection Act of 2006, and no application for a waiver of the minimum funding standards or an extension of any amortization period has been made with respect to any Pension Plan. 

(b) There are no pending or, to the knowledge of Obligors, threatened claims, actions or lawsuits, or action by any Governmental Authority,
with respect to any Plan, Pension Plan or Multiemployer Plan. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan. 

(c) (i) no ERISA Event has occurred or is reasonably expected to occur; (ii) as of the most recent valuation date for any Pension Plan,
the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is at least 60%; and no Obligor or ERISA Affiliate knows of any reason that such percentage could reasonably be expected to drop below 60%; (iii) no
Obligor or ERISA Affiliate has incurred any liability to the PBGC except for the payment of premiums, and no premium payments are due and unpaid; (iv) no Obligor or ERISA Affiliate has engaged in a transaction that could be subject to
Section 4069 or 4212(c) of ERISA; and (v) no Pension Plan or Multiemployer Plan has been terminated by its plan administrator or the PBGC, and no fact or circumstance exists that could reasonably be expected to cause the PBGC to institute
proceedings to terminate a Pension Plan or Multiemployer Plan. 
 (d) With respect to any Foreign Plan, (i) all employer and employee
contributions required by law or by the terms of the Foreign Plan have been made, or, if applicable, accrued, in accordance with normal accounting practices; (ii) the fair market value of the assets of each funded Foreign Plan, the liability of
each insurer for any Foreign Plan funded through insurance, or the book reserve established for any Foreign Plan, together with any accrued contributions, is sufficient to procure or provide for the accrued benefit obligations with respect to all
current and former participants in such Foreign Plan according to the actuarial assumptions and valuations most recently used to account for such obligations in accordance with applicable generally accepted accounting principles; and (iii) it
has been registered as required and has been maintained in good standing (to the extent such concept exists and is applicable under the requirements of Applicable Law of the relevant jurisdiction) with applicable regulatory authorities. 

(e) Except as disclosed on Schedule 9.1.18, UK Borrower is not nor has at any time been (A) an employer (for the purposes of
sections 38 to 51 of the Pensions Act 2004 (UK)) of an occupational pension scheme which is not a money purchase scheme (both terms as defined in the Pension Schemes Act (1993)(UK)) or (B) is or has at any time been “connected”
with or an “associate” (as those terms are used in sections 38 and 43 of the Pensions Act 2004(UK)) of such an employer. 
 (f)
UK Borrower has not been issued with a Financial Support Direction or Contribution Notice in respect of any pension scheme. 
 9.1.19
Trade Relations. There exists no actual or threatened termination, limitation or modification of any business relationship between any Obligor or Subsidiary and any material customer or supplier, (or any group of customers or suppliers),
that, in each case, individually or in the aggregate are material to the business of such Obligor or Subsidiary taken as a whole. There exists no condition or 

  
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circumstance that could reasonably be expected to materially and adversely impair the ability of any Obligor or Subsidiary to conduct its business at any time hereafter in substantially the same
manner as conducted on the Restatement Effective Date. 
 9.1.20 Labor Relations. Except as described on Schedule 9.1.20
(which may be amended with the consent of Agent which is not to be unreasonably withheld, conditioned or delayed), no Obligor or Subsidiary is party to or bound by any collective bargaining agreement. There are no material grievances, disputes
or controversies with any union or other similar organization representing any Obligor’s or Subsidiary’s employees, or, to any Obligor’s knowledge, any asserted or threatened strikes, work stoppages or demands for collective
bargaining against any Obligor or Subsidiary. 
 9.1.21 Payable Practices. No Obligor or Subsidiary has made any material
change in its historical accounts payable practices from those in effect on the Original Closing Date. 
 9.1.22 Not a Regulated
Entity. No Obligor is (a) an “investment company” or a “person directly or indirectly controlled by or acting on behalf of an investment company” within the meaning of the Investment Company Act of 1940; or
(b) subject to regulation under the Federal Power Act, the Interstate Commerce Act, any public utilities code or any other Applicable Law regarding its authority to incur Debt. 

9.1.23 Margin Stock. No Obligor or Subsidiary is engaged, principally or as one of its important activities, in the business of
extending credit for the purpose of purchasing or carrying any Margin Stock. No Revolver Loan proceeds or Letters of Credit will be used by Obligors to purchase or carry, or to reduce or refinance any Debt incurred to purchase or carry, any Margin
Stock or for any related purpose governed by Regulations T, U or X of the Board of Governors. 
 9.1.24 OFAC. No Obligor,
Subsidiary or, to the knowledge of any Obligor or Subsidiary, any director, officer, employee, agent, affiliate or representative thereof, is or is owned or controlled by any individual or entity that is currently the target of any Sanction or is
located, organized or resident in a Designated Jurisdiction. 
 9.1.25 UK Charges. Under the law of each Obligor’s
jurisdiction of incorporation it is not necessary that any UK Security Agreement be filed, recorded on enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to any UK
Security Agreement or the transactions contemplated by any UK Security Agreement, except (a) registration of particulars of each Security Document executed by UK Borrower at the Companies Registration Office in England and Wales in accordance
with Part 25 (Company Charges) of the Companies Act 2006 or any regulations relating to the registration of charges made under, or applying the provisions of, the Companies Act 2006 (b) registration of each Security Document executed by UK
Borrower and pertaining to Real Estate at the Land Registry of Land Charges Registry in England and Wales and payment of associated fees (c) filing, registration or recordation on a voluntary basis or as required in order to perfect the
security interest created by any UK Security Agreement in any relevant jurisdiction and (d) in each case, payment of associated fees, stamp taxes or mortgage duties. 

9.1.26 Centre of Main Interests and Establishments. For the purposes of Regulation (EU) 2015/848 of 20 May 2015 on
insolvency proceedings (recast) (the “Regulation”), each of the UK Borrower’s centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in its jurisdiction of incorporation and none of them
have an “establishment” (as that term is used in Article 2(10) of the Regulation) in any other jurisdiction. 
 9.1.27
Pari passu ranking. Each UK Borrower’s payment obligations under the Loan Documents rank at least pari passu with
the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 

  
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 9.1.28 Ranking. Each UK Security Agreement has or will have the ranking in
priority which it is expressed to have in the relevant UK Security Agreement and, other than as permitted under or contemplated by the Loan Documents, it is not subject to any prior ranking or pari passu ranking Lien. 

9.2 Complete Disclosure. No Loan Document contains any untrue statement of a material fact, nor fails to disclose any
material fact necessary to make the statements contained therein not materially misleading in light of the circumstances under which it was made. There is no fact or circumstance that any Obligor has failed to disclose to Agent in writing that could
reasonably be expected to have a Material Adverse Effect. 
 9.3
Subordinated Debt. As of the Restatement Effective Date (a) the aggregate outstanding principal balance of the TBC Notes is $18,892,518.33 (exclusive of any payment-in-kind interest that has been
added to such principal amount) and (b) the aggregate outstanding principal balance of Third Lien Debt is $3,509,536.50 (exclusive of any payment-in-kind interest that has been added to such principal amount). 
 SECTION 10. COVENANTS AND CONTINUING AGREEMENTS 

10.1 Affirmative Covenants. As long as any Revolver Commitments or Obligations are outstanding, each Obligor shall, and
shall cause each Subsidiary to: 
 10.1.1 Inspections; Appraisals. 

(a) Permit Agent from time to time, subject (unless a Default or Event of Default exists) to reasonable notice and normal business hours, to
visit and inspect the Properties of any Obligor or Subsidiary, inspect, audit and make extracts from any Obligor’s or Subsidiary’s books and records, and discuss with its officers, employees, agents, advisors and independent accountants
such Obligor’s or Subsidiary’s business, financial condition, assets, prospects and results of operations. Lenders may participate in any such visit or inspection, at their own expense. Secured Parties shall have no duty to any Obligor to
make any inspection, nor to share any results of any inspection, appraisal or report with any Obligor. Obligors acknowledge that all inspections, appraisals and reports are prepared by Agent and Lenders for their purposes, and Obligors shall not be
entitled to rely upon them. 
 (b) Reimburse Agent for all its reasonable out-of-pocket charges, costs and expenses in connection with
(i) examinations of Obligors’ books and records or any other financial or Collateral matters as it deems appropriate, up to two times per Loan Year; and (ii) appraisals of Inventory up to one time per Loan Year; provided, that
if an examination or appraisal is initiated during a Default or Event of Default, all charges, costs and expenses relating thereto shall be reimbursed by Obligors without regard to such limits. Obligors shall pay Agent’s then standard charges
for examination activities, including charges for its internal examination and appraisal groups, as well as the charges of any third party used for such purposes. No Borrowing Base calculation shall include Collateral acquired in a Permitted
Acquisition or otherwise outside the Ordinary Course of Business until completion of applicable field examinations and appraisals (which shall not be included in the limits provided above) satisfactory to Agent. 

10.1.2 Financial and Other Information. Keep adequate records and books of account with respect to its business activities, in
which proper entries are made in accordance with GAAP (or, as the context may require, IFRS as it relates to the books and records of the UK Obligors) reflecting all financial transactions; and furnish to Agent and Lenders: 

(a) as soon as available, and in any event within 90 days after the close of each Fiscal Year, balance sheets as of the end of such Fiscal
Year and the related statements of income, cash flow 

  
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and shareholders’ equity for such Fiscal Year, on consolidated and consolidating bases and business division basis for Obligors and Subsidiaries, which consolidated statements shall be
audited and certified (without qualification) by a firm of independent certified public accountants of recognized standing selected by Obligors and acceptable to Agent, shall be prepared in accordance with GAAP and shall set forth in comparative
form corresponding figures for the preceding Fiscal Year and as against the projections delivered to the Agent and other information acceptable to Agent; 

(b) as soon as available, and in any event within 30 days after the end of each
monthFiscal Quarter, unaudited balance sheets as of the end of such
monthFiscal Quarter and the related statements of income and cash flow for such month and for the portion of the Fiscal Year then elapsed, on consolidated and consolidating bases and business division basis for Obligors and
Subsidiaries, setting forth in comparative form corresponding figures for the preceding Fiscal Year and as against the projections delivered to the Agent and certified by the chief financial officer of Parent as prepared in accordance with GAAP and
fairly presenting the financial position and results of operations for such
monthFiscal Quarter and period, subject to normal yearend adjustments and the absence of footnotes; provided,
that at any time during a US Dominion Trigger Period such financial statements shall be delivered monthly within 30 days after the end of each month with respect to such month. 

(c) concurrently with delivery of financial statements under clauses (a), (b) and (c) above, or more frequently if requested by
Agent while a Default or Event of Default exists, (i) a Compliance Certificate executed by the chief financial officer of Parent, and (ii) the information required to be delivered under Section 8.11.5; 

(d) concurrently with delivery of financial statements under clause (a) above, copies of all management letters and other material
reports submitted to Obligors by their accountants in connection with such financial statements; 
 (e) not later than 30 days after the
end of each Fiscal Year, projections of Obligors’ consolidated, and business division balance sheets, results of operations, cash flow and Availability for that Fiscal Year, month by month and for the next Fiscal Year, quarter by quarter; 

(f) promptly following the Agent’s request, a listing of each Obligor’s trade payables, specifying the trade creditor and balance
due, and a detailed trade payable aging, all in form satisfactory to Agent; 
 (g) promptly after the sending or filing thereof, copies of
any proxy statements, financial statements or reports that any Obligor has made generally available to its shareholders; copies of any regular, periodic and special reports or registration statements or prospectuses that any Obligor files with the
Securities and Exchange Commission or any other Governmental Authority, or any securities exchange; and copies of any press releases or other statements made available by an Obligor to the public concerning material changes to or developments in the
business of such Obligor; 
 (h) promptly after Agent’s request, copies of any annual report to be filed in connection with each
Pension Plan or Foreign Plan; 
 (i) promptly following receipt, a copy of any material notice from the Pensions Regulator in which it
proposes to take action which may result in the issuance of a Contribution Notice or Financial Support Direction in respect of any pension plan; 

(j) such other reports and information (financial or otherwise) as the
Obligors may from time to time provided to the Term Agent under the Term Loan Documents in connection with any Collateral or any Obligor’s, Subsidiary’s or other Obligor’s financial condition or business; [Reserved];  

  
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 (k) promptly following Agent’s request, such other material reports and information
(financial or otherwise) as Agent may request from time to time in connection with any Collateral or any Obligor’s, Subsidiary’s or other Obligor’s financial condition or business; 

10.1.3 Notices. Notify Agent and Lenders in writing, promptly after a responsible officer of an Obligor’s obtaining
knowledge thereof, of any of the following that materially affects an Obligor: (a) the threat or commencement of any proceeding or investigation, whether or not covered by insurance, if an adverse determination could have a Material Adverse
Effect; (b) any material default under or termination of a Material Contract; (c) the existence of any Default or Event of Default; (d) any judgment in an amount exceeding $1,000,000; (e) the assertion of any Intellectual
Property Claim that would reasonably be expected to have a Material Adverse Effect or otherwise could reasonably be expected to result in a liability of the Obligors in excess of $1,000,000; (f) any litigation asserting a violation of any
Applicable Law (including ERISA, OSHA, FLSA, or any Environmental Laws) that could reasonably be expected to have a Material Adverse Effect; (g) any Environmental Release by an Obligor or on any Property owned, leased or occupied by an Obligor;
or receipt of any Environmental Notice; (h) the occurrence of any ERISA Event; (i) the discharge of or any withdrawal or resignation by Obligors’ independent accountants; or (j) any opening of a new office or place of business,
at least 10 days prior to such opening. 
 10.1.4 Landlord and Storage Agreements. Promptly following request, provide Agent
with copies of all existing agreements, and promptly after execution thereof provide Agent with copies of all future agreements, between an Obligor and any landlord, warehouseman, processor, shipper, bailee or other Person that owns any premises at
which any material portion of Collateral consisting of Equipment and Inventory may be kept on an average monthly basis or that otherwise may possess or handle any material portion of Collateral consisting of Equipment and Inventory.1 

10.1.5 Compliance with Laws. Comply with all Applicable Laws, including ERISA, Environmental Laws, FLSA, OSHA, Anti-Terrorism
Laws, and laws regarding collection and payment of Taxes, and maintain all Governmental Approvals necessary to the ownership of its Properties or conduct of its business, unless failure to comply (other than failure to comply with Anti-Terrorism
Laws) or maintain could not reasonably be expected to have a Material Adverse Effect. Without limiting the generality of the foregoing, if any Environmental Release occurs at or on any Properties of any Obligor or Subsidiary, it shall act promptly
and diligently to investigate and report to Agent and all appropriate Governmental Authorities the extent of, and to make appropriate remedial action to eliminate, such Environmental Release to the extent required by Environmental Laws, whether or
not directed to do so by any Governmental Authority. 
 10.1.6 Taxes. Pay and discharge all material Taxes prior to the date
on which they become delinquent or penalties attach, unless such Taxes are being Properly Contested. 
 10.1.7 Insurance. In
addition to the insurance required hereunder with respect to Collateral, maintain insurance with insurers (with a Best rating of at least A+, unless otherwise approved by Agent in its discretion) satisfactory to Agent, (a) with respect to the
Properties and business of Obligors and Subsidiaries of such type (including product liability, workers’ compensation, larceny, embezzlement, or other criminal misappropriation insurance), in such amounts, and with such coverages and
deductibles as are customary for companies similarly situated; and (b) business interruption insurance in an amount not less than $5,000,000, with deductibles and subject to an endorsement or assignment reasonably satisfactory to Agent. 

  
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 10.1.8 Licenses and Royalties. 

(a) Keep each material License affecting any Collateral (including the manufacture, distribution or disposition of Inventory) or any other
material Property of Obligors and Subsidiaries in full force and effect (provided, that any Obligor may allow any License to terminate in accordance with its terms if such Obligor has provided prior written notice to Agent of such termination and
after the termination of any “sell-off” period allowed under such terminated License (or if no such period exists, upon the termination of the License), such Obligor owns no more than an aggregate amount of $250,000 of Inventory
(determined based on cost) which is impacted by such License); promptly notify Agent of any material proposed material modification to any such License, or entry into any new material License, in each case at least 30 days prior to its effective
date; and notify Agent of any material default or material breach asserted by any Person to have occurred under any material License; 

(b) Pay all royalties and other amounts when due under any License (unless contested in good faith with adequate reserves set aside
therefor); and 
 (c) by the 15th day of each month, provide Agent with a report of all accrued royalties, whether or not then due and
payable by a Borrower, which report shall detail the Licensor, the amount accrued and the payment status of the applicable royalty. 

10.1.9 Future Subsidiaries. Promptly notify Agent upon any Person becoming a Subsidiary and, if such Person is not a Foreign
Subsidiary, cause it to guaranty the Obligations in a manner satisfactory to Agent, and to execute and deliver such documents, instruments and agreements and to take such other actions as Agent acting in its Permitted Discretion shall reasonably
require to evidence and perfect a Lien in favor of Agent on all assets of such Person (other than Excluded Assets), including delivery of such legal opinions, in form and substance reasonably satisfactory to Agent, as it shall deem appropriate.
Notwithstanding any of the forgoing, the Loan Documents shall not require the creation or perfection or any pledges of, Liens on or security interests in, or the delivery of particular documents with respect to, particular assets if and for so long
as the Agent reasonable determines in its Permitted Discretion that the burden or cost of creating or perfecting such pledges, Liens or security interest in such assets shall outweigh the benefit of the security afforded thereby. 

10.1.10 Accounts. Borrowers shall maintain Bank of America and its Affiliates (including its London branch) as Borrowers’
principal depository bank, including for the maintenance of operating and deposit accounts, lockbox administration, funds transfer, information reporting services and other treasury management services. 

10.1.11 UK pension plans 

(a) UK Borrower shall ensure that in respect of all pension schemes to which part 3 of the Pensions Act 2004 (UK) applies operated by or
maintained for the benefit of members of the UK Borrower and/or any of its employees are fully funded based on the statutory funding objective under sections 221 and 222 of the Pensions Act 2004 (UK) and that no action or omission is taken by UK
Borrower in relation to such a pension scheme which has or is, in either case, reasonably likely to have a Material Adverse Effect (including, without limitation, the termination or commencement of winding-up proceedings of any such pension scheme
or any member of the Group ceasing to employ any member of such a pension scheme). 
 (b) Except as could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect, UK Borrower shall ensure that it is not and has not been at any time an employer (for the purposes of sections 38 to 51 of the Pensions Act 2004 (UK)) of an occupational pension
scheme which is not a money purchase scheme (both terms as defined in the Pension Schemes Act 1993 (UK)) or ““connected”” with or an ““associate”” of (as those terms are used in sections 38 or 43 of the
Pensions Act 2004 (UK)) such an employer. 

  
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 (c) UK Borrower shall deliver to the Agent at such times requested by the Agent, actuarial
reports in relation to all pension schemes mentioned in paragraph (a) above. 
 (d) UK Borrower shall promptly notify the Agent of any
material change in the rate of contributions to any pension schemes mentioned in (a) above paid or recommended to be paid (whether by the scheme actuary or otherwise) or required (by law or otherwise). 

10.1.12 Centre of Main Interests. Each UK Borrower shall maintain its centre of main interests (as such term is used in Article 3(1) of the Regulation (as defined in Section 9.1.26 above)) in England and Wales for the purposes of the
Regulation. 
 10.2 Negative Covenants. As long as any Revolver Commitments or Obligations are outstanding, each
Obligor shall not, and shall cause each Subsidiary not to: 
 10.2.1 Permitted Debt. Create, incur, guarantee or suffer to
exist any Debt, except: 
 (a) the Obligations; 

(b) Subordinated Debt; 
 (c)
Permitted Purchase Money Debt; 
 (d) Borrowed Money set forth on Schedule 10.2.1, but only to the extent outstanding on the
Restatement Effective Date 
 (e) Debt with respect to Bank Products incurred in the Ordinary Course of Business; 

(f) Debt in respect of Hedging Agreements entered into in the Ordinary Course of Business and not for speculative purposes; 

(g) Permitted Contingent Obligations; 

(h) Refinancing Debt as long as each Refinancing Condition is satisfied; 

(i) intercompany Debt extended by UK Borrower to any other Obligor or by US Borrower to any other Obligor which is not a Foreign Subsidiary;

 (j) Debt incurred in connection with the financing of insurance premiums; 

(k) Debt owed to any Person providing workers’ compensation, health, disability or other employee benefits or property, casualty or
liability insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the Ordinary Course of Business; 

(l) Contingent Obligations by any Obligor of Debt of any other Obligor that was permitted to be incurred under another clause of this
Section 10.2.1; 
 (m) Debt arising from agreements providing for indemnification, adjustment of purchase price, earnout or
other similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary, other than guarantees of Debt incurred by any Person acquiring all or any portion of such
business, assets or Subsidiary for the purpose of financing such acquisition; provided that Debt arising with respect to earnout or other similar obligations permitted pursuant to this clause (m) shall be Subordinated Debt and shall not exceed
$3,000,000 at any time outstanding; 

  
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 (n) Debt in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar
obligations, in each case provided in the Ordinary Course of Business; 
 (o) [reserved]; 

(p) Debt that is not included in any of the preceding clauses of this Section, is not secured by a Lien and in an aggregate outstanding
principal amount not to exceed $5,000,000 times the Growth Multiple; and 

(q) the Term Loan Debt subject to the terms and conditions contained in the
Intercreditor Agreement. [Reserved].  

10.2.2 Permitted Liens. Create or suffer to exist any Lien upon any of its Property, except the following (collectively,
“Permitted Liens”): 
 (a) Liens in favor of Agent; 

(b) Purchase Money Liens securing Permitted Purchase Money Debt and Refinancing Debt in respect thereof; 

(c) Liens for Taxes not yet due or being Properly Contested; 

(d) statutory Liens (other than Liens for Taxes or imposed under ERISA, or with respect to any Plan, Pension Plan or Multiemployer Plan, the
Code ) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or
materially impair operation of the business of any Obligor or Subsidiary; 
 (e) Liens incurred or deposits made in the Ordinary Course of
Business to secure the performance of government tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent’s Liens and are required or provided by law; 

(f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; 

(g) Liens arising by virtue of a judgment or judicial order against any Obligor or Subsidiary, or any Property of an Obligor or Subsidiary,
as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent’s Liens; 

(h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real
Estate, that do not secure any monetary obligation (other than any Mortgage) and do not interfere with the Ordinary Course of Business; 

(i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items
in the course of collection; 
 (j) Liens in favor of Third Lien
Creditors in respect the Third Lien Obligations (and Refinancing Debt in respect thereof) to the extent permitted under, and subject in all respects to, the Third Lien Subordination Agreement (or replacement or successor subordination agreement
substantially in the form of the Third Lien Subordination Agreement or in such other form reasonably acceptable to Agent in the case of Refinancing
Debt);[Reserved]; 

  
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 (k) existing Liens shown on Schedule 10.2.2, provided that any such Lien shall only
secure the Indebtedness that it secures on the Restatement Effective Date and any Refinancing Debt in respect thereof; 
 (l) leases,
licenses, subleases or sublicenses granted to others in the Ordinary Course of Business that do not interfere in any material respect with the business of the Parent or the Restricted Subsidiaries; 

(m) Liens arising from UCC financing statements filed regarding (i) operating leases entered into by a Borrower or Subsidiary in the
Ordinary Course of Business and (ii) goods consigned or entrusted to or bailed to a Person in connection with the processing, reprocessing, recycling or tolling of such goods; 

(n) Liens in favor of customs or revenue authorities to secure payment of customs duties in connection with the importation of goods; 

(o) Liens solely on any cash earnest money deposits made by any Borrower or any Subsidiary in connection with any letter of intent or
purchase agreement permitted under this Agreement; 
 (p) any other Liens which do not attach to Accounts or Inventory and do not in the
aggregate secure obligations in aggregate principal amount in not to exceed $250,000; and 
 (q) Liens Securing the Term Loan Obligations (or Refinancing Debt in respect thereof), subject to the terms and conditions contained in the Intercreditor Agreement (or in the case of
Refinancing Debt, the applicable intercreditor agreement substantially in the form of the Intercreditor Agreement or in such other form reasonably acceptable to
Agent).[Reserved]. 

10.2.3 [Reserved]. 

10.2.4 Distributions; Upstream Payments. Create or suffer to exist any encumbrance or restriction on the ability of a Subsidiary
to make any Upstream Payment, except for restrictions under the Loan Documents, under Applicable Law or in effect on the Restatement Effective Date as shown on Schedule 9.1.15. Declare or make any Distributions except: 

(a) Upstream Payments; 
 (b)
Each Obligor may declare and make Distributions with respect to its Equity Interests payable solely in additional shares of its Equity Interests; 

(c) Any Obligor may pay cash dividends to any Obligor that is its direct parent; 

(d) AnyWithout duplication of any repurchase, redemption or other acquisition or retirement made as an Investment which is permitted under clause
(f) of the definition of Restricted Investments, any Obligor (other than Parent) may make distributions to permit Parent to repurchase Equity Interests issued to employees, directors and
officers of the Obligors and their Subsidiaries (including repurchases of Equity Interests from severed or terminated employees, directors and officers), and Parent may repurchase such Equity Interests, in each case in an aggregate amount not to
exceed $1,000,0005,000,000 in any calendar year and
$3,000,00010,000,000 in the aggregate, so long as 

  
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(a)
no Event of Default exists immediately prior tobefore and after giving effect to such payment, no Default or Event of Default has occurred or will occurthereto and the Agent shall have received satisfactory evidence that the Borrowers are in compliance with each of the financial covenants set
forth in Section 10.3 on a pro forma basis after giving effect thereto (as if such actions were consummated on the first day of the period of measurement) as determined for last day of month most recently ended prior thereto (for the trailing
twelve month period then-ended), all based on calculations and assumptions acceptable to the Agent, and in such amounts in excess of the foregoing limitations so long as (a) so long as no Event of Default exists immediately before and after
giving effect thereto and the Agent shall have received satisfactory evidence that the Borrowers are in compliance with each of the financial covenants set forth in Section 10.3 on a pro forma basis after giving effect thereto (as if such
actions were consummated on the first day of the period of measurement) as determined for last day of month most recently ended prior thereto (for the trailing twelve month period then-ended), all based on calculations and assumptions acceptable to
the Agent, (b) for each of the 30 days immediately prior to and immediately after giving effect to such payment, Availability is in an amount greater than 15% of the Revolver Commitments
(disregarding any decreased Revolver Commitment amount during the Seasonal Period), and US Availability is in an amount greater than 15% of the US Revolver Commitments
(disregarding any decreased Revolver Commitment amount during the Seasonal Period), and (c) the Agent shall have received satisfactory evidence that the Borrowers are in compliance with
each of the financial covenants set forth in Section 10.3 on a pro forma basis after giving effect to the repurchase (as if such repurchase was consummated on the first day of the period of measurement) as determined for last day of month most
recently ended prior to such repurchase (for the trailing twelve month period then-ended), all based on calculations and assumptions acceptable to the Agent; 

(e) The Permitted Earnout Payment;[Reserved]; 

(f) Payments of, Distributions on or redemptions of the Series B Preferred Stock of VTB, so long as (a) immediately prior to and after
giving effect to such payment, no Default or Event of Default has occurred or will occur, (b) for each of the 60 days immediately prior to and after giving effect to such payment, Availability is in an amount greater than 20% of the Revolver
Commitments (disregarding any decreased Revolver Commitment amount during the Seasonal Period), and US Availability is in an amount greater than 20% of the US Revolver Commitments
(disregarding any decreased Revolver Commitment amount during the Seasonal Period), (c) immediately after giving effect to such payment, the Fixed Charge Coverage Ratio is no less than
1.15 to 1.00 (measured on a trailing 12-month basis), and (d) the Agent shall have received satisfactory evidence that the Borrowers are in compliance with each of the financial covenants set forth in Section 10.3 on a pro forma
basis after giving effect to such payment, Distribution or redemption (as if such payment, Distribution or redemption was consummated on the first day of the period of measurement) as determined for last day of month most recently ended prior to
such payment, Distribution or redemption (for the trailing twelve month period then-ended), all based on calculations and assumptions acceptable to the Agent; and 

(g) Payments to Sponsor as reimbursements for reasonable out-of-pocket fees and costs incurred by it on behalf of the Borrowers (including,
without limitation, the reasonable out-of-pocket costs of attorneys, consultants and accountants), so long as (a) immediately prior to and after giving effect to such payment, no Default or Event of Default has occurred or will occur,
(b) for each of the 30 days immediately prior to and after giving effect to such payment, Availability is in an amount greater than 15% of the Revolver Commitments (disregarding any decreased Revolver Commitment amount during the Seasonal
Period), and US Availability is in an amount greater than 15% of the US Revolver Commitments (disregarding any decreased Revolver Commitment amount during the Seasonal Period),
and (c) the Agent shall have received satisfactory evidence that the Borrowers are in compliance with each of the financial covenants set forth in Section 10.3 on a pro forma
basis after giving effect to such payment (as if such payment was consummated on the first day of the period of measurement) as determined for last day of month most recently ended prior to such payment (for the trailing twelve month period
then-ended), all based on calculations and assumptions acceptable to the Agent. 

  
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 10.2.5 Restricted Investments. Make any Restricted Investment. 

10.2.6 Disposition of Assets. Make any Asset Disposition, except a Permitted Asset Disposition, a disposition of Equipment under
Section 8.4.2, or a transfer of Property by a Subsidiary or Obligor to an Obligor. 
 10.2.7 Revolver Loans. Make
any loans or other advances of money to any Person, except (a) advances to an officer, director or employee for salary, travel expenses, commissions and similar items in the Ordinary Course of Business; (b) prepaid expenses and extensions
of trade credit made in the Ordinary Course of Business; (c) deposits with financial institutions permitted hereunder; and (d) as long as no Default or Event of Default exists, intercompany loans by UK Borrower in any other Obligor or by
US Borrower in any other Obligor which is not a Foreign Subsidiary. 
 10.2.8 Restrictions on Payment of Certain Debt. Make
any cash payments (whether voluntary or mandatory, or a prepayment, redemption, retirement, defeasance or acquisition) with respect to any: 
 (a) Subordinated Debt
(other than Debt under the TBC Note and the Third Lien Debt) or any Refinancing Debt in respect
thereofor any Refinancing Debt in respect thereof (other than Debt under the TBC Note and any Refinancing Debt in respect
thereof); 
 (b) Subordinated Debt under the TBC Note or any Refinancing Debt
in respect thereof except:
the repayment in full of all obligations under the TBC Notes on or about the First Amendment Effectiveness Date; provided that
(w) the aggregate amount of such repayment is not greater than $11,000,000, (x) immediately prior to and after giving effect to such repayment, no Default or Event of Default has occurred or will occur, (y) either (1) for each of the
30 days immediately prior to and after giving effect to such repayment, Availability is in an amount greater than 15% of the Revolver Commitments (disregarding any decreased commitment amount during the Seasonal Period) or (2) (I) for each of the 30
days immediately prior to and after giving effect to such repayment, Availability is in an amount greater than 10% of the Revolver Commitments (disregarding any decreased commitment amount during the Seasonal Period) and (II) Fixed Charge Coverage
Ratio, determined on a pro forma basis after giving effect to the repayment (as if such repayment were consummated on the first day of the period of measurement), is not less than 1.25:1.00, measured on a trailing 12-month basis. 
 (i)
payments of principal in respect of such Subordinated Debt with net proceeds raised from a sale or issuance by Parent of its Equity Interests; provided that (x) immediately prior to and after giving effect to such payment, no Default or Event
of Default has occurred or will occur and (y) for each of the 30 days immediately prior to and after giving effect to such payment, Availability is in an amount greater than 15% of the Revolver Commitments (disregarding any decreased commitment
amount during the Seasonal Period), and US Availability is in an amount greater than 15% of the US Revolver Commitments (disregarding any decreased commitment amount during the Seasonal Period) (and a Senior Officer of Parent shall certify to Agent,
not less than five (5) Business Days prior to the date of payment, that such conditions have been satisfied); and 

  
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 (ii)
regularly scheduled payments of interest in respect of such Subordinated Debt for periods occurring after the Agents receipt of the financial statements and other deliverables required under Sections 10.1.2(a) and (c) for the Fiscal Year
ending December 31, 2016; provided that (w) immediately prior to and after giving effect to such payment, no Default or Event of Default has occurred or will occur, (x) for each of the 30 days immediately prior
to and after giving effect to such payment, Availability is in an amount greater than 15% of the Revolver Commitments (disregarding any decreased commitment amount during the Seasonal Period), and US Availability is in an amount greater than 15% of
the US Revolver Commitments (disregarding any decreased commitment amount during the Seasonal Period), (y) such payments are permitted under the Subordination Agreement relating to such Debt and (z) the Agent shall have received
satisfactory evidence that the Borrowers are in compliance with each of the financial covenants set forth in Section 10.3 on a pro forma basis after giving
effect to such payment (as if such payment was consummated on the first day of the period of measurement) as determined for last day of month most recently ended prior to such payment (for the trailing twelve month period then-ended), all based on
calculations and assumptions acceptable to the Agent. 
 (c) The Third Lien Debtor any Refinancing Debt in respect thereof, except with the proceeds of the Delayed Draw Term Loan (as defined in the Term Loan Agreement) on or about the date of the
borrowing thereof; provided thatrepayment in full of the Term Loan Debt on the First Amendment Effectiveness Date so long as (w) the aggregate amount of such payment does
not exceed $12,500,000, (x) immediately prior to and after giving effect to such payment, no Default or Event of Default has occurred or will occur, (y) (A) for each of the 30 days immediately prior to and after giving effect to such
payment, Availability is in an amount greater than 15% of the Revolver
Commitments$10,000,000
(disregarding any decreased Revolver Commitmentcommitment amount during the Seasonal Period), and US Availability is
in an amount greater than 15% of the US Revolver Commitments (disregarding any decreased Revolver Commitment amount during the Seasonal Period) and (z) the Agent shall have received satisfactory evidence that the Borrowers are in compliance
with each of the financial covenants set forth in Section 10.3
and (B) Fixed Charge Coverage Ratio, determined on a pro forma basis
after giving effect to such paymentthe
repayment (as if such payment
wasrepayment were consummated on the first day of the period of
measurement) as determined for last day of month most recently ended prior to such payment (for the trailing twelve month period then-ended), all based on calculations and
assumptions acceptable to the Agent.  
 (d) the US Special Advance Loan; provided that such advance may only be repaid by the Borrowers in accordance with the definition of the “US Special Loan
Amount” as in effect on the date hereof) prior to its due date under the agreements evidencing such Debt as in effect on the Restatement Effective Date (or as amended thereafter with the consent of Agent); or (e) Term Loan Debt (except
regularly scheduled payments and mandatory prepayments) if immediately before or after giving effect to such payment, a Default or an Event of Default
exists, is not less than 1.25:1.00 measured on a trailing 12-month basis. 
 10.2.9 Fundamental Changes. Change its name or conduct business under any
fictitious name; change its tax, charter or other organizational identification number; change its form or state of organization; liquidate, wind up its affairs or dissolve itself; or merge, amalgamate, combine or consolidate with any Person,
whether in a single transaction or in a series of related transactions, except for (a) mergers, amalgamations or consolidations of a wholly-owned Subsidiary with another wholly-owned Subsidiary or into an Obligor; or (b) Permitted
Acquisitions. 
 10.2.10 Subsidiaries. Form or acquire any Subsidiary after the Restatement Effective Date, except in
accordance with Sections 10.1.9, 10.2.5 and 10.2.9; or permit any existing Subsidiary to issue any additional Equity Interests except directors’ qualifying shares. 

  
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 10.2.11 Organic Documents. Amend, modify or otherwise change any of its
Organic Documents, except in connection with a transaction permitted under Section 10.2.9. 
 10.2.12 Tax
Consolidation. File or consent to the filing of any consolidated income tax return with any Person other than Obligors and Subsidiaries. 

10.2.13 Accounting Changes. Make any material change in accounting treatment or reporting practices, except as required by GAAP
(or, as the context may require, IFRS) and in accordance with Section 1.2; or change its Fiscal Year other than to change its Fiscal Year end to March 31, with such change to become effective on March 31, 2015. 

10.2.14 Restrictive Agreements. Become a party to any Restrictive Agreement, except a Restrictive Agreement (a) relating to
secured Debt permitted hereunder, as long as the restrictions apply only to collateral for such Debt; (b) constituting customary restrictions on assignment in leases, Hedging Agreements and other contracts; (c) restrictions under the Loan
Documents, the documentation governing the Subordinated Debt and the Third Amended and Restated Certificate of Incorporation of Voyetra as in effect on the date hereof; (d) under Applicable Law; (e) in effect on the Restatement Effective
Date as shown on Schedule 10.2.14.; or (f) the Term Loan
Documents[Reserved]. 

10.2.15 Hedging Agreements. Enter into any Hedging Agreement, except to hedge risks arising in the Ordinary Course of Business
and not for speculative purposes. 
 10.2.16 Conduct of Business. Engage in any business materially different than its
business as conducted on the Restatement Effective Date and any activities incidental thereto. 
 10.2.17 Affiliate
Transactions. Enter into or be party to any non-arm’s length transaction with an Affiliate, except (a) transactions expressly permitted by the Loan Documents; (b) payment of reasonable compensation to officers and employees, and
payment of customary directors’ fees and indemnities; (c) the payment of reasonable fees to directors of any Borrower or any Subsidiary, and compensation and employee benefit arrangements paid to, and indemnities provided for the benefit
of, directors, officers or employees of the Borrowers or their Subsidiaries in the Ordinary Course of Business, (d) any issuances of securities of Parent or other payments, awards or grants in cash, securities of Parent or otherwise pursuant
to, or the funding of, employment agreements, stock options and stock ownership plans approved by an Obligor’s board of directors, (e) transactions solely among Obligors; (f) the Subordinated Debt and the Permitted Earnout Payment; (g) transactions with Affiliates consummated prior to the Restatement Effective Date, as
shown on Schedule 10.2.17; (h) the
Transactions[Reserved] and (i) transactions with Affiliates
in the Ordinary Course of Business, upon fair and reasonable terms fully disclosed to Agent and no less favorable than would be obtained in a comparable arm’s-length transaction with a non-Affiliate. 

10.2.18 Plans. Become party to any Multiemployer Plan, Pension Plan or, solely with respect to any Foreign Plan such a Foreign
Plan that could reasonably be expected to have a Material Adverse Effect, other than any in existence on the Original Closing Date. 

10.2.19 Amendments to Subordinated Debt. (a) Amend, supplement or otherwise modify documents related to any Subordinated Debt, if such modification (a) increases any required cash payment of principal or interest (it being understood that any
non-cash payment prior to the payment in full of the Obligations may be made in kind and accreted to capital as of each interest payment date); (b) accelerates the date on which any installment of principal or any interest is due, or adds any
additional redemption, put or prepayment provisions; (c) shortens the final maturity date or otherwise accelerates amortization; (d) increases the interest rate; (e) increases or adds any fees or charges; (f) modifies any
covenant in a manner or adds any representation, covenant or default that is more onerous or 

  
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restrictive in any material respect for any Obligor or Subsidiary, or that is otherwise materially adverse to any Obligor, any Subsidiary or Lenders; (g) results in the Obligations not being
fully benefited by the subordination provisions thereof; or (h) is otherwise in violation of the terms of the applicable Subordination
Agreement; provided, however, that the Borrowers may repay in full on or after the First Amendment Effectiveness Date all obligations
under the TBC Notes and the Term Loan Debt as permitted hereunder. 
 (b) Amend, supplement or otherwise modify documents related to any ABL Revolver Loan Document, if such modification is in violation of the terms of the Intercreditor
Agreement. 
 10.2.20 Management Agreements. Become party to
any management or similar agreement with the Sponsor or any of its Affiliates unless (i) such agreement is in form and substance, and on terms and conditions, reasonably acceptable to the Agent and (ii) all payment obligations of the
Obligors thereunder are expressly subordinate to the Obligations pursuant to a subordination agreement executed by the Sponsor or such Affiliate in favor of the Agent, which agreement is in form and substance reasonably satisfactory to Lender. 

10.3 Financial Covenants. As long as any Revolver Commitments or Obligations are outstanding, Obligors shall: 

10.3.1 Fixed Charge Coverage Ratio. Not permit the Fixed Charge Coverage Ratio as of the last day of each monthFiscal Quarter (measured
monthlyquarterly as of the last day of such
monthFiscal Quarter for the trailing twelve
monthfour Fiscal Quarter period then-ended) to be less than
1.10:1.00. 1.00:1.00 while a Financial
Covenant Trigger Period is in effect, measured for the most recent Fiscal Quarter for which financial statements were delivered hereunder prior to the Financial Covenant Trigger Period and each Fiscal Quarter ending thereafter until the Financial
Covenant Trigger Period is no longer in effect.  
 10.3.2 Consolidated Leverage Ratio. Not permit the Consolidated Leverage Ratio as of the last day of each month to be greater than 3.00:1.00. 
 10.3.3
Capital Expenditures. Not make or become legally obligated to make any Capital Expenditures exceeding in any twelve-month period ending on any date set forth in the table below, in the aggregate for Parent and its
Subsidiaries, in an amount greater than the amount set forth in the table below opposite such date in the table below:  

 

					
	 Twelve-Month Period
Ending
	  	Capital Expenditures	 
	 December 31, 2017
	  	$	5,500,000	 
	 December 31, 2018
	  	$	5,000,000	 
	 December 31, 2019
	  	$	5,000,000	 
	 December 31, 2020
	  	$	5,000,000	 
	 December 31, 2021
	  	$	5,000,000	 
	 December 31, 2022
	  	$	5,000,000	 
	 December 31, 2023
	  	$	5,000,000	 

 10.3.4 Hypersound Division
Net Operating Disbursements. 
 (a) Not permit Hypersound Division Net Operating Disbursements to be greater than $300,000 in any twelve-month period. 

  
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 (b) Not permit Hypersound
Division Foxconn Expenditures after the Restatement Effective Date to be greater than $846,000 in the aggregate. 

SECTION 11. GUARANTY 
 11.1
Guaranty by US Guarantors. Each US Guarantor hereby jointly, severally, absolutely and unconditionally (a) ratifies, restates, and confirms its guarantee made pursuant to the Existing ABL Revolver Loan Agreement and
(b) guarantees, as a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times
thereafter, of any and all existing and future indebtedness and liabilities of every kind, nature and character, direct or indirect, absolute or contingent, liquidated or unliquidated, voluntary or involuntary and whether for principal, interest,
premiums, fees indemnities, damages, costs, expenses or otherwise, of the US Borrowers to the Agent or any US Lender (or any of their Affiliates or branches) arising hereunder and any instruments, agreements or Loan Documents of any kind or nature
now or hereafter executed in connection with this Agreement (including the US Obligations and all renewals, extensions, amendments, refinancings and other modifications thereof and all Extraordinary Expenses), and whether recovery upon such
indebtedness and liabilities may be or hereafter become unenforceable or shall be an allowed or disallowed claim under any case or proceeding commenced by or against any other US Guarantor or US Borrower under any federal, provincial, state,
municipal, foreign law, or any agreement of such other Guarantor or Borrower to, (a) the entry of an order for relief under the Bankruptcy Code, or any other insolvency, debtor relief or debt adjustment law (whether state, provincial,
federal or foreign), and the Insolvency Act 1986 (UK) and the Enterprise Act 2002(UK); (b) the appointment of a receiver, trustee, liquidator, administrator, conservator or other custodian for such other US Guarantor or US Borrower or any
part of its properties; or (c) any other Insolvency Proceeding, and including interest that accrues after the commencement by or against any US Borrower of any proceeding under any Insolvency Proceeding (collectively, the “US Guaranteed
Obligations”). 
 11.2 Guaranty by UK Guarantors. 

11.2.1 UK Guaranty. Each UK Guarantor hereby jointly, severally, absolutely and unconditionally (a) ratifies, restates, and
confirms its “UK Guaranty” (as defined in the Existing ABL Revolver Loan Agreement) made pursuant to the Existing ABL Revolver Loan Agreement and (b) guarantees (the “UK Guaranty”), as a guaranty of payment and
performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all existing and future indebtedness
and liabilities of every kind, nature and character, direct or indirect, absolute or contingent, liquidated or unliquidated, voluntary or involuntary and whether for principal, interest, premiums, fees indemnities, damages, costs, expenses or
otherwise, of the UK Borrower, to the Agent or any UK Lender (or any of their Affiliates) arising in connection with the Loan Documents (including the Obligations and all renewals, extensions, amendments, refinancings and other modifications thereof
and all Extraordinary Expenses), and whether recovery upon such indebtedness and liabilities may be or hereafter become unenforceable or shall be an allowed or disallowed claim under any case or proceeding commenced by or against any other Guarantor
or Borrower under any federal, provincial, state, municipal, foreign law, or any agreement of such other Guarantor or Borrower to, (a) the entry of an order for relief under the Bankruptcy Code, or any other insolvency, debtor relief or debt
adjustment law (whether state, provincial, federal or foreign), and the Insolvency Act 1986 (UK) and the Enterprise Act 2002 (UK); (b) the appointment of a receiver, trustee, liquidator, administrator, conservator or other custodian for such
other Guarantor or Borrower or any part of its properties; or (c) any other Insolvency Proceeding, and including interest that accrues after the commencement by or against any Borrower of any proceeding under any Insolvency Proceeding
(collectively, the “UK Guaranteed Obligations”). 

  
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 11.2.2 Reinstatement of UK Guaranty. If any payment by a UK Guarantor or any
discharge given by the Agent (whether in respect of the UK Guaranteed Obligations or any security for the UK Guaranteed Obligations or otherwise) is avoided or reduced as a result of insolvency or any similar event (a) the liability of that UK
Guarantor shall continue as if the payment, discharge, avoidance or reduction had not occurred; and (b) the Agent shall be entitled to recover the value or amount of that security or payment from the UK Guarantor, as if the payment, discharge,
avoidance or reduction had not occurred. 
 11.2.3 Waiver of defences. The obligations of a UK Guarantor under this Agreement
will not be affected by an act, omission, matter or thing which, but for this Section 11.2.3, would reduce, release or prejudice any of its obligations under this Agreement (without limitation and whether or not known to it or the Agent)
including (a) any time, waiver or consent granted to, or composition with, any Obligor or other person; (b) the release of any Obligor or any other person under the terms of any composition or arrangement with any creditor; (c) the
taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Obligor any other person or any non-presentation or non-observance of any
formality or other requirement in respect of any instrument or any failure to realise the full value of any security; (d) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of
any Obligor or any other person; (e) any amendment (however fundamental) or replacement of a Loan Document or any other document or security; (f) any unenforceability, illegality or invalidity of any obligation of any person under any Loan
Document or any other document or security; or (g) any insolvency or similar proceedings. 
 11.2.4 Guarantor intent.
Without prejudice to the generality of Section 11.2.3, each UK Guarantor expressly confirms that it intends that the guarantee shall extend from time to time to any (however fundamental) variation, increase, extension or addition of
or to any of the Loan Documents and/or any facility or amount made available under any of the Loan Documents for the purposes of or in connection with any of the following (a) acquisitions of any nature; (b) increasing working capital;
(c) enabling investor distributions to be made; (d) carrying out restructurings; (e) refinancing existing facilities; (f) refinancing any other indebtedness; (g) making facilities available to new borrowers; (h) any
other variation or extension of the purposes for which any such facility or amount might be made available from time to time; and (i) any fees, costs and/or expenses associated with any of the foregoing. 

11.2.5 Deferral of UK Guarantor’s rights. Until the UK Guaranteed Obligations have been repaid in full, no UK Guarantor
will exercise any rights which it may have by reason of performance by it of its obligations under the Loan Documents (a) to be indemnified by any other Obligor; (b) to claim any contribution from any other Obligor; or (c) to take the
benefit (in whole or in part and whether by way of subrogation or otherwise) of any of the Agent’s rights under the Loan Documents or of any other guarantee or security taken pursuant to, or in connection with, the Loan Documents by the Agent.

 11.3 Evidence of Debt. The Agent’s books and records showing the amount of any Guaranteed Obligations
shall be admissible in evidence in any action or proceeding, and absent manifest error, shall be binding upon the applicable Guarantors and conclusive for the purpose of establishing the amount of the Guaranteed Obligations. As to each Guarantor,
its obligations hereunder shall not be affected by the genuineness, validity, regularity or enforceability of the Guaranteed Obligations against any Borrower or any other Guarantor or other Obligor, or any instrument or agreement evidencing any
Guaranteed Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense
of any Borrower or any other Guarantor or other Obligor, to the obligations of the Guarantors hereunder, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the
foregoing. Anything contained herein to the contrary notwithstanding, the obligations of each Guarantor hereunder at any time shall be limited to an 

  
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aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of the Bankruptcy
Code or any comparable provisions of any similar federal or state law. 
 11.4 No Setoff or Deductions; Taxes; Payments. Each
Guarantor shall make all payments hereunder without setoff or counterclaim and free and clear of and without deduction for any taxes, levies, imposts, duties, charges, fees, deductions, withholdings, compulsory loans, restrictions or conditions of
any nature now or hereafter imposed or levied by any jurisdiction or any political subdivision thereof or taxing or other authority therein. If any such obligation (other than one arising with respect to any Excluded Tax) is imposed upon such
Guarantor with respect to any amount payable by it hereunder, each Guarantor will pay to Agent or Lenders, on the date on which such amount is due and payable hereunder, such additional amount in Dollars as shall be necessary to enable the Agent and
Lenders to receive the same net amount which the Agent and Lenders would have received on such due date had no such obligation been imposed upon such Guarantor. Each Guarantor will deliver promptly to the Agent certificates or other valid vouchers
for all taxes or other charges deducted from or paid with respect to payments made by the Guarantors hereunder. The obligations of the Guarantors under this paragraph shall survive the Full Payment of the Guaranteed Obligations. For the avoidance of
doubt, this Section 11.4 shall not apply to Taxes that are governed exclusively by Section 5.9. 
 11.5 Rights
of Lender. Each Guarantor consents and agrees that the Agent and Lenders may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend,
renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of any Guaranteed Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of
any security for the payment of any Guaranteed Obligations; (c) apply such security and direct the order or manner of sale thereof as the Agent or Lenders in their sole discretion may determine; and (d) release or substitute one or more of
any endorsers or other guarantors of any of the Guaranteed Obligations. Without limiting the generality of the foregoing, each Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the
risks of the Guarantors hereunder or which, but for this provision, might operate as a discharge of any Guarantor. 
 11.6 Certain
Waivers. Each Guarantor waives (a) any defense arising by reason of any disability or other defense of any Borrower or any other Guarantor, or the cessation from any cause whatsoever (including any act or omission of the Agent or any
Lender) of the liability of any Borrower; (b) any defense based on any claim that such Guarantors’ obligations exceed or are more burdensome than those of any Borrower; (c) the benefit of any statute of limitations affecting the
Guarantors’ liability hereunder; (d) any right to require the Agent or any Lender to proceed against any Borrower, proceed against or exhaust any security for any of the Guaranteed Obligations, or pursue any other remedy in the
Agent’s or any Lender’s power whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by Agent or any Lender; and (f) to the fullest extent permitted by law, any and all other defenses or
benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties. Each Guarantor expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance,
notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Guaranteed Obligations, and all notices of acceptance hereof or of the
existence, creation or incurrence of new or additional Guaranteed Obligations. Each Guarantor waives any rights and defenses that are or may become available to such Guarantor by reason of Sections 2787 to 2855, inclusive, 2899 and 3433 of the
California Civil Code. 
 11.7 Obligations Independent. The obligations of each Guarantor hereunder are those of primary
obligor, and not merely as surety, and are independent of the Guaranteed Obligations and the obligations of any other Guarantor, and a separate action may be brought against each Guarantor to enforce this Agreement whether or not any Borrower or any
other person or entity is joined as a party. 

  
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 11.8 Subrogation. No Guarantor shall exercise any right of subrogation,
contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Section 11 until the Full Payment of all of the Guaranteed Obligations and any amounts payable under this Section 11.
If any amounts are paid to any Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Agent and Lenders and shall forthwith be paid to the Agent to reduce the amount of the applicable
Guaranteed Obligations, whether matured or unmatured. 
 11.9 Termination; Reinstatement. The guaranty under this
Section 11 is a continuing and irrevocable guaranty of the applicable Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until the Full Payment of the Guaranteed Obligations and any other amounts
payable under this Section 11. Notwithstanding the foregoing, the guaranty under this Section 11 shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of any Borrower or any
Guarantor is made, or the Agent or any Lender exercises its right of setoff, in respect of the applicable Guaranteed Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be
fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Agent or any Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any
Insolvency Proceeding or otherwise, all as if such payment had not been made or such setoff had not occurred and whether the Agent or any Lender is in possession of or has released the guaranty hereunder and regardless of any prior revocation,
rescission, termination or reduction. The obligations of each Guarantor under this Section 11.9 shall survive termination of the guaranty hereunder. 

11.10 Subordination. Each Obligor hereby subordinates the payment of all obligations and indebtedness of any Obligor owing to
such other Obligor, whether now existing or hereafter arising, including but not limited to any obligation of any Borrower to any Guarantor as subrogee of the Agent or any Lender or resulting from such Guarantor’s performance under the guaranty
under this Section 11, to the Full Payment of all Guaranteed Obligations and Obligations. If the Agent or any Lender so requests, any such obligation or indebtedness of any Borrower to any Guarantor shall be enforced and performance
received by such Guarantor as trustee for the Agent and Lenders and the proceeds thereof shall be paid over to the Agent on account of the applicable Guaranteed Obligations of such Guarantor, but without reducing or affecting in any manner the
liability of any Guarantor under this Section 11. Notwithstanding the foregoing, a Guarantor may demand and accept repayments of indebtedness of any Borrower owing to such Guarantor as such repayment is expressly permitted hereunder.

 11.11 Stay of Acceleration. In the event that acceleration of the time for payment of any of the Guaranteed Obligations is
stayed, in connection with any case commenced by or against any Guarantor or any Borrower under any Insolvency Proceeding, or otherwise, all such amounts shall nonetheless be payable by the Guarantors immediately upon demand by the Agent. 

11.12 Miscellaneous. No provision of this Section 11 may be waived, amended, supplemented or modified, except by a
written instrument executed by the Agent and each Guarantor party hereto. No failure by the Agent or any Lender to exercise, and no delay in exercising, any right, remedy or power under this Section 11 shall operate as a waiver thereof;
nor shall any single or partial exercise of any right, remedy or power hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law or in equity. The unenforceability or invalidity of any provision of this Section 11 shall not affect the enforceability or validity of any other provision herein. 

  
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 11.13 Condition of Borrowers. Each Guarantor acknowledges and agrees that it
has the sole responsibility for, and has adequate means of, obtaining from each Borrower and any other Guarantor such information concerning the financial condition, business and operations of such Borrower and any such other Guarantor as the
Guarantor requires, and that the Agent and Lenders have no duty, and not Guarantor is relying on the Agent or any Lender at any time, to disclose to such Guarantor any information relating to the business, operations or financial condition of any
Borrower or any other Guarantor (the guarantor waiving any duty on the part of the Agent or any Lender to disclose such information and any defense relating to the failure to provide the same). 

11.14 Setoff. If and to the extent any payment is not made when due under this Section 11, the Agent and any Lender
may setoff and charge from time to time any amount so due against any or all of any Guarantor’s accounts or deposits with the Agent or any Lender. 

11.15 Representations and Warranties. Each Guarantor represents and warrants that (a) its obligations under this
Section 11 constitute its legal, valid and binding obligation enforceable in accordance with its terms; (b) the making and performance of the guaranty under this Section 11 does not and will not violate the provisions of
any material Applicable Law, regulation or order, and does not and will not result in the breach of, or constitute a default or require any consent under, any material agreement, instrument, or document to which it is a party or by which it or any
of its property may be bound or affected; and (c) all consents, approvals, licenses and authorizations of, and filings and registrations with, any governmental authority required under applicable law and regulations for the making and
performance of the guaranty under this Section 11 have been obtained or made and are in full force and effect, except as could not reasonably be expected to result in a Material Adverse Effect. 

11.16 Additional Guarantor Waivers and Agreements. 

11.16.1 Each Guarantor understands and acknowledges that if the Agent forecloses judicially or nonjudicially against any real property
security for any of the Guaranteed Obligations, that foreclosure could impair or destroy any ability that such Guarantor may have to seek reimbursement, contribution, or indemnification from a Borrower or others based on any right such Guarantor may
have of subrogation, reimbursement, contribution, or indemnification for any amounts paid by such Guarantor under this Section 11. Each Guarantor further understands and acknowledges that in the absence of this paragraph, such potential
impairment or destruction of such Guarantor’s rights, if any, may entitle such Guarantor to assert a defense to the guaranty under this Section 11 based on Section 580d of the California Code of Civil Procedure as interpreted
in Union Bank v. Gradsky, 265 Cal. App. 2d 40 (1968). By executing this Agreement, each Guarantor freely, irrevocably, and unconditionally: (i) waives and relinquishes that defense and agrees that such Guarantor will be fully liable under this
Section 11 even though the Agent may foreclose, either by judicial foreclosure or by exercise of power of sale, any deed of trust securing any of the Guaranteed Obligations; (ii) agrees that such Guarantor will not assert that
defense in any action or proceeding which the Agent may commence to enforce the guaranty under this Section 11; (iii) acknowledges and agrees the rights and defenses waived by such Guarantor in this Agreement include any right or
defense that such Guarantor may have or be entitled to assert based upon or arising out of any one or more of Sections 580a, 580b, 580d, or 726 of the California Code of Civil Procedure or Section 2848 of the California Civil Code; and
(iv) acknowledges and agrees that the Agent and Lenders are relying on this waiver in creating any of the Guaranteed Obligations, and that this waiver is a material part of the consideration which the Agent and Lenders are receiving for
creating the Guaranteed Obligations. 
 11.16.2 Each Guarantor waives all rights and defenses that such Guarantor may have because of
any of the Guaranteed Obligations is secured by real property. This means, among other things: (i) the Agent may collect from the Guarantors without first foreclosing on any real or personal property collateral pledged by any Obligor; and
(ii) if the Agent forecloses on any real property collateral 

  
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pledged by any Obligor: (A) the amount of the Guaranteed Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is
worth more than the sale price, and (B) the Agent may collect from the Guarantors even if the Agent, by foreclosing on the real property collateral, has destroyed any right the Guarantors may have to collect from Borrowers. This is an
unconditional and irrevocable waiver of any rights and defenses any Guarantor may have because any of the Guaranteed Obligations is secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based
upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure. 
 11.16.3 Each Guarantor waives any right or
defense it may have at law or equity, including California Code of Civil Procedure Section 580a, to a fair market value hearing or action to determine a deficiency judgment after a foreclosure. 

SECTION 12. EVENTS OF DEFAULT; REMEDIES ON DEFAULT 

12.1 Events of Default. Each of the following shall be an “Event of Default” if it occurs for any reason
whatsoever, whether voluntary or involuntary, by operation of law or otherwise: 
 (a) Any Obligor fails to pay its Obligations when due
(whether at stated maturity, on demand, upon acceleration or otherwise); 
 (b) Any representation, warranty or other written statement of
an Obligor made in connection with any Loan Documents or transactions contemplated thereby is incorrect or misleading in any material respect when given; 

(c) An Obligor breaches or fails to perform any covenant contained in Section 6.3, 7.2, 7.3, 7.4, 7.6, 8.1, 8.2.4, 8.2.5, 8.6.2,
10.1.1, 10.1.2, 10.1.12, 10.2.7, 10.2 or 10.3; 
 (d) An Obligor breaches or fails to perform any other covenant contained in any
Loan Documents, and such breach or failure is not cured within 15 days after a Senior Officer of such Obligor has knowledge thereof or receives notice thereof from Agent, whichever is sooner; provided, that such notice and opportunity to cure
shall not apply if the breach or failure to perform is not capable of being cured within such period or is a willful breach by an Obligor; 

(e) A Guarantor repudiates, revokes or attempts to revoke its Guaranty; an Obligor or third party denies or contests the validity or
enforceability of any Loan Documents or Obligations, or the perfection or priority of any Lien granted to Agent; or any Loan Document ceases to be in full force or effect for any reason (other than a waiver or release by Agent and Lenders); 

(f) Any breach or default of an Obligor occurs under (i) any Hedging Agreement; or (ii) any instrument or agreement to which it is a
party or by which it or any of its Properties is bound, relating to any Debt (other than the Obligations), in each case, in excess of $1,000,000, if the maturity of or any payment with respect to such Debt may be accelerated or demanded due to such
breach; 
 (g) Any judgment or order for the payment of money is entered against an Obligor in an amount that exceeds, individually or
cumulatively with all unsatisfied judgments or orders against all Obligors, $1,000,000 (net of insurance coverage therefor that has not been denied by the insurer), unless a stay of enforcement of such judgment or order is in effect; 

(h) A loss, theft, damage or destruction occurs with respect to any Collateral if the amount not covered by insurance exceeds $1,000,000; 

  
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 (i) An Obligor is enjoined, restrained or in any way prevented by any Governmental Authority
from conducting any material part of its business; an Obligor suffers the loss, revocation or termination of any material license, permit, lease or agreement necessary to its business; there is a cessation of any material part of an Obligor’s
business for a material period of time; any material Collateral or Property of an Obligor is taken or impaired through condemnation; an Obligor agrees to or commences any liquidation, dissolution or winding up of its affairs; or Obligors and their
Subsidiaries are not Solvent on a consolidated basis; 
 (j) An Insolvency Proceeding is commenced by an Obligor; an Obligor makes an offer
of settlement, extension or composition to its unsecured creditors generally; a trustee is appointed to take possession of any substantial Property of or to operate any of the business of an Obligor; or an Insolvency Proceeding is commenced against
an Obligor and: the Obligor consents to institution of the proceeding, the petition commencing the proceeding is not timely contested by the Obligor, the petition is not dismissed within 30 days after filing, or an order for relief is entered in the
proceeding; 
 (k) Any Obligor (i) is unable or admits inability to pay its debts as they fall due; (ii) suspends making payments
on any of its debts or, (iii) by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (other than the Agent or any Secured Party in their capacity as such) with a view to rescheduling
any of its indebtedness; or (b) if in respect of any Obligor, (i) the value of its assets is less than that its liabilities (taking into account contingent and prospective liabilities); or (ii) a moratorium is declared or imposed in
respect of any its indebtedness; 
 (l) Except as would not reasonably be expected, whether taken individually or in the aggregate, to
result in any Obligor or the Obligors incurring a liability in excess of $1,000,000 in any twenty-four month period, the (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan that has resulted or could reasonably be
expected to result in liability of an Obligor to a Pension Plan, Multiemployer Plan or PBGC, or that constitutes grounds for appointment of a trustee for or termination by the PBGC of any Pension Plan or Multiemployer Plan; (ii) an Obligor or
ERISA Affiliate fails to pay when due any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan; or (iii) any event similar to the foregoing occurs or exists with respect to a
Foreign Plan; 
 (m) An Obligor or any of its Senior Officers is criminally indicted or convicted for (i) a felony committed in the
conduct of the Obligor’s business, or (ii) violating any state or federal law (including the Controlled Substances Act, Money Laundering Control Act of 1986 and Illegal Exportation of War Materials Act) that could lead to forfeiture of any
material Property or any Collateral; 
 (n) A Change of Control occurs; 

(o) The Pensions Regulator issues a Financial Support Direction or a Contribution Notice to UK Borrower unless the aggregate liability of UK
Borrower under all Financial Support Directions and Contributions Notices is less than $200,000 (or its equivalent in another currency or currencies); 

(p)(i) Any default, breach or any conditions or covenant, or any other event
shall occur or condition shall exist, under the Term Loan Documents or any instrument relating to the Term Loan Obligations, if the effect of such event or condition is to cause, or to permit the holder or holders of the Term Loan Obligations or
beneficiary or beneficiaries of such Debt (or trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause such Debt to be declared due and payable prior to its stated maturity or (ii) a “Default” or
“Event of Default” (under and as defined in the Term Loan Agreement); or[Reserved]; or 

  
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 (q) The provisions of the
Intercreditor Agreement or any Subordination Agreement shall for any reason (other than in accordance with the terms thereof or as otherwise agreed to by the parties thereto in connection with the repayment in full of the TBC Notes or otherwise) be revoked or
invalidated or otherwise cease to be in full force and effect. 
 12.2 Remedies upon Default. If an Event of Default
described in Section 12.1(j) occurs with respect to any Obligor, then to the extent permitted by Applicable Law, all Obligations (other than Secured Bank Product Obligations) shall become automatically due and payable and all Revolver
Commitments shall terminate, without any action by Agent or notice of any kind. In addition, or if any other Event of Default exists, Agent may in its discretion (and shall upon written direction of Required Lenders) do any one or more of the
following from time to time: 
 (a) declare any Obligations (other than Secured Bank Product Obligations) immediately due and payable,
whereupon they shall be due and payable without diligence, presentment, demand, protest or notice of any kind, all of which are hereby waived by Obligors to the fullest extent permitted by law; 

(b) terminate, reduce or condition any Revolver Commitment or adjust to the Borrowing Base; 

(c) require Obligors to Cash Collateralize their LC Obligations, Secured Bank Product Obligations and other Obligations that are contingent or
not yet due and payable, and if Obligors fail to deposit such Cash Collateral, Agent may (and shall upon the direction of Required Lenders) advance the required Cash Collateral as Revolver Loans (whether or not an Overadvance exists or is created
thereby, or the conditions in Section 6 are satisfied); and 
 (d) exercise any other rights or remedies afforded under any
agreement, by law, at equity or otherwise, including the rights and remedies of a secured party under the UCC. Such rights and remedies include the rights to (i) take possession of any Collateral; (ii) require Obligors to assemble
Collateral, at Obligors’ expense, and make it available to Agent at a place designated by Agent; (iii) enter any premises where Collateral is located and store Collateral on such premises until sold (and if the premises are owned or leased
by an Obligor, Obligors agree not to charge for such storage); and (iv) sell or otherwise dispose of any Collateral in its then condition, or after any further manufacturing or processing thereof, at public or private sale, with such notice as
may be required by Applicable Law, in lots or in bulk, at such locations, all as Agent, in its discretion, deems advisable. Each Obligor agrees that 10 days’ notice of any proposed sale or other disposition of Collateral by Agent shall be
reasonable. Agent may conduct sales on any Obligor’s premises, without charge, and any sale may be adjourned from time to time in accordance with Applicable Law. Agent shall have the right to sell, lease or otherwise dispose of any Collateral
for cash, credit or any combination thereof, and Agent may purchase any Collateral at public or, if permitted by law, private sale and, in lieu of actual payment of the purchase price, may credit bid and set off the amount of such price against the
Obligations. 
 12.3 License. Agent is hereby granted an irrevocable, non-exclusive license or other right to use, license or
sub-license (without payment of royalty or other compensation to any Person), exercisable only during the continuation of an Event of Default, any or all Intellectual Property of Obligors, computer hardware and software, trade secrets, brochures,
customer lists, promotional and advertising materials, labels, packaging materials and other Property, in advertising for sale, marketing, selling, collecting, completing manufacture of, or otherwise exercising any rights or remedies with respect
to, any Collateral. Each Obligor’s rights and interests under such Intellectual Property shall inure to Agent’s benefit. Each Obligor hereby grants to the Agent an irrevocable, non-exclusive license or other right to use, license or
sub-license (without payment of royalty or other compensation to any Person), exercisable only during the continuation of an Event of Default, all other Property and to occupy all Real Estate owned or leased by 

  
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such Obligor, wherever the same may be located, and such license shall include access to all media in which any of the licensed items may be recorded or stored and to all computer programs used
for the compilation or printout hereof. 
 12.4 Setoff. At any time during an Event of Default, Agent, Issuing Bank, Lenders,
and any of their Affiliates are authorized, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other
obligations (in whatever currency) at any time owing by Agent, Issuing Bank, such Lender or such Affiliate to or for the credit or the account of an Obligor against its Obligations, whether or not Agent, Issuing Bank, such Lender or such Affiliate
shall have made any demand under this Agreement or any other Loan Document and although such Obligations may be contingent or unmatured or are owed to a branch or office of Agent, Issuing Bank, such Lender or such Affiliate different from the branch
or office holding such deposit or obligated on such indebtedness. The rights of Agent, Issuing Bank, each Lender and each such Affiliate under this Section are in addition to other rights and remedies (including other rights of setoff) that such
Person may have. 
 12.5 Remedies Cumulative; No Waiver. 

12.5.1 Cumulative Rights. All agreements, warranties, guaranties, indemnities and other undertakings of Obligors under the Loan
Documents are cumulative and not in derogation of each other. The rights and remedies of Agent and Lenders under the Loan Documents are cumulative, may be exercised at any time and from time to time, concurrently or in any order, and are not
exclusive of any other rights or remedies available by agreement, by law, at equity or otherwise. All such rights and remedies shall continue in full force and effect until Full Payment of all Obligations. 

12.5.2 Waivers. No waiver or course of dealing shall be established by (a) the failure or delay of Agent or any Lender to require
strict performance by any Obligor under any Loan Document, or to exercise any rights or remedies with respect to Collateral or otherwise; (b) the making of any advance during a Default, Event of Default; or (c) acceptance by Agent or any
Lender of any payment or performance by an Obligor under any Loan Documents in a manner other than that specified therein. Any failure to satisfy a financial covenant on a measurement date shall not be cured or remedied by satisfaction of such
covenant on a subsequent date. 
 SECTION 13. AGENT 

13.1 Appointment, Authority and Duties of Agent. 

13.1.1 Appointment and Authority. Each Secured Party appoints and designates Bank of America as Agent under all Loan Documents.
Agent may, and each Secured Party authorizes Agent to, enter into all Loan Documents to which Agent is intended to be a party and accept all Security Documents. Any action taken by Agent in accordance with the provisions of the Loan Documents, and
the exercise by Agent of any rights or remedies set forth therein, together with all other powers reasonably incidental thereto, shall be authorized by and binding upon all Secured Parties. Without limiting the generality of the foregoing, Agent
shall have the sole and exclusive authority to (a) act as the disbursing and collecting agent for Lenders with respect to all payments and collections arising in connection with the Loan Documents; (b) execute and deliver as Agent each
Loan Document, including any intercreditor or subordination agreement, and accept delivery of each Loan Document; (c) act as collateral agent for Secured Parties for purposes of perfecting and administering Liens under the Loan Documents, and
for all other purposes stated therein; (d) manage, supervise or otherwise deal with Collateral; and (e) take any Enforcement Action or otherwise exercise any rights or remedies with respect to any Collateral or under any Loan Documents,
Applicable Law or otherwise. Agent alone is authorized to determine eligibility and applicable advance rates under the Borrowing Base, whether to impose or release any reserve, or whether any conditions to funding or issuance of a Letter of Credit
have been satisfied, which determinations and judgments, if exercised in good faith, shall exonerate Agent from liability to any Secured Party or other Person for any error in judgment. 

  
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 13.1.2 Duties. The title of “Agent” is used solely as a
matter of market custom and the duties of Agent are administrative in nature only. Agent has no duties except those expressly set forth in the Loan Documents, and in no event does Agent have any agency, fiduciary or implied duty to or relationship
with any Secured Party or other Person by reason of any Loan Document or related transaction. The conferral upon Agent of any right shall not imply a duty to exercise such right, unless instructed to do so by Lenders in accordance with this
Agreement. 
 13.1.3 Agent Professionals. Agent may perform its duties through agents and employees. Agent may consult with
and employ Agent Professionals, and shall be entitled to act upon, and shall be fully protected in any action taken in good faith reliance upon, any advice given by an Agent Professional. Agent shall not be responsible for the negligence or
misconduct of any agents, employees or Agent Professionals selected by it with reasonable care. 
 13.1.4 Instructions of Required
Lenders. The rights and remedies conferred upon Agent under the Loan Documents may be exercised without the necessity of joining any other party, unless required by Applicable Law. In determining compliance with a condition for any action
hereunder, including satisfaction of any condition in Section 6, Agent may presume that the condition is satisfactory to a Secured Party unless Agent has received notice to the contrary from such Secured Party before Agent takes the
action. Agent may request instructions from the applicable Required Lenders or other Secured Parties with respect to any act (including the failure to act) in connection with any Loan Documents or Collateral, and may seek assurances to its
satisfaction from Secured Parties of their indemnification obligations against Claims that could be incurred by Agent. Agent may refrain from any act until it has received such instructions or assurances, and shall not incur liability to any Person
by reason of so refraining. Instructions of Required Lenders shall be binding upon all Secured Parties, and no Secured Party shall have any right of action whatsoever against Agent as a result of Agent acting or refraining from acting pursuant to
instructions of Required Lenders. Notwithstanding the foregoing, instructions by and consent of specific parties shall be required to the extent provided in Section 14.1.1. In no event shall Agent be required to take any action that it
determines in its discretion is contrary to Applicable Law or any Loan Documents or could subject any Agent Indemnitee to liability. 

13.1.5 Agent as Security Trustee. In this Agreement and the UK Security Agreements, any rights and remedies exercisable by, any
documents to be delivered to, or any other indemnities or obligations in favor of Agent shall be, as the case may be, exercisable by, delivered to, or be indemnities or other obligations in favor of, Agent (or any other Person acting in such
capacity) in its capacity as security trustee of Secured Parties to the extent that the rights, deliveries, indemnities or other obligations relate to the UK Security Agreements or the security thereby created. Any obligations of Agent (or any other
Person acting in such capacity) in this Agreement and UK Security Agreements shall be obligations of Agent in its capacity as security trustee of Secured Parties to the extent that the obligations relate to the UK Security Agreements or the security
thereby created. Additionally, in its capacity as security trustee of Secured Parties Agent (or any other Person acting in such capacity) shall have (i) all the rights, remedies and benefits in favor of Agent contained in the provisions of the
whole of this Section 13; (ii) all the powers of an absolute owner of the security constituted by the UK Security Agreements and (iii) all the rights, remedies and powers granted to it and be subject to all the obligations and
duties owed by it under the UK Security Agreements and/or any of the Loan Documents. 
 13.1.6 Appointment of Agent as Security
Trustee . Each Secured Party hereby appoints Agent to act as its trustee under and in relation to the UK Security Agreements and to hold the assets subject to the security thereby created as trustee for Secured Parties on the trusts and other
terms contained in the UK Security Documents and each Secured Party hereby irrevocably authorizes Agent in its capacity as 

  
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security trustee of Secured Parties to exercise such rights, remedies, powers and discretions as are specifically delegated to Agent as security trustee of Secured Parties by the terms of the UK
Security Agreements together with all such rights, remedies, powers and discretions as are reasonably incidental thereto. 
 13.1.7
Liens. Any reference in this Agreement to Liens stated to be in favor of Agent shall be construed so as to include a reference to Liens granted in favor of Agent in its capacity as security trustee of Secured Parties. 

13.1.8 Successors. Secured Parties agree that at any time that the Person acting as security trustee of Secured Parties in
respect of the UK Security Agreements shall be a Person other than Agent, such other Person shall have the rights, remedies, benefits and powers granted to Agent in its capacity as security trustee of Secured Parties under this Agreement and the UK
Security Agreements. 
 13.1.9 Capacity. Nothing in Sections 13.1.5 to 13.1.8 shall require Agent in its
capacity as security trustee of Secured Parties under this Agreement and the UK Security Agreements to act as a trustee at common law or to be holding any property on trust, in any jurisdiction outside the US or the UK which may not operate under
principles of trust or where such trust would not be recognized or its effects would not be enforceable. 
 13.2 Agreements Regarding
Collateral and Borrower Materials. 
 13.2.1 Lien Releases; Care of Collateral. Secured Parties authorize Agent to
release any Lien on any Collateral (a) upon Full Payment of the Obligations; (b) that is the subject of a disposition or Lien that Obligors certify in writing is a Permitted Asset Disposition or a Permitted Lien entitled to priority over
Agent’s Liens (and Agent may rely conclusively on such certificate without further inquiry); (c) that does not constitute a material part of the Collateral; or (d) subject to Section 14.1, with the consent of the
applicable Required Lenders. Secured Parties authorize Agent to subordinate its Liens to any Purchase Money Lien or other Lien entitled to priority hereunder. Agent has no obligation to assure that any Collateral exists or is owned by an Obligor, or
is cared for, protected or insured, nor to assure that Agent’s Liens have been properly created, perfected or enforced, or are entitled to any particular priority, nor to exercise any duty of care with respect to any Collateral. 

13.2.2 Possession of Collateral. Agent and Secured Parties appoint each Secured Party as agent (for the benefit of Secured
Parties) for the purpose of perfecting Liens in Collateral held or controlled by it, to the extent such Liens are perfected by possession or control. If a Secured Party obtains possession or control of any Collateral, it shall notify Agent thereof
and, promptly upon Agent’s request, deliver such Collateral to Agent or otherwise deal with it in accordance with Agent’s instructions. 

13.2.3 Reports. Agent shall promptly provide to Lenders, when complete, any field examination, audit or appraisal report
prepared for Agent with respect to any Obligor or Collateral (“Report”). Reports and other Borrower Materials may be made available to Lenders by providing access to them on the Platform, but Agent shall not be responsible for
system failures or access issues that may occur from time to time. Each Lender agrees (a) that Reports are not intended to be comprehensive audits or examinations, and that Agent or any other Person performing an audit or examination will
inspect only limited information and will rely significantly upon Obligors’ books, records and representations; (b) that Agent makes no representation or warranty as to the accuracy or completeness of any Borrower Materials and shall not
be liable for any information contained in or omitted from any Borrower Materials, including any Report; and (c) to keep all Borrower Materials confidential and strictly for such Lender’s internal use, not to distribute any Report or other
Borrower Materials (or the contents thereof) to any Person (except to such Lender’s Participants, attorneys and accountants, provided such Persons are informed of the confidential nature of such Reports and Borrower Materials and instructed to
keep them confidential and 

  
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strictly for such Lender’s use)), and to use all Borrower
Materials solely for administration of the Obligations. Each Lender shall indemnify and hold harmless Agent and any other Person preparing a Report from any action such Lender may take as a result of or any conclusion it may draw from any Borrower
Materials, as well as from any Claims arising as a direct or indirect result of Agent furnishing same to such Lender, via the Platform or otherwise. 

13.3 Reliance By Agent. Agent shall be entitled to rely, and shall be fully protected in relying, upon any certification, notice
or other communication (including those by telephone, telex, telegram, telecopy, e-mail or other electronic means) believed by it to be genuine and correct and to have been signed, sent or made by the proper Person. Agent shall have a reasonable and
practicable amount of time to act upon any instruction, notice or other communication under any Loan Document, and shall not be liable for any delay in acting. 

13.4 Action Upon Default. Agent shall not be deemed to have knowledge of any Default or Event of Default, or of any failure to
satisfy any conditions in Section 6, unless it has received written notice from an Obligor or Required Lenders specifying the occurrence and nature thereof. If a Lender acquires knowledge of a Default, Event of Default or failure of such
conditions, it shall promptly notify Agent and the other Lenders thereof in writing. Each Secured Party agrees that, except as otherwise provided in any Loan Documents or with the written consent of Agent and Required Lenders, it will not take any
Enforcement Action, accelerate Obligations (other than Secured Bank Product Obligations) or assert any rights relating to any Collateral. 

13.5 Ratable Sharing. If any Lender obtains any payment or reduction of any Obligation, whether through set-off or
otherwise, in excess of its ratable share of such Obligation, such Lender shall forthwith purchase from Secured Parties participations in the affected Obligation as are necessary to share the excess payment or reduction on a Pro Rata basis or in
accordance with Section 5.6.2, as applicable. If any of such payment or reduction is thereafter recovered from the purchasing Lender, the purchase shall be rescinded and the purchase price restored to the extent of such recovery, but
without interest. Notwithstanding the foregoing, if a Defaulting Lender obtains a payment or reduction of any Obligation, it shall immediately turn over the full amount thereof to Agent for application under Section 4.2.2 and it shall
provide a written statement to Agent describing the Obligation affected by such payment or reduction. No Lender shall set off against a Dominion Account without Agent’s prior consent. 

13.6 Indemnification. EACH SECURED PARTY SHALL INDEMNIFY AND HOLD HARMLESS AGENT INDEMNITEES AND ISSUING BANK INDEMNITEES, TO
THE EXTENT NOT REIMBURSED BY OBLIGORS, ON A PRO RATA BASIS, AGAINST ALL CLAIMS THAT MAY BE INCURRED BY OR ASSERTED AGAINST ANY SUCH INDEMNITEE, PROVIDED THAT ANY CLAIM AGAINST AN AGENT INDEMNITEE RELATES TO OR ARISES FROM ITS ACTING AS OR FOR AGENT
(IN THE CAPACITY OF AGENT). In Agent’s discretion, it may reserve for any Claims made against an Agent Indemnitee or Issuing Bank Indemnitee, and may satisfy any judgment, order or settlement relating thereto, from proceeds of Collateral
prior to making any distribution of Collateral proceeds to Secured Parties. If Agent is sued by any receiver, trustee or other Person for any alleged preference or fraudulent transfer, then any monies paid by Agent in settlement or satisfaction of
such proceeding, together with all interest, costs and expenses (including attorneys’ fees) incurred in the defense of same, shall be promptly reimbursed to Agent by each Secured Party to the extent of its Pro Rata share. 

13.7 Limitation on Responsibilities of Agent. Agent shall not be liable to any Secured Party for any action taken or omitted to
be taken under the Loan Documents, except for losses directly and solely caused by Agent’s gross negligence or willful misconduct. Agent does not assume any responsibility for any failure or delay in performance or any breach by any Obligor,
Lender or other Secured Party of any obligations under the Loan Documents. Agent does not make any express or implied representation, 

  
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warranty or guarantee to Secured Parties with respect to any Obligations, Collateral, Liens, Loan Documents or Obligor. No Agent Indemnitee shall be responsible to Secured Parties for any
recitals, statements, information, representations or warranties contained in any Loan Documents or Borrower Materials; the execution, validity, genuineness, effectiveness or enforceability of any Loan Documents; the genuineness, enforceability,
collectability, value, sufficiency, location or existence of any Collateral, or the validity, extent, perfection or priority of any Lien therein; the validity, enforceability or collectability of any Obligations; or the assets, liabilities,
financial condition, results of operations, business, creditworthiness or legal status of any Obligor or Account Debtor. No Agent Indemnitee shall have any obligation to any Secured Party to ascertain or inquire into the existence of any Default or
Event of Default, the observance by any Obligor of any terms of the Loan Documents, or the satisfaction of any conditions precedent contained in any Loan Documents. 

13.8 Successor Agent and Co-Agents. 

13.8.1 Resignation; Successor Agent. Agent may resign at any time by giving at least 30 days written notice thereof to Lenders
and Obligors. If Agent is a Defaulting Lender under clause (d) of the definition thereof, Required Lenders may, if permitted by Applicable Law, remove such Agent by written notice to Obligors and Agent. Required Lenders may appoint a successor
that is (a) a Lender or Affiliate of a Lender; or (b) a financial institution reasonably acceptable to Required Lenders and (provided no Default or Event of Default exists) Obligors. If no successor is appointed by the effective date of
Agent’s resignation or removal, then on such date, Agent may appoint a successor acceptable to it in its discretion (which shall be a Lender unless no Lender accepts the role) or, in the absence of such appointment, Required Lenders shall
automatically assume all rights and duties of Agent. The successor Agent shall thereupon succeed to and become vested with all the powers and duties of the retiring Agent (including powers and duties in its capacity as security trustee) without
further act. The retiring or removed Agent shall be discharged from its duties hereunder on the effective date of its resignation or removal, but shall continue to have all rights and protections available to Agent under the Loan Documents with
respect to actions, omissions, circumstances or Claims relating to or arising while it was acting or transferring responsibilities as Agent or holding any Collateral on behalf of Secured Parties, including the indemnification set forth in
Section 14.2, and all rights and protections under this Section 13. Any successor to Bank of America by merger, amalgamation or acquisition of stock or this loan shall continue to be Agent hereunder without further act on the
part of any Secured Party or Obligor. 
 13.8.2 Co-Collateral Agent . If appropriate under Applicable Law, Agent may appoint a
Person to serve as a co-collateral agent or separate collateral agent under any Loan Document. Each right, remedy and protection intended to be available to Agent under the Loan Documents shall also be vested in such agent. Secured Parties shall
execute and deliver any instrument or agreement that Agent may request to effect such appointment. If any such agent shall die, dissolve, become incapable of acting, resign or be removed, then all the rights and remedies of the agent, to the extent
permitted by Applicable Law, shall vest in and be exercised by Agent until appointment of a new agent. 
 13.9 Due Diligence and
Non-Reliance. Each Lender acknowledges and agrees that it has, independently and without reliance upon Agent or any other Lenders, and based upon such documents, information and analyses as it has deemed appropriate, made its own credit
analysis of each Obligor and its own decision to enter into this Agreement and to fund Revolver Loans and participate in LC Obligations hereunder. Each Secured Party has made such inquiries as it feels necessary concerning the Loan Documents,
Collateral and Obligors. Each Secured Party acknowledges and agrees that the other Secured Parties have made no representations or warranties concerning any Obligor, any Collateral or the legality, validity, sufficiency or enforceability of any Loan
Documents or Obligations. Each Secured Party will, independently and without reliance upon any other Secured Party, and based upon such financial statements, documents and information as it deems appropriate at the time, continue to make and rely
upon its own credit decisions in making Revolver Loans and participating in LC Obligations, and in taking or refraining 

  
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from any action under any Loan Documents. Except for notices, reports and other information expressly requested by a Lender, Agent shall have no duty or responsibility to provide any Secured
Party with any notices, reports or certificates furnished to Agent by any Obligor or any credit or other information concerning the affairs, financial condition, business or Properties of any Obligor (or any of its Affiliates) which may come into
possession of Agent or its Affiliates. 
 13.10 Remittance of Payments and Collections. 

13.10.1 Remittances Generally. Payments by any Secured Party to Agent shall be made by the time and date provided herein,
in immediately available funds. If no time for payment is specified or if payment is due on demand and request for payment is made by Agent by 1:00 p.m. (Applicable Time Zone) on a Business Day, then payment shall be made by the Secured Party by
3:00 p.m. (Applicable Time Zone) on such day, and if request is made after 1:00 p.m. (Applicable Time Zone), then payment shall be made by 11:00 a.m. (Applicable Time Zone) on the next Business Day. Payment by Agent to any Secured Party shall be
made by wire transfer, in the type of funds received by Agent. Any such payment shall be subject to Agent’s right of offset for any amounts due from such payee under the Loan Documents. 

13.10.3 Failure to Pay. If any Secured Party fails to deliver when due any amount payable when due by it to Agent
hereunder, such amount shall bear interest, from the due date until paid in full, at the greater of the Federal Funds Rate or the rate determined by Agent as customary for interbank compensation for two Business Days and thereafter at the Default
Rate for Floating Rate Loans. In no event shall Obligors be entitled to credit for any interest paid by a Secured Party to Agent, nor shall a Defaulting Lender be entitled to interest on amounts held by Agent pursuant to Section 4.2.

 13.10.5 Recovery of Payments. If Agent pays an amount to a Secured Party in the expectation that a related payment
will be received by Agent from an Obligor and such related payment is not received, then Agent may recover such amount from the Secured Party. If Agent determines that an amount received by it must be returned or paid to an Obligor or other Person
pursuant to Applicable Law or otherwise, then Agent shall not be required to distribute such amount to any Secured Party. If Agent is required to return any amounts applied by it to Obligations held by a Secured Party, such Secured Party shall pay
to Agent, on demand, its share of the amounts required to be returned. 
 13.11 Individual Capacities. As a
Lender, Bank of America shall have the same rights and remedies under the Loan Documents as any other Lender, and the terms “Lenders,” “Required Lenders” or any similar term shall include Bank of America in its capacity as a
Lender. Agent, Lenders and their Affiliates may accept deposits from, lend money to, provide Bank Products to, act as financial or other advisor to, and generally engage in any kind of business with, Obligors and their Affiliates, as if they were
not Agent or Lenders hereunder, without any duty to account therefor to any Secured Party. In their individual capacities, Agent, Lenders and their Affiliates may receive information regarding Obligors, their Affiliates and their Account Debtors
(including information subject to confidentiality obligations), and shall have no obligation to provide such information to any Secured Party. 

13.12 Titles. Each Lender, other than Bank of America, that is designated in connection with this credit facility as an
“Arranger,” “Bookrunner” or “Agent” of any kind shall have no right or duty under any Loan Documents other than those applicable to all Lenders, and shall in no event have any fiduciary duty to any Secured Party. 

13.13 Bank Product Providers. Each Secured Bank Product Provider, by delivery of a notice to Agent of a Bank Product, agrees to
be bound by the Loan Documents, including Sections 5.6, 12 and 14.3.3 and
14.1514.5 and agrees to hold harmless Agent Indemnitees, to the extent not reimbursed by Obligors, against all Claims that may be incurred by or asserted against any Agent Indemnitee in
connection with such provider’s Secured Bank Product Obligations. 

  
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 13.14 No Third Party Beneficiaries. This Section 12 is an
agreement solely among Secured Parties and Agent, and shall survive Full Payment of the Obligations. This Section 12 does not confer any rights or benefits upon Obligors or any other Person. As between Obligors and Agent, any action that
Agent may take under any Loan Documents or with respect to any Obligations shall be conclusively presumed to have been authorized and directed by Secured Parties. 

SECTION 14. BENEFIT OF AGREEMENT; ASSIGNMENTS 

14.1 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of Obligors, Agent, Lenders, Secured
Parties, and their respective successors and assigns, except that (a) no Obligor shall have the right to assign its rights or delegate its obligations under any Loan Documents; and (b) any assignment by a Lender must be made in compliance
with Section 14.3. Agent may treat the Person which made any Revolver Loan as the owner thereof for all purposes until such Person makes an assignment in accordance with Section 14.3. Any authorization or consent of a Lender
shall be conclusive and binding on any subsequent transferee or assignee of such Lender. 
 14.2 Participations. 

14.2.1 Permitted Participants; Effect. Subject to Section 14.3.3, any Lender may sell to a financial institution
(“Participant”) a participating interest in the rights and obligations of such Lender under any Loan Documents. Despite any sale by a Lender of participating interests to a Participant, such Lender’s obligations under the Loan
Documents shall remain unchanged, it shall remain solely responsible to the other parties hereto for performance of such obligations, it shall remain the holder of its Revolver Loans and Revolver Commitments for all purposes, all amounts payable by
Obligors shall be determined as if it had not sold such participating interests, and Obligors and Agent shall continue to deal solely and directly with such Lender in connection with the Loan Documents. Each Lender shall be solely responsible for
notifying its Participants of any matters under the Loan Documents, and Agent and the other Lenders shall not have any obligation or liability to any such Participant. A Participant that would be a Foreign Lender if it were a Lender shall not be
entitled to the benefits of Section 5.9 unless Obligors agree otherwise in writing. 
 14.2.2 Voting Rights. Each
Lender shall retain the sole right to approve, without the consent of any Participant, any amendment, waiver or other modification of a Loan Document other than that which forgives principal, interest or fees, reduces the stated interest rate or
fees payable with respect to any Revolver Loan or Revolver Commitment in which such Participant has an interest, postpones the Revolver Commitment Termination Date or any date fixed for any regularly scheduled payment of principal, interest or fees
on such Revolver Loan or Revolver Commitment, or releases any Obligor, Guarantor or substantially all Collateral. 
 14.2.3
Participant Register. Each Lender that sells a participation shall, acting as a non-fiduciary agent of Obligors (solely for tax purposes), maintain a register in which it enters the Participant’s name, address and interest in Revolver
Commitments, Revolver Loans (and stated interest) and LC Obligations. Entries in the register shall be conclusive, absent manifest error, and such Lender shall treat each Person recorded in the register as the owner of the participation for all
purposes, notwithstanding any notice to the contrary. No Lender shall have an obligation to disclose any information in such register except to the extent necessary to establish that a Participant’s interest is in registered form under the
Code. 

  
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 14.2.4 Benefit of Setoff. Each Participant shall have a right of set-off in
respect of its participating interest to the same extent as if such interest were owing directly to a Lender, and each Lender shall also retain the right of set-off with respect to any participating interests sold by it. By exercising any right of
set-off, a Participant agrees to share with Lenders all amounts received through its set-off, in accordance with Section 12.5 as if such Participant were a Lender. 

14.3 Assignments. 

14.3.1 Permitted Assignments. A Lender may assign to an Eligible Assignee any of its rights and obligations under the Loan
Documents, as long as (a) each assignment is of a constant, and not a varying, percentage of the transferor Lender’s rights and obligations under the Loan Documents and, in the case of a partial assignment, is in a minimum principal amount
of $10,000,000 (unless otherwise agreed by Agent in its discretion) and integral multiples of $1,000,000 in excess of that amount; (b) except in the case of an assignment in whole of a Lender’s rights and obligations, the aggregate amount
of the Revolver Commitments retained by the transferor Lender is at least $10,000,000 (unless otherwise agreed by Agent in its discretion); and (c) the parties to each such assignment shall execute and deliver an Assignment to Agent, for
acceptance and recording. Nothing herein shall limit the right of a Lender to pledge or assign any rights under the Loan Documents to secure obligations of such Lender, including a pledge or assignment to a Federal Reserve Bank; provided,
that no such pledge or assignment shall release the Lender from its obligations hereunder nor substitute the pledge or assignee for such Lender as a party hereto. 

14.3.2 Effect; Effective Date. Upon delivery to Agent of an assignment notice in the form of Exhibit B and a processing
fee of $3,500 (unless otherwise agreed by Agent in its discretion), the assignment shall become effective as specified in the notice, if it complies with this Section 14.3. From such effective date, the Eligible Assignee shall for all
purposes be a Lender under the Loan Documents, and shall have all rights and obligations of a Lender thereunder. Upon consummation of an assignment, the transferor Lender, Agent and Obligors shall make appropriate arrangements for issuance of
replacement and/or new notes, if applicable. The transferee Lender shall comply with Section 5.10 and deliver, upon request, an administrative questionnaire satisfactory to Agent. 

14.3.3 Certain Assignees. No assignment or participation may be made to an Obligor, Affiliate of an Obligor, Defaulting Lender or
natural person. Agent shall have no obligation to determine whether any assignment is permitted under the Loan Documents. Any assignment by a Defaulting Lender must be accompanied by satisfaction of its outstanding obligations under the Loan
Documents in a manner satisfactory to Agent, including payment by the Defaulting Lender or Eligible Assignee of an amount sufficient upon distribution (through direct payment, purchases of participations or other methods acceptable to Agent in its
discretion) to satisfy all funding and payment liabilities of the Defaulting Lender. If any assignment by a Defaulting Lender (by operation of law or otherwise) does not comply with the foregoing, the assignee shall be deemed a Defaulting Lender for
all purposes until compliance occur. 
 14.3.4 Register. Agent, acting as a non-fiduciary agent of Obligors (solely for tax
purposes), shall maintain (a) a copy (or electronic equivalent) of each Assignment and Acceptance delivered to it, and (b) a register for recordation of the names, addresses and Revolver Commitments of, and the Revolver Loans, interest and
LC Obligations owing to, each Lender. Entries in the register shall be conclusive, absent manifest error, and Obligors, Agent and Lenders shall treat each Person recorded in such register as a Lender for all purposes under the Loan Documents,
notwithstanding any notice to the contrary. Agent may choose to show only one Obligor as the Obligor in the register, without any effect on the liability of any Obligor with respect to the Obligations. The register shall be available for inspection
by Obligors or any Lender, from time to time upon reasonable notice. 
 14.4 Replacement of Certain Lenders. If a Lender
(a) within the last 120 days failed to give its consent to any amendment, waiver or action for which consent of all Lenders (or all UK Lenders or US Lenders, as applicable) was required and the applicable Required Lenders consented, (b) is
a Defaulting Lender, (c) within the last 120 days gave a notice under Section 3.5 or requested payment or compensation 

  
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under Section 3.7 or 5.9 (and has not designated a different Lending Office pursuant to Section 3.8), or (d) if any Borrower is required to pay additional
amounts or indemnity payments with respect to a Lender under Section 5.10, then Agent or US Borrower Agent may, upon 10 days’ notice to such Lender, require it to assign its rights and obligations under the Loan Documents to
Eligible Assignee(s), pursuant to appropriate Assignment(s), within 20 days after the notice. Agent is irrevocably appointed as attorney-in-fact to execute any such Assignment if the Lender fails to execute it. Such Lender shall be entitled to
receive, in cash, concurrently with such assignment, all amounts owed to it under the Loan Documents through the date of assignment. 

14.5 Register. Agent, as a non-fiduciary agent for Borrowers, shall maintain a register in accordance with the
requirements of US Treasury Regulations Sections 1.871-14(c)(1)(i) and 5f.103-1(c) showing the principal amount of, and interest accruing on, the Revolver Advances owing to each Lender, including the Swingline Loans, and Protective Advances, and the
interests therein of each Lender, from time to time and such register shall, absent manifest error, conclusively be presumed to be correct and accurate. 

SECTION 15. MISCELLANEOUS 
 15.1
Consents, Amendments and Waivers. 
 15.1.1 Amendment. No modification of any Loan Document, including
any extension or amendment of a Loan Document or any waiver of a Default or Event of Default, shall be effective without the prior written agreement of Agent (with the consent of Required Lenders) and each Obligor party to such Loan Document;
provided, that 
 (a) without the prior written consent of Agent, no modification shall alter any provision in a Loan Document that
relates to any rights, duties or discretion of Agent; 
 (b) without the prior written consent of Issuing Bank, no modification shall alter
Section 2.3 or any other provision in a Loan Document that relates to Letters of Credit or any rights, duties or discretion of Issuing Bank; 

(c) without the prior written consent of each affected Lender, including a Defaulting Lender, no modification shall (i) increase the
Revolver Commitment of such Lender; (ii) reduce the amount of, or waive or delay payment of, any principal, interest or fees payable to such Lender (except as provided in Section 4.2); (iii) extend the Revolver Termination Date
applicable to such Lender’s Obligations; or (iv) amend this clause
(c) or (v) amend the definition of Temporary Availability Block; 

(d) without the prior written consent of all (x) US Lenders (except any Defaulting Lender), no modification shall (i) alter
Section 5.6.2, 7.1 (except to add Collateral) or 14.1.114.1; (ii) amend the definition of US Borrowing Base, US Accounts Formula Amount or US Inventory Formula Amount (or any
defined term used in such definitions) if the effect of such amendment is to increase borrowing availability, Pro Rata (with respect to US Obligations) or US Required Lenders; (iii) release all or substantially all Collateral; or
(iv) except in connection with a merger, amalgamation, disposition or similar transaction expressly permitted hereby, release any Obligor from liability for any Obligations; 

(e) without the prior written consent of all (x) UK Lenders (except any Defaulting Lender), no modification shall (i) alter
Section 5.6.2, 7.1 (except to add Collateral) or 14.1.114.1; (ii) amend the definition of UK Borrowing Base, UK Accounts Formula Amount or UK Inventory Formula Amount (or any
defined term used in such definitions) if the effect of such amendment is to increase borrowing availability, Pro Rata (with respect to UK Obligations) or UK Required Lenders; 

  
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(iii) release all or substantially all Collateral; or (iv) except in connection with a merger, amalgamation, disposition or similar transaction expressly permitted hereby, release any
Obligor from liability for any Obligations; 
 (f) without the prior written consent of a Secured Bank Product Provider, no modification
shall affect its relative payment priority under Section 5.6.2; and 
 (g) if Real Estate secures any Obligations, no
modification of a Loan Document shall add, increase, renew or extend any credit line hereunder until the completion of flood diligence and documentation as required by all Flood Laws or as otherwise satisfactory to all Lenders. 

15.1.2 Limitations. The agreement of Obligors shall not be required for any modification of a Loan Document that deals solely
with the rights and duties of Lenders, Agent and/or Issuing Bank as among themselves. Only the consent of the parties to any agreement relating to fees or a Bank Product shall be required for modification of such agreement, and no Bank Product
provider (in such capacity) shall have any right to consent to modification of any Loan Document other than its Bank Product agreement. Any waiver or consent granted by Agent or Lenders hereunder shall be effective only if in writing and only for
the matter specified. 
 15.1.3 Payment for Consents. No Obligor will, directly or indirectly, pay any remuneration or other
thing of value, whether by way of additional interest, fee or otherwise, to any Lender (in its capacity as a Lender hereunder) as consideration for agreement by such Lender with any modification of any Loan Documents, unless such remuneration or
value is concurrently paid, on the same terms, on a Pro Rata basis to all Lenders providing their consent. 
 15.1.4 Amendment to Term Loan Documents. Subject to the terms of the Intercreditor Agreement, if any amendment of modification to the Term Loan Documents amends or
modifies any representation and warranty, covenant (including any financial covenant) or event of default contained in the Term Loan Documents (or any related definitions), in each case, in a manner that is more restrictive than the applicable
provisions permit as of the date thereof, or if any amendment or modification to the Term Loan Agreement or other Term Loan Documents adds an additional representation and warranty, covenant or event of default therein, each Obligor acknowledges and
agrees that this Agreement or the other Loan Documents, as the case may be, shall be automatically amended or modified to affect similar amendments or modifications with respect to this Agreement or such other Loan Documents, without the need for
any further action or consent by Obligor or any other party. In furtherance of the foregoing, each Obligor shall permit the Agent and Lenders to document each such similar amendment or modification to this Agreement or such other Loan Documents or
insert a corresponding new representation and warranty, covenant or event of default in this Agreement or such other Loan Documents without any need for any further action or consent by any Obligor.Reserved. 

15.2 Indemnity. EACH OBLIGOR SHALL INDEMNIFY AND HOLD HARMLESS THE INDEMNITEES AGAINST ANY CLAIMS THAT MAY BE INCURRED BY OR
ASSERTED AGAINST ANY INDEMNITEE, INCLUDING CLAIMS ASSERTED BY ANY OBLIGOR OR OTHER PERSON OR ARISING FROM THE NEGLIGENCE OF AN INDEMNITEE. In no event shall any party to a Loan Document have any obligation thereunder to indemnify or hold
harmless an Indemnitee with respect to a Claim that is determined in a final, non-appealable judgment by a court of competent jurisdiction to result from the gross negligence or willful misconduct of such Indemnitee. 

  
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 15.3 Notices and Communications. 

15.3.1 Notice Address. Subject to Section 14.3.2, all notices and other communications by or to a party hereto shall
be in writing and shall be given to any Obligor, at Obligor Agent’s address shown on the signature pages hereof, and to any other Person at its address shown on the signature pages hereof (or, in the case of a Person who becomes a Lender after
the Restatement Effective Date, at the address shown on its Assignment), or at such other address as a party may hereafter specify by notice in accordance with this Section 15.3. Each communication shall be effective only (a) if
given by facsimile transmission, when transmitted to the applicable facsimile number, if confirmation of receipt is received; (b) if given by mail, three Business Days after deposit in the US mail, with first-class postage pre-paid, addressed
to the applicable address; or (c) if given by personal delivery, when duly delivered to the notice address with receipt acknowledged. Notwithstanding the foregoing, no notice to Agent pursuant to Section 2.1.4, 2.3, 3.1.2, 4.1.1
or 5.3.3 shall be effective until actually received by the individual to whose attention at Agent such notice is required to be sent. Any written communication that is not sent in conformity with the foregoing provisions shall
nevertheless be effective on the date actually received by the noticed party. Any notice received by Obligor Agent shall be deemed received by all Obligors. 

15.3.2 Communications. Electronic and telephonic communications (including e-mail, messaging, voice mail and websites) may be
used only in a manner acceptable to Agent. Secured Parties make no assurance as to the privacy or security of electronic or telephonic communications. E-mail and voice mail shall not be effective notices under the Loan Document. 

15.3.3 Platform. Borrower Materials shall be delivered pursuant to procedures approved by Agent, including electronic delivery
(if possible) upon request by Agent to an electronic system maintained by Agent (“Platform”). Obligors shall notify Agent of each posting of Borrower Materials on the Platform and the materials shall be deemed received by Agent only
upon its receipt of such notice. Borrower Materials and other information relating to this credit facility may be made available to Secured Parties on the Platform. The Platform is provided “as is” and “as available.” Agent does
not warrant the accuracy or completeness of any information on the Platform nor the adequacy or functioning of the Platform, and expressly disclaims liability for any errors or omissions in the Borrower Materials or any issues involving the
Platform. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS, OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY AGENT
WITH RESPECT TO OBLIGOR MATERIALS OR THE PLATFORM. No Agent Indemnitee shall have any liability to Obligors, Secured Parties or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or
otherwise) relating to use by any Person of the Platform, including any unintended recipient, nor for delivery of Borrower Materials and other information via the Platform, internet, e-mail, or any other electronic platform or messaging system. 

15.3.4 Public Information. Obligors and Secured Parties acknowledge that “public” information may not be segregated
from material non-public information on the Platform. Secured Parties acknowledge that Borrower Materials may include Obligors’ material non-public information, and should not be made available to personnel who do not wish to receive such
information or may be engaged in investment or other market-related activities with respect to an Obligor’s securities. 

15.3.5 Non-Conforming Communications. Agent and Lenders may rely upon any communications purportedly given by or on behalf of
any Obligor even if they were not made in a manner specified herein, were incomplete or were not confirmed, or if the terms thereof, as understood by the recipient, varied from a later confirmation. Each Obligor shall indemnify and hold harmless
each Indemnitee from any liabilities, losses, costs and expenses arising from any electronic or telephonic communication purportedly given by or on behalf of an Obligor. 

15.4 Performance of Obligors’ Obligations. Agent may, in its discretion at any time and from time to time, at
Obligors’ expense, pay any amount or do any act required of an Obligor under any Loan Documents or otherwise lawfully requested by Agent to (a) enforce any Loan Documents or collect any 

  
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Obligations; (b) protect, insure, maintain or realize upon any Collateral; or (c) defend or maintain the validity or priority of Agent’s Liens in any Collateral, including any
payment of a judgment, insurance premium, warehouse charge, finishing or processing charge, or landlord claim, or any discharge of a Lien. All payments, costs and expenses (including Extraordinary Expenses) of Agent under this Section shall be
reimbursed to Agent by Obligors, on demand, with interest from the date incurred until paid in full, at the Default Rate applicable to Floating Rate Loans. Any payment made or action taken by Agent under this Section shall be without
prejudice to any right to assert an Event of Default or to exercise any other rights or remedies under the Loan Documents. 
 15.5
Credit Inquiries. Agent and Lenders may (but shall have no obligation) to respond to usual and customary credit inquiries from third parties concerning any Obligor or Subsidiary. 

15.6 Severability. Wherever possible, each provision of the Loan Documents shall be interpreted in such manner as to be valid
under Applicable Law. If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity and the remaining provisions of the Loan Documents shall remain in full force and effect. 

15.7 Cumulative Effect; Conflict of Terms. The provisions of the Loan Documents are cumulative. The parties acknowledge that the
Loan Documents may use several limitations or measurements to regulate similar matters, and they agree that these are cumulative and that each must be performed as provided. Except as otherwise provided in another Loan Document (by specific
reference to the applicable provision of this Agreement), if any provision contained herein is in direct conflict with any provision in another Loan Document, the provision herein shall govern and control. 

15.8 Counterparts; Execution. Any Loan Document may be executed in counterparts, each of which shall constitute an original, but
all of which when taken together shall constitute a single contract. This Agreement shall become effective when Agent has received counterparts bearing the signatures of all parties hereto. Agent may (but shall have no obligation to) accept any
signature, contract formation or record-keeping through electronic means, which shall have the same legal validity and enforceability as manual or paper-based methods, to the fullest extent permitted by Applicable Law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar state law based on the Uniform Electronic Transactions Act. Upon request by Agent, any electronic signature or
delivery shall be promptly followed by a manually executed or paper document. 
 15.9 Entire Agreement. Time is of the essence
with respect to all Loan Documents and Obligations. The Loan Documents constitute the entire agreement, and supersede all prior understandings and agreements, among the parties relating to the subject matter thereof. 

15.10 Relationship with Lenders. The obligations of each Lender hereunder are several, and no Lender shall be responsible for
the obligations or Revolver Commitments of any other Lender. Amounts payable hereunder to each Lender shall be a separate and independent debt. It shall not be necessary for Agent or any other Lender to be joined as an additional party in any
proceeding for such purposes. Nothing in this Agreement and no action of Agent, Lenders or any other Secured Party pursuant to the Loan Documents or otherwise shall be deemed to constitute Agent and any Secured Party to be a partnership, joint
venture or similar arrangement, nor to constitute control of any Obligor. 
 15.11 No Advisory or Fiduciary Responsibility. In
connection with all aspects of each transaction contemplated by any Loan Document, Obligors acknowledge and agree that (a)(i) this credit facility and any arranging or other services by Agent, any Lender, any of their Affiliates or any arranger are
arm’s-length commercial transactions between Obligors and their Affiliates, on one hand, and Agent, any Lender, any of their Affiliates or any arranger, on the other hand; (ii) Obligors have consulted their own 

  
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legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate; and (iii) Obligors are capable of evaluating, and understand and accept, the terms, risks and
conditions of the transactions contemplated by the Loan Documents; (b) each of Agent, Lenders, their Affiliates and any arranger is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties,
has not been, is not, and will not be acting as an advisor, agent or fiduciary for Obligors, their Affiliates or any other Person, and has no obligation with respect to the transactions contemplated by the Loan Documents except as expressly set
forth therein; and (c) Agent, Lenders, their Affiliates and any arranger may be engaged in a broad range of transactions that involve interests that differ from those of Obligors and their Affiliates, and have no obligation to disclose any of
such interests to Obligors or their Affiliates. To the fullest extent permitted by Applicable Law, each Obligor hereby waives and releases any claims that it may have against Agent, Lenders, their Affiliates and any arranger with respect to any
breach of agency or fiduciary duty in connection with any transaction contemplated by a Loan Document. 
 15.12
Confidentiality. Each of Agent, Lenders and Issuing Bank shall maintain the confidentiality of all Information (as defined below), except that Information may be disclosed (a) to its Affiliates, and to its and their partners,
directors, officers, employees, agents, auditors, advisors and representatives (provided they are informed of the confidential nature of the Information and instructed to keep it confidential); (b) to the extent requested by any governmental,
regulatory or self-regulatory authority purporting to have jurisdiction over it or its Affiliates; (c) to the extent required by Applicable Law or by any subpoena or other legal process; (d) to any other party hereto; (e) in
connection with any action or proceeding relating to any Loan Documents or Obligations; (f) subject to an agreement containing provisions substantially the same as this Section, to any Transferee or any actual or prospective party (or its
advisors) to any Bank Product or to any swap, derivative or other transaction under which payments are to be made by reference to an Obligor or Obligor’s obligations; (g) to the extent such Information (i) becomes publicly available
other than as a result of a breach of this Section or (ii) is available to Agent, any Lender, Issuing Bank or any of their Affiliates on a nonconfidential basis from a source other than Obligors; (h) on a confidential basis to a provider
of a Platform; or (i) with the consent of US Borrower Agent. Notwithstanding the foregoing, Agent and Lenders may publish or disseminate general information concerning this credit facility for league table, press release, and tombstone
purposes, and may use Obligors’ logos, trademarks or product photographs for such purposes. As used herein, “Information” means information received from an Obligor or Subsidiary relating to it or its business that is
identified as confidential when delivered. A Person required to maintain the confidentiality of Information pursuant to this Section shall be deemed to have complied if it exercises a degree of care similar to that accorded its own confidential
information. Each of Agent, Lenders and Issuing Bank acknowledges that (i) Information may include material non-public information; (ii) it has developed compliance procedures regarding the use of such information; and (iii) it will
handle the material non-public information in accordance with Applicable Law. 
 15.13 Reserved. 

15.14 GOVERNING LAW. UNLESS EXPRESSLY PROVIDED IN ANY LOAN DOCUMENT, THIS AGREEMENT, THE OTHER LOAN DOCUMENTS AND ALL
CLAIMS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES EXCEPT FEDERAL LAWS RELATING TO NATIONAL BANKS. 

15.15 Consent to Forum; Bail-In of EEA Financial Institutions. 

15.15.1 Forum. EACH OBLIGOR HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE COURT SITTING IN CALIFORNIA OR THE
UNITED STATES DISTRICT COURT OF THE CENTRAL DISTRICT OF CALIFORNIA, IN ANY DISPUTE, ACTION, LITIGATION OR OTHER PROCEEDING RELATING IN ANY WAY TO 

  
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ANY LOAN DOCUMENTS, AND AGREES THAT ANY DISPUTE, ACTION, LITIGATION OR OTHER PROCEEDING SHALL BE BROUGHT BY IT SOLELY IN ANY SUCH COURT. EACH OBLIGOR IRREVOCABLY AND UNCONDITIONALLY WAIVES ALL
CLAIMS, OBJECTIONS AND DEFENSES THAT IT MAY HAVE REGARDING ANY SUCH COURT’S PERSONAL OR SUBJECT MATTER JURISDICTION, VENUE OR INCONVENIENT FORUM. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND
CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 14.3.1. A final judgment in any proceeding of any such court shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or any other manner
provided by Applicable Law. Nothing herein shall limit the right of Agent or any Lender to bring proceedings against any Obligor in any other court, nor limit the right of any party to serve process in any other manner permitted by Applicable Law,
including bringing proceedings in England against any UK Obligor to enforce their UK Obligations. In relation to any dispute relating to the UK Guaranteed Obligations, UK Guarantors each hereby irrevocably (i) submits to the non-exclusive
jurisdiction of the courts of England, and (ii) waives objections to the courts of England on the grounds of inconvenient forum or otherwise. Nothing in this Agreement shall be deemed to preclude enforcement by Agent of any judgment or order
obtained in any forum or jurisdiction. 
 15.15.2 Other Jurisdictions. Nothing herein shall limit the right of Agent or any Lender
to bring proceedings against any Obligor in any other court, nor limit the right of any party to serve process in any other manner permitted by Applicable Law. Nothing in this Agreement shall be deemed to preclude enforcement by Agent of any
judgment or order obtained in any forum or jurisdiction. 
 15.15.3 Acknowledgment and Consent to Bail-In of EEA Financial
Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the parties, each party hereto (including each Secured Party) acknowledges that, with respect to any
Secured Party that is an EEA Financial Institution, any unsecured liability of such Secured Party arising under a Loan Document may be subject to the write-down and conversion powers of an EEA Resolution Authority, and each party hereto agrees and
consents to, and acknowledges and agrees to be bound by, (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liability which may be payable to it by such Secured Party; and (b) the effects
of any Bail-in Action on any such liability, including (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in
such EEA Financial Institution, its parent, or a bridge institution that may be issued to the party or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under any Loan Document; or (iii) the variation of the terms of such liability in connection with the exercise of any Write-Down and Conversion Powers.  

15.15.4 Judicial Reference. If any action, litigation or proceeding relating to any Obligations or Loan Documents is filed in a
court sitting in or applying the laws of California, the court shall, and is hereby directed to, make a general reference pursuant to Cal. Civ. Proc. Code §638 to a referee (who shall be an active or retired judge) to hear and determine all
issues in the case (whether fact or law) and to report a statement of decision. Nothing in this Section shall limit any right of Agent or any other Secured Party to exercise self-help remedies, such as setoff, foreclosure or sale of Collateral, or
to obtain provisional or ancillary remedies from a court of competent jurisdiction before, during or after any judicial reference. The exercise of a remedy does not waive the right of any party to require judicial reference. At Agent’s option,
foreclosure under a mortgage or deed of trust may be accomplished either by exercise of power of sale thereunder or by judicial foreclosure. 

  
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 15.16 Waivers by Obligors. To the fullest extent permitted by Applicable
Law, each Obligor waives (a) the right to trial by jury (which Agent, Issuing Bank, Lenders and all other Secured Parties hereby also waive) in any proceeding or dispute of any kind relating in any way to any Loan Documents, Obligations or
Collateral; (b) presentment, demand, protest, notice of presentment, default, non-payment, maturity, release, compromise, settlement, extension or renewal of any commercial paper, accounts, documents, instruments, chattel paper and guaranties
at any time held by Agent on which an Obligor may in any way be liable, and hereby ratifies anything Agent may do in this regard; (c) notice prior to taking possession or control of any Collateral; (d) any bond or security that might be
required by a court prior to allowing Agent to exercise any rights or remedies; (e) the benefit of all valuation, appraisement and exemption laws; (f) any claim against an Indemnitee, on any theory of liability, for special, indirect,
consequential, exemplary or punitive damages (as opposed to direct or actual damages) in any way relating to any Enforcement Action, Obligations, Loan Documents or transactions relating thereto; and (g) notice of acceptance hereof.
Each Obligor acknowledges that the foregoing waivers are a material inducement to Agent, Issuing Bank and Lenders entering into this Agreement and that they are relying upon the foregoing in their dealings with Obligors. Each Obligor has
reviewed the foregoing waivers with its legal counsel and has knowingly and voluntarily waived its jury trial and other rights following consultation with legal counsel. In the event of litigation, this Agreement may be filed as a written consent to
a trial by the court. 
 15.17 Patriot Act Notice. Agent and Lenders hereby notify Obligors that pursuant to the
Patriot Act, Agent and Lenders are required to obtain, verify and record information that identifies each Obligor, including its legal name, address, tax ID number and other information that will allow Agent and Lenders to identify it in accordance
with the Patriot Act. Agent and Lenders will also require information regarding any personal guarantor and may require information regarding Obligors’ management and owners, such as legal name, address, social security number and date of birth.
Obligors shall, promptly upon request, provide all documentation and other information as Agent, Issuing Bank or any Lender may request from time to time in order to comply with any obligations under any “know your customer,” anti-money
laundering or other requirements of Applicable Law. 
 15.18 NO ORAL AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES. 

15.19 Amendment and Restatement of Existing ABL Revolver Loan Agreement. On the Restatement Effective Date, this Agreement shall
amend, restate and supersede the Existing ABL Revolver Loan Agreement in its entirety, except as provided in this Section 15.19. On the Restatement Effective Date, the rights and obligations of the parties evidenced by the Existing ABL
Revolver Loan Agreement shall be evidenced by this Agreement and the other Loan Documents and the grant of security interest in the Collateral by the Obligors under the Existing ABL Revolver Loan Agreement and the other “Loan Documents”
(as defined in the Existing ABL Revolver Loan Agreement) shall continue under, but as amended by this Agreement and the other Loan Documents, and shall not in any event be terminated, extinguished or annulled but shall hereafter be governed by this
Agreement and the other Loan Documents. This Agreement represents a modification, and not a novation, of the revolving loan facility under the Existing ABL Revolver Loan Agreement and nothing contained herein shall be construed as a novation of the
“Obligations” outstanding under, and as defined in, the Existing ABL Revolver Loan Agreement, which shall remain in full force and effect, except as modified hereby. In the event that any payment made by any Obligor under the Existing ABL
Revolver Loan Agreement must be disgorged or otherwise returned by any Secured Party, such Secured Party shall be entitled to the benefits of the Existing ABL Revolver Loan Agreement and the Obligors shall unconditionally be obligated to repay the
same along with any applicable interest and fees. The Obligors acknowledge, represent and warrant that they have no claims, defenses or 

  
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offsets with respect to the Existing ABL Revolver Loan Agreement or any of the “Loan Documents” (as defined therein) related thereto and that immediately prior to the effectiveness of
this Agreement, the Existing ABL Revolver Loan Agreement and such other loan and collateral documents are valid, binding and enforceable in accordance with the terms thereof. Except as provided herein, this Agreement shall not be deemed to
(i) be a consent to any amendment, waiver or modification of any other term or condition of the Existing ABL Revolver Loan Agreement or any other Loan Document, or (ii) operate as a waiver or otherwise prejudice any right, power or remedy
that any Secured Party may now have or may have in the future under or in connection with the Existing ABL Revolver Loan Agreement or any other Loan Document, except as specifically set forth herein. The security interest granted by each Obligor to
the Agent in the Collateral under and as defined in the Existing ABL Revolver Loan Agreement continues without interruption under this Agreement and such security interest is hereby ratified and confirmed in all respects. The guaranty by each
Guarantor under the Existing ABL Revolver Loan Agreement continues without interruption under this Agreement and such guaranty is hereby ratified and confirmed in all respects. Upon the effectiveness of this Agreement, each reference in the Loan
Documents to the Existing Loan Agreement (however so referred) shall mean this Agreement. 
 15.20 INTERCREDITOR AGREEMENT. Anything herein to the contrary notwithstanding, the Liens and security interests granted by this Agreement, the exercise of
any right or remedy with respect thereto, and certain of the rights of the holder of such Liens and security interests are subject to the provisions of the Intercreditor Agreement. In the event of any conflict between the terms of the Intercreditor
Agreement and this agreement, the terms of the Intercreditor Agreement shall govern and control. 

[Remainder of page intentionally left blank; signatures begin on following page] 

  
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 IN WITNESS WHEREOF, this Agreement has been executed and delivered as of the date set
forth above. 
  

							
		 	 	OBLIGORS:
		
		 	 

	TURTLE BEACH CORPORATION
(FORMERLY KNOWN AS
PARAMETRIC SOUND
CORPORATION),
		 	 
	a Nevada corporation, as a US Borrower
and a UK Guarantor
			
		 	 	By:	 	 	 /s/ John T. Hanson

		 	 	Name:	 	 	John T. Hanson
		 	 	Title:	 	 	Chief Financial Officer, Treasurer and Secretary
			
	Address:	 				 	
		 	 	Turtle Beach Corporation
		 	 	11011 Via Frontera, Suite A
		 	 	San Diego, CA 92127
		 	 	Attn:	 	 	Chief Financial Officer
		
		 	 	VOYETRA TURTLE BEACH, INC.,
		 	 
	a Delaware corporation, as a US Borrower
and a UK Guarantor
			
		 	 	By:	 	 	 /s/ John T. Hanson

		 	 	Name:	 	 	John T. Hanson
		 	 	Title:	 	 	Chief Financial Officer, Treasurer and Secretary
			
	Address:	 				 	
		 	 	Turtle Beach Corporation
		 	 	11011 Via Frontera, Suite A
		 	 	San Diego, CA 92127
		 	 	Attn:	 	 	Chief Financial Officer

 AMENDED AND RESTATED LOAN, GUARANTY AND
SECURITY AGREEMENT(TURTLE BEACH) 
 Signature Page 

 
			
	 TURTLE BEACH EUROPE LIMITED,

as UK Borrower

		
	By:	 	 /s/ John T. Hanson

	Name:	 	John T. Hanson
	Title:	 	Director
	Address:
	Turtle Beach Corporation
	11011 Via Frontera, Suite A
	San Diego, CA 92127
	Attn: Chief Financial Officer
	
	 VTB HOLDINGS, INC.,
 a
Delaware corporation,
 as a US Guarantor and a UK Guarantor

		
	 By:
	 	 /s/ John T. Hanson

	 Name:
	 	John T. Hanson
	 Title:
	 	Chief Financial Officer, Treasurer and Secretary
	
	 Address:

	
	 Turtle Beach Corporation

	
	 11011 Via Frontera, Suite A

	
	 San Diego, CA 92127

	
	 Attn: Chief Financial Officer

 [Signatures continue on the following page.] 

AMENDED AND RESTATED LOAN, GUARANTY AND SECURITY AGREEMENT(TURTLE BEACH) 
 Signature Page 

 
			
	 AGENT AND LENDERS:
  

BANK OF AMERICA, N.A.,

as Agent and US Lender

		
	By:	 	 /s/ Matthew Van Steenhuyse

	Name:	 	Matthew Van Steenhuyse
	Title:	 	Senior Vice President
	Address:
		 	Bank of America, N.A.
		 	333 South Hope Street, 13th Floor
		 	Los Angeles, California 90071
		 	Attention: Turtle Beach Portfolio Specialist
		 	Facsimile: (312) 453-5167
	
	 BANK OF AMERICA, N.A.,

(acting through its London branch), as UK Lender

		
	 By:
	 	 /s/ Matthew Van Steenhuyse

	 Name:
	 	 Matthew Van Steenhuyse

	 Title:
	 	 Senior Vice President

	 Address:

		 	 Bank of America, N.A.

		 	 333 South Hope Street, 13th
Floor

		 	 Los Angeles, California 90071

		 	 Attention: Turtle Beach Portfolio Specialist

		 	 Facsimile: (312) 453-5167

 AMENDED AND RESTATED LOAN, GUARANTY AND
SECURITY AGREEMENT(TURTLE BEACH) 
 Signature Page

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