Document:

Security Agreement

 Exhibit 10.3 
 SECURITY AGREEMENT 
 This SECURITY AGREEMENT, dated as of January 17,
2012 (this “Agreement”), is among Cambridge Heart, Inc., a Delaware corporation (the “Company”), the Subsidiaries of the Company who may be joined to this Agreement upon completion of Annex A hereto (such
subsidiaries, the “Guarantors” and together with the Company, the “Debtors”) and Collateral Agents LLC, in its capacity as the collateral agent (in such capacity, the “Collateral Agent”) for:
(a) the holders of the Company’s 8% Secured Convertible Notes due July 17, 2013 which were issued on January 17, 2012 (collectively, the “Initial Notes”); (b) the holders of the Company’s 8% Secured
Convertible Notes due July 17, 2013 which are to be issued in one or more Additional Offerings on or before February 28, 2012 (the “2012 Notes”); and (c) the holders of the Company’s 8% Secured Convertible Notes
which are to be issued upon the exercise of the Additional Investment Rights (the “Additional Notes”, and together with the Initial Notes and the Additional Notes, collectively, the “Notes”) (such holders, together
with their endorsees, transferees and assigns collectively, the “Secured Parties”). 
 W I T N E S S E T H:

 WHEREAS, pursuant to the Subscription Agreement (as defined in the Notes), the Secured Parties have severally agreed to
extend the loans to the Company evidenced by the Notes; 
 WHEREAS, in order to induce the Holders to extend the loans evidenced
by the Notes, each Debtor has agreed to execute and deliver this Agreement and to grant the Collateral Agent (for the benefit of each Secured Party pari passu with each other Secured Party) a security interest in certain property of such Debtor to
secure the prompt payment, performance and discharge in full of all of the Debtors’ obligations under the Notes and Transaction Documents. 
 NOW, THEREFORE, in consideration of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby
agree as follows: 
 1. Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth in this
Section 1. Terms used but not otherwise defined in this Agreement that are defined in Article 9 of the UCC (such as “account,” “chattel paper,” “commercial tort claim,” “deposit account,”
“document,” “equipment,” “fixtures,” “general intangibles,” “goods,” “instruments,” “inventory,” “investment property,” “letter-of-credit rights,”
“proceeds” and “supporting obligations”) shall have the respective meanings given such terms in Article 9 of the UCC. Capitalized terms used but not otherwise defined herein shall have the meanings attributed to them in the
Subscription Agreement. 
 (a) “Collateral” means the collateral in which the Collateral Agent is granted a
security interest by this Agreement and which shall include the following personal property of the Debtors, whether presently owned or existing or hereafter acquired or coming into existence, wherever situated, and all additions and accessions
thereto and all substitutions and replacements thereof, and all proceeds, products and accounts thereof, including, without limitation, all proceeds from the disposition, sale or transfer of the Collateral and of insurance covering the same and of
any tort claims in connection therewith, and all dividends, interest, cash, notes, securities, equity interest or other property at any time and from time to time acquired, receivable or otherwise distributed in respect of, or in exchange for, any
or all of the Pledged Securities (as defined below): 
 (i) All goods, including, without limitation,
(A) all machinery, equipment, computers, motor vehicles, trucks, tanks, boats, ships, appliances, furniture, special and general tools, fixtures, test and quality control devices and other equipment of every kind and nature and wherever
situated, 

 
together with all documents of title and documents representing the same, all additions and accessions thereto, replacements therefor, all parts therefor, and all substitutes for any of the
foregoing and all other items used and useful in connection with any Debtor’s businesses and all improvements thereto; and (B) all inventory; 
 (ii) All contract rights and other general intangibles, including, without limitation, all partnership interests, membership interests, stock or other securities, rights under any of the Organizational
Documents (as defined herein), agreements related to the Pledged Securities (as defined herein), licenses, distribution and other agreements, computer software (whether “off-the-shelf,” licensed from any third party or developed by any
Debtor), computer software development rights, leases, franchises, customer lists, quality control procedures, grants and rights, goodwill, trademarks, service marks, trade styles, trade names, patents, patent applications, copyrights, and income
tax refunds; 
 (iii) All accounts, together with all instruments, all documents of title representing any of the
foregoing, all rights in any merchandising, goods, raw materials, timber cut or to be cut, oil, gas, hydrocarbons, and minerals extracted or to be extracted, equipment, motor vehicles and trucks which any of the same may represent, and all right,
title, security and guaranties with respect to each account, including any right of stoppage in transit; 
 (iv)
All documents, letter-of-credit rights, instruments and chattel paper; 
 (v) All commercial tort claims;

 (vi) All deposit accounts and all cash (whether or not deposited in such deposit accounts); 

(vii) All investment property; 
 (viii) All supporting obligations; 
 (ix) All files, records, books
of account, business papers, and computer programs; and 
 (x) The products and proceeds of all of the foregoing
Collateral set forth in clauses (i)-(ix) above. 
 Without limiting the generality of the foregoing, the
“Collateral” shall include all investment property and general intangibles respecting ownership and/or other equity interests in each Guarantor, including, without limitation, any shares of capital stock and/or other equity
interests of any direct or indirect Subsidiary of any Debtor obtained in the future, and, in each case, all certificates representing such shares and/or equity interests and, in each case, all rights, options, warrants, stock, other securities
and/or equity interests that may hereafter be received, receivable or distributed in respect of, or exchanged for, any of the foregoing and all rights arising under or in connection with the Pledged Securities, including, but not limited to, all
dividends, interest and cash. 
 Notwithstanding the foregoing, nothing herein shall be deemed to constitute an
assignment of any asset which, in the event of an assignment, becomes void by operation of applicable law or the assignment of which is otherwise prohibited by applicable law (in each case to the extent that such applicable law is not overridden by
Sections 9-406, 9-407 and/or 9-408 of the UCC or other similar applicable law); provided, however, that to the extent permitted by applicable law, this Agreement shall create a valid security interest in such asset and, to the extent
permitted by applicable law, this Agreement shall create a valid security interest in the proceeds of such asset. 

  
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 (b) “Intellectual Property” means the collective reference to all rights,
priorities and privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, (i) all copyrights arising under the laws of the United States, any
other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished, all registrations and recordings thereof, and all applications in connection therewith, including, without limitation, all
registrations, recordings and applications in the United States Copyright Office, (ii) all letters patent of the United States, any other country or any political subdivision thereof, all reissues and extensions thereof, and all applications
for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part thereof, (iii) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade
dress, service marks, logos, domain names and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and all applications in connection
therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof, or otherwise, and all common law rights related
thereto, (iv) all trade secrets arising under the laws of the United States, any other country or any political subdivision thereof, (v) all rights to obtain any reissues, renewals or extensions of the foregoing, (vi) all licenses for
any of the foregoing, and (vii) all causes of action for infringement of the foregoing. 
 (c) “Necessary
Endorsement” means undated stock powers endorsed in blank or other proper instruments of assignment duly executed and such other instruments or documents as the Collateral Agent may reasonably request. 

(d) “Obligations” means all of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or
several) due or to become due, or that are now or may be hereafter contracted or acquired, or owing to, of any Debtor to the Secured Parties under this Agreement, the Notes, the Guaranty and any other Transaction Documents or any instruments,
agreements or other documents executed and/or delivered in connection herewith or therewith, in each case, whether now or hereafter existing, voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated, whether
or not jointly owned with others, and whether or not from time to time decreased or extinguished and later increased, created or incurred, and all or any portion of such obligations or liabilities that are paid, to the extent all or any part of such
payment is avoided or recovered directly or indirectly from any of the Secured Parties as a preference, fraudulent transfer or otherwise as such obligations may be amended, supplemented, converted, extended or modified from time to time. Without
limiting the generality of the foregoing, the term “Obligations” shall include, without limitation: (i) principal of, and interest on the Notes and the loans extended pursuant thereto; (ii) any and all other fees, indemnities,
costs, obligations and liabilities of the Debtors from time to time under or in connection with this Agreement, the Notes, the Guaranty and any other Transaction Documents, instruments, agreements or other documents executed and/or delivered in
connection herewith or therewith; and (iii) all amounts (including but not limited to post-petition interest) in respect of the foregoing that would be payable but for the fact that the obligations to pay such amounts are unenforceable or not
allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving any Debtor. 
 (e)
“Organizational Documents” means with respect to any Debtor, the documents by which such Debtor was organized (such as a certificate of incorporation, certificate of limited partnership or articles of organization, and including,
without limitation, any certificates of designation for preferred stock or other forms of preferred equity) and which relate to the internal governance of such Debtor (such as bylaws, a partnership agreement or an operating, limited liability or
members agreement). 

  
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 (f) “Pledged Securities” shall have the meaning ascribed to such term in
Section 4(i). 
 (g) “UCC” means the Uniform Commercial Code of the State of New York and or any other
applicable law of any state or states which has jurisdiction with respect to all, or any portion of, the Collateral or this Agreement, from time to time. It is the intent of the parties that defined terms in the UCC should be construed in their
broadest sense so that the term “Collateral” will be construed in its broadest sense. Accordingly if there are, from time to time, changes to defined terms in the UCC that broaden the definitions, they are incorporated herein and if
existing definitions in the UCC are broader than the amended definitions, the existing ones shall be controlling. 
 2. Grant of Security
Interest in Collateral. As an inducement for the Secured Parties to extend the loans as evidenced by the Notes and to secure the complete and timely payment, performance and discharge in full, as the case may be, of all of the Obligations, each
Debtor hereby unconditionally and irrevocably pledges, grants and hypothecates to the Collateral Agent (for the benefit of each Secured Party pari passu with each other Secured Party) a security interest in and to, a lien upon and a
right of set-off against all of their respective right, title and interest of whatsoever kind and nature in and to, the Collateral (a “Security Interest” and, collectively, the “Security Interests”). 

3. Delivery of Certain Collateral. Contemporaneously or prior to the execution of this Agreement, each Debtor shall deliver or cause to be
delivered to the Collateral Agent, any and all certificates and other instruments or documents representing any of the Collateral, in each case, together with all Necessary Endorsements. 
 4. Representations, Warranties, Covenants and Agreements of the Debtors. Except as set forth under the corresponding section of the disclosure schedules delivered to the Collateral Agent
concurrently herewith (the “Disclosure Schedules”), which Disclosure Schedules shall be deemed a part hereof, each Debtor represents and warrants to, and covenants and agrees with, the Collateral Agent as follows: 

(a) Each Debtor has the requisite corporate, partnership, limited liability company or other power and authority to enter into this
Agreement and otherwise to carry out its obligations hereunder. The execution, delivery and performance by each Debtor of this Agreement and the filings contemplated therein have been duly authorized by all necessary action on the part of such
Debtor and no further action is required by such Debtor. This Agreement has been duly executed by each Debtor. This Agreement constitutes the legal, valid and binding obligation of each Debtor, enforceable against each Debtor in accordance with its
terms except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization and similar laws of general application relating to or affecting the rights and remedies of creditors and by general principles of equity.

 (b) The Debtors have no place of business or offices where their respective books of account and records are kept (other than
temporarily at the offices of its attorneys or accountants) or places where Collateral is stored or located, except as set forth on Schedule A attached hereto. Except as specifically set forth on Schedule A, each Debtor is the record
owner of the real property where such Collateral is located, and there exist no mortgages or other liens on any such real property or on the Collateral except for Permitted Liens and liens which are indentified on Schedule B hereto. Except as
disclosed on Schedule A, none of such Collateral is in the possession of any consignee, bailee, warehouseman, agent or processor. 
 (c) Except for Permitted Liens, the Debtors are the sole owner of the Collateral (except for non-exclusive licenses granted by any Debtor in the ordinary course of business), free and clear of any liens,
security interests, encumbrances, rights or claims, and are fully authorized to grant the Security Interests. Except for Permitted Liens and as set forth on Schedule B attached hereto, there is not on file in any governmental or regulatory
authority, agency or recording office an effective financing statement, security agreement, license or transfer or any notice of any of the foregoing (other than those that will be filed in favor of the Collateral Agent pursuant to this Agreement)
covering or affecting any of the Collateral. 

  
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 (d) No written claim has been received that any Collateral or Debtor’s use of any
Collateral violates the rights of any third party. There has been no adverse decision to any Debtor’s claim of ownership rights in or exclusive rights to use the Collateral in any jurisdiction or to any Debtor’s right to keep and maintain
such Collateral in full force and effect, and there is no proceeding involving said rights pending or, to the best knowledge of any Debtor, threatened before any court, judicial body, administrative or regulatory agency, arbitrator or other
governmental authority. 
 (e) Each Debtor shall at all times maintain its books of account and records relating to the
Collateral at its principal place of business and its Collateral at the locations set forth on Schedule A attached hereto and may not relocate such books of account and records or tangible Collateral unless it delivers to the Collateral Agent
at least 30 days prior to such relocation (i) written notice of such relocation and the new location thereof (which must be within the United States) and (ii) evidence that appropriate financing statements under the UCC and other necessary
documents have been filed and recorded and other steps have been taken to perfect the Security Interests to create in favor of the Collateral Agent a valid, perfected and continuing perfected first priority lien in the Collateral, except as
otherwise permitted hereby. 
 (f) This Agreement creates in favor of the Collateral Agent a valid security interest in the
Collateral, subject only to Permitted Liens, securing the payment and performance of the Obligations. Upon making the filings described in the immediately following paragraph, all security interests created hereunder in any Collateral which may be
perfected by filing Uniform Commercial Code financing statements shall have been duly perfected. Except for the filing of the Uniform Commercial Code financing statements referred to in the immediately following paragraph, the recordation of the
Intellectual Property Security Agreement (as defined below) with respect to copyrights and copyright applications in the United States Copyright Office referred to in paragraph (m), the execution and delivery of deposit account control agreements
satisfying the requirements of Section 9-104(a)(2) of the UCC with respect to each deposit account of the Debtors, and the delivery of the certificates and other instruments provided in Section 3, no action is necessary to create, perfect
or protect the security interests created hereunder. Without limiting the generality of the foregoing, except for the filing of said financing statements, the recordation of said Intellectual Property Security Agreement, and the execution and
delivery of said deposit account control agreements, no consent of any third parties and no authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for (i) the
execution, delivery and performance of this Agreement, (ii) the creation or perfection of the Security Interests created hereunder in the Collateral or (iii) the enforcement of the rights of the Collateral Agent and the Secured Parties
hereunder. 
 (g) Each Debtor hereby authorizes the Collateral Agent to file one or more financing statements under the UCC,
with respect to the Security Interests, with the proper filing and recording agencies in any jurisdiction deemed proper by it and authorizes Collateral Agent to take any other action in Collateral Agent’s absolute discretion to effectuate,
memorialize and protect Collateral Agent’s interest and rights under this Agreement. 
 (h) The execution, delivery and
performance of this Agreement by the Debtors does not (i) violate any of the provisions of any Organizational Documents of any Debtor or any judgment, decree, order or award of any court, governmental body or arbitrator or any applicable law,
rule or regulation applicable to any Debtor or (ii) conflict with, 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, any agreement, credit facility, debt or other instrument (evidencing any Debtor’s debt or otherwise) or other understanding to which any Debtor is a party or by
which any property or asset of any Debtor is bound or affected. If any, all required consents (including, without limitation, from stockholders or creditors of any Debtor) necessary for any Debtor to enter into and perform its obligations hereunder
have been obtained. 

  
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 (i) The capital stock and other equity interests of the Subsidiaries (the “Pledged
Securities”) will represent all of the capital stock and other equity interests of the Guarantors, and other Subsidiaries, if any, and represent all capital stock and other equity interests owned, directly or indirectly, by the Company. All
of the Pledged Securities will be validly issued, fully paid and nonassessable, and the Company will be the legal and beneficial owner of the Pledged Securities, free and clear of any lien, security interest or other encumbrance except for the
security interests created by this Agreement and other Permitted Liens. 
 (j) The ownership and other equity interests in
partnerships and limited liability companies (if any) included in the Collateral (the “Pledged Interests”) by their express terms do not provide that they are securities governed by Article 8 of the UCC and are not held in a
securities account or by any financial intermediary. 
 (k) Except for Permitted Liens, each Debtor shall at all times maintain
the liens and Security Interests provided for hereunder as valid and perfected first priority liens and security interests in the Collateral in favor of the Collateral Agent until this Agreement and the Security Interest hereunder shall be
terminated pursuant to Section 11 hereof. Each Debtor hereby agrees to defend the same against the claims of any and all persons and entities. Each Debtor shall safeguard and protect all Collateral for the account of the Secured Parties. Upon
request of the Collateral Agent, each Debtor will sign and deliver to the Collateral Agent on behalf of the Secured Parties at any time or from time to time one or more financing statements pursuant to the UCC in form reasonably satisfactory to the
Collateral Agent and will pay the cost of filing the same in all public offices wherever filing is, or is deemed by the Collateral Agent to be, necessary or desirable to effect the rights and obligations provided for herein. Without limiting the
generality of the foregoing, each Debtor shall pay all fees, taxes and other amounts necessary to maintain the Collateral and the Security Interests hereunder, and each Debtor shall obtain and furnish to the Collateral Agent from time to time, upon
demand, such releases and/or subordinations of claims and liens which may be required to maintain the priority of the Security Interests hereunder. 
 (l) Other than with respect to Permitted Liens, no Debtor will transfer, pledge, hypothecate, encumber, license, sell or otherwise dispose of any of the Collateral (except for non-exclusive licenses
granted by a Debtor in its ordinary course of business and sales of inventory by a Debtor in its ordinary course of business) without the prior written consent of a Majority in Interest. 

(m) Each Debtor shall keep and preserve its equipment, inventory and other tangible Collateral in good condition, repair and order and
shall not operate or locate any such Collateral (or cause to be operated or located) in any area excluded from insurance coverage. 
 (n) Each Debtor shall maintain with financially sound and reputable insurers, insurance with respect to the Collateral, including Collateral hereafter acquired, against loss or damage of the kinds and in
the amounts customarily insured against by entities of established reputation having similar properties similarly situated and in such amounts as are customarily carried under similar circumstances by other such entities and otherwise as is prudent
for entities engaged in similar businesses but in any event sufficient to cover the full replacement cost thereof. Each Debtor shall cause each insurance policy issued in connection herewith to provide, and the insurer issuing such policy to certify
to the Collateral Agent, that (a) the Collateral Agent will be named as lender loss payee and additional insured under each such insurance policy; and (b) if such insurance is proposed to be cancelled or materially changed for any reason
whatsoever, such insurer or the Company will promptly notify the Collateral Agent. In addition, the Collateral Agent will have the right (but no obligation) at its election to remedy any default in the payment of premiums within thirty
(30) days of notice from the Company or the insurer of any such default. If no Event of Default (as defined 

  
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in the Notes) exists and if the proceeds arising out of any claim or series of related claims do not exceed $100,000, loss payments in each instance will be applied by the applicable Debtor to
the repair and/or replacement of property with respect to which the loss was incurred to the extent reasonably feasible, and any loss payments or the balance thereof remaining, to the extent not so applied, shall be payable to the applicable Debtor;
provided, however, that payments received by any Debtor after an Event of Default occurs and is continuing or in excess of $100,000 for any occurrence or series of related occurrences shall be paid to the Collateral Agent on behalf of
the Secured Parties and, if received by such Debtor, shall be held in trust for the Secured Parties and immediately paid over to the Collateral Agent unless otherwise directed in writing by the Collateral Agent. Copies of such policies or the
related certificates, in each case, naming the Collateral Agent as lender loss payee and additional insured shall be delivered to the Collateral Agent at least annually and at the time any new policy of insurance is issued. 

(o) Each Debtor shall, within ten (10) days of obtaining knowledge thereof, advise the Collateral Agent promptly, in sufficient
detail, of any material adverse change in the Collateral, and of the occurrence of any event which would have a material adverse effect on the value of the Collateral or on the Collateral Agent’s security interest. 

(p) Each Debtor shall promptly execute and deliver to the Collateral Agent such further deeds, mortgages, assignments, security
agreements, financing statements or other instruments, documents, certificates and assurances and take such further action as the Collateral Agent may from time to time request and may in its sole discretion deem necessary to perfect, protect or
enforce the Collateral Agent’s security interest in the Collateral including, without limitation, one or more deposit account control agreements, and if applicable, the execution and delivery of a separate security agreement with respect to
each Debtor’s Intellectual Property (“Intellectual Property Security Agreement”) in which the Collateral Agent has been granted a security interest hereunder, all substantially in forms reasonably acceptable to the Collateral
Agent, which Intellectual Property Security Agreement, and other such documents and agreements other than as stated therein, shall be subject to all of the terms and conditions hereof. 

(q) Each Debtor shall permit the Collateral Agent and its representatives and agents to inspect the Collateral during normal business
hours and upon reasonable prior notice, and to make copies of records pertaining to the Collateral as may be reasonably requested by the Collateral Agent from time to time. 
 (r) Each Debtor shall take commercially reasonable steps necessary to diligently pursue and seek to preserve, enforce and collect any rights, claims, causes of action and accounts receivable in respect of
the Collateral. 
 (s) Each Debtor shall promptly notify the Collateral Agent in sufficient detail upon becoming aware of any
attachment, garnishment, execution or other legal process levied against any Collateral and of any other information received by such Debtor that may materially affect the value of the Collateral, the Security Interest or the rights and remedies of
the Collateral Agent hereunder. 
 (t) All information heretofore, herein or hereafter supplied to the Collateral Agent by or on
behalf of any Debtor with respect to the Collateral is accurate and complete in all material respects as of the date furnished. 

(u) The Debtors shall at all times preserve and keep in full force and effect their respective valid existence and good standing and any
rights and franchises material to its business. 
 (v) No Debtor will change its name, type of organization, jurisdiction of
organization, organizational identification number (if it has one), legal or corporate structure, or identity, or add any new fictitious name unless it promptly (and in any event within 30 days following any such change or addition)

  
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provides written notice to the Collateral Agent of such change and, at the time of such written notification, such Debtor provides any financing statements or fixture filings necessary to perfect
and continue the perfection of the Security Interests granted and evidenced by this Agreement. 
 (w) Except in the ordinary
course of business, no Debtor may consign any of its inventory or sell any of its inventory on bill and hold, sale or return, sale on approval, or other conditional terms of sale without the consent of the Collateral Agent which shall not be
unreasonably withheld. 
 (x) No Debtor may relocate its chief executive office to a new location without providing 30 days
prior written notification thereof to the Collateral Agent and so long as, at the time of such written notification, such Debtor provides any financing statements or fixture filings necessary to perfect and continue the perfection of the Security
Interests granted and evidenced by this Agreement. 
 (y) Each Debtor was organized and remains organized solely under the laws
of the state set forth next to such Debtor’s name in Schedule D attached hereto, which Schedule D sets forth each Debtor’s organizational identification number or, if any Debtor does not have one, states that one does not
exist. 
 (z) 
 (i) The actual name of each Debtor is the name set forth in Schedule D attached hereto; 
 (ii) no Debtor has any trade names except as set forth on Schedule E attached hereto; 
 (iii) no Debtor has used any name other than that stated in the preamble hereto or as set forth on Schedule E for the preceding five years; and 

(iv) no entity has merged into any Debtor or been acquired by any Debtor within the past five years except as set forth on
Schedule E. 
 (aa) At any time and from time to time that any Collateral consists of instruments, certificated
securities or other items that require or permit possession by the Collateral Agent to perfect the security interest created hereby, the applicable Debtor shall deliver such Collateral to the Collateral Agent. 

(bb) Each Debtor, in its capacity as issuer, hereby agrees to comply with any and all orders and instructions of Collateral Agent
regarding the Pledged Interests consistent with the terms of this Agreement without the further consent of any Debtor as contemplated by Section 8-106 (or any successor section) of the UCC. Further, each Debtor agrees that it shall not enter
into a similar agreement (or one that would confer “control” within the meaning of Article 8 of the UCC) with any other person or entity. 
 (cc) Each Debtor shall cause all tangible chattel paper constituting Collateral to be delivered to the Collateral Agent or, if such delivery is not possible, then to cause such tangible chattel paper to
contain a legend noting that it is subject to the security interest created by this Agreement. To the extent that any Collateral consists of electronic chattel paper, the applicable Debtor shall cause the underlying chattel paper to be
“marked” within the meaning of Section 9-105 of the UCC (or successor section thereto). 
 (dd) If there is any
investment property or deposit account included as Collateral that can be perfected by “control” through an account control agreement, the applicable Debtor shall cause such an account control agreement, in form and substance in each case
satisfactory to the Collateral Agent, to be entered into and delivered to the Collateral Agent for the benefit of the Secured Parties. 
 (ee) To the extent that any Collateral consists of letter-of-credit rights, the applicable Debtor shall cause the issuer of each underlying letter of credit to consent to an assignment of the proceeds
thereof to the Collateral Agent. 

  
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 (ff) To the extent that any Collateral is in the possession of any third party, the
applicable Debtor shall join with the Collateral Agent in notifying such third party of the Collateral Agent’s security interest in such Collateral and shall use its commercially reasonable best efforts to obtain an acknowledgement and
agreement from such third party with respect to the Collateral, in form and substance reasonably satisfactory to the Collateral Agent. 
 (gg) If any Debtor shall at any time hold or acquire a commercial tort claim, such Debtor shall promptly notify the s in a writing signed by such Debtor of the particulars thereof and grant to the
Collateral Agent in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance satisfactory to the Collateral Agent. 

(hh) Each Debtor shall immediately provide written notice to the Collateral Agent of any and all accounts in excess of $50,000 which
arise out of contracts with any governmental authority and, to the extent necessary to perfect or continue the perfected status of the Security Interests in such accounts and proceeds thereof, shall execute and deliver to the Collateral Agent an
assignment of claims for such accounts and cooperate with the Collateral Agent in taking any other steps required, in its judgment, under the Federal Assignment of Claims Act or any similar federal, state or local statute or rule to perfect or
continue the perfected status of the Security Interests in such accounts and proceeds thereof. 
 (ii) Each Debtor shall cause
each subsidiary of such Debtor to immediately become a party hereto (an “Additional Debtor”), by executing and delivering an Additional Debtor Joinder in substantially the form of Annex A attached hereto, comply with the
provisions hereof applicable to the Debtors and deliver a completed form of Guaranty annexed hereto as Annex B. Such Guaranty hereafter to be deemed a Transaction Document. Concurrent therewith, the Additional Debtor shall deliver replacement
schedules for, or supplements to all other Schedules to (or referred to in) this Agreement, as applicable, which replacement schedules shall supersede, or supplements shall modify, the Schedules then in effect. The Additional Debtor shall also
deliver such opinions of counsel, authorizing resolutions, good standing certificates, incumbency certificates, organizational documents, financing statements and other information and documentation as the Collateral Agent may reasonably request.
Upon delivery of the foregoing to the Collateral Agent, the Additional Debtor shall be and become a party to this Agreement with the same rights and obligations as the Debtors, for all purposes hereof as fully and to the same extent as if it were an
original signatory hereto and shall be deemed to have made the representations, warranties and covenants set forth herein as of the date of execution and delivery of such Additional Debtor Joinder, and all references herein to the
“Debtors” shall be deemed to include each Additional Debtor. 
 (jj) Each Debtor shall vote the Pledged Securities to
comply with the covenants and agreements set forth herein and in the Notes. 
 (kk) Each Debtor shall register the pledge of the
applicable Pledged Securities on the books of such Debtor. Each Debtor shall notify each issuer of Pledged Securities to register the pledge of the applicable Pledged Securities in the name of the Collateral Agent on the books of such issuer.
Further, except with respect to certificated securities delivered to the Collateral Agent, the applicable Debtor shall deliver to Collateral Agent an acknowledgement of pledge (which, where appropriate, shall comply with the requirements of the
relevant UCC with respect to perfection by registration) signed by the issuer of the applicable Pledged Securities, which acknowledgement shall confirm that: (a) it has registered the pledge on its books and records; and (b) at any time
directed by Collateral Agent during the continuation of an Event of Default, such issuer will transfer the record ownership of such Pledged Securities into the name of any designee of Collateral Agent, will take such steps as may be necessary to
effect the transfer, and will comply with all other instructions of Collateral Agent regarding such Pledged Securities without the further consent of the applicable Debtor. 

  
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 (ll) In the event that, upon an occurrence of an Event of Default, Collateral Agent shall
sell all or any of the Pledged Securities to another party or parties (herein called the “Transferee”) or shall purchase or retain all or any of the Pledged Securities, each Debtor shall, to the extent applicable: (i) deliver
to Collateral Agent or the Transferee, as the case may be, the articles of incorporation, bylaws, minute books, stock certificate books, corporate seals, deeds, leases, indentures, agreements, evidences of indebtedness, books of account, financial
records and all other Organizational Documents and records of the Debtors and their direct and indirect subsidiaries; (ii) use its best efforts to obtain resignations of the persons then serving as officers and directors of the Debtors and
their direct and indirect subsidiaries, if so requested; and (iii) use its best efforts to obtain any approvals that are required by any governmental or regulatory body in order to permit the sale of the Pledged Securities to the Transferee or
the purchase or retention of the Pledged Securities by Collateral Agent and allow the Transferee or Collateral Agent to continue the business of the Debtors and their direct and indirect subsidiaries. 

(mm) Without limiting the generality of the other obligations of the Debtors hereunder, each Debtor shall (i) cause to be registered
at the United States Copyright Office all of its material copyrights (other than copyrights in software), (ii) cause the security interest contemplated hereby with respect to all Intellectual Property registered at the United States Copyright
Office or United States Patent and Trademark Office to be duly recorded at the applicable office, and (iii) give the Collateral Agent notice whenever it acquires (whether absolutely or by license) or creates any additional material Intellectual
Property. 
 (nn) Each Debtor will from time to time, at the joint and several expense of the Debtors, promptly execute and
deliver all such further instruments and documents, and take all such further action as may be necessary or desirable, or as the Collateral Agent may reasonably request, in order to perfect and protect any security interest granted or purported to
be granted hereby or to enable the Collateral Agent to exercise and enforce their rights and remedies hereunder and with respect to any Collateral or to otherwise carry out the purposes of this Agreement. 

(oo) Schedule F attached hereto lists all of the patents, patent applications, trademarks, trademark applications, registered
copyrights, and domain names owned by any of the Debtors as of the date hereof. Schedule F lists all material licenses in favor of any Debtor for the use of any patents, trademarks, copyrights and domain names as of the date hereof. All
material patents and trademarks of the Debtors have been duly recorded at the United States Patent and Trademark Office and all material copyrights of the Debtors have been duly recorded at the United States Copyright Office. 

(pp) Except as set forth on Schedule G attached hereto, none of the account debtors or other persons or entities obligated on any
of the Collateral is a governmental authority covered by the Federal Assignment of Claims Act or any similar federal, state or local statute or rule in respect of such Collateral. 
 5. Effect of Pledge on Certain Rights. If any of the Collateral subject to this Agreement consists of nonvoting equity or ownership interests (regardless of class, designation,
preference or rights) that may be converted into voting equity or ownership interests upon the occurrence of certain events (including, without limitation, upon the transfer of all or any of the other stock or assets of the issuer), it is agreed
that the pledge of such equity or ownership interests pursuant to this Agreement or the enforcement of any of Collateral Agent’s rights hereunder shall not be deemed to be the type of event which would trigger such conversion rights
notwithstanding any provisions in the Organizational Documents or agreements to which any Debtor is subject or to which any Debtor is party. 

6. Defaults. The following events shall be “Events of Default”: 

  
 10 

 (a) The occurrence of an Event of Default (as defined in the Notes) under the Notes;

 (b) Any representation or warranty of any Debtor in this Agreement shall prove to have been incorrect in any material respect
when made; 
 (c) The failure by any Debtor to observe or perform any of its obligations hereunder for five (5) days after
delivery to such Debtor of notice of such failure by or on behalf of a Secured Party unless such default is capable of cure but cannot be cured within such time frame and such Debtor is using best efforts to cure same in a timely fashion; or

 (d) If any provision of this Agreement shall at any time for any reason be declared to be null and void, or the validity or
enforceability thereof shall be contested by any Debtor, or a proceeding shall be commenced by any Debtor, or by any governmental authority having jurisdiction over any Debtor, seeking to establish the invalidity or unenforceability thereof, or any
Debtor shall deny that any Debtor has any liability or obligation purported to be created under this Agreement. 
 7. Duty to Hold In
Trust. 
 (a) Upon the occurrence of any Event of Default and at any time thereafter, each Debtor shall, upon receipt of any
revenue, income, dividend, interest or other sums subject to the Security Interests, whether payable pursuant to the Notes or otherwise, or of any check, draft, note, trade acceptance or other instrument evidencing an obligation to pay any such sum,
hold the same in trust for the Collateral Agent and shall forthwith endorse and transfer any such sums or instruments, or both, to the Collateral Agent, for application to the satisfaction of the Obligations. 

(b) If any Debtor shall become entitled to receive or shall receive any securities or other property (including, without limitation,
shares of Pledged Securities or instruments representing Pledged Securities acquired after the date hereof, or any options, warrants, rights or other similar property or certificates representing a dividend, or any distribution in connection with
any recapitalization, reclassification or increase or reduction of capital, or issued in connection with any reorganization of such Debtor or any of its direct or indirect Subsidiaries) in respect of the Pledged Securities (whether as an addition
to, in substitution of, or in exchange for, such Pledged Securities or otherwise), such Debtor agrees to (i) accept the same on behalf of and as agent for the Collateral Agent and Secured Parties; (ii) hold the same in trust on behalf of
and for the benefit of the Collateral Agent and Secured Parties; and (iii) to deliver any and all certificates or instruments evidencing the same to Collateral Agent on or before the close of business on the fifth business day following the
receipt thereof by such Debtor, in the exact form received together with the Necessary Endorsements, to be held by Collateral Agent subject to the terms of this Agreement as Collateral. 
 8. Rights and Remedies Upon Default. 
 (a) After the occurrence and during
the continuance of any Event of Default, the Collateral Agent may (and shall at the request of the Majority in Interest) exercise all of the remedies conferred hereunder and under the Notes, and the Collateral Agent shall have all the rights and
remedies of a secured party under the UCC. Without limitation, the Collateral Agent, for the benefit of the Secured Parties, shall have the following rights and powers: 

(i) The Collateral Agent shall have the right to take possession of the Collateral and, for that purpose, enter, with the
aid and assistance of any person, any premises where the Collateral, or any part thereof, is or may be placed and remove the same, so long as the same can be accomplished 

  
 11 

 
without breach of the peace and otherwise in compliance with applicable law, and each Debtor shall assemble the Collateral and make it available to the Collateral Agent at places which the
Collateral Agent shall reasonably select, whether at such Debtor’s premises or elsewhere, and make available to the Collateral Agent, without rent, all of such Debtor’s respective premises and facilities for the purpose of the Collateral
Agent taking possession of, removing or putting the Collateral in saleable or disposable form. 
 (ii) Upon
notice to the Debtors by Collateral Agent, all rights of each Debtor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise and all rights of each Debtor to receive the dividends and interest which it
would otherwise be authorized to receive and retain, shall cease. Upon such notice, Collateral Agent shall have the right to receive, for the benefit of the Secured Parties, any interest, cash dividends or other payments on the Collateral and, at
the option of Collateral Agent, to exercise in such Collateral Agent’s discretion all voting rights pertaining thereto. Without limiting the generality of the foregoing, Collateral Agent shall have the right (but not the obligation) to exercise
all rights with respect to the Collateral as it were the sole and absolute owner thereof, including, without limitation, to vote and/or to exchange, at its sole discretion, any or all of the Collateral in connection with a merger, reorganization,
consolidation, recapitalization or other readjustment concerning or involving the Collateral or any Debtor or any of its direct or indirect subsidiaries. 
 (iii) The Collateral Agent shall have the right to operate the business of each Debtor using the Collateral and shall have the right to assign, sell, lease or otherwise dispose of and deliver all or any
part of the Collateral, at public or private sale or otherwise, either with or without special conditions or stipulations, for cash or on credit or for future delivery, in such parcel or parcels and at such time or times and at such place or places,
and upon such terms and conditions as are commercially reasonable. Upon each such sale, lease, assignment or other transfer or disposition of Collateral, the Collateral Agent, for the benefit of the Secured Parties, may, unless prohibited by
applicable law which cannot be waived, purchase all or any part of the Collateral being sold, free from and discharged of all trusts, claims, right of redemption and equities of any Debtor, which are hereby waived and released. 

(iv) The Collateral Agent shall have the right (but not the obligation) to notify any account debtors and any obligors
under instruments or accounts to make payments directly to the Collateral Agent, on behalf of the Secured Parties, and to enforce the Debtors’ rights against such account debtors and obligors. 

(v) The Collateral Agent, for the benefit of the Secured Parties, may (but is not obligated to) direct any financial
intermediary or any other person or entity holding any investment property to transfer the same to the Collateral Agent, on behalf of the Secured Parties, or its designee. 

(vi) The Collateral Agent may (but is not obligated to) transfer any or all Intellectual Property registered in the name
of any Debtor at the United States Patent and Trademark Office and/or Copyright Office into the name of the Secured Parties or any designee or any purchaser of any Collateral. 
 (b) The Collateral Agent shall comply with any applicable law in connection with a disposition of Collateral and such compliance will not be considered adversely to affect the commercial reasonableness of
any sale of the Collateral. The Collateral Agent may sell the Collateral without giving any warranties and may specifically disclaim such warranties. If the Collateral Agent sells any of the Collateral on credit, the Debtors will only be credited
with payments actually made by the purchaser. In addition, each Debtor waives 

  
 12 

 
any and all rights that it may have to a judicial hearing in advance of the enforcement of any of the Collateral Agent’s rights and remedies hereunder, including, without limitation, its
right following an Event of Default to take immediate possession of the Collateral and to exercise its rights and remedies with respect thereto. 
 (c) For the purpose of enabling the Collateral Agent to further exercise rights and remedies under this Section 8 or elsewhere provided by agreement or applicable law, each Debtor hereby grants to
the Collateral Agent, for the benefit of the Collateral Agent and the Secured Parties, an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to such Debtor) to use, license or sublicense following an
Event of Default, any Intellectual Property now owned or hereafter acquired by such Debtor, and wherever the same may be located, and including in such license access to all media in which any of the licensed items may be recorded or stored and to
all computer software and programs used for the compilation or printout thereof. 
 9. Applications of Proceeds. The proceeds of any such
sale, lease or other disposition of the Collateral hereunder or from payments made on account of any insurance policy insuring any portion of the Collateral shall be applied first, to the expenses of retaking, holding, storing, processing and
preparing for sale, selling, and the like (including, without limitation, any taxes, fees and other costs incurred in connection therewith) of the Collateral, to the reasonable attorneys’ fees and expenses incurred by the Collateral Agent in
enforcing its rights hereunder and in connection with collecting, storing and disposing of the Collateral, and then to satisfaction of the Obligations pro rata among the Secured Parties (based on then-outstanding principal amounts of Notes at the
time of any such determination), and to the payment of any other amounts required by applicable law, after which the Collateral Agent shall pay to the applicable Debtor any surplus proceeds. If, upon the sale, license or other disposition of the
Collateral, the proceeds thereof are insufficient to pay all amounts to which the Secured Parties are legally entitled, the Debtors will be liable for the deficiency, together with interest thereon, at the rate of 12% per annum or the lesser
amount permitted by applicable law (the “Default Rate”), and the reasonable fees of any attorneys employed by the Collateral Agent to collect such deficiency. To the extent permitted by applicable law, each Debtor waives all claims,
damages and demands against the Collateral Agent or the Secured Parties arising out of the repossession, removal, retention or sale of the Collateral, unless due solely to the gross negligence or willful misconduct of the Collateral Agent or the
Secured Parties as determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction. 
 10. Securities Law
Provision. Each Debtor recognizes that Collateral Agent may be limited in its ability to effect a sale to the public of all or part of the Pledged Securities by reason of certain prohibitions in the Securities Act of 1933, as amended, or other
federal or state securities laws (collectively, the “Securities Laws”), and may be compelled to resort to one or more sales to a restricted group of purchasers who may be required to agree to acquire the Pledged Securities for their
own account, for investment and not with a view to the distribution or resale thereof. Each Debtor agrees that sales so made may be at prices and on terms less favorable than if the Pledged Securities were sold to the public, and that Collateral
Agent has no obligation to delay the sale of any Pledged Securities for the period of time necessary to register the Pledged Securities for sale to the public under the Securities Laws. Each Debtor shall cooperate with Collateral Agent in its
attempt to satisfy any requirements under the Securities Laws applicable to the sale of the Pledged Securities by Collateral Agent. 
 11.
Costs and Expenses. Each Debtor agrees to pay all reasonable fees, costs and expenses incurred in connection with any filing required hereunder, including without limitation, any financing statements pursuant to the UCC, continuation
statements, partial releases and/or termination statements related thereto or any expenses of any searches reasonably required by the Collateral Agent. The Debtors shall also pay all other claims and charges which in the reasonable opinion of the
Collateral Agent is reasonably likely to prejudice, imperil or otherwise affect the Collateral or the Security Interests therein. The Debtors will also, upon demand, pay to the Collateral Agent the amount of any and all reasonable out-of-pocket
expenses, 

  
 13 

 
including the reasonable fees and expenses of its counsel and of any experts and agents, which the Collateral Agent, for the benefit of the Secured Parties, may incur in connection with
(i) the enforcement of this Agreement, (ii) the custody or preservation of, or the sale of, collection from, or other realization upon, any of the Collateral, or (iii) the exercise or enforcement of any of the rights of the Secured
Parties under the Notes. Until so paid, any fees payable hereunder shall be added to the principal amount of the Notes and shall bear interest at the Default Rate. 
 12. Responsibility for Collateral. The Debtors assume all liabilities and responsibility in connection with all Collateral, and the Obligations shall in no way be affected or diminished by reason
of the loss, destruction, damage or theft of any of the Collateral or its unavailability for any reason. Without limiting the generality of the foregoing, (a) neither the Collateral Agent nor any Secured Party (i) has any duty (either
before or after an Event of Default) to collect any amounts in respect of the Collateral or to preserve any rights relating to the Collateral, or (ii) has any obligation to clean-up or otherwise prepare the Collateral for sale, and
(b) each Debtor shall remain obligated and liable under each contract or agreement included in the Collateral to be observed or performed by such Debtor thereunder. Neither the Collateral Agent nor any Secured Party shall have any obligation or
liability under any such contract or agreement by reason of or arising out of this Agreement or the receipt by the Collateral Agent or any Secured Party of any payment relating to any of the Collateral, nor shall the Collateral Agent or any Secured
Party be obligated in any manner to perform any of the obligations of any Debtor under or pursuant to any such contract or agreement, to make inquiry as to the nature or sufficiency of any payment received by the Collateral Agent or any Secured
Party in respect of the Collateral or as to the sufficiency of any performance by any party under any such contract or agreement, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts
which may have been assigned to the Collateral Agent or to which the Collateral Agent or any Secured Party may be entitled at any time or times. 
 13. Security Interests Absolute. All rights of the Secured Parties and Collateral Agent and all obligations of the Debtors hereunder, shall be absolute and unconditional, irrespective of:
(a) any lack of validity or enforceability of this Agreement, the Notes or any agreement entered into in connection with the foregoing, or any portion hereof or thereof; (b) any change in the time, manner or place of payment or performance
of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Notes or any other agreement entered into in connection with the foregoing; (c) any exchange, release or
non-perfection of any of the Collateral, or any release or amendment or waiver of or consent to departure from any other collateral for, or any guarantee, or any other security, for all or any of the Obligations; (d) any action by the
Collateral Agent to obtain, adjust, settle and cancel in its sole discretion any insurance claims or matters made or arising in connection with the Collateral; or (e) any other circumstance which might otherwise constitute any legal or
equitable defense available to a Debtor, or a discharge of all or any part of the Security Interests granted hereby. Until the Obligations shall have been paid and performed in full, the rights of the Secured Parties and Collateral Agent shall
continue even if the Obligations are barred for any reason, including, without limitation, the running of the statute of limitations or bankruptcy. Each Debtor expressly waives presentment, protest, notice of protest, demand, notice of nonpayment
and demand for performance. In the event that at any time any transfer of any Collateral or any payment received by the Secured Parties hereunder shall be deemed by final order of a court of competent jurisdiction to have been a voidable preference
or fraudulent conveyance under the bankruptcy or insolvency laws of the United States, or shall be deemed to be otherwise due to any party other than the Secured Parties, then, in any such event, each Debtor’s obligations hereunder shall
survive cancellation of this Agreement, and shall not be discharged or satisfied by any prior payment thereof and/or cancellation of this Agreement, but shall remain a valid and binding obligation enforceable in accordance with the terms and
provisions hereof. Each Debtor waives all right to require the Secured Parties and Collateral Agent to proceed against any other person or entity or to apply any Collateral which the Collateral Agent may hold at any time, or to marshal assets, or to
pursue any other remedy. Each Debtor waives any defense arising by reason of the application of the statute of limitations to any obligation secured hereby. 

  
 14 

 14. Term of Agreement. This Agreement and the Security Interests shall terminate on the date on which
all payments under the Notes have been indefeasibly paid in full and all other Obligations have been paid or discharged; provided, however, that all indemnities of the Debtors contained in this Agreement (including, without limitation, Annex
C hereto) shall survive and remain operative and in full force and effect regardless of the termination of this Agreement. 
 15. Power
of Attorney; Further Assurances. 
 (a) Each Debtor authorizes the Collateral Agent, and does hereby make, constitute and
appoint the Collateral Agent and its officers, agents, successors or assigns with full power of substitution, as such Debtor’s true and lawful attorney-in-fact, with power, in the name of the Collateral Agent or such Debtor, after the
occurrence and during the continuance of an Event of Default, (i) to endorse any note, checks, drafts, money orders or other instruments of payment (including, without limitation, payments payable under or in respect of any policy of insurance)
in respect of the Collateral that may come into possession of the Collateral Agent; (ii) to sign and endorse any financing statement pursuant to the UCC or any invoice, freight or express bill, bill of lading, storage or warehouse receipts,
drafts against debtors, assignments, verifications and notices in connection with accounts, and other documents relating to the Collateral; (iii) to pay or discharge taxes, liens, security interests or other encumbrances at any time levied or
placed on or threatened against the Collateral; (iv) to demand, collect, receipt for, compromise, settle and sue for monies due in respect of the Collateral; (v) to transfer any Intellectual Property or provide licenses respecting any
Intellectual Property; and (vi) generally, at the option of the Collateral Agent, and at the expense of the Debtors, at any time, or from time to time, to execute and deliver any and all documents and instruments and to do all acts and things
which the Collateral Agent deems necessary to protect, preserve and realize upon the Collateral and the Security Interests granted therein in order to effect the intent of this Agreement and the Notes all as fully and effectually as the Debtors
might or could do; and each Debtor hereby ratifies all that said attorney shall lawfully do or cause to be done by virtue hereof. This power of attorney is coupled with an interest and shall be irrevocable for the term of this Agreement and
thereafter as long as any of the Obligations shall be outstanding. The designation set forth herein shall be deemed to amend and supersede any inconsistent provision in the Organizational Documents or other documents or agreements to which any
Debtor is subject or to which any Debtor is a party. Without limiting the generality of the foregoing, after the occurrence and during the continuance of an Event of Default, Collateral Agent is specifically authorized to execute and file any
applications for or instruments of transfer and assignment of any patents, trademarks, copyrights or other Intellectual Property with the United States Patent and Trademark Office and the United States Copyright Office. 

(b) On a continuing basis, each Debtor will make, execute, acknowledge, deliver, file and record, as the case may be, with the proper
filing and recording agencies in any jurisdiction, including, without limitation, the jurisdictions indicated on Schedule D attached hereto, all such instruments, and take all such action as may reasonably be deemed necessary or advisable, or
as reasonably requested by the Collateral Agent, to perfect the Security Interests granted hereunder and otherwise to carry out the intent and purposes of this Agreement, or for assuring and confirming to the Collateral Agent the grant or perfection
of a perfected security interest in all the Collateral under the UCC. 
 (c) Each Debtor hereby irrevocably appoints the
Collateral Agent as such Debtor’s attorney-in-fact, with full authority in the place and instead of such Debtor and in the name of such Debtor, from time to time in the Collateral Agent’s discretion, to take any action and to execute any
instrument which the Collateral Agent may deem necessary or advisable to accomplish the purposes of this Agreement, including the filing, in its sole discretion, of one or more financing or continuation statements and amendments thereto, relative to
any of the Collateral without the signature of such Debtor where permitted by law, which financing statements may (but need not) describe the Collateral as “all assets” or “all personal property” or

  
 15 

 
words of like import, and ratifies all such actions taken by the Collateral Agent. This power of attorney is coupled with an interest and shall be irrevocable for the term of this Agreement and
thereafter as long as any of the Obligations shall be outstanding. 
 16. Notices. All notices, demands, requests, consents, approvals,
and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (a) personally served, (b) deposited in the mail, registered or certified, return receipt requested, postage
prepaid, (c) delivered by a reputable overnight courier service with charges prepaid, or (d) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile
machine, at the address or number designated below (if delivered on a business day during normal business hours), or the first business day following such delivery (if delivered other than on a business day during normal business hours),
(ii) on the first business day following the date deposited with an overnight courier service with charges prepaid, or (iii) on the fifth business day following the date of mailing pursuant to subpart (b) above, or upon actual receipt
of such mailing, whichever shall first occur. The addresses for such communications shall be: 
  

			
	To Debtor, to:	  	Cambridge Heart, Inc.
		  	100 Ames Pond Drive
		  	Tewksbury, MA 01876
		  	Attn: Vincenzo LiCausi, Chief Financial Officer
		  	Fax: (978) 654-4501
	
	With a copy by fax only to (which shall not constitute notice):
		
		  	Nutter McClennen & Fish LLP
		  	Seaport West
		  	155 Seaport Boulevard
		  	Boston, MA 02210
		  	Attn: Michelle L. Basil, Esq.
		  	Fax: (617) 310-9477
	
	If to the Collateral Agent, to:
		
		  	Collateral Agent LLC
		  	122 East 57th Street, 3rd Floor
		  	New York, New York 10022
		  	Attn: General Counsel
		  	Fax: (212) 245-9101 Attn: General Counsel
		  	Fax: (212) 245-9101
	
	If to the Collateral Agent, with a copy by telecopier only to:
		
		  	Grushko & Mittman, P.C.
		  	515 Rockaway Avenue
		  	Valley Stream, New York 11581
		  	Fax: (212) 697-3575

 17. Other Security. To the extent that the Obligations are now or hereafter secured by property other than the
Collateral or by the guarantee, endorsement or property of any other person, firm, corporation or 

  
 16 

 
other entity, then the Collateral Agent shall have the right, in its sole discretion, to pursue, relinquish, subordinate, modify or take any other action with respect thereto, without in any way
modifying or affecting any of the Collateral Agent’s rights and remedies hereunder. 
 18. Appointment of Collateral Agent. By
executing this Agreement where indicated below, or by executing a Secured Party Joinder hereto, the Secured Parties hereby appoint the Collateral Agent for purposes of exercising any and all rights and remedies of the Secured Parties hereunder and
acknowledge that (a) such appointment shall continue until revoked in writing by a Majority in Interest, at which time a Majority in Interest shall appoint a new Collateral Agent, and (b) the Collateral Agent shall have the rights,
responsibilities and immunities set forth in Annex C hereto. 
 19. Miscellaneous. 

(a) No course of dealing between the Debtors and the Collateral Agent or the Secured Parties, nor any failure to exercise, nor any delay
in exercising, on the part of the Collateral Agent or the Secured Parties, any right, power or privilege hereunder or under the Notes shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege
hereunder or thereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

(b) All of the rights and remedies of the Collateral Agent and Secured Parties with respect to the Collateral, whether established hereby
or by the Notes or by any other agreements, instruments or documents or by law shall be cumulative and may be exercised singly or concurrently. 
 (c) This Agreement, together with the exhibits and schedules hereto, the Notes, the Subscription Agreement and the Guarantees contain the entire understanding of the parties with respect to the subject
matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into this Agreement and the exhibits and schedules hereto. 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 Debtors and Collateral Agent (acting upon instructions from the Majority in Interest) or, in the case of a waiver,
by the party against whom enforcement of any such waived provision is sought. 
 (d) 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. 
 (e) 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. 
 (f) This Agreement shall be
binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Debtors may not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Collateral Agent, acting upon
instructions from the Majority in Interest (other than by merger). Any Secured Party may assign any or all of its rights under this Agreement to any Person, provided such transferee agrees in writing to be bound by the provisions of this Agreement
that apply to the “Secured Parties.” 

  
 17 

 (g) Each party shall take such further action and execute and deliver such further documents
as may be necessary or appropriate in order to carry out the provisions and purposes of this Agreement. 
 (h) All questions
concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of
law thereof. Each Debtor agrees that all proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and the Notes (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York, Borough of Manhattan. Each Debtor hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such proceeding is improper. Each party hereto hereby irrevocably waives personal service of
process and consents to process being served in any such proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this
Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party
hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. If any party
shall commence a proceeding to enforce any provisions of this Agreement, then the prevailing party in such proceeding shall be reimbursed by the other party for its reasonable attorney’s fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such proceeding. 
 (i) This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original and, all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile transmission, such signature shall
create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were the original thereof. 

(j) All Debtors shall jointly and severally be liable for the Obligations. 

(k) Each Debtor shall indemnify, reimburse and hold harmless the Collateral Agent and the Secured Parties and their respective partners,
members, shareholders, officers, directors, employees and agents (and any other persons with other titles that have similar functions) (collectively, “Indemnitees”) from and against any and all losses, claims, liabilities, damages,
penalties, suits, costs and expenses, of any kind or nature, (including fees relating to the cost of investigating and defending any of the foregoing) imposed on, incurred by or asserted against such Indemnitee in any way related to or arising from
or alleged to arise from this Agreement or the Collateral, except any such losses, claims, liabilities, damages, penalties, suits, costs and expenses which result from the gross negligence or willful misconduct of the Indemnitee as determined by a
final, nonappealable decision of a court of competent jurisdiction. This indemnification provision is in addition to, and not in limitation of, any other indemnification provision in the Notes, the Subscription Agreement (as such term is defined in
the Notes) or any other agreement, instrument or other document executed or delivered in connection herewith or therewith. 

(l) Nothing in this Agreement shall be construed to subject Collateral Agent or any Secured

  
 18 

 
Party to liability as a partner in any Debtor or any if its direct or indirect subsidiaries that is a partnership or as a member in any Debtor or any of its direct or indirect subsidiaries that
is a limited liability company, nor shall Collateral Agent or any Secured Party be deemed to have assumed any obligations under any partnership agreement or limited liability company agreement, as applicable, of any such Debtor or any if its direct
or indirect subsidiaries or otherwise, unless and until any such Secured Party exercises its right to be substituted for such Debtor as a partner or member, as applicable, pursuant hereto. 

(m) To the extent that the grant of the security interest in the Collateral and the enforcement of the terms hereof require the consent,
approval or action of any partner or member, as applicable, of any Debtor or any direct or indirect subsidiary of any Debtor or compliance with any provisions of any of the Organizational Documents, the Debtors hereby grant such consent and approval
and waive any such noncompliance with the terms of said documents. 
 (n) The Debtors shall be responsible for the $5,000 set-up
fee charged by the Collateral Agent. which shall be paid at the closing. Further, in addition to the foregoing, upon the occurrence of an Event of Default, the Secured Parties collectively shall pay the Collateral Agent the sum of $10,000 on
account, to apply against an hourly fee of $350 to be paid to the Collateral Agent by the Secured Parties for services rendered pursuant to this Agreement. All payments due to the Collateral Agent under this Agreement including reimbursements
must be paid when billed. The Collateral Agent may refuse to act on behalf of or make a distribution to any Secured Party who is not current in payments to the Collateral Agent. Payments required pursuant to this Agreement shall be pari
passu to the Secured Parties’ interests in the Notes. The Collateral Agent is hereby authorized to deduct any sums due the Collateral Agent from Collateral in the Collateral Agent’s possession. 

(o) Collateral Agent may generally engage in any kind of business with a Secured Party or Debtors any subsidiary or affiliate thereof as
if it had not entered into this Agreement. Collateral Agent and its affiliates and their officers, directors, employees, and agents (including legal counsel) may now or hereafter be engaged in one or more transactions with either a Secured Party or
the Debtors or may act as trustee, agent or representative of either a Secured Party or the Debtors, or otherwise be engaged in other transactions with such parties (collectively, the “Other Activities”). Without limiting the
forgoing, Collateral Agent and its affiliates and their officers, directors, employees, and agents (including legal counsel) shall not be responsible to account to a Secured Party or the Debtors for such other activities. 

20. Secured Party Joinder. Certain of the Initial Notes and the 2012 Notes will be sold and acquired in connection with one or more Additional
Offerings. Each holder of a Note acquired in an Additional Offering and the Company shall execute a joinder in substantially the form attached hereto as Annex D (a “Secured Party Joinder”). From and after the date of its
execution and delivery of a Secured Party Joinder by such holder and the Company and delivery of the same to the Collateral Agent, each such holder shall be deemed to be a Secured Party hereunder and shall be entitled to the benefits of, and shall
be deemed to have assumed the obligations of, a Secured Party hereunder. 
 [SIGNATURE PAGES FOLLOW] 

  
 19 

 IN WITNESS WHEREOF, the parties hereto have caused this Security Agreement to be duly
executed on the day and year first above written. 
  

			
	CAMBRIDGE HEART, INC.
		
	By:	 	 /s/ Ali Haghighi-Mood

		 	Name: Ali Haghighi-Mood
		 	Title: President and Chief Executive Officer

  

			
	COLLATERAL AGENT
	
	COLLATERAL AGENTS LLC
		
	 By:
	 	 /s/ Seth S.
Fishman            

		 	 Name: Seth S. Fishman

		 	 Title: President

 [-SIGNATURE PAGES OF THE SECURED PARTIES FOLLOW-] 

  
 20 

 [SIGNATURE PAGE OF SECURED PARTY TO CAMBRIDGE HEART, INC. SECURITY AGREEMENT] 

 

	
	
Name of Secured Party:                  
                                         
                                         
                                         
                                         
                             

	
	
Signature of Authorized Signatory of Secured Party:          
                                         
                                         
                                         
                        

	
	
Name of Authorized Signatory:                
                                         
                                         
                                         
                                         
                

	
	
Title of Authorized Signatory:                
                                         
                                         
                                         
                                         
                   

	
	
	Address, telephone number and facsimile number of Secured Party:
	  

	
	  

	
	  

	

  
 21 

 ANNEX A 
 to 
 SECURITY AGREEMENT 

FORM OF ADDITIONAL DEBTOR JOINDER 
 Security Agreement dated as of January     , 2012 made by 

Cambridge Heart, Inc. 
 and its subsidiaries party thereto from time to time, as Debtors 
 to and in favor
of 
 the Collateral Agent and the Secured Parties identified therein (the “Security Agreement”) 

Reference is made to the Security Agreement as defined above; capitalized terms used herein and not otherwise defined herein shall have the meanings
given to such terms in, or by reference in, the Security Agreement. 
 The undersigned hereby agrees that upon delivery of this Additional
Debtor Joinder to the Secured Parties referred to above, the undersigned shall (a) be an Additional Debtor under the Security Agreement, (b) have all the rights and obligations of the Debtors under the Security Agreement as fully and to
the same extent as if the undersigned was an original signatory thereto and (c) be deemed to have made the representations and warranties set forth therein as of the date of execution and delivery of this Additional Debtor Joinder. WITHOUT
LIMITING THE GENERALITY OF THE FOREGOING, THE UNDERSIGNED SPECIFICALLY GRANTS TO THE SECURED PARTIES A SECURITY INTEREST IN THE COLLATERAL AS MORE FULLY SET FORTH IN THE SECURITY AGREEMENT AND ACKNOWLEDGES AND AGREES TO THE WAIVER OF JURY TRIAL
PROVISIONS SET FORTH THEREIN. 
 Attached hereto are supplemental and/or replacement Schedules to the Security Agreement, as applicable.

 An executed copy of this Joinder shall be delivered to the Secured Parties, and the Secured Parties may rely on the matters set forth herein
on or after the date hereof. This Joinder shall not be modified, amended or terminated without the prior written consent of the Collateral Agent, acting upon instructions from the Majority in Interest. 

  
 22 

 IN WITNESS WHEREOF, the undersigned has caused this Joinder to be executed in the name and on behalf of the
undersigned. 
  

	
	[Name of Additional Debtor]
	
	By:
	
	Name:
	Title:
	
	Address:

 Dated:

  
 23 

 ANNEX B 
 to 
 SECURITY AGREEMENT 

FORM OF SUBSIDIARY GUARANTY 
 1. Identification. 
 This Guaranty (the “Guaranty”), dated
as of [REQUIRES COMPLETION], is entered into by [REQUIRES COMPLETION], a [REQUIRES COMPLETION] corporation (“Guarantor”), for the benefit of the Collateral Agent identified below and the parties identified on
Schedule A hereto (each a “Lender” and collectively, the “Lenders”). 
 2. Recitals. 

2.1 Guarantor is a direct or indirect subsidiary of Cambridge Heart, Inc., a Delaware corporation (“Parent”). The Lenders
have made and/or are making loans to Parent (the “Loans”). Guarantor will obtain substantial benefit from the proceeds of the Loans. 
 2.2 The Loans are and will be evidenced by certain senior secured promissory notes (collectively, “Note” or “Notes”) issued by Parent before, on, about or after the date
of this Guaranty pursuant to the subscription agreements dated at or about January __, 2012 and February __, 2012 (collectively, the “Subscription Agreement”). The Notes are further described on Schedule A hereto and were and or
will be executed by Parent as “Borrower” for the benefit of each Lender as the “Holder” thereof. 
 2.3 In
consideration of the Loans made and to be made by Lenders to Parent and for other good and valuable consideration, and as security for the performance by Parent of its obligations under the Notes and as security for the repayment of the Loans and
all other sums due from Debtor to Lenders arising under the Notes (collectively, the “Obligations”), Guarantor, for good and valuable consideration, receipt of which is acknowledged, has agreed to enter into this Guaranty.

 2.4 The Lenders have appointed Collateral Agents LLC as Collateral Agent pursuant to that certain Security Agreement dated at
or about the date of this Agreement (“Security Agreement”), among the Company, the Lenders and Collateral Agent. 
 3.
Guaranty. 
 3.1 Guaranty. Guarantor hereby unconditionally and irrevocably guarantees, jointly and severally with
any other guarantor of the Obligations, the punctual payment, performance and observance when due, whether at stated maturity, by acceleration or otherwise, of all of the Obligations now or hereafter existing, whether for principal, interest
(including, without limitation, all interest that accrues after the commencement of any insolvency, bankruptcy or reorganization of Parent, whether or not constituting an allowed claim in such proceeding), fees, commissions, expense reimbursements,
liquidated damages, indemnifications or otherwise arising under the Notes, Security Agreement or any other Transaction Document (as defined in the Subscription Agreement) (such obligations, to the extent not paid by Parent being the
“Guaranteed Obligations” and included in the definition of Obligations), and agrees to pay any and all reasonable costs, fees and expenses (including reasonable counsel fees and expenses) incurred by Collateral Agent and the Lenders
in enforcing any rights under the guaranty set forth herein. Without limiting the generality of the foregoing, Guarantor’s liability shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed by Parent to
Collateral Agent and the Lenders, but for the fact that they are unenforceable or not allowable due to the existence of an insolvency, bankruptcy or reorganization involving Parent. 

  
 24 

 3.2 Guaranty Absolute. Guarantor guarantees that the Guaranteed Obligations will be
paid strictly in accordance with the terms of the Notes, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of Collateral Agent or the Lenders with respect thereto. The
obligations of Guarantor under this Guaranty is independent of the Guaranteed Obligations, and a separate action or actions may be brought and prosecuted against Guarantor to enforce such obligations, irrespective of whether any action is brought
against Parent or any other guarantor or whether Parent or any other guarantor is joined in any such action or actions. The liability of Guarantor under this Guaranty constitutes a primary obligation, and not a contract of surety, and to the extent
permitted by law, shall be irrevocable, absolute and unconditional irrespective of, and Guarantor hereby irrevocably waives any defenses it may now or hereafter have in any way relating to, any or all of the following: 

(a) any lack of validity of the Notes or any agreement or instrument relating thereto; 

(b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations, or any
other amendment or waiver of or any consent to departure from the Notes, including, without limitation, any increase in the Guaranteed Obligations resulting from the extension of additional credit to Parent or otherwise; 

(c) any taking, exchange, release, subordination or non-perfection of any Collateral, or any taking, release or amendment or waiver of or
consent to departure from any other guaranty, for all or any of the Guaranteed Obligations; 
 (d) any change, restructuring or
termination of the corporate, limited liability company or partnership structure or existence of Parent; or 
 (e) any other
circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any representation by Collateral Agent or the Lenders that might otherwise constitute a defense available to, or a discharge of, Parent or
any other guarantor or surety. 
 This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any
time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be returned by Collateral Agent, the Lenders or any other entity upon the insolvency, bankruptcy or reorganization of the Parent or otherwise (and whether as a
result of any demand, settlement, litigation or otherwise), all as though such payment had not been made. 
 3.3 Waiver.
Guarantor hereby waives promptness, diligence, notice of acceptance and any other notice with respect to any of the Guaranteed Obligations and this Guaranty and any requirement that Collateral Agent or the Lenders exhaust any right or take any
action against any Borrower or any other person or entity or any Collateral. Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated herein and that the waiver set forth in this
Section 3.3 is knowingly made in contemplation of such benefits. Guarantor hereby waives any right to revoke this Guaranty, and acknowledges that this Guaranty is continuing in nature and applies to all Guaranteed Obligations, whether existing
now or in the future. 
 3.4 Continuing Guaranty; Assignments. This Guaranty is a continuing guaranty and shall
(a) remain in full force and effect until the later of the indefeasible cash payment in full of the Guaranteed Obligations, (b) be binding upon Guarantor, its successors and assigns and (c) inure to the benefit of and be enforceable
by the Lenders and their successors, pledgees, transferees and assigns. Without limiting the 

  
 25 

 
generality of the foregoing clause (c), any Lender may pledge, assign or otherwise transfer all or any portion of its rights and obligations under this Guaranty (including, without
limitation, all or any portion of its Notes owing to it) to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted such Collateral Agent or Lender herein or otherwise. 

3.5 Subrogation. Guarantor will not exercise any rights that it may now or hereafter acquire against the Collateral Agent or any
Lender or other guarantor (if any) that arise from the existence, payment, performance or enforcement of such Guarantor’s obligations under this Guaranty, including, without limitation, any right of subrogation, reimbursement, exoneration,
contribution or indemnification, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from the Collateral Agent or any Lender or other
guarantor (if any), directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security solely on account of such claim, remedy or right, unless and until all of the Guaranteed Obligations and all other
amounts payable under this Guaranty shall have been indefeasibly paid in full. 
 3.6 Maximum Obligations.
Notwithstanding any provision herein contained to the contrary, Guarantor’s liability with respect to the Obligations shall be limited to an amount not to exceed, as of any date of determination, the amount that could be claimed by Lenders from
Guarantor without rendering such claim voidable or avoidable under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. 

4. Miscellaneous. 
 4.1
Expenses. Guarantor shall pay to the Lenders, on demand, the amount of any and all reasonable expenses, including, without limitation, reasonable attorneys’ fees, reasonable legal expenses and reasonable brokers’ fees, which the
Lenders may incur in connection with exercise or enforcement of any the rights, remedies or powers of the Lenders hereunder or with respect to any or all of the Obligations. 
 4.2 Waivers, Amendment and Remedies. No course of dealing by the Lenders and no failure by the Lenders to exercise, or delay by the Lender in exercising, any right, remedy or power hereunder shall
operate as a waiver thereof, and no single or partial exercise thereof shall preclude any other or further exercise thereof or the exercise of any other right, remedy or power of the Lenders. No amendment, modification or waiver of any provision of
this Guaranty and no consent to any departure by Guarantor therefrom, shall, in any event, be effective unless contained in a writing signed by the Guarantor and the Majority in Interest (as such term is defined in the Collateral Agent Agreement) of
the Lender or Lenders against whom such amendment, modification or waiver is sought, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. The rights, remedies and powers of
the Lenders, not only hereunder, but also under any instruments and agreements evidencing or securing the Obligations and under applicable law are cumulative, and may be exercised by the Lenders from time to time in such order as the Lenders may
elect. 
 4.3 Notices. All notices, demands, requests, consents, approvals, and other communications required or
permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (a) personally served, (b) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (c) delivered by a
reputable overnight courier service with charges prepaid, or (d) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any
notice or other communication required or permitted to be given hereunder shall be deemed effective upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number
designated below if delivered on a business day during normal business hours, or the first business day following such delivery (if delivered other than on a business day during normal business hours), (ii) on the first business day

  
 26 

 
following the date deposited with an overnight courier service with charges prepaid, or (iii) on the fifth business day following the date of mailing pursuant to subpart (b) above, or
upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be: 
  

			
	To Guarantor, to:	  	c/o Cambridge Heart, Inc.
		  	100 Ames Pond Drive
		  	Tewksbury, MA 01876
		  	Attn: Vincenzo LiCausi, Chief Financial Officer
		  	Fax: (978) 654-4501
	
	With a copy by fax only to (which shall not constitute notice):
		
		  	 Nutter McClennen & Fish LLP,
 Seaport West

		  	155 Seaport Boulevard
		  	Boston, MA 02210
		  	Attn: Michelle L. Basil, Esq.,
		  	Fax: (617) 310-9477
		
	To Lenders:	  	To the addresses and telecopier numbers set
		  	forth on Schedule A
		
	To the Collateral Agent:	  	Collateral Agents LLC
		  	122 East 57th Street, 3rd Floor
		  	New York, New York 10022
		  	Attn: General Counsel
		  	Fax: (212) 245-9101
	
	If to Guarantor, Lender or
	Collateral Agent, with a copy by telecopier only to:
		
		  	Grushko & Mittman, P.C.
		  	515 Rockaway Avenue
		  	Valley Stream, New York 11581
		  	Fax: (212) 697-3575

 Any party may change its address by written notice in accordance with this paragraph. 

4.4 Term; Binding Effect. This Guaranty shall (a) remain in full force and effect until payment and satisfaction in full of
all of the Guaranteed Obligations; (b) be binding upon Guarantor and its successors and permitted assigns; and (c) inure to the benefit of the Lenders and their respective successors and assigns. All the rights and benefits granted by
Guarantor to the Collateral Agent and Lenders hereunder and other agreements and documents delivered in connection therewith are deemed granted to both the Collateral Agent and Lenders. Upon the payment in full of the Guaranteed Obligations,
(i) this Guaranty shall terminate and (ii) the Lenders will, upon Guarantor’s request and at Guarantor’s expense, execute and deliver to Guarantor such documents as Guarantor shall reasonably request to evidence such termination,
all without any representation, warranty or recourse whatsoever. 
 4.5 Captions. The captions of Paragraphs, Articles
and Sections in this Guaranty have been included for convenience of reference only, and shall not define or limit the provisions hereof and have no legal or other significance whatsoever. 

  
 27 

 4.6 Governing Law; Venue; Severability. This Guaranty shall be governed by and
construed in accordance with the laws of the State of New York without regard to principles of conflicts or choice of law. Any legal action or proceeding against Guarantor with respect to this Guaranty may be brought in the courts of the State of
New York or of the United States for the Southern District of New York, and, by execution and delivery of this Guaranty, Guarantor hereby irrevocably accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction
of the aforesaid courts. Guarantor hereby irrevocably waives any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Guaranty brought in the
aforesaid courts and hereby further irrevocably waives and agrees not to plead or claim in any such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum. If any provision of this Guaranty, or
the application thereof to any person or circumstance, is held invalid, such invalidity shall not affect any other provisions which can be given effect without the invalid provision or application, and to this end the provisions hereof shall be
severable and the remaining, valid provisions shall remain of full force and effect. This Guaranty shall be deemed an unconditional obligation of Guarantor for the payment of money and, without limitation to any other remedies of Lenders, may be
enforced against Guarantor by summary proceeding pursuant to New York Civil Procedure Law and Rules Section 3213 or any similar rule or statute in the jurisdiction where enforcement is sought. For purposes of such rule or statute, any other
document or agreement to which Lenders and Guarantor are parties or which Guarantor delivered to Lenders, which may be convenient or necessary to determine Lenders’ rights hereunder or Guarantor’s obligations to Lenders are deemed a part
of this Guaranty, whether or not such other document or agreement was delivered together herewith or was executed apart from this Guaranty. Each party hereby irrevocably waives personal service of process and consents to process being served in
any suit, action or proceeding in connection with this Agreement or any other Transaction Document by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect
for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other
manner permitted by law. Guarantor irrevocably appoints Parent its true and lawful agent for service of process upon whom all processes of law and notices may be served and given in the manner described above; and such service and notice shall be
deemed valid personal service and notice upon Guarantor with the same force and validity as if served upon Guarantor. 
 4.7
Satisfaction of Obligations. For all purposes of this Guaranty, the payment in full of the Obligations shall be conclusively deemed to have occurred when the Obligations have been indefeasibly paid pursuant to the terms of the Notes and the
Subscription Agreement. 
 4.8 Counterparts/Execution. This Agreement may be executed in any number of
counterparts and by the different signatories hereto on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. This Agreement may be executed
by facsimile signature and delivered by electronic transmission. 
 [THE BALANCE OF THIS PAGE HAS BEEN INTENTIONALLY LEFT
BLANK] 

  
 28 

 IN WITNESS WHEREOF, the undersigned have executed and delivered this Guaranty, as of
the date first written above. 
 “GUARANTOR” 
 [REQUIRES COMPLETION] 
  

			
	By:	 	  

		 	Its: President

 This Guaranty Agreement may be signed by facsimile signature and 

delivered by confirmed facsimile transmission. 

 SCHEDULE A TO GUARANTY 

 

					
	 SUBSCRIBERS
	 	 PURCHASE

PRICE AND NOTE PRINCIPAL
	 	 WARRANTS

	  
	 	  
	 	  

	  
	 	  
	 	  

	  
	 	  
	 	  

	  
	 	  
	 	  

	  
	 	  
	 	  

	  
	 	  
	 	  

	  
	 	  
	 	  

	  
	 	  
	 	  

  
 30 

 ANNEX C 
 to 
 SECURITY AGREEMENT 

THE COLLATERAL AGENT 

1. Appointment. The Secured Parties (all capitalized terms used herein and not otherwise defined shall have the respective meanings
provided in the Security Agreement to which this Annex C is attached (the “Agreement”), by their acceptance of the benefits of the Agreement, hereby designate Collateral Agents LLC (“Collateral Agent”) as the
Collateral Agent to act as specified herein and in the Agreement. Each Secured Party shall be deemed irrevocably to authorize the Collateral Agent to take such action on its behalf under the provisions of the Agreement and any other Transaction
Document (as such term is defined in the Notes) and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Collateral Agent by the terms hereof and thereof and such other
powers as are reasonably incidental thereto. The Collateral Agent may perform any of its duties hereunder by or through its agents or employees. 
 2. Nature of Duties. The Collateral Agent shall have no duties or responsibilities except those expressly set forth in the Agreement. Neither the Collateral Agent nor any of its partners,
members, shareholders, officers, directors, employees or agents shall be liable for any action taken or omitted by it as such under the Agreement or hereunder or in connection herewith or therewith, be responsible for the consequence of any
oversight or error of judgment or answerable for any loss, unless caused solely by its or their gross negligence or willful misconduct as determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction. The duties
of the Collateral Agent shall be mechanical and administrative in nature; the Collateral Agent shall not have by reason of the Agreement or any other Transaction Document a fiduciary relationship in respect of any Debtor or any Secured Party; and
nothing in the Agreement or any other Transaction Document, expressed or implied, is intended to or shall be so construed as to impose upon the Collateral Agent any obligations in respect of the Agreement or any other Transaction Document except as
expressly set forth herein and therein. 
 3. Lack of Reliance on the Collateral Agent. Independently and without reliance upon the
Collateral Agent, each Secured Party, to the extent it deems appropriate, has made and shall continue to make (i) its own independent investigation of the financial condition and affairs of the Company and its subsidiaries in connection with
such Secured Party’s investment in the Debtors, the creation and continuance of the Obligations, the transactions contemplated by the Transaction Documents, and the taking or not taking of any action in connection therewith, and (ii) its
own appraisal of the creditworthiness of the Company and its subsidiaries, and of the value of the Collateral from time to time, and the Collateral Agent shall have no duty or responsibility, either initially or on a continuing basis, to provide any
Secured Party with any credit, market or other information with respect thereto, whether coming into its possession before any Obligations are incurred or at any time or times thereafter. The Collateral Agent shall not be responsible to the Debtors
or any Secured Party for any recitals, statements, information, representations or warranties herein or in any document, certificate or other writing delivered in connection herewith, or for the execution, effectiveness, genuineness, validity,
enforceability, perfection, collectability, priority or sufficiency of the Agreement or any other Transaction Document, or for the financial condition of the Debtors or the value of any of the Collateral, or be required to make any inquiry
concerning either the performance or observance of any of the terms, provisions or conditions of the Agreement or any other Transaction Document, or the financial condition of the Debtors, or the value of any of the Collateral, or the existence or
possible existence of any default or Event of Default under the Agreement, the Notes or any of the other Transaction Documents. 
 4. Certain
Rights of the Collateral Agent. The Collateral Agent shall have the right to take any action 

  
 31 

 
with respect to the Collateral, on behalf of all of the Secured Parties, at the request of the Majority in Interest. To the extent practical, the Collateral Agent shall request instructions from
the Secured Parties with respect to any material act or action (including failure to act) in connection with the Agreement or any other Transaction Document, and shall be entitled to act or refrain from acting in accordance with the instructions of
the Majority in Interest; if such instructions are not provided despite the Collateral Agent’s request therefor, the Collateral Agent shall be entitled to refrain from such act or taking such action, and if such action is taken, shall be
entitled to appropriate indemnification from the Secured Parties in respect of actions to be taken by the Collateral Agent; and the Collateral Agent shall not incur liability to any person or entity by reason of so refraining. Without limiting the
foregoing, (a) no Secured Party shall have any right of action whatsoever against the Collateral Agent as a result of the Collateral Agent acting or refraining from acting hereunder in accordance with the terms of the Agreement or any other
Transaction Document, and the Debtors shall have no right to question or challenge the authority of, or the instructions given to, the Collateral Agent pursuant to the foregoing and (b) the Collateral Agent shall not be required to take any
action which the Collateral Agent believes (i) could reasonably be expected to expose it to personal liability or (ii) is contrary to this Agreement, the Transaction Documents or applicable law. 

5. Reliance. The Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice,
statement, certificate, telex, teletype or telecopier message, cablegram, radiogram, order or other document or telephone message signed, sent or made by the proper person or entity, and, with respect to all legal matters pertaining to the Agreement
and the other Transaction Documents and its duties thereunder, upon advice of counsel selected by it and upon all other matters pertaining to this Agreement and the other Transaction Documents and its duties thereunder, upon advice of other experts
selected by it. Anything to the contrary notwithstanding, the Collateral Agent shall have no obligation whatsoever to any Secured Party to assure that the Collateral exists or is owned by the Debtors or is cared for, protected or insured or that the
liens granted pursuant to the Agreement have been properly or sufficiently or lawfully created, perfected, or enforced or are entitled to any particular priority. 
 6. Indemnification. To the extent that the Collateral Agent is not reimbursed and indemnified by the Debtors, the Secured Parties will jointly and severally reimburse and indemnify the
Collateral Agent, in proportion to their initially purchased respective principal amounts of Notes, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind or nature whatsoever which may be imposed on, incurred by or asserted against the Collateral Agent in performing its duties hereunder or under the Agreement or any other Transaction Document, or in any way relating to or arising out of the
Agreement or any other Transaction Document except for those determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction to have resulted solely from the Collateral Agent’s own gross negligence or willful
misconduct. Prior to taking any action hereunder as Collateral Agent, the Collateral Agent may require each Secured Party to deposit with it sufficient sums as it determines in good faith is necessary to protect the Collateral Agent for costs and
expenses associated with taking such action. 
 7. Resignation by the Collateral Agent.

(a) The Collateral Agent may resign from the performance of all its functions and duties under the Agreement and the other
Transaction Documents at any time by giving 5 days’ prior written notice (as provided in the Agreement) to the Debtors and the Secured Parties. Such resignation shall take effect upon the appointment of a successor Collateral Agent pursuant to
clauses (b) and (c) below. 
 (b) Upon any such notice of resignation, the Majority in Interest shall
appoint a successor Collateral Agent hereunder. 

  
 32 

 (c) If a successor Collateral Agent shall not have been so appointed within
said 5-day period, the Collateral Agent shall then appoint a successor Collateral Agent who shall serve as Collateral Agent until such time, if any, as the Secured Parties appoint a successor Collateral Agent as provided above. If a successor
Collateral Agent has not been appointed within such 5-day period, the Collateral Agent may petition any court of competent jurisdiction or may interplead the Debtors and the Secured Parties in a proceeding for the appointment of a successor
Collateral Agent, and all fees, including, but not limited to, extraordinary fees associated with the filing of interpleader and expenses associated therewith, shall be payable by the Debtors on demand. 

8. Rights with respect to Collateral. Each Secured Party agrees with all other Secured Parties and the Collateral Agent (i) that it
shall not, and shall not attempt to, exercise any rights with respect to the security interest in the Collateral granted in the Agreement, whether pursuant to any other agreement or otherwise (other than pursuant to the Agreement), or take or
institute any action against the Collateral Agent or any of the other Secured Parties in respect of the Collateral or its rights hereunder (other than any such action arising from the breach of this Agreement) and (ii) that such Secured Party
has no other rights with respect to the Collateral other than as set forth in the Agreement and the other Transaction Documents. Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, such successor
Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent and the retiring Collateral Agent shall be discharged from its duties and obligations under the
Agreement. After any retiring Collateral Agent’s resignation or removal hereunder as Collateral Agent, the provisions of the Agreement including this Annex C shall inure to its benefit as to any actions taken or omitted to be taken by it
while it was Collateral Agent. 

  
 33 

 ANNEX D 
 to 
 SECURITY AGREEMENT 

FORM OF SECURED PARTY JOINDER 
 Security Agreement dated as of January    , 2012 made by 

Cambridge Heart, Inc. 
 and its subsidiaries party thereto from time to time, as Debtors 
 to and in favor
of 
 the Collateral Agent and the Secured Parties identified therein (the “Security Agreement”) 

Reference is made to the Security Agreement as defined above; capitalized terms used herein and not otherwise defined herein shall have the meanings
given to such terms in, or by reference in, the Security Agreement. 
 The undersigned hereby confirms that it is the holder of a 2012 Note and
agrees that, effective as of the date set forth below the undersigned’s signature to this Secured Party Joinder, the undersigned shall (a) be a Secured Party under the Security Agreement, and (b) have all the rights and obligations of
the Secured Parties under the Security Agreement as fully and to the same extent as if the undersigned was an original signatory thereto. 
 An
executed copy of this Secured Party Joinder shall be delivered to the Collateral Agent, and the Collateral Agent may rely on the matters set forth herein on or after the date hereof. 
 IN WITNESS WHEREOF, the undersigned has caused this Secured Party Joinder to be executed in the name and on behalf of the undersigned. 
 Name of Secured Party:                           
                                         
                                         
                                         
                                         
                     

Signature of Authorized Signatory of Secured Party:           
                                         
                                         
                                         
                        

Name of Authorized Signatory:                 
                                         
                                         
                                         
                                         
                

Title of Authorized Signatory:                 
                                         
                                         
                                         
                                         
                   
 Address, telephone number and
facsimile number of Secured Party: 
  

	
	  

	
	  

	
	  

 Date of Secured Party Joinder:
                        , 201    . 
 Acknowledged and Agreed: 
 CAMBRIDGE HEART, INC. 

 

			
	By:	 	  

  
 34 

 DISCLOSURE SCHEDULE 

TO SECURITY AGREEMENT 
 DATED JANUARY 17, 2012 
 Pursuant to the Security Agreement (the
“Agreement”) dated January 17, 2012 by and between Cambridge Heart, Inc., a Delaware corporation (the “Company”), and the purchasers party thereto (the “Purchasers”), the Company hereby provides to the Purchasers
this Disclosure Schedule (the “Schedule”). 
 Capitalized terms used and not otherwise defined herein shall have the
respective meanings ascribed to them in the Agreement. 
 LIST OF SCHEDULES 

 

			
	 Schedule A
	  	Principal Place of Business; Locations Where Collateral is
Located or Stored
	 Schedule B
	  	Exceptions to Ownership
	 Schedule C
	  	Intentionally Deleted
	 Schedule D
	  	Jurisdictions, Legal Names and Organizational Identification
Numbers
	 Schedule E
	  	Trade Names; Mergers and Acquisitions
	 Schedule F
	  	Intellectual Property
	 Schedule G
	  	Account Debtors

 SCHEDULE A 
 Principal Place(s) of Business of Debtors: 
 100 Ames Pond Drive 

Tewksbury, MA 01876 
 Locations Where
Collateral is Located or Stored, none of which are owned by Debtor: 
  

									
	Inventory	  	Amount	 	  	Location	  	Contact
Information
	 Raw Materials and Finished Goods
	  	$	691,848	  	  	 Cambridge Heart Inc. - 100 Ames Pond
 Drive Suite 100, Tewksbury, MA 01876
	  	Michael Goodine
978-654-7641
	 Raw Materials
	  	$	645,607	  	  	April Industries - 31 Sagamore Park Rd., Hudson, NH 03051	  	 Tom Glasheen

603-883-1510

	 Raw Materials
	  	$	21,876	  	  	 C & C Thermoforming Inc. - 111
 Breckenridge Street, Palmer MA 01069
	  	 Stephen Potoff

978-851-2500

	 Finished Goods
	  	$	180,573	  	  	Unitrans - 39 A Teed Drive, Randolph, MA 02368	  	 Barbara Rickel

316-260-8100

	 Finished Goods
	  	$	213,647	  	  	Garvey Public Warehouse - 5755 S. Hoover Road Bldng #5, Wichita, KS 67215	  	 Barbara Rickel

316-260-8100

		  	  
	  
	 	  		  	
		  	$	1,753,551	  	  		  	
				
	Assets	  	 	 	  	 	  	 
	 Computer Hardware
	  	$	38,097	  	  	 Cambridge Heart Inc. - 100 Ames Pond
 Drive Suite 100, Tewksbury, MA 01876
	  	 Michael Goodine

978-654-7641

	 Show Equipment - Marketing Booth
	  	$	50,000	  	  	Vector5 Collaborative - 175 Kimball Street, Fitchburg MA 01420	  	 Dawn Perkins

978-348-2997

	 Furniture and Fixtures
	  	$	60,709	  	  	 Cambridge Heart Inc. - 100 Ames Pond
 Drive Suite 100, Tewksbury, MA 01876
	  	 Michael Goodine

978-654-7641

	 Leasehold Improvements
	  	$	22,124	  	  	 Cambridge Heart Inc. - 100 Ames Pond
 Drive Suite 100, Tewksbury, MA 01876
	  	 Michael Goodine

978-654-7641

		  	  
	  
	 	  		  	
		  	$	 170,930	  	  		  	
		  	  
	  
	 	  		  	
				
	 Total Inventory and Assets
	  	$	1,924,481	  	  		  	

 SCHEDULE B 

Exceptions to Ownership 

IRREVOCABLE STANDBY LETTER OF CREDIT - $300,000 
 FROM: CITIBANK NA C/O ITS SERVICER, CITICROP NORTH AMERICA, INC. 
 3800 CITIBANK CENTER 

BUILDING B, 3RD FLOOR 

TAMPA, FL 33610 
 CREDIT NO. 61671152 

BENEFICIARY: 100-200 AMES POND DRIVE, LLC AND ITS SUCCESSORS ANED ASSIGNS C/O 
 FARLEY WHITE MANAGEMENT COMPANY, LLC 
 10 HIGH STREES SUITE 900 

BOSTON, MA 02110 

 SCHEDULE C 

Intentionally Deleted 

 SCHEDULE D 

Jurisdictions, Legal Names and Organizational Identification Numbers 
 Legal Name: Cambridge Heart, Inc. 
 Jurisdiction: Delaware 

Organization Identification Number: 2219291 

 SCHEDULE E 

Trade Names; Mergers and Acquisitions 
 None. 

 SCHEDULE F 

Intellectual Property 
 US
Patents: 
  

																	
	Patent	  	Inventor	  	Assignee	  	Patent No.	 	  	Filing
Date	 	  	Issue
Date	 
	 Identifying Infants at Risk for Sudden Infant Death Syndrome
	  	Ali Haghighi-Mood et. al.	  	CHI	  	 	7,197,358	  	  	 	6/18/02	  	  	 	3/27/07	  
	 Automated Interpretation of T-Wave Alternans Results
	  	Srivat Krishnamachari	  	CHI	  	 	6,453,191	  	  	 	2/20/01	  	  	 	9/17/02	  
	 Analytic Signal Method for Analysis of T-Wave Alternans
	  	Ali Haghighi-Mood	  	CHI	  	 	6,735,466	  	  	 	9/29/00	  	  	 	5/11/04	  
	 Cardiac Pacing to Induce Heart Rate Variability,
	  	Paul Albrecht et.al	  	CHI	  	 	6,253,107	  	  	 	12/6/99	  	  	 	6/26/01	  
	 Generation of Localized Cardiac Measures
	  	Paul Albrecht et.al	  	CHI	  	 	6,047,206	  	  	 	7/17/97	  	  	 	4/4/00	  
	 Assessing Cardiac Electrical Stability
	  	Paul Albrecht et.al	  	CHI	  	 	5,935,082	  	  	 	5/15/97	  	  	 	8/10/99	  
	 Reducing Noise in a Biological Signal
	  	Paul Albrecht et.al	  	CHI	  	 	5,908,393	  	  	 	4/4/98	  	  	 	5/1/99	  
	 Detecting Abnormal Activation of Heart
	  	Paul Lander et.al	  	CHI	  	 	5,891,047	  	  	 	3/14/97	  	  	 	4/6/99	  
	 Method and System for Obtaining a Localized Cardiac Measure
	  	Paul Albrecht et.al	  	CHI	  	 	5,891,045	  	  	 	7/17/97	  	  	 	4/6/99	  
	 Electrocardiogram Noise Reduction Using Multi-Dimentional Filtering
	  	Paul Lander	  	CHI	  	 	5,827,195	  	  	 	5/9/97	  	  	 	10/27/98	  
	 Electrode Connector
	  	John L. Grant	  	CHI	  	 	5,791,944	  	  	 	10/3/96	  	  	 	8/11/98	  
	 Multi-Segment ECG Electrode and System
	  	Jefferry M. Arnold et.al	  	CHI	  	 	5,724,984	  	  	 	7/17/96	  	  	 	3/10/98	  
	 Measuring and Assessing Cardiac Electrical Stability
	  	Jefferry M. Arnold et.al	  	CHI	  	 	5,713,367	  	  	 	1/26/95	  	  	 	2/3/98	  
	 Using Related Signals to Reduce ECG Noise
	  	Paul Albrecht et.al	  	CHI	  	 	5,704,365	  	  	 	10/14/95	  	  	 	1/6/98	  
	 Method and Apparatus for the Improved Electronic Display of Physiologic Waveforms
	  	Paul Albrecht et.al	  	CHI	  	 	5,673,702	  	  	 	6/10/94	  	  	 	10/7/97	  
	 Method and Apparatus for Assessing Myocardial Electrical Stability
	  	Jefferry M. Arnold et.al	  	CHI	  	 	5,570,696	  	  	 	1/26/94	  	  	 	1/5/96	  

 Non-US Patents: 
  

									
	 Patent
	  	US Patent No.
Reference	  	 Country of
Issue
	  	Patent
Number	  	Date of
Issue
	 Measuring and Assessing Cardiac Electrical Stability
	  	5,713,367	  	Germany	  	69531728.8	  	10-Sep-03
		  		  	European Patent	  	0746229	  	10-Sep-03
		  		  	France	  	0746229	  	10-Sep-03
		  		  	UK	  	0746229	  	10-Sep-03
		  		  	Italy	  	0746229	  	10-Sep-03
		  		  	Japan	  	3877761	  	10-Nov-06
	 Analytic Signal Method for Analysis of T-Wave Alternans
	  	6,735,466	  	Germany	  	60016261.3	  	24-Nov-04
		  		  	European Patent	  	1215996	  	24-Nov-04
		  		  	UK	  	1215996	  	24-Nov-04
		  		  	Italy	  	1215996	  	24-Nov-04
		  		  	Netherlands	  	1215996	  	24-Nov-04
		  		  	Japan	  	3953323	  	11-May-07
	 Method and Apparatus for the Improved Electronic Display of Physiologic Waveforms
	  	5,673,702	  	Europe	  	764002	  	3-Mar-97
	  		  	Japan	  	H10509331	  	14-Sep-98

 Registered Trademarks: 
  

					
	Serial Number	    	Reg. Number	    	 
	 78707198
	    	3135630	    	HEARTWAVE
	 78808902
	    	3239210	    	ANALYTIC SPECTRAL METHOD
	 78725271
	    	3192255	    	CAMBRIDGE HEART
	 77062284
	    	3623419	    	SAM
	 77062271
	    	3581869	    	SPECTRAL ANALYTIC METHOD
	 77062267
	    	3581868	    	SPECTRAL ANALYTIC MTWA
	 76116045
	    	2637624	    	HEARTWAVE
	 75443721
	    	2517759	    	WAVESTAR

 Unregistered Trademarks: 
 Micro-V Alternans Sensor 
 Microvolt T-Wave Alternans 

Tradenames: 
 See Registered and
Unregistered Trademarks above. 
 Service marks: 
 N/A 
 Registered copyrights: 
 N/A 
 Domain names: 
 www.cambridgeheart.com 

 Licenses: 
 License agreement between Massachusetts Institute of Technology (MIT) and Cambridge Heart Inc. (CHI) regarding certain patents rights referred to as “Assessing Myocardial Stability”, dated
September 28, 1993, and amendments thereto. 

 SCHEDULE G 

Account Debtors 
 None.Escrow Agreement

 Exhibit 10.4 

ESCROW AGREEMENT 
 This Agreement is dated as of the 17th day of January, 2012 among Cambridge Heart, Inc., a Delaware corporation (the “Company”), the subscribers listed on Schedule 1 hereto (“Subscribers”), and
Grushko & Mittman, P.C. (the “Escrow Agent”): 
 W I T N E S
S E T H: 
 WHEREAS, the Company and Subscribers have entered into a Subscription Agreement calling
for the sale by the Company to the Subscribers of secured convertible Notes and Warrants for an aggregate purchase price of up to $4,000,000; and 
 WHEREAS, the parties hereto require the Company to deliver the Notes and Warrants against payment therefor, with such Notes and the Escrowed Funds to be delivered to the Escrow Agent, along with the other
documents, instruments and payments hereinafter described, to be held in escrow and released by the Escrow Agent in accordance with the terms and conditions of this Agreement; and 

WHEREAS, the Escrow Agent is willing to serve as escrow agent pursuant to the terms and conditions of this Agreement; 

NOW THEREFORE, the parties agree as follows: 
 ARTICLE I 
 INTERPRETATION 

1.1. Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Subscription Agreement shall
have the meanings given to such terms in the Subscription Agreement. Whenever used in this Agreement, the following terms shall have the following respective meanings: 
  

	 	•	 	 “Additional Investment Rights” shall have the meaning set forth in Section 2(c) of the Subscription Agreement;

  

	 	•	 	 “Agreement” means this Agreement and all amendments made hereto and thereto by written agreement between the parties;

  

	 	•	 	 “Broker” shall mean Dawson James Securities Inc.; 

 

	 	•	 	 “Broker’s Fees” shall have the meaning set forth in Section 8(a) and on Schedule 8(a) to the Subscription Agreement;

  

	 	•	 	 “Collateral Agent” shall mean Collateral Agents, LLC; 

 

	 	•	 	 “Collateral Agent Fee” shall mean the set-up fee payable to the Collateral Agent described in Section 19(n) of the Security
Agreement; 

  

	 	•	 	 “Closing Date” shall have the meaning set forth in Section 1 of the Subscription Agreement; 

	 	•	 	 “Escrow Documents” shall mean the Company Documents and Subscriber Documents; 

 

	 	•	 	 “Legal Opinion” means the original signed legal opinion referred to in Section 6 of the Subscription Agreement;

  

	 	•	 	 “Lockup Agreement” shall have the meaning set forth in Section 9(x) of the Subscription Agreement; 

 

	 	•	 	 “Note” shall have the meaning set forth in the second recital to the Subscription Agreement; 

 

	 	•	 	 “Principal Amount” shall mean an aggregate of up to $4,000,000; 

 

	 	•	 	 “Security Agreement” shall have the meaning set forth in Section 3 of the Subscription Agreement and shall include the deliveries
required to be made therewith at the time of execution; 

  

	 	•	 	 “Subscriber Legal Fees” shall have the meaning set forth in Section 8(b) of the Subscription Agreement;

  

	 	•	 	 “Subscription Agreement” means the Subscription Agreement (and the exhibits and schedules thereto) entered into or to be entered into
by the Company and Subscribers in reference to the sale and purchase of the Notes and Warrants; 

  

	 	•	 	 “Warrants” shall have the meaning set forth in Section 2(b) of the Subscription Agreement; 

 

	 	•	 	 Collectively, the Additional Investment Rights, Legal Opinion, Lockup Agreements, Notes, Security Agreement, Warrants, and Subscription Agreement
signed and executed by all signators thereto other than the Subscribers, Broker’s Fees, Collateral Agent Fee and Subscriber Legal Fees are referred to as “Company Documents”; and 

 

	 	•	 	 Collectively, the Escrowed Payment, the Collateral Agent executed Security Agreement, and the Subscribers executed Subscription Agreement and Security
Agreement are referred to as “Subscriber Documents.” 

 1.2. Entire Agreement. This
Agreement along with the Company Documents and the Subscriber Documents to which the Subscriber and the Company or Subsidiary are a party constitute the entire agreement between the parties hereto pertaining to the Company Documents and Subscriber
Documents and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties. There are no warranties, representations and other agreements made by the parties in connection with the subject
matter hereof, except as specifically set forth in this Agreement, the Company Documents and the Subscriber Documents. 
 1.3.
Extended Meanings. In this Agreement words importing the singular number include the plural and vice versa; words importing the masculine gender include the feminine and neuter genders. The word “person” includes an individual, body
corporate, partnership, trustee or trust or unincorporated association, executor, administrator or legal representative. 
 1.4.
Waivers and Amendments. This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions hereof may be waived, only by a written instrument signed by all parties, or, in the case of a waiver,
by the party waiving compliance. Except as 

  
 2 

 
expressly stated herein, no delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party
of any right, power or privilege hereunder preclude any other or future exercise of any other right, power or privilege hereunder. 
 1.5. Headings. The division of this Agreement into articles, sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect the
construction or interpretation of this Agreement. 
 1.6. Law Governing this Agreement. This Agreement shall be governed
by and construed in accordance with the laws of the State of New York without regard to conflicts of laws principles that would result in the application of the substantive laws of another jurisdiction. Any action brought by either party against the
other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of New York or in the federal courts located in the state of New York. Both parties and the individuals executing this Agreement and other
agreements on behalf of the Company agree to submit to the jurisdiction of such courts and waive trial by jury. The prevailing party (which shall be the party which receives an award most closely resembling the remedy or action sought) shall be
entitled to recover from the other party its reasonable attorney’s fees and costs. In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable
statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or
unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement. 
 1.7.
Specific Enforcement, Consent to Jurisdiction. The Company and Subscribers acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce specifically the terms and
provisions hereof or thereof, this being in addition to any other remedy to which any of them may be entitled by law or equity. Subject to Section 1.6 hereof, each of the Company and Subscribers hereby waives, and agrees not to assert in any
such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such court, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper.
Nothing in this Section shall affect or limit any right to serve process in any other manner permitted by law. 
 ARTICLE II

 DELIVERIES TO THE ESCROW AGENT 
 2.1. Company Deliveries. On or before the Closing Date, the Company shall execute and deliver the Company Documents to the Escrow Agent. 

2.2. Subscriber Deliveries. On or before the Closing Date, Subscribers shall execute and deliver the Subscription Agreements and
Security Agreement, shall cause the Collateral Agent to execute and deliver the Security Agreement, and shall deliver the Escrowed Payment in cash, to the Escrow Agent. The Escrowed Payment will be delivered pursuant to the following wire transfer
instructions: 
 Citibank, N.A. 
 1155 6th
Avenue 
 New York, NY 10036 
 ABA Number: 0210-00089 
 For Credit to: Grushko & Mittman, IOLA Trust
Account 
 Account Number: 9997242837 

  
 3 

 2.3. Intention to Create Escrow Over Company Documents and Subscriber Documents. The
Subscribers and Company intend that the Company Documents and Subscriber Documents shall be held in escrow by the Escrow Agent pursuant to this Agreement for their benefit as set forth herein. 

2.4. Escrow Agent to Deliver Company Documents and Subscriber Documents. The Escrow Agent shall hold and release the Company
Documents and Subscriber Documents only in accordance with the terms and conditions of this Agreement. 
 ARTICLE III

 RELEASE OF COMPANY DOCUMENTS AND SUBSCRIBER DOCUMENTS 

3.1. Release of Escrow. Subject to the provisions of Section 4.2, the Escrow Agent shall release the Company Documents and
Subscriber Documents as follows: 
 (a) On the Closing Date, the Escrow Agent will simultaneously release the Company Documents
to the Subscribers and release the Subscriber Documents to the Company, except that: 
 (i) Broker’s Fees will be released
directly to the Broker; 
 (ii) Subscriber Legal Fees will be released directly to the Subscriber’s attorneys, 

(iii) the Collateral Agent Fee will be disbursed to the Collateral Agent; and 

(iv) the Security Agreement will be released to the Collateral Agent. 

(b) Notwithstanding the above, upon receipt by the Escrow Agent of joint written instructions (“Joint Instructions”)
signed by the Company and the Subscribers, it shall deliver the Company Documents and Subscriber Documents in accordance with the terms of the Joint Instructions. 
 (c) Anything herein to the contrary notwithstanding, upon receipt by the Escrow Agent of a final and non-appealable judgment, order, decree or award of a court of competent jurisdiction (a “Court
Order”), the Escrow Agent shall deliver the Company Documents and Subscriber Documents in accordance with the Court Order. Any Court Order shall be accompanied by an opinion of counsel for the party presenting the Court Order to the Escrow
Agent (which opinion shall be satisfactory to the Escrow Agent) to the effect that the court issuing the Court Order has competent jurisdiction and that the Court Order is final and non-appealable. 

3.2. A Closing may take place on or before February 15, 2012. After February 15, 2012, the Escrow Agent will promptly return
the applicable Company Documents to the Company and return the Subscriber Documents to the Subscriber. 
 3.3.
Acknowledgement of Company and Subscriber; Disputes. The Company and the Subscribers acknowledge that the only terms and conditions upon which the Company Documents and Subscriber Documents are to be released are set forth in Sections 3 and 4
of this Agreement. The Company and the Subscribers reaffirm their agreement to abide by the terms and conditions of this Agreement with respect to the release of the Company Documents and Subscriber Documents. Any dispute with respect to the release
of the Company Documents and Subscriber Documents shall be resolved pursuant to Section 4.2 or by agreement between the Company and Subscribers. 

  
 4 

 ARTICLE IV 
 CONCERNING THE ESCROW AGENT 
 4.1. Duties and Responsibilities of the
Escrow Agent. The Escrow Agent’s duties and responsibilities shall be subject to the following terms and conditions: 

(a) The Subscribers and Company acknowledge and agree that the Escrow Agent (i) shall not be responsible for or bound by, and shall
not be required to inquire into whether either the Subscribers or Company is entitled to receipt of the Company Documents and Subscriber Documents pursuant to any other agreement or otherwise; (ii) shall be obligated only for the performance of
such duties as are specifically assumed by the Escrow Agent pursuant to this Agreement; (iii) may rely on and shall be protected in acting or refraining from acting upon any written notice, instruction, instrument, statement, request or
document furnished to it hereunder and believed by the Escrow Agent in good faith to be genuine and to have been signed or presented by the proper person or party, without being required to determine the authenticity or correctness of any fact
stated therein or the propriety or validity or the service thereof; (iv) may assume that any person believed by the Escrow Agent in good faith to be authorized to give notice or make any statement or execute any document in connection with the
provisions hereof is so authorized; (v) shall not be under any duty to give the property held by Escrow Agent hereunder any greater degree of care than Escrow Agent gives its own similar property; and (vi) may consult counsel satisfactory
to Escrow Agent, the opinion of such counsel to be full and complete authorization and protection in respect of any action taken, suffered or omitted by Escrow Agent hereunder in good faith and in accordance with the opinion of such counsel.

 (b) The Subscribers and Company acknowledge that the Escrow Agent is acting solely as a stakeholder at their request and that
the Escrow Agent shall not be liable for any action taken by Escrow Agent in good faith and believed by Escrow Agent to be authorized or within the rights or powers conferred upon Escrow Agent by this Agreement. The Subscribers and Company, jointly
and severally, agree to indemnify and hold harmless the Escrow Agent and any of Escrow Agent’s partners, employees, agents and representatives for any action taken or omitted to be taken by Escrow Agent or any of them hereunder, including the
fees of outside counsel and other costs and expenses of defending itself against any claim or liability under this Agreement, except in the case of gross negligence or willful misconduct on Escrow Agent’s part committed in its capacity as
Escrow Agent under this Agreement. The Escrow Agent shall owe a duty only to the Subscribers and Company under this Agreement and to no other person. 
 (c) The Subscribers and Company jointly and severally agree to reimburse the Escrow Agent for outside counsel fees, to the extent authorized hereunder and incurred in connection with the performance of
its duties and responsibilities hereunder. 
 (d) The Escrow Agent may at any time resign as Escrow Agent hereunder by giving
five (5) days prior written notice of resignation to the Subscribers and the Company. Prior to the effective date of the resignation as specified in such notice, the Subscribers and Company will issue to the Escrow Agent a Joint Instruction
authorizing delivery of the Company Documents and Subscriber Documents to a substitute Escrow Agent selected by the Subscribers and Company. If no successor Escrow Agent is named by the Subscribers and Company, the Escrow Agent may apply to a court
of competent jurisdiction in the State of New York for appointment of a successor Escrow Agent, and to deposit the Company Documents and Subscriber Documents with the clerk of any such court. 

(e) Other than in connection with the Subscriber Legal Fees, the Escrow Agent does not have and will not have any interest in the Company
Documents and Subscriber Documents, but is serving only as escrow agent, having only possession thereof. The Escrow Agent shall not be liable for any loss resulting from the making or retention of any investment in accordance with this Escrow
Agreement. 

  
 5 

 (f) This Agreement sets forth exclusively the duties of the Escrow Agent with respect to any
and all matters pertinent thereto and no implied duties or obligations shall be read into this Agreement. 
 (g) The Escrow
Agent shall be permitted to act as counsel for the Subscribers in any dispute as to the disposition of the Company Documents and Subscriber Documents, in any other dispute between the Subscribers and Company, whether or not the Escrow Agent is then
holding the Company Documents and Subscriber Documents and continues to act as the Escrow Agent hereunder. 
 (h) The provisions
of this Section 4.1 shall survive the resignation of the Escrow Agent or the termination of this Agreement. 
 4.2.
Dispute Resolution: Judgments. Resolution of disputes arising under this Agreement shall be subject to the following terms and conditions: 
 (a) If any dispute shall arise with respect to the delivery, ownership, right of possession or disposition of the Company Documents and Subscriber Documents, or if the Escrow Agent shall in good faith be
uncertain as to its duties or rights hereunder, the Escrow Agent shall be authorized, without liability to anyone, to (i) refrain from taking any action other than to continue to hold the Company Documents and Subscriber Documents pending
receipt of a Joint Instruction from the Subscribers and Company, or (ii) deposit the Company Documents and Subscriber Documents with any court of competent jurisdiction in the State of New York, in which event the Escrow Agent shall give
written notice thereof to the Subscribers and the Company and shall thereupon be relieved and discharged from all further obligations pursuant to this Agreement. The Escrow Agent may, but shall be under no duty to, institute or defend any legal
proceedings which relate to the Company Documents and Subscriber Documents. The Escrow Agent shall have the right to retain counsel if it becomes involved in any disagreement, dispute or litigation on account of this Agreement or otherwise
determines that it is necessary to consult counsel. 
 (b) The Escrow Agent is hereby expressly authorized to comply with and
obey any Court Order. In case the Escrow Agent obeys or complies with a Court Order, the Escrow Agent shall not be liable to the Subscribers and Company or to any other person, firm, corporation or entity by reason of such compliance. 

ARTICLE V 

GENERAL MATTERS 
 5.1. Termination. This escrow shall terminate upon the release of all of the Company Documents and Subscriber Documents or at any time upon the agreement in writing of the Subscribers and Company.

 5.2. Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted
hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air
courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any notice or other
communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number

  
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designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a
business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such
mailing, whichever shall first occur. The addresses for such communications shall be: 
  

	(a)	If to the Company, to: 

Cambridge Heart, Inc. 
 100 Ames Pond Drive 
 Tewksbury, MA 01876 

Attn: Vincenzo LiCausi, Chief Financial Officer 
 Fax: (978) 654-4501 
 With a copy by fax only to (which shall not constitute
notice): 
 Nutter, McClennen & Fish LLP 
 155 Seaport Blvd. 
 Boston, MA 02210 

Attn: Michelle L. Basil, Esq. 
 Fax (617) 310-9477 
  

	(b)	If to the Subscribers: to the addresses set forth on Schedule 1 

 With a copy by facsimile only to (which shall not constitute notice): 

Grushko & Mittman, P.C. 
 515 Rockaway Avenue 
 Valley Stream, New York 11581 

Fax: (212) 697-3575 
  

	(c)	If to Collateral Agent, to: 

Collateral Agent LLC 
 122 East 57th Street, 3rd Floor 
 New York, New York 10022 

Attn: General Counsel 
 Fax: (212) 245-9101 
  

	(d)	If to the Escrow Agent, to: 

Grushko & Mittman, P.C. 
 515 Rockaway Avenue 
 Valley Stream, New York 11581 

Fax: (212) 697-3575 
 or to
such other address as any of them shall give to the others by notice made pursuant to this Section 5.2. 

  
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 5.3. Interest. The Escrowed Payment shall not be held in an interest bearing account
nor will interest be payable in connection therewith. In the event the Escrowed Payment is deposited in an interest bearing account, any interest earned on the Escrowed Payment will be paid in the New York State Client Protection Fund or for a
similar purpose. 
 5.4. Assignment; Binding Agreement. Neither this Agreement nor any right or obligation hereunder
shall be assignable by any party without the prior written consent of the other parties hereto. This Agreement shall ensure to the benefit of and be binding upon the parties hereto and their respective legal representatives, successors and assigns.

 5.5. Invalidity. In the event that any one or more of the provisions contained herein, or the application thereof in
any circumstance, is held invalid, illegal, or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be in any
way impaired thereby, it being intended that all of the rights and privileges of the parties hereto shall be enforceable to the fullest extent permitted by law. 
 5.6. Counterparts/Execution. This Agreement may be executed in any number of counterparts and by different signatories hereto on separate counterparts, each of which, when so executed, shall be
deemed an original, but all such counterparts shall constitute but one and the same instrument. This Agreement may be executed by facsimile transmission and delivered by facsimile transmission. 

5.7. Agreement. Each of the undersigned states that he has read the foregoing Escrow Agreement and understands and agrees to it.

  
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 IN WITNESS WHEREOF, the undersigned have executed and delivered this Escrow
Agreement, as of the date first written above. 
  

			
	COMPANY:
	 CAMBRIDGE HEART, INC.
 a Delaware corporation

		
	By:	 	     /s/ Vincenzo LiCausi

		 	Name: Vincenzo LiCausi
		 	Title: Chief Financial Officer

  

			
	ESCROW AGENT:
	
	GRUSHKO & MITTMAN, P.C.
		
	By:	 	     /s/ Barbara Mittman

		 	Name: Barbara Mittman

  

			
	    SUBSCRIBERS:
	
	Name of Subscriber:
	
	Roderick de Greef
		
	By:	 	     /s/ Roderick de Greef

  

			
	Luis Martins
		
	By:	 	     /s/ Luis Martins

  

			
	Alpha Capital Anstalt
		
	By:	 	     /s/ Konrad Ackerman

		 	Name: Konrad Ackerman
		 	Title: Director

  

			
	Osiris Investment Partners, L.P.
		
	By:	 	     /s/ Paul Stuka

		 	Name: Paul Stuka
		 	Title: Principal and Managing Member

  

			
	Cranshire Capital Master Fund, Ltd.
		
	By:	 	     /s/ Keith A. Goodman

		 	Name: Keith A. Goodman
		 	Title: Authorized Signatory

  
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 SCHEDULE 1 

(SUBSCRIBERS) 
  

									
	 SUBSCRIBERS AND ADDRESSES
	  	PURCHASE
PRICE AND 
NOTE
PRINCIPAL	 	 	WARRANTS	 
	 Roderick de Greef

c/o Cambridge Heart, Inc.

100 Ames Pond Drive

Tewksbury, MA 01876
	  	$	250,000	* 	 	 	2,272,727	** 
	 Luis Martins

1886 Beacon Street

Waban/Newton, MA, 02468
	  	$	350,000	* 	 	 	3,181,818	** 
	 Alpha Capital Anstalt

Pradafant 7, 9490

Furstentums, Vaduz

Liechtenstein
	  	$	500,000	  	 	 	4,545,454	  
	 Cranshire Capital Master Fund, Ltd.

3100 Dundee Road, Suite 703

Northbrook, IL 60062
	  	$	50,000	  	 	 	454,545	  
	 Osiris Investment Partners, L.P.

1 Liberty Square, 5th Floor
 Boston, MA 02110
	  	$	170,000	  	 	 	1,545,454	  

  

	*	Represents the principal amount of Notes issuable upon cancellation at the Closing of the Senior Unsecured Convertible Promissory Note issued by the Company in favor of
such Subscriber on November 14, 2011. 

	**	Represents the number of share of common stock to be covered by the Warrant issuable to such Subscriber upon cancellation at the Closing of the Senior Unsecured
Convertible Promissory Note issued by the Company in favor of such Subscriber on November 14, 2011. 

  
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