Document:

Exhibit 10.2

 

Execution Version

 

SECURITY AGREEMENT

Dated April 4, 2017

 

among

 

The Grantors referred to herein,

as Grantors

 

and

 

ROYAL BANK OF CANADA,

as Administrative Agent

 

     

     

    

 

Table
of Contents

 

	Section	 	Page
	 	 	 
	Section 1.	Defined Terms	1
	 	 	 
	Section 2.	Grant of Security	2
	 	 	 
	Section 3.	Security for Obligations	6
	 	 	 
	Section 4.	Grantors Remain Liable	7
	 	 	 
	Section 5.	Delivery and Control of Security Collateral	7
	 	 	 
	Section 6.	Electronic Chattel Paper, Transferable Records; Giving Notice of Commercial Tort Claims; Letter of Credit Rights	8
	 	 	 
	Section 7.	Representations and Warranties	9
	 	 	 
	Section 8.	Further Assurances	11
	 	 	 
	Section 9.	Post-Closing Changes; Bailees; Collections on Assigned Agreements and Accounts	11
	 	 	 
	Section 10.	As to Intellectual Property Collateral	12
	 	 	 
	Section 11.	Voting Rights; Dividends; Etc	13
	 	 	 
	Section 12.	Administrative Agent Appointed Attorney-in-Fact	15
	 	 	 
	Section 13.	Administrative Agent May Perform	15
	 	 	 
	Section 14.	The Administrative Agent’s Duties	15
	 	 	 
	Section 15.	Remedies	16
	 	 	 
	Section 16.	Expenses	17
	 	 	 
	Section 17.	Amendments; Waivers; Additional Grantors; Etc	17
	 	 	 
	Section 18.	Notices, Etc	17
	 	 	 
	Section 19.	Continuing Security Interest; Assignments under the Credit Agreement	18
	 	 	 
	Section 20.	Release; Termination	18
	 	 	 
	Section 21.	Execution in Counterparts	18
	 	 	 
	Section 22.	The Mortgages	18
	 	 	 
	Section 23.	Governing Law; Jurisdiction; Etc	19

 

     i

     

    

 

	Schedules	 	 
	 	 	 
	Schedule I	-	Location, Chief Executive Office, Place Where Agreements Are Maintained, Type Of Organization, Jurisdiction Of Organization And Organizational Identification Number
	Schedule II	-	Pledged Interests
	Schedule III	-	Patents, Trademarks and Copyrights
	Schedule IV	-	Commercial Tort Claims
	 	 	 
	Exhibits:	 	 
	 	 	 
	Exhibit A	-	Form of Security Agreement Supplement
	Exhibit B	-	Form of Intellectual Property Security Agreement
	Exhibit C	-	Form of Intellectual Property Security Agreement Supplement

 

     ii

     

    

 

SECURITY AGREEMENT, dated
April 4, 2017 (this “Agreement”), among each of the signatories hereto designated as a Grantor on the signature
pages hereto (together with any other entity that may become a party hereto as a Grantor, as provided herein, each a “Grantor”
and collectively, the “Grantors”), and ROYAL BANK OF CANADA, as Administrative Agent (in such capacity, together
with any successor administrative agent, the “Administrative Agent”) for the Secured Parties (as defined in
the Credit Agreement referred to below).

 

PRELIMINARY STATEMENTS

 

WHEREAS, THE KEYW CORPORATION,
a Maryland corporation (the “Borrower”) and a wholly-owned subsidiary of THE KEYW HOLDING CORPORATION, a Maryland
corporation (“Parent”), Parent, each lender from time to time party thereto (collectively, the “Lenders”
and individually, each a “Lender”) and Royal Bank of Canada, as Swing Line Lender, L/C Issuer and Administrative
Agent, have entered into a Credit Agreement dated of even date herewith (as amended, amended and restated, supplemented, replaced,
refinanced or otherwise modified from time to time (including any increases of the principal amount outstanding thereunder), the
“Credit Agreement”);

 

WHEREAS, pursuant to the
Credit Agreement, the Grantors are entering into this Agreement in order to grant to the Administrative Agent, for the benefit
of the Secured Parties, a security interest in the Collateral (as hereinafter defined);

 

WHEREAS, it is a condition
precedent to the making of Loans by the Lenders from time to time and the issuance of Letters of Credit by the L/C Issuers from
time to time, the entry into Secured Hedge Agreements by the Hedge Banks from time to time and the entry into Secured Cash Management
Agreements by the Cash Management Banks from time to time that the Grantors shall have granted the security interests and made
the pledges contemplated by this Agreement; and

 

WHEREAS, each Grantor will
derive substantial direct and indirect benefit from the transactions contemplated by the Loan Documents and the other Secured Documents
(as defined herein).

 

NOW, THEREFORE, in consideration
of the premises and in order to induce the Lenders to make Loans from time to time, the L/C Issuers to issue Letters of Credit
from time to time, the Hedge Banks to enter into Secured Hedge Agreements from time to time and the Cash Management Banks to enter
into Secured Cash Management Agreements from time to time, each Grantor hereby agrees with the Administrative Agent for the benefit
of the Secured Parties as follows:

 

Section 1.          Defined
Terms. “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State of
New York; provided that, if by reason of any mandatory provisions of law, the perfection, the effect of perfection or non-perfection
or priority of the security interests granted to the Administrative Agent pursuant to this Agreement are governed by the Uniform Commercial
Code as in effect in a jurisdiction of the United States other than New York, then “UCC” means the Uniform Commercial
Code as in effect from time to time in such other jurisdiction for purposes of such perfection, effect of perfection or non-perfection
or priority. Terms defined in the Credit Agreement and not otherwise defined in this Agreement are used in this Agreement as defined
in the Credit Agreement; provided that terms defined in Article 8 or 9 of the UCC are used in this Agreement as
such terms are defined in such Article 8 or 9 (including Accounts, Certificated Security, Chattel Paper, Commercial Tort
Claims, Commodity Account, Commodity Contract, Deposit Accounts, Documents, Equipment, Financial Assets, Fixtures, General Intangibles,
Goods, Instruments, Inventory, Investment Property, Letter of Credit Rights, Securities Accounts, Securities Intermediary, Security,
Security Entitlements and Supporting Obligations).

 

    	 	1	 

     

    

 

Section 2.          Grant
of Security. As security for the payment or performance, as the case may be, in full of the Secured Obligations (as defined
below), each Grantor hereby grants to the Administrative Agent, for the benefit of the Secured Parties, a security interest in
such Grantor’s right, title and interest in and to the following, in each case, as to each type of property described below,
whether now owned or hereafter acquired by such Grantor, wherever located, and whether now or hereafter existing or arising (collectively,
the “Collateral”):

 

		(a)	all Accounts;

 

		(b)	all cash and Cash Equivalents;

 

		(c)	all Chattel Paper;

 

		(d)	all Commercial Tort Claims set forth on Schedule IV
hereto;

 

		(e)	all Deposit Accounts;

 

		(f)	all Documents;

 

		(g)	all Equipment;

 

		(h)	all Fixtures;

 

		(i)	all General Intangibles;

 

		(j)	all Goods;

 

		(k)	all Instruments;

 

		(l)	all Inventory;

 

		(m)	all Letter of Credit Rights;

 

		(n)	the following (the “Security Collateral”):

 

(i)          all
indebtedness from time to time owed to such Grantor, including, without limitation, the Indebtedness set forth opposite such Grantor’s
name on and otherwise described on Schedule II (as such Schedule II may be supplemented from time to time
by supplements to this Agreement) (all such indebtedness whether or not so set forth being the “Pledged Debt”),
and the instruments and promissory notes, if any, evidencing such indebtedness, and all interest, cash, instruments and other property
from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Debt;
and

 

(ii)         all
Equity Interests of any Person from time to time acquired, owned or held directly by such Grantor in any manner, including, without
limitation, the Equity Interests owned or held by each Grantor set forth opposite such Grantor’s name on and otherwise described
on Schedule II (as such Schedule II may be supplemented from time to time by supplements to this Agreement)
(all such Equity Interests whether or not so set forth being the “Pledged Interests”), and the certificates,
if any, representing such shares or units or other Equity Interests, and all dividends, distributions, return of capital, cash,
instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for
any or all of such shares or other Equity Interests and all warrants, rights or options issued thereon or with respect thereto;

 

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(o)          all
Investment Property and all Financial Assets, and all dividends, distributions, return of capital, interest, cash, instruments
and other property from time to time received, receivable or otherwise distributed in respect of or in exchange therefor and all
warrants, rights or options issued thereon or with respect thereto;

 

(p)          [Reserved];

 

(q)          the
following (collectively, the “Intellectual Property Collateral”) with respect to any Grantor to the extent governed
by, arising under, pursuant to, or by virtue of, the laws of the United States of America or any state thereof:

 

(i)          all
patents, patent applications, utility models, statutory invention registrations and all inventions, including those claimed or
disclosed therein and all improvements thereto (“Patents”);

 

(ii)         all
trademarks, trademark applications, service marks, domain names, trade dress, logos, designs, slogans, trade names, business names,
corporate names and other source identifiers, and all general intangibles of like nature whether registered or unregistered, together,
in each case, with the goodwill symbolized thereby (“Trademarks”);

 

(iii)        all
copyrights, including, without limitation, copyrights in computer software (as hereinafter defined), internet web sites and the
content thereof, whether registered or unregistered (“Copyrights”);

 

(iv)        all
confidential and proprietary information, including, without limitation, know-how, trade secrets, manufacturing and production
processes and techniques, inventions, research and development information, databases and data, including, without limitation,
technical data, financial, marketing and business data, pricing and cost information, business and marketing plans and customer
and supplier lists and information (collectively, “Trade Secrets”), and all other intellectual and intangible
property of any type, including, without limitation, industrial designs and mask works;

 

(v)         all
registrations and applications for registration for any of the foregoing in the United States Patent and Trademark Office or the
United States Copyright Office, as applicable, including, without limitation, the registrations and applications for registration
of United States intellectual property set forth in Schedule III hereto (as such Schedule III may be supplemented
from time to time by supplements to this Agreement, each such supplement being substantially in the form of Exhibit C
hereto (an “IP Security Agreement Supplement”) executed by such Grantor in favor of the Administrative Agent
from time to time), together with all reissues, divisions, continuations, continuations-in-part, extensions, renewals and reexaminations
thereof; and

 

(vi)        any
and all claims for damages and injunctive relief for past, present and future infringement, dilution, misappropriation, violation,
misuse or breach with respect to any of the foregoing, with the right, but not the obligation, to sue for and collect, or otherwise
recover, such damages;

 

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(r)          all
books and records (including, without limitation, customer lists, credit files, printouts and other computer output materials and
records) of such Grantor pertaining to any of the Collateral;

 

(s)          all
other tangible and intangible personal property of whatever nature whether or not covered by Article 9 of the UCC; and

 

(t)          all
proceeds of, collateral for, income, royalties and other payments now or hereafter due and payable with respect to, and Supporting
Obligations relating to, any and all of the Collateral (including, without limitation, proceeds, collateral and Supporting Obligations
that constitute property of the types described in clauses (a) through (q) of this Section 2), and, to the
extent not otherwise included, all payments under insurance (whether or not the Administrative Agent is the loss payee thereof),
or any indemnity, warranty or guaranty, payable by reason of loss or damage to or otherwise with respect to any of the foregoing
Collateral;

 

provided that notwithstanding anything
to the contrary contained in the foregoing clauses (a) through (t), the security interest created by this Agreement shall
not extend to, and the terms “Collateral,” “Security Collateral,” “Agreement Collateral,” “Intellectual
Property Collateral”, “Pledged Interest” and other terms defining the components of the Collateral in the foregoing
clauses (a) through (t) shall not include, any of the following (collectively, the “Excluded Assets”):

 

(i)          any
Equity Interest of any CFC or FSHCO acquired, owned or otherwise held directly or indirectly by such Grantor; provided that
65% of the issued and outstanding Voting Equity Interests and 100% of the issued and outstanding non-Voting Equity Interests of
any CFC or FSHCO that is held directly by a Grantor shall (unless, in each case, independently excluded by operation of another
provision) be pledged as Collateral and shall not, for the avoidance of doubt, be deemed to be Excluded Assets;

 

(ii)         any
asset directly or indirectly owned by any CFC or FSHCO and any Equity Interests in any CFC or FSHCO not held directly by the Borrower
or a Guarantor;

 

(iii)        any
contract, lease, license or other agreement or any property subject to a purchase money security interest, a Capitalized Lease
Obligation or other similar arrangement permitted under the Credit Agreement and any proceeds and receivables thereof to the extent
that (and only for so long as) a grant of a security interest therein would violate or invalidate, or result in other adverse consequences
to Parent and its Subsidiaries under, such contract, lease, license, agreement, or purchase money, Capitalized Lease Obligation
or similar arrangement, or create a right of termination in favor, or require the consent, of any other party thereto (other than
the Borrower or any Guarantor), in each case to the extent not rendered unenforceable pursuant to applicable provisions of the
UCC or other applicable law; provided, that the Collateral shall include proceeds and receivables (that are not otherwise
Excluded Assets) of any property excluded under this clause (iii) to the extent the assignment thereof is expressly deemed
effective under the UCC notwithstanding such prohibition;

 

(iv)        any
assets, to the extent that, and solely for so long as, a grant of a security interest therein would violate an enforceable Contractual
Obligation in existence on the Closing Date, or, in the case of a Subsidiary acquired after the Closing Date, assumed by any Grantor
in connection with such acquisition, in each case, that (A) is binding on such assets, (B) was existing on the Closing
Date or at the time of the acquisition thereof, as applicable, and (C) was not created or made binding on such assets in contemplation
or in connection with the Transactions or the acquisition of such assets, as applicable, in each case to the extent the applicable
prohibition or requirement for consent is not rendered ineffective pursuant to applicable provisions of the UCC; provided
that the Collateral shall include proceeds and receivables (that are not otherwise Excluded Assets) of any property excluded under
this clause (iv) to the extent the assignment thereof is expressly deemed effective under the UCC notwithstanding such prohibition;

 

    	 	4	 

     

    

 

(v)         any
Equity Interests in Joint Ventures or any non-wholly owned Subsidiary to the extent prohibited by the organizational documents
of such Person;

 

(vi)        any
leasehold interests in real property (including Fixtures related thereto) (and there shall be no requirement to deliver landlord
lien waivers, estoppels or collateral access letters);

 

(vii)       any
property of any Grantor, to the extent (A) that any applicable Law or Governmental Authority prohibits the creation of a Lien
thereon or such creation would require a consent of any Governmental Authority or any other Person (other than Parent, the Borrower
or any of their respective Subsidiaries) that has not been obtained, in each case to the extent the applicable prohibition or requirement
for consent is not rendered ineffective pursuant to applicable provisions of the UCC; provided that the Collateral shall
include proceeds and receivables (that are not otherwise Excluded Assets) of any property excluded under this clause (A) to
the extent the assignment thereof is expressly deemed effective under the UCC notwithstanding such prohibition, or (B) the
grant of a security interest therein would result in material adverse tax consequences as a result of the operation of Section 956
of the Code, as reasonably determined by the Borrower in good faith in consultation with the Administrative Agent, and as certified
in writing to the Administrative Agent by a Responsible Officer of the Borrower;

 

(viii)      any
fee interest in owned real property (including Fixtures related thereto) if the fair market value of such fee interest is less
than $3,000,000 individually;

 

(ix)         any
intent-to-use trademark applications prior to the filing, and acceptance by the United States Patent and Trademark Office, of a
“Statement of Use or “Amendment to Allege Use” with respect thereto, if any, to the extent that, and solely during
the period in which, the grant of a security interest therein prior to such filing and acceptance would impair the validity or
enforceability of such intent-to-use trademark applications or the resulting trademark applications under applicable federal law;

 

(x)          any
governmental licenses or state or local franchises, charters and authorizations, to the extent that (and only for so long as) a
grant of a security interest therein would be prohibited or restricted thereby, in each case to the extent the applicable prohibition
or restriction is not rendered ineffective after giving effect to the applicable provisions of the UCC;

 

(xi)         any
margin stock (within the meaning of Regulation U issued by the FRB);

 

(xii)        deposit,
commodities and/or securities accounts, the balance of which are maintained solely for payroll, tax, escrow, trust, pension or
employee benefits payments (the “Exempt Deposit Accounts”); and

 

(xiii)       any
personal property of any Grantor, to the extent that the Administrative Agent and the Borrower reasonably agree that the cost or
burden of obtaining a security interest therein, would be excessive in relation to the practical benefit to the Secured Parties
obtained thereby.

 

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provided, further, however,
that the term “Excluded Assets” shall not (x) as of the Closing Date, include the shares of capital stock and limited
liability company interests described in Schedule II and (y) except to the extent expressly set forth to the contrary
include proceeds of any items contained in the foregoing clauses (i) through (xiii) to the extent such proceeds would not otherwise
constitute an “Excluded Asset” pursuant to the terms of this Agreement.

 

Notwithstanding anything to the contrary contained
in the foregoing clauses (a) through (t) or in the Loan Documents, no Grantor shall be required to (w) enter into
control agreements or other control arrangements with respect to, or otherwise perfect any security interest by “control”
including over, securities accounts, deposit accounts, other bank accounts, cash and cash equivalents and accounts related to the
clearing, payment processing and similar operations of Parent, the Borrower and their respective Subsidiaries, or other assets
specifically requiring perfection through control, other than certificates evidencing Pledged Interests and instruments evidencing
Pledged Debt, (x) take any action in, or required by the laws of, any jurisdiction (other than in the United States of America,
any state thereof and the District of Columbia) to create a security interest in or to perfect any security interest in any Collateral,
including in Equity Interests of CFCs or FSHCOs or any intellectual property rights (it being understood that there shall be no
security documents governed by the laws of any jurisdiction (other than in the United States of America, any state thereof and
the District of Columbia) and there shall be no requirement of any Grantor to make any filings or take any action in any office
in any foreign jurisdiction, including with respect to foreign intellectual property), (y) perfect the security interest in
the following other than by the filing of a UCC financing statement in the filing office indicated in Section 9-501(a)(2)
of the applicable UCC: (1) Letter of Credit Rights, (2) motor vehicles and other assets subject to certificates of title,
(3) Commercial Tort Claims with a claimed amount of less than $3,000,000 or (4) instruments representing or evidencing
Pledged Debt (other than any such indebtedness constituting intercompany indebtedness) in an aggregate principal amount of less
than $3,000,000 or (z) perfect the security interest in certain Collateral in such circumstances where the Administrative
Agent determines, in its sole discretion, that the cost of perfecting the security interest in such Collateral is excessive in
relation to the practical benefit to the Secured Parties obtained thereby (clauses (w), (x), (y) and (z)), collectively,
the “Perfection Exceptions”).

 

Section 3.          Security
for Obligations. This Agreement secures, in the case of each Grantor, the payment of all Obligations of such Grantor now or
hereafter existing under the Loan Documents, any Secured Cash Management Agreement and any Secured Hedge Agreement (the Loan Documents,
Secured Cash Management Agreements and Secured Hedge Agreements, collectively, the “Secured Documents”) (as
such Secured Documents may be amended, amended and restated, supplemented, replaced, refinanced or otherwise modified from time
to time (including any increases of the principal amount outstanding thereunder)), whether direct or indirect, absolute or contingent,
and whether for principal, reimbursement obligations, interest, fees, premiums, penalties, indemnifications, contract causes of
action, costs, expenses or otherwise (all such Obligations being the “Secured Obligations”). Without limiting
the generality of the foregoing, this Agreement secures, as to each Grantor, the payment of all amounts that constitute part of
the Secured Obligations that would be owed by such Grantor to any Secured Party under the Secured Documents but for the fact that
they are unenforceable or not allowable due to the effects of Debtor Relief Laws. Notwithstanding anything to the contrary contained
in this Agreement or any provision of any other Loan Document, the Secured Obligations shall not extend to or include any Excluded
Swap Obligation.

 

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Section 4.          Grantors
Remain Liable. Anything herein to the contrary notwithstanding, (a) each Grantor shall remain liable under the contracts
and agreements included in such Grantor’s Collateral to the extent set forth therein to perform all of its duties and obligations
thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the Administrative Agent of
any of the rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements
included in the Collateral and (c) no Secured Party shall have any obligation or liability under the contracts and agreements
included in the Collateral by reason of this Agreement or any other Secured Document, nor shall any Secured Party be obligated
to perform any of the obligations or duties of any Grantor thereunder or to take any action to collect or enforce any claim for
payment assigned hereunder.

 

Section 5.          Delivery
and Control of Security Collateral; Assignment of Government Claims.

 

(a)          All
certificates, if any, representing or evidencing the Pledged Interests and all instruments representing or evidencing the Pledged
Debt in an aggregate principal amount in excess of $3,000,000 shall be delivered to and held by or on behalf of the Administrative
Agent pursuant hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments
of transfer or assignment in blank, all in form and substance reasonably satisfactory to the Administrative Agent. During the continuation
of an Event of Default, the Administrative Agent shall have the right, at any time in its discretion and with notice to the Borrower
(provided that, in the case of an Event of Default pursuant to Sections 8.01(f) or (g) of the Credit Agreement,
such notice shall have automatically been deemed to have been given), to (i) transfer to or to register in the name of the
Administrative Agent or any of its nominees any or all of the Security Collateral, subject only to the revocable rights specified
in Section 11(a), (ii) exchange certificates or instruments representing or evidencing Security Collateral for
certificates or instruments of smaller or larger denominations and (iii) convert Security Collateral consisting of Financial
Assets credited to any Securities Account to Security Collateral consisting of Financial Assets held directly by the Administrative
Agent, and to convert Security Collateral consisting of Financial Assets held directly by the Administrative Agent to Security
Collateral consisting of Financial Assets credited to any Securities Account.

 

(b)          Upon
the request of the Administrative Agent after an Event of Default which is continuing, the Borrower and the applicable Loan Parties
shall reasonable best efforts to promptly assign to the Administrative Agent all rights to payments due or to become due under
Government Contracts (other than Government Contracts that (i) provide for aggregate payments to Parent, the Borrower and their
respective Subsidiaries of less than $3,000,000, (ii) are less than six months in duration or (iii) prohibit the assignment
of rights to payment) by complying with the Federal Assignment of Claims Act of 1940 and all rules and regulations issued thereunder
or relating thereto.

 

(c)          During
the continuation of an Event of Default, promptly upon the reasonable request of the Administrative Agent (provided that,
in the case of an Event of Default pursuant to Sections 8.01(f) or (g) of the Credit Agreement, such request shall have
automatically been deemed to have been given), with respect to any Security Collateral in which any Grantor has any right, title
or interest and that constitutes an uncertificated security of a Subsidiary (but only to the extent that the issuer thereof is
(a) wholly-owned by one or more Grantors and (b) organized under the laws of a State of the United States or the District
of Columbia), such Grantor will cause the issuer thereof (at the option of the Administrative Agent (provided that, in the
case of any deemed notice as a result of an Event of Default pursuant to Sections 8.01(f) or (g) of the Credit Agreement,
the Administrative Agent shall be deemed to have elected the option set forth in the following clause (b)(i))) either (i) to
register the Administrative Agent as the registered owner of such security or (ii) to agree in an authenticated record with
such Grantor and the Administrative Agent that such issuer will comply with instructions with respect to such security originated
by the Administrative Agent without further consent of such Grantor, such authenticated record to be in form and substance reasonably
satisfactory to the Administrative Agent. During the continuation of an Event of Default, with respect to any Security Collateral
in which any Grantor has any right, title or interest and that is not an uncertificated security, promptly upon the request of
the Administrative Agent (provided that, in the case of an Event of Default pursuant to Sections 8.01(f) or (g) of
the Credit Agreement, such request shall have automatically been deemed to have been given), such Grantor will notify each issuer
of Pledged Interests that such Pledged Interests are subject to the security interests granted hereunder.

 

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(d)          With
respect to any interest in any limited liability company or limited partnership constituting Security Collateral in which any Grantor
has any right, title or interest, on the date hereof or in the future, that constitutes a “security” within the meaning
of Article 8 of the UCC and is governed by Article 8 of the UCC (but only to the extent that the issuer thereof is (a) wholly-owned
and (b) organized under the laws of a State of the United States or the District of Columbia), such Grantor agrees that (i) such
interest shall be certificated and (ii) each such interest shall at all times hereafter continue to be such a security and
represented by such certificate. With respect to any interest in any limited liability company or limited partnership constituting
Security Collateral in which any Grantor has any right, title or interest, on the date hereof or in the future, and that does not
constitute a “security” within the meaning of Article 8 of the UCC (but only to the extent that the issuer thereof
is (a) wholly-owned and (b) organized under the laws of a State of the United States or the District of Columbia), such
Grantor shall at no time elect to treat any such interest as a “security” within the meaning of Article 8 of the
UCC, nor shall such interest be represented by a certificate, unless such Grantor provides written notification to the Administrative
Agent of such election and such interest is thereafter represented by a certificate that is promptly delivered to the Administrative
Agent pursuant to the terms hereof.

 

(e)          During
the continuation of an Event of Default, promptly upon the request of the Administrative Agent (provided that, in the case
of an Event of Default pursuant to Sections 8.01(f) or (g) of the Credit Agreement, such request shall have automatically
been deemed to have been given), such Grantor will notify each issuer of Pledged Debt that such Pledged Debt is subject to the
security interests granted hereunder.

 

Section 6.          Electronic
Chattel Paper, Transferable Records; Giving Notice of Commercial Tort Claims; Letter of Credit Rights. So long as any Secured
Obligation of any Loan Party under any Secured Document shall remain unpaid (other than contingent indemnification or other contingent
obligations and obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements, in each case,
as to which no claim has been asserted) or any Letter of Credit shall be outstanding (other than Letters of Credit which have been
Cash Collateralized and Letters of Credit in respect of which other arrangements satisfactory to the L/C Issuer that issued the
applicable Letter of Credit shall have been made):

 

(a)          during
the continuation of an Event of Default, promptly upon the request of the Administrative Agent (provided that, in the case
of an Event of Default pursuant to Sections 8.01(f) or (g) of the Credit Agreement, such request shall have automatically
been deemed to have been given), each Grantor will maintain all (i) Electronic Chattel Paper having an individual value in
excess of $1,500,000 so that the Administrative Agent has control of such Electronic Chattel Paper in the manner specified in Section 9-105
of the UCC and (ii) all transferable records having an individual value in excess of $1,500,000 so that the Administrative
Agent has control of such transferable records in the manner specified in Section 16 of the Uniform Electronic Transactions
Act, as in effect in the jurisdiction governing such transferable record (“UETA”);

 

(b)          each
Grantor will give prompt notice to the Administrative Agent of any individual Commercial Tort Claim with a claimed amount in excess
of $3,000,000 that may arise after the date hereof and will, within 45 days thereafter, execute or otherwise authenticate a supplement
to this Agreement and otherwise take all necessary action to subject such Commercial Tort Claim to the security interest created
under this Agreement; and

 

    	 	8	 

     

    

 

(c)          each
Grantor, by granting a security interest in Letter of Credit Rights to the Administrative Agent, intends to (and hereby does) assign
to the Administrative Agent its rights (including its contingent rights) to the proceeds of all such Letter of Credit Rights of
which it is or hereafter becomes a beneficiary or assignee (it being understood that no actions shall be required to perfect a
security interest in Letter of Credit Rights other than filing of a Uniform Commercial Code financing statement). Upon the
occurrence and continuation of an Event of Default, each Grantor will, promptly upon written request by the Administrative Agent
(provided that, in the case of an Event of Default pursuant to Sections 8.01(f) or (g) of the Credit Agreement,
such written request shall have automatically been deemed to have been given), (i) notify (and such Grantor hereby authorizes
the Administrative Agent to notify, upon written notice to such Grantor of its intention to do so) the issuer and each nominated
person with respect to each of the letters of credit that the Letter of Credit Rights have been assigned to the Administrative
Agent hereunder and any payments due or to become due in respect thereof are to be made directly to the Administrative Agent or
its designee and (ii) arrange for the Administrative Agent to become the transferee beneficiary of such letter of credit.

 

Section 7.          Representations
and Warranties. Each Grantor represents and warrants as follows (it being understood that none of the foregoing applies to
the Excluded Assets):

 

(a)          as
of and after the Closing Date, except as otherwise notified to the Administrative Agent pursuant to Section 9(a), (i) such
Grantor’s exact legal name, as defined in Section 9-503(a) of the UCC, type of organization, jurisdiction of organization
or incorporation, organizational identification number (if any) and taxpayer identification number (if any), is correctly set forth
on Schedule I hereto (as such Schedule I may be supplemented from time to time by supplements to this Agreement),
(ii) such Grantor is located (within the meaning of Section 9-307 of the UCC) and has its chief executive office, in
the state or jurisdiction set forth on Schedule I hereto and (iii) such Grantor has no trade names other than
as listed on Schedule I hereto and as of the Closing Date, within the five (5) years preceding the Closing Date,
has not changed its name, location, chief executive office, type of organization, jurisdiction of organization or incorporation,
organizational identification number (if any) or taxpayer identification number (if any) from those set forth on Schedule I,
except as described on Schedule I;

 

(b)          as
of the Closing Date, (i) all Pledged Interests consisting of certificated securities and (ii) all Pledged Debt evidenced or represented
by instruments in an aggregate principal amount in excess of $3,000,000 have been delivered to the Administrative Agent in accordance
herewith and with the Credit Agreement;

 

(c)          such
Grantor is the legal and beneficial owner of the Collateral granted or purported to be granted by it, free and clear of any Lien,
claim, option or right of others, except for the security interests created under this Agreement and Liens permitted under Section
7.01 of the Credit Agreement;

 

(d)          as
of the Closing Date, the Pledged Interests pledged by such Grantor constitute the percentage of the issued and outstanding Equity
Interests of the issuers thereof indicated on Schedule II hereto;

 

    	 	9	 

     

    

 

(e)          upon
the filing of appropriate financing statements in the appropriate filing office and the recordation of the Intellectual Property
Security Agreement (as hereinafter defined) with the United States Patent and Trademark Office and/or the United States Copyright
Office, as applicable, all actions necessary to perfect the security interest, so far as perfection is possible under relevant
law and required under the Loan Documents, in the Collateral of such Grantor created under this Agreement with respect to which
a Lien may be perfected by filing pursuant to the UCC or 35 U.S.C. §261, 15 U.S.C. §1060 or 17 U.S.C. §205
shall have been duly made or taken and will be in full force and effect, and this Agreement creates in favor of the Administrative
Agent for the benefit of the Secured Parties a valid and, together with such filings and other actions, perfected, so far as perfection
is possible under relevant law and required under the Loan Documents, first priority security interest in such Collateral of such
Grantor (subject to Liens permitted by Section 7.01 of the Credit Agreement), securing the payment of the Secured Obligations
to the extent provided herein;

 

(f)          except
as could not reasonably be expected to, individually, or in the aggregate, have a Material Adverse Effect as to itself and its
Intellectual Property Collateral:

 

(i)          as
of the Closing Date, the Intellectual Property Collateral set forth on Schedule III hereto includes (A) all of
the registered or applied for Patents, Trademarks and Copyrights owned by such Grantor and material to such Grantor’s business,
and (B) all domain names owned by any Grantor and material to such Grantor’s business, except for any domain names originated
as a result of foreign intellectual property filings;

 

(ii)         such
Grantor has made or performed, or caused to be made or performed, all filings, recordings and other acts and has paid all required
fees and taxes to maintain in full force and effect and protect its interest in each and every application and registration made
by the previous owner for Intellectual Property Collateral owned by such Grantor, including, without limitation, recordations of
any of its proprietary interests in United States Patents and United States Trademarks with the United States Patent and Trademark
Office and recordation of any of its proprietary interests in United States Copyrights with the United States Copyright Office
made by the previous owner; and such Grantor has used proper statutory notice in the same manner as the previous owner in connection
with its use of each such Patent, Trademark and Copyright owned by such Grantor; and

 

(iii)        to
such Grantor’s knowledge, (A) none of the Trade Secrets of such Grantor has been divulged, disclosed or appropriated
to the detriment of such Grantor for the benefit of any Person other than such Grantor, except as set forth on Schedule III and
(B) such Grantor has taken commercially reasonable measures to protect the confidentiality of such Grantor’s Trade Secrets.

 

(g)          such
Grantor has no Commercial Tort Claims with an individual claimed value in excess of $3,000,000 on the Closing Date other than those
listed in Schedule IV and additional Commercial Tort Claims as to which such Grantor has complied with the requirements
of Section 6(b) hereof.

 

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Section 8.          Further
Assurances. (a) Each Grantor agrees that from time to time, at the request of the Administrative Agent and the expense of such
Grantor, such Grantor will promptly execute and deliver, or otherwise authenticate, all further instruments and documents, and
take all further action that may be necessary or that the Administrative Agent may reasonably request, in order to perfect and
protect any pledge or security interest granted or purported to be granted by such Grantor hereunder or to enable the Administrative
Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral of such Grantor, subject in each
case to the Perfection Exceptions. Without limiting the generality of the foregoing, each Grantor will, upon the Administrative
Agent’s reasonable request, promptly with respect to Collateral of such Grantor: (i) if any such Collateral with a value
in excess of $3,000,000 shall be evidenced by a promissory note or other instrument or Chattel Paper, deliver and pledge to the
Administrative Agent hereunder such note or instrument or Chattel Paper duly indorsed and accompanied by duly executed instruments
of transfer or assignment, all in form and substance reasonably satisfactory to the Administrative Agent; (ii) execute or
authenticate and file such financing or continuation statements, or amendments thereto, and such other instruments or notices,
as may be reasonably necessary or desirable, or as the Administrative Agent may reasonably request, in order to perfect and preserve
the security interest granted or purported to be granted by such Grantor hereunder; notwithstanding anything to the contrary herein
or in any Loan Document, the Grantors shall not have any obligation to perfect any security interest granted hereunder in any Intellectual
Property Collateral in any jurisdiction other than the United States, any state thereof or the District of Columbia; (iii) deliver
and pledge to the Administrative Agent for the benefit of the Secured Parties certificates representing Security Collateral that
constitutes certificated securities, accompanied by undated stock or bond powers executed in blank (to the extent required to be
pledged pursuant to the Credit Agreement or this Agreement) and (iv) deliver to the Administrative Agent evidence that all
other actions that the Administrative Agent may deem reasonably necessary or desirable in order to perfect and protect the security
interest granted or purported to be granted by such Grantor under this Agreement has been taken, subject, in each case, to the
Perfection Exceptions.

 

(b)          Each
Grantor hereby authorizes the Administrative Agent to file, at any time or from time to time, one or more UCC financing or continuation
statements, and amendments thereto, including, without limitation, one or more UCC financing statements indicating that such financing
statements cover all assets or all personal property, whether now owned or hereafter acquired (or words of similar effect) of such
Grantor, in each case without the signature of such Grantor, and regardless of whether any particular asset described in such financing
statements falls within the scope of the UCC or the granting clause of this Agreement.

 

Section 9.          Post-Closing
Changes; Bailees and Accounts. (a) Each Grantor will give prompt written notice to the Administrative Agent of any change in
its exact legal name, as defined in Section 9-503(a) of the UCC, type of organization, jurisdiction of organization or incorporation,
organizational identification number (if any) and taxpayer identification number (if any) from those set forth in Schedule I
(provided that such written notice shall be given no later than ten (10) Business Days (or such later date as may be
agreed by the Administrative Agent) after such change) and will take all action reasonably required by the Administrative Agent
for the purpose of perfecting or protecting the security interest granted by this Agreement.

 

(b)          During
the continuation of an Event of Default, if Collateral of any Grantor with an aggregate value in excess of $3,000,000 is at any
time in the possession or control of a warehouseman, bailee or agent, upon the request of the Administrative Agent (provided
that, in the case of an Event of Default pursuant to Sections 8.01(f) or (g) of the Credit Agreement, such request shall
have automatically been deemed to have been given) such Grantor will (i) notify such warehouseman, bailee or agent of the
security interest created hereunder, (ii) instruct such warehouseman, bailee or agent to hold all such Collateral solely for
the Administrative Agent’s account subject only to the Administrative Agent’s instructions, (iii) use commercially
reasonable efforts to cause such warehouseman, bailee or agent to authenticate a record (in form and substance reasonably satisfactory
to the Administrative Agent) acknowledging that it holds possession of such Collateral for the Administrative Agent’s benefit
and shall act solely on the instructions of the Administrative Agent without the further consent of the Grantor or any other Person
and (iv) if obtained, make such authenticated record available to the Administrative Agent.

 

    	 	11	 

     

    

 

(c)          Except
as otherwise provided in this Section 9(c), each Grantor may continue to collect, at its own expense, in its sole discretion,
all amounts due or to become due such Grantor under its Accounts. In connection with such collections, such Grantor may take (and,
at the Administrative Agent’s direction during the continuation of an Event of Default, shall take) such commercially reasonable
action as such Grantor (or during the continuation of an Event of Default, the Administrative Agent) may deem necessary or advisable
to enforce collection thereof; provided, however, that the Administrative Agent shall have the right at any time
upon the occurrence and during the continuance of an Event of Default and upon written notice to such Grantor of its intention
to do so (provided that, in the case of an Event of Default pursuant to Sections 8.01(f) or (g) of the Credit
Agreement, such notice shall have automatically been deemed to have been given), to notify the obligors under any Accounts, of
the assignment of such Accounts to the Administrative Agent and to direct such obligors to make payment of all amounts due or to
become due to such Grantor thereunder directly to the Administrative Agent and, upon such notification and at the expense of such
Grantor, to enforce collection of any such Accounts, to adjust, settle or compromise the amount or payment thereof, in the same
manner and to the same extent as such Grantor might have done, and to otherwise exercise all rights with respect to such Accounts,
including, without limitation, those set forth set forth in Section 9-607 of the UCC. After receipt by any Grantor of written
notice (provided that such written notice shall not be required in the case of an Event of Default pursuant to Sections 8.01(f)
or (g) of the Credit Agreement) from the Administrative Agent and during the continuation of an Event of Default, (i) all
amounts and proceeds (including, without limitation, instruments) received by such Grantor in respect of the Accounts, of such
Grantor shall be received in trust for the benefit of the Administrative Agent hereunder, shall be segregated from other funds
of such Grantor and shall be either (A) released to such Grantor to the extent permitted under the terms of the Credit Agreement
to the extent an Event of Default no longer shall be continuing or (B) if any Event of Default shall be continuing, applied
as provided in Section 8.03 of the Credit Agreement and (ii) except with the consent of the Administrative Agent, such
consent not to be unreasonably withheld, such Grantor will not adjust, settle or compromise the amount or payment of any Account,
release wholly or partly any obligor thereof, or allow any credit or discount thereon. After and during the continuation of any
Event of Default, no Grantor will permit or consent to the subordination of its right to payment under any of the Accounts to any
other indebtedness or obligations of the obligor thereof, except with the consent of the Administrative Agent.

 

Section 10.         As
to Intellectual Property Collateral. (a) Except with respect to any Intellectual Property Collateral that a Grantor, in its
reasonable discretion, determines is no longer worth maintaining, with respect to each item of its Intellectual Property Collateral
owned by a Grantor, each Grantor agrees to take, at its expense, commercially reasonable steps in the United States, including,
without limitation, in the United States Patent and Trademark Office, the United States Copyright Office and any other domestic
governmental authority, as applicable, to (i) maintain the validity and enforceability of such Intellectual Property Collateral
and maintain such Intellectual Property Collateral in full force and effect, and (ii) pursue the registration (to the extent
registrable) and maintenance of each application and registration for any Patent, Trademark or Copyright owned by such Grantor,
now or hereafter included in such Intellectual Property Collateral, including, without limitation, the payment of required fees
and taxes, the filing of responses to office actions issued by the United States Patent and Trademark Office, the United States
Copyright Office and any other domestic governmental authority, as applicable, the filing of applications for renewal or extension,
the filing of affidavits under Sections 8 and 15 of the U.S. Trademark Act, the filing of divisional, continuation,
continuation-in-part, reissue and renewal applications or extensions, the payment of maintenance fees and the participation in
interference, reexamination, opposition, cancellation, infringement and misappropriation proceedings, except, in each case, (A) as
permitted by the Loan Documents or (B) to the extent failure to do so could not reasonably be expected to, individually, or
in the aggregate, have a Material Adverse Effect.

 

    	 	12	 

     

    

 

(b)          Except
where failure to do so could not reasonably be expected to, individually, or in the aggregate, have a Material Adverse Effect or
where permitted by the Loan Documents, each Grantor shall use proper statutory notice in connection with its use of owned Intellectual
Property Collateral that is material to the business of Parent, the Borrower and their respective Subsidiaries. Except as could
not be reasonably expected to, individually, or in the aggregate, have a Material Adverse Effect or where permitted by the Loan
Documents, no Grantor shall do or permit any act or knowingly omit to do any act whereby any of its owned Intellectual Property
Collateral may lapse or become invalid or unenforceable or placed in the public domain.

 

(c)          Except
where failure to do so could not reasonably be expected to, individually, or in the aggregate, have a Material Adverse Effect,
but subject to pre-existing rights and licenses, each Grantor shall take all commercially reasonable steps in the United States
which it (or the Administrative Agent during the continuation of an Event of Default) deems reasonable and appropriate under the
circumstances to preserve and protect each item of Intellectual Property Collateral owned by such Grantor, including, without limitation,
maintaining the quality of any and all products or services used or provided in connection with any of the Trademarks owned by
such Grantor, such that it will not be materially inferior to the quality of such products or services provided by such Grantor
under such Trademarks as of the date hereof and taking all commercially reasonable steps to ensure that all licensed users of any
such Trademarks use such standards of quality, except as permitted by the Loan Documents.

 

(d)          With
respect to Intellectual Property Collateral owned by each Grantor, such Grantor agrees to execute or otherwise authenticate an
agreement, in substantially the form set forth in Exhibit B hereto or otherwise in form and substance reasonably satisfactory
to the Administrative Agent (an “Intellectual Property Security Agreement”), for recording the security interest
granted hereunder to the Administrative Agent in such Intellectual Property Collateral with the United States Patent and Trademark
Office, the United States Copyright Office or any other domestic governmental authorities necessary to perfect the security interest
granted hereunder in any registered or applied-for United States Intellectual Property Collateral, as applicable.

 

(e)          Without
limiting Section 2, each Grantor agrees that should it obtain an ownership interest in any item of the type set forth
in Section 2(q) that is not, as of the Closing Date, a part of the Intellectual Property Collateral (“After-Acquired
Intellectual Property”) (i) the provisions of this Agreement shall automatically apply thereto, and (ii) any
such After-Acquired Intellectual Property and, in the case of trademarks, the goodwill symbolized thereby, shall automatically
become part of the Intellectual Property Collateral subject to the terms and conditions of this Agreement with respect thereto.
Each Grantor shall, concurrently with the delivery of financial statements under Section 6.01(a) and (b) of the Credit
Agreement (or such later date as agreed to by the Administrative Agent in its reasonable discretion), execute and deliver to the
Administrative Agent, or otherwise authenticate, an agreement substantially in the form of Exhibit C hereto or otherwise
in form and substance reasonably satisfactory to the Administrative Agent (an “IP Security Agreement Supplement”)
covering such After-Acquired Intellectual Property, which such IP Security Agreement Supplement shall be recorded with (or, at
the option of the Administrative Agent, the Administrative Agent shall be authorized to record with) the United States Patent and
Trademark Office or the United States Copyright Office to perfect the security interest granted hereunder in any registered or
applied-for United States After-Acquired Intellectual Property, as applicable.

 

Section 11.         Voting
Rights; Dividends; Etc. (a) So long as no Event of Default shall have occurred and be continuing:

 

(i)          each
Grantor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Security Collateral of such
Grantor or any part thereof for any purpose; provided, however, that such Grantor will not exercise or refrain from
exercising any such right in a manner prohibited by the Credit Agreement;

 

    	 	13	 

     

    

 

(ii)         each
Grantor shall be entitled to receive and retain any and all dividends, interest and other distributions paid in respect of the
Security Collateral of such Grantor if and to the extent that the payment thereof is not otherwise prohibited by the terms of the
Loan Documents; provided, however, that any and all:

 

(A)         dividends,
interest and other distributions paid or payable other than in cash in respect of, and instruments and other property received,
receivable or otherwise distributed in respect of, or in exchange for, any Security Collateral,

 

(B)         dividends
and other distributions paid or payable in cash in respect of any Security Collateral in connection with a partial or total liquidation
or dissolution or in connection with a reduction of capital, capital surplus or paid in surplus, and

 

(C)         cash
paid, payable or otherwise distributed in respect of principal of, or in redemption of, or in exchange for, any Security Collateral,

 

(x)          in
the case of the foregoing clause (A), any such property distributed in respect of any Security Collateral, such property shall
be deemed to constitute acquired property and shall be forthwith delivered to the Administrative Agent as Security Collateral in
the same form as so received (with any necessary indorsement) to the extent required by, and in accordance with the provisions
of Section 6.12 of the Credit Agreement and (y) in the case of the foregoing clauses (B) and (C) to the extent
constituting a Disposition, any such cash distributed in respect of any Security Collateral shall be subject to Section 2.05(b)(i)
of the Credit Agreement

 

(iii)        the
Administrative Agent will execute and deliver (or cause to be executed and delivered) to each Grantor all such proxies and other
instruments as such Grantor may reasonably request for the purpose of enabling such Grantor to exercise the voting and other rights
that it is entitled to exercise pursuant to paragraph (i) above and to receive the dividends or interest payments that it
is authorized to receive and retain pursuant to paragraph (ii) above.

 

(b)          Upon
the occurrence and during the continuance of an Event of Default:

 

(i)          upon
notice to the applicable Grantor, and automatically in the case of clause (y) below to the extent such Event of Default is
under Section 8.01(f) or (g) of the Credit Agreement, all rights of each Grantor (x) to exercise or refrain from
exercising the voting and other consensual rights that it would otherwise be entitled to exercise pursuant to Section 11(a)(i)
shall, upon notice to such Grantor by the Administrative Agent, cease and (y) to receive the dividends, interest and other
distributions that it would otherwise be authorized to receive and retain pursuant to Section 11(a)(ii) shall cease,
and all such rights shall thereupon become vested in the Administrative Agent, which shall thereupon have the sole right to exercise
or refrain from exercising such voting and other consensual rights and to receive and hold as Security Collateral such dividends,
interest and other distributions; and

 

(ii)         all
dividends, interest and other distributions that are received by any Grantor contrary to the provisions of paragraph (i) of
this Section 11(b) shall be received in trust for the benefit of the Administrative Agent, shall be segregated from
other funds of such Grantor and shall be forthwith paid over to the Administrative Agent as Security Collateral in the same form
as so received (with any necessary indorsement).

 

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Section 12.         Administrative
Agent Appointed Attorney-in-Fact. Each Grantor hereby irrevocably appoints the Administrative Agent such Grantor’s attorney-in-fact,
with full authority in the place and stead of such Grantor and in the name of such Grantor or otherwise, from time to time, upon
the occurrence and during the continuance of an Event of Default, in the Administrative Agent’s discretion, to take any action
and to execute any instrument that the Administrative Agent may deem necessary or advisable to accomplish the purposes of this
Agreement, including, without limitation:

 

(a)          to
obtain and adjust insurance required to be paid to the Administrative Agent;

 

(b)          to
ask for, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become
due under or in respect of any of the Collateral;

 

(c)          to
receive, indorse and collect any drafts or other instruments, documents and Chattel Paper, in connection with clause (a) or
(b) above; and

 

Section 13.         Administrative
Agent May Perform. If any Grantor fails to perform any agreement contained herein, the Administrative Agent may, after providing
notice to such Grantor of its intent to do so (provided that, in the case of an Event of Default pursuant to Sections 8.01(f)
or (g) of the Credit Agreement, such notice shall have automatically been deemed to have been given), but without any obligation
to do so, itself perform, or cause performance of, such agreement, and the expenses of the Administrative Agent incurred in connection
therewith shall be payable by such Grantor under Section 16.

 

Section 14.         The
Administrative Agent’s Duties. The powers conferred on the Administrative Agent hereunder are solely to protect the Secured
Parties’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the exercise
of reasonable care with respect to the custody of any Collateral in its possession and the accounting for moneys actually received
by it hereunder, the Administrative Agent shall have no duty as to any Collateral, as to ascertaining or taking action with respect
to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not any Secured Party
has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties
or any other rights pertaining to any Collateral. The Administrative Agent shall be deemed to have exercised reasonable care in
the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to
that which it accords its own property.

 

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Section 15.         Remedies.
If any Event of Default shall have occurred and be continuing:

 

(a)          The
Administrative Agent may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or
otherwise available to it, all the rights and remedies of a secured party upon default under the UCC (whether or not the UCC applies
to the affected Collateral) and also may: (i) require each Grantor to, and each Grantor hereby agrees that it will, at its
expense and upon request of the Administrative Agent forthwith, assemble all or part of the Collateral as directed by the Administrative
Agent and make it available to the Administrative Agent at a place and time to be designated by the Administrative Agent that is
reasonably convenient to both parties; (ii) without notice except as specified below, but subject to pre-existing rights and
licenses, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Administrative
Agent’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Administrative
Agent may deem commercially reasonable; (iii) occupy any premises owned or leased by any of the Grantors where the Collateral
or any part thereof is assembled or located for a reasonable period in order to effectuate its rights and remedies hereunder or
under law, without obligation to such Grantor in respect of such occupation; and (iv) to the maximum extent permitted by applicable
law, exercise any and all rights and remedies of any of the Grantors under or in connection with the Collateral, or otherwise in
respect of the Collateral, including, without limitation, (A) any and all rights of such Grantor to demand or otherwise require
payment of any amount under, or performance of any provision of, the Accounts and the other Collateral, and (B) exercise all
other rights and remedies with respect to the Accounts and the other Collateral, including, without limitation, those set forth
in Section 9-607 of the UCC. Each Grantor agrees that, to the extent notice of sale shall be required by law, to the maximum
extent permitted by applicable law, at least ten (10) days’ notice to such Grantor of the time and place of any public
sale or the time after which any private sale is to be made shall constitute reasonable notification. To the maximum extent permitted
by applicable law, the Administrative Agent shall not be obligated to make any sale of Collateral regardless of notice of sale
having been given. The Administrative Agent may adjourn any public or private sale from time to time by announcement at the time
and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.

 

(b)          All
payments received by any Grantor under or in connection with any Collateral shall be received in trust for the benefit of the Administrative
Agent, shall be segregated from other funds of such Grantor and shall be, upon request of the Administration Agent, paid over to
the Administrative Agent in the same form as so received (with any necessary indorsement).

 

(c)          The
Administrative Agent may, during the continuation of an Event of Default pursuant to the Credit Agreement, without notice to any
Grantor except as required by law and at any time or from time to time, charge, set-off and otherwise apply all or any part of
the Secured Obligations against any funds held with respect to any Deposit Account that is not an Exempt Deposit Account.

 

(d)          Any
cash held by or on behalf of the Administrative Agent and all cash proceeds received by or on behalf of the Administrative Agent
in respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion
of the Administrative Agent, be held by the Administrative Agent as collateral for, and/or then or at any time thereafter applied
(after payment of any amounts payable to the Administrative Agent pursuant Section 16) in whole or in part by the Administrative
Agent against, all or any part of the Secured Obligations, in the manner set forth in Section 8.03 of the Credit Agreement.

 

(e)          If
the Administrative Agent shall determine to exercise its right to sell all or any of the Security Collateral of any Grantor pursuant
to this Section 15, each Grantor agrees that, upon request of the Administrative Agent, such Grantor will, subject
to pre-existing rights and licenses, at its own expense, use its reasonable best efforts to do or cause to be done all such other
acts and things as may be necessary to make such sale of such Security Collateral or any part thereof valid and binding and in
compliance with applicable law.

 

(f)          Subject
to compliance with applicable law, including the Securities Act of 1933 and the Exchange Act and all rules and regulations
thereunder, the Administrative Agent is authorized, in connection with any sale of the Security Collateral pursuant to this Section 15,
to deliver or otherwise disclose to any prospective purchaser of the Security Collateral: (i) any registration statement or
prospectus, and all supplements and amendments thereto; (ii) information and projections and (iii) any other information
in its possession relating to such Security Collateral.

 

    	 	16	 

     

    

 

(g)          Each
Grantor acknowledges the impossibility of ascertaining the amount of damages that would be suffered by the Secured Parties by reason
of the failure by such Grantor to perform any of the covenants contained in Section 15(f) above and, consequently,
agrees that Section 15(f) shall be specifically enforceable against such Grantor.

 

Section 16.         Expenses.
Each Grantor will, upon demand, pay to the Administrative Agent the amount of any and all reasonable and documented or invoiced
out-of-pocket costs and expenses that the Administrative Agent may incur in connection with (i) the administration of this Agreement,
(ii) the custody, preservation, use or operation of, or the sale of, collection from or other realization upon, any of the
Collateral of such Grantor, (iii) the exercise or enforcement of any of the rights of the Administrative Agent or the other
Secured Parties hereunder or (iv) the failure by such Grantor to perform or observe any of the provisions hereof, in each
case, in the manner, and to the extent, payable or reimbursable by the Borrower pursuant to Section 10.04 of the Credit Agreement,
as if such section were set forth in full herein, mutatis mutandis.         

 

Section 17.         Amendments;
Waivers; Additional Grantors; Etc. (a) Subject to Section 10.01 of the Credit Agreement, no amendment or waiver of any
provision of this Agreement, and no consent to any departure by any Grantor herefrom, shall in any event be effective unless the
same shall be in writing and signed by the Administrative Agent and the Grantors, and then such amendment, waiver or consent shall
be effective only in the specific instance and for the specific purpose for which given. No failure on the part of the Administrative
Agent or any other Secured Party to exercise, and no delay in exercising any right hereunder, shall operate as a waiver thereof;
nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any
other right.

 

(b)          Upon
the execution and delivery, or authentication, by any Person of a security agreement supplement in substantially the form of Exhibit A
hereto (each a “Security Agreement Supplement”), (i) such Person shall be referred to as an “Additional
Grantor” and shall be and become a Grantor hereunder, and each reference in this Agreement and the other Loan Documents
to “Grantor” shall also mean and be a reference to such Additional Grantor, and each reference in this Agreement and
the other Loan Documents to “Collateral” shall also mean and be a reference to the Collateral of such Additional Grantor,
and (ii) the supplemental schedules I through IV attached to each Security Agreement Supplement shall be incorporated
into and become a part of and supplement Schedules I through IV, respectively, hereto, and the Administrative
Agent may attach such supplemental schedules to such Schedules; and each reference to such Schedules shall mean and be a reference
to such Schedules as supplemented pursuant to each Security Agreement Supplement.

 

Section 18.         Notices,
Etc. All notices and other communications provided for hereunder shall be in writing (including telegraphic, telecopy or telex
communication or facsimile transmission) and mailed, telegraphed, telecopied, telexed, faxed, emailed or delivered to it, if to
any Grantor, addressed to it in care of the Borrower at the Borrower’s address specified in Section 10.02 of the Credit
Agreement, if to the Administrative Agent, at its address specified in Section 10.02 of the Credit Agreement. All such notices
and other communications shall be deemed to be given or made at such time as shall be set forth in Section 10.02 of the Credit
Agreement. Delivery by telecopier or in .pdf or similar format by electronic mail of an executed counterpart of any amendment or
waiver of any provision of this Agreement or of any Security Agreement Supplement or Schedule hereto shall be effective as delivery
of an original executed counterpart thereof.

 

    	 	17	 

     

    

 

Section 19.         Continuing
Security Interest; Assignments under the Credit Agreement. This Agreement shall create a continuing security interest in the
Collateral and shall to the extent provided herein (a) remain in full force and effect until the termination of the Aggregate
Commitments and the payment in full in cash of the Secured Obligations (other than contingent indemnification or other contingent
obligations and obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements, in each case,
as to which no claim has been asserted) and the termination or expiration of all Letters of Credit (other than Letters of Credit
which have been Cash Collateralized), (b) be binding upon each Grantor, its successors and assigns and (c) inure, together
with the rights and remedies of the Administrative Agent hereunder, to the benefit of the Secured Parties and their respective
successors and permitted transferees and assigns. Without limiting the generality of the foregoing clause (c), any Lender
may assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement (including, without
limitation, all or any portion of its Commitments, the Loans owing to it and the Note or Notes, if any, held by it) to any other
Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Lender herein
or otherwise, in each case as provided in Section 10.07 of the Credit Agreement.

 

Section 20.         Release;
Termination. (a) Upon (x) any sale, lease, transfer or other disposition of any item of Collateral of any Grantor not prohibited
by the terms of the Loan Documents (other than to another Loan Party or to a Person becoming or required to become a Loan Party
at the time of such sale, lease, transfer or other disposition), (y) any transaction not prohibited by the terms of the Loan Documents,
resulting in a Grantor owning any Collateral becoming an Excluded Subsidiary or being released from its obligations under the Guaranty,
or (z) any transaction not prohibited by the terms of the Loan Documents, resulting in Collateral becoming Excluded Assets, in
each case, the assignment, pledge and security interest granted hereby with respect to such collateral shall automatically terminate
and all rights to such Collateral shall revert to such Grantor and the Administrative Agent will, at such Grantor’s expense,
execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence the release of such item
of Collateral from the assignment, pledge and security interest granted hereby; provided, however, that, if requested
by the Administrative Agent, such Grantor shall have delivered to the Administrative Agent a written request for release, together
with a form of release for execution by the Administrative Agent, a certificate of such Grantor to the effect that the transaction
is in compliance with the Loan Documents and such other supporting information as the Administrative Agent may reasonably request.

 

(b)          Upon
the termination of the Aggregate Commitments and the payment in full in cash of the Secured Obligations (other than contingent
indemnification or other contingent obligations and obligations and liabilities under Secured Cash Management Agreements and Secured
Hedge Agreements, in each case, as to which no claim has been asserted), and the termination or expiration of all Letters of Credit
(other than Letters of Credit which have been Cash Collateralized), the pledge and security interests granted hereby shall automatically
terminate and all rights to the Collateral shall revert to the applicable Grantor. Upon any such termination, the Administrative
Agent will, at the applicable Grantor’s expense, execute and deliver to such Grantor such documents as such Grantor shall
reasonably request to evidence such termination.

 

Section 21.         Execution
in Counterparts. 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. Delivery of an executed counterpart
of a signature page to this Agreement in .pdf or similar format by electronic mail shall be effective as delivery of an original
executed counterpart of this Agreement.

 

Section 22.         The
Mortgages. In the event that any of the Collateral hereunder is also subject to a valid and enforceable Lien under the terms
of any Mortgage and the terms of such Mortgage are inconsistent with the terms of this Agreement, then with respect to such Collateral,
the terms of such Mortgage shall be controlling (other than with respect to Section 2 hereof) in the case of fixtures
and real estate leases, letting and licenses of, and contracts and agreements relating to the lease of, real property, and the
terms of this Agreement shall be controlling in the case of all other Collateral.

 

    	 	18	 

     

    

 

Section 23.         Governing
Law; Jurisdiction; Etc. (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK.

 

(b)          SUBMISSION
TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT TO THE EXCLUSIVE GENERAL JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK FOR
THE COUNTY OF NEW YORK (THE “NEW YORK SUPREME COURT”), AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK (THE “FEDERAL DISTRICT COURT,” AND TOGETHER WITH THE NEW YORK SUPREME COURT, THE “NEW
YORK COURTS”) AND APPELLATE COURTS FROM EITHER OF THEM; PROVIDED THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED
OR OPERATE TO PRECLUDE (I) ANY AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE
ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS (IN WHICH CASE ANY PARTY SHALL BE ENTITLED TO ASSERT ANY CLAIM OR DEFENSE,
INCLUDING ANY CLAIM OR DEFENSE THAT THIS SECTION 23 WOULD OTHERWISE REQUIRE TO BE ASSERTED IN A LEGAL ACTION OR PROCEEDING
IN A NEW YORK COURT), OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE ADMINISTRATIVE AGENT, (II) ANY PARTY FROM
BRINGING ANY LEGAL ACTION OR PROCEEDING IN ANY JURISDICTION FOR THE RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT, (III) IF
ALL SUCH NEW YORK COURTS DECLINE JURISDICTION OVER ANY PERSON, OR DECLINE (OR, IN THE CASE OF THE FEDERAL DISTRICT COURT, LACK)
JURISDICTION OVER ANY SUBJECT MATTER OF SUCH ACTION OR PROCEEDING, A LEGAL ACTION OR PROCEEDING MAY BE BROUGHT WITH RESPECT THERETO
IN ANOTHER COURT HAVING JURISDICTION AND (IV) IN THE EVENT A LEGAL ACTION OR PROCEEDING IS BROUGHT AGAINST ANY PARTY HERETO
OR INVOLVING ANY OF ITS ASSETS OR PROPERTY IN ANOTHER COURT (WITHOUT ANY COLLUSIVE ASSISTANCE BY SUCH PARTY OR ANY OF ITS SUBSIDIARIES
OR AFFILIATES), SUCH PARTY FROM ASSERTING A CLAIM OR DEFENSE (INCLUDING ANY CLAIM OR DEFENSE THAT THIS SECTION 23 WOULD
OTHERWISE REQUIRE TO BE ASSERTED IN A LEGAL ACTION OR PROCEEDING IN A NEW YORK COURT) IN ANY SUCH ACTION OR PROCEEDING.

 

(c)          EACH
PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT
REFERRED TO IN SECTION 23(B). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)          EACH
PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.17(d) OF THE CREDIT
AGREEMENT. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
APPLICABLE LAW.

 

(e)          EACH
PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING
UNDER THIS AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM
WITH RESPECT TO THIS AGREEMENT, OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND
WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION
OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART
OR A COPY OF THIS SECTION 23(e) WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE
WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

[Signature Pages Follow]

 

    	 	19	 

     

    

 

IN WITNESS WHEREOF, each Grantor and the
Administrative Agent have caused this Agreement to be duly executed and delivered by its officer thereunto duly authorized as of
the date first written above.

 

	 	THE KEYW CORPORATION,
	 	as a Grantor
	 	 	 
	 	By:	/s/ William J. Weber
	 	 	Name:  William J. Weber
	 	 	Title:  President and Chief Executive Officer
	 	 	 
	 	THE KEYW HOLDING CORPORATION,
	 	as a Grantor
	 	 	 
	 	By:	/s/ William J. Weber
	 	 	Name:  William J. Weber
	 	 	Title:  President and Chief Executive Officer
	 	 	 
	 	SOTERA DEFENSE SOLUTIONS, INC.,
	 	as a Grantor
	 	 	 
	 	By:	/s/ William J. Weber
	 	 	Name:  William J. Weber
	 	 	Title:  President and Chief Executive Officer
	 	 	 
	 	SOTERA HOLDINGS INC.,
	 	as a Grantor
	 	 	 
	 	By:	/s/ William J. Weber
	 	 	Name:  William J. Weber
	 	 	Title:  President and Chief Executive Officer

 

[Signature Page to Security Agreement]

 

     

     

    

 

	 	ROYAL BANK OF CANADA,
	 	as Administrative Agent 
	 	 	 
	 	By:	/s/ Ann Hurley
	 	 	Name:  Ann Hurley
	 	 	Title:  Manager, Agency

 

[Signature Page to Security Agreement]

 

     

     

    

 

Schedule I to the

Security Agreement

 

LOCATION, CHIEF EXECUTIVE OFFICE, TYPE
OF ORGANIZATION, JURISDICTION OF ORGANIZATION OR INCORPORATION, ORGANIZATIONAL IDENTIFICATION NUMBER AND TAX IDENTIFICATION NUMBER

 

	
         

        Name
	 	Chief 

Executive Office	 	Type of 

Organization	  	Jurisdiction	 	Organizational

Identification 

Number	 	Tax

Identification

Number
	 	 	 	 	 	 	 	 	 	 	 
	The KeyW Holding Corporation	 	7740 Milestone Parkway, Suite 150, Hanover, MD 21076	 	Corporation	 	Maryland	 	D13357330	 	27-1594952
	 	 	 	 	 	 	 	 	 	 	 
	The KeyW Corporation	 	7740 Milestone Parkway, Suite 150, Hanover, MD 21076	 	Corporation	 	Maryland	 	D12526901	 	26-2620786
	 	 	 	 	 	 	 	 	 	 	 
	Sotera Holdings Inc.	 	2121 Cooperative Way, Suite 400, Herndon, VA 20171	 	Corporation	 	Delaware	 	4945963	 	27-5223298
	 	 	 	 	 	 	 	 	 	 	 
	Sotera Defense Solutions, Inc.	 	2121 Cooperative Way, Suite 400, Herndon, VA 20171	 	Corporation	 	Delaware	 	4640222	 	20-4477465

 

     

     

    

 

Schedule II to the

Security Agreement

 

PLEDGED DEBT

 

SenSage, Inc. (SenSage) entered
into a Reseller Agreement dated December 22, 2006, with Integra SpA, an Italian company.  The Reseller Agreement was terminated
by SenSage on February 22, 2008, because Integra SpA failed to remit payment for $192,000.00 that was due to SenSage on November
4, 2007.  SenSage filed a complaint in civil court in Rome, Italy against Integra SpA for payment of the sum owed.  In
November 2012, SenSage prevailed in the case and obtained a judgment for the sum due, as well as interest, and attorneys’
fees.  SenSage continues to attempt to recover amounts due under the judgment.

 

PLEDGED EQUITY

 

	Issuer	 	Grantor/Record 
 Owner	 	Issuer’s Type 

of 
 Organization	 	Certificate 
 No.	 	No. of Shares

 or Interests

 Owned	 	 	No. of Shares 
 or Interests 
 Outstanding	 	 	Percentage 
 Ownership	 
	The KeyW Corporation	 	The KeyW Holding Corporation	 	Corporation	 	M-1	 	 	1,000	 	 	 	1,000	 	 	 	100	%
	Hexis Cyber Solutions, Inc.	 	The KeyW Holding Corporation	 	Corporation	 	2	 	 	11,111	 	 	 	11,111	 	 	 	100	%
	Aeroptic, LLC	 	The KeyW Corporation	 	Limited liability company	 	2	 	 	n/a	 	 	 	n/a	 	 	 	100	%
	GeoVantage, Inc.	 	Aeroptic, LLC	 	Corporation	 	12	 	 	2,224,041	 	 	 	3,300,129	 	 	 	100	%
	 	 	 	 	 	 	13	 	 	1,076,088	 	 	 	 	 	 	 	 	 
	SenSage, Inc.	 	Hexis Cyber Solutions, Inc.	 	Corporation	 	A-2	 	 	1,000	 	 	 	1,000	 	 	 	100	%
	Sotera Holdings Inc.	 	The KeyW Corporation	 	Corporation	 	42	 	 	100	 	 	 	100	 	 	 	100	%
	Sotera Defense Solutions, Inc.	 	Sotera Holdings Inc.	 	Corporation	 	1	 	 	1	 	 	 	1	 	 	 	100	%
	Potomac Fusion, LLC	 	Sotera Defense Solutions, Inc.	 	Limited liability company	 	n/a	 	 	100	 	 	 	100	 	 	 	100	%

 

     

     

    

 

Schedule III to the

Security Agreement

 

INTELLECTUAL PROPERTY

 

I. PATENTS

 

	
        Grantor
	 	
        Patent
        Titles
	 	
        Patent
        No.
	 	
        Applic.
        No.
	 	
        Filing
        Date
	 	
        Issue
        Date

	The KeyW Corporation	 	Computer controlled, 3-CCD camera, airborne, variable interference filter imaging spectrometer system	 	5,790,188	 	08/524,864	 	September 7, 1995	 	August 4, 1998
	The KeyW Corporation	 	Computerized component variable interference filter imaging spectrometer system method and apparatus	 	6,211,906	 	09/165,873	 	October 2, 1998	 	April 3, 2001
	The KeyW Corporation	 	Data storage module comprising multiple storage medium components	 	8,358,499	 	12/577,559	 	October 12, 2009	 	January 22, 2013
	The KeyW Corporation	 	Dual-swath imaging system	 	8,462,209	 	12/492,458	 	June 26, 2009	 	June 11, 2013
	The KeyW Corporation	 	Partial arc curvilinear direct drive servomotor	 	8,803,467	 	13/273,373	 	October 14, 2011	 	August 12, 2014
	The KeyW Corporation	 	Packet capture deep pack inspection sensor	 	9,154,461	 	13/895,666	 	May 16, 2013	 	October 6, 2015
	The KeyW Corporation	 	Network attack offensive appliance	 	9,215,208	 	13/966,710	 	August 14, 2013	 	December 15, 2015
	The KeyW Corporation	 	Systems and methods for optimizing computer network operations	 	n/a	 	14/249,071	 	April 9, 2014	 	Pending
	The KeyW Corporation	 	Electronic Data Storage with Multiple Configurable Data Storage Mediums	 	n/a	 	14/796,740	 	July 10, 2015	 	Pending
	The KeyW Corporation	 	Modular aviation equipment rack	 	n/a	 	14/918,230	 	October 20, 2015	 	Pending 
	The KeyW Corporation	 	Utilization of Virtual Machines in a Cyber Learning Management Environment	 	n/a	 	14/947,662	 	November 20, 2015	 	Pending 

 

     

     

    

 

II. TRADEMARKS

 

	
        Grantor
	 	
        Mark
	 	
        Reg.
        No.
	 	
        Applic.
        No.
	 	
        Filing
        Date
	 	
        Registration

        Date

	The KeyW Corporation	 	EGIMBAL	 	3986467	 	77859049	 	October 28, 2009	 	June 28, 2011
	The KeyW Corporation	 	FLIGHT LANDATA and Design	 	4066831	 	85303933	 	April 25, 2011	 	December 6, 2011
	The KeyW Corporation	 	JOINT FORCES SENSOR	 	4098734	 	85350176	 	June 20, 2011	 	February 14, 2012
	The KeyW Corporation	 	Packet Jet	 	4101836	 	85348935	 	June 17, 2011	 	February 21, 2012
	The KeyW Corporation	 	Cyber Warrior	 	3941733	 	77907590	 	January 8, 2010	 	April 5, 2011
	The KeyW Corporation	 	Milestone Intelligence Group plus mark	 	4055709	 	85271714	 	March 20, 2011	 	November 15, 2011
	The KeyW Corporation	 	Parrot Labs and corresponding mark	 	4628225	 	86217707	 	March 11, 2014	 	October 28, 2014
	The KeyW Corporation	 	[image of parrot]	 	4617665	 	86245408	 	April 8, 2014	 	October 7, 2014
	The KeyW Corporation	 	Aeroptic	 	4871101	 	85951518	 	June 5, 2013	 	December 15, 2015
	The KeyW Corporation	 	KEYRADAR	 	5021668	 	86860105	 	December 29, 2015	 	August 16, 2016
	The KeyW Corporation	 	Aeroptic (image)	 	Pending	 	87134808	 	August 11, 2016	 	pending
	Sotera Defense Solutions, Inc.	 	SFA	 	2217374	 	75410371	 	December 23, 1997	 	January 12, 1999

 

     

     

    

 

III. DOMAIN NAMES

 

	The KeyW Corporation	 	Sotera Defense Solutions, Inc.
	
        AEROPTIC.COM

        CYBERSIGNALINTEL.COM

        CYBERWARFARECONSORTIUM.COM

        CYBERWARFARECONSORTIUM.ORG

        CYBERWARFAREOFFENSIVECONSORTIUM.COM

        CYBERWARFAREOFFENSIVECONSORTIUM.ORG

        CYBERWARFAREREPORT.COM

        CYBERWARFAREREPORT.NET

        CYBERWARRIOR.NET

        CYNIALATION.COM

        CYSIGIN.COM

        CYSIGIN.NET

        CYWARFIUS.COM

        E-GIMBAL.COM

        E-GIMBAL.NET

        EGIMBAL.COM

        EGIMBAL.NET

        EIGPRODUCTS.COM

        EVERESTTSI.COM

        FASI.COM

        FLD-OVERSEAS.COM

        FLIGHTLANDATA.COM

        FLIGHTLANDATA.NET

        FLIGHTLANDDATA.COM

        GEOVANTAGE.COM

        ICCI-US.COM

        INSIGHTINFOTEC.COM

        INTEGRATEDCC.COM

        JKATECH.COM

        KEYW-CORP.COM

        KEYWCORP.COM

        MAXDRIVE.INFO

        MBFRF.ORG

        MDCYBERROUNDTABLE.ORG

        MIDATALINK.COM

        MIDATALINK.NET

        MIDATALINK.ORG

        PARROTLABS.COM

        PONTETEC.COM

        PONTETEC.NET

        PONTETEC.ORG

        PONTETECH.COM

        PONTETECHNOLOGIES.COM

        PONTETEK.COM

        POOLEINC.COM

        POOLEINC.NET

        RIVERTREE.US

        SAIHOST.COM

        SAIHOST.NET

        SAIHOST.ORG

        SANDHENTERPRISES.COM

        SYCAMORE.US

        USCYBERCORP.COM

        WEBMB.ORG
	 	
        G-TECH.US

        G-TECH.US.COM

        GLOBALDEFENSETECHNOLOGY.US.COM

        GTEC-INC.BIZ

        GTEC-INC.CO

        GTEC-INC.COM

        GTEC-INC.INFO

        GTEC-INC.NET

        GTEC-INC.ORG

        GTEC-INC.SITE

        GTEC-INC.US

        GTEC.CO

        GTEC.US.COM

        POTOMACFUSION.COM

        SOTERA-DEFENSE.CO

        SOTERA-DEFENSE.COM

        SOTERA-DS.CO

        SOTERA-DS.COM

        SOTERA-INC.CO

        SOTERA-INC.COM

        SOTERA.CO

        SOTERA.US

        SOTERADEFENSE.BIZ

        SOTERADEFENSE.CO

        SOTERADEFENSE.COM

        SOTERADEFENSE.NET

        SOTERADEFENSE.ORG

        SOTERADEFENSE.US

        SOTERADEFENSESOLUTIONS.CO

        SOTERADEFENSESOLUTIONS.COM

        SOTERADEFENSESOLUTIONS.NET

        SOTERADEFENSESOLUTIONS.ORG

        SOTERADEFENSESOLUTIONS.US

        SOTERADS.CO

        SOTERADS.COM

        SOTERAINC.BIZ

        SOTERAINC.CO

        SOTERAINC.COM

        SOTERAINC.NET

        SOTERAINC.ORG

        SOTERAINC.US

        VALEO-INTERNATIONAL.COM

        SPT-INC.COM

        PRIMROSENET.NET

 

     

     

    

 

IV. COPYRIGHTS

 

	
        Grantor
	 	
        Title
        of Work
	 	
        Reg.
        No.
	 	
        Registration
        Date

	The KeyW Corporation	 	Business Courtesies (pamphlet)	 	Txu 1-711-169	 	September 2, 2008
	The KeyW Corporation	 	THE DRESS CODE (pamphlet)	 	TXU 1-711-166	 	September 2, 2008
	The KeyW Corporation	 	Moving Toward a Unified Threat Assessment and Analysis Tool (Text)	 	TXu001275167	 	March 18, 2009
	Sotera Defense Solutions, Inc.	 	Silver Streak outdoor power equipment replacement parts (serial)	 	TX593450/CSN0031289	 	December 8, 1980
	Sotera Defense Solutions, Inc.	 	Silver Streak engine parts	 	TX593499/CSN031288	 	December 8, 1980

 

     

     

    

 

Schedule IV to the

Security Agreement

 

COMMERCIAL TORT CLAIMS

 

None.

 

     

     

    

 

Exhibit A to the

Security Agreement

 

FORM OF SECURITY AGREEMENT SUPPLEMENT

 

[Date of Security Agreement Supplement]

 

ROYAL BANK OF CANADA

as the Administrative Agent for the

Secured Parties referred to in the

Credit Agreement referred

to below

___________________________

___________________________

Attn: ______________________

 

[Name of Additional Grantor]

 

Ladies and Gentlemen:

 

Reference is made to (i) the
Credit Agreement dated as of April 4, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among THE KEYW CORPORATION, a Maryland corporation and a wholly-owned subsidiary of
THE KEYW HOLDING CORPORATION, a Maryland corporation (“Parent”), Parent, the Lenders and Royal Bank of Canada,
as Swing Line Lender, L/C Issuer and Administrative Agent (in such capacity, the “Administrative Agent”) and
(ii) the Security Agreement dated April 4, 2017 (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Security Agreement”), among the Grantors from time to time party thereto and the Administrative
Agent. Terms defined in the Credit Agreement or the Security Agreement and not otherwise defined herein are used herein as defined
in the Credit Agreement or the Security Agreement (and in the event a term is defined differently in the Credit Agreement and the
Security Agreement, the applicable definition shall be the one given to such term in the Security Agreement).

 

Section
1.          Grant of Security. The undersigned hereby grants to
the Administrative Agent, for the benefit of the Secured Parties, a security interest in, all of its right, title and interest
in and to all of the Collateral of the undersigned (including all Accounts, cash and Cash Equivalents, Chattel Paper, Commercial
Tort Claims set forth on Schedule IV of this Security Agreement Supplement, Deposit Accounts, Documents, Equipment,
Fixtures, General Intangibles, Goods, Instruments, Inventory, Letter of Credit Rights, Security Collateral, Agreement Collateral,
Intellectual Property Collateral, and the other Collateral referred to in Section 2 of the Security Agreement), except for
any Excluded Assets, whether now owned or hereafter acquired by the undersigned, wherever located and whether now or hereafter
existing or arising, including, without limitation, the property and assets of the undersigned set forth on the attached supplemental
schedules to the Schedules to the Security Agreement. The undersigned shall not be required to take any actions described as Perfection
Exceptions.

 

    	 	A-1	 

     

    

 

Section
2.          Security for Obligations. The grant of a security interest
in the Collateral by the undersigned under this Security Agreement Supplement and the Security Agreement secures the payment of
all Secured Obligations of the undersigned now or hereafter existing under or in respect of the Secured Documents (as such Secured
Documents may be amended, amended and restated, supplemented, replaced, refinanced or otherwise modified from time to time (including
any increases of the principal amount outstanding thereunder)), whether direct or indirect, absolute or contingent, and whether
for principal, reimbursement obligations, interest, premiums, penalties, fees, indemnifications, contract causes of action, costs,
expenses or otherwise. Without limiting the generality of the foregoing, this Security Agreement Supplement and the Security Agreement
secures the payment of all amounts that constitute part of the Secured Obligations that would be owed by the Grantor to any Secured
Party under the Secured Documents but for the fact that they are unenforceable or not allowable due to the effects of Debtor Relief
Laws. Notwithstanding anything to the contrary contained in this Security Agreement Supplement or any provision of any other Loan
Document, the Secured Obligations shall not extend to or include any Excluded Swap Obligation.

 

Section
3.          Supplements to Security Agreement Schedules. The undersigned
has attached hereto supplemental Schedules I through IV, respectively, to the Security Agreement, and the undersigned
hereby certifies, as of the date first above written, that such supplemental schedules have been prepared by the undersigned in
substantially the form of the equivalent Schedules to the Security Agreement and are complete and correct in all material respects.

 

Section
4.          Authorization to File UCC Statements. The undersigned
hereby authorizes the Administrative Agent to file, at any time or from time to time, one or more UCC financing or continuation
statements, and amendments thereto, including, without limitation, one or more UCC financing statements indicating that such financing
statements cover all assets or all personal property, whether now owned or hereafter acquired (or words of similar effect) of the
undersigned, in each case without the signature of the undersigned, and regardless of whether any particular asset described in
such financing statements falls within the scope of the UCC or the granting clause of this Security Agreement Supplement.

 

Section
5.          Representations and Warranties. The undersigned hereby
makes each representation and warranty set forth in Section 7 of the Security Agreement with respect to itself (as supplemented
by the attached supplemental schedules) as of the date hereof.

 

Section
6.          Obligations Under the Security Agreement. The undersigned
hereby agrees, as of the date first above written, to be bound as a Grantor by all of the terms and provisions of the Security
Agreement to the same extent as each of the other Grantors. The undersigned further agrees, as of the date first above written,
that each reference in the Security Agreement to an “Additional Grantor” or a “Grantor” shall also mean
and be a reference to the undersigned and that each reference to the “Collateral” or any part thereof shall also mean
and be a reference to the undersigned’s Collateral or part thereof, as the case may be.

 

Section
7.          Governing Law; Jurisdiction; Etc. (a) THIS SECURITY
AGREEMENT SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

    	 	A-2	 

     

    

 

(b)          EACH
PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO
THIS SECURITY AGREEMENT SUPPLEMENT TO THE EXCLUSIVE GENERAL JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK FOR THE
COUNTY OF NEW YORK (THE “NEW YORK SUPREME COURT”), AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK (THE “FEDERAL DISTRICT COURT,” AND TOGETHER WITH THE NEW YORK SUPREME COURT, THE “NEW YORK
COURTS”) AND APPELLATE COURTS FROM EITHER OF THEM; PROVIDED THAT NOTHING IN THIS SECURITY AGREEMENT SUPPLEMENT
SHALL BE DEEMED OR OPERATE TO PRECLUDE (I) ANY AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION
TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS (IN WHICH CASE ANY PARTY SHALL BE ENTITLED TO ASSERT ANY
CLAIM OR DEFENSE, INCLUDING ANY CLAIM OR DEFENSE THAT THIS SECTION 7 WOULD OTHERWISE REQUIRE TO BE ASSERTED IN A LEGAL
ACTION OR PROCEEDING IN A NEW YORK COURT), OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE ADMINISTRATIVE AGENT,
(II) ANY PARTY FROM BRINGING ANY LEGAL ACTION OR PROCEEDING IN ANY JURISDICTION FOR THE RECOGNITION AND ENFORCEMENT OF ANY
JUDGMENT, (III) IF ALL SUCH NEW YORK COURTS DECLINE JURISDICTION OVER ANY PERSON, OR DECLINE (OR, IN THE CASE OF THE FEDERAL
DISTRICT COURT, LACK) JURISDICTION OVER ANY SUBJECT MATTER OF SUCH ACTION OR PROCEEDING, A LEGAL ACTION OR PROCEEDING MAY BE BROUGHT
WITH RESPECT THERETO IN ANOTHER COURT HAVING JURISDICTION AND (IV) IN THE EVENT A LEGAL ACTION OR PROCEEDING IS BROUGHT AGAINST
ANY PARTY HERETO OR INVOLVING ANY OF ITS ASSETS OR PROPERTY IN ANOTHER COURT (WITHOUT ANY COLLUSIVE ASSISTANCE BY SUCH PARTY OR
ANY OF ITS SUBSIDIARIES OR AFFILIATES), SUCH PARTY FROM ASSERTING A CLAIM OR DEFENSE (INCLUDING ANY CLAIM OR DEFENSE THAT THIS
SECTION 7 WOULD OTHERWISE REQUIRE TO BE ASSERTED IN A LEGAL ACTION OR PROCEEDING IN A NEW YORK COURT) IN ANY SUCH ACTION
OR PROCEEDING.

 

(c)          EACH
PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT
SUPPLEMENT IN ANY COURT REFERRED TO SECTION 7(B). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)          EACH
PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.17(d) OF THE CREDIT
AGREEMENT. NOTHING IN THIS SECURITY AGREEMENT SUPPLEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY APPLICABLE LAW.

 

(e)          EACH
PARTY TO THIS SECURITY AGREEMENT SUPPLEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR
CAUSE OF ACTION ARISING UNDER THIS SECURITY AGREEMENT SUPPLEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS
OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS SECURITY AGREEMENT SUPPLEMENT, OR THE TRANSACTIONS RELATED HERETO, IN
EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY
AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND
THAT ANY PARTY TO THIS SECURITY AGREEMENT SUPPLEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 7(e)
WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

[Remainder of the page intentionally left in
blank.]

 

    	 	A-3	 

     

    

 

	 	Very truly yours,
	 	 
	 	[NAME OF ADDITIONAL GRANTOR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address for notices:
	 	 
	 	 
	 	 

 

	Acknowledged,	 
	 	 
	ROYAL BANK OF CANADA,	 
	as Administrative Agent	 
	 	 	 
	By: 	 	 
	 	Name:	 
	 	Title:	 

 

    	 	A-4	 

     

    

 

Exhibit B to the

Security Agreement

 

FORM OF INTELLECTUAL PROPERTY SECURITY
AGREEMENT

 

This INTELLECTUAL PROPERTY
SECURITY AGREEMENT (as amended, amended and restated, supplemented or otherwise modified from time to time, the “IP Security
Agreement”) dated April 4, 2017, is among the Persons listed on the signature pages hereof (collectively, the “Grantors”)
and ROYAL BANK OF CANADA, as administrative agent (the “Administrative Agent”) for the Secured Parties (as defined
in the Credit Agreement referred to below).

 

WHEREAS, THE KEYW CORPORATION,
a Maryland corporation (the “Borrower”) and a wholly-owned subsidiary of THE KEYW HOLDING CORPORATION, a Maryland
corporation (“Parent”), each lender from time to time party thereto (collectively, the “Lenders”
and individually, each a “Lender”) and Royal Bank of Canada, as Swing Line Lender, L/C Issuer and Administrative
Agent have entered into a Credit Agreement dated of even date herewith (as amended, amended and restated, supplemented, replaced,
refinanced or otherwise modified from time to time (including any increases of the principal amount outstanding thereunder), the
“Credit Agreement”);

 

WHEREAS, as a condition precedent
to the making of the Loans by the Lenders from time to time and the issuance of Letters of Credit by the L/C Issuers from time
to time, the entry into Secured Hedge Agreements by the Hedge Banks from time to time and the entry into Secured Cash Management
Agreements by the Cash Management Banks from time to time, each Grantor has executed and delivered that certain Security Agreement
dated April 4, 2017 among the Grantors and the Administrative Agent (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Security Agreement”); and

 

WHEREAS, under the terms
of the Security Agreement, the Grantors have granted to the Administrative Agent, for the benefit of the Secured Parties, a security
interest in, among other property, certain intellectual property of the Grantors, and have agreed thereunder to execute this IP
Security Agreement for recording with the United States Patent and Trademark Office, the United States Copyright Office and any
other appropriate domestic governmental authorities, as applicable.

 

NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Grantor agrees as follows:

 

Section
8.          Grant of Security. As security for the payment or performance,
as the case may be, in full, of the Secured Obligations, each Grantor hereby grants to the Administrative Agent, for the benefit
of the Secured Parties, a security interest in all of such Grantor’s right, title and interest in and to the following to
the extent governed by, arising under, pursuant to, or by virtue of, the laws of the United States of America or any state thereof
(the “Collateral”):

 

(a)          all
patents, patent applications, utility models, statutory invention registrations and all inventions, including those claimed or
disclosed therein and all improvements thereto (“Patents”);

 

(b)          all
trademarks, trademark applications, service marks, domain names, trade dress, logos, designs, slogans, trade names, business names,
corporate names and other source identifiers, and all general intangibles of like nature whether registered or unregistered, together,
in each case, with the goodwill symbolized thereby (“Trademarks”);

 

    	 	B-1	 

     

    

 

(c)          all
copyrights, including, without limitation, copyrights in Computer Software (as hereinafter defined), internet web sites and the
content thereof, whether registered or unregistered (“Copyrights”);

 

(d)          all
confidential and proprietary information, including, without limitation, know-how, trade secrets, manufacturing and production
processes and techniques, inventions, research and development information, databases and data, including, without limitation,
technical data, financial, marketing and business data, pricing and cost information, business and marketing plans and customer
and supplier lists and information (collectively, “Trade Secrets”), and all other intellectual and intangible
property of any type, including, without limitation, industrial designs and mask works;

 

(e)          all
registrations and applications for registration for any of the foregoing in the United States Patent and Trademark Office or the
United States Copyright Office, as applicable, including, without limitation, the registrations and applications for registration
of United States intellectual property set forth in Schedule I hereto (as may be supplemented from time to time), together
with all reissues, divisions, continuations, continuations-in-part, extensions, renewals and reexaminations thereof;

 

(f)          any
and all claims for damages and injunctive relief for past, present and future infringement, dilution, misappropriation, violation,
misuse or breach with respect to any of the foregoing, with the right, but not the obligation, to sue for and collect, or otherwise
recover, such damages;

 

provided that notwithstanding anything
to the contrary contained in the foregoing clauses (a) through (e), the security interest created hereby shall not extend
to, and the term “Collateral” shall not include, any Excluded Assets, including, but not limited to, any intent-to-use
trademark applications prior to the filing, and acceptance by the United States Patent and Trademark Office, of a “Statement
of Use” or “Amendment to Allege Use” with respect thereto, if any, to the extent that, and solely during the
period in which, the grant of a security interest therein prior to such filing and acceptance would impair the validity or enforceability
of such intent-to-use trademark applications or the resulting trademark registrations under applicable federal law.

 

Section
9.          Security for Obligations. The grant of a security interest
in, the Collateral by each Grantor under this IP Security Agreement secures the payment of all Secured Obligations of such Grantor
now or hereafter existing under or in respect of the Secured Documents (as such Secured Documents may be amended, amended and restated,
supplemented, replaced, refinanced or otherwise modified from time to time (including any increases of the principal amount outstanding
thereunder)), whether direct or indirect, absolute or contingent, and whether for principal, reimbursement obligations, interest,
premiums, penalties, fees, indemnifications, contract causes of action, costs, expenses or otherwise. Without limiting the generality
of the foregoing, this IP Security Agreement secures, as to each Grantor, the payment of all amounts that constitute part of the
Secured Obligations that would be owed by such Grantor to any Secured Party under the Secured Documents but for the fact that they
are unenforceable or not allowable due to the effects of Debtor Relief Laws.

 

Section
10.         Recordation. Each Grantor authorizes and requests that the
Register of Copyrights, the Commissioner for Patents and the Commissioner for Trademarks and any other applicable government officer
record this IP Security Agreement.

 

Section
11.         Execution in Counterparts. This IP Security 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. Delivery of an executed counterpart of a signature page to this Agreement
by telecopier or in .pdf or similar format by electronic mail shall be effective as delivery of an original executed counterpart
of this Agreement.

 

    	 	B-2	 

     

    

 

Section
12.         Grants, Rights and Remedies. This IP Security Agreement
has been entered into in conjunction with the provisions of the Security Agreement. Each Grantor does hereby acknowledge and confirm
that the grant of the security interest hereunder to, and the rights and remedies of, the Administrative Agent with respect to
the Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated herein by
reference as if fully set forth herein. In the event of any conflict between the terms of this IP Security Agreement and the terms
of the Security Agreement, the terms of the Security Agreement shall govern.

 

Section
13.         Governing Law; Jurisdiction; Etc. (a) THIS AGREEMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b)          EACH
PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO
THIS AGREEMENT TO THE EXCLUSIVE GENERAL JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK FOR THE COUNTY OF NEW YORK (THE
“NEW YORK SUPREME COURT”), AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK (THE “FEDERAL
DISTRICT COURT,” AND TOGETHER WITH THE NEW YORK SUPREME COURT, THE “NEW YORK COURTS”) AND APPELLATE
COURTS FROM EITHER OF THEM; PROVIDED THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE (I) ANY
AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY
FOR THE OBLIGATIONS (IN WHICH CASE ANY PARTY SHALL BE ENTITLED TO ASSERT ANY CLAIM OR DEFENSE, INCLUDING ANY CLAIM OR DEFENSE THAT
THIS SECTION 6 WOULD OTHERWISE REQUIRE TO BE ASSERTED IN A LEGAL ACTION OR PROCEEDING IN A NEW YORK COURT), OR TO ENFORCE
A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE ADMINISTRATIVE AGENT, (II) ANY PARTY FROM BRINGING ANY LEGAL ACTION OR PROCEEDING
IN ANY JURISDICTION FOR THE RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT, (III) IF ALL SUCH NEW YORK COURTS DECLINE JURISDICTION
OVER ANY PERSON, OR DECLINE (OR, IN THE CASE OF THE FEDERAL DISTRICT COURT, LACK) JURISDICTION OVER ANY SUBJECT MATTER OF SUCH
ACTION OR PROCEEDING, A LEGAL ACTION OR PROCEEDING MAY BE BROUGHT WITH RESPECT THERETO IN ANOTHER COURT HAVING JURISDICTION AND
(IV) IN THE EVENT A LEGAL ACTION OR PROCEEDING IS BROUGHT AGAINST ANY PARTY HERETO OR INVOLVING ANY OF ITS ASSETS OR PROPERTY
IN ANOTHER COURT (WITHOUT ANY COLLUSIVE ASSISTANCE BY SUCH PARTY OR ANY OF ITS SUBSIDIARIES OR AFFILIATES), SUCH PARTY FROM ASSERTING
A CLAIM OR DEFENSE (INCLUDING ANY CLAIM OR DEFENSE THAT THIS SECTION 6 WOULD OTHERWISE REQUIRE TO BE ASSERTED IN A
LEGAL ACTION OR PROCEEDING IN A NEW YORK COURT) IN ANY SUCH ACTION OR PROCEEDING.

 

(c)          EACH
PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS IP SECURITY AGREEMENT
IN ANY COURT REFERRED TO IN SECTION 6(b). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

    	 	B-3	 

     

    

 

(d)          EACH
PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.17(d) OF THE CREDIT
AGREEMENT. NOTHING IN THIS IP SECURITY AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY APPLICABLE LAW.

 

(e)          EACH
PARTY TO THIS IP SECURITY AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF
ACTION ARISING UNDER THIS IP SECURITY AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES
HERETO OR ANY OF THEM WITH RESPECT TO THIS IP SECURITY AGREEMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW
EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS
THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS
AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 6(e) WITH ANY COURT AS WRITTEN EVIDENCE OF THE
CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

    	 	B-4	 

     

    

 

IN WITNESS WHEREOF, each Grantor and the
Administrative Agent have caused this IP Security Agreement to be duly executed and delivered by its officer thereunto duly authorized
as of the date first written above.

 

	 	[NAMES OF ENTITIES OWNING IP]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	B-5	 

     

    

 

	 	ROYAL BANK OF CANADA,
	 	as Administrative Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	B-6	 

     

    

  

Exhibit C to the

Security Agreement

 

FORM OF

INTELLECTUAL PROPERTY SECURITY AGREEMENT SUPPLEMENT

 

This INTELLECTUAL PROPERTY
SECURITY AGREEMENT SUPPLEMENT (this “IP Security Agreement Supplement”) dated [ ], is made by the Person listed
on the signature page hereof (the “Grantor”) in favor of ROYAL BANK OF CANADA, as administrative agent (the
“Administrative Agent”) for the Secured Parties (as defined in the Credit Agreement referred to below).

 

WHEREAS, THE KEYW CORPORATION,
a Maryland corporation (the “Borrower”) and a wholly-owned subsidiary of THE KEYW HOLDING CORPORATION, a Maryland
corporation (“Parent”), Parent, each lender from time to time party thereto (collectively, the “Lenders”
and individually, each a “Lender”) and Royal Bank of Canada, as Swing Line Lender, L/C Issuer and Administrative
Agent have entered into a Credit Agreement dated as of April 4, 2017 (as amended, amended and restated, supplemented, replaced,
refinanced or otherwise modified from time to time (including any increases of the principal amount outstanding thereunder), the
“Credit Agreement”). Terms defined in the Credit Agreement or in the Security Agreement (as defined below) and
not otherwise defined herein are used herein as defined in the Credit Agreement or the Security Agreement, as the case may be (and
in the event of a term is defined differently in the Credit Agreement and the Security Agreement, the applicable definition shall
be the one given to such term in the Security Agreement);

 

WHEREAS, pursuant to the
Credit Agreement, the Grantors have executed and delivered or otherwise become bound by that certain Security Agreement dated April
4, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”)
and that certain Intellectual Property Security Agreement dated April 4, 2017 (as amended, amended and restated, supplemented or
otherwise modified from time to time, the “IP Security Agreement”); and

 

WHEREAS, under the terms
of the Security Agreement, the Grantor has agreed to grant to the Administrative Agent, for the benefit of the Secured Parties,
a security interest in any after-acquired intellectual property collateral of the Grantor and has agreed in connection therewith
to execute this IP Security Agreement Supplement for recording with the United States Patent and Trademark Office, the United States
Copyright Office and other domestic governmental authorities.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Grantor agrees as follows:

 

Section
1.          Grant of Security. As security for the payment or performance,
as the case may be, in full, of the Secured Obligations, each Grantor hereby grants to the Administrative Agent, for the benefit
of the Secured Parties, a security interest in all of such Grantor’s right, title and interest in and to the following to
the extent governed by, arising under, pursuant to, or by virtue of, the laws of the United States of America or any state thereof
(the “Additional Collateral”):

 

(a)          all
patents, patent applications, utility models, statutory invention registrations and all inventions, including those claimed or
disclosed therein and all improvements thereto (“Patents”);

 

(b)          all
trademarks, trademark applications, service marks, domain names, trade dress, logos, designs, slogans, trade names, business names,
corporate names and other source identifiers, and all general intangibles of like nature whether registered or unregistered, together,
in each case, with the goodwill symbolized thereby (“Trademarks”);

 

    	 	C-1	 

     

    

 

(c)          all
copyrights, including, without limitation, copyrights in Computer Software (as hereinafter defined), internet web sites and the
content thereof, whether registered or unregistered (“Copyrights”);

 

(d)          all
confidential and proprietary information, including, without limitation, know-how, trade secrets, manufacturing and production
processes and techniques, inventions, research and development information, databases and data, including, without limitation,
technical data, financial, marketing and business data, pricing and cost information, business and marketing plans and customer
and supplier lists and information (collectively, “Trade Secrets”), and all other intellectual and intangible
property of any type, including, without limitation, industrial designs and mask works;

 

(e)          all
registrations and applications for registration for any of the foregoing in the United States Patent and Trademark Office or the
United States Copyright Office, as applicable, including, without limitation, the registrations and applications for registration
of United States intellectual property set forth in Schedule I hereto, together with all reissues, divisions, continuations,
continuations-in-part, extensions, renewals and reexaminations thereof; and

 

(f)          any
and all claims for damages and injunctive relief for past, present and future infringement, dilution, misappropriation, violation,
misuse or breach with respect to any of the foregoing, with the right, but not the obligation, to sue for and collect, or otherwise
recover, such damages;

 

provided that notwithstanding anything
to the contrary contained in the foregoing clauses (i) through (v), the security interest created hereby shall not extend
to, and the term “Collateral” shall not include, any Excluded Assets, including, but not limited to, any intent-to-use
trademark applications prior to the filing, and acceptance by the United States Patent and Trademark Office, of a “Statement
of Use” or “Amendment to Allege Use” with respect thereto, if any, to the extent that, and solely during the
period in which, the grant of a security interest therein prior to such filing and acceptance would impair the validity or enforceability
of such intent-to-use trademark applications or the resulting trademark registrations under applicable federal law.

 

Section
2.          Supplement to Security Agreement. Schedule III
to the Security Agreement is, effective as of the date hereof, hereby supplemented to add to such Schedule the Additional Collateral.

 

Section
3.          Security for Obligations. The grant of a security interest
in the Additional Collateral by the Grantor under this IP Security Agreement Supplement secures the payment of all Secured Obligations
of the Grantor now or hereafter existing under or in respect of the Secured Documents (as such Secured Documents may be amended,
amended and restated, supplemented, replaced, refinanced or otherwise modified from time to time (including any increases of the
principal amount outstanding thereunder)), whether direct or indirect, absolute or contingent, and whether for principal, reimbursement
obligations, interest, premiums, penalties, fees, indemnifications, contract causes of action, costs, expenses or otherwise. Without
limiting the generality of the foregoing, this IP Security Agreement Supplement secures the payment of all amounts that constitute
part of the Secured Obligations that would be owed by the Grantor to any Secured Party under the Secured Documents but for the
fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving
a Loan Party.

 

    	 	C-2	 

     

    

 

Section
4.          Recordation. Each Grantor authorizes and requests that
the Register of Copyrights, the Commissioner for Patents and the Commissioner for Trademarks and any other applicable government
officer record this IP Security Agreement Supplement.

 

Section
5.          Grants, Rights and Remedies. This IP Security Agreement
Supplement has been entered into in conjunction with the provisions of the Security Agreement. The Grantor does hereby acknowledge
and confirm that the grant of the security interest hereunder to, and the rights and remedies of, the Administrative Agent with
respect to the Additional Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are
incorporated herein by reference as if fully set forth herein. In the event of any conflict between the terms of this IP Security
Agreement Supplement and the terms of the Security Agreement, the terms of the Security Agreement shall govern.

 

Section
6.          Governing Law; Jurisdiction; Etc. (a) THIS IP SECURITY
AGREEMENT SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b)          EACH
PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO
THIS IP SECURITY AGREEMENT SUPPLEMENT TO THE EXCLUSIVE GENERAL JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK FOR THE
COUNTY OF NEW YORK (THE “NEW YORK SUPREME COURT”), AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK (THE “FEDERAL DISTRICT COURT,” AND TOGETHER WITH THE NEW YORK SUPREME COURT, THE “NEW YORK
COURTS”) AND APPELLATE COURTS FROM EITHER OF THEM; PROVIDED THAT NOTHING IN THIS IP SECURITY AGREEMENT SUPPLEMENT
SHALL BE DEEMED OR OPERATE TO PRECLUDE (I) ANY AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION
TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS (IN WHICH CASE ANY PARTY SHALL BE ENTITLED TO ASSERT ANY
CLAIM OR DEFENSE, INCLUDING ANY CLAIM OR DEFENSE THAT THIS SECTION 6 WOULD OTHERWISE REQUIRE TO BE ASSERTED IN A LEGAL
ACTION OR PROCEEDING IN A NEW YORK COURT), OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE ADMINISTRATIVE AGENT,
(II) ANY PARTY FROM BRINGING ANY LEGAL ACTION OR PROCEEDING IN ANY JURISDICTION FOR THE RECOGNITION AND ENFORCEMENT OF ANY
JUDGMENT, (III) IF ALL SUCH NEW YORK COURTS DECLINE JURISDICTION OVER ANY PERSON, OR DECLINE (OR, IN THE CASE OF THE FEDERAL
DISTRICT COURT, LACK) JURISDICTION OVER ANY SUBJECT MATTER OF SUCH ACTION OR PROCEEDING, A LEGAL ACTION OR PROCEEDING MAY BE BROUGHT
WITH RESPECT THERETO IN ANOTHER COURT HAVING JURISDICTION AND (IV) IN THE EVENT A LEGAL ACTION OR PROCEEDING IS BROUGHT AGAINST
ANY PARTY HERETO OR INVOLVING ANY OF ITS ASSETS OR PROPERTY IN ANOTHER COURT (WITHOUT ANY COLLUSIVE ASSISTANCE BY SUCH PARTY OR
ANY OF ITS SUBSIDIARIES OR AFFILIATES), SUCH PARTY FROM ASSERTING A CLAIM OR DEFENSE (INCLUDING ANY CLAIM OR DEFENSE THAT THIS
SECTION 6 WOULD OTHERWISE REQUIRE TO BE ASSERTED IN A LEGAL ACTION OR PROCEEDING IN A NEW YORK COURT) IN ANY SUCH ACTION
OR PROCEEDING.

 

(c)          EACH
PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS IP SECURITY AGREEMENT
SUPPLEMENT IN ANY COURT REFERRED TO IN SECTION 6(b). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY
SUCH COURT.

 

    	 	C-3	 

     

    

 

(d)          EACH
PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.17(d) OF THE CREDIT
AGREEMENT. NOTHING IN THIS IP SECURITY AGREEMENT SUPPLEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY APPLICABLE LAW.

 

(e)          EACH
PARTY TO THIS IP SECURITY AGREEMENT SUPPLEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION
OR CAUSE OF ACTION ARISING UNDER THIS IP SECURITY AGREEMENT SUPPLEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO
THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS IP SECURITY AGREEMENT SUPPLEMENT, OR THE TRANSACTIONS RELATED
THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH
PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT
A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 6(e) WITH ANY
COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

    	 	C-4	 

     

    

 

IN WITNESS WHEREOF,
the Grantor has caused this IP Security Agreement Supplement to be duly executed and delivered by its officer thereunto duly authorized
as of the date first written above.

 

	 	[NAME OF GRANTOR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address for notices:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    	 	C-5	 

     

    

 

	ROYAL BANK OF CANADA,	 
	as Administrative Agent	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 	C-6Exhibit 10.3

 

Execution Version

 

GUARANTY

 

Dated
as of April 4, 2017

 

among

 

THE KEYW
HOLDING CORPORATION,

 

THE KEYW
CORPORATION,

 

THE OTHER
GUARANTORS NAMED HEREIN

 

and

 

EACH ADDITIONAL
GUARANTOR THAT BECOMES A PARTY HERETO,

 

as Guarantors,

 

and

 

ROYAL
BANK OF CANADA,

 

as Administrative
Agent

 

     

     

    

 

Table
of Contents

 

	Section	 	Page
	 	 	 
	Section 1.	Guaranty; Limitation of Liability	1
	 	 	 
	Section 2.	Guaranty Absolute	2
	 	 	 
	Section 3.	Waivers and Acknowledgments	3
	 	 	 
	Section 4.	Subrogation	4
	 	 	 
	Section 5.	Payments Free and Clear of Taxes, Etc	5
	 	 	 
	Section 6.	Representations and Warranties; Covenants	5
	 	 	 
	Section 7.	Amendments, Guaranty Supplements, Etc	5
	 	 	 
	Section 8.	Notices, Etc	6
	 	 	 
	Section 9.	No Waiver; Remedies	6
	 	 	 
	Section 10.	Right of Set-off	6
	 	 	 
	Section 11.	Continuing Guaranty; Assignments under the Credit Agreement	6
	 	 	 
	Section 12.	Indemnification	7
	 	 	 
	Section 13.	Keepwell	7
	 	 	 
	Section 14.	Right of Contribution	7
	 	 	 
	Section 15.	Subordination	8
	 	 	 
	Section 16.	Execution in Counterparts	9
	 	 	 
	Section 17.	Governing Law; Jurisdiction; Waiver of Jury Trial, Etc	9
	 	 	 
	Exhibit A   –	Guaranty Supplement	A-1

 

     

     

    

 

GUARANTY 

 

GUARANTY, dated as of
April 4, 2017 (this “Guaranty”), among THE KEYW HOLDING CORPORATION,
a Maryland corporation (“Parent”), the other Persons listed on the signature pages hereof and each Additional
Guarantor (as defined in Section 7(b)) that becomes a party hereto (such Persons so listed and the Additional Guarantors
being, collectively, the “Guarantors” and, individually, each a “Guarantor”) and Royal Bank
of Canada, as Administrative Agent for the Secured Parties (as defined in the Credit Agreement referred to below).

 

PRELIMINARY STATEMENT

 

Reference is made to
that certain Credit Agreement dated as of April 4, 2017 (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among Parent, The KEYW Corporation (the “Borrower”),
each Lender from time to time party thereto and Royal Bank of Canada, as Swing Line Lender, L/C Issuer and Administrative Agent
for the Secured Parties (in such capacity, the “Administrative Agent”). Terms defined in the Credit Agreement
and not otherwise defined in this Guaranty are used in this Guaranty as defined in the Credit Agreement.

 

WHEREAS, it is a condition
precedent to the making of Loans by the Lenders from time to time and the issuance of Letters of Credit by the L/C Issuers from
time to time, the entry by the Hedge Banks into Secured Hedge Agreements from time to time and the entry by the Cash Management
Banks into Secured Cash Management Agreements from time to time, that each Guarantor shall have executed and delivered this Guaranty.

 

NOW, THEREFORE, in consideration
of the premises and in order to induce the Lenders to make Loans from time to time, the L/C Issuers to issue Letters of Credit
from time to time, the Hedge Banks to enter into Secured Hedge Agreements from time to time and the Cash Management Banks to enter
into Secured Cash Management Agreements from time to time, each Guarantor, jointly and severally with each other Guarantor, hereby
agrees as follows:

 

Section 1.          Guaranty;
Limitation of Liability. (a) Each Guarantor hereby, jointly and severally, absolutely, unconditionally and irrevocably guarantees,
as a primary obligor and not merely as a surety, the punctual payment when due, whether at scheduled maturity or on any date of
a required prepayment or by acceleration, demand or otherwise, of all Obligations of each other Loan Party now or hereafter existing
under or in respect of the Loan Documents, any Secured Cash Management Agreement or any Secured Hedge Agreement (the Loan Documents,
Secured Cash Management Agreements and Secured Hedge Agreements, collectively, the “Secured Documents”) (including,
without limitation, any extensions, modifications, substitutions, amendments or renewals of any or all of the foregoing Obligations),
whether direct or indirect, absolute or contingent, and whether for principal, interest, premiums, fees, indemnities, contract
causes of action, costs, expenses or otherwise (such Obligations being the “Guaranteed Obligations”), and agrees
to pay any and all reasonable and documented or invoiced out-of-pocket costs and expenses to the extent payable or reimbursable
by the Borrower pursuant to Section 10.04 of the Credit Agreement as if such section were set forth in full herein, mutatis
mutandis. Without limiting the generality of the foregoing, each Guarantor’s liability shall extend to all amounts that
constitute part of the Guaranteed Obligations and would be owed by any other Loan Party to any Secured Party under or in respect
of the Secured Documents but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization
or similar proceeding involving such other Loan Party. Notwithstanding anything to the contrary contained in this Guaranty or any
provision of any other Loan Document, the Guaranteed Obligations shall not extend to or include any Excluded Swap Obligation. This
Guaranty is a guarantee of payment and not merely of collection.

 

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(b)          Each
Guarantor, and by its acceptance of this Guaranty, the Administrative Agent (on behalf of itself and each other Secured Party),
hereby confirms that it is the intention of all such Persons that this Guaranty and the Obligations of each Guarantor hereunder
not constitute a fraudulent transfer or conveyance for purposes of any Debtor Relief Law, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this Guaranty
and the Obligations of each Guarantor hereunder. To effectuate the foregoing intention, the Administrative Agent, the other Secured
Parties and the Guarantors hereby irrevocably agree that the Obligations of each Guarantor under this Guaranty at any time shall
be limited to the maximum amount as will result in the Obligations of such Guarantor under this Guaranty not constituting a fraudulent
transfer or conveyance.

 

(c)          Each
Guarantor hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be made to any Secured
Party under this Guaranty or any other guaranty with respect to the Guaranteed Obligations, such Guarantor will contribute, to
the maximum extent permitted by applicable law, such amounts to each other Guarantor and any such other guarantor, as applicable,
so as to maximize the aggregate amount paid to the Secured Parties under or in respect of the Secured Documents.

 

Section 2.          Guaranty
Absolute. To the maximum extent permitted by applicable law, each Guarantor agrees that the Guaranteed Obligations will be
paid strictly in accordance with the terms of the Secured Documents, regardless of any law, regulation or order now or hereafter
in effect in any jurisdiction affecting any of such terms or the rights of any Secured Party with respect thereto. The Obligations
of each Guarantor under or in respect of this Guaranty are independent of the Guaranteed Obligations or any other Obligations of
any other Loan Party under or in respect of the Secured Documents, and a separate action or actions may be brought and prosecuted
against each Guarantor to enforce this Guaranty, irrespective of whether any action is brought against the Borrower or any other
Loan Party or whether the Borrower or any other Loan Party are joined in any such action or actions. The liability of each Guarantor
under this Guaranty shall be irrevocable, absolute and unconditional irrespective of, and each Guarantor hereby irrevocably waives,
to the maximum extent permitted by applicable law, any defenses (other than a defense of payment in full in cash of the Guaranteed
Obligations (other than contingent indemnification or other contingent obligations and obligations and liabilities under Secured
Cash Management Agreements and Secured Hedge Agreements, in each case, as to which no claim has been asserted)) it may now have
or hereafter acquire in any way relating to, any or all of the following:

 

(a)          any
lack of validity or enforceability of any Secured Document 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
Obligations of any other Loan Party under or in respect of the Secured Documents, or any other amendment or waiver of, or any consent
to departure from, any Secured Document, including, without limitation, any increase in the Guaranteed Obligations resulting from
the extension of additional credit to any Loan Party or any of its Subsidiaries or otherwise;

 

(c)          any
taking, exchange, release or non-perfection of any Collateral or any other 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
manner of application of Collateral or any other collateral, or proceeds thereof, to all or any of the Guaranteed Obligations,
or any manner of sale or other disposition of any Collateral or any other collateral for all or any of the Guaranteed Obligations
or any other Obligations of any Loan Party under the Secured Documents or any other assets of any Loan Party or any of its Subsidiaries;

 

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(e)          any
change, restructuring or termination of the corporate structure or existence of any Loan Party or any of its Subsidiaries;

 

(f)          any
failure of any Secured Party to disclose to any Loan Party any information relating to the business, condition (financial or otherwise),
operations, performance, properties or prospects of any other Loan Party now or hereafter known to such Secured Party;

 

(g)          the
failure of any other Person to execute or deliver this Guaranty, any Guaranty Supplement (as hereinafter defined) or any other
guaranty or agreement or the release or reduction of liability of any Guarantor or other guarantor or surety, in each case, with
respect to the Guaranteed Obligations; or

 

(h)          any
other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any representation
by any Secured Party that might otherwise constitute a defense available to, or a discharge of, any Loan Party 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 any Secured Party or any other Person upon the insolvency, bankruptcy or reorganization of the Borrower or any other
Loan Party or otherwise, all as though such payment had not been made.

 

Section 3.          Waivers
and Acknowledgments. (a) Each Guarantor hereby unconditionally and irrevocably waives, to the maximum extent permitted by applicable
law, promptness, diligence, notice of acceptance, presentment, demand for performance, notice of nonperformance, default, acceleration,
protest or dishonor and any other notice with respect to any of the Guaranteed Obligations and this Guaranty and any requirement
that any Secured Party protect, secure, perfect or insure any Lien or any property subject thereto or exhaust any right or take
any action against any Loan Party or any other Person or any Collateral.

 

(b)          Each
Guarantor hereby unconditionally and irrevocably waives, to the maximum extent permitted by applicable law, any right to revoke
this Guaranty and acknowledges that this Guaranty is continuing in nature (in accordance with the terms hereof) and applies to
all Guaranteed Obligations, whether existing now or in the future.

 

(c)          Each
Guarantor hereby unconditionally and irrevocably waives, to the maximum extent permitted by applicable law, (i) any defense
(other than a defense of payment in full in cash of the Guaranteed Obligations (other than contingent indemnification or other
contingent obligations and obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements, in
each case, as to which no claim has been asserted)) arising by reason of any claim or defense based upon an election of remedies
by any Secured Party that in any manner impairs, reduces, releases or otherwise adversely affects the subrogation, reimbursement,
exoneration, contribution or indemnification rights of such Guarantor or other rights of such Guarantor to proceed against any
of the other Loan Parties, any other guarantor or any other Person or any Collateral and (ii) any defense based on any right
of set-off or counterclaim against or in respect of the Obligations of such Guarantor hereunder.

 

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(d)          Each
Guarantor acknowledges that the Administrative Agent may, in accordance with the Loan Documents, without notice to or demand upon
such Guarantor and without affecting the liability of such Guarantor under this Guaranty, foreclose under any mortgage by non-judicial
sale, and each Guarantor hereby waives, to the maximum extent permitted by applicable law, any defense (other than a defense of
payment in full in cash of the Guaranteed Obligations (other than contingent indemnification or other contingent obligations and
obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements, in each case, as to which no
claim has been asserted)) to the recovery by the Administrative Agent and the other Secured Parties against such Guarantor of any
deficiency after such non-judicial sale and any defense (other than a defense of payment in full in cash of the Guaranteed Obligations
(other than contingent indemnification or other contingent obligations and obligations and liabilities under Secured Cash Management
Agreements and Secured Hedge Agreements, in each case, as to which no claim has been asserted)) or benefits that may be afforded
by applicable law.

 

(e)          Each
Guarantor hereby unconditionally and irrevocably waives, to the maximum extent permitted by applicable law, any duty on the part
of any Secured Party to disclose to such Guarantor any matter, fact or thing relating to the business, condition (financial or
otherwise), operations, performance, properties or prospects of any other Loan Party or any of its Subsidiaries now or hereafter
known by such Secured Party.

 

(f)          Each
Guarantor acknowledges that it will receive substantial direct and indirect benefits from the financing arrangements contemplated
by the Secured Documents and that the waivers set forth in Section 2 and this Section 3 are knowingly made
in contemplation of such benefits.

 

Section 4.          Subrogation.
Each Guarantor hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or hereafter acquire
against the Borrower, any other Loan Party or any other insider guarantor that arise from the existence, payment, performance or
enforcement of such Guarantor’s Obligations under or in respect of this Guaranty or any other Secured Document, including,
without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification (whether arising pursuant
to Section 12 of this Guaranty, or otherwise) and any right to participate in any claim or remedy of any Secured Party
against the Borrower, any other Loan Party or any other insider guarantor or any Collateral, 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 Borrower, any other Loan Party or any other insider guarantor, directly or indirectly, in cash or other property or by
set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until all of the Guaranteed
Obligations (other than contingent indemnification or other contingent obligations and obligations and liabilities under Secured
Cash Management Agreements and Secured Hedge Agreements, in each case, as to which no claim has been asserted) and all other amounts
payable under this Guaranty shall have been paid in full in cash, the expiration or termination of all Letters of Credit (other
than Letters of Credit that have been Cash Collateralized) and the expiration or termination of the Aggregate Commitments. If any
amount shall be paid to any Guarantor in violation of the immediately preceding sentence at any time prior to the later of (a) the
termination of the Aggregate Commitments and the payment in full in cash of the Guaranteed Obligations (other than contingent indemnification
or other contingent obligations and obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements,
in each case, as to which no claim has been asserted) and all other amounts payable under this Guaranty and (b) the expiration
or termination of all Letters of Credit (other than Letters of Credit that have been Cash Collateralized), such amount shall be
received and held in trust for the benefit of the Secured Parties, shall be segregated from other property and funds of such Guarantor
and shall forthwith be paid or delivered to the Administrative Agent in the same form as so received (with any necessary endorsement
or assignment) to be credited and applied to the Guaranteed Obligations and all other amounts payable under this Guaranty, whether
matured or unmatured, in accordance with the terms of the Secured Documents, or to be held as Collateral for any Guaranteed Obligations
or other amounts payable under this Guaranty thereafter arising. If (i) the Aggregate Commitments shall have expired or been
terminated and all of the Guaranteed Obligations (other than contingent indemnification or other contingent obligations and obligations
and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements, in each case, as to which no claim has been
asserted) and all other amounts payable under this Guaranty shall have been paid in full in cash and (ii) all Letters of Credit
(other than Letters of Credit that have been Cash Collateralized) shall have expired or been terminated, the Secured Parties will,
at such Guarantor’s request and expense, execute and deliver to such Guarantor appropriate documents, without recourse and
without representation or warranty, necessary to evidence the transfer by subrogation to such Guarantor of an interest in the Guaranteed
Obligations resulting from such payment made by such Guarantor pursuant to this Guaranty.

 

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Section 5.          Payments
Free and Clear of Taxes, Etc. Any and all payments by any Guarantor under this Guaranty shall be made, to the extent provided
in the Credit Agreement, free and clear of and without deduction for any and all present or future Taxes.

 

Section 6.          Representations
and Warranties; Covenants. Each Guarantor hereby (a) represents and warrants to the Administrative Agent and each other
Secured Party that such Guarantor has, independently and without reliance upon any Secured Party and based on such documents and
information as it has deemed appropriate, made its own credit analysis and decision to enter into this Guaranty and each other
Secured Document to which it is or is to be a party, and such Guarantor has established adequate means of obtaining from each other
Loan Party on a continuing basis information pertaining to, and is now and on a continuing basis will be familiar with, the business,
condition (financial or otherwise), operations, performance, properties and prospects of such other Loan Party in all material
respects, (b) represents and warrants to the Administrative Agent and each other Secured Party that each representation and
warranty made in the Credit Agreement by the Borrower with respect to such Guarantor is true and correct in all material respects
(without duplication of any materiality qualifiers contained therein) as of the date made (except where such representations and
warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct
in all material respects (without duplication of any materiality qualifiers contained therein) as of such earlier date), except
to the extent such representations and warranties only apply to the Borrower or the Borrower and its Subsidiaries on a consolidated
basis and (c) covenants and agrees that unless and until payment in full in cash of the Guaranteed Obligations (other than
contingent indemnification or other contingent obligations and obligations and liabilities under Secured Cash Management Agreements
and Secured Hedge Agreements, in each case, as to which no claim has been asserted), the expiration or termination of all Letters
of Credit (other than Letters of Credit that have been Cash Collateralized) and the expiration or termination of the Aggregate
Commitments, such Guarantor shall observe and perform each of the covenants and agreements in Article VI and Article VII
of the Credit Agreement made by the Borrower with respect to such Guarantor.

 

Section 7.          Amendments,
Guaranty Supplements, Etc. (a) Subject to Section 10.01 of the Credit Agreement, no amendment or waiver of any provision
of this Guaranty and no consent to any departure by any Guarantor therefrom shall in any event be effective unless the same shall
be in writing and signed by the Administrative Agent, the Required Lenders and the Guarantors and then such waiver or consent shall
be effective only in the specific instance and for the specific purpose for which given. Upon a Guarantor becoming an Excluded
Subsidiary as a result of a transaction permitted under the Loan Documents, such Guarantor shall be released from this Guaranty
in accordance with the provisions of the applicable Loan Document(s), including, without limitation, Section 9.11 of the Credit
Agreement.

 

(b)          Upon
the execution and delivery by any Person of a guaranty supplement in substantially the form of Exhibit A hereto (each,
a “Guaranty Supplement”), (i) such Person shall be referred to as an “Additional Guarantor”
and shall become and be a Guarantor hereunder, and each reference in this Guaranty to a “Guarantor” shall also mean
and be a reference to such Additional Guarantor, and each reference in any other Loan Document to a “Guarantor” shall
also mean and be a reference to such Additional Guarantor and (ii) each reference herein to “this Guaranty”, “hereunder”,
“hereof” or words of like import referring to this Guaranty, and each reference in any other Loan Document to the “Guaranty”,
“thereunder”, “thereof” or words of like import referring to this Guaranty, shall mean and be a reference
to this Guaranty as supplemented by such Guaranty Supplement.

 

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Section 8.          Notices,
Etc. All notices and other communications provided for hereunder shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by facsimile, and all notices and other communications expressly
permitted hereunder to be given by telephone or electronic mail shall be made to the applicable telephone number or electronic
mail address, as the case may be, if to any Guarantor, addressed to it in care of the Borrower at the Borrower’s address
specified in Section 10.02 of the Credit Agreement, if to any Agent or any Lender, at its address specified in Section 10.02
of the Credit Agreement, if to any Hedge Bank, at its address specified in the Secured Hedge Agreement to which it is a party,
if to any Cash Management Bank, at its address specified in the Secured Cash Management Agreement to which it is a party or, in
each case, to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such
party in a notice to other parties, as provided in Section 10.02(d) of the Credit Agreement. All such notices and other communications
shall be deemed to be given, made or effective at such time as shall be set forth in Section 10.02 of the Credit Agreement.

 

Section 9.          No
Waiver; Remedies. No failure on the part of any Secured Party to exercise, and no delay in exercising, any right hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further
exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies
provided by law.

 

Section 10.         Right
of Set-off. Each Guarantor hereby acknowledges and agrees to the right of set-off of the Secured Parties set forth in Section 10.09
of the Credit Agreement, and further acknowledges and agrees that any such right of set-off shall be applicable to the Guaranteed
Obligations to the extent, and subject to the conditions set forth in, Section 10.09 of the Credit Agreement.

 

Section 11.         Continuing
Guaranty; Assignments under the Credit Agreement. This Guaranty is a continuing guaranty and shall (a) remain in full
force and effect until the later of (i) the termination of the Aggregate Commitments and the payment in full in cash of the
Guaranteed Obligations and all other amounts (other than contingent indemnification or other contingent obligations and obligations
and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements, in each case, as to which no claim has been
asserted) payable under this Guaranty and (ii) the expiration or termination of all Letters of Credit (other than Letters
of Credit that have been Cash Collateralized), (b) be binding upon each Guarantor, its successors and assigns and (c) inure
to the benefit of and be enforceable by the Secured Parties and their permitted successors, permitted transferees and permitted
assigns. Without limiting the generality of clause (c) of the immediately preceding sentence, any Secured Party may
assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement (including, without limitation,
all or any portion of its Commitments, the Loans owing to it and the Note or Notes held by it) to any other Person in accordance
with Section 10.07 of the Credit Agreement, and such other Person shall thereupon become vested with all the benefits in respect
thereof granted to such Secured Party herein or otherwise, in each case as and to the extent provided in Section 10.07 of
the Credit Agreement. No Guarantor shall have the right to assign its rights hereunder or any interest herein without the prior
written consent of the Secured Parties, other than pursuant to a transaction permitted by the Credit Agreement and consummated
in accordance with the terms and conditions contained therein.

 

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Section 12.         Indemnification.
Without limitation of any other Obligations of any Guarantor or remedies of the Secured Parties under this Guaranty, each Guarantor
shall indemnify and hold harmless each Indemnitee from and against (and will reimburse each Indemnitee, as and when incurred, for)
any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs (including
settlement costs), disbursements, and reasonable and documented or invoiced out-of-pocket costs and expenses to the extent payable
or reimbursable by the Borrower pursuant to Section 10.05 of the Credit Agreement as if such section were set forth in full
herein, mutatis mutandis.

 

Section 13.         Keepwell.
Each Qualified ECP Guarantor (as defined below) hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes
to provide such funds or other support as may be needed from time to time by each other Guarantor to honor all of its obligations
under this Guaranty in respect of any guarantee of or obligation of such other Guarantor to pay or perform under any Secured Hedge
Agreement that constitutes a Swap Obligation; provided, however, that each Qualified ECP Guarantor shall only be
liable under this Section 13 for the maximum amount of such liability that can be hereby incurred without rendering
its obligations under this Section 13, or otherwise under this Guaranty, voidable under applicable law relating to
fraudulent conveyance or fraudulent transfer, and not for any greater amount. The obligations of each Qualified ECP Guarantor under
this Section 13 shall remain in full force and effect until all of the Guaranteed Obligations and all other amounts
payable under this Guaranty shall have been paid in full in cash (other than contingent indemnification or other contingent obligations
and obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements, in each case, as to which
no claim has been asserted), the expiration or termination of all Letters of Credit (other than Letters of Credit that have been
Cash Collateralized) and the expiration or termination of the Aggregate Commitments. Each Qualified ECP Guarantor intends that
this Section 13 constitute, and this Section 13 shall be deemed to constitute, a “keepwell, support,
or other agreement” for the benefit of each other Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity
Exchange Act. For purposes of this Guaranty, a Guarantor shall qualify as a “Qualified ECP Guarantor” with respect
to any Swap Obligation, if it has total assets exceeding $10,000,000 at the time its guarantee thereof became effective or if such
Guarantor otherwise constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations
promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by
entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

Section 14.         Right
of Contribution.

 

(a)          To
the extent that any Guarantor shall be required hereunder to pay a portion of the Guaranteed Obligations that shall exceed the
greater of (i) the amount of the economic benefit actually received by such Guarantor from the Facilities and (ii) the
amount that such Guarantor would otherwise have paid if such Guarantor had paid the aggregate amount of the Guaranteed Obligations
(excluding any amount thereof repaid by the Borrower or any other Guarantor) in the same proportion as such Guarantor’s net
worth at the date enforcement hereunder is sought bears to the aggregate net worth of all the Guarantors at the date enforcement
hereunder is sought, then, such Guarantor shall be reimbursed by such other Guarantors for the amount of such excess, pro rata,
based on the respective net worths of such other Guarantors at the date enforcement hereunder is sought. For purposes of determining
the net worth of any Guarantor in connection with the foregoing, all guarantees of such Guarantor other than the Guaranty and any
other guarantee of the Guaranteed Obligations will be deemed to be enforceable and payable after the Guaranty and any other guarantee
of the Guaranteed Obligations.

 

(b)          Each
Guarantor’s right of contribution under this Section 14 shall be subject to the terms and conditions of Section 4.
The provisions of this Section 14 shall in no respect limit the obligations and liabilities of any Guarantor to the
Agents and the Secured Parties, and each Guarantor shall remain liable to the Agents and the Secured Parties for the full amount
guaranteed by such Guarantor hereunder. Each Guarantor agrees to contribute, to the maximum extent permitted by applicable law,
such amounts to each other Guarantor so as to maximize the aggregate amount paid to the Secured Parties under or in respect of
the Loan Documents.

 

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Section 15.         Subordination.
Each Guarantor hereby subordinates any and all debts, liabilities and other obligations owed to such Guarantor by each other Loan
Party (the “Subordinated Obligations”) to the Guaranteed Obligations to the extent and in the manner hereinafter
set forth in this Section 15:

 

(a)          Prohibited
Payments, Etc. Except as otherwise set forth in this Section 15(a) and without limiting any of the negative covenants
of the Credit Agreement, each Guarantor may receive regularly scheduled payments from any other Loan Party on account of the Subordinated
Obligations. After the occurrence and during the continuance of any Event of Default (including the commencement and continuation
of any proceeding under any Debtor Relief Law relating to any other Loan Party), unless the Administrative Agent otherwise agrees,
no Guarantor shall demand, accept or take any action to collect any payment on account of the Subordination Obligations until all
of the Guaranteed Obligations and all other amounts payable under this Guaranty shall have been paid in full in cash (other than
contingent indemnification or other contingent obligations and obligations and liabilities under Secured Cash Management Agreements
and Secured Hedge Agreements, in each case, as to which no claim has been asserted) or this Guaranty is terminated in accordance
with the terms hereof and of no further force and effect.

 

(b)          
Prior Payment of Guaranteed Obligations. In any proceeding under any Debtor Relief Law relating to any other Loan Party,
each Guarantor agrees that the Secured Parties shall be entitled to receive payment in full in cash of all Guaranteed Obligations
(including all interest, fees and expenses accruing after the commencement of a proceeding under any Debtor Relief Law, whether
or not constituting an allowed claim in such proceeding (“Post-Petition Interest”)) before such Guarantor receives
payment of any Subordinated Obligations.

 

(c)          Turn-Over.
After the occurrence and during the continuance of any Event of Default (including the commencement and continuation of any proceeding
under any Debtor Relief Law relating to any other Loan Party) or the acceleration of the Loans pursuant to Section 8.02 of the
Credit Agreement, each Guarantor shall, if the Administrative Agent so requests (provided, that, in the case of any Event
of Default pursuant to Section 8.01(f) or (g) of the Credit Agreement, such request shall automatically been deemed to have been
made) collect, enforce and receive payments on account of the Subordinated Obligations as trustee for the Secured Parties and delivery
such payments to the Administrative Agent on account of the Guaranteed Obligations (including all Post-Petition Interest), together
with any necessary endorsements or other instruments of transfer, but without reducing or affecting in any manner the liability
of such Guarantor under the other provisions of this Guaranty, until all of the Guaranteed Obligations and all other amounts payable
under this Guaranty shall have been paid in full in cash (other than contingent indemnification or other contingent obligations
and obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements, in each case, as to which
no claim has been asserted) or this Guaranty is terminated in accordance with the terms hereof and of no further force or effect.

 

(d)          Administrative
Agent Authorization. After the occurrence and during the continuance of any Event of Default (including the commencement and
continuation of any proceeding under any Debtor Relief Law relating to any other Loan Party), the Administrative Agent is authorized
and empowered (but without any obligation to do so), (i) in the name of any Guarantor, to collect and enforce, and to submit
claims in respect of, Subordinated Obligations and to apply any amounts received thereon to the Guaranteed Obligations (including
any and all Post-Petition Interest) and (ii) to require such Guarantor (A) to collect and enforce, and to submit claims in
respect of, Subordinated Obligations and (B) to pay any amounts received on such obligations to the Administrative Agent for application
to the Guaranteed Obligations (including any and all Post-Petition Interest), in each case, until all of the Guaranteed Obligations
and all other amounts payable under this Guaranty shall have been paid in full in cash (other than contingent indemnification or
other contingent obligations and obligations and liabilities under Secure Cash Management Agreements and Secured Hedge Agreements,
in each case, as to which no claim has been asserted) or this Guaranty is terminated in accordance with the terms hereof and of
no further force or effect.

 

    	 	8	 

     

    

 

Section 16.         Execution
in Counterparts. This Guaranty and each amendment, waiver and consent with respect hereto may be executed in one or more counterparts
(and by different parties thereto in separate counterparts), each of which shall be deemed an original, but all of which together
shall constitute one and the same agreement. Delivery by facsimile or other electronic transmission of an executed counterpart
of a signature page to this Guaranty and each amendment, waiver and consent with respect hereto shall be effective as delivery
of an original executed counterpart thereof.

 

Section 17.         Governing
Law; Jurisdiction; Waiver of Jury Trial, Etc. (a) THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK.

 

(b)          EACH
GUARANTOR, THE ADMINISTRATIVE AGENT AND EACH SECURED PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY
IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT TO THE EXCLUSIVE GENERAL JURISDICTION
OF THE SUPREME COURT OF THE STATE OF NEW YORK FOR THE COUNTY OF NEW YORK (THE “NEW YORK SUPREME COURT”), AND
THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK (THE “FEDERAL DISTRICT COURT,” AND TOGETHER
WITH THE NEW YORK SUPREME COURT, THE “NEW YORK COURTS”) AND APPELLATE COURTS FROM EITHER OF THEM; PROVIDED
THAT NOTHING IN THIS GUARANTY SHALL BE DEEMED OR OPERATE TO PRECLUDE (I) ANY AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL
ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS (IN WHICH CASE ANY PARTY
SHALL BE ENTITLED TO ASSERT ANY CLAIM OR DEFENSE, INCLUDING ANY CLAIM OR DEFENSE THAT THIS SECTION 17 WOULD OTHERWISE
REQUIRE TO BE ASSERTED IN A LEGAL ACTION OR PROCEEDING IN A NEW YORK COURT) OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR
OF THE ADMINISTRATIVE AGENT, (II) ANY PARTY FROM BRINGING ANY LEGAL ACTION OR PROCEEDING IN ANY JURISDICTION FOR THE RECOGNITION
AND ENFORCEMENT OF ANY JUDGMENT, (III) IF ALL SUCH NEW YORK COURTS DECLINE JURISDICTION OVER ANY PERSON OR DECLINE (OR, IN
THE CASE OF THE FEDERAL DISTRICT COURT, LACK) JURISDICTION OVER ANY SUBJECT MATTER OF SUCH ACTION OR PROCEEDING, A LEGAL ACTION
OR PROCEEDING MAY BE BROUGHT WITH RESPECT THERETO IN ANOTHER COURT HAVING JURISDICTION AND (IV) IN THE EVENT A LEGAL ACTION
OR PROCEEDING IS BROUGHT AGAINST ANY PARTY HERETO OR INVOLVING ANY OF ITS ASSETS OR PROPERTY IN ANOTHER COURT (WITHOUT ANY COLLUSIVE
ASSISTANCE BY SUCH PARTY OR ANY OF ITS SUBSIDIARIES OR AFFILIATES), SUCH PARTY FROM ASSERTING A CLAIM OR DEFENSE (INCLUDING ANY
CLAIM OR DEFENSE THAT THIS SECTION 17 WOULD OTHERWISE REQUIRE TO BE ASSERTED IN A LEGAL ACTION OR PROCEEDING IN A NEW
YORK COURT) IN ANY SUCH ACTION OR PROCEEDING.

 

    	 	9	 

     

    

 

(c)          EACH
GUARANTOR, THE ADMINISTRATIVE AGENT AND EACH SECURED PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN SECTION 17(b). EACH GUARANTOR,
THE ADMINISTRATIVE AGENT AND EACH SECURED PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE
DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)          EACH
GUARANTOR, THE ADMINISTRATIVE AGENT AND EACH SECURED PARTY IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR
NOTICES IN SECTION 8 OF THIS GUARANTY. NOTHING IN THIS GUARANTY WILL AFFECT THE RIGHT OF EACH GUARANTOR, THE ADMINISTRATIVE
AGENT OR ANY SECURED PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

(e)          EACH
GUARANTOR, THE ADMINISTRATIVE AGENT AND EACH SECURED PARTY HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION ARISING UNDER THIS GUARANTY OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS WITH
RESPECT TO THIS GUARANTY, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER
FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH GUARANTOR, AND BY ITS ACCEPTANCE OF THIS GUARANTY, THE ADMINISTRATIVE AGENT
AND EACH SECURED PARTY, HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT
TRIAL WITHOUT A JURY AND THAT ANY SECURED PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 17(e) WITH
ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH GUARANTOR, THE ADMINISTRATIVE AGENT AND EACH SECURED PARTY TO THE WAIVER OF
ITS RIGHT TO TRIAL BY JURY.

 

[SIGNATURE PAGES FOLLOW]

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF, the Guarantors
and the Administrative Agent have caused this Guaranty to be duly executed and delivered as of the date first above written.

 

	 	THE KEYW CORPORATION,
	 	as the Borrower
	 	 
	 	By:	/s/ William J. Weber
	 	 	Name:  William J. Weber
	 	 	Title:  President and Chief Executive Officer
	 	 	 
	 	THE KEYW HOLDING CORPORATION,
	 	as a Guarantor
	 	 
	 	By:	/s/ William J. Weber
	 	 	Name:  William J. Weber
	 	 	Title:  President and Chief Executive Officer
	 	 	 
	 	SOTERA HOLDINGS INC.,
	 	as a Guarantor
	 	 
	 	By:	/s/ William J. Weber
	 	 	Name:  William J. Weber
	 	 	Title:  President and Chief Executive Officer

 

[Signature Page to Guaranty]

 

     

     

    

 

	 	Acknowledged and Agreed:
	 	 
	 	ROYAL BANK OF CANADA,
	 	as the Administrative Agent
	 	 	 
	 	By:	/s/ Ann Hurley
	 	 	Name:  Ann Hurley
	 	 	Title:  Manager, Agency

 

[Signature Page to Guaranty]

 

     

     

    

 

Exhibit A

to the

Guaranty

 

[FORM OF] GUARANTY SUPPLEMENT

 

_____________, 20___

 

Royal Bank of Canada

RBC Agency Services Group

20 King Street West, 4th Floor

Toronto, Ontario M5H 1C4

Attention: Ann Hurley

Email: ann.hurley@rbccm.com

Phone: (416) 842-3996

 

Ladies and Gentlemen:

 

Reference is made to
(i) that certain Credit Agreement dated as of April 4, 2017 (as amended, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among THE KEYW CORPORATION, a Maryland corporation (the “Borrower”)
and a wholly-owned subsidiary of THE KEYW HOLDING CORPORATION, a Maryland corporation (“Parent”), Parent, each
Lender and Royal Bank of Canada, as Swingline Lender, L/C Issuer and Administrative Agent (in such capacity, the “Administrative
Agent”) and (ii) that certain Guaranty dated as of April 4, 2017 (as amended, supplemented or otherwise modified
from time to time, the “Guaranty”), among Parent, the Borrower, the other Guarantors party thereto and the Administrative
Agent. All capitalized terms defined in the Guaranty or in the Credit Agreement and not otherwise defined herein are used herein
as therein defined.

 

Section 1. Guaranty;
Limitation of Liability. (a) The undersigned hereby, jointly and severally with the other Guarantors, absolutely, unconditionally
and irrevocably guarantees, as a primary obligor and not merely as a surety, the punctual payment when due, whether at scheduled
maturity or on any date of a required prepayment or by acceleration, demand or otherwise, of all Obligations of each other Loan
Party now or hereafter existing under or in respect of the Secured Documents (including, without limitation, any extensions, modifications,
substitutions, amendments or renewals of any or all of the foregoing Obligations), whether direct or indirect, absolute or contingent,
and whether for principal, interest, premium, fees, indemnities, contract causes of action, costs, expenses or otherwise (such
Obligations being the “Guaranteed Obligations”), and agrees to pay any and all reasonable and documented or
invoiced out-of-pocket costs and expenses to the extent payable or reimbursable by the Borrower pursuant to Section 10.04
of the Credit Agreement as if such section were set forth in full herein, mutatis mutandis. Without limiting the generality
of the foregoing, the undersigned’s liability shall extend to all amounts that constitute part of the Guaranteed Obligations
and would be owed by any other Loan Party to any Secured Party under or in respect of the Secured Documents but for the fact that
they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving such
other Loan Party. Notwithstanding anything to the contrary contained in this Guaranty Supplement or any provision of any other
Loan Document, the Guaranteed Obligations shall not extend to or include any Excluded Swap Obligation.

 

    	 	A-1	 

     

    

 

(b)          The
undersigned, and by its acceptance of this Guaranty Supplement, the Administrative Agent and each other Secured Party, hereby confirms
that it is the intention of all such Persons that this Guaranty Supplement, the Guaranty and the Obligations of the undersigned
hereunder and thereunder not constitute a fraudulent transfer or conveyance for purposes of any Debtor Relief Law, the Uniform Fraudulent
Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable
to this Guaranty Supplement, the Guaranty and the Obligations of the undersigned hereunder and thereunder. To effectuate the foregoing
intention, the Administrative Agent, the other Secured Parties and the undersigned hereby irrevocably agree that the Obligations
of the undersigned under this Guaranty Supplement and the Guaranty at any time shall be limited to the maximum amount as will result
in the obligations of the undersigned under this Guaranty Supplement and the Guaranty not constituting a fraudulent transfer or
conveyance.

 

(c)          The
undersigned hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be made to any Secured
Party under this Guaranty Supplement, the Guaranty or any other guaranty with respect to the Guaranteed Obligations, the undersigned
will contribute, to the maximum extent permitted by applicable law, such amounts to each other Guarantor and any such other guarantor,
as applicable, so as to maximize the aggregate amount paid to the Secured Parties under or in respect of the Secured Documents.

 

Section 2. Obligations
Under the Guaranty. The undersigned hereby agrees, as of the date first above written, to be bound as a Guarantor by all of
the terms and conditions of the Guaranty to the same extent as each of the other Guarantors thereunder. The undersigned further
agrees, as of the date first above written, that each reference in the Guaranty to an “Additional Guarantor” or a “Guarantor”
shall also mean and be a reference to the undersigned, and each reference in any other Loan Document to a “Guarantor”
or a “Loan Party” shall also mean and be a reference to the undersigned.

 

Section 3. Representations
and Warranties; Covenants. The undersigned hereby (a) makes each representation and warranty set forth in
Section 6 of the Guaranty with respect to itself as of the date hereof and (b) agrees to comply with the each covenant
set forth in Section 6 of the Guaranty with respect to itself as of the date hereof.

 

Section 4. Delivery
by Facsimile. Delivery of an executed counterpart of a signature page to this Guaranty Supplement by facsimile or other electronic
transmission shall be effective as delivery of an original executed counterpart of this Guaranty Supplement.

 

Section 5. Guaranty.
Except as expressly supplemented hereby, the Guaranty shall remain in full force and effect.

 

Section 6. Governing
Law; Jurisdiction; Waiver of Jury Trial, Etc.

 

(a)          THIS
GUARANTY SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

    	 	A-2	 

     

    

 

(b)          THE
UNDERSIGNED IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS GUARANTY SUPPLEMENT OR ANY OTHER LOAN DOCUMENT TO THE EXCLUSIVE GENERAL JURISDICTION OF THE SUPREME COURT OF THE
STATE OF NEW YORK FOR THE COUNTY OF NEW YORK (THE “NEW YORK SUPREME COURT”), AND THE UNITED STATES DISTRICT COURT FOR
THE SOUTHERN DISTRICT OF NEW YORK (THE “FEDERAL DISTRICT COURT,” AND TOGETHER WITH THE NEW YORK SUPREME COURT, THE
“NEW YORK COURTS”) AND APPELLATE COURTS FROM EITHER OF THEM; PROVIDED THAT NOTHING IN THIS GUARANTY SUPPLEMENT
SHALL BE DEEMED OR OPERATE TO PRECLUDE (I) ANY AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION
TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS (IN WHICH CASE ANY PARTY SHALL BE ENTITLED TO ASSERT ANY
CLAIM OR DEFENSE, INCLUDING ANY CLAIM OR DEFENSE THAT THIS SECTION 6 WOULD OTHERWISE REQUIRE TO BE ASSERTED IN A LEGAL
ACTION OR PROCEEDING IN A NEW YORK COURT), OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE ADMINISTRATIVE AGENT,
(II) ANY PARTY FROM BRINGING ANY LEGAL ACTION OR PROCEEDING IN ANY JURISDICTION FOR THE RECOGNITION AND ENFORCEMENT OF ANY
JUDGMENT, (III) IF ALL SUCH NEW YORK COURTS DECLINE JURISDICTION OVER ANY PERSON, OR DECLINE (OR, IN THE CASE OF THE FEDERAL
DISTRICT COURT, LACK) JURISDICTION OVER ANY SUBJECT MATTER OF SUCH ACTION OR PROCEEDING, A LEGAL ACTION OR PROCEEDING MAY BE BROUGHT
WITH RESPECT THERETO IN ANOTHER COURT HAVING JURISDICTION AND (IV) IN THE EVENT A LEGAL ACTION OR PROCEEDING IS BROUGHT AGAINST
ANY PARTY HERETO OR INVOLVING ANY OF ITS ASSETS OR PROPERTY IN ANOTHER COURT (WITHOUT ANY COLLUSIVE ASSISTANCE BY SUCH PARTY OR
ANY OF ITS SUBSIDIARIES OR AFFILIATES), SUCH PARTY FROM ASSERTING A CLAIM OR DEFENSE (INCLUDING ANY CLAIM OR DEFENSE THAT THIS
SECTION 6 WOULD OTHERWISE REQUIRE TO BE ASSERTED IN A LEGAL ACTION OR PROCEEDING IN A NEW YORK COURT) IN ANY SUCH ACTION
OR PROCEEDING.

 

(c)          THE
UNDERSIGNED IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY SUPPLEMENT
OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN SECTION 6(b). THE UNDERSIGNED HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING
IN ANY SUCH COURT.

 

(d)          THE
UNDERSIGNED IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 8 OF THE GUARANTY. NOTHING
IN THIS GUARANTY SUPPLEMENT WILL AFFECT THE RIGHT OF ANY SECURED PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW.

 

(e)          THE
UNDERSIGNED HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS
GUARANTY SUPPLEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS WITH RESPECT TO THIS GUARANTY SUPPLEMENT,
OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR
TORT OR OTHERWISE; AND THE UNDERSIGNED HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL
BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY SECURED PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 6(e)
WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE UNDERSIGNED TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

 

[SIGNATURE PAGES FOLLOW]

 

    	 	A-3	 

     

    

 

	 	Very truly yours,
	 	 
	 	[NAME OF ADDITIONAL GUARANTOR]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	A-4	 

     

    

 

	Acknowledged and Agreed:	 
	 	 
	ROYAL BANK OF CANADA,	 
	as Administrative Agent	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 	A-5

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