Document:

exv10w1

Exhibit 10.1

EXECUTION COPY

AMENDMENT NO. 8

TO

RECEIVABLES PURCHASE AGREEMENT

     THIS AMENDMENT NO. 8 TO RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as of
March 18, 2011, is entered into among HBI RECEIVABLES LLC, as seller (“Seller”),
HANESBRANDS INC., in its capacity as servicer (in such capacity, the “Servicer”), the
Committed Purchasers party hereto, the Conduit Purchasers party hereto, the Managing Agents party
hereto, and HSBC SECURITIES (USA) INC. (“HSBC”), as assignee of JPMORGAN CHASE BANK, N.A.,
as agent (in such capacity, the “Agent”). Capitalized terms used herein without definition
shall have the meanings ascribed thereto in the “Purchase Agreement” referred to below.

PRELIMINARY STATEMENTS

          A. Reference is made to that certain Receivables Purchase Agreement dated as of November 27,
2007 among Seller, Servicer, the Committed Purchasers, the Conduit Purchasers, the Managing Agents
and the Agent (as amended prior to the date hereof and as the same may be further amended,
restated, supplemented or modified from time to time, the “Purchase Agreement”).

          B. For good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto have agreed to amend certain provisions of the Purchase Agreement
upon the terms and conditions set forth herein.

     SECTION 1. Amendments. Subject to the satisfaction of the conditions precedent set
forth in Section 3 hereof, the parties hereto hereby agree to amend the Purchase Agreement
as follows:

     (a) Section 13.1(b)(i) of the Purchase Agreement is herby amended to delete
clause (G) in its entirety and replace it with the following:

     (G) change the definition of “Delinquency Ratio,” “Dilution
Ratio,” “Combined Reserve,” “Eligible Receivable,”
“Loss-to-Liquidation Ratio,” or “Yield and Servicer Fee Reserve”

     (b) Exhibit I to the Purchase Agreement is hereby amended to delete clause
(a)(i) of the definition of “Concentration Limit” in its entirety and replace it
with the following:

     (i) 5.00% or

     (c) Exhibit I to the Purchase Agreement is hereby amended to add the following
definitions in correct alphabetical order:

* PORTIONS OF THIS DOCUMENT HAVE BEEN OMITTED PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST

 

 

     “Combined Reserve” means, at any time, an amount equal to the Combined
Reserve Percentage multiplied by the Net Receivables Balance at such time.

     “Combined Reserve Percentage” means, at any time, the amount expressed
as a percentage equal to the greater of (i) the sum of the Dynamic Dilution Reserve
Percentage and the Dynamic Loss Reserve Percentage and (ii) the sum of the Dilution
Reserve Floor Percentage and the Loss Reserve Floor Percentage.

     “Dilution Horizon Ratio” means, at any time, the amount equal to (i)
the aggregate Original Balance of all Receivables generated by all Originators
during the most recently ended one and one-half (1.5) Calendar Month-period
divided by (ii) the Net Receivables Balance as of the last day of such
Calendar Month; provided that any Managing Agent may specify such other
period of time in clause (i) above upon three (3) Business Days’ prior written
notice to the other parties hereto at any time within two (2) months after the date
on which the Managing Agents receive the results of any annual audit report prepared
at the request of any Managing Agent pursuant to Section 7.1(d),
provided, that no Managing Agent may specify any such other period of time
unless such other period of time is reasonably based upon and verified by the
results of any such annual audit report.

     “Dilution Reserve Floor Percentage” means, at any time, a percentage
equal to the product of (i) the Expected Dilution Ratio at such time and (ii) the
Dilution Horizon Ratio at such time.

     “Dynamic Dilution Reserve Percentage” means at any time, the amount
expressed as a percentage and calculated in accordance with the following formula:

     DDRP = (SF x ED) + ((DS — ED) x (DS / ED)) x DHR

     where:

     SF       =       the Stress Factor at such time.

     ED       =       the Expected Dilution Ratio as such time

     DS       =       the highest two (2) consecutive month average of the Dilution Ratios
during the immediately preceding twelve months.

    DHR     =       the Dilution Horizon Ratio at such time.

     “Dynamic Loss Reserve Percentage” means, at any time, the amount
expressed as a percentage and calculated in accordance with the following formula

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     DLRP = LR x LHR x SF

     where:

     LR       =       the greatest three-month average Default Ratio during the immediately
preceding 12-month period.

     LHR   =       the aggregate Original Balance of all Receivables generated by all
Originators during the three and one-half (3.5) Calendar Months ending as of the
last day of the most recently ended Calendar Month immediately preceding such time
divided by the Net Receivables Balance as of the last day of the most recently ended
Calendar Month.

     SF       =       the Stress Factor at such time.

     “Expected Dilution Ratio” means, as of any date, the average of the
Dilution Ratios for the twelve (12) months most recently ended at such time.

     “Loss Reserve Floor Percentage” means, at any time, the product of (i)
5 and (ii) the percentage set forth in clause (a)(i) of the definition of
Concentration Limit.

     “Servicer Fee Reserve Percentage” means, at any time, for purposes of
calculating the Yield and Servicer Fee Reserve, an amount equal to the product of
(a) the per annum rate upon which the Servicing Fee is calculated and (b) the
Three-Month Rolling Average Turnover Ratio divided by 360.

     “Three-Month Rolling Average Turnover Ratio” means, at any time, the
average of the Turnover Ratios for the three most recently ended Calendar Months.

     “Turnover Ratio” means, at any time, the product of (i) the aggregate
Outstanding Balance of all Receivables as of the end of the most recently ended
Calendar Month divided by the aggregate amount of Collections received
during such Calendar Month and (ii) 30.

     “Yield and Fee Reserve Percentage” means, at any time, a percentage equal to:

     (2L + AM + PF) x (RATR / 360)

     where:

     2L       =       two times the one-month LIBO in effect at such time.

     AM      =       the Applicable Margin in effect at such time.

     PF
       =       the percentage set forth in Section 3.1(a) of the Fee Letter
as in effect

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at such time.

     RATR  =       the Three-Month Rolling Average Turnover Ratio for the most
recently ended Calendar Month.

     “Yield and Servicer Fee Reserve” means, at any time, an amount equal to
the sum of (a) the product of (i) the Yield and Fee Reserve Percentage at such time
and (ii) Capital outstanding at such time plus (b) the product of (i) the Servicer
Fee Reserve Percentage at such time and (ii) the aggregate Outstanding Balance of
all Receivables at such time.

     (d) Exhibit I to the Purchase Agreement is hereby amended to delete the
definitions of “Aggregate Reserves,” “Facility Termination Date” and
“Purchase Limit” in their entirety and replace them with the following:

     “Aggregate Reserves” means, on any date of determination, the sum of
the Combined Reserve and the Yield and Servicer Fee Reserve.

     “Facility Termination Date” means the earliest to occur of (i) March
16, 2012, and (ii) the Amortization Date.

     “Purchase
Limit” means $225,000,000.

     (e) The definition of “Eligible Receivable” in Exhibit I to the
Purchase Agreement is hereby amended to: (i) add the word “and” at the end of clause
(iv)(A), (ii) to delete the “; and” and replace it with “.” at the end of clause (iv)(B),
and (iii) to delete clause (iv)(C) in its entirety.

     (f) Exhibit I to the Purchase Agreement is hereby amended to delete the “3.00%”
appearing in clause (v) of the definition of “Eligible Receivable” and replace it
with “5.00%”.

     (g) Exhibit I to the Purchase Agreement is hereby amended to delete the
definitions of “Dilution Reserve”, “Dilution Reserve Floor”, “Dilution
Reserve Percentage”, “Loss Reserve”, “Loss Reserve Floor”, “Loss
Reserve Percentage” and “Yield and Servicing Fee Reserve”, in their entirety.

     (h) The Purchase Agreement is hereby amended to delete Schedule A in its
entirety and replace it with the new Schedule A attached hereto as Annex I.

     (i) The Purchase Agreement is hereby amended to delete Schedule C in its
entirety and replace it with the new Schedule C attached hereto as Annex II.

     SECTION 2. Representations and Warranties. Each of the Seller and the Servicer
hereby represents and warrants to each of the other parties hereto, as to itself that:

     (a) It has all necessary corporate or company power and authority to execute and
deliver this Amendment and to perform its obligations under the Purchase Agreement

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as amended hereby, the execution and delivery of this Amendment and the performance of its
obligations under the Purchase Agreement as amended hereby has been duly authorized by all
necessary corporate or company action on its part and this Amendment constitutes its legal,
valid and binding obligation, enforceable against it in accordance with its terms, except as
such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or
other similar laws relating to or limiting creditors’ rights generally and by general
principles of equity (regardless of whether enforcement is sought in a proceeding in equity
or at law).

     (b) On the date hereof, before and after giving effect to this Amendment, (i) no
Amortization Event or Potential Amortization Event has occurred and is continuing and (ii)
the aggregate Purchaser Interests do not exceed 100%.

     SECTION 3. Conditions Precedent. This Amendment shall become effective on the first
Business Day (the “Effective Date”) on which the Agent or its counsel has received five (5)
counterpart signature pages to this Amendment executed by each of the parties hereto.

     SECTION 4. Reference to and Effect on the Transaction Documents.

     (a) Upon the effectiveness of this Amendment, (i) each reference in the Purchase
Agreement to “this Receivables Purchase Agreement”, “this Agreement”, “hereunder”, “hereof”,
“herein” or words of like import shall mean and be a reference to the Purchase Agreement as
amended or otherwise modified hereby, and (ii) each reference to the Purchase Agreement in
any other Transaction Document or any other document, instrument or agreement executed
and/or delivered in connection therewith, shall mean and be a reference to the Purchase
Agreement as amended or otherwise modified hereby.

     (b) Except as specifically amended, terminated or otherwise modified above, the terms
and conditions of the Purchase Agreement, of all other Transaction Documents and any other
documents, instruments and agreements executed and/or delivered in connection therewith,
shall remain in full force and effect and are hereby ratified and confirmed.

     (c) The execution, delivery and effectiveness of this Amendment shall not operate as a
waiver of any right, power or remedy of the Agent, any Managing Agent or any Purchaser under
the Purchase Agreement or any other Transaction Document or any other document, instrument
or agreement executed in connection therewith, nor constitute a waiver of any provision
contained therein.

     SECTION 5. Execution in Counterparts. This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of
which taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of a
signature page to this Amendment by facsimile or other electronic format shall be effective as
delivery of a manually executed counterpart of this Amendment.

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     SECTION 6. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK.

     SECTION 7. Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment for any other
purpose.

     SECTION 8. Fees and Expenses. Seller hereby confirms its agreement to pay on demand
all reasonable costs and expenses of the Agent, the Managing Agents or Purchasers in connection
with the preparation, execution and delivery of this Amendment and any of the other instruments,
documents and agreements to be executed and/or delivered in connection herewith, including, without
limitation, the reasonable fees and out-of-pocket expenses of counsel to the Agent, Managing Agents
or Purchasers with respect thereto.

[Remainder of Page Deliberately Left Blank]

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          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their
respective officers as of the date first above written.

	 	 	 	 	 
	 

	 	HBI RECEIVABLES LLC, as Seller
	 
	 	 	 	 
	 

	 	By:
	 	/s/ James M. Schockett
	 

	 	 	 	 
	 

	 	 	 	Name: James M. Schockett

Title: Vice President and Treasurer
	 
	 	 	 	 
	 

	 	HANESBRANDS INC., as Servicer
	 
	 	 	 	 
	 

	 	By:
	 	/s/ James M. Schockett
	 

	 	 	 	 
	 

	 	 	 	Name: James M. Schockett

Title: Assistant Treasurer

Signature Page

to

Amendment No. 8 to RPA

 

 

	 	 	 	 	 
	 

	 	BRYANT PARK FUNDING LLC, as a Conduit Purchaser
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Damian Perez
	 

	 	 	 	 
	 

	 	 	 	Name: Damian Perez

Title: Vice-President
	 
	 	 	 	 
	 

	 	HSBC SECURITIES
(USA) Inc., as a Managing Agent and Agent
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Laurie Lawler
	 

	 	 	 	 
	 

	 	 	 	Name: Laurie Lawler

Title: Vice President
	 
	 	 	 	 
	 

	 	HSBC BANK PLC, as a Committed Purchaser
	 
	 	 	 	 
	 

	 	By:
	 	/s/ David Harris
	 

	 	 	 	 
	 

	 	 	 	Name: David Harris

Title: Associate Director

Signature Page

to

Amendment No. 8 to RPA

 

 

	 	 	 	 	 
	 

	 	MARKET STREET FUNDING LLC, as a Conduit Purchaser
	 
	 	 	 	 
	 

	 	By:	 	/s/ Doris J. Hearn
	 

	 	 	 	 
	 

	 	 	 	Name: Doris J. Hearn

Title: Vice President
	 
	 	 	 	 
	 

	 	PNC BANK, N.A., as a
Committed Purchaser and as a

Managing Agent
	 
	 	 	 	 
	 

	 	By:
	 	/s/ William P. Falcon
	 

	 	 	 	 
	 

	 	 	 	Name: William P. Falcon

Title: Vice President

Signature Page

to

Amendment No. 8 to RPA

 

 

ANNEX I

SCHEDULE A

PURCHASE GROUPS; COMMITMENTS; GROUP PURCHASE LIMITS

	 	 	 
	HSBC Purchase Group
	 	 
	 
	 	 
	Group Purchase Limit:

	 	$112,500,000
	 
	 	 
	Managing Agent:

	 	HSBC Securities (USA) Inc.
	 
	 	 
	Conduit Purchaser:

	 	Bryant Park Funding LLC
	 
	 	 
	Committed Purchaser:

	 	HSBC Bank PLC
	              Commitment:

	 	$112,500,000
	 
	 	 
	 
	 	 
	PNC Purchase Group
	 	 
	 
	 	 
	Group Purchase Limit:

	 	$112,500,000
	 
	 	 
	Managing Agent:

	 	PNC Bank, N.A.
	 
	 	 
	Conduit Purchaser:

	 	Market Street Funding LLC
	 
	 	 
	Committed Purchaser:

	 	PNC Bank, N.A.
	              Commitment:

	 	$112,500,000

 

 

ANNEX II

SCHEDULE C

SPECIAL CONCENTRATION PERCENTAGES

	 	 	 	 	 	 
	 	Obligor
Name
 

	 	 	Special
Concentration Percentage
 	 
	 	[****]

	 	 	[****]%	 
	 	[****]

	 	 	[****]%	 
	 

**** Omitted pursuant to a confidential treatment requestexv4w5

EXHIBIT
4.5 

WIRELESS RONIN TECHNOLOGIES, INC.

WARRANT TO PURCHASE SHARES OF COMMON STOCK

Date of Issuance: November 19, 2010

VOID AFTER NOVEMBER 19, 2013

     THIS CERTIFIES THAT, for value received, [______________], or permitted registered assigns
(the “Holder”), is entitled to subscribe for and purchase at the Exercise Price (defined below)
from Wireless Ronin Technologies, Inc., a Minnesota corporation (the “Company”), up to
[____________] shares of the common stock of the Company, par value $0.01 per share (the “Common
Stock”). This warrant is one of a series of warrants issued by the Company as of the date hereof
(individually a “Warrant”; collectively, the “Warrants”) pursuant to those certain subscription
agreements between the Company and the investors identified therein, dated as of November 15, 2010
(collectively, the “Subscription Agreement”).

     1. DEFINITIONS. Capitalized terms used herein but not otherwise defined herein shall
have their respective meanings as set forth in the Subscription Agreement. As used herein, the
following terms shall have the following respective meanings:

               (A) “Eligible Market” means any of the New York Stock Exchange, the American Stock Exchange,
the NASDAQ Global Market, the NASDAQ Global Select Market or the NASDAQ Capital Market.

               (B) “Exercise Period” shall mean the period commencing the date hereof and ending 5:00 P.M.
New York City time on November 19, 2013, unless sooner terminated as provided below.

               (C) “Exercise Price” shall mean $1.4375 per share, subject to adjustment pursuant to
Section 4 below.

               (D) “Exercise Shares” shall mean the shares of Common Stock issuable upon exercise of this
Warrant.

               (E) “Trading Day” shall mean (a) any day on which the Common Stock is listed or quoted and
traded on its primary Trading Market, (b) if the Common Stock is not then listed or quoted and
traded on any Eligible Market, then a day on which trading occurs on the OTC Bulletin Board (or any
successor thereto), or (c) if trading does not occur on the OTC Bulletin Board (or any successor
thereto), any business day.

               (F) “Trading Market” shall mean the NASDAQ Capital Market or any other Eligible Market, or any
national securities exchange, market or trading or quotation facility on which the Common Stock is
then listed or quoted.

     2. EXERCISE OF WARRANT. The rights represented by this Warrant may be exercised in
whole or in part at any time during the Exercise Period, by delivery of the following

 

 

to the Company at its address set forth on the signature page hereto (or at such other address
as it may designate by notice in writing to the Holder):

               (A) An executed Notice of Exercise in the form attached hereto;

               (B) Payment of the Exercise Price in cash or by check; and

               (C) This Warrant.

     Execution and delivery of the Notice of Exercise shall have the same effect as cancellation of
the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining
number of Exercise Shares, if any.

     Certificates for Exercise Shares purchased hereunder shall be transmitted by the Company’s
transfer agent (the “Transfer Agent”) to the Holder by crediting the account of the Holder’s prime
broker with the Depository Trust & Clearing Corporation through its Deposit Withdrawal Agent
Commission system if the Company is a participant in such system, and otherwise by physical
delivery to the address specified by the Holder in the Notice of Exercise within three (3) business
days from the delivery to the Company of the Notice of Exercise, surrender of this Warrant and
payment of the aggregate Exercise Price as set forth above. This Warrant shall be deemed to have
been exercised on the date the latest of the Warrant, Notice of Exercise and Exercise Price are
received by the Company.

     The person in whose name any certificate or certificates for Exercise Shares are to be issued
upon exercise of this Warrant shall be deemed to have become the holder of record of such shares on
the date on which the Notice of Exercise was delivered, this Warrant was surrendered and payment of
the Exercise Price was made, irrespective of the date of delivery of such certificate or
certificates, except that, if the date of such surrender and payment is a date when the stock
transfer books of the Company are closed, such person shall be deemed to have become the holder of
such shares at the close of business on the next succeeding date on which the stock transfer books
are open.

     Upon any partial exercise of this Warrant, the Company, at its expense, will forthwith and, in
any event within five business days, issue and deliver to the Holder a new warrant or warrants of
like tenor, registered in the name of the Holder, exercisable during the balance of the Exercise
Period, in the aggregate, for the balance of the number of shares of Common Stock remaining
available for purchase under this Warrant.

     3. COVENANTS OF THE COMPANY.

          3.1 COVENANTS AS TO EXERCISE SHARES. The Company covenants and agrees that all
Exercise Shares that may be issued upon the exercise of the rights represented by this Warrant
will, upon issuance, be validly issued and outstanding, fully paid and nonassessable, and free from
all taxes, liens (other than those imposed by the Holder) and charges with respect to the issuance
thereof. The Company further covenants and agrees that the Company will at all times during the
Exercise Period, have authorized and reserved, free from preemptive rights, a sufficient number of
shares of Common Stock to provide for the exercise of the rights represented by this Warrant. If
at any time during the Exercise Period the number of

2

 

authorized but unissued shares of Common Stock shall not be sufficient to permit exercise of
this Warrant, the Company will take such corporate action as may, in the opinion of its counsel, be
necessary to increase its authorized but unissued shares of Common Stock to such number of shares
as shall be sufficient for such purposes.

          3.2 NO IMPAIRMENT. Except and to the extent as waived or consented to by the holder
of the Warrants representing at least a majority of the number of shares of Common Stock then
subject to outstanding Warrants, the Company will not, by amendment of its Articles of
Incorporation or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed hereunder by the Company,
but will at all times in good faith assist in the carrying out of all the provisions of this
Warrant and in the taking of all such action as may be necessary or appropriate in order to protect
the exercise rights of the Holder against impairment.

          3.3 NOTICES OF RECORD DATE AND CERTAIN OTHER EVENTS. In the event of any taking by
the Company of a record of the holders of any class of securities for the purpose of determining
the holders thereof who are entitled to receive any dividend or other distribution, the Company
shall mail to the Holder, at least twenty (20) days prior to the date on which any such record is
to be taken for the purpose of such dividend or distribution, a notice specifying such date. In
the event of any voluntary dissolution, liquidation or winding up of the Company, the Company shall
mail to the Holder, at least twenty (20) days prior to the date of the occurrence of any such
event, a notice specifying such date. In the event the Company authorizes or approves, enters into
any agreement contemplating, or solicits stockholder approval for any Fundamental Transaction, as
defined in Section 6 herein, the Company shall mail to the Holder, at least twenty (20)
days prior to the date of the occurrence of such event, a notice specifying such date.

     4. ADJUSTMENT OF EXERCISE PRICE AND SHARES.

     In the event of changes in the outstanding Common Stock of the Company by reason of stock
dividends, split-ups, recapitalizations, reclassifications, combinations or exchanges of shares,
separations, reorganizations, liquidations, consolidation, acquisition of the Company (whether
through merger or acquisition of substantially all the assets or stock of the Company), or the
like, the number, class and type of shares available under this Warrant in the aggregate and the
Exercise Price shall be correspondingly adjusted to give the Holder of this Warrant, on exercise
for the same aggregate Exercise Price, the total number, class, and type of shares or other
property as the Holder would have owned had this Warrant been exercised prior to the event and had
the Holder continued to hold such shares until the event requiring adjustment. The form of this
Warrant need not be changed because of any adjustment in the number of Exercise Shares subject to
this Warrant.

     Upon the occurrence of each adjustment pursuant to this Section 4, the Company at its
expense will, at the written request of the Holder, promptly compute such adjustment in accordance
with the terms of this Warrant and prepare a certificate setting forth such adjustment, including a
statement of the adjusted Exercise Price and adjusted number or type of Exercise Shares or other
securities issuable upon exercise of this Warrant (as applicable), describing the

3

 

transactions giving rise to such adjustments and showing in detail the facts upon which such
adjustment is based. Upon written request, the Company will promptly deliver a copy of each such
certificate to the Holder.

     5. FRACTIONAL SHARES. No fractional shares shall be issued upon the exercise of this
Warrant as a consequence of any adjustment pursuant hereto. All Exercise Shares (including
fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining
whether the exercise would result in the issuance of any fractional share. If, after aggregation,
the exercise would result in the issuance of a fractional share, the Company shall, in lieu of
issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in cash
equal to the product resulting from multiplying the then current fair market value of an Exercise
Share by such fraction.

     6. FUNDAMENTAL TRANSACTIONS. If, at any time while this Warrant is outstanding, (i)
the Company effects any merger of the Company with or into another entity and the Company is not
the surviving entity, (ii) the Company effects any sale of all or substantially all of its assets
in one or a series of related transactions, (iii) any tender offer or exchange offer (whether by
the Company or by another individual or entity, and approved by the Company) is completed pursuant
to which holders of Common Stock are permitted to tender or exchange their shares of Common Stock
for other securities, cash or property or (iv) the Company effects any reclassification of the
Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively
converted into or exchanged for other securities, cash or property (other than as a result of a
subdivision or combination of shares of Common Stock covered by Section 4 above) (in any such case,
a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall
have the right to receive the number of shares of Common Stock of the successor or acquiring
corporation or of the Company and any additional consideration (the “Alternate Consideration”)
receivable upon or as a result of such reorganization, reclassification, merger, consolidation or
disposition of assets by a holder of the number of shares of Common Stock for which this Warrant is
exercisable immediately prior to such event (disregarding any limitation on exercise contained
herein solely for the purpose of such determination). For purposes of any such exercise, the
determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of
Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price
among the Alternate Consideration in a reasonable manner reflecting the relative value of any
different components of the Alternate Consideration. If holders of Common Stock are given any
choice as to the securities, cash or property to be received in a Fundamental Transaction, then the
Holder shall be given the same choice as to the Alternate Consideration it receives upon any
exercise of this Warrant following such Fundamental Transaction. To the extent necessary to
effectuate the foregoing provisions, any successor to the Company or surviving entity in such
Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing
provisions and evidencing the Holder’s right to exercise such warrant into Alternate Consideration.
Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, then the
Company or any successor entity shall at the Holder’s option, exercisable at any time concurrently
with or within thirty (30) days after the consummation of the Fundamental Transaction, purchase
this Warrant from the Holder by paying to the Holder an amount of cash equal to the value of this
Warrant as determined in accordance with the Black Scholes Option

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Pricing Model obtained from the “OV” function on Bloomberg L.P. using (i) a price per share of
Common Stock equal to the Volume-Weighted Average Price of the Common Stock for the Trading Day
immediately preceding the date of consummation of the applicable Fundamental Transaction, (ii) a
risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining
term of this Warrant as of the date of consummation of the applicable Fundamental Transaction and
(iii) an expected volatility equal to the lesser of (1) the thirty (30) day volatility obtained
from the “HVT” function on Bloomberg L.P. determined as of the end of the Trading Day immediately
following the public announcement of the applicable Fundamental Transaction or (2) 70%. The terms
of any agreement pursuant to which a Fundamental Transaction is effected shall include terms
requiring any such successor or surviving entity to comply with the provisions of this Section 6
and ensuring that this Warrant (or any such replacement security) will be similarly adjusted upon
any subsequent transaction analogous to a Fundamental Transaction.

     7. NO STOCKHOLDER RIGHTS. Other than as provided in Section 3.3, this Warrant
in and of itself shall not entitle the Holder to any voting rights or other rights as a stockholder
of the Company.

     8. TRANSFER OF WARRANT. Subject to applicable laws and the restriction on transfer
set forth in the Subscription Agreement, this Warrant and all rights hereunder are transferable, by
the Holder in person or by duly authorized attorney, upon delivery of this Warrant and the form of
assignment attached hereto to any transferee designated by Holder. The transferee shall sign an
investment letter in form and substance reasonably satisfactory to the Company and its counsel. Any
proposed transfer of all or any portion of this Warrant in violation of the provisions of this
Warrant or the Subscription Agreement shall be null and void. Upon surrender of this Warrant and
delivery of an assignment, the Company shall execute and deliver a new Warrant or Warrants in the
name of the transferee or transferees, as applicable, and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the transferor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be
cancelled.

     9. LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is lost, stolen,
mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may
reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof),
issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or
destroyed. Any such new Warrant shall constitute an original contractual obligation of the Company.

     10. NOTICES, ETC.. All notices required or permitted hereunder shall be in writing
and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b)
when sent by confirmed telex or facsimile if sent during normal business hours of the recipient, if
not, then on the next business day, (c) five days after having been sent by registered or certified
mail, return receipt requested, postage prepaid, or (d) one day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt.
All communications shall be sent to the Company at the address listed on the signature page hereto
and to Holder at the applicable address set forth on the applicable signature page to

5

 

the Subscription Agreement or at such other address as the Company or Holder may designate by
ten (10) days advance written notice to the other parties hereto.

     11. ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of
and agreement to all of the terms and conditions contained herein.

     12. GOVERNING LAW. This Warrant and all rights, obligations and liabilities hereunder
shall be governed by, and construed in accordance with, the internal laws of the State of
Minnesota, without giving effect to the principles of conflicts of law that would require the
application of the laws of any other jurisdiction.

     13. AMENDMENT OR WAIVER. Any term of this Warrant may be amended or waived (either
generally or in a particular instance and either retroactively or prospectively) with the written
consent of the Company and the holders of the Warrants representing at least a majority of the
number of shares of Common Stock then subject to outstanding Warrants.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

6

 

     IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its duly authorized
officer as of November 19, 2010.

	 	 	 	 	 
	 	WIRELESS RONIN TECHNOLOGIES, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	Darin P. McAreavey 	 
	 	 	Title:  	Vice President and Chief Financial Officer 	 
	 
	 	Baker Technology Plaza

5929 Baker Road, Suite 475

Minnetonka, MN 55345

 	 
	 	 	 
	 	 	 
	 	 	 

7

 

	 	 	 	 	 

NOTICE OF EXERCISE

TO: WIRELESS RONIN TECHNOLOGIES, INC.

     (1) The undersigned hereby elects to purchase [__________] shares of the common stock, par
value $0.01 (the “Common Stock”), of WIRELESS RONIN TECHNOLOGIES, INC. (the “Company”) pursuant to
the terms of the attached Warrant, and tenders herewith payment of the exercise price in full,
together with all applicable transfer taxes, if any.

     (2) Please issue the certificate for shares of Common Stock in the name of, and pay any cash
for any fractional share to:

      

Print or Type Name

 

Taxpayer Identification Number

 

Street Address

 

City, State and Zip Code

     (3) If such number of shares shall not be all the shares purchasable upon the exercise of this
Warrant, a new warrant certificate for the balance of such Warrant remaining unexercised shall be
registered in the name of and delivered to the Holder.

	 	 	 	 	 

	Dated:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	(Signature of Holder)
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	(Printed Name of Holder)

8

 

ASSIGNMENT FORM

     (To assign the foregoing Warrant, execute this form and supply required information. Do not
use this form to purchase shares.)

     FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned
to

	 	 	 

	Name:
	 	 
	 

	 	 
	 

	 	(Please Print)
	 
	 	 
	Address:
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 

	 	(Please Print)

Dated: ____________________

	 	 	 	 	 

	Holder’s Signature:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Holder’s Address:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the
face of the Warrant, without alteration or enlargement or any change whatever. Officers of
corporations and those acting in a fiduciary or other representative capacity should file proper
evidence of authority to assign the foregoing Warrant.

9

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