Document:

Amended and Restated Guaranty and Security Agreement

 Exhibit 10.2 

 
  

 
 AMENDED AND RESTATED GUARANTY AND
SECURITY AGREEMENT 
 Dated as of August 6, 2010 

among 
 THE
PRINCETON REVIEW, INC., 
 PENN FOSTER, INC. 

and 
 Each
Grantor 
 From Time to Time Party Hereto 

and 
 GENERAL
ELECTRIC CAPITAL CORPORATION, 
 as Administrative Agent and Collateral Agent 

 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
		
	ARTICLE I      DEFINED TERMS	  	1
			
	 Section 1.1
	  	Definitions	  	1
	 Section 1.2
	  	Certain Other Terms	  	4
		
	ARTICLE II     GUARANTY	  	4
			
	 Section 2.1
	  	Guaranty	  	4
	 Section 2.2
	  	Limitation of Guaranty	  	4
	 Section 2.3
	  	Contribution	  	4
	 Section 2.4
	  	Authorization; Other Agreements	  	5
	 Section 2.5
	  	Guaranty Absolute and Unconditional	  	5
	 Section 2.6
	  	Waivers	  	6
	 Section 2.7
	  	Reliance	  	6
		
	ARTICLE III    GRANT OF SECURITY INTEREST	  	7
			
	 Section 3.1
	  	Collateral	  	7
	 Section 3.2
	  	Grant of Security Interest in Collateral	  	7
		
	ARTICLE IV    REPRESENTATIONS AND WARRANTIES	  	8
			
	 Section 4.1
	  	Title; No Other Liens	  	8
	 Section 4.2
	  	Perfection and Priority	  	8
	 Section 4.3
	  	Jurisdiction of Organization; Chief Executive Office	  	8
	 Section 4.4
	  	Locations of Inventory, Equipment and Books and Records	  	9
	 Section 4.5
	  	Pledged Collateral	  	9
	 Section 4.6
	  	Instruments and Tangible Chattel Paper Formerly Accounts	  	9
	 Section 4.7
	  	Intellectual Property	  	9
	 Section 4.8
	  	Commercial Tort Claims	  	10
	 Section 4.9
	  	Specific Collateral	  	10
	 Section 4.10
	  	Enforcement	  	10
	 Section 4.11
	  	Representations and Warranties of the Credit Agreement	  	10
	 Section 4.12
	  	Effect of Amendment and Restatement	  	10
		
	ARTICLE V      COVENANTS	  	10
			
	 Section 5.1
	  	Maintenance of Perfected Security Interest; Further Documentation and Consents	  	10
	 Section 5.2
	  	Changes in Locations, Name, Etc.	  	11
	 Section 5.3
	  	Pledged Collateral	  	12
	 Section 5.4
	  	Accounts	  	12
	 Section 5.5
	  	Commodity Contracts	  	13
	 Section 5.6
	  	Delivery of Instruments and Tangible Chattel Paper and Control of Investment Property, Letter-of-Credit Rights and Electronic Chattel Paper	  	13
	 Section 5.7
	  	Intellectual Property	  	13
	 Section 5.8
	  	Notices	  	14
	 Section 5.9
	  	Notice of Commercial Tort Claims	  	14
		
	ARTICLE VI    REMEDIAL PROVISIONS	  	15
			
	 Section 6.1
	  	Code and Other Remedies	  	15
	 Section 6.2
	  	Accounts and Payments in Respect of General Intangibles	  	18
	 Section 6.3
	  	Pledged Collateral	  	19

  

 i 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
			
	 Section 6.4
	  	 Proceeds to be Turned over to and Held by Administrative Agent
	  	19
	 Section 6.5
	  	 Registration Rights
	  	20
	 Section 6.6
	  	 Deficiency
	  	20
		
	 ARTICLE VII   THE ADMINISTRATIVE AGENT
	  	21
			
	 Section 7.1
	  	 Administrative Agent’s Appointment as Attorney-in-Fact
	  	21
	 Section 7.2
	  	 Authorization to File Financing Statements
	  	22
	 Section 7.3
	  	 Authority of Administrative Agent
	  	23
	 Section 7.4
	  	 Duty; Obligations and Liabilities
	  	23
		
	 ARTICLE VIII  MISCELLANEOUS
	  	23
			
	 Section 8.1
	  	 Reinstatement
	  	23
	 Section 8.2
	  	 Release of Collateral
	  	24
	 Section 8.3
	  	 Independent Obligations
	  	24
	 Section 8.4
	  	 No Waiver by Course of Conduct
	  	24
	 Section 8.5
	  	 Amendments in Writing
	  	25
	 Section 8.6
	  	 Additional Grantors; Additional Pledged Collateral
	  	25
	 Section 8.7
	  	 Notices
	  	25
	 Section 8.8
	  	 Successors and Assigns
	  	25
	 Section 8.9
	  	 Counterparts
	  	25
	 Section 8.10
	  	 Severability
	  	25
	 Section 8.11
	  	 Governing Law
	  	26
	 Section 8.12
	  	 Waiver of Jury Trial
	  	26

  

 ii 

 TABLE OF CONTENTS 

 

			
	ANNEXES AND SCHEDULES
		
	Annex 1	  	Form of Pledge Amendment
	Annex 2	  	Form of Joinder Agreement
	Annex 3	  	Form of Intellectual Property Security Agreement
		
	Schedule 1	  	Commercial Tort Claims
	Schedule 2	  	Filings
	Schedule 3	  	Jurisdiction of Organization; Chief Executive Office
	Schedule 4	  	Location of Inventory and Equipment
	Schedule 5	  	Pledged Collateral
	Schedule 6	  	Intellectual Property

  

 iii 

 AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT, dated as of August 6, 2010, by
and among THE PRINCETON REVIEW, INC. (“TPR”), PENN FOSTER, INC. (“PF”; and together with TPR, each individually, a “Borrower” and collectively, the “Borrowers”) and each of the
other entities listed on the signature pages hereof or that becomes a party hereto pursuant to Section 8.6 (together with the Borrowers, the “Grantors”), in favor of General Electric Capital Corporation (“GE
Capital”), as administrative agent and collateral agent (in such capacity, together with its successors and permitted assigns, the “Administrative Agent”) for the Lenders and the L/C Issuers and each other Secured Party
(each as defined in the Credit Agreement referred to below). 
 W I T N E S S E T H: 

WHEREAS, pursuant to the Amended and Restated Credit Agreement dated as of August 6, 2010, (as the same may be modified from time to
time, the “Credit Agreement”) among the Borrowers, the guarantors party thereto, the Lenders and the L/C Issuers from time to time party thereto and GE Capital, as administrative agent and collateral agent for the Lenders and the
L/C Issuers, the Lenders and the L/C Issuers have severally agreed to make extensions of credit to the Borrowers upon the terms and subject to the conditions set forth therein; 

WHEREAS, each Grantor (other than the Borrowers) has agreed to guaranty the Obligations (as defined in the Credit Agreement) of the
Borrowers; 
 WHEREAS, each Grantor will derive substantial direct and indirect benefits from the making of the extensions of
credit under the Credit Agreement; and 
 WHEREAS, it is a condition precedent to the obligation of the Lenders and the L/C
Issuers to make their respective extensions of credit to the Borrowers under the Credit Agreement that the Grantors shall have executed and delivered this Agreement to the Administrative Agent; 

NOW, THEREFORE, in consideration of the premises and to induce the Lenders, the L/C Issuers and the Administrative Agent to enter into
the Credit Agreement and to induce the Lenders and the L/C Issuers to make their respective extensions of credit to the Borrowers thereunder, each Grantor hereby agrees with the Administrative Agent as follows: 

ARTICLE I 

DEFINED TERMS 

Section 1.1 Definitions. (a) Capital terms used herein without definition are used as defined in the Credit
Agreement. 
 (b) The following terms have the meanings given to them in the UCC and terms used herein without definition that
are defined in the UCC have the meanings given to them in the UCC (such meanings to be equally applicable to both the singular and plural forms of the terms defined): “account”, “account debtor”,
“as-extracted collateral”, “certificated security”, “chattel paper”, “commercial tort claim”, “commodity contract”, “deposit account”,
“electronic chattel paper”, “equipment”, “farm products”, “fixture”, “general intangible”, “goods”, “health-care-insurance
receivable”, “instruments”, “inventory”, “investment property”, “letter-of-credit right”, “proceeds”, “record”, “securities
account”, “security”, “supporting obligation” and “tangible chattel paper”. 
  

					
		  		  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 (c) The following terms shall have the following meanings: 

“Agreement” means this Amended and Restated Guaranty and Security Agreement. 

“Applicable IP Office” means the United States Patent and Trademark Office, the United States Copyright Office or any
similar office or agency within or outside the United States. 
 “Collateral” has the meaning specified in
Section 3.1. 
 “Excluded Equity” means any voting stock in excess of 66% of the outstanding voting
stock of any Excluded Foreign Subsidiary. For the purposes of this definition, “voting stock” means, with respect to any issuer, the issued and outstanding shares of each class of Stock of such issuer entitled to vote (within the
meaning of Treasury Regulations § 1.956-2(c)(2)). 
 “Excluded Property” means, collectively,
(i) Excluded Equity, (ii) any permit or license or any Contractual Obligation entered into by any Grantor (A) that prohibits or requires the consent of any Person other than the Borrowers and their Affiliates as a condition to the
creation by such Grantor of a Lien on any right, title or interest in such permit, license or Contractual Agreement or the subject matter thereof or any Stock or Stock Equivalent related thereto or (B) to the extent that any Requirement of Law
applicable thereto prohibits the creation of a Lien thereon, but only, with respect to the prohibition in (A) and (B), to the extent, and for as long as, such prohibition is not terminated or rendered unenforceable or otherwise deemed
ineffective by the UCC or any other Requirement of Law, (iii) fixed or capital assets owned by any Grantor that are subject to a purchase money Lien or a Capital Lease if the Contractual Obligation pursuant to which such Lien is granted (or in
the document providing for such Capital Lease) prohibits or requires the consent of any Person other than the Borrowers and their Affiliates as a condition to the creation of any other Lien on such equipment, (iv) any “intent to use”
Trademark applications for which a statement of use has not been filed (but only until such statement is filed), and (v) Vehicles; provided, however, “Excluded Property” shall not include any proceeds, products,
substitutions or replacements of Excluded Property (unless such proceeds, products, substitutions or replacements would otherwise constitute Excluded Property). 

“Guaranteed Obligations” has the meaning set forth in Section 2.1. 

“Guarantor” means each Grantor other than the Borrowers. 

“Guaranty” means the guaranty of the Guaranteed Obligations made by the Guarantors as set forth in this Agreement.

 “Material Intellectual Property” means Intellectual Property that is owned by or licensed to a Grantor
pursuant to a written agreement and material to the conduct of any Grantor’s business. 
 “Pledged Certificated
Stock” means all certificated securities and any other Stock or Stock Equivalent of any Person evidenced by a certificate, instrument or other similar 

 

					
		  	2	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 
document (as defined in the UCC), in each case owned by any Grantor, and any distribution of property made on, in respect of or in exchange for the foregoing from time to time, exceeding $100,000
in the aggregate including all Stock and Stock Equivalents listed on Schedule 5. Pledged Certificated Stock excludes any Excluded Property and any Cash Equivalents that are not held in Controlled Securities Accounts to the extent
permitted by Section 7.11 of the Credit Agreement. 
 “Pledged Collateral” means, collectively, the
Pledged Stock and the Pledged Debt Instruments. 
 “Pledged Debt Instruments” means all right, title and
interest of any Grantor in instruments evidencing any Indebtedness owed to such Grantor or other obligations owed to such Grantor, and any distribution of property made on, in respect of or in exchange for the foregoing from time to time, exceeding
$100,000 in the aggregate, including all Indebtedness described on Schedule 5, issued by the obligors named therein. Pledged Debt Instruments excludes any Cash Equivalents that are not held in Controlled Securities Accounts to the extent
permitted by Section 7.11 of the Credit Agreement. 
 “Pledged Investment Property” means any
investment property of any Grantor, and any distribution of property made on, in respect of or in exchange for the foregoing from time to time, exceeding $100,000 in the aggregate other than any Pledged Stock or Pledged Debt Instruments. Pledged
Investment Property excludes any Cash Equivalents that are not held in Controlled Securities Accounts to the extent permitted by Section 7.11 of the Credit Agreement. 

“Pledged Stock” means all Pledged Certificated Stock and all Pledged Uncertificated Stock. 

“Pledged Uncertificated Stock” means any Stock or Stock Equivalent of any Person that is not Pledged Certificated Stock,
including all right, title and interest of any Grantor as a limited or general partner in any partnership not constituting Pledged Certificated Stock or as a member of any limited liability company, all right, title and interest of any Grantor in,
to and under any Constituent Document of any partnership or limited liability company to which it is a party, and any distribution of property made on, in respect of or in exchange for the foregoing from time to time, exceeding $100,000 in the
aggregate including in each case those interests set forth on Schedule 5, to the extent such interests are not certificated. Pledged Certificated Stock excludes any Excluded Property and any Cash Equivalents that are not held in
Controlled Securities Accounts to the extent permitted by Section 7.11 of the Credit Agreement. 
 “Security
Cash Collateral Account” means a Cash Collateral Account that is not a L/C Cash Collateral Account. 

“Software” means (a) all computer programs, including source code and object code versions, (b) all data,
databases and compilations of data, whether machine readable or otherwise, and (c) all documentation, training materials and configurations related to any of the foregoing. 

“Subsidiary Guarantor” means any Guarantor that is a Subsidiary of any Borrower. 

 

					
		  	3	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 “UCC” means the Uniform Commercial Code as from time to time in effect in
the State of New York; provided, however, that, in the event that, by reason of mandatory provisions of any applicable Requirement of Law, any of the attachment, perfection or priority of the Administrative Agent’s or any other
Secured Party’s security interest in any Collateral is governed by the Uniform Commercial Code of a jurisdiction other than the State of New York, “UCC” shall mean the Uniform Commercial Code as in effect in such other
jurisdiction for purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of the definitions related to or otherwise used in such provisions. 

“Vehicles” means all vehicles covered by a certificate of title law of any state. 

Section 1.2 Certain Other Terms. (a) The meanings given to terms defined herein shall be equally applicable to
both the singular and plural forms of such terms. The terms “herein”, “hereof” and similar terms refer to this Agreement as a whole and not to any particular Article, Section or clause in this Agreement. References
herein to an Annex, Schedule, Article, Section or clause refer to the appropriate Annex or Schedule to, or Article, Section or clause in this Agreement. Where the context requires, provisions relating to any Collateral when used in relation to a
Grantor shall refer to such Grantor’s Collateral or any relevant part thereof. 
 (b) Section 1.5
(Interpretation) of the Credit Agreement is applicable to this Agreement as and to the extent set forth therein. 

ARTICLE II 

GUARANTY 

Section 2.1 Guaranty. To induce the Lenders to make the Loans and the L/C Issuers to Issue Letters of Credit,
each Guarantor hereby, jointly and severally, absolutely, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, the full and punctual payment when due, whether at stated maturity or earlier, by reason of
acceleration, mandatory prepayment or otherwise in accordance with any Loan Document, of all the Obligations of the Borrowers whether existing on the date hereof or hereinafter incurred or created (the “Guaranteed Obligations”).
This Guaranty by each Guarantor hereunder constitutes a guaranty of payment and not of collection. 
 Section 2.2
Limitation of Guaranty. Any term or provision of this Guaranty or any other Loan Document to the contrary notwithstanding, the maximum aggregate amount for which any Subsidiary Guarantor shall be liable hereunder shall not exceed the maximum
amount for which such Subsidiary Guarantor can be liable without rendering this Guaranty or any other Loan Document, as it relates to such Subsidiary Guarantor, subject to avoidance under applicable Requirements of Law relating to fraudulent
conveyance or fraudulent transfer (including the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act and Section 548 of title 11 of the United States Code or any applicable provisions of comparable Requirements of Law)
(collectively, “Fraudulent Transfer Laws”). Any analysis of the provisions of this Guaranty for purposes of Fraudulent Transfer Laws shall take into account the right of contribution established in Section 2.3 and, for
purposes of such analysis, give effect to any discharge of intercompany debt as a result of any payment made under the Guaranty. 

Section 2.3 Contribution. To the extent that any Subsidiary Guarantor shall be required hereunder to pay any portion
of any Guaranteed Obligation exceeding the greater of 
  

					
		  	4	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 
(a) the amount of the economic benefit actually received by such Subsidiary Guarantor from the Loans and other Obligations and (b) the amount such Subsidiary Guarantor would otherwise
have paid if such Subsidiary Guarantor had paid the aggregate amount of the Guaranteed Obligations (excluding the amount thereof repaid by the Borrowers and Holdings) in the same proportion as such Subsidiary Guarantor’s net worth on the date
enforcement is sought hereunder bears to the aggregate net worth of all the Subsidiary Guarantors on such date, then such Guarantor shall be reimbursed by such other Subsidiary Guarantors for the amount of such excess, pro rata, based on the
respective net worth of such other Subsidiary Guarantors on such date. 
 Section 2.4 Authorization; Other
Agreements. The Secured Parties are hereby authorized, without notice to or demand upon any Guarantor and without discharging or otherwise affecting the obligations of any Guarantor hereunder and without incurring any liability hereunder, from
time to time, to do each of the following: 
 (a) (i) modify, amend, supplement or otherwise change, (ii) accelerate
or otherwise change the time of payment or (iii) waive or otherwise consent to noncompliance with, any Guaranteed Obligation or any Loan Document; 

(b) apply to the Guaranteed Obligations any sums by whomever paid or however realized to any Guaranteed Obligation in such order as
provided in the Loan Documents; 
 (c) refund at any time any payment received by any Secured Party in respect of any Guaranteed
Obligation; 
 (d) (i) Sell, exchange, enforce, waive, substitute, liquidate, terminate, release, abandon, fail to perfect,
subordinate, accept, substitute, surrender, exchange, affect, impair or otherwise alter or release any Collateral for any Guaranteed Obligation or any other guaranty therefor in any manner, (ii) receive, take and hold additional Collateral to
secure any Guaranteed Obligation, (iii) add, release or substitute any one or more other Guarantors, makers or endorsers of any Guaranteed Obligation or any part thereof and (iv) otherwise deal in any manner with the Borrowers and any
other Guarantor, maker or endorser of any Guaranteed Obligation or any part thereof; and 
 (e) settle, release, compromise,
collect or otherwise liquidate the Guaranteed Obligations. 
 Section 2.5 Guaranty Absolute and
Unconditional. Each Guarantor hereby waives and agrees not to assert any defense, whether arising in connection with or in respect of any of the following or otherwise, and hereby agrees that its obligations under this Guaranty are irrevocable,
absolute and unconditional and shall not be discharged (except as a result of payment in full in cash of all Guaranteed Obligations) as a result of or otherwise affected by any of the following (which may not be pleaded and evidence of which may not
be introduced in any proceeding with respect to this Guaranty, in each case except as otherwise agreed in writing by the Administrative Agent): 

(a) the invalidity or unenforceability of any obligation of the Borrowers or any other Guarantor under any Loan Document or any other
agreement or instrument relating thereto (including any amendment, consent or waiver thereto), or any security for, or other guaranty of, any Guaranteed Obligation or any part thereof, or the lack of perfection or continuing perfection or failure of
priority of any security for the Guaranteed Obligations or any part thereof; 
  

					
		  	5	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 (b) the absence of (i) any attempt to collect any Guaranteed Obligation or any part
thereof from the Borrowers or any other Guarantor or other action to enforce the same or (ii) any action to enforce any Loan Document or any Lien thereunder; 

(c) the failure by any Person to take any steps to perfect and maintain any Lien on, or to preserve any rights with respect to, any
Collateral; 
 (d) any workout, insolvency, bankruptcy proceeding, reorganization, arrangement, liquidation or dissolution by or
against the Borrowers, any other Guarantor or any of the Borrowers’ other Subsidiaries or any procedure, agreement, order, stipulation, election, action or omission thereunder, including any discharge or disallowance of, or bar or stay against
collecting, any Guaranteed Obligation (or any interest thereon) in or as a result of any such proceeding; 
 (e) any
foreclosure, whether or not through judicial sale, and any other Sale of any Collateral or any election following the occurrence of an Event of Default by any Secured Party to proceed separately against any Collateral in accordance with such Secured
Party’s rights under any applicable Requirement of Law; or 
 (f) any other defense, setoff, counterclaim or any other
circumstance that might otherwise constitute a legal or equitable discharge of the Borrowers, any other Guarantor or any of the Borrowers’ other Subsidiaries, in each case other than the payment in full of the Guaranteed Obligations.

 Section 2.6 Waivers. Each Guarantor hereby unconditionally and irrevocably waives and agrees not to assert
any claim, defense, setoff or counterclaim based on diligence, promptness, presentment, requirements for any demand or notice hereunder including any of the following: (a) any demand for payment or performance and protest and notice of
protest, (b) any notice of acceptance, (c) any presentment, demand, protest or further notice or other requirements of any kind with respect to any Guaranteed Obligation (including any accrued but unpaid interest thereon) becoming
immediately due and payable and (d) any other notice in respect of any Guaranteed Obligation or any part thereof, and any defense arising by reason of any disability or other defense of the Borrowers or any other Guarantor. Until payment in
full in cash of the Guaranteed Obligations and termination of all Commitments, each Guarantor further unconditionally and irrevocably agrees not to (x) enforce or otherwise exercise any right of subrogation or any right of reimbursement or
contribution or similar right against the Borrowers or any other Guarantor by reason of any Loan Document or any payment made thereunder or (y) assert any claim, defense, setoff or counterclaim it may have against any other Loan Party or set
off any of its obligations to such other Loan Party against obligations of such Loan Party to such Guarantor. No obligation of any Guarantor hereunder shall be discharged other than by complete performance. 

Section 2.7 Reliance. Each Guarantor hereby assumes responsibility for keeping itself informed of the financial
condition of the Borrowers, each other Guarantor and any other guarantor, maker or endorser of any Guaranteed Obligation or any part thereof, and of all other circumstances bearing upon the risk of nonpayment of any Guaranteed Obligation or any part
thereof that diligent inquiry would reveal, and each Guarantor hereby agrees that no Secured 
  

					
		  	6	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 
Party shall have any duty to advise any Guarantor of information known to it regarding such condition or any such circumstances. In the event any Secured Party, in its sole discretion, undertakes
at any time or from time to time to provide any such information to any Guarantor, such Secured Party shall be under no obligation to (a) undertake any investigation not a part of its regular business routine, (b) disclose any information
that such Secured Party, pursuant to accepted or reasonable commercial finance or banking practices, wishes to maintain confidential or (c) make any future disclosures of such information or any other information to any Guarantor. 

ARTICLE III 

GRANT OF SECURITY INTEREST 

Section 3.1 Collateral. For the purposes of this Agreement, all of the following property now owned or at any time
hereafter acquired by a Grantor or in which a Grantor now has or at any time in the future may acquire any right, title or interests is collectively referred to as the “Collateral”: 

(a) all accounts, chattel paper, deposit accounts, documents (as defined in the UCC), equipment, general intangibles, instruments,
inventory, investment property and any supporting obligations related thereto; 
 (b) the commercial tort claims described on
Schedule 1 and on any supplement thereto received by the Administrative Agent pursuant to Section 5.9; 

(c) all books and records pertaining to the other property described in this Section 3.1; 

(d) all property of such Grantor held by any Secured Party, including all property of every description, in the custody of or in transit
to such Secured Party for any purpose, including safekeeping, collection or pledge, for the account of such Grantor or as to which such Grantor may have any right or power, including but not limited to cash; 

(e) all other goods (including but not limited to fixtures) and personal property of such Grantor, whether tangible or intangible and
wherever located; and 
 (f) to the extent not otherwise included, all proceeds of the foregoing; 

provided, however, that “Collateral” shall not include any Excluded Property; and provided, further, that if
and when any property shall cease to be Excluded Property, such property shall be deemed at all times from and after the date thereof to constitute Collateral. 

Section 3.2 Grant of Security Interest in Collateral. Each Grantor, as collateral security for the prompt and complete
payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Obligations of such Grantor (the “Secured Obligations”), hereby mortgages, pledges and hypothecates to the Administrative Agent for
the benefit of the Secured Parties, and grants to the Administrative Agent for the benefit of the Secured Parties a Lien on and security interest in, all of its right, title and interest in, to and under the Collateral of such Grantor. 

 

					
		  	7	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

To induce the Lenders, the L/C Issuers and the Administrative Agent to enter into the Loan Documents, each Grantor hereby represents and
warrants each of the following to the Administrative Agent, the Lenders, the L/C Issuers and the other Secured Parties: 

Section 4.1 Title; No Other Liens. Except for the Lien granted to the Administrative Agent pursuant to this Agreement
and other Permitted Liens (except for those Permitted Liens not permitted to exist on any Collateral) under any Loan Document (including Section 4.2), such Grantor owns each item of the Collateral free and clear of any and all Liens or
claims of others. Such Grantor (a) is the record and beneficial owner of the Collateral pledged by it hereunder constituting instruments or certificates and (b) has rights in or the power to transfer each other item of Collateral in which
a Lien is granted by it hereunder, free and clear of any other Lien. 
 Section 4.2 Perfection and Priority.
The security interest granted pursuant to this Agreement constitutes a valid and continuing perfected security interest in favor of the Administrative Agent in all Collateral subject, for the following Collateral, to the occurrence of the following:
(i) in the case of all Collateral in which a security interest may be perfected by filing a financing statement under the UCC, the completion of the filings and other actions specified on Schedule 2 (which, in the case of all
filings and other documents referred to on such schedule, have been delivered to the Administrative Agent in completed and duly authorized form), (ii) with respect to any deposit account, the execution of Control Agreements, (iii) in the
case of all Copyrights, Trademarks and Patents for which UCC filings are insufficient, all appropriate filings having been made with the Applicable IP Office, (iv) in the case of letter-of-credit rights that are not supporting obligations of
Collateral, the execution of a Contractual Obligation granting control to the Administrative Agent over such letter-of-credit rights and (v) in the case of electronic chattel paper, the completion of all steps necessary to grant control to the
Administrative Agent over such electronic chattel paper. Such security interest shall be prior to all other Liens on the Collateral except for Customary Permitted Liens having priority over the Administrative Agent’s Lien by operation of law or
unless otherwise permitted by any Loan Document upon (i) in the case of all Pledged Certificated Stock, Pledged Debt Instruments and Pledged Investment Property, the delivery thereof to the Administrative Agent of such Pledged Certificated
Stock, Pledged Debt Instruments and Pledged Investment Property consisting of instruments and certificates, in each case properly endorsed for transfer to the Administrative Agent or in blank and as to which the Administrative Agent has no notice of
any adverse claim, (ii) in the case of all Pledged Investment Property not in certificated form, the execution of Control Agreements with respect to such investment property and (iii) in the case of all other instruments and tangible
chattel paper that are not Pledged Certificated Stock, Pledged Debt Instruments or Pledged Investment Property, the delivery thereof to the Administrative Agent of such instruments and tangible chattel paper and as to which the Administrative Agent
has no notice of any adverse claim. Except as set forth in this Section 4.2, all actions by each Grantor necessary or desirable to protect and perfect the Lien granted hereunder on the Collateral have been duly taken. 

Section 4.3 Jurisdiction of Organization; Chief Executive Office. Such Grantor’s jurisdiction of organization,
legal name and organizational identification number, if any, and the location of such Grantor’s chief executive office or sole place of business, in each case as of the date hereof, is specified on Schedule 3. 

 

					
		  	8	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 Section 4.4 Locations of Inventory, Equipment and Books and Records. On
the date hereof, such Grantor’s inventory and equipment (other than inventory or equipment in transit) and books and records concerning the Collateral are kept at the locations listed on Schedule 4. 

Section 4.5 Pledged Collateral. (a) The Pledged Stock pledged by such Grantor hereunder (a) is listed on
Schedule 5 and constitutes that percentage of the issued and outstanding equity of all classes of each issuer thereof as set forth on Schedule 5 and (b) has been duly authorized, validly issued and is fully paid and
nonassessable (other than Pledged Stock in limited liability companies and partnerships). 
 (b) As of the Closing Date, all
Pledged Collateral (other than Pledged Uncertificated Stock) and all Pledged Investment Property consisting of instruments and certificates has been delivered to the Administrative Agent in accordance with Section 5.3(a). 

(c) Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent shall be entitled to exercise all of
the rights of the Grantor granting the security interest in any Pledged Stock, and a transferee or assignee of such Pledged Stock shall become a holder of such Pledged Stock to the same extent as such Grantor and be entitled to participate in the
management of the issuer of such Pledged Stock and, upon the transfer of the entire interest of such Grantor, such Grantor shall, by operation of law, cease to be a holder of such Pledged Stock. 

Section 4.6 Instruments and Tangible Chattel Paper Formerly Accounts. No amount payable to such Grantor under or in
connection with any account is evidenced by any instrument or tangible chattel paper that has not been delivered to the Administrative Agent, properly endorsed for transfer, to the extent delivery is required by Section 5.6(a).

 Section 4.7 Intellectual Property. (a) Schedule 6 sets forth a true and complete list of
the following Intellectual Property such Grantor owns, licenses or otherwise has the right to use pursuant to a written agreement: (i) Intellectual Property that is registered or subject to applications for registration, (ii) Internet
Domain Names and (iii) Material Intellectual Property and material Software (other than commercial off the shelf Software which is made available for a total cost of less than $10,000), separately identifying that owned and licensed to such
Grantor and including for each of the foregoing items (1) the owner, (2) the title, (3) the jurisdiction in which such item has been registered or otherwise arises or in which an application for registration has been filed,
(4) as applicable, the registration or application number and registration or application date and (5) any IP Licenses or other rights (including franchises) granted by the Grantor with respect thereto except for IP Licenses or other
rights granted by such Grantor substantially in the form of such Grantor’s standard customer agreement, if any. 
 (b) On
the Closing Date, all Material Intellectual Property owned by such Grantor is in full force and effect, subsisting, unexpired and to such Grantor’s knowledge, valid and enforceable, and no Material Intellectual Property has been abandoned. No
breach or default of any material IP License shall be caused by any of the following, and none of the following shall limit or impair the ownership, use, validity or enforceability of, or any rights of such Grantor in, any Material Intellectual
Property: (i) the consummation of the transactions contemplated by any Loan Document or (ii) to such Grantor’s knowledge, any holding, decision, judgment or order rendered by any Governmental Authority. There are no pending (or, to
the knowledge of such Grantor, threatened) actions, investigations, suits, proceedings, audits, claims, demands, orders or disputes challenging the ownership, use, validity, enforceability of, or such

  

					
		  	9	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 
Grantor’s rights in, any Material Intellectual Property of such Grantor. To such Grantor’s knowledge, no Person has been or is infringing, misappropriating, diluting, violating or
otherwise impairing any Intellectual Property of such Grantor. Such Grantor, and to such Grantor's knowledge each other party thereto, is not in material breach or default of any material IP License. 

Section 4.8 Commercial Tort Claims. The only commercial tort claims of any Grantor existing on the date hereof in
excess of $100,000 (regardless of whether the amount, defendant or other material facts can be determined and regardless of whether such commercial tort claim has been asserted, threatened or has otherwise been made known to the obligee thereof or
whether litigation has been commenced for such claims) are those listed on Schedule 1, which sets forth such information separately for each Grantor. 

Section 4.9 Specific Collateral. None of the Collateral is or is proceeds or products of farm products, as-extracted
collateral, health-care-insurance receivables or timber to be cut. 
 Section 4.10 Enforcement. No Permit,
notice to or filing with any Governmental Authority or any other Person or any consent from any Person is required for the exercise by the Administrative Agent of its rights (including voting rights) provided for in this Agreement or the enforcement
of remedies in respect of the Collateral pursuant to this Agreement, including the transfer of any Collateral, except (a) filings or recordings in connection with the Liens granted to Administrative Agent hereunder, (b) those obtained or
made and delivered to Administrative Agent on or prior to the Closing Date, (c) as may be required in connection with the disposition of any portion of the Pledged Collateral by laws affecting the offering and sale of securities or other assets
generally, or (d) any approvals that may be required to be obtained from any bailees or landlords to collect or gain access to the Collateral. 

Section 4.11 Representations and Warranties of the Credit Agreement. The representations and warranties as to such
Grantor and its Subsidiaries made by the Borrowers in Article IV (Representations and Warranties) of the Credit Agreement are true and correct on each date as required by Section 3.2(b) of the Credit Agreement. 

Section 4.12 Effect of Amendment and Restatement. This Agreement amends and restates, in its entirety, and supersedes
and replaces that certain Guaranty and Security Agreement, dated as of December 7, 2009, heretofore made by the undersigned in favor of the Administrative Agent in regard to the Grantors, without novation and without any break in continuity of
the security interests granted therein which are being continued and re-granted hereby. 
 ARTICLE V 

COVENANTS 
 Each
Grantor agrees with the Administrative Agent to the following, as long as any Obligation or Commitment remains outstanding (other than Contingent Indemnification Obligations) and, in each case, unless the Required Lenders otherwise consent in
writing: 
 Section 5.1 Maintenance of Perfected Security Interest; Further Documentation and Consents.
(a) Generally. Such Grantor shall (i) not use or permit any Collateral to be used unlawfully or in violation of any provision of any Loan Document, any Related Document, any 

 

					
		  	10	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 
Requirement of Law or any policy of insurance covering the Collateral and (ii) not enter into any Contractual Obligation or undertaking other than pursuant to a Requirement of Law
restricting the right or ability of such Grantor or the Administrative Agent to Sell any Collateral if such restriction would have a Material Adverse Effect. 

(b) Such Grantor shall maintain the security interest created by this Agreement as a perfected security interest having at least the
priority described in Section 4.2 and shall defend such security interest and such priority against the claims and demands of all Persons. 

(c) Pursuant to Section 6.1(e) of the Credit Agreement, such Grantor shall furnish to the Administrative Agent from time to
time statements and schedules further identifying and describing the Collateral and such other documents in connection with the Collateral as the Administrative Agent may reasonably request, all in reasonable detail and in form and substance
satisfactory to the Administrative Agent. 
 (d) At any time and from time to time, upon the written request of the
Administrative Agent, such Grantor shall, for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, (i) promptly and duly execute and deliver, and have recorded, such further
documents, including an authorization to file (or, as applicable, the filing) of any financing statement or amendment under the UCC (or other filings under similar Requirements of Law) in effect in any jurisdiction with respect to the security
interest created hereby and (ii) take such further action as the Administrative Agent may reasonably request, including (A) using its best efforts to secure all approvals necessary or appropriate for the assignment to or for the benefit of
the Administrative Agent of any Contractual Obligation, including any IP License, held by such Grantor and to enforce the security interests granted hereunder and (B) executing and delivering any Control Agreements with respect to deposit
accounts and securities accounts. 
 (e) Reserved. 

(f) To ensure that any of the Excluded Property set forth in clause (ii) of the definition of “Excluded Property”
becomes part of the Collateral, such Grantor shall use its best efforts to obtain any required consents from any Person other than the Borrowers and their Affiliates and any Governmental Authority with respect to any permit or license or any
Contractual Obligation with such Person entered into by such Grantor that requires such consent as a condition to the creation by such Grantor of a Lien on any right, title or interest in such permit, license or Contractual Obligation or any Stock
or Stock Equivalent related thereto. 
 Section 5.2 Changes in Locations, Name, Etc. Except upon 30
days’ prior written notice to the Administrative Agent and delivery to the Administrative Agent of (a) all documents reasonably requested by the Administrative Agent to maintain the validity, perfection and priority of the security
interests provided for herein and (b) if applicable, a written supplement to Schedule 4 showing any additional locations at which inventory or equipment shall be kept, such Grantor shall not do any of the following: 

(i) permit any inventory or equipment, in excess of $150,000 individually and $250,000 in the aggregate, to be kept at a
location other than those listed on Schedule 4, except for inventory or equipment in transit; 
  

					
		  	11	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 (ii) change its jurisdiction of organization or its location, in each case
from that referred to in Section 4.3; or 
 (iii) change its legal name or organizational
identification number, if any, or corporation, limited liability company, partnership or other organizational structure to such an extent that any financing statement filed in connection with this Agreement would become misleading. 

Section 5.3 Pledged Collateral. (a) Delivery of Pledged Collateral. Such Grantor shall (i) deliver to
the Administrative Agent, in suitable form for transfer and in form and substance satisfactory to the Administrative Agent, (A) all Pledged Certificated Stock, (B) all Pledged Debt Instruments and (C) all certificates and instruments
evidencing Pledged Investment Property and (ii) maintain all other Pledged Investment Property in a Controlled Securities Account. 

(b) Event of Default. During the continuance of an Event of Default, the Administrative Agent shall have the right, at any time in
its discretion and without notice to the Grantor, to (i) transfer to or to register in its name or in the name of its nominees any Pledged Collateral or any Pledged Investment Property and (ii) exchange any certificate or instrument
representing or evidencing any Pledged Collateral or any Pledged Investment Property for certificates or instruments of smaller or larger denominations. 

(c) Cash Distributions with respect to Pledged Collateral. Except as provided in Article VI, such Grantor shall be
entitled to receive all cash distributions paid in respect of the Pledged Collateral. 
 (d) Voting Rights. Except as
provided in Article VI, such Grantor shall be entitled to exercise all voting, consent and corporate, partnership, limited liability company and similar rights with respect to the Pledged Collateral; provided, however, that
without the prior written consent of Administrative Agent no vote shall be cast, consent given or right exercised or other action taken by such Grantor that would impair the Collateral or be inconsistent with or result in any violation of any
provision of any Loan Document. 
 Section 5.4 Accounts. (a) Such Grantor shall not, other than in the
ordinary course of business, (i) grant any extension of the time of payment of any account, (ii) compromise or settle any account for less than the full amount thereof, (iii) release, wholly or partially, any Person liable for the
payment of any account, (iv) allow any credit or discount on any account or (v) amend, supplement or modify any account in any manner that could adversely affect the value thereof. 

(b) So long as any Event of Default is continuing, the Administrative Agent shall have the right to make test verifications of the
Accounts in any manner and through any medium that it reasonably considers advisable, and such Grantor shall furnish all such assistance and information as the Administrative Agent may reasonably require in connection therewith. At any time and from
time to time, upon the Administrative Agent’s request, such Grantor shall cause independent public accountants or others satisfactory to the Administrative Agent to furnish to the Administrative Agent reports showing reconciliations, aging and
test verifications of, and trial balances for, the accounts; provided, however, that unless a Default shall be continuing, the Administrative Agent shall request no more than four such reports during any calendar year. 

 

					
		  	12	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 Section 5.5 Commodity Contracts. Such Grantor shall not have any
commodity contract other than with a Person approved by the Administrative Agent and subject to a Control Agreement. 

Section 5.6 Delivery of Instruments and Tangible Chattel Paper and Control of Investment Property, Letter-of-Credit Rights
and Electronic Chattel Paper. (a) If any amount in excess of $100,000 payable under or in connection with any Collateral owned by such Grantor shall be or become evidenced by an instrument or tangible chattel paper other than such
instrument delivered in accordance with Section 5.3(a) and in the possession of the Administrative Agent, such Grantor shall mark all such instruments and tangible chattel paper with the following legend: “This writing and the
obligations evidenced or secured hereby are subject to the security interest of General Electric Capital Corporation, as Administrative Agent” and, at the request of the Administrative Agent, shall immediately deliver such instrument or
tangible chattel paper to the Administrative Agent, duly indorsed in a manner satisfactory to the Administrative Agent. 
 (b)
Such Grantor shall not grant “control” (within the meaning of such term under Article 9-106 of the UCC) over any investment property to any Person other than the Administrative Agent. 

(c) If such Grantor is or becomes the beneficiary of a letter of credit that is (i) not a supporting obligation of any Collateral
and (ii) in excess of $110,000, such Grantor shall promptly, and in any event within 2 Business Days after becoming a beneficiary, notify the Administrative Agent thereof and enter into a Contractual Obligation with the Administrative Agent,
the issuer of such letter of credit or any nominated person with respect to the letter-of-credit rights under such letter of credit. Such Contractual Obligation shall assign such letter-of-credit rights to the Administrative Agent and such
assignment shall be sufficient to grant control for the purposes of Section 9-107 of the UCC (or any similar section under any equivalent UCC). Such Contractual Obligation shall also direct all payments thereunder to a Security Cash Collateral
Account. The provisions of the Contractual Obligation shall be in form and substance reasonably satisfactory to the Administrative Agent. 

(d) If any amount in excess of $100,000 payable under or in connection with any Collateral owned by such Grantor shall be or become
evidenced by electronic chattel paper, such Grantor shall take all steps necessary to grant the Administrative Agent control of all such electronic chattel paper for the purposes of Section 9-105 of the UCC (or any similar section under any
equivalent UCC) and all "transferable records" as defined in each of the Uniform Electronic Transactions Act and the Electronic Signatures in Global and National Commerce Act. 

Section 5.7 Intellectual Property. (a) Within 60 days after any change to Schedule 6 for such
Grantor, such Grantor shall provide the Administrative Agent notification thereof and the short-form intellectual property agreements and assignments as described in this Section 5.7 and other documents that the Administrative Agent
reasonably requests with respect thereto. 
 (b) Such Grantor shall (and shall cause all its licensees to) (i) (1) continue
to use each Trademark included in the Material Intellectual Property in order to maintain such Trademark in full force and effect with respect to each class of goods for which such Trademark is currently used, free from any claim of abandonment for
non-use, (2) maintain at least the same standards of quality of products and services offered under such Trademark as are currently maintained, (3) use such Trademark with the appropriate notice of registration and all other

  

					
		  	13	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 
notices and legends required by applicable Requirements of Law, (4) not adopt or use any other Trademark that is confusingly similar or a colorable imitation of such Trademark unless the
Administrative Agent shall obtain a perfected security interest in such other Trademark pursuant to this Agreement and (ii) not do any act or omit to do any act whereby (w) such Trademark (or any goodwill associated therewith) may become
destroyed, invalidated, impaired or harmed in any way, (x) any Patent included in the Material Intellectual Property may become forfeited, misused, unenforceable, abandoned or dedicated to the public, (y) any portion of the Copyrights
included in the Material Intellectual Property may become invalidated, otherwise impaired or fall into the public domain or (z) any Trade Secret that is Material Intellectual Property may become publicly available or otherwise unprotectable.
Notwithstanding the foregoing, such Grantor shall be permitted to dispose of Intellectual Property pursuant to Section 8.4 of the Credit Agreement. 

(c) Such Grantor shall notify the Administrative Agent immediately if it knows, or has reason to know, that any application or
registration relating to any Material Intellectual Property may become forfeited, misused, unenforceable, abandoned or dedicated to the public, or of any adverse determination or development regarding the validity or enforceability or such
Grantor’s ownership of, interest in, right to use, register, own or maintain any Material Intellectual Property (including the institution of, or any such determination or development in, any proceeding relating to the foregoing in any
Applicable IP Office). Such Grantor shall take all actions that are necessary or reasonably requested by the Administrative Agent to maintain and pursue each application (and to obtain the relevant registration or recordation) and to maintain each
registration and recordation included in the Material Intellectual Property. Notwithstanding the foregoing, such Grantor shall be permitted to dispose of Intellectual Property pursuant to Section 8.4 of the Credit Agreement. 

(d) Such Grantor shall not knowingly do any act or omit to do any act to infringe, misappropriate, dilute, violate or otherwise impair
the Intellectual Property of any other Person. In the event that any Material Intellectual Property of such Grantor is or has been infringed, misappropriated, violated, diluted or otherwise impaired by a third party, such Grantor shall take such
action as it reasonably deems appropriate under the circumstances in response thereto, including promptly bringing suit and recovering all damages therefor. 

(e) Such Grantor shall execute and deliver to the Administrative Agent in form and substance reasonably acceptable to the Administrative
Agent and suitable for filing in the Applicable IP Office or recording with the appropriate Internet domain name registrar, as applicable, (i) the short-form intellectual property security agreements in the form attached hereto as
Annex 3 for all Copyrights, Trademarks, Patents and IP Licenses of such Grantor and (ii) during the continuance of any Event of Default, at the Administrative Agent’s request, a duly executed form of assignment for all Internet
Domain Names of such Grantor, in each case, together with appropriate supporting documentation as may be requested by the Administrative Agent. 

Section 5.8 Notices. Such Grantor shall promptly notify the Administrative Agent in writing of its acquisition of any
interest hereafter in property that is of a type where a security interest or lien must be or may be registered, recorded or filed under, or notice thereof given under, any federal statute or regulation. 

Section 5.9 Notice of Commercial Tort Claims. Such Grantor agrees that, if it shall acquire any interest in any
commercial tort claim in excess of $100,000 (whether from another Person or because such commercial tort claim shall have come into existence), (i) such Grantor 

 

					
		  	14	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 
shall, promptly upon such acquisition, deliver to the Administrative Agent, in each case in form and substance satisfactory to the Administrative Agent, a notice of the existence and nature of
such commercial tort claim and a supplement to Schedule 1 containing a specific description of such commercial tort claim, (ii) Section 3.1 shall apply to such commercial tort claim and (iii) such Grantor shall
execute and deliver to the Administrative Agent, in each case in form and substance satisfactory to the Administrative Agent, any document, and take all other action, deemed by the Administrative Agent to be reasonably necessary or appropriate for
the Administrative Agent to obtain, on behalf of the Lenders, a perfected security interest having at least the priority set forth in Section 4.2 in all such commercial tort claims. Any supplement to Schedule 1 delivered
pursuant to this Section 5.9 shall, after the receipt thereof by the Administrative Agent, become part of Schedule 1 for all purposes hereunder other than in respect of representations and warranties made prior to the date of
such receipt. 
 ARTICLE VI 

REMEDIAL PROVISIONS 

Section 6.1 Code and Other Remedies. (a) UCC Remedies. During the continuance of an Event of Default, the
Administrative Agent may exercise, in addition to all other rights and remedies granted to it in this Agreement and in any other instrument or agreement securing, evidencing or relating to any Secured Obligation, all rights and remedies of a secured
party under the UCC or any other applicable law. 
 (b) Disposition of Collateral. Without limiting the generality of the
foregoing, the Administrative Agent may, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all
and each of which demands, defenses, advertisements and notices are hereby waived to the extent not otherwise expressly prohibited by law), during the continuance of any Event of Default (personally or through its agents or attorneys),
(i) enter upon the premises where any Collateral is located, without any obligation to pay rent, through self-help to the extent permitted by state law, without judicial process, without first obtaining a final judgment or giving any Grantor or
any other Person notice or opportunity for a hearing on the Administrative Agent's claim or action, (ii) collect, receive, appropriate and realize upon any Collateral and (iii) Sell, grant option or options to purchase and deliver any
Collateral (enter into Contractual Obligations to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of any Secured Party or elsewhere upon such terms and conditions as
it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Administrative Agent shall have the right, upon any such public sale or sales and, to the extent
permitted by the UCC and other applicable Requirements of Law, upon any such private sale, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption of any Grantor, which right or equity is hereby waived
and released. 
 (c) Management of the Collateral. Each Grantor further agrees, that, during the continuance of any Event
of Default, (i) at the Administrative Agent’s request, it shall assemble the Collateral and make it available to the Administrative Agent at places that the Administrative Agent shall reasonably select, whether at such Grantor’s
premises or elsewhere, (ii) without limiting the foregoing, the Administrative Agent also has the right to require that each Grantor store and keep any Collateral pending further action by the Administrative Agent and, while any such Collateral
is so stored or kept, provide such guards and maintenance services as 
  

					
		  	15	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 
shall be necessary to protect the same and to preserve and maintain such Collateral in good condition, (iii) until the Administrative Agent is able to Sell any Collateral, the Administrative
Agent shall have the right to hold or use such Collateral to the extent that it deems appropriate for the purpose of preserving the Collateral or its value or for any other purpose deemed appropriate by the Administrative Agent and (iv) the
Administrative Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of any Collateral and to enforce any of the Administrative Agent's remedies (for the benefit of the Secured Parties), with respect to such
appointment without prior notice or hearing as to such appointment. The Administrative Agent shall not have any obligation to any Grantor to maintain or preserve the rights of any Grantor as against third parties with respect to any Collateral while
such Collateral is in the possession of the Administrative Agent. 
 (d) Application of Proceeds. The Administrative
Agent shall apply the cash proceeds of any action taken by it pursuant to this Section 6.1, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any
Collateral or in any way relating to the Collateral or the rights of the Administrative Agent and any other Secured Party hereunder, including reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Secured
Obligations, as set forth in the Credit Agreement, and only after such application and after the payment by the Administrative Agent of any other amount required by any Requirement of Law, need the Administrative Agent account for the surplus, if
any, to any Grantor. 
 (e) Direct Obligation. Neither the Administrative Agent nor any other Secured Party shall be
required to make any demand upon, or pursue or exhaust any right or remedy against, any Grantor, any other Loan Party or any other Person with respect to the payment of the Obligations or to pursue or exhaust any right or remedy with respect to any
Collateral therefor or any direct or indirect guaranty thereof. All of the rights and remedies of the Administrative Agent and any other Secured Party under any Loan Document shall be cumulative, may be exercised individually or concurrently and not
exclusive of any other rights or remedies provided by any Requirement of Law. To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert against the
Administrative Agent or any Lender, any valuation, stay, appraisement, extension, redemption or similar laws and any and all rights or defenses it may have as a surety, now or hereafter existing, arising out of the exercise by them of any rights
hereunder. If any notice of a proposed sale or other disposition of any Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other disposition. 

(f) Commercially Reasonable. To the extent that applicable Requirements of Law impose duties on the Administrative Agent to
exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it is not commercially unreasonable for the Administrative Agent to do any of the following: 

(i) fail to incur significant costs, expenses or other Liabilities reasonably deemed as such by the Administrative Agent
to prepare any Collateral for disposition or otherwise to complete raw material or work in process into finished goods or other finished products for disposition; 

(ii) fail to obtain Permits, or other consents, for access to any Collateral to Sell or for the collection or Sale of any
Collateral, or, if not required by other Requirements of Law, fail to obtain Permits or other consents for the collection or disposition of any Collateral; 
  

					
		  	16	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 (iii) fail to exercise remedies against account debtors or other Persons
obligated on any Collateral or to remove Liens on any Collateral or to remove any adverse claims against any Collateral; 

(iv) advertise dispositions of any Collateral through publications or media of general circulation, whether or not such
Collateral is of a specialized nature or to contact other Persons, whether or not in the same business as any Grantor, for expressions of interest in acquiring any such Collateral; 

(v) exercise collection remedies against account debtors and other Persons obligated on any Collateral, directly or
through the use of collection agencies or other collection specialists, hire one or more professional auctioneers to assist in the disposition of any Collateral, whether or not such Collateral is of a specialized nature or, to the extent deemed
appropriate by the Administrative Agent, obtain the services of other brokers, investment bankers, consultants and other professionals to assist the Administrative Agent in the collection or disposition of any Collateral, or utilize Internet sites
that provide for the auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets to dispose of any Collateral; 

(vi) dispose of assets in wholesale rather than retail markets; 

(vii) disclaim disposition warranties, such as title, possession or quiet enjoyment; or 

(viii) purchase insurance or credit enhancements to insure the Administrative Agent against risks of loss, collection or
disposition of any Collateral or to provide to the Administrative Agent a guaranteed return from the collection or disposition of any Collateral. 

Each Grantor acknowledges that the purpose of this Section 6.1 is to provide a non-exhaustive list of actions or omissions that are
commercially reasonable when exercising remedies against any Collateral and that other actions or omissions by the Secured Parties shall not be deemed commercially unreasonable solely on account of not being indicated in this
Section 6.1. Without limitation upon the foregoing, nothing contained in this Section 6.1 shall be construed to grant any rights to any Grantor or to impose any duties on the Administrative Agent that would not have been
granted or imposed by this Agreement or by applicable Requirements of Law in the absence of this Section 6.1. 
 (g)
IP Licenses; Real Property. Solely for the purpose of enabling the Administrative Agent to exercise rights and remedies under this Section 6.1 (including in order to take possession of, collect, receive, assemble, process,
appropriate, remove, realize upon, Sell or grant options to purchase any Collateral) at such time as the Administrative Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to the Administrative Agent,
for the benefit of the Secured Parties, (i) an irrevocable, nonexclusive license (exercisable during the continuance of an Event of Default without payment of royalty or other compensation to such Grantor), including in such license the right
to sublicense, use and 
  

					
		  	17	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 
practice any Intellectual Property now owned or hereafter acquired by such Grantor and access to all media in which any of the licensed items may be recorded or stored and to all Software and
programs used for the compilation or printout thereof and (ii) to the extent each Grantor is permitted to do so, an irrevocable license (without payment of rent or other compensation to such Grantor) to use, operate and occupy during the
continuance of an Event of Default all Real Property owned, operated, leased, subleased or otherwise occupied by such Grantor. In the event that the rights granted to the Administrative Agent under the nonexclusive license above includes rights in
registered U.S. Trademarks, the Administrative Agent agrees to maintain, or cause to be maintained, the quality of the respective goods and/or services associated with the use of those registered U.S. Trademarks at substantially the same level
maintained by each Grantor immediately prior to the Event of Default. The licenses granted in this Section 6.1(g) shall automatically terminate upon payment in full in cash of all Obligations, termination of all Commitments and
the release of the Collateral as provided in Section 10.10(b)(iii) of the Credit Agreement. 

Section 6.2 Accounts and Payments in Respect of General Intangibles. (a) In addition to, and not in substitution
for, any similar requirement in the Credit Agreement, if required by the Administrative Agent at any time during the continuance of an Event of Default, any payment of accounts or payment in respect of general intangibles, when collected by any
Grantor, shall be promptly (and, in any event, within 2 Business Days) deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Administrative Agent, in a Security Cash Collateral Account, subject to withdrawal by
the Administrative Agent as provided in Section 6.4. Until so turned over, such payment shall be held by such Grantor in trust for the Administrative Agent, segregated from other funds of such Grantor. Each such deposit of proceeds of
accounts and payments in respect of general intangibles shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit. 

(b) At any time during the continuance of an Event of Default: 

(i) each Grantor shall, upon the Administrative Agent’s request, deliver to the Administrative Agent all original
(or, to the extent not available, a copy thereof) and other documents evidencing, and relating to, the Contractual Obligations and transactions that gave rise to any account or any payment in respect of general intangibles, including all original
(or, to the extent not available, a copy thereof) orders, invoices and shipping receipts and notify account debtors that the accounts or general intangibles have been collaterally assigned to the Administrative Agent and that payments in respect
thereof shall be made directly to the Administrative Agent; 
 (ii) the Administrative Agent may, without notice,
at any time during the continuance of an Event of Default, limit or terminate the authority of a Grantor to collect its accounts or amounts due under general intangibles or any thereof and, in its own name or in the name of others, communicate with
account debtors to verify with them to the Administrative Agent’s satisfaction the existence, amount and terms of any account or amounts due under any general intangible. In addition, the Administrative Agent may at any time enforce such
Grantor’s rights against such account debtors and obligors of general intangibles; and 
  

					
		  	18	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 (iii) each Grantor shall take all actions, deliver all documents and provide
all information necessary or reasonably requested by the Administrative Agent to ensure any Internet Domain Name is registered. 

(c) Anything herein to the contrary notwithstanding, each Grantor shall remain liable under each account and each payment in respect of
general intangibles to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto. No Secured Party shall have any obligation or
liability under any agreement giving rise to an account or a payment in respect of a general intangible by reason of or arising out of any Loan Document or the receipt by any Secured Party of any payment relating thereto, nor shall any Secured Party
be obligated in any manner to perform any obligation of any Grantor under or pursuant to any agreement giving rise to an account or a payment in respect of a general intangible, to make any payment, to make any inquiry as to the nature or the
sufficiency of any payment received by it or as to the sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts that may have been
assigned to it or to which it may be entitled at any time or times. 
 Section 6.3 Pledged Collateral.
(a) Voting Rights. During the continuance of an Event of Default, upon notice by the Administrative Agent to the relevant Grantor or Grantors, the Administrative Agent or its nominee may exercise (A) any voting, consent,
corporate and other right pertaining to the Pledged Collateral at any meeting of shareholders, partners or members, as the case may be, of the relevant issuer or issuers of Pledged Collateral or otherwise and (B) any right of conversion,
exchange and subscription and any other right, privilege or option pertaining to the Pledged Collateral as if it were the absolute owner thereof (including the right to exchange at its discretion any Pledged Collateral upon the merger, amalgamation,
consolidation, reorganization, recapitalization or other fundamental change in the corporate or equivalent structure of any issuer of Pledged Stock, the right to deposit and deliver any Pledged Collateral with any committee, depositary, transfer
agent, registrar or other designated agency upon such terms and conditions as the Administrative Agent may determine), all without liability except to account for property actually received by it; provided, however, that the
Administrative Agent shall have no duty to any Grantor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. 

(b) Proxies. In order to permit the Administrative Agent to exercise the voting and other consensual rights that it may be
entitled to exercise pursuant hereto and to receive all dividends and other distributions that it may be entitled to receive hereunder, (i) each Grantor shall promptly execute and deliver (or cause to be executed and delivered) to the
Administrative Agent all such proxies, dividend payment orders and other instruments as the Administrative Agent may from time to time reasonably request and (ii) without limiting the effect of clause (i) above, such Grantor hereby
grants to the Administrative Agent an irrevocable proxy to vote all or any part of the Pledged Collateral and to exercise all other rights, powers, privileges and remedies to which a holder of the Pledged Collateral would be entitled (including
giving or withholding written consents of shareholders, partners or members, as the case may be, calling special meetings of shareholders, partners or members, as the case may be, and voting at such meetings), which proxy shall be effective,
automatically and without the necessity of any action (including any transfer of any Pledged Collateral on the record books of the issuer thereof) by any other person (including the issuer of such Pledged Collateral or any officer or agent thereof)
during the continuance of an Event of Default and which proxy shall only terminate upon the payment in full of the Secured Obligations (other than Contingent Indemnification Obligations). 

 

					
		  	19	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 (c) Authorization of Issuers. Each Grantor hereby expressly irrevocably authorizes
and instructs, without any further instructions from such Grantor, each issuer of any Pledged Collateral pledged hereunder by such Grantor to (i) comply with any instruction received by it from the Administrative Agent in writing that states
that an Event of Default is continuing and is otherwise in accordance with the terms of this Agreement and each Grantor agrees that such issuer shall be fully protected from Liabilities to such Grantor in so complying and (ii) unless otherwise
expressly permitted hereby or by the Credit Agreement, pay any dividend or make any other payment with respect to the Pledged Collateral directly to the Administrative Agent. 

Section 6.4 Proceeds to be Turned over to and Held by Administrative Agent. Unless otherwise expressly provided in the
Credit Agreement or this Security Agreement, at any time during the continuance of an Event of Default, all proceeds of any Collateral received by any Grantor hereunder in cash or Cash Equivalents shall be held by such Grantor in trust for the
Administrative Agent and the other Secured Parties, segregated from other funds of such Grantor, and shall, promptly upon receipt by any Grantor, be turned over to the Administrative Agent in the exact form received (with any necessary endorsement).
All such proceeds of Collateral and any other proceeds of any Collateral received by the Administrative Agent in cash or Cash Equivalents shall be held by the Administrative Agent in a Security Cash Collateral Account. All proceeds being held by the
Administrative Agent in a Security Cash Collateral Account (or by such Grantor in trust for the Administrative Agent) shall continue to be held as collateral security for the Secured Obligations and shall not constitute payment thereof until applied
as provided in the Credit Agreement. 
 Section 6.5 Certain Rights. (a) Each Grantor recognizes that the
Administrative Agent may be unable to effect a public sale of any Pledged Collateral by reason of certain prohibitions contained in the Securities Act and applicable state or foreign securities laws or otherwise or may determine that a public sale
is impracticable, not desirable or not commercially reasonable and, accordingly, may resort to one or more private sales thereof to a restricted group of purchasers that shall be obliged to agree, among other things, to acquire such securities for
their own account for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and,
notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. The Administrative Agent shall be under no obligation to delay a sale of any Pledged Collateral for the
period of time necessary to permit the issuer thereof to register such securities for public sale under the Securities Act or under applicable state securities laws even if such issuer would agree to do so. 

(b) Each Grantor agrees to use its best efforts to do or cause to be done all such other acts as may be necessary to make such sale or
sales of any portion of the Pledged Collateral pursuant to this Section 6.5 valid and binding and in compliance with all applicable Requirements of Law. Each Grantor further agrees that a breach of any covenant contained in this
Section 6.5 will cause irreparable injury to the Administrative Agent and other Secured Parties, that the Administrative Agent and the other Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence,
that each and every covenant contained in this Section 6.5 shall be specifically enforceable against such Grantor, and such Grantor hereby 

 

					
		  	20	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 
waives and agrees not to assert any defense against an action for specific performance of such covenants except for a defense that no Event of Default has occurred under the Credit Agreement. or
that all Guaranteed Obligations have been paid in full in cash. 
 Section 6.6 Deficiency. Each Grantor shall
remain liable for any deficiency if the proceeds of any sale or other disposition of any Collateral are insufficient to pay the Secured Obligations and the fees and disbursements of any attorney employed by the Administrative Agent or any other
Secured Party to collect such deficiency. 
 ARTICLE VII 

THE ADMINISTRATIVE AGENT 

Section 7.1 Administrative Agent’s Appointment as Attorney-in-Fact. (a) Each Grantor hereby irrevocably
constitutes and appoints the Administrative Agent and any Related Person thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the
name of such Grantor or in its own name, exercisable while any Event of Default shall be continuing for the purpose of carrying out the terms of the Loan Documents, to take any appropriate action and to execute any document or instrument that may be
necessary or desirable to accomplish the purposes of the Loan Documents, and, without limiting the generality of the foregoing, each Grantor hereby gives the Administrative Agent and its Related Persons the power and right, on behalf of such
Grantor, without notice to or assent by such Grantor, to do any of the following when an Event of Default shall be continuing: 

(i) in the name of such Grantor, in its own name or otherwise, take possession of and indorse and collect any check,
draft, note, acceptance or other instrument for the payment of moneys due under any account or general intangible or with respect to any other Collateral and file any claim or take any other action or proceeding in any court of law or equity or
otherwise deemed appropriate by the Administrative Agent for the purpose of collecting any such moneys due under any account or general intangible or with respect to any other Collateral whenever payable; 

(ii) in the case of any Intellectual Property owned by or licensed to the Grantors, execute, deliver and have recorded any
document that the Administrative Agent may request to evidence, effect, publicize or record the Administrative Agent’s security interest in such Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto or
represented thereby; 
 (iii) pay or discharge taxes and Liens levied or placed on or threatened against any
Collateral, effect any repair or pay any insurance called for by the terms of the Credit Agreement (including all or any part of the premiums therefor and the costs thereof); 

(iv) execute, in connection with any sale provided for in Section 6.1 or Section 6.5, any document
to effect or otherwise necessary or appropriate in relation to evidence the Sale of any Collateral; or 

(v) (A) direct any party liable for any payment under any Collateral to make payment of any moneys due or to become
due thereunder directly to the Administrative 
  

					
		  	21	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 
Agent or as the Administrative Agent shall direct, (B) ask or demand for, and collect and receive payment of and receipt for, any moneys, claims and other amounts due or to become due at any
time in respect of or arising out of any Collateral, (C) sign and indorse any invoice, freight or express bill, bill of lading, storage or warehouse receipt, draft against debtors, assignment, verification, notice and other document in
connection with any Collateral, (D) commence and prosecute any suit, action or proceeding at law or in equity in any court of competent jurisdiction to collect any Collateral and to enforce any other right in respect of any Collateral,
(E) defend any actions, suits, proceedings, audits, claims, demands, orders or disputes brought against such Grantor with respect to any Collateral, (F) settle, compromise or adjust any such actions, suits, proceedings, audits, claims,
demands, orders or disputes and, in connection therewith, give such discharges or releases as the Administrative Agent may deem appropriate, (G) assign any Intellectual Property owned by the Grantors or any IP Licenses of the Grantors on such
terms and conditions and in such manner as the Administrative Agent shall in its sole discretion determine, including the execution and filing of any document necessary to effectuate or record such assignment and (H) generally, Sell, grant a
Lien on, make any Contractual Obligation with respect to and otherwise deal with, any Collateral as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes and do, at the Administrative Agent’s
option, at any time or from time to time, all acts and things that the Administrative Agent deems necessary to protect, preserve or realize upon any Collateral and the Secured Parties’ security interests therein and to effect the intent of the
Loan Documents, all as fully and effectively as such Grantor might do. 
 (b) If any Grantor fails to perform or comply with any
Contractual Obligation contained herein, the Administrative Agent, at its option, but without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such Contractual Obligation. 

(c) The expenses of the Administrative Agent incurred in connection with actions undertaken as provided in this Section 7.1,
together with interest thereon at a rate set forth in Section 2.9 (Interest) of the Credit Agreement shall be payable in accordance with Section 11.3 of the Credit Agreement. 

(d) Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue of this Section 7.1.
All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security interests created hereby are released. 

Section 7.2 Authorization to File Financing Statements. Each Grantor authorizes the Administrative Agent and its
Related Persons, at any time and from time to time, to file or record financing statements, amendments thereto, and other filing or recording documents or instruments with respect to any Collateral in such form and in such offices as the
Administrative Agent reasonably determines appropriate to perfect the security interests of the Administrative Agent under this Agreement, and such financing statements and amendments may describe the Collateral covered thereby as “all assets
of the debtor”. A photographic or other reproduction of this Agreement shall be sufficient as a financing statement or other filing or recording document or instrument for filing or recording in any jurisdiction. Such Grantor also hereby
ratifies its authorization for the Administrative Agent to have filed any initial financing statement or amendment thereto under the UCC (or other similar laws) in effect in any jurisdiction if filed prior to the date hereof. 

 

					
		  	22	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 Section 7.3 Authority of Administrative Agent. Each Grantor acknowledges
that the rights and responsibilities of the Administrative Agent under this Agreement with respect to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option, voting right, request,
judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Administrative Agent and the other Secured Parties, be governed by the Credit Agreement and by such other agreements with
respect thereto as may exist from time to time among them, but, as between the Administrative Agent and the Grantors, the Administrative Agent shall be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority
so to act or refrain from acting, and no Grantor shall be under any obligation or entitlement to make any inquiry respecting such authority. 

Section 7.4 Duty; Obligations and Liabilities. (a) Duty of Administrative Agent. The Administrative
Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession shall be to deal with it in the same manner as the Administrative Agent deals with similar property for its own account.
The powers conferred on the Administrative Agent hereunder are solely to protect the Administrative Agent’s interest in the Collateral and shall not impose any duty upon the Administrative Agent to exercise any such powers. The Administrative
Agent shall be accountable only for amounts that it receives as a result of the exercise of such powers, and neither it nor any of its Related Persons shall be responsible to any Grantor for any act or failure to act hereunder, except for their own
gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. In addition, the Administrative Agent shall not be liable or responsible for any loss or damage to any Collateral, or for any diminution in the value
thereof, by reason of the act or omission of any warehousemen, carrier, forwarding agency, consignee or other bailee if such Person has been selected by the Administrative Agent in good faith. 

(b) Obligations and Liabilities with respect to Collateral. No Secured Party and no Related Person thereof shall be liable for
failure to demand, collect or realize upon any Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action
whatsoever with regard to any Collateral. The powers conferred on the Administrative Agent hereunder shall not impose any duty upon any other Secured Party to exercise any such powers. The other Secured Parties shall be accountable only for amounts
that they actually receive as a result of the exercise of such powers, and neither they nor any of their respective officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for
their own gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. 
 ARTICLE VIII

 MISCELLANEOUS 

Section 8.1 Reinstatement. Each Grantor agrees that, if any payment made by any Loan Party or other Person and applied
to the Secured Obligations is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or the proceeds of any Collateral are required to be returned
by any Secured Party to such Loan Party, its estate, trustee, receiver or any other party, including any Grantor, under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or repayment, any
Lien or other Collateral securing such liability shall 
  

					
		  	23	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 
be and remain in full force and effect, as fully as if such payment had never been made. If, prior to any of the foregoing, (a) any Lien or other Collateral securing such Grantor’s
liability hereunder shall have been released or terminated by virtue of the foregoing or (b) any provision of the Guaranty hereunder shall have been terminated, cancelled or surrendered, such Lien, other Collateral or provision shall be
reinstated in full force and effect and such prior release, termination, cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the obligations of any such Grantor in respect of any Lien or other Collateral
securing such obligation or the amount of such payment. 
 Section 8.2 Release of Collateral. (a) At the
time provided in clause (b)(iii) of Section 10.10 (Release of Collateral or Guarantors) of the Credit Agreement, the Collateral shall be released from the Lien created hereby and this Agreement and all obligations
(other than those expressly stated to survive such termination) of the Administrative Agent and each Grantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral
shall revert to the Grantors. Each Grantor is hereby authorized to file UCC termination statements at such time evidencing the termination of the Liens so released. At the request of any Grantor following any such termination, the Administrative
Agent shall promptly deliver to such Grantor any Collateral of such Grantor held by the Administrative Agent hereunder and execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination.

 (b) If the Administrative Agent shall be directed or permitted pursuant to clause (i) or (ii) of
Section 10.10(b) of the Credit Agreement to release any Lien or any Collateral, such Collateral shall be released from the Lien created hereby to the extent provided under, and subject to the terms and conditions set forth in, such
clauses (i) and (ii). In connection therewith, the Administrative Agent, at the request of any Grantor, shall execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such release.

 (c) At the time provided in Section 10.10(a) of the Credit Agreement and at the request of the Borrower
Representative, a Grantor shall be released from its obligations hereunder in the event that all the Securities of such Grantor shall be Sold to any Person that is not an Affiliate of Holdings, the Borrowers and the Subsidiaries of the Borrowers in
a transaction permitted by the Loan Documents. 
 Section 8.3 Independent Obligations. The obligations of
each Grantor hereunder are independent of and separate from the Secured Obligations and the Guaranteed Obligations. If any Secured Obligation or Guaranteed Obligation is not paid when due, or upon any Event of Default, the Administrative Agent may,
at its sole election, proceed directly and at once, without notice, against any Grantor and any Collateral to collect and recover the full amount of any Secured Obligation or Guaranteed Obligation then due, without first proceeding against any other
Grantor, any other Loan Party or any other Collateral and without first joining any other Grantor or any other Loan Party in any proceeding. 

Section 8.4 No Waiver by Course of Conduct. No Secured Party shall by any act (except by a written instrument pursuant
to Section 8.6), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part
of any Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. A waiver by any Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy that such Secured Party would otherwise have on any future occasion.

  

					
		  	24	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 Section 8.5 Amendments and Terminations in Writing. None of the terms or
provisions of this Agreement may be waived, amended, terminated, supplemented or otherwise modified except in accordance with Section 11.1 of the Credit Agreement; provided, however, that annexes to this Agreement may be
supplemented (but no existing provisions may be modified and no Collateral may be released) through Pledge Amendments and Joinder Agreements, in substantially the form of Annex 1 and Annex 2, respectively, in each case duly
executed by the Administrative Agent and each Grantor directly affected thereby. 
 Section 8.6 Additional
Grantors; Additional Pledged Collateral. (a) Joinder Agreements. If, at the option of the Borrowers or as required pursuant to Section 7.10 of the Credit Agreement, the Borrowers shall cause any Subsidiary that is not a
Grantor to become a Grantor hereunder, such Subsidiary shall execute and deliver to the Administrative Agent a Joinder Agreement substantially in the form of Annex 2 and shall thereafter for all purposes be a party hereto and have the
same rights, benefits and obligations as a Grantor party hereto on the Closing Date. 
 (b) Pledge Amendments. To the
extent any Pledged Collateral has not been delivered as of the Closing Date, such Grantor shall deliver a pledge amendment duly executed by the Grantor in substantially the form of Annex 1 (each, a “Pledge Amendment”).
Such Grantor authorizes the Administrative Agent to attach each Pledge Amendment to this Agreement. 
 Section 8.7
Notices. All notices, requests and demands to or upon the Administrative Agent or any Grantor hereunder shall be effected in the manner provided for in Section 11.11 of the Credit Agreement; provided, however, that
any such notice, request or demand to or upon any Grantor shall be addressed to the Borrower Representative’s notice address set forth in such Section 11.11. 

Section 8.8 Successors and Assigns. This Agreement shall be binding upon the successors and assigns of each Grantor
and shall inure to the benefit of each Secured Party and their successors and assigns; provided, however, that no Grantor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written
consent of the Administrative Agent. 
 Section 8.9 Counterparts. This Agreement may be executed in any
number of counterparts and by different parties in separate 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. Signature pages may be detached
from multiple separate counterparts and attached to a single counterpart. Delivery of an executed signature page of this Agreement by facsimile transmission or by Electronic Transmission shall be as effective as delivery of a manually executed
counterpart hereof. 
 Section 8.10 Severability. Any provision of this Agreement being held illegal, invalid
or unenforceable in any jurisdiction shall not affect any part of such provision not held illegal, invalid or unenforceable, any other provision of this Agreement or any part of such provision in any other jurisdiction. 

 

					
		  	25	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 Section 8.11 Governing Law. This Agreement and the rights and obligations
of the parties hereto shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. 

Section 8.12 WAIVER OF JURY TRIAL.
EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES TRIAL BY JURY IN ANY
SUIT, ACTION OR PROCEEDING WITH RESPECT TO, OR DIRECTLY OR INDIRECTLY
ARISING OUT OF, UNDER OR IN CONNECTION WITH, ANY LOAN DOCUMENT OR
THE TRANSACTIONS CONTEMPLATED THEREIN OR RELATED THERETO (WHETHER FOUNDED IN
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT
NO OTHER PARTY AND NO RELATED PERSON OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 8.12. 
 [SIGNATURE PAGES FOLLOW] 

 

					
		  	26	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 IN WITNESS WHEREOF, each of the undersigned has caused this Amended and Restated Guaranty
and Security Agreement to be duly executed and delivered as of the date first above written. 
  

					
	THE PRINCETON REVIEW, INC.
	 as Grantor

		
	By:	 	 /s/ Michael A. Rossi

		 	Name:	 	Michael A. Rossi
		 	Title:	 	V.P. & Corporate Controller
	
	 PENN FOSTER, INC.

as Grantor

		
	By:	 	 /s/ Michael A. Rossi

		 	Name:	 	Michael A. Rossi
		 	Title:	 	V.P. & Assistant Treasurer

  

 [SIGNATURE PAGE TO AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT] 

					
	TEST SERVICES, INC.
	 as Grantor

		
	By:	 	 /s/ Michael A. Rossi

		 	Name:	 	Michael A. Rossi
		 	Title:	 	V.P. & Assistant Treasurer
	
	PRINCETON REVIEW OPERATIONS, L.L.C.
	 as Grantor

		
	By:	 	 /s/ Michael A. Rossi

		 	Name:	 	Michael A. Rossi
		 	Title:	 	Vice President
	
	 THE PRINCETON REVIEW OF ORANGE COUNTY, LLC

as Grantor

		
	By:	 	 /s/ Michael A. Rossi

		 	Name:	 	Michael A. Rossi
		 	Title:	 	V.P. & Assistant Treasurer
	
	 PENN FOSTER EDUCATION GROUP, INC.

as Grantor

		
	By:	 	 /s/ Michael A. Rossi

		 	Name:	 	Michael A. Rossi
		 	Title:	 	V.P. & Assistant Treasurer

  

 [SIGNATURE PAGE TO AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT] 

					
	ACCEPTED AND AGREED
	as of the date first above written:
	
	 GENERAL ELECTRIC CAPITAL CORPORATION

as Administrative Agent

		
	By:	 	 /s/ Laura F. Spence

		 	Name:	 	Laura F. Spence
		 	Title:	 	Duly Authorized Signatory

  

 [SIGNATURE PAGE TO AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT] 

 ANNEX 1 

TO 

AMENDED AND RESTATED GUARANTY AND SECURITY
AGREEMENT1 

FORM OF PLEDGE AMENDMENT 

This PLEDGE AMENDMENT, dated as of             
    , 20    , is delivered pursuant to Section 8.6 of the Amended and Restated Guaranty and Security Agreement, dated as of August 6, 2010, by and among, The Princeton Review,
Inc. (“TPR”) and Penn Foster, Inc. (“PF”; and together with TPR, each individually, a “Borrower” and collectively, the “Borrowers”), the undersigned Grantor and the other Affiliates
of the Borrowers from time to time party thereto as Grantors in favor of General Electric Capital Corporation, as administrative agent and collateral agent for the Secured Parties referred to therein (the “Guaranty and Security
Agreement”). Capitalized terms used herein without definition are used as defined in the Guaranty and Security Agreement. 

The undersigned hereby agrees that this Pledge Amendment may be attached to the Guaranty and Security Agreement and that the Pledged
Collateral listed on Annex 1-A to this Pledge Amendment shall be and become part of the Collateral referred to in the Guaranty and Security Agreement and shall secure all Obligations of the undersigned. 

The undersigned hereby represents and warrants that each of the representations and warranties contained in Sections 4.1,
4.2, 4.5 and 4.10 of the Guaranty and Security Agreement is true and correct and as of the date hereof as if made on and as of such date. 

 

			
	[GRANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

  

To be used for pledge of Additional Pledged Collateral by existing Grantor. 
  

					
		  	A1-1	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 Annex 1-A 

PLEDGED STOCK 
  

									
	 ISSUER
	  	 CLASS
	  	CERTIFICATE NO(S).	  	PAR VALUE	  	NUMBER OF
SHARES,
UNITS OR
INTERESTS
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 PLEDGED DEBT INSTRUMENTS 

 

									
	 ISSUER
	  	 DESCRIPTION OF DEBT
	  	CERTIFICATE NO(S).	  	FINAL MATURITY	  	PRINCIPAL
AMOUNT

 

					
		  	A1-2	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

					
	ACKNOWLEDGED	 	AND	 	AGREED
	as of the date first above written:	 	

  

			
	 GENERAL ELECTRIC CAPITAL CORPORATION

as Administrative Agent

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

					
		  	A1-3	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 ANNEX 2 

TO 
 AMENDED AND
RESTATED GUARANTY AND SECURITY AGREEMENT 
 FORM OF JOINDER AGREEMENT 

This JOINDER AGREEMENT, dated as of             
    , 20    , is delivered pursuant to Section 8.6 of the Amended and Restated Guaranty and Security Agreement, dated as of August 6, 2010, by and among, The Princeton Review,
Inc. (“TPR”) and Penn Foster, Inc. (“PF”; and together with TPR, each individually, a “Borrower” and collectively, the “Borrowers”) and the Affiliates of the Borrowers from time to
time party thereto as Grantors in favor of the General Electric Capital Corporation, as administrative agent and collateral agent for the Secured Parties referred to therein (the “Guaranty and Security Agreement”). Capitalized terms
used herein without definition are used as defined in the Guaranty and Security Agreement. 
 By executing and delivering this
Joinder Agreement, the undersigned, as provided in Section 8.6 of the Guaranty and Security Agreement, hereby becomes a party to the Guaranty and Security Agreement as a Grantor thereunder with the same force and effect as if originally
named as a Grantor therein and, without limiting the generality of the foregoing, as collateral security for the prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Secured
Obligations of the undersigned, hereby mortgages, pledges and hypothecates to the Administrative Agent for the benefit of the Secured Parties, and grants to the Administrative Agent for the benefit of the Secured Parties a lien on and security
interest in, all of its right, title and interest in, to and under the Collateral of the undersigned and expressly assumes all obligations and liabilities of a Grantor thereunder. The undersigned hereby agrees to be bound as a Grantor for the
purposes of the Guaranty and Security Agreement. 
 The information set forth in Annex 1-A is hereby added to the
information set forth in Schedules 1 through 6 to the Guaranty and Security Agreement. By acknowledging and agreeing to this Joinder Agreement, the undersigned hereby agree that this Joinder Agreement may be attached to the Guaranty
and Security Agreement and that the Pledged Collateral listed on Annex 1-A to this Joinder Amendment shall be and become part of the Collateral referred to in the Guaranty and Security Agreement and shall secure all Secured Obligations
of the undersigned. 
 The undersigned hereby represents and warrants that each of the representations and warranties contained
in Article IV of the Guaranty and Security Agreement applicable to it is true and correct on and as the date hereof as if made on and as of such date. 

IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed and delivered as of the date first above
written. 
  

			
	[ADDITIONAL GRANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

  

					
		  	A2-1	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 ACKNOWLEDGED AND AGREED 

as of the date first above written: 
 [EACH
GRANTOR PLEDGING 
 ADDITIONAL COLLATERAL] 
  

			
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 GENERAL ELECTRIC CAPITAL CORPORATION

as Administrative Agent

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

					
		  	A2-2	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 ANNEX 3 

TO 
 AMENDED AND
RESTATED GUARANTY AND SECURITY AGREEMENT 
 FORM OF INTELLECTUAL PROPERTY SECURITY
AGREEMENT1 

THIS [COPYRIGHT] [PATENT] [TRADEMARK] SECURITY AGREEMENT, dated as of
                 , 20    , is made by each of the entities listed on the signature pages hereof (each a
“Grantor” and, collectively, the “Grantors”), in favor of General Electric Capital Corporation (“GE Capital”), as administrative agent and collateral agent (in such capacity, together with its
successors and permitted assigns, the “Administrative Agent”) for the Lenders and the L/C Issuers (as defined in the Credit Agreement referred to below). 

W I T N E S S E T H: 

WHEREAS, pursuant to the Amended and Restated Credit Agreement, dated as of August 6, 2010 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrowers, Holdings, the Lenders and the L/C Issuers from time to time party thereto and GE Capital, as Administrative Agent for the Lenders
and the L/C Issuers, the Lenders and the L/C Issuers have severally agreed to make extensions of credit to the Borrowers upon the terms and subject to the conditions set forth therein; 

WHEREAS, each Grantor (other than the Borrowers) has agreed, pursuant to an Amended and Restated Guaranty and Security Agreement of even
date herewith in favor of the Administrative Agent (the “Guaranty and Security Agreement”), to guarantee the Obligations (as defined in the Credit Agreement) of the Borrowers; and 

WHEREAS, all of the Grantors are party to the Guaranty and Security Agreement pursuant to which the Grantors are required to execute and
deliver this [Copyright] [Patent] [Trademark] Security Agreement; 
 NOW, THEREFORE, in consideration of the premises and to
induce the Lenders, the L/C Issuers and the Administrative Agent to enter into the Credit Agreement and to induce the Lenders and the L/C Issuers to make their respective extensions of credit to the Borrowers thereunder, each Grantor hereby agrees
with the Administrative Agent as follows: 
 Section 1. Defined Terms. Capitalized terms used herein without
definition are used as defined in the Guaranty and Security Agreement. 
 Section 2. Grant of Security Interest
in [Copyright] [Trademark] [Patent] Collateral. Each Grantor, as collateral security for the prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations of such
Grantor, hereby mortgages, pledges and hypothecates to the Administrative Agent for the benefit of the Secured Parties, and grants to the Administrative Agent for the benefit of the Secured Parties a Lien on and security interest in, all of its
right, title and interest in, to and under the following Collateral of such Grantor (the “[Copyright] [Patent] [Trademark] Collateral”): 

(a) [all of its Copyrights and all IP Licenses providing for the grant by or to such Grantor of any right under any Copyright, including,
without limitation, those Copyright registrations and applications for registration referred to on Schedule 1 hereto; 

 

	1
	 Separate agreements should be executed relating to each Grantor’s respective Copyrights, Patents, and Trademarks. 

 

 A3-1 

 (b) all renewals, reversions and extensions of the foregoing; and 

(c) all income, royalties, proceeds and Liabilities at any time due or payable or asserted under and with respect to any of the
foregoing, including, without limitation, all rights to sue and recover at law or in equity for any past, present and future infringement, misappropriation, dilution, violation or other impairment thereof.] 

or 
 (a) [all of
its Patents and all IP Licenses providing for the grant by or to such Grantor of any right under any Patent, including, without limitation, those referred to on Schedule 1 hereto; 

(b) all reissues, reexaminations, continuations, continuations-in-part, divisionals, renewals and extensions of the foregoing; and

 (c) all income, royalties, proceeds and Liabilities at any time due or payable or asserted under and with respect to any of
the foregoing, including, without limitation, all rights to sue and recover at law or in equity for any past, present and future infringement, misappropriation, dilution, violation or other impairment thereof.] 

or 
 (a) [all of
its Trademarks and all IP Licenses providing for the grant by or to such Grantor of any right under any Trademark, including, without limitation, those Trademark registrations and applications for registration referred to on Schedule 1
hereto; 
 (b) all renewals and extensions of the foregoing; 

(c) all goodwill of the business connected with the use of, and symbolized by, each such Trademark; and 

(d) all income, royalties, proceeds and Liabilities at any time due or payable or asserted under and with respect to any of the
foregoing, including, without limitation, all rights to sue and recover at law or in equity for any past, present and future infringement, misappropriation, dilution, violation or other impairment thereof.] 

Section 3. Guaranty and Security Agreement. The security interest granted pursuant to this [Copyright] [Patent]
[Trademark] Security Agreement is granted in conjunction with the security interest granted to the Administrative Agent pursuant to the Guaranty and Security Agreement and each Grantor hereby acknowledges and agrees that the rights and remedies of
the Administrative Agent with respect to the security interest in the [Copyright] [Patent] [Trademark] Collateral made and granted hereby are more fully set forth in the Guaranty and Security Agreement, the terms and provisions of which are
incorporated by reference herein as if fully set forth herein. 
 Section 4. Grantor Remains Liable. Each
Grantor hereby agrees that, anything herein to the contrary notwithstanding, such Grantor shall assume full and complete responsibility for the prosecution, defense, enforcement or any other necessary or desirable actions in connection with their
[Copyrights] [Patents] [Trademarks] and IP Licenses subject to a security interest hereunder. 
  

 A3-2 

 Section 5. Counterparts. This [Copyright] [Patent] [Trademark] Security
Agreement may be executed in any number of counterparts and by different parties in separate 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.
Signature pages may be detached from multiple separate counterparts and attached to a single counterpart. 

Section 6. Governing Law. This [Copyright] [Patent] [Trademark] Security Agreement and the rights and obligations of
the parties hereto shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. 

[SIGNATURE PAGES FOLLOW] 
  

 A3-3 

 IN WITNESS WHEREOF, each Grantor has caused this [Copyright] [Patent] [Trademark] Security
Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above. 
  

			
	Very truly yours,
	
	 [GRANTOR]

as Grantor

		
	By:	 	  

		 	Name:
		 	Title:

  

 [SIGNATURE PAGE TO [COPYRIGHT] [PATENT] [TRADEMARK] SECURITY AGREEMENT] 

 

 A3-4 

 ACCEPTED AND AGREED 

as of the date first above written: 
  

			
	 GENERAL ELECTRIC CAPITAL CORPORATION

as Administrative Agent

		
	By:	 	  

		 	Name:
		 	Title:

  

 [SIGNATURE PAGE TO [COPYRIGHT] [PATENT] [TRADEMARK] SECURITY AGREEMENT] 

 

 A3-5 

 ACKNOWLEDGMENT OF GRANTOR 

 

					
	STATE OF                           
              	 	)	 	
		 	)    ss.	 	
	COUNTY OF                           
          	 	)	 	

 On this      day of
                 , 20     before me personally appeared
                    , proved to me on the basis of satisfactory evidence to be the person who executed the foregoing instrument on behalf of
                    , who being by me duly sworn did depose and say that he is an authorized officer of said corporation, that the said
instrument was signed on behalf of said corporation as authorized by its Board of Directors and that he acknowledged said instrument to be the free act and deed of said corporation. 

 

					
		 	  
	 	
		 	Notary Public	 	

  

 [ACKNOWLEDGEMENT OF GRANTOR FOR [COPYRIGHT] [PATENT] [TRADEMARK] SECURITY AGREEMENT]

  

 A3-6 

 SCHEDULE I 

TO 
 [COPYRIGHT]
[PATENT] [TRADEMARK] SECURITY AGREEMENT 
 [Copyright] [Patent] [Trademark] Registrations 

 

	A.	REGISTERED [COPYRIGHTS] [PATENTS] [TRADEMARKS] 

[Include Registration Number and Date] 
  

	B.	[COPYRIGHT] [PATENT] [TRADEMARK] APPLICATIONS 

[Include Application Number and Date] 
  

	C.	IP LICENSES 

 [Include complete
legal description of agreement (name of agreement, parties and date)] 
  

					
		  	A3-I	  	AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENTSecurities Purchase Agreement

 Exhibit 10.1 

SECURITIES PURCHASE AGREEMENT 

This Securities Purchase Agreement (this “Agreement”) is dated as of August 5, 2010, between Magellan Petroleum Corporation, a
Delaware corporation (the “Company”), and Young Energy Prize S.A., a Luxembourg corporation (the “Investor”, which term shall mean and include any Affiliate (as defined below) of such Luxembourg corporation designated by it to
purchase any Shares (as defined below) at any Closing (as defined below)). 
 WHEREAS, subject to the terms and conditions set
forth in this Agreement, the Company desires to issue and sell to the Investor, and the Investor desires to purchase from the Company, certain securities of the Company, as more fully described in this Agreement. 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the
receipt and adequacy of which are hereby acknowledged, the Company and the Investor agree as follows: 
 ARTICLE 1. 

DEFINITIONS 

1.1. Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following
terms shall have the meanings indicated in this Section 1.1: 
 “Action” means any action, suit, inquiry,
notice of violation, proceeding (including any partial proceeding such as a deposition), or investigation pending or threatened in writing against or specifically affecting the Company, any Subsidiary, or any of their respective properties before or
by any court, arbitrator, governmental or administrative agency, regulatory authority (federal, state, county, local, or foreign), stock market, stock exchange, or trading facility; provided that Action shall not mean or include any of the foregoing
involving a minor traffic infraction, violation of a local ordinance or any other noncompliance with any requirement of law or regulation the potential sanctions for which are similarly immaterial. 

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled
by or is under common control with a Person, as such terms are used in and construed under Rule 144. 
 “Board”
means the Board of Directors of the Company. 

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

“Closing” means the closing of the purchase and sale of any of the Shares pursuant to Article 2. 

“Closing Date” means a Business Day, not later than October 31, 2010, on which the parties agree to close the
purchase and sale of any of the Shares. 
 “Commission” means the U.S. Securities and Exchange Commission.

 “Common Stock” means the common stock of the Company, par value $.01 per share, and any securities into
which such common stock may hereafter be reclassified. 
 “Company Counsel” means Mintz Levin Cohn Ferris
Glovsky and Popeo, P.C. 
 “Company Deliverables” has the meaning set forth in Section 2.3(a). 

“Disclosure Materials” has the meaning set forth in Section 3.1(h). 

“Evans Shoal Transaction” means the transactions contemplated by that certain Assets Sale Deed, dated March 25,
2010, by and between Magellan Petroleum Australia Limited, the wholly-owned Australian subsidiary of the Company, and Santos Offshore Pty Ltd. 

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

“GAAP” means U.S. generally accepted accounting principles. 

“Initial Closing Date” means the date on which the initial Closing hereunder occurs or, if there shall be only one
Closing hereunder, the date on which that Closing occurs. 
 “Investment Amount” means the aggregate purchase
price for the Shares purchased by the Investor. 
 “Investor Deliverables” has the meaning set forth in
Section 2.3(b). 
 “Investor’s Agreement” means the Investor’s Agreement, dated as of the
Initial Closing Date, between the Company and the Investor, in the form of Exhibit A hereto. 
 “Lien”
means any lien, charge, encumbrance, security interest, right of first refusal, or other restriction of any kind. 

“Material Adverse Effect” means any of (i) a material and adverse effect on the legality, validity, or
enforceability of any Transaction Document, (ii) a material and adverse effect on the results of operations, assets, business, or condition (financial or otherwise including such an effect on the ability of the Board and management to carry out
their customary functions in the ordinary course of the business) of the Company and the Subsidiaries, taken as a whole, other than any such effect resulting from or relating to a decline in the prices of oil and gas or any other facts or
circumstances adversely affecting oil and gas exploration or drilling businesses globally or in the geographic area to which the Evans Shoal Transaction relates, or (iii) a material and adverse impairment to the Company’s ability to
perform on a timely basis its obligations under any Transaction Document. 
  

 -2- 

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

“Proceeding” means an action, claim, suit, investigation, or proceeding (including, without limitation, an investigation
or partial proceeding, such as a deposition), whether commenced or threatened. 
 “Registration Statement”
means a registration statement meeting the requirements set forth in the Investor’s Agreement and covering the resale by the Investor of the Shares. 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“SEC Reports” has the meaning set forth in Section 3.1(h). 

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

“Shares” means the shares of Common Stock purchased by the Investor pursuant to this Agreement. 

“Special Transaction Committee” means the committee of the Board, the members of which are non-management directors
independent of the Investor and its Affiliates, established to act for the Company in lieu of the full Board in connection with the transaction which is the subject of this Agreement, or any alternative transaction. 

“Subsidiary” means any “significant subsidiary” as defined in Rule 1-02(w) of Regulation S-X promulgated by
the Commission under the Exchange Act. 
 “Trading Day” means (i) a day on which the Common Stock is
traded on a Trading Market (other than the OTC Bulletin Board), or (ii) if the Common Stock is not listed on a Trading Market (other than the OTC Bulletin Board), a day on which the Common Stock is traded in the over-the-counter market, as
reported by the OTC Bulletin Board, or (iii) if the Common Stock is not quoted on any Trading Market, a day on which the Common Stock is quoted in the over-the-counter market as reported by the National Quotation Bureau Incorporated (or any
similar organization or agency succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is not listed or quoted as set forth in (i), (ii), or (iii) hereof, then Trading Day shall mean a Business Day.

  

 -3- 

 “Trading Market” means whichever of the New York Stock Exchange, the
American Stock Exchange, the NASDAQ National Market, the NASDAQ Capital Market, or the OTC Bulletin Board on which the Common Stock is listed or quoted for trading on the date in question. 

“Transaction Documents” means this Agreement, the Investor’s Agreement, and any other documents or agreements
executed in connection with the transactions contemplated hereunder. 
 ARTICLE 2. 

PURCHASE AND SALE 

2.1. Purchase and Sale of Shares. Subject to the terms and conditions set forth in this Agreement, at one or more Closings the
Company shall issue and sell to the Investor, and the Investor shall purchase from the Company, an aggregate of 5,200,000 Shares for an Investment Amount of $15,600,000, being the aggregate purchase price for all 5,200,000 Shares, at a per-share
purchase price of $3.00 per Share; provided that, for the avoidance of doubt, a Closing or Closings shall have occurred for the purchase and sale of all of the Shares on or before the closing of the Evans Shoal Transaction. 

2.2. Closing. The purchase and sale of the Shares pursuant to this Agreement may occur in one or more Closings on such Closing
Dates as requested by the Company and approved by the Investor. Each Closing shall take place at the offices of the Company Counsel, One Financial Center, Boston, Massachusetts 02111 on the Closing Date for the purchase and sale of Shares to which
such Closing relates. 
 2.3. Closing Deliveries. 

(a) At each Closing, the Company shall deliver or cause to be delivered to the Investor the following (the “Company
Deliverables”): 
 (i) a certificate evidencing the number Shares purchased and sold at such Closing, registered in
the name of the Investor; 
  

 -4- 

 (ii) the legal opinion of Company Counsel, in a mutually agreed form, addressed to the
Investor, which may be a true copy of an opinion delivered at any prior Closing; and 
 (iii) the duly executed signature page
of the Investor’s Agreement for the Company, unless delivered at a prior Closing. 
 (b) At each Closing, the Investor
shall deliver or cause to be delivered to the Company the following (the “Investor Deliverables”): 
 (i) the
purchase price for the Shares being purchased at such Closing, in immediately available funds, by wire transfer to an account designated in writing by the Company for such purpose; 

(ii) the legal opinion of counsel to the Investor, in a mutually agreed form, addressed to the Company, which may be a true copy of an
opinion delivered at any prior Closing; and 
 (iii) the duly executed signature page of the Investor’s Agreement for the
Investor, unless delivered at a prior Closing. 
 ARTICLE 3. 

REPRESENTATIONS AND WARRANTIES 

3.1. Representations and Warranties of the Company. The Company hereby makes the following representations and warranties to the
Investor: 
 (a) Subsidiaries. The Company has no direct or indirect Subsidiaries other than as specified in the SEC
Reports. Except as disclosed in the SEC Reports (as defined below), the Company owns, directly or indirectly, all of the capital stock of each Subsidiary free and clear of any and all Liens, and all the issued and outstanding shares of capital stock
of each Subsidiary are validly issued and are fully paid, non-assessable, and free of preemptive and similar rights. 
 (b)
Organization and Qualification. The Company and each Subsidiary are duly incorporated or otherwise organized, validly existing, and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with
the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation of any of the provisions of its respective certificate or articles
of incorporation, bylaws, or other organizational or charter documents, except where the violation would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. The Company and each Subsidiary
are duly qualified to conduct their respective businesses, and each is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. 

 

 -5- 

 (c) Authorization; Enforcement. The Company has the requisite corporate power and
authority to enter into and to consummate the transactions contemplated by each of the Transaction Documents and otherwise to carry out its obligations thereunder. The execution and delivery of each of the Transaction Documents by the Company and
the consummation by it of the transactions contemplated thereby shall have been duly authorized by all necessary action on the part of the Company and no further action shall be required by the Company in connection therewith. Each Transaction
Document has been (or upon delivery will have been) duly executed by the Company and when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in
accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and
remedies or by other equitable principles of general application. 
 (d) No Conflicts. The execution, delivery, and
performance of the Transaction Documents by the Company and the consummation by the Company of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s
certificate or articles of incorporation, bylaws, or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to
others any rights of termination, amendment, acceleration, or cancellation (with or without notice, lapse of time, or both) of, any agreement or other instrument or other understanding to which the Company or any Subsidiary is a party or by which
any property or asset of the Company or any Subsidiary is bound or affected, or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree, or other restriction of any court or governmental authority to which
the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii),
such as would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. 
  

 -6- 

 (e) Filings, Consents, and Approvals. The Company is not required to obtain any
consent, waiver, authorization, or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local, or other United States or foreign governmental authority in connection with the execution, delivery,
and performance by the Company of the Transaction Documents, other than (i) the filing with the Commission of one or more Registration Statements in accordance with the requirements of the Investor’s Agreement; (ii) the filings
required, if any, in accordance with Section 4.5; (iii) filings required by federal or state securities laws; (iv) those that have been made or obtained prior to the date of this Agreement; or (v) those the failure to obtain
which would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. 
 (f)
Issuance of the Shares. The Shares have been duly authorized and, when issued and paid for in accordance with the Transaction Documents, will be duly and validly issued, fully paid, and nonassessable, free and clear of all Liens. The Company
has reserved from its duly authorized capital stock the shares of Common Stock issuable pursuant to this Agreement in order to issue the Shares. 

(g) Capitalization. The number of shares and type of all authorized, issued, and outstanding capital stock of the Company, and all
shares of Common Stock reserved for issuance under the Company’s various option and incentive plans, is specified in the SEC Reports, which information is accurate as of the dates indicated. Except as specified in the SEC Reports or as
disclosed in Schedule 3.1(g), no securities of the Company are entitled to preemptive or similar rights, and no Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the
transactions contemplated by the Transaction Documents. Except as specified in the SEC Reports or as disclosed in Schedule 3.1(g), there are no outstanding options, warrants, scrip rights to subscribe to, calls, or commitments of any
character whatsoever relating to, or securities, rights, or obligations convertible into or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock, or contracts, commitments, understandings, or
arrangements by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock, or securities or rights convertible or exchangeable into shares of Common Stock. Except as specifically disclosed on Schedule
3.1(g), the issue and sale of the Shares will not, immediately or with the passage of time, obligate the Company to issue shares of Common Stock or other securities to any Person (other than the Investor) and will not result in a right of any
holder of Company securities to adjust the exercise, conversion, exchange, or reset price under such securities. 
  

 -7- 

 (h) SEC Reports; Financial Statements. Except as set forth on Schedule 3.1(h),
the Company has filed all reports required to be filed by it under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, since July 1, 2008 (the foregoing materials being collectively referred to
herein as the “SEC Reports” and, together with the Schedules to this Agreement (if any), the “Disclosure Materials”) on a timely basis or has timely filed a valid extension of such time of filing and has filed any
such SEC Reports prior to the expiration of any such extension. Except as specifically disclosed on Schedule 3.1(h), as of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act
and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein
or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. Except as specifically disclosed on Schedule 3.1(h), the financial statements of the Company included in the SEC
Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Except as specifically disclosed on Schedule 3.1(h), such
financial statements have been prepared in accordance with GAAP applied on a consistent basis during the periods involved, except as may be otherwise specified in such financial statements or the notes thereto, and fairly present in all material
respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal,
immaterial, year-end audit adjustments. Notwithstanding the foregoing or any other provision of this Agreement, if any SEC Report corrects or completes any matter contained in any earlier-filed SEC Report, or any financial statement included in any
earlier-filed SEC Report such that, if the information in such SEC Report, or financial statement, had been included or reflected in such earlier-filed SEC Report, or included financial statement, there would not have been a breach of any of the
representations and warranties in this Section, no breach of the representations and warranties in this Section shall be deemed to have occurred. 
  

 -8- 

 (i) Press Releases. Except as specifically disclosed on Schedule 3.1(i), to
the Company’s best knowledge, the press releases disseminated by the Company since July 1, 2008 taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances under which they were made and when made, not misleading. 

(j) Material Changes. Since the date of the Company’s most recently filed Report on Form 10-Q, except as specifically
disclosed in the SEC Reports or in Schedule 3.1(j), (i) there has been no event, occurrence, or development that has had or that could reasonably be expected to result in a Material Adverse Effect; (ii) the Company has not incurred
any liabilities (contingent or otherwise) other than (A) trade payables, accrued expenses, and other liabilities incurred in the ordinary course of business consistent with past practice, (B) liabilities not required to be reflected in the
Company’s financial statements pursuant to GAAP or required to be disclosed in filings made with the Commission, or (C) as were reasonably necessary to further the Evans Shoal Transaction; (iii) the Company has not altered its method
of accounting or the identity of its auditors; (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed, or made any agreements to purchase or redeem any shares
of its capital stock; and (v) except as disclosed in the SEC Reports, the Company has not issued any equity securities to any officer, director, or Affiliate, except pursuant to existing Company stock option plans. The Company does not have
pending before the Commission any request for confidential treatment of information. 
 (k) Litigation. There is no
Action which, to the knowledge of the Company, (i) adversely affects or challenges the legality, validity, or enforceability of any of the Transaction Documents or the Shares or, (ii) except as specifically disclosed in the SEC Reports or
in Schedule 3.1(k), would, if there were an unfavorable decision, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. There has not been, and to the knowledge of the Company, there is not
pending any investigation by the Commission involving the Company or any current or former director or officer of the Company (in his or her capacity as such). The Commission has not issued any stop-order or other order suspending the effectiveness
of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act. 
  

 -9- 

 (l) Compliance. Neither the Company nor any Subsidiary (i) is in default under
or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received written notice of a
claim that it is in default under or that it is in violation of, any material agreement or instrument to which it is a party or by which it or any of its properties is bound (except where such default or violation has been waived), (ii) is in
violation of any order of any United States or foreign court, arbitrator, or governmental body, or (iii) except as specifically disclosed on Schedule 3.1(l), is or has been in violation of any statute, rule, or regulation of any United
States or foreign governmental authority, including without limitation all foreign, federal, state, and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety, and employment and labor
matters, except in each case as would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. The Company is in compliance with all effective requirements of the Sarbanes-Oxley Act of 2002, as
amended, and the rules and regulations thereunder, that are applicable to it, except where such noncompliance would not have or reasonably be expected to result in a Material Adverse Effect. 

(m) Regulatory Permits. Except as specifically disclosed on Schedule 3.1(m), the Company and the Subsidiaries possess all
certificates, authorizations, and permits issued by the appropriate federal, state, local, or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such
permits would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, and neither the Company nor any Subsidiary has received any written notice of proceedings relating to the revocation or
modification of any such permits. 
 (n) Title to Assets. The Company and the Subsidiaries have good and marketable title
in fee simple to all real property owned by them that is material to their respective businesses and good and marketable title to all personal property owned by them that is material to their respective businesses, in each case free and clear of all
Liens, except for Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries. Any real property and facilities held
under lease by the Company and the Subsidiaries are held by them under valid, subsisting, and enforceable leases of which the Company and the Subsidiaries are in compliance, except as would not, individually or in the aggregate, have or reasonably
be expected to result in a Material Adverse Effect. Without limiting the generality of the foregoing, the Company and the Subsidiaries hold title to their respective oil and gas properties free from reasonable doubt to the end that a prudent Person
engaged in the business of purchasing and owning, developing and operating producing oil and gas properties with knowledge of all of the facts and their legal bearing would be willing to accept the same. 

 

 -10- 

 (o) Insurance. The Company and the Subsidiaries are insured by insurers of recognized
financial responsibility against such losses and risks and in such amounts as are customary in the businesses in which the Company and the Subsidiaries are engaged for companies of substantially similar size and engaged in substantially similar
activities. The Company has no reason to believe that it will not be able to renew its and the Subsidiaries’ existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary
to continue its business, as disclosed in the SEC Reports, on terms consistent with market for the Company’s and such Subsidiaries’ respective lines of business. 

(p) Environmental Matters. Except as specifically disclosed on Schedule 3.1(p), the Company and the Subsidiaries are in
compliance with all applicable federal, state, local, and foreign laws, regulations, rules, ordinances, and orders which impose requirements relating to environmental protection, hazardous substances, or public or employee health and safety
(collectively, “Environmental Laws”), except as would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor the Subsidiaries are subject to any pending
or threatened claim alleging that the Company or the Subsidiaries, their respective businesses, or any of their respective assets is in violation of any Environmental Law, and neither the Company nor the Subsidiaries has received any notice or other
communication, whether oral or written, from any United States or foreign governmental authority or other Person regarding any actual, alleged, possible, or potential violation of, or failure to comply with, any applicable Environmental Law, except,
in each case, where such violation or failure to comply would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. 
  

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 (q) Transactions With Affiliates. Except as set forth in the SEC Reports or as
disclosed in Schedule 3.1(q), none of the officers or directors of the Company or any Subsidiary is currently a party to any transaction with the Company or any Subsidiary (other than for services as employees, consultants, officers and
directors), including any contract, agreement, or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director, or
employee or, to the knowledge of the Company, any entity in which any officer, director, or employee has a substantial interest or is an officer, director, trustee, or partner. 

(r) Internal Accounting Controls. Except as disclosed in Schedule 3.1(r), the Company and the Subsidiaries maintain a
system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to
permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in Schedule 3.1(r), the Company has established disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and designed such disclosure controls and procedures to ensure that material information relating to the Company, including its Subsidiaries, is made known to
the certifying officers by others within those entities, particularly during the period in which the Company’s Form 10-K or 10-Q, as the case may be, is being prepared. The Company’s certifying officers have evaluated the effectiveness of
the Company’s controls and procedures in accordance with Item 307 of Regulation S-K under the Exchange Act for the Company’s most recently ended fiscal quarter or fiscal year-end (such date, the “Evaluation Date”).
The Company presented in its most recently filed Form 10-Q the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Except as described in
Schedule 3.1(r), since the Evaluation Date, there have been no significant changes in the Company’s internal controls (as such term is defined in Item 308(c) of Regulation S-K under the Exchange Act) or, to the Company’s
knowledge, in other factors that could significantly affect the Company’s internal controls. 
  

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 (s) Certain Fees. No brokerage or finder’s fees or commissions are or will be
payable by the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank, or other Person with respect to the transactions contemplated by this Agreement, other than pursuant to the engagement letter
whereby Canaccord Genuity Inc. is engaged to advise the Special Transaction Committee and the Board and, if requested, render a fairness opinion or fairness opinions, the financial terms of which engagement have been disclosed to the Investor. The
Investor shall have no obligation with respect to any fees or with respect to any claims (other than such fees or commissions owed by the Investor pursuant to written agreements executed by the Investor which fees or commissions shall be the sole
responsibility of the Investor) made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by this Agreement. 

(t) Certain Registration Matters. Assuming the accuracy of the Investor’s representations and warranties set forth in
Section 3.2(b)-(e), no registration under the Securities Act is required for the offer and sale of the Shares by the Company to the Investor under the Transaction Documents. Except as disclosed in the SEC Reports, the Company has not granted or
agreed to grant to any Person other than the Investor any rights (including “piggy-back” registration rights) to have any securities of the Company registered with the Commission or any other governmental authority that have not been
satisfied. 
 (u) Listing and Maintenance Requirements. Except as specified in the SEC Reports or as disclosed in
Schedule 3.1(u), the Company has not, in the two years preceding the date hereof, received notice from any Trading Market to the effect that the Company is not in compliance with the listing or maintenance requirements thereof. The issuance
and sale of the Shares under the Transaction Documents does not contravene the rules and regulations of the Trading Market on which the Common Stock is currently listed or quoted. 

 

 -13- 

 (v) Investment Company. The Company is not, and is not an Affiliate of, and
immediately following each Closing will not have become, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

(w) Disclosure. The Company understands and confirms that the Investor will rely on the foregoing representations and covenants in
effecting transactions in securities of the Company. The Investor acknowledges and agrees that neither the Company nor any Person acting on behalf of the Company has made and does make any representations or warranties with respect to the
transactions contemplated hereby other than those specifically set forth in this Section 3.1. 
 3.2. Representations
and Warranties of the Investor. The Investor hereby represents and warrants to the Company as follows: 
 (a)
Organization; Authority. The Investor is a corporation duly organized, validly existing, and in good standing under the laws of Luxembourg with the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by the applicable Transaction Documents and otherwise to carry out its obligations thereunder. The execution, delivery, and performance by the Investor of the Transaction Documents and the consummation of the transactions contemplated
thereby have been duly authorized by all necessary action on the part of the Investor. Each of this Agreement and the other Transaction Documents has been (or upon delivery will have been) duly executed by the Investor and when delivered by the
Investor in accordance with the terms hereof and thereof, will constitute the valid and legally binding obligation of the Investor, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application. 

(b) Investment Intent. The Investor is acquiring the Shares for its own account for investment purposes only and not with a view
to or for distributing or reselling such Shares, without prejudice, however, to the Investor’s right at all times to sell or otherwise dispose of all or any part of such Shares in compliance with applicable federal and state securities laws and
in accordance with the provisions of the Investor’s Agreement. The Investor does not have any agreement or understanding, directly or indirectly, with any Person to distribute any of the Shares. 

 

 -14- 

 (c) Investor Status. At the time the Investor was offered the Shares, it was, and at
the date hereof it is, (i) knowledgeable, sophisticated, and experienced in making, and qualified to make, decisions with respect to investments in securities representing an investment decision similar to that involved in the purchase of the
Shares, including investments in securities issued by the Company and comparable entities, and (ii) an “accredited investor” as defined in Rule 501(a) under the Securities Act. The Investor is not a registered broker-dealer under
Section 15 of the Exchange Act. 
 (d) General Solicitation. The Investor is not purchasing the Shares as a result
of any advertisement, article, notice, or other communication regarding the Shares published in any newspaper, magazine, or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general
advertisement. 
 (e) Access to Information. The Investor acknowledges that it has reviewed the Disclosure Materials and
has been afforded adequate (i) opportunity to ask such questions as it has deemed necessary and to receive answers from representatives of the Company concerning the terms and conditions of the offering of the Shares and the merits and risks of
investing in the Shares; (ii) access to information about the Company and the Subsidiaries and their respective financial condition, results of operations, business, properties, management, and prospects sufficient to enable it to evaluate its
investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the
investment. Neither such inquiries nor any other investigation conducted by or on behalf of the Investor or its representatives or counsel shall modify, amend, or affect the Investor’s right to rely on the truth, accuracy and completeness of
the Disclosure Materials and the Company’s representations and warranties contained in the Transaction Documents, subject to the exceptions thereto and as set forth therein, as the case may be. 

(f) Certain Trading Activities. The Investor has not directly or indirectly, nor has any Person acting on behalf of or pursuant to
any understanding with the Investor, engaged in any transactions in the securities of the Company since the time that the Investor was first contacted regarding the investment in the Company which is the subject of this Agreement or any other
investment as an alternative to such investment. The Investor covenants that neither it nor any Person acting on its behalf or pursuant to any understanding with it will engage in any transactions in the securities of the Company prior to the time
that the transactions contemplated by the Transaction Documents are publicly disclosed. 
  

 -15- 

 (g) Reliance on Investor Representations. The Investor understands that the Shares
are being offered and sold to it in reliance upon specific exemptions from the registration requirements of the Securities Act, and the rules and regulations promulgated thereunder, and state securities laws, and that the Company is relying upon the
truth and accuracy of, and the Investor’s compliance with, the representations, warranties, agreements, acknowledgements, and understandings of the Investor set forth herein in order to determine the availability of such exemptions and the
eligibility of the Investor to acquire the Shares. The Investor understands that the Shares are “restricted securities” under the federal securities laws and that under such laws and rules and regulations the Shares may be resold without
registration under the Securities Act only in certain limited circumstances. The Investor acknowledges that the Shares must be held indefinitely unless subsequently registered under the Securities Act and under applicable state securities laws or an
exemption from such registration is available. The Investor is aware of the provisions of Rule 144 under the Securities Act which permit limited resale of securities purchased in a private placement. 

(h) Risks of Investment. The Investor understands that its investment in the Shares involves a significant degree of risk,
including a risk of total loss of the Investor’s investment, and the Investor has full cognizance of and understands all of the risk factors related to the Investor’s purchase of the Shares, including, but not limited to, those set forth
in the SEC Reports. The Investor understands that no representation is being made as to the future value of the Common Stock. The Investor has the knowledge and experience in financial and business matters as to be capable of evaluating the merits
and risks of an investment in the Shares and has the ability to bear the economic risks of an investment in the Shares. 
 (i)
No Approvals. The Investor understands that no United States federal or state agency or any other government or governmental agency has passed upon or made any recommendation or endorsement of the Shares. 

(j) Location of Offices. The Investor’s principal executive offices are in the jurisdiction set forth in Section 7.3
hereof. 
  

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 (k) Independent Investment Decision. The Investor has independently evaluated the
merits of its decision to purchase Shares pursuant to the Transaction Documents, and has relied on its own industry, business and/or legal advisors in making such decision. 

(l) No Voting Agreements. Except for the Transaction Documents, the Investor has not entered into any agreement or arrangement
regarding the voting or disposition of the Shares. 
 (m) No Brokers. No brokerage or finder’s fees or commissions
are or will be payable by the Investor to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank, or other Person with respect to the transactions contemplated by this Agreement. The Company shall have no
obligation with respect to any fees or with respect to any claims (other than such fees or commissions owed by the Company pursuant to written agreements executed by the Company which fees or commissions shall be the sole responsibility of the
Company) made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by this Agreement. 

The Company acknowledges and agrees that the Investor has not made and does not make any representations or warranties with respect to
the transactions contemplated hereby other than those specifically set forth in this Section 3.2. 
 ARTICLE 4. 

OTHER AGREEMENTS OF THE PARTIES 

4.1. Restrictive Legends on Certificates. 

(a) Shares may only be disposed of in compliance with state and federal securities laws and in accordance with the Investor’s
Agreement. In connection with any transfer of the Shares other than pursuant to an effective registration statement, to the Company, or to an Affiliate of the Investor, the Company may require the transferor thereof to provide to the Company an
opinion of counsel selected by the transferor, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Shares under the Securities
Act. 
 (b) Certificates evidencing the Shares will contain the following legend, until such time as it is not required under
Section 4.1(c): 
 THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THE TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE SUBJECT TO RESTRICTIONS ON TRANSFER AS SET
FORTH IN AN INVESTOR’S AGREEMENT DATED AS OF AUGUST 5, 2010, A COPY OF WHICH WILL BE PROVIDED BY THE COMPANY TO THE REGISTERED HOLDER OF THIS CERTIFICATE UPON SUCH HOLDER’S REQUEST AND WITHOUT CHARGE. 

 

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 (c) Certificates evidencing Shares shall not contain any legend (including the legend set
forth in Section 4.1(b)): (i) with respect to a sale or transfer of such Shares pursuant to an effective registration statement (including the Registration Statement), or (ii) with respect to a sale or transfer of such Shares pursuant
to Rule 144 (assuming the transferee is not an Affiliate of the Company). The Company agrees that following the effective date of the initial Registration Statement filed with the Commission in accordance with the Investor’s Agreement or at
such time as such legend is no longer required under this Section 4.1(c), it will, no later than seven Trading Days following the delivery by the Investor to the Company or the Company’s transfer agent of a certificate representing Shares
issued with a restrictive legend, together with the written request of the Investor accompanied by the written representation letter in customary form, deliver or cause to be delivered to the Investor a certificate representing such Shares that is
free from all restrictive and other legends. Certificates for Shares subject to legend removal hereunder shall be transmitted by the transfer agent of the Company to the Investor by crediting the account of the Investor’s prime broker with the
Depository Trust Company System. 
  

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 (d) The Investor agrees that the removal of the restrictive legend from certificates
representing Shares as set forth in this Section 4.1 is predicated upon the Company’s reliance that the Investor will sell any such Shares pursuant to either the registration requirements of the Securities Act, including any applicable
prospectus delivery requirements, or an exemption therefrom. 
 4.2. Furnishing of Information. The Company covenants to
timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act. The Company further covenants that it will take
such further action as any holder of Shares may reasonably request, all to the extent required from time to time to enable such Person to sell the Shares without registration under the Securities Act within the limitation of the exemptions provided
by Rule 144. 
 4.3. Integration. The Company shall not, and shall use its reasonable best efforts to ensure that no
Affiliate of the Company shall, sell, offer for sale or solicit offers to buy, or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Shares in a
manner that would require the registration under the Securities Act of the sale of the Shares to the Investor. 
 4.4.
Indemnification. 
 (a) In addition to the indemnity provided in the Investor’s Agreement, the Company shall
indemnify and hold harmless the Investor and its directors, officers, managers, shareholders, investors, members, partners, employees, and agents (each, an “Investor Party”) from any and all losses, liabilities, obligations, claims,
contingencies, damages, costs, and expenses, including all judgments, amounts paid in settlements, court costs, and reasonable attorneys’ fees and costs of investigation (collectively, “Losses”), that any such Investor Party may
suffer or incur as a result of or relating to any misrepresentation, breach, or inaccuracy of any representation, warranty, covenant, or agreement made by the Company in any Transaction Document. In addition to the indemnity contained herein, the
Company shall reimburse each Investor Party for its reasonable legal and other expenses (including the cost of any investigation, preparation, and travel in connection therewith) incurred in connection therewith, as such expenses are incurred.
Notwithstanding any other provision of this Agreement, no action or failure to act by or on behalf of the Company shall be deemed a breach by the Company of this Agreement, and no Investor Party shall be entitled to indemnification or to be held
harmless by the Company with respect thereto, if such action or failure to act shall have been approved, voted favorably on or consented to or waived by Nikolay V. Bogachev, any such approval, vote, consent or waiver being deemed for purposes of
this Agreement and the transactions contemplated hereby to having been made by the Investor. 
  

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 (b) In addition to the indemnity provided in the Investor’s Agreement, the Investor
shall indemnify and hold harmless the Company and its directors, officers, managers, shareholders, investors, members, partners, employees, and agents (each, a “Company Party”) from any and all Losses that the Company may suffer or incur
as a result of or relating to any misrepresentation, breach, or inaccuracy of any representation, warranty, covenant, or agreement made by the Investor in any Transaction Document. In addition to the indemnity contained herein, the Investor shall
reimburse the Company for its reasonable legal and other expenses (including the cost of any investigation, preparation, and travel in connection therewith) incurred in connection therewith, as such expenses are incurred. Notwithstanding any other
provision of this Agreement, no action or failure to act by or on behalf of the Investor shall be deemed a breach by the Investor of this Agreement, and no Company Party shall be entitled to indemnification or to be held harmless by the Investor
with respect thereto, if such action or failure to act shall have been approved, voted favorably on or consented to or waived by a majority of the Special Transaction Committee, any such approval, vote, consent or waiver being deemed for purposes of
this Agreement and the transactions contemplated hereby to having been made by the Company. 
 4.5. Listing of Shares.
The Company agrees, (i) it will take all action reasonably necessary to continue the listing and trading of its Common Stock on its current Trading Market on the date of this Agreement and will comply in all material respects with the
Company’s reporting, filing, and other obligations under the bylaws or rules of such Trading Market, and (ii) if the Company applies to have the Common Stock traded on any Trading Market other than that of the date of this Agreement, it
will include in such application the Shares, and will take such other action as is necessary or desirable to cause the Shares to be listed on such other Trading Market as promptly as possible. 

 

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 4.6. Use of Proceeds. The Company will use the net proceeds from the sale of the
Shares hereunder to facilitate the closing of the Evans Shoal Transaction. 
 4.7. Other Related Transactions. The
Investor hereby covenants and agrees that, from and after the date of this Agreement, the Investor and its Affiliates will cooperate with, and will provide material leadership and support to, the Company, its Board and the Business Development
Committee (as defined in the Investor’s Agreement) in order to identify and obtain sources of available financing on or prior to October 31, 2010 for the advancement of the Evans Shoal Transaction; provided that the Company reserves the
rights, after consultation with the Business Development Committee, (i) as approved by the Board on behalf of the Company, to determine the process by which such fundraising will be conducted, (ii) as approved by the Special Transaction
Committee in the case of any aspect thereof which involves any additional investment by the Investor or any of its Affiliates or any adversity of interest between the Company and the Investor or any of its Affiliates, but subject to the
Investor’s percentage-maintenance and other rights under the Investor’s Agreement, to approve on behalf of the Company any aspect of such fundraising, and, (iii) otherwise, as approved by the Board on behalf of the Company, to approve
or not approve the terms and conditions, including but not limited to the price, applicable to any investment by any investor other than the Investor or any of its Affiliates and whether to accept or not accept any such possible investment.

 4.8. Luxembourg Securities Law Compliance. Between the date of this Agreement and each Closing Date, the Company shall
use commercially reasonable efforts to take whatever actions, if any, as are necessary or appropriate to comply with all applicable legal requirements of the Grand Duchy of Luxembourg pertaining to the issuance and sale of the Shares, and the
Investor shall take commercially reasonable actions to assist the Company in that regard. Notwithstanding the foregoing, the Company shall not be required to submit to the jurisdiction of, or to taxation by, the Grand Duchy of Luxembourg.

 4.9. Best Efforts. Each party shall use its commercially reasonable best efforts to take, or cause to be taken, all
actions and to do, or cause to be done, and to assist and cooperate with the other parties in doing, all things necessary, proper or advisable to consummate the transaction contemplated by this Agreement as soon as practicable after the date hereof.

  

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 ARTICLE 5. 

CONDITIONS PRECEDENT TO CLOSING 

5.1. Conditions Precedent to the Obligations of the Investor to Purchase Shares. The obligation of the Investor to acquire Shares
at each Closing is subject to the satisfaction or waiver by the Investor, at or before such Closing, of each of the following conditions: 

(a) Representations and Warranties. The representations and warranties of the Company contained herein shall be true and correct
in all material respects (or true and correct in all respects as to representations and warranties which are qualified by materiality) as of the date when made and as of such Closing as though made on and as of such date, except in any case in which
a representation or warranty expressly speaks as of a particular date, in which case, such representation or warranty shall be true and correct as of such date; 

(b) Performance. The Company shall have performed, satisfied, and complied in all material respects with all covenants,
agreements, and conditions required by the Transaction Documents to be performed, satisfied, or complied with by it at or prior to such Closing; 

(c) No Injunction. No statute, rule, regulation, executive order, decree, ruling, or injunction shall have been enacted, entered,
promulgated, or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated by the Transaction Documents; provided that, in the case of any thereof which is then
reasonably, or would reasonably be believed to be, remedied with the commercially reasonable efforts of the Company and the Investor, the Company and the Investor shall use their respective reasonable efforts to effect such remedy; 

(d) Adverse Changes. Since the execution and delivery of this Agreement, no event or series of events shall have occurred that
constitutes or would reasonably be expected to result in a Material Adverse Effect; 
 (e) Evans Shoal Transaction
Status. As of the time of any Closing other than the final Closing at which the last of the Shares are sold to and purchased by the Investor to provide funds, together with other funds, to enable the closing of the Evans Shoal Transaction, the
progress and status of the Evans Shoal Transaction shall be satisfactory to the Investor, and, in the case of such final Closing, the conditions to the closing of the Evans Shoal Transaction shall have been satisfied or waived; 

 

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 (f) No Suspensions of Trading in Common Stock; Listing. Trading in the Common Stock
shall not have been suspended by the Commission or any Trading Market (except for any suspensions of trading of not more than one Trading Day solely to permit dissemination of material information regarding the Company) at any time since the date of
execution of this Agreement, and the Common Stock shall have been at all times since such date listed for trading on a Trading Market; and 

(g) Company Deliverables. The Company shall have delivered the Company Deliverables in accordance with Section 2.3(a).

 5.2. Conditions Precedent to the Obligations of the Company to Sell Shares. The obligation of the Company to sell
Shares at each Closing is subject to the satisfaction or waiver by the Company, at or before such Closing, of each of the following conditions: 

(a) Representations and Warranties. The representations and warranties of the Investor contained herein shall be true and correct
in all material respects as of the date when made and as of such Closing Date as though made on and as of such date, except in any case in which a representation or warranty expressly speaks as of a particular date, in which case, such
representation or warranty shall be true and correct as of such date; 
 (b) Performance. The Investor shall have
performed, satisfied, and complied in all material respects with all covenants, agreements, and conditions required by the Transaction Documents to be performed, satisfied, or complied with by the Investor at or prior to such Closing; 

(c) No Injunction. No statute, rule, regulation, executive order, decree, ruling, or injunction shall have been enacted, entered,
promulgated, or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated by the Transaction Documents; provided that, in the case of any thereof which is then
reasonably, or would reasonably be believed to be, remedied with the commercially reasonable efforts of the Company and the Investor, the Company and the Investor shall use their respective reasonable efforts to effect such remedy; 

(d) Fairness Opinion. The Company shall have received an opinion from its financial advisor, Canaccord Genuity Inc., that as of
the date of this Agreement, the consideration to be received by the Company as a result of the consummation of the transactions contemplated by the Transaction Documents is fair to the Company from a financial point of view; 

 

 -23- 

 (e) Investor Deliverables. The Investor shall have delivered its Investor
Deliverables in accordance with Section 2.3(b); and 
 (f) Luxembourg Securities Law Compliance. The Company and the
Investor shall have taken whatever actions, if any, as are necessary or appropriate to comply fully with all applicable legal requirements of the Grand Duchy of Luxembourg. 

ARTICLE 6. 

TERMINATION PRIOR TO CLOSING 

6.1. Termination. This Agreement may be terminated and the transactions contemplated hereunder abandoned at any time prior to any
Closing only as follows: 
 (a) by the Investor or the Company, upon written notice to the other, if no Closing shall have taken
place by 6:30 p.m., Eastern Time, on October 31, 2010; provided, that the right to terminate this Agreement pursuant to this Section 6.1(a) shall not be available to any party whose failure to perform any of its obligations under this
Agreement is the primary cause of the failure of a Closing to have occurred by such date and time; or 
 (b) at any time by
mutual agreement of the Company and the Investor; or 
 (c) by the Investor, if there has been a material breach of any
representation or warranty, or covenant or obligation, of the Company contained herein and the same has not been cured within 15 days after notice thereof by the Investor to the Company; or 

(d) by the Company, if there has been a material breach of any representation, warranty, or covenant of the Investor contained herein and
the same has not been cured within 15 days after notice thereof by the Company to the Investor. 
 6.2. Effect of
Termination. Any termination pursuant to this Article 6 shall be without liability on the part of any party, unless such termination is the result of a material breach of this Agreement by a party to this Agreement in which case such breaching
party shall remain liable for such breach notwithstanding any termination of this Agreement. 
  

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 ARTICLE 7. 

MISCELLANEOUS 

7.1. Fees and Expenses. 

(a) At the time of each Closing hereunder, the Company shall reimburse the Investor for its out-of-pocket expenses incurred in connection
with the transactions contemplated by the Transaction Documents (including, without limitation, the fees and expenses of the Investor’s legal counsel but not other advisors, accountants or experts) through the time of such Closing
(collectively, “Reimbursable Expenses”), provided that the aggregate amount of Reimbursable Expenses with respect to the transactions contemplated by the Transaction Documents through the final Closing and completion of all
reasonable post-Closing matters shall not exceed $200,000 (collectively, “Reimbursable Expenses”). 
 (b) Upon
any termination of this Agreement resulting from the failure of the Company to satisfy a condition set forth in Section 5.1(b), (g) or (h) where such failure results principally from the Company’s refusal to use its commercially
reasonable best efforts to fulfill such a condition, the Company shall reimburse the Investor’s Reimbursable Expenses in an aggregate amount with respect to the transactions contemplated by the Transaction Documents through the effective time
of such termination not to exceed $200,000. 
 (c) Except as specified in Section 7.1(a) or (b) above, each party
shall pay the expenses incurred by such party incident to the negotiation, preparation, execution, delivery, and performance of the Transaction Documents. The Company shall pay all stamp and other taxes and duties levied in connection with the sale
of the Shares. 
 7.2. Entire Agreement. The Transaction Documents, together with the Exhibits and Schedules thereto,
contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements, understandings, discussions, and representations, oral or written, with respect to such matters, which the
parties acknowledge have been merged into such documents, exhibits, and schedules. 
  

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 7.3. Notices. Any and all notices or other communications or deliveries required or
permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via facsimile on a Trading Day, (b) the Trading
Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (c) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as
follows: 
  

			
	If to the Company:	  	Magellan Petroleum Corporation
		  	10 Columbus Boulevard
		  	Hartford, CT 06106
		  	Facsimile: (860) 293-2349
		  	Attention: Walter McCann, Chairman of the Board
		
	with a copy to:	  	Mintz Levin Cohn Ferris Glovsky and Popeo, P.C.
		  	One Financial Center
		  	Boston, MA 02111
		  	Facsimile: (617) 542-2241
		  	Attention: Richard E. Mikels, Esq.
		
	If to the Investor:	  	Young Energy Prize S.A.
		  	7 rue Thomas Edison
		  	L-1445 Strassen
		  	Grand Duchy of Luxembourg
		  	Facsimile: (+352) 2702 1-401
		  	Attention: Nikolay V. Bogachev
		
	with a copy to:	  	Snell & Wilmer L.L.P.
		  	1200
17th Street, Suite 1900
		  	Denver, CO 80202
		  	Facsimile: (303) 634-2020
		  	Attention: Roger C. Cohen, Esq.

 or such other address as may
be designated in writing hereafter, in the same manner, by such Person. 
 7.4. Amendments; Waivers; No Additional
Consideration. No provision of this Agreement may be waived or amended except in a written instrument signed by the Company and the Investor. No waiver of any default with respect to any provision, condition, or requirement of this Agreement
shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition, or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in
any manner impair the exercise of any such right. 
  

 -26- 

 7.5. Construction. The headings herein are for convenience only, do not constitute a
part of this Agreement, and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties and their counsel to express their mutual intent, and no
rules of strict construction will be applied against any party. This Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provisions of this Agreement or any of the Transaction Documents. 
 7.6. Successors and Assigns. The rights and
obligations of the parties hereto shall inure to the benefit of and shall be binding upon the authorized successors and permitted assigns of each party. No party may assign its rights or obligations under this Agreement or designate another Person
(i) to perform all or part of its obligations under this Agreement or (ii) to have all or part of its rights and benefits under this Agreement, in each case without the prior written consent of the other party, provided, however, that the
Investor may assign its rights and delegate its duties hereunder in whole or in part to an Affiliate or third party acquiring some or all of the Shares in a transaction complying with applicable securities laws without the prior written consent of
the Company; provided, that no such assignment shall affect the obligations of the Investor hereunder. In the event of any assignment in accordance with the terms of this Agreement, the assignee shall specifically assume and be bound by the
provisions of this Agreement by executing and agreeing to an assumption agreement reasonably acceptable to the other party. 

7.7. No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.4. 

7.8. Governing Law. All questions concerning the construction, validity, enforcement, and interpretation of this Agreement shall
be governed by and construed and enforced in accordance with the internal laws of the State of Delaware, without regard to the principles of conflicts of law thereof. Each party agrees that all Proceedings concerning the interpretation, enforcement,
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective Affiliates, employees, or agents) shall be commenced exclusively in the Delaware courts.
Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the Delaware courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with
respect to the enforcement of the any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any such Delaware court, or that such
Proceeding has been commenced in an improper or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such Proceeding by mailing a copy thereof via registered or
certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by
jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. If any party shall commence a Proceeding to enforce any provision of a Transaction Document, then the prevailing party in such
Proceeding shall be reimbursed by the other party to the Proceeding for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation, and prosecution of such Proceeding. 

 

 -27- 

 7.9. Survival. The representations, warranties, agreements, and covenants contained
herein shall survive the last Closing and the delivery of the Shares thereat for a period of 18 months thereafter, after which time they shall expire and be of no further force or effect. 

7.10. Execution. This Agreement may be executed in counterparts, all of which when taken together shall be considered one and the
same agreement, and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile or electronic transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or electronic signature page
were an original thereof. If the Investor designates an Affiliate of the Investor to purchase any of the Shares hereunder, the effectiveness of such designation shall be subject to such Affiliate’s executing and delivering a joinder agreement
with the Company in form and substance satisfactory to the Company whereby such Affiliate shall become a party to this Agreement as fully and effectively as if such Affiliate had been an original signatory hereto. 

 

 -28- 

 7.11. Severability. If any provision of this Agreement is held to be invalid or
unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt to agree upon a valid and enforceable provision
that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement. 

7.12. Replacement of Shares. If any certificate or instrument evidencing any Shares is mutilated, lost, stolen, or destroyed, the
Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the
Company of such loss, theft, or destruction and customary and reasonable indemnity, if requested. The applicants for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs associated with the
issuance of such replacement Shares. If a replacement certificate or instrument evidencing any Shares is requested due to a mutilation thereof, the Company may require delivery of such mutilated certificate or instrument as a condition precedent to
any issuance of a replacement. 
 7.13. Remedies. In addition to being entitled to exercise all rights provided herein or
granted by law, including recovery of damages, each of the Investor and the Company will be entitled to specific performance under the Transaction Documents upon a proper showing. The parties agree that monetary damages may not be adequate
compensation for any loss incurred by reason of any breach of obligations described in the foregoing sentence and hereby agree to waive in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.

  

 -29- 

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

			
	COMPANY:
	
	MAGELLAN PETROLEUM CORPORATION
		
	By:	 	 /s/ William H. Hastings

	Name:	 	William H. Hastings
	Title:	 	President and Chief Executive Officer
	
	INVESTOR:
	
	YOUNG ENERGY PRIZE S.A.
		
	By:	 	 /s/ Nikolay Bogachev

	Name:	 	Nikolay Bogachev
	Title:	 	Chairman & CEO

  

 -30-

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