Document:

Future Spread Agreement for NON-Agency Mortgage Loans

 Exhibit 10.6 
 AMENDED AND RESTATED FUTURE SPREAD AGREEMENT 
 FOR NON-AGENCY MORTGAGE
LOANS 
 by and between 
 NATIONSTAR MORTGAGE LLC 
 (Seller) 

and 

NIC MSR II LLC 
 (Purchaser) 
 Dated and effective as of June 7, 2012 

 Table of Contents 

 

									
	 ARTICLE I DEFINITIONS; GENERAL INTERPRETIVE PRINCIPLES
	  	 	1	  
	 Section 1.01
	  		  	 Definitions
	  	 	1	  
	 Section 1.02
	  		  	 General Interpretive Principles
	  	 	11	  
		
	 ARTICLE II ITEMS TO BE DELIVERED
	  	 	12	  
	 Section 2.01
	  		  	 Items to be Delivered
	  	 	12	  
	 Section 2.02
	  		  	 Grant of Security Interest
	  	 	13	  
		
	 ARTICLE III REPLACEMENT OF MORTGAGE LOANS
	  	 	13	  
	 Section 3.01
	  		  	 Refinancing and Substitution of Mortgage Loans
	  	 	13	  
	 Section 3.02
	  		  	 Criteria for Mortgage Loans
	  	 	14	  
	 Section 3.03
	  		  	 Refinancing Incentives
	  	 	15	  
	 Section 3.04
	  		  	 Selection Procedures
	  	 	16	  
	 Section 3.05
	  		  	 Assignment of Future Excess Servicing Spread
	  	 	18	  
		
	 ARTICLE IV PAYMENTS AND DISTRIBUTIONS
	  	 	18	  
	 Section 4.01
	  		  	 Purchase Price
	  	 	18	  
	 Section 4.02
	  		  	 Payments by Purchaser
	  	 	18	  
	 Section 4.03
	  		  	 Accounts
	  	 	18	  
	 Section 4.04
	  		  	 Priority of Payments
	  	 	20	  
	 Section 4.05
	  		  	 Withdrawals from the Future Spread Reserve Account
	  	 	21	  
	 Section 4.06
	  		  	 Payment to Seller of Base Servicing Fee
	  	 	21	  
	 Section 4.07
	  		  	 Correction of Principal Balance Error
	  	 	22	  
	 Section 4.08
	  		  	 Intent and Characterization
	  	 	22	  
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES OF SELLER
	  	 	23	  
	 Section 5.01
	  		  	 Due Incorporation and Good Standing
	  	 	23	  
	 Section 5.02
	  		  	 Authority and Capacity
	  	 	23	  
	 Section 5.03
	  		  	 Owner Consents
	  	 	23	  
	 Section 5.04
	  		  	 Title to the Mortgage Servicing Rights
	  	 	23	  
	 Section 5.05
	  		  	 Effective Agreements
	  	 	24	  
	 Section 5.06
	  		  	 No Accrued Liabilities
	  	 	24	  
	 Section 5.07
	  		  	 Seller/Servicer Standing
	  	 	24	  
	 Section 5.08
	  		  	 MERS Membership
	  	 	24	  
	 Section 5.09
	  		  	 Owner Set-off Rights
	  	 	24	  
	 Section 5.10
	  		  	 Ability to Perform; Solvency
	  	 	25	  
	 Section 5.11
	  		  	 Obligations with Respect to Origination
	  	 	25	  
	 Section 5.12
	  		  	 Purchase of Mortgage Servicing Rights
	  	 	25	  
	 Section 5.13
	  		  	 No Actions
	  	 	25	  

  
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	 ARTICLE VI REPRESENTATIONS AND WARRANTIES AS TO MORTGAGE LOANS AND SERVICING
	  	 	25	  
	 Section 6.01
	  		  	 Servicing Agreements; Applicable Laws
	  	 	25	  
	 Section 6.02
	  		  	 Related Escrow Accounts
	  	 	25	  
	 Section 6.03
	  		  	 No Purchaser Responsibility
	  	 	26	  
	 Section 6.04
	  		  	 Location of Credit Files
	  	 	26	  
	 Section 6.05
	  		  	 Representations Concerning the Future Excess Servicing Spread
	  	 	26	  
		
	 ARTICLE VII REPRESENTATIONS AND WARRANTIES OF PURCHASER
	  	 	27	  
	 Section 7.01
	  		  	 Due Incorporation and Good Standing
	  	 	27	  
	 Section 7.02
	  		  	 Authority and Capacity
	  	 	27	  
	 Section 7.03
	  		  	 Effective Agreements
	  	 	27	  
	 Section 7.04
	  		  	 Sophisticated Investor
	  	 	28	  
	 Section 7.05
	  		  	 No Actions
	  	 	28	  
		
	 ARTICLE VIII SELLER COVENANTS
	  	 	28	  
	 Section 8.01
	  		  	 Servicing Obligations
	  	 	28	  
	 Section 8.02
	  		  	 Cooperation
	  	 	28	  
	 Section 8.03
	  		  	 Financing Statements
	  	 	29	  
	 Section 8.04
	  		  	 Supplemental Information
	  	 	29	  
	 Section 8.05
	  		  	 Access to Information
	  	 	29	  
	 Section 8.06
	  		  	 Home Affordable Modification Program
	  	 	29	  
	 Section 8.07
	  		  	 Distribution Date Data Tapes and Reports
	  	 	29	  
	 Section 8.08
	  		  	 Financial Statements and Officer’s Certificates
	  	 	31	  
	 Section 8.09
	  		  	 Monthly Management Calls
	  	 	32	  
	 Section 8.10
	  		  	 Timely Payment of Owner Obligations
	  	 	32	  
	 Section 8.11
	  		  	 Servicing Agreements
	  	 	32	  
	 Section 8.12
	  		  	 Transfer of Mortgage Servicing Rights
	  	 	32	  
	 Section 8.13
	  		  	 Consents to Transaction Documents
	  	 	33	  
	 Section 8.14
	  		  	 Accounts
	  	 	33	  
	 Section 8.15
	  		  	 Notification of Certain Events
	  	 	33	  
	 Section 8.16
	  		  	 Financing; Pledge of Future Excess Servicing Spread
	  	 	33	  
	 Section 8.17
	  		  	 Existence, etc
	  	 	33	  
	 Section 8.18
	  		  	 Consent to Sub-Servicing
	  	 	34	  
	 Section 8.19
	  		  	 Nonpetition Covenant
	  	 	34	  
	 Section 8.20
	  		  	 Schedule of Mortgage Loans
	  	 	35	  
	 Section 8.21
	  		  	 True Sale Opinion
	  	 	35	  
	 Section 8.22
	  		  	 Valuation
	  	 	35	  
	 Section 8.23
	  		  	 Material Documents
	  	 	35	  

  
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	 ARTICLE IX CONDITIONS PRECEDENT TO OBLIGATIONS OF PURCHASER
	  	 	35	  
	 Section 9.01
	  		  	 Correctness of Representations and Warranties
	  	 	35	  
	 Section 9.02
	  		  	 Compliance with Conditions
	  	 	36	  
	 Section 9.03
	  		  	 Corporate Resolution
	  	 	36	  
	 Section 9.04
	  		  	 No Material Adverse Change
	  	 	36	  
	 Section 9.05
	  		  	 Consents
	  	 	36	  
	 Section 9.06
	  		  	 Delivery of Transaction Documents
	  	 	36	  
	 Section 9.07
	  		  	 Certificate of Seller
	  	 	36	  
	 Section 9.08
	  		  	 Opinions of Counsel
	  	 	37	  
	 Section 9.09
	  		  	 Good Standing Certificate of Seller
	  	 	37	  
		
	 ARTICLE X CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLER
	  	 	37	  
	 Section 10.01
	  		  	 Correctness of Representations and Warranties
	  	 	37	  
	 Section 10.02
	  		  	 Compliance with Conditions
	  	 	37	  
	 Section 10.03
	  		  	 Corporate Resolution
	  	 	37	  
	 Section 10.04
	  		  	 No Material Adverse Change
	  	 	37	  
	 Section 10.05
	  		  	 Certificate of Purchaser
	  	 	37	  
	 Section 10.06
	  		  	 Good Standing Certificate of Purchaser
	  	 	38	  
		
	 ARTICLE XI INDEMNIFICATION
	  	 	38	  
	 Section 11.01
	  		  	 Indemnification by Seller
	  	 	38	  
	 Section 11.02
	  		  	 Indemnification by Purchaser
	  	 	40	  
		
	 ARTICLE XII MISCELLANEOUS
	  	 	41	  
	 Section 12.01
	  		  	 Costs and Expenses
	  	 	41	  
	 Section 12.02
	  		  	 Confidentiality
	  	 	41	  
	 Section 12.03
	  		  	 Broker’s Fees
	  	 	42	  
	 Section 12.04
	  		  	 Relationship of Parties
	  	 	42	  
	 Section 12.05
	  		  	 Survival of Representations and Warranties
	  	 	42	  
	 Section 12.06
	  		  	 Notices
	  	 	42	  
	 Section 12.07
	  		  	 Waivers
	  	 	43	  
	 Section 12.08
	  		  	 Entire Agreement; Amendment
	  	 	43	  
	 Section 12.09
	  		  	 Binding Effect
	  	 	43	  
	 Section 12.10
	  		  	 Headings
	  	 	43	  
	 Section 12.11
	  		  	 Applicable Law
	  	 	43	  
	 Section 12.12
	  		  	 Incorporation of Exhibits
	  	 	44	  
	 Section 12.13
	  		  	 Counterparts
	  	 	44	  
	 Section 12.14
	  		  	 Severability of Provisions
	  	 	44	  
	 Section 12.15
	  		  	 Assignment
	  	 	44	  
	 Section 12.16
	  		  	 Termination
	  	 	44	  
	 Section 12.17
	  		  	 Third Party Beneficiaries
	  	 	45	  

  
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	 EXHIBITS

 

	Exhibit A – Form of Assignment Agreement
	Exhibit B – Example of Calculations of Maximum Retained Refinancing Loan Amounts
Annex A
	Exhibit C – Schedule of Mortgage Loans
	Exhibit D – Seller’s Officer’s Certificate
	Exhibit E – Purchaser’s Officer’s Certificate
	Exhibit F – Location of Credit Files
	Exhibit G – Form of Summary Remittance Report
	Exhibit H – Form of Delinquency Report
	Exhibit I – Form of Disbursement Report
	Exhibit J – Seller Jurisdictions and Recording Offices

  
 iv 

 AMENDED AND RESTATED FUTURE SPREAD AGREEMENT 

FOR NON-AGENCY MORTGAGE LOANS 
 This AMENDED AND RESTATED FUTURE SPREAD AGREEMENT FOR NON-AGENCY MORTGAGE LOANS (as amended, restated, or otherwise modified and in effect from time to time, this “Agreement”), dated as
of June 7, 2012 (the “Agreement Date”), is by and between NIC MSR II LLC, a Delaware limited liability company (together with its successors and assigns, the “Purchaser”), and Nationstar Mortgage LLC, a
Delaware limited liability company (together with its successors and assigns, the “Seller”) (the Purchaser and the Seller will collectively be referred to as the “Parties” and each, a
“Party”). 
 W I T N E S S E T H: 

WHEREAS, Seller and Purchaser have entered into the Amended and Restated Current Excess Servicing Spread Acquisition Agreement For
Non-Agency Mortgage Loans, dated as of the date hereof (as amended, restated, or otherwise modified and in effect, the “Current Spread Agreement”), pursuant to which Purchaser will purchase and assume all right, title and
interest in the excess servicing spread with respect to a pool of residential mortgage loans to be serviced by Seller; 

WHEREAS, Seller desires to retain the right to refinance the residential mortgage loans in the pool, and Purchaser is willing to
grant such right, as long as the excess servicing spread with respect to the newly-originated residential mortgage loans and replacement residential mortgage loans is assigned to the Purchaser as described herein; 

WHEREAS, Purchaser and Seller desire to set forth the terms and conditions pursuant to which residential mortgage loans in the
pool may be refinanced; and 
 WHEREAS, Purchaser and Seller wish to amend and restate the Future Spread Agreement for
Non-Agency Mortgage Loans, dated as of March 6, 2012 (the “Original Future Spread Agreement for Non-Agency Mortgage Loans”). 
 NOW, THEREFORE, in consideration of the mutual promises, covenants and conditions and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and
upon the terms and subject to the conditions set forth herein, the Original Future Spread Agreement for Non-Agency Mortgage Loans is hereby amended and restated to read, and the Parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS; GENERAL INTERPRETIVE PRINCIPLES 
 Section 1.01 Definitions. 
 Whenever used herein, the following
words and phrases, unless the context otherwise requires, shall have the following meanings: 
 Accepted Servicing
Practices: With respect to any Mortgage Loan, those accepted and prudent mortgage servicing practices (including collection procedures) which are in accordance with the servicing practices and procedures as set forth in the applicable Servicing
Agreements, and in a manner at least equal in quality to the servicing that Seller provides to mortgage loans which it owns in its own portfolio. 

  
 1 

 Agency: The entity formerly known as the Federal Home Loan Mortgage Corporation, or
any successor thereto, the Federal National Mortgage Association, or any successor thereto, the Government National Mortgage Association, or any successor thereto. 
 Agreement: As defined in the preamble hereof. 
 Agreement Date: As
defined in the preamble hereof. 
 Ancillary Income: All incidental servicing fees (such as late fees, assignment
transfer fees, returned check fees, special services fees, amortization schedule fees, HAMP, modification and incentive income, etc.) that are supplemental to the servicing spread payable to the servicer pursuant to the Servicing Agreements.

 Applicable Law: With reference to any Person, all laws (including common law), statutes, regulations, ordinances,
treaties, judgments, decrees, injunctions, writs and orders of any court, governmental agency or authority and rules, regulations, orders, directives, licenses and permits of any Governmental Authority applicable to such Person or its property or in
respect of its operations. 
 Assignment Agreement: An assignment agreement substantially in the form of Exhibit A
to this Agreement or in such other form as mutually agreed upon by the Parties. 
 Assignment Date: With respect to a
Refinanced Mortgage Loan and its related Mortgage Loan, the Distribution Date in the third calendar month following the Refinanced Mortgage Loan’s Refinancing Date. 
 Available Portfolio: As defined in Section 3.04(a) hereof. 

Bank: Wells Fargo Bank, National Association, or another financial institution mutually agreed upon by the Parties or any
successor thereto, each in its capacity as “Bank” under the Future Spread Custodial Account Control Agreement or the Future Spread Reserve Account Control Agreement, as applicable, or any third party custodian or trustee in similar
capacity under any replacement account control agreements. 
 Base Servicing Fee: With respect to a Collection Period, an
amount equal to the product of (A) the aggregate outstanding principal balance of the Mortgage Loans as of the related Measurement Date, (B) the Base Servicing Fee Rate and (C) (i) in the case of the initial Collection Period, a
fraction, the numerator of which is the number of days in the period from and including the Closing Date to and including the last day of the initial Collection Period, and the denominator of which is 360, and (ii) in the case of all other
Collection Periods, 1/12; provided that the Base Servicing Fee with respect to any Mortgage Loan whose Servicing Agreement is terminated during a Collection Period shall be pro-rated to the actual number of days within such Collection Period
in which such Mortgage Loan was serviced by Seller. 

  
 2 

 Base Servicing Fee Rate: 0.06% per annum. 

Business Day: Any day other than (a) a Saturday or Sunday, (b) a day on which banking institutions in the States of
Texas or New York are authorized or obligated by law or by executive order to be closed or (c) such other days as agreed upon by the Parties. 
 Carryover Retained Amount: As defined in Section 3.03 hereof. 

Closing Date: The Business Day in which the purchase by Seller of the Mortgage Servicing Rights under the Residential Servicing
Business Asset Purchase Agreement has been consummated and all conditions precedent to the execution and delivery of this Agreement have been satisfied or waived. 
 Code: The Internal Revenue Code of 1986, as amended from time to time. 

Collateral: As defined in Section 2.02 hereof. 

Collection Period: With respect to any Distribution Date, the calendar month preceding the month in which such Distribution Date
occurs. 
 Consolidated Tangible Net Worth: (i) The net worth of Seller and its consolidated subsidiaries, on a
combined basis, determined in accordance with GAAP, minus (ii) all intangibles determined in accordance with GAAP (including goodwill, capitalized financing costs and capitalized administration costs but excluding originated and
purchased mortgage servicing rights or retained residual securities) and any and all advances to, investments in and receivables held from affiliates; provided, however, that the non-cash effect (gain or loss) of any mark-to-market
adjustments made directly to stockholders’ equity for fluctuation of the value of financial instruments as mandated under the Statement of Financial Accounting Standards No. 133 (or any successor statement) shall be excluded from the
calculation of Consolidated Tangible Net Worth. 
 Control: The meaning specified in Section 8-106 of the UCC.

 Credit File: Those documents, which may be originals, copies or electronically imaged, pertaining to each Mortgage
Loan, held by or on behalf of Seller in connection with the servicing of the Mortgage Loan, which may include Mortgage Loan Documents and the credit documentation relating to the origination of such Mortgage Loan, and any documents gathered during
the servicing of a Mortgage Loan. 
 Current Mortgage Loan: A residential mortgage loan that is a “Mortgage
Loan” under the Current Spread Agreement. 
 Current Spread Agreement: As defined in the recitals to this Agreement.

 Custodian: A custodian of Credit Files or any part thereof. 

  
 3 

 Distribution Date: The 10th day of each calendar month, or if such day is not a
Business Day, the prior Business Day, beginning in the month following the first Assignment Date, or such other day as mutually agreed upon by Seller and Purchaser. 
 Electronic Data File: A computer tape or other electronic medium generated by or on behalf of Seller and delivered or transmitted to or on behalf of Purchaser which provides information relating to
the Mortgage Loans. 
 Eligible Servicing Agreement: A Servicing Agreement in respect of which the following eligibility
requirements have been satisfied: 
 (a) such Servicing Agreement is in full force and effect, and is in all respects genuine as
appearing on its face or as represented in the books and records of Seller, and no event of default, early amortization event, termination event, or other event giving any party thereto (including with notice or lapse of time or both) the right to
terminate Seller as servicer thereunder for cause has occurred and is continuing; and 
 (b) Seller has not resigned or been
terminated as servicer under such Servicing Agreement and has no actual knowledge of any pending or threatened action to terminate Seller, as servicer (whether for cause or without cause). 

Entitlement Holder: The meaning specified in Section 8-102(a)(7) of the UCC. 

Excess Refinancing Percentage: As defined in Section 3.03 hereof. 

Expense Amount: As defined in Section 11.01(b) hereof. 

Expense Amount Accountant’s Letter: As defined in Section 11.01(b) hereof. 

Expense Amount Tax Opinion: As defined in Section 11.01(b) hereof. 

Expense Escrow Account: As defined in Section 11.01(b) hereof. 

FHLMC Acknowledgment Agreement: The acknowledgment agreement by and among the entity formerly known as the Federal Home Loan
Mortgage Corporation, or any successor thereto, Seller and Purchaser, in form and substance reasonably acceptable to Purchaser, dated on or before the Closing Date, pursuant to which the entity formerly known as the Federal Home Loan Mortgage
Corporation, or any successor thereto, consents to the sale of the excess servicing spread and other arrangements specified therein. 
 FNMA Acknowledgment Agreement: The acknowledgment agreement by and among the Federal National Mortgage Association, or any successor thereto, Seller and Purchaser, in form and substance reasonably
acceptable to Purchaser, dated on or before the Closing Date, pursuant to which the Federal National Mortgage Association, or any successor thereto, consents to the sale of the excess servicing spread and other arrangements specified therein.

  
 4 

 Future Excess Servicing Spread: The rights of Seller, severable from each (and all)
of the other rights under the applicable Servicing Agreements, to a percentage of the Total Servicing Spread, which percentage is equal to the Future Excess Servicing Spread Percentage. 

Future Excess Servicing Spread Assignment Obligation: As defined in Section 3.01 hereof. 

Future Excess Servicing Spread Percentage: A percentage equal to the Current Excess Servicing Spread Percentage in the Current
Spread Agreement. 
 Future Excess Servicing Spread Rights: As defined in Section 3.01 hereof. 

Future Spread Custodial Account Agreement: The applicable deposit account agreement and other related account documentation
governing the Third Party Controlled Future Spread Custodial Account. 
 Future Spread Custodial Account Control
Agreement: The account control agreement among Seller, Purchaser and Wells Fargo Bank, National Association, or any successor thereto, or any other institution agreed upon by the Parties, as Bank, dated as of the Closing Date, entered into with
respect to the Third Party Controlled Future Spread Custodial Account, as amended, restated, supplemented or otherwise modified from time to time. 
 Future Spread Reserve Account: The account specified in the Future Spread Reserve Account Control Agreement and maintained by Wells Fargo Bank, National Association, or any successor thereto, or
another third party custodian or trustee selected by Purchaser. 
 Future Spread Reserve Account Agreement: The
applicable deposit account agreement and other related account documentation governing the Future Spread Reserve Account. 

Future Spread Reserve Account Control Agreement: The account control agreement among Seller, Purchaser and Wells Fargo Bank,
National Association, or any successor thereto, or any other institution agreed upon by the Parties, as Bank, dated as of the Closing Date, entered into with respect to the Future Spread Reserve Account, as amended, restated, supplemented or
otherwise modified from time to time. 
 Future Spread Reserve Account Deposit Event: As defined in
Section 4.03(c) hereof. 
 Future Spread Reserve Account Required Amount: As defined in
Section 4.03(c) hereof. 
 GAAP: Generally accepted accounting principles in the United States of America as
in effect from time to time set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and the statements and pronouncements of the Financial Accounting Standards Board,
or in such other statements by such other entity as may be in general use by significant segments of the accounting profession, that are applicable to the circumstances as of the date of determination. 

Governmental Authority: With respect to any Person, any nation or government, any state or other political subdivision, agency or
instrumentality thereof, any entity exercising 

  
 5 

 
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person, any of its subsidiaries
or any of its properties. 
 Grant: To grant, bargain, sell, warrant, alienate, remise, demise, release, convey, assign,
transfer, mortgage, pledge, create and grant a security interest in and right of setoff against, deposit, set over or confirm. 

HAMP: As defined in Section 8.06 hereof. 
 HAMP Loans: As defined in Section 8.06 hereof. 
 Indemnity
Loan: As defined in Section 11.01(b) hereof. 
 Indemnity Loan Agreement: As defined in
Section 11.01(b) hereof. 
 IRS: The United States Internal Revenue Service. 

Lien: Any mortgage, deed of trust, pledge, hypothecation, collateral assignment, charge, deposit, arrangement, encumbrance, lien
(statutory or other), security interest or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever intended to assure payment of any indebtedness or the performance of any other obligation,
including any conditional sale or other title retention agreement. 
 Lockbox Account: An account maintained by Wells
Fargo Bank, National Association or another third party custodian or trustee selected by Purchaser for the purpose of receiving Servicing Spread Collections. 
 Loss or Losses: Any and all direct, actual and out-of-pocket losses (including any loss in the value in the Future Excess Servicing Spread), damages, deficiencies, claims, costs or expenses,
including reasonable attorneys’ fees and disbursements, excluding (i) any amounts attributable to or arising from overhead allocations, general or administrative costs and expenses, or any cost for the time of any Party’s employees,
(ii) consequential losses or damages consisting of speculative lost profits, lost investment or business opportunity, damage to reputation or operating losses, or (iii) punitive or treble damages; provided, however, that the
exclusions set forth in clauses (ii) or (iii) above do not apply if and to the extent any such amounts are actually incurred in payment to a third party or government entity. 

Maximum Retained Refinancing Loan Amount: As defined in Section 3.03 hereof. 

Measurement Date: With respect to any Collection Period, the first day of such Collection Period. 

MERS: Mortgage Electronic Registration Systems, Inc., or any successor thereto. 

MI: Insurance provided by private mortgage insurance companies to make payments on certain Mortgage Loans in the event that the
related Mortgagor defaults in its obligation in respect of the Mortgage. 

  
 6 

 Mortgage: Each of those mortgages, deeds of trust, security deeds or deeds to secure
debt creating a first lien on or an interest in real property securing a Mortgage Note and related to a Mortgage Loan. 

Mortgage Loan: A residential mortgage loan that satisfies the conditions set forth in Section 3.02 and whose Future
Excess Servicing Spread is assigned to Purchaser hereunder in satisfaction of Seller’s Future Excess Servicing Spread Assignment Obligation. 
 Mortgage Loan Documents: With respect to each Mortgage Loan, the original Mortgage Loan documents held by a Custodian, including the Mortgage Note, and if applicable, cooperative mortgage loan
related documents and a power of attorney, a New York Consolidation, Extension and Modification Agreement, or other modification document, or as otherwise set forth under the Servicing Agreements and any other documents required to properly service,
through foreclosure, any Mortgaged Property. 
 Mortgage Loan Identification Date: With respect to a Refinanced Mortgage
Loan and its related replacement Mortgage Loan, the 25th day of the second calendar month following the Refinanced Mortgage Loan’s Refinancing Date. 
 Mortgage Note: With respect to any Mortgage Loan, the note or other evidence of indebtedness of the Mortgagor, thereunder, including, if applicable, an allonge and lost note affidavit. 

Mortgage Servicing Rights: The rights and responsibilities of Seller with respect to the servicing of the Mortgage Loans under the
Servicing Agreements, including any and all of the following if and to the extent provided therein: (a) all rights to service a Mortgage Loan; (b) all rights to receive servicing fees, additional servicing compensation (including without
limitation any late fees, change fees, assumption fees, penalties (other than prepayment penalties) or similar payments with respect to such Mortgage Loan, and income on escrow accounts or other receipts on or with respect to the Mortgage Loan),
reimbursements or indemnification for servicing the Mortgage Loan, and any payments received in respect of the foregoing and proceeds thereof; (c) the right to collect, hold and disburse escrow payments or other payments with respect to the
Mortgage Loan and any amounts actually collected with respect thereto and to receive interest income on such amounts to the extent permitted by Applicable Law; (d) all accounts and other rights to payment related to any of the property
described in this paragraph; (e) possession and use of any and all Credit Files pertaining to the Mortgage Loan or pertaining to the past, present or prospective servicing of the Mortgage Loan; (f) to the extent applicable, all rights and
benefits relating to the direct solicitation of the related Mortgagors for refinance or modification of the Mortgage Loans and attendant right, title and interest in and to the list of such Mortgagors and data relating to their respective Mortgage
Loans; and (g) all rights, powers and privileges incident to any of the foregoing. 
 Mortgaged Property: The
Mortgagor’s real property, securing repayment of a related Mortgage Note, consisting of an interest in a single parcel of real property, improved by a residential dwelling. 

Mortgagor: An obligor under a residential mortgage loan. 

  
 7 

 New Mortgage Loan: As defined in Section 3.02(a)(i)(1) hereof.

 Nonqualifying Income: Any amount that is treated as gross income for purposes of Section 856 of the Code and
which is not Qualifying Income. 
 Objection Notice: As defined in Section 4.03(c) hereof. 

Opinion of Counsel: One or more written opinions, in form and substance reasonably satisfactory to the recipient, of an attorney
at law admitted to practice in any state of the United States or the District of Columbia, which attorney may be counsel for Seller or Purchaser, as the case may be. 
 Original Future Spread Agreement for Non-Agency Mortgage Loans: As defined in the recitals to this Agreement. 
 Owner: With respect to a Mortgage Loan, the owner thereof. 
 Owner
Consent: All agreements, including the FHLMC Acknowledgment Agreement and the FNMA Acknowledgment Agreement, if applicable, pursuant to which an Owner approves or consents to the sale of the Future Excess Servicing Spread from Seller to
Purchaser. 
 Party or Parties: As defined in the preamble hereof. 

Permitted Liens: Liens in favor of an Agency required pursuant to the applicable Servicing Agreements. 

Person: Any individual, partnership, corporation, limited liability company, limited liability partnership, business entity, joint
stock company, trust, business trust, unincorporated organization, association, enterprise, joint venture, government, any department or agency of any government or any other entity of whatever nature. 

Pledge Agreement: A collateral pledge agreement, to be entered into on or before the Closing Date, between Seller and an Agency,
pursuant to which Seller pledges collateral to such Agency to secure its obligations to the Agency under the Servicing Agreement, the FHLMC Acknowledgment Agreement or FNMA Acknowledgment Agreement, if applicable, and other agreements, if required
by the Agency. 
 Priority of Payments: As defined in Section 4.04 hereof. 

Protected REIT: Any entity that (i) has elected to be taxed as a real estate investment trust pursuant to Section 856 et
seq. of the Code, (ii) owns a direct or indirect equity interest in Purchaser, and (iii) is treated for purposes of Section 856 of the Code as owning all or a portion of the assets of the Purchaser or as receiving all or a portion of
the Purchaser’s income. 
 Purchase Price: As defined in Section 4.01 hereof. 

Purchaser: As defined in the preamble hereof. 

  
 8 

 Purchaser Indemnitees: As defined in Section 11.01 hereof. 

Qualifying Income: Gross income that is described in Section 856(c)(2) or 856(c)(3) of the Code. 

Quarterly Collection Period: As defined in Section 3.03 hereof. 

Refinanced Mortgage Loan: A Current Mortgage Loan or a Mortgage Loan that has been refinanced in whole or in part by Seller or an
affiliate thereof. 
 Refinancing Date: The date on which a Current Mortgage Loan or Mortgage Loan is refinanced by
Seller or an affiliate thereof. 
 Refinancing Split Percentage: As defined in Section 3.03 hereof.

 REIT Qualification Ruling: As defined in Section 11.01(b) hereof. 

REIT Requirements: The requirements imposed on REITs pursuant to Sections 856 through and including 860 of the Code. 

Related Collection Period: With respect to an Assignment Date, the Collection Period in the third calendar month prior to such
Assignment Date, and with respect to a Mortgage Loan Identification Date, the second calendar month prior to such Mortgage Loan Identification Date. 
 Related Escrow Accounts: Mortgage Loan escrow/impound accounts maintained by Seller relating to the Mortgage Servicing Rights, including accounts for buydown funds, real estate taxes and MI, flood
and hazard insurance premiums. 
 Release Document: As defined in Section 11.01(b) hereof. 

Remaining Expected Total Servicing Spread: As defined in Section 4.03(c) hereof. 

Replacement Portfolio: As defined in Section 3.04(a) hereof. 

Replacement Shortfall: As defined in Section 3.03 hereof. 

Requirement of Law: As to any Person, the certificate of incorporation and by-laws or other organizational or governing documents
of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its
property is subject. 
 Residential Servicing Business Asset Purchase Agreement: The Residential Servicing Business Asset
Purchase Agreement, dated as of March 6, 2012, by and between Nationstar Mortgage LLC, as purchaser, and Aurora Bank FSB and Aurora Loan Services LLC, as sellers, as the same may be amended, restated, supplemented or otherwise modified from
time to time. 
 Retained Portfolio: As defined in Section 3.04(a) hereof. 

  
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 Retained Servicing Spread: The rights of Seller, severable from each (and all) of the
other rights under the applicable Servicing Agreements, to a percentage of the Total Servicing Spread, which percentage is equal to 100% minus the Future Excess Servicing Spread Percentage. 

Sales Proceeds: The proceeds received upon a sale (approved by the Parties) of the Total Servicing Spread, in whole or in part,
including through a sale of Mortgage Servicing Rights in accordance with Section 8.12. 
 Schedule of Mortgage
Loans: The list of Mortgage Loans whose Future Excess Servicing Spread has been assigned to Purchaser pursuant to this Agreement and maintained as Exhibit C hereto. 
 Selection Period: As defined in Section 3.04(b) hereof. 

Seller: As defined in the preamble hereof. 
 Seller Indemnitees: As defined in Section 11.02 hereof. 

Servicing: The responsibilities, with respect to servicing the Mortgage Loans, under the Servicing Agreements. 

Servicing Agreements: The servicing agreements, as amended from time to time, and any waivers, consent letters, acknowledgments
and other agreements under which Seller is the servicer of the Mortgage Loans relating to the Mortgage Servicing Rights and governing the servicing of the Mortgage Loans, or with respect to Mortgage Loans owned by the Seller, the credit and
collection standards, policies, procedures and practices of Seller relating to residential mortgage loans owned and serviced by Seller. 
 Servicing Spread Collections: For each Collection Period, the funds collected on the Mortgage Loans and allocated as the servicing compensation payable to Seller as servicer of the Mortgage Loans
with respect to such Collection Period pursuant to the applicable Servicing Agreements, other than Ancillary Income and, for the avoidance of doubt, other than reimbursements received for advances and other out-of-pocket expenditures from an Owner
by Seller in accordance with the Servicing Agreements. 
 Solvent: With respect to any Person as of any date of
determination, (a) the value of the assets of such Person is greater than the total amount of liabilities (including contingent and unliquidated liabilities) of such Person as determined in accordance with GAAP, (b) such Person is able to
pay all liabilities of such Person as such liabilities mature and (c) such Person does not have unreasonably small capital. In computing the amount of contingent or unliquidated liabilities at any time, such liabilities will be computed at the
amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 
 Third Party Assignee: As defined in Section 12.15 hereof. 

Third Party Assignment: As defined in Section 12.15 hereof. 

  
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 Third Party Future Spread Agreement: As defined in Section 12.15 hereof.

 Third Party Claim: As defined in Section 11.01 and Section 11.02, as applicable. 

Third Party Controlled Future Spread Custodial Account: The account specified in the Future Spread Custodial Account Control
Agreement and maintained by Wells Fargo Bank, National Association, or any successor thereto, or another third party custodian or trustee selected by Purchaser, into which all Servicing Spread Collections, all Sales Proceeds and all Servicing
Agreement termination payments in respect of the Mortgage Loans shall be deposited. 
 Total Servicing Spread: For each
Collection Period on and after the Closing Date, the sum of the following: (a) the Servicing Spread Collections received during such Collection Period and remaining after payment of the Base Servicing Fee; (b) all other amounts payable by
an Owner to Seller with respect to the Mortgage Servicing Rights for Mortgage Loans, including any termination fees paid by an Owner to Seller for terminating Seller as the servicer of any of the Mortgage Loans, but for the avoidance of doubt,
excluding all Ancillary Income and reimbursements received for advances and other out-of-pocket expenditures from an Owner by Seller in accordance with the Servicing Agreements and (c) all Sales Proceeds received during such Collection Period.

 Transaction Documents: The Future Spread Custodial Account Agreement, the Future Spread Custodial Account
Control Agreement, the Future Spread Reserve Account Agreement, the Future Spread Reserve Account Control Agreement, the Current Spread Agreement and this Agreement. 
 UCC: The Uniform Commercial Code as in effect from time to time in the applicable jurisdiction. 
 Section 1.02 General Interpretive Principles. 
 For purposes of
this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
 (a) The terms defined in
this Agreement have the meanings assigned to them in this Agreement and include the plural as well as the singular, and the use of any gender herein shall be deemed to include the other gender; 

(b) Accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles; 
 (c) References herein to “Articles,” “Sections,” “Subsections,”
“Paragraphs,” and other subdivisions without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other subdivisions of this Agreement; 

(d) A reference to a Subsection without further reference to a Section is a reference to such Subsection as contained in the same
Section in which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions; 

  
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 (e) The words “herein,” “hereof,” “hereunder” and other words
of similar import refer to this Agreement as a whole and not to any particular provision; and 
 (f) The term
“include” or “including” shall mean without limitation by reason of enumeration. 
 ARTICLE II

 ITEMS TO BE DELIVERED 
 Section 2.01 Items to be Delivered. 
 (a) On the Agreement
Date, subject to the satisfaction of the terms and conditions herein, each of Seller and Purchaser shall deliver or cause to be delivered duly executed copies of the following documents to which they are a party or for which they are otherwise
responsible as set forth below: 
 (i) This Agreement; 

(ii) The Current Spread Agreement and all agreements, certificates, opinions and instruments required to be delivered
under the Current Spread Agreement on the Agreement Date, if any; 
 (b) On the Closing Date, subject to the satisfaction of
the terms and conditions herein, each of Seller and Purchaser shall deliver or cause to be delivered duly executed copies of the following documents to which they are a party or for which they are otherwise responsible as set forth below:

 (i) The Future Spread Custodial Account Agreement; 

(ii) The Future Spread Custodial Account Control Agreement; 

(iii) The Future Spread Reserve Account Agreement; 

(iv) The Future Spread Reserve Account Control Agreement; 

(v) An Opinion of Counsel of Seller, reasonably acceptable to Purchaser regarding due authorization, authority, and
enforceability of the applicable Transaction Documents to which Seller is a party, and regarding no conflicts with other material Seller agreements; 
 (vi) An Opinion of Counsel of Seller, reasonably acceptable to Purchaser, regarding the characterization of the transfer of the Future Excess Servicing Spread from Seller to Purchaser as a true sale for
bankruptcy purposes; 
 (vii) An Opinion of Counsel of Seller, reasonably acceptable to Purchaser, regarding the
perfection of the security interests granted hereunder; 

  
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 (viii) The duly executed corporate certificate of Seller required by
Section 9.07; 
 (ix) A certificate of good standing of Seller dated as of a date within five
(5) Business Days prior to the Closing Date to be delivered by Seller; 
 (x) A secretary’s
certificate of Seller attaching its organizational documents, board resolutions and incumbency certificates; 

(xi) The duly executed corporate certificate of Purchaser required by Section 10.05; 

(xii) A certificate of good standing of Purchaser dated as of a date within five (5) Business Days prior to the
Closing Date to be delivered by Purchaser; 
 (xiii) A draft form of a UCC-1 financing statement relating to the
sale of the Future Excess Servicing Spread and relating to the security interest of Purchaser in the Third Party Controlled Future Spread Custodial Account and the Future Spread Reserve Account, in form and substance reasonably acceptable to
Purchaser; and 
 (xiv) All agreements, certificates, opinions and instruments required to be delivered under
the Current Spread Agreement on the Closing Date. 
 (c) Seller shall provide Purchaser with duly executed copies of each Owner
Consents, and any amendments thereto, promptly after receipt thereof. 
 Section 2.02 Grant of Security
Interest. 
 In order to secure Seller’s obligations to deliver the Future Excess Servicing Spread and its
obligations hereunder, Seller hereby Grants to Purchaser a valid and continuing first priority and perfected Lien on and security interest in all of Seller’s right, title and interest in, to and under, the Third Party Controlled Future Spread
Custodial Account and the Future Spread Reserve Account, together with all amounts deposited therein from time to time and all cash and non-cash proceeds thereof, in each case, whether now owned or existing, or hereafter acquired and arising (the
“Collateral”). 
 ARTICLE III 
 REPLACEMENT OF MORTGAGE LOANS 
 Section 3.01 Refinancing
and Substitution of Mortgage Loans. 
 Subject to, and upon the terms and conditions of this Agreement, and, more
particularly, the conditions of this ARTICLE III, if Seller or any of its affiliates refinances any Current Mortgage Loan or Mortgage Loan, it shall designate a residential mortgage loan as a replacement Mortgage Loan pursuant to this
ARTICLE III and assign the Future Excess Servicing Spread with respect to such replacement Mortgage Loan on the applicable Assignment Date to Purchaser as provided in this Agreement (such obligations of Seller, the “Future Excess

  
 13 

 
Servicing Spread Assignment Obligation”), and the rights of Purchaser to such Future Excess Servicing Spread, the “Future Excess Servicing Spread Rights”).

 Section 3.02 Criteria for Mortgage Loans. 

(a) As of the applicable Assignment Date, unless otherwise agreed upon by Seller and Purchaser, either: 

(i) The Mortgage Loan shall satisfy the following criteria: 

(1) The proceeds of such Mortgage Loan (the “New Mortgage Loan”) were use to repay the Refinanced
Mortgage Loan in whole or in part; 
 (2) All consents, if any, required by the applicable Owner to assign the
related Future Excess Servicing Spread with respect to the New Mortgage Loan shall have been obtained; 
 (3)
The servicing fee rate for the New Mortgage Loan is not less than 0.25% per annum; and 
 (4) The New
Mortgage Loan is secured by the same property as the Refinanced Mortgage Loan; or 
 (ii) if Seller is unable to
satisfy the conditions in Section 3.02(a)(i) after using commercially reasonable efforts, Seller shall use its best efforts to substitute the New Mortgage Loan with a Mortgage Loan satisfying the following criteria: 

(1) The servicing fee rate for the Mortgage Loan is equal to or greater than the servicing fee rate of the New Mortgage
Loan and, in any event, not less than 0.25% per annum; 
 (2) The interest accrual rate per annum on the
Mortgage Loan is within 12.5 basis points per annum of the interest accrual rate on the New Mortgage Loan; 

(3) The final maturity date of the Mortgage Loan is within six months of the final maturity date of the New Mortgage
Loan; 
 (4) The principal balance of the Mortgage Loan is no less than the principal balance of the Refinanced
Mortgage Loan; 
 (5) The remaining credit characteristics of the Mortgage Loan (other than as specified in
clauses (1), (2), (3) and (4) above) are substantially the same as the credit characteristics of the New Mortgage Loan; 

  
 14 

 (6) The Mortgage Loan is current as of the applicable Assignment Date; and

 (7) The Mortgage Loan is not subject to any foreclosure or similar proceeding as of the applicable Assignment
Date; is not in process of any modification, workout or other loss mitigation process; and is not involved in litigation. 

(b) If a New Mortgage Loan would otherwise meet the criteria set forth in Section 3.02(a)(i) and is still owned by Seller as
of the Mortgage Loan Identification Date, in lieu of a substitution pursuant to Section 3.02(a)(ii) above, the Seller may include such New Mortgage Loan as a Mortgage Loan in the Available Portfolio; provided (i) the servicing fee
rate for such Mortgage Loan shall be deemed to be 0.30% per annum and (ii) if at any time such Mortgage Loan fails to otherwise meet the criteria set forth in Section 3.02(a)(i) (i.e. the Mortgage Loan is sold to an Agency),
the Seller shall be required to substitute a loan for such New Mortgage Loan pursuant to Section 3.02(a)(ii) above. 
 (c) Notwithstanding the provisions of Section 3.02(a)(ii)(4), Seller shall not be in breach of Section 3.01 on any Assignment Date if, after using best efforts to select
residential mortgage loans to substitute New Mortgage Loans pursuant to Section 3.02(a)(ii), the aggregate outstanding principal balance of the residential mortgage loans in the Available Portfolio as of such Assignment Date is equal to
or greater than 90% of the aggregate outstanding principal balance of the New Mortgage Loans during the Related Collection Period as measured on the opening of business on their respective Refinancing Date. 

Section 3.03 Refinancing Incentives. 
 For any Assignment Date beginning with the Assignment Date in the sixth calendar month after the Closing Date, Seller shall not be required to designate residential mortgage loans as replacement Mortgage
Loans pursuant to Section 3.01 in an aggregate principal amount up to the Maximum Retained Refinancing Loan Amount. For purposes of this Section 3.03, the following definitions shall apply: 

Replacement Shortfall: With respect to any Assignment Date and the Related Collection Period, the aggregate outstanding principal
balance of the New Mortgage Loans that were originated by Seller or an affiliate thereof during the Related Collection Period as measured on the opening of business on their respective Refinancing Date, minus the aggregate outstanding
principal balance of the residential mortgage loans in the Available Portfolio as of such Assignment Date. 
 Excess
Refinancing Percentage: With respect to any Assignment Date, a percentage equal to the excess, if any, of (a) a fraction, expressed as a percentage, the numerator of which is equal to the aggregate principal balance of New Mortgage
Loans that were originated by Seller or an affiliate thereof over the Related Collection Period and the two Collection Periods immediately prior to such Related Collection Period (the “Quarterly Collection Period”) as measured on
the opening of business on their respective Refinancing Date, minus the 

  
 15 

 
aggregate Replacement Shortfall over such Quarterly Collection Period, and the denominator of which is the aggregate principal balance of all voluntary prepayments received on the Mortgage
Loans over the Quarterly Collection Period, over (b) 35%. 
 Refinancing Split Percentage: With respect to any
Assignment Date, the Refinancing Split Percentage shown in the column of the table below corresponding to the Excess Refinancing Percentage therein: 
  

							
	 Three Month Average Recapture

Percentage
	  	 Excess Refinancing

Percentage
	  	Refinancing 
Split
Percentage	 
	 35% or Less
	  	0%	  	 	0	% 
	 > 35%, <= 40%
	  	>0.00% and <=5.00%	  	 	25	% 
	 > 40%, <= 45%
	  	>5.00% and <=10.00%	  	 	30	% 
	 > 45%, <= 50%
	  	>10.00% and <=15.00%	  	 	35	% 
	 > 50%, <= 55%
	  	>15.00% and <=20.00%	  	 	40	% 
	 > 55%, <= 60%
	  	>20.00% and <=25.00%	  	 	45	% 
	 Greater than 60%
	  	>25.00%	  	 	50	% 

 Maximum Retained Refinancing Loan Amount: With respect to any Assignment Date, an amount, not less
than zero, equal to the sum of (a) the product of (i) the Refinancing Split Percentage, if any, applicable to such Assignment Date, (ii) the Excess Refinancing Percentage applicable to such Assignment Date and
(iii) the aggregate principal balance of New Mortgage Loans that were refinanced with Seller or an affiliate thereof during the Related Collection Period, plus (b) the Carryover Retained Amount, minus (c) the applicable
Replacement Shortfall. 
 Carryover Retained Amount: With respect to any Assignment Date beginning with the Assignment
Date in the seventh calendar month after the Closing Date, the excess, if any, of the Maximum Retained Refinancing Loan Amount for the prior Assignment Date over the aggregate outstanding principal balance of the Mortgage Loans that
were retained by Seller pursuant to this Section 3.03 on the prior Assignment Date. 
 Section 3.04
Selection Procedures. 
 (a) Not later than the Mortgage Loan Identification Date, Seller shall (i) notify
Purchaser of the identity of each Current Mortgage Loan and each Mortgage Loan that became a Refinanced Mortgage Loan during the Related Collection Period, (ii) calculate the Excess Refinancing Percentage, the Refinancing Split Percentage, the
Maximum Retained Refinancing Loan Amount and the Carryover Retained Amount for the following Assignment Date, and notify Purchaser of such amounts in writing, (iii) provide Purchaser with a list of potential Mortgage Loans (the
“Available Portfolio”), selected on the basis that the Excess Refinancing Percentage is equal to zero, and (iv) provide Purchaser with a list of residential mortgage loans selected from the Available Portfolio to be designated
as Mortgage Loans (the “Replacement Portfolio”) on the following Assignment Date and a list of residential mortgage loans selected from the Available Portfolio to be excluded from the pool of Mortgage Loans (the “Retained
Portfolio”) on the following Assignment Date in accordance with Section 3.03. 

  
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 (b) Purchaser may submit an objection to the proposed Available Portfolio, the proposed
Replacement Portfolio or the proposed Retained Portfolio not later than five Business Days following receipt of the notice of the proposed portfolios pursuant to Section 3.04(a). If Purchaser submits an objection, Seller and Buyer shall
work together in good faith over the next five Business Days (the “Selection Period”) to mutually agree on the Replacement Portfolio and the Retained Portfolio. During the Selection Period, Seller may suggest alternative Mortgage
Loans that meet the criteria of Section 3.02. If Seller and Purchaser are unable to agree on a Replacement Portfolio and a Retained Portfolio (if applicable) by close of business on the Business Day prior to the Assignment Date, Seller
and Purchaser may modify the percentages in the definitions of Future Excess Servicing Spread and Retained Servicing Spread and in the Priority of Payments, as applicable, to reflect the relative values that Seller and Purchaser would have had in
the Future Excess Servicing Spread and Retained Servicing Spread but for the inability of Seller and Purchaser to mutually agree on such portfolios. 
 (c) Unless mutually agreed upon by Seller and Purchaser, the Retained Portfolio and the Replacement Portfolio with respect to any Assignment Date shall satisfy the following criteria: 

(i) The aggregate outstanding principal balance of the residential mortgage loans in the Retained Portfolio shall not
exceed the Maximum Retained Refinancing Loan Amount; 
 (ii) The weighted average servicing fee rate for the
residential mortgage loans in the Retained Portfolio shall be substantially equal to the weighted average servicing fee rate for the Mortgage Loans in the Replacement Portfolio; 

(iii) The weighted average interest accrual rate per annum of the residential mortgage loans in the Retained Portfolio
shall be within 12.5 basis points per annum of the weighted average interest rate of the Mortgage Loans in the Replacement Portfolio; 
 (iv) The weighted average final maturity date of the residential mortgage loans in the Retained Portfolio shall be within six months of the weighted average final maturity date of the Mortgage Loans in
the Replacement Portfolio; and 
 (v) The remaining credit characteristics of the pool of residential mortgage
loans in the Retained Portfolio (other than as specified in clauses (ii), (iii) and (iv) above) shall be substantially the same as the credit characteristics of the pool of Mortgage Loans in the Replacement Portfolio.

 (d) Exhibit D provides an example of the calculations to be made pursuant to this Section 3.04.

  
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 Section 3.05 Assignment of Future Excess Servicing Spread. 

Subject to the satisfaction of the terms and conditions in this Agreement, on each Assignment Date, Seller shall execute and deliver an
Assignment Agreement for the Future Excess Servicing Spread to be assigned on such Assignment Date with respect to the Mortgage Loans included in the applicable Replacement Portfolio; provided, however, that 

(a) Purchaser shall be entitled to all Future Excess Servicing Spread and Seller shall be entitled to all Retained Servicing Spread
arising with respect to each such Mortgage Loan on and after the Refinancing Date with respect to the related Refinanced Mortgage Loan, 
 (b) Seller shall deposit all Servicing Spread Collections received with respect to such Mortgage Loans on and after the Refinancing Date with respect to the related Refinanced Mortgage Loans into the
Third Party Controlled Future Spread Custodial Account not later than the Assignment Date, and 
 (c) for each Mortgage Loan
that was originated on or after the Refinancing Date of the related Refinanced Mortgage Loan, Seller shall deposit all Servicing Spread Collections with respect to amounts prepaid at the time of closing of such Mortgage Loan, if applicable, into the
Third Party Controlled Future Spread Custodial Account not later than the Assignment Date. 
 ARTICLE IV 

PAYMENTS AND DISTRIBUTIONS 
 Section 4.01 Purchase Price. 
 In full consideration for
Purchaser’s right to receive any Future Excess Servicing Spread assigned to Purchaser, and upon the terms and conditions of this Agreement, Purchaser shall pay to Seller an amount (the “Purchase Price”) that shall be determined
by the Parties on the Closing Date in accordance with Section 3.01 of the Current Spread Agreement. 
 Section 4.02
Payments by Purchaser. 
 Payment shall be made by Purchaser to Seller by wire transfer of immediately available
federal funds, to an account designated by Seller. 
 Section 4.03 Accounts. 

(a) Lockbox Account. Seller shall inform the Mortgagors of Mortgage Loans to remit their mortgage payments to the Lockbox
Account. Payments of all Servicing Spread Collections received on and after the first Assignment Date shall be transferred from the Lockbox Account to the Third Party Controlled Future Spread Custodial Account within one Business Day of receipt and
identification thereof and in any event, within two Business Days of receipt thereof. 

  
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 (b) Third Party Controlled Future Spread Custodial Account. 

(i) The Third Party Controlled Future Spread Custodial Account will be established with Wells Fargo Bank, National
Association or with such other third party custodian or trustee selected by Purchaser, for the sole purpose of receiving and disbursing all Servicing Spread Collections, Sales Proceeds and Servicing Agreement termination payments with respect to the
Mortgage Loans. The Third Party Controlled Future Spread Custodial Account will be established pursuant to the Future Spread Custodial Account Control Agreement with respect to which Purchaser is an Entitlement Holder with Control. So long as
permitted by the Future Spread Custodial Account Control Agreement, Seller may direct the disposition of funds in the Third Party Controlled Future Spread Custodial Account strictly in accordance with the Priority of Payments. Upon any material
breach of a representation, warranty or covenant by Seller hereunder, Purchaser may elect to exercise Control over the Third Party Controlled Future Spread Custodial Account. Seller agrees to take all actions reasonably necessary, including the
filing of appropriate financing statements, to protect Purchaser’s interest in the Third Party Controlled Future Spread Custodial Account. 
 (ii) Seller shall inform each Owner to remit the applicable portion of any Servicing Agreement termination payments payable with respect to the Mortgage Loans directly to the Third Party Controlled Future
Spread Custodial Account. Any termination payment to be directed to the Third Party Controlled Future Spread Custodial Account shall be equal to the pro rata amount by which the Mortgage Loans affected by such termination bear to all
mortgage loans of Seller affected by such termination, based upon the method in which such termination payments are calculated in accordance with the applicable Servicing Agreement. 

(iii) If Seller is to receive any Sales Proceeds, Seller shall direct the Person making such payments to deposit such
payments into the Third Party Controlled Future Spread Custodial Account. 
 (iv) If Seller receives any amounts
required to be deposited into the Third Party Controlled Future Spread Custodial Account in error, Seller shall promptly remit such funds to the Third Party Controlled Future Spread Custodial Account. 

(c) Future Spread Reserve Account. The Future Spread Reserve Account will be established with Wells Fargo Bank, National
Association or with such other third party custodian or trustee selected by Purchaser. The Future Spread Reserve Account will be established pursuant to the Future Spread Reserve Account Control Agreement with respect to which Purchaser is an
Entitlement Holder with Control. So long as permitted by the Future Spread Reserve Account Control Agreement, Seller may direct the disposition of funds in the Future Spread Reserve Account strictly in accordance with Section 4.05.
Seller agrees to take all actions reasonably necessary, including the filing of appropriate financing statements, to protect Purchaser’s interest in the Future Spread Reserve Account. 

If at any time Seller’s Consolidated Tangible Net Worth falls below the sum of (x) $150,000,000 and (y) 50% of the
proceeds from any issuance of equity by Seller, Nationstar Mortgage Holdings Inc. or any of Seller’s consolidated subsidiaries or if Seller defaults in any 

  
 19 

 
indebtedness in excess of $10,000,000 (each, a “Future Spread Reserve Account Deposit Event”), Seller shall immediately notify Purchaser in writing that a Future Spread Reserve
Account Deposit Event has occurred. On each Distribution Date upon which a Future Spread Reserve Account Deposit Event has occurred and is continuing, Seller shall be required to transfer funds in the Third Party Controlled Future Spread Custodial
Account to the Future Spread Reserve Account in accordance with the Priority of Payments until the amount of funds in the Future Spread Reserve Account is equal to the Future Spread Reserve Account Required Amount. The “Future Spread Reserve
Account Required Amount” is equal to 25% of the fair market value as of the date the Future Spread Reserve Account Deposit Event that is then-continuing first occurred of the Total Servicing Spread expected to be paid over the expected
remaining life of the Mortgage Loans (the “Remaining Expected Total Servicing Spread”) determined in accordance with the following paragraph. Seller shall immediately notify Purchaser in writing if a Future Spread Reserve Account
Deposit Event is no longer continuing. Any funds in the Future Spread Reserve Account in excess of the Future Spread Reserve Account Required Amount shall be released to Seller. 

For purposes of determining the fair market value of the Remaining Expected Total Servicing Spread, Purchaser shall submit its claim for
determination of the fair market value of the Remaining Expected Total Servicing Spread, together with such back-up information it deems appropriate to justify such fair market value (which value shall be considered the fair market value of the
Remaining Expected Total Servicing Spread for purposes of calculating the Future Spread Reserve Account Required Amount until the final determination of such fair market value in accordance with this paragraph). Within five (5) Business Days of
Seller’s receipt of such determination, Seller shall notify Purchaser in writing of its acceptance or any objection to such determination of such fair market value, and if Seller objects to such determination, together with its own
determination of such fair market value and any back-up information as it deems appropriate to justify such fair market value (an “Objection Notice”). In the event an Objection Notice is delivered, the parties shall negotiate in
good faith a resolution to such objection. In the event that Seller and Purchaser are unable to resolve such objection within five (5) Business Days of the delivery of such Objection Notice, Seller and Purchaser shall appoint a mutually
acceptable nationally recognized valuation expert to determine such fair market value of the Remaining Expected Total Servicing Spread. The determination of such valuation expert shall be binding on Seller and Purchaser and the fees of such
valuation expert shall be borne by Seller. 
 Section 4.04 Priority of Payments. 

On each Business Day, subject to the terms and conditions of the Future Spread Custodial Account Control Agreement, Seller (or, after the
deliver of an access termination notice pursuant to the Future Spread Custodial Account Control Agreement, Purchaser) will direct the Bank to apply the monies in the Third Party Controlled Future Spread Custodial Account in the following order of
priority (the “Priority of Payments”), in every case, after giving effect to each prior item in the Priority of Payments on such Distribution Date: 
 (a) first, from amounts in the Third Party Controlled Future Spread Custodial Account attributable to Servicing Agreement termination payments paid by an Owner with respect to any Mortgage Loans,
pro rata, (A) the Future Excess Servicing Spread Percentage of such termination payments to Purchaser, and (B) the Retained Excess Servicing Spread Percentage of such termination payments to Seller; 

  
 20 

 (b) second, on any Business Day from and including the first Business Day of a
calendar month to but excluding the Distribution Date in such calendar month, at the option of Seller, the Base Servicing Fee payable with respect to a prior Collection Period for the Mortgage Loans to Seller; 

(c) third, on each Distribution Date, to the extent not previously paid to Seller in accordance with Section 4.04(b),
any accrued and unpaid Base Servicing Fee to Seller; 
 (d) fourth, on each Distribution Date, pro rata,
(A) to Purchaser, any Future Excess Servicing Spread for the prior Collection Period (other than the portion thereof consisting of termination payments paid pursuant to Section 4.04(a)); and (B) to Seller, any Retained
Servicing Spread for the prior Collection Period (other than the portion thereof consisting of termination payments paid pursuant to Section 4.04(a)); provided, that (I) prior to the distribution to Purchaser of any Future
Excess Servicing Spread pursuant to clause (A), the Future Excess Servicing Spread shall be applied to the payment of any indemnity payments then due and payable to a Seller Indemnitee pursuant to Section 11.02, and (II) prior to
the distribution to Seller of any Retained Servicing Spread pursuant to clause (B), the Retained Servicing Spread shall be applied first, to the payment of any indemnity payments then due and payable to a Purchaser Indemnitee
pursuant to Section 11.01 and second, for deposit to the Future Spread Reserve Account to the extent necessary to cause the amount of funds on deposit in the Future Spread Reserve Account to equal the Future Spread Reserve
Account Required Amount; and 
 (e) fifth, on each Distribution Date, to Seller, any other amounts remaining on deposit
in the Third Party Controlled Future Spread Custodial Account. 
 All payments to Purchaser or Seller shall be made by wire
transfer of immediately available federal funds to an account designated by Purchaser or Seller, as applicable. 

Section 4.05 Withdrawals from the Future Spread Reserve Account. 

On any Business Day, at the instruction of Purchaser, Seller shall direct the Bank to apply funds in the Future Spread Reserve Account,
if any, to the payment of indemnity payments payable to a Purchaser Indemnitee pursuant to Section 11.01. If on any Business Day a Future Spread Reserve Account Deposit Event is not then continuing and all outstanding indemnity payments
payable to Purchaser Indemnitees have been paid in full, Seller may direct the Bank to distribute any remaining funds in the Future Spread Reserve Account to, or as directed by, Seller. If there are any funds remaining in the Future Spread Reserve
Account after the Future Excess Servicing Spread and all indemnity payments payable to Purchaser Indemnitees have been paid in full, Seller shall direct the Bank to distribute such remaining funds to, or as directed by, Seller. 

Section 4.06 Payment to Seller of Base Servicing Fee. 

(a) Seller shall be entitled to payment of the Base Servicing Fee only to the extent funds are available therefor in the Third Party
Controlled Future Spread Custodial 

  
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Account in accordance with the Priority of Payments. Under no circumstances shall Purchaser be liable to Seller for payment of the Base Servicing Fee. In the event servicing of the Mortgage Loans
is transferred to sub-servicers for any reason, the servicing fees and expenses of such sub-servicers shall be paid by Seller and in no event will the amount of Servicing Spread Collections or termination payments otherwise allocable to the Future
Excess Servicing Spread be reduced due to the payment of sub-servicing fees and expenses. 
 (b) The Base Servicing Fee with
respect to a Mortgage Loan shall begin to accrue as of the Collection Period prior to the applicable Assignment Date. In no event shall Base Servicing Fees accrue concurrently on any day for a Refinanced Mortgage Loan and for a Mortgage Loan.

 Section 4.07 Correction of Principal Balance Error. 

If, subsequent to the payment of any amounts due hereunder to either party, the outstanding principal balance of any Mortgage Loan is
found to be in error, the party benefiting from the error shall pay an amount sufficient to correct and reconcile such amounts and shall provide a reconciliation statement and other such documentation to reasonably satisfy the other party concerning
the accuracy of such reconciliation. Such amounts shall be paid by the proper party within ten (10) Business Days from receipt of satisfactory written verification of amounts due. Any such request must be received by either party within 180
days of payment of such amounts. 
 Section 4.08 Intent and Characterization. 

(a) Seller and Purchaser intend that the assignments of the Future Excess Servicing Spread pursuant to this Agreement and each
Assignment Agreement constitute valid sales of such Future Excess Servicing Spread from Seller to Purchaser, conveying good title thereto free and clear of any Lien, and that the beneficial interest in and title to such Future Excess Servicing
Spread not be part of Seller’s estate in the event of the bankruptcy of Seller. Seller and Purchaser intend and agree to treat the transfer and assignment of the Future Excess Servicing Spread as an absolute sale for tax purposes, and as an
absolute and complete conveyance of title for property law purposes. Except for financial accounting purposes, neither party intends the transactions contemplated hereby to be characterized as a loan from Purchaser to Seller. 

(b) In the event (but only in the event) that the conveyance of the Future Excess Servicing Spread is characterized by a court or
governmental authority as security for a loan rather than a sale, Seller will be deemed to have granted to Purchaser, and Seller hereby grants to Purchaser, a security interest in all of its right, title and interest in, to and under the Future
Excess Servicing Spread and all proceeds thereof as security for a loan in an amount equal to the Aggregate Purchase Price (as defined in the Current Spread Agreement). 

  
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 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES OF SELLER 
 As an inducement to
Purchaser to enter into this Agreement, Seller represents and warrants to Purchaser as of the Agreement Date, the Closing Date and as of each Assignment Date as follows (or as of the date specified below, as applicable): 

Section 5.01 Due Incorporation and Good Standing. 

Seller is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware.
Seller is qualified to transact business in each jurisdiction in which such qualification is deemed necessary to service the Mortgage Loans. Seller has, in full force and effect (without notice of possible suspension, revocation or impairment), all
required permits, approvals, licenses, and registrations to conduct all activities in all states in which its activities with respect to the Mortgage Loans or the Mortgage Servicing Rights require it to be licensed, registered or approved in order
to service the Mortgage Loans and own the Mortgage Servicing Rights, unless the failure to obtain such permits, approvals, licenses and registrations would not reasonably be expected to have a material adverse effect on Seller’s ability to
perform its obligations under this Agreement or the other Transaction Documents to which it is a party. 
 Section 5.02
Authority and Capacity. 
 Seller has all requisite corporate power, authority and capacity to enter into this
Agreement and each other Transaction Document to which it is a party and to perform the obligations required of it hereunder and thereunder. The execution and delivery of this Agreement and each other Transaction Document and the consummation of the
transactions contemplated hereby and thereby have each been duly and validly authorized by all necessary corporate action. This Agreement constitutes, and each other applicable Transaction Document to which Seller is a party constitutes or will
constitute, a valid and legally binding agreement of Seller enforceable in accordance with its terms, and no offset, counterclaim or defense exists to the full performance by Seller of this Agreement or such other Transaction Document, except as the
same may be limited by bankruptcy, insolvency, reorganization and similar laws affecting the enforcement of creditors’ rights generally and by general equity principles. 
 Section 5.03 Owner Consents. 
 Prior to an Assignment Date,
Seller has obtained all necessary and applicable Owner Consents. 
 Section 5.04 Title to the Mortgage Servicing
Rights. 
 As of an Assignment Date, Seller will be the lawful owner of the Mortgage Servicing Rights, will be
responsible for the maintenance of the Related Escrow Accounts, and will have the sole right and authority to transfer the Future Excess Servicing Spread as contemplated hereby. The transfer, assignment and delivery of the Future Excess Servicing
Spread shall be free and clear of any and all claims, charges, defenses, offsets, Liens and encumbrances of any kind or nature whatsoever other than Permitted Liens. 

  
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 Section 5.05 Effective Agreements. 

The execution, delivery and performance of this Agreement and each other Transaction Document by Seller, compliance with the terms hereof
and thereof and the consummation of the transactions contemplated hereby and thereby did not, and will not, violate, conflict with, result in a breach of, constitute a default under, be prohibited by or require any additional approval under its
certificate of incorporation or bylaws, any instrument or agreement to which it is a party or by which it is bound or which affects the Future Excess Servicing Spread, or any state or federal law, rule or regulation or any judicial or administrative
decree, order, ruling or regulation applicable to it or to the Future Excess Servicing Spread. 
 Section 5.06 No
Accrued Liabilities. 
 There are no accrued liabilities of Seller with respect to the Mortgage Loans or the Mortgage
Servicing Rights or circumstances under which such accrued liabilities will arise against Purchaser as purchaser of the Future Excess Servicing Spread. 
 Section 5.07 Seller/Servicer Standing. 
 As of the applicable
Assignment Date, Seller is approved by each applicable Agency as a seller/servicer in good standing with the requisite financial criteria and adequate resources to complete the transactions contemplated hereby on the conditions stated herein.

 Section 5.08 MERS Membership. 
 Seller is a member in good standing under the MERS system or another similar system reasonable acceptable to the Purchaser. 
 Section 5.09 Owner Set-off Rights. 
 Seller has no actual
notice, including any notice received from an Owner, or any reason to believe, that, other than in the normal course of Seller’s business, any circumstances exist that would result in Seller being liable to an Owner for any amount due by reason
of: (i) any breach of servicing obligations or breach of mortgage selling warranty to an Owner under servicing agreements relating to Seller’s entire servicing portfolio for such Owner (including without limitation any unmet mortgage
repurchase obligation), (ii) any unperformed obligation with respect to mortgage loans that Seller is servicing for an Owner under the regular servicing option or other mortgages subject to recourse agreements, (iii) any loss or damage to
an Owner by reason of any inability to transfer to a purchaser of the servicing rights Seller’s selling and servicing representations, warranties and obligations, or (iv) any other unmet obligations to an Owner under a servicing contract
relating to Seller’s entire servicing portfolio with such Owner. 

  
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 Section 5.10 Ability to Perform; Solvency. 

Seller does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant contained in
this Agreement. Seller is Solvent and the sale of the Future Excess Servicing Spread will not cause Seller to become insolvent. The sale of the Future Excess Servicing Spread is not undertaken to hinder, delay or defraud any of the creditors of
Seller. The consideration received by Seller upon the sale of the Future Excess Servicing Spread constitutes fair consideration and reasonably equivalent value therefor. 
 Section 5.11 Obligations with Respect to Origination. 
 Seller
shall remain liable for all obligations with respect to the origination of each Mortgage Loan and, if applicable, for all obligations with respect to the sale of such Mortgage Loan to the applicable Owner. 

Section 5.12 Purchase of Mortgage Servicing Rights. 

Each agreement or arrangement that Seller enters into to purchase Mortgage Servicing Rights shall be entered into on an arm’s length
contractual basis in the ordinary course of business and shall have market terms applicable for the type of Mortgage Servicing Rights to be acquired thereby. Seller shall not enter into any agreement or arrangement with a third party intended to
encourage the refinancing of any Mortgage Loan by any Person other than Seller. 
 Section 5.13 No Actions

 There have not been commenced or, to the best of Seller’s knowledge, threatened any action, suit or proceeding which
will likely materially and adversely affect the consummation of the transactions contemplated by any Transaction Document. 

ARTICLE VI 

REPRESENTATIONS AND WARRANTIES AS TO MORTGAGE 
 LOANS AND SERVICING 
 As further inducement to Purchaser to enter
into this Agreement, Seller represents and warrants to Purchaser, as of each Assignment Date (or as of the date specified below, as applicable), as follows: 
 Section 6.01 Servicing Agreements; Applicable Laws. 
 Seller,
the originator of the Mortgage Loan and each prior owner of the Mortgage Servicing Rights has each performed its obligations in all material respects in accordance with the terms of the related Mortgage Note, Mortgage, Servicing Agreements and
Applicable Law. 
 Section 6.02 Related Escrow Accounts. 

All Related Escrow Accounts are being, and have been, maintained in accordance with Applicable Law and in accordance with the Servicing
Agreements and the terms of the related Mortgages and other Mortgage Loan documents; and, except as to payments which are past due under Mortgage Notes, all balances required by the Mortgages or other Mortgage Loan Documents to be paid to Seller for
the account of the Mortgagors are on deposit in the appropriate Related Escrow Account. 

  
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 Section 6.03 No Purchaser Responsibility. 

Purchaser shall have no responsibility, liability or other obligation whatsoever under any Servicing Agreement or with respect to any
Mortgage Loan, or to make any advance thereunder, or to pay any servicing fees. 
 Section 6.04 Location of Credit
Files. 
 All of the Mortgage Loan Documents are held by custodians in the locations specified in Exhibit F,
unless temporarily removed for enforcement purposes in the normal course of servicing. Seller will notify Purchaser in writing of any changes in locations of the Mortgage Loan Documents in Exhibit F. 

Section 6.05 Representations Concerning the Future Excess Servicing Spread. 

(a) Seller has not assigned, pledged, conveyed, or encumbered the Future Excess Servicing Spread to any other Person (other than
Permitted Liens) and immediately prior to the sale of the Future Excess Servicing Spread, Seller was the sole owner of the Future Excess Servicing Spread and had good and marketable title thereto (subject to the rights of the applicable Owner under
the Servicing Agreements), free and clear of all Liens (other than Permitted Liens), and no Person, other than Purchaser, has any Lien (other than Permitted Liens) on the Future Excess Servicing Spread. No security agreement, financing statement,
equivalent security or lien instrument or continuation statement covering all or any part of the Future Excess Servicing Spread which has been signed by Seller or which Seller has authorized any other Person to sign or file or record, is on file or
of record with any public office, except such as may have been terminated or filed by or on behalf of Purchaser. 
 (b) The
grant of a security interest by Seller to Purchaser on the Future Excess Servicing Spread does not and will not violate any Requirement of Law, the effect of which violation is to render void or voidable such assignment. 

(c) As contemplated under Section 4.08(b), upon the filing of financing statements on Form UCC-1 naming Purchaser as
“Secured Party” and Seller as “Debtor”, and describing the Future Excess Servicing Spread, in the jurisdictions and recording offices listed on Exhibit H attached hereto, the security interests granted hereunder in the Future
Excess Servicing Spread will constitute perfected first priority security interests under the UCC in all right, title and interest of Purchaser in, to and under the Future Excess Servicing Spread. 

(d) Purchaser has and will continue to have the full right, power and authority to pledge the Future Excess Servicing Spread, and the
Future Excess Servicing Spread may be further assigned without any requirement, in each case, subject only to applicable Owner Consents. 

  
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 (e) Each Servicing Agreement (other than with respect to Mortgage Loans owned by Seller)
constitutes an Eligible Servicing Agreement. 
 ARTICLE VII 

REPRESENTATIONS AND WARRANTIES OF PURCHASER 
 As an inducement to Purchaser to enter into this Agreement, Purchaser and warrants to Seller as of the Agreement Date, the Closing Date and as of each Assignment Date as follows (or as of the date
specified below, as applicable): 
 Section 7.01 Due Incorporation and Good Standing. 

Purchaser is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware.
Purchaser is qualified to transact business in each jurisdiction in which such qualification is deemed necessary. 

Section 7.02 Authority and Capacity. 
 Purchaser has all requisite corporate power, authority and capacity to enter into this Agreement and each other Transaction Document to which it is a party and to perform the obligations required of it
hereunder and thereunder. The execution and delivery of this Agreement and each other Transaction Document to which it is a party and the consummation of the transactions contemplated hereby and thereby have each been duly and validly authorized by
all necessary corporate action. This Agreement constitutes, and each other applicable Transaction Document to which Purchaser is a party constitutes or will constitute, a valid and legally binding agreement of Purchaser enforceable in accordance
with its terms, and no offset, counterclaim or defense exists to the full performance by Purchaser of this Agreement or such other Transaction Document, except as the same may be limited by bankruptcy, insolvency, reorganization and similar laws
affecting the enforcement of creditors’ rights generally and by general equity principles. 
 Section 7.03
Effective Agreements. 
 The execution, delivery and performance of this Agreement and each other Transaction
Document to which it is a party by Purchaser, its compliance with the terms hereof and thereof and the consummation of the transactions contemplated hereby and thereby will not violate, conflict with, result in a breach of, constitute a default
under, be prohibited by or require any additional approval under its certificate of incorporation or bylaws, any instrument or agreement to which it is a party or by which it is bound, or any state or federal law, rule or regulation or any judicial
or administrative decree, order, ruling or regulation applicable to it, in each case which violation, conflict, breach or requirement would reasonably be expected to have a material adverse effect on Purchaser’s ability to perform its
obligations under this Agreement and any other Transaction Document to which it is a party. 

  
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 Section 7.04 Sophisticated Investor. 

Purchaser is a sophisticated investor and its decision to acquire the Future Excess Servicing Spread is based upon Purchaser’s own
independent experience, knowledge, due diligence and evaluation of this transaction. Purchaser has relied solely on such experience, knowledge, due diligence and evaluation and has not relied on any oral or written information provided by Seller
other than the representations and warranties made by Seller herein. 
 Section 7.05 No Actions 

There shall not have been commenced or, to the best of Purchaser’s knowledge, threatened any action, suit or proceeding against the
Purchaser that will likely materially and adversely affect the consummation of the transactions contemplated hereby. 

ARTICLE VIII 
 SELLER COVENANTS 
 Seller covenants and agrees as follows:

 Section 8.01 Servicing Obligations. 

(a) Seller shall pay, perform and discharge all liabilities and obligations relating to the Servicing, including all liabilities and
obligations under the Mortgage Loan Documents, Applicable Law and the Servicing Agreements; and shall pay, perform and discharge all the rights, obligations and duties with respect to the Related Escrow Accounts as required by the Servicing
Agreements, the Mortgage Loan Documents, all Applicable Law and, with respect to any Mortgage Loans owned by an Agency, such Agency. 
 (b) Under no circumstances shall Purchaser be responsible for the Servicing acts and omissions of Seller or any other servicer or any originator of the Mortgage Loans, or for any servicing related
obligations or liabilities of any servicer in the Servicing Agreements or of any Person under the Mortgage Loan Documents, or for any other obligations or liabilities of Seller. 

(c) Upon termination of any Servicing Agreement, Seller shall remain liable to Purchaser and the applicable Owner for all liabilities
and obligations incurred by the servicer or its designee while Seller or its designee was acting as the servicer thereunder. 

Section 8.02 Cooperation. 
 Seller shall cooperate with and assist Purchaser, as reasonably requested, in carrying out the purposes of this Agreement. Seller will cooperate and assist Purchaser, as reasonably requested and at the
reasonable expense of Purchaser, in obtaining consents from any Owner as may be required or advisable to assign, transfer, deliver, hypothecate, pledge, subdivide, finance or otherwise deal with the Future Excess Servicing Spread. If Seller is
terminated under any Servicing Agreement, Seller shall cooperate fully and at its own expense in transferring such Servicing. If Purchaser assigns its Future Excess Servicing Rights or its other rights under this Agreement to a Third Party Assignee,
Seller will cooperate and assist any Third Party Assignee in drafting and entering into a Third Party Future Spread Agreement in accordance with Section 12.15. 

  
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 Section 8.03 Financing Statements. 

Seller hereby authorizes the filing of any financing statements or continuation statements, and amendments to financing statements, in
any jurisdictions and with any filing offices as Purchaser may determine, in its sole discretion, are necessary or advisable to perfect the sale of the Future Excess Servicing Spread and the security interests granted to Purchaser in connection
herewith. Seller agrees to execute financing statements in form reasonably acceptable to Purchaser and Seller at the request of Purchaser in order to reflect Purchaser’s interest in the Future Excess Servicing Spread, the Third Party Controlled
Future Spread Custodial Account and the Future Spread Reserve Account. 
 Section 8.04 Supplemental
Information. 
 From time to time after the applicable Assignment Date with respect to each Mortgage Loan, Seller
promptly shall furnish Purchaser such incidental information, which is reasonably available to Seller, supplemental to the information contained in the documents and schedules delivered pursuant to this Agreement, as may reasonably be requested to
monitor performance of the Mortgage Loans and the payment of the Future Excess Servicing Spread. 
 Section 8.05
Access to Information. 
 From time to time, at such times as are reasonably convenient to Seller, Purchaser or
its designees may conduct audits or visit and inspect any of the Mortgage Loans or places where the Credit Files are located, to examine the Credit Files, internal controls and procedures maintained by Seller and its agents, and take copies and
extracts therefrom, and to discuss Seller’s affairs with its officers, employees and, upon notice to Seller, independent accountants. Seller hereby authorizes such officers, employees and independent accountants to discuss with Purchaser the
affairs of Seller. Any audit provided for herein will be conducted in accordance with Seller’s rules respecting safety and security on its premises, in accordance with applicable privacy and confidentiality laws and without materially
disrupting operations. 
 Section 8.06 Home Affordable Modification Program. 

With respect to any Mortgage Loans that have been modified or that are or will be in a modification trial period as part of the U.S.
Department of the Treasury’s Home Affordable Modification Program (“HAMP”) (such Mortgage Loans, the “HAMP Loans”), Seller represents and warrants that it will continue to service such HAMP Loan in accordance
with the HAMP terms and will ensure the timely compliance and filing of any appropriate HAMP documentation with the applicable regulator. 
 Section 8.07 Distribution Date Data Tapes and Reports. 
 Seller
shall deliver the following to Purchaser two Business Days prior to each Distribution Date: 
 (a) An Electronic Data File in
form and substance acceptable to Purchaser containing, for each Current Mortgage Loan and each Mortgage Loan, principal, interest and Servicing Spread Collections, and delinquency status (i.e. 30, 60, 90, FCL, REO) as of the last day of the prior
Collection Period; 

  
 29 

 (b) A Summary Activity Report with respect to each of the pool of Current Mortgage Loans
and the pool of Mortgage Loans with respect to the prior Collection Period containing: 
 (i) Aggregate
Beginning Principal Balance as of the first and last date of the Collection Period, 
 (ii) Aggregate Regular
Principal Collected, 
 (iii) Aggregate Noncash Principal, 

(iv) Aggregate Interest Collected, 

(v) Aggregate Liquidation Principal, 

(vi) Aggregate Curtailments, 
 (vii) Liquidations, 
 (viii) Short Sales, 

(ix) Aggregate Principal Balance of Refinanced Mortgage Loans, and (1) for each Refinanced Mortgage Loan, the
Principal Balance, the applicable Servicing Spread, the final maturity date, the mortgage interest rate, the loan-to-value ratio and the FICO score, and (2) for each Current Mortgage Loan and each Mortgage Loan that was refinanced by a lender
other than Seller or an affiliate thereof, to the extent such information is known to Seller in the ordinary course of business and the collection and delivery of such information does not impose any additional and undue burden on Seller, the name
of such lender and the mortgage interest rate of the newly originated residential mortgage loan; 
 (c) A Delinquency Report
with respect to the Current Mortgage Loans and Mortgage Loans containing: 
 (i) The aggregate outstanding
principal balance of the pool of Current Mortgage Loans and the pool of Mortgage Loans and percentages of the aggregate outstanding principal balance of the pool of Current Mortgage Loans and the pool of Mortgage Loans in each of the following
categories as of the last day of the prior Collection Period: 
 (1) Non-delinquent Mortgage Loans, 

(2) 0-29 days delinquent, 

  
 30 

 (3) 30-59 days delinquent, 

(4) 60-89 days delinquent, 
 (5) 90 days or more delinquent, 
 (6) Current Mortgage Loans and
Mortgage Loans in Foreclosure, 
 (7) Current Mortgage Loans and Mortgage Loans with respect to which the
related Mortgaged Properties have become real estate owned properties, and 
 (8) Current Mortgage Loans and
Mortgage Loans in which the Mortgagor is in bankruptcy; 
 (ii) For each of the above categories, a roll report
showing the migration of Current Mortgage Loans and Mortgage Loans in such category from the last day of the second prior Collection Period; 
 (d) A Disbursement Report for such Distribution Date containing: 

(i) The Servicing Spread Collections for the prior Collection Period, 

(ii) The Base Servicing Fee paid to Seller, 

(iii) The amount of the Future Excess Servicing Spread paid to Purchaser, 

(iv) The amount of funds, if any, transferred to the Future Spread Reserve Account, 

(v) The amount of Purchaser Indemnitees, if any, paid from each of the Third Party Controlled Future Spread Custodial
Account or the Future Spread Reserve Account, and 
 (vi) The amount of funds paid to Seller from the Future
Spread Reserve Account. 
 Section 8.08 Financial Statements and Officer’s Certificates. 

(a) If Seller’s financial statements are not filed with the U.S. Securities and Exchange Commission and are not publicly available,
Seller shall deliver to Purchaser copies of Seller’s most recent audited quarterly financial statements within 45 days of the end of each of Seller’s fiscal quarters and its most recent audited annual financial statements within 90 days of
the end of each of Seller’s fiscal years. 

  
 31 

 (b) Within 45 days of the end of each of Seller’s fiscal quarters, Seller shall
deliver to Purchaser a certificate from a duly authorized officer of Seller certifying whether or not Seller has a Consolidated Tangible Net Worth of at least the sum of (x) $150,000,000 and (y) 50% of the proceeds from any issuance of
equity by Seller, Nationstar Mortgage Holdings Inc. or any of Seller’s consolidated subsidiaries (and shall provide a calculation of its determination of its Consolidated Tangible Net Worth) and whether or not Seller is in default in any
indebtedness in excess of $10,000,000. 
 Section 8.09 Monthly Management Calls. 

Within five Business Days after each Distribution Date, Seller shall make its management team and other appropriate officers and
employees available to Purchaser to discuss by telephone the performance of the Current Mortgage Loans and Mortgage Loans and the performance of the parties under the Transaction Documents. 

Section 8.10 Timely Payment of Owner Obligations. 

Seller shall pay all of its obligations to an Owner in a timely manner so as to avoid exercise of any right of set-off by any Owner
against Seller. 
 Section 8.11 Servicing Agreements. 

Seller will service the Mortgage Loans in accordance with Accepted Servicing Practices and will perform its obligations in all material
respects in accordance with the Servicing Agreements and Applicable Law. In particular, Servicer shall comply with any advancing obligation under the Servicing Agreements. Without the express written consent of Purchaser (which consent may be
withheld in its absolute discretion), Seller shall not (a) terminate or amend any Mortgage Servicing Rights, (b) expressly provide any required consent to any termination, amendment or modification of any Servicing Agreements either
verbally or in writing, or (c) expressly provide any required consent to any termination, amendment or modification of any other servicing agreements or enter into any other agreement or arrangement with the applicable Owner that may be
reasonably material to Purchaser either verbally or in writing. Seller shall conduct its business and perform its obligations under the Servicing Agreements in a manner such that the applicable Owner will not have cause to terminate any Servicing
Agreement. Notwithstanding the foregoing, in no event will the prohibitions contained in this Section 8.11 apply to any amendments or modifications of the Servicing Agreements applicable to Current Mortgage Loans or Mortgage Loans owned
by Seller which do not affect the Future Excess Servicing Spread with respect to such Current Mortgage Loans or Mortgage Loans. 

Section 8.12 Transfer of Mortgage Servicing Rights. 

If Seller intends to assign, transfer or sell any of its Mortgage Servicing Rights to a replacement servicer, to the extent permitted by
applicable law, (a) Seller shall consult with Purchaser and Purchaser shall participate in the assignment, transfer and sale of such Mortgage Servicing Rights, and (b) Seller shall obtain the written consent of Purchaser prior to any
assignment, transfer or sale thereof. 

  
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 Section 8.13 Consents to Transaction Documents. 

Seller shall not terminate, amend, amend and restate, modify or waive any conditions or provisions of any Transaction Document without
the express written consent of Purchaser, which consent shall not be unreasonably withheld, delayed or conditioned. 

Section 8.14 Accounts. 
 Seller shall inform the Mortgagors of Mortgage Loans at its own expense to remit their mortgage payments to the Lockbox Account, and any change in such instructions shall only be permitted with the
express written consent of Purchaser. 
 Section 8.15 Notification of Certain Events. 

Seller shall promptly notify Purchaser of any event which, with the passage of time, could reasonably be expected to result in a
termination of any servicing agreement between Seller and any Owner. Seller shall provide Purchaser with copies of any notices from the applicable Owner of any breach, potential breach, default or potential default by Seller under any servicing
agreement between Seller and the applicable Owner, and with copies of any notices from any Owner of any termination, potential termination or threatened termination of any servicing agreement entered into between Seller and that Owner. Seller shall
promptly forward copies of any material notices received from any Owner or from any Governmental Authority with respect to the Mortgage Loans. Seller shall provide Purchaser with (a) copies of all amendments to the Transaction Documents, the
Servicing Agreements (other than with respect to Mortgage Loans owned by Seller) and the agreements relating to Seller’s acquisition of the Mortgage Servicing Rights, (b) with respect to Mortgage Loans owned by Seller, copies of all
material amendments to the Servicing Agreements, and (c) copies of any other agreements Seller enters into with any Owner that may be reasonably material to Purchaser, in each case, promptly after execution thereof. 

Section 8.16 Financing; Pledge of Future Excess Servicing Spread. 

Seller shall not pledge, obtain Seller financing for, or otherwise permit any Lien of any creditor of Seller to exist on, any portion of
the Servicing Spread Collections without the prior written consent of Purchaser. Seller’s financial statements shall contain footnotes indicating that the Future Excess Servicing Spread has been sold, and Seller does not maintain any ownership
interest therein. 
 Section 8.17 Existence, etc. 

Seller shall: 

(a) preserve and maintain its legal existence and all of its material licenses required to service the Mortgage Loans; 

(b) comply with the requirements of all Applicable Laws, rules, regulations and orders of Governmental Authorities (including, without
limitation, truth in lending and real estate settlement procedures) if failure to comply with such requirements could be reasonably likely (either individually or in the aggregate) to have a material adverse effect on its ability to perform its
obligations hereunder or under any other Transaction Document; 

  
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 (c) keep adequate records and books of account, in which complete entries will be made in
accordance with GAAP consistently applied, and maintain adequate accounts and reserves for all taxes (including income taxes), all depreciation, depletion, obsolescence and amortization of its properties, all contingencies, and all other reserves;

 (d) not move its chief executive office or chief operating office from the addresses referred to in Exhibit H unless
it shall have provided Purchaser not less than thirty (30) days prior written notice of such change; 
 (e) pay and
discharge all material taxes, assessments and governmental charges or levies imposed on it or its income or profits or on any of its property prior to the date on which penalties attach thereto, except for any such tax, assessment, charge or levy
the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being maintained. Seller and its subsidiaries shall file on a timely basis all federal, and material state and local tax and
information returns, reports and any other information statements or schedules required to be filed by or in respect of it; 

(f) keep in full force and effect the provisions of its charter documents, by-laws, operating agreements or similar organizational
documents in each case to the extent reasonably necessary to perform its obligations hereunder or under any other Transaction Documents; 
 (g) keep in full force and effect all agreements and instruments by which it or any of its properties may be bound and all applicable decrees, orders and judgments, in each case to the extent reasonably
necessary to perform its obligations hereunder or under any other Transaction Document; and 
 (h) comply with its obligations
under the Transaction Documents to which it is a party and each other agreement entered into with an Owner. 
 Section 8.18
Consent to Sub-Servicing. 
 Subject to the rights of the Owners, Seller will not permit any Person other than
Seller to service or sub-service the Mortgage Loans without the prior written consent of Purchaser, in each case other than third-party vendors customarily employed by servicers in the ordinary course of business in accordance with prudent mortgage
servicing practices. 
 Section 8.19 Nonpetition Covenant. 

Seller shall not, prior to the date that is one year and one day after the payment in full of the Future Excess Servicing Spread,
petition or otherwise invoke the process of any court or governmental authority for the purpose of commencing or sustaining a case against Purchaser under any insolvency law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of Purchaser or any substantial part of its property, or ordering the winding up or liquidation of the affairs of Purchaser. 

  
 34 

 Section 8.20 Schedule of Mortgage Loans. 

Seller shall maintain the Schedule of Mortgage Loans, which shall be updated as of each Assignment Date. The information in the Schedule
of Mortgage Loans pertaining to the Mortgage Loans and the Mortgage Servicing Rights will be true and correct in all material respects as of the date specified. 
 Section 8.21 True Sale Opinion. 
 Seller shall cause a written
opinion of counsel to be furnished, in form and substance satisfactory to Purchaser, dated the Closing Date with respect to the characterization of the transfer of the Future Excess Servicing Spread by Seller to Purchaser as a true sale. Purchaser
may request additional opinions regarding such characterization subsequent to the Closing Date as advised by Purchaser’s counsel in light of changes in law and other circumstances. To the extent Seller is unable to provide such opinions with
respect to any Mortgage Loans, Seller shall substitute such Mortgage Loans with residential mortgage loans have substantially the same credit characteristics. 
 Section 8.22 Valuation. 
 As of the Closing Date, Purchaser
shall have received an opinion reasonably satisfactory to Purchaser that the Base Servicing Fee of the Mortgage Loans and the Purchase Price of the Future Excess Servicing Spread is fair and reasonable. 

Section 8.23 Material Documents. 
 Seller shall provide Purchaser with executed copies of all material agreements and documents, and any amendments thereto, as of each Assignment Date relating to Seller’s acquisition of the related
Mortgage Servicing Rights and the servicing of the Mortgage Loans assigned. 
 ARTICLE IX 

CONDITIONS PRECEDENT TO OBLIGATIONS OF PURCHASER 
 The obligations of Purchaser under this Agreement are subject to the satisfaction of the following conditions as of the Closing Date: 

Section 9.01 Correctness of Representations and Warranties. 

The representations and warranties made by Seller in this Agreement and each other Transaction Document to which Seller is a party to be
made on or prior to the Closing Date are true and correct in all material respects. 

  
 35 

 Section 9.02 Compliance with Conditions. 

All of the terms, covenants, conditions and obligations of this Agreement and each other Transaction Document required to be complied
with and performed by Seller on or prior to the Closing Date shall have been duly complied with and performed in all material respects. 
 Section 9.03 Corporate Resolution. 
 Purchaser shall have
received from Seller a certified copy of its corporate resolution approving the execution and delivery of this Agreement and the other Transaction Documents and the consummation of the transactions contemplated hereby and thereby, together with such
other certificates of incumbency and other evidences of corporate authority as Purchaser or its counsel may reasonably request. 

Section 9.04 No Material Adverse Change. 
 From the Agreement Date, there shall not have been any change to Seller’s financial or operating condition or in the Mortgage Servicing Rights, the Mortgage Loans, the Related Escrow Accounts or to
Seller’s relationship with, or authority from, the Agency that in each case will likely materially and adversely affect the consummation of the transactions contemplated hereby or the Future Excess Servicing Spread. 

Section 9.05 Consents. 
 The Seller shall have obtained all consents, approvals or other requirements of third parties required for the consummation of the transactions contemplated by the Transaction Documents that are to be
obtained on or prior to the Closing Date. 
 Section 9.06 Delivery of Transaction Documents. 

Seller shall have delivered copies of each executed Transaction Document that is to be entered on or prior to the Closing Date.

 Section 9.07 Certificate of Seller. 

Seller shall have provided Purchaser a certificate, substantially in the form attached hereto as Exhibit D, signed by an
authorized officer of Seller dated as of such date, applicable to the transactions contemplated by this Agreement, to the effect that: (a) each of Seller’s representations and warranties made in this Agreement and each other Transaction
Document to which Seller is a party is true and correct in all material respects as of such date; (b) all of the terms, covenants, conditions and obligations of this Agreement and each other Transaction Document to which Seller is a party that
are required to be complied with and performed by Seller at or prior to the Agreement Date have been duly complied with and performed in all material respects; (c) the condition set forth in Section 9.04 has been satisfied and
(d) as of the Closing Date, Seller has a Consolidated Tangible Net Worth of at least the sum of (x) $150,000,000 and (y) 50% of the proceeds from any issuance of equity by Seller, Nationstar Mortgage Holdings Inc. or any of
Seller’s consolidated subsidiaries, and is not in default in any indebtedness in excess of $10,000,000. 

  
 36 

 Section 9.08 Opinions of Counsel. 

Seller’s counsel shall have delivered the Opinions of Counsel required pursuant to Section 2.01(b)(v),
Section 2.01(b)(vi) and Section 2.01(b)(vii). 
 Section 9.09 Good Standing Certificate of
Seller. 
 Seller shall have provided Purchaser a certificate of good standing of Seller, dated as of a date within five
(5) Business Days prior to the Closing Date. 
 ARTICLE X 

CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLER 
 The obligations of Seller under this Agreement are subject to the satisfaction of the following conditions as of the Closing Date: 
 Section 10.01 Correctness of Representations and Warranties. 

The representations and warranties made by Purchaser in this Agreement to be made on or prior to the Closing Date are true and correct in
all material respects. 
 Section 10.02 Compliance with Conditions. 

All of the terms, conditions, covenants and obligations of this Agreement required to be complied with and performed by Purchaser on or
prior to the Closing Date shall have been duly complied with and performed in all material respects. 
 Section 10.03
Corporate Resolution. 
 Seller shall have received from Purchaser a certified copy of its corporate resolution
approving the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby, together with such other certificates of incumbency and other evidences of corporate authority as Seller or its counsel may
reasonably request. 
 Section 10.04 No Material Adverse Change. 

Since the Agreement Date, there shall not have been any change to Purchaser’s financial condition that will likely materially and
adversely affect the consummation of the transactions contemplated hereby. 
 Section 10.05 Certificate of
Purchaser. 
 Purchaser shall have provided Seller a certificate, substantially in the form attached hereto as
Exhibit E, signed by an authorized officer of Purchaser dated as of such date, applicable to the transactions contemplated by this Agreement, to the effect that: (a) each of Purchaser’s representations and warranties made in this
Agreement is true and correct in all 

  
 37 

 
material respects as of such date; (b) all of the terms, covenants, conditions and obligations of this Agreement required to be complied with and performed by Purchaser at or prior to the
Agreement Date have been duly complied with and performed in all material respects; and (c) the condition set forth in Section 10.04 has been satisfied. 
 Section 10.06 Good Standing Certificate of Purchaser. 

Purchaser shall have provided Seller a certificate of good standing of Purchaser, dated as of a date within five (5) Business Days
prior to the Closing Date. 
 ARTICLE XI 
 INDEMNIFICATION 
 Section 11.01 Indemnification by
Seller. 
 (a) Seller shall indemnify, defend and hold Purchaser, its affiliates and its and their respective
directors, managers, officers, employees, agents, representatives and advisors (the “Purchaser Indemnitees”) harmless from and shall reimburse the applicable Purchaser Indemnitee for any Losses suffered or incurred by any Purchaser
Indemnitee after the Agreement Date which result from: 
 (i) Any material breach of a representation or
warranty by Seller, or non-fulfillment of any covenant or obligation of Seller, contained in this Agreement; 

(ii) Any servicing act or omission of any prior servicer relating to any Mortgage Loan and any act or omission of any
party related to the origination of any Mortgage Loan; 
 (iii) Any act, error or omission of Seller in
servicing any of the Mortgage Loans, including improper action or failure to act when required to do so; 
 (iv)
Any exercise of any rights of setoff or other netting arrangements by any Owner against Seller that results in a decrease in Servicing Agreements termination payments due to Seller with respect to the Mortgage Loans from such Owner or in a shortfall
of funds to pay the Future Excess Servicing Spread; and 
 (v) Litigation, proceedings, governmental
investigations, orders, injunctions or decrees resulting from any of the items described in Section 11.01(a)(i)-(iv) above; 

provided, however, that the applicable Purchaser Indemnitee has taken all commercially reasonable and appropriate actions to mitigate any
such losses, damages, deficiencies, claims, causes of action or expenses as reasonably requested by Seller, which such failure of mitigation shall not relieve Seller of its indemnification obligations in this Section 11.01(a) but may
affect the amount of such obligation; and further provided, that any Losses incurred by the Purchaser 

  
 38 

 
Indemnitee pursuant to any attempt to mitigate any such losses, damages, deficiencies, claims, causes of action or expenses shall be reimbursed by Seller as part of its indemnification
obligations in this Section 11.01(a). Purchaser shall notify Seller promptly after receiving written notice of the assertion of any litigation, proceedings, governmental investigations, orders, injunctions, decrees or any third party
claims subject to indemnification under this Agreement (each, a “Third Party Claim”). Upon receipt of such notice of a Third Party Claim, Seller shall have the right to assume the defense of such Third Party Claim using counsel of
its choice reasonably satisfactory to the applicable Purchaser Indemnitee, but may not enter into any settlement without the prior written consent of the applicable Purchaser Indemnitee, which shall not be unreasonably withheld. A Purchaser
Indemnitee shall have the right to select separate counsel and to otherwise separately defend itself at its own expense but shall not consent to the entry of a judgment or enter into any settlement with respect to the Third Party Claim without the
prior written consent of Seller, which consent shall not be unreasonably withheld. Any exercise of such rights by a Purchaser Indemnitee shall not relieve Seller of its obligations and liabilities under this Section 11.01(a) or any other
provision of this Agreement. With respect to any Third Party Claim subject to indemnification under this Agreement, the applicable Purchaser Indemnitee shall be required to cooperate in good faith with Seller to ensure the proper and adequate
defense of such Third-Party Claim. For the avoidance of doubt, Seller’s obligations for Purchaser Indemnitees shall not be limited to funds available in the Third Party Controlled Future Spread Custodial Account or the Future Spread Reserve
Account. 
 (b) REIT Requirements. Notwithstanding anything in Section 11.01(a), in the event that counsel
or independent accountants for the Protected REIT determine that there exists a material risk that any amounts due to Purchaser under Section 11.01(a) hereof would be treated as Nonqualifying Income upon the payment of such amounts to
Purchaser, the amount paid to Purchaser pursuant to this Agreement in any tax year shall not exceed the maximum amount that can be paid to Purchaser in such year without causing the Protected REIT to fail to meet the REIT Requirements for such year,
determined as if the payment of such amount were Nonqualifying Income as determined by such counsel or independent accountants to the Protected REIT. If the amount payable for any tax year under the preceding sentence is less than the amount which
Seller would otherwise be obligated to pay to Purchaser pursuant to Section 11.01 of this Agreement (the “Expense Amount”), then: (1) Seller shall place the Expense Amount into an escrow account (the
“Expense Escrow Account”) using an escrow agent and agreement reasonably acceptable to Purchaser and shall not release any portion thereof to Purchaser, and Purchaser shall not be entitled to any such amount, unless and until
Purchaser delivers to Seller, at the sole option of the Protected REIT, (i) an opinion (an “Expense Amount Tax Opinion”) of the Protected REIT’s tax counsel to the effect that such amount, if and to the extent paid, would
not constitute Nonqualifying Income, (ii) a letter (an “Expense Amount Accountant’s Letter”) from the Protected REIT’s independent accountants indicating the maximum amount that can be paid at that time to Purchaser
without causing the Protected REIT to fail to meet the REIT Requirements for any relevant taxable year, or (iii) a private letter ruling issued by the IRS to the Protected REIT indicating that the receipt of any Expense Amount hereunder will
not cause the Protected REIT to fail to satisfy the REIT Requirements (a “REIT Qualification Ruling” and, collectively with an Expense Amount Tax Opinion and an Expense Amount Accountant’s Letter, a “Release
Document”); and (2) pending the delivery of a Release Document by Purchaser to Seller, Purchaser shall have the right, but not the obligation, to borrow the Expense Amount from the Escrow Account pursuant to a loan agreement (an

  
 39 

 
“Indemnity Loan Agreement”) reasonably acceptable to Purchaser that (i) requires Seller to lend Purchaser immediately available cash proceeds in an amount equal to the
Expense Amount (an “Indemnity Loan”), and (ii) provides for (A) a commercially reasonable interest rate and commercially reasonable covenants, taking into account the credit standing and profile of Purchaser or any
guarantor of Purchaser, including the Protected REIT, at the time of such Loan, and (B) a 15 year maturity with no periodic amortization. 
 Section 11.02 Indemnification by Purchaser. 
 Purchaser shall
indemnify, defend and hold Seller, its affiliates and its and their respective directors, managers, officers, employees, agents, representatives and advisors (the “Seller Indemnitees”) harmless from and shall reimburse the
applicable Seller Indemnitee for any Losses suffered or incurred by any Seller Indemnitee which result from: 
 (a) Any
material breach of a representation or warranty by Purchaser, or non-fulfillment of any covenant or obligation of Purchaser contained in this Agreement; and 
 (b) Litigation, proceedings, governmental investigations, orders, injunctions or decrees, the basis for which occurred after the Agreement Date, resulting from any of the items described in
Section 11.02(a) above; 
 provided, however, that the applicable Seller Indemnitee has taken all commercially
reasonable and appropriate actions to mitigate any such losses, damages, deficiencies, claims, causes of action or expenses as reasonably requested by Purchaser, which such failure of mitigation shall not relieve Purchaser of its indemnification
obligations in this Section 11.02 but may affect the amount of such obligation; and further provided, that any Losses incurred by the Seller Indemnitee pursuant to any attempt to mitigate any such losses, damages,
deficiencies, claims, causes of action or expenses shall be reimbursed by Purchaser as part of its indemnification obligations in this Section 11.02. Seller shall notify Purchaser promptly after receiving written notice of the assertion
of any litigation, proceedings, governmental investigations, orders, injunctions, decrees or any third party claims subject to indemnification under this Agreement (each, a “Third Party Claim”). Upon receipt of such notice of a
Third Party Claim, Purchaser shall have the right to assume the defense of such Third Party Claim using counsel of its choice reasonably satisfactory to the applicable Seller Indemnitee, but may not enter into any settlement without the prior
written consent of Purchaser, which shall not be unreasonably withheld. A Seller Indemnitee shall have the right to select separate counsel and to otherwise separately defend itself but shall not consent to the entry of a judgment or enter into any
settlement with respect to the Third Party Claim without the prior written consent of Purchaser, which consent shall not be unreasonably withheld. Any exercise of such rights by a Seller Indemnitee shall not relieve Purchaser of its obligations and
liabilities under this Section 11.02 or any other provision of this Agreement. With respect to any Third Party Claim subject to indemnification under this Agreement, the applicable Seller Indemnitee shall be required to cooperate in good
faith with Purchaser to ensure the proper and adequate defense of such Third-Party Claim. 

  
 40 

 ARTICLE XII 
 MISCELLANEOUS 
 Section 12.01 Costs and Expenses.

 Purchaser and Seller shall each pay the expenses incurred by it or its affiliates pursuant to the Current Spread Agreement in
connection with the transactions contemplated hereby. 
 Section 12.02 Confidentiality. 

Each Party understands that in connection with this transaction, it has been furnished and will be furnished Non-Public Personal
Information and/or Personally Identifiable Financial Information (as those terms are defined in Sections 573.3(n) and (o) of the Office of Thrift Supervision Regulations on Privacy of Consumer Information published at 12 C.F.R. Chapter V
implementing Title V of the Gramm-Leach-Bliley Act), and other information regarding the policies and plans of the other Party and its affiliates that is and has been designated as confidential and proprietary, and each Party agrees that it will
maintain the confidentiality of such information and will not disclose it to others (except for its affiliates and its and their respective directors, managers, officers, employees, financing sources, agents, representatives and advisors), or use it
except in connection with the proposed acquisition contemplated by this Agreement, without the prior written consent of the Party furnishing such information. Information which is generally known in the industry concerning a Party or among such
Party’s creditors generally or which has been disclosed to the other Party by third parties who have a right to do so shall not be deemed confidential or proprietary information for these purposes. If Purchaser, any of its affiliates or any
officer, director, employee or agent of any of the foregoing is at any time requested or required to disclose any information supplied to it in connection with the transactions contemplated hereby, Purchaser agrees to provide Seller with prompt
notice of such request(s) so that Seller may seek an appropriate protective order and/or waive Purchaser’s compliance with the terms of this Section 12.02. If Seller, any of its affiliates or any officer, director, employee or agent
of any of the foregoing is at any time requested or required to disclose any information supplied to it in connection with the transactions contemplated hereby, Seller agrees to provide Purchaser with prompt notice of such request(s) so that
Purchaser may seek an appropriate protective order and/or waive Seller’s compliance with the terms of this Section 12.02. Notwithstanding the terms of this Section 12.02, if, in the absence of a protective order or the
receipt of a waiver hereunder, Purchaser or Seller is nonetheless, in the opinion of its counsel, compelled to disclose information concerning the other Party to any tribunal or else stand liable for contempt or suffer other censure or penalty,
Purchaser or Seller may disclose such information to such tribunal without liability hereunder. If the proposed acquisition is not consummated, each Party agrees to promptly return to the other, promptly upon request, all confidential materials, and
all copies thereof, which have been furnished to it in connection with the transactions contemplated hereby. For the avoidance of doubt, either Party may provide its shareholders and creditors with a general description of this Agreement and any
related transactions, and, subject to the provisions of this Section 12.02, information obtained from the reports provided by Seller pursuant to Section 8.07. 

  
 41 

 Section 12.03 Broker’s Fees. 

Each party hereto represents and warrants to the other that it has made no agreement to pay any finder’s, agent’s,
broker’s or originator’s fee arising out of or in connection with the subject matter of this Agreement. In the event Purchaser has entered or enters into an agreement to pay any finder’s, agent’s, broker’s, advisor’s or
originator’s fee arising out of or in connection with the subject matter of this Agreement, Purchaser shall be solely responsible for all such fees. The parties hereto shall indemnify and hold each other harmless from and against any such
obligation or liability and any expense incurred in investigating or defending (including reasonable attorneys’ fees) any claim based upon the other party’s actions in connection with such obligation. 

Section 12.04 Relationship of Parties. 
 The Parties intend that the transactions contemplated in the Transaction Documents constitute arms-length transactions among third parties. Nothing contained in the Transaction Documents will establish
any fiduciary, partnership, joint venture or similar relationship between or among the Parties except to the extent otherwise expressly stated therein. 
 Section 12.05 Survival of Representations and Warranties. 

Each party hereto covenants and agrees that the representations and warranties in this Agreement, and in any document delivered or to be
delivered pursuant hereto, shall survive the Agreement Date and each applicable Assignment Date. 
 Section 12.06
Notices. 
 All notices, requests, demands and other communications which are required or permitted to be given
under this Agreement shall be in writing and shall be deemed to have been given if personally delivered or sent by registered or certified mail, return receipt requested, postage prepaid or by prepaid overnight delivery service: 

 

	 	(a)	If to Purchaser, to: 

 Fortress
Investment Group 
 1345 Avenue of the Americas 
 New York, NY 10105 
 Attn: Brian Sigman 

Chief Financial Officer 
 (212) 479-5343 
  

	 	(b)	If to Seller, to: 

 Nationstar
Mortgage LLC 
 350 Highland Drive 
 Lewisville, Texas 75067 
 Attn: Amar Patel 

  
 42 

 or to such other address as Purchaser or Seller shall have specified in writing to the
other. 
 Section 12.07 Waivers. 
 Either Purchaser or Seller may, by written notice to the other: 
 (a) Extend the
time for the performance of any of the obligations or other transactions of the other; and 
 (b) Waive compliance with or
performance of any of the terms, conditions, covenants or obligations required to be complied with or performed by the other hereunder. 
 The waiver by Purchaser or Seller of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other subsequent breach. 

Section 12.08 Entire Agreement; Amendment. 
 This Agreement and the related Transaction Documents constitute the entire agreement between the parties with respect to the transactions contemplated hereby and supersede all prior agreements with
respect thereto. This Agreement may be amended only in a written instrument signed by both Seller and Purchaser. 

Section 12.09 Binding Effect. 
 This Agreement shall inure to the benefit of and be binding upon the Parties and their successors and assigns. Nothing in this Agreement, express or implied, is intended to confer on any Person other than
the Parties and their successors and assigns, any rights, obligations, remedies or liabilities. 
 Section 12.10
Headings. 
 Headings on the Articles and Sections in this Agreement are for reference purposes only and shall not
be deemed to have any substantive effect. 
 Section 12.11 Applicable Law. 

This Agreement shall be construed in accordance with the laws of the State of New York and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with the laws of the State of New York, except to the extent preempted by Federal law. This Agreement shall constitute a security agreement under the laws of the State of New York. In addition to
any other rights available under this Agreement or otherwise available at law or in equity but subject to the terms hereof, Purchaser shall have all rights and remedies of a secured party with respect to the Collateral under the laws of the State of
New York and under any other applicable law to enforce the assignments and security interests contained herein and, in addition, shall have the right, subject to compliance with any mandatory requirements of applicable law and the terms of this
Agreement, to sell or apply any rights and other interests with respect to the Collateral assigned or pledged hereby in accordance with the terms hereof at public and private sale in accordance with the terms of this Agreement. The parties agree to
waive trial by jury in the event of any dispute under this Agreement. 

  
 43 

 Section 12.12 Incorporation of Exhibits. 

The Exhibits attached hereto shall be incorporated herein and shall be understood to be a part hereof as though included in the body of
this Agreement. 
 Section 12.13 Counterparts. 

This Agreement may be executed in counterparts, each of which, when so executed and delivered, shall be deemed to be an original and all
of which, taken together, shall constitute one and the same agreement. 
 Section 12.14 Severability of
Provisions. 
 If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability
of the other provisions of this Agreement or of the rights of the parties hereto. 
 Section 12.15
Assignment. 
 Seller may not assign, transfer, sell or subcontract all or any part of this Agreement, any
interest herein, or any of the Seller’s interest in the Servicing Spread Collections, other than the interest in the Total Servicing Spread sold hereby, without the prior written consent of Purchaser, provided that any successor to
Seller must assume Seller’s obligations under this Agreement. Purchaser shall have the unrestricted right to further assign, transfer, deliver, hypothecate, pledge, subdivide or otherwise deal with its rights under this Agreement on whatever
terms Purchaser shall determine without the consent of Seller; including the right to assign all or any portion of the Future Excess Servicing Spread and to assign Future Excess Servicing Spread Rights. If Purchaser assigns any rights under this
Agreement to a third party (a “Third Party Assignment”), such third party (a “Third Party Assignee”) shall enter into a new agreement (a “Third Party Future Spread Agreement”) with Seller or
Seller’s assignee that provides such Third Party Assignee with the same rights with respect to the Future Excess Servicing Spread Rights that Purchaser would have had under this Agreement if the Third Party Assignment had not occurred.

 Section 12.16 Termination. 
 If the Current Spread Agreement is terminated on or prior to the Closing Date, this Agreement shall terminate and neither Party shall have any further obligations to the other Party hereunder.

  
 44 

 Section 12.17 Third Party Beneficiaries. 

This Agreement does not and is not intended to confer any rights or remedies upon any person or entity other than Purchaser and Seller,
except as provided in Section 11.01 and in Section 11.02, provided that Purchaser and Seller reserve the right to modify any term of, or terminate, this Agreement, without the consent of any Purchaser Indemnitee or Seller
Indemnitee. 

  
 45 

 IN WITNESS WHEREOF, each of the undersigned parties to this Agreement has caused this
Agreement to be duly executed in its corporate name by one of its duly authorized officers, all as of the date first above written. 
  

			
	NIC MSR II LLC
	Purchaser
		
	By:	 	 /s/ Brian Sigman

	Name:	 	Brian Sigman
	Title:	 	Chief Financial Officer
	
	 NATIONSTAR MORTGAGE LLC
 Seller

		
	By:	 	 /s/ Amar Patel

	Name:	 	Amar Patel
	Title:	 	Executive Vice President

 EXHIBIT A 

FORM OF ASSIGNMENT AGREEMENT FOR MORTGAGE LOANS 
 Subject to, and upon the terms and conditions of the Amended and Restated Future Spread Agreement for Non-Agency Mortgage Loans, dated as of June 7, 2012 (the “Agreement”), by and between
Nationstar Mortgage LLC, a Delaware limited liability company (together with its successors and assigns, the “Seller”) and NIC MSR II LLC, a Delaware limited liability company (together with its successors assigns, the
“Purchaser”), as may be amended, restated, or otherwise modified and in effect from time to time, Seller hereby assigns, transfers and delivers to Purchaser all of Seller’s right, title and interest in and to Future Excess
Servicing Spread for each of the Mortgage Loans set forth in Annex A attached hereto and all proceeds thereof, and agrees that as of the applicable Assignment Date, the applicable Mortgage Loan shall be deemed to be a “Mortgage Loan” for
all purposes of the Agreement. Capitalized terms used in this Assignment Agreement have the meanings given to such terms in, or incorporated by reference into, the Agreement. 
 In the event (but only in the event) that the conveyance of the Future Excess Servicing Spread is characterized by a court or governmental authority as security for a loan rather than a sale, Seller will
be deemed to have granted to Purchaser, and Seller hereby grants to Purchaser, a security interest in all of its right, title and interest in, to and under the Future Excess Servicing Spread and all proceeds thereof as security for a loan in an
amount of the Purchase Price. 
 All of the terms, covenants, conditions and obligations of the Agreement required to be
complied with and performed by Seller on or prior to the date hereof have been duly complied with and performed in all material respects. 
  

			
	 NATIONSTAR MORTGAGE LLC
 Seller

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 47 

 Annex A 
 [ATTACH ANNEX A, WHICH MAY BE ON COMPUTER TAPE, COMPACT DISK, OR MICROFICHE, CONTAINING THE INFORMATION SET FORTH BELOW] 

 

																	
	
            (a)           
 
	  	(b)	  	(c)	  	(d)	  	(e)	  	(g)	  	(h)	  	(i)
(column (g) –
column
(h))	  	(j)
([
]% of column
(i))
	 Refinancing Date
	  	Loan # of
Refinanced
Mortgage
Loan	  	Principal
Balance of
Refinanced
Mortgage
Loan	  	Loan # of
Mortgage
Loan	  	Principal
Balance of
Mortgage
Loan as of the
Assignment
Date	  	Servicing
Fee Rate	  	Base Servicing
Fee Rate	  	Net Servicing Fee
Rate	  	Future Excess
Servicing Spread
		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	

  
 48 

 EXHIBIT B 

Example of calculations of Maximum Retained Refinancing Loan Amounts 

 

					
	Recaptured Loan Incentive	 
	3 Month Avg
Recapture	  	Retained
Percentage(1)	 
	 35% or Less
	  	 	0	% 
	 > 35%, <= 40%
	  	 	25	% 
	 > 40%, <= 45%
	  	 	30	% 
	 > 45%, <= 50%
	  	 	35	% 
	 > 50%, <= 55%
	  	 	40	% 
	 > 55%, <= 60%
	  	 	45	% 
	 > 60%, <= 65%
	  	 	50	% 
	 > 65%, <= 70%
	  	 	50	% 
	 > 70%, <= 75%
	  	 	50	% 
	 Greater than 75%
	  	 	50	% 

			
	Range of Loans Retained as a Percentage of
Total Recapture
	Nationstar	  	Portfolio
	 0.00%
	  	100.00%
	 0.00% to 1.25%
	  	100.00% to 98.75%
	 1.50% to 3.00%
	  	98.50% to 97.00%
	 3.50% to 5.25%
	  	96.50% to 94.75%
	 6.00% to 8.00%
	  	94.00% to 92.00%
	 9.00% to 11.25%
	  	91.00% to 88.75%
	 12.50% to 15.00%
	  	87.50% to 85.00%
	 15.00% to 17.50%
	  	85.00% to 82.50%
	 17.50% to 20.00%
	  	82.50% to 80.00%
	 20.00% to 32.50%
	  	80.00% to 67.50%

 
 

  

	1 	 Represents the percentage of loans Seller retains above 35% recapture. 

  
 49 

 EXHIBIT C 

SCHEDULE OF MORTGAGE LOANS 
 [SEPARATELY DELIVERED] 

 EXHIBIT D 

SELLER’S OFFICER’S CERTIFICATE 
 (To be supplied on the Closing Date) 
 I,
                    , a [Vice President] of Nationstar Mortgage LLC (the “Company”), pursuant to Section 9.07 of the
Amended and Restated Future Spread Agreement for Non-Agency Mortgage Loans by and between NIC MSR II LLC and the Company, dated as of June 7, 2012 (the “Agreement”), hereby certify on behalf of the Company that: 

(i) Each of the Company’s representations and warranties made in the Agreement is true and correct in all material
respects as of the date hereof; 
 (ii) All of the terms, covenants, conditions and obligations of the Agreement
required to be complied with and performed by the Company at or prior to the date hereof have been duly complied with and performed in all material respects; 
 (iii) The condition set forth in Section 9.04 have been satisfied; and 
 (iv) As of the date hereof, the Company has a Consolidated Tangible Net Worth (as defined in the Agreement) of at least the sum of (x) $150,000,000 and (y) 50% of the proceeds from any issuance
of equity by Seller, Nationstar Mortgage Holdings Inc. or any of Seller’s consolidated subsidiaries, and is not in default in any indebtedness in excess of $10,000,000. 
 IN WITNESS WHEREOF, the undersigned has executed this Certificate as of [                    ]

  

			
	By:	 	  

 EXHIBIT E 

PURCHASER’S OFFICER’S CERTIFICATE 
 (To be supplied on the Closing Date) 
 I,
                    , [POSITION] of NIC MSR LLC, the sole member of NIC MSR II LLC (the “Company”), pursuant to
Section 10.05 of the Amended and Restated Future Spread Agreement for Non-Agency Mortgage Loans by and between the Company and Nationstar Mortgage LLC, dated as of June 7, 2012 (the “Agreement”), hereby certify on behalf
of the Company that: 
 (i) Each of the Company’s representations and warranties made in the Agreement is true and correct
in all material respects as of the date hereof; and 
 (ii) All of the terms, covenants, conditions and obligations of the
Agreement required to be complied with and performed by the Company at or prior to the date hereof have been duly complied with and performed in all material respects; and 
 (iii) The condition set forth in Section 10.04 have been satisfied. 

IN WITNESS WHEREOF, the undersigned has executed this Certificate as of
[                    ]. 
  

			
	NIC MSR II LLC
		
	By:	 	  

 EXHIBIT F 

LOCATION OF CREDIT FILES 
 350 Highland Drive 
 Lewisville, Texas 75067 

 EXHIBIT G 

FORM OF SUMMARY REMITTANCE REPORT 
 [SEPARATELY DELIVERED] 

 EXHIBIT H 

FORM OF DELINQUENCY REPORT 
 [SEPARATELY DELIVERED] 

 EXHIBIT I 

FORM OF DISBURSEMENT REPORT 
 [SEPARATELY DELIVERED] 

 EXHIBIT J 

SELLER JURISDICTIONS AND RECORDING OFFICES 
 Chief Executive Office: 
 350 Highland Drive 

Lewisville, Texas 75067 

Recording Office: 
 Secretary
of State, State of DelawareRegistration Rights Agreement

 Exhibit 4.1 
 REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT
(this “Agreement”), dated as of June 5, 2012, is by and between K-V Pharmaceutical Company, a Delaware corporation (the “Company”), and Commerce Court Small Cap Value Fund, Ltd., a business
company incorporated under the laws of the British Virgin Islands (the “Investor”). 
 RECITALS

 A. The Company and the Investor have entered into that certain Common Stock Purchase Agreement, dated as of the date
hereof (the “Purchase Agreement”), pursuant to which the Company may issue, from time to time, to the Investor up to the lesser of (i) $20,000,000 of newly issued shares of the Company’s Class A common stock,
$0.01 par value (“Common Stock”), and (ii) the Exchange Cap (as defined in the Purchase Agreement) (except to the extent the Exchange Cap shall be inapplicable as expressly provided in the Purchase Agreement), as
provided for therein. 
 B. Pursuant to the terms of, and in consideration for the Investor entering into, the Purchase
Agreement, the Company has issued to the Investor the Commitment Shares (as defined in the Purchase Agreement) in accordance with the terms of the Purchase Agreement. 
 C. Pursuant to the terms of, and in consideration for the Investor entering into, the Purchase Agreement, and to induce the Investor to execute and deliver the Purchase Agreement, the Company has agreed
to provide the Investor with certain registration rights with respect to the Registrable Securities (as defined herein) as set forth herein. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the premises,
the representations, warranties, covenants and agreements contained herein and in the Purchase Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, intending to be legally bound
hereby, the Company and the Investor hereby agree as follows: 
  

	1.	Definitions. 

 Capitalized
terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings: 

(a) “Business Day” means any day other than Saturday, Sunday or any other day on which commercial banks in New
York, New York are authorized or required by law to remain closed. 
 (b) “Closing Date” shall mean the
date of this Agreement. 
 (c) “Effective Date” means the date that the applicable Registration
Statement has been declared effective by the SEC. 

 (d) “Effectiveness Deadline” means (i) with
respect to the initial Registration Statement required to be filed to pursuant to Section 2(a), the earlier of (A) the 120th calendar day after the Closing Date (or the 180th calendar day after the Closing Date if such Registration Statement is subject to review by the SEC) and (B) the
fifth Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that such Registration Statement will not be reviewed or will not be subject to further review and (ii) with respect to any
additional Registration Statements that may be required to be filed by the Company pursuant to this Agreement, the earlier of (A) the 120th calendar day following the date on which the Company was required to file such additional Registration Statement (or
the 180th calendar day after such date if such
Registration Statement is subject to review by the SEC) and (B) the fifth Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that such Registration Statement will not be reviewed or will
not be subject to further review. 
 (e) “Filing Deadline” means (i) with
respect to the initial Registration Statement required to be filed to pursuant to Section 2(a), the 60th calendar day after the Closing Date and (ii) with respect to any additional Registration Statements that may be required to be filed
by the Company pursuant to this Agreement, the later of (A) the 60th calendar day following the sale of substantially all of the Registrable Securities included in the initial Registration Statement or the most recent prior additional Registration Statement, as
applicable, and (B) six months following the Effective Date of the initial Registration Statement or the most recent prior additional Registration Statement, as applicable, or such earlier date as permitted by the SEC. 

(f) “Person” means any person or entity, whether a natural person, trustee, corporation, partnership, limited
partnership, limited liability company, trust, unincorporated organization, business association, firm, joint venture, governmental agency or authority. 
 (g) “register,” “registered,” and “registration” refer to a registration effected by preparing and filing one or more Registration
Statements in compliance with the Securities Act and pursuant to Rule 415 and the declaration of effectiveness of such Registration Statement(s) by the SEC. 
 (h) “Registrable Securities” means (i) 11,776,599 Shares, (ii) the Commitment Shares and (iii) any capital stock of the Company issued or issuable with respect to
such Shares or Commitment Shares, including, without limitation, (1) as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise and (2) shares of capital stock of the Company into which the
shares of Common Stock are converted or exchanged and shares of capital stock of a successor entity into which the shares of Common Stock are converted or exchanged. 
 (i) “Registration Statement” means a registration statement or registration statements of the Company filed under the Securities Act covering the resale by the Investor of
Registrable Securities, as such registration statement or registration statements may be amended and supplemented from time to time (including pursuant to Rule 462(b) under the Securities Act), including all documents filed as part thereof or
incorporated by reference therein. 

  
 2 

 (j) “Rule 144” means Rule 144 promulgated by the SEC under the
Securities Act, as such rule may be amended from time to time, or any other similar or successor rule or regulation of the SEC that may at any time permit the Investor to sell securities of the Company to the public without registration. 

(k) “Rule 415” means Rule 415 promulgated by the SEC under the Securities Act, as such rule may be amended from
time to time, or any other similar or successor rule or regulation of the SEC providing for offering securities on a delayed or continuous basis. 
 (l) “SEC” means the U.S. Securities and Exchange Commission or any successor entity. 
  

	2.	Registration. 

 (a)
Mandatory Registration. The Company shall prepare and, as soon as practicable, but in no event later than the Filing Deadline, file with the SEC an initial Registration Statement on Form S-1, or such other form reasonably acceptable to the
Investor and Legal Counsel, covering the resale by the Investor of Registrable Securities in an amount equal to 11,976,599 shares of Common Stock. Such initial Registration Statement shall contain (except if otherwise directed by the Investor) the
“Selling Stockholder” and “Plan of Distribution” sections in substantially the form attached hereto as Exhibit B. The Company shall use its commercially reasonable efforts to have such initial Registration
Statement, and each other Registration Statement required to be filed pursuant to the terms hereof, declared effective by the SEC as soon as practicable, but in no event later than the applicable Effectiveness Deadline. 

(b) Legal Counsel. Subject to Section 5 hereof, the Investor shall have the right to select one legal counsel to review and
oversee, solely on its behalf, any registration pursuant to this Section 2 (“Legal Counsel”), which shall be Greenberg Traurig, LLP or such other counsel as thereafter designated by the Investor. Except as provided under
Section 10.1(i) of the Purchase Agreement, the Company shall have no obligation to reimburse the Investor for any and all legal fees and expenses of the Legal Counsel incurred in connection with the transactions contemplated hereby. 

(c) Reserved. 
 (d) Sufficient Number of Shares Registered. If at any time all Registrable Securities are not covered by the initial Registration Statement filed pursuant to Section 2(a) as a result of
Section 2(h) or otherwise, the Company shall file with the SEC one or more additional Registration Statements (on the short form available therefor, if applicable), so as to cover all of the Registrable Securities not covered by such initial
Registration Statement, in each case, as soon as practicable (taking into account any Staff position with respect to date on which the Staff will permit such additional Registration Statement(s) to be filed with the SEC), but in no event later than
the applicable Filing Deadline for such additional Registration Statement(s). The Company shall use its commercially reasonable efforts to cause such additional Registration Statement(s) to become effective as soon as practicable following the
filing thereof with the SEC, but in no event later than the applicable Effectiveness Deadline for such Registration Statement. 

  
 3 

 (e) Piggyback Registrations. Without limiting any of the Company’s obligations
hereunder or under the Purchase Agreement, if there is not an effective Registration Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the SEC a registration statement relating to an
offering for its own account or the account of others under the Securities Act of any of its equity securities (other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities
to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with the Company’s stock option or other employee benefit plans), then the Company shall deliver to the Investor a
written notice of such determination and, if within five (5) days after the date of the delivery of such notice, the Investor shall so request in writing, the Company shall include in such registration statement all or any part of such
Registrable Securities the offer and sale of which the Investor requests to be registered; provided, however, the Company shall not be required to register the offer and sale of any Registrable Securities pursuant to this
Section 2(e) that are eligible for resale pursuant to Rule 144 without restriction (including, without limitation, volume restrictions) and without the need for current public information required by Rule 144(c)(1) (or Rule 144(i)(2), if
applicable) or that are the subject of a then-effective Registration Statement. 
 (f) No Inclusion of Other Securities.
In no event shall the Company include any securities other than Registrable Securities on any Registration Statement pursuant to Section 2(a) or 2(d) without the prior written consent of the Investor. Subject to the proviso in
Section 2(e), in connection with any offering involving an underwriting of shares, the Company shall not be required under this Section 2 or otherwise to include the Registrable Securities of any Investor therein unless such Investor
accepts and agrees to the terms of the underwriting, which shall be reasonable and customary, as agreed upon between the Company and the underwriters selected by the Company. 
 (g) Offering. If the staff of the SEC (the “Staff”) or the SEC seeks to characterize any offering pursuant to a Registration Statement filed pursuant to this Agreement as
constituting an offering of securities that does not permit such Registration Statement to become effective and be used for resales by the Investor on a delayed or continuous basis under Rule 415 at then-prevailing market prices (and not fixed
prices) (or as otherwise may be acceptable to the Investor), or if after the filing of the initial Registration Statement with the SEC pursuant to Section 2(a), the Company is otherwise required by the Staff or the SEC to reduce the number of
Registrable Securities included in such initial Registration Statement, then the Company shall reduce the number of Registrable Securities to be included in such Registration Statement (with the prior consent of the Investor and Legal Counsel as to
the specific Registrable Securities to be removed therefrom) until such time as the Staff and the SEC shall so permit such Registration Statement to become effective and be used as aforesaid. Notwithstanding anything in this Agreement to the
contrary, if after giving effect to the actions referred to in the immediately preceding sentence, the Staff or the SEC does not permit such Registration Statement to become effective and be used for resales by the Investor on a delayed or
continuous basis under Rule 415 at then-prevailing market prices (and not fixed prices) (or as otherwise may be acceptable to the Investor), the Company shall not request acceleration of the Effective Date of such Registration Statement, the Company
shall promptly (but in no event later than 48 hours) request the withdrawal of such Registration Statement pursuant to Rule 477 under the Securities Act, and the Effectiveness Deadline shall automatically be deemed to have elapsed with respect to
such 

  
 4 

 
Registration Statement at such time as the Staff or the SEC has made a final and non-appealable determination that the SEC will not permit such Registration Statement to be so utilized (unless
prior to such time the Company and the Investor have received assurances from the Staff or the SEC reasonably acceptable to Legal Counsel that a new Registration Statement filed by the Company with the SEC promptly thereafter may be so utilized). In
the event of any reduction in Registrable Securities pursuant to this paragraph, the Company shall file additional Registration Statements in accordance with Section 2(d) until such time as all Registrable Securities have been included in
Registration Statements that have been declared effective and the prospectus contained therein is available for use by the Investor. 
  

	3.	Related Obligations. 

 The
Company shall use its commercially reasonable efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof, and, pursuant thereto, the Company shall have the following obligations:

 (a) The Company shall promptly prepare and file with the SEC a Registration Statement with respect to the Registrable
Securities (but in no event later than the applicable Filing Deadline) and use its commercially reasonable efforts to cause such Registration Statement to become effective as soon as practicable after such filing (but in no event later than the
applicable Effectiveness Deadline). Subject to Allowable Grace Periods, the Company shall keep each Registration Statement effective (and the prospectus contained therein available for use) pursuant to Rule 415 for resales by the Investor on a
delayed or continuous basis at then-prevailing market prices (and not fixed prices) at all times until the earlier of (i) the date as of which the Investor may sell all of the Registrable Securities required to be covered by such Registration
Statement (disregarding any reduction pursuant to Section 2(g)) without restriction pursuant to Rule 144 and without the need for current public information as required by Rule 144(c)(1) (or Rule 144(i)(2), if applicable) and (ii) the date
on which the Investor shall have sold all of the Registrable Securities covered by such Registration Statement (the “Registration Period”). Notwithstanding anything to the contrary contained in this Agreement (but subject to
the provisions of Section 3(q) hereof), the Company shall ensure that, when filed and at all times while effective, each Registration Statement (including, without limitation, all amendments and supplements thereto) and the prospectus
(including, without limitation, all amendments and supplements thereto) used in connection with such Registration Statement shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or
necessary to make the statements therein (in the case of prospectuses, in the light of the circumstances in which they were made) not misleading. The Company shall submit to the SEC, within two (2) Business Days after the later of the date that
(i) the Company learns that no review of a particular Registration Statement will be made by the Staff or that the Staff has no further comments on a particular Registration Statement (as the case may be) and (ii) the approval of Legal
Counsel is obtained pursuant to Section 3(c) (which approval shall be promptly sought), a request for acceleration of effectiveness of such Registration Statement to a time and date not later than forty-eight (48) hours after the
submission of such request. 
 (b) Subject to Section 3(q) of this Agreement, the Company shall prepare and file with the
SEC such amendments (including, without limitation, post-effective amendments) and supplements to each Registration Statement and the prospectus used in connection with each 

  
 5 

 
such Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep each such Registration Statement effective (and
the prospectus contained therein current and available for use) at all times during the Registration Period for such Registration Statement, and, during such period, comply with the provisions of the Securities Act with respect to the disposition of
all Registrable Securities of the Company required to be covered by such Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or
sellers thereof as set forth in such Registration Statement. Without limiting the generality of the foregoing, the Company covenants and agrees that (i) at or before 8:30 a.m. (New York City time) on the Trading Day immediately following each
Effective Date, the Company shall file with the SEC in accordance with Rule 424(b) under the Securities Act the final prospectus to be used in connection with sales pursuant to the applicable Registration Statement, and (ii) if the transactions
contemplated by any Fixed Request (as defined in the Purchase Agreement) are material to the Company (individually or collectively with all other prior Fixed Requests, the consummation of which have not previously been reported in any prospectus
supplement filed with the SEC under Rule 424(b) under the Securities Act or in any periodic report filed by the Company with the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), or if otherwise
required under the Securities Act, in each case as reasonably determined by the Company or the Investor, then, on the first Trading Day immediately following the last Trading Day of the Pricing Period with respect to such Fixed Request, the Company
shall file with the SEC a prospectus supplement pursuant to Rule 424(b) under the Securities Act with respect to the applicable Fixed Request(s), disclosing the total Fixed Amount Requested or the Alternative Fixed Amount Requested (as applicable)
pursuant to such Fixed Request(s), the total number of Shares that have been (or are to be) issued and sold to the Investor pursuant to such Fixed Request(s), the total purchase price for the Shares subject to such Fixed Request(s), the applicable
Discount Price(s) for such Shares and the net proceeds that have been (or are to be) received by the Company from the sale of such Shares. To the extent not previously disclosed in the prospectus or a prospectus supplement, the Company shall
disclose in its Quarterly Reports on Form 10-Q and in its Annual Reports on Form 10-K the information described in the immediately preceding sentence relating to any Fixed Request(s) consummated during the relevant fiscal quarter. In the case of
amendments and supplements to any Registration Statement or prospectus which are required to be filed pursuant to this Agreement (including, without limitation, pursuant to this Section 3(b)) by reason of the Company filing a report on Form
8-K, Form 10-Q or Form 10-K or any analogous report under the Exchange Act, the Company shall have incorporated such report by reference into such Registration Statement and prospectus, if applicable, or shall file such amendments or supplements to
the Registration Statement or prospectus with the SEC on the same day on which the Exchange Act report is filed which created the requirement for the Company to amend or supplement such Registration Statement or prospectus, for the purpose of
including or incorporating such report into such Registration Statement and prospectus. The Company consents to the use of the prospectus (including, without limitation, any supplement thereto) included in each Registration Statement in accordance
with the provisions of the Securities Act and with the securities or “Blue Sky” laws of the jurisdictions in which the Registrable Securities may be sold by the Investor, in connection with the resale of the Registrable Securities and for
such period of time thereafter as such prospectus (including, without limitation, any supplement thereto) (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) is required by the Securities Act to be delivered in
connection with resales of Registrable Securities. 

  
 6 

 (c) The Company shall (A) permit Legal Counsel to review and comment upon (i) each
Registration Statement at least five (5) Business Days prior to its filing with the SEC (or such shorter period as may be agreed to by the Investor and Legal Counsel) and (ii) all amendments and supplements to each Registration Statement
(including, without limitation, the prospectus contained therein) (except for Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any similar or successor reports or prospectus supplements the contents of
which is limited to that set forth in such reports) within a reasonable number of days prior to their filing with the SEC, and (B) not file any Registration Statement or amendment or supplement thereto or to any prospectus contained therein in
a form to which Legal Counsel reasonably objects. The Company shall not submit a request for acceleration of the effectiveness of a Registration Statement or any amendment or supplement thereto without the prior consent of Legal Counsel, which
consent shall not be unreasonably withheld. The Company shall promptly furnish to Legal Counsel, without charge, (i) electronic copies of any correspondence from the SEC or the Staff to the Company or its representatives relating to each
Registration Statement (which correspondence shall be redacted to exclude any material, non-public information regarding the Company or any of its Subsidiaries), (ii) after the same is prepared and filed with the SEC, one (1) electronic
copy of each Registration Statement and any amendment(s) and supplement(s) thereto, including, without limitation, financial statements and schedules, all documents incorporated therein by reference, if requested by the Investor, and all exhibits
and (iii) upon the effectiveness of each Registration Statement, one (1) electronic copy of the prospectus included in such Registration Statement and all amendments and supplements thereto. The Company shall reasonably cooperate with
Legal Counsel in performing the Company’s obligations pursuant to this Section 3. 
 (d) Without limiting any
obligation of the Company under the Purchase Agreement, the Company shall promptly furnish to the Investor, without charge, (i) after the same is prepared and filed with the SEC, at least one (1) electronic copy of each Registration
Statement and any amendment(s) and supplement(s) thereto, including, without limitation, financial statements and schedules, all documents incorporated therein by reference, if requested by the Investor, all exhibits and each preliminary prospectus,
(ii) upon the effectiveness of each Registration Statement, one (1) electronic copy of the prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number of copies as the Investor may
reasonably request from time to time) and (iii) such other documents, including, without limitation, copies of any preliminary or final prospectus, as the Investor may reasonably request from time to time in order to facilitate the disposition
of the Registrable Securities owned by the Investor. 
 (e) The Company shall take such action as is necessary to
(i) register and qualify, unless an exemption from registration and qualification applies, the resale by the Investor of the Registrable Securities covered by a Registration Statement under such other securities or “Blue Sky” laws of
all applicable jurisdictions in the United States, (ii) prepare and file in those jurisdictions, such amendments (including, without limitation, post-effective amendments) and supplements to such registrations and qualifications as may be
necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may be 

  
 7 

 
necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to
qualify the Registrable Securities for sale in such jurisdictions; provided, however, the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it
would not otherwise be required to qualify but for this Section 3(e), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall
promptly notify Legal Counsel and the Investor of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or “Blue
Sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose. 
 (f) The Company shall notify Legal Counsel and the Investor in writing of the happening of any event, as promptly as practicable after becoming aware of such event, as a result of which the prospectus
included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading (provided that in no event shall such notice contain any material, non-public information regarding the Company or any of its Subsidiaries), and, subject to Section 3(q), promptly prepare
a supplement or amendment to such Registration Statement and such prospectus contained therein to correct such untrue statement or omission and deliver one (1) electronic copy of such supplement or amendment to Legal Counsel and the Investor
(or such other number of copies as Legal Counsel or the Investor may reasonably request). The Company shall also promptly notify Legal Counsel and the Investor in writing (i) when a prospectus or any prospectus supplement or post-effective
amendment has been filed, when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to Legal Counsel and the Investor by facsimile or e-mail on the same day of such
effectiveness and by overnight mail), and when the Company receives written notice from the SEC that a Registration Statement or any post-effective amendment will be reviewed by the SEC, (ii) of any request by the SEC for amendments or
supplements to a Registration Statement or related prospectus or related information, (iii) of the Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate and (iv) of the
receipt of any request by the SEC or any other federal or state governmental authority for any additional information relating to the Registration Statement or any amendment or supplement thereto or any related prospectus. The Company shall respond
as promptly as practicable to any comments received from the SEC with respect to a Registration Statement or any amendment thereto. Nothing in this Section 3(f) shall limit any obligation of the Company under the Purchase Agreement. 

(g) The Company shall (i) use its reasonable best efforts to prevent the issuance of any stop order or other suspension of
effectiveness of a Registration Statement or the use of any prospectus contained therein, or the suspension of the qualification, or the loss of an exemption from qualification, of any of the Registrable Securities for sale in any jurisdiction and,
if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible time and (ii) notify Legal Counsel and the Investor of the issuance of such order and the resolution thereof or its receipt
of actual notice of the initiation or threat of any proceeding for such purpose. 

  
 8 

 (h) Upon the written request of the Investor, the Company shall make available for
inspection during normal business hours by (i) the Investor, (ii) legal counsel for the Investor and (iii) one (1) firm of accountants or other agents retained by such Investor (collectively, the
“Inspectors”), all pertinent financial and other records, and pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably deemed necessary by each
Inspector, and cause the Company’s officers, directors and employees to supply all information which any Inspector may reasonably request; provided, however, each Inspector shall agree in writing to hold in strict confidence and
not to make any disclosure (except to the Investor) or use of any Record or other information which the Company’s board of directors determines in good faith to be confidential, and of which determination the Inspectors are so notified, unless
(a) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required under the Securities Act, (b) the release of such Records is ordered pursuant to a final,
non-appealable subpoena or order from a court or government body of competent jurisdiction, or (c) the information in such Records has been made generally available to the public other than by disclosure in violation of this Agreement or any
other Transaction Document (as defined in the Purchase Agreement). The Investor agrees that it shall, upon learning that disclosure of such Records is sought in or by a court or governmental body of competent jurisdiction or through other means,
give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the Records deemed confidential. Nothing herein (or in any other confidentiality
agreement between the Company and the Investor, if any) shall be deemed to limit the Investor’s ability to sell Registrable Securities in a manner which is otherwise consistent with applicable laws and regulations. 

(i) The Company shall hold in confidence and not make any disclosure of information concerning the Investor provided to the Company
unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement or is
otherwise required to be disclosed in such Registration Statement pursuant to the Securities Act, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of
competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement or any other Transaction Document. The Company agrees that it shall, upon learning that
disclosure of such information concerning the Investor is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to the Investor and allow the Investor, at the Investor’s
expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information. 
 (j)
Without limiting any obligation of the Company under the Purchase Agreement, the Company shall use its reasonable best efforts either to (i) cause all of the Registrable Securities covered by each Registration Statement to be listed on each
securities exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange or (ii) secure designation and
quotation of all of the Registrable Securities covered by each Registration Statement on the OTC Bulletin Board, or (iii) if, despite the Company’s reasonable best efforts to satisfy the preceding clauses (i) or (ii) the Company
is unsuccessful in satisfying the preceding 

  
 9 

 
clauses (i) or (ii), without limiting the generality of the foregoing, to use its reasonable best efforts to arrange for at least two market makers to register with the Financial Industry
Regulatory Authority (f/k/a the National Association of Securities Dealers, Inc.) (“FINRA”) as such with respect to such Registrable Securities. In addition, the Company shall cooperate with the Investor and any Broker-Dealer
through which the Investor proposes to sell its Registrable Securities in effecting a filing with FINRA pursuant to FINRA Rule 5110 as requested by the Investor. The Company shall pay all fees and expenses in connection with satisfying its
obligation under this Section 3(j). 
 (k) The Company shall cooperate with the Investor and, to the extent applicable,
facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Registration Statement and enable such certificates to be in such denominations
or amounts (as the case may be) as the Investor may reasonably request from time to time and registered in such names as the Investor may request. Certificates for Registrable Securities free from all restrictive legends may be transmitted by the
transfer agent to the Investor by crediting an account at DTC as directed by the Investor. 
 (l) If requested by the Investor,
the Company shall as soon as practicable after receipt of notice from the Investor and subject to Section 3(q) hereof, (i) incorporate in a prospectus supplement or post-effective amendment such information as the Investor reasonably
requests to be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid
therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) make all required filings of such prospectus supplement or post-effective amendment after being notified of the matters to be
incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any Registration Statement or prospectus contained therein if reasonably requested by the Investor. 

(m) The Company shall use its reasonable best efforts to cause the Registrable Securities covered by a Registration Statement to be
registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities. 
 (n) The Company shall make generally available to its security holders as soon as practical, but not later than ninety (90) days after the close of the period covered thereby, an earnings statement
(in form complying with, and in the manner provided by, the provisions of Rule 158 under the Securities Act) covering a twelve-month period beginning not later than the first day of the Company’s fiscal quarter next following the applicable
Effective Date of each Registration Statement. 
 (o) The Company shall otherwise use its reasonable best efforts to comply with
all applicable rules and regulations of the SEC in connection with any registration hereunder. 
 (p) Within one
(1) Business Day after each Registration Statement which covers Registrable Securities is declared effective by the SEC, the Company shall deliver, and shall 

  
 10 

 
cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with copies to the Investor) confirmation that such Registration Statement has been declared
effective by the SEC in the form attached hereto as Exhibit A. 
 (q) Notwithstanding anything to the contrary herein
(but subject to the last sentence of this Section 3(q)), at any time after the Effective Date of a particular Registration Statement, the Company may delay the disclosure of material, non-public information concerning the Company or any of its
Subsidiaries the disclosure of which at the time is not, in the good faith opinion of the board of directors of the Company, in the best interest of the Company and, in the opinion of counsel to the Company, otherwise required (a “Grace
Period”), provided that the Company shall promptly, but in no event later than 9:30 a.m. (New York City time) on the second Trading Day immediately prior to the commencement of any Grace Period (except for such case where it is
impossible to provide such two-Trading Day advance notice, in which case the Company shall provide such notice as soon as possible), notify the Investor in writing of the (i) existence of material, non-public information giving rise to a Grace
Period (provided that in each such notice the Company shall not disclose the content of such material, non-public information to the Investor) and the date on which such Grace Period will begin and (ii) date on which such Grace Period ends,
provided further that (I) no Grace Period shall exceed 20 consecutive Trading Days and during any 365-day period all such Grace Periods shall not exceed an aggregate of 60 Trading Days; provided, further, that the Company shall not register any
securities for the account of itself or any other stockholder during any such Grace Period (other than pursuant to a registration statement on Form S-4 or S-8), (II) the first day of any Grace Period must be at least three Trading Days (or such
shorter period as may be agreed by the parties) after the last day of any prior Grace Period and (III) no Grace Period may exist during (A) the first 10 consecutive Trading Days after the Effective Date of the particular Registration Statement
or (B) the five-Trading Day period following each Settlement Date (each, an “Allowable Grace Period”). For purposes of determining the length of a Grace Period above, such Grace Period shall begin on and include the date
set forth in the notice referred to in clause (i) above, provided that such notice is received by the Investor not later than 9:30 a.m. (New York City time) on the second Trading Day immediately prior to such commencement date (except for such
case where it is impossible to provide such two-Trading Day advance notice, in which case the Company shall provide such notice as soon as possible) and shall end on and include the later of the date the Investor receives the notice referred to in
clause (ii) above and the date referred to in such notice. The provisions of Section 3(l) hereof shall not be applicable during the period of any Allowable Grace Period. Upon expiration of each Grace Period, the Company shall again be
bound by the first sentence of Section 3(f) with respect to the information giving rise thereto unless such material, non-public information is no longer applicable. Notwithstanding anything to the contrary contained in this Section 3(q),
the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of the Investor in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect to
which the Investor has entered into a contract for sale, and delivered a copy of the prospectus included as part of the particular Registration Statement to the extent applicable, prior to the Investor’s receipt of the notice of a Grace Period
and for which the Investor has not yet settled. 

  
 11 

 (r) The Company shall take all other reasonable actions necessary to expedite and facilitate
disposition by the Investor of its Registrable Securities pursuant to each Registration Statement. 
  

	4.	Obligations of the Investor. 

 (a) At least five Business Days prior to the first anticipated filing date of each Registration Statement (or such shorter period to which the parties agree), the Company shall notify the Investor in
writing of the information the Company requires from the Investor with respect to such Registration Statement. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect
to the Registrable Securities of the Investor that the Investor shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it, as
shall be reasonably required to effect and maintain the effectiveness of the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request. 

(b) The Investor, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the
Company in connection with the preparation and filing of each Registration Statement hereunder, unless the Investor has notified the Company in writing of the Investor’s election to exclude all of the Investor’s Registrable Securities from
such Registration Statement. 
 (c) The Investor agrees that, upon receipt of any notice from the Company of the happening of
any event of the kind described in Section 3(g) or the first sentence of 3(f), the Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities until
the Investor’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(g) or the first sentence of Section 3(f) or receipt of notice that no supplement or amendment is required. Notwithstanding
anything to the contrary in this Section 4(c), the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of the Investor in accordance with the terms of the Purchase Agreement in connection with any
sale of Registrable Securities with respect to which the Investor has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event of the kind described in Section 3(g) or the
first sentence of Section 3(f) and for which the Investor has not yet settled. 
 (d) The Investor covenants and agrees
that it will comply with the prospectus delivery and other requirements of the Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to a Registration Statement. 

 

	5.	Expenses of Registration. 

All reasonable expenses, other than underwriting discounts and commissions, incurred in connection with registrations, filings or
qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, FINRA filing fees (if any) and fees and disbursements of counsel for the Company shall be
paid by the Company. 

  
 12 

	6.	Indemnification. 

 (a) In
the event any Registrable Securities are included in any Registration Statement under this Agreement, to the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each of its directors,
officers, shareholders, members, partners, employees, agents, advisors, representatives (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title) and each
Person, if any, who controls the Investor within the meaning of the Securities Act or the Exchange Act and each of the directors, officers, shareholders, members, partners, employees, agents, advisors, representatives (and any other Persons with a
functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title) of such controlling Persons (each, an “Investor Party” and collectively, the “Investor
Parties”), against any losses, obligations, claims, damages, liabilities, contingencies, judgments, fines, penalties, charges, costs (including, without limitation, court costs, reasonable attorneys’ fees, costs of defense and
investigation), amounts paid in settlement or expenses, joint or several, (collectively, “Claims”) incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken
from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an Investor Party is or may be a party thereto (“Indemnified
Damages”), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue
statement of a material fact in a Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities or other “Blue Sky” laws of any jurisdiction
in which Registrable Securities are offered (“Blue Sky Filing”), or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading or
(ii) any untrue statement or alleged untrue statement of a material fact contained in any prospectus (as amended or supplemented) or in any prospectus supplement or the omission or alleged omission to state therein any material fact necessary
to make the statements made therein, in light of the circumstances under which the statements therein were made, not misleading (the matters in the foregoing clauses (i) and (ii) being, collectively, “Violations”).
Subject to Section 6(c), the Company shall reimburse the Investor Parties, promptly as such expenses are incurred and are due and payable, for any legal fees or other reasonable expenses incurred by them in connection with investigating or
defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Investor Party arising out of or based upon a Violation
which occurs in reliance upon and in conformity with information furnished in writing to the Company by such Investor Party for such Investor Party expressly for use in connection with the preparation of such Registration Statement, prospectus or
prospectus supplement or any such amendment thereof or supplement thereto; (ii) shall not be available to the Investor to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the prospectus (as
amended or supplemented) made available by the Company (to the extent applicable), including, without limitation, a corrected prospectus, if such prospectus (as amended or supplemented) or corrected prospectus was timely made available by

  
 13 

 
the Company pursuant to Section 3(d) and then only if, and to the extent that, following the receipt of the corrected prospectus no grounds for such Claim would have existed; and
(iii) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity shall remain in full
force and effect regardless of any investigation made by or on behalf of the Investor Party and shall survive the transfer of any of the Registrable Securities by the Investor pursuant to Section 9. 

(b) In connection with any Registration Statement in which the Investor is participating, the Investor agrees to severally and not
jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers who signs the Registration Statement and each Person, if any, who
controls the Company within the meaning of the Securities Act or the Exchange Act (each, an “Company Party”), against any Claim or Indemnified Damages to which any of them may become subject, under the Securities Act, the
Exchange Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case, to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written
information relating to the Investor furnished to the Company by the Investor expressly for use in connection with such Registration Statement; and, subject to Section 6(c) and the below provisos in this Section 6(b), the Investor will
reimburse a Company Party any legal or other expenses reasonably incurred by such Company Party in connection with investigating or defending any such Claim; provided, however, the indemnity agreement contained in this
Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investor, which consent
shall not be unreasonably withheld or delayed, provided further that the Investor shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of
the applicable sale of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Company Party and shall survive the transfer of
any of the Registrable Securities by the Investor pursuant to Section 9. 
 (c) Promptly after receipt by an Investor Party
or Company Party (as the case may be) under this Section 6 of notice of the commencement of any action or proceeding (including, without limitation, any governmental action or proceeding) involving a Claim, such Investor Party or Company Party
(as the case may be) shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have
the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and
the Investor Party or the Company Party (as the case may be); provided, however, an Investor Party or Company Party (as the case may be) shall have the right to retain its own counsel with the fees and expenses of such counsel to be
paid by the indemnifying party if: (i) the indemnifying party has agreed in writing to pay such fees and expenses; (ii) the indemnifying party shall have failed promptly to assume the defense of such Claim and to employ counsel reasonably
satisfactory to such Investor Party or Company Party (as the case may be) in any such Claim; or (iii) the named parties to any such Claim 

  
 14 

 
(including, without limitation, any impleaded parties) include both such Investor Party or Company Party (as the case may be) and the indemnifying party, and such Investor Party or such Company
Party (as the case may be) shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Investor Party or such Company Party and the indemnifying party (in which case, if such Investor
Party or such Company Party (as the case may be) notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, then the indemnifying party shall not have the right to assume the
defense thereof on behalf of the indemnified party and such counsel shall be at the expense of the indemnifying party, provided further that in the case of clause (iii) above the indemnifying party shall not be responsible for the reasonable
fees and expenses of more than one (1) separate legal counsel for all Investor Parties or Company Parties (as the case may be). The Company Party or Investor Party (as the case may be) shall reasonably cooperate with the indemnifying party in
connection with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Company Party or Investor Party (as the case may be) which
relates to such action or Claim. The indemnifying party shall keep the Company Party or Investor Party (as the case may be) reasonably apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No
indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent; provided, however, the indemnifying party shall not unreasonably withhold, delay or condition its
consent. No indemnifying party shall, without the prior written consent of the Company Party or Investor Party (as the case may be), consent to entry of any judgment or enter into any settlement or other compromise which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such Company Party or Investor Party (as the case may be) of a release from all liability in respect to such Claim or litigation, and such settlement shall not include any
admission as to fault on the part of the Company Party. For the avoidance of doubt, the immediately preceding sentence shall apply to Sections 6(a) and 6(b) hereof. Following indemnification as provided for hereunder, the indemnifying party shall be
subrogated to all rights of the Company Party or Investor Party (as the case may be) with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to
the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Investor Party or Company Party (as the case may be) under this Section 6, except to the
extent that the indemnifying party is materially and adversely prejudiced in its ability to defend such action. 
 (d) No Person
involved in the sale of Registrable Securities who is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) in connection with such sale shall be entitled to indemnification from any Person involved
in such sale of Registrable Securities who is not guilty of fraudulent misrepresentation. 
 (e) The indemnification required by
this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred; provided that the Investor shall promptly
reimburse the Company for all such payments to the extent a court of competent jurisdiction determines that any Investor Party was not entitled to such payments. 

  
 15 

 (f) The indemnity and contribution agreements contained herein shall be in addition to
(i) any cause of action or similar right of the Company Party or Investor Party against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law. 

 

	7.	Contribution. 

 To the
extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the
fullest extent permitted by law; provided, however: (i) no contribution shall be made under circumstances where the maker would not have been liable for indemnification under the fault standards set forth in Section 6 of this
Agreement, (ii) no Person involved in the sale of Registrable Securities which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) in connection with such sale shall be entitled to
contribution from any Person involved in such sale of Registrable Securities who was not guilty of fraudulent misrepresentation; and (iii) contribution by any seller of Registrable Securities shall be limited in amount to the amount of net
proceeds received by such seller from the applicable sale of such Registrable Securities pursuant to such Registration Statement. Notwithstanding the provisions of this Section 7, the Investor shall not be required to contribute, in the
aggregate, any amount in excess of the amount by which the net proceeds actually received by the Investor from the applicable sale of the Registrable Securities subject to the Claim exceeds the amount of any damages that the Investor has otherwise
been required to pay, or would otherwise be required to pay under Section 6(b), by reason of such untrue or alleged untrue statement or omission or alleged omission. 

 

	8.	Reports Under the Exchange Act. 

 With a view to making available to the Investor the benefits of Rule 144, the Company agrees to: 
 (a) use its reasonable best efforts to make and keep public information available, as those terms are understood and defined in Rule 144; 

(b) use its reasonable best efforts to file with the SEC in a timely manner all reports and other documents required of the Company under
the Securities Act and the Exchange Act so long as the Company remains subject to such requirements (it being understood that nothing herein shall limit any of the Company’s obligations under the Purchase Agreement) and the filing of such
reports and other documents is required for the applicable provisions of Rule 144; 
 (c) furnish to the Investor so long as the
Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company, if true, that it has complied with the reporting, submission and posting requirements of Rule 144 and the Exchange Act, (ii) a copy of the
most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company with the SEC if such reports are not publicly available via EDGAR, and (iii) such other information as may be reasonably
requested to permit the Investor to sell such securities pursuant to Rule 144 without registration; and 

  
 16 

 (d) take such additional action as is reasonably requested by the Investor to enable the
Investor to sell the Registrable Securities pursuant to Rule 144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions to the Company’s Transfer Agent as may be reasonably
requested from time to time by the Investor and otherwise fully cooperate with Investor and Investor’s broker to effect such sale of securities pursuant to Rule 144. 

 

	9.	Assignment of Registration Rights. 

 All or any portion of the rights under this Agreement shall be automatically assignable by the Investor to any transferee or assignee of all or any portion of the Investor’s Registrable Securities
if: (i) the Investor agrees in writing with such transferee or assignee to assign all or any portion of such rights, and a copy of such agreement is furnished to the Company within a reasonable time after such assignment; (ii) the Company
is, within a reasonable time after such transfer or assignment, furnished with written notice of (a) the name and address of such transferee or assignee, and (b) the securities with respect to which such registration rights are being
transferred or assigned; (iii) immediately following such transfer or assignment the further disposition of such securities by such transferee or assignee is restricted under the Securities Act or applicable state securities laws if so
required; (iv) at or before the time the Company receives the written notice contemplated by clause (ii) of this sentence such transferee or assignee agrees in writing with the Company to be bound by all of the provisions contained herein;
(v) such transfer or assignment shall have been made in accordance with the applicable requirements of the Purchase Agreement; and (vi) such transfer or assignment shall have been conducted in accordance with all applicable federal and
state securities laws. The term “Investor” in this Agreement shall also include all such transferees and assignees. 
  

	10.	No Amendment or Waiver. 

No provision of this Agreement may be amended or waived by the parties hereto. 

 

	11.	Miscellaneous. 

 (a)
Solely for purposes of this Agreement, a Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities. If the Company receives conflicting instructions, notices or
elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from such record owner of such Registrable Securities. 

(b) Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement shall be
given in accordance with Section 10.4 of the Purchase Agreement. 
 (c) Failure of any party to exercise any right or
remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof. The Company and the Investor acknowledge and agree that irreparable damage would occur in the event that any of
the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that either party 

  
 17 

 
shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement by the other party and to enforce specifically the terms and provisions hereof
(without the necessity of showing economic loss and without any bond or other security being required), this being in addition to any other remedy to which either party may be entitled by law or equity. 

(d) All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the
internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions
other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof to such party at the address for such 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. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not
affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE
TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 

(e) The Transaction Documents set forth the entire agreement and understanding of the parties solely with respect to the subject matter
thereof and supersedes all prior and contemporaneous agreements, negotiations and understandings between the parties, both oral and written, solely with respect to such matters. There are no promises, undertakings, representations or warranties by
either party relative to subject matter hereof not expressly set forth in the Transaction Documents. Notwithstanding anything in this Agreement to the contrary and without implication that the contrary would otherwise be true, nothing contained in
this Agreement shall limit, modify or affect in any manner whatsoever (i) the conditions precedent to a Fixed Request contained in Article VII of the Purchase Agreement, including, without limitation, the condition precedent contained in
Section 7.2(iii) thereof or (ii) any of the Company’s obligations under the Purchase Agreement. 
 (f) Subject to
compliance with Section 9, this Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns of each of the parties hereto. This Agreement is not for the benefit of, nor may any provision hereof be enforced
by, any Person, other than the parties hereto, their respective permitted successors and assigns and the Persons referred to in Sections 6 and 7 hereof. 

  
 18 

 (g) The headings in this Agreement are for convenience of reference only and shall not limit
or otherwise affect the meaning hereof. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,”
“includes,” “include” and words of like import shall be construed broadly as if followed by the words “without limitation.” The terms “herein,” “hereunder,” “hereof” and words of like
import refer to this entire Agreement instead of just the provision in which they are found. 
 (h) This Agreement may be
executed in two or more identical counterparts, all of which 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. If any signature is delivered
by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed signature page, such signature page 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 signature page were an original thereof. 
 (i) Each party shall do and
perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents as any other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby. 
 (j) The language
used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict construction will be applied against any party. 

[signature pages follow] 

  
 19 

 IN WITNESS WHEREOF, Investor and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	COMPANY:
	K-V PHARMACEUTICAL COMPANY 
		
	By:	 	 /s/ Gregory J. Divis

		 	Name:	 	 Gregory J. Divis

		 	Title:	 	 President & CEO

 IN WITNESS WHEREOF, Investor and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	INVESTOR:
	
	COMMERCE COURT SMALL CAP VALUE FUND, LTD.
		
	By:	 	 /s/ Deirdre M. McCoy

	Its:	 	 Corporate Secretary

  
 - 21 -

 EXHIBIT A 
 FORM OF NOTICE OF EFFECTIVENESS 
 OF REGISTRATION STATEMENT

  

					
	  
	 	
	  
	 	
	  
	 	
	Attention:	 	  
	 	

  

	 	Re:	[                    ] 

Ladies and Gentlemen: 
 [We
are][I am] counsel to K-V Pharmaceutical Company, a Delaware corporation (the “Company”), and have represented the Company in connection with that certain Common Stock Purchase Agreement, dated as of June 5, 2012 (the
“Purchase Agreement”), entered into by and among the Company and the Investor named therein (the “Holder”) pursuant to which the Company (i) will issue to the Holder from time to time shares of
the Company’s common stock, $0.01 par value per share (the “Common Stock”), and (ii) has issued 200,000 shares of its Common Stock (the “Commitment Shares”). Pursuant to the Purchase
Agreement, the Company also has entered into a Registration Rights Agreement with the Holder (the “Registration Rights Agreement”) pursuant to which the Company agreed, among other things, to register the offer and sale of
the Registrable Securities (as defined in the Registration Rights Agreement), including the Commitment Shares, under the Securities Act of 1933, as amended (the “Securities Act”). In connection with the Company’s
obligations under the Registration Rights Agreement, on                  , 2012, the Company filed a Registration Statement on Form S-1 (File
No. 333-                    ) (the “Registration Statement”) with the Securities and Exchange Commission (the
“SEC”) relating to the Registrable Securities which names the Holder as an underwriter and a selling stockholder thereunder. 
 In connection with the foregoing, based solely upon oral advice from the staff of the SEC, the Registration Statement was declared effective under the Securities Act on [ENTER DATE OF EFFECTIVENESS], and
no stop order suspending its effectiveness has been issued and no proceedings for that purpose have been instituted or overtly threatened. 
 This letter shall serve as our standing opinion to you that the shares of Common Stock are freely transferable by the Holder pursuant to the Registration Statement, provided the Registration Statement
remains effective. 
  

			
	Very truly yours,
	
	[ISSUER’S COUNSEL]
		
	By:	 	  

  

	CC:	[LIST NAMES OF HOLDERS] 

 EXHIBIT B 
 SELLING STOCKHOLDER 
 This prospectus relates to the possible resale from
time to time by the selling stockholder of any or all of the shares of common stock that (i) may be issued by us to Commerce Court under the Purchase Agreement and (ii) have been issued as of the date hereof to Commerce Court as Commitment
Shares under the terms of the Purchase Agreement. For additional information regarding the issuance of common stock covered by this prospectus, see “Prospectus Summary—Committed Equity Line Financing With Commerce Court” above. We are
registering the shares of common stock pursuant to the provisions of the Registration Rights Agreement we entered into with Commerce Court on June 5, 2012 in order to permit the selling stockholder to offer the shares for resale from time to
time. Except for the ownership of the Commitment Shares and for the transactions contemplated by the Purchase Agreement and the Registration Rights Agreement, Commerce Court has not had any material relationship with us within the past three years.

 The table below presents information regarding the selling stockholder and the shares of common stock that it may offer from
time to time under this prospectus. This table is prepared based on information supplied to us by the selling stockholder, and reflects holdings as of June 5, 2012. As used in this prospectus, the term “selling stockholder” includes
Commerce Court and any donees, pledgees, transferees or other successors in interest selling shares received after the date of this prospectus from the selling stockholder as a gift, pledge, or other non-sale related transfer. The number of shares
in the column “Maximum Number of Shares of Common Stock to be Offered Pursuant to this Prospectus” represents all of the shares of common stock that the selling stockholder may offer under this prospectus. The selling stockholder may sell
some, all or none of its shares in this offering. We do not know how long the selling stockholder will hold the shares before selling them, and we currently have no agreements, arrangements or understandings with the selling stockholder regarding
the sale of any of the shares. 
 Beneficial ownership is determined in accordance with Rule 13d-3(d) promulgated by the SEC
under the Exchange Act, and includes shares of common stock with respect to which the selling stockholder has voting and investment power. The percentage of shares of common stock beneficially owned by the selling stockholder prior to the offering
shown in the table below is based on an aggregate of                  shares of our common stock outstanding on June 5, 2012. Because the purchase price of the
shares of common stock issuable under the Purchase Agreement is determined on each settlement date, the number of shares that may actually be sold by the Company under the Purchase Agreement may be fewer than the number of shares being offered by
this prospectus. The fourth column assumes the sale of all of the shares offered by the selling stockholder pursuant to this prospectus. 

															
	Name of Selling Stockholder	  	Number of Shares of
Common Stock Owned
Prior to Offering	 	  	Maximum Number of Shares
of Common Stock to be
Offered Pursuant to
this
Prospectus	  	Number of Shares of
Common Stock Owned
After Offering
	 	  	Number	 	  	Percent	 	  	 	  	Number	  	Percent
						
	 Commerce Court Small Cap Value Fund, Ltd. (4)
	  	 	200,000	  	  	 	*	  	  		  		  	

  

	*	Represents beneficial ownership of less than one percent of the outstanding shares of our common stock. 

	(1)	This number represents the 200,000 shares of common stock we issued to Commerce Court on June 5, 2012 as Commitment Shares in consideration for entering into the
Purchase Agreement with us. In accordance with Rule 13d-3(d) under the Exchange Act, we have excluded from the number of shares beneficially owned prior to the offering all of the shares that Commerce Court may be required to purchase under the
Purchase Agreement because the issuance of such shares is solely at our discretion and is subject to certain conditions, the satisfaction of all of which are outside of Commerce Court’s control, including the registration statement of which
this prospectus is a part becoming and remaining effective. Furthermore, the maximum dollar value of each put of common stock to Commerce Court under the Purchase Agreement is subject to certain agreed upon threshold limitations set forth in the
Purchase Agreement, which are based on the market price of our common stock at the time of the draw down and, if we determine in our sole discretion, a percentage of the daily trading volume of our common stock during the Draw Down Period as well.
Also, under the terms of the Purchase Agreement, we may not issue shares of our common stock to Commerce Court to the extent that Commerce Court or any of its affiliates would, at any time, beneficially own more than 9.9% of our outstanding common
stock. This beneficial ownership limitation may not be amended or waived by the parties. 

	(2)	Applicable percentage ownership is based on [                ] shares of our common
stock outstanding as of June     , 2012. 

	(3)	Assumes the sale of all shares being offered pursuant to this prospectus. 

	(4)	 The business address of Commerce Court is 4th Floor, Rodus Building, P.O. Box 765, Road Town, Tortola, British Virgin Islands. Commerce Court’s principal
business is that of an international asset manager. We have been advised that Commerce Court is not a member of the Financial Industry Regulatory Authority, or FINRA, or an independent broker-dealer, and that neither Commerce Court nor any of its
affiliates is an affiliate or an associated person of any FINRA member or independent broker-dealer. Graham J. Farinha and Peter W. Poole are directors of Commerce Court and have voting control and investment discretion over securities owned by
Commerce Court. The foregoing should not be construed in and of itself as an admission by Mr. Farinha or Mr. Poole as to beneficial ownership of the securities owned by Commerce Court. 

 PLAN OF DISTRIBUTION 

We are registering (i) shares of common stock that may be issued by us from time to time to Commerce Court under the Purchase
Agreement to permit the resale of these shares of common stock after the issuance thereof by the selling stockholder from time to time after the date of this prospectus and (ii) shares of common stock that have been issued as of the date hereof
as Commitment Shares to Commerce Court under the terms of the Purchase Agreement to permit the resale of these shares of common stock by the selling stockholder from time to time after the date of this prospectus. We will not receive any of the
proceeds from the sale by the selling stockholder of the shares of common stock. We will bear all fees and expenses incident to our obligation to register the shares of common stock. 

The selling stockholder may decide not to sell any shares of common stock. The selling stockholder may sell all or a portion of the
shares of common stock beneficially owned by it and offered hereby from time to time directly or through one or more underwriters, broker-dealers or agents, who may receive compensation in the form of discounts, concessions or commissions from the
selling stockholder and/or the purchasers of the shares of common stock for whom they may act as agent. In effecting sales, broker-dealers that are engaged by the selling stockholder may arrange for other broker-dealers to participate. Commerce
Court is an “underwriter” within the meaning of the Securities Act. Any brokers, dealers or agents who participate in the distribution of the shares of common stock by the selling stockholder may also be deemed to be
“underwriters,” and any profits on the sale of the shares of common stock by them and any discounts, commissions or concessions received by any such brokers, dealers or agents may be deemed to be underwriting discounts and commissions
under the Securities Act. Commerce Court has advised us that it will use an unaffiliated broker-dealer to effectuate all resales of our common stock. To our knowledge, Commerce Court has not entered into any agreement, arrangement or understanding
with any particular broker-dealer or market maker with respect to the shares of common stock offered hereby, nor do we know the identity of the broker-dealers or market makers that may participate in the resale of the shares. Because Commerce Court
is, and any other selling stockholder, broker, dealer or agent may be deemed to be, an “underwriter” within the meaning of the Securities Act, Commerce Court will (and any other selling stockholder, broker, dealer or agent may) be subject
to the prospectus delivery requirements of the Securities Act and may be subject to certain statutory liabilities of the Securities Act (including, without limitation, Sections 11, 12 and 17 thereof) and Rule 10b-5 under the Exchange Act.

 The selling stockholder will act independently of us in making decisions with respect to the timing, manner and size of each
sale. The shares of common stock may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected in
transactions, which may involve crosses or block transactions, pursuant to one or more of the following methods: 
  

	 	•	 	 on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;

  

	 	•	 	 in the over-the-counter market in accordance with the rules of NASDAQ; 

	 	•	 	 in transactions otherwise than on these exchanges or systems or in the over-the-counter market; 

 

	 	•	 	 through the writing or settlement of options, whether such options are listed on an options exchange or otherwise; 

 

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

 

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

  

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

 

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

 

	 	•	 	 privately negotiated transactions; 

  

	 	•	 	 broker-dealers may agree with the selling stockholder to sell a specified number of such shares at a stipulated price per share;

  

	 	•	 	 a combination of any such methods of sale; and 

  

	 	•	 	 any other method permitted pursuant to applicable law. 

 The selling stockholder may also sell shares of common stock covered by this prospectus pursuant to Rule 144 promulgated under the Securities Act, if available, rather than under this prospectus. In
addition, the selling stockholder may transfer the shares of common stock by other means not described in this prospectus. 

Any broker-dealer participating in such transactions as agent may receive commissions from the selling stockholder (and, if they act as
agent for the purchaser of such shares, from such purchaser). Commerce Court has informed us that each such broker-dealer will receive commissions from Commerce Court which will not exceed customary brokerage commissions. Broker-dealers may agree
with the selling stockholder to sell a specified number of shares at a stipulated price per share, and, to the extent such a broker-dealer is unable to do so acting as agent for the selling stockholder, to purchase as principal any unsold shares at
the price required to fulfill the broker-dealer commitment to the selling stockholder. Broker-dealers who acquire shares as principal may thereafter resell such shares from time to time in one or more transactions (which may involve crosses and
block transactions and which may involve sales to and through other broker-dealers, including transactions of the nature described above and pursuant to the one or more of the methods described above) at fixed prices, at prevailing market prices at
the time of the sale, at varying prices determined at the time of sale, or at negotiated prices, and in connection with such resales may pay to or receive from the purchasers of such shares commissions computed as described above. To the extent
required under the Securities Act, an amendment to this prospectus or a supplemental prospectus will be filed, disclosing: 
  

	 	•	 	 the name of any such broker-dealers; 

	 	•	 	 the number of shares involved; 

  

	 	•	 	 the price at which such shares are to be sold; 

  

	 	•	 	 the commission paid or discounts or concessions allowed to such broker-dealers, where applicable; 

 

	 	•	 	 that such broker-dealers did not conduct any investigation to verify the information set out or incorporated by reference in this prospectus, as
supplemented; and 

  

	 	•	 	 other facts material to the transaction. 

 Commerce Court has informed us that it does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the common stock. Pursuant to a requirement of
the Financial Industry Regulatory Authority, or FINRA, the maximum commission or discount and other compensation to be received by any FINRA member or independent broker-dealer shall not be greater than eight percent (8%) of the gross proceeds
received by us for the sale of any securities being registered pursuant to Rule 415 under the Securities Act. 
 Under the
securities laws of some states, the shares of common stock may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states the shares of common stock may not be sold unless such shares have been
registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with. 
 There can be no assurance that the selling stockholder will sell any or all of the shares of common stock registered pursuant to the registration statement, of which this prospectus forms a part.

 Underwriters and purchasers that are deemed underwriters under the Securities Act may engage in transactions that stabilize,
maintain or otherwise affect the price of the common stock, including the entry of stabilizing bids or syndicate covering transactions or the imposition of penalty bids. The selling stockholder and any other person participating in the sale or
distribution of the shares of common stock will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder (including, without limitation, Regulation M of the Exchange Act), which may restrict certain activities
of, and limit the timing of purchases and sales of any of the shares of common stock by, the selling stockholder and any other participating person. To the extent applicable, Regulation M may also restrict the ability of any person engaged in the
distribution of the shares of common stock to engage in market-making and certain other activities with respect to the shares of common stock. In addition, the anti-manipulation rules under the Exchange Act may apply to sales of the shares of common
stock in the market. All of the foregoing may affect the marketability of the shares of common stock and the ability of any person or entity to engage in market-making activities with respect to the shares of common stock. 

 We have agreed to pay all expenses of the registration of the shares of common stock
pursuant to the registration rights agreement, estimated to be $[            ] in total, including, without limitation, Securities and Exchange Commission filing fees and expenses of
compliance with state securities or “Blue Sky” laws; provided, however, Commerce Court will pay all selling commissions, concessions and discounts, and other amounts payable to underwriters, dealers or agents, if any, as well as transfer
taxes and certain other expenses associated with the sale of the shares of common stock. We have agreed to indemnify Commerce Court and certain other persons against certain liabilities in connection with the offering of shares of common stock
offered hereby, including liabilities arising under the Securities Act or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of such liabilities. Commerce Court has agreed to indemnify us against liabilities
under the Securities Act that may arise from any written information furnished to us by Commerce Court specifically for use in this prospectus or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of such
liabilities. 
 At any time a particular offer of the shares of common stock is made by the selling stockholder, a revised
prospectus or prospectus supplement, if required, will be distributed. Such prospectus supplement or post-effective amendment will be filed with the Securities and Exchange Commission to reflect the disclosure of any required additional information
with respect to the distribution of the shares of common stock. We may suspend the sale of shares by the selling stockholder pursuant to this prospectus for certain periods of time for certain reasons, including if the prospectus is required to be
supplemented or amended to include additional material information.

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