Document:

Intercreditor Agreement

 Exhibit 4.2 
 INTERCREDITOR AGREEMENT 
 This INTERCREDITOR AGREEMENT (this
“Agreement”) is dated as of March 30, 2012, and entered into by and between PNC BANK, NATIONAL ASSOCIATION, a national banking association (“PNC”), in its capacity as agent under the First Lien Debt Documents
(as defined below), (in such capacity, and together with its successors and assigns in such capacity, “First Lien Agent”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”),
in its capacity as trustee and collateral agent under the Second Lien Debt Documents (as defined below), (in such capacity, and together with its successors and assigns in such capacity, “Second Lien Agent”). 

RECITALS 

HUTCHINSON TECHNOLOGY INCORPORATED, a corporation formed under the laws of Minnesota (“HTI”) (HTI, together with each
subsidiary of HTI which from time to time may be joined as a borrower thereunder, each a “Borrower” and collectively, the “Borrowers”), the lenders from time to time party thereto, and First Lien Agent, have entered
into that certain Revolving Credit and Security Agreement dated as of September 16, 2011 providing for certain credit facilities (as amended, restated, supplemented, Refinanced (as defined below), modified, renewed, extended, refunded or
replaced from time to time in accordance with the terms of this Agreement, the “First Lien Debt Agreement”); 

The obligations of the Grantors (as defined herein) under the First Lien Debt Agreement are or will be secured on a senior priority basis
by liens on substantially all of the personal property of the Grantors and certain real property of HTI, pursuant to the terms of certain of the First Lien Debt Documents (as defined below); 

HTI, the guarantors from time to time party thereto, and Wells Fargo, in its capacity as trustee for the Second Lien Claimholders (as
defined below), have entered into that certain Indenture dated as of the date hereof (as amended, restated, supplemented, Refinanced (as defined below), modified, renewed, extended, refunded or replaced from time to time in accordance with the terms
of this Agreement, the “Second Lien Debt Agreement”) providing for the issuance of notes by HTI and the guaranty of the Second Lien Obligations (as defined below) by such guarantors; 

The obligations of the Grantors under the Second Lien Debt Agreement are or will be secured on a junior priority basis by liens on
substantially all of the personal property of the Grantors and certain real property of HTI pursuant to the terms of certain of the Second Lien Debt Documents (as defined below); 

The First Lien Debt Documents and the Second Lien Debt Documents provide, among other things, that the parties thereto shall set forth in
this Agreement their respective rights and remedies with respect to the Collateral (as defined below) and certain other matters; and 
 In order to induce the First Lien Claimholders to consent to the Grantors granting the liens to secure the Second Lien Obligations and to induce the First Lien Claimholders to continue to extend credit
and other financial accommodations and continue to lend monies to or 

  
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for the benefit of the Borrowers, the First Lien Agent, the Second Lien Agent and, by virtue of accepting the Second Lien Notes (as defined below), the Second Lien Claimholders, have agreed to
the intercreditor and other provisions set forth in this Agreement. 
 AGREEMENT 

In consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration,
the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 SECTION 1. Definitions. 
 1.1 Defined Terms. As used in the
Agreement, the following terms shall have the following meanings: 
 “Additional First Lien Permitted Debt”
means Indebtedness that (a) is secured by a first lien on the Collateral and has been designated by HTI as “Priority Lien Debt” under and as defined in the Second Lien Debt Agreement, (b) is consented to by the First Lien Agent,
(c) is permitted to be incurred as “Priority Lien Debt” under and as defined in the Second Lien Debt Agreement, (d) is in a principal amount that, together with the maximum principal amount that may be outstanding under the First
Lien Debt Agreement at any time plus all then existing Secured Hedge Liabilities and Secured Banking Services Obligations plus all previously incurred Additional First Lien Permitted Debt, does not exceed the First Lien Cap, and (e) the lender
or holder thereof has entered into an intercreditor agreement with the Second Lien Agent on terms no less favorable to the Second Lien Holders than the terms of this Agreement. 

“Advances” means any term loans or revolving loans made under the First Lien Debt Documents. 

“Agent” means the First Lien Agent, the Second Lien Agent or, in the case of the Minnesota Mortgage, PNC (as collateral
agent). 
 “Banking Services” means each and any of the following banking services provided to HTI or any
Subsidiary of HTI by any First Lien Lender or any affiliate thereof: (a) commercial credit cards, (b) stored value cards and (c) treasury management services (including controlled disbursement, automated clearinghouse transactions,
return items, overdrafts and interstate depository network services). 
 “Bankruptcy Code” means Title 11
of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or any successor statute. 

“Bankruptcy Law” means the Bankruptcy Code and any other federal, state, or foreign law for the relief of debtors.

 “Business Day” means any day other than a Saturday, Sunday, or day on which banks in (i) New York, New
York or (ii) Pittsburgh, Pennsylvania are authorized or required by law to close. 

  
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 “Capital Stock” of any Person means any and all shares, interests,
participations or other equivalents of or interests in (however designated) equity of such Person. 
 “Cash
Collateral” has the meaning set forth in Section 6.2. 
 “Claimholders” means First
Lien Claimholders and Second Lien Claimholders. 
 “Collateral” means all of the assets and property of any
Grantor, whether real, personal or mixed, constituting First Lien Collateral or Second Lien Collateral. 
 “Conforming
Amendment” means any amendment to any Second Lien Debt Document that is substantively identical to a corresponding amendment to a comparable provision of a First Lien Debt Document. 

“Default Disposition” has the meaning set forth in Section 5.1(d). 

“DIP Financing” has the meaning set forth in Section 6.2. 

“Discharge of First Lien Priority Obligations” means, except to the extent otherwise expressly provided in
Section 5.5: 
 (a) payment in full in cash of the First Lien Priority Obligations (other than unasserted
contingent indemnification obligations, obligations in respect of outstanding Letters of Credit, Secured Hedge Liabilities and Secured Banking Services Obligations); 
 (b) termination or expiration of all commitments, if any, to extend credit that would constitute First Lien Priority Obligations; and 

(c) termination or cash collateralization of all outstanding Letters of Credit (in an amount and in the manner required by the First
Lien Debt Documents, but not in any event in an amount greater than 105% of the aggregate undrawn face amount of such Letters of Credit) and termination or cash collateralization or the provision of other credit support in respect of all Secured
Hedge Liabilities and Secured Banking Services Obligations (in an amount and in the manner required by the First Lien Debt Documents, but not in any event in an amount greater than 105% of the aggregate amount of the Net Secured Hedge Liabilities
and Secured Banking Services Obligations). 
 “Disposition” or “Dispose” means the sale,
assignment, transfer, license, lease (as lessor), or other disposition (including any sale and leaseback transaction) of any property by any Person (or the granting of any option or other right to do any of the foregoing). 

“Effective Date” means the date on which the Second Lien Debt Agreement becomes effective. 

“Excess First Lien Obligations” means the sum of (a) the portion of the principal amount of the Advances
outstanding under the First Lien Debt Documents, the undrawn amount of all outstanding Letters of Credit, and the outstanding amount of the Net Secured Hedge Liabilities and Secured Banking Services Obligations that is in excess of the First Lien
Cap, plus 

  
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(b) the portion of interest and fees on account of such portion of the Advances, Letters of Credit, Secured Hedge Liabilities and Secured Banking Services Obligations described in clause (a)
of this definition plus (c) any default interest (but not any other interest) or loan fees, each arising from or related to a default and accruing or becoming due under the terms of the First Lien Debt Documents on or after the commencement of
any Insolvency Proceeding relating to any Grantor or any other Person to the extent that a claim for such default interest or loan fees is not allowable or allowed in such Insolvency Proceeding. 

“Excess Second Lien Obligations” means the sum of (a) the portion of the principal amount outstanding under the
Second Lien Debt Documents in excess of the Second Lien Cap, plus (b) the portion of interest and fees on account of such portion of the loans described in clause (a) of this definition, plus (c) any default interest (but not any
other interest) or loan fees, each arising from or related to a default and accruing or becoming due under the terms of the Second Lien Debt Documents on or after the commencement of any Insolvency Proceeding relating to any Grantor or any other
Person to the extent that a claim for such default interest or loan fees is not allowable or allowed in such Insolvency Proceeding. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time. 

“Exercise any Secured Creditor Remedies” or “Exercise of Secured Creditor Remedies” means (a) the
taking of any action to enforce any Lien in respect of the Collateral, including the institution of any foreclosure proceedings, the noticing of any public or private sale or other disposition pursuant to Article 9 of the UCC or any diligently
pursued in good faith attempt to vacate or obtain relief from a stay or other injunction restricting any other action described in this definition, (b) the exercise of any right or remedy provided to a secured creditor under the First Lien Debt
Documents or the Second Lien Debt Documents (including, in either case, any delivery of any notice to otherwise seek to obtain payment directly from any account debtor of any Grantor or the taking of any action or the exercise of any right or remedy
in respect of the setoff or recoupment against the Collateral or proceeds of Collateral or the exercise of any right under any lockbox agreement, account control agreement, landlord waiver or bailee letter or similar agreement or arrangement, but
excluding the collection of receivables through collection accounts maintained with the First Lien Agent and the collection of Collateral and proceeds of Collateral by First Lien Agent under any lockbox agreement or account control agreement), under
applicable law, at equity, in an Insolvency Proceeding or otherwise, including the acceptance of Collateral in full or partial satisfaction of a Lien, (c) the sale, assignment, transfer, lease, license, or other Disposition of all or any
portion of the Collateral, by private or public sale or any other means, (d) the solicitation of bids from third parties to conduct the liquidation of all or a material portion of Collateral to the extent undertaken and being diligently pursued
in good faith to consummate the Disposition of such Collateral within a commercially reasonable time, (e) the engagement or retention of sales brokers, marketing agents, investment bankers, accountants, appraisers, auctioneers, or other third
parties for the purposes of valuing, marketing, or Disposing of, all or a material portion of the Collateral to the extent undertaken and being diligently pursued in good faith to consummate the Disposition of such Collateral within a commercially
reasonable time, (f) the exercise of any other enforcement right relating to the Collateral (including the exercise of any voting rights relating to any capital stock composing a portion of the Collateral) whether under the First Lien Debt
Documents, the Second Lien Debt 

  
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Documents, under applicable law of any jurisdiction, in equity, in an Insolvency Proceeding, or otherwise, (g) the pursuit of Default Dispositions relative to all or a material portion of
the Collateral to the extent undertaken and being diligently pursued in good faith to consummate the Disposition of such Collateral within a commercially reasonable time, (h) the commencement of, or the joinder with any creditor in commencing,
any Insolvency Proceeding against any Grantor or any assets of any Grantor or instituting any action seeking the appointment of a trustee, receiver, liquidator or similar official appointed for or over any Collateral, or (i) in the case of the
Minnesota Mortgage, directing PNC, as collateral agent, with respect to any of the foregoing. 
 “Exigent
Circumstances” means an event or circumstance that materially and imminently threatens the ability of an Agent to realize upon all or a material part of the Collateral, such as, without limitation, fraudulent removal, concealment, or
abscondment thereof, destruction (other than to the extent covered by insurance) or material waste thereof, or the failure of any Grantor after reasonable demand to maintain or reinstate adequate casualty insurance coverage with respect thereto.

 “First Lien Cap” means, as of any date of determination, in the case of outstanding Advances, Letters of
Credit, Secured Hedge Liabilities, Secured Banking Services Obligations and Additional First Lien Permitted Debt, the result of (a) $35,000,000, minus (b) the aggregate amount of all permanent repayments of any Advances or any
Additional First Lien Permitted Debt made out of the Net Proceeds of Asset Sales (as each such term is defined in the Second Lien Debt Agreement as in effect on the date hereof), so long as, in the case of any permanent repayment of revolving
Advances or revolving Additional First Lien Permitted Debt, there is a concurrent permanent reduction in the commitments to make such revolving Advances or revolving Additional First Lien Permitted Debt in an amount equal to such permanent
repayment. 
 “First Lien Claimholders” means, at any relevant time, the holders of First Lien Obligations at
that time, including First Lien Lenders and First Lien Agent. 
 “First Lien Collateral” means all of the
assets and property of any Grantor, whether real, personal or mixed, with respect to which a consensual Lien is granted as security for any First Lien Obligation. 
 “First Lien Collateral Documents” means the First Lien Debt Agreement, any “Guarantor Security Agreement” (as defined in the First Lien Debt Agreement), the First Lien
Mortgages, the Minnesota Mortgage and any other agreement, document, or instrument pursuant to which a Lien is granted securing any First Lien Obligation or under which rights or remedies with respect to such Liens are governed. 

“First Lien Debt Documents” means the First Lien Collateral Documents, the First Lien Debt Agreement, each of the
“Other Documents” (as defined in the First Lien Debt Agreement), and any other agreement, document, or instrument now or hereafter executed by any Grantor and/or delivered to the First Lien Agent or any First Lien Lender in respect of the
transactions contemplated by the First Lien Debt Agreement. 

  
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 “First Lien Default” means any “Event of Default”, as such term
is defined in any First Lien Debt Document. 
 “First Lien Lenders” means the lenders or investors under the
First Lien Debt Agreement. 
 “First Lien Mortgages” means each mortgage, deed of trust, and other document or
instrument under which any Lien on real property owned or leased by any Grantor is granted to secure any First Lien Obligations or under which rights or remedies with respect to any such Liens are governed. 

“First Lien Obligations” means all “Obligations” (as defined in the First Lien Debt Agreement) and all other
amounts owing, due, or secured under the terms of the First Lien Debt Agreement or any other First Lien Debt Document, whether now existing or arising hereafter, including all principal, premium, interest, fees, attorneys fees, costs, charges,
expenses, reimbursement obligations, Secured Hedge Liabilities, Secured Banking Services Obligations, obligations to post cash collateral or other support in respect of Letters of Credit and/or Secured Hedge Liabilities and/or Secured Banking
Services Obligations or indemnities in respect thereof, any other indemnities or guarantees, and all other amounts payable under or secured by any First Lien Debt Document (including, in each case, all amounts accruing on or after the commencement
of any Insolvency Proceeding relating to any Grantor, or that would have accrued or become due under the terms of the First Lien Debt Documents but for the effect of the Insolvency Proceeding and irrespective of whether a claim for all or any
portion of such amounts is allowable or allowed in such Insolvency Proceeding). 
 “First Lien Priority
Obligations” means all First Lien Obligations exclusive of the Excess First Lien Obligations, which Excess First Lien Obligations shall be excluded from (and shall not constitute) First Lien Priority Obligations. 

“Governmental Authority” means the government of the United States of America or any other nation, any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank, or other entity exercising executive, legislative, judicial, taxing, regulatory, or administrative powers or functions of
or pertaining to government. 
 “Grantors” means Borrowers and Guarantors, and each other Person that may from
time to time execute and deliver a First Lien Collateral Document or a Second Lien Collateral Document as a “debtor,” “grantor,” or “pledgor” (or the equivalent thereof), or whose assets otherwise serve as collateral
securing any portion of the First Lien Obligations or the Second Lien Obligations. 
 “Guarantor” means any
Subsidiary of a Borrower that becomes a guarantor of the First Lien Obligations pursuant to the First Lien Debt Agreement or a guarantor of the Second Lien Obligations pursuant to the Second Lien Debt Agreement. 

“Hedge Agreement” means any exchange, collar, cap, swap, adjustable strike cap, adjustable strike corridor, forward
purchase or similar agreement dealing with interest rates, currency exchange rates or commodity prices, either generally or under specific contingencies. 

  
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 “Insolvency Proceeding” means: 

(a) any voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to any Grantor; 

(b) any other voluntary or involuntary insolvency or bankruptcy case or proceeding, or any receivership, liquidation or other similar
case or proceeding with respect to any Grantor or with respect to a material portion of its assets; 
 (c) any liquidation,
dissolution, or winding up of any Grantor whether voluntary or involuntary and whether or not involving insolvency or bankruptcy; or 
 (d) any assignment for the benefit of creditors or any other marshaling of assets and liabilities of any Grantor. 
 “Letters of Credit” means all letters of credit issued under or pursuant to the First Lien Debt Agreement. 
 “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, security interest, lien (whether statutory or otherwise), charge, claim or encumbrance, or preference,
priority or other security agreement or preferential arrangement held or asserted in respect of any asset of any kind or nature whatsoever including any conditional sale or other title retention agreement, or any lease having substantially the same
economic effect as any of the foregoing. 
 “Minnesota Mortgage” means, collectively, one or more mortgages,
deeds of trust, or other documents or instruments under which a Lien on certain real property owned by HTI in Minnesota shall be granted in favor of PNC, acting in the capacity as collateral agent on behalf of both the First Lien Agent and the
Second Lien Agent, to secure both the First Lien Obligations and the Second Lien Obligations. 
 “Net Secured Hedge
Liabilities” means, at any time, the amount of Secured Hedge Liabilities under any Hedge Agreement that would be due and payable at such time if such Hedge Agreement were terminated (as customarily determined). 

“Person” or “person” means any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any syndicate or group that would be deemed to be a “person” under Section 13(d)(3) of the
Exchange Act or any other entity. 
 “Pledged Collateral” has the meaning set forth in Section
5.4(a). 
 “Purchase Notice” has the meaning set forth in Section 5.6(a). 

“Recovery” has the meaning set forth in Section 6.8. 

  
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 “Refinance” means, in respect of any indebtedness, to refinance (including
by means of sales of debt securities to institutional investors), extend, renew, defease, supplement, restructure, replace, refund or repay, or to issue other indebtedness in exchange or replacement for such indebtedness, in whole or in part,
whether with the same or different lenders, investors, arrangers and/or agents. “Refinanced” and “Refinancing” shall have correlative meanings. 
 “SEC” means the United States Securities and Exchange Commission. 
 “Second Lien Cap” means, as of any date of determination, in the case of outstanding Second Lien Notes, the result of (a) the greater of (x) $90,000,000 and (y) the
aggregate principal amount of all Second Lien Notes issued and outstanding on the Effective Date, so long as, if such amount is greater than $90,000,000, PNC has approved such greater amount on or prior to the Effective Date, minus
(b) the aggregate amount of all permanent repayments under the Second Lien Notes made out of the Net Proceeds of Asset Sales (as such term is defined in the Second Lien Debt Documents). 

“Second Lien Carveout” means any capital stock of or other equity interests in any Subsidiary of HTI that is excluded
from the Lien granted to the Second Lien Agent to the extent the granting of a Lien thereon would require separate financial statements for such Subsidiary to be filed with the SEC pursuant to Rule 3-16 or Rule 3-10 of Regulation S-X under the
Securities Act, subject to the further terms set forth in the definition of “Rule 3-16 Excluded Assets” set forth in the Second Lien Debt Agreement. 
 “Second Lien Claimholders” means, at any relevant time, the holders of Second Lien Obligations at that time, including Second Lien Holders and Second Lien Agent. 

“Second Lien Collateral” means all of the assets and property of any Grantor, whether real, personal, or mixed, with
respect to which a consensual Lien is granted as security for any Second Lien Obligations. 
 “Second Lien Collateral
Documents” means the “Security Agreement” (as defined in the Second Lien Debt Agreement), the Second Lien Notes, the Second Lien Mortgages, the Minnesota Mortgage and any other agreement, document, or instrument pursuant to which
a Lien is granted securing any Second Lien Obligations or under which rights or remedies with respect to such Liens are governed. 
 “Second Lien Debt Documents” means the Second Lien Collateral Documents, the Second Lien Debt Agreement and the Second Lien Notes. 

“Second Lien Default” means any “Event of Default”, as such term is defined in any Second Lien Debt Document.

 “Second Lien Holders” means the “Holders” as defined in the Second Lien Debt Agreement.

 “Second Lien Mortgages” means each mortgage, deed of trust, and any other document or instrument under
which any Lien on real property owned or leased by any Grantor is granted to secure any Second Lien Obligations or under which rights or remedies with respect to any such Liens are governed. 

  
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 “Second Lien Notes” means the 8.50% Senior Secured Second Lien Notes due
2017 issued by HTI pursuant to the Second Lien Debt Agreement, together with any replacement notes issued at any time in exchange therefor or pursuant to any Refinancing thereof. 

“Second Lien Obligations means all “Obligations” (as defined in the Second Lien Debt Agreement) and all other
amounts owing, due, or secured under the terms of the Second Lien Debt Agreement or any other Second Lien Debt Document, whether now existing or arising hereafter, including all principal, premium, interest, fees, attorneys fees, costs, charges,
expenses, reimbursement obligations, indemnities, guarantees, and all other amounts payable under or secured by any Second Lien Debt Document (including, in each case, all amounts accruing on or after the commencement of any Insolvency Proceeding
relating to any Grantor, or that would have accrued or become due under the terms of the Second Lien Debt Documents but for the effect of the Insolvency Proceeding and irrespective of whether a claim for all or any portion of such amounts is
allowable or allowed in such Insolvency Proceeding). 
 “Second Lien Priority Obligations” means all Second
Lien Obligations exclusive of the Excess Second Lien Obligations, which Excess Second Lien Obligations shall be excluded from (and shall not constitute) Second Lien Priority Obligations. 

“Secured Banking Services Obligations” means any and all obligations of HTI or any Subsidiary of HTI, whether absolute
or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), in connection with Banking Services, in each case, to the extent such
obligations are secured by the First Lien Collateral under the terms of the First Lien Debt Documents. 
 “Secured
Hedge Liabilities” means the obligations of HTI or any Subsidiary of HTI under any Hedge Agreement, in each case, to the extent such obligations are secured by the First Lien Collateral under the terms of the First Lien Debt Documents.

 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder, as in effect from time to time. 
 “Standstill Notice” means a written notice from Second Lien
Agent to First Lien Agent stating that (a) a Second Lien Default has occurred and is continuing, (b) that, as a consequence thereof, Second Lien Agent has accelerated the Second Lien Obligations and (c) that such notice is a
“Standstill Notice” under this Agreement. 
 “Standstill Period” means the period of
one-hundred-and-twenty (120) days commencing on the date on which First Lien Agent receives the applicable Standstill Notice. 
 “Subsidiary” means, in respect of any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency) to vote in the 

  
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election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more
Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person. 
 “Triggering Event”
means (i) the acceleration of any First Lien Priority Obligations, (ii) First Lien Agent’s (or, following expiration of the Standstill Period, Second Lien Agent’s) Exercise of Secured Creditor Remedies with respect to all or a
material portion of the Collateral, (iii) the occurrence of a Second Lien Default as a result of a failure to make payment of any Second Lien Priority Obligation when due under the terms of the Second Lien Debt Documents, or (iv) the
commencement of an Insolvency Proceeding with respect to any Grantor. 
 “UCC” means the Uniform Commercial
Code (or any similar or equivalent legislation) as in effect in any applicable jurisdiction. 
 1.2 Construction. The
definitions of terms in this Agreement shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine, and neuter forms. The words
“include,” “includes,” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word
“shall.” The term “or” shall be construed to have, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” Any term used in this Agreement and not defined in this Agreement shall have
the meaning set forth in the First Lien Debt Agreement (as in effect on the date hereof and as amended to the extent permitted under the terms of this Agreement). Unless the context requires otherwise: 

(a) to the extent such amendment, restatement, supplement, modification, renewal, extension, Refinancing, refund, or replacement is not
prohibited under this Agreement, any definition of or reference to any agreement, instrument, or other document herein shall be construed as referring to such agreement, instrument, or other document as from time to time amended, restated,
supplemented, modified, renewed, extended, Refinanced, refunded, or replaced; 
 (b) any reference to any agreement,
instrument, or other document herein “as in effect on the date hereof” shall be construed as referring to such agreement, instrument, or other document without giving effect to any amendment, restatement, supplement, modification, or
Refinance after the date hereof; 
 (c) to the extent such amendment, restatement, supplement, modification, renewal,
extension, Refinancing, refund, or replacement is not prohibited under this Agreement, any definition of or reference to First Lien Obligations or the Second Lien Obligations herein shall be construed as referring to the First Lien Obligations or
the Second Lien Obligations (as applicable) as from time to time amended, restated, supplemented, modified, renewed, extended, Refinanced, refunded, or replaced; 
 (d) any reference herein to any Person shall be construed to include such Person’s successors and assigns; 

  
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 (e) the words “herein,” “hereof,” and “hereunder,” and words
of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof; 

(f) all references herein to Sections shall be construed to refer to Sections of this Agreement; and 

(g) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and
all tangible and intangible assets and properties, including cash, securities, accounts, and contract rights. 
 SECTION 2.
Lien Priorities. 
 2.1 Relative Priorities. Notwithstanding the date, time, method, manner, or order of grant,
attachment, or perfection of any Liens securing the Second Lien Obligations granted with respect to the Collateral or of any Liens securing the First Lien Obligations granted with respect to the Collateral and notwithstanding any contrary provision
of the UCC or any other applicable law or the Second Lien Debt Documents or any defect or deficiencies in, the Liens securing the First Lien Obligations, or any other circumstance whatsoever, Second Lien Agent hereby agrees that: 

(a) subject to the last sentence of this Section 2.1, any Lien with respect to the Collateral securing any First Lien Priority
Obligations now or hereafter held by or on behalf of, or created for the benefit of, First Lien Agent or any First Lien Claimholders or any agent or trustee therefor shall be senior in all respects and prior to any Lien with respect to the
Collateral securing any Second Lien Obligations; and 
 (b) subject to the last sentence of this Section 2.1, any
Lien with respect to the Collateral securing any Second Lien Obligations now or hereafter held by or on behalf of, or created for the benefit of, Second Lien Agent, any Second Lien Claimholders or any agent or trustee therefor shall be junior and
subordinate in all respects to all Liens with respect to the Collateral securing any First Lien Priority Obligations. 
 Subject to the last
sentence of this Section 2.1, all Liens with respect to the Collateral securing any First Lien Priority Obligations shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Second
Lien Obligations for all purposes, whether or not such Liens securing any First Lien Priority Obligations are subordinated to any Lien securing any other obligation of any Grantor or any other Person (but only to the extent that such subordination
is permitted pursuant to the terms of the First Lien Debt Agreement and the Second Lien Debt Agreement, or as contemplated in Section 6.2). 
 The foregoing and any other provision to the contrary contained in this Agreement notwithstanding, (i) the subordination of Liens provided for in this Agreement shall cease to be effective with
respect to any part of the Collateral from and after the date on which the Liens of First Lien Agent and First Lien Claimholders are declared, or ruled to be, invalid, unenforceable, void or not allowed by a court of competent jurisdiction in a
final, non-appealable order as a result of any action taken by First Lien Agent, or any failure by First Lien Agent to take any action, with respect to any financing statement (including any amendment to or continuation

  
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thereof), mortgage or other perfection document, in which event Second Lien Agent and Second Lien Claimholders shall be entitled to receive and retain, from and after such date, all proceeds with
respect to such Collateral to the extent the Liens of Second Lien Agent and Second Lien Claimholders are valid, enforceable, not void and allowed with respect to such Collateral, and (ii) except as expressly provided in this Agreement, First
Lien Agent agrees not to contractually subordinate its Lien in any Collateral to the Lien of any other creditor of Grantors without the prior written consent of Second Lien Agent (which it shall be authorized to consent to based upon an affirmative
vote of Second Lien Claimholders holding at least a majority in aggregate principal amount of the Second Lien Notes then outstanding); provided that such consent shall not be required so long as the principal amount of the indebtedness or
other obligations to be secured by the Lien of such other creditor does not exceed $5,000,000 in the aggregate for all such Liens. 
 2.2 Prohibition on Contesting Liens. Each of Second Lien Agent, for itself and on behalf of each Second Lien Claimholder, and First Lien Agent, for itself and on behalf of each First Lien
Claimholder, agrees that it will not (and hereby waives any right to), directly or indirectly, contest, or support any other Person in contesting, in any proceeding (including any Insolvency Proceeding), the priority, validity, or enforceability of
a Lien held by or on behalf of any First Lien Claimholders in the First Lien Collateral or by or on behalf of any Second Lien Claimholders in the Second Lien Collateral, as the case may be, or the provisions of this Agreement; provided,
however that nothing in this Agreement shall be construed to prevent or impair the rights of First Lien Agent, any First Lien Claimholder, Second Lien Agent, or any Second Lien Claimholder to enforce the terms of this Agreement, including the
provisions of this Agreement relating to the respective priorities of the Liens securing the First Lien Obligations and the Second Lien Obligations as provided in Sections 2.1 and 3. 

2.3 New Liens. So long as the Discharge of First Lien Priority Obligations has not occurred, and subject to Section 6
following the commencement of any Insolvency Proceeding by or against any Grantor, the parties hereto agree that no Grantor shall: 
 (a) grant any additional Liens on any asset to secure any Second Lien Obligation unless such Grantor gives First Lien Agent at least five (5) Business Days prior written notice thereof (or, if such
Lien is granted upon the written request of any Second Lien Claimholder, such notice is provided to First Lien Agent promptly after receiving such request and in any event prior to such Lien in fact being granted) and unless such notice also offers
to grant a Lien on such asset to secure the First Lien Obligations concurrently with the grant of a Lien thereon in favor of Second Lien Agent; or 
 (b) grant any additional Liens on any asset (other than the Second Lien Carveout) to secure any First Lien Obligations unless such Grantor gives Second Lien Agent at least five (5) Business Days
prior written notice thereof (or, if such Lien is granted upon the written request of any First Lien Claimholder, such notice is provided to Second Lien Agent promptly after receiving such request and in any event prior to such Lien in fact being
granted) and unless such notice also offers to grant a Lien on such asset to secure the Second Lien Obligations concurrently with the grant of a Lien thereon in favor of First Lien Agent. 

  
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 To the extent that the foregoing provisions are not complied with for any reason, without limiting any other
rights and remedies available to First Lien Agent or First Lien Claimholders, Second Lien Agent, on behalf Second Lien Claimholders, agrees that any amounts received by or distributed to any of them pursuant to or as a result of Liens granted in
contravention of this Section 2.3 shall be subject to Section 4.2. If First Lien Agent or any First Lien Claimholder shall (nonetheless and in breach of this Section 2.3) acquire any Lien on any assets of any
Grantor (other than the Second Lien Carveout) securing any First Lien Obligations which assets are not also subject to the Lien of Second Lien Agent under the Second Lien Collateral Documents, then First Lien Agent (or the relevant First Lien
Claimholder), shall, without the need for any further consent of any other Person and notwithstanding anything to the contrary in any other First Lien Debt Document hold and be deemed to have held such Lien and security interest for the benefit of
the First Lien Claimholders as security for the First Lien Obligations and, subject to the terms of this Agreement, the benefit of the Second Lien Agent as security for the Second Lien Obligations. If Second Lien Agent or any Second Lien Claimholder
shall (nonetheless and in breach of this Section 2.3) acquire any Lien on any assets of any Grantor securing any Second Lien Obligations which assets are not also subject to the Lien of First Lien Agent under the First Lien Collateral
Documents, then Second Lien Agent (or the relevant Second Lien Claimholder), shall, without the need for any further consent of any other Person and notwithstanding anything to the contrary in any other Second Lien Debt Document hold and be deemed
to have held such Lien and security interest for the benefit of the Second Lien Claimholders as security for the Second Lien Obligations and, subject to the terms of this Agreement, the benefit of the First Lien Agent as security for the First Lien
Obligations. All such Liens and security interests deemed held for the benefit of any Person pursuant to this paragraph shall be subject to the provisions of Sections 5.4(b) and 5.4(c). 

2.4 Similar Liens. The parties hereto agree that it is their intention that the First Lien Collateral and the Second Lien
Collateral be identical, other than the Second Lien Carveout. In furtherance of the foregoing and of Section 9.8, the parties hereto agree, subject to the other provisions of this Agreement: 

(a) upon request by First Lien Agent or Second Lien Agent, to cooperate in good faith (and to direct their counsel to cooperate in good
faith) from time to time in order to determine the specific items included in the First Lien Collateral and the Second Lien Collateral and the steps taken or to be taken to perfect their respective Liens thereon and the identity of the respective
parties obligated under the First Lien Debt Documents and the Second Lien Debt Documents; and 
 (b) upon request by Second
Lien Agent after the Discharge of the First Lien Priority Obligations, First Lien Agent will provide written notice thereof to each bank at which any deposit account subject to a deposit account control agreement in favor of First Lien Agent is
maintained. 
 The foregoing to the contrary notwithstanding, in addition to the effect of the Second Lien Carveout, it is also
understood by each of the parties that to the extent that First Lien Agent or Second Lien Agent obtains a Lien in an asset (of a type that is not included in the types of assets included in the Collateral as of the date hereof or which would not
constitute Collateral without a grant of a security interest or lien separate from the First Lien Debt Documents or 

  
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Second Lien Debt Documents, as applicable, as in effect immediately prior to obtaining such Lien on such asset) which the other party to this Agreement elects not to obtain after receiving prior
written notice thereof in accordance with the provisions of Section 2.3, the Collateral securing the First Lien Debt Obligations and the Second Lien Debt Obligations will not be identical, and the provisions of the documents,
agreements and instruments evidencing such Liens also will not be substantively similar, and any such difference in the scope or extent of perfection with respect to the Collateral resulting therefrom are hereby expressly permitted by this
Agreement. 
 SECTION 3. Exercise of Remedies. 
 3.1 Standstill. Until the Discharge of First Lien Priority Obligations has occurred, whether or not any Insolvency Proceeding has been commenced by or against any Grantor, Second Lien Agent and
Second Lien Claimholders: 
 (a) will not exercise or seek to exercise any rights or remedies with respect to any Collateral
(including any Exercise of Secured Creditor Remedies with respect to any Collateral); provided, however, that if a Second Lien Default has occurred and is continuing, Second Lien Agent may Exercise any Secured Creditor Remedies after
the passage of the applicable Standstill Period (it being understood that if at any time after the delivery of a Standstill Notice that commences a Standstill Period, all Second Lien Defaults have been waived or cured in accordance with the Second
Lien Debt Agreement, Second Lien Agent may not Exercise any Secured Creditor Remedies until the passage of a new Standstill Period commenced by a new Standstill Notice relative to the occurrence of a new Second Lien Default that had not occurred as
of the date of the delivery of the earlier Standstill Notice; provided further, however, that in no event shall Second Lien Agent or any Second Lien Claimholder exercise any rights or remedies with respect to the Collateral if,
notwithstanding the expiration of the Standstill Period, First Lien Agent or First Lien Claimholders shall have commenced prior to the expiration of the Standstill Period (or thereafter but prior to the commencement of any Exercise of Secured
Creditor Remedies by Second Lien Agent with respect to all or any material portion of the Collateral) and be diligently pursuing in good faith the Exercise of Secured Creditor Remedies with respect to all or any material portion of the Collateral;

 (b) will not contest, protest, or object to any Exercise of Secured Creditor Remedies by First Lien Agent or any First Lien
Claimholder and has no right to direct First Lien Agent to Exercise any Secured Creditor Remedies or take any other action under the First Lien Debt Documents; and 
 (c) will not object to (and waive any and all claims with respect to) the forbearance by First Lien Agent or First Lien Claimholders from Exercising any Secured Creditor Remedies. 

Notwithstanding any other provision hereof, if Second Lien Agent commences the Exercise of Secured Creditor Remedies in accordance with clause
(a) above, First Lien Agent may not exercise any of the remedies of the type described in clauses (a) through (c) above so long as Second Lien Agent at such time has commenced and diligently is pursuing in good faith any Exercise of
Secured Creditor Remedies with respect to all or a material portion of the Collateral, unless and until the Second Lien Obligations (other than then Excess Second Lien Obligations) shall have been paid in full. 

  
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 3.2 Exclusive Enforcement Rights. Until the Discharge of First Lien Priority
Obligations has occurred, whether or not any Insolvency Proceeding has been commenced by or against any Grantor, but subject to the first proviso to Section 3.1(a), First Lien Agent and First Lien Claimholders shall have the exclusive
right to Exercise any Secured Creditor Remedies with respect to the Collateral without any consultation with or the consent of Second Lien Agent or any Second Lien Claimholder. In connection with any Exercise of Secured Creditor Remedies, as between
the First Lien Claimholders and the Second Lien Claimholders, First Lien Agent and First Lien Claimholders may enforce the provisions of the First Lien Debt Documents and exercise remedies thereunder, all in such order and in such manner as they may
determine in the exercise of their sole discretion. Such exercise and enforcement shall include the rights of an agent appointed by them to Dispose of Collateral, to incur expenses in connection with such Disposition, and to exercise all the rights
and remedies of a secured creditor under applicable law. 
 3.3 Second Lien Permitted Actions. Anything to the contrary
in this Section 3 notwithstanding, Second Lien Agent and any Second Lien Claimholder may: 
 (a) if an Insolvency
Proceeding has been commenced by or against any Grantor, file a claim or statement of interest with respect to the Second Lien Obligations; 
 (b) take any action (not adverse to the priority status of the Liens on the Collateral securing the First Lien Obligations, or the rights of First Lien Agent or any First Lien Claimholders to Exercise any
Secured Creditor Remedies) in order to create or perfect its Lien in and to the Collateral; 
 (c) file any necessary
responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding, or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of Second Lien Claimholders, including any claims
secured by the Collateral, if any; 
 (d) vote on any plan of reorganization and make any filings and motions that are, in each
case, in accordance with, the terms of this Agreement, with respect to the Second Lien Obligations and the Collateral; 
 (e)
join (but not exercise any control with respect to) any judicial foreclosure proceeding or other judicial lien enforcement proceeding with respect to the Collateral initiated by First Lien Agent to the extent that any such action could not
reasonably be expected, in any material respect, to restrain, hinder, limit, delay for any material period or otherwise interfere with the Exercise of Secured Creditor Remedies by First Lien Agent (it being understood that neither Second Lien Agent
nor any Second Lien Claimholder shall be entitled to receive any proceeds thereof unless otherwise expressly permitted herein); and 
 (f) Exercise any Secured Creditor Remedies after the termination of the Standstill Period if and to the extent specifically permitted by Section 3.1(a). 

  
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 3.4 Retention of Proceeds. First Lien Agent and Second Lien Agent each agrees that
prior to the Discharge of the First Lien Priority Obligations, Second Lien Claimholders will only be entitled to retain proceeds of Collateral in connection with an Exercise of Secured Creditor Remedies by Second Lien Agent that is permitted under
Section 3.1(a) above and only if First Lien Agent was given an opportunity to release its Lien in and to the Collateral that is the subject of such Exercise of Secured Creditor Remedies by Second Lien Agent, with First Lien Agent
receiving the proceeds of such Collateral in accordance with Section 4.1, and First Lien Agent declined to do so. Neither Second Lien Agent nor any Second Lien Claimholder shall be permitted to retain any proceeds of Collateral in connection
with any Exercise of Secured Creditor Remedies in any other circumstance unless and until the Discharge of First Lien Priority Obligations has occurred, and any such proceeds received or retained in any other circumstance will be subject to
Section 4.2. 
 3.5 Non-Interference. Subject to Section 3.1(a), 3.3, and
6.5(b), Second Lien Agent, for itself and on behalf of Second Lien Claimholders, hereby: 
 (i) agrees
that Second Lien Agent and Second Lien Claimholders will not take any action that would restrain, hinder, limit, delay, or otherwise interfere with any Exercise of Secured Creditor Remedies by First Lien Agent or any First Lien Claimholder, or that
is otherwise prohibited hereunder, including any Disposition of the Collateral, whether by foreclosure or otherwise; 
 (ii) subject to Section 3.7, waives any and all rights it or Second Lien Claimholders may have as a junior lien creditor or otherwise to object to the manner in which First Lien Agent or
First Lien Claimholders seek to enforce or collect the First Lien Obligations or the Liens securing the First Lien Obligations granted in any of the First Lien Collateral, regardless of whether any action or failure to act by or on behalf of First
Lien Agent or First Lien Claimholders is adverse to the interest of Second Lien Claimholders; and 
 (iii)
acknowledges and agrees that no covenant, agreement or restriction contained in the Second Lien Collateral Documents or any other Second Lien Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of
First Lien Agent or First Lien Claimholders with respect to the Collateral as set forth in this Agreement and the First Lien Debt Documents. 
 3.6 Unsecured Creditor Remedies. Except as set forth in Section 3.1(a), 3.5, and 6, Second Lien Agent and Second Lien Claimholders may exercise rights and remedies as
unsecured creditors against any Grantor in accordance with the terms of the Second Lien Debt Documents and applicable law; provided, however, that in the event that any Second Lien Claimholder becomes a judgment Lien creditor in
respect of Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the Second Lien Obligations, such judgment Lien shall be subject to the terms of this Agreement for all purposes as the other Liens securing
the Second Lien Obligations. 
 3.7 Commercially Reasonable Dispositions; Notice of Exercise. First Lien Agent agrees
that any Exercise of Secured Creditor Remedies by First Lien Agent with respect to 

  
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Collateral subject to Article 9 of the UCC shall be conducted by First Lien Agent in a commercially reasonable manner. Second Lien Agent agrees that any Exercise of Secured Creditor Remedies by
Second Lien Agent with respect to Collateral subject to Article 9 of the UCC shall be conducted by Second Lien Agent in a commercially reasonable manner. First Lien Agent shall provide reasonable prior notice to Second Lien Agent of its initial
material Exercise of Secured Creditor Remedies. Second Lien Agent shall provide reasonable prior notice to First Lien Agent of its initial material Exercise of Secured Creditor Remedies. Prior notice shall not be required pursuant to this
Section 3.7 if Exigent Circumstances exist, provided that such notice shall be given as soon as practicable and in any event contemporaneously with the taking of such action. 

SECTION 4. Proceeds. 
 4.1 Application of Proceeds. Whether or not any Insolvency Proceeding has been commenced by or against any Grantor, except as otherwise provided in Section 2.1 and 3.4, any
Collateral or proceeds thereof received in connection with any Exercise of Secured Creditor Remedies shall (at such time as such Collateral or proceeds has been monetized) be applied: (a) first, to the payment in full in cash of costs
and expenses of First Lien Agent in connection with such Exercise of Secured Creditor Remedies, (b) second, to the payment in full in cash or cash collateralization of the First Lien Priority Obligations in accordance with the First Lien
Debt Documents, and in the case of payment of any revolving loans, together with the concurrent permanent reduction of any revolving loan commitment thereunder in an amount equal to the amount of such payment, (c) third, to the payment
in full in cash of costs and expenses of Second Lien Agent in connection with such Exercise of Secured Creditor Remedies (to the extent Second Lien Agent’s Exercise of Secured Creditor Remedies was permitted hereunder), (d) fourth,
to the payment in full in cash of the Second Lien Priority Obligations in accordance with the Second Lien Debt Documents, (e) fifth, to the payment in full in cash of the Excess First Lien Obligations in accordance with the First Lien
Debt Documents, and (f) sixth, to the payment in full in cash of the Excess Second Lien Obligations in accordance with the Second Lien Debt Documents. If any Exercise of Secured Creditor Remedies with respect to the Collateral produces
non-cash proceeds, then such non-cash proceeds shall be held by the Agent that conducted the Exercise of Secured Creditor Remedies as additional Collateral and, at such time as such non-cash proceeds are monetized, shall be applied as set forth
above. 
 4.2 Turnover. Unless and until the Discharge of First Lien Priority Obligations has occurred, whether or not
any Insolvency Proceeding has been commenced by or against any Grantor, except as otherwise provided in Sections 2.1 and 3.4, any Collateral or proceeds thereof (including assets or proceeds subject to Liens referred to in the
final sentence of Section 2.3 or the proviso in Section 3.6) received by Second Lien Agent or any Second Lien Claimholder (a) in connection with the Exercise of Secured Creditor Remedies with respect to the Collateral
by Second Lien Agent or any Second Lien Claimholder, or (b) as a result of Second Lien Agent’s or any Second Lien Claimholder’s collusion with any Grantor in violating the rights of First Lien Agent or any First Lien Claimholder
(within the meaning of Section 9-332 of the UCC), shall be segregated and held in trust and forthwith paid over to First Lien Agent for the benefit of First Lien Claimholders in the same form as received, with any necessary endorsements or as a
court of competent jurisdiction may otherwise direct. 

  
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 4.3 No Subordination of the Relative Priority of Claims. Anything to the contrary
contained herein notwithstanding, the subordination of the Liens of Second Lien Claimholders to the Liens of First Lien Claimholders as set forth herein is with respect to the priority of the respective Liens held by or on behalf of them only and
shall not constitute a subordination of the Second Lien Obligations to the First Lien Obligations. 
 SECTION 5. Releases;
Dispositions; Other Agreements. 
 5.1 Releases. 

(a) Until the Discharge of First Lien Priority Obligations occurs, First Lien Agent shall have the exclusive right to make
determinations regarding the release or Disposition of any Collateral pursuant to the terms of the First Lien Debt Documents or in accordance with the provisions of this Agreement, in each case without any consultation with, consent of, or notice to
Second Lien Agent or any Second Lien Claimholder. 
 (b) If, in connection with the Exercise of Secured Creditor Remedies by
First Lien Agent as provided for in Section 3 or other sale by any Grantor after a First Lien Default (in each case, with the proceeds thereof being applied to the First Lien Priority Obligations as provided in Section 4.1
above), First Lien Agent releases any of its Liens on any part of the Collateral or releases any Grantor from its obligations in respect of the First Lien Obligations, then the Liens, of Second Lien Agent on such Collateral, and the obligations of
such Grantor in respect of the Second Lien Obligations, shall be automatically, unconditionally, and simultaneously released. Second Lien Agent, for itself or on behalf of any such Second Lien Claimholders, at the Grantor’s expense, promptly
shall execute and deliver to First Lien Agent such termination or amendment statements, releases, and other documents as First Lien Agent may request in writing to effectively confirm such release. 

(c) If, in connection with any Disposition of any Collateral or release or subordination that is permitted or required under the terms
of the First Lien Debt Documents (including, without limitation, any release under the First Lien Debt Documents in connection with assets to be acquired pursuant to purchase money financing or a lease), First Lien Agent releases or subordinates to
the Liens of any other creditor of a Grantor any of its Liens on the portion of the Collateral that is the subject of such Disposition, release or subordination, or releases any Grantor from its obligations in respect of the First Lien Obligations
(if such Grantor is the subject of such Disposition), then, provided that no Second Lien Default has occurred and is continuing and subject to Section 2.1, the Liens of Second Lien Agent on such Collateral and/or the obligations of such
Grantor in respect of the Second Lien Obligations (as the case may be), shall be automatically, unconditionally, and simultaneously released or subordinated, as applicable. Second Lien Agent, for itself or on behalf of any such Second Lien
Claimholders, promptly (and in any event, within five (5) Business Days of receipt of a written request therefor) shall, at the Grantor’s expense, execute and deliver to First Lien Agent and the Grantors such termination or amendment
statements, releases, subordination agreements and other documents as First Lien Agent or the Grantors, as applicable, may request in writing to effectively confirm such release or subordination, as applicable. 

  
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 (d) In the event of any private or public Disposition of all or any material portion of the
Collateral by one or more Grantors with the consent of First Lien Agent after the occurrence and during the continuance of a First Lien Default (and prior to the Discharge of First Lien Priority Obligations), which Disposition is conducted by such
Grantors with the consent of First Lien Agent in connection with good faith efforts by First Lien Agent to collect the First Lien Obligations through the Disposition of Collateral (any such Disposition, a “Default Disposition”),
then the Liens of Second Lien Agent on such Collateral shall be automatically, unconditionally, and simultaneously released (and, if the Default Disposition includes equity interests in any Grantor, then those Persons whose equity interests are
Disposed of shall also be automatically, unconditionally, and simultaneously released from all of their obligations under the Second Lien Debt Documents); provided that (i) First Lien Agent also releases its Liens on such Collateral
(and, if the Default Disposition includes equity interests in any Grantor, First Lien Agent is also releasing those Persons whose equity interests are Disposed of from all of their obligations under the First Lien Debt Documents), (ii) the net
cash proceeds of any such Default Disposition are applied in accordance with Section 4.1 (as if they were proceeds received in connection with an Exercise of Secured Creditor Remedies), and (iii) with respect to Collateral that is
subject to Article 9 of the UCC, the Grantors consummating such Default Disposition have (a) provided Second Lien Agent with the prior written notice that would have been required if the Default Disposition were a disposition of collateral by a
secured creditor under Article 9 of the UCC, and (b) conducted such Default Disposition in a commercially reasonable manner as if such Default Disposition were a disposition of collateral by a secured creditor in accordance with Article 9 of
the UCC. 
 (e) Until the Discharge of First Lien Priority Obligations occurs, Second Lien Agent, for itself and on behalf of
Second Lien Claimholders, hereby irrevocably constitutes and appoints First Lien Agent and any officer or agent of First Lien Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority
in the place and stead of Second Lien Agent or such holder or in First Lien Agent’s own name, from time to time in First Lien Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1 and
Section 4.2 to take any and all appropriate action and to execute any and all documents and instruments that may be necessary to accomplish the purposes of this Section 5.1 and Section 4.2, including any
endorsements or other instruments of transfer or release. 
 (f) Until the Discharge of First Lien Priority Obligations occurs,
to the extent that First Lien Agent or First Lien Claimholders (i) have released any Lien on Collateral or any Grantor with respect to the First Lien Obligations, and any such Liens (other than on the Second Lien Carveout) or obligations are
later reinstated, or (ii) obtain any new Liens (other than on the Second Lien Carveout) from any Grantor or obtain a guaranty from any Grantor of the First Lien Obligations, then Second Lien Agent, for itself and for Second Lien Claimholders,
shall be entitled to obtain a Lien on any such Collateral, subject to the terms (including the lien subordination provisions) of this Agreement, and a guaranty from such Grantor, as the case may be. 

(g) Notwithstanding anything contained in this Section 5 to the contrary, (i) if the Liens securing the First Lien
Priority Obligations are released in connection with the Discharge of First Lien Priority Obligations (without a contemporaneous incurrence of new or 

  
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replacement First Lien Obligations), the second-priority Liens on the Second Lien Collateral will not be required to be released (except to the extent the Second Lien Collateral or any portion
thereof was disposed of or otherwise transferred or used in order to repay the First Lien Priority Obligations secured by the Second Lien Collateral) and (ii) any release effected or occasioned by the terms of this Section 5 by
Second Lien Agent of any Lien in favor of the Second Lien Agent or any of the Second Lien Claimholders shall not extend to or otherwise affect any of the rights of the Second Lien Agent or any Second Lien Claimholder arising under the Second Lien
Debt Documents to any proceeds of any disposition of any Second Lien Collateral occurring in connection with such release; provided that such rights to such proceeds shall be subject in all respects to the terms and conditions of this Agreement

 5.2 Insurance. Unless and until the Discharge of First Lien Priority Obligations has occurred: 

(a) (i) First Lien Agent and First Lien Claimholders shall have the sole and exclusive right, subject to the rights of Grantors under
the First Lien Debt Documents, to adjust and settle any claim under any insurance policy covering the Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of
condemnation) affecting the Collateral; and (ii) all proceeds of any such insurance policy and any such award (or any payments with respect to a deed in lieu of condemnation) shall be paid, subject to the rights of Grantors under the First Lien
Debt Documents and the Second Lien Debt Documents, first to First Lien Claimholders and Second Lien Claimholders in accordance with the priorities set forth in Section 4.1, until paid in full in cash, and second, to the
owner of the subject property, such other Person as may be entitled thereto, or as a court of competent jurisdiction may otherwise direct; and 
 (b) if Second Lien Agent or any Second Lien Claimholders shall, at any time, receive any proceeds of any such insurance policy or any such award or payment in contravention of this Section
5.1(g), it shall pay such proceeds over to First Lien Agent in accordance with the terms of Section 4.2. 
 5.3 Amendments; Refinancings; Legend. 
 (a) The First Lien Debt Documents
may be amended, supplemented, or otherwise modified in accordance with their terms and the First Lien Obligations may be Refinanced, in each case without notice to, or the consent of, Second Lien Agent or Second Lien Claimholders, all without
affecting the lien subordination or other provisions of this Agreement; provided, however, that, in the case of a Refinancing, the holders of such Refinancing debt bind themselves (in a writing addressed to Second Lien Agent for the
benefit of itself and the Second Lien Claimholders) to the terms of this Agreement; provided further, however, that any such amendment, supplement, modification, or Refinancing shall not, without the prior written consent of
Second Lien Agent (which it shall be authorized to consent to based upon an affirmative vote of Second Lien Claimholders holding at least a majority in aggregate principal amount of the Second Lien Notes then outstanding): 

(i) contravene the provisions of this Agreement or prohibit the Grantors from making any payment with respect to the
Second Lien Obligations which is permitted under the terms of the First Lien Debt Documents as of the date hereof; 

  
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 (ii) increase the commitments of the First Lien Claimholders under the
First Lien Debt Documents to an amount that would exceed the First Lien Cap or otherwise permit the aggregate outstanding principal amount of Advances plus the aggregate amount of outstanding undrawn Letters of Credit to exceed the First Lien Cap;

 (iii) increase the “applicable margin” or similar component of the interest rate by more than 2
percentage points per annum (excluding increases resulting from the accrual of interest at the default rate); 

(iv) extend the scheduled final maturity of the First Lien Debt Agreement or any Refinancing thereof beyond the scheduled
maturity of the Second Lien Debt Agreement unless the First Lien Debt Agreement (as so amended or Refinanced) permits the repayment in full of the Second Lien Obligations at their scheduled maturity; or 

(v) other than as a function of the requirement that all proceeds of Collateral be remitted to First Lien Agent for
application to the First Lien Obligations on a daily basis, modify (or have the effect of a modification of) the mandatory prepayment provisions of the First Lien Debt Agreement or any First Lien Debt Document within 180 days of the date hereof in a
manner that makes them more restrictive to Grantors. 
 (b) The Second Lien Debt Documents may be amended, supplemented, or
otherwise modified in accordance with their terms and the Second Lien Obligations may be Refinanced, in each case without notice to, or the consent of, First Lien Agent or First Lien Claimholders, all without affecting the lien subordination or
other provisions of this Agreement; provided, however, that, in the case of a Refinancing, the holders of such Refinancing debt bind themselves (in a writing addressed to First Lien Agent for the benefit of itself and the First Lien
Claimholders) to the terms of this Agreement; provided further, however, that any such amendment, supplement, modification, or Refinancing shall not (except with respect to any Conforming Amendment (provided that any Conforming
Amendment to the Second Lien Debt Agreement shall maintain an equivalent proportionate difference between dollar amounts or ratios, as the case may be, in the relevant provision in the Second Lien Debt Agreement and those in the corresponding
covenant in the First Lien Debt Agreement, to the extent that such difference exists between the Second Lien Debt Agreement and the First Lien Debt Agreement on the date hereof)), without the prior written consent of First Lien Agent (which it shall
be authorized to consent to based upon an affirmative vote of First Lien Claimholders constituting “Required Lenders” as defined in the First Lien Debt Agreement): 

(i) contravene the provisions of this Agreement or prohibit the Grantors from making any payment with respect to the
First Lien Obligations which is permitted under the terms of the Second Lien Debt Documents as of the date hereof; 

  
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 (ii) increase the aggregate principal amount of the outstanding Second Lien
Notes to an amount that would exceed the Second Lien Cap; 
 (iii) increase the contract rate of interest by
more than 2 percentage points per annum (excluding increases resulting from the accrual of interest at the default rate); 
 (iv) change to earlier dates any dates upon which payments of principal or interest are due thereon; 
 (v) change any default or Second Lien Default thereunder in a manner adverse to Grantors thereunder unless the First Lien Lenders are offered the opportunity to similarly modify the First Lien Debt
Documents (it being understood that any waiver of any such default or Second Lien Default, in and of itself, shall not be deemed to be adverse to Grantors); or 
 (vi) change the redemption, mandatory prepayment, or defeasance provisions thereof in a manner adverse to the Grantors or First Lien Claimholders. 

(c) Each Grantor agrees that any promissory note evidencing or security agreement, pledge agreement or mortgage securing the Second Lien
Obligations shall at all times include the following language (or language to similar effect approved by First Lien Agent): 

“Anything herein to the contrary notwithstanding, the liens and security interests [securing the obligations evidenced by this note]
[granted hereunder] and the exercise of any right or remedy with respect thereto are subject to the provisions of the Intercreditor Agreement dated as of [            ]
[    ], 2012, (as amended, restated, supplemented, or otherwise modified from time to time, the “Intercreditor Agreement”), by and between PNC Bank, National Association, as First Lien Agent, and Wells Fargo
Bank, National Association, as Second Lien Agent. In the event of any conflict between the terms of the Intercreditor Agreement and this [note][security agreement][pledge agreement][mortgage], the terms of the Intercreditor Agreement shall govern
and control.” 
 5.4 Bailee for Perfection. 

(a) First Lien Agent and Second Lien Agent each agree to hold or control that part of the Collateral that is in its possession or
control (or in the possession or control of its agents or bailees) to the extent that possession or control thereof is taken to perfect a Lien thereon under the UCC or other applicable law (such Collateral being referred to as the “Pledged
Collateral”), as bailee and as a non-fiduciary agent for Second Lien Agent or First Lien Agent, as applicable (such bailment and agency being intended, among other things, to satisfy the requirements of Sections 8-301(a)(2), 9-313(c),
9-104, 9-105, 9-106, and 9-107 of the UCC), solely for the purpose of perfecting the security interest granted under the Second Lien Debt Documents or the First Lien Debt Documents, as applicable, subject to the terms and conditions of this
Section 5.4. Unless and until the Discharge of the First Lien Priority Obligations, Second Lien Agent agrees to promptly notify First Lien Agent of any Pledged Collateral held by it or by any Second Lien Claimholders, and, immediately
upon the request of 

  
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First Lien Agent at any time prior to the Discharge of the First Lien Priority Obligations, Second Lien Agent agrees to deliver to First Lien Agent any such Pledged Collateral held by it or by
any Second Lien Claimholders, together with any necessary endorsements (or otherwise allow First Lien Agent to obtain control of such Pledged Collateral). First Lien Agent hereby agrees that upon the Discharge of the First Lien Priority Obligations,
upon the written request of Second Lien Agent, to the extent that the applicable control agreement is in full force and effect and has not been terminated, First Lien Agent shall continue to act as such a bailee and non-fiduciary agent for Second
Lien Agent (solely for the purpose of perfecting the security interest granted under the Second Lien Debt Documents and at the expense of Second Lien Agent) with respect to the deposit account or securities account that is the subject of such
control agreement, until the earlier to occur of (i) 30 days after the date when the Discharge of the First Lien Priority Obligations has occurred, and (ii) the date when a control agreement is executed in favor of Second Lien Agent with
respect to such deposit account or securities account. 
 (b) First Lien Agent shall have no obligation whatsoever to Second
Lien Agent or any Second Lien Claimholder to ensure that the Pledged Collateral is genuine or owned by any of Grantors or to preserve rights or benefits of any Person except as expressly set forth in this Section 5.4. Second Lien Agent
shall have no obligation whatsoever to First Lien Agent or any First Lien Claimholder to ensure that the Pledged Collateral is genuine or owned by any of Grantors or to preserve rights or benefits of any Person except as expressly set forth in this
Section 5.4. The duties or responsibilities of First Lien Agent under this Section 5.4 shall be limited solely to holding or controlling the Pledged Collateral as bailee and agent in accordance with this Section
5.4 and delivering the Pledged Collateral upon a Discharge of First Lien Priority Obligations as provided in paragraph (d) of this Section 5.4. The duties or responsibilities of Second Lien Agent under this Section
5.4 shall be limited solely to holding or controlling the Pledged Collateral as bailee and agent in accordance with this Section 5.4 and complying with the notice and delivery requirements of paragraph (a) of this
Section 5.4. 
 (c) First Lien Agent acting pursuant to this Section 5.4 shall not have by reason of
the First Lien Collateral Documents, the Second Lien Collateral Documents, or this Agreement a fiduciary relationship in respect of Second Lien Agent or any Second Lien Claimholder. Second Lien Agent acting pursuant to this Section 5.4
shall not have by reason of the First Lien Collateral Documents, the Second Lien Collateral Documents, or this Agreement a fiduciary relationship in respect of First Lien Agent or First Lien Claimholder. 

(d) Upon the Discharge of First Lien Priority Obligations, First Lien Agent shall deliver the remaining Pledged Collateral (if any)
together with any necessary endorsements, first, to Second Lien Agent to the extent Liens on such Pledged Collateral secure the Second Lien Obligations as confirmed in writing by Second Lien Agent, and, to the extent that Second Lien Agent
confirms no Liens on such Pledged Collateral secure the Second Lien Obligations or following the repayment in full of the Second Lien Priority Obligations, second, to First Lien Agent to the extent Liens on such Pledged Collateral secure the
Excess First Lien Obligations as confirmed in writing by First Lien Agent, and, to the extent that First Lien Agent confirms no Liens on such Pledged Collateral secure the Excess First Lien Obligations or following the repayment in full of the
Excess First Lien Obligations, third, to Second Lien Agent to the extent Liens on such Pledged Collateral secure the Excess Second Lien Obligations as confirmed in writing by Second Lien Agent, and, to the extent that Second Lien Agent

  
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confirms no Liens on such Pledged Collateral secure the Excess Second Lien Obligations or following the repayment in full of the Excess Second Lien Obligations, fourth, to the applicable
Grantor (in each case, so as to allow such Person to obtain possession or control of such Pledged Collateral). At the time of transfer of the Pledged Collateral by one Agent to the other Agent, the transferring Agent further agrees to take all other
action reasonably requested by the transferee Agent at the expense of Borrowers (including amending any outstanding control agreements or giving any applicable notice required thereunder) to enable the transferee Agent to obtain a first priority
security interest in the Collateral. 
 5.5 When Discharge of First Lien Priority Obligations Deemed to Not Have
Occurred. If Borrowers enter into any Refinancing of the First Lien Priority Obligations, then a Discharge of First Lien Priority Obligations shall be deemed not to have occurred for all purposes of this Agreement, and the obligations under such
Refinancing of such First Lien Priority Obligations shall be treated as First Lien Priority Obligations for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, and First
Lien Agent under the First Lien Debt Documents effecting such Refinancing shall be First Lien Agent for all purposes of this Agreement. First Lien Agent under such First Lien Debt Documents shall agree (in a writing addressed to Second Lien Agent
for the benefit of itself and the Second Lien Claimholders) to be bound by the terms of this Agreement. 
 5.6 Purchase
Option. 
 (a) Upon the occurrence and during the continuation of a Triggering Event, then, in any such case, any one or
more of Second Lien Holders (acting in their individual capacity or through one or more affiliates) shall have the right, but not the obligation (each Second Lien Holder having a ratable right to make the purchase, with each Second Lien
Holder’s right to purchase being automatically proportionately increased by the amount not purchased by another Second Lien Holder), upon 5 Business Days advance written notice from such Second Lien Holders (a “Purchase
Notice”) to First Lien Agent, for the benefit of First Lien Claimholders, to acquire from First Lien Claimholders all (but not less than all) of the right, title, and interest of First Lien Claimholders in and to the First Lien Priority
Obligations and the First Lien Debt Documents. The Purchase Notice, if given, shall be irrevocable. 
 (b) On the date
specified in the Purchase Notice (which shall not be more than 5 Business Days after the receipt by First Lien Agent of the Purchase Notice), First Lien Claimholders shall sell to the purchasing Second Lien Holders and purchasing Second Lien Holders
shall purchase from First Lien Claimholders, the First Lien Priority Obligations. 
 (c) On the date of such purchase and sale,
purchasing Second Lien Holders shall (i) pay to First Lien Agent, for the benefit of First Lien Claimholders, as the purchase price therefor, the full amount of all the First Lien Priority Obligations (other than First Lien Obligations cash
collateralized in accordance with clause (ii) below) then outstanding and unpaid, (ii) furnish cash collateral to First Lien Agent in such amounts as First Lien Agent determines is reasonably necessary to secure First Lien Agent and First
Lien Claimholders in connection with (A) any issued and outstanding Letters of Credit (but not in any event in an amount greater than that 105% of the aggregate undrawn face amount of such Letters of Credit) and (B) Secured Hedge
Liabilities and Secured Banking Services Obligations (but not in any 

  
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event in an amount greater than that 105% of the aggregate amount of Net Secured Hedge Liabilities and Secured Banking Services Obligations), and (iii) agree to reimburse First Lien Agent
and First Lien Claimholders for all expenses to the extent earned or due and payable in accordance with the First Lien Debt Documents (including the reimbursement of extraordinary expenses, financial examination expenses, and appraisal fees).
Anything contained in this paragraph to the contrary notwithstanding, in the event that (X) the purchasing Second Lien Holders receive all or a portion of any prepayment premium, make-whole obligation or early termination fee payable pursuant
to the First Lien Debt Documents in cash, (Y) all First Lien Obligations purchased by the Second Lien Holders and all of the Second Lien Obligations (other than the Excess Second Lien Obligations), including principal, interest and fees thereon
and costs and expense of collection thereof (including reasonable attorneys fees and legal expenses), are repaid in full in cash, and (Z) the First Lien Debt Agreement is terminated, in each case, within 90 days following the date on which the
Second Lien Holders pay the purchase price described in clauses (i)-(iii) of this paragraph, then, within 3 Business Days after receipt by the purchasing Second Lien Holders of such amounts, the purchasing Second Lien Holders shall pay a
supplemental purchase price to the First Lien Agent and the First Lien Lenders in respect of their purchase under this Section 5.6 in an amount equal to the portion of the prepayment premium, make-whole obligation or early termination
fee received by the purchasing Second Lien Holders to which the First Lien Agent and the First Lien Lenders would have been entitled to receive had the purchase under this paragraph not occurred. Such purchase price and cash collateral shall be
remitted by wire transfer in federal funds to such bank account of First Lien Agent as First Lien Agent may designate in writing to Second Lien Agent for such purpose. Interest shall be calculated to but excluding the Business Day on which such
purchase and sale shall occur if the amounts so paid by purchasing Second Lien Holders to the bank account designated by First Lien Agent are received in such bank account prior to 2:00 p.m., New York City time, and interest shall be calculated to
and including such Business Day if the amounts so paid by purchasing Second Lien Holders to the bank account designated by First Lien Agent are received in such bank account later than 2:00 p.m., New York City time. 

(d) Such purchase shall be expressly made without representation or warranty of any kind by First Lien Agent and First Lien Claimholders
as to the First Lien Obligations so purchased or otherwise and without recourse to First Lien Agent or any First Lien Claimholder, except that each First Lien Claimholder shall represent and warrant: (i) that the amount quoted by such First
Lien Claimholder as its portion of the purchase price represents the amount shown as owing with respect to the claims transferred as reflected on its books and records, (ii) it owns, or has the right to transfer to purchasing Second Lien
Holders, the rights being transferred, and (iii) such transfer will be free and clear of Liens. 
 (e) In the event that
any one or more of Second Lien Claimholders exercises and consummates the purchase option set forth in this Section 5.6, (i) First Lien Agent shall have the right, but not the obligation, to immediately resign under the First Lien
Debt Agreement, and (ii) purchasing Second Lien Holders shall have the right, but not the obligation, to require First Lien Agent to immediately resign under the First Lien Debt Agreement. 

5.7 Injunctive Relief. Should any Second Lien Claimholder in any way take, attempt to, or threaten to take any action contrary to
terms of this Agreement with respect to the 

  
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Collateral, or fail to take any action required by this Agreement, First Lien Agent or any First Lien Claimholder may obtain relief against such Second Lien Claimholder by injunction, specific
performance, or other appropriate equitable relief, it being understood and agreed by Second Lien Agent that (a) First Lien Claimholders’ damages from such actions may at that time be difficult to ascertain and may be irreparable, and
(b) each Second Lien Claimholder waives any defense that such Grantor and/or First Lien Claimholders cannot demonstrate damage and/or be made whole by the awarding of damages. Should any First Lien Claimholder in any way take, attempt to, or
threaten to take any action contrary to terms of this Agreement with respect to the Collateral, or fail to take any action required by this Agreement, Second Lien Agent or any Second Lien Claimholder (in its or their own name or in the name of any
Grantor) or any Grantor may obtain relief against such First Lien Claimholder by injunction, specific performance, and/or other appropriate equitable relief, it being understood and agreed by First Lien that (i) Second Lien Claimholders’
damages from such actions may at that time be difficult to ascertain and may be irreparable, and (ii) each First Lien Claimholder waives any defense that such Grantor and/or Second Lien Claimholders cannot demonstrate damage and/or be made
whole by the awarding of damages. First Lien Agent and Second Lien Agent hereby irrevocably waive any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any
action which may be brought by First Lien Agent or First Lien Claimholders or Second Lien Agent or Second Lien Claimholders, as the case may be. 
 SECTION 6. Insolvency Proceedings. 
 6.1 Enforceability and Continuing
Priority. This Agreement shall be applicable both before and after the commencement of any Insolvency Proceeding and all converted or succeeding cases in respect thereof. The relative rights of Claimholders in or to any distributions from or in
respect of any Collateral or proceeds of Collateral, shall continue after the commencement of any Insolvency Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be enforceable as a subordination agreement within
the meaning of Section 510 of the Bankruptcy Code. 
 6.2 Financing. If any Grantor shall be subject to any
Insolvency Proceeding and First Lien Agent consents to the use of cash collateral (as such term is defined in Section 363(a) of the Bankruptcy Code; herein, “Cash Collateral”), on which First Lien Agent has a Lien or to permit
any Grantor to obtain financing provided by any one or more First Lien Claimholders under Section 364 of the Bankruptcy Code or any similar Bankruptcy Law (such financing, a “DIP Financing”), then Second Lien Agent agrees that
it will consent to such Cash Collateral use or raise no objection to such DIP Financing and, to the extent the Liens securing the First Lien Obligations are discharged, subordinated to, or pari passu with such DIP Financing, Second
Lien Agent will subordinate its Liens in the Collateral to (i) the Liens securing such DIP Financing and (ii) any “carve-out” authorized by the bankruptcy court in connection with such DIP Financing provided that the amount of
such “carve-out” (exclusive of amounts the DIP Financing lenders agree to allow under such DIP Financing for payment of professionals on a current basis prior to a default under such DIP Financings) is not more than $250,000;
provided that (a) the principal amount of any such DIP Financing plus the outstanding principal amount of other First Lien Obligations does not exceed the First Lien Cap, (b) the interest rate and fees of any such DIP
Financing are commercially reasonable under the circumstances and (c) any such DIP Financing is otherwise subject to the terms of this Agreement. If First Lien Claimholders 

  
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offer to provide DIP Financing that meets the requirements set forth in clauses (a) through (c) above, Second Lien Agent agrees that it shall not, directly or indirectly, provide, offer
to provide, or support any DIP Financing secured by a Lien senior to or pari passu with the Liens securing the First Lien Priority Obligations. The foregoing provisions of this Section 6.2 shall not prevent the Second
Lien Agent or the Second Lien Claimants from objecting to any provision in any Cash Collateral order or DIP Financing documentation relating to any provision or content of a plan of reorganization. 

6.3 Sales. Second Lien Agent agrees that it will consent, and will not object or oppose a motion to Dispose of any Collateral free
and clear of the Liens or other claims in favor of Second Lien Agent under Section 363 of the Bankruptcy Code if the requisite First Lien Claimholders under the First Lien Debt Agreement have consented to such Disposition of such assets, and
such motion does not impair, subject to the priorities set forth in this Agreement, the rights of Second Lien Claimholders under Section 363(k) of the Bankruptcy Code (so long as the right of the Second Lien Claimholders to offset its claim
against the purchase price is only after the First Lien Priority Obligations have been paid in full in cash). The foregoing to the contrary notwithstanding, Second Lien Claimholders may raise any objections to such Disposition of the Collateral that
could be raised by a creditor of Grantors whose claims are not secured by Liens on such Collateral, provided such objections are not inconsistent with any other term or provision of this Agreement and are not based on their status as secured
creditors (without limiting the foregoing, Second Lien Creditors may not raise any objections based on rights afforded by Sections 363(e) and (f) of the Bankruptcy Code to secured creditors (or any comparable provision of any other Bankruptcy
Law) with respect to the Liens granted to Second Lien Agent in respect of such assets). 
 6.4 Relief from the Automatic
Stay. Until the Discharge of First Lien Priority Obligations has occurred, Second Lien Agent agrees not to (a) seek (or support any other Person seeking) relief from the automatic stay or any other stay in any Insolvency Proceeding in
respect of the Collateral, without the prior written consent of First Lien Agent, unless a motion for adequate protection by the Second Lien Agent that is permitted under Section 6.5 has been denied by the court before which the
applicable Insolvency Proceeding is pending, or (b) oppose any request by the First Lien Agent or any First Lien Claimholder to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of the Collateral.

 6.5 Adequate Protection. 
 (a) In any Insolvency Proceeding involving a Grantor, Second Lien Agent agrees that no Second Lien Claimholder shall contest (or support any other Person contesting): 

(i) any request by First Lien Agent or other First Lien Claimholders for adequate protection; or 

(ii) any objection by First Lien Agent or First Lien Claimholders to any motion, relief, action, or proceeding based on
First Lien Agent or First Lien Claimholders claiming a lack of adequate protection. 

  
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 (b) In any Insolvency Proceeding involving a Grantor: 

(i) if any one or more First Lien Claimholders are granted adequate protection in the form of a replacement Lien (on
existing or future assets of Grantors) in connection with any DIP Financing or use of Cash Collateral, then First Lien Agent agrees that Second Lien Agent shall also be entitled to seek, without objection from First Lien Claimholders, adequate
protection in the form of a replacement Lien (on such existing or future assets of Grantors), which replacement Lien, if obtained, shall be subordinate to the Liens securing the First Lien Obligations (including those under a DIP Financing permitted
under Section 6.2) on the same basis as the other Liens securing the Second Lien Obligations are subordinate to the First Lien Obligations under this Agreement; 

(ii) if any one or more Second Lien Claimholders are granted adequate protection in the form of a replacement Lien (on
existing or future assets of Grantors), then Second Lien Agent agrees that First Lien Agent shall also be entitled to seek, without objection from Second Lien Claimholders, a senior adequate protection Lien on existing or future assets of Grantors
as security for the First Lien Obligations and that any adequate protection Lien on such existing or future assets securing the Second Lien Obligations shall be subordinated to the Lien on such assets securing the First Lien Obligations on the same
basis as the other Liens securing the Second Lien Obligations are subordinated to the First Lien Obligations under this Agreement; 
 (iii) if any one or more First Lien Claimholders are granted adequate protection in the form of an expense of administration claim in connection with any DIP Financing or use of Cash Collateral, then
First Lien Agent agrees that Second Lien Agent shall also be entitled to seek, without objection from First Lien Claimholders, adequate protection in the form of an expense of administration claim, which administration claim, if obtained, shall be
subordinate to the administration claim of the First Lien Claimholders; 
 (iv) if any one or more Second Lien
Claimholders are granted adequate protection in the form of an expense of administration claim in connection with any DIP Financing or use of Cash Collateral, then Second Lien Agent agrees that First Lien Agent shall also be entitled to seek,
without objection from Second Lien Claimholders, adequate protection in the form of an expense of administration claim, which administration claim; if obtained, shall be senior to the administration claim of the Second Lien Claimholders; and

 (v) Second Lien Agent (a) may seek, without objection from First Lien Claimholders, adequate protection
with respect to the Second Lien Claimholders’ rights in the Collateral in the form of periodic cash payments in an amount not exceeding interest at the non-default contract rate, together with payment of reasonable out-of-pocket expenses, and
(b) without the consent of First Lien Agent, shall not seek any other adequate protection in the form of cash payments with respect to their rights in the Collateral. 
 (c) Neither Second Lien Agent nor any other Second Lien Claimholder shall object to, oppose, or challenge any claim by First Lien Agent or any First Lien Claimholder for allowance in any Insolvency
Proceeding of First Lien Obligations consisting of post-petition interest, fees, or expenses. 

  
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 (d) Neither First Lien Agent nor any other First Lien Claimholder shall object to, oppose,
or challenge any claim by Second Lien Agent or any Second Lien Claimholder for allowance in any Insolvency Proceeding of Second Lien Obligations consisting of post-petition interest, fees, or expenses. 

6.6 Section 1111(b) of the Bankruptcy Code. Second Lien Agent, for itself and on behalf of Second Lien Claimholders, shall
not object to, oppose, support any objection, or take any other action to impede, the right of any First Lien Claimholder to make an election under Section 1111(b)(2) of the Bankruptcy Code. Second Lien Agent, for itself and on behalf of Second
Lien Claimholders, waives any claim it may hereafter have against any First Lien Claimholder arising out of the election by any First Lien Claimholder of the application of Section 1111(b)(2) of the Bankruptcy Code. 

6.7 No Waiver. Subject to Sections 3.1(a) and 6.5(b), nothing contained herein shall prohibit or in any way
limit First Lien Agent or any First Lien Claimholder from objecting in any Insolvency Proceeding involving a Grantor to any action taken by Second Lien Agent or any Second Lien Claimholders, including the seeking by Second Lien Agent or any Second
Lien Claimholders of adequate protection or the assertion by Second Lien Agent or any Second Lien Claimholders of any of its rights and remedies under the Second Lien Debt Documents. 

6.8 Avoidance Issues. If any First Lien Claimholder is required in any Insolvency Proceeding or otherwise to turn over, disgorge
or otherwise pay to the estate of any Grantor any amount paid in respect of First Lien Obligations (a “Recovery”), then such First Lien Claimholders shall be entitled to a reinstatement of First Lien Obligations with respect to all
such recovered amounts, and all rights, interests, priorities and privileges recognized in this Agreement shall apply with respect to any such Recovery. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be
reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties hereto from such date of reinstatement and to the extent the First Lien Cap was
decreased in connection with such payment of the First Lien Obligations, the First Lien Cap shall be increased to such extent. 

6.9 Plan of Reorganization. 
 (a) If, in any Insolvency Proceeding involving a Grantor, debt obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor are distributed pursuant to a plan of
reorganization or similar dispositive restructuring plan, both on account of First Lien Obligations and on account of Second Lien Obligations, then, to the extent the debt obligations distributed on account of the First Lien Obligations and on
account of the Second Lien Obligations are secured by Liens upon the same property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing
such debt obligations. 

  
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 (b) Second Lien Claimholders shall not propose or support any plan of reorganization that
is inconsistent with the priorities or other provisions of this Agreement. 
 SECTION 7. Reliance; Waivers; Etc.

 7.1 Reliance. Other than any reliance on the terms of this Agreement, First Lien Agent acknowledges that it and the
First Lien Claimholders have, independently and without reliance on Second Lien Agent or any Second Lien Claimholders, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into such
First Lien Debt Documents and be bound by the terms of this Agreement and they will continue to make their own credit decision in taking or not taking any action under the First Lien Debt Agreement or this Agreement. Second Lien Agent acknowledges
that Second Lien Holders have, independently and without reliance on First Lien Agent or any First Lien Claimholder, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into each of
the Second Lien Debt Documents and be bound by the terms of this Agreement and they will continue to make their own credit decision in taking or not taking any action under the Second Lien Debt Documents or this Agreement. 

7.2 No Warranties or Liability. First Lien Agent acknowledges and agrees that, except as provided in Section 8 hereof, each
of Second Lien Agent and Second Lien Claimholders have made no express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability, or enforceability of any of the Second Lien Debt
Documents, the ownership of any Collateral, or the perfection or priority of any Liens thereon. Except as otherwise expressly provided herein, Second Lien Claimholders will be entitled to manage and supervise their respective loans and extensions of
credit under the Second Lien Debt Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. Second Lien Agent acknowledges and agrees that, except as provided in Section 8 hereof, First Lien Agent
and First Lien Claimholders have made no express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability, or enforceability of any of the First Lien Debt Documents, the
ownership of any Collateral, or the perfection or priority of any Liens thereon. Except as otherwise expressly provided herein, First Lien Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under
their respective First Lien Debt Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. 
 7.3 No Waiver of Lien Priorities. 
 (a) No right of First Lien
Claimholders, First Lien Agent or any of them to enforce any provision of this Agreement or any First Lien Debt Document shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Grantor or by any act or
failure to act by any First Lien Claimholder or First Lien Agent, or by any noncompliance by any Person with the terms, provisions, and covenants of this Agreement, any of the First Lien Debt Documents or any of the Second Lien Debt Documents,
regardless of any knowledge thereof which First Lien Agent or First Lien Claimholders, or any of them, may have or be otherwise charged with. 

  
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 (b) Without in any way limiting the generality of the foregoing paragraph (but subject to
any rights of Grantors under the First Lien Debt Documents and subject to the provisions of Section 5.3(a)), First Lien Claimholders, First Lien Agent and any of them may, at any time and from time to time in accordance with the First
Lien Debt Documents and/or applicable law, without the consent of, or notice to, Second Lien Agent or any Second Lien Claimholders, without incurring any liabilities to Second Lien Agent or any Second Lien Claimholders and without impairing or
releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or other right or remedy of Second Lien Agent or any Second Lien Claimholders is affected, impaired, or extinguished thereby) do any one or
more of the following without the prior written consent of Second Lien Agent: 
 (i) change the manner, place,
or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase, or alter, the terms of any of the First Lien Obligations or any Lien on any First Lien Collateral or guarantee thereof or any liability of any
Grantor, or any liability incurred directly or indirectly in respect thereof (including any increase in or extension of the First Lien Obligations, without any restriction as to the tenor or terms of any such increase or extension) or otherwise
amend, renew, exchange, extend, modify, or supplement in any manner any Liens held by First Lien Agent or any First Lien Claimholders, the First Lien Obligations, or any of the First Lien Debt Documents (other than this Agreement); provided
that any such increase in the First Lien Obligations shall not increase the sum of the outstanding principal amount under the First Lien Debt Agreement and, without duplication, the amount of Letters of Credit or obligations in respect thereof then
outstanding to an amount in excess of the First Lien Cap; 
 (ii) sell, exchange, release, surrender, realize
upon, enforce or otherwise deal with in any manner and in any order any part of the First Lien Collateral or any liability of any Grantor to First Lien Claimholders or First Lien Agent, or any liability incurred directly or indirectly in respect
thereof; 
 (iii) settle or compromise any First Lien Obligation or any other liability of any Grantor or any
security therefor or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability (including the First Lien Obligations) in any manner or order; and 

(iv) exercise or delay in or refrain from exercising any right or remedy against any Grantor or any other Person, elect
any remedy and otherwise deal freely with any Grantor or any First Lien Collateral and any security and any guarantor or any liability of any Grantor to First Lien Claimholders or any liability incurred directly or indirectly in respect thereof.

 (c) Except as otherwise provided herein, Second Lien Agent also agrees that First Lien Claimholders and First Lien Agent
shall have no liability to Second Lien Agent or any Second Lien Claimholders, and Second Lien Agent hereby waives any claim against any First Lien Claimholder or First Lien Agent, arising out of any and all actions which First Lien Claimholders or
First Lien Agent may, pursuant to the terms hereof, take, permit or omit to take with respect to: 
 (i) the
First Lien Debt Documents (other than this Agreement); 

  
 31 

 (ii) the collection of the First Lien Obligations; or 

(iii) the foreclosure upon, or sale, liquidation, or other disposition of, or the failure to foreclose upon, or sell,
liquidate, or otherwise dispose of, any First Lien Collateral. Second Lien Agent agrees that First Lien Claimholders and First Lien Agent have no duty to them in respect of the maintenance or preservation of the First Lien Collateral, the First Lien
Obligations, or otherwise. 
 (d) Until the Discharge of First Lien Priority Obligations, Second Lien Agent agrees not to
assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead, or otherwise assert, or otherwise claim the benefit of, any marshaling, appraisal, valuation, or other similar right that may otherwise be
available under applicable law with respect to the Collateral or any other similar rights a junior secured creditor may have under applicable law. 
 7.4 Obligations Unconditional. For so long as this Agreement is in full force and effect, all rights, interests, agreements and obligations of First Lien Agent and First Lien Claimholders and
Second Lien Agent and Second Lien Claimholders, respectively, hereunder shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any First Lien Debt Documents or any Second Lien Debt Documents; 

(b) except as otherwise expressly restricted in this Agreement, any change in the time, manner, or place of payment of, or in any other
terms of, all or any of the First Lien Obligations or Second Lien Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of any First Lien
Debt Document or any Second Lien Debt Document; 
 (c) except as otherwise expressly restricted in this Agreement, any exchange
of any security interest in any Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the First Lien Obligations or Second Lien Obligations or
any guarantee thereof; 
 (d) the commencement of any Insolvency Proceeding in respect of any Grantor; or 

(e) any other circumstances which otherwise might constitute a defense available to, or a discharge of, any Grantor in respect of First
Lien Agent, the First Lien Obligations, any First Lien Claimholder, Second Lien Agent, the Second Lien Obligations or any Second Lien Claimholder in respect of this Agreement (other than indefeasible payment in full in cash of such obligations).

  
 32 

 SECTION 8. Representations and Warranties. 

8.1 Representations and Warranties of Each Party. Each party hereto represents and warrants to the other parties hereto as
follows: 
 (a) Such party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization and has all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder. 
 (b) This Agreement has been duly executed and delivered by such party and constitutes a legal, valid and binding obligation of such party, enforceable in accordance with its terms. 

(c) The execution, delivery, and performance by such party of this Agreement (i) do not require any consent or approval of,
registration or filing with or any other action by any governmental authority and (ii) will not violate any provision of law, statute, rule or regulation, or of the certificate or articles of incorporation or other constitutive documents or
by-laws of such party or any order of any governmental authority or any provision of any indenture, agreement or other instrument binding upon such party. 
 8.2 Representations and Warranties of Each Agent. First Lien Agent and Second Lien Agent each represents and warrants to the other that it has been authorized by First Lien Lenders or Second Lien
Holders, as applicable, under the First Lien Debt Agreement or the Second Lien Debt Agreement, as applicable, to enter into this Agreement and that each of the agreements, covenants, waivers, and other provisions hereof is valid, binding, and
enforceable against the First Lien Lenders or Second Lien Holders, as applicable, as fully as if they were parties hereto. 

SECTION 9. Miscellaneous. 
 9.1 Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of any of the First Lien Debt Documents or any of the Second Lien Debt Documents, the
provisions of this Agreement shall govern and control. 
 9.2 Effectiveness; Continuing Nature of this Agreement;
Severability. This Agreement shall become effective when executed and delivered by the parties hereto. This is a continuing agreement of lien subordination and First Lien Claimholders may continue, at any time and without notice to Second Lien
Agent or any Second Lien Claimholder, to extend credit and other financial accommodations to or for the benefit of any Grantor constituting First Lien Priority Obligations in reliance hereof. Each of First Lien Agent and Second Lien Agent hereby
waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency Proceeding. Any
provision of this Agreement that is prohibited or unenforceable shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. All references to any Grantor shall include such Grantor as debtor and debtor-in-possession and any receiver or trustee for such Grantor in any Insolvency Proceeding. This Agreement shall terminate and be of no further force and
effect: 
 (a) with respect to First Lien Agent, First Lien Claimholders, and the First Lien Obligations, on the date that the
First Lien Obligations are paid in full and termination or expiration of all commitments, if any, to extend credit that would constitute First Lien Obligations has occurred; and 

  
 33 

 (b) with respect to Second Lien Agent, Second Lien Claimholders, and the Second Lien
Obligations, on the date that the Second Lien Obligations are paid in full. 
 9.3 Amendments; Waivers. No amendment,
modification, or waiver of any of the provisions of this Agreement shall be effective unless the same shall be in writing signed on behalf of each party hereto (and acknowledged by the Grantors if such amendment, modification or waiver purports to
alter, in a manner adverse to any Grantor, any obligation of such Grantor hereunder or under any agreement referenced herein) or its authorized agent and each waiver, if any, shall be a waiver only with respect to the specific instance involved
and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. 
 9.4 Information Concerning Financial Condition of the Grantors and their Respective Subsidiaries. First Lien Agent and First Lien Claimholders, on the one hand, and Second Lien Claimholders and
Second Lien Agent, on the other hand, shall not be responsible for keeping any other party informed of (a) the financial condition of the Grantors and their respective subsidiaries and all endorsers and/or guarantors of the First Lien
Obligations or the Second Lien Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the First Lien Obligations or the Second Lien Obligations. First Lien Agent and First Lien Claimholders shall have no duty to
advise Second Lien Agent or any Second Lien Claimholder of information known to it or them regarding such condition or any such circumstances or otherwise. Second Lien Agent and Second Lien Claimholders shall have no duty to advise First Lien Agent
or any First Lien Claimholder of information known to it or them regarding such condition or any such circumstances or otherwise. In the event First Lien Agent or any First Lien Claimholders, in its or their sole discretion, undertakes at any time
or from time to time to provide any such information to Second Lien Agent or any Second Lien Claimholder, it or they shall be under no obligation: 
 (a) to make, and First Lien Agent and First Lien Claimholders shall not make, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness, or
validity of any such information so provided; 
 (b) to provide any additional information or to provide any such information
on any subsequent occasion; 
 (c) to undertake any investigation; or 

(d) to disclose any information, which pursuant to accepted or reasonable commercial practices, such party wishes to maintain
confidential or is otherwise required to maintain confidential. 
 9.5 Subrogation. With respect to any payments or
distributions in cash, property, or other assets that any Second Lien Claimholders or Second Lien Agent pays over to First Lien 

  
 34 

 
Agent or First Lien Claimholders under the terms of this Agreement, Second Lien Claimholders and Second Lien Agent shall be subrogated to the rights of First Lien Agent and First Lien
Claimholders; provided, however, that, Second Lien Agent hereby agrees not to assert or enforce any such rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of all First Lien Priority
Obligations has occurred. Any payments or distributions in cash, property or other assets received by Second Lien Agent or Second Lien Claimholders that are paid over to First Lien Agent or First Lien Claimholders pursuant to this Agreement shall
not reduce any of the Second Lien Obligations. 
 9.6 SUBMISSION TO JURISDICTION; WAIVERS. 

(a) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF
COMPETENT JURISDICTION IN THE STATE, COUNTY, AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY: 

(i) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NON-EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; 

(ii) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; 

(iii) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED
MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 9.7; AND 
 (iv) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (iii) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES
EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT. 
 (b) EACH OF THE PARTIES HERETO (INCLUDING EACH OF THE GRANTORS ON BEHALF OF
ITSELF AND ITS SUBSIDIARIES) HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED
IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER HEREOF, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO
ENTER INTO A BUSINESS RELATIONSHIP THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT
IT HAS 

  
 35 

 
REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE; MEANING THAT
IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 9.6(b) AND EXECUTED BY FIRST LIEN AGENT AND SECOND LIEN AGENT), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENTS, RENEWALS, SUPPLEMENTS, OR MODIFICATIONS HERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 9.7 Notices. All notices to Second Lien Claimholders and First Lien Claimholders permitted or required under this Agreement shall also be sent to Second Lien Agent and First Lien Agent,
respectively. Unless otherwise specifically provided herein, any notice hereunder shall be in writing and may be personally served or sent by telefacsimile or United States mail or courier service or electronic mail and shall be deemed to have been
given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of telefacsimile or electronic mail, or 3 Business Days after depositing it in the United States mail with postage prepaid and properly
addressed. For the purposes hereof, the addresses of the parties hereto shall be as designated on Exhibit A attached hereto or as may be otherwise designated by such party in a written notice to all of the other parties complying with this
Section 9.7. 
 9.8 Further Assurances. First Lien Agent and Second Lien Agent each agrees to take such
further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as First Lien Agent or Second Lien Agent may reasonably request to effectuate the terms of and the Lien priorities contemplated
by this Agreement, all at the expense of Borrowers. 
 9.9 APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLIED TO CONTRACTS TO BE PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK. 
 9.10 Binding on Successors and Assigns. This Agreement shall be binding upon First Lien Agent, First Lien Claimholders, Second Lien Agent, Second Lien Claimholders, and their respective successors
and assigns. 
 9.11 Headings. Section headings in this Agreement are included herein for convenience of reference only
and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. 
 9.12
Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.
Delivery of an executed counterpart of a signature page of this Agreement or any document or instrument delivered in connection herewith by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart
of this Agreement or such other document or instrument, as applicable. 

  
 36 

 9.13 No Third Party Beneficiaries. This Agreement and the rights and benefits hereof
shall inure to the benefit of each of the parties hereto and its respective successors and assigns and shall inure to the benefit of and bind each of First Lien Claimholders and Second Lien Claimholders. In no event shall any Grantor be a third
party beneficiary of this Agreement. 
 9.14 Provisions Solely to Define Relative Rights. The provisions of this
Agreement are and are intended solely for the purpose of defining the relative rights of First Lien Agent and First Lien Claimholders on the one hand and Second Lien Agent and Second Lien Claimholders on the other hand. No Grantor or any other
creditor thereof shall have any rights hereunder and no Grantor may rely on the terms hereof. Nothing in this Agreement shall impair, as between Grantors and First Lien Agent and First Lien Claimholders, or as between Grantors and Second Lien Agent
and Second Lien Claimholders, the obligations of Grantors to pay principal, interest, fees and other amounts as provided in the First Lien Debt Documents and the Second Lien Debt Documents, respectively. 

9.15 Costs and Attorneys Fees. In the event it becomes necessary for First Lien Agent, any First Lien Claimholder, Second Lien
Agent, or any Second Lien Claimholder to commence or become a party to any proceeding or action to enforce the provisions of this Agreement, the court or body before which the same shall be tried shall award to the prevailing party all costs and
expenses thereof, including reasonable attorneys fees, the usual and customary and lawfully recoverable court costs, and all other expenses in connection therewith. 
 9.16 Patriot Act Compliance. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, First Lien Agent, like all financial institutions and in order to help
fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account. The parties to this Agreement agree that they
will provide First Lien Agent with such information as it may request in order for First Lien Agent to satisfy the requirements of the USA PATRIOT Act. 
 [signature pages follow] 

  
 37 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	PNC BANK, NATIONAL ASSOCIATION,
	as First Lien Agent
		
	By:	 	 /s/ Marc J. Hansen

			
	Name:	 	 Marc J. Hansen

			
	Title:	 	 VP

 Signature Page to Intercreditor Agreement 

 
			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as Second Lien Agent

		
	By:	 	 /s/ Richard Prokosch

			
	Name:	 	 Richard Prokosch

			
	Title:	 	 Vice President

 Signature Page to Intercreditor Agreement 

 ACKNOWLEDGMENT 

As of the date first written above, each of the Grantors and each of the Grantors’ undersigned Subsidiaries (if any) hereby
acknowledge that they have received a copy of the foregoing Intercreditor Agreement and consent thereto, agree to recognize all rights granted thereby to First Lien Agent, First Lien Claimholders, Second Lien Agent, and Second Lien Claimholders, and
will not do any act or perform any obligation which is not in accordance with the agreements set forth therein. The Grantors and each of the Grantors’ undersigned Subsidiaries each further acknowledge and agree that they are not an intended
beneficiary or third party beneficiary under the foregoing Intercreditor Agreement. 
  

					
	ACKNOWLEDGED:
	
	 HUTCHINSON TECHNOLOGY INCORPORATED,
 a Minnesota corporation

		
	By:	 	 /s/ David P. Radloff

		 	Name:	 	David P. Radloff
		 	Title:	 	Vice President and Chief Financial Officer

 EXHIBIT A 

NOTICE ADDRESSES 
  

			
	If to Second Lien Agent:	  	WELLS FARGO BANK, NATIONAL ASSOCIATION
		  	MAC N9311-110
		  	625 Marquette Avenue
		  	Minneapolis, Minnesota 55479
		  	Attention:      Hutchinson Administrator
		  	Facsimile:      (612) 667-2160
		
	With copies to:	  	DORSEY & WHITNEY LLP
		  	Suite 1500, 50 South Sixth Street
		  	Minneapolis, MN 55402
		  	Attention:      Steven J. Heim
		  	Facsimile:      (612) 340-2643
		
	If to First Lien Agent:	  	PNC BANK, NATIONAL ASSOCIATION
		  	340 Madison Avenue
		  	New York, NY 10173
		  	Attention:      Marc Hansen
		  	Facsimile:      (212) 752-6043
		
	with copies to:	  	HAHN & HESSEN LLP
		  	488 Madison Avenue
		  	New York, NY 10022
		  	Attention:      Steven J. Seif
		  	Facsimile:      (212) 478-7400
		
	If to the Grantors:	  	HUTCHINSON TECHNOLOGY INCORPORATED
		  	40 West Highland Park
		  	Hutchinson, MN 55350-9784
		  	Attention:      Chief Financial Officer
		  	Facsimile:      (320) 587-1810
		
	with copies to:	  	FAEGRE BAKER DANIELS LLP
		  	2200 Wells Fargo Center
		  	90 South Seventh Street
		  	Minneapolis, MN 55402
		  	Attention:      Peggy Abram
		  	Facsimile:      612-766-1600

  
 Exhibit A - 1Registration Rights Agreement

 Exhibit 4.3 
 REGISTRATION RIGHTS AGREEMENT 
 REGISTRATION RIGHTS AGREEMENT (this
“Agreement”), dated as of March 28, 2012, by and among Hutchinson Technology Incorporated, a Minnesota corporation, with headquarters located at 40 West Highland Park Drive N.E., Hutchinson, Minnesota 55350 (the
“Company”), and the investors listed on the Schedule of Buyers attached hereto (each, a “Buyer” and collectively, the “Buyers”). 

WHEREAS: 

A. In connection with the Securities Purchase Agreement by and among the parties hereto of even date herewith (the “Securities
Purchase Agreement”), the Company has agreed, upon the terms and subject to the conditions of the Securities Purchase Agreement, to issue and sell to each Buyer (i) 8.50% Senior Secured Second Lien Notes due 2017 of the Company and
(ii) warrants (the “Warrants”) which will be exercisable to purchase shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”) (as exercised, collectively, the “Warrant
Shares”) in accordance with the terms of the Warrants. 
 B. In accordance with the terms of the Securities Purchase
Agreement, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “1933 Act”), and
applicable state securities laws. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and each of the Buyers hereby agree as follows: 

 

	 	1.	Definitions. 

Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Securities Purchase
Agreement. As used in this Agreement, the following terms shall have the following meanings: 
 (a) “Accrual
Date” means (i) each thirtieth (30th) day following an event or failure giving rise to a Registration Delay Payment or a Public Information Failure Payment, as applicable, so long as such event or failure is ongoing, and
(ii) the date on which an event or failure giving rise to a Registration Delay Payment or a Public Information Failure Payment, as applicable, is cured, or, in each case, if such date falls on a day other than a Trading Day (a
“Holiday”), the next date that is not a Holiday. 
 (b) “Additional Effective Date” means the
date the Additional Registration Statement is declared effective by the SEC. 
 (c) “Additional Effectiveness
Deadline” means the date which is forty five (45) calendar days after the earlier of the Additional Filing Date and the Additional Filing Deadline. 

 (d) “Additional Filing Date” means the date on which the Additional
Registration Statement is filed with the SEC. 
 (e) “Additional Filing Deadline” means if Cutback Shares are
required to be included in any Additional Registration Statement, the later of (i) the date sixty (60) days after the date substantially all of the Registrable Securities registered under the immediately preceding Registration Statement
are sold and (ii) the date six (6) months from the Initial Effective Date or the most recent Additional Effective Date, as applicable. 
 (f) “Additional Registrable Securities” means, (i) any Cutback Shares not previously included on a Registration Statement and (ii) any capital stock of the Company issued or
issuable with respect to the Warrants, the Warrant Shares, or the Cutback Shares, as applicable, as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise, without regard to any limitations on exercise
of the Warrants. 
 (g) “Additional Registration Statement” means a registration statement or registration
statements of the Company filed under the 1933 Act covering any Additional Registrable Securities. 
 (h) “Additional
Required Registration Amount” means (I) any Cutback Shares not previously included on a Registration Statement, all subject to adjustment as provided in Section 2(f) or (II) such other amount as may be required by the staff of the
SEC pursuant to Rule 415, without regard to any limitations on exercise of the Warrants. 
 (i) “Bloomberg”
means Bloomberg Financial Markets. 
 (j) “Business Day” means any day other than Saturday, Sunday or any
other day on which commercial banks in the City of New York are authorized or required by law to remain closed. 
 (k)
“Closing Date” shall have the meaning set forth in the Securities Purchase Agreement. 
 (l) “Cutback
Shares” means any of the Initial Required Registration Amount or the Additional Required Registration Amount (without regard to clause (II) in the definition thereof) of Registrable Securities not included in all Registration Statements
previously declared effective hereunder as a result of a limitation on the maximum number of shares of Common Stock of the Company permitted to be registered by the staff of the SEC pursuant to Rule 415, with any cutback applied pro rata to all
Investors. 
 (m) “Effective Date” means the Initial Effective Date and the Additional Effective Date, as
applicable. 
 (n) “Effectiveness Deadline” means the Initial Effectiveness Deadline and the Additional
Effectiveness Deadline, as applicable. 

  
 2 

 (o) “Eligible Market” means the Principal Market, The New York Stock
Exchange, Inc., The NASDAQ Capital Market, The NASDAQ Global Market or the NYSE Amex. 
 (p) “Filing Deadline”
means the Initial Filing Deadline and the Additional Filing Deadline, as applicable. 
 (q) “Initial Effective
Date” means the date that the Initial Registration Statement has been declared effective by the SEC. 
 (r)
“Initial Effectiveness Deadline” means the date which is forty five (45) calendar days after the Initial Filing Deadline. 
 (s) “Initial Filing Date” means the date on which the Initial Registration Statement is filed with the SEC. 
 (t) “Initial Filing Deadline” means two (2) Business Days following the Closing Date. 
 (u) “Initial Registrable Securities” means (i) the Warrant Shares issued or issuable upon exercise of the Warrants and (ii) any common stock of the Company issued or issuable
with respect to the Warrant Shares or the Warrants as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise, without regard to any limitations on exercise of the Warrants. 

(v) “Initial Registration Statement” means a registration statement or registration statements of the Company filed
under the 1933 Act covering the Initial Registrable Securities. 
 (w) “Initial Required Registration Amount”
means the maximum number of Warrant Shares issued and issuable pursuant to the Warrants, each as of the Trading Day immediately preceding the applicable date of determination, subject to adjustment as provided in Section 2(f), without regard to
any limitations on exercise of the Warrants. 
 (x) “Investor” means a Buyer or any transferee or assignee
thereof to whom a Buyer assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9 and any transferee or assignee thereof to whom a transferee or assignee assigns its
rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9. 
 (y) “Market Price” means the arithmetic average of the Weighted Average Prices of the Common Stock during the five (5) Trading Day period beginning on, and including, the second
(2nd) Trading Day immediately preceding the Accrual Date, and ending on and including the second (2nd) Trading Day immediately following the Accrual Date. 

  
 3 

 (z) “Person” means an individual, a limited liability company, a
partnership, a joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof. 
 (aa) “Principal Market” means The NASDAQ Global Select Market. 

(bb) “register,” “registered,” and “registration” refer to a registration effected by
preparing and filing one or more Registration Statements (as defined below) in compliance with the 1933 Act and pursuant to Rule 415, and the declaration or ordering of effectiveness of such Registration Statement(s) by the SEC. 

(cc) “Registrable Securities” means the Initial Registrable Securities and the Additional Registrable Securities.

 (dd) “Registration Statement” means the Initial Registration Statement and the Additional Registration
Statement, as applicable. 
 (ee) “Required Holders” means the holders of at least a majority of the
Registrable Securities. 
 (ff) “Required Registration Amount” means either the Initial Required Registration
Amount or the Additional Required Registration Amount, as applicable. 
 (gg) “Rule 415” means Rule 415
promulgated under the 1933 Act or any successor rule providing for offering securities on a continuous or delayed basis. 

(hh) “SEC” means the United States Securities and Exchange Commission. 

(ii) “Trading Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded; provided that “Trading Day” shall not include any day on which the
Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not
designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time). 
 (jj) “Weighted Average Price” means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market during the period beginning at
9:30:01 a.m., New York time (or such other time as the Principal Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as the Principal Market publicly announces is the official
close of trading), as reported by Bloomberg through its “Volume at Price” function or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin
board for such security during the period beginning at 9:30:01 a.m., New York time (or such other time as the Principal Market publicly announces is the official 

  
 4 

 
open of trading), and ending at 4:00:00 p.m., New York time (or such other time as the Principal Market publicly announces is the official close of trading), as reported by Bloomberg, or, if no
dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the OTC Link
or “pink sheets” by OTC Markets Group Inc. (formerly Pink OTC Markets Inc.). If the Weighted Average Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Weighted Average Price of such security
on such date shall be the fair market value as mutually determined by the Company and the Required Holders. If the Company and the Required Holders are unable to agree upon the fair market value of such security, then such dispute shall be resolved
pursuant to Section 13 of the Warrant with the term “Weighted Average Price” being substituted for the term “Exercise Price.” All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock
combination or other similar transaction during the applicable calculation period. 
  

	 	2.	Registration. 

 (a)
Initial Mandatory Registration. The Company shall prepare, and, as soon as practicable but in no event later than the Initial Filing Deadline, file with the SEC the Initial Registration Statement on Form S-3 covering the resale of all of the
Initial Registrable Securities. In the event that Form S-3 is unavailable for such a registration, the Company shall use Form S-1 or such other form as is available for such a registration on another appropriate form reasonably acceptable to the
Required Holders, subject to the provisions of Section 2(e). The Initial Registration Statement prepared pursuant hereto shall register for resale at least the number of shares of Common Stock equal to the Initial Required Registration Amount
determined as of the date the Initial Registration Statement is initially filed with the SEC, subject to adjustment as provided in Section 2(f). The Initial Registration Statement shall contain (except if otherwise directed by the Required
Holders) the “Plan of Distribution” and “Selling Shareholders” sections in substantially the form attached hereto as Exhibit B. The Company shall use its reasonable best efforts to have the Initial
Registration Statement declared effective by the SEC as soon as practicable, but in no event later than the Initial Effectiveness Deadline. By 9:30 a.m. New York time on the Business Day following the Initial Effective Date, the Company shall file
with the SEC in accordance with Rule 424 under the 1933 Act the final prospectus to be used in connection with sales pursuant to such Initial Registration Statement. 
 (b) Additional Mandatory Registrations. During the Registration Period, the Company shall prepare, and, as soon as practicable but in no event later than the Additional Filing Deadline, file with
the SEC an Additional Registration Statement on Form S-3 covering the resale of all of the Additional Registrable Securities not previously registered on an Additional Registration Statement hereunder. To the extent the staff of the SEC does not
permit the Additional Required Registration Amount to be registered on an Additional Registration Statement, the Company shall file, which based on consultation with counsel to the Company and the SEC staff is reasonably likely to effect the
registration of the Additional Registrable Securities, Additional Registration Statements successively trying to register on each such Additional Registration Statement the maximum number of remaining Additional Registrable Securities until the
Additional Required Registration Amount has been registered with the SEC. In the event that Form S-3 is unavailable for such a registration, the Company shall use Form S-1 

  
 5 

 
or such other form as is available for such a registration on another appropriate form reasonably acceptable to the Required Holders, subject to the provisions of Section 2(e). Each
Additional Registration Statement prepared pursuant hereto shall register for resale at least that number of shares of Common Stock equal to the Additional Required Registration Amount determined as of the date such Additional Registration Statement
is initially filed with the SEC, subject to adjustment as provided in Section 2(f). Each Additional Registration Statement shall contain (except if otherwise directed by the Required Holders) the “Plan of
Distribution” and “Selling Shareholders” sections in substantially the form attached hereto as Exhibit B. The Company shall use its reasonable best efforts to have each Additional Registration Statement declared
effective by the SEC as soon as practicable, but in no event later than the Additional Effectiveness Deadline. By 9:30 a.m. New York time on the Business Day following the Additional Effective Date, the Company shall file with the SEC in accordance
with Rule 424 under the 1933 Act the final prospectus to be used in connection with sales pursuant to such Additional Registration Statement. 
 (c) Allocation of Registrable Securities. The initial number of Registrable Securities included in any Registration Statement and any increase or decrease in the number of Registrable Securities
included therein shall be allocated pro rata among the Investors based on the number of Registrable Securities held by each Investor at the time the Registration Statement covering such initial number of Registrable Securities or increase or
decrease thereof is declared effective by the SEC. In the event that an Investor sells or otherwise transfers any of such Investor’s Registrable Securities, each transferee shall be allocated a pro rata portion of the then remaining number of
Registrable Securities included in such Registration Statement for such transferor. Any shares of Common Stock included in a Registration Statement and which remain allocated to any Person which ceases to hold any Registrable Securities covered by
such Registration Statement shall be allocated to the remaining Investors, pro rata based on the number of Registrable Securities then held by such Investors which are covered by such Registration Statement. In no event shall the Company include any
securities other than Registrable Securities on any Registration Statement without the prior written consent of the Required Holders. 
 (d) Legal Counsel. Subject to Section 5 hereof, the Required Holders shall have the right to select one legal counsel to review and oversee any registration pursuant to this Section 2
(“Legal Counsel”), which shall be Schulte Roth & Zabel LLP or such other counsel as thereafter designated by the Required Holders. The Company and Legal Counsel shall reasonably cooperate with each other in performing the
Company’s obligations under this Agreement. 
 (e) Ineligibility for Form S-3. During the Registration Period, in
the event that Form S-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall (i) register the resale of the Registrable Securities on Form S-1 or another appropriate form reasonably
acceptable to the Required Holders and (ii) undertake to register the Registrable Securities on Form S-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of the Registration Statement then in effect
until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the SEC. 

  
 6 

 (f) Sufficient Number of Shares Registered. During the Registration Period, in the
event the number of shares available under a Registration Statement filed pursuant to Section 2(a) or Section 2(b) is insufficient to cover the Required Registration Amount of Registrable Securities required to be covered by such
Registration Statement or an Investor’s allocated portion of the Registrable Securities pursuant to Section 2(c), the Company shall amend the applicable Registration Statement, or file a new Registration Statement (on the short form
available therefor, if applicable), or both, so as to cover at least the Required Registration Amount as of the Trading Day immediately preceding the date of the filing of such amendment or new Registration Statement, in each case, as soon as
practicable, but in any event not later than fifteen (15) days after the necessity therefor arises. The Company shall use its reasonable best efforts to cause such amendment and/or new Registration Statement to become effective as soon as
practicable following the filing thereof. For purposes of the foregoing provision, the number of shares available under a Registration Statement shall be deemed “insufficient to cover all of the Registrable Securities” if at any time the
number of shares of Common Stock available for resale under the Registration Statement is less than the product determined by multiplying (i) the Required Registration Amount as of such time by (ii) 0.90. The calculation set forth in the
foregoing sentence shall be made without regard to any limitations on the exercise of the Warrants and such calculation shall assume the Warrants are then exercisable in full into shares of Common Stock. 

(g) Effect of Failure to File and Obtain and Maintain Effectiveness of Registration Statement. If (i) the Initial
Registration Statement when declared effective fails to register the Initial Required Registration Amount of Initial Registrable Securities, (ii) a Registration Statement covering all of the Registrable Securities required to be covered thereby
and required to be filed by the Company pursuant to this Agreement is (A) not filed with the SEC on or before the applicable Filing Deadline (a “Filing Failure”) or (B) not declared effective by the SEC on or before the
applicable Effectiveness Deadline, (an “Effectiveness Failure”) or (iii) on any day after the applicable Effective Date sales of all of the Registrable Securities required to be included on such Registration Statement cannot be
made (other than during an Allowable Grace Period (as defined in Section 3(r)) pursuant to such Registration Statement or otherwise (including, without limitation, because of the suspension of trading or any other limitation imposed by an
Eligible Market, a failure to keep such Registration Statement effective, a failure to disclose such information as is necessary for sales to be made pursuant to such Registration Statement, a failure to register a sufficient number of shares of
Common Stock or a failure to maintain the listing of the Common Stock) (a “Maintenance Failure”) then, as partial relief for the damages to any holder of Registrable Securities by reason of any such delay in or reduction of its
ability to sell the underlying shares of Common Stock (which remedy shall not be exclusive of any other remedies available at law or in equity, including, without limitation, specific performance), (A) the Company shall pay to each holder of
Registrable Securities relating to such Registration Statement an amount in cash equal to one and three-quarters percent (1.75%) of the product of (i) the Market Price and (ii) the number of Registrable Securities held by such
Investor on each of the following dates with respect to which there is a Filing Failure, Effectiveness Failure or Maintenance Failure: (i) the thirtieth day after the date of a Filing Failure and every thirtieth day thereafter (pro rated for
periods totaling less than thirty days) until such Filing Failure is cured; (ii) the thirtieth day after the date of an Effectiveness Failure and every thirtieth day thereafter (pro rated for periods totaling less than thirty days) until such
Effectiveness Failure is cured; and (iii) the thirtieth day after the date of a Maintenance 

  
 7 

 
Failure and every thirtieth day thereafter (pro rated for periods totaling less than thirty days) until such Maintenance Failure is cured. The payments to which a holder shall be entitled
pursuant to this Section 2(g) are referred to herein as “Registration Delay Payments.” Registration Delay Payments shall be paid on the third Business Day after each applicable Accrual Date. In the event the Company fails to
make Registration Delay Payments in a timely manner, such Registration Delay Payments shall bear interest at the rate of one and one-quarter percent (1.25%) per month (prorated for partial months) until paid in full. Upon the expiration of the
Registration Period, no Registration Delay Payment shall accrue pursuant to this Section 2(g); provided, that the Company shall remain obligated to make all Registration Delay Payments that accrued prior to that date and were not made, plus any
interest thereon. 
 (h) Public Information. At any time during the period commencing from the six (6) month
anniversary of the Closing Date and ending at such time that all of the Registrable Securities, if a registration statement is not available for the resale of all of the Registrable Securities, may be sold without restriction or limitation pursuant
to Rule 144 (other than by reason of an applicable holder’s status as an affiliate of the Company) and without the requirement to be in compliance with Rule 144(c)(1) (the “Public Information Period”), if (x) the Company
shall fail for any reason to satisfy the current public information requirement under Rule 144(c) or (y) the Company shall become an issuer identified in Rule 144(i)(1) (a “Public Information Failure”) then, as partial relief
for the damages to any holder of Registrable Securities by reason of any such delay in or reduction of its ability to sell the underlying shares of Common Stock (which remedy shall not be exclusive of any other remedies available at law or in
equity, including, without limitation, specific performance), the Company shall pay to each such holder an amount in cash equal to one and three-quarters percent (1.75%) of the product of (i) the Market Price and (ii) the number of
Registrable Securities held by such Investor on the day of a Public Information Failure and on every thirtieth day (pro rated for periods totaling less than thirty days) thereafter until the earlier of (i) the date such Public Information
Failure is cured and (ii) such time that such public information is no longer required pursuant to Rule 144. The payments to which a holder shall be entitled pursuant to this Section 2(h) are referred to herein as “Public
Information Failure Payments.” Public Information Failure Payments shall be paid on the third Business Day after each applicable Accrual Date. In the event the Company fails to make Public Information Failure Payments in a timely manner,
such Public Information Failure Payments shall bear interest at the rate of 1.25% per month (prorated for partial months) until paid in full. In no event shall the Company be obligated to make both Public Information Failure Payments and
Registration Delay Payments in respect of any same period of time in which a failure giving rise to such payments is deemed to have occurred. 

  
 8 

	 	3.	Related Obligations. 

 At
such time as the Company is obligated to file a Registration Statement with the SEC pursuant to Section 2(a), 2(b), 2(e) or 2(f), the Company will use its reasonable best 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, which, with respect to Sections 3(a) - 3(j), Sections 3(m) - 3(r) and Section 3(t) below apply only during the
Registration Period: 
 (a) The Company shall promptly prepare and file with the SEC a Registration Statement with respect to
the Registrable Securities and use its reasonable best efforts to cause such Registration Statement relating to the Registrable Securities to become effective as soon as practicable after such filing (but in no event later than the Effectiveness
Deadline). The Company shall keep each Registration Statement effective pursuant to Rule 415 at all times until the earlier of (i) the date as of which the Investors may sell all of the Registrable Securities covered by such Registration
Statement without restriction or limitation pursuant to Rule 144 (or any successor thereto) promulgated under the 1933 Act on volume or manner of sale, (ii) the date on which the Investors shall have sold all of the Registrable Securities
covered by such Registration Statement, or (iii) the first anniversary of the Closing Date (the “Registration Period”). The Company shall ensure that each Registration Statement (including any amendments or supplements thereto
and prospectuses contained therein) 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 term “reasonable best efforts” shall mean, among other things, that 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 of the SEC 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 pursuant to Section 3(c) (which approval is immediately sought), a request for acceleration of effectiveness of such Registration Statement to a time and date not later than two (2) Business Days after the submission of
such request. The Company shall respond in writing to comments made by the SEC in respect of a Registration Statement as soon as practicable, and shall use its reasonable best efforts to submit such responses in no event later than fifteen
(15) days after the receipt of comments by or notice from the SEC that an amendment is required in order for a Registration Statement to be declared effective. 
 (b) The Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a Registration Statement and the prospectus used in connection with such
Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the 1933 Act, as may be necessary to keep such Registration Statement effective at all times during the Registration Period, and, during such period,
comply with the provisions of the 1933 Act with respect to the disposition of all Registrable Securities of the Company 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. In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this
Agreement (including pursuant to this Section 3(b)) by reason of the Company filing a report on Form 10-Q, Form 10-K or any analogous report under the Securities Exchange Act of 1934, as amended (the “1934 Act”), the Company
shall have incorporated such report by reference into such Registration Statement, if applicable, or shall file such amendments or supplements with the SEC on the same day on which the 1934 Act report is filed which created the requirement for the
Company to amend or supplement such Registration Statement. 
 (c) The Company shall (A) permit Legal Counsel to review
and comment upon (i) a Registration Statement at least three (3) Business Days prior to its filing with the SEC and (ii) all amendments and supplements to all Registration Statements (except for

  
 9 

 
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements, and any similar or successor 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 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 approval of Legal Counsel, which consent shall not be unreasonably withheld. The Company shall furnish to Legal Counsel, without charge, (i) copies of any
correspondence from the SEC or the staff of the SEC to the Company or its representatives relating to any Registration Statement, (ii) promptly after the same is prepared and filed with the SEC, one copy of any Registration Statement and any
amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference, if requested by an Investor, and all exhibits and (iii) upon the effectiveness of any Registration Statement, one 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) The Company shall furnish to each Investor whose Registrable Securities are included in any Registration Statement, without charge,
(i) promptly after the same is prepared and filed with the SEC, at least one copy of such Registration Statement and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference, if
requested by an Investor, all exhibits and each preliminary prospectus, (ii) upon the effectiveness of any Registration Statement, ten (10) copies of the prospectus included in such Registration Statement and all amendments and supplements
thereto (or such other number of copies as such Investor may reasonably request) and (iii) such other documents, including copies of any preliminary or final prospectus, as such Investor may reasonably request from time to time in order to
facilitate the disposition of the Registrable Securities owned by such Investor. 
 (e) The Company shall use its reasonable
best efforts to (i) register and qualify, unless an exemption from registration and qualification applies, the resale by Investors 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 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 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, that 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 each Investor who holds Registrable Securities 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. 

  
 10 

 (f) The Company shall notify Legal Counsel and each 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, nonpublic information),
and, subject to Section 3(r), promptly prepare a supplement or amendment to such Registration Statement to correct such untrue statement or omission, and deliver ten (10) copies of such supplement or amendment to Legal Counsel and each
Investor (or such other number of copies as Legal Counsel or such Investor may reasonably request). The Company shall also promptly notify Legal Counsel and each Investor in writing (i) when a prospectus or any prospectus supplement or
post-effective amendment has been filed, and when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to Legal Counsel and each Investor by facsimile or e-mail on the
same day of such effectiveness and by overnight mail), (ii) of any request by the SEC for amendments or supplements to a Registration Statement or related prospectus or related information, and (iii) of the Company’s reasonable
determination that a post-effective amendment to a Registration Statement would be appropriate. By 9:30 a.m. New York City time on the date following the date any post-effective amendment has become effective, the Company shall file with the SEC in
accordance with Rule 424 under the 1933 Act the final prospectus to be used in connection with sales pursuant to such Registration Statement. 
 (g) The Company shall use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the suspension of the 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 moment and to notify Legal Counsel and each Investor who
holds Registrable Securities being sold 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. 

(h) If any Investor is required under applicable securities laws to be described in the Registration Statement as an underwriter or an
Investor believes that it could reasonably be deemed to be an underwriter of Registrable Securities, at the reasonable request of such Investor, the Company shall use its reasonable best efforts to furnish to such Investor, on the date of the
effectiveness of the Registration Statement and thereafter from time to time on such dates as an Investor may reasonably request (i) a letter, dated such date, from the Company’s independent certified public accountants in form and
substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the Investors, and (ii) an opinion, dated as of such date, of counsel representing the Company for
purposes of such Registration Statement, in form, scope and substance as is customarily given in an underwritten public offering, addressed to the Investors. 
 (i) If any Investor is required under applicable securities laws to be described in the Registration Statement as an underwriter or an Investor believes that it could reasonably be deemed to be an
underwriter of Registrable Securities, the Company shall make available for inspection by (i) such Investor, (ii) Legal Counsel and (iii) one firm of accountants or other agents retained by the Investors (collectively, the
“Inspectors”), all pertinent financial 

  
 11 

 
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, that each Inspector shall agree to hold in strict confidence and shall not make any disclosure
(except to an Investor) or use of any Record or other information which the Company 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 1933 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. Each 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 any Investor) shall be deemed to limit the Investors’ ability to sell
Registrable Securities in a manner which is otherwise consistent with applicable laws and regulations. 
 (j) The Company shall
hold in confidence and not make any disclosure of information concerning an 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, (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 agreement. The Company agrees that it shall, upon
learning that disclosure of such information concerning an Investor is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to such Investor and allow such Investor, at the
Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information. 
 (k) The Company shall use its reasonable best efforts either to (i) cause all of the Registrable Securities covered by a 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 the inclusion for quotation of all of the
Registrable Securities on The NASDAQ Global Select Market or (iii) if, despite the Company’s reasonable best efforts, the Company is unsuccessful in satisfying the preceding clauses (i) and (ii), to secure the inclusion for quotation
on, The New York Stock Exchange, the NYSE Amex Equities, The NASDAQ Capital Market or The NASDAQ Global Market for such Registrable Securities and, 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, Inc. (“FINRA”) as such with respect to such Registrable Securities. The Company shall pay all fees and expenses in connection with satisfying
its obligation under this Section 3(k). 

  
 12 

 (l) Subject to the provisions of Sections 2(f) and 2(g) of the Securities Purchase
Agreement, the Company shall cooperate with the Investors who hold Registrable Securities being offered 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 and sold pursuant to a Registration Statement and enable such certificates to be in such denominations or amounts, as the case may be, as the Investors may reasonably request and registered in such names as
the Investors may request. 
 (m) If requested by an Investor, the Company shall as soon as practicable (i) incorporate in
a prospectus supplement or post-effective amendment such information as an 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 if
reasonably requested by an Investor holding any Registrable Securities. 
 (n) The Company shall cooperate with each Investor
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.

 (o) 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 1933 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 a Registration Statement. 
 (p)
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. 
 (q) Within two (2) Business Days after a Registration Statement which covers Registrable Securities is ordered effective by the SEC, the Company shall deliver, and shall cause legal counsel for the
Company to deliver, to the transfer agent for such Registrable Securities (with copies to the Investors whose Registrable Securities are included in such Registration Statement) confirmation that such Registration Statement has been declared
effective by the SEC in the form attached hereto as Exhibit A. 
 (r) Notwithstanding anything to the contrary herein,
at any time after the Effective Date, the Company may delay the disclosure of material, non-public information concerning the Company the disclosure of which at the time is not, in the good faith opinion of the Board of Directors of the Company
after consultation with its counsel, in the best interest of the Company (a “Grace Period”); provided, that the Company shall promptly (i) notify the 

  
 13 

 
Investors in writing of the existence of material, non-public information giving rise to a Grace Period (provided that in each notice the Company will not disclose the content of such material,
non-public information to the Investors) and the date on which the Grace Period will begin, and (ii) notify the Investors in writing of the date on which the Grace Period ends; and, provided further, that no Grace Period shall exceed twenty
(20) consecutive days and during any three hundred sixty five (365) day period such Grace Periods shall not exceed an aggregate of forty five (45) days and the first day of any Grace Period must be at least five (5) Trading Days
after the last day of any prior Grace Period (each, an “Allowable Grace Period”). For purposes of determining the length of a Grace Period above, the Grace Period shall begin on and include the date the Investors receive the notice
referred to in clause (i) and shall end on and include the later of the date the Investors receive the notice referred to in clause (ii) and the date referred to in such notice. The provisions of Section 3(g) hereof shall not be
applicable during the period of any Allowable Grace Period. Upon expiration of the 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, unless prohibited by law, the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of an Investor in accordance
with the terms of the Securities Purchase Agreement in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale, prior to the Investor’s receipt of the notice of a Grace Period
and for which the Investor has not yet settled. 
 (s) Neither the Company nor any Subsidiary or affiliate thereof shall
identify any Investor as an underwriter in any public disclosure or filing with the SEC, the Principal Market or any Eligible Market and any Buyer being deemed an underwriter by the SEC shall not relieve the Company of any obligations it has under
this Agreement or any other Transaction Document (as defined in the Securities Purchase Agreement); provided, however, that the foregoing shall not prohibit the Company from including the disclosure found in the “Plan of
Distribution” section attached hereto as Exhibit B in the Registration Statement. 
 (t) The Company shall not file
any other registration statements until, or grant registration rights to any Person that can be exercised prior to the time that, all Registrable Securities are registered pursuant to a Registration Statement that is declared effective by the SEC,
provided that this Section 3(t) shall not prohibit the Company from filing amendments (pre-effective and post-effective) to registration statements filed prior to the date of this Agreement; provided that no such amendment shall increase the
number of securities registered on a registration statement. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any
agreement with respect to its securities, that would have the effect of impairing the rights granted to the Buyers in this Agreement or otherwise conflicts with the provisions hereof. 

 

	 	4.	Obligations of the Investors. 

 (a) At least five (5) Business Days prior to the first anticipated Filing Date of a Registration Statement, the Company shall notify each Investor in writing of the information the Company requires
from each such Investor if such Investor elects to have any of such Investor’s Registrable Securities included in such Registration Statement. It shall be a 

  
 14 

 
condition precedent to the obligations of the Company to complete any registration pursuant to this Agreement with respect to the Registrable Securities of a particular Investor that such
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) Each Investor, by such Investor’s 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 any Registration Statement hereunder, unless such Investor has notified the Company in writing of such Investor’s election to exclude all of such Investor’s Registrable Securities from such Registration Statement (in which event
no Registration Delay Payments shall be due with respect to such excluded Investor’s Registrable Securities. 
 (c) Each
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), such Investor will immediately discontinue disposition of Registrable
Securities pursuant to any Registration Statement(s) covering such Registrable Securities until such Investor’s receipt of copies of the supplemented or amended prospectus as contemplated by Section 3(g) or the first sentence of 3(f) or
receipt of notice that no supplement or amendment is required. Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of an Investor in accordance with the
terms of the Securities Purchase Agreement in connection with any sale of Registrable Securities with respect to which an 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 3(f) and for which the Investor has not yet settled. 
 (d) Each Investor covenants and agrees that (i) it will comply with the prospectus delivery requirements of the 1933 Act as applicable to it or an exemption therefrom in connection with sales of
Registrable Securities pursuant to the Registration Statement and (ii) if selling or transferring Registrable Securities pursuant to a Registration Statement, it will only do so in compliance with the Plan of Distribution attached hereto as an
Exhibit B hereto. 
  

	 	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, and fees and disbursements of counsel for the Company shall be paid by the Company. The
Company shall also reimburse the Investors for the fees and disbursements of Legal Counsel in connection with registration, filing or qualification pursuant to Sections 2 and 3 of this Agreement. 

  
 15 

	 	6.	Indemnification. 

 In the
event any Registrable Securities are included in a Registration Statement under this Agreement: 
 (a) To the fullest extent
permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend each Investor, the directors, officers, partners, members, employees, agents, representatives of, and each Person, if any, who controls any Investor within the
meaning of the 1933 Act or the 1934 Act (each, an “Indemnified Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, 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 indemnified 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, (ii) any untrue statement or alleged untrue statement of a material
fact contained in any preliminary prospectus if used prior to the effective date of such Registration Statement, or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with
the SEC) 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, or (iii) any violation or
alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a
Registration Statement (the matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”). Subject to Section 6(c), the Company shall reimburse the Indemnified Persons, 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 Indemnified Person 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 Indemnified Person for such Indemnified Person (each affiliate or associate of an Indemnified Person being for this purpose also such Indemnified Person) expressly for use in connection with the preparation of the
Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made available by the Company pursuant to Section 3(d); and (ii) 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
Indemnified Person and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 9. 

  
 16 

 (b) In connection with any Registration Statement in which an Investor is participating,
each such 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 1933 Act or the 1934 Act (each, an “Indemnified Party”), against any Claim or Indemnified Damages to which any of them may become
subject, under the 1933 Act, the 1934 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 furnished to the Company by such Investor expressly for use in connection with such Registration Statement; and, subject to Section 6(c), such Investor shall reimburse the Indemnified Party for any legal or
other expenses reasonably incurred by an Indemnified Party in connection with investigating or defending any such Claim; provided, however, that 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 such Investor, which consent shall not be unreasonably withheld or delayed;
provided, further, however, 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 such Investor as a result of the 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 Indemnified Party and shall survive the transfer of the Registrable Securities by the
Investors pursuant to Section 9. 
 (c) Promptly after receipt by an Indemnified Person or Indemnified Party under this
Section 6 of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party 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 Indemnified Person or the Indemnified Party, as the case may be; provided,
however, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses of not more than one counsel for all such Indemnified Person or Indemnified Party to be paid by the indemnifying
party, if, in the reasonable opinion of counsel retained by the Indemnified Person or Indemnified Party, as applicable, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be
inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding. In the case of an Indemnified Person, legal counsel referred to in
the immediately preceding sentence shall be selected by the Investors holding at least a majority in interest of the Registrable Securities included in the Registration Statement to which the Claim relates. The Indemnified Party or Indemnified
Person shall cooperate reasonably 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
Indemnified Party or Indemnified Person which relates to such action or Claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at 

  
 17 

 
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, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Indemnified Party or Indemnified
Person, 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 Indemnified Party or Indemnified Person 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 Indemnified Party. Following indemnification as provided for hereunder, the indemnifying party shall be
subrogated to all rights of the Indemnified Party or Indemnified Person 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 Indemnified Person or Indemnified Party under this Section 6, except to the extent that the
indemnifying party is prejudiced in its ability to defend such action. 
 (d) 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. 

(e) The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified
Party or Indemnified Person 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, that: (i) 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 1933 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 (ii) contribution by any seller of Registrable Securities shall
be limited in amount to the amount of net proceeds received by such seller from the sale of such Registrable Securities pursuant to such Registration Statement. 
  

	 	8.	Reports Under the 1934 Act. 

 With a view to making available to the Investors the benefits of Rule 144 promulgated under the 1933 Act or any other similar rule or regulation of the SEC that may at any time permit the Investors to
sell securities of the Company to the public without registration (“Rule 144”), until the earlier to occur of the expiration of the Public Information Period and the date on which the Investors shall have sold all of the Registrable
Securities to the public, the Company agrees to: 
 (a) make and keep public information available, as those terms are
understood and defined in Rule 144; 

  
 18 

 (b) file with the SEC in a timely manner all reports and other documents required of the
Company under the 1933 Act and the 1934 Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144; and 

(c) furnish to each Investor so long as such Investor owns Registrable Securities, promptly upon request, (i) a written statement
by the Company, if true, that it has complied with the reporting requirements of Rule 144, the 1933 Act and the 1934 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, and (iii) such other information as may be reasonably requested to permit the Investors to sell such securities pursuant to Rule 144 without registration. 

 

	 	9.	Assignment of Registration Rights. 

 The rights under this Agreement shall be automatically assignable by the Investors to any transferee of all or any portion of such Investor’s Registrable Securities if: (i) the Investor agrees
in writing with the transferee or assignee to assign 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 the transferee or assignee is restricted under the 1933 Act or applicable state securities laws; (iv) at or before the time the Company receives the written notice
contemplated by clause (ii) of this sentence the transferee or assignee agrees in writing with the Company to be bound by all of the provisions contained herein; and (v) such transfer shall have been made in accordance with the applicable
requirements of the Securities Purchase Agreement. Notwithstanding the foregoing, the rights under this Agreement shall not be assignable in connection with a sale or transfer of Warrants exercisable for less than 100,000 shares of Common Stock or
Registrable Securities constituting less than 100,000 shares of Common Stock to any transferee unless such lesser number of Warrants or Registrable Securities is all that the transferor holds at the time of such transfer or sale; provided,
however, that such restriction shall not apply with respect to the assignment of rights under this Agreement to an affiliate of such Investor. 
  

	 	10.	Amendment of Registration Rights. 

 Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent
of the Company and the Required Holders; provided that any such amendment or waiver that complies with the foregoing but that disproportionately, materially and adversely affects the rights and obligations of any Investor relative to the comparable
rights and obligations of the other Investors shall require the prior written consent of such adversely affected Investor. Any amendment or waiver effected in accordance with this Section 10 shall be binding upon each Investor and the Company.
No such amendment shall be effective to the 

  
 19 

 
extent that it applies to less than all of the holders of the Registrable Securities. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of
any provision of this Agreement unless the same consideration (other than the reimbursement of legal fees) also is offered to all of the parties to this Agreement. 
  

	 	11.	Miscellaneous. 

 (a) 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 must be
in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on
file by the sending party); or (iii) one Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such
communications shall be: 
 If to the Company: 

Hutchinson Technology Incorporated 

40 West Highland Park Drive N.E. 

Hutchinson, Minnesota 55350 

			
	Telephone:	  	(320) 587-3797
	Facsimile:	  	(320) 587-1810
	Attention:	  	Chief Financial Officer

 With a copy (for informational purposes only) to: 

Faegre Baker Daniels LLP 
 2200 Wells Fargo Center 
 90 South Seventh Street 

Minneapolis, MN 55402-3901 

			
	Telephone:	  	(612) 766-8705
	Facsimile:	  	(612) 766-1600
	Attention:	  	Peggy Steif Abram, Esq.

  
 20 

 If to the Transfer Agent: 

Wells Fargo Bank, N.A., Corporate Trust Services 

625 Marquette Ave. 11th Floor 
 MAC N9311-110, Minneapolis, MN 55479 

			
	Telephone:	  	(612) 316-2335
	Facsimile:	  	(612) 667-9825
	Attention:	  	Rick Prokosch, Vice President

 If to Legal Counsel: 

Schulte Roth & Zabel LLP 

919 Third Avenue 
 New York, New York 10022 

			
	Telephone:	  	(212) 756-2000
	Facsimile:	  	(212) 593-5955
	Attention:	  	Eleazer N. Klein, Esq.

 If to a Buyer, to its address and facsimile number set forth on the Schedule of Buyers attached hereto, with copies to
such Buyer’s representatives as set forth on the Schedule of Buyers, or to such other address and/or facsimile number and/or to the attention of such other Person as the recipient party has specified by written notice given to each other party
five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the
sender’s facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided by a courier or overnight courier service shall be rebuttable evidence of personal
service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively. 
 (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. 

(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 state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any 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

  
 21 

 
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE, 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) If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of
competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and
the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would
otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the
prohibited, invalid or unenforceable provision(s). 
 (f) This Agreement, the other Transaction Documents (as defined in the
Securities Purchase Agreement) and the instruments referenced herein and therein constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein and therein. This Agreement, the other Transaction Documents and the instruments referenced herein and therein supersede all prior agreements and understandings among the parties hereto
with respect to the subject matter hereof and thereof. 
 (g) Subject to the requirements of 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. 
 (h)
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 (i) This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement. This Agreement, once executed by a
party, may be delivered to the other party hereto by facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement. 
 (j) 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. 

  
 22 

 (k) All consents and other determinations required to be made by the Investors pursuant to
this Agreement shall be made, unless otherwise specified in this Agreement, by the Required Holders. 
 (l) 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. 

(m) This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not
for the benefit of, nor may any provision hereof be enforced by, any other Person. 
 (n) The obligations of each Investor
hereunder are several and not joint with the obligations of any other Investor, and no provision of this Agreement is intended to confer any obligations on any Investor vis-à-vis any other Investor. Nothing contained herein, and no action
taken by any Investor pursuant hereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a
group with respect to such obligations or the transactions contemplated herein. 
 * * * * * * 

[Signature Page Follows] 

  
 23 

 IN WITNESS WHEREOF, each Buyer 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:
	
	HUTCHINSON TECHNOLOGY INCORPORATED
		
	By:	 	 /s/ David P. Radloff

		 	Name: David P. Radloff
		 	Title: Vice President and Chief Financial Officer

  

 IN WITNESS WHEREOF, each Buyer 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. 
  

			
	BUYERS:
	
	LIBERTY HARBOR MASTER FUND I, L.P.
		
	By:	 	 /s/ Jonathan Lamm

		 	Name: Jonathan Lamm
		 	Title: Authorized Signatory

 IN WITNESS WHEREOF, each Buyer 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. 
  

			
	BUYERS:
	
	LIBERTY HARBOR DISTRESSED CREDIT OPPORTUNITIES FUND, L.P.
		
	By:	 	 /s/ Jonathan Lamm

		 	Name: Jonathan Lamm
		 	Title: Authorized Signatory

 IN WITNESS WHEREOF, each Buyer 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. 
  

			
	BUYERS:
	
	GOLDMAN SACHS PALMETTO STATE CREDIT FUND, L.P.
		
	By:	 	 /s/ Jonathan Lamm

		 	 Name: Jonathan Lamm
 Title:
Authorized Signatory

 IN WITNESS WHEREOF, each Buyer 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. 
  

			
	BUYERS:
	
	GOLDMAN SACHS CONVERTIBLE OPPORTUNITIES MASTER FUND, L.P.
		
	By:	 	 /s/ Jonathan Lamm

		 	Name: Jonathan Lamm
		 	Title: Authorized Signatory

 IN WITNESS WHEREOF, each Buyer 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. 
  

			
	BUYERS:
	
	SILVER LAKE CREDIT FUND, L.P.
		
	By:	 	 /s/ Geoff Oltmans

		 	Name: Geoff Oltmans
		 	Title: Managing Director

  

 SCHEDULE OF BUYERS 

 

					
	 Buyer
	  	 Buyer Address
and Facsimile
Number
	  	 Buyer’s Representative’s Address 
and
Facsimile Number

			
	Liberty Harbor Master Fund I, L.P.	  	 Liberty Harbor Master Fund I, L.P.
 c/o Liberty Harbor, LLC
 1 American Lane
 Greenwich, CT 06831
 Facsimile: (646) 835-3510

Telephone: (203) 983-2525
 Residence: Cayman
Islands
 Attention: Jonathan Lamm, Brendan McGovern
	  	 Schulte Roth & Zabel LLP

919 Third Avenue
 New York, NY 10022

Attn: Eleazer Klein, Esq.
 Facsimile: (212)
593-5955
 Telephone: (212) 756-2000

	Liberty Harbor Distressed Credit Opportunities Fund, L.P.	  	 Liberty Harbor Distressed Credit Opportunities Fund, L.P.
 c/o Liberty Harbor, LLC
 1 American Lane
 Greenwich, CT 06831
 Facsimile: (646) 835-3510

Telephone: (203) 983-2525
 Residence: Cayman
Islands
 Attention: Jonathan Lamm, Brendan McGovern
	  	 Schulte Roth & Zabel LLP

919 Third Avenue
 New York, NY 10022

Attn: Eleazer Klein, Esq.
 Facsimile: (212)
593-5955
 Telephone: (212) 756-2000

	Goldman Sachs Palmetto State Credit Fund, L.P.	  	 Goldman Sachs Palmetto State Credit Fund, L.P.
 c/o Liberty Harbor, LLC
 1 American Lane
 Greenwich, CT 06831
 Facsimile: (646) 835-3510

Telephone: (203) 983-2525
 Residence: State of
Delaware
 Attention: Jonathan Lamm, Brendan McGovern
	  	 Schulte Roth & Zabel LLP

919 Third Avenue
 New York, NY 10022

Attn: Eleazer Klein, Esq.
 Facsimile: (212)
593-5955
 Telephone: (212) 756-2000

	Goldman Sachs Convertible Opportunities Master Fund, L.P.	  	 Goldman Sachs Convertible Opportunities Master Fund, L.P.
 c/o Liberty Harbor, LLC
 1 American Lane
 Greenwich, CT 06831
 Facsimile: (646) 835-3510

Telephone: (203) 983-2525
 Residence: Cayman
Islands
 Attention: Jonathan Lamm, Brendan McGovern
	  	 Schulte Roth & Zabel LLP

919 Third Avenue
 New York, NY 10022

Attn: Eleazer Klein, Esq.
 Facsimile: (212)
593-5955
 Telephone: (212) 756-2000

	Silver Lake Credit Fund, L.P.	  	 Silver Lake Financial Management Company, L.L.C.
 One Market Plaza
 Steuart Tower, 10th Floor
 Suite 1000
 San Francisco, CA 94105
 Facsimile: (415) 293-4365
 Residence: State of Delaware

Attention: Geoff Oltmans
	  	

 EXHIBIT A 
 FORM OF NOTICE OF EFFECTIVENESS 
 OF REGISTRATION STATEMENT

 Wells Fargo Bank, N.A., Corporate Trust Services 
 625 Marquette Ave. 11th Floor 
 MAC N9311-110, Minneapolis, MN 55479 

			
	Telephone:	  	(612) 316-2335
	Facsimile:	  	(612) 667-9825
	Attention:	  	Rick Prokosch, Vice President

  

	 	Re:	Hutchinson Technology Incorporated 

Ladies and Gentlemen: 
 [We
are][I am] counsel to Hutchinson Technology Incorporated, a Minnesota corporation (the “Company”), and have represented the Company in connection with that certain Securities Purchase Agreement, dated as of March 28, 2012 (the
“Securities Purchase Agreement”), entered into by and among the Company and the buyers named therein (collectively, the “Holders”) pursuant to which the Company issued to the Holders senior notes and warrants (the
“Warrants”) exercisable for shares (the “Warrant Shares”) of the Company’s common stock, par value $0.01 per share (the “Common Stock”). Pursuant to the Securities Purchase Agreement, the
Company also has entered into a Registration Rights Agreement with the Holders (the “Registration Rights Agreement”) pursuant to which the Company agreed, among other things, to register the resale of the Registrable Securities (as
defined in the Registration Rights Agreement), including the shares of Common Stock issuable upon exercise of the Warrants under the Securities Act of 1933, as amended (the “1933 Act”). In connection with the Company’s
obligations under the Registration Rights Agreement, on                  , 2012, the Company filed a Registration Statement on Form S-3 (File
No. 333-                    ) (the “Registration Statement”) with the Securities and Exchange Commission (the
“SEC”) relating to the Registrable Securities which names each of the Holders as a selling shareholder thereunder. 
 In connection with the foregoing, [we][I] advise you that a member of the SEC’s staff has advised [us][me] by telephone that the SEC has entered an order declaring the Registration Statement
effective under the 1933 Act at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS] and [we][I] have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order suspending
its effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the Registrable Securities are available for resale under the 1933 Act pursuant to the Registration Statement. 

This letter shall serve as our standing instruction to you that the shares of Common Stock are freely transferable by the Holders
pursuant to the Registration Statement; provided (i) we or other legal counsel to the Company have not advised you in writing the Registration Statement is no longer effective or available for use; and (ii) you shall have received from us
or other legal counsel to the Company, or from any Holder, a notice that a transfer of Warrant Shares has been effected, or in the good faith judgment of the Holder is anticipated to be promptly effected following the issuance and delivery of such
Warrant Shares upon receipt by the Company of an accompanying notice of exercise of the related Warrant, pursuant to the Registration Statement in accordance with the manner of distribution set forth therein and in accordance with the prospectus
delivery requirements unless an exemption from such prospectus delivery requirements exists, as contemplated by the Company’s Irrevocable Transfer Agent Instructions dated March [—], 2012.

  
 A-1

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

 CC: [LIST NAMES OF HOLDERS] 

  
 A-2

 EXHIBIT B 

SELLING SHAREHOLDERS 
 The shares of common stock being offered by the selling shareholders are those issuable to the selling shareholders upon exercise of the warrants. For additional information regarding the issuance of
those warrants, see “Recent Developments” above and “Description of Common Stock — Warrants” below. We are registering the shares of common stock in order to permit the selling shareholders to offer the shares for resale
from time to time. Except for [the ownership of the notes and the warrants issued pursuant to the Securities Purchase Agreement and other securities of the Company], the selling shareholders have not had any material relationship with us within the
past three years. 
 The table below lists the selling shareholders and other information regarding the beneficial ownership of
the shares of common stock by each of the selling shareholders. The second column lists the number of shares of common stock beneficially owned by each selling shareholder, based on its ownership of the warrants, as of
            , 2012, assuming exercise of the warrants held by the selling shareholders on that date, without regard to any limitations on exercises. 

The third column lists the shares of common stock being offered by this prospectus by the selling shareholders. 

In accordance with the terms of a registration rights agreement with the selling shareholders, this prospectus generally covers the
resale of at least the number of shares of common stock issuable upon exercise of the related warrants as of the Trading Day immediately preceding the date the registration statement is initially filed with the SEC. Because the exercise price
of the warrants may be adjusted, the number of shares that will actually be issued may be more or less 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
shareholders pursuant to this prospectus. 
 Under the terms of the warrants, a selling shareholder may not exercise the
warrants to the extent such exercise would cause such selling shareholder, together with its affiliates, to beneficially own a number of shares of common stock which would exceed 9.99% of our then outstanding shares of common stock following such
exercise, excluding for purposes of such determination shares of common stock issuable upon exercise of the warrants which have not been exercised. The number of shares in the second column does not reflect this limitation. The selling shareholders
may sell all, some or none of their shares in this offering. See “Plan of Distribution.” 

  
 Annex I-1

									
	 Name of Selling Shareholder
	  	Number of Shares of
Common Stock Owned
Prior to Offering	  	Maximum Number of Shares
of Common Stock to be Sold
Pursuant to this Prospectus	  	Number of Shares of
Common Stock Owned
After Offering	 
				
	 Liberty Harbor Master Fund I, L.P. (1)
	  		  		  	 	0	  
				
	 Liberty Harbor Distressed Credit Opportunities Fund, L.P. (2)
	  		  		  	 	0	  
				
	 Goldman Sachs Palmetto State Credit Fund, L.P. (3)
	  		  		  	 	0	  
				
	 Goldman Sachs Convertible Opportunities Master Fund, L.P. (4)
	  		  		  	 	0	  
				
	 Silver Lake Credit Fund, L.P. (5)
	  		  		  	 	0	  

 (1) 

(2) 
 (3) 
 (4) 

(5) 

  
 Annex I-2

 PLAN OF DISTRIBUTION 

We are registering the shares of common stock issuable upon exercise of the warrants to permit the resale of these shares of common stock
by the holders of the warrants from time to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling shareholders 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 shareholders may sell all or a portion of the shares of common
stock beneficially owned by them and offered hereby from time to time directly or through one or more underwriters, broker-dealers or agents. If the shares of common stock are sold through underwriters or broker-dealers, the selling shareholders
will be responsible for underwriting discounts or commissions or agent’s commissions. 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, 
  

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

 

	 	•	 	 through the writing 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; 

  

	 	•	 	 short sales; 

  

	 	•	 	 sales pursuant to Rule 144; 

  

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

  
 Annex I-3

	 	•	 	 a combination of any such methods of sale; and 

  

	 	•	 	 any other method permitted pursuant to applicable law. 

 If the selling shareholders effect such transactions by selling shares of common stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive
commissions in the form of discounts, concessions or commissions from the selling shareholders or commissions from purchasers of the shares of common stock for whom they may act as agent or to whom they may sell as principal (which discounts,
concessions or commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved). In connection with sales of the shares of common stock or otherwise, the selling
shareholders may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the shares of common stock in the course of hedging in positions they assume. The selling shareholders may also sell shares of common
stock short and deliver shares of common stock covered by this prospectus to close out short positions and to return borrowed shares in connection with such short sales. The selling shareholders may also loan or pledge shares of common stock to
broker-dealers that in turn may sell such shares. 
 The selling shareholders may pledge or grant a security interest in some or
all of the warrants or shares of common stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of common stock from time to time pursuant to this
prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act of 1933, as amended, amending, if necessary, the list of selling shareholders to include the pledgee, transferee or other
successors in interest as selling shareholders under this prospectus. The selling shareholders also may transfer and donate the shares of common stock in other circumstances in which case the transferees, donees, pledgees or other successors in
interest will be the selling beneficial owners for purposes of this prospectus. 
 The selling shareholders and any
broker-dealer participating in the distribution of the shares of common stock may be deemed to be “underwriters” within the meaning of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such
broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act. At the time a particular offering of the shares of common stock is made, a prospectus supplement, if required, will be distributed which will set forth
the aggregate amount of shares of common stock being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the selling
shareholders and any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers. 
 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. 

  
 Annex I-4

 There can be no assurance that any selling shareholder will sell any or all of the shares of
common stock registered pursuant to the registration statement, of which this prospectus forms a part. 
 The selling
shareholders and any other person participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, including, without limitation, Regulation M
of the Exchange Act, which may limit the timing of purchases and sales of any of the shares of common stock by the selling shareholders and any other participating person. 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 activities with respect to the shares of common stock. 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 will 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, that a selling shareholder will pay all underwriting discounts and selling commissions, if any. We will indemnify the selling shareholders
against liabilities, including some liabilities under the Securities Act, in accordance with the registration rights agreements, or the selling shareholders will be entitled to contribution. We may be indemnified by the selling shareholders against
civil liabilities, including liabilities under the Securities Act, that may arise from any written information furnished to us by the selling shareholders specifically for use in this prospectus, in accordance with the related registration rights
agreement, or we may be entitled to contribution. 
 Once sold under the registration statement, of which this prospectus forms
a part, the shares of common stock will be freely tradable in the hands of persons other than our affiliates. 

  
 Annex I-5

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