Document:

Registration Rights Agreement

  
 EXHIBIT 4.2 

 
 EXECUTION COPY 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 Dated December 15, 2003 
  
 between 
  
 Serena Software, Inc. 
  
 and 
  
 Merrill Lynch, Pierce, Fenner & Smith 
 Incorporated 
  
 and 
  
 UBS Securities LLC 

 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (the “Agreement”) is made and entered into this 15th day of December,
2003, between Serena Software, Inc., a Delaware corporation (the “Company”), and Merrill Lynch, Pierce, Fenner & Smith Incorporated and UBS Securities LLC (the “Initial Purchasers”). 
  
 This Agreement is made pursuant to that certain Purchase Agreement, dated
December 9, 2003, between the Company and the Initial Purchasers (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $190,000,000 aggregate principal amount of the Company’s 1.5%
Convertible Subordinated Notes due 2023 (the “Notes”), plus an additional $30,000,000 aggregate principal amount of Notes as to which the Initial Purchasers exercised their option set forth in Section 2(b) of the Purchase Agreement.
In order to induce the Initial Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the Initial Purchasers’ obligations thereunder, the Company has agreed to provide the registration rights provided for in this
Agreement, pursuant to Section 5 of the Purchase Agreement. In consideration of the foregoing, the parties hereto agree, for the benefit of the beneficial owners (including the Initial Purchasers) from time to time of the Registrable Securities (as
defined herein) (each of the foregoing, a “Holder” and collectively, the “Holders”), as follows: 
  

	 	1.	Definitions. 

  
 Capitalized terms used and not defined in this Agreement shall have the meaning given to them in the Indenture. As used in this Agreement, the following
capitalized defined terms shall have the following meanings: 
  
 “1933 Act” shall mean the Securities Act of 1933, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder. 
  
 “1934 Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, and the rules and
regulations of the SEC promulgated thereunder. 
  
 “Closing Date” shall mean the Closing Time as defined in the Purchase Agreement. 
  
 “Common Stock” shall mean any shares of the common stock of the Company, $0.001 par value, and any other shares of common stock as may
constitute “Common Stock” for purposes of the Indenture, including the Underlying Common Stock (as defined in the Indenture). 
  
 “Company” shall have the meaning set forth in the preamble to this Agreement and also includes the Company’s successors. 

 
 “Depositary” shall mean The Depository Trust Company, or
any other depositary appointed by the Company; provided, however, that any such depositary must have an address in The Borough of Manhattan, The City of New York. 
  

 “Effectiveness Period” shall have the meaning set forth in Section 2.1(a) hereof.

  
 “Effectiveness Target Date” shall mean the
one hundred eightieth (180th) day after the Closing Date. 
  
 “Event Date” shall have the meaning set forth in Section 2.4 hereof. 
  
 “Filing Date” shall mean the ninetieth (90th) day after the Closing Date. 
  
 “Filing Default” shall have the meaning set forth in Section 2.4 hereof. 
  
 “Holder” or “Holders” shall have the meaning specified in the preamble to this Agreement.

  
 “Indenture” shall mean the Indenture relating
to the Securities, dated as of December 15, 2003, between the Company and U.S. Bank National Association, as trustee, as the same may be amended, supplemented, waived or otherwise modified from time to time in accordance with the terms thereof.

  
 “Initial Purchasers” shall have the meaning
set forth in the preamble to this Agreement. 
  
 “Liquidated Damages” shall have the meaning set forth in Section 2.4 hereof. 
  
 “Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of Registrable Securities outstanding;
provided, that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Company or any of its affiliates (as such term is defined in Rule 405 under the
1933 Act) shall be disregarded in determining whether such consent or approval was given by the Holders of such required percentage. 
  
 “NASD” shall mean the National Association of Securities Dealers, Inc. 
  
 “Notes” shall have the meaning set forth in the preamble to this Agreement. 
  
 “Offering Memorandum” means that certain final Offering
Memorandum of the Company, dated December 9, 2003, relating to the sale of the Securities. 
  
 “Person” shall mean an individual, partnership, corporation, limited liability company, joint venture, trust or unincorporated organization, or a government or agency or political subdivision thereof.

  
 “Postponement Event” shall have the meaning
set forth in Section 2.1(a) hereof. 
  
 “Prospectus” shall mean the prospectus included in any Registration Statement, including a prospectus that discloses information previously omitted from a prospectus filed as part of an effective registration statement in
reliance upon Rule 415 of the 1933 Act, and any such prospectus as amended or supplemented by any prospectus supplement, with respect to the terms of the offering 

  

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of any portion of the Registrable Securities covered by such Registration Statement, and all other amendments and supplements to any such prospectus,
including post-effective amendments, and in each case including all material incorporated or deemed to be incorporated by reference therein. 
  
 “Purchase Agreement” shall have the meaning set forth in the preamble to this Agreement. 
  
 “Questionnaire” shall have the meaning set forth in Section
2.1(d) hereof. 
  
 “Registrable Securities” shall
mean the Notes and the shares of Common Stock into which the Notes are convertible, upon original issuance thereof, and at all times subsequent thereto; provided, however, that any Securities shall cease to be Registrable Securities when (i) a
Registration Statement with respect to such Securities shall have been declared effective under the 1933 Act and such Securities shall have been disposed of pursuant to such Registration Statement, (ii) such Securities shall have been sold to the
public pursuant to Rule 144 (or any similar provision then in force, but not Rule 144A) under the 1933 Act, (iii) expiration of the holding period that would be applicable to such Securities under Rule 144(k) under the 1933 Act were they not held by
an affiliate (as such term is defined in Rule 144(a)(1) under the 1933 Act) of the Company or (iv) such Securities shall have ceased to be outstanding. 
  
 “Registration Default” shall have the meaning set forth in Section 2.4 hereof. 
  
 “Registration Expenses” shall mean any and all expenses
incident to performance of or compliance by the Company with this Agreement, including without limitation: (i) all SEC, stock exchange or NASD registration and filing fees, including, if applicable, the fees and expenses of any “qualified
independent underwriters” (and its counsel) that is required to be retained by any holder of Registrable Securities in accordance with the rules and regulations of the NASD, (ii) all fees and expenses incurred in connection with compliance with
state or other securities or blue sky laws and compliance with the rules of the NASD (including reasonable fees and disbursements of counsel for any underwriters or Holders in connection with qualification of any Registrable Securities under state
or other securities or blue sky laws and any filing with and review by the NASD), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus, any
amendments or supplements thereto, any underwriting agreements, securities sales agreements, certificates representing the Securities and other documents relating to the performance of and compliance with this Agreement, (iv) all fees and expenses
incurred in connection with the listing, if any, of any of the Registrable Securities on any securities exchange or exchanges or on any quotation system, (v) all rating agency fees, (vi) all fees and disbursements relating to the qualification of
the Indenture under applicable securities laws, (vii) the fees and disbursements of counsel for the Company and the fees and expenses of independent public accountants for the Company or for any other Person, business or assets whose financial
statements are included in any Registration Statement or Prospectus, including, in the event of an underwritten offering of Registrable Securities, the expenses for up to a total of 3 requests for special audits or “cold comfort” letters
required by or incident to such performance and compliance, (viii) the fees and expenses of the Trustee, any registrar, any depositary, any paying agent, any escrow agent, any transfer agent or any custodian, in each case including their respective
counsel, (ix) the reasonable fees and expenses of the Initial Purchasers in connection with the Shelf 

  

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Registration, including the reasonable fees and expenses of one counsel to the Initial Purchasers and to the Holders of Registrable Securities, and (x) any
fees and disbursements of the underwriters customarily paid by issuers or sellers of securities and the fees and expenses of any special experts retained by the Company in connection with any Registration Statement, but excluding underwriting
discounts and commissions and any transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder. 
  
 “Registration Statement” shall mean any registration statement of the Company pursuant to the provisions of Section 2 of this Agreement
that covers any of the Registrable Securities held by Holders that have provided the information required pursuant to the terms of Section 2.1(d) hereof and that is on an appropriate form under Rule 415 under the 1933 Act, or any similar rule that
may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed
to be incorporated by reference therein, including each Subsequent Registration Statement from the time such Subsequent Registration Statement is filed pursuant to Section 2.1(a) hereof. 
  
 “Rule 144” shall mean Rule 144 under the 1933 Act, as such Rule may be amended from time to time, or any
similar or successor rule or regulation hereafter adopted by the SEC having substantially the same effect as such Rule. 
  
 “SEC” shall mean the United States Securities and Exchange Commission or any successor agency or government body performing the functions
currently performed by the United States Securities and Exchange Commission. 
  
 “Securities” shall mean the Notes and the shares of Common Stock into which the Notes are convertible, upon original issuance thereof, and at all times subsequent thereto. 
  
 “Shelf Registration” shall have the meaning set forth in
Section 2.1(a) hereof. 
  
 “TIA” shall mean the
Trust Indenture Act of 1939, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder. 
  
 “Trustee” shall mean the trustee with respect to the Securities under the Indenture. 
  
 “Underwriters” or “underwriters” shall have
the meaning set forth in Section 4(a) hereof. 
  
 For purposes of
this Agreement, (i) all references in this Agreement to any Registration Statement or Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the SEC pursuant to its Electronic Data Gathering,
Analysis and Retrieval system; (ii) all references in this Agreement to financial statements and schedules and other information which is “contained”, “included” or “stated” in any Registration Statement or Prospectus
(or other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information which is incorporated or deemed to be incorporated by reference in such Registration Statement or Prospectus,
as the case may be; and 

  

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(iii) all references in this Agreement to amendments or supplements to any Registration Statement or Prospectus shall be deemed to mean and include the
filing of any document under the 1934 Act which is incorporated or deemed to be incorporated by reference in such Registration Statement or Prospectus, as the case may be. 
  

	 	2.	Registration Under the 1933 Act. 

  
 2.1 Shelf Registration. 
  
 (a) As promptly as practicable, but no later than the Filing Date, the Company shall file with the SEC, a Registration Statement for an
offering to be made on a continuous basis pursuant to Rule 415 under the 1933 Act covering all of the Registrable Securities held by Holders that have provided the information pursuant to Section 2.1(d) hereof (the “Shelf
Registration”). The Shelf Registration shall be on Form S-3 under the 1933 Act or another appropriate form permitting registration of such Registrable Securities for resale by the Holders in the manner or manners reasonably designated by
them (including, without limitation, one or more underwritten offerings). The Company shall use its reasonable best efforts to cause the Registration Statement to be declared effective by the SEC as promptly as practicable, but no later than the
Effectiveness Target Date; provided, however, that the Company may, upon written notice to all Holders, postpone having the Registration Statement declared effective for a reasonable period not to exceed 60 days if the Company is in possession of
material, non-public information related to a contemplated merger or acquisition (the “Postponement Event”); and to keep the Registration Statement continuously effective, supplemented and amended, as required in order to permit the
Prospectus forming a part thereof to be useable by the Holders until the earliest of (i) two years after the last date of issuance of the Notes, (ii) the date when the Holders are able to sell all of their Securities immediately without restriction
pursuant to the volume limitation provisions of Rule 144 under the 1933 Act or otherwise, or (iii) all of the Registrable Securities covered by the Registration Statement have been sold pursuant to the Registration Statement (the
“Effectiveness Period”). 
  
 (b)
Notwithstanding any other provisions hereof, the Company shall use its reasonable best efforts to ensure that (i) any Registration Statement and any amendment thereto and any Prospectus forming a part thereof and any supplements thereto complies in
all material respects with the 1933 Act, (ii) any Registration Statement and any amendment thereto does not, when it becomes effective, contain an 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 not misleading and (iii) any Prospectus forming a part of any Registration Statement and any amendment or supplement to such Prospectus, does not include an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
  
 (c) The Company shall not permit any securities other than Registrable Securities to be included in the Registration Statement. The
Company further agrees, if necessary, to supplement or amend the Registration Statement, as required by Section 3(b) below. 
  

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 (d) Notwithstanding any other provision hereof, no Holder of Registrable Securities may
include any of its Registrable Securities in the Registration Statement pursuant to this Agreement unless the Holder furnishes to the Company a completed questionnaire in the form attached as Annex A to the Offering Memorandum and such other
information in writing as the Company may reasonably request in writing for use in connection with the Registration Statement or Prospectus included therein (the “Questionnaire”) and in any application to be filed with or under
state securities laws. In order to be named as a selling securityholder in the Prospectus at the time of effectiveness of the Registration Statement, each Holder must, before the effectiveness of the Registration Statement and no later than the 20th
business day after receipt of the notice by such Holder from the Company of the initial filing of the Registration Statement (or the filing of the first amendment to the Registration Statement in the event the Company promptly files the Registration
Statement following the date of this Agreement) (which notice shall include the Questionnaire and any other reasonable information requested by the Company for use in connection with the Registration Statement), furnish the completed Questionnaire
and such other information, if any, to the Company in writing and the Company will include the information from the completed Questionnaire and such other information, if any, in the Registration Statement and the Prospectus in a manner so that upon
effectiveness of the Registration Statement the Holder will be permitted to deliver the Prospectus to purchasers of the Holder’s Securities. From and after the date that the Registration Statement is first declared effective, upon receipt of a
completed Questionnaire and such other information, if any, the Company will use its reasonable best efforts to file any amendments or supplements to the Registration Statement necessary for the relevant Holder to be named as a selling
securityholder in the Prospectus contained therein to deliver the Prospectus to purchasers of the Holder’s Securities (subject to the Company’s right to suspend the Registration Statement as described in Sections 3(e)(iii), 3(e)(v) and
3(e)(vi) below) within 15 business days of receipt; provided that the Company will not be required to amend the Registration Statement more than once during any 90-day period. Holders that do not deliver a completed written Questionnaire and such
other information, as provided for in this Section 2.1(d), will not be named as selling securityholders in the Prospectus. Each Holder named as a selling securityholder in the Prospectus agrees to furnish in a timely manner to the Company all
information required to be disclosed in order to make information previously furnished to the Company by the Holder not materially misleading. 
  
 2.2 Expenses. The Company shall pay all Registration Expenses in connection with the Shelf Registration and any Registration
Statement. Each Holder shall pay all fees and disbursements of its counsel (other than as set forth in the preceding sentence or in the definition of Registration Expenses) and all underwriting discounts and commissions and transfer taxes, if any,
relating to the sale or disposition of such Holder’s Registrable Securities pursuant to the Registration Statement. 
  
 2.3 Effectiveness. 
  
 The Registration Statement shall not be deemed to have become effective unless it has been declared effective by the SEC; provided,
however, that if, after it has been declared effective, the offering of Registrable Securities pursuant to the Registration Statement is interfered with by any stop order, injunction or other order or requirement of the SEC or any other 

  

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governmental agency or court, such Registration Statement shall be deemed not to have been effective during the period of such interference, until the
offering of Registrable Securities pursuant to such Registration Statement may legally resume. 
  
 2.4 Liquidated Damages. No Holder of Registrable Securities shall be entitled to Liquidated Damages pursuant to this Section 2.4
unless such Holder timely furnished to the Company a completed Questionnaire. The Company and the Initial Purchasers agree that the Holders of Registrable Securities will suffer damages if the Company fails to fulfill its obligations under Section
2.1 hereof and further agree that the Liquidated Damages provided for in this Section 2.4 constitute a reasonable estimate of the damages that may be incurred by Holders of Registrable Securities by reason of a Registration Default. Therefore, the
Company and the Initial Purchasers agree that the sole remedy for a violation of the terms of this Agreement with respect to which Liquidated Damages are expressly provided for (including any non-compliance with a covenant that results, directly or
indirectly, in a Registration Default) shall be such Liquidated Damages. Accordingly, the Company agrees to pay liquidated damages on the Registrable Securities to the Holders that furnish to the Company a completed Questionnaire in accordance with
Section 2.1(d) (“Liquidated Damages”) under the circumstances and to the extent as set forth below. In the event that (a) the Registration Statement has not been filed with the SEC on or prior to the Filing Date, (b) the
Registration Statement is not declared effective by the SEC on or prior to the Effectiveness Target Date, or in the event of the Postponement Event, 240 days from the original issuance of the Notes, (c) the Registration Statement has been declared
effective by the SEC and such Registration Statement ceases to be effective or usable at any time during the Effectiveness Period for any reason without being succeeded within five business days by a post-effective amendment to such Registration
Statement or a report filed with the SEC pursuant to the 1934 Act that cures such failure or (d) the Company suspends the use of any Prospectus related to the Registration Statement for a period exceeding forty-five (45) days in any consecutive
three-month period or exceeding an aggregate of ninety (90) days in any consecutive twelve-month period (each such event referred to in clauses (a) through (d) above, a “Registration Default”), then the interest rate borne by the
Notes shall be increased as Liquidated Damages (x) by one-quarter of one percent (0.25%) per annum upon the occurrence of such Registration Default up to and including the ninetieth (90th) day following such Registration Default and (y) by one half
of one percent (0.50%) from and after the ninety-first (91st) day following the occurrence of such Registration Default, provided that the aggregate increase in such interest rate will in no event exceed one half of one percent (0.50%) per annum.
Upon the cure of such Registration Default, the accrual of Liquidated Damages will cease and the interest rate will revert to the original rate so long as no other Registration Default shall have occurred and shall be continuing at such time;
provided, however, that, if after any such reduction in interest rate, one or more Registration Defaults shall again occur, the interest rate shall again be increased pursuant to the foregoing provisions. A Registration Default under clause (a)
above shall be cured on the date that the Shelf Registration is filed with the SEC; a Registration Default under clause (b) above shall be cured on the date that the Shelf Registration is declared effective by the SEC; a Registration Default under
clause (c) above shall be cured on the date the Shelf Registration is declared effective or useable; and a Registration Default under clause (d) above shall be cured on the date the Prospectus is declared useable by the Company. In the event of a
Registration Default, the Company shall pay Liquidated Damages (x) to Holders of Notes based on the principal amount 

  

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of Notes held by such Holders and (y) to Holders of Common Stock issued upon conversion of Notes based on the number of shares of such Common Stock held by
such Holders and the then effective Conversion Price. 
  
 The Company shall notify the Trustee within three business days after each and every date on which a Registration Default occurs (an “Event Date”). Liquidated Damages shall be paid by the Company to the Holders of Notes by
depositing with the Trustee, in trust, for the benefit of the Holders of Notes, on or before the Interest Payment Date next following the date of such Registration Default, immediately available funds in sums sufficient to pay the Liquidated Damages
then due. Such Liquidated Damages due shall be payable on each such Interest Payment Date to the record Holder of Securities entitled to receive the interest payment to be paid on such Interest Payment Date as set forth in the Indenture. Liquidated
Damages in respect of Common Stock issued upon conversion of Notes shall be payable by the Company to the Holders of Common Stock issued upon conversion of such Notes concurrently with the payment of Liquidated Damages to the Holders of Notes.
Liquidated Damages shall accrue from and including the day following the applicable Event Date until the earlier of (1) the date the relevant Registration Default is cured or (2) the expiration of the Effectiveness Period. 
  
 In addition, from and after the date that the Registration
Statement is first declared effective, if the Company fails to file any amendment or supplement to the Registration Statement or Prospectus to name any Holder as a selling securityholder in the Prospectus in the manner and within the time periods
specified in Section 2.1(d) (in each case, a “Filing Default”), the Company shall pay Liquidated Damages with respect to such Filing Default to such Holder in the manner and in such amounts as contemplated in the first paragraph of
this Section 2.4, unless the Company is already required under this Section 2.4 to pay Liquidated Damages with respect to a Registration Default occurring during the same period. Any Liquidated Damages payable with respect to a Filing Default shall
accrue from the last day of the applicable time period specified in Section 2.1(d) until the earlier of (1) the date such Filing Default is cured or (2) the expiration of the Effectiveness Period. 
  

	 	3.	Registration Procedures. 

  
 In connection with the obligations of the Company with respect to the Shelf Registration and the Registration Statement pursuant to
Section 2 hereof, the Company shall: 
  
 (a)
prepare and file with the SEC a Registration Statement within the period specified in Section 2, on the appropriate form under the 1933 Act, which form (i) shall be selected by the Company and (ii) shall be available for the sale of the Registrable
Securities by the selling Holders thereof, and such Registration Statement shall comply as to form in all material respects with the applicable requirements of the 1933 Act and shall include or incorporate by reference all financial statements
required by the SEC to be filed therewith or incorporated by reference therein, and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective in accordance with Section 2 hereof; 
  

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 (b) prepare and file with the SEC such amendments and post-effective amendments to the
Registration Statement as may be necessary under applicable law to keep such Registration Statement effective for the Effectiveness Period; cause each Prospectus to be supplemented as required and, as so supplemented, to be filed pursuant to Rule
424 (or any similar provision then in force) under the 1933 Act; and comply during the Effectiveness Period with the provisions of the 1933 Act and the 1934 Act required to enable the disposition by selling Holders of all Registrable Securities
covered by the Registration Statement in accordance with the intended method or methods of distribution by such selling Holders; 
  
 (c) (i) notify each Holder of Registrable Securities, as promptly as practicable, but in any event no less than five business days prior
to filing, that a Registration Statement with respect to the Registrable Securities is being filed (which notice shall include the Questionnaire and any other reasonable information requests referenced in Section 2.1(d)) and advising such Holders of
the method or methods of distribution to be described in such Registration Statement (which shall include the methods of distribution typically described in the “Plan of Distribution” or “Underwriting” sections of resale shelf
registration statements filed by other issuers in similar transactions); (ii) upon prior request, furnish to each Holder of Registrable Securities, to counsel for the Holders, to counsel for the Initial Purchasers and to each underwriter of an
underwritten offering of Registrable Securities, if any, without charge, as many copies of the Prospectus included therein, including each preliminary Prospectus (in the event of an underwritten offering), and any amendment or supplement thereto in
order to facilitate the public sale or other disposition of the Registrable Securities; and (iii) subject to any notice by the Company in accordance with Section 3(h) of the existence of any fact of the kind described in Sections 3(e)(iii), 3(e)(v)
and 3(e)(vi) hereof, the Company hereby consents to the use of the Prospectus, including each preliminary Prospectus (in the event of an underwritten offering), that is contained in a Registration Statement declared effective by the SEC, or any
amendment or supplement thereto by each of the Holders and underwriters of Registrable Securities in connection with the offering and sale of the Registrable Securities covered by any Prospectus that is contained in a Registration Statement declared
effective by the SEC or any amendment or supplement thereto; 
  
 (d) use its reasonable best efforts to register or qualify (or establish an exemption from such registration or qualification for) the Registrable Securities under all applicable state securities or “blue
sky” laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement and each underwriter of an underwritten offering of Registrable Securities shall reasonably request, to cooperate with the Holders and
the underwriters of any Registrable Securities in connection with any filings required to be made with the NASD, to keep each such registration or qualification effective during the period such Registration Statement is required to be effective, and
do any and all other acts and things which may be reasonably necessary or advisable to enable such Holder and underwriter to consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Holder; provided, however,
that the Company shall not be required to (i) qualify as a foreign corporation or as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d) or (ii) take any action which would subject
it to general service of process or taxation in any such jurisdiction if it is not then so subject; 
  

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 (e) notify each Holder of Registrable Securities as promptly as reasonably practicable
and, if requested by such Holder, confirm such advice in writing as promptly as reasonably practicable (i) when a Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective, (ii) of
any request by the SEC or any state securities authority for post-effective amendments or supplements to a Registration Statement or Prospectus or for additional information after a Registration Statement has become effective, (iii) of the issuance
by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (iv) if between the effective date of a Registration Statement and the
closing of any sale of Registrable Securities covered thereby, the representations and warranties of the Company contained in any underwriting agreement, securities sales agreement or other similar agreement, if any, relating to such offering cease
to be true and correct in all material respects, (v) of the happening of any event or the discovery of any facts during the period a Registration Statement is effective which cause (A) the Registration Statement and any amendment thereto to contain
an 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 not misleading or (B) any Prospectus forming a part of the Registration Statement and any amendment or
supplement to such Prospectus to include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, (vi) of
the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and (vii) of any
reasonable determination by the Company that a post-effective amendment to a Registration Statement would be appropriate; 
  
 (f) make every reasonable effort to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement as soon as
practicable and provide notice as promptly as reasonably practicable to each Holder of the withdrawal of any such order; 
  
 (g) cooperate with the selling Holders of Registrable Securities to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be sold and not bearing any restrictive legends; and cause such Registrable Securities to be in such denominations (consistent with the provisions of the Indenture) and registered in such names as the selling
Holders or the underwriters, if any, may reasonably request in writing at least three business days prior to the closing of any sale of Registrable Securities; 
  

(h) upon the occurrence of any event or the discovery of any facts, each as contemplated by Sections 3(e)(iii), 3(e)(v) and 3(e)(vi)
hereof, as promptly as practicable after the occurrence of such an event, use its reasonable best efforts to prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document incorporated or
deemed to be incorporated therein by reference or file any other required document so that use of the Registration Statement or the Prospectus, as the case may be, by selling Holders in the manner and for the purposes contemplated by this Agreement
may be resumed as promptly as practicable and the Prospectus, as thereafter delivered to the purchasers of Registrable Securities, will not contain at the time of such delivery any untrue statement of a material fact or omit to state a material fact
necessary 

  

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in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company agrees to notify each
Holder to suspend use of the Prospectus as promptly as practicable after the occurrence of an event as contemplated by Sections 3(e)(iii), 3(e)(v) and 3(e)(vi) hereof, and each Holder hereby agrees to suspend use of the Prospectus until notification
is given by the Company that such use of the Prospectus may be resumed. If use of the Prospectus is suspended, the Company agrees promptly to notify each Holder when a determination is made that use of the Prospectus in the manner and for the
purposes contemplated by this Agreement may be resumed and to furnish each Holder such number of copies of the Prospectus, as then amended or supplemented, as such Holder may reasonably request; 
  
 (i) a reasonable time prior to the filing of any
Registration Statement, any Prospectus, any amendment to a Registration Statement or amendment or supplement to a Prospectus, provide copies of such document to the Initial Purchasers on behalf of such Holders if requested by the Initial Purchasers;
and make representatives of the Company as shall be reasonably requested by the Holders of Registrable Securities, or the Initial Purchasers on behalf of such Holders, available for discussion of such document; 
  
 (j) obtain CUSIP numbers for all Registrable Securities not
later than the effective date of a Registration Statement, and provide the Trustee with printed certificates for the Registrable Securities in a form eligible for deposit with the Depositary; 
  
 (k) cause the Indenture to be qualified under the TIA in
connection with the registration of the Registrable Securities, (ii) cooperate with the Trustee and the Holders to effect such changes, if any, to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of
the TIA and (iii) execute, and use its reasonable best efforts to cause the Trustee to execute, all documents as may be required to effect such changes, if any, and all other forms and documents required to be filed with the SEC to enable the
Indenture to be so qualified in a timely manner; 
  
 (l) subject to Section 2.1(a), enter into agreements (including underwriting agreements) and take all other customary and appropriate actions in order to expedite or facilitate the disposition of such Registrable Securities and in such
connection, whether or not an underwriting agreement is entered into and whether or not the registration is an underwritten registration: 
  
 (i) make such representations and warranties to the Holders of such Registrable Securities and the underwriters, if any, in form,
substance and scope as are customarily made by issuers to underwriters in similar underwritten offerings as may be reasonably requested by such Holders and underwriters; 
  
 (ii) in connection with any underwritten offering hereunder, seek to obtain opinions of counsel to the
Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the managing underwriters, if any, and the Holders of a majority in principal amount of the Registrable Securities being sold)
addressed to each selling Holder (where reasonably possible) and the underwriters, if any, covering the matters 

  

 -11- 

 
customarily covered in opinions requested in sales of securities or underwritten offerings and such other matters as may be reasonably requested by such
Holders and underwriters; 
  
 (iii) in
connection with any underwritten offering hereunder, seek to obtain “comfort letters” and updates thereof with respect to such Registration Statement and the Prospectus included therein, all amendments and supplements thereto and all
documents incorporated or deemed to be incorporated by reference therein from the Company’s independent certified public accountants and (where reasonably practicable) from the independent certified public accountants for any other Person or
any business or assets whose financial statements are, or are required to be, included or incorporated by reference in the Registration Statement or Prospectus, each addressed to the underwriters, if any, and (where reasonably practicable) to have
such letter addressed to the selling Holders of Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in “comfort letters” to underwriters in connection with similar underwritten
offerings; 
  
 (iv) if an underwriting agreement
is entered into, cause the same to set forth indemnification and contribution provisions and procedures substantially equivalent to the indemnification and contribution provisions and procedures set forth in Section 4 hereof with respect to the
underwriters and all other parties to be indemnified pursuant to Section 4 hereof or, at the request of any underwriters, in the form customarily provided to such underwriters in similar types of transactions; and 
  
 (v) deliver such other documents and certificates as may be
reasonably requested and as are customarily delivered in similar offerings to the Holders of a majority in principal amount of the Registrable Securities being sold and the managing underwriters, if any. 
  
 The above shall be done at (i) the effectiveness of such Registration Statement (and, if
appropriate, each post-effective amendment thereto) and (ii) each closing under any underwriting or similar agreement as and to the extent required thereunder; 
  

(m) if reasonably requested in writing in connection with a disposition of Registrable Securities pursuant to a Registration Statement,
make reasonably available for inspection during normal business hours by representatives of the Holders of the Registrable Securities and any underwriters participating in any disposition pursuant to a Registration Statement and any counsel or
accountant retained by such Holders or underwriters, all relevant financial and other records, documents and properties of the Company reasonably requested by any such Persons, and cause the appropriate officers, directors, employees, and any other
agents of the Company to make all information reasonably requested by any such representative, underwriter, special counsel or accountant in connection with a Registration Statement reasonably available for inspection during normal business hours,
and make such representatives of the Company reasonably available for discussion during normal business hours of such documents as shall be reasonably requested by the Initial Purchasers; provided, however, that such persons shall
first agree in writing with the Company that any information that is reasonably designated by the Company in writing as confidential at the time of delivery of such information shall be kept confidential by such persons 

  

 -12- 

 
and shall be used solely for the purposes of exercising rights under this Agreement, unless (i) disclosure of such information is required by court or
administrative order or is necessary to respond to inquiries of regulatory authorities; provided, however, that such persons shall as promptly as reasonably practicable, provide written notice to the Company of any request by any such
regulatory authority for any such confidential information of the Company in order to allow the Company a reasonable amount of time to seek an appropriate protective order to prevent the disclosure of such information, (ii) disclosure of such
information is required by law (including any disclosure requirements pursuant to federal securities laws in connection with the filing of any Registration Statement or the use of any Prospectus referred to in this Agreement), (iii) such information
becomes generally available to the public other than as a result of a disclosure or failure to safeguard by any such person or (iv) such information becomes available to any such person from a source other than the Company and such source is not
bound by a confidentiality agreement or otherwise obligated to keep such information confidential. 
  
 (n) a reasonable time prior to filing any Registration Statement, any Prospectus forming a part thereof, any amendment to such
Registration Statement or amendment or supplement to such Prospectus (other than supplements that do nothing more than name one or more Holders and provide information with respect thereto), provide copies of such document upon request to the
Initial Purchasers, to the underwriter or underwriters of an underwritten offering of Registrable Securities, if any, and, to counsel for the Initial Purchasers or underwriters, and make such changes in any such document prior to the filing thereof
as the Initial Purchasers or the underwriter or underwriters, or any of their respective counsel may reasonably request in writing within five business days after the delivery of such copies by the Company; cause the representatives of the Company
to be available for discussion of such documents during normal business hours as shall be reasonably requested by the Initial Purchasers on behalf of the Holders or any underwriter or any of their respective counsel; and shall not at any time make
any filing of any such document of which the Initial Purchasers on behalf of the Holders, their counsel or any underwriter or their counsel shall not have previously been advised and furnished a copy or to which the Majority Holders, the Initial
Purchasers on behalf of the Holders, their counsel or any underwriter or their counsel shall reasonably object within a reasonable time period; 
  
 (o) use its reasonable best efforts to cause all Registrable Securities to be listed on any securities exchange or inter-dealer quotation
system such as NASDAQ on which similar debt or equity securities issued by the Company are then listed, if any; 
  
 (p) use its commercially reasonable efforts to cause the Registrable Securities to be rated with the appropriate rating agencies, if
reasonably requested by the Majority Holders or by the underwriter or underwriters of an underwritten offering of Registrable Securities, if any, unless the Registrable Securities are already so rated; 
  
 (q) otherwise comply with all applicable rules and
regulations of the SEC and make available to its security holders, as soon as reasonably practicable, an earnings statement covering at least twelve (12) months which shall satisfy the provisions of Section 11(a) of the 1933 Act and Rule 158
thereunder; and 
  

 -13- 

 (r) cooperate and assist in any filings required to be made with the NASD and in the
performance of any due diligence investigation by any underwriter and its counsel (including any “qualified independent underwriter” that is required to be retained in accordance with the rules and regulations of the NASD); 
  
 The Company may (as a condition to such Holder’s participation in the
Shelf Registration) require each Holder of Registrable Securities to furnish to the Company such information regarding such Holder and the proposed distribution by such Holder of such Registrable Securities as the Company may from time to time
reasonably request in writing. Each Holder further agrees promptly to furnish to the Company in writing all information required to be disclosed in order to make the information previously furnished to the Company by such Holder not misleading in
any material respect, any other information regarding such Holder and the distribution of such Registrable Securities as may be required to be disclosed in the Registration Statement under applicable law or pursuant to SEC comments and any
information otherwise required by the Company to comply with applicable law or regulations. Each Holder further agrees, following termination of the Effectiveness Period, to notify the Company, within ten business days of a request, of the amount of
Registrable Securities sold pursuant to the Registration Statement and, in the absence of a response, the Company may assume that all of the Holder’s Registrable Securities were so sold. 
  
 Each Holder agrees that, upon receipt of any notice from the Company of the
happening of any event or the discovery of any facts, each of the kind described in Sections 3(e)(iii), 3(e)(v) or 3(e)(vi) hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to a Registration Statement
until receipt by such Holder of (i) the copies of the supplemented or amended Prospectus contemplated by Section 3(h) hereof or (ii) written notice from the Company that the Shelf Registration is once again effective or that no supplement or
amendment is required. If so directed by the Company, such Holder will deliver to the Company (at the Company’s expense) all copies in such Holder’s possession, other than permanent file copies then in such Holder’s possession, of the
Prospectus covering such Registrable Securities current at the time of receipt of such notice. Nothing in this paragraph shall prevent the accrual of Liquidated Damages on any Securities. 
  
 If any of the Registrable Securities covered by any Registration Statement are to be sold in an underwritten offering, the
underwriter or underwriters and manager or managers that will manage such offering will be selected by the Majority Holders of such Registrable Securities included in such offering and shall be reasonably acceptable to the Company. No Holder of
Registrable Securities may participate in any underwritten registration hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled
hereunder to approve such arrangements, (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements and (c) provides the
Company with the information required in Section 2.1(d) above. 
  

 -14- 

	 	4.	Indemnification and Contribution. 

  
 (a) The Company agrees to indemnify and hold harmless the Initial Purchasers, each Holder, and each Person who participates as an
underwriter (each, an “Underwriter” or an “underwriter”) and each Person, if any, who controls the Initial Purchasers, Holder or Underwriter within the meaning of either Section 15 of the 1933 Act or Section 20 of
the 1934 Act as follows: 
  
 (i) against any and
all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment or supplement thereto, including all
documents incorporated therein by reference therein) pursuant to which Registrable Securities were registered under the 1933 Act, or any omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the
statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact contained in any Prospectus (or any amendment or supplement thereto, including all documents incorporated therein by reference),
or any omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; 
  
 (ii) against any and all loss, liability, claim, damage and
expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any
such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section 4(d) below) any such settlement is effected with the written consent of the Company; and 
  
 (iii) against any and all expense whatsoever, as incurred
(including the reasonable fees and disbursements of counsel chosen by any indemnified party), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body,
commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under subparagraph (i) or (ii) above; 
  
 provided, however, that this indemnity agreement shall not apply to any loss, liability,
claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Initial
Purchasers, any Holder or Underwriter (or any person who expressly controls the Initial Purchasers, Holder or Underwriter) expressly for use in a Registration Statement (or any amendment thereto) or any Prospectus (or any amendment or supplement
thereto) provided further that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense if the Holder fails to deliver at or prior to the written confirmation of sale, the most recent Prospectus furnished to
such Holder by the Company and such Prospectus, as amended or supplemented as of the time of such confirmation of sale, (including any amendment or supplement filed with the SEC that is incorporated by reference in the Prospectus as 

  

 -15- 

 
of the time of such confirmation of sale), would have corrected such untrue statement or omission or alleged untrue statement or omission of a material fact
and the delivery thereof was required by law. 
  
 (b) Each Holder, severally but not jointly, agrees to indemnify and hold harmless the Company, the Initial Purchasers, each Underwriter and the other selling Holders, and each of their respective directors and officers, and each Person, if
any, who controls the Company, the Initial Purchasers, any Underwriter or any other selling Holder within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, against any and all loss, liability, claim, damage and expense
described in the indemnity contained in Section 4(a) hereof, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto) or any
Prospectus included therein (or any amendment or supplement thereto) in reliance upon and in conformity with written information with respect to such Holder furnished to the Company by or on behalf of such Holder or any other person who controls
such Holder expressly for use in the Registration Statement (or any amendment thereto) or such Prospectus (or any amendment or supplement thereto); provided, however, that no such Holder shall be liable for any claims hereunder in excess of the
amount of net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. 
  
 (c) Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action or proceeding
commenced against it in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a
result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. An indemnifying party may participate at its own expense in the defense of any such action; provided,
however, that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall the indemnifying party or parties be liable for the fees and expenses of more
than one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general
allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding
by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this Section 4 (whether or not the indemnified parties are actual or potential parties
thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to
or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
  
 (d) If at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and
expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section 4(a)(ii) effected 

  

 -16- 

 
without its written consent if (i) such settlement is entered into more than forty-five (45) days after receipt by such indemnifying party of the aforesaid
request, (ii) such indemnifying party shall have received notice of the terms of such settlement at least thirty (30) days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party
in accordance with such request prior to the date of such settlement. 
  
 (e) If the indemnification provided for in this Section 4 is for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses
referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, in such proportion as is appropriate to reflect the
relative fault of the indemnifying party or parties on the one hand and of the indemnified party or parties on the other hand in connection with the statements or omissions that resulted in such losses, liabilities, claims, damages or expenses, as
well as any other relevant equitable considerations. 
  
 The
relative fault of such indemnifying party or parties on the one hand and the indemnified party or parties on the other hand shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material
fact or omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or parties or such indemnified party or parties, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. 
  
 (f) The Company, the Holders and the Initial Purchasers agree that it would not be just or equitable if contribution pursuant to this Section 4 were determined by pro rata allocation or by any other method of
allocation that does not take account of the equitable considerations referred to in paragraph (e) above. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this
Section 4 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body,
commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. 
  
 Notwithstanding the provisions of this Section 4, the Initial Purchasers or any Holder or Underwriter shall not be required to contribute any amount in
excess of the amount by which the total price at which Registrable Securities sold by it pursuant to a Registration Statement were offered exceeds the amount of any damages that the Initial Purchasers, Holder or Underwriter has otherwise been
required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission. 
  
 No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation. 
  
 For
purposes of this Section 4, each Person, if any, who controls the Initial Purchasers, Holder or Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 

  

 -17- 

 
Act shall have the same rights to contribution as the Initial Purchasers or such Holder or Underwriter, as the case may be, and each director of the Company,
each officer of the Company who signed the Registration Statement and each Person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as the
Company. The respective obligations of the Initial Purchasers, Holders, and Underwriters to contribute pursuant to this Section 4 are several in proportion to the principal amount of Securities sold by them pursuant to a Registration Statement and
not joint. 
  
 The indemnity and contribution provisions contained
in this Section 4 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any Holder or Underwriter or any Person controlling
the Initial Purchasers, or any Holder or Underwriter, or by or on behalf of the Company, its officers, or directors or any Person controlling the Company and (iii) any sale of Registrable Securities pursuant to a Registration Statement. 

 

	 	5.	Miscellaneous. 

  
 5.1 Rule 144 and Rule 144A. For so long as the Company is subject to the reporting requirements of Section 13 or 15 of the 1934
Act, the Company covenants that it will file the reports required to be filed by it under the 1933 Act and Section 13(a) or 15(d) of the 1934 Act. For so long as any Registrable Securities remain outstanding, if the Company ceases to be subject to
the reporting requirements of Section 13 or 15 of the 1934 Act, it will upon the request of any Holder or beneficial owner of Registrable Securities (a) make publicly available such information (including, without limitation, the information
specified in Rule 144A(d)(4) under the 1933 Act) as is necessary to permit sales pursuant to Rule 144, (b) deliver or cause to be delivered, promptly following a request by any Holder or beneficial owner of Registrable Securities or any prospective
purchaser or transferee designated by such Holder or beneficial owner, such information (including, without limitation, the information specified in Rule 144A(d)(4) under the 1933 Act) as is necessary to permit sales pursuant to Rule 144A and it
will take such further action as any Holder or beneficial owner of Registrable Securities may reasonably request, and (c) take such further action that is reasonable in the circumstances, in each case, to the extent required from time to time to
enable such Holder to sell its Registrable Securities without registration under the 1933 Act within the limitation of the exemptions provided by (i) Rule 144, as such Rule may be amended from time to time, (ii) Rule 144A, as such Rule may be
amended from time to time or (iii) any similar rules or regulations hereafter adopted by the SEC. For so long as any Registrable Securities remain outstanding, upon the request of any Holder or beneficial owner of Registrable Securities, the Company
will deliver to such Holder a written statement as to whether it has complied with such requirements. 
  
 5.2 No Inconsistent Agreements. The Company has not entered into nor will the Company on or after the date of this Agreement enter
into any agreement which is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not for the term of this
Agreement and will not in any way conflict with and are not and will not be inconsistent with the 

  

 -18- 

 
rights granted to the holders of any of the Company’s other issued and outstanding securities under any other agreements entered into by the Company or
any of its subsidiaries. 
  
 5.3 Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company has
obtained the written consent of Holders of a majority in outstanding Common Stock constituting Registrable Securities affected by such amendment, modification, supplement, waiver or departure. For the purpose of the preceding sentence, Holders of
Notes shall be deemed to be Holders of the number of shares of Common Stock into which such Notes are or would be convertible as of the date on which such consent is requested. Notwithstanding the foregoing, a waiver or consent to depart from the
provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of
other Holders of Registrable Securities may be given by Holders of at least a majority of the Registrable Securities being sold by such Holders pursuant to such Registration Statement; provided that the provisions of this sentence may not be
amended, modified, or supplemented except in accordance with the provisions of the first sentence of this Section 5.3. Each Holder of Registrable Securities outstanding at the time of any such amendment, modification, supplement, waiver or consent
or thereafter shall be bound by any such amendment, modification, supplement, waiver or consent effected pursuant to this Section 5.3, whether or not any notice, writing or marking indicating such amendment, modification, supplement, waiver or
consent appears on the Registrable Securities or is delivered to such Holder. 
  
 5.4 Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, registered first-class mail, telecopier, electronic means or any courier
guaranteeing overnight delivery (a) if to a Holder (other than the Initial Purchasers), at the most current address set forth on the records of the registrar under the Indenture, (b) if to the Initial Purchasers, at the most current address given by
the Initial Purchasers to the Company by means of a notice given in accordance with the provisions of this Section 5.4, which address initially is the address set forth in the Purchase Agreement with respect to the Initial Purchasers with a copy to
Shearman & Sterling LLP, 1080 Marsh Road, Menlo Park, California 94025, Attention: Bruce Czachor, (c) if to the Company, initially at the Company’s address set forth in the Purchase Agreement with a copy to Wilson Sonsini Goodrich &
Rosati, Professional Corporation, 650 Page Mill Road, Palo Alto, California 94304 Attention: Douglas H. Collom, and thereafter at such other address of which notice is given in accordance with the provisions of this Section 5.4, and (d) if to any
Underwriter, at the most current address given by such Underwriter to the Company by means of a notice given in accordance with the provisions of this Section 5.4, which address initially is the address set forth in the applicable underwriting
agreement. 
  
 All such notices and communications shall be deemed
to have been duly given: at the time of delivery by hand, if delivered by hand or electronic means; two business days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if telecopied; and on the next
business day if timely delivered to an air courier guaranteeing overnight delivery. 
  

 -19- 

 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person
giving the same to the Trustee, at the address specified in the Indenture. 
  
 5.5 Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each of the parties, including, without limitation and without the need
for an express assignment, subsequent Holders; provided, that (a) this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign acquires Registrable Securities
from a Holder and (b) nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms hereof or of the Purchase Agreement or the Indenture. If any transferee of any Holder
shall acquire Registrable Securities, in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Securities, such
Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement, including the restrictions on resale set forth in this Agreement and, if applicable, the Purchase Agreement, and such
person shall be entitled to receive the benefits hereof. 
  
 5.6 Third Party Beneficiaries. The Initial Purchasers (even if such Initial Purchasers are not Holders of Registrable Securities) shall be third party beneficiaries of the agreements made hereunder between the
Company, on the one hand, and the Holders, on the other hand, and shall have the right to enforce such agreements directly to the extent they deem such enforcement necessary or advisable to protect their rights or the rights of Holders hereunder.
Each Holder of Registrable Securities shall be a third party beneficiary to the agreements made hereunder between the Company, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements
directly to the extent it deems such enforcement necessary or advisable to protect its rights hereunder. 
  
 5.7 Restrictions on Resales Until the expiration of two years after the original issuance of the Securities, the Company will not,
and will use its reasonable best efforts to ensure that its “affiliates” (as such term is defined in Rule 144(a)(1) under the 1933 Act) do not, resell any Securities which are “restricted securities” (as such term is defined
under Rule 144(a)(3) under the 1933 Act) that have been reacquired by any of them and shall immediately upon any purchase of any such Securities submit such Securities to the Trustee for cancellation. 
  
 5.8 Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 5.9 Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any
circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 

 
 5.10 GOVERNING LAW. THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS PRINCIPLES OF CONFLICTS OF LAWS. 
  

 -20- 

 5.11 Counterparts. This Agreement may be executed in any number of counterparts
and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  

 -21- 

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

  

					
	 SERENA SOFTWARE, INC.

		
	By:	 	/s/    MARK E. WOODWARD        
	 	 	

	 	 	 Name:
	 	Mark E. Woodward
	 	 	 Title:
	 	President, Chief Executive Officer and Director
		
	By:	 	/s/    ROBERT I. PENDER, JR.        
	 	 	

	 	 	 Name:
	 	Robert I. Pender, Jr.
	 	 	 Title:
	 	 Vice President - Finance and Administrator
 Chief Financial Officer and Director

  

			
	 CONFIRMED AND ACCEPTED,
 as of the date first
above written:

	
	MERRILL LYNCH & CO.
	 MERRILL LYNCH, PIERCE, FENNER
 & SMITH INCORPORATED

		
	By:	 	/s/    GOPAL GARUDA        
	 	 	

	 	 	Authorized Signatory
	
	UBS SECURITIES LLC
		
	By:	 	/s/    JAMES RUNCIE        
	 	 	

	 	 	Authorized Signatory
		
	By:	 	/s/    ANKUR KAMALIA        
	 	 	

	 	 	Authorized Signatory

  
 [Signature page to
the Registration Rights Agreement]Pledge Agreement

 EXHIBIT 4.3 
  
 Execution Copy 
  
 PLEDGE AGREEMENT 
  
 This PLEDGE AGREEMENT (the “Pledge Agreement”) is made and entered into as of December 15, 2003 by SERENA Software, Inc., a Delaware
corporation (the “Pledgor”), having its principal office at 2755 Campus Drive, 3rd Floor, San Mateo, California 94403, in favor of U.S. Bank National Association, in its capacity as trustee (the “Trustee”) for the
holders from time to time (the “Holders”) of the Notes (as defined below), issued by the Pledgor under the Indenture referred to below. Capitalized terms used and not defined in this Pledge Agreement have the meanings set forth or
referred to in the Indenture. 
  
 PRELIMINARY STATEMENTS:

  
 (1) The Pledgor, Merrill Lynch & Co., Merrill Lynch,
Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) and UBS Securities LLC (“UBS” and, together with Merrill Lynch, the “Initial Purchasers”) are parties to a Purchase Agreement dated December
9, 2003 (the “Purchase Agreement”), pursuant to which the Pledgor will issue and sell to the Initial Purchasers, acting severally and not jointly, the respective principal amounts set forth next to the Initial Purchasers’
respective names in Schedule A to the Purchase Agreement of $190,000,000 aggregate principal amount of 1.5% Convertible Subordinated Notes due 2023 (the “Initial Notes”) and pursuant to which the Pledgor has granted to the Initial
Purchasers, acting severally and not jointly, an option to purchase all or any part of an additional $30,000,000 aggregate principal amount at maturity of the 1.5% Convertible Subordinated Notes due 2023 (the “Option Notes” and
together with the Initial Notes, the “Notes”). 
  
 (2) The Pledgor and the Trustee have entered into that certain indenture dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), pursuant to which the
Pledgor is issuing the Notes on the date hereof. 
  
 (3) The
Pledgor is the beneficial owner of, and desires to pledge the security entitlements (the “Pledged Security Entitlements”) with respect to, (i) the United States Treasury securities identified by CUSIP number in Schedule I hereto,
and credited to the account with U.S. Bank National Association (the “Account Holder”), ABA No. 091000022, for Account No. 744406000, in the name of “U.S. Bank National Association, as Trustee for the benefit of the holders of
the 1.5% Convertible Subordinated Notes due 2023 of SERENA Software, Inc., Collateral Pledge Account” (the “Pledged Account”) and (ii) all other financial assets credited from time to time to the Pledged Account (collectively
with the assets described in clause (i) above, the “Pledged Financial Assets”); 
  
 (4) To secure the obligation of the Pledgor under the Indenture and the Notes to pay all of each of the first six scheduled interest payments on the Notes
when due and to secure repayment of the principal amount and interest on the Notes and Liquidated Damages (as defined in the Indenture), if any, in the event that the Notes become due and payable prior to such time as the first six scheduled
interest payments thereon shall have been paid in full 

  

 1 

 
(collectively, the “Obligations”), the Pledgor has agreed (i) to pledge to the Trustee for its benefit and the ratable benefit of the
Holders of the Notes, a security interest in the Collateral (as defined below) securing the payment and performance by the Pledgor of all of the Obligations and (ii) to execute and deliver this Pledge Agreement; the Collateral will be sufficient
upon receipt of scheduled interest and principal payments in respect thereto to provide for the payment of the first six scheduled interest payments on the Notes; 
  
 (5) It is a condition precedent to the initial purchase of the Notes by the Initial Purchasers that the Pledgor shall have
executed and delivered this Pledge Agreement; and 
  
 (6) Unless
otherwise defined herein or in the Indenture, terms used in Article 8 or 9 of the Uniform Commercial Code as in effect in the State of New York (“UCC”) and/or in the Federal Book Entry Regulations (as defined below) are used in this
Pledge Agreement as such terms are defined in such Article 8 or 9 and/or the Federal Book Entry Regulations. The term “Federal Book Entry Regulations” means (a) the federal regulations contained in Subpart B
(“Treasury/Reserve Automated Debt Entry System (TRADES)”) governing book-entry securities consisting of U.S. Treasury bonds, notes and bills and Subpart D (“Additional Provisions”) of 31 C.F.R. Part 357, 31 C.F.R.
§ 357.2, § 357.10 through § 357.14 and § 357.41 through § 357.44 and (b) to the extent substantially identical to the federal regulations referred to in clause (a) above (as in effect from time to time), the federal
regulations governing other book-entry securities. 
  
 AGREEMENT

  
 NOW, THEREFORE, in consideration of the premises herein
contained, and in order to induce the Initial Purchasers to purchase the Notes, the Pledgor hereby agrees with the Trustee, for the benefit of the Trustee and for the ratable benefit of the Holders of the Notes, as follows: 
  
 SECTION 1. Pledge and Grant of Security Interest. The Pledgor hereby
pledges and grants to the Trustee, for its benefit and for the ratable benefit of the Holders of the Notes, a security interest in and continuing lien on all of the Pledgor’s right, title and interest in and to the property set out in
paragraphs (a) through (d) below (in each case, whether now owned or hereafter acquired or created by the Pledgor, wherever located and whether now or hereafter existing or arising and whether consisting of security accounts, securities (including
United States Treasury securities), security entitlements, financial assets and other investment property, deposit accounts, payment intangibles and other general intangibles or any other property) (hereinafter collectively referred to as the
“Collateral”): 
  
 (a) the Pledged Financial
Assets and the certificates, if any, representing the Pledged Financial Assets, and all dividends, interest, money (as defined in the UCC (for the avoidance of doubt)), instruments and other property from time to time received, receivable or
otherwise distributed or distributable in respect of or in exchange for any or all of such Pledged Financial Assets; 
  
 (b) the Pledged Account and all security entitlements with respect thereto, all Pledged Security Entitlements with respect to all Pledged Financial Assets
from time to time 

  

 2 

 
credited, or required to be credited to the Pledged Account, any and all securities accounts in which the Pledged Security Entitlements are carried, and all
dividends, interest, cash, instruments and other property from time to time received, receivable or otherwise distributed or distributable in respect of or in exchange for any or all of such Pledged Security Entitlements; 
  
 (c) all other securities, securities entitlements and other financial assets
hereafter acquired by the Pledgor pursuant to Article 12 of the Indenture; and 
  
 (d) all proceeds of any and all of the Collateral (including, without limitation, proceeds that constitute property of the types described in clauses (a), (b) and (c) of this Section 1), all investments of the
Collateral and, to the extent not otherwise included, all payments in respect of insurance (whether or not the Trustee is the loss payee thereof) payable by reasons of loss or damage or any indemnity, warranty or guaranty, or otherwise and all cash
proceeds, in each case with respect to the Collateral. 
  
 SECTION
2. Security for Obligations. This Pledge Agreement secures, and the Collateral is collateral security for, the prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of all the
Obligations of the Pledgor, whether for principal, interest, Liquidated Damages, fees or otherwise, now or hereafter existing, under this Pledge Agreement, the Notes or the Indenture (all such obligations being the “Secured
Obligations”). 
  
 SECTION 3. Maintaining the Pledged
Account. So long as any Secured Obligation shall remain outstanding: 
  
 (a) The Pledgor will maintain separately the Pledged Account with the Account Holder. 
  
 (b) It shall be a term and condition of the Pledge Agreement, notwithstanding any term or condition to the contrary in any other agreement relating to the
Pledged Account, and except as otherwise provided by the provisions of Section 5 and Section 18 hereof, that no funds shall be paid or released to or for the account of, or withdrawn by or for the account of, the Pledgor or any other Person from the
Pledged Account except as expressly provided in this Pledge Agreement. 
  
 The Pledged Account shall be subject to such applicable laws, and such applicable regulations of the Board of Governors of the Federal Reserve System and of any other appropriate banking or governmental authority, as may now or hereafter be
in effect. 
  
 SECTION 4. Delivery of Collateral. (a) All
certificates or instruments representing or evidencing the Pledged Financial Assets or the Pledged Security Entitlements shall be delivered to and held by or on behalf of the Trustee pursuant hereto and shall be in suitable form for transfer by
delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to the Trustee. The Trustee shall have the right, at any time in its discretion and without notice to the
Pledgor, to transfer to or to register in the name of the Trustee or any of its nominees any or all of the Collateral. In addition, the Trustee shall have the right at any time to exchange certificates or instruments representing or evidencing any
or all of the Collateral for certificates or instruments 

  

 3 

 
of smaller or larger denominations. Also, the Trustee shall have the right at any time to convert Collateral consisting of financial assets credited to the
Pledged Account to Collateral consisting of financial assets held directly by the Trustee, and to convert Collateral consisting of financial assets held directly by the Trustee to Collateral consisting of financial assets credited to the Pledged
Account. 
  
 (b) With respect to any Collateral in which the
Pledgor has any right, title or interest and that constitutes an uncertificated security, the Pledgor shall cause the issuer thereof either (i) to register the Trustee as the registered owner of such security or (ii) to agree in writing with the
Pledgor and the Trustee that such issuer will comply with instructions with respect to such security originated by the Trustee without further consent of the Pledgor, such agreement to be in form and substance satisfactory to the Trustee.

  
 (c) With respect to any Collateral in which the Pledgor has
any right, title or interest and that constitutes a security entitlement, the Pledgor shall cause the securities intermediary with respect to such security entitlement either (i) to identify in its records the Trustee as the entitlement holder of
such security entitlement against such securities intermediary or (ii) to agree in writing with the Pledgor and the Trustee that such securities intermediary will comply with entitlement orders (that is, notifications communicated to such securities
intermediary directing transfer or redemption of the financial asset to which the Pledgor has a security entitlement) originated by the Trustee without further consent of the Pledgor, such agreement to be in substantially the form of Annex A
hereto or otherwise in form and substance satisfactory to the Trustee. 
  
 (d) With respect to any Collateral that constitutes a securities account, the Pledgor will comply with subsection (c) of this Section 4 with respect to all security entitlements carried in such securities account. 
  
 (e) Prior to or concurrently with the execution and delivery hereof and prior
to the transfer to the Trustee of the Pledged Security Entitlements, as provided in subsections (a) through (c) of this Section 4, the Trustee shall establish the Pledged Account with the Account Holder. Upon transfer of the Pledged Financial Assets
to the Trustee, as confirmed to the Trustee by the securities intermediary, the Trustee shall make appropriate book entries indicating that the Pledged Financial Assets have been credited to and are held in the Pledged Account. Subject to the other
terms and conditions of this Pledge Agreement, all funds or other property held by the Trustee pursuant to this Pledge Agreement shall be held in the Pledged Account subject (except as expressly provided in Sections 5(a), (b) and (c) hereof) to the
exclusive dominion and control of the Trustee and exclusively for the benefit of the Trustee and for the ratable benefit of the Holders of the Notes and segregated from all other funds or other property otherwise held by the Trustee. 
  
 (f) All Collateral shall be retained in the appropriate account pending
disbursement pursuant to the terms hereof. 
  
 (g) Concurrently
with the execution and delivery of this Pledge Agreement, the Trustee shall deliver to the Pledgor a duly executed Control Agreement (the “Control Agreement”), in the form of Annex A hereto. 
  

 4 

 SECTION 5. Disbursements. (a) Three business days prior to the due date of any of the first six
scheduled interest payments on the Notes, the Pledgor may, pursuant to written instructions given by the Pledgor to the Trustee (an “Issuer Order”), direct the Trustee to release from the Pledged Account and pay to the Holders of
the Notes proceeds to provide for payment, in whole or in part, of such interest then due on the Notes. Upon receipt of an Issuer Order, the Trustee will (i) issue a Payment Order (as defined in the Control Agreement) to the Account Holder for the
release from the Pledged Account of such funds to the Trustee in accordance with such Issuer Order and (ii) pay such funds to the Holders of the Notes in accordance with the Indenture and the Notes. In the event that the funds released from the
Pledged Account on any interest payment date are not sufficient to pay in full the interest due on the Notes on such interest payment date (a “Shortfall”), nothing in this Section 5 shall relieve the Pledgor of its obligations under
the Notes and the Indenture to pay such Shortfall to the Holders of the Notes on such interest payment date; provided, however, that no such Shortfall shall be paid from proceeds of the Collateral unless such proceeds constitute a
Surplus (as defined below). Furthermore, nothing in this Pledge Agreement shall relieve the Pledgor of its obligations under the Notes and the Indenture to pay Liquidated Damages, if any. In the event that the funds available for release from the
Pledged Account on any interest payment date exceed the interest due on the Notes on such interest payment date (a “Surplus”), such Surplus shall be retained in the Pledged Account and may be applied to the next Shortfall(s), if
any. Nothing in this Section 5 shall affect the Trustee’s rights to apply the Collateral to the payments of amounts due on the Notes upon acceleration thereof. 
  
 (b) If the Pledgor makes any of the first six scheduled interest payments on the Notes or portion of such an interest
payment from a source of funds other than the Pledged Account (“Pledgor Funds”), the Pledgor may, after payment in full of such interest payment, direct the Trustee pursuant to an Issuer Order to issue a Payment Order (as defined in
the Control Agreement) to the Account Holder for the release to the Pledgor or to another party at the direction of the Pledgor (the “Pledgor’s Designee”) proceeds from the Pledged Account in an amount less than or equal to the
amount of Pledgor Funds applied to such interest payment; provided, however, that the foregoing shall not apply in the event that such payment of Pledgor Funds is made in order to compensate for any Shortfall. Upon receipt by the
Trustee of such Issuer Order and provided the Trustee has received such interest payment, the Trustee shall direct the Account Holder pursuant to a Payment Order to pay over to the Pledgor or the Pledgor’s Designee, as the case may be, the
requested amount from proceeds in the Pledged Account as soon as practicable. 
  
 (c) At least three Business Days prior to the due date of each of the first six scheduled interest payments on the Notes, the Pledgor shall give the Trustee notice (by Issuer Order) as to whether such interest payment
will be made pursuant to Section 5(a) or 5(b) above and the respective amounts of interest that will be paid from the Pledged Account and from Pledgor Funds. Any Pledgor Funds to be used to make any interest payment shall be delivered to the
Trustee, in immediately available funds, prior to 10:00 a.m. (New York City time) on such interest payment date. If no such notice is given or such Pledgor Funds have not been so delivered, the Trustee will act pursuant to Section 5(a) above as if
it had received an Issuer Order pursuant thereto for the payment of the interest then due from the Pledged Account. 
  

 5 

 (d) The Trustee shall instruct the Account Holder to liquidate Collateral in the Pledged Account
(pursuant to written instructions from the Pledgor) in order to make any of the scheduled payments of interest on the Notes, unless there are sufficient funds in the Pledged Account on such interest payment date. The Trustee shall be entitled to
instruct the Account Holder to sell any Collateral as contemplated hereunder prior to the maturity of such Collateral and shall not be responsible for any costs and expenses of such sale. 
  
 (e) Nothing contained in this Pledge Agreement shall (i) afford the Pledgor any right to issue entitlement orders with
respect to any of the Pledged Security Entitlements or any securities account in which any such security entitlement may be carried, or otherwise afford the Pledgor control of any Pledged Security Entitlement or (ii) otherwise give rise to any
rights of the Pledgor with respect to the Pledged Financial Assets or any securities account in which any such security entitlement may be carried, other than the Pledgor’s rights under this Pledge Agreement as the beneficial owner of
collateral pledged to and subject to the exclusive dominion and control (except as expressly provided in Sections 5(a) and (b) hereof) of the Trustee in its capacity as such (and not as a securities intermediary) before the payment in full, when
due, of the first six scheduled interest payments on the Notes. The Pledgor acknowledges, confirms and agrees that the Trustee is an entitlement holder of the Pledged Security Entitlements solely as Trustee for the Holders of the Notes and not as a
securities intermediary. 
  
 SECTION 6. Investing of Amounts in
the Pledged Account. If requested and as directed in writing by the Pledgor, the Trustee will, subject to the provisions of Sections 3, 5 and 13 of this Pledge Agreement, from time to time, instruct the Account Holder to invest interest paid on
the Pledged Financial Assets and reinvest other proceeds of any Pledged Financial Assets that may mature or be sold, in each case, in (i) identified United States Treasury securities or (ii) selected shares of a money market fund registered under
the Investment Company Act of 1940, as amended, the portfolio of which consists of United States Treasury securities, in each case credited to the Pledged Account. For tax reporting and withholding purposes, all income earned on investments held by
the Trustee shall be allocated to the Pledgor and, within ten days after the date of this Pledge Agreement, the Pledgor shall provide such tax reporting documents to the Trustee as the Trustee may request. 
  
 SECTION 7. Representations and Warranties. The Pledgor hereby
represents and warrants that: 
  
 (a) This Pledge Agreement has
been duly authorized, validly executed and delivered by the Pledgor and (assuming the due authorization and valid execution and delivery of this Pledge Agreement by the Trustee and enforceability of the Pledge Agreement against the Trustee in
accordance with its terms) constitutes a valid and binding agreement of the Pledgor, enforceable against the Pledgor in accordance with its terms, except as (i) the enforceability hereof may be limited by bankruptcy, insolvency, fraudulent
conveyance, preference, reorganization, moratorium or similar laws now or hereafter in effect relating to or affecting creditors’ rights or remedies generally, (ii) the availability of equitable remedies may be limited by equitable principles
of general applicability, (iii) the exculpation provisions and rights to indemnification hereunder may be limited by U.S. federal and state securities laws and public policy considerations and (iv) the waiver of rights and defenses contained in
Section 13(d), Section 19(h) and Section 19(l) hereof may be limited by applicable law. 
  

 6 

 (b) The Pledgor’s exact legal name (as defined in Section 9-503(a) of the UCC) is SERENA Software,
Inc. The Pledgor is located (within the meaning of Section 9-307 of the UCC) in the State of Delaware and has its chief executive office in the State of California. 
  
 (c) The Pledgor is the legal and beneficial owner of the Collateral free and clear of any Lien, claim, option or right of
others (except for the security interests created by this Pledge Agreement and any Liens permitted under the Indenture). No effective financing statement or instrument similar in effect covering all or any part of the Collateral or listing the
Pledgor or any trade name of the Pledgor with respect to all or any part of the Collateral is on file in any public or recording office, other than the financing statements filed pursuant to this Pledge Agreement. 
  
 (d) All filings and other actions (including, without limitation, (A) actions
necessary to obtain control of the Collateral as provided in Sections 9-104, 9-105, 9-106 and 9-107 of the UCC and (B) actions necessary to perfect the Trustee’s security interest with respect to the Collateral evidenced by a certificate of
ownership) necessary to perfect the security interest in the Collateral created under this Pledge Agreement have been duly made or taken and are in full force and effect, and this Pledge Agreement creates in favor of the Trustee for its benefit and
the ratable benefit of the Holders of the Notes a valid and, together with such filings and other actions, a perfected first priority security interest in the Collateral, securing the payment of the Secured Obligations. 
  
 (e) The execution and delivery by the Pledgor of, and the performance by the
Pledgor of its obligations under, this Pledge Agreement will not contravene any provision of applicable law or the Certificate of Incorporation of the Pledgor or any material agreement or other material instrument binding upon the Pledgor or any
judgment, order or decree of any governmental body, agency or court having jurisdiction over the Pledgor, or result in the creation or imposition of any Lien on any assets of the Pledgor, except for the security interests granted under this Pledge
Agreement. 
  
 (f) No consent of any other person and no approval,
authorization, order of, action by, notice to, filing or qualification with, any governmental authority, regulatory body, agency or other third party is required for (i) the grant by the Pledgor of the pledge and security interest granted under this
Pledge Agreement, (ii) the execution or delivery by the Pledgor of, or the performance by the Pledgor of its obligations under, this Pledge Agreement, (iii) the perfection or maintenance of the pledge and security interest created hereunder
(including the first priority nature of such pledge or security interest), except for the filing of financing and continuation statements under the UCC, which financing statements have been delivered to the Trustee and which, when filed, shall be in
full force and effect, or (iv) for the exercise by the Trustee of its voting or other rights provided for in this Pledge Agreement or the remedies in respect of the Collateral pursuant to this Pledge Agreement, except as may be required in
connection with the disposition of any portion of the Collateral by laws affecting the offering and sale of securities generally. 
  
 (g) There are no legal or governmental proceedings pending or threatened to which the Pledgor is a party or to which any of the properties of the Pledgor
is subject that would 

  

 7 

 
materially adversely affect the power or ability of the Pledgor to perform its obligations under this Pledge Agreement or to consummate the transactions
contemplated hereby. 
  
 (h) The pledge of the Collateral pursuant
to this Pledge Agreement is not prohibited by law or governmental regulation (including, without limitation, Regulations T, U and X of the Board of Governors of the Federal Reserve System) applicable to the Pledgor. 
  
 (i) No Event of Default (as defined below) exists. 
  
 (j) The jurisdiction (for purposes of Section 8-110(e) of the UCC) of the
securities intermediary that maintains the Pledged Account and all securities accounts carrying the Pledged Securities Entitlements is New York. 
  
 SECTION 8. Further Assurances. (a) The Pledgor agrees that from time to time, at the expense of the Pledgor, the Pledgor will promptly execute and
deliver all further instruments and documents, and take all further action, that may be necessary or desirable, and that the Trustee may reasonably request, in order to perfect and protect any pledge or security interest granted or purported to be
granted hereunder or to enable the Trustee to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting the generality of the foregoing, the Pledgor will: (i) if any Collateral shall be evidenced by a
promissory note or other instrument, deliver and pledge to the Trustee hereunder such note or instrument, duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance satisfactory to the Trustee;
(ii) execute and file such financing or continuation statements, or amendments thereto, and such other instruments or notices, as may be necessary or desirable, or as the Trustee may reasonably request, in order to perfect and preserve the pledge
and security interest granted or purported to be granted hereby; (iii) deliver and pledge to the Trustee for its benefit and the ratable benefit of the Holders of the Notes certificates representing Collateral that constitutes certificated
securities, accompanied by undated stock or bond powers executed in blank; and (iv) deliver to the Trustee evidence that all other action that the Trustee may deem reasonably necessary or desirable in order to perfect and protect the security
interest created by the Pledgor under this Pledge Agreement has been taken. 
  
 (b) The Pledgor hereby authorizes the Trustee to file one or more financing or continuation statements, and amendments thereto, with respect to the Collateral, in each case without the signature of the Pledgor, and
regardless of whether any particular asset described in such financing statements falls within the scope of the UCC. Such financing statements may describe the Collateral by reference to an attached photocopy or other reproduction of this Pledge
Agreement, or in any manner reasonably similar in scope to the description of the Collateral provided in Section 1, as determined by the Trustee. The Pledgor ratifies its authorization for the Trustee to have filed such financing statements,
continuation statements or amendments filed prior to the date hereof. 
  
 (c) The Pledgor will furnish to the Trustee from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as the Trustee may reasonably request, all in
reasonable detail. 
  

 8 

 (d) The Pledgor will promptly pay all reasonable costs and expenses incurred in connection with any of
the foregoing within 45 days of receipt of an invoice therefor. The Pledgor also agrees, whether or not requested by the Trustee, to take all actions that are necessary to perfect or continue the perfection of, or to protect the first priority of,
the Trustee’s security interest in and to the Collateral, including the filing of all necessary financing and continuation statements, and to protect the Collateral against the rights, claims or interests of third persons (other than any such
rights, claims or interests created by or arising through the Trustee). 
  
 SECTION 9. Covenants. The Pledgor covenants and agrees with the Trustee and the Holders of the Notes that from and after the date of this Pledge Agreement until the earlier of payment in full in cash of (x) each of the first six
scheduled interest payments on the Notes when due under the terms of the Indenture or (y) all obligations due and owing under the Indenture and the Notes in the event such obligations become due and payable prior to the payment of the first six
scheduled interest payments on the Notes that: 
  
 (a) except as
permitted under the Indenture, (A) it will not (and will not purport to) sell, assign or otherwise dispose of, or grant any option or warrant with respect to, any of the Collateral or its beneficial interest therein, and (B) it will not create or
suffer to exist any Lien or other adverse interest upon or with respect to any of the Collateral or its beneficial interest therein (except for the security interests granted under this Pledge Agreement); 
  
 (b) except as permitted under the Indenture, it will not (A) enter into any
agreement or understanding that restricts or inhibits or purports to restrict or inhibit the Trustee’s rights or remedies hereunder, including, without limitation, the Trustee’s right to sell or otherwise dispose of the Collateral or (B)
fail to pay or discharge any tax, assessment or levy of any nature with respect to its beneficial interest in the Collateral not later than five days prior to the date of any proposed sale under any judgment, writ or warrant of attachment with
respect to such beneficial interest; 
  
 (c) it will not change
its name, type of organization, jurisdiction of organization, organizational identification number or location from those set forth in Section 7(b) hereof without first giving at least 10 days’ prior written notice to the Trustee and taking all
action required by the Trustee for the purpose of perfecting or protecting the security interest granted by this Pledge Agreement; and 
  
 (d) it will, and will cause the Trustee and the Account Holder to, execute and deliver on or prior to any Date of Delivery (as defined in Section 2(b) of
the Purchase Agreement) a supplement to this Pledge Agreement, reasonably satisfactory to the Initial Purchasers, providing for the pledge of additional Collateral to secure all Obligations in respect of the Option Notes. 
  
 SECTION 10. Power of Attorney. In addition to all of the powers
granted to the Trustee pursuant to the Indenture, the Pledgor hereby irrevocably appoints the Trustee as the Pledgor’s attorney-in-fact (with full power of substitution), with full authority in the place and stead of the Pledgor and in the name
of the Pledgor or otherwise, from time to time in the Trustee’s discretion after the occurrence and during the continuance of an Event of Default, to 

  

 9 

 
take any action and to execute any instrument that is necessary or advisable or as the Trustee may deem necessary or advisable to accomplish the purposes of
this Pledge Agreement, including, without limitation: 
  
 (a) to
ask for, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral, 
  
 (b) to receive, indorse and collect any drafts or other instruments, documents and chattel paper, in connection with clause
(a) above, 
  
 (c) to file any claims or take any action or
institute any proceedings that the Trustee may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of the Trustee with respect to any of the Collateral, and 
  
 (d) to pay or discharge taxes or Liens levied or placed upon the Collateral
that the Pledgor has failed to pay or discharge in accordance herewith, the legality or validity thereof and the amounts necessary to discharge the same to be determined by the Trustee in its sole reasonable discretion, and such payments made by the
Trustee to become part of the Obligations of the Pledgor to the Trustee, due and payable immediately upon demand; 
  
 provided, however, that the Trustee shall have no obligation to perform any of the foregoing actions. The Trustee’s authority under this Section 10
shall include, without limitation, the authority to endorse and negotiate any checks or instruments representing proceeds of Collateral in the name of the Pledgor, execute and give receipt for any certificate of ownership or any document
constituting Collateral, transfer title to any item of Collateral, or any other documents deemed necessary or appropriate by the Trustee to preserve, protect or perfect the security interest in the Collateral granted hereunder and to file the same,
prepare, file and sign the Pledgor’s name on any notice of Lien, and to take any other actions arising from or incident to the powers granted to the Trustee in this Pledge Agreement. This power of attorney is coupled with an interest and is
irrevocable by the Pledgor. 
  
 If the Pledgor fails to perform
any agreement contained herein, the Trustee may, but without obligation to do so and without notice, itself perform, or cause performance of, such agreement, and the expenses of the Trustee incurred in connection therewith shall be payable by the
Pledgor under Section 12. 
  
 SECTION 11. No Assumption of
Duties; Reasonable Care. The powers conferred on the Trustee hereunder are solely to protect the security interest of the Trustee for its benefit and the ratable benefit of the Holders of the Notes in the Collateral and shall not impose any duty
on the Trustee to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Trustee shall have no duty as to any Collateral as to (i) ascertaining
or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (ii) taking of any necessary steps to
preserve rights against any parties or any other rights pertaining to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investment. The 

  

 10 

 
Trustee shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded
treatment substantially equal to that which it accords its own property. The Trustee shall be entitled to all the rights, benefits, privileges and immunities accorded to it under the Indenture. 
  
 SECTION 12. Indemnity and Expenses. (a) The Pledgor agrees to
indemnify, defend and save and hold harmless the Trustee, and each Holder of Notes and their respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against, and shall pay on demand,
any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in
connection with or resulting from this Pledge Agreement (including, without limitation, enforcement of this Pledge Agreement), except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a
court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct. 
  
 (b) The Pledgor will, within five business days after demand, pay to the Trustee the amount of any and all reasonable fees and expenses, including,
without limitation, the reasonable fees and expenses of its counsel and of any experts and agents, that the Trustee may incur in connection with (i) the review, negotiation and administration of this Pledge Agreement, (ii) the custody or
preservation of, or the sale of, collection from or other realization upon, any of the Collateral, (iii) the exercise or enforcement of any of the rights of the Trustee or the Holders of the Notes hereunder or (iv) the failure by the Pledgor to
perform or observe any of the provisions hereof. 
  
 SECTION 13.
Remedies. If any Event of Default under the Indenture (including, without limitation, any default hereunder constituting an Event of Default (any such Event of Default being referred to in this Pledge Agreement as an “Event of
Default”)) shall have occurred and be continuing and payments on the Notes shall have been accelerated in accordance with the provisions of the Indenture: 
  
 (a) The Trustee and the Holders of the Notes may exercise in respect of the Collateral, in addition to all other rights and
remedies given by law or by this Pledge Agreement or the Indenture, all of the rights and remedies of a secured party under the UCC (whether or not the UCC applies to the affected Collateral) and also may: (i) require the Pledgor to, and the Pledgor
hereby agrees that it will at its expense and upon request of the Trustee forthwith, assemble all or part of the Collateral as directed by the Trustee and make it available to the Trustee at a place and time to be designated by the Trustee that is
reasonably convenient to both parties and (ii) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at any broker’s board or at public or private sale, in one or more sales or lots, at any of
the Trustee’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Trustee may deem commercially reasonable. The Pledgor agrees that, to the extent notice of sale shall be required by law, at least
10 days’ notice to the Pledgor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Trustee shall not be obligated to make any sale of Collateral
regardless of notice of sale having been given. The Trustee may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such 

  

 11 

 
sale may, without further notice, be made at the time and place to which it was so adjourned. The purchaser of any or all Collateral so sold shall thereafter
hold the same absolutely, free from any claim, encumbrance or right of any kind whatsoever created by or through the Pledgor. Any sale of the Collateral conducted in conformity with reasonable commercial practices of banks, insurance companies,
commercial finance companies, or other financial institutions disposing of property similar to the Collateral shall be deemed to be commercially reasonable. The Trustee or any Holder of Notes may, in its own name or in the name of a designee or
nominee, buy any of the Collateral at any public sale and, if permitted by applicable law, at any private sale. All expenses (including court costs and reasonable attorneys’ fees, expenses and disbursements) of, or incident to, the enforcement
of any of the provisions hereof shall be recoverable from the proceeds of the sale or other disposition of the Collateral. 
  
 (b) Any cash held by or on behalf of the Trustee and all cash proceeds received by or on behalf of the Trustee in respect of any sale of, collection from,
or other realization upon all or any part of the Collateral shall (after payment of any amounts payable to the Trustee pursuant to Section 12(b) of this Pledge Agreement) be promptly released by the Trustee for payment to the Holders of the Notes
and be applied first to, any accrued and unpaid interest on the Notes, second, to the repayment of the principal amount of the Notes and Liquidated Damages (if any) on the Notes, and third, to the extent available, against the
remaining Secured Obligations. Any surplus of such cash or cash proceeds held by or on behalf of the Trustee and remaining after payment in full of all the Secured Obligations shall be paid over to the Pledgor or to whomsoever may be lawfully
entitled to receive such surplus. 
  
 (c) The Trustee may, without
notice to the Pledgor except as required by law and at any time or from time to time, charge, set–off and otherwise apply all or any part of the Collateral against the Secured Obligations or any part thereof. 
  
 (d) The Pledgor agrees to (i) provide the Trustee with such information as
may be necessary, or in the opinion of the Trustee, advisable to enable the Trustee to effect the sale of the Collateral and (ii) use its reasonable best efforts to do or cause to be done all such other acts and things as may be necessary to make
such sale or sales of all or any portion of the Collateral pursuant to this Section 13 valid and binding and in compliance with any and all other applicable requirements of law. The Pledgor further agrees that a breach of any of the covenants
contained in this Section 13 will cause irreparable injury to the Trustee and the Holders of the Notes, that the Trustee and the Holders of the Notes have no adequate remedy at law in respect of such breach and, as a consequence, that each and every
covenant contained in this Section 13 shall be specifically enforceable against the Pledgor, and the Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that
no Event of Default has occurred and is continuing. 
  
 SECTION
14. Security Interest Absolute. This Pledge Agreement shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Secured Obligations is rescinded or must otherwise be returned by the Trustee
or any Holder of the Notes or by any other Person upon the insolvency, bankruptcy or reorganization of the Pledgor or otherwise, all as though such payment had not been made. 
  

 12 

 SECTION 15. Amendments, Waivers and Consents. No amendment or waiver of any provision of this
Pledge Agreement, and no consent to any departure by the Pledgor from any provision of this Pledge Agreement, shall in any event be effective unless the same shall be in writing and signed by the Trustee and the Pledgor, and then such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which given. No failure on the part of the Trustee or any Holder of the Notes to exercise, and no delay in exercising any right hereunder, shall operate as a
waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. 
  
 SECTION 16. Notices. Any notice or communication given hereunder shall be sufficiently given if in writing and delivered in person or mailed by
first class mail, commercial courier service or telecopier communication, addressed as follows; or, as to any party, at such other address as shall be designated by such party in a written notice to the other parties: 
  
 if to the Pledgor: 
  
 SERENA Software, Inc. 
 2755 Campus Drive 
 3rd Floor 
 San Mateo, California 94403 
 Fax: (650)
522-6600 
 Attention: General Counsel 
  
 with a copy to: 
  
 Wilson Sonsini Goodrich & Rosati 
 650
Page Mill Road 
 Palo Alto, California 94304 
 Facsimile No. (650) 493-6811 
 Attention: John A. Fore 
  
 if to the Trustee: 
  
 U.S. Bank National Association 
 633 West Fifth Street, 24th Floor 
 Los Angeles, California 90071 
 Fax: (213) 615-6197 
 Attention: Paula Oswald 
  
 All such notices and other communications shall, when mailed, delivered or telecopied, respectively, be effective when deposited in the
mails, delivered or telecopied, respectively, addressed as aforesaid. 
  
 SECTION 17. Continuing Security Interest. This Pledge Agreement shall create a continuing security interest in the Collateral and (a) shall, unless otherwise provided in this Pledge Agreement, remain in full force and effect until
the payment in full in cash of the Secured Obligations, (b) be binding upon the Pledgor, its successors and assigns and (c) inure, together 

  

 13 

 
with the rights and remedies of the Trustee hereunder, to the benefit of the Trustee and the Holders of the Notes and their respective successors,
transferees and assigns. 
  
 SECTION 18. Termination. This
Pledge Agreement (other than the Pledgor’s obligations under Section 12 hereof) shall terminate upon the earlier of (i) the redemption of the Notes in whole, (ii) the payment in full of each of the first six scheduled interest payments on the
Notes when due, or (iii) the discharge of the Indenture. Upon any such termination, without any necessary action on the part of the Pledgor, (i) the Control Agreement(s) will terminate and control of the Pledged Account and the Pledged Security
Entitlements shall revert to the Pledgor, (ii) the Trustee shall promptly obtain from the Account Holder and deliver to the Pledgor all certificates and instruments representing any portion of the Pledged Financial Assets constituting certificated
securities and (iii) the Trustee shall no longer have any rights in any of the Collateral. 
  
 SECTION 19. Miscellaneous Provisions. 
  
 (a) No Adverse Interpretation of Other Agreements. This Pledge Agreement may not be used to interpret another pledge, security or debt agreement of the Pledgor or any subsidiary thereof. No such pledge,
security or debt agreement (other than the Indenture) may be used to interpret this Pledge Agreement. 
  
 (b) Severability. The provisions of this Pledge Agreement are severable, and if any clause or provision shall be held invalid, illegal or
unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect in that jurisdiction only such clause or provision, or part thereof, and shall not in any manner affect such clause or provision in any
other jurisdiction or any other clause or provision of this Pledge Agreement in any jurisdiction. 
  
 (c) Headings. The headings in this Pledge Agreement have been inserted for convenience of reference only, are not to be considered a part
hereof and shall in no way modify or restrict any of the terms or provisions hereof. 
  
 (d) Counterpart Originals. This Pledge Agreement may be signed in two or more counterparts, each of which shall be deemed an original, but all of which shall together constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this Pledge Agreement by telecopier shall be effective as delivery of an original executed counterpart of this Pledge Agreement. 
  
 (e) Benefits of Pledge Agreement. Nothing in this Pledge
Agreement, express or implied, shall give to any person, other than the parties hereto and their successors hereunder, and the Holders of the Notes and the Account Holder, any benefit or any legal or equitable right, remedy or claim under this
Pledge Agreement. 
  
 (f) Interpretation of
Agreement. To the extent a term or provision of this Pledge Agreement conflicts with the Indenture, the Indenture shall control with respect to the subject matter of such term or provision. Acceptance of or acquiescence in a course of
performance rendered under this Pledge Agreement shall not be relevant to determine the meaning of this Pledge Agreement even though the accepting or acquiescing party had knowledge of the nature of the performance and opportunity for objection.

  

 14 

 (g) Survival of Representations and Covenants. All representations, warranties and
covenants of the Pledgor contained herein shall survive the execution and delivery of this Pledge Agreement, and shall terminate only upon the termination of this Pledge Agreement, except as otherwise specified in such representations, warranties
and covenants. 
  
 (h) Waivers. The Pledgor waives
presentment and demand for payment of any of the Obligations, protest and notice of dishonor or default with respect to any of the Obligations, and all other notices to which the Pledgor might otherwise be entitled, except as otherwise expressly
provided herein or in the Indenture. 
  
 (i) Authority of
the Trustee. (i) The Trustee shall have and be entitled to exercise all powers hereunder that are specifically granted to the Trustee by the terms hereof, together with such powers as are reasonably incident thereto. The Trustee may perform
any of its duties hereunder or in connection with the Collateral by or through agents or employees and shall be entitled to retain counsel and to act in reliance upon the advice of counsel concerning all such matters. Except as otherwise expressly
provided in this Pledge Agreement or the Indenture, neither the Trustee nor any director, officer, employee, attorney or agent of the Trustee shall be liable to the Pledgor for any action taken or omitted to be taken by the Trustee, in its capacity
as Trustee, hereunder, except for its own bad faith, gross negligence or willful misconduct, and the Trustee shall not be responsible for the validity, effectiveness or sufficiency hereof or of any document or security furnished pursuant hereto. The
Trustee and its directors, officers, employees, attorneys and agents shall be entitled to rely on any communication, instrument or document believed by it or them to be genuine and correct and to have been signed or sent by the proper person or
persons. 
  
 (ii) The Pledgor acknowledges that
the rights and responsibilities of the Trustee under this Pledge Agreement with respect to any action taken by the Trustee or the exercise or non-exercise by the Trustee of any option, right, request, judgment or other right or remedy provided for
herein or resulting or arising out of this Pledge Agreement shall, as between the Trustee and the Holders of the Notes, be governed by the Indenture and by such other agreements with respect thereto as may exist from time to time among them, but, as
between the Trustee and the Pledgor, the Trustee shall be conclusively presumed to be acting as agent for the Holders of the Notes with full and valid authority so to act or refrain from acting, and the Pledgor shall not be obligated or entitled to
make any inquiry respecting such authority. 
  
 (j) Final
Expression. This Pledge Agreement, together with the Indenture and any other agreement executed in connection herewith, is intended by the parties as a final expression of this Pledge Agreement and is intended as a complete and exclusive
statement of the terms and conditions thereof. 
  
 (k)
Rights of Holders of the Notes. No Holder of Notes shall have any independent rights hereunder other than those rights granted to individual Holders of the Notes pursuant to Section 6.06 of the Indenture; provided that nothing
in this subsection shall limit any rights granted to the Trustee under the Notes or the Indenture. 
  

 15 

 (l) Governing Law; Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Damages. (i)
This Pledge Agreement shall be governed by, and construed in accordance with, the laws of the state of New York. 
  
 (ii) The Pledgor agrees that the Trustee shall, in its capacity as trustee or in the name and on behalf of any Holder of Notes, have the
right, to the extent permitted by applicable law, to proceed against the Pledgor or the Collateral in a court in any location reasonably selected in good faith (and having personal or in rem jurisdiction over the Pledgor or the Collateral, as the
case may be) to enable the Trustee to realize on the Collateral, or to enforce a judgment or other court order entered in favor of the Trustee. The Pledgor agrees that it will not assert any counterclaims, setoffs or crossclaims in any proceeding
brought by the Trustee to realize on such property or to enforce a judgment or other court order in favor of the Trustee, except for such counterclaims, setoffs or crossclaims which, if not asserted in any such proceeding, could not otherwise be
brought or asserted. The Pledgor waives any objection that it may have to the location of the court in the city of New York once the Trustee has commenced a proceeding described in this paragraph including, without limitation, any objection to the
laying of venue or based on the grounds of forum non conveniens. 
  
 (iii) The Pledgor agrees that neither any Holder of Notes nor (except as otherwise provided in this Pledge Agreement or the Indenture) the Trustee in its capacity as trustee shall have any liability to the Pledgor
(whether arising in tort, contract or otherwise) for losses suffered by the Pledgor in connection with, arising out of, or in any way related to, the transactions contemplated and the relationship established by this Pledge Agreement, or any act,
omission or event occurring in connection therewith, unless it is determined by a final and nonappealable judgment of a court that is binding on the Trustee or such Holder of Notes, as the case may be, that such losses were the result of acts or
omissions on the part of the Trustee or such Holder of Notes, as the case may be, constituting bad faith, gross negligence or willful misconduct. 
  
 (iv) To the extent permitted by applicable law, the Pledgor waives the posting of any bond otherwise required of the Trustee or any Holder
of Notes in connection with any judicial process or proceeding to enforce any judgment or other court order pertaining to this Pledge Agreement or any related agreement or document entered in favor of the Trustee or any Holder of Notes, or to
enforce by specific performance, temporary restraining order or preliminary or permanent injunction, this Pledge Agreement or any related agreement or document between the Pledgor on the one hand and the Trustee and/or the Holders of the Notes on
the other hand. 
  

 16 

 IN WITNESS WHEREOF, the Pledgor and the Trustee have each caused this Pledge Agreement to be duly
executed and delivered as of the date first above written. 
  

			
	Pledgor:
	  
 SERENA SOFTWARE,
INC.

		
	By:	 	/s/    MARK E. WOODWARD        
	 	 	

	 Name:
	 	Mark E. Woodward
	 Title:
	 	President, Chief Executive Officer and Director
	
	 Trustee:

	  
 U.S. BANK NATIONAL
ASSOCIATION

	     as Trustee

		
	By:	 	/s/    PAULA OSWALD        
	 	 	

	 Name:
	 	Paula Oswald
	 Title:
	 	Vice President

  
 [Signature
page to the Pledge Agreement] 
  

 1 

 SCHEDULE I 
  
 Pledged Financial Assets 
  

					
	 Par Amount

	  	 Maturity Date

	  	 CUSIP No.

			
	$1,650,000	  	May 15, 2004	  	912820BJ5
			
	$1,650,000	  	November 15, 2004	  	912803AB9
			
	$1,650,000	  	May 15, 2005	  	912803AD5
			
	$1,650,000	  	November 15, 2005	  	912820BQ9
			
	$1,650,000	  	May 15, 2006	  	912820BS5
			
	$1,650,000	  	November 15, 2006	  	912820GQ4

  

 1 

 ANNEX A 
  
 CONTROL AGREEMENT 
  
 This CONTROL AGREEMENT (the “Agreement”) dated as of December 15, 2003 by and among SERENA Software, Inc. (the
“Pledgor”) and U.S. Bank National Association, a national banking association, in its capacity as trustee (the “Trustee”), and U.S. Bank National Association, a national banking association, in its capacity as
securities intermediary and depository bank (the “Account Holder”). 
  
 PRELIMINARY STATEMENTS: 
  
 (1)
The Pledgor has granted the Trustee a security interest (the “Security Interest”) in certain security entitlements (the “Pledged Security Entitlements”) with respect to certain U.S. Treasury securities (the
“Pledged Financial Assets”) identified on Schedule I attached hereto maintained by the Trustee with the Account Holder and carried from time to time in an account with the Account Holder, ABA No. 091000022, for Account No.
744406000, in the name of “U.S. Bank National Association, as Trustee for the benefit of the holders of the 1.5% Convertible Subordinated Notes due 2023 of SERENA Software, Inc., Collateral Pledge Account” (the “Pledged
Account”) and all additions thereto and substitutions and proceeds thereof (collectively, the “Collateral”), pursuant to, and as more particularly described in, a Pledge Agreement dated as of December 15, 2003, among the
Pledgor and the Trustee (as the same may hereafter be amended, supplemented or otherwise modified from time to time, the “Pledge Agreement”; terms defined in the Pledge Agreement and not otherwise defined herein are used herein as
therein defined). The Pledgor acknowledges having received value for such pledge of the Collateral. 
  
 (2) Terms defined in Article 8 or 9 of the Uniform Commercial Code as in effect in the State of New York (the “UCC”) are used in this
Agreement (including, without limitation, paragraph (1) above) as such terms are defined in such Article 8 or 9. 
  
 (3) The Pledgor, the Trustee and the Account Holder are delivering this Agreement pursuant to the terms of the Pledge Agreement. 
  
 NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein, the parties hereto hereby agree as follows: 
  
 SECTION 1. Notice of Exclusive Control. The Pledgor and Trustee are entering into this Agreement to perfect, and confirm the first priority lien of, the Trustee’s Security Interest in the Collateral. The Account Holder agrees to
promptly make all necessary entries or notations in its books and records to reflect the Trustee’s Security Interest in the Collateral and to apply any value distributed on account of any Pledged Financial Assets as directed in writing by the
Trustee without further consent from the Pledgor. The Account Holder acknowledges that the Trustee has exclusive control over the Pledged Account and all Pledged Security Entitlements contained therein from time to time. 
  

 SECTION 2. The Account. The Account Holder represents and warrants to, and agrees with, the
Pledgor and the Trustee and the Holders of the Notes that: 
  
 (a)
The Account Holder has established the Pledged Account and shall not change the name or account number of the Pledged Account without the prior written consent of the Trustee. 
  
 (b) The Account Holder maintains the Pledged Account for the Trustee, and all property (including, without limitation, all
funds and financial assets) held by the Account Holder for the account of the Trustee is, and will continue to be, credited to the Pledged Account. The Account Holder is a securities intermediary (as defined in Section 8-102(a)(xiv) of the UCC) and
is acting as such in relation to the Trustee, the Pledgor and the Pledged Account and with respect to all property credited thereto, from time to time. 
  
 (c) The Pledged Account is a securities account. The Account Holder is the securities intermediary with respect to financial assets held in the Pledged
Account. The Trustee is the entitlement holder with respect to financial assets credited from time to time to the Pledged Account. 
  
 (d) All financial assets in registered form or payable to or to the order of and credited to the Pledged Account shall be registered in the name of,
payable to or to the order of, or endorsed to, the Account Holder and in no case during the term of the Pledge Agreement will any financial asset credited to the Pledged Account be registered in the name of, payable to or to the order of, or
endorsed to, the Pledgor, except to the extent the foregoing have been subsequently endorsed by the Pledgor to the Account Holder or in blank. 
  
 (e) Notwithstanding any other agreement to the contrary, the Account Holder’s jurisdiction with respect to the Pledged Account for purposes of the
UCC is, and will continue to be for so long as the Security Interest shall be in effect, the State of New York. 
  
 (f) The Account Holder does not know of any claim to or interest in the Pledged Account or any property (including, without limitation, all funds and
financial assets) credited to the Pledged Account, except for claims and interests of the parties referred to in this Agreement. 
  
 SECTION 3. Control by Trustee. (a) The Account Holder will comply with (A) all written instructions directing disposition of the funds in the
Pledged Account (such instructions, a “Payment Order”), (B) all notifications and entitlement orders that the Account Holder receives directing it to transfer or redeem any financial asset in the Pledged Account and (C) all other
directions concerning the Collateral, including, without limitation, directions to distribute to the Trustee proceeds of any such transfer or redemption or interest on any property in the Pledged Account (any such instruction, notification or
direction referred to in clause (A), (B) or (C) above being an “Account Direction”), in each case of clauses (A), (B) and (C) above originated by the Trustee without further consent by the Pledgor or any other person. 
  
 (b) The Trustee hereby acknowledges that it shall maintain and exercise
control of the Pledged Account on behalf of the Holders of the Notes. 
  

 2 

 (c) The Account Holder will not (i) comply with Account Directions or other directions concerning the
Collateral originated by the Pledgor or (ii) distribute to the Pledgor interest or other distributions on or in respect of the Collateral, unless instructed to do so by the Trustee, in its absolute discretion. 
  
 SECTION 4. Priority of Trustee’s Security Interest. (a) The
Account Holder (i) subordinates to the Security Interest and in favor of the Trustee any security interest, lien, or right of setoff the Account Holder may have, now or in the future, against the Pledged Account or property in the Pledged Account,
and (ii) agrees that it will not exercise any right in respect of any such security interest or lien or any such right of setoff until the Security Interest is terminated, except that the Account Holder will retain its prior lien on property in the
Pledged Account to secure payment for property purchased for the Pledged Account and normal commissions and fees for the Pledged Account. 
  
 (b) The Account Holder will not enter into any other agreement with any Person relating to Account Directions or other directions with respect to the
Pledged Account. 
  
 SECTION 5. Statements, Confirmations, and
Notices of Adverse Claims. (a) The Account Holder will send copies of all statements and confirmations for the Pledged Account simultaneously to the Pledgor and the Trustee. 
  
 (b) When the Account Holder knows of any claim or interest in the Pledged Account or any property credited to the Pledged
Account other than the claims and interests of the parties referred to in this Agreement, the Account Holder will promptly notify the Trustee and the Pledgor of such claim or interest. 
  
 SECTION 6. The Account Holder’s Responsibility. (a) The Account Holder will not be liable to the Pledgor or the
Trustee or the Holders of the Notes for complying with an Account Direction or other direction concerning the Collateral originated by the Trustee, even if the Pledgor notifies the Account Holder that the Trustee is not legally entitled to issue the
Account Direction or such other direction unless the Account Holder takes the action after it is served with an injunction, restraining order, or other legal process enjoining it from doing so, issued by a court of competent jurisdiction, and had a
reasonable opportunity to act on the injunction, restraining order or other legal process. 
  
 (b) This Agreement does not create any obligation of the Account Holder except for those expressly set forth in this Agreement, in Part 5 of Article 8 of the UCC, or in Article 4 of the UCC. In particular, the Account
Holder need not investigate whether the Trustee is entitled under the Trustee’s agreements with the Pledgor to give an Account Direction or other direction concerning the Pledged Account. The Account Holder may conclusively rely on notices and
communications it believes given by the appropriate party. 
  
 (c)
In no event shall the Account Holder or any of its affiliates, shareholders, directors, officers, employees or agents be liable for indirect, special, punitive, incidental or consequential damages of any kind whatsoever even if advised of the
possibility of such damages, other than such damages caused by its own bad faith, gross negligence or willful misconduct. 
  

 3 

 (d) Without limiting the foregoing, and notwithstanding any provision to the contrary elsewhere, the
Account Holder and its affiliates, shareholders, directors, officers, employees or agents: 
  
 (i) shall have no responsibilities, obligations or duties in respect of the subject matter hereof other than those expressly set forth in
this Agreement, and no implied duties, responsibilities, covenants or obligations shall be read into this Agreement against the Account Holder. Without limiting the foregoing, the Account Holder shall have no duty or authority to determine and/or
investigate whether or not an event of default exists under any agreement between the Pledgor and the Trustee, or to determine and/or investigate whether or not the Trustee is entitled to give any Account Direction with respect to the Collateral;

  
 (ii) may in any instance where the Account
Holder determines that it lacks or is uncertain as to its authority to take or refrain from taking certain action hereunder, or as to any of the requirements of this Agreement under the circumstance before it, delay or refrain from taking any action
unless and until it shall have received appropriate written instructions from the Trustee or advice from legal counsel selected by it (or other appropriate advisor), as the case may be, detailing the action required to be taken hereunder and the
Account Holder may rely conclusively on any such instructions or advice; 
  
 (iii) so long as it and they shall have acted (or refrained from acting) in good faith and within the reasonable belief that such action or omission is duly authorized or within the discretion or powers granted to it
hereunder, shall not be responsible or liable for any error of judgment in any action taken, suffered or omitted by it or them, or for any act done or step taken or omitted, or for any mistake of fact or law, unless such action constitutes gross
negligence or willful misconduct as finally determined by a non-appealable judgment of a court of competent jurisdiction on its (or their) part; 
  
 (iv) will not be responsible or liable to the Pledgor, the Trustee, or any other person or entity whatsoever for the due execution,
legality, validity, enforceability, genuineness, effectiveness or sufficiency of this Agreement (provided, however, that the Account Holder warrants that the Account Holder has legal capacity and has been duly authorized to enter into this
Agreement) or for any statement, warranty or representation made by any other party in connection with this Agreement; 
  
 (v) will not incur any responsibility or liability by acting or not acting in reliance upon advice of counsel, or upon any notice,
consent, certificate, instruction, Account Direction, statement, wire instruction, telecopy or other writing reasonably and in good faith believed by it or them to be genuine and in conformance with this Agreement and signed or sent by the proper
party or parties and contemplated herein; and 
  
 (vi) shall not be required to expend or risk its or their own funds, or to take any action (including the institution or defense of legal proceedings) which in its or their reasonable judgment may cause it or them to incur or suffer any
expense or liability, unless the Account Holder shall have been provided with security or indemnity, acceptable to Account Holder in its sole discretion, for the payment of the costs, expenses (including reasonable attorneys’ fees) and
liabilities which may be incurred therein or thereby. 
  

 4 

 (e) If any Collateral subject to this Agreement is at any time attached or levied upon, or in case the
transfer or delivery of any such Collateral shall be stayed or enjoined, or in the case of any other legal process or judicial order affecting such Collateral, the Account Holder is authorized to comply with any such order in any manner as the
Account Holder or its legal counsel reasonably deems appropriate. The Account Holder shall give prompt written notice to the Pledgor and the Trustee of any such attachment, levy, stay, injunction or legal process. If the Account Holder complies with
any process, order, writ, judgment or decree relating to the Collateral subject to this Agreement, then the Account Holder shall not be liable or responsible to the Pledgor, the Trustee, or any other person or entity whatsoever even if such order,
writ, judgment, decree or process is subsequently modified, vacated or otherwise determined to have been without legal force or effect. 
  
 (f) The Account Holder shall not be liable or responsible for any delays or failures in performance of any of its duties hereunder which result from
events or conditions beyond its reasonable control and so long as the same exist or continue and cannot reasonably be remedied by the Account Holder in accordance with its normal business practices. Such events or conditions shall include, but shall
not be limited to, acts of God, strikes, lockouts, riots, acts of war or terrorism, epidemics, nationalization, expropriation, currency restrictions, governmental regulations superimposed after the fact, fire, communication line failures (including
the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility), power failures, earthquakes or other disasters. 
  
 SECTION 7. Indemnity. The Pledgor will indemnify the Account Holder, its officers, directors, employees and agents against claims, liabilities and
expenses arising out of this Agreement (including, without limitation, reasonable attorney’s fees and disbursements), except to the extent the claims, liabilities or expenses are caused by the Account Holder’s gross negligence or willful
misconduct as found by a court of competent jurisdiction in a final, non-appealable judgment. 
  
 SECTION 8. Termination; Survival. (a) This Agreement shall terminate automatically upon receipt by the Account Holder of written notice executed by an authorized officer of the Trustee that (i) all of the
Secured Obligations have been paid in full in cash or otherwise satisfied or (ii) all of the Collateral has been released, whichever is earlier, and the Account Holder shall thereafter be relieved of all duties and obligations hereunder. The Account
Holder may terminate this Agreement on 60 days’ prior notice to the Trustee and the Pledgor, provided that before such termination the Account Holder and the Pledgor shall make arrangements to transfer the property in the Pledged Account
to another securities intermediary that shall have executed, together with the Trustee and the Pledgor, a control agreement in favor of the Trustee and the Holders of the Notes in respect of such property in substantially the form of this Agreement
or otherwise in form and substance satisfactory to the Trustee. 
  
 (b) In the event that the Trustee no longer serves as Trustee for the Collateral, the Trustee, the Account Holder and the Pledgor shall make arrangements for another Person to assume the rights and obligations of the Trustee hereunder, and
such Person shall have executed, together with the Account Holder and the Pledgor, a control agreement in favor of such Person 

  

 5 

 
and the Holders of the Notes in substantially the form of this Agreement or otherwise in form and substance satisfactory to the Trustee. 
  
 (c) Sections 7 and 8 will survive termination of this Agreement. 

 
 SECTION 9. Conflict with Other Agreements. (a) In the event of any
conflict between this Agreement (or any portion thereof) and any other agreement now existing or hereafter entered into, the terms of this Agreement shall prevail; 
  
 (b) The Account Holder hereby confirms and agrees that: 
  
 (i) There are no other agreements entered into between the Account Holder and the Pledgor with respect to
the Pledged Account; 
  
 (ii) It has not entered
into, and until the termination of this Agreement will not enter into, any agreement with any other person relating to the Pledged Account and/or any financial assets credited thereto or funds therein pursuant to which it has agreed to comply with
entitlement orders (as defined in Section 8-102(a)(8) of the UCC) of such other person; and 
  
 (iii) It has not entered into, and until the termination of this Agreement will not enter into, any agreement with the Pledgor or the
Trustee purporting to limit or condition the obligation of the Account Holder to comply with Account Directions as set forth in Section 3 hereof. 
  
 SECTION 10. Permitted Investments. In accordance with the Pledge Agreement, the Trustee shall direct the Account Holder with respect to the
selection of investments to be made with the funds in the Pledged Account. 
  
 SECTION 11. Entire Agreement. This Agreement is the entire agreement, and supersedes any prior agreements, and contemporaneous oral agreements, of the parties concerning its subject matter. The Trustee and the
Account Holder shall be entitled to all the rights, benefits, privileges and immunities accorded to the Trustee under the Indenture. 
  
 SECTION 12. Amendments. No modification, amendment or waiver of, nor consent to any departure by any party from, any provision of this Agreement
will be effective unless made in writing signed by the parties hereto, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. 
  
 SECTION 13. Financial Assets. The Account Holder agrees with Trustee
and the Pledgor that, to the fullest extent permitted by applicable law, all property credited from time to time to the Pledged Account will be treated as financial assets under Article 8 of the UCC. 
  
 SECTION 14. Notices. All notices, demands, requests, consents,
approvals and other communications required or permitted hereunder must be in writing and will be effective upon receipt if delivered personally, or if sent by facsimile transmission with confirmation of delivery, or by nationally recognized
overnight courier service, to the Pledgor’s and the Trustee’s addresses as set forth in the Pledge Agreement, and to the Account Holder’s address as set forth 

  

 6 

 
on the signature page below, or to such other address as any party may give to the others in writing for such purpose. 
  
 SECTION 15. Binding Effect. This Agreement shall become effective when
it shall have been executed by the Pledgor, the Trustee and the Account Holder, and thereafter shall be binding upon and inure to the benefit of the Pledgor, the Trustee and the Account Holder and their respective successors and assigns. 

 
 SECTION 16. Execution in Counterparts. This Agreement may be
executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery
of an executed counterpart of a signature page to this Agreement by telecopier shall be effective as delivery of an original executed counterpart of this Agreement. 
  
 SECTION 17. Governing Law and Jurisdiction. THIS AGREEMENT WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. Each of the parties hereby irrevocably submits for itself and its property in any legal action or proceeding relating to this Agreement, or for recognition and enforcement of any judgment in respect thereof, to the
non-exclusive general jurisdiction and venue of the courts of the State of New York, the courts of the United States of America in New York, and appellate courts from any thereof. 
  
 SECTION 18. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) OF ANY NATURE RELATING TO THIS AGREEMENT, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED IN ANY OF SUCH
DOCUMENTS. EACH PARTY HERETO ACKNOWLEDGES THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY. 
  

 7 

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

			
	Pledgor:
	  
 SERENA SOFTWARE, INC.

		
	By:	 	 
	 	 	

	 	 	 Name:

	 	 	 Title:

  
 [Signature
page to the Control Agreement] 
  

			
	 Trustee:

	  
 U.S. BANK NATIONAL
ASSOCIATION
     as Trustee

		
	By:	 	 
	 	 	

	 Name:
	 	Paula Oswald
	 Title:
	 	Vice President

  
 [Signature
page to the Control Agreement] 
  

			
	 Account Holder:

	  
 U.S. BANK NATIONAL
ASSOCIATION
     as Account Holder

		
	By:	 	 
	 	 	

	 Name:
	 	Paula Oswald
	 Title:
	 	Vice President
	
	 Address for Notices:

	  
 U.S. Bank National
Association

	 633 West Fifth Street, 24th Floor

	 Los Angeles, California 90071

	 Fax: (213) 615-6197

	 Attention: Paula Oswald

  
 [Signature
page to the Control Agreement] 
  

 SCHEDULE I 
  
 Pledged Financial Assets 
  

					
	 Par Amount

	  	 Maturity Date

	  	 CUSIP No.

			
	 $1,650,000
	  	May 15, 2004	  	912820BJ5
			
	 $1,650,000
	  	November 15, 2004	  	912803AB9
			
	 $1,650,000
	  	May 15, 2005	  	912803AD5
			
	 $1,650,000
	  	November 15, 2005	  	912820BQ9
			
	 $1,650,000
	  	May 15, 2006	  	912820BS5
			
	 $1,650,000
	  	November 15, 2006	  	912820GQ4

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