EXECUTION VERSION

FIRST AMENDMENT TO
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
This FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, dated as
of July 24, 2015 (this “Amendment”), among Verisk Analytics, Inc., a Delaware
corporation, as borrower (the “Borrower”) and the Lenders under the Credit
Agreement (each as defined below) party hereto amends the Second Amended and
Restated Credit Agreement, dated as of April 22, 2015, (as amended, restated,
amended and restated, supplemented or otherwise modified from time to time,
including all Schedules and Exhibits thereto, the “Credit Agreement”) by and
among, inter alios, the Borrower, the lenders party thereto from time to time
(hereinafter collectively referred to as the “Lenders”), Bank of America, N.A.
(“Bank of America”), as swing line lender and letter of credit issuer
(hereinafter, Bank of America, in its capacity as a letter of credit issuer,
shall be referred to as the “L/C Issuer”) and Bank of America, as Administrative
Agent for the Lenders (hereinafter, in such capacity, referred to as the
“Administrative Agent”).
W I T N E S S E T H:
WHEREAS, the Borrower and the Lenders party hereto constituting the Required
Lenders wish to amend the Credit Agreement as set forth herein.
NOW THEREFORE, in consideration of the foregoing recital, mutual agreements
contained herein and for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Borrower and the Lenders party
hereto hereby agree as follows:
Section 1.Defined Terms. All capitalized terms used but not defined in this
Amendment shall have the respective meanings specified in the Credit Agreement.
Section 2.Amendments to the Credit Agreement. Subject to the satisfaction of the
conditions set forth in Section 3 of this Amendment, the following amendments
shall be made to the Credit Agreement:
(a)Amended Definitions. The definitions of “Consolidated EBIT” and “Consolidated
EBITDA” as set forth in Section 1.01 of the Credit Agreement shall be deleted
and replaced in their entirety respectively by the definitions set forth below:
“Consolidated EBIT” means, for any period, for Verisk and its direct and
indirect Subsidiaries on a consolidated basis, an amount equal to Consolidated
Net Income for such period plus (a) the following to the extent deducted in
calculating such Consolidated Net Income: (i) Consolidated Interest Charges for
such period; (ii) the provision for Federal, state, local and foreign income
taxes payable by Verisk and its direct and indirect Subsidiaries for such
period; (iii) non-cash charges for the appreciation of ESOP shares for such
period; (iv) non-cash stock option expenses under FASB Accounting Standards
Codification 718 for such period; (v) non-cash expenses in connection with ISO’s
Top Hat Plan and Deferred Compensation Plan for such period, to the extent such
expenses are the result of increasing the participant liabilities for said plans
due to the appreciation in value of the investments held in said plan; (vi)
non-cash expenses other than temporary impairment of ISO’s Top Hat Plan and
Deferred Compensation Plan for such period, to the extent such expenses are the
result of the depreciation in value of the investments held in said plan; (vii)
non-cash loss on the disposal of fixed assets for such period; (viii) other
non-recurring expenses of Verisk and its direct and indirect Subsidiaries
reducing such Consolidated Net Income for such period; provided that any such
amounts which represent a cash item in such period or any future period shall be

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included to the extent that in the aggregate they do not exceed 5% of
Consolidated EBIT (prior to giving effect to such adjustment) for such period;
(ix) losses arising from hedging of currency risk associated with the purchase
consideration payable in connection with the Balmoral Acquisition; and (x)
Balmoral Acquisition Expenses for such period minus (b) the following to the
extent included in calculating such Consolidated Net Income: (i) Federal, state,
local and foreign income tax credits of Verisk and its direct and indirect
Subsidiaries for such period; (ii) non-cash gains in connection with ISO’s Top
Hat Plan and Deferred Compensation Plan for such period, to the extent such
gains are the result of decreasing the participant liabilities for said plans
due to the depreciation in value of the investments held; (iii) other
non-recurring non-cash items increasing Consolidated Net Income for such period;
and (iv) gains arising from hedging of currency risk associated with the
purchase consideration payable in connection with the Balmoral Acquisition.
“Consolidated EBITDA” means, for any period, for Verisk and its direct and
indirect Subsidiaries on a consolidated basis, an amount equal to Consolidated
EBIT for such period plus depreciation and amortization expense for such period.
(b)Additional Definition. The following definition shall be inserted in
alphabetical order in Section 1.01 of the Credit Agreement:
“Balmoral Acquisition Expenses” means, for any period, non-recurring fees and
expenses paid by Verisk or any of its direct or indirect Subsidiaries to third
parties during such period in connection with the Balmoral Transactions.
; and
(c)Amended Exhibit. Exhibit D to the Credit Agreement shall be deleted and
replaced in its entirety with the revised Exhibit D attached hereto.
Section 3.Conditions to Effectiveness. This Amendment shall become effective on
the date (the “Effective Date”) on which each of the following conditions is
satisfied:
(a)    Executed Amendment. The Administrative Agent shall have received one or
more counterparts of this Amendment duly executed by the Borrower and the
Lenders constituting Required Lenders.
(b)    Expenses. The Administrative Agent shall have received payment of all
expenses then due and payable to the Administrative Agent pursuant to the Credit
Agreement (including all reasonable attorney costs of the Administrative Agent),
subject to the Borrower receiving an invoice with respect thereto.
Section 4.Representations and Warranties. To induce the Lenders to enter into
this Amendment, the Borrower represents and warrants to the Administrative Agent
and Lenders that, as of the Effective Date:
(a)    the execution, delivery and performance by the Borrower of this Amendment
or any other Loan Document to which it is a party, have been duly authorized by
all necessary corporate or other organizational action, and do not and will not
(i) contravene the terms of any of the Borrower’s Organization Documents; (ii)
conflict with or result in any breach or contravention of, or the creation of
any Lien under, or require any payment to be made under (A) any material
Contractual Obligation to which the

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Borrower is a party or (B) any order, injunction, writ or decree of any
Governmental Authority or any arbitral award to which the Borrower or its
Property is subject; or (iii) violate any Law;
(b)    no approval, consent, exemption, authorization, or other action by, or
notice to, or filing with, any Governmental Authority is necessary or required
in connection with the execution, delivery or performance by the Borrower of
this Amendment or any other Loan Document and no consent of any other Person is
required in connection with the execution, delivery or performance by the
Borrower of this Agreement or any other Loan Document except any such consent
the failure of which to obtain could not reasonably be expected to have a
Material Adverse Effect;
(c)    this Amendment has been duly executed and delivered by the Borrower and
this Amendment and the Credit Agreement and other Loan Documents as amended
hereby constitute the legal, valid and binding obligation of the Borrower,
enforceable against the Borrower in accordance with their respective terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or
other Laws affecting creditors’ rights generally and subject to general
principals of equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law);
(d)    after giving effect to the terms, conditions, and provisions of this
Amendment, no Default or Event of Default exists; and
(e)    all representations and warranties of the Borrower contained in the
Credit Agreement and all of the other Loan Documents are true and correct as of
the date hereof, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they are true and correct
as of such earlier date, and except that the representations and warranties
contained in subsections (a), (b), and (c) of Section 5.05 of the Credit
Agreement shall be deemed to refer to the most recent statements furnished
pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Credit
Agreement.
Section 5.Miscellaneous.
(a)    Confirmation of Loan Documents. The Borrower hereby covenants and agrees
that, except as expressly amended and/or modified by this Amendment, all of the
terms, conditions, and provisions of the Credit Agreement and the other Loan
Documents shall remain unchanged and in full force and effect. All of the
indebtedness represented by the Loan Documents and all other obligations,
responsibilities, and liabilities of the Borrower to the Lenders and the
Administrative Agent are owed without any offset, defenses, or counterclaims
whatsoever. The Credit Agreement, together with this Amendment, shall be read
and construed as a single agreement. All references in the Loan Documents to the
Credit Agreement or any other Loan Document shall hereafter refer to the Credit
Agreement or any other Loan Document as amended hereby. On and after the date
hereof, this Amendment shall for all purposes constitute a “Loan Document”.
(b)    Limitation of this Amendment. The amendments set forth herein are
effective solely for the purposes set forth herein and shall be limited
precisely as written. Except as otherwise set forth herein, nothing contained
herein and no actions taken pursuant to the terms hereof are intended to
constitute a novation of the Facility, or any waiver of the terms, conditions,
or provisions of the Credit Agreement and/or any of the other Loan Documents and
do not constitute a release, termination or waiver of any of the rights and/or
remedies granted to the Lenders and/or the Administrative Agent under the Loan
Documents. Upon the effectiveness of this Amendment, each reference in the
Credit Agreement to “this Agreement”, “herein”, “hereof” and words of like
import and each reference in the Credit Agreement and the Loan Documents to the
Credit Agreement shall mean the Credit Agreement as amended hereby.

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(c)    Captions. Section headings used herein are for convenience of reference
only, are not part of this Amendment and shall not affect the construction of,
or be taken into consideration in interpreting, this Amendment.
(d)    Successors and Assigns. This Amendment shall be binding upon and shall
inure to the sole benefit of the Borrower, the Administrative Agent and the
Lenders and their respective successors and assigns.
(e)    References. Any reference to the Credit Agreement contained in any
notice, request, certificate, or other document executed concurrently with or
after the execution and delivery of this Amendment shall be deemed to include
this Amendment unless the context shall otherwise require.
(f)    Miscellaneous. This Amendment shall be subject to the following Sections
of the Credit Agreement, as if set forth herein in their entirety: Sections
10.10, 10.12, 10.14, 10.15 and 10.16.

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IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed
and delivered as of the date first above written.
 
VERISK ANALYTICS, INC., as the Borrower
 
 
 
 
 
 
 
By:
         /s/
 
Name:
Mark Anquillare
 
Title:
Chief Financial Officer
 
 
 

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BANK OF AMERICA, N.A., as the Administrative
 
Agent
 
 
 
 
By:
         /s/

    

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BANK OF AMERICA, N.A., as a Lender
 
 
 
 
 
 
By:
         /s/

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JPMORGAN CHASE BANK, N.A., as a Lender

 
 
 
 
 
 
By:
         /s/

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SunTrust Bank, as a Lender

 
 
 
 
 
 
By:
         /s/

    

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Wells Fargo Bank, N.A., as a Lender

 
 
 
 
 
 
By:
         /s/

    

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CITIZENS BANK, N.A., as a Lender

 
 
 
 
 
 
By:
         /s/

    

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Morgan Stanley Bank, N.A., as a Lender
 
 
 
 
 
 
By:
         /s/

    

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HSBC Bank USA, N.A., as a Lender

 
 
 
 
 
 
By:
         /s/

    

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ROYAL BANK OF CANADA, as a Lender

 
 
 
 
 
 
By:
         /s/

    

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BNP Paribas, as a Lender
 
 
 
 
 
 
By:
         /s/
 
 
 
 
 
 
 
By:
         /s/

Signature Page to Amendment No. 1

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TD BANK, N.A., as a Lender
 
 
 
 
 
 
By:
         /s/
 
 
 

    

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The Northern Trust Company, as a Lender
 
 
 
 
 
 
By:
         /s/
 
 
 

    

Signature Page to Amendment No. 1

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CAPITAL ONE NATIONAL ASSOCIATION, as a
 
Lender
 
 
 
 
By:
         /s/
 
 
 

Signature Page to Amendment No. 1