# EDGAR Filing Document

**Accession Number:** 0000890926
**File Stem:** 0001193125-25-206774
**Filing Date:** 2025-9
**Character Count:** 702459
**Document Hash:** 81e81676613014c30ce84df966daa572
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-206774.hdr.sgml**: 20250918

**ACCESSION NUMBER**: 0001193125-25-206774

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20250917

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250918

**DATE AS OF CHANGE**: 20250918

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RADIAN GROUP INC
- **CENTRAL INDEX KEY:** 0000890926
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURETY INSURANCE [6351]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 232691170
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11356
- **FILM NUMBER:** 251321734

**BUSINESS ADDRESS:**
- **STREET 1:** 550 EAST SWEDESFORD ROAD
- **STREET 2:** SUITE 350
- **CITY:** WAYNE
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 2155646600

**MAIL ADDRESS:**
- **STREET 1:** 550 EAST SWEDESFORD ROAD
- **STREET 2:** SUITE 350
- **CITY:** WAYNE
- **STATE:** PA
- **ZIP:** 19087

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CMAC INVESTMENT CORP
- **DATE OF NAME CHANGE:** 19960126

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, DC 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of The Securities Exchange Act of 1934

#### Date of report (Date of earliest event reported): September 17, 2025

## Radian Group Inc.

#### (Exact Name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-11356** | **23-2691170** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

#### 550 East Swedesford Road, Suite 350

#### Wayne, Pennsylvania, 19087

#### (Address of Principal Executive Offices, and Zip Code)
(215) 231-1000

#### (Registrant's Telephone Number, Including Area Code)

#### (Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| Common Stock, $0.001 par value per share | RDN | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 1.01.** | **Entry Into a Material Definitive Agreement.**  |

---

On September 18, 2025, Radian Group Inc., a Delaware corporation (the "<u>Company</u>"), and Radian US Holdings Inc., a Delaware corporation and wholly-owned subsidiary of the Company ("<u>Radian US</u>"), entered into a share purchase deed (the "<u>Share Purchase Deed</u>") with the A Share Sellers (as defined therein), the B Share Management Sellers (as defined therein) and the Zedra Trust Company (Guernsey) Limited, a company incorporated in Guernsey, acting in its capacity as trustee of the employee benefit trust and nominee for each B Share Management Seller (together with the B Share Management Sellers and the A Share Sellers, the "<u>Sellers</u>") pursuant to which Radian US has agreed to acquire all of the shares of Inigo Limited, a limited liability company incorporated in England and Wales ("<u>Inigo</u>" and together with its subsidiaries "<u>Inigo Group</u>"), from the Sellers (collectively, the "<u>Shares</u>") for aggregate consideration of $1.7 billion (the "<u>Purchase Price</u>"), subject to certain adjustments described in the paragraph below.

The Purchase Price will be subject to adjustment based on the tangible net asset value (as defined in the Share Purchase Deed) in respect of the Inigo Group as of the month-end preceding satisfaction of all closing conditions (or if closing conditions are satisfied after the fifteenth business day of a calendar month, as of the month-end immediately following satisfaction of all closing conditions) (the "<u>Measurement Date</u>"). If the tangible net asset value in respect of the Inigo Group is in the aggregate less than $1.033 billion as of the Measurement Date, Radian US may, in its sole discretion, pay a Purchase Price of $1.65 billion or terminate the Share Purchase Deed. If the tangible net asset value in respect of the Inigo Group is in the aggregate less than $1.083 billion but equal to or greater than $1.033 billion as of the Measurement Date, the Purchase Price will be reduced, on a dollar-for-dollar basis, in an amount equal to the difference between such tangible net asset value and $1.083 billion. If the tangible net asset value in respect of the Inigo Group is in the aggregate equal to or less than $1.183 billion as of the Measurement Date, but equal to or greater than $1.083 billion, there will be no adjustment to the Purchase Price. If the tangible net asset value in respect of the Inigo Group is in the aggregate greater than $1.183 billion as of the Measurement Date, the A Share Sellers will be entitled to a cash dividend payable out of Inigo's cash assets in an amount equal to the difference between $1.183 billion and the tangible net asset value, and Radian US will pay a Purchase Price of $1.7 billion. If the Purchase Price (inclusive of any other adjustments to the Purchase Price in accordance with the Share Purchase Deed) plus any amount of Consideration WHT (as defined in the Share Purchase Deed) payable by Radian US exceeds $1.7 billion, Radian US will be entitled to terminate the Share Purchase Deed at any time prior to the closing of the sale and purchase of the Shares in accordance with the Share Purchase Deed (the "<u>Closing</u>").

To align interests with the Company going forward, certain of the B Share Management Sellers have agreed to be issued shares of the Company's common stock in lieu of cash as part of the consideration they receive (between 15% and 25% of their total gross consideration, which number of shares in the aggregate the Company anticipates will constitute less than 1% of the Company's outstanding common stock) at the Closing. In addition to the Purchase Price, the Company has agreed to fund an employee cash retention pool of $25 million at the Closing to be allocated among the B Share Management Sellers and earned over a two-year period.

The obligations of the parties to consummate the transactions contemplated by the Share Purchase Deed and the other transaction documents (the "<u>Transactions</u>") are subject to the satisfaction of certain closing conditions, including that Radian US obtain the following: (i) the UK Prudential Regulation Authority, following consultation with the UK Financial Conduct Authority, having approved, or being treated as having approved, Radian US to acquire control of Inigo Managing Agent Limited, a limited liability company incorporated in England and Wales (the "<u>Managing Agent</u>"), a subsidiary of Inigo; (ii) the Society and Corporation of Lloyd's having approved or given notice that it has no objection to Radian US' acquisition of control of the Managing Agent and of Inigo Corporate Member Limited, a limited liability company incorporated in England and Wales (the "<u>Corporate Member</u>"), a subsidiary of Inigo; and (iii) the Texas Department of Insurance providing its approval or non-disapproval in relation to the acquisition of control of Motion Specialty, Inc., a Delaware corporation in which Inigo holds a minority interest.

In addition to the regulatory approvals described above, the consummation of the Transactions will be subject to the Sellers having delivered to Radian US a letter from the facility agent under the letter of credit facility agreement dated November 3, 2021 among others, Inigo (as guarantor), the Corporate Member (as borrower), Barclays Bank PLC (as agent) and Barclays Bank PLC (as security agent) (the "<u>L/C Facility Agreement</u>"), which letters of credit are used to satisfy a portion of the Inigo Group's capital requirements, pursuant to which the facility agent waives, on behalf of each lender under the L/C Facility Agreement, their respective rights under the change of control clause of the L/C Facility Agreement that would otherwise arise as a result of the sale and purchase of the Shares in accordance with the Share Purchase Deed.

The Closing will take place on the first business day of the next month immediately following the Completion Statement Date (as defined in the Share Purchase Deed) or such later date as may be agreed between the parties in writing, provided that in no event will the Closing take place prior to January 1, 2026.

Pursuant to the terms of the Share Purchase Deed, on September 18, 2025, Radian US also entered into a Warranty Deed with the Management Warrantors (as defined therein) relating to the Transactions (the "<u>Warranty Deed</u>"), pursuant to which the Management Warrantors provide certain warranties and covenants to Radian US customary for transactions of this type, including

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with respect to: (i) solvency; (ii) books and records; (iii) accounts and financial information; (iv) financial obligations; (v) assets; (vi) commercial agreements and arrangements; and (vii) obligations to pay certain taxes. In connection with the Warranty Deed, the Company has secured a customary warranty and indemnity insurance policy from a third-party insurer.

The Company will guarantee Radian US's consideration payment and other obligations under the Share Purchase Deed. In the Share Purchase Deed, the Company and Radian US undertake that they will take all actions to ensure availability of necessary cash resources enabling Radian US to make all consideration payments under the Share Purchase Deed at the Closing, and Radian US warrants that at the Closing it will have, subject only to the Closing taking place, the necessary funds to meet its obligations under the Share Purchase Deed. Among other things, the Company plans to pay a portion of the cash consideration for the Transactions with proceeds of a borrowing to be made by the Company from Radian Guaranty Inc., its wholly-owned subsidiary ("<u>RGI</u>"), pursuant to a $600 million note (the "<u>Intercompany Note</u>") that has been approved by the Pennsylvania Insurance Department (the "<u>Department</u>"). The Intercompany Note, which is planned to be entered into on or before the Closing, will have a ten-year term and bear interest at a rate of 6.50% per annum. As a condition to receiving approval of the Department, the Company has agreed to provide certain enhanced reporting to the Department while the Intercompany Note is outstanding and to prepay the Intercompany Note prior to maturity, in whole or in part, if RGI needs additional liquidity to meet its policyholder obligations. Additionally, RGI will be required to comply with certain conditions while the Intercompany Note is outstanding, including, most notably, obtaining prior approval from the Department for all dividends paid by RGI for a period of three years (which the Company may request to be reduced or the Department may, in certain circumstances, extend for up to five years) and maintaining a minimum policyholders' surplus of $500 million, among other conditions. In addition to the proceeds of the Intercompany Note, the Company may use borrowings under its revolving credit facility, as well as cash or liquid investments on its balance sheet, or the Company may obtain other sources of financing or use other available funding, to pay a portion of the cash consideration for the Transactions.

The foregoing does not constitute a complete summary of the terms of the Share Purchase Deed, the Warranty Deed or the Transactions, and is qualified in its entirety by reference to the complete text of the Share Purchase Deed and the Warranty Deed, which are filed as Exhibits 2.1 and 2.2, respectively and, are incorporated herein by reference.

The Share Purchase Deed and the Warranty Deed are being filed to provide investors with information regarding the terms of these agreements, but they are not intended to provide any other factual information about the Company, Radian US or Inigo. In particular, warranties contained in the Share Purchase Deed and the Warranty Deed were made only for the purposes of those agreements as of specific dates, may have been qualified by confidential disclosures, and employ a contractual standard of materiality different from those generally applicable to disclosures made to stockholders, among other limitations. The warranties were made for purposes of allocating contractual risk between the parties and investors are not third-party beneficiaries of the agreements and should not rely upon the warranties as disclosure of factual information relating to the Company, Radian US or Inigo, or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter of the warranties may change after the date of the Share Purchase Deed and the Warranty Deed, which subsequent information may or may not be fully reflected in the Company's public disclosures. The Company does not believe that schedules or disclosure letters omitted from this filing contain information that is material to the Company's stockholders.

---

| | |
|:---|:---|
| **Item 5.03** | **Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.**  |

---

On September 17, 2025, the board of directors of the Company (the "<u>Board</u>") approved an amendment to the Company's Fourth Amended and Restated By-laws (the "<u>Amended and Restated By-laws</u>"), effective September 17, 2025. The Amended and Restated By-laws add a forum selection by-law that provides that the Court of Chancery of the State of Delaware is the sole and exclusive forum (or, if no such state court has jurisdiction, the federal district court for the District of Delaware) for any (i) derivative action or proceeding brought on behalf of the Company, (ii) action asserting a claim of breach of any duty (including any fiduciary duty) owed by any current or former director, officer, stockholder, employee or agent of the Company to the Company or the Company's stockholders, (iii) action asserting a claim against the Company or any current or former director, officer, stockholder, employee or agent of the Company arising out of or relating to any provision of the Delaware General Corporation Law ("<u>GCL</u>") or the Company's certificate of incorporation or by-laws (each, as in effect from time to time), (iv) action asserting a claim against the Company or any current or former director, officer, stockholder, employee or agent of the Company governed by the internal affairs doctrine of the State of Delaware or (v) other action asserting an internal corporate claim, as defined in Section 115 of the GCL. The forum selection by-law further provides that the federal district courts of the United States of America will be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended (the "<u>Securities Act</u>").

The foregoing description of the Amended and Restated By-laws is only a summary of the principal features of the revisions made to the Amended and Restated By-laws, does not purport to be complete and is qualified in its entirety by reference to the Amended and Restated By-laws, a copy of which is filed as Exhibit 3.1 and a marked copy of which showing the amendments is filed as Exhibit 3.2, each of which is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.**  |

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On September 18, 2025, the Company issued a press release and posted on its Investor Relations website an investor presentation related to the Transactions and the plans described below in Item 8.01. A copy of the press release and a copy of the investor presentation are furnished and attached as Exhibit 99.1 and Exhibit 99.2, respectively.

The information in this Item 7.01, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

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| | |
|:---|:---|
| **Item 8.01.** | **Other Events.**  |

---

On September 18, 2025, the Company announced that, following a review of the Company's strategic direction and current business portfolio, the Board has approved a plan to divest the Company's mortgage conduit, title and real estate services businesses (the "<u>All Other Businesses</u>"). An active program is underway to identify buyers for these businesses, which is expected to be completed within one year. The Company is in the process of engaging financial advisors to assist with the planned divestitures. As a result of actions taken related to the planned divestitures, the Company expects to report these businesses as held-for-sale and to reflect their results as discontinued operations in its financial statements, through the period of their divestiture, beginning with the period ended, and as of, September 30, 2025.

#### Cautionary Note Regarding Forward-Looking Statements
All statements in this Current Report on Form 8-K, or related oral statements made by management or other representatives of the Company, that address events, developments or results that the Company expects or anticipates may occur in the future are "forward-looking statements" within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the U.S. Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified by words such as *"anticipate," "may," "will," "could," "should," "would," "expect," "intend," "plan," "goal," "pursue," "contemplate," "believe," "estimate," "predict," "project," "potential," "continue," "seek," "strategy," "future," "likely"* or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, statements regarding the expected completion, financing and timing of the Transactions, statements regarding the expected impact of the Transactions on the Company's earnings, return on equity, revenue and debt-to-capital ratio, as well as its deployment of capital, statements regarding the planned divestitures of certain businesses, including their expected completion, timing and reporting, and other statements and information related to the Transactions and the planned divestitures, are made on the basis of management's current views and assumptions with respect to future events. These statements speak only as of the date they were made, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Company operates in a changing environment where new risks emerge from time to time and it is not possible to predict all risks that may affect the Company. The forward-looking statements are not guarantees of future performance, and the forward-looking statements, as well as the Company's prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties include:

• risks associated with the Transactions, including: (a) the parties' ability to complete the Transactions, on the anticipated timeline or at all, including uncertainty related to securing the necessary regulatory approvals without a burdensome remedy; (b) the occurrence of any event, change or other circumstance that could give rise to the termination of the Share Purchase Deed; (c) risks related to diverting the attention of either party's management from ongoing business operations; (d) the possibility that the anticipated benefits of the Transactions are not realized when expected, or at all; (e) significant unknown or inestimable liabilities associated with Inigo; (f) risks related to the uncertainty of expected future financial performance and results of Inigo and its businesses following completion of the Transactions; (g) risks related to the availability of sufficient cash resources to make the consideration payment under the Share Purchase Deed or Radian's ability to raise new funds; (h) risks related to limitations and compliance with the Intercompany Note; and (i) risks associated with the Company's ability to successfully execute on its strategic shift to become a multi-line insurer; and

• risks associated with the Company's decision to divest the All Other Businesses, including: (a) the ability to complete any or all of the divestiture transactions, on the anticipated timeline or at all, including risks and uncertainties related to securing necessary regulatory and third-party approvals and consents; (b) any impact of the decision to divest the All Other Businesses on the Company's ability to attract, hire, and retain key and highly skilled personnel; (c) any disruption of current plans and operations caused by the announcement of the decision to divest the All Other Businesses, making it more difficult to conduct business as usual or maintain relationships with current or future service providers, customers, employees, vendors and financing sources; and (d) the terms, timing, structure, benefits and costs of any divestiture transaction for each of the All Other Businesses.

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For more information regarding these risks and uncertainties as well as certain additional risks that the Company faces, you should refer to "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and to subsequent reports and registration statements filed from time to time with the U.S. Securities and Exchange Commission. The Company cautions you not to place undue reliance on these forward-looking statements, which are current only as of the date on which this Current Report on Form 8-K has been filed. The Company does not intend to, and disclaims any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

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(d) Exhibits.

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| | |
|:---|:---|
| 2.1\* | [Share Purchase Deed, dated September 18, 2025, by and among Radian US Holdings Inc., Radian Group, Inc., the A Share Sellers, the B Share Management Sellers and the Zedra Trust Company (Guernsey) Limited](d945088dex21.htm) |
| 2.2\* | [Warranty Deed, dated September 18, 2025, by and among Radian US Holdings Inc. and the Management Warrantors](d945088dex22.htm) |
| 3.1 | [Fourth Amended and Restated By-laws of Radian Group, Inc., effective September 17, 2025](d945088dex31.htm) |
| 3.2 | [Fourth Amended and Restated By-laws of Radian Group, Inc., marked to show amendments, effective September 17, 2025](d945088dex32.htm) |
| 99.1 | [Radian Group Inc. Press Release, dated September 18, 2025](d945088dex991.htm) |
| 99.2 | [Radian Group Inc. Investor Presentation, dated September](d945088dex992.htm)[18, 2025](d945088dex992.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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\* Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally copies of any of the omitted schedules or exhibits to the Securities and Exchange Commission upon request.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **RADIAN GROUP INC.** | **RADIAN GROUP INC.** |
|  | (Registrant) | (Registrant) |
| Date: September 18, 2025 |  |  |
|  | By: | /s/ Edward J. Hoffman |
|  |  | Edward J. Hoffman |
|  |  | General Counsel |

---

## Exhibit 2.1

**EXHIBIT 2.1** 

EXECUTION VERSION

DATED 18 SEPTEMBER 2025

(1) THE A SHARE SELLERS (AS DEFINED HEREIN)

AND

(2) THE B SHARE MANAGEMENT SELLERS (AS DEFINED HEREIN)

AND

(3) ZEDRA TRUST COMPANY (GUERNSEY) LIMITED

AND

(4) THE BUYER (AS DEFINED HEREIN)

AND

(5) THE BUYER GUARANTOR (AS DEFINED HEREIN)

SHARE PURCHASE DEED

FOR THE SALE AND PURCHASE OF SHARES IN

INIGO LIMITED

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**CONTENTS** 

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| | | |
|:---|:---|:---|
| Clause | Clause | Page |
| 1. | Definitions and Interpretation | 1 |
| 2. | Sale and Purchase of Shares | 26 |
| 3. | Conditions | 27 |
| 4. | Consideration | 32 |
| 5. | Management Equity | 47 |
| 6. | Position Pending Completion | 49 |
| 7. | Completion | 53 |
| 8. | Access to Information | 54 |
| 9. | Seller's Warranties | 56 |
| 10. | Limitations on the Sellers' Liability | 57 |
| 11. | Buyer Warranties, Acknowledgements and Undertakings | 57 |
| 12. | Buyer Guarantor | 59 |
| 13. | Seller Waiver of Claims | 61 |
| 14. | Restrictive Covenants | 61 |
| 15. | Confidential Information | 64 |
| 16. | Announcements | 66 |
| 17. | Notices | 67 |
| 18. | Termination | 69 |
| 19. | Costs and General | 69 |
| 20. | Assignment | 70 |
| 21. | Further Assurances | 71 |
| 22. | Cumulative Rights | 71 |
| 23. | Effect of Completion | 71 |
| 24. | Waiver and Variation | 71 |
| 25. | Severance | 72 |
| 26. | Entire Agreement | 72 |
| 27. | No Action Against Employees and Seller's Affiliates | 72 |
| 28. | Contracts (Rights of Third Parties) Act 1999 | 73 |
| 29. | Counterparts | 73 |
| 30. | Law and Jurisdiction | 73 |
| 31. | Appointment of Process Agent | 73 |
| 32. | Management Sellers' Representative | 74 |
| 33. | 280G | 75 |

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- i -

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| | |
|:---|:---|
| Schedule 1 Completion Requirements | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part A Sellers' Obligations | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part B Buyer's Obligations | 79 |
|  Schedule 2 Seller Warranties | 80 |
|  Schedule 3 Limitations on the Sellers' Liability | 82 |
|  Schedule 4 Buyer Warranties | 90 |
|  Schedule 5 Completion Statement and Accounting Policies | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part A Accounting Policies | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part B Form of Completion TNAV Statement | 92 |
|  Schedule 6 Voting Power of Attorney | 93 |
|  Schedule 7 Conduct of Business Pending Completion | 94 |
|  Schedule 8 Allocation of Consideration | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part A Allocation of Consideration Among A Share Sellers | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part B Allocation of Consideration Among B Share Management Sellers | 101 |
|  Schedule 9 Management Rollover Tables | 102 |
|  Schedule 10 Restricted Period | 103 |
|  Schedule 11 Details of the Group Entities | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part A Company, Subsidiaries and LB Cell | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part B Other Entities | 104 |

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**Agreed Form Documents** 

1. Share Transfer Forms

2. Indemnity in respect of Seller's share certificates

3. Letters of resignation of the applicable directors of the members of the Group

4. Data Room Index

5. Deed of Adherence

6. Escrow Agreement

7. Officer Certificate

8. Agreed Announcements

- ii -

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**THIS DEED** is made on 18 September 2025.

**BETWEEN:** 

(1) **THE SEVERAL PERSONS** whose names and addresses are set out in column 1 of Part A of Schedule 8
(collectively, the "**A Share Sellers** ");

(2) **THE SEVERAL PERSONS** whose names and addresses are set out in column 1 of Part B of Schedule 8
(collectively, the "**B Share Management Sellers** ");

(3) **ZEDRA TRUST COMPANY (GUERNSEY) LIMITED**, a company incorporated in Guernsey (registered no. 24531), whose
registered office is First Floor, Le Marchant House, St. Peter Port, Guernsey, GY1 1GR, Channel Islands acting in its capacity as trustee of the EBT ()"**EBT Trustee**") and nominee for each B Share Management Seller (the
" **Nominee**" and together with the B Share Management Sellers, the "**B Share Sellers** ");

(4) **RADIAN US HOLDINGS INC. ,** a Delaware corporation whose principal executive office is at 550 East
Swedesford Rd., Suite 350, Wayne, PA 19087 (the "**Buyer** "); and

(5) **RADIAN GROUP INC.**, a Delaware corporation whose principal executive office is at 550 East Swedesford
Rd., Suite 350, Wayne, PA 19087(the "**Buyer Guarantor** ").

**RECITALS:** 

(A) The Company is wholly owned by the Sellers.

(B) The Sellers have agreed to sell or procure the sale of, and the Buyer has agreed to purchase, the Shares (as
defined below) upon the terms of, and subject to the conditions of, this Deed (the "**Transaction** ").

(C) The Buyer Guarantor will benefit from the execution, delivery and performance of this Deed and therefore has
agreed to guarantee the performance of certain obligations of the Buyer under this Deed.

**IT IS AGREED** as follows:

1. **DEFINITIONS AND INTERPRETATION** 

1.1 In this Deed, the following words and expressions shall, unless otherwise specified or the context otherwise
requires, have the following meanings:

"**2025 Lloyd's Syndicate Business Plan**" means the business plan for the Syndicate for the 2025 Year of Account as approved by the Council of Lloyd's;

"**2026 Lloyd's Syndicate Business Plan**" means the business plan for the Syndicate for the 2026 Year of Account as shall be finally approved by the Council of Lloyd's after the date of this Deed;

"**A Ordinary Shares**" means the fully paid issued A ordinary shares of US$0.01 each in the Company;

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"**A Share Sellers**" has the meaning given to it in the preamble of this Deed;

"**Accounting Period**" means any period by reference to which any Income, Profits or Gains, or any other amounts relevant for the purposes of Tax, are measured or determined;

"**Accredited Investor**" has the meaning given to it in Rule 501(a) under the rules and regulations adopted by United States Securities and Exchange Commission under the Securities Act of 1933, as amended;

"**Act**" means the Companies Act 2006;

"**Actual Completion TNAV**" means the Completion TNAV as set out in the Final Completion Statement as finally determined in accordance with this Deed;

"**Adjusted Base Consideration**" has the meaning set forth in Clause 4.1.2;

"**Affiliate**" means, with respect to any specified person, any other person that, at the time of determination, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such specified person; provided that any portfolio company of any Investor Seller or Minority Shareholder shall not be deemed an Affiliate of such Investor Seller or Minority Shareholder and for the purposes of this definition, "**control**" shall mean, with respect to any other person, the possession, directly or indirectly, of power to direct or cause the direction of management or policies of such person (whether through ownership of voting securities or partnership or other ownership interests, by contract or otherwise), and the term "**controlled**" should be construed accordingly. For the avoidance of doubt, in relation to the Investor Sellers and Minority Shareholders, an Affiliate shall also include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Investment Fund of which: (i) that Investor Seller or Minority Shareholder (or any group undertaking
of, or any (direct or indirect) shareholder in, that Investor Seller or Minority Shareholder); or (ii) that Investor Seller's or Minority Shareholder's (or any group undertaking of that Investor Seller's or Minority
Shareholder's) general partner, trustee, nominee, manager or adviser, is a general partner, trustee, nominee, manager or adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any separate accounts managed by that Investor Seller or Minority Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any group undertaking of that Investor Seller or Minority Shareholder or of that Investor Seller's or
Minority Shareholder's general partner, trustee, nominee, manager, adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any general partner, trustee, nominee, operator, arranger or manager of, adviser to that Investor Seller or
Minority Shareholder (or of, to or in any group undertaking of that Investor Seller or Minority Shareholder) or of, to or in any Fund referred to in (a) above or of, to or in any group undertaking referred to in (c) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any subsidiary or person directly or indirectly Controlled by the Investor Seller or Minority Shareholder from
time to time,

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in each case excluding any portfolio company or operating company (or any investee company or holding company incorporated for the purposes of holding an investment in such portfolio or operating company) other than Enstar Group Limited and its group undertakings;

"**Agreed Announcements**" means the announcements in relation to the Transaction to be issued by each of the Buyer and the Company on or after the date of this Deed in the agreed form;

"**Allocation Table**" means each table in the form set out in Part A and Part B of Schedule 8;

"**All-In Option**" means an option granted under the Share Option Plan that is identified as "All-In" in the relevant award letter;

"**All-In Option Cash Amount**" means an amount equal to the number of Shares subject to All-In Options granted under the Share Option Plan which are outstanding as at the date of this Deed, and have not lapsed in accordance with their terms immediately prior to Completion, multiplied by the notional value which the holders of such All-In Options would have received if they had exercised their All-In Options to the greatest extent possible, acquired Shares and sold them under the terms of this Deed plus any amount of any employer National Insurance contributions and apprenticeship levy (or any non-UK equivalent) payable by the Group in respect of the payment of such amount;

"**All-In Option Net Cash Amount**" means a value equal to the number of Shares subject to All-In Options granted under the Share Option Plan which are outstanding immediately prior to Completion, multiplied by the notional value which the optionholders would have received if they had exercised their All-In Options to the greatest extent possible, acquired Shares and sold them under the terms of this Deed;

"**Articles**" means the articles of association of the Company as amended from time to time;

"**B Ordinary Shares**" means the fully paid issued B ordinary shares of US$0.01 each in the Company;

"**B Share Management Sellers**" has the meaning given to it in the preamble of this Deed;

"**Base Consideration Amount**" has the meaning given to it Clause 4.1;

"**Burdensome Remedy**" means any condition, term or undertaking required by a Governmental Authority that would require the Buyer or any of its Affiliates to contribute, pay, assume or otherwise provide (directly or indirectly) additional investment, cost (including assumption of liabilities) or capital contribution to the Group which, as at the date of issuance of such condition, term or undertaking, is quantifiable and in excess of $50 million (whether some or all of such amount is to be contributed, paid, assumed or otherwise provided on such date and/or a commitment is required from the Buyer to do so on another date(s) in the future), provided that, where any amount of such investment, cost (including assumption of liabilities) or capital

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contribution is not specifically quantifiable as at the date of issuance of such condition, term or undertaking, such amount shall be calculated on a best estimate basis and agreed by the Buyer and the Investor Sellers (each acting reasonably) in consultation with the Company provided that Clauses 3.3.1 to 3.3.9 shall apply if the Buyer and Investor Sellers are unable to agree such amount within 10 Relevant Business Days of the condition, term or undertaking being imposed (for the avoidance of doubt such quantifiable and non-quantifiable costs shall not exceed $50 million in the aggregate);

"**Business Day**" means a day other than a day on which banks generally are not open for business or for inter-bank business in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) New York, United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) England and Wales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Quebec, for as long as an Investor Seller or a parent undertaking of an Investor Seller has its registered
office, or is incorporated, in such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Luxembourg, for as long as an Investor Seller or a parent undertaking of an Investor Seller has its registered
office, or is incorporated, in such jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Qatar, for as long as an Investor Seller or a parent undertaking of an Investor Seller has its registered
office, or is incorporated, in such jurisdiction;

"**Business Plan**" means, as the context requires, the 2025 Lloyd's Syndicate Business Plan or the 2026 Lloyd's Syndicate Business Plan;

"**Buyer**" has the meaning set forth in the preamble to this Deed;

"**Buyer Conditions**" has the meaning set forth in Clause 3.1;

"**Buyer Guarantor**" has the meaning given to it in the preamble of this Deed;

"**Buyer Nominated Account**" means the bank account notified by the Buyer to the Investor Sellers (including bank account details and wire instructions) at least three (3) days before the relevant payment date;

"**Buyer Warranties**" means the warranties contained in Schedule 4 (and references to a "**Buyer Warranty**" shall be construed accordingly);

"**Buyer's Group**" means the Buyer and its Affiliates (and a reference to a "**member of the Buyer's Group**" shall be construed as a reference to any of them). References to the Buyer's Group shall exclude the Group prior to Completion but shall include the Group upon and following Completion, as the context requires;

"**Buyer's Knowledge Persons**" means Richard Thornberry, Sumita Pandit, Edward Hoffman, Daniel Kobell, Mary Dickerson and Elizabeth Diffley;

"**Buyer's Solicitors**" means Skadden, Arps, Slate, Meagher & Flom (UK) LLP of 22 Bishopsgate, London EC2N 4BQ;

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"**Cash Award**" means a conditional right to a cash payment granted and paid in accordance with Clause 5.4;

"**Code**" means the United States Internal Revenue Code of 1986, as amended;

"**Company**" means Inigo Limited, a limited liability company incorporated in England and Wales, with further details of the Company set out in Schedule 11;

"**Company Account**" means the bank account for the Company notified in writing to the Buyer in the Completion Statement;

"**Completion**" means completion of the sale and purchase of the Shares in accordance with the provisions of this Deed;

"**Completion Date**" has the meaning given to it in Clause 7.1;

"**Completion Dividend Amount**" has the meaning given to it in Clause 4.5.1;

"**Completion Share Proportion**" means, with respect to each relevant Seller, the percentage value set out in column 4 of each Allocation Table as set out in the Completion Statement;

"**Completion Statement**" means the Draft Completion Statement as accepted by the Buyer, agreed during the Initial Consultation Period, or determined by the Buyer Expert (as applicable) in accordance with Clause 4.3;

"**Completion Statement Date**" means the date of acceptance, agreement or determination (as applicable) of the Completion Statement in accordance with Clause 4.3 (as applicable);

"**Completion TNAV**" means the tangible net asset value in respect of the Group as at the Month End Date, as calculated in accordance with Schedule 5 and in the form set out in Part B of Schedule 5;

"**Conditions**" has the meaning set forth in Clause 3.1;

"**Conditions Satisfaction Date**" means the date (being no later than the Longstop Date) on which the last of the Conditions is satisfied;

"**Confidential Information**" has the meaning set forth in Clause 15.1;

"**Connected Person**" means, in respect of an individual person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the spouse or civil partner, parents and siblings (including step-siblings and half-siblings) and direct
descendants of such individual and their respective spouses or civil partners, parents and siblings (including step-siblings and half-siblings) and direct descendants (together, the "**Connected Person's Family** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any trust established by or for the benefit of that individual or a member of that individual's Connected
Person's Family;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any undertaking which that individual or that individual's Connected Person's Family is able to
exercise or control the exercise of a majority of the votes able to be cast at general meetings, or to appoint or remove directors holding a majority of voting rights at board meetings, in each case on all, or substantially all, matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any undertaking whose directors are accustomed to act in accordance with the directions or instructions of that
individual or a member of that individual's Connected Person's Family;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any undertaking (other than any Group Company) of which that individual or a member of that individual's
Connected Person's Family is a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any partnership or undertaking (other than any Group Company) in which that individual or a member of that
individual's Connected Person's Family has a direct or indirect economic interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any nominee, trustee or agent or any other person acting on behalf of any person referred to in this
definition;

"**Consideration**" has the meaning set forth in Clause 4.1.1;

"**Consideration WHT**" has the meaning set forth in Clause 19.5;

"**Corporate Member**" means Inigo Corporate Member Limited, a limited liability company incorporated in England and Wales, with further details set out in Schedule 11;

"**Cut-Off Date**" has the meaning given to it in Appendix 5 of the Lloyd's Membership & Underwriting Conditions and Requirements (M&URs);

"**Cut-Off Time**" means 23:59 on 16 September 2025;

"**Data Room**" means the Project Arabella virtual data room hosted by Intralinks containing the documents (including Q&A, correspondence and information) made available by or on behalf of the Sellers for inspection by or on behalf of the Buyer (including the Buyer's agents and advisers through such virtual data room) in relation to, or in connection with, the Group and its business as at the Cut-Off Time;

"**Data Room Index**" means the index of the contents of the Data Room as at the Cut-Off Time in the agreed form;

"**Declared Dividend Amount**" means an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the difference between $1.183 billion and the Estimated Completion TNAV as set out in the Completion
Statement; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Dividend Buffer;

"**Deed of Adherence**" means a deed of adherence to this Deed in the agreed form pursuant to which any person becomes a party to this Deed following the date of this Deed;

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"**Disclosed**" means disclosed with sufficient detail to enable a reasonable purchaser of the Company to identify the nature and the scope of the matter concerned;

"**Disclosed Seller Transaction Costs**" means the disclosed Seller Transaction Costs, the details of which are set out in the Completion Statement;

"**Disclosed Seller Transaction Costs Amount**" means the aggregate amount of any Disclosed Seller Transaction Costs;

"**Disclosure Letter**" means the letter from the Management Warrantors delivered to the Buyer contemporaneously with the execution of this Deed by the parties relating to the warranties given by the Management Warrantors under the Management Warranty Deed and documents attached or annexed thereto in such letter;

"**Dividend Buffer**" means an amount equal to the higher of (i) 5% of the difference between $1.183 billion and the Estimated Completion TNAV as set out in the Completion Statement; and (ii) $5,000,000;

"**Dividend Conditions**" means the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) compliance with applicable Laws, in respect of the payment and distribution of dividends including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company having sufficient available profits (as determined in accordance with the Act) to declare a
dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company having sufficient immediately available cash resources to pay a dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the fiduciary and statutory duties of the directors of the Company in respect of the declaration and payment of
dividends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other applicable rules and regulations of any Governmental Authority, including Lloyd's with regards
to the declaration and payment of dividends by corporate members at Lloyd's,

but excluding, in each case, any matter relating specifically to the FAL or other working capital requirements of the Group in respect of the 2027 Year of Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company has taken into account all costs and liabilities payable by a Group Company on Completion as a
result of the transactions contemplated by this Deed prior to declaring and paying any such dividend;

"**Dividend Overpayment Amount**" means the amount by which the aggregate amount of any Pre-Completion Dividend and Post-Completion Dividend actually paid to the A Share Sellers exceeds, as a result of the adjustment process set out in Clause 4.7, the Completion Dividend Amount;

"**Draft 2026 Lloyd's Syndicate Business Plan**" means the current version of the 2026 Lloyd's Syndicate Business Plan as at the date of this Deed, a copy of which has been included in the Data Room;

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"**Draft Completion Statement**" has the meaning set forth in Clause 4.2.1;

"**EBT**" means the Inigo Employee Benefit Trust established by a deed of trust dated 8 February 2023 between the Company and the EBT Trustee;

"**EBT Consideration**" means the Consideration in respect of any unallocated Shares held by the EBT Trustee (which, for the avoidance of doubt will not include any Shares which it holds in its capacity as Nominee);

"**EBT Loan**" means the amount which is outstanding as at the Completion Date under the loan facility provided by the Company (as lender) to the EBT Trustee (as borrower) under the terms of a letter dated 8 February 2023;

"**EBT Loan Amount**" has the meaning given to it in Clause 4.6.3;

"**EBT Transaction Bonuses**" means the transaction bonuses payable on or following Completion, using the EBT Consideration, to the EBT Transaction Bonus Recipients in such amounts as the Company shall recommend to the EBT Trustee no later than one Business Day following the Completion Statement Date and in the aggregate amount as set out in the Completion Statement;

"**EBT Transaction Bonus Recipients**" means such Employees who will be paid an EBT Transaction Bonus and notified by the Sellers to the Buyer in the Completion Statement;

"**EBT Transaction Bonus Tax Amount**" means the amount of any employer National Insurance contributions and apprenticeship levy (or any non-UK equivalent) payable by the Group as a result of the payment of any EBT Transaction Bonuses;

"**Employee**" means a director or officer (whether or not employed by a member of the Group) or employee of a member of the Group;

"**Encumbrance**" means a mortgage, charge, pledge, lien, option, restriction, deed of trust, hypothecation, right of first refusal, right of pre-emption or other third party right, interest or claim of any kind, or any other third-party right, encumbrance or security interest of any kind (including any liability imposed or right conferred by or under any legislation) or any other type of preferential arrangement (including a title transfer or retention arrangement) having similar effect or an agreement, arrangement or obligation to create any of the foregoing;

"**Enstar**" means Cavello Bay Reinsurance Limited of A.S. Cooper Building, 26 Reid Street, Hamilton HM11, a subsidiary of Enstar Group Limited;

"**Escrow Account**" means the bank account operated by the Escrow Agent as set out in the Escrow Agreement;

"**Escrow Agent**" means Wilmington Trust (London) Limited, a company registered in England and Wales with number 05650152 whose registered office is at Third Floor, 1 King's Arms Yard, London, EC2R 7AF;

"**Escrow Amount**" means the lower of: (a) $50 million; and (b) if the Estimated Completion TNAV as set out in the Completion Statement is less than $1.083 billion but equal to or greater than $1.033 billion, the difference between the Adjusted Base Consideration and $1.65 billion;

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"**Escrow Agreement**" means the agreement in the agreed form between the Buyer, the Investor Sellers and the Management Sellers' Representative and the Escrow Agent in relation to the Escrow Account;

"**Estimated Completion TNAV**" means the Completion TNAV as set out in the Draft Completion Statement or the Completion Statement (as applicable);

"**Event Response Protocol**" means the event response protocol as uploaded to the Data Room at document 3.20.1;

"**Excess Amount**" has the meaning given to it in Clause 4.5.2;

"**Expert**" means an independent reputable firm of actuaries or accountants of international standing to be agreed by the Buyer and the Investor Sellers in writing or, failing such agreement, appointed by the President for the time being of the Institute of Chartered Accountants in England and Wales;

"**FAL**" or "**Funds at Lloyd's**" means "funds at Lloyd's" which has the meaning given to that expression in paragraph 16 of the Lloyd's Membership Byelaw (No. 5 of 2005);

"**Financing**" shall have the meaning given to it in Clause 6.6;

"**FCA**" means the U.K.'s Financial Conduct Authority;

"**FCA Handbook**" means the FCA Handbook of Rules and Guidance;

"**Final Completion Statement**" means the Completion Statement as finally determined in accordance with this Deed and which sets out, among other things, the Actual Completion TNAV and the Consideration;

"**FSMA**" means the Financial Services & Markets Act 2000;

"**Fundamental Warranties**" means the warranties given by the Sellers as contained in Schedule 2 (and references to a "**Fundamental Warranty**" shall be construed accordingly);

"**Fundamental Warranty Claim**" has the meaning given to it in paragraph 3.1.2 of Schedule 3;

"**Funds**" has the meaning given in Clause 11.3;

"**Governmental Authority**" means any applicable competent governmental (including any Government-Sponsored Enterprise), legislative, administrative, supervisory, regulatory (including Lloyd's), judicial, determinative, disciplinary, enforcement or tax raising body (including any Tax Authority), authority, instrumentality, commission, agency, board, department, court, tribunal or judicial or arbitral body of any applicable jurisdiction and whether supranational, national, regional or local;

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"**Government-Sponsored Enterprise**" means the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the Federal Housing Finance Agency, and any other financial services entity established by any Governmental Authority and engaged in the purchase of mortgage loans;

"**Group**" means the Company, each of its Subsidiaries, the LB Cell (the details of which are set out in Part A of Schedule 11), and "**member of the Group**" and "**Group Company**" shall be construed accordingly;

"**Group Accounts**" means the audited consolidated financial statements of the Company and its Subsidiaries prepared in accordance with UK GAAP as at 31 December 2024;

"**Income, Profits or Gains**" means income, profits or gains and references to "Profits earned, accrued or received" include Profits deemed to have been earned, accrued or received for Tax purposes;

"**Individual Cash Consideration Amount**" means, in respect of a Seller set out in column (1) of each Allocation Table, the amount set out opposite such Seller's name in column (5) of the Allocation Tables set out in the Completion Statement (being for the avoidance of doubt, an amount equal to such Seller's (i) Completion Share Proportion *multiplied* by the Consideration *minus* (ii) such Seller's Management Rollover Amount);

"**Initial Consideration**" has the meaning set forth in Clause 4.6;

"**Inside Date**" means 1 January 2026;

"**Insolvency Act**" means the Insolvency Act 1986;

"**Insolvency Proceedings**" means any formal insolvency proceedings, whether in or out of court, including proceedings or steps leading to any form of bankruptcy, liquidation, administration, receivership, arrangement or scheme with creditors, moratorium, stay or limitation of creditors' rights, interim or provisional supervision by a court or court appointee, winding-up or striking-off, or any distress, execution or other process levied, or any event analogous to any such events in any jurisdiction outside England and Wales;

"**Insurance Contracts**" means the insurance and inward reinsurance policies and contracts, together with all binders, slips, certificates, endorsements, amendments and riders thereto issued or entered into that are underwritten by any member of the Group (including, for the avoidance of doubt, as a member of a Lloyd's syndicate or in the case of Inigo Managing Agent Limited as managing agent on behalf of the member(s) of a Lloyd's syndicate);

"**Investment Fund**" means any unit trust, investment trust, investment company, limited partnership, general partnership, collective investment scheme, pension fund, insurance company, authorised person under FSMA or any body corporate or other entity, in each case the assets of which are managed professionally for investment purposes;

"**Investor Sellers**" means together QIA, La Caisse, Oak Hill Advisors and J.C. Flowers;

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"**J.C. Flowers**" means Bridge (Cayman) Holdings Ltd. of 190 Elgin Avenue, George Town, Grand Cayman, KY1-9008, Cayman Islands;

"**Known Leakage Amount**" has the meaning set forth in Clause 4.10.3;

"**La Caisse**" means CDP Investissements Inc. of 1000, place Jean-Paul-Riopelle, Montréal, Quebec H2Z 2B3, Canada;

"**LB Cell**" means Cell 16 of London Bridge 2 PCC Limited;

"**LB Cell Uncertain Tax Provision Amount**" means an amount equal to the UK corporation Tax that would be chargeable on the Income, Profits or Gains of the LB Cell, at the applicable UK corporation Tax rate for any Accounting Period or part of an Accounting Period ending on or prior to the Month End Date (being 25% at the date of this Deed) as if regulation 4 of the RTTR 2017 were not applicable to the LB Cell;

"**LB Cell Uncertain Tax Provision**" has the meaning given to it in Clause 4.12;

"**Law**" or "**Laws**" means all applicable legislation, statutes, directives, regulations (including any acts, byelaws or requirements made under byelaws of Lloyd's), judgments, decisions, decrees, orders, instruments, by-laws, and other legislative measures or decisions having the force of law, treaties, conventions and other agreements between states, or between states and the European Union or other supranational bodies, rules of common law, customary law and equity and all civil or other codes and all other laws of, or having effect in, any applicable jurisdiction from time to time;

"**Leakage**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in each case (A) by any member of the Group or Motion to on behalf of or for the benefit of any Investor
Seller, or any Investor Seller's Affiliate, any Management Seller or B Share Management Seller, or any Connected Person of any Management Seller or B Share Management Seller, the Nominee or any Nominee Connected Person and (B) save as set
out below, during the period from (but excluding) the Month End Date to (and including) the Completion Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any dividend or distribution (whether in cash or in kind) or any payments in lieu of any dividend or
distribution, in each case declared, paid or made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any redemption, repurchase, repayment or return of shares, loan capital or other securities, or any other
return of capital (whether by reduction of capital or otherwise and whether in cash or in kind), including any payments (in cash or in kind) made to any leavers under any Share Option Plan, in each case from the date of this Deed to (and including)
the Completion Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any consultant, advisory, management, monitoring, service, shareholder or other fees, charges or compensation
of a similar nature paid or incurred;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any payments or transaction of any kind other than on arm's length third-party terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any waiver, discount, deferral, discharge or release (whether conditional or not) of any amount, right, value,
benefit, liability or obligation owed or due to any member of the Group or Motion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any liability or obligation (contingent or otherwise) assumed or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any guarantee, indemnity, surety for liability or Encumbrance provided by, or over the assets of any member of
the Group or Motion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any transfer or surrender of assets, rights or other benefits, or any liability or obligation assumed or
incurred otherwise than on arm's length terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any Seller Transaction Costs incurred or paid, or unaccrued but declared to be treated as incurred or paid, in
each case, by any member of the Group or Motion in each case at any time prior to the Completion Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any Transaction Related Incentives in each case incurred, paid or made at any time prior to the Completion
Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any Dividend Overpayment Amount, to extent such amount has not been returned to the Buyer in accordance with
Clause 4.8.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) during the period from (but excluding) the Month End Date to (and including) the Completion Date (or such other
period as set out above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any agreement or other commitment by any member of the Group or Motion to enter into or carry out any of the
actions or transactions referred to in paragraphs above entered into during the period from (but excluding) the Month End Date to (and including) the Completion Date (or such other period as set out above); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Tax paid or payable at any time by any Group Company directly as a consequence of any of the matters
referred to above,

but in each case not including any Permitted Leakage and without double counting any matter in paragraphs (a) and (b) (inclusive) above;

"**Leakage Tax Saving**" means, in relation to any Leakage, the aggregate of any amount equal to any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) part of any Leakage in respect of or which represents VAT for which a Group Company is entitled to recover by
repayment or credit by any Group Company within twelve (12) months of Completion; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) actual cash payment of corporation tax that has, in the reasonable determination of the relevant Group Company,
been saved (or that will be saved following Completion) by a Group Company in respect of the accounting period in which the relevant Leakage occurs, solely and exclusively as a result of the successful utilisation of a Relief arising wholly as a
result of the matter giving rise to the relevant Leakage ()"**Leakage Relief**") against any Income, Profits or Gains (whether actually earned, received or accrued or deemed to be earned, received or accrued) of such Group Company that
is chargeable to corporation tax,

provided that in determining whether a payment of corporation tax has been or will be saved at limb (b) above: (i) where there are other Reliefs available or that may be made available to the Group Company to utilise against the relevant Income, Profits or Gains, such Reliefs shall be treated as being utilised in priority to make such saving of corporation tax over the Leakage Relief, and (ii) an actual cash payment of corporation tax shall be treated as having been or will be saved where there has been or will be a reduction or elimination of a liability of a Group Company to make an actual cash payment of corporation tax;

"**Leaver Provisions**" means the provisions in the Shareholders' Agreement applicable to a Leaver (as defined in the Shareholders' Agreement) and the treatment of any B Ordinary Shares or interest in such B Ordinary Shares held by a Leaver;

"**Lloyd's**" means the Society and Corporation of Lloyd's incorporated under the Lloyd's Act of 1871 to 1982 of England and Wales, or any successor thereto;

"**Lloyd's Regulations**" means the Lloyd's Acts 1871 to 1982, byelaws, regulations, codes of practice, bulletins and mandatory directions and requirements governing the conduct and management of underwriting business at Lloyd's from time to time;

"**Longstop Date**" means on or before 5:00 p.m. on 30 June 2026 or such other date as the Buyer, each Investor Seller and the Management Sellers' Representative agree in writing;

"**Loss**" means, in relation to any matter, all liabilities, losses, claims, reasonably incurred costs (including reasonably incurred costs of enforcement and reasonably and properly incurred legal costs and expenses), damages, awards, charges, demands, proceedings, Taxes, penalties, fines, expenses and/or any other liabilities incurred or sustained relating to that matter, but excluding any indirect or consequential loss and/or loss of profit (and "**Losses**" shall be construed accordingly);

"**LTIP Option**" means an option granted under the Share Option Plan that is identified as "LTIP" in the relevant award letter;

"**LTIP Cash Amount**" means US$7,000,000, which is equal to 50 per cent. of the total value of RSUs to be granted pursuant to Clause 5.2.2 plus an amount equal to the employer's national insurance contributions which would be payable on such amount had such amount been paid as employment income;

"**L/C Bank**" means each Lender (as defined in the L/C Facility Agreement);

"**L/C Facility Agent**" means the person appointed as facility agent of the other Finance Parties (as defined in the L/C Facility Agreement) under the L/C Facility Agreement from time to time, being Barclays Bank plc as at the date of this Deed;

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"**L/C Facility Agreement**" means the letter of credit facility agreement originally dated 3 November 2021 (as amended and/or amended and restated from time to time) between, among others, the Company (as guarantor), the Corporate Member (as borrower), Barclays Bank PLC (as agent) and Barclays Bank PLC (as security agent);

"**L/C Facility Extension Documents**" has the meaning given in Clause 6.5.4;

"**L/C Finance Party**" means each Finance Party (as defined in the L/C Facility Agreement);

"**Management Rollover Amount**" means, in respect of each Management Rollover Seller, the amount of the Consideration they receive in the form of Rollover Consideration Securities calculated in accordance with the Management Wrapper Agreement and in each case as set out beside such Management Rollover Seller's name in column (4) of the Management Rollover Tables set out in the Completion Statement (for the avoidance of doubt, being such Management Rollover Seller's Consideration (such Consideration, for the avoidance of doubt, excluding any Escrow Amount) multiplied by their Management Rollover Percentage);

"**Management Rollover Percentage**" means, in respect of each Management Rollover Seller, the percentage set out beside such Management Rollover Seller's name in column (3) of the Management Rollover Table as at the date of this Deed;

"**Management Rollover Sellers**" means those Management Sellers and B Share Management Sellers listed in Schedule 9 who have agreed to be issued Rollover Consideration Securities as part of the Consideration due to them pursuant to the terms of this Deed and who are (or become) party to the Management Wrapper Agreement;

"**Management Rollover Tables**" means each table set out in the form of Schedule 9;

"**Management Sellers**" means the Sellers listed in rows 11 – 14 of Part A of Schedule 8 and Part B of Schedule 8 together with any other person who adheres to this Deed as a Management Seller between the date of this Deed and the Completion Date by delivering a fully executed Deed of Adherence to the Buyer, the Investor Sellers and the Management Sellers' Representative;

"**Management Sellers' Representative**" means Richard Watson or such other person designated by the Management Sellers to serve as their representative in accordance with Clause 32 from time to time;

"**Management Warrantors**" has the meaning given to such term in the Management Warranty Deed;

"**Management Warranty Deed**" means the management warranty deed to be entered into on around the date of this Deed between the Management Warrantors and the Buyer;

"**Management Wrapper Agreement**" means the equity wrapper agreement entered into between the Buyer, the Management Rollover Sellers and the relevant members of the Buyer's Group dated on or about the date of this Deed;

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"**Material Completion Obligation**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the Sellers, the obligations set out in paragraphs 1.1, 2.1.1, 2.3.1, 2.3.3, 2.3.4 and 2.3.5 of
Part A of Schedule 1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Buyer, the obligations set out in paragraphs 1 and 2.1 of Part B of Schedule 1;

"**Material Contracts**" means a Material Reinsurance Contract and any other contract to which any Group Company is a party or is otherwise obligated (other than Insurance Contracts or Material IT Contracts), in each case that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) involves aggregate payments by any Group Company in excess of $1,000,000 during the 12-month period prior to the date of this Deed or would reasonably be expected to involve aggregate payments in excess of such amount in any 12-month period that includes the
date hereof (excluding any outwards reinsurance agreements which are between any member of the Group (whether as a member of the Syndicates or otherwise) and a reinsurer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) involves receipt of payments by any Group Company in excess of, or any property with a fair market value in
excess of, $1,000,000 during the 12-month period ended 30 June 2025 or that would reasonably be expected to involve aggregate payments in excess of such amount in any 12-month period that includes the date hereof (excluding any outwards reinsurance agreements which are between any member of the Group (whether as a member of the Syndicates or otherwise) and a reinsurer);
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is, in the reasonable opinion of the Company, otherwise material to the conduct of the business of the Group
(including with respect to the administration, claims, underwriting or other insurance policy administration functions, including any collateral arrangements of a Group Company);

"**Material IT Contracts**" has the meaning given to that term in the Management Warranty Deed;

"**Material Reinsurance Contracts**" means an in-force outwards reinsurance agreement between the Syndicate and each of the Group's "Top 10" outwards reinsurance partners (as identified on page 105 of the "Arabella – Information Pack (DRAFT 20 May 2025)" at 10.1.1 of the Data Room, and which are disclosed in the Data Room;

"**Member**" means a person who has been duly admitted to membership of Lloyd's pursuant to the Membership Byelaw (No. 5 of 2005);

"**Minority Shareholder**" means each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Enstar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Stone Point Fund, acting through its manager Stone Point Capital LLC;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dowling Capital Partners I, L.P. of 660 Beachland Blvd, Suite 201, Vero Beach, FL 32963; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Capital City Partners LLC of 660 Beachland Blvd, Suite 201, Vero Beach, FL 32963;

"**Month End Date**" means, subject to clause 4.2.2, the last day of the calendar month immediately preceding the calendar month in which the Conditions Satisfaction Date falls, save that where the Conditions Satisfaction Date is after the fifteenth (15<sup>th</sup>) Business Day of a calendar month, Month End Date shall be the last day of the calendar month in which the Conditions Satisfaction Date falls, or such other date as may be agreed by the Buyer, each Investor Seller and the Management Sellers' Representative in writing;

"**Motion**" means Motion Speciality, Inc., a Delaware corporation;

"**New Articles**" means the new articles of association of the Company, in a form agreed between the Buyer and the Management Sellers' Representative prior to Completion;

"**Nominee Connected Person**" means any beneficiary of the Nominee holding interests in Shares at any time during the period from and including the date of this Deed to and excluding the Completion Date and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where such beneficiary is an entity, any subsidiary undertaking of such beneficiary, any parent undertaking of
that beneficiary and any subsidiary undertaking of any such parent undertaking, in each case whether direct or indirect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where such beneficiary is an individual, any Connected Person of such beneficiary, in each case together with
any nominee, trustee, agent or any other person acting on behalf of any such person;

"**Oak Hill Advisors**" means INS-UK Premium S.à r.l. of 51, boulevard Grande Duchesse Charlotte, L-1331 Luxembourg;

"**Ordinary Course Bonus Cap**" means an amount equal to 125% of the target bonus pool for the calendar year 2025 as set out in the employee census as at 1 September 2025 as set out in the Data Room at document 9.2.3, plus any employer National Insurance contributions and apprenticeship levy (or any non-UK equivalent) payable by the Group in respect of such target bonus;

"**Ordinary Course Bonus Excess Amount**" means any payments in respect of bonuses granted in the ordinary and usual course of business which are due to be paid by the Company or any Group Company (including any associated payroll Taxes and any employer National Insurance contributions and apprenticeship levy (or any non-UK equivalent)) on or after Completion made to, or in respect of services provided by, employees, workers, directors, officers or consultants of the Company or any Group Company in the period before and up to Completion, in each case in excess of the amount specifically accounted for in relation to such items as costs and/or liabilities in the Completion TNAV up to the Ordinary Course Bonus Cap, and excluding any Transaction Related Incentives and any sign-on bonuses made to newly hired employees of the Company or any Group Company in the ordinary course of business consistent with past practice;

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"**Outgoing Board Member**" means such individuals from the board of directors of the Company as shall be identified by the Buyer to the Investor Sellers and the Management Sellers' Representative in writing no less than ten (10) Business Days prior to Completion and which shall include, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Ralph Christian Friedwagner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Steven Bennett Gruber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tim John Hanford; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Peter Jurdjevic;

"**Paid Dividend Amount**" means the amount of any Pre-Completion Dividend and/or Post-Completion Dividend paid to the A Share Sellers in accordance with Clause 4.5;

"**Paying Agent**" means Wilmington Trust (London) Limited;

"**Paying Agent Account**" means the bank account operated by the Paying Agent as set out in the Paying Agent Agreement and notified by the Investor Sellers and the Management Sellers' Representative to the Buyer in the Completion Statement;

"**Paying Agent Agreement**" means the agreement in the agreed form between the Investor Sellers, the Management Sellers' Representative and the Paying Agent in relation to the Paying Agent Account;

"**Permitted Leakage**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) save as otherwise set out below, any payments or other types of Leakage expressly provided for under the terms
of the Transaction Documents (including, in each case, any Taxes paid or payable by any member of the Group as a direct consequence of such payment or other type of Leakage) or the payment of any Pre-Completion Dividend (excluding any Dividend Overpayment Amount);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any directors' or officers' fees (including expenses) and/or consultancy fees incurred, paid or
agreed to be paid or payable to the Management Sellers or the B Share Management Sellers or to any Employee or consultant of any member of the Group pursuant to their current employment, director and/or consulting agreements with any Group Company
(in each case to the extent Disclosed) but only consistent with past practice and in the ordinary course of business including, in each case, any income tax, national insurance contributions and apprenticeship levy (or the equivalent in any
jurisdiction) paid or payable by any member of the Group as a direct consequence of such fees), and disregarding for these purposes any modification or amendment to such agreements or arrangements since the Month End Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any premium paid or agreed to be paid or incurred or owing by any Group Company in connection with any "run-off" directors' and officers' liability insurance policy providing coverage to any resigning director of the Group in connection with Clause 11.6.2 to the extent that the premium
value does not exceed the D&O Premium Cap and subject to the terms of Clause 11.6.2;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the salaries and other remuneration (including expenses) and bonuses, emoluments, benefits, pension
contributions and other entitlements incurred, paid or agreed to be paid or payable to the Management Sellers or the B Share Management Sellers or to any Employee or consultant of any member of the Group in accordance with their current employment
agreements, director and/or consulting agreements with any Group Company but only as consistent with past practice and in the ordinary course of business, including the Ordinary Course Bonus Excess Amount (including, in each case, any income tax,
national insurance contributions and apprenticeship levy (or the equivalent in any jurisdiction) paid or payable by any member of the Group as a direct consequence of such salaries, other remuneration, bonuses, emoluments, benefits, contributions or
other entitlements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any **  payments and/or actions contemplated by Clauses 5.2.2 and 5.2.3 of this Deed (including, in each
case, any income tax, national insurance contributions and apprenticeship levy (or the equivalent in any jurisdiction) paid or payable by any member of the Group as a direct consequence of such payments or actions provided a reasonable estimate of
each such income tax, national insurance contributions and apprenticeship levy has been Disclosed or otherwise expressly notified to the Buyer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any amounts incurred, paid or agreed to be paid or payable or liability, cost or expense (including any Tax
paid or payable by any Group Company as a direct consequence of such amounts) incurred in connection with any matter undertaken at the written request of the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any amounts incurred, paid or agreed to be paid or payable or liability, cost or expense incurred in connection
with the prior written consent of the Buyer (including any Tax paid or payable by any Group Company as a direct consequence of such amounts provided such amounts of Tax paid or payable has been Disclosed or otherwise expressly notified to the Buyer
in obtaining the Buyer's written consent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any amounts incurred, paid or agreed to be paid or payable or agreed to be made in the ordinary course of the
Group's trading activities (and any Tax paid or payable by any Group Company as a direct consequence of such amounts), on arm's length terms and consistent with past practice in the twelve (12) month period prior to the date of this
Deed by any member of the Group to any Investor Seller's Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Leakage (for these purposes excluding any Seller Transaction Costs, Transaction Related Incentives and any
Leakage under item (a)(ii) of the definition of Leakage) reflected or taken into account in the calculation of the Consideration including any Leakage expressly and specifically accrued, reserved for, or provisioned for as part of the calculation of
the Completion TNAV and any other amounts to be deducted from the Base Consideration pursuant to Clause 4.1.1 (excluding any Known Leakage Amount);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Leakage refunded to the relevant member of the Group on or prior to Completion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any Disclosed Seller Transaction Costs incurred, paid or agreed to be paid or payable, or unaccrued but
declared to be treated as incurred or paid, in each case, by any member of the Group;

"**PRA**" means the U.K.'s Prudential Regulation Authority;

"**Pre-Completion Event**" has the meaning set forth in Clause 11.6.2;

"**Pre-Completion Dividend**" has the meaning set forth in Clause 4.5.2(a);

"**Pre-contractual Statement**" has the meaning set forth in Clause 26.2;

"**Premium Trust Fund**" means a premium trust fund as such term is defined in the Definitions Byelaw (No. 7 of 2005) as it relates to the Syndicate;

"**Proceedings**" means any action or proceedings before a court or tribunal or a statutory, governmental or regulatory body (including an arbitration);

"**QIA**" means Casualty Holding Limited, a subsidiary of the Qatar Investment Authority;

"**QMR**" as the meaning set forth in Clause 8.1.2(f);

"**Relevant Business Day**" means a day other than a day on which banks generally are not open for business or for inter-bank business in New York or London;

"**Relevant Claim**" means any claim, proceeding, suit or action against any Seller arising out of or in connection with this Deed (except, for the avoidance of doubt, any claim, proceeding, suit or action against any Management Warrantor under the Management Warranty Deed);

"**Relevant Contracts**" means those contracts at 3.2.8.6, 3.18.1, 3.18.2, 3.18.3, 3.18.4, 3.18.5, 3.18.6, 3.18.8, 3.18.9, 3.18.10, 3.18.11, 3.18.12, 3.18.13, 3.18.14, 3.18.15, 5.8.2 and 5.8.3 of the Data Room;

"**Relief**" means any loss, relief, allowance, exemption, set-off, deduction, right to repayment or credit or other relief of a similar nature granted by or available in relation to Tax pursuant to any legislation or otherwise;

"**Representatives**" means, in respect of a person, the directors, officers, employees, consultants, advisers, agents, accountants, investment bankers or other representatives of such person;

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"**Restricted Business**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to Richard Watson, Russell Merrett, Stuart Bridges and Craig Knightley, any part of the business
of the Group or Motion, namely an underwriter (either as an insurer, reinsurer and/ or retrocessionaire, or on the basis of delegated underwriting authority), broker or other distributor of specialty insurance, reinsurance and/ or retrocession,
irrespective of the line of insurance, reinsurance and/or retrocession business but including, without limitation, the following lines of insurance, reinsurance and/ or retrocession business: commercial property, general liability, energy liability,
marine liability, auto liability, financial lines, directors and officers liability, financial institutions, political violence and terrorism, cyber, aviation war, natural resources and onshore energy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to all other Sellers, means any part of the business of the Group or Motion, namely an underwriter
(either as an insurer, reinsurer and/ or retrocessionaire, or on the basis of delegated underwriting authority), broker or other distributor of specialty insurance, reinsurance and/ or retrocession in respect of the following lines of insurance,
reinsurance and/or retrocession business only: commercial property, general liability, energy liability, marine liability, auto liability, financial lines, directors and officers liability, financial institutions, political violence and terrorism,
cyber, aviation war, natural resources and onshore energy,

in each case as carried on during the 12 months prior to Completion and any new business line of the Group or Motion set out in the 2026 Lloyd's Syndicate Business Plan in respect of which the relevant Seller is aware or has been involved in any material respect in the development of, in the 12 months prior to Completion;

"**Restricted Customer**" means any person (i) for whom an insurance, reinsurance or retrocession policy has been issued by the Group, (ii) who is otherwise a customer of the Group or Motion, or (iii) who is a producer, broker, agent, general agent, managing general agent, master broker agency, broker general agency, financial specialist or other person, in each case responsible for writing, marketing, producing, selling, soliciting or servicing Insurance Contracts (excluding, for the avoidance of doubt any employee of any Group Company), and in the case of limb (i), (ii) and (iii), in the 12 months prior to Completion;

"**Restricted Manager Sellers**" means the individuals set out in Schedule 10;

"**Restricted Period**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of any Investor Seller and Minority Shareholder, a period of 24 months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of any Restricted Manager Seller, the period as set out opposite such Seller's name in column
(3) of Schedule 10,

in each case beginning from Completion unless otherwise agreed by the Buyer and such Seller in writing;

"**Restricted Territories**" means the United Kingdom, Bermuda and the United States of America (in each case where the relevant Seller had material business dealings on behalf of the Group or Motion in the 12 months prior to Completion);

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"**Rollover Consideration Securities**" means the debt securities to be issued by the Buyer as set out opposite the respective Management Rollover Seller's name in column (5) of Schedule 9 which shall be issued to the Management Rollover Sellers on Completion and which shall have an aggregate value equal to the Management Rollover Amount;

"**RSUs**" means time-based restricted stock units granted under the Radian Group Inc. 2021 Equity Compensation Plan with the following features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a vesting period ending on 30 June 2028;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an entitlement to dividend equivalents during the vesting period which will accrue and be payable in cash on
the date of vesting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) settled in common stock of the Buyer Guarantor on the date of vesting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not subject to restrictive covenants nor post termination of employment restrictions;

"**RTTR 2017**" means the Risk Transformation (Tax) Regulations 2017;

"**Seller Condition**" has the meaning set forth in Clause 3.1.2;

"**Seller Permitted Assignee**" shall have the meaning given to it in Clause 20.2.2;

"**Seller Transaction Costs**" means any professional fees, expenses or other costs paid or agreed to be paid or incurred or owing by any member of the Group or Motion in each case in connection with the preparation, negotiation or consummation of the Transaction;

"**Sellers**" means the A Share Sellers and the B Share Sellers;

"**Sellers' Solicitors**" means Clifford Chance LLP of 10 Upper Bank Street, London, E14 5JJ, United Kingdom;

"**Senior Employee**" means each of Richard Watson (CEO), Russell Merrett (CUO), Stuart Bridges (CFO), George Stratts (Head of Partnerships), Craig Knightley (CUO of Insurance), Alice Kaye (Head of Reinsurance), Erdal Atakan (COO & CTO), Steve Agutter (Head of Claims), Matthew Rolph (Head of Distribution, Marketing & Sustainability), Andrea Aakre (Chief People & Development Officer), Vanessa Hartley (CRO), Adam Alvarez (Head of Capital and Climate Strategy), Emma Montague (Chief Analytics Officer), Maeve Grant (CIO), Chris Hill (Head of D&F), Ed Whitworth (Head of Financial Lines), Tom Ielapi (Head of D&O), Jane Bennett (Head of Financial Institutions), Ed Wallis (Head of Casualty), James Power (Head of Marine and Energy Liability), Paul Talbot (Head of Energy), Allie Tonna (Head of Energy Liability), James Owen (Head of Aviation War), James Creasy (Head of Cyber, War & Terrorism), Flavia Lyons (Head of General Liability), Nick Lazarus (Head of US Property Reinsurance), Damien Smith (Head of Specialty Re & International Property), Shareen Patel (Head of Partnerships Underwriting), and Yera Patel (Head of Financial Lines and Cyber, War & Terrorism Claims & Head of Legal), Colm Barrett (Head of Compliance), Silvana Halili (Head of Finance), Andy Keogan (Head of Internal Audit) and Damien Pujade-Lauraine (Chief Actuary);

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"**Share Option Plan**" means the Inigo Employee Share Plan adopted by the Company's board of directors on 19 March 2025;

"**Shareholders' Agreement**" means the shareholders' agreement in relation to the Company dated 17 November 2020 as amended on 22 December 2020, 16 January 2023 and 1 February 2024;

"**Shares**" means the A Ordinary Shares and B Ordinary Shares;

"**Stone Point Fund**" means each of Trident V, L.P., Trident V Parallel Fund, L.P. and Trident V Professionals Fund, L.P., acting through its manager Stone Point Capital LLC;

"**Subrogation Waiver**" has the meaning set forth in paragraph 13.1.1 of Schedule 3;

"**Subsidiary**" means each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporate Member,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Inigo Managing Agent Limited, a limited liability company incorporated in England and Wales, with further
details set out in Schedule 11; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Redbudbridge Limited, a limited liability company incorporated in England and Wales, with further details set
out in Schedule 11;

"**Subsidiary Outgoing Board Member**" means such individuals from the board of directors of the relevant Subsidiaries as shall be identified by the Buyer to the Investor Sellers and the Management Sellers' Representative in writing no less than ten (10) Business Days prior to Completion and, at a minimum shall include Tim Hanford;

"**Surviving Provisions**" means Clause 8.4.2, Clauses 12 to 19 (inclusive), Clause 21, Clauses 23 to 26 (inclusive) and Clause 30, together with Clause 1;

"**Syndicate**" means Lloyd's Syndicate 1301;

"**Tax**" or "**Taxation**" means all forms of taxation, including, without limitation, duties, levies, indirect taxes (including value added tax and insurance premium tax), contributions (including national insurance contributions), and any withholdings or deductions in respect of Tax together with all penalties, charges, costs and interest relating thereto or otherwise imposed by any Tax Authority in connection therewith;

"**Tax Authority**" means any local, municipal, governmental, state, federal or other fiscal, customs or excise authority, body or official anywhere in the world with responsibility for, and competent to impose, collect or administer, any form of Taxation;

"**Third Party Claim**" has the meaning set forth in paragraph 7.3 of Schedule 3;

"**TigerEye**" shall have the meaning given to it in paragraph 2.3.6 of Schedule 1;

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"**Transaction Documents**" means this Deed, the Management Warranty Deed, the Disclosure Letter, the Management Wrapper Agreement, the documents to be delivered by the parties at Completion and any document entered into in connection with the transaction contemplated in this Deed;

"**Transaction Related Incentives**" means any bonuses, incentives, brokerage, finders fees or other commission (including any transaction or retention bonuses for management) incurred, paid or made (or declared to be or treated as paid or made, or unaccrued but declared to be treated as paid or made), in each case, by any member of the Group or Motion in connection with the preparation, negotiation or consummation of the Transaction;

"**UK GAAP**" means the generally accepted accounting principles in the United Kingdom in force as at the date of this Deed;

"**VAT**" means (i) value added tax imposed by the Value Added Tax Act 1994 and legislation and regulations supplemental thereto; (ii) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/1112); and (iii) any other tax of a similar nature whether imposed in the United Kingdom or in a member state of the European Union or imposed elsewhere and whether or not imposed in substitution for, or levied in addition to, such tax referred to in (i) or (ii), or elsewhere;

"**W&I Insurance Policy**" means the warranty and indemnity insurance policy issued by the W&I Insurer to the Buyer on or around the date of this Deed in respect of the warranties given by the Management Warrantors under the Management Warranty Deed;

"**W&I Insurance Premium**" means the premium for any W&I Insurance Policy (including any insurance premium tax or other associated costs or expenses of the insurer which are charged in respect of the policy);

"**W&I Insurer**" means RiskPoint AS whose registered office is at Bryggegata 7, NO-0250 Oslo, Norway;

"**Year End TNAV**" means the tangible net asset value calculated as at 31 December 2025 in accordance Schedule 5; and

**"Year of Account" or "YOA"** means an underwriting year of account as defined in Lloyd's Regulations.

1.2 In this Deed, unless otherwise specified or the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 words importing the singular only shall include the plural and vice versa and words importing a gender include
every gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 a reference to this Deed includes this Deed as may be amended or supplemented in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 a reference to a Clause or Schedule is a reference to a clause of, or schedule to, this Deed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4 a reference to a paragraph is a reference to a paragraph of a Schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.5 a reference to a document "**in the agreed form**" or "**in a form agreed**" is a
reference to a document in the form approved and, for the purposes of identification only, initialled by or on behalf of each Investor Seller, Management Sellers' Representative and the Buyer, or exchanged by e-mail and confirmed as agreed for these purposes, on or before the date of this Deed (in each case with such amendments as may be agreed by or on behalf of the Sellers and the Buyer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6 a reference to a statutory provision includes a reference to that provision as modified, replaced, amended
and/or re-enacted from time to time (whether before or after the date of this Deed), any statute, statutory provision or subordinate legislation which it amends or re-enacts and any prior or subsequent subordinate legislation made under it, except to the extent that any such modification, replacement, amendment or re-enactment would increase or extend the liability of, or impose any additional obligation on or otherwise adversely affects the rights of, the Sellers under this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.7 a reference to "**costs**" includes a reference to costs (including legal costs), charges and
expenses of every description;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.8 a reference to a "**person**" includes any individual (including such individual's
executors or administrators), firm, company, corporation, body corporate, government, state or agency of state, trust or foundation, or any association, partnership or unincorporated body of two or more of the foregoing (whether or not having
separate legal personality and wherever incorporated or established);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.9 a reference to a "**party**" means a party to this Deed, unless specified otherwise in this
Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.10 words and expressions defined in the Act shall bear the same meaning as in the Act, unless otherwise expressly
defined in this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.11 a reference to a "**company**" (other than the Company) shall be construed so as to include any
company, corporation or other body corporate wherever and however incorporated or established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.12 a reference to the term "**includes**" or "**including**" (or similar expression)
is deemed to be followed by the words "**without limitation** ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.13 a reference to something being "**in writing**" or "**written**" shall include
any mode of reproducing words in any legible form, including by e-mail;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.14 a reference to "**Dollars** ", "**USD** ", "**US$**" or
" **$**" is to United States Dollars, the lawful currency for the time being of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.15 a reference to a time of day is to London time prevailing on the relevant day;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.16 a reference to "**procure**" shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to a Seller procuring a matter relating to a member of the Group or Motion, be limited to an
undertaking by such Seller to exercise its rights and powers pursuant to the Shareholders' Agreement, the Articles or applicable Law, in each case as applicable, as a direct or indirect shareholder of a member of the Group or Motion, as a
director (subject to any relevant fiduciary duties as a director), and/ or as an employee (subject to the terms of any employment contract) (as applicable) and the Parties acknowledge that each Seller is a minority shareholder only and does not
individually have the power to control or direct the business of the Group or Motion (subject to any veto rights) and no individual director of any Group Company or Motion (including a director representative of any Investor Seller) shall be
individually responsible for any decision requiring a majority of directors provided that they have exercised their rights and powers as a director to procure such matter (subject to any relevant fiduciary duties as a director), it being further
acknowledged that whilst the individual actions of any Seller or director may not alone be sufficient to procure that any member of the Group or Motion takes (or refrains to take) any action, such Seller or director shall still individually act in
accordance with the terms of this Deed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Buyer and the Buyer Guarantor procuring a matter relating to a member of the Buyer's
Group, be limited to an undertaking to exercise its rights and powers pursuant to the constitutional documents of each relevant entity or applicable Law, in each case as applicable, as a majority direct or indirect shareholder of such member of the
Buyer's Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.17 words, expressions or abbreviations detailed in the Schedules shall have the same meaning in this Deed.

1.3 In this Deed, the Clause, Schedule, Part and paragraph headings are included for convenience only and shall not
affect the interpretation of this Deed. The Schedules and Recitals form part of this Deed and shall have effect as if set out in full in the body of this Deed, and any reference to this Deed includes the Schedules and Recitals.

1.4 The *ejusdem generis* rule shall not apply and accordingly, in this Deed, general words introduced by the
word "**other**" or any similar word or followed by the word or words "**including** ", "**includes** ", "**include** ", "**in particular**" or any similar word or words, shall
not be given a restricted meaning because they are preceded or followed by more specific words.

1.5 Where the value of any Relevant Claim is expressed in a currency other than USD and it is necessary to
determine whether a monetary limit or threshold referred to in Schedule 3 has been reached or exceeded, the value of that Relevant Claim shall be translated into USD at the Completion spot rate published by the Financial Times on the date on which
the Relevant Claim is notified (or deemed notified) to each Investor Seller and the Management Sellers' Representative  *.*** 

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1.6 Any references to materiality (including, but not limited to, the phrase "**in all material respects**") in any Transaction Document which refers to the business or affairs of the Group shall, unless specified to the contrary, be construed as a reference to materiality in the context of the operations, business or financial
condition of the Group taken as a whole.

1.7 Except where otherwise expressly stated in this Deed, the obligations of each of the Sellers under this Deed
are expressly several (and not joint or joint and several), and any reference to the Sellers (including any reference to them as parties) shall include each of them severally and no Seller shall be liable for any default or breach of obligations
under this Deed by any of the other Sellers.

2. **SALE AND PURCHASE OF SHARES** 

2.1 Subject to Clause 3 and in accordance with the terms of this Deed, each A Share Seller (in respect of
themselves only):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 agrees to sell, and the Buyer agrees to purchase, free from any Encumbrance, the A Ordinary Shares held by them
as set out opposite its name in column 3 in Schedule 8 with effect from Completion, together with all rights attached or accruing to them as at immediately prior to Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 waives any and all restrictions on transfer, including any rights of pre-emption, redemption, first refusal or other similar rights over any of the A Ordinary Shares held by them, whether conferred by the Articles or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 shall procure that all such rights conferred on any other person are irrevocably and unconditionally waived by
no later than Completion so as to permit the sale and purchase of such Shares by the Buyer.

2.2 Subject to Clause 3 and in accordance with the terms of this Deed, each B Share Management Seller (in respect
of themselves only):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 agrees to sell, and the Buyer agrees to purchase, free from any Encumbrance, the beneficial interest in the B
Ordinary Shares held by them as set out opposite their name in Part B of Schedule 8 with effect from Completion, together with all rights attached or accruing to them as at immediately prior to Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 waives any and all restrictions on transfer, including any rights of pre-emption, redemption, first refusal or other similar rights over any of the B Ordinary Shares held by them, whether conferred by the Articles or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 shall procure that all such rights conferred on any other person are irrevocably and unconditionally waived by
no later than Completion so as to permit the sale and purchase of such Shares by the Buyer.

2.3 Subject to Clause 3 and in accordance with the terms of this Deed, the Nominee (in respect of itself only):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 agrees to sell, and the Buyer agrees to purchase, free from any Encumbrance, the legal title to the B Ordinary
Shares, together with all rights attached or accruing to them as at the Completion Date; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 waives any and all restrictions on transfer, including any rights of pre-emption, redemption, first refusal or other similar rights over any of the B Ordinary Shares held by it, whether conferred by the Articles or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3 shall procure that all such rights conferred on any other person are irrevocably and unconditionally waived by
no later than Completion so as to permit the sale and purchase of such Shares by the Buyer.

2.4 No party shall be obliged to complete the sale and purchase of the Shares unless the sale and purchase of all
the Shares is completed simultaneously.

3. **CONDITIONS** 

3.1 Completion of the sale and purchase of the Shares is subject to, and conditional upon, each of the following
conditions being satisfied in accordance with this Deed on or before 5:00 p.m. on the Longstop Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 by the Buyer (the "**Buyer Conditions** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the PRA having given notice in writing in accordance with either section 189(4) or section 189(7) FSMA that it
approves the Buyer and any other person acquiring control (within the meaning of section 181 FSMA) of Inigo Managing Agent Limited pursuant to this Deed, or in the absence of such notice, the PRA being treated, under section 189(6) FSMA, as having
approved the acquisition of control over Inigo Managing Agent Limited by the Buyer and any other relevant person; the FCA having given notice in writing in accordance with either section 189(4) or section 189(7) FSMA that it approves the Buyer and
any other person acquiring control (within the meaning of section 181 FSMA) of Inigo Managing Agent Limited pursuant to this Deed, or in the absence of such notice, the PRA being treated, under section 189(6) FSMA, as having approved the acquisition
of control over Inigo Managing Agent Limited by the Buyer and any other relevant person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lloyd's having given notice in writing, in accordance with paragraph 43 of the Underwriting Byelaw (No. 2
of 2003) that it approves and has no objection to the Buyer and any other person acquiring control of Inigo Managing Agent Limited (and in this Clause 3.1.1(b) the word "control" shall have the meaning given to that expression in the
Definitions Byelaw (No. 7 of 2005));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Lloyd's having given notice in writing, in accordance with paragraph 12 of the Membership Byelaw (No. 5
of 2005) that it approves or has no objection to the Buyer and any other person acquiring control of the Corporate Member (and in this Clause 3.1.1(c) the word "control" shall have the meaning given to that expression in the Definitions
Byelaw (No. 7 of 2005));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the approval or non-disapproval of the Texas Department of Insurance,
or expiration of the applicable waiting period, pursuant to Tex. Ins. Code § 4001.253 in respect of the acquisition of control of Motion; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 by the Sellers (the "**Seller Condition**" and, together with the Buyer Conditions, the
" **Conditions** "), the Sellers having delivered to the Buyer (or procured the delivery of) duly executed copies of the L/C Facility Extension Documents pursuant to which each L/C Bank or the L/C Facility Agent (for and on behalf of
each L/C Bank), unconditionally consents to the sale by the Sellers, and the purchase by the Buyer, of the Shares or unconditionally waives, or expressly excludes or exempts, in each case subject only to the condition that the Change of Control (as
that term is defined in the L/C Facility Agreement) constituted by the sale and purchase of the Shares under this Deed occurs in accordance with this Deed on or prior to a back-stop date (if any) reasonably specified by the L/C Banks, or the L/C
Facility Agent (for and on behalf of each L/C Bank), and without prejudice to the terms of the L/C Facility Agreement, its respective rights under clause 4.2 (Change of control) of the L/C Facility Agreement (or any successor provision under
the L/C Facility Agreement as amended from time to time) that would otherwise arise as a result of the sale and purchase of the Shares in accordance with this Deed.

3.2 The Buyer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 use best endeavours to procure the satisfaction of each of the Buyer Conditions as soon as practicable after
the date of this Deed but in any event before 5.00 p.m. on the Longstop Date and the Buyer shall for these purposes comply with any condition or term, or give any undertaking, required by a Governmental Authority, excluding any Burdensome Remedy, to
satisfy the Buyer Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 keep each Investor Seller, the Management Sellers' Representative and the Sellers' Solicitors
reasonably informed of any material developments in respect of the satisfaction of each of the Buyer Conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 notify each Investor Seller, the Management Sellers' Representative and the Sellers' Solicitors
reasonably promptly (and in any event within two (2) Business Days) in writing after becoming aware of any actual or potential Burdensome Remedy or any other event, circumstance or condition that would be reasonably likely to prevent or delay
any of the Buyer Conditions being satisfied before 5.00 p.m. on the Longstop Date together with such details of the applicable circumstances as the Buyer is aware of at the time of the notice.

3.3 If the Buyer and the Investor Sellers are unable to agree within 10 Relevant Business Days of the Buyer
delivering a relevant notice pursuant to Clause 3.2.3 above, whether a Governmental Authority has requested or required a Burdensome Remedy where the amount so requested or required is not specifically quantifiable as at the date of issuance of such
condition, term or undertaking, then the quantification of such condition, term or undertaking shall be referred to an Expert by either the Buyer or the Investor Sellers, and the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 within ten (10) Relevant Business Days of the Expert's appointment, the Buyer and the Investor
Sellers shall each prepare a statement in writing on the disputed matter which (together with the relevant supporting documents) shall be submitted to the Expert and simultaneously copied to the other party;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 each of the Investor Sellers and the Buyer shall be entitled to comment in writing once only on the
other's submission by written notice to the Expert no later than five (5) Relevant Business Days after receiving that submission, following which neither the Buyer nor the Investor Sellers shall be entitled to make further statements or
submissions other than in response to a request from the Expert;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3 in making its decision in relation to the dispute, the Expert shall be directed to apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the requirement to deliver a "best estimate" calculation and other relevant matters as set out in
the defined term Burdensome Remedy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to paragraph 3.3.3(i) above, such terms of reference as are submitted jointly to it by the Buyer and
the Investor Sellers in writing any time prior to its final decision in relation to the dispute; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to Clauses 3.3.3(i) and 3.3.3(ii) above, such terms of reference as it deems reasonably appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.4 in giving its determination, the Expert shall state whether the relevant condition, term or undertaking so
requested or required by the Governmental Authority would exceed $50,000,000 on a best estimate basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.5 the Expert shall be requested to notify the Buyer and the Investor Sellers of its decision within twenty
(20) Relevant Business Days of its appointment pursuant to this Clause 3.3, or such reasonable longer period as it may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.6 the Expert shall act as an expert (and not as an arbitrator) in making its determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.7 the Expert's determination shall be final and binding on the parties in the absence of manifest error or
fraud and shall be definitive to determining whether a Burdensome Remedy has arisen for the purposes of this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.8 the fees and costs of the Expert shall be borne in such proportion as the Expert may direct or, in the absence
of such direction, 50% by the Buyer and 50% by the Sellers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.9 the Buyer and the Sellers shall provide each other, their respective advisers and any Buyer's Expert or
Expert with reasonable access (at reasonable times) to all information relating to the operations of the Group in their respective possession or control, including to all books, records (and the right to take copies, including electronic copies),
employees and other personnel, and give all assistance requested, as may in each case be reasonably be required in order for the Buyer, the Sellers, the Buyer's Expert or Expert (as the case may be) to prepare, review and/or make submissions
in relation to, or determine, the Completion Statement.

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3.4 In respect of the Buyer Conditions, the Buyer shall further, at its own cost:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1 use best endeavours, acting in good faith, to submit, and ensure that its relevant parent undertakings submit,
all applicable notifications, notices, forms or other filings required in relation to the Buyer Conditions (other than responses to any follow-up requests by any Governmental Authority in relation to the Buyer
Conditions) within ten (10) Relevant Business Days after the date of this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2 as soon as reasonably practicable, provide all information which is required or reasonably requested by any
Governmental Authority in relation to the Buyer Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3 as soon as reasonably practicable, notify each Investor Seller, the Management Sellers' Representative
and the Sellers' Solicitors in advance (and provide copies or, in the case of non-written communications, details) of any material communications (including any material applications, submissions,
notifications and responses to communications from any Governmental Authority) it proposes to make to any such Governmental Authority relating to any consent, approval or action in relation to the Buyer Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.4 as soon as reasonably practicable, notify each Investor Seller, the Management Sellers' Representative
and the Sellers' Solicitors (and provide copies or, in the case of non-written communications, details) of any material communications from any such Governmental Authority relating to any consent,
approval or action in relation to the Buyer Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.5 to the extent that any material to be disclosed or submitted to a Governmental Authority pursuant to Clause
3.4.3 and 3.4.4 contains information in respect of the Company or the Group, (i) share with the Sellers' Solicitors as soon as reasonably practical such information and submit such information only after taking into account any reasonable
comments and requests provided by the Sellers' Solicitors; and (ii) provide the Sellers' Solicitors with copies of all such information in the form submitted or disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.6 where requested by the applicable Governmental Authority or otherwise agreed between the Buyer, the Investor
Sellers and the Management Sellers' Representative and permitted by the applicable Governmental Authority, allow persons nominated by the Investor Sellers and the Management Sellers' Representative to: (i) attend all material
meetings (and participate in all material telephone or other conversations) with the Governmental Authority; and (ii) make oral submissions at such meetings (or by telephone or other conversations); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.7 periodically review with each Investor Seller, the Management Sellers' Representative and the
Sellers' Solicitors the progress of any communications, notifications or filings with a view to obtaining the relevant consent, approval or action from any Governmental Authority at the earliest reasonable opportunity;

provided that (i) personal information of individuals may be redacted; (ii) commercially sensitive information, legally privileged information and confidential information may be redacted or disclosed on a confidential, counsel-to-counsel basis between the Buyer's Solicitors and the Sellers' Solicitors only or on a counsel-to-counsel 'clean team' basis

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reasonably requested by any Investor Seller or the Management Sellers' Representative and to the extent required for such Investor Seller or Management Sellers' Representative to comply with their obligations in this Clause 3.5; and (iii) the Buyer shall not be in breach of this Clause 3.4 to the extent that any delay or obstruction to the timely submission of any submissions, notifications, filings and other communications to any Governmental Authority is directly caused by a failure or delay of the Sellers in exercising their rights or satisfying their obligations under this Clause 3.4.

3.5 Each Investor Seller shall, and shall procure that the Group and Motion shall, provide all such information and
assistance to the Buyer as the Buyer may reasonably require in connection with the satisfaction of the Buyer Conditions including, for the avoidance of doubt, facilitating the submission of the relevant filings to Lloyd's; provided *that* nothing in this Clause 3.5 shall require the Investor Sellers or any member of the Group or Motion to disclose any information about a Seller or its Affiliates (save for any other member of the Group or Motion), incur material expenditure or take
any onerous or unusual direct actions in respect of themselves or their Affiliates, excluding for the avoidance of doubt expenditure or direct actions customarily expected to arise in connection with filing processes similar to those required for
the Buyer Conditions.

3.6 Each Seller shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.1 use reasonable endeavours to procure the satisfaction of the Seller Condition as soon as practicable after the
date of this Deed but in any event before 5.00 p.m. on the Longstop Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.2 procure that the Company notify the Buyer and the Buyer's Solicitors reasonably promptly (and in any
event within two (2) Business Days) in writing after becoming aware:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of any event, circumstance or condition that would be reasonably likely to prevent or delay any of the Seller
Condition being satisfied before 5.00 p.m. on the Longstop Date together with such details of the applicable circumstances as the Sellers are aware of at the time of the notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the satisfaction of the Seller Condition and provide to the Buyer and the Buyer's Solicitors written
evidence of satisfaction of the Seller Condition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.3 procure that the Company shall within 5 Business Days following the date of this Deed, contact the L/C Facility
Agent to facilitate an introductory meeting between the L/C Banks and the Buyer.

3.7 The Buyer shall, and shall procure that the Buyer's Group shall provide, (i) all such information
and assistance as the Sellers, the Group, the L/C Banks and any other L/C Finance Party may reasonably require in connection with the satisfaction of the Seller Condition, including "know your customer" information and information in
respect of the financial conditions of the Buyer's Group; and (ii) make available to the L/C Banks and any other L/C Finance Party executive officers or other appropriate persons in a reasonable number of meetings at mutually agreeable
times and upon reasonable prior notice within normal business hours.

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3.8 The provisions of Clause 6.5 shall also apply with respect to the conduct of the parties in respect of
agreement of the L/C Facility Extension Documents.

3.9 No Seller shall be in breach of any of its obligations under Clauses 3.6 or 6.5 to the extent that such breach
directly occurs as a result of any delay or failure by the Buyer to satisfy its obligations under Clause 3.7 in any material respect.

3.10 The Buyer undertakes and shall procure that from the date of this Deed no actual or potential Financing shall
reasonably be expected to prejudice or delay the satisfaction of any of the Conditions and that Completion is not (either directly or indirectly) conditional on the successful raising or drawdown of any such Financing.

3.11 The Buyer shall (i) notify each Investor Seller, the Management Sellers' Representative and the
Sellers' Solicitors of the satisfaction of each Buyer Condition and (ii) provide to each Investor Seller, the Management Sellers' Representative and the Sellers' Solicitors a copy of the evidence of satisfaction of the
Conditions, reasonably promptly after becoming aware that any such Condition has been satisfied (and in any event within two (2) Business Days after the same); provided that nothing in this Clause 3 shall require the Buyer to disclose any
sensitive or legally privileged information to the Sellers or the Sellers' Solicitors.

3.12 If the Conditions are not satisfied in writing in accordance with this Deed on or before 5.00 p.m. on the
Longstop Date, each party's further rights and obligations under this Deed shall immediately terminate and the provisions of Clause 18 shall apply.

4. **CONSIDERATION** 

4.1 **Consideration Amount** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 Subject to clause 4.4.2, the aggregate consideration for the sale and purchase of the Shares (the
" **Consideration**") by the Buyer pursuant to this Deed shall be comprised of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amount equal to $1.7 billion ()"**Base Consideration Amount** "); *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of any adjustment to the Base Consideration Amount pursuant to Clause 4.1.2; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Known Leakage Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Disclosed Seller Transaction Costs Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Ordinary Course Bonus Excess Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the LTIP Cash Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the All-In Option Cash Amount; *minus* 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the EBT Transaction Bonus Tax Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 If the Actual Completion TNAV is an amount:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) greater than $1.183 billion, the provisions of Clause 4.5 shall also apply but there will be no adjustment
to the Base Consideration Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) equal to or less than $1.183 billion but equal to or greater than $1.083 billion, there will be no
adjustment to the Base Consideration Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) less than $1.083 billion but equal to or greater than $1.033 billion, the Base Consideration Amount
shall be reduced, on a dollar-for-dollar basis, in an amount equal to the difference between the Actual Completion TNAV and $1.083 billion ()"**Adjusted Base Consideration**") (by way of worked example, if the Actual Completion TNAV is $1.073 billion, the Base Consideration Amount will be $1.69 billion (being the Base Consideration Amount minus $0.01 billion)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) less than $1.033 billion, the provisions of Clause 4.4.1 shall also apply and the Base Consideration
Amount shall be reduced to $1.65 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 If any payment is made by any Seller (a "**Relevant Seller**") to the Buyer in respect of any
claim for Leakage or any breach of this Deed or any other Transaction Document or under any indemnity in this Deed or any other Transaction Document, the payment shall to the extent lawful be treated as an adjustment to the Consideration paid by the
Buyer under this Deed to the Relevant Seller and, in such circumstances, the Consideration shall be deemed to have been reduced or increased by the amount of such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4 The Consideration shall be allocated among the Sellers as set out in the Allocation Tables as set out in the
Final Completion Statement.

4.2 **Draft Completion Statement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 Subject to Clause 4.2.2, by no later than the date falling fifteen (15) Relevant Business Days after the
Month End Date, each Investor Seller shall procure that the Company delivers to the Buyer a statement (the "**Draft Completion Statement**") reflecting the information in Clauses (a) to (n) together with an excel spreadsheet
containing such items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the total number of Shares held by each Seller as at Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) its good faith calculation of the Estimated Completion TNAV in the form set out in Part B of Schedule 5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) its good faith calculation of the Consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) updated Allocation Table and the Individual Cash Consideration Amount in respect of each Seller (calculated on
the basis of the information in Clauses (a) and (c));

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) updated Management Rollover Table and the Management Rollover Amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the EBT Loan Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Known Leakage Amount (if any) and the Completion Share Proportion of each Seller with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Disclosed Seller Transaction Costs and the Disclosed Seller Transaction Costs Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Ordinary Course Bonus Excess Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the LTIP Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the All-In Option Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the total number of outstanding LTIP Options and All-In Options, and
details of lapse or settlement of any options, as at the Month End Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the aggregate amount of EBT Transaction Bonuses and the EBT Transaction Bonus Tax Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the details of the Escrow Account, the Paying Agent Account and the Company Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) a duly executed certificate in the agreed form (the "**Officer Certificate**") signed by the
chief executive officer and the chief financial officer of the Group in their capacities as such certifying, to the best of their knowledge, the accuracy and completeness of the Draft Completion Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 If the Conditions Satisfaction Date occurs on or before 31 December 2025, the Month End Date shall be
deemed to be 31 December 2025, and the Draft Completion Statement shall be delivered after 31 December 2025 but no later than the date falling fifteen (15) Relevant Business Days after 31 December 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 By no later than the date falling fifteen (15) Relevant Business Days after 31 December 2025, each
Investor Seller shall procure that the Company delivers to the Buyer a statement setting out the Year End TNAV in the same form and prepared on the same basis as the Draft Completion Statement.

4.3 **Pre-Completion Review of Draft Completion Statement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1 Within six (6) Relevant Business Days of receipt from the Company of the Draft Completion Statement, the
Buyer shall either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) confirm to the Investor Sellers in writing the Buyer's acceptance of the Draft Completion Statement; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) notify the Investor Sellers in writing of its non-acceptance of the
Draft Completion Statement (a "**Non-Acceptance Notice** "), together with, where possible, written details and calculations supporting each matter disputed and of the specific proposed
adjustments; provided that the Buyer shall only be permitted to deliver a Non-Acceptance Notice if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Estimated Completion TNAV as set out in the Draft Completion Statement is less than or equal to
$1.038 billion (in order to allow the Buyer to determine if the Buyer Termination Right will be exercisable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Buyer or the Investor Sellers (acting reasonably) believe that the Estimated Completion TNAV as set out in
the Draft Completion Statement may be inaccurate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the amount in dispute would be reasonably likely to reduce the Estimated Completion TNAV as set out in the
Draft Completion Statement such that the Buyer becomes entitled to exercise the Buyer Termination Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2 If the Buyer confirms acceptance of the Draft Completion Statement in accordance with Clause 4.3.1(a) or fails
to notify the Investor Sellers of its acceptance in accordance with Clause 4.3.1(a) or of its non-acceptance in accordance with Clause 4.3.1(b), the Draft Completion Statement shall constitute the Completion
Statement for the purposes of this Deed on the earlier of: (X) the date of the Buyer's written confirmation of acceptance of the Draft Completion Statement pursuant to Clause 4.3.1(a); and (Y) the seventh (7<sup>th</sup>) Relevant Business Day after receipt by the Buyer of the Draft Completion Statement, which shall be final and binding on the parties in the absence of manifest error or fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.3 If the Buyer delivers a Non-Acceptance Notice to the Investor Sellers
in accordance with Clause 4.3.1(b), the Buyer and the Investor Sellers shall use all reasonable endeavours to meet and discuss the objections of the Buyer and to agree the adjustments (if any) required to be made to the Draft Completion Statement
within seven (7) Relevant Business Days (or such longer or shorter period as the Buyer and the Investor Sellers may agree) after receipt by the Investor Sellers of the Non-Acceptance Notice (the
" **Initial Consultation Period** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.4 If the Buyer does not confirm acceptance of the Draft Completion Statement (with such modifications as the
Buyer and Investor Sellers agree as part of the Initial Consultation Period) within two (2) Relevant Business Days following expiry of the Initial Consultation Period, the remaining disputed matters may be referred by the Buyer for
determination to an independent reputable firm of actuaries or accountants of international standing (the "**Buyer's Expert**") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Buyer's Expert shall be requested to determine whether the Estimated Completion TNAV is equal to or
greater than $1.033 billion only and to notify the Buyer and the Sellers of its decision within 15 Relevant Business Days of its appointment pursuant to this Clause 4.3.4; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in making its decision in relation to the dispute, the Buyer's Expert shall be directed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) apply the provisions of Schedule 5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to Clause 4.3.4(b)(i) above, such terms of reference as it deems reasonably appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) state what adjustments (if any) are necessary to the Completion TNAV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the provisions of Clause 4.7.11 shall apply to the Buyer's Expert and the Buyer's Expert shall act
as an expert (and not as an arbitrator) in making its determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the determination of the Buyer's Expert shall be final and binding on the parties and shall be applied to
the Draft Completion Statement which, as adjusted in the manner which the Buyer's Expert has determined is necessary, shall constitute the Completion Statement for the purposes of this Deed, which shall be final and binding on the parties in
the absence of manifest error or fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.5 For the avoidance of doubt, any express or implied acceptance or acknowledgement of the Draft Completion
Statement or Completion Statement by the Buyer (whether in accordance with this Clause 4.2.2 or otherwise) shall not be deemed to be an acceptance or confirmation by the Buyer of the accuracy or completeness of the Completion Statement and will not
be prevent or otherwise restrict the review and/or adjustment process set out in Clause 4.7.

4.4 **Buyer Termination Right** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1 If the Estimated Completion TNAV set out in the Completion Statement is less than $1.033 billion, the
Buyer may terminate this Deed by notice in writing to each of the Investor Sellers and the Management Sellers' Representative (the "Buyer Termination Right") to take effect immediately upon deemed delivery to the Management
Sellers' Representative in accordance with Clause 17 and the provisions of Clause 18.1 and Clause 18.2 shall apply. If the Buyer Termination Right is not exercised by the Buyer pursuant to this Clause 4.4.1 within five (5) Relevant
Business Days after the Completion Statement Date, the parties shall proceed to Completion in accordance with the terms of this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2 If the aggregate amount of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Initial Consideration; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if Clause 4.6.1(b) applies, the amount set out in Clause 4.6.1(b)(ii) or if Clause 4.6.1(c) applies,
$50 million; *plus* 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Known Leakage Amount; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Disclosed Seller Transaction Costs Amount; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Ordinary Course Bonus Excess Amount; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the LTIP Cash Amount; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the All-In Option Cash Amount; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the EBT Transaction Bonus Tax Amount; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amounts paid or payable to any Seller by the Buyer in respect of any deduction and/or withholding on
account of Tax pursuant to Clause 19.4 (for the avoidance of doubt, excluding any such amounts to the extent Seller's have waived their rights to receive such payments pursuant to Clause 24.2),

exceeds $1.7 billion, and provided that the Buyer has notified the Sellers that the aggregate sum above is expected to exceed $1.7 billion ("**Excess**") and, where such Excess arises as a result of any amounts paid or payable to any Seller by the Buyer in respect of any deduction and/or withholding on account of Tax pursuant to Clause 19.4, there has been a reasonable period of time (such period not to exceed ten (10) Business Days from the Buyer's notification to the Sellers of the foregoing) for the Buyer and the Sellers to comply with their obligations in Clause 19.5 and for the Sellers to consider their rights of waiver pursuant to Clause 24.2, the Buyer may terminate this Deed at any time prior to Completion by notice in writing to each of the Investor Sellers and the Management Sellers' Representative to take effect immediately upon deemed delivery to the Management Sellers' Representative in accordance with Clause 17 and the provisions of Clause 18.1 and Clause 18.2 shall apply.

4.5 **Completion Dividend** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.1 Subject to Clause 4.5.2 below, if the Actual Completion TNAV is equal to or exceeds $1.183 billion, then
the A Share Sellers shall be entitled to a dividend in an amount equal to the difference between $1.183 billion and the Actual Completion TNAV (the "**Completion Dividend Amount** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.2 If the Estimated Completion TNAV as set out in the Completion Statement is equal to or exceeds
$1.183 billion, then the Company shall declare a conditional, interim dividend which complies with the terms of this Deed (including, without limitation, being adjustable in accordance with the terms of this Deed), to be paid to the A Share
Sellers in an amount equal to the Declared Dividend Amount as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Declared Dividend Amount *less* the Dividend Buffer shall be paid to the A Share Sellers by way of
dividend immediately prior to Completion to the extent permissible subject to the Dividend Conditions (the "**Pre-Completion Dividend** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent that the Declared Dividend Amount exceeds the amount of the Pre-Completion Dividend (such excess being the "**Excess Amount** "):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall declare prior to Completion a dividend payable to the A Share Sellers after Completion as an
interim conditional dividend which complies with the terms of this Deed (including, without limitation, being adjustable in accordance with the terms of this Deed), in an amount equal to the Excess Amount in accordance with 4.5.2(c) below (the
" **Post-Completion Dividend** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of the Pre-Completion Dividend shall be adjusted to reflect
the Actual Completion TNAV in accordance with Clause 4.7 and the amount of any Dividend Overpayment Amount shall be returned to the Buyer in accordance with Clause 4.8.2; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent that the payment of the Post-Completion Dividend would satisfy the Dividend Conditions at any
time prior to 31 July 2026, the Buyer shall procure that the Post-Completion Dividend shall be paid to the A Share Sellers as soon as reasonably practicable following Completion up to the amount that such Post-Completion Dividend would permit
the Dividend Conditions to continue to be satisfied, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount of the Post-Completion Dividend shall be adjusted to reflect the Actual Completion TNAV in
accordance with Clause 4.7 and the amount of any Dividend Overpayment Amount shall be returned to the Buyer in accordance with Clause 4.8.2; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if at the time of payment of the Post-Completion Dividend the Actual Completion TNAV has not yet been
determined in accordance with Clause 4.7, the Post-Completion Dividend shall be paid in an amount excluding the Dividend Buffer and the Dividend Buffer shall either be paid to the A Share Sellers following determination of the Actual Completion TNAV
in accordance with Clause 4.7 (provided that the Dividend Conditions would continue to be satisfied and subject in any event to 4.5.2(d)) or returned to the Buyer in accordance with Clause 4.8.2 (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in no circumstances will the A Share Sellers be entitled to be paid any dividend in excess of the Completion
Dividend Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Post-Completion Dividend shall not be payable after 31 July 2026 save that, with respect to the
Dividend Buffer only, if such amount has not been paid by 31 July 2026 as a result of the Actual Completion TNAV not yet having been determined in accordance with Clause 4.7, within one month following the date of final determination of the
Actual Completion TNAV in accordance with Clause 4.7) and to the extent the Post-Completion Dividend has not been paid prior to 31 July 2026 (or with respect to the Dividend Buffer, such later date as set out in this Clause 4.5.2(e)), the
Post-Completion Dividend (and the Dividend Buffer, as applicable) will be adjusted and reduced to nil; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Sellers shall procure that the Company consults with and takes into account any reasonable comments of the
Buyer in respect of any documents or steps required to be taken by any Group Company or Motion prior to Completion to be able to declare or otherwise implement the Pre-Completion Dividend and / or the
Post-Completion Dividend, including, without limitation, any documents required to undertake any reduction of capital.

4.6 **Completion Payments and Initial Consideration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.1 The Buyer shall pay the initial consideration for the sale and purchase of the Shares (the "**Initial Consideration**") to the Sellers in accordance with Clause 4.6.2 at Completion, which shall be calculated as follows by reference to the Completion Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Estimated Completion TNAV is greater than $1.083 billion, the Initial Consideration shall be an
amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Base Consideration Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Known Leakage Amount (if any); *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Disclosed Seller Transaction Costs Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Ordinary Course Bonus Excess Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the LTIP Cash Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the All-In Option Cash Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the EBT Transaction Bonus Tax Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Estimated Completion TNAV is less than $1.083 billion but equal to or greater than
$1.033 billion, the Initial Consideration shall be an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Base Consideration Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an amount equal to, on a dollar-for-dollar basis, the difference between the Estimated Completion TNAV and $1.083 billion; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Known Leakage Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Disclosed Seller Transaction Costs Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Ordinary Course Bonus Excess Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the LTIP Cash Amount; *minus* 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the All-In Option Cash Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the EBT Transaction Bonus Tax Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Estimated Completion TNAV is less than $1.033 billion, subject to Clause 4.4.1, the Initial
Consideration shall be an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) $1.65 billion; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Known Leakage Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Disclosed Seller Transaction Costs Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Ordinary Course Bonus Excess Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the LTIP Cash Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the All-In Option Cash Amount; *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the EBT Transaction Bonus Tax Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.2 On the Completion Date the Buyer shall pay, by transfer of funds for same day value in cash:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amount equal to the Initial Consideration *minus* the Escrow Amount *minus* the Management
Rollover Amount *minus* the EBT Loan Amount *minus* the EBT Transaction Bonuses Amount to the Paying Agent Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Escrow Amount to the Escrow Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the EBT Loan Amount and the EBT Transaction Bonuses Amount to the Company Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.3 The EBT Trustee hereby directs the Buyer to pay to the Company an amount equal to the EBT Loan together with
all accrued but unpaid interest thereon as at the Completion Date (the "**EBT Loan Amount**") in full and final repayment of such EBT Loan and the amount of Initial Consideration payable to or in respect of the EBT Trustee pursuant to
Clause 4.6.1 shall be reduced accordingly as set out in the Completion Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.4 Subject to Clause 5.3, the EBT Trustee hereby directs the Buyer to pay an amount equal to the aggregate amount
of the EBT Transaction Bonuses (the "**EBT Transaction Bonuses Amount**") to the Company and further directs the Company to apply such amount in payment of the EBT Transaction Bonuses to the EBT Transaction Bonus Recipients,
via payroll subject to withholding for applicable income tax and employee National Insurance contributions (or any non-UK equivalent), and the amount of the Initial Consideration payable to the EBT Trustee
pursuant to Clause 4.6.1 shall be reduced accordingly as set out in the Completion Statement. Following Completion, the Buyer shall procure that the Company discharges any Tax (including all associated employer Tax liability) on any payments
made under this Clause 4.6.4.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.5 Each Seller hereby confirms that the Paying Agent is irrevocably authorised by that Seller to receive payment
of the Initial Consideration (less the Escrow amount, the EBT Loan Amount, the Management Rollover Amount and the EBT Transaction Bonuses Amount) and the Company is authorised to receive the EBT Loan Amount and EBT Transaction Bonuses Amount on that
Seller's behalf (as applicable), and receipt of such reduced Initial Consideration by the Paying Agent and receipt by the Company of the EBT Loan Amount and the EBT Transaction Bonuses Amount in accordance with Clause 4.6.2 and this Clause
4.6.5 shall be a full and final discharge for the Buyer of its payment obligations under this Clause 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.6 Subject to the Paying Agent's receipt of the Initial Consideration in accordance with Clause 4.6.5, the
Nominee hereby agrees that the Paying Agent will pay the Individual Cash Consideration Amount in respect of the B Ordinary Shares held by the Nominee on behalf of each B Share Management Seller to, or as directed by, the relevant B Share Management
Seller, and agrees that the payment by the Buyer in accordance with Clause 4.6.2(a) will be in full and final discharge of any obligation to pay the Individual Cash Consideration Amount in respect of the B Ordinary Shares to the Nominee.

4.7 **Post-Completion Review of Completion Statement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.1 As soon as reasonably practicable following Completion and in any event within forty five (45) Relevant
Business Days following the date of delivery of the Draft Completion Statement or, in the event that the Buyer's Expert determines the Completion TNAV pursuant to Clause 4.3.4, forty five (45) Relevant Business Days less such number of
Relevant Business Days used as part of any Buyer's Expert determination process in Clause 4.3.4(a), subject always to a minimum of thirty (30) Relevant Business Days, the Buyer shall either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) confirm to the Investor Sellers in writing the Buyer's acceptance of the Completion Statement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) notify the Investor Sellers in writing of its non-acceptance of the
Completion Statement (a "**Post-Completion Non-Acceptance Notice** "), together with, where possible, written details and calculations supporting each matter disputed and of the specific proposed
adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.2 If the Buyer delivers a Post-Completion Non-Acceptance Notice pursuant
to Clause 4.7.1(b), the Buyer and the Investor Sellers shall use all reasonable endeavours to meet and discuss the objections of the Buyer and to agree the adjustments (if any) required to be made to the Completion Statement within ten
(10) Relevant Business Days after receipt by the Investor Sellers of the Post-Completion Non-Acceptance Notice (or such longer period as the Buyer and the Investor Sellers may agree).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.3 If the Buyer confirms acceptance of the Completion Statement (either as originally submitted to it or with such
modifications as the Buyer and the Investor Sellers agree) or fails to notify the Sellers of non-acceptance in accordance with paragraph 4.7.1(b), the Completion Statement (incorporating any modifications
agreed in writing) shall constitute the Final Completion Statement for the purposes of this Deed, which shall be final and binding on the Parties in the absence of manifest error or fraud.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.4 If the Buyer and the Investor Sellers are unable to agree the Completion Statement within ten
(10) Relevant Business Days after receipt by the Investor Sellers of the Post-Completion Non-Acceptance Notice (or such longer period as the Buyer and the Investor Sellers may agree), the remaining
disputed matters may be referred for determination by either the Buyer or the Investor Sellers to an Expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.5 The following provisions shall apply in relation to the Expert appointed pursuant to Clause 4.7.4:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within fifteen (15) Relevant Business Days of the Expert's appointment, the Buyer and the Investor
Sellers shall each prepare a statement in writing on the remaining disputed matters which (together with the relevant supporting documents) shall be submitted to the Expert and simultaneously copied to the other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the Investor Sellers and the Buyer shall be entitled to comment in writing once only on the
other's submission by written notice to the Expert no later than seven (7) Relevant Business Days after receiving that submission, following which neither the Buyer nor the Investor Sellers shall be entitled to make further statements or
submissions other than in response to a request from the Expert;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in making its decision in relation to the dispute, the Expert shall be directed to apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the provisions of Schedule 5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to paragraph 4.7.5(c)(i) above, such terms of reference as are submitted jointly to it by the Buyer and
the Investor Sellers in writing any time prior to its final decision in relation to the dispute; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to Clauses 4.7.5(c)(i) and 4.7.5(c)(ii) above, such terms of reference as it deems reasonably
appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.6 in giving its determination, the Expert shall state what adjustments (if any) are necessary to the Completion
Statement in relation to the value of the disputed matters for the purposes of this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.7 the Expert shall be requested to notify the Buyer and the Investor Sellers of its decision within forty
(40) Relevant Business Days of its appointment pursuant to Clause 4.7.4 above, or such reasonable longer period as it may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.8 the Expert shall act as an expert (and not as an arbitrator) in making its determination; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.9 the Expert's determination shall be final and binding on the parties in the absence of manifest error or
fraud and shall be applied to the Completion Statement which, as adjusted in the manner which the Expert has determined is necessary, shall constitute the Final Completion Statement for the purposes of this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.10 Each party shall bear its own costs in connection with the Completion Statement, save that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the fees and costs of any Buyer's Expert shall be borne by the Buyer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the fees and costs of any Expert shall be borne in such proportion as the Expert may direct or, in the absence
of such direction, 50% by the Buyer and 50% by the Sellers (to be allocated among the Sellers by reference to each Seller's Completion Share Proportion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.11 The Buyer and the Sellers shall provide each other, their respective advisers and any Buyer's Expert or
Expert with reasonable access (at reasonable times) to all information relating to the operations of the Group in their respective possession or control, including to all books, records (and the right to take copies, including electronic copies),
employees and other personnel, and give all assistance requested, as may in each case be reasonably be required in order for the Buyer, the Sellers, the Buyer's Expert or Expert (as the case may be) to prepare, review and/or make submissions
in relation to, or determine, the Completion Statement.

4.8 **Escrow** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.1 When the Final Completion Statement has been finally agreed or determined in accordance with this Deed
(" **Final Determination** "), the Consideration and Actual Completion TNAV shall be determined. If the sum of the Consideration, plus any Completion Dividend Amount is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) less than the sum of the Initial Consideration plus any Paid Dividend Amount:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount by which the sum of the Initial Consideration plus any Paid Dividend Amount exceeds the sum of the
Consideration (up to the Escrow Amount) shall be paid from the Escrow Account to the Buyer Nominated Account in accordance with the Escrow Agreement, and the remaining amount in the Escrow Account, if any, shall be paid from the Escrow Account to
the Paying Agent Account in accordance with the Escrow Agreement for onward distribution to the Sellers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the difference between the Consideration and the sum of the Initial Consideration plus any Paid Dividend
Amount exceeds the Escrow Amount (the difference between the Escrow Amount and such amount, the "**Downwards Adjustment Excess** "), the Escrow Amount shall be paid from the Escrow Account to the Buyer Nominated Account in accordance
with the Escrow Agreement and the Buyer shall be entitled to receive, and the Sellers shall each pay to the Buyer Nominated Account in accordance with Clause (c)(i), an additional amount equal to their Completion Share Proportion of the
Downwards Adjustment Excess;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) equal to the sum of the Initial Consideration plus any Paid Dividend Amount, the Escrow Amount shall be paid
from the Escrow Account to the Paying Agent Account in accordance with the Escrow Agreement (in full and final discharge of the Buyer's obligation to pay the Consideration pursuant to Clause 4.1.1) and Clause (c)(i) for onward distribution to
the Sellers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) greater than the sum of the Initial Consideration plus any Paid Dividend Amount:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, the Escrow Amount shall be paid from the Escrow Account to the Paying Agent Account in accordance with
the Escrow Agreement and Clause (i) for onward distribution to the Sellers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) second, where the difference between the Initial Consideration and the Consideration is more than the Escrow
Amount (the difference between the Escrow Amount and such amount, the "**Upwards Adjustment Excess** "), the Escrow Amount shall be paid from the Escrow Account to the Paying Agent Account in accordance with the Escrow Agreement for
onward distribution to the Sellers and the Sellers shall be entitled to receive, and the Buyer shall be required to pay to the Paying Agent Account in accordance with Clause (i), an additional amount equal to the Upwards Adjustment Excess; provided
that in no event shall the Buyer be required to pay, in aggregate, to the Sellers more than the Base Consideration Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.2 The Buyer and the Sellers acknowledge and agree that, to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any amount payable to the Buyer pursuant to Clause 4.8.1(a) relates to any Dividend Overpayment Amount, such
amount shall be settled in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) firstly, by reducing the amount of any Post-Completion Dividend which is not a Paid Dividend Amount equal to
such Downwards Adjustment Excess, in which case the Escrow Agent shall not make any payment out of the Escrow Account in respect of such amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) secondly, out of the Escrow Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) thirdly, as Leakage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amount payable to the Sellers pursuant to Clause 4.8.1(c) relates to the difference between the Completion
Dividend Amount and the Paid Dividend Amount, the Buyer's obligation to pay under Clause 4.8.1(c)(ii) shall be limited to the Escrow Amount.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.3 The Buyer and the Sellers shall each (i) procure that all amounts to be paid as set out in this Clause 4.8
are paid in cash as soon as reasonably practicable and in any event within ten (10) Relevant Business Days of Final Determination (or such other period as the Buyer and the Investor Sellers agree in writing) and (ii) deliver, or procure to
be delivered, all such instructions, notices and consents as may be required pursuant to the terms of the Escrow Agreement to procure the release and delivery of any amounts required to be paid from the Escrow Account pursuant to this Clause 4.8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.4 Each of the Investor Sellers, the Management Sellers' Representative and the Buyer shall use all
reasonable endeavours to ensure that the Escrow Agreement is executed and the Escrow Account is opened as soon as reasonably practicable, and in any event no later than thirty (30) Relevant Business Days following the date of this Deed,
including without limitation by providing all "know your customer" information required by the Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.5 The Investor Sellers and the Management Sellers' Representative shall not give any instructions to the
Escrow Agent without the prior written consent of the other Sellers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.6 The Buyer and the Investor Sellers agree that the fees and costs of the Escrow Agent to be paid in accordance
with the Escrow Agreement shall be borne 50% by the Buyer and 50% by the Investor Sellers and the Management Sellers' Representative in accordance with the Escrow Agreement.

4.9 **Anti-Frustration** 

The Sellers shall not and shall procure that the Company shall not take or omit to take any action or enter into any transaction or arrangement with the primary purpose of, and with the intention to, artificially increase the Completion TNAV. For the avoidance of doubt, nothing in this Clause 4.9 shall restrict the declaration of any Dividend Buffer in accordance with the terms of this Deed.

4.10 **Leakage** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.1 Each Seller undertakes to the Buyer to procure that from the Month End Date to (and including) the Completion
Date, there will be no Leakage; provided that no Seller shall have any liability to the Buyer under this Clause 4.10 if Completion does not occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.2 Each Seller severally undertakes to the Buyer to notify the Buyer in writing of any Leakage having taken place
in respect of it by the date falling no later than 3) Relevant Business Days prior to Completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.3 In respect of any Leakage to which Clause 4.10.6 applies, the Investor Sellers and the Management
Sellers' Representative shall have the authority to agree on behalf of all Sellers an estimate of the amount of any Leakage less any Leakage Tax Saving that would be due to the Buyer ()"**Known Leakage Amount**") and all Sellers
will be deemed Relevant Sellers in respect of such Leakage in accordance with Clause 4.10.6.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.4 For the avoidance of doubt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Seller's liability for Leakage is several and not joint or joint and several with any other Seller;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the fact that any Leakage is notified or comes to the attention of the Buyer on or prior to Completion shall
not affect the Sellers' obligations or the Buyer's rights pursuant under this Deed in respect of that Leakage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.5 If any Leakage occurs each Seller who receives or benefits from (or whose Investor Seller's Group, in the
case of an Investor Seller, or whose Connected Persons, in the case of a Management Seller or B Share Management Seller, or whose Nominee Connected Persons, in the case of the Nominee, receives or benefits from) the Leakage shall after Completion on
demand by the Buyer pay to the Buyer an amount in cash in US Dollars (using the mid-point US Dollar spot rate, as quoted by Bloomberg.com at 10:00 a.m. on the date that any Leakage occurred where such
Leakage is not in US Dollars) equal to the amount of such Leakage (less any Leakage Tax Saving), save that, for the avoidance of doubt, any amount already taken into account in the calculation of any Known Leakage Amount and taken into account in
the determination of the Consideration pursuant to Clause 4.3 shall not be recoverable by the Buyer from any Seller at any time after Completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.6 In respect of any Leakage that is received or benefitted from by all Sellers (including if received or
benefitted from by any Investor Seller's Affiliate, any Connected Person of a Management Seller or B Share Management Seller or any Nominee Connected Person), each Seller shall be deemed to have received or benefitted from its Completion Share
Proportion of such Leakage and each Relevant Seller shall after Completion on demand by the Buyer pay to the Buyer its Completion Share Proportion of the aggregate amount of such Leakage (less any Leakage Tax Saving). For the avoidance of doubt, any
amount already taken into account in the calculation of the Known Leakage Amount and taken into account in the determination of the Consideration pursuant to Clause 4.3 shall not be recoverable by the Buyer from any Seller at any time after
Completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.7 If any Tax is payable (or would be payable ignoring for these purposes the availability of any Relief) by the
Buyer in respect of any payment in respect of Leakage under Clause 4.10.5 or Clause 4.10.6, the relevant Sellers shall pay an additional amount as shall, after taking into account such Tax, leave the Buyer with the same amount as it would have
received under Clause 4.10.5 or Clause 4.10.6 (as the case may be) had such Tax not been payable by the Buyer.

4.11 **Tax** 

Any payment made by a Seller to the Buyer or the Buyer to a Seller in respect of a Relevant Claim shall (to the extent legally possible) be treated for Tax purposes as an adjustment to the purchase price of the Shares paid by the Buyer to such Seller to the extent of the payment.

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4.12 **LB Cell Uncertain Tax Provision** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12.1 The Company and each of the Sellers irrevocably and unconditionally undertakes to the Buyer to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) procure that the Group shall establish a provision in the relevant financial statements of the Group Company
and its Subsidiaries in an amount equal to the LB Cell Uncertain Tax Provision Amount (the "**LB Cell Uncertain Tax Provision** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ensure that the Group does not release or otherwise discharge the LB Cell Uncertain Tax Provision without the
prior written consent of the Buyer (in its absolute discretion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) use reasonable endeavours to ensure that the Group's auditors provide an unqualified opinion in relation
to the audited accounts of the Group for the period ending 31 December 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12.2 Each of the Sellers acknowledge and agree that the calculation of the Completion TNAV will assume that the
Income, Profits or Gains of the LB Cell are not exempt from Tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12.3 Without prejudice to the provisions of Schedule 7, neither the Sellers or any Group Company shall
(i) make, file or submit any return, clearance or ruling application, or any other document relating to Tax; or (ii) discuss, correspond or otherwise engage with HM Revenue & Customs, in each case, in connection with the LB Cell
during the period on or before Completion, without the prior written consent of the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12.4 Without prejudice to the provisions of Schedule 7 or Clause 4.12.3, the Buyer shall consider and discuss in
good faith any suggestions made by the Group in relation to filings or other communications to be made with HM Revenue & Customs relating to the LB Cell, in each case between the date of this Deed and the Completion Date.

5. **MANAGEMENT EQUITY** 

5.1 **Rollover** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 The Buyer has agreed with the Management Rollover Sellers that on Completion the Buyer will issue Rollover
Consideration Securities to them equal to the dollar value of the amounts set out next to their names in Management Rollover Tables set out in the Completion Statement and in accordance with the Management Wrapper Agreement, subject to the
conditions listed therein (including, without limitation, any such Management Rollover Seller being an Accredited Investor). The value of the Rollover Consideration Securities issued to each Management Rollover Seller will be equal to their
Management Rollover Amount as set out in the Management Rollover Tables set out in the Completion Statement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 To the extent that a Management Rollover Seller is not able to satisfy the condition of being an Accredited
Investor, such Management Rollover Seller will not be issued with Rollover Consideration Securities and will instead receive the value of such Rollover Consideration Securities in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 Notwithstanding the other provisions of this Clause 5.1, the Buyer, the Buyer Guarantor and each of the
Management Rollover Sellers acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Management Rollover Sellers will receive the Management Rollover Amount in the form of Rollover
Consideration Securities in accordance with the terms of the Management Wrapper Agreement and in the amounts set out in the Management Rollover Tables set out in the Completion Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Rollover Consideration Securities will in turn be exchanged by the Management Rollover Sellers for shares
of common stock of $0.001 par value per share in the Buyer Guarantor,

in each case in accordance with the Management Wrapper Agreement.

5.2 **Options** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 The Sellers shall procure that all LTIP Options subsisting immediately prior to Completion, whether vested or
unvested shall, conditional on Completion occurring, without further action on the part of the holder thereof be cancelled and lapse in full for no consideration on Completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 Immediately following Completion, the Buyer shall procure that on the Completion Date if it is a Business Day
or if not, the next Business Day following the Completion Date, all holders of LTIP Options which lapsed in accordance with Clause 5.2.1 are granted RSUs with an aggregate value on the date of grant of US$14,000,000 which will be apportioned between
each option holder on a pro-rata basis by reference to the value of the Shares under their LTIP Options which lapsed immediately prior to Completion under Clause 5.2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 The Sellers shall procure that all outstanding and unexercised All-In Options subsisting immediately prior to Completion, whether vested or unvested shall, by virtue of the transactions contemplated by this Deed, conditional on Completion occurring, and without further action on the part of the holder thereof, be
cancelled in full and converted into the right to receive an amount in cash, equal to the All-In Option Net Cash Amount, less applicable Taxes and authorised deductions, in each case as at Completion. The
Buyer shall, or shall cause the Company to, make the payments contemplated by this Clause 5.2.3 through payroll as promptly as practicable following Completion subject to any applicable regulatory deferral requirements.

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5.3 **Unallocated B Ordinary Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 The EBT Trustee hereby agrees to apply the EBT Consideration first, in full and final satisfaction of any cost
and liabilities of the EBT Trustee (including the EBT Loan) and second, to distribute any remaining balance of the EBT Consideration to the EBT Transaction Bonus Recipients in accordance with Clause 4.6.4.

5.4 **Cash Awards** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1 Immediately following Completion, the Buyer shall procure that all B Share Management Sellers are granted Cash
Awards with an aggregate value on the date of grant of US$25,000,000 which will be apportioned between each B Share Management Seller on a pro-rata basis by reference to the value of the B Ordinary Shares they
hold immediately prior to Completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2 The Cash Awards will vest on the second anniversary of the date they are granted, and the Buyer will pay, or
procure the payment of, the amount comprised in each Cash Award to the relevant B Share Management Seller in the next practicable payroll following vesting (the "**Cash Award Payment Date**") subject to the B Share Management Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) remaining in employment with the Group and not being under notice of termination of employment (whether given
or received); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not being subject to an outstanding disciplinary sanction or performance improvement process with the Group,

in each case as at the Cash Award Payment Date,

other than in the event the B Share Management Seller's employment with the Group is involuntarily terminated without cause, in which circumstance a pro-rated amount of the Cash Award based on the period from the grant date to the date of termination of employment as a proportionate of the two year vesting period will be payable at Cash Award Payment Date.

6. **POSITION PENDING COMPLETION** 

6.1 Save as provided for in this Deed and subject always to paragraph 2 of Schedule 7, the provisions of paragraph
1 of Schedule 7 shall apply.

6.2 Contemporaneously with the signature of this Deed by the parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1 the Management Sellers' Representative shall deliver to the Buyer, or procure the delivery to the Buyer
of the duly executed Disclosure Letter and the Management Wrapper Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2 the Investor Sellers shall procure the delivery to the Buyer of the duly executed Disclosure Letter and the
Management Wrapper Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3 the Buyer shall deliver, or procure to be delivered, to the Management Sellers' Representative the
Disclosure Letter duly executed by the Buyer and the Management Wrapper Agreement duly executed by the Buyer and the Buyer Guarantor; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.4 the Stone Point Funds shall deliver to the Buyer a duly certified copy of the power of attorney under which any
Transaction Document has been executed by Stone Point Capital LLC on behalf of Stone Point Funds.

6.3 Within five (5) Business Days following the date of this Deed, the Investor Sellers shall deliver to the
Buyer's Solicitors, or procure the delivery to the Buyer's Solicitors of, a USB containing the contents of the Data Room as set out in the Data Room Index, together with a certificate from Intralinks confirming that the USB contains such
information.

6.4 In the event that the legal and/or beneficial title in any of the B Ordinary Shares is transferred as a result
of the Leaver Provisions following the date of this Deed and prior to Completion, paragraph 3 of Schedule 6 shall apply.

6.5 The Sellers shall use all reasonable endeavours to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.1 procure that the letter of credit facility provided under the L/C Facility Agreement is extended or renewed
(including, if required, any change in the amount of the facility) for a period of no less than 12 months for the purposes of providing FAL on behalf of the Corporate Member with respect to the 2026 Year of Account (the "**L/C Facility Agreement Extension**") as soon as reasonably practicable and in any case prior to the Cut-Off Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.2 where reasonably practical and legally permissible, consult and procure that the Company consults with the
Buyer on any material documents or material communications with the L/C Banks relating to the L/C Facility Agreement Extension and take into account any reasonable comments and requests of the Buyer in respect of the L/C Facility Agreement
Extension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.3 keep the Buyer and the Buyer's Solicitors reasonably informed of any material developments or material
communications relating to the L/C Facility Agreement and the L/C Facility Agreement Extension; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.4 within five (5) Business Days following receipt of the L/C Facility Agreement Extension, delivers to the
Buyer (or procure the delivery of) documentation (in form and substance satisfactory to the Buyer (acting reasonably)) evidencing the L/C Facility Agreement Extension in accordance with this Clause 6.5, including, without limitation, any amendment
and/or amendment and restatement agreement relating to the L/C Facility Agreement and any other Finance Documents (as defined in the L/C Facility Agreement) entered into by any Group Company in connection with the L/C Facility Agreement Extension
(each an "**L/C Facility Extension Document**" and together, the "**L/C Facility Extension Documents** ");

provided that nothing in this Clause 6.5 shall require the Sellers or any member of the Group to undertake any action or omission that would be materially detrimental to any of the Sellers or the Group.

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6.6 **Financing and Other Cooperation** 

Without prejudice to Clause 3.1.2, from the date of this Deed until Completion, for the purpose of assisting the Buyer: (i) in connection with any information requirements, amendments and/or any refinancing of any of the existing facilities of the Buyer's Group or (ii) in relation to any new capital raise to be undertaken in connection with the Transaction (the "**Financing**"), each of the Sellers shall use reasonable endeavours to procure the following in respect of any applicable Group Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.1 to the extent reasonably required by the Buyer or its Representatives, make executive officers available for
participation, telephonically or by other remote means, in a reasonable number of meetings, due diligence sessions and/or road shows at mutually agreeable times and upon reasonable prior notice and within normal business hours;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.2 assisting in the preparation of any financing documents as may be reasonably required for the Financing and
provide such financial and other pertinent information and disclosures regarding the Group Companies as may be reasonably requested by the Buyer or its Representatives and which is prepared by the Group Companies in the ordinary and usual course of
business or which is customarily required for completion of capital raises similar to the Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.3 provide such information about the Group Companies and Motion as is reasonably requested by the Buyer or its
Representatives with respect to applicable "know your customer" and anti-money laundering rules and regulations,

in each case; provided that such requested cooperation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.4 does not unreasonably interfere with the ongoing operations of the Group Companies or with the Sellers'
ability to fulfil their obligations under this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.5 does not involve any step or action which would require the consent or approval of, or prior consultation with,
any Governmental Authority (which shall for these purposes exclude Lloyd's) by any Group Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.6 does not, save for the actions expressly set forth in Clauses 6.6.1 to 6.6.3 above, require any Group Company
to commit to take any action or incur any liability that would be effective prior to Completion.

6.7 **Lloyd's Syndicate Business Plan** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.1 With respect to agreeing the 2026 Lloyd's Syndicate Business Plan with Lloyd's, the Sellers shall
and shall procure that Inigo Managing Agent Limited shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) except to the extent prohibited by applicable Law or by Lloyd's, consult with and take into account the
reasonable views of the Buyer (and its designated Representatives) in respect of any material deviations requested or required by Lloyd's to the Draft 2026 Lloyd's Syndicate Business Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) act reasonably and consistently with past practice in agreeing the 2026 Lloyd's Syndicate Business Plan
with Lloyd's; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not make any material deviations to the 2026 Lloyd's Syndicate Business Plan compared to the Draft 2026
Lloyd's Syndicate Business Plan without first consulting with the Buyer and taking account its (and its designated Representatives) reasonable views in relation to such proposed deviations save to the extent required by Lloyd's and
acting in accordance with sub-paragraph 6.7.1(a) above.

6.8 **2026 Year of Account FAL** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.1 The Sellers shall procure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no individual or entity outside of the Group shall have tenancy rights (whether directly or by way of renewal
rights on a FAL reinsurance arrangement) to participate as a Member of the Syndicate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that no Group Company shall between the date of this Deed and ending on (and including) the Completion Date
sell, transfer, auction or "drop" any rights to participate as a Member of the Syndicate, or enter into any agreement to allow any person to share (economically or otherwise) in a participation on the Syndicate,

other than ordinary course Syndicate reinsurance and, with respect to the 2025 Year of Account and the 2026 Year of Account only, the participation on Syndicate and provision of FAL by Inter Hannover (No.10) Limited and the quota share reinsurance and provision of FAL by the LB Cell in accordance with the then current Business Plan, unless otherwise agreed in writing by the Buyer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.2 The Sellers shall, and shall procure that all other members of the Group shall consult with the Buyer and
consider the reasonable input of the Buyer regarding the approach to and terms of any new third party member reinsurance or other FAL provision arrangements with respect to the Syndicate (including by providing the Buyer with copies of the proposed
agreements and considering the Buyer's reasonable comments prior to executing such agreements) and excluding, for the avoidance of doubt, the Group's arrangements with the LB2 Cell and Hannover (No.10) Limited and any ordinary course
syndicate reinsurance.

6.9 **Insurance Contracts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9.1 The Sellers shall use reasonable endeavours to procure that the Group, between the date of this Deed and the
Completion Date, uses reasonable endeavours to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obtain waivers from each relevant counterparty in respect of any termination rights that would arise as a
result of Completion under each Relevant Contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obtain waivers from each relevant counterparty in respect of any termination rights that would arise as a
result of Completion under any inwards or outwards contract of insurance or reinsurance that is renewed between the date of this Deed and Completion.

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6.10 **ERS Rectification** 

From the date of this Deed until Completion, the Buyer and the Sellers agree to (i) discuss in good faith any Tax issues relating to employment related securities issued by the Company prior to the date of this Deed and (ii) use reasonable endeavours to procure that any such issues are rectified.

6.11 **FIRPTA Certificate** 

From the date of this Deed until Completion, the Sellers shall use best endeavours to procure that Motion delivers to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11.1 a certificate duly executed by Motion, dated as of the Completion Date, satisfying the requirements set forth
in US Treasury Regulation Sections 1.1445-2(c)(3) and 1.897-2(h); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11.2 a form of notice from Motion to the US Internal Revenue Service in accordance with the requirements of Treasury
Regulations Section 1.897-2(h)(2), in each case, in form and substance reasonably satisfactory to Buyer, certifying that Motion is not nor has been a "United States real property holding
corporation" (as defined in Section 897(c)(2) of the Code) at any time during the five years preceding the Completion Date.

7. **COMPLETION** 

7.1 Completion shall take place on the first Business Day immediately following the Completion Statement Date or,
if later as a result of the time periods set out in Clause 4.3, the first Business Day of the next month immediately following the Completion Statement Date, or such later date as may be agreed between the parties in writing (the
" **Completion Date** "); provided that in no event shall Completion take place prior to the Inside Date. For the avoidance of doubt, once the Sellers and the Buyer have each complied with all of their respective obligations pursuant to
Clause 7.3, Completion shall be deemed to have occurred once the Paying Agent and the Escrow Agent (as applicable) have confirmed receipt of the Initial Consideration from the Buyer in accordance with Clause 4.6.2.

7.2 Each Seller shall procure that the Shareholders' Agreement in respect of the Company is terminated with
effect from Completion.

7.3 At Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1 each of the Sellers shall comply with their obligations set out in Part A of Schedule 1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2 the Buyer shall comply with its obligations set out in Part B of Schedule 1.

7.4 Upon Completion having occurred, the power of attorney in respect of each Seller in Schedule 6 shall take
effect.

7.5 Neither the Buyer nor the Sellers shall be obliged to complete the sale and purchase of any Shares unless the
sale and purchase of all the Shares are completed simultaneously.

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7.6 If either the Buyer or any Seller (as applicable) fails to materially comply with any Material Completion
Obligation, the Investor Sellers and the Management Sellers' Representative (in respect of any such failure of a Material Completion Obligation by the Buyer) or the Buyer (in respect of any such failure of a Material Completion Obligation by
any Seller) shall be entitled by written notice to the Buyer or the Investor Sellers and the Management Sellers' Representative (as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.1 to defer Completion for a period of up to ten (10) Relevant Business Days (in which case the provisions of
this Clause 7 shall apply to Completion as so deferred);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.2 to require the parties to effect Completion so far as practicable having regard to the defaults that have
occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.3 subject to Completion having first been deferred under Clause 7.6.1, to terminate this Deed with immediate
effect, subject to Clause 18.

For the avoidance of doubt, neither Party shall be entitled to terminate this Deed as a result of any failure to comply with any obligations under this Deed which is not a Material Completion Obligation.

8. **ACCESS TO INFORMATION** 

8.1 Subject to Clause 8.2 and Clause 8.3, during the period between the date of this Deed and Completion (both
dates inclusive), the Sellers shall procure that the Company shall, to the extent permissible under applicable Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 use reasonable endeavours to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) keep the Buyer reasonably informed of any material developments in the business and affairs of the Group and
Motion as a whole, including, for the avoidance of doubt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the process of reinsuring to close the 2023 Year of Account, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the processing of and reserving for material claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 provide to the Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the unaudited combined profit and loss accounts of the Group (if such profit and loss accounts and balance
sheet are routinely produced by the Group), and the unaudited accounts for the Syndicate (if such unaudited accounts are routinely produced by the Syndicate), relating to each month during such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the unaudited combined profit and loss accounts and balance sheet of the Group and the Syndicate relating to
each quarterly period during such period and a statement of cash flows relating the 2025 financial year end;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the reserve committee paper relating to each quarterly period during such period;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) information on any material updates to the Syndicate's "**Claims watchlists** ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent permissible under applicable Law, summaries of any material correspondence with the PRA, the FCA
and/or Lloyd's relating to any member of the Group regulated thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a copy of each Quarterly Monitoring Return B ()"**QMR**") as filed by Inigo Managing Agent
Limited with Lloyd's relating to each quarterly period during such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) management accounts in the form provided in the Data Room folder 2.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the extent not provided as part of items (a) to (g) above, statements setting out the tangible net
asset value in respect of the Group as at month end for each month during such period, in each case in accordance with Schedule 5 save that the month ending 31 October 2025 the Company shall only be required to provide management accounts in
the form provided by (g) above (in addition to items (a) to (f)),

in each case, as soon as reasonably practicable following the date on which these are available in the ordinary course of business for the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 use reasonable endeavours to provide the Buyer and its Representatives with reasonable access to the executive
officers of the Group at mutually agreeable times, upon reasonable prior notice and within normal business hours.

8.2 The obligations under Clause 8.1 shall not apply to the extent that such access would, in the reasonable
opinion of any Investor Seller, the Management Sellers' Representative or any Group Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 be contrary to any law, court order, regulation (including in respect of anti-trust or competition matters) or
published (or otherwise publicly announced) advice, directions or rules from any Governmental Authority which is binding on the Company or such Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 be in violation of applicable Laws, court order, regulation or published (or otherwise publicly announced)
advice, directions or rules from any Governmental Authority, any fiduciary or similar obligations or duties owed to any Sellers, or the provisions of any contract or arrangement to which the Company or such Subsidiary is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.3 be reasonably likely to prejudice or delay satisfaction of the Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.4 disrupt the business activities of any member of the Group or its management in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.5 requires the disclosure of commercially sensitive or confidential information to any person who has not entered
into a binding non-disclosure agreement in favour of the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.6 requires the disclosure of information which is subject to legal privilege.

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8.3 Notwithstanding anything express or implied to the contrary in this Deed, and save as set out in Clause
8.1.2(h) above, neither the Sellers nor any member of the Group shall be required to provide any information to the Buyer pursuant to Clause 8.1 in any format other than as exists at the relevant time, or otherwise to manipulate or reconfigure any
data regarding the Group or any of its assets, financial performance or condition or operations.

8.4 The Buyer acknowledges that the Sellers may need access from time to time after Completion, for legal, tax,
regulatory or accounting purposes, to records and information held by the Company or the Subsidiaries to the extent such records and information pertain to events occurring prior to Completion, and accordingly the Buyer agrees that it shall procure
that the Company and the Subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.1 properly retains and maintains such records and information for the longer of seven (7) years or such
period as is required under the applicable Law relating thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.2 upon reasonable request from any Seller and upon being given reasonable notice by that Seller and subject to
that Seller giving such undertakings as to confidentiality as the Buyer may reasonably require, to allow such Seller, their Affiliates and their respective officers, employees, agents, auditors, advisers and representatives, to inspect, review and,
at the cost of the relevant Seller, make copies of such records and information (or parts thereof) and to have access to relevant employees of the Group, in each case, for and only to the extent necessary for such purposes.

9. **SELLER'S WARRANTIES** 

9.1 The Sellers acknowledge that the Buyer is entering into this Deed in reliance upon the Fundamental Warranties.

9.2 Each Investor Seller and each Minority Shareholder (in each case in respect of itself only) warrants to the
Buyer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 the Fundamental Warranties set out in paragraphs 1.1 to 1.8 of Schedule 2 are, in so far as relating to that
Seller, true and accurate as at the date of this Deed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2 the Fundamental Warranties set out in paragraphs 1.1 to 1.8 and 1.10 of Schedule 2 shall be, in so far as
relating to that Seller, deemed repeated or made (as applicable) immediately prior to Completion.

9.3 The Nominee warrants to the Buyer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.1 the Fundamental Warranties set out in paragraphs 1.1 to 1.7 and 1.9 of Schedule 2 are true and accurate as at
the date of this Deed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.2 the Fundamental Warranties set out in paragraphs 1.1 to 1.7, 1.9 and 1.10 of Schedule 2 shall be deemed
repeated or made (as applicable) immediately prior to Completion.

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9.4 Each Management Seller (in respect of itself only) warrants to the Buyer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.1 the Fundamental Warranties set out in paragraphs 2.1 to 2.5 of Schedule 2 are true and accurate as at the date
of this Deed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.2 the Fundamental Warranties set out in paragraphs 2.1 to 2.5 and 2.7 of Schedule 2 shall be deemed repeated or
made (as applicable) immediately prior to Completion.

9.5 Each B Share Management Seller (in respect of itself only) warrants to the Buyer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.1 the Fundamental Warranties set out in paragraphs 2.1 to 2.4 and 2.6 of Schedule 2 are true and accurate as at
the date of this Deed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.2 the Fundamental Warranties set out in paragraphs 2.1 to 2.4, 2.6 and 2.7 of Schedule 2 shall be deemed repeated
or made (as applicable) immediately prior to Completion.

9.6 The Fundamental Warranties and any Relevant Claims are subject to the provisions of Clause 8.4.2.

9.7 Each of the Fundamental Warranties is given by each of the Sellers solely on behalf of itself and not on behalf
of any other Seller.

9.8 Each of the Fundamental Warranties shall be interpreted as separate and independent so that, save as expressly
provided, each such Fundamental Warranty shall not be limited by reference to any other Fundamental Warranty.

10. **LIMITATIONS ON THE SELLERS' LIABILITY** 

Each Seller's liability under this Deed and any Transaction Document shall be limited or excluded by the provisions of Schedule 3.

11. **BUYER WARRANTIES, ACKNOWLEDGEMENTS AND UNDERTAKINGS** 

11.1 Each of the Buyer and the Buyer Guarantor warrant and undertake to the Sellers that the Buyer Warranties are
true and correct (in respect of itself only and provided that the Buyer Warranties in paragraphs 6, 9 and 10 of Schedule 4 shall be given by the Buyer only) as at the date of this Deed and as at the Completion Date.

11.2 Each of the Buyer Warranties shall be interpreted as separate and independent so that, save as expressly
provided, each such Buyer Warranty shall not be limited by reference to any other Buyer Warranty.

11.3 The Buyer and the Buyer Guarantor jointly and severally undertake to each Seller that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.1 will take all actions required to ensure availability of necessary cash resources in immediately available
funds ()"**Funds** "), as at Completion Date, enabling it to make all payments due to be made pursuant to Clause 4.8.1(c)(ii) and paragraph 1 of Part B of Schedule 1 and otherwise under this Deed; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.2 will not, and will procure that no other member of the Buyer's Group shall, take any action or fail to
take any steps which might be reasonably likely to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) result in the Funds or any part of the Funds not being available when required to make any payment pursuant to
this Deed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if applicable, prejudice the ability of the Buyer to draw down the Funds in order to comply with its
obligations under this Deed (including under Clause 4.8.1(c)(ii) and paragraph 1 of Part B of Schedule 1).

11.4 The Buyer acknowledges and agrees that, the Buyer has no rights against and may not make any claim against any
employee, director, agent, officer or (except to the extent such adviser has entered into a reliance letter with the Buyer or any member of the Buyer's Group) adviser of the Sellers, the Company or either of their Affiliates on whom it may
have relied before agreeing to any term of, or entering into, this Deed or any Transaction Document, and each and every such person shall be entitled to enforce this Clause 11.4 under the Contracts (Rights of Third Parties) Act 1999. Nothing in this
Clause 11.4 shall limit the ability of the Buyer to bring any claim against (i) the Sellers or any employee, director, agent, officer or adviser of the Sellers, the Company or either of their Affiliates in respect of a claim arising as a
result of fraud or fraudulent misrepresentation by the Sellers or any such person, or (ii) any Sellers to the extent permitted by any contractual arrangements between a Seller and the Buyer.

11.5 Subject to Clause 11.6.2, the Buyer shall, for a period of at least six (6) years from Completion, use
reasonable endeavours to procure that the Group maintains in effect and continues to provide to the fullest extent permitted by applicable Law all material rights to indemnification, advancement of expenses, exculpation and other limitations on
liability in effect as of the date hereof in favour of any person who is or prior to the date hereof has been or becomes prior to Completion, a director or officer of any member of the Group, on terms not materially less favourable than those in
effect on the date of this Deed with respect to conduct, actions or omissions taken or not taken prior to Completion solely in their capacity as a director or officer of any member of the Group but in each case excluding (to the extent applicable)
any conduct, actions or omissions taken or not taken in their capacity as an employee of any member of the Group.

11.6 Insurance and Director Arrangements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6.1 It shall be the sole responsibility of the Buyer to ensure that adequate insurance arrangements are put in
place in relation to the Company and the Subsidiaries with effect from Completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6.2 The Buyer shall ensure that, for six (6) years from Completion, the Company and each Subsidiary maintains
in force such "run–off" directors' and officers' liability insurance policies as will enable each Outgoing Board Member to make claims arising out of any matter, cause or event occurring on or before Completion (a
" **Pre-Completion Event**") under those policies on terms and conditions that are, in every material respect, not materially less advantageous to the Outgoing Board Member than the
directors' and officers' liability insurance policies maintained by the members of the Group as at the date of this Deed; provided that (i) the Buyer shall purchase and implement any such

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policies with effect from the Completion Date (in consultation with the Investor Sellers and the Management Sellers' Representative) and (ii) in no event shall the Buyer be required to incur any such costs (for each policy or in the aggregate) more than 250% the cost of the directors' and officers' liability insurance policies maintained by the members of the Group as at the date of this Deed (the "**D&O Premium Cap**"). For the avoidance of doubt, the cost of any such directors' and officers' liability insurance policies up to the D&O Premium Cap shall be borne by the Buyer or the Buyer's Group and not be accrued or otherwise reflected in Completion TNAV, Permitted Leakage or Leakage, with any amounts in excess of the D&O Premium Cap being deemed as Leakage and included in the Known Leakage Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6.3 The Buyer shall (and shall ensure that the Company and each Subsidiary shall), from and after Completion and to
the fullest extent permitted in accordance with the applicable Laws, ensure the waiver, release and discharge of each Outgoing Board Member by the Company and each Subsidiary from any and all claims, demands, proceedings, causes of action, orders,
obligations and liabilities arising out of any Pre-Completion Event which the Company and each relevant Subsidiary has or may at any time have had against any Outgoing Board Member, respectively. The Buyer
shall ensure that the Company and the Subsidiaries shall not, directly or indirectly, assert any claim or demand, or commence, institute or cause to be commenced or instituted any proceedings of any kind relating to any Pre-Completion Event against any Outgoing Board Member, respectively. Nothing in this Clause 11.6.3 shall limit the ability of the Buyer to bring any claim against any Outgoing Board Member in respect of a claim
arising as a result of fraud or fraudulent misrepresentation by any Outgoing Board Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6.4 The provisions of Clauses 11.6.1 and 11.6.3 are in addition to, and not in substitution for, any other rights
to indemnification or contribution that any Outgoing Board Member may have at law, by contract or otherwise. Subject to and in accordance with the Contracts (Rights of Third Parties) Act 1999, a Outgoing Board Member may enforce the terms of Clauses
11.6.1 and 11.6.3.

12. **BUYER GUARANTOR** 

12.1 The Buyer Guarantor as primary obligor (and not as a surety) unconditionally and irrevocably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1 guarantees by way of continuing guarantee to the Sellers the due and punctual performance by the Buyer of its
payment obligations under Clauses 4.6.2 and 4.8.1(c)(ii) and any obligation of the Buyer to pay, to the extent that such amount has been agreed between the Buyer and Sellers in writing or has otherwise been determined by a court of competent or
arbitral tribunal of competent jurisdiction in a final, non-appealable judgment against the Buyer, any damages (for the avoidance of doubt, excluding for these purposes any incurred costs of enforcement and
reasonably and properly incurred legal costs and expenses) payable to the Sellers with respect to any breach of this Deed by the Buyer; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2 agrees that if the Buyer fails to make any payment when it is due under Clauses 4.6.2 and 4.8.1(c)(ii), the
Buyer Guarantor shall on demand pay (or procure the payment of) that amount to the Sellers (provided that in no event shall the aggregate liability of the Buyer Guarantor, when taken together with liability the Buyer, under this Deed shall be in
excess of the Consideration).

12.2 The Buyer Guarantor unconditionally and irrevocably undertakes to procure that the Buyer shall perform each of
its obligations under this Deed, in each case in accordance with the terms set out in this Deed.

12.3 The Buyer Guarantor's obligations under Clause 12.1 are continuing obligations and are not satisfied,
discharged or affected by an intermediate payment or settlement of account by, or a change in the constitution or control of, or merger or consolidation with any other person of, or the insolvency of, or bankruptcy, winding up or analogous
proceedings relating to, the Buyer.

12.4 The Buyer Guarantor's liabilities under Clause 12.1 are not affected by an arrangement which the Sellers
may make with the Buyer or with another person which (but for this Clause 12.4) might operate to diminish or discharge the liability of or otherwise provide a defence to a surety.

12.5 Without affecting the generality of Clause 12.4, the Sellers may at any time they think fit and without
reference to the Buyer Guarantor and without prejudice to the Buyer Guarantor's obligations under this Clause 12:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5.1 grant a time for payment or grant another indulgence or agree to an amendment, variation, waiver or release in
respect of an obligation of the Buyer under this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5.2 give up, deal with, vary, exchange or abstain from perfecting or enforcing other securities or guarantees held
by the Sellers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5.3 discharge a party to other securities or guarantees held by the Sellers and realise all or any of those
securities or guarantees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5.4 compound with, accept compositions from and make other arrangements as agreed with the Buyer or a person or
persons liable on other securities or guarantees held or to be held by the Sellers.

12.6 So long as the Buyer is under an actual or contingent obligation under this Deed, the Buyer Guarantor shall not
exercise a right, which it may at any time have by reason of the performance of its obligations under Clause 12.1 above to claim a contribution from another surety of the Buyer's obligations or to take the benefit (wholly or partly and by way
of subrogation or otherwise) of any of the Buyer's rights under this Deed or of any other security taken by the Buyer in connection with this Deed.

12.7 The Buyer Guarantor's liabilities under Clause 12.1 are not affected by the avoidance of an assurance,
security or payment or a release, settlement or discharge which is given or made on the faith of an assurance, security or payment, in either case, under an enactment relating to bankruptcy or insolvency.

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12.8 The Buyer Guarantor waives any right it may have of first requiring the Sellers (or any trustee or agent on its
behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from the Buyer Guarantor under Clause 12.1.2. This waiver applies irrespective of any law or any provision of this Deed to the
contrary.

12.9 Each payment to be made by the Buyer Guarantor under this Clause 12 shall be made in the currency in which the
relevant amount is payable by the Buyer, and shall be made in full without any set-off, restriction, condition or counterclaim.

13. **SELLER WAIVER OF CLAIMS** 

13.1 Each Seller acknowledges and agrees that on and from Completion, except in the case of fraud or fraudulent
misrepresentation, any matter agreed in the Transaction Documents (excluding with respect to any Completion Dividend) and any matter related to a person's unpaid remuneration (other than reimbursement expenses) due in connection with their
employment, position as an officer or engagement by any Group Company or Motion, with effect from Completion, such Seller has no rights or remedies against (and has not assigned any rights or remedies against) and shall not bring or make any claim
(or assign any rights or remedies which results in a third party bringing a claim) against any Group Company or Motion in respect of claims arising prior to Completion and such Seller hereby irrevocably releases and waives any such claim,
proceeding, suit or action.

14. **RESTRICTIVE COVENANTS** 

14.1 In order to confer upon the Buyer the full benefit of the business and goodwill of the Group and Motion, each
Seller severally (and in respect of such person only) undertakes to the Buyer that they shall not during the Restricted Period, either directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.1 offer employment to or enter into a contract for the services of, or in any way that is competitive with the
Restricted Business at the relevant time, solicit or attempt to entice away from any Group Company or Motion, any (i) Senior Employee or (ii) any other individual who has a basic annual salary for the financial year in which this Deed
takes effect equal to or greater than £100,000 (or equivalent) per annum, and who in each case is at the relevant time and was at Completion, employed or directly engaged by the Company or any of its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.2 each Seller who is not an Investor Seller or a Minority Shareholder severally (and in respect of such person
only) undertakes to the Buyer that they shall not during the Restricted Period, either directly or indirectly in any way that is competitive with the Restricted Business, solicit or entice away from any Group Company or Motion any supplier who, at
the relevant time supplies, and at Completion had supplied, goods and/or services to any Group Company or Motion,

in each case, with whom the relevant Seller had material dealings with at any time during the 12 months immediately prior to Completion and; provided that, nothing in this Clause 14.1 shall restrict any Seller from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.3 advertising any position of employment to the public generally;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.4 the engagement of a third party to carry out a search, provided such third party is not instructed to target
any Senior Employee or other individual; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.5 soliciting or engaging with any supplier of goods and/or services in a manner that is not intended to entice
such supplier away from any Group Company or Motion in the ordinary course of its business.

14.2 Subject to Clause 14.3, in order to confer upon the Buyer the full benefit of the business and goodwill of the
Group and Motion, each Restricted Manager Seller severally (and in respect of such person only) undertakes to the Buyer that they shall not during their respective Restricted Period either directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.1 carry on or be employed, engaged or interested in any business which is in competition with the Restricted
Business, with which the Restricted Manager Seller was materially involved at any time during the 12 months immediately prior to Completion, in the Restricted Territories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.2 in any way that is competitive with the Restricted Business, deal with, solicit or seek to solicit the custom
of any Restricted Customer with whom the Restricted Manager Seller had material dealings with, in each case at any time during the 12 months immediately prior to Completion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.3 make any statement in relation to the Group or Motion (including the Buyer's and its Affiliates'
interests in the Group or Motion), that such Restricted Manager Seller knows or ought reasonably to know or reasonably believes will disparage or defame, or be harmful to the goodwill of, any Group Company or Motion, the Buyer or any of its
Affiliates in any material respect; provided, however, that nothing in this Clause 14 shall be deemed or construed to (i) prohibit or restrict such Restricted Manager Seller from participating in any investigation, proceeding, legal or
quasi-legal process or inquiry by any Governmental Authority, (ii) interfere with any protected right of such Restricted Manager Seller to file a charge or complaint with any applicable Governmental Authority which is required by Law and to
recover any resulting award offered by such Governmental Authority associated with such charge or complaint (iii) prohibit such Restricted Manager Seller from engaging in 'whistle-blowing' or other activities expressly protected or
compelled by applicable Law for these purposes, (iv) prohibit or restrict such Seller from bringing a claim or initiating proceedings against the Group or Motion, the Buyer or any of its Affiliates, in respect of any breach of contract or duty,
or (v) prohibit or restrict any communication made by a Restricted Manager Seller in their capacity as an employee or officer of the Group or Motion to any other officer or employee of any member of the Group, Motion, the Buyer or its
Affiliates.

14.3 Nothing in this Clause 14 shall restrict any Seller from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.1 holding by way of a bona fide investment or through a non discretionary fund, in aggregate, less than 5% of any
class of shares or debentures in any business which is in competition with the Restricted Business which is listed on the London Stock Exchange, the New York Stock Exchange or any other recognised exchange in any jurisdiction;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.2 holding any shares or debentures or making any investments (including through a non discretionary fund) in any
Restricted Business (i) which have been disclosed in writing to the Buyer on or before the date of this Deed and (ii) with the Buyer's consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.3 carrying on or being involved in any capacity in (whether directly or indirectly) any business or activity that
is based or located outside of the Restricted Territories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.4 holding any non-executive directorship provided that such non-executive directorship is on the board of a company which is not (and its Affiliates are not) competitive with the Restricted Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.5 holding any position or role at Lloyd's, any recognised industry body or association or any Governmental
Authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.6 carrying on, or being employed, engaged or interested in, the business of Marsh & McLennan Companies,
Inc., Aon Plc and/or Willis Towers Watson Plc or any of their respective Affiliates.

14.4 The undertakings in this Clause 14 are intended for the benefit of the Buyer, Motion and each Group Company and
apply to actions carried out by any Seller in any capacity whatsoever and whether directly or indirectly, on behalf of it or any other person or jointly with any other person.

14.5 Each Seller agrees that the undertakings contained in this Clause 14 are reasonable and necessary for the
protection of the Buyer's legitimate interests in the goodwill of the Group and Motion and shall be construed as separate and independent undertakings. If any undertaking contained in this Clause 14 is found to be void or unenforceable but
would be valid and enforceable if some part or parts of the undertaking were deleted, such undertaking shall apply with such modification as may be necessary to make it valid and enforceable.

14.6 Each Seller acknowledges that damages may not be an adequate remedy for any breach of the undertakings in this
Clause 14 and that the Buyer shall be entitled to seek the remedies of injunction, specific performance and any other equitable relief for any threatened or actual breach of such undertakings in this Clause 14.

14.7 Without prejudice to Clause 14.6, if any undertaking in this Clause 14 is found by any court or other competent
authority to be void or unenforceable, the parties shall negotiate in good faith to replace such void or unenforceable undertaking with a valid provision which, as far as possible, has the same commercial effect as the provision which it replaces.

14.8 Nothing in this Clause 14 shall replace, supersede or modify any other restrictive covenants included in any
other agreement between a Seller and any Group Company.

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15. **CONFIDENTIAL INFORMATION** 

15.1 Subject to Clause 15.2, each party shall treat the following information as confidential to the extent obtained
as a result of or in connection with entering into or performing this Deed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.1 details of the provisions or subject matter of this Deed, any Transaction Document and any other agreement or
arrangement entered into pursuant to or in connection with this Deed and any Relevant Claim or potential Relevant Claim hereunder or thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.2 information relating to the negotiations leading to the execution of this Deed, any Transaction Document and
any other agreement or arrangement entered into pursuant to or in connection with this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.3 in the case of the Sellers, any information received or held by the Sellers or any of their respective
officers, employees, agents or advisers which relates to the Buyer and/or any of the Buyer's Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.4 in the case of the Buyer, any information received or held by the Buyer or any of its officers, employees,
agents or advisers which relates to any or all of the Sellers and/or any Affiliate of the Sellers or, prior to Completion, any member of the Group or Motion,

(together, "**Confidential Information**"); provided that each party shall always be permitted to confirm that the transactions to be effected by this Deed has taken place without providing any further information.

15.2 Any party may disclose information otherwise required by Clause 15.1 to be treated as confidential:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.1 if and to the extent required by Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.2 if and to the extent required by any Governmental Authority or securities exchange in any relevant jurisdiction
provided that the disclosure shall, if permitted by Law and so far as is practicable, be made after consultation with the other party to whom the Confidential Information relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.3 to the extent that preventing that disclosure would cause any transaction contemplated by this Deed or any
documents referred to herein to become an arrangement described in Part II A 1 of Annex IV of Directive 2011/16/EU;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.4 which is required for the purposes of the preparation of, or to be included within, accounts, financial
statements and/or Tax returns or other submissions to or communications with any Tax Authority in connection with the Tax affairs of the disclosing party or any member of the Group or Motion (and for these purposes information shall be deemed
required for the purposes of communications with any Tax Authority where the disclosing party determines, acting reasonably, that the provision of such information in response to an informal request from such Tax Authority is advisable);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.5 to the extent required to enable such party to carry out its obligations under this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.6 in the case of the Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to members of the Buyer's Group, and to any of their respective employees, officers, agents, professional
advisers, auditors or bankers whose function requires them to have the relevant Confidential Information in each case from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any bank, financial institution or other actual or potential financier, and any of their respective
employees, officers, agents, professional advisers or auditors to the extent reasonably required in the ordinary course of business in connection with the financing arrangements of the Buyer and any other member of the Buyer's Group, provided
such person is subject to confidentiality obligations in respect of such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any rating agency to the extent reasonably required, provided that such person is subject to confidentiality
obligations in respect of such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as reasonably required for the purposes of any materials prepared for investor presentations or those
participating in investor calls that are customary in connection with transactions of this type and do not contain any information relating to the transactions contemplated by this Deed that have not been previously announced or made public and does
not reveal material, non-public information regarding the Sellers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) as reasonably required for the purposes of any Financing or other investor relations activities customary in
connection with transactions of this type (including the preparation, disclosure and/or publishing of investor presentations, roadshow materials, financial information and other materials or information customarily required in connection with
capital raises);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.7 in the case of the Sellers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to Affiliates of the Sellers, and to their employees, officers, agents, professional advisers, auditors or
bankers, and to the Employees and the agents, professional advisers, auditors or bankers of each of the members of the Group, on a need to know basis in each case from time to time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any bank, financial institution, outward reinsurer or other actual or potential financier, and any of their
respective employees, officers, agents, professional advisers or auditors to the extent reasonably required in the ordinary course of business in connection with the financing or outward reinsurance arrangements of a Seller, its Affiliates or any
member of the Group, provided such person is subject to confidentiality obligations in respect of such information;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.8 to an adviser (including any broker engaged by such party for the purpose of arranging the W&I Insurance
Policy) for the purpose of advising in connection with the transactions contemplated by this Deed or to the W&I Insurer provided that such disclosure is necessary for these purposes and is on the basis the party disclosing such information
ensures that such adviser or the W&I Insurer (as relevant) keep such information confidential on substantially the same terms which apply to the disclosing party under this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.9 if and to the extent such information is or becomes publicly available through no breach of this Deed by that
party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.10 if and to the extent each other party has given prior written consent to the disclosure.

15.3 Each party shall ensure that any person to whom Confidential Information is disclosed pursuant to Clause 15.2.6
or Clause 15.2.7 is made aware of the obligations of confidentiality contained in this Clause 15.

16. **ANNOUNCEMENTS** 

16.1 No party may make any press release or other public announcement (including any press release or public
announcement to any customers or suppliers of the members of the Group or any Employees) about this Deed or the transactions contemplated by it prior to or after Completion except the Agreed Announcements, a Form 8-K (including exhibits) to be filed with, or furnished to, the United States Securities and Exchange Commission by the Buyer on or around the date of this Deed or with the prior written consent of
(a) each Investor Seller and the Management Sellers' Representative, in the case of any press release or other public announcement proposed to be made by the Buyer, or (b) the Buyer, in the case of any press release or other public
announcement proposed to be made by any of the Sellers or any member of the Group (in each case, which consent shall not be unreasonably withheld or delayed).

16.2 Clause 16.1 shall not apply to a press release or other public announcement if and to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.1 such announcement is required by Law or required by any Governmental Authority or securities exchange in any
relevant jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.2 in the case of the Buyer, such announcement is included in any materials prepared for investor presentations or
those participating in investor calls, and does not contain any information relating to the transactions contemplated by this Deed that have not been previously announced or made public and does not reveal material, non-public information regarding the Sellers and the Buyer shall not be required to consult with or provide an opportunity to review and comment to each Investor Seller and the Management Sellers'
Representative so long as such announcement is made by it in compliance with this Clause 16.2.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.3 such announcement is required in order to facilitate any assignment or proposed assignment of the whole or any
part of the rights and benefits under this Deed which is permitted by Clause 20;

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provided that, subject to Clause 16.2.2, the party required to make such a press release or announcement shall use reasonable endeavours to first notify (a) each Investor Seller and the Management Sellers' Representative, in the case of such a press release or announcement required to be made by the Buyer, or (b) the Buyer, in the case of such a press release or announcement required to be made by any of the Sellers, and take such steps as may be legally permissible and reasonably practicable in the circumstances to consult with such other party before the relevant release or announcement is made, and take into account their reasonable comments as to its timing, content and manner of despatch.

17. **NOTICES** 

17.1 All notices, requests, consents, claims, demands and other communications under this Deed shall be in writing
and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by electronic mail with receipt confirmed or by registered or certified mail (postage prepaid, return
receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Clause 17).

17.2 Notices under this Deed shall be sent for the attention of the person and to the address or e-mail address, subject to Clause 17.3:

To the Buyer:

[Redacted.]

Attention: [Redacted.]

Tel: [Redacted.]

E-mail: [Redacted.]

with a copy to:

Skadden, Arps, Slate, Meagher & Flom (UK) LLP

22 Bishopsgate

London, EC2N 4BQ

Attention: Todd Freed; George Gray

Tel: +1 212 735 3714; +44 207 519 7114

E-mail: <u>Todd.Freed@skadden.com</u>; <u>George.Gray@skadden.com</u>

To the Management Sellers' Representative:

[Redacted.]

Attention: [Redacted.]

Tel: [Redacted.]

E-mail: [Redacted.]

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with a copy (which shall not constitute notice) to:

Clifford Chance LLP

10 Upper Bank Street

London E14 5JJ, United Kingdom

Attention: Ashley Prebble; James Cashier

Tel: +44 20 7006 3988

E-mail: <u>ashley.prebble@cliffordchance.com;</u>

<u>james.cashier@cliffordchance.com</u>

To the Investor Sellers:

To the relevant address, e-mail address and for the attention of each of those persons set out in column 2 of Part A of Schedule 8 or such other person, e-mail address or address as an Investor Seller may notify to the parties from time to time.

To the Minority Shareholders:

To the relevant address, e-mail address and for the attention of each of those persons set out in column 2 of Part A of Schedule 8 or such other person, e-mail address or address as an Investor Seller may notify to the parties from time to time.

To Sellers' Solicitors:

Clifford Chance LLP

10 Upper Bank Street London

E14 5JJ, United Kingdom

Attention: Ashley Prebble; James Cashier

Tel: +44 20 7006 3988

E-mail: <u>ashley.prebble@cliffordchance.com</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>james.cashier@cliffordchance.com</u>

To the EBT Trustee and the Nominee:

[Redacted.]

Attention: [Redacted.]

Tel: [Redacted.]

E-mail: [Redacted.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Redacted.]

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17.3 A party may from time to time notify the other parties of any other person (or persons) or address (or
addresses) for the receipt of notices or copy notices. Any such change shall take effect five (5) Business Days after notice of the change is received or (if later) on the date (if any) specified in the notice as the date on which the change is
to take place.

17.4 Any notice, consent or other communication given in accordance with Clause 17.1 and received after 5.30 p.m. on
a Business Day, or on any day which is not a Business Day, shall for the purposes of this Deed be regarded as received on the next Business Day.

18. **TERMINATION** 

18.1 Subject to Clause 18.2, no party shall have any right to rescind or terminate this Deed prior to Completion for
any reason whatsoever (including, without limitation, for breach of any Fundamental Warranty).

18.2 This Deed may only be terminated pursuant to and in accordance with Clause 3.12, Clause 4.4.1, 4.4.2 or Clause
7.6.3. 18.3 In the event of the termination of this Deed in accordance with its terms, no party nor any of its Affiliates
shall have any claim under this Deed against any other party or any of their Affiliates, save that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.1 the Surviving Provisions and any other provisions of this Deed necessary for its interpretation or enforcement
shall continue to apply in full force and effect thereafter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.2 such termination shall be without prejudice to a party's accrued rights and remedies, obligations and
liabilities (including those arising as a result of the termination), under this Deed as at such termination.

19. **COSTS AND GENERAL** 

19.1 Subject to Clause 19.2, each party shall bear its own costs and expenses in connection with the preparation,
negotiation, execution and performance of this Deed and the documents referred to in it.

19.2 All stamp duty and stamp duty reserve tax, and any other transfer Taxes and any registration or documentary
duties and charges (and, in each case, including any interest, fines and penalties relating thereto) payable in connection with the transfer of Shares to the Buyer shall be borne and paid by the Buyer.

19.3 Save as otherwise expressly provided in this Deed, any payment to be made (or to be procured to be made) by any
party under this Deed shall be made in full without any set-off, restriction, condition or deduction or withholding, other than a deduction or withholding on account of Tax required by Law.

19.4 If any party under this Deed makes a deduction or withholding on account of Tax required by Law from a payment
(other than (i) a payment of interest or (ii) except to the extent such deduction or withholding arises solely and exclusively by reference to the tax residence (or other taxable presence), or other relevant connection, of the Buyer in or
to the jurisdiction imposing such deduction or withholding any payment of any

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part of the Consideration) made to another Party under this Deed, the sum due from the payer shall be increased to the extent necessary to ensure that, after the making of any deduction or withholding, the payee receives a sum equal to the sum it would have received had no deduction or withholding been required provided that there shall be no increase to the sum due from the payer under this Clause 19.4 if and to the extent that such deduction or withholding has been taken into account in the measure of damages by reference to which the relevant sum due under this Deed has been computed.

19.5 Any party shall, promptly upon becoming aware that the Buyer will or may be required to make a deduction or
withholding on account of Tax from any payment of any part of the Consideration (a "**Consideration WHT** "), notify the other parties of such Consideration WHT and the Buyer and the Sellers shall in good faith discuss such
Consideration WHT and consider any information or evidence provided by the Sellers or the Buyer (as applicable) and undertake any reasonable procedural formalities that, in each case, may reduce, minimise or eliminate such Consideration WHT, with a
view to determining whether any Consideration WHT is, in fact, required and, if so, the rate at which it is required. For the avoidance of doubt, this Clause 19.5 shall not apply to any deductions or withholdings on account of Tax from any
Consideration or other consideration paid or given for the transfer, exercise or cancellation (as the case may be) of any and all of the All-In Options, the LTIP Options or the B Ordinary Shares.

19.6 To the extent that any deduction or withholding in respect of which an increased amount has been paid under
Clause 19.4 results in the recipient obtaining and utilising a Relief, the recipient shall reimburse the payer as soon as reasonably practicable in an amount equal to such a proportion of the increased payment as the recipient reasonably determines
shall leave it after such reimbursement in no better or worse position than it would have been in had no such deduction or withholding been required.

19.7 Where any party is required by the terms of this Deed to reimburse, indemnify or make whole any other party for
any cost or expense, such first party shall reimburse, indemnify or make whole such other party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such other party (or a member of a
group to which such party belongs for VAT purposes) is entitled to credit or repayment in respect of such VAT from any Tax Authority.

20. **ASSIGNMENT** 

20.1 This Deed shall be binding on and ensure for the benefit of the successors and personal representatives of the
parties.

20.2 No party shall assign, transfer, charge, make the subject of a trust or deal in any other manner with this Deed
or any of its rights under this Deed or purport to do any of the same without the prior written consent of the other party; provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.1 the Buyer or any member of the Buyer's Group may charge, assign and/or otherwise grant any security
interest over the benefit of this Deed and/or any of its rights under this Deed to any bank or financial institution or other person (including, without limitation, any agent, trustee or nominee) by way of security for the purposes of or in
connection with the financing arrangements of the Buyer or any member of the Buyer's Group or in connection with the requirements of a Governmental Authority; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.2 an Investor Seller and Minority Shareholder shall be entitled at any time and on more than one occasion to
assign all (but not some only) of their rights and benefits under this Deed to any of their Affiliates (each such person being a "**Seller Permitted Assignee** "); provided that if any Seller Permitted Assignee, following such
assignment, ceases to be an Affiliate of the Investor Seller or Minority Shareholder, then the Investor Seller or Minority Shareholder (as applicable) shall procure that such Seller Permitted Assignee shall, immediately prior to ceasing to be an
Affiliate of such Investor Seller or Minority Shareholder, assign all of its rights and benefits under this Deed back to the respective Investor Seller or Minority Shareholder, or to another Affiliate of the respective Investor Seller or Minority
Shareholder and provided always that any continuing party's liability to any such assignee in respect of the rights assigned pursuant to this Clause 20 shall not be greater than if no such assignment had taken place.

21. **FURTHER ASSURANCES** 

The Sellers shall, at the Buyer's sole cost, do or procure to be done all such further acts and things, and execute or procure the execution of all such other documents, as the Buyer may from time to time following Completion reasonably require for the purpose of giving the Buyer full title to the Shares.

22. **CUMULATIVE RIGHTS** 

The rights, powers, privileges and remedies provided by this Deed are cumulative and (except as otherwise provided in this Deed) are not exclusive of any rights, powers, privileges or remedies provided by Law.

23. **EFFECT OF COMPLETION** 

This Deed (and in particular the Fundamental Warranties), in so far as any of its provisions remain to be, or are capable of being, performed or observed after Completion, remains in full force and effect notwithstanding Completion.

24. **WAIVER AND VARIATION** 

24.1 In no event will any delay, failure or omission (in whole or part) in enforcing, exercising or pursuing any
right, power, privilege, claim or remedy conferred by or arising under this Deed or by Law, whether by conduct or otherwise, be deemed to be or be construed as a waiver of that or any other right, power, privilege, claim or remedy in respect of the
circumstances in question, or operate so as to bar the enforcement of that, or any other right, power, privilege, claim or remedy, in any other instance at any time or times subsequently.

24.2 A waiver of any right or remedy under this Deed shall only be effective if given in writing and shall not be
deemed a waiver of any subsequent breach or default.

24.3 No variation or amendment of this Deed shall be valid unless it is in writing and duly executed by or on behalf
of the Buyer and the Sellers. Unless expressly agreed, no variation or amendment shall constitute a general waiver of any provision of this Deed, nor shall it affect any rights or obligations under or pursuant to this Deed which have already accrued
up to the date of variation or amendment and the rights and obligations under or pursuant to this Deed shall remain in full force and effect except and only to the extent that they are varied or amended.

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25. **SEVERANCE** 

If any provision of this Deed shall be found by any court or administrative body of competent jurisdiction to be illegal, invalid or unenforceable, such illegality, invalidity or unenforceability shall not affect the other provisions of this Deed which shall remain in full force and effect.

26. **ENTIRE AGREEMENT** 

26.1 This Deed and the Transaction Documents constitute the entire agreement and understanding of the parties
relating to the subject matter of this Deed and the Transaction Documents and supersede and extinguish any previous agreement or understanding between the parties (or any of them) in relation to such subject matter.

26.2 Each of the parties acknowledges and agrees that in entering into this Deed and the Transaction Documents, it
has not relied on any statement, representation, warranty, understanding, undertaking, promise or assurance of any person (whether party to this Deed or any Transaction Document or not) or arrangement of any nature whatsoever, whether or not in
writing, which is not expressly set out in this Deed or the Transaction Documents (a "**Pre-contractual Statement** ").

26.3 Each party agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3.1 no party to this Deed shall have any right or remedy (whether by way of a claim for contribution or otherwise)
in respect of any Pre-contractual Statement, which is not expressly set out in this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3.2 other than where expressly stated in this Deed (including in Clause 26.3.3), the sole remedy of a party in
respect of: (i) any misrepresentation, whether negligent or otherwise, and whether made prior to, or in, this Deed; or (ii) any other breach of this Deed, including any breach of the Fundamental Warranties, shall be an action for breach of
contract under the terms of this Deed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3.3 other than where expressly stated in this Deed (i) no party may rescind this Deed for any non-fraudulent misrepresentation, whether or not contained in this Deed and/or the Transaction Documents, and (ii) no party may terminate this Deed.

26.4 Nothing in this Clause 26 shall limit or exclude any liability for fraud.

27. **NO ACTION AGAINST EMPLOYEES AND SELLER'S AFFILIATES** 

The Buyer acknowledges, agrees and undertakes that it shall not, shall have no right to, and shall procure that no member of the Buyer's Group shall, bring any suit, action or proceeding (including arbitration) in respect of any Relevant Claim against any of the Employees, the Sellers' Affiliates or their respective directors, officers, members, representatives, advisers, or any general partner or managing company of the relevant Seller(s)' Affiliate. Notwithstanding Clause 28.2, such persons named in the previous sentence shall be entitled to enforce the rights enumerated in the previous sentence.

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Nothing in this Clause 27 shall limit the ability of the Buyer to bring any claim against any Seller in accordance with the terms of this Deed or the other Transaction Documents.

28. **CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999** 

28.1 Notwithstanding any other provision of this Deed, the parties may by agreement in writing rescind or vary any
of the provisions of this Deed without the consent of any third party, and accordingly section 2(1) Contracts (Rights of Third Parties) Act 1999 shall not apply.

28.2 A person who is not a party to this Deed shall have no right under the Contracts (Rights of Third Parties) Act
1999 to rely upon or enforce any term of this Deed, save that Clause 11.4, Clause 11.6.4 and Clause 27 may be enforced by those persons specified therein. This Clause 28.2 shall not affect any right or remedy of a third party which exists or is
available apart from the Contracts (Rights of Third Parties) Act 1999.

29. **COUNTERPARTS** 

29.1 This Deed may be executed in any number of counterparts and by the parties on separate counterparts, each of
which shall be an original but all of which together shall constitute one and the same instrument, and shall not be effective until each of the parties has executed at least one counterpart.

29.2 Transmission of an executed counterpart of this Deed by e-mail (in PDF,
JPEG or other agreed format) shall take effect as delivery of an executed counterpart of this Deed.

30. **LAW AND JURISDICTION** 

30.1 This Deed (and any claim, dispute or matter arising under or in connection with it or its enforceability) and
any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with the law of England and Wales.

30.2 Each party irrevocably submits to the exclusive jurisdiction of the courts of England and Wales over any claim,
dispute or matter arising under or in connection with this Deed or its enforceability or the legal relationships established by this Deed (including non-contractual disputes or claims) and waives any objection
to Proceedings being brought in such courts on the grounds of venue or on the grounds that Proceedings have been brought in an inconvenient forum (for the avoidance of doubt excluding any dispute, claim or objection in accordance with Clause 4.2.2
or 4.7, which shall be settled by the Buyer's Expert or the Expert in accordance with the terms of 4.2.2 or 4.7 (as applicable)). Each party further irrevocably agrees that a judgment in any Proceedings brought in the courts of England and
Wales shall be conclusive and binding upon each party and may be enforced in the courts of any other jurisdiction.

30.3 Nothing in this Deed shall affect the right to serve process in any manner permitted by Law.

31. **APPOINTMENT OF PROCESS AGENT** 

31.1 The Buyer irrevocably appoints Law Debenture Corporate Services Limited at 8th Floor, 100 Bishopsgate, London,
EC2N 4AG as its agent to accept service of process in England in any legal action or proceedings arising out of this Deed, service upon whom shall be deemed completed whether or not forwarded to or received by the Buyer.

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31.2 The Buyer agrees to inform the Investor Sellers and Management Sellers' Representative in writing of any
change of address of such process agent within twenty (20) Business Days of such change.

31.3 If such process agent ceases for any reason to be able to act as such or to have an address in England, the
Buyer irrevocably agrees to appoint a replacement process agent in England and to deliver to the Investor Sellers and Management Sellers' Representative within ten (10) Business Days contact details of the replacement process agent and a
copy of a written acceptance of appointment by the process agent. Failing such appointment and notification, the Investor Sellers and Management Sellers' Representative shall be entitled by notice to the Buyer to appoint a replacement process
agent to act on behalf of the Buyer. The provisions of this Clause 31 applying to service of process via a process agent apply equally to service of process via a replacement process agent.

31.4 Until the Investor Sellers and Management Sellers' Representative receive notice of a change of name
and/or address of process agent, any notice served by the Investor Sellers and Management Sellers' Representative on the Buyer via the agent for service of process at the then existing address for service of process on the Buyer known to the
Investor Sellers and Management Sellers' Representative shall be deemed validly served.

31.5 Nothing in this Deed shall affect the right to serve process in any other manner permitted by law or the right
to bring proceedings in any other jurisdiction for the purposes of the enforcement or execution of any judgment or other settlement in any other courts.

32. **MANAGEMENT SELLERS' REPRESENTATIVE** 

32.1 Each Management Seller hereby appoints the Management Sellers' Representative, to give and receive
notices and communications, to agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims or matters under the other Transaction Documents on behalf of the Management Sellers, and to take
all actions necessary or appropriate in the judgment of the Management Sellers' Representative for the accomplishment of the foregoing; provided that the Management Sellers' Representative may not disproportionately disadvantage a
Management Seller without such Management Seller's prior written consent. The Management Sellers may appoint a replacement Management Sellers' Representative by decision taken by a majority of Management Sellers; provided that
(i) such Management Sellers' Representative is a Seller; and (ii) ten (10) Business Days' prior written notice of such appointment has been given to the Buyer and the Investor Sellers.

32.2 Notices or communications to or from the Management Sellers' Representative shall constitute notice to or
from each of the Management Sellers. The Management Sellers' Representative shall pass (and for the purposes of this Deed shall be deemed to have passed) any notices received pursuant to this Deed on behalf of a Management Seller to such
Management Seller without undue delay.

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32.3 Execution of this Deed by the Management Sellers' Representative constitutes its acceptance of its
appointment as the Management Sellers' Representative. Execution of this Deed by the Management Sellers constitutes (a) their acknowledgement that the Management Sellers' Representative is so authorised to act on their behalf to the
extent set forth in and as contemplated by this Deed, and (b) their undertaking to ratify any step taken or commitment made by the Management Sellers' Representative on the relevant Management Seller's behalf, but only to the extent
that the Management Sellers' Representative is authorised to take such step or make such commitment pursuant to this Deed or any other Transaction Document.

32.4 Each Management Seller agrees that the Management Sellers' Representative shall not be liable to any
Management Seller for any act or omission in connection with the performance by it of any of its duties, functions or role as Management Sellers' Representative pursuant to this Deed (or, for the avoidance of doubt, any other Transaction
Document), except in the case of wilful default, fraud or gross negligence. Each Management Seller agrees not to bring any action or claim against the Management Sellers' Representative in connection with the Management Sellers'
Representative's appointment as Management Sellers' Representative and/or in relation to any action which the Management Sellers' Representative has taken or omitted to take in the past or may in the future take or omit to take in
its capacity as Management Sellers' Representative, except in the case of wilful default, fraud or gross negligence. The Management Sellers shall, pro rata based on their relative shareholding in the Company as compared to the total
shareholdings in the Company (excluding the Management Sellers' Representative's shareholding), severally indemnify the Management Sellers' Representative and hold the Management Sellers' Representative harmless against any
Loss incurred without wilful default, fraud or gross negligence on the part of the Management Sellers' Representative and arising out of or in connection with the acceptance or administration of the Management Sellers'
Representative's duties hereunder, including the reasonable fees and expenses of any outside legal counsel retained by the Management Sellers' Representative.

32.5 The Buyer may rely upon any decision, act, consent or instruction of the Management Sellers'
Representative on behalf of the Management Sellers in connection with this Deed or any other Transaction Document as being the decision, act, consent or instruction of each Management Seller. In furtherance of the foregoing, the Buyer may rely
exclusively, without independent verification or investigation, upon all decisions, communications or writings made, given or executed by the Management Sellers' Representative or actions omitted to be taken by the Management Sellers'
Representative in connection with this Deed, a Transaction Document and the transactions contemplated hereby and thereby. Any notice or communication delivered by the Buyer to the Management Sellers' Representative shall be deemed to have been
delivered to all Management Sellers.

33. **280G** 

Following the date of this Deed, the Company will use commercially reasonable efforts to obtain from each person to whom any payment or benefit is required or proposed to be made that could constitute a "parachute payment" (as defined in Section 280G(b)(2) of the Code) a written agreement waiving such Person's right to receive or retain some or all of such payment or benefit (the "**Waived Benefit**") so that all remaining payments or benefits applicable to such person shall not be deemed to be a parachute payment

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that would not be deductible under Section 280G of the Code, and to accept in substitution for such Waived Benefit the right to receive such payment or benefit only if approved by the shareholders of the Company in a manner that complies with Section 280G(b)(5)(B) of the Code. As soon as practicable thereafter but in any event prior to Completion, the Sellers shall procure that the Company shall seek approval from the shareholders of the Company in a manner that complies with Section 280G(b)(5)(B) of the Code of all payments and benefits that have been conditioned on the receipt of such approval. Sellers shall procure that, prior to delivery to the shareholders and disqualified individuals of documents in connection with the shareholder approval contemplated under this Section 33, the Company shall provide to the Buyer or the Buyer's Solicitors (i) its calculations under Section 280G of the Code along with the assumptions used to make the calculations and (ii) a reasonable opportunity to review such information and comment on all documents to be delivered to the shareholders and disqualified individuals in connection with the vote, and the Company shall incorporate all such reasonable comments from the Buyer.

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**SCHEDULE 1** 

**COMPLETION REQUIREMENTS** 

**PART A** 

**SELLERS' OBLIGATIONS** 

1. **Seller Obligations** 

1.1 At Completion, each of the A Share Sellers and the Nominee shall respectively deliver to the Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1 duly executed stock transfer form(s) for all the Shares in which that Seller holds legal title in favour of the
Buyer in the agreed form (it being acknowledged that the Nominee is executing such stock transfer form(s) in exercise of its powers to effect the transfer of legal and beneficial title to the relevant Shares pursuant to this Deed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2 share certificate(s) for all the Shares in which the Seller holds legal title, or an indemnity from the Seller
in the agreed form in the case of any missing, lost or destroyed certificates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.3 a duly completed and executed IRS Form W-9, IRS Form W-8BEN-E, or other applicable IRS Form W-8.

2. **Investor Sellers' Obligations:** 

2.1 Each Investor Seller shall procure that prior to or at Completion a board meeting (or remuneration committee
meeting, as applicable) of the Company is held in respect of the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 the registration of the Buyer as a member of the Company in respect of the Shares (subject to the production of
properly stamped transfers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 to appoint persons nominated by the Buyer no later than ten (10) Business Days prior to Completion as
directors of the Company with effect from Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 to accept the resignations of each Outgoing Board Member to take effect from Completion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 to approve the lapse of the LTIP Options in accordance with Clause 5.2.1, and the cancellation of the All-In Options in accordance with Clause 5.2.3, each in accordance with the rules of the Share Option Plan.

2.2 Each Investor Seller shall procure that prior to or at Completion a board meeting of Inigo Managing Agent
Limited is held in respect of the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 to appoint persons nominated by the Buyer as directors, of the relevant Subsidiary with effect from Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 to accept the resignations of each Subsidiary Outgoing Board Member in respect of the relevant Subsidiary, to
take effect from Completion.

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2.3 Each Seller shall procure the delivery to the Buyer, prior to or at Completion, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 written evidence of the termination of the Shareholders' Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 a copy of a resolution of the shareholders of the Company approving the adoption of the New Articles, with
effect from Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3 written resignations of the Outgoing Board Members and Subsidiary Outgoing Board Members, effective as of
Completion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.4 written confirmation of (i) the number of LTIP Options which are to lapse immediately prior to Completion
in accordance with Clause 5.2.1 and (ii) the schedule of All-In Option Net Cash Amount payments to be made on Completion in accordance with Clause 5.2.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.5 written evidence of the satisfaction of the Seller Condition (including delivery of the L/C Facility Extension
Documents), other than to the extent otherwise previously provided pursuant to Clause 3.6.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.6 written evidence of any consent provided by Applied Insurance Technologies LLC ()"**TigerEye** ")
pursuant to the Applied Insurance Technologies Platform License Agreement between TigerEye and the Company dated 15 August 2023;; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.7 the statutory books and records, and company seals (if any), of all of the Group Companies available to the
Buyer at the offices of the Group Companies

2.4 Each Management Rollover Seller shall deliver to the Buyer, prior to or at Completion, the following in respect
of each such Management Rollover Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1 a duly executed copy of the Exchange Agreement (as defined in the Management Wrapper Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2 a duly completed and executed accredited investor questionnaire, in the form agreed between the Buyer and the
Management Sellers' Representative;.

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**PART B** 

**BUYER'S OBLIGATIONS** 

1. At Completion, the Buyer shall comply with its payment obligations set out in Clause 4.6.2.

2. At Completion, the Buyer shall deliver or procure the delivery of each of the following documents to the
Sellers' Solicitors:

2.1 Written evidence of the satisfaction of each of the Buyer Conditions, other than to the extent otherwise
previously provided pursuant to Clause 3.6.3;

2.2 Written evidence of the terms of the Subrogation Waiver;

2.3 A copy (certified as a true copy by a director or the company secretary of the Buyer) of the resolutions
adopted by the Buyer's board of directors authorising Completion and the execution and delivery by the officers specified in the resolution of each Transaction Document to be executed and delivered by the Buyer at Completion; and

2.4 A duly certified copy of the power of attorney under which any Transaction Document has been executed on behalf
of the Buyer.

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**SCHEDULE 2** 

**SELLER WARRANTIES** 

1. **Investor Sellers, Minority Shareholders and Nominee** 

1.1 Each of the Investor Sellers, Minority Shareholders and the Nominee is validly incorporated, or organised (as
applicable), in existence and duly registered under the laws of its country of incorporation or organisation.

1.2 Each of the Investor Sellers, Minority Shareholders and the Nominee has the power and authority required, and
has obtained or satisfied all corporate or regulatory approvals or other conditions necessary, to enter into this Deed and each of the Transaction Documents to which it is a party and, subject to satisfaction of the Conditions, to perform fully its
obligations under this Deed and the Transaction Documents to which it is a party in accordance with their respective terms.

1.3 The entry into, and the implementation of the transactions contemplated by, this Deed and each of the
Transaction Documents by each of the Investor Sellers, Minority Shareholders and the Nominee will not (i) result in a violation or breach of any provision of its constitutional documents, or (ii) result in a breach of, or give rise to a
default under, any contract or other instrument to which each of the Investor Sellers, Minority Shareholders and the Nominee is a party or by which it is bound and which would have an adverse effect on the ability of such Investor Seller, Minority
Shareholder or the Nominee to perform fully its obligations under this Deed and the Transaction Documents to which it is a party, or (iii) conflict with or result in a breach or default of any Law or of any order, judgment, decree, injunction,
regulation or any other restriction of any kind of any Governmental Authority to which it is party or by which it or any other relevant member of such Seller's Group is bound or submits.

1.4 Save as set out in this Deed, all or any consents, permissions, approvals, notices and agreements of third
parties (including Governmental Authorities) which are necessary for each of the Investor Sellers, Minority Shareholders and the Nominee to obtain in order to enter into and perform its obligations under this Deed and the Transaction Documents in
accordance with their respective terms have been unconditionally obtained or made in writing by such Investor Seller, Minority Shareholder and the Nominee.

1.5 This Deed and each of the Transaction Documents to be entered into by each of the Investor Sellers, Minority
Shareholders and the Nominee constitute valid and legally binding obligations of such Seller enforceable in accordance with their respective terms.

1.6 No Insolvency Proceedings have commenced in relation to any of the Investor Sellers, Minority Shareholders or
the Nominee.

1.7 No order has been made and no resolution has been passed for the winding up of any of the Investor Sellers,
Minority Shareholders or the Nominee and no petition has been presented and no meeting has been convened for such purpose.

1.8 The Shares registered in the name of each Investor Seller and Minority Shareholder, as applicable, are fully
paid (or credited as fully paid) and constitute the whole of its legal and beneficial interest in the issued share capital of the Company.

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1.9 The Shares registered in the name of the Nominee are fully paid (or credited as fully paid) and constitute the
whole of its legal interest in the issued share capital of the Company.

1.10 As at the Completion Date, there is no Encumbrance over or affecting any of the Shares held by the Investor
Sellers, Minority Shareholders and the Nominee and there is no agreement or commitment to give or create any Encumbrance over or affecting any of the Shares held by such Seller.

2. **Management Sellers and B Share Management Sellers** 

2.1 The entry into, and the implementation of the transactions contemplated by, this Deed and each of the
Transaction Documents by each of the Management Sellers and the B Share Management Sellers will not result in a violation or breach of, or give rise to a default under, any contract or other instrument to which such Seller is a party or by which it
is bound which would have an adverse effect on the ability of such Management Seller or B Share Management Seller (as applicable) to perform fully its obligations under this Deed and the Transaction Documents to which it is a party.

2.2 Save as set out in this Deed, all or any consents, permissions, approvals, notices and agreements of third
parties (including Governmental Authorities) which are necessary for each of the Management Sellers and the B Share Management Sellers to obtain in order to enter into and perform its obligations under this Deed and the Transaction Documents in
accordance with their respective terms have been unconditionally obtained or made in writing by such Management Seller or B Share Management Seller.

2.3 This Deed and each of the Transaction Documents to be entered into by each of the Management Sellers and the B
Share Management Sellers constitutes valid and legally binding obligations of such Management Seller or B Share Management Seller enforceable in accordance with their respective terms.

2.4 No Insolvency Proceedings have commenced in relation to any of the Management Sellers and the B Share
Management Sellers.

2.5 The A Ordinary Shares registered in the name of the Management Seller are fully paid (or credited as fully
paid) and constitute the whole of its legal and beneficial interest in the issued A Ordinary Share capital of the Company.

2.6 The B Ordinary Shares set out against the name of the B Share Management Seller in column 3 of Part B of
Schedule 8 constitute the whole of their beneficial interest in the issued B Ordinary Share capital of the Company.

2.7 As at the Completion Date, there is no Encumbrance over or affecting any of the Shares held by the Management
Sellers and the B Share Management Sellers and there is no agreement or commitment to give or create any Encumbrance over or affecting any of the Shares held by the Seller.

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**SCHEDULE 3** 

**LIMITATIONS ON THE SELLERS' LIABILITY** 

1. **FINANCIAL LIMITATIONS** 

1.1 Notwithstanding the terms of any W&I Insurance Policy (if any) and any other provision of this Deed and
without prejudice to the limitations of liability applicable to the Management Warrantors under the Management Warranty Deed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1 the maximum liability of each Seller in respect of all Relevant Claims (other than any Relevant Claim in
respect of Leakage pursuant to Clause 4.10) shall not exceed such Seller's Consideration actually received by that Seller (whether in the form of cash or securities (including any Rollover Consideration Securities)) in accordance with this
Deed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2 the liability of each Seller is several and not joint (nor joint and several) and accordingly each Seller shall
only be liable for the proportion of a Relevant Claim equal to such Seller's Completion Share Proportion.

1.2 The limitations of liability referred to in paragraph 1.1 of this Schedule 3, shall apply irrespective of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 whether or not the Buyer has obtained, or will obtain, a W&I Insurance Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 whether the Buyer is or may be unable to pursue or obtain any remedy under a W&I Insurance Policy,
including, but not limited to, as a result of any policy exceptions or exclusions or any creditworthiness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 any non-payment (of premium) under or subsequent breach by the Buyer of
a W&I Insurance Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4 any non-satisfaction of the conditions of the W&I Insurance Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.5 any vitiation, expiry or termination of a W&I Insurance Policy for any reason whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6 any *de minimis*, excess or deductible under the W&I Insurance Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.7 the insolvency of the insuring parties of a W&I Insurance Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.8 any non-payment by the W&I Insurer under any W&I Insurance
Policy for any reason; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.9 whether any W&I Insurance Policy is not otherwise effective or has not come into force or for any other
reason whatsoever.

2. **TIME LIMITS FOR BRINGING CLAIMS** 

2.1 The Sellers shall not have any liability for a Relevant Claim under this Deed unless the Buyer gives written
notice of such Relevant Claim (specifying in reasonable detail the matter giving rise to such Relevant Claim, the nature of such Relevant Claim (including the legal and factual basis thereof), and the amount claimed) to each Investor Seller and the
Management Sellers' Representative on or before:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 with respect to any Fundamental Warranty Claim, the third anniversary of Completion;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 with respect to any other Relevant Claim (including any Relevant Claim in respect of Leakage), the earlier of
eighteen (18) months following Completion and the date upon which the Group has completed one full audit cycle following Completion.

2.2 Any Relevant Claim which has been made against the Sellers under this Deed (and which has not been previously
satisfied, settled or withdrawn) shall be deemed to have been withdrawn and shall become fully barred and unenforceable on the expiry of the period of twelve (12) months commencing on the date on which notice of such Relevant Claim was given to
each Investor Seller and the Management Sellers' Representative in accordance with paragraph 2.1 of this Schedule 3 above, unless legal proceedings in respect of such Relevant Claim (including any Relevant Claim that is based on a contingent
liability) shall have been properly issued and validly served on the relevant Seller(s).

3. **GENERAL LIMITATIONS** 

3.1 The Sellers shall not have any liability whatsoever in respect of any Relevant Claim under this Deed if and to
the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 the fact, matter, event or circumstance giving rise to such Relevant Claim is remedied to the satisfaction of
the Buyer (in its sole discretion) by the Sellers or any Affiliate of the Sellers within thirty (30) Business Days of the date on which written notice of such Relevant Claim is given to the Sellers pursuant to paragraph 2.1 of this Schedule 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 the fact, matter, event or circumstance giving rise to such Relevant Claim is for an amount for which the Buyer
or any other member of the Buyer's Group has a right to make a recovery or to claim indemnity (or would have had such a right or been so entitled but for any change in Law or the terms or the maintenance of its insurance after Completion) from
any person other than the Sellers or any Affiliate of the Sellers whether under any provision of Law, insurance policy or otherwise howsoever, including, but not limited to, the W&I Insurance Policy other than in respect of any Relevant Claim
for a breach of any Fundamental Warranty as set out in Clauses 9.2 to 9.5 (a "**Fundamental Warranty Claim** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 such Relevant Claim is attributable (in whole or in part) to any event, act, transaction, arrangement, default
or omission, including, without limitation, the receipt or accrual of any income or gains or any distribution, failure to distribute, cessation or commencement of business, acquisition, disposal, transfer, payment, loan or advance by or at the
direction of the Buyer, any other member of the Buyer's Group or any of their respective officers, employees or agents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4 the matter giving rise to such Relevant Claim arises (in whole or in part) from any event, act, transaction,
arrangement, default or omission before or after Completion at the explicit written request the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5 such Relevant Claim arises or is increased as a result of, or is otherwise attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the passing or coming into force of, or any change in, after the date of this Deed, any Law, rule, regulation,
directive, interpretation of the Law or any administrative practice of any government or Governmental Authority, in any such case not actually in force at the date of this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any increase in rates of Tax or any change in the published practice of any Tax Authority, in each case made on
or after the date of this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change in the accounting reference date of the Buyer or any other member of the Buyer's Group made on
or after Completion and any change in any accounting policy, principle, practice or procedure of the Buyer or any other member of the Buyer's Group on or after Completion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Buyer materially not complying with its obligations under the Transaction Documents or any Law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6 the loss, liability or cost giving rise to such claim or the matter giving rise to such Relevant Claim
(excluding any Fundamental Warranty Claim) is allowed, reserved for and/or provisioned (including where such provision is a generic provision to the extent that such generic provision arises from the same facts, matters or circumstances as such
claim) and/or an asset has been specifically written down in respect of such loss, liability or cost (or can be demonstrated from the underlying working papers or otherwise to have been specifically taken into account in computing the amount of an
allowance, provision, reserve or write-down) in the Group Accounts or the Completion Statement.

3.2 All amounts liable to be deducted pursuant to the provisions of paragraph 3.1 of this Schedule 3 will first be
deducted before determining if the thresholds in paragraph 1.1.1 of this Schedule 3 have been reached.

3.3 Notwithstanding anything to the contrary in this Deed, the Sellers shall not in any circumstances be liable to
the Buyer for a breach of this Deed, whether in contract, tort or breach of statutory duty or otherwise for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 loss of or anticipated loss of profit, loss of or anticipated loss of revenue, business interruption, loss of
any contract or other business opportunity or goodwill; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 indirect loss or consequential loss.

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4. **NO DOUBLE RECOVERY** 

The Buyer is not entitled to recover damages or otherwise obtain payment, reimbursement or restitution under any Relevant Claim more than once in respect of the same Loss or liability.

5. **MANAGEMENT WARRANTY DEED CLAIMS** 

Any claim arising under the Management Warranty Deed (including any limitations in respect thereof) shall relate exclusively to and be governed exclusively by the Management Warranty Deed.

6. **CONTINGENT LIABILITIES** 

If any potential Relevant Claim arises as a result of a contingent or unquantifiable liability of the Buyer or any other member of the Buyer's Group, the Sellers shall not be obliged to pay any sum in respect of such potential Relevant Claim until the liability either ceases to be contingent or becomes quantifiable (as the case may be). Notification of such potential Relevant Claim must be given to each Investor Seller and the Management Sellers' Representative by the Buyer within the relevant period specified in paragraph 2.1 of this Schedule 3.

7. **SUMS RECOVERABLE FROM THIRD PARTIES** 

7.1 Where the Buyer or any other member of the Buyer's Group (or any assignee or successor in title thereof)
is or may be entitled to recover from any third party any sum in respect of any matter or event which has or is likely to give rise to a Relevant Claim which is not a Fundamental Warranty Claim, the Buyer shall or shall procure that the person so
entitled shall use all reasonable endeavours and take all reasonably necessary steps to recover that sum from the relevant third party before any steps are taken against the Sellers under this Deed in respect of such Relevant Claim (other than
service of notice of such Relevant Claim on the Sellers pursuant to paragraph 2 of this Schedule 3). The Buyer shall keep each Investor Seller and the Management Sellers' Representative reasonably informed of the conduct of such recovery. Any
sum actually recovered by the Buyer or any other member of the Buyer's Group (less any reasonable out of pocket expenses incurred by the Buyer or any other member of the Buyer's Group in recovering the sum and any Tax attributable to or
suffered in respect of the sum recovered) will reduce the amount of the Relevant Claim by an equivalent amount.

7.2 If recovery from the third party is delayed until after the Relevant Claim has been satisfied by the Sellers,
the Buyer shall (subject to the remaining provisions of this paragraph 7.2) repay to the Sellers the amount so recovered (less any reasonable out of pocket expenses incurred by the Buyer or any other member of the Buyer's Group in recovering
the sum and any Tax attributable to or suffered in respect of the sum recovered). If the amount so recovered exceeds the amount of all Relevant Claims satisfied by the Sellers, the Buyer shall be entitled to retain the excess, but this shall be
offset against any future Relevant Claims.

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7.3 **ACTIONS BY THIRD PARTIES** 

7.4 If the Buyer becomes aware of any claim action or demand made against it or any other member of the
Buyer's Group by a third party which is reasonably likely to give rise to a Relevant Claim (a "**Third Party Claim** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1 the Buyer shall, as soon as reasonably practicable, notify each Investor Seller and the Management
Sellers' Representative giving reasonable details of the relevant facts and circumstances relating to the Third Party Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2 the Buyer shall as soon as reasonably practicable disclose in writing to each Investor Seller and the
Management Sellers' Representative all information and documents reasonably requested relating to the such Third Party Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.3 any defence shall be controlled by the Buyer in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.4 if reasonably requested by any Investor Seller or the Management Sellers' Representative, give the
relevant Seller(s) and their respective professional advisers reasonable access to any relevant premises, chattels, accounts, documents and records within the power, possession or control of the Buyer or any member of the Buyer's Group in each
case as required in connection with such Third Party Claim, in each case to the extent that such access will not require the disclosure of commercially sensitive or confidential information to any person who has not entered into a binding non-disclosure agreement in favour of the Group or require the disclosure of information which is subject to legal privilege;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.5 the Buyer shall not, and shall procure that each member of the Buyer's Group shall not, settle or make
any admission of liability, agreement or compromise any claim or matter relating to the Third Party Claim without, to the extent reasonably practicable and legally permissible, notifying each Investor Seller and the Management Sellers'
Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.6 the Sellers will provide cooperation and assistance as may be reasonably requested by the Buyer in connection
with any such Third Party Claim, including making available to the Buyer's Group, at reasonable times, and upon reasonable notice, all books, records and documents within the Sellers' control or that the Sellers can reasonably obtain
relating to such Third Party Claim.

8. **MITIGATION** 

Nothing in this Schedule 3 will in any way restrict or limit the general obligation at Law of the Buyer (and of the Buyer's Group) to mitigate any loss or damage which it may suffer as a result of any matter giving rise to any Relevant Claim.

9. **BUYER'S KNOWLEDGE OF CLAIMS** 

The Sellers shall not be liable in respect of a Fundamental Warranty Claim to the extent that any of the Buyer's Knowledge Persons had actual knowledge of the matter, fact or circumstance giving rise to the Fundamental Warranty Claim, on the date of this Deed. The Buyer acknowledges and confirms that each Buyer's Knowledge Persons has read the diligence reports prepared by the Buyer's Representatives on behalf of the Buyer or any of its Affiliates in connection with the Transaction and accordingly shall be deemed to have actual knowledge of the facts, matters and circumstances specifically set out in such reports.

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10. **ACCURACY OF INFORMATION** 

10.1 Save as set out in the Management Warranty Deed, the Sellers make no representation and give no warranty or
undertaking to the Buyer save only as and to the extent expressly set out in this Deed. Notwithstanding any other provisions of this Deed, the Buyer shall not have any remedy in respect of any misrepresentation or untrue statement made (whether
carelessly or not) by the Sellers unless and to the extent that a Relevant Claim lies for an actual breach of the Fundamental Warranties. In particular, the Sellers disclaim all liability and responsibility for any representation, warranty,
statement, opinion, information or advice made or communicated (orally or in writing) to the Buyer (including any representation, warranty, statement, opinion, information or advice made or communicated to the Buyer or any other member of the
Buyer's Group by any officer, director, employee, agent, consultant or representative of the Sellers or of any Affiliate of the Sellers, or otherwise made available by or on behalf of the Sellers or contained in the Data Room) other than for
breach of the Fundamental Warranties. No Seller makes any representation or warranty as to the accuracy of any forecasts, estimates, projections, statements of intent or opinion or other forward looking statements provided to the Buyer, any member
of the Buyer's Group or to its or their advisers on or prior to the date of this Deed (including any documents contained in the Data Room).

10.2 No Fundamental Warranty or other provision of the Transaction Documents shall be construed as a representation
or warranty as to any judgement based on actuarial principles, practices or analyses by whomsoever made on a reasonably prudent basis or as to the future fulfilment of any reasonable assumption. In particular, and without prejudice to the generality
of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1 no representation or warranty is made by or on behalf of the Sellers or any member of the Group (and they
assume no liability) as to the accuracy of any forecasts, assumptions, estimates, projections, forward-looking statements, statements of intent or statements of honestly expressed opinion contained in any actuarial information provided to the Buyer
or any member of the Buyer's Group or to its or their advisers on or prior to the date of this Deed (including any documents contained in the Data Room); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2 no representation or warranty is made by or on behalf of the Sellers or any member of the Group as to the
adequacy of the amount of the liabilities, provisions for claims (whether in respect of reported claims or in respect of liabilities or claims which have been incurred but not reported), premiums, policy benefits, expenses and any other reserves of
the Group, as far as applicable, in respect of the insurance business of the Group or as to the value in force of any of the policies comprised within the insurance business of the Group (whether as represented in the Group Accounts or otherwise).

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11. **INSURANCE** 

The Sellers shall not be liable in respect of a Relevant Claim (other than in respect of any Fundamental Warranty Claim) to the extent that the Relevant Claim relates to any Loss which is recoverable by the Buyer (or any assignee or successor in title thereof), or any member of the Buyer's Group from its insurers (including W&I Insurers).

12. **NO LIMITATION FOR FRAUD** 

Nothing in this Schedule 3 will have the effect of excluding or limiting any liability of the Sellers in respect of a Relevant Claim arising or increasing as a result of any fraud by or on behalf of any Seller; provided that in no circumstances shall any such liability be incurred for the account of those Sellers whose actions or omissions do not amount to fraud in accordance with this paragraph 12 of Schedule 3.

13. **WARRANTY AND INDEMNITY INSURANCE** 

13.1 The Buyer shall procure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.1 any W&I Insurance Policy explicitly provides a waiver ()"**Subrogation Waiver**") that the
W&I Insurer cannot be subrogated in the rights of the Buyer against the Sellers, the Sellers' Affiliates or any of their respective present or former directors, officers or employees, except in the event that the relevant loss arose out of
fraud of the Sellers, the Sellers' Affiliates or any of their respective present or former directors, officers or employees, and then only towards that specific person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2 any W&I Insurance Policy includes express provisions to allow for such Subrogation Waiver to be enforceable
by the Sellers and the Sellers' Affiliates under the Contracts (Rights of Third Parties) Act 1999);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.3 such Subrogation Waiver in any W&I Insurance Policy may not be amended or waived without the Investor
Sellers' prior written consent, which provision shall be included in the W&I Insurance Policy as an irrevocable third party beneficiary clause for no consideration for the benefit of the Sellers, the Sellers' Affiliates and any of
their respective present or former directors, officers or employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.4 as soon as reasonably practicable following inception, written evidence of the Subrogation Waiver and written
confirmation (including via e-mail) from the Buyer that the W&I Insurance Policy has been incepted is delivered to each Investors Seller and the Management Sellers' Representative.

13.2 Subject to the inception by the Buyer or any member of the Buyer's Group of a W&I Insurance Policy,
the Buyer undertakes to the Sellers that it will not (i) novate, or otherwise assign, its rights with respect to the Subrogation Waiver; (ii) knowingly do anything which causes the Subrogation Waiver not to have full force and effect in
accordance with its terms; or (iii) enter into any other arrangement that might be reasonably likely to have the effect of conferring any rights of subrogation against any of the Sellers.

13.3 Any W&I Insurance Premium shall be solely for the Buyer's account and the Sellers shall have no
liability in respect thereof.

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13.4 The Buyer acknowledges and agrees that the Buyer or any other member of the Buyer's Group who procures
the inception of a W&I Insurance Policy shall be fully liable for any retention amount under the W&I Insurance Policy and the Seller shall not be liable for any such amount.

14. **NOMINEE** 

14.1 It is acknowledged that the Nominee enters into this Deed in its capacity as nominee for the B Share Management
Sellers and, without prejudice to the provisions of paragraph 1 of this Schedule 3, its aggregate total liability under the Transaction Documents where acting in this capacity, shall be limited to the value of the assets held on behalf of that B
Share Management Seller.

14.2 It is acknowledged that the obligations or liabilities that may arise under or in connection with this Deed
shall not impose any personal liability upon the Nominee, its officers or employees or the respective heirs, successors, personal representatives and estates of the Nominee and each of their officers and employees.

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**SCHEDULE 4** 

**BUYER WARRANTIES** 

1. Each of the Buyer and the Buyer Guarantor are validly incorporated, or organised (as applicable), in existence
and duly registered under the laws of their country of incorporation or organisation.

2. Save as otherwise set out in this Deed, each of the Buyer and the Buyer Guarantor has the power and authority
required, and has obtained or satisfied all corporate or regulatory approvals or other conditions necessary, to enter into this Deed and each of the Transaction Documents to which it is a party and, subject to satisfaction of the Conditions, to
perform fully its obligations under this Deed and the Transaction Documents to which it is a party in accordance with their respective terms.

3. The entry into, and the implementation of the transactions contemplated by, this Deed and each of the
Transaction Documents by each of the Buyer and the Buyer Guarantor will not (i) result in a violation or breach of any provision of their respective constitutional documents, or (ii) result in a breach of, or give rise to a default under,
any contract or other instrument to which the Buyer or the Buyer Guarantor (as applicable) is a party or by which it is bound and which would have a material adverse effect on the ability of the Buyer or the Buyer Guarantor (as applicable) to
perform fully its obligations under this Deed and the Transaction Documents to which it is a party, or (iii) conflict with or result in a breach of any Law or of any order, judgment or decree of any Governmental Authority to which it is party
or by which it is bound.

4. Save as set out in Clause 3.1 or Part B of Schedule 1, all or any consents, permissions, approvals, notices and
agreements of third parties (including Governmental Authorities) which are necessary for the Buyer or the Buyer Guarantor to obtain in order to enter into and perform its obligations under this Deed and the Transaction Documents in accordance with
their respective terms have been unconditionally obtained or made in writing by the Buyer or the Buyer Guarantor (as applicable).

5. This Deed and each of the Transaction Documents to be entered into by each of the Buyer and the Buyer Guarantor
constitute valid and legally binding obligations of the Buyer and the Buyer Guarantor (as applicable) enforceable in accordance with their respective terms.

6. The Buyer is acquiring the entire legal title to and beneficial interest in the Shares for itself alone and not
(in whole or in part) as agent, trustee or nominee for any other person.

7. No Insolvency Proceedings have commenced in relation to the Buyer or the Buyer Guarantor.

8. No order has been made and no resolution has been passed for the winding up of the Buyer or the Buyer Guarantor
and no petition has been presented and no meeting has been convened for such purpose.

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9. At Completion, there will be available to the Buyer, on an immediate basis and subject only to Completion
taking place, the necessary Funds to meet its obligations under the Transaction Documents as they arise, including pursuant to Clause 4 of this Deed and all fees and expenses payable in connection with the transaction contemplated in this Deed.

10. The Buyer's obligation to consummate the transaction contemplated by this Deed and the Transaction
Document is not contingent upon the Buyer or any of its Affiliates obtaining any third party financing.

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**SCHEDULE 5** 

**COMPLETION STATEMENT AND ACCOUNTING POLICIES** 

**PART A** 

**ACCOUNTING POLICIES** 

[Redacted.]

**PART B** 

**FORM OF COMPLETION TNAV STATEMENT** 

[Redacted.]

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**SCHEDULE 6** 

**VOTING POWER OF ATTORNEY** 

[Redacted.]

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**SCHEDULE 7** 

**CONDUCT OF BUSINESS PENDING COMPLETION** 

1. **RESTRICTIONS ON THE GROUP** 

1.1 Subject always to paragraph 2 of this Schedule 7, during the period commencing on the date of this Deed and
ending on (and including) the Completion Date, each Seller shall procure that each member of the Group, in all material respects carries on its business (including the business of the Syndicate) in a manner which is consistent with the practice of
the previous 12 months (including in respect of compliance with claims policies, reserving policies and applicable Law) and the Business Plan then in effect.

1.2 Subject always to paragraph 2 of this Schedule 7, during the period commencing on the date of this Deed and
ending on (and including) the Completion Date, each Seller shall procure that, without the prior written consent of the Buyer, which shall not be unreasonably withheld or delayed, no member of the Group shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 make any material change in the nature or organisation of its business (including any discontinuance or
cessation of the operation of its business, whether commencing or closing lines of business or otherwise) which would materially affect any of the members of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 create, allot or issue any shares or agree, arrange or undertake to do any of those things other than to a
member of the Group, or make any other change or alteration to its share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 alter in a material way any of its constitutional documents, including the articles of association, or any
material committee, governance, compliance or similar policy or charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4 give or agree to give any option, right to acquire or call (whether by conversion, subscription or otherwise)
in respect of any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.5 acquire or agree to acquire any interest in a corporate body or merge or consolidate with a corporate body or
any other person, enter into any demerger transaction or participate in any other type of corporate reconstruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6 waive any amount owed to any member of the Group by the Sellers or any Affiliate of the Sellers (other than any
member of the Group);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.7 acquire or dispose of, or agree to acquire or dispose of, any material assets, businesses or undertakings or
any material revenues or assume or incur, or agree to assume or incur, any material liability, obligation or expense otherwise than in the ordinary course of business (including syndicate reinsurance in the ordinary course of business) or for
acquisitions of investment assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.8 subject to paragraph 2.1.7 of this Schedule 7, declare, make or pay any dividend or other distribution,
provided that the Group shall not be permitted to contact any Governmental Authority to request special dispensation in relation to any applicable Laws, regulation or published (or otherwise publicly announced) advice, directions or rules from any
Governmental Authority in relation to any such dividend or distribution without the prior written consent of the Buyer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.9 create any borrowings or other indebtedness for borrowed money otherwise than pursuant to ordinary course
financing, reinsurance or retrocession arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.10 enter into any transaction with any person otherwise than at arm's length;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.11 make any proposal for the winding up or liquidation, or authorise or undertake a merger, dissolution,
rehabilitation, consolidation, restructuring, recapitalisation or other reorganisation or otherwise initiate any Insolvency Proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.12 commence, compromise or settle any material litigation or arbitration proceedings but excluding settlement of
ordinary course insurance, reinsurance and/or retrocession claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.13 make any material change to its method of accounting, any audit practices, or change its accounting date, other
than any change required by Law, applicable accounting regulations or any change implemented to comply with generally accepted accounting practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.14 file an amended return for Tax purposes or make an amendment to any other document, election, claim or
surrender relating to Tax which has been submitted to or filed with a Tax Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.15 settle or otherwise compromise any enquiry or dispute with a Tax Authority or change its Tax residence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.16 file a material return for Tax purposes inconsistent with past practice or change its Tax reporting or payment
policy (other than, in each case, insofar as required by Law, applicable accounting regulations or to comply with generally accepted accounting practice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.17 file any return, clearance or ruling application or other document to HM Revenue & Customs in respect
of the LB Cell or correspond, discuss or otherwise engage with HM Revenue & Customs in respect of the LB Cell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.18 make or revoke any material US Tax election or change any entity classification for US federal income tax
purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.19 redeem or purchase any shares or reduce its issued share capital, or any uncalled or unpaid liability in
respect thereof, or any capital redemption reserve, share premium account or other reserve that is not freely distributable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.20 enter into or make any material amendment to any Material Contract, excluding for these purposes the renewal of
or amendments to the L/C Facility Agreement (including any change in the amount of the facility) in each case in accordance with Clause 6.5, or the entry into or amendments to any Material Reinsurance Contracts or any outwards reinsurance agreements
which are between any member of the Group (whether as a member of the Syndicates or otherwise) and a reinsurer undertaken in the ordinary course of business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.21 carry out the underwriting or reinsurance for and on behalf of the Members of the Syndicates other than in
accordance with the then current Business Plan for the Syndicate save to the extent that such variations would not require Lloyd's to agree to a variation to such plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.22 save to the extent required by applicable Law, make any material change to policies relating to regulatory
capital, liquidity, capital management, investment and/or reserving of any member of the Group, including the Syndicate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.23 make any material amendments to the investment strategy of the Group (including in relation to the management
of the FAL and the Premium Trust Fund assets) that would materially increase the risk profile of the Group as at the date of this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.24 enter into any inter-syndicate loans or borrowings on behalf of the Syndicate or permit the Syndicate to enter
into any new borrowings or facilities with any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.25 other than as expressly contemplated by Clause 6.5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) terminate the L/C Facility Agreement, the L/C Facility Extension Documents or any other Finance Document (as
defined in the L/C Facility Agreement); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) cancel any commitments under the L/C Facility Agreement, the L/C Facility Extension Documents or any other
Finance Document (as defined in the L/C Facility Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.26 agree to any compromise or settlement of any enforcement action pursued by any Governmental Authority in
relation to the business of any member of the Group or against any directors, officers or employees of the Group (in their capacity as directors, officers, employees of any member of the Group);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.27 surrender, vary, limit, allow to lapse, or submit a new application for any regulatory licence or permission
other than a regulatory licence or permission that is *de minimis* to the business of the Group and/or required in the ordinary course of business to allow the Group to continue to operate the Group in a manner consistent with how it operated
in the previous 12 months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.28 remove or amend any remuneration (including salary, pension entitlements, bonuses, commissions and benefits in
kind), or materially vary the terms of employment or engagement of any director, officer or Senior Employee, except to the extent that any such amendments or variations are (i) required by applicable Law, or (ii) in the ordinary course of
business and consistent with past practice of the previous 12 months;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.29 terminate the employment or engagement of any director, officer or Senior Employee, except in circumstances
where the relevant Group Company would be entitled to terminate such employment or engagement without notice or payment in lieu of notice in accordance with the individual's contract of employment or engagement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.30 (a) permit the exercise of a LTIP Option or an All-In Option granted
under the Share Option Plan, otherwise than by a good leaver (as described in Rule 10.1 of the Share Option Plan) and only to the extent that such option is settled in cash on the date of termination of such optionholder's employment pursuant
to Rules 8 and 10.1 of such Share Option Plan; nor (b) subject to Clause 1.2.30(a), otherwise exercise any discretion under the Share Option Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.31 make any bonus determination in relation to the Company's short term incentive plan, other than in
accordance with past practice or pay any bonus in excess of what has been accrued in the Completion TNAV in relation to such bonus (which will be no more than the sum of 125 per cent. of each target bonus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.32 discontinue or amend in any material respect, or establish, any pension or employment benefits scheme
(including any long term incentive plan, equity incentive scheme or bonus plan) or commence winding up or termination of any such scheme or cause any such scheme to cease to admit new members or communicate to Employees a plan, proposal or intention
to discontinue, amend, wind up, terminate or cease to admit new members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.33 take or fail to take any action which would be reasonably likely to result in the termination, revocation,
suspension, modification or non-renewal of any material licence or consent held by any Group Company and issued or granted by a Governmental Authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.34 establish or incorporate any new subsidiary of any Group Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.35 agree, conditionally or otherwise, to do any of the foregoing.

2. **PERMITTED ACTIVITIES** 

2.1 The provisions of paragraph 1 of this Schedule 7 do not apply in respect of and shall not operate to restrict
or prevent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 any act or omission reasonably undertaken during or following a pandemic, epidemic, war or conflict in any
country or region, emergency or disaster situation or imposition of sanctions with the intention of minimising any adverse effect of such situation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 providing information to any government entity or Governmental Authority as required by applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 any matter expressly provided for or permitted by this Deed or any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 any payment or accrual made by or on behalf of any member of the Group to the extent provided, reserved or
accrued for, referred to or reflected in the Group Accounts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5 submission to Lloyd's of the business plan(s) in respect of the Syndicate, and the making of any
amendments to the business plan of the Syndicate required or requested by Lloyd's prior to receiving Lloyd's approval of such business plan (in each case in accordance with Clause 6.7);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6 any declaration, making of or paying of any dividend expressly permitted by this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.7 any actions required to facilitate the declaration and payment of any Pre-Completion Dividend or Post-Completion Dividend (including reductions of capital, intercompany loans and any early release of FAL in accordance with the requirements of Lloyd's), provided any such
actions shall not prejudice or delay the transactions contemplated by this Deed in any material respect subject, in any case, to Clause 4.5.2(f) and 4.9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.8 providing or agreeing to provide a payment, benefit or other emolument (provided that any such payment, benefit
or emolument shall either be (a) in the form of options granted subject to the terms of the Share Option Plan, equivalent to a non-material amount, or (b) in cash) to an Employee or consultant in
accordance with (i) Clauses 5.2 and/or 5.3of this Deed; (ii) the Group's past practice, or (iii) the Group's ordinary course of business, provided in each case that the Buyer shall be consulted prior to the grant of any
options subject to the terms of the Share Option Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.9 completing or performing any obligations undertaken pursuant to any contract, agreement or arrangement entered
into prior to the date of this Deed or required by any Law, including entering into an agreement to surrender and completing the surrender of the lease of seventh floor, One Creechurch Place, London, EC3A 5AF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.10 any act or omission which is approved by or on behalf of the Buyer in writing, such approval not to be
unreasonably withheld or delayed, provided that where the approval of the Buyer is expressly requested for the purposes of this paragraph 2.1.11 by the Sellers, such approval will be deemed to have been given unless the Buyer notifies each Investors
Seller and the Management Sellers' Representative in writing within five (5) Business Days of the relevant request that the Buyer does not approve the relevant act or omission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.11 any act or omission which is necessary in the reasonable opinion of an Investor Seller or the Management
Sellers' Representative in order to comply with any requirement of applicable Law (provided that, where advice of external counsel is obtained, such acts or omissions comply with such advice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.12 any action (or omission to act) which is reasonably required, recommended or advisable by law, court order,
regulation or published (or otherwise publicly announced) advice, directions or rules from any Governmental Authority which has jurisdiction over an Investor Seller or its Affiliates, or any member of the Group (provided that, where advice of
external counsel is obtained, such acts or omissions comply with such advice);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.13 any fact, matter or circumstances that is set out in the Business Plan then in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.14 any act or omission in the ordinary course of business, including in respect of settlement of insurance,
reinsurance and/or retrocession claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.15 obtaining any reinsurance (including quota share and excess of loss) or adverse development cover in respect of
the liabilities of any member of the Group in the ordinary course; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.16 any fact, matter or circumstance that is Disclosed to the Buyer in the Disclosure Letter or Data Room.

3. **LEAVER PROVISIONS** 

3.1 In the event that the legal and/or beneficial title in any of the B Ordinary Shares is transferred as a result
of the Leaver Provisions following the date of this Deed and prior to Completion (the operation of which shall not, for the avoidance of doubt, require any consent from the Buyer):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 the legal and/or beneficial title (as applicable) to such B Ordinary Shares shall be transferred in accordance
with the applicable Leaver Provisions and on the condition that the transferee of such B Ordinary Shares shall sell such B Ordinary Shares to the Buyer and assume the obligations of the relevant transferor pursuant to this Deed and the relevant
provisions of this Deed shall be deemed updated *mutatis mutandis*, provided that any such transfer shall be conditional upon the transferee executing a Deed of Adherence, unless they are already a party to this Deed; and

the Completion Statement (if already in issue) shall be amended and redelivered to the Buyer by the Investor Sellers to reflect such transfer and the Completion Statement as amended and redelivered shall then constitute the Completion Statement for the purposes of this Deed.

------

**SCHEDULE 8** 

**ALLOCATION OF CONSIDERATION** 

**PART A** 

**ALLOCATION OF CONSIDERATION AMONG A SHARE SELLERS** 

[Redacted.]

------

**PART B** 

**ALLOCATION OF CONSIDERATION AMONG B SHARE MANAGEMENT SELLERS** 

[Redacted.]

------

**SCHEDULE 9** 

**MANAGEMENT ROLLOVER TABLES** 

[Redacted.]

------

**SCHEDULE 10** 

**RESTRICTED PERIOD** 

[Redacted.]

------

**SCHEDULE 11** 

**DETAILS OF THE GROUP ENTITIES** 

**PART A** 

**COMPANY, SUBSIDIARIES AND LB CELL** 

[Redacted.]

**PART B** 

**OTHER ENTITIES** 

[Redacted.]

------

**EXECUTED AND DELIVERED** by the parties as a Deed

---

| | |
|:---|:---|
| **EXECUTED** as a **DEED** by<br>**CASUALTY HOLDING LIMITED** |  |
| acting by |  |
|  | /s/ Peter Jurdjevic |
|  | Name: Peter Jurdjevic |
|  | Director |

---

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

---

| |
|:---|
|  **EXECUTED** as a **DEED** by |
|  **CDP INVESTISSEMENTS INC.** |
|  acting by |

---

*[Signature page – Share Purchase Deed]* 

------

---

| | |
|:---|:---|
| **EXECUTED** as a **DEED** by<br> **INS-UK PREMIUM S.à r.l.** |  |
| acting by |  |
|  | /s/ Andrea Smekalova |
|  | Name: Andrea Smekalova |
|  | Manager A |
|  | /s/ Jean Philippe MERSY |
|  | Name: Jean Philippe MERSY |
|  | Manager B |

---

*[Signature page – Share Purchase Deed]* 

------

---

| | | |
|:---|:---|:---|
| **EXECUTED** as a **DEED** by **BRIDGE (CAYMAN) HOLDINGS LTD**. acting by Sally Rocker, a director and authorised signatory being a person who, in accordance with the Laws of the territory in which the company is incorporated is acting under the authority of the company | **))**<br> **))** |  |
| **EXECUTED** as a **DEED** by **BRIDGE (CAYMAN) HOLDINGS LTD**. acting by Sally Rocker, a director and authorised signatory being a person who, in accordance with the Laws of the territory in which the company is incorporated is acting under the authority of the company | **))**<br> **))** | /s/ Sally Rocker |
|  |  | Director and authorised signatory |

---

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

---

| | |
|:---|:---|
|  **EXECUTED** as a **DEED** by<br> **CAVELLO BAY REINSURANCE LIMITED**<br> acting by Robert Morgan |))) |
|  **EXECUTED** as a **DEED** by<br> **CAVELLO BAY REINSURANCE LIMITED**<br> acting by Robert Morgan | /s/ Robert Morgan |
|  | Authorised Signatory |

---

*[Signature page – Share Purchase Deed]* 

------

---

| | |
|:---|:---|
| **EXECUTED** as a **DEED** by **TRIDENT V, L.P.** | **EXECUTED** as a **DEED** by **TRIDENT V, L.P.** |
| By: Stone Point Capital LLC, its manager | By: Stone Point Capital LLC, its manager |
| By: | /s/ Stephen Levey |
| Name: | Stephen Levey |
| Title: | Managing Director and Counsel |

---

*[Signature page – Share Purchase Deed]* 

------

---

| | |
|:---|:---|
| **EXECUTED** as a **DEED** by **TRIDENT V PARALLEL FUND, L.P.** | **EXECUTED** as a **DEED** by **TRIDENT V PARALLEL FUND, L.P.** |
| By: Stone Point Capital LLC, its manager | By: Stone Point Capital LLC, its manager |
| By: | /s/ Stephen Levey |
| Name: | Stephen Levey |
| Title: | Managing Director and Counsel |

---

*[Signature page – Share Purchase Deed]* 

------

---

| | |
|:---|:---|
| **EXECUTED** as a **DEED** by **TRIDENT V PROFESSIONALS FUND, L.P.** | **EXECUTED** as a **DEED** by **TRIDENT V PROFESSIONALS FUND, L.P.** |
| By: Stone Point Capital LLC, its manager | By: Stone Point Capital LLC, its manager |
| By: | /s/ Stephen Levey |
| Name: | Stephen Levey |
| Title: | Managing Director and Counsel |

---

*[Signature page – Share Purchase Deed]* 

------

---

| | |
|:---|:---|
|  **EXECUTED** as a **DEED** by<br> **DOWLING CAPITAL PARTNERS I, L.P.** |)))) |
|  **EXECUTED** as a **DEED** by<br> **DOWLING CAPITAL PARTNERS I, L.P.** | /s/ Vincent J. Dowling, Jr. |
|  | By: Dowling Capital I, LLC, its General Partner |
|  | /s/ Vincent J. Dowling, Jr. |
|  | By: Dowling Capital SLP I, LLC, its Sole Member |
|  | /s/ Vincent J. Dowling, Jr. |
|  | By: Vincent J. Dowling, Jr. |
|  | Title: Managing Director |

---

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

---

| | | |
|:---|:---|:---|
|  **EXECUTED** as a **DEED** by<br> **CAPITAL CITY PARTNERS LLC**<br>on being signed by Vincent J. Dowling, Jr.<br>Managing Director | **))**<br>**))**<br> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>/s/ Vincent J. Dowling, Jr. |
|  In the presence of:<br>Name of witness: [Redacted.]<br>Signature of witness:/s/ [Redacted.]<br>Address: [Redacted.]<br>Occupation: [Redacted.] | **))**<br> |  |
|  In the presence of:<br>Name of witness: [Redacted.]<br>Signature of witness:/s/ [Redacted.]<br>Address: [Redacted.]<br>Occupation: [Redacted.] |  |  |

---

*[Signature page – Share Purchase Deed]* 

------

---

| | | |
|:---|:---|:---|
|  **EXECUTED** as a **DEED** by<br> **GEORGE STRATTS** |)) | /s/ George Stratts |
|  In the presence of: |  |  |

---

---

| |
|:---|
| <u>/s/ [Redacted.]</u> Signature of witness |
| <u>[Redacted.]</u> Name of witness |
| <u>[Redacted.]</u> Address of witness |

---

*[Signature page – Share Purchase Deed]* 

------

---

| | | |
|:---|:---|:---|
|  **EXECUTED** as a **DEED** by<br> **RICHARD WATSON** |)) | /s/ Richard Watson |
|  In the presence of: |  |  |

---

---

| |
|:---|
| <u>/s/ [Redacted.]</u> Signature of witness |
| <u>[Redacted.]</u> Name of witness |
| <u>[Redacted.]</u> Address of witness |

---

*[Signature page – Share Purchase Deed]* 

------

---

| | | |
|:---|:---|:---|
|  **EXECUTED** as a **DEED** by<br> **RUSSELL MERRETT** |)) | /s/ Russell Merrett |
|  In the presence of: |  |  |

---

---

| |
|:---|
| <u>/s/ [Redacted.]</u> Signature of witness |
| <u>[Redacted.]</u> Name of witness |
| <u>[Redacted.]</u> Address of witness |

---

*[Signature page – Share Purchase Deed]* 

------

---

| | | |
|:---|:---|:---|
|  **EXECUTED** as a **DEED** by<br> **STUART BRIDGES** |)) | /s/ Stuart Bridges |
|  In the presence of: |  |  |

---

---

| |
|:---|
| <u>/s/ [Redacted.]</u> Signature of witness |
| <u>[Redacted.]</u> Name of witness |
| <u>[Redacted.]</u> Address of witness |

---

*[Signature page – Share Purchase Deed]* 

------

---

| |
|:---|
| **EXECUTED** as a **DEED** by |
| **ZEDRA TRUST COMPANY (GUERNSEY) LIMITED** in its capacity as nominee for the B Share Management Sellers |
| acting by two authorised signatories |
| /s/ Simon Falla |
| Authorised Signatory: Simon Falla |
| /s/ Nicola Brown |
| Authorised Signatory: Nicola Brown |

---

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

**ZEDRA TRUST COMPANY (GUERNSEY) LIMITED** in its capacity as trustee of the Inigo Employee Benefit Trust

acting by two authorised signatories

---

| |
|:---|
| /s/ Simon Falla |
| Authorised Signatory: Simon Falla |
| /s/ Nicola Brown |
| Authorised Signatory: Nicola Brown |

---

*[Signature page – Share Purchase Deed]* 

------

---

| | |
|:---|:---|
|  **EXECUTED** as a **DEED** by |)) |
|  | /s/ Stuart Bridges |

---

on behalf of **ADAM ALVAREZ** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

---

| | |
|:---|:---|
|  **EXECUTED** as a **DEED** by |)) |
|  | /s/ Stuart Bridges |

---

on behalf of **ADAM BROWN** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

---

| | |
|:---|:---|
|  **EXECUTED** as a **DEED** by |)) |
|  | /s/ Stuart Bridges |

---

on behalf of **ALICE KAYE** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

---

| | |
|:---|:---|
|  **EXECUTED** as a **DEED** by |)) |
|  | /s/ Stuart Bridges |

---

on behalf of **ALLIE TONNA** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **ALLIE TONNA** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **ANDREA AAKRE** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **CHRIS HILL** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **CHRIS WELLER** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **COLM BARRETT** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **CRAIG KNIGHTLEY** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **DAMIEN PUJADE-LAURAINE** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **DAMIEN SMITH** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **ED WHITWORTH** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **EDWARD WALLIS** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **EMMA MONTAGUE** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **ERDAL ATAKAN** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **FLAVIA LYONS** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **GREGORY BENSON** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **GUY BURROWS** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **HOWARD DAVIES** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **JAMES CREASY** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **JAMES FRYER** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **JAMES POWER** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **JANE BENNETT** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **MAEVE GRANT** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **MATTHEW ROLPH** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **NICK LAZARUS** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **NICOLA DODD** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **PAUL TALBOT** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **SILVANA HALILI** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **STEVE AGUTTER** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **TARNJEET KANG** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **TOM IELAPI** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **VANESSA HARTLEY** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **XAV JOHN** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **YERA PATEL** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

**EXECUTED** as a **DEED** by

on behalf of **YVES COLOMB** under power of attorney

on being signed by

Stuart Bridges

In the presence of:

Name of witness: [Redacted.]

Signature of witness: /s/ [Redacted.]

Address: [Redacted.]

Occupation: [Redacted.]

*[Signature page – Share Purchase Deed]* 

------

---

| |
|:---|
| **EXECUTED as a DEED by** |
| **RADIAN US HOLDINGS INC.** |
| on being signed by) |
| /s/ Richard Thornberry |
| In the presence of:) |
| Name of witness: |
| Signature of witness: |
| Address: |
| Occupation: |

---

*[Signature page – Share Purchase Deed]* 

------

---

| |
|:---|
|  **EXECUTED as a DEED by** |
| **RADIAN GROUP INC.** |
| on being signed by) |
| /s/ Richard Thornberry |
| In the presence of:) |
| Name of witness: |
| Signature of witness: |
| Address: |
| Occupation: |

---

*[Signature page – Share Purchase Deed]*

## Exhibit 2.2

**EXHIBIT 2.2** 

***Execution Version***

**DATED 18 SEPTEMBER 2025** 

**WARRANTY DEED** 

between

**RADIAN US HOLDINGS INC.** 

as **BUYER**

and

the persons listed in Schedule 1

as **MANAGEMENT WARRANTORS**

**SKADDEN ARPS SLATE MEAGHER & FLOM LLP** 

**22 BISHOPSGATE** 

**EC2N 4BQ** 

**LONDON** 

------

**CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 1. | INTERPRETATION | 1 |
| 2. | WARRANTIES AND RECOURSE | 8 |
| 3. | W&I INSURANCE | 8 |
| 4. | TAX | 10 |
| 5. | ASSIGNMENT | 10 |
| 6. | EFFECT OF COMPLETION | 10 |
| 7. | COUNTERPARTS | 10 |
| 8. | THIRD PARTY RIGHTS | 10 |
| 9. | MANAGEMENT WARRANTORS' REPRESENTATIVE | 10 |
| 10. | NOTICES | 11 |
| 11. | INVALIDITY | 12 |
| 12. | GENERAL PROVISIONS | 12 |
| 13. | LIABILITY | 13 |
| 14. | TERMINATION | 13 |
| 15. | ENTIRE AGREEMENT | 13 |
| 16. | GOVERNING LAW AND SUBMISSION TO JURISDICTION | 14 |
| 17. | APPOINTMENT OF PROCESS AGENT | 14 |
| Schedule 1 MANAGEMENT WARRANTORS | Schedule 1 MANAGEMENT WARRANTORS | 23 |
| Schedule 2 WARRANTIES | Schedule 2 WARRANTIES | 24 |
| Schedule 3 LIMITATIONS ON LIABILITY | Schedule 3 LIMITATIONS ON LIABILITY | 49 |
| Schedule 4 TAX SCHEDULE | Schedule 4 TAX SCHEDULE | 52 |
| Schedule 5 PROPERTY SCHEDULE | Schedule 5 PROPERTY SCHEDULE | 57 |

---

i

------

This **DEED** is made on 18 September 2025

**BETWEEN:** 

**(1)** **RADIAN US HOLDINGS INC.**, a Delaware corporation whose principal executive office is at 550 East
Swedesford Rd, Suite 350, Wayne, PA 19087 (the "**Buyer** "); and

**(2)** **THE PERSONS** whose names and addresses are set out in Schedule 1 (together the "**Management Warrantors**" and each a "**Management Warrantor** ").

**WHEREAS:** 

**(A)** The Management Warrantors are engaged in the management of the operations of the Group.

**(B)** In connection with the sale of the Shares to the Buyer under the Sale and Purchase Agreement, the
Management Warrantors have agreed to give the Warranties and certain covenants on and subject to the terms and conditions contained in this Deed.

**IT IS AGREED:** 

**1.** **INTERPRETATION** 

1.1 Words and expressions defined in clause 1.1 of the Sale and Purchase Agreement shall (unless defined in this
Deed or the context otherwise requires) have the same meanings in this Deed.

1.2 In this Deed unless the context otherwise requires:

"**2023 RITC Agreement**" means the reinsurance to close agreement in respect of the 2020 year of account of the Syndicate between, among others, Inigo Managing Agent Limited, the members of Lloyd's who constitute the Syndicate for the 2020 year of account and the members of Lloyd's who constitute Lloyd's Syndicate 2008 for the 2021 year of account;

"**2024 RITC Agreement**" means the reinsurance to close agreement in respect of the 2021 year of account of the Syndicate between Inigo Managing Agent Limited, the members of Lloyd's who constitute the Syndicate for the 2021 year of account and the members of Lloyd's who constitute the Syndicate for the 2022 year of account;

"**2025 RITC Agreement**" means the reinsurance to close agreement in respect of the 2022 year of account of the Syndicate between Inigo Managing Agent Limited, the members of Lloyd's who constitute the Syndicate for the 2022 year of account and the members of Lloyd's who constitute the Syndicate for the 2023 year of account, as Disclosed at 5.2.8.1 of the Data Room;

"**Accounts**" means the consolidated audited financial statements of the Group for the years ended 31 December 2022, 31 December 2023 and on the Accounts Date;

"**Accounts Date**" means 31 December 2024;

"**All In Options**" has the meaning given to the term in the Sale and Purchase Agreement;

"**Anti-Corruption Laws**" means any laws, regulations or conventions related to combating bribery and corruption, including the OECD Convention on Combating Bribery of Foreign Officials in International Business Transactions (and any legislation adopted in furtherance of the OECD Convention), the UN Convention Against Corruption, the UK Bribery Act 2010, United States Foreign Corrupt Practices Act of 1977, or any other anti-bribery or anti-corruption law, rule or regulation of any jurisdiction applicable to any Group Company;

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"**Anti-Money Laundering Laws**" means any laws or regulations related to money laundering, including but not limited to the European Union Money Laundering Directives (and decrees, administrative orders, circulars or instructions implementing the same), the UK Proceeds of Crime Act 2002 and Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended), the USA PATRIOT Act, and any other laws, rules or regulations related to money laundering or countering the financing of terrorism of any jurisdiction applicable to any Group Company;

"**Applicable Period**" has the meaning given to it in paragraph 18.2 of Schedule 2;

"**Associated Person**" means in relation to a company, any person (including an agent or representative) who performs or has performed services for or on that company's behalf and other such persons as may be defined under Anti-Corruption Laws applicable to any Group Company;

"**Authorities**" has the meaning given to it in paragraph 14.1 of Schedule 2;

"**Books and Records**" means all books (including statutory), records, documents and other materials (however recorded and in any form, including paper, electronically stored data, magnetic media, film and microfilm) of each Group Company (other than the LB Cell);

"**Business IPR**" means (a) any Owned Business IPR; and (b) all Intellectual Property Rights which, in the twelve (12) months prior to the date of this Deed have been used primarily in connection with the business of any Group Company and which are material to the business of the Group (other than in respect of the IT Systems);

"**Claim**" means any claim, proceeding, suit or action against any Management Warrantor arising out of or in connection with this Deed and, for the avoidance of doubt, includes Tax Claims;

"**Claim Notice**" has the meaning given to it in paragraph 1 of Schedule 3;

"**Code**" means the Internal Revenue Code of 1986, as amended;

"**Coming into Line**" means, in relation to any Year of Account, the last date prescribed by Lloyd's by which each Member must have provided its Funds at Lloyd's if it is to be eligible to underwrite or to continue to underwrite insurance business at Lloyd's for such Year of Account;

"**Company**" means Inigo Limited, a company incorporated in England and Wales with registered number 12764745 and having its registered office at 25 Fenchurch Avenue London EC3M 5AD;

"**Companies Act**" means the Companies Act 2006, as amended at any time prior to the date of this Deed;

"**Complaint**" has the meaning given to it in paragraph 14.4 of Schedule 2;

"**Continuing Provisions**" means Clauses 1 and 9 to 16 (inclusive);

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"**Data Protection Laws**" means the following legislation to the extent applicable from time to time: (a) the General Data Protection Regulation (Regulation (EU) 2016/679) (the "**GDPR**"); (b) the UK General Data Protection Regulation, as defined in the Data Protection Act 2018 and amended by the Data Protection, Privacy and Electronic Communications (Amendments etc.) (EU Exit) Regulations 2019 and the Data (Use and Access) Act 2025 ("**UK GDPR**"); (c) the Privacy and Electronic Communications Directive 2002/58/EC; (d) the UK Privacy and Electronic Communications Regulations 2003; and (e) any other data protection or privacy laws, regulations, regulatory requirements, binding guidance or codes of practice applicable to the processing or security of personal data, each as amended or replaced from time to time. The terms "**data subject**", "**personal data**", "**personal data breach**", "**processing**" and "**supervisory authority**" shall have the meanings given to them in the applicable Data Protection Laws;

"**Disclosed**" means disclosed with sufficient detail to enable the purchaser of the Company to identify the nature and the scope of the matter concerned;

"**Disclosure Documents**" means (i) the Disclosure Letter and all documents set out or referred to therein to the extent (and in the form) they have actually been provided to the Buyer, and (ii) the contents of the Data Room as at 23:59 on 16 September 2025, as listed in the index appended to the Disclosure Letter with copies contained in the USBs to be provided to the Buyer;

"**Disclosure Letter**" has the meaning given to the term in the Sale and Purchase Agreement;

"**Domain Name**" has the meaning given to it in paragraph 11.3 of Schedule 2;

"**EBT**" has the meaning given to the term in the Sale and Purchase Agreement;

"**Employees**" means the individuals having a contract of employment with a Group Company and "**Employee**" means any one of them.

"**Employee Loans**" means any payments or loans made to, any assets made available or transferred to, or any assets earmarked, however informally, for the benefit of, any Employee or former Employee (or anyone linked with such Employee or former Employee) by a Group Company, or an employee benefit trust (including the EBT) or other third party falling within the provisions of Part 7A of ITEPA 2003 and any trust or arrangement capable of conferring such a benefit;

"**Group**" means the Company, each of its Subsidiaries, and the LB Cell and "**Group Company**" shall be construed accordingly;

"**Insurance Contracts**" has the meaning given to that term in the Sale and Purchase Agreement;

"**Insurance Policy**" has the meaning given to it paragraph 8.1 of Schedule 2;

"**Intellectual Property Rights**" means trade marks, service marks, rights in trade names, business names, logos or get-up, goodwill, patents, supplementary protection certificates, rights in inventions, proprietary processes, formulae, models and methodologies, registered and unregistered design rights, copyrights (including rights in software), database rights, moral rights, rights in domain names and social media account handles, and all other similar rights in any part of the world (including in confidential information and trade secrets), whether registered or unregistered, including where such rights are obtained or enhanced by registration, and all applications, renewals, extensions, continuations, restorations and rights to claim priority from such rights;

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"**IT Systems**" means all computer systems, communications systems, software and hardware (including firmware, peripherals, communication equipment and links, storage media, networking equipment, power supplies and any other components used in conjunction with such) used by a Group Company;

"**ITEPA 2003**" means the Income Tax (Earnings and Pensions) Act 2003 (as amended from time to time);

"**Knowledge Person**" means each of Erdal Atakan (COO & CTO), Steve Agutter (Head of Claims), Matthew Rolph (Head of Distribution, Marketing & Sustainability), Andrea Aakre (Chief People & Development Officer), Vanessa Hartley (CRO), Adam Alvarez (Head of Capital and Climate Strategy), Emma Montague (Chief Analytics Officer), Yera Patel (Head of Financial Lines and Cyber, War & Terrorism Claims & Head of Legal), Colm Barrett (Head of Compliance), and Silvana Halili (Head of Finance);

"**Lease**" means in relation to a Property, the lease or licence pursuant to which the relevant Group Company holds its interest in such Property;

"**Lloyd's Regulations**" means the Lloyd's Acts 1871 to 1982, byelaws, regulations, codes of practice, bulletins and mandatory directions and requirements governing the conduct and management of underwriting business at Lloyd's from time to time;

"**LMA**" means the Lloyd's Market Association which provides representation, information and technical services to underwriting business in the Lloyd's market;

"**LTIP Options**" has the meaning given to the term in the Sale and Purchase Agreement;

"**Management Warrantors**" has the meaning given to it in the recitals to this Deed;

"**Management Warrantors' Cap**" has the meaning given to it in Clause 3.1.1.1;

"**Management Warrantors' Representative**" means the person(s) appointed pursuant to Clause 9.1;

"**Managing Agency Agreements**" means the Managing Agent's Agreement between Inigo Managing Agent Limited and each Member of the Syndicate (in the form prescribed by Lloyd's under the Agency Agreements Byelaw (No. 8 of 1988)) and as amended from time to time;

"**Material Contracts**" has the meaning given to that term in the Sale and Purchase Agreement;

"**Material IP Agreements**" means those in force material agreements to which a Group Company is a party relating to the licensing, development, enforcement, protection or use of any Business IPR (in each case excluding: (i) non-exclusive licences granted to customers in the ordinary course of business; and (ii) licences for standard, off-the-shelf IT Systems);

"**Material IT Contracts**" means those in force material agreements to which a Group Company is a party relating to the granting and receipt of licences for, or the support, maintenance, development or provision of, any IT Systems (in each case excluding: (i) non-exclusive licences granted to customers in the ordinary course of business; and (ii) licences for standard, off-the-shelf IT Systems) that are Disclosed in folder 5 and 8 of the Data Room;

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"**Material Reinsurance Contracts**" has the meaning given to that term in the Sale and Purchase Agreement;

"**Member**" means a person who has been duly admitted to membership of Lloyd's pursuant to the Membership Byelaw (No. 5 of 2005);

"**MIP**" means the Company's management incentive plan, the governing terms of which are set out in the Articles and the Shareholders' Agreement;

"**Notice**" has the meaning given to it in Clause 10;

"**Owned Business IPR**" means all Intellectual Property Rights which are legally and beneficially owned, or purported to be owned, by any Group Company;

"**Party**" means a Party to this Deed and "**Parties**" shall mean the Parties to this Deed;

"**Pension Scheme**" means the Company's group personal defined contribution pension scheme in the United Kingdom operated by Royal London, details of which are Disclosed at 9.8.1 of the Data Room;

"**Person**" means an individual, corporation, partnership, trust, limited liability company, segregated portfolio company, limited partnership unincorporated organization, joint stock company, joint venture, trust, union, association, Regulatory Body or other entity, enterprise, authority or business organization;

"**Producer**" means any producer, broker, agent, general agent, managing general agent, master broker agency, broker general agency, financial specialist or other person, including any employee of any Group Company responsible for writing, marketing, producing, selling, soliciting or servicing Insurance Contracts prior to the Completion Date;

"**Properties**" means the leasehold interest in the properties, details of which are set out in Schedule 5 and "**Property**" means any one of them;

"**Proposed Transaction**" means the transaction contemplated by the Sale and Purchase Agreement;

"**QMRs**" has the meaning given to it in paragraph 4.7 of Schedule 2;

"**Registered IP**" has the meaning given to it in paragraph 11.2 of Schedule 2;

"**Regulatory Body**" means in relation to any Group Company, any regulatory, governmental, statutory or supervisory authority, body or agency having regulatory, supervisory or enforcement jurisdiction or powers in respect of such Group Company or its business;

"**Sale and Purchase Agreement**" means the deed entered into (or to be entered into) on or about the date of this Deed between, amongst others, the Management Warrantors and the Buyer relating to the acquisition of the Shares by the Buyer;

"**Sanctions**" means any economic, trade or financial sanctions, restrictive measures, import or export controls, or embargoes imposed, administered or enforced by the United States (including, but not limited to, the U.S. Department of the Treasury's Office of Foreign Assets Control and the

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U.S. Department of State), the United Nations Security Council, the European Union (or any of its member states), the United Kingdom (including, but not limited to, His Majesty's Treasury), and any other Sanctions Authority having jurisdiction over the business activities of any Group Company;

"**Sanctions Authority**" means any governmental, regulatory or similar authority responsible for imposing, implementing, maintaining and/or administering Sanctions;

"**Sanctions Lis**t" means a Sanctions-related list (including investment ban restrictions) of individuals or entities subject to Sanctions maintained by a Sanctions Authority, including but not limited to the Specially Designated Nationals and Blocked Persons list maintained by OFAC, the Consolidated List of Financial Sanctions Targets and the Investment Ban List maintained by His Majesty's Treasury, the United Nations Security Council Consolidated List, or any similar list maintained by a Sanctions Authority, each as amended, supplemented or substituted from time to time;

"**Sanctioned Jurisdiction**" means a country or territory which is, or since 15 March 2021 has been, itself the subject or target of comprehensive country-wide or territory-wide Sanctions (including Cuba, Iran, North Korea, the Crimea, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic the non-government controlled areas of Ukraine in the Kherson and Zaporizhzhia oblasts and, up to and until 1 July 2025, Syria);

"**Sanctioned Person**" means a Person (i) identified in a Sanctions List; (ii) located, organised, domiciled, incorporated, or resident in a Sanctioned Jurisdiction, or (iii) owned or controlled by (as defined under Sanctions), or acting on behalf of a Person described in clause (i) or (ii);

"**Security**" means any securities, interest in securities, or securities options in any Group Company (and in respect of paragraph 1.1 of Schedule 2, including Motion), and includes the Shares, LTIP Options and All In Options;

"**Senior Employee**" means each of Richard Watson (CEO), Russell Merrett (CUO), Stuart Bridges (CFO), George Stratts (Head of Partnerships), Craig Knightley (CUO of Insurance), Alice Kaye (Head of Reinsurance),Erdal Atakan (COO & CTO), Steve Agutter (Head of Claims), Matthew Rolph (Head of Distribution, Marketing & Sustainability), Andrea Aakre (Chief People & Development Officer), Vanessa Hartley (CRO), Adam Alvarez (Head of Capital and Climate Strategy), Emma Montague (Chief Analytics Officer), Yera Patel (Head of Financial Lines and Cyber, War & Terrorism Claims & Head of Legal), Colm Barrett (Head of Compliance), Silvana Halili (Head of Finance), Andy Keogan (Head of Internal Audit) and Damien Pujade-Lauraine (Chief Actuary);

"**Shareholders' Agreement**" means the shareholders' agreement between the Company and the Investors (as defined therein) dated 17 November 2020 as amended on 22 December 2020, 16 January 2023, and 1 February 2024;

"**Share Option Plan**" means the Inigo Employee Share Plan, adopted by the Company board of directors on 19 March 2025, as Disclosed in folder 9.1 of the Data Room;

"**Share Plans**" means the MIP and the Share Option Plan, as Disclosed in folder 9.1 of the Data Room;

"**Subrogation Waiver**" has the meaning given to the term in the Sale and Purchase Agreement;

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"**Tax Claim**" means a Tax Warranty Claim or a Tax Covenant Claim;

"**Tax Covenant**" means the tax covenant set out in paragraph 1.2 of Part 2 of Schedule 4;

"**Tax Covenant Claim**" means a claim by or on behalf of the Buyer against the Warrantors under the Tax Covenant;

"**Tax Warranties**" means the warranties set out at paragraph 22 of Schedule 2 and any other Warranty to the extent that it relates to Tax, and each a "**Tax Warranty**";

"**Tax Warranty Claim**" means any claim made by or on behalf of the Buyer against the Management Warrantors for a breach of a Tax Warranty;

"**UK GAAP**" means United Kingdom General Accepted Accounting Practice, including FRS 102;

"**Warranties**" means those warranties contained in Schedule 2; and

"**Years of Account**" or "**YOA**" means an underwriting year of account as defined in Lloyd's Regulations.

1.3 In this Deed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Schedules form part of this Deed and have the same force and effect as if set out in the body of this Deed.
Any reference to this Deed includes the Schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to recitals, paragraphs, clauses and schedules and sub-divisions of them, unless the context otherwise requires, are references to the Recitals, paragraphs and Clauses of and Schedules to, this Deed and sub-divisions of
them respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references to any enactment includes references to such enactment as re-enacted, amended or extended on or before the date of this Deed and any subordinate legislation made under it on or before the date of this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) references to a "person", unless the context requires otherwise, include any individual, company,
corporation, firm, partnership, joint venture, association, organisation, institution, trust or agency, whether or not having a separate legal personality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) references to the one gender include all genders, and references to the singular include the plural and vice
versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) headings are inserted for convenience only and shall be ignored in construing this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the words "company", "holding company", "subsidiary" and "subsidiary
undertaking" have the meanings given to them by the Companies Act 2006;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to a "company" shall also be construed to include any other corporation or body
corporate wherever and however incorporated or established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "material" means material in the context of the Group as a whole and "materially" shall
be construed accordingly;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any provision which is expressed to bind the Management Warrantors shall bind each of them severally (and thus
not jointly or jointly and severally) and any reference to "the Management Warrantors" in this Deed shall be construed as a reference to each Management Warrantor individually and severally (and thus not jointly or jointly and severally)
unless otherwise expressly provided. The Buyer may in its absolute discretion release, compound, or compromise or give time or indulgence in relation to the liability of certain Management Warrantors without in any way prejudicing or affecting its
rights against the other Management Warrantors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) references to time of the day are to London time.

**2.** **WARRANTIES AND RECOURSE** 

2.1 Subject to Clauses 2.2 and 2.3, each of the Management Warrantors hereby severally warrants to the Buyer that,
so far as each such Management Warrantor is aware, each of the Warranties is true and accurate as at the date of this Deed by reference to the facts and circumstances as at that time.

2.2 Each of the Warranties is given subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the matters Disclosed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any limitations, exceptions or exclusions expressly provided for in this Deed (including, without limitation,
Clause 3 and Schedule 3).

2.3 Each statement set out in Schedule 2 shall be deemed to be made in respect of each Management Warrantor to the
knowledge and belief of such Management Warrantor, which knowledge and belief shall be interpreted to extend only to those facts, matters and circumstances of which such Management Warrantor is actually aware at the date of this Deed having made due
and careful enquiry of the other Management Warrantors and the Knowledge Persons.

2.4 Without prejudice to Clause 3 and Schedule 3 and any other express limitations and exclusions in this Deed,
each of the Warranties shall be construed as separate and independent and (unless expressly provided to the contrary in this Deed) shall not be limited by the terms of or by reference to or inference from any of the other Warranties.

2.5 The only Warranties given in respect of Tax are the Tax Warranties, and accordingly the Buyer shall not be
entitled to make a Claim in respect of Tax or in connection with any Tax matter pursuant to any other Warranty.

**3.** **W&I INSURANCE** 

3.1 The Buyer irrevocably and unconditionally agrees that, notwithstanding any other provision of this Deed and
regardless of whether the Buyer takes out an effective W&I Insurance Policy but other than in the case of fraud by the Management Warrantors:

3.1.1.1 it will not be entitled to make, will not make and waives any right it may have to make, any Claims against the
Management Warrantors which would, in aggregate for all Claims, exceed $1.00 (the "**Management Warrantors ' Cap** ");

3.1.1.2 its sole recourse, remedy and right of recovery in respect of all Claims, except to the extent of the
Management Warrantors' Cap, shall be to make a claim under the W&I Insurance Policy;

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3.1.1.3 the absence of recourse, remedy or right of recovery of the Buyer under the W&I Insurance Policy in respect
of any Claim (including as the result of any limitation, exclusion, deduction or derogation under, or any invalidity or illegality of, the W&I Insurance Policy or the W&I Insurance Policy not having been incepted) and/or any inability of the
Buyer to obtain any remedy in respect of a Claim under the W&I Insurance Policy for any reason whatsoever (including, without limitation, any winding up, bankruptcy or other insolvency proceedings affecting the W&I Insurer, any failure of
the W&I Insurer to perform its obligations under the W&I Insurance Policy or any deductible, threshold or other financial limitation applying to the W&I Insurance Policy) shall not affect or increase the liability of any Management
Warrantor under this Deed or the Management Warrantors' Cap;

3.1.1.4 any failure on the part of the Buyer to obtain and/or comply with the terms of the W&I Insurance Policy
shall not create, affect or increase any Management Warrantor's liability pursuant to or in connection with this Deed in any way; and

3.1.1.5 no right of recission, repudiation or termination on the part of the Buyer shall be available in respect of
this Clause 3 for any reason, including as a result of any breach of any Warranties.

3.2 The Buyer covenants to each Management Warrantor that:

3.2.1.1 the W&I Insurance Policy includes a binding and irrevocable third party stipulation for no consideration
for the benefit of the Management Warrantors that the W&I Insurer is not entitled to subrogate against, or otherwise claim from, the Management Warrantors under, or in connection with, this Deed, except against a Management Warrantor in respect
of their fraud;

3.2.1.2 at such time as the Buyer puts in place an effective W&I Insurance Policy, written evidence of the
Subrogation Waiver and a written confirmation (including via e-mail) from the Buyer that the W&I Insurance Policy has been incepted will be provided to the Management Warrantors' Representative by
the Buyer within three (3) Business Days. The Buyer shall not terminate, amend or waive any of the provisions of the W&I Insurance Policy, or novate, assign or otherwise transfer its rights under the W&I Insurance Policy (or do
something which has a similar effect), in each case, without the Management Warrantors' Representative's prior written consent (such consent not to be unreasonably withheld, conditioned or delayed); and

3.2.1.3 it shall comply with the terms of the W&I Insurance Policy and shall not do anything or omit to do anything
that causes or could be reasonably likely to cause any right under the W&I Insurance Policy to lapse or otherwise not have full force or effect.

3.3 No Management Warrantor shall be liable in respect of any Claim to the extent that recovery is made by the
Buyer under the W&I Insurance Policy. Where the Buyer is entitled to make a claim under the W&I Insurance Policy, the Buyer shall not make a Claim against any Management Warrantor (in circumstances where it is not prevented from making such
a claim pursuant to clause 3.1.1.1) in respect of the Claim unless and until it has made a claim under the W&I Insurance Policy. This Clause 3.3 does not prevent the Buyer from notifying each Management Warrantor under paragraph 1 of Schedule 3
of a Claim for the purpose of (a) ensuring that the liability of a Management Warrantor in respect of the Claim does not terminate under that paragraph and/or (b) triggering a right to claim under the W&I Insurance Policy.

3.4 If there is any conflict or other inconsistency between this Clause 3 and any other provision of this Deed, any
other Transaction Document and/or the W&I Insurance Policy (to the extent taken out), this Clause 3 shall prevail.

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**4.** **TAX** 

The provisions of Schedule 4 shall take effect from Completion, subject to the exclusions, limitations and qualifications set out therein and in Schedule 3.

**5.** **ASSIGNMENT** 

No Party may assign, transfer, create an Encumbrance, declare a trust of or otherwise dispose of all or any part of its rights, benefits or obligations under this Deed, save that the Buyer may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) assign (in whole or in part) the benefit of this Deed to any other member of the Buyer's Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Buyer or any member of the Buyer's Group may charge and/or assign the benefit of this Deed to any
bank or financial institution or other person by way of security for the purposes of or in connection with the financing or refinancing (whether in whole or in part) by the Buyer of the acquisition of the Shares,

provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if such assignee ceases to be a member of the Buyer's Group all benefits relating to this Deed assigned
to such assignee shall be deemed automatically by that fact to be re-assigned to the Buyer immediately before such cessation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any such assignee shall not be entitled to receive under this Deed any greater amount than that to which the
assignor would have been entitled and the Management Warrantors shall not be under any greater obligation or liability than if such assignment had never occurred.

**6.** **EFFECT OF COMPLETION** 

Subject to Schedule 3, the terms of this Deed (subject as specifically otherwise provided in this Deed) shall continue in force after and notwithstanding Completion and the remedies of the Buyer in respect of any breach of any of the Warranties shall continue to subsist notwithstanding Completion.

**7.** **COUNTERPARTS** 

This Deed may be and shall be effective when each Party has executed a counterpart. Each counterpart shall constitute an original of this Deed, but all the counterparts shall together constitute one and the same instrument.

**8.** **THIRD PARTY RIGHTS** 

A person who is not a Party to this Deed has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Deed but this does not affect any right or remedy of a third party which exists or is available apart from that Act.

**9.** **MANAGEMENT WARRANTORS' REPRESENTATIVE** 

9.1 The Management Warrantors hereby appoint Stuart Bridges **  as their representative who may authorise the
making of any request, election, proposal or consent expressed to be made on behalf of the Management Warrantors to the Buyer in connection with this Deed and any such request,

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election, proposal or consent given or made by the Management Warrantors' Representative for the purposes of this Deed shall be binding upon all of the Management Warrantors. The Buyer shall be entitled at its sole discretion to have regard only to, and to rely absolutely upon and act in accordance with, without any liability to any Party for having relied or acted thereon, notices, including requests, elections or proposals, issued by the Management Warrantors' Representative. Service of any notice or other communication on the Management Warrantors' Representative shall be deemed to constitute valid service thereof on all the Management Warrantors. The Management Warrantors may by unanimous decision appoint a replacement Management Warrantors' Representative, *provided that* five (5) Business Days' prior written notice of such appointment has been given to the Buyer.

9.2 The Management Warrantors' Representative shall not be liable to any of the Management Warrantors for any
claims whatsoever arising from any act or omission undertaken by her in her capacity as the Management Warrantors' Representative, save in the case of fraud. Each Management Warrantor shall hold the Management Warrantors' Representative
harmless in respect of any claim or loss resulting out of any actions, decisions and instructions of the Management Warrantors' Representative taken, made or given by the Management Warrantors' Representative in good faith under this
Deed.

**10.** **NOTICES** 

10.1 Any notice or other communication to be given under or in connection with this Deed (each, a
" **Notice**") shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the English language; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) delivered by hand, pre-paid recorded delivery, pre-paid special delivery or courier using an internationally recognised courier company, or by email to an authorised email address.

10.2 A Notice to the Management Warrantors shall be sent to the Management Warrantors' Representative, which
as at the date of this Deed, shall be sent to the following address, or such other person or address as the Management Warrantors' Representative may notify to the other Parties from time to time:

[Redacted.]

Attention: [Redacted.]

Email: [Redacted.]

with copies (such copies in itself not to constitute actual notice) to:

Clifford Chance LLP

10 Upper Bank Street

London E14 5JJ, United Kingdom

Attention: Ashley Prebble; James Cashier

Tel: +44 20 7006 3988

E-mail: <u>ashley.prebble@cliffordchance.com</u>; <u>james.cashier@cliffordchance.com</u>

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10.3 A Notice to the Buyer shall be sent to the following address, or such other person or address as the Buyer may
notify to the other Parties from time to time:

[Redacted.]

Attention: [Redacted.]

Email: [Redacted.]

with copies (such copies each in themselves not to constitute actual notice) to:

Skadden, Arps, Slate, Meagher & Flom (UK) LLP

22 Bishopsgate

London, EC2N 4BQ

Email: <u>Todd.Freed@skadden.com</u>; <u>George.Gray@skadden.com</u>

Attention: Todd Freed; George Gray

10.4 A Notice shall be effective upon receipt and shall be deemed to have been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at 9.00 am on the second Business Day after posting, if sent by pre-paid post, or at the time recorded by the delivery service if sent recorded delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the time of delivery, if delivered by hand or courier; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at the time of sending, if sent by email, provided that receipt shall not occur if the sender receives an
automated message indicating that the message has not been delivered to the recipient.

10.5 A Party shall notify the other Parties of any change to its details in this Clause 10 in accordance with the
provisions of this Clause 10 provided that such notification shall only be effective on the later of the date specified in the notification and five (5) Business Days after deemed receipt.

**11.** **INVALIDITY** 

11.1 If any provision in this Deed is held to or becomes illegal, invalid or unenforceable, in whole or in part,
under the law of any jurisdiction the provision shall apply with whatever deletion or modification is necessary so that the provision is legal, valid and enforceable and gives effect to the commercial intention of the Parties.

11.2 To the extent it is not possible to delete or modify the provision, in whole or in part, under Clause 11.1 then
such provision or part of it shall, to the extent that it is illegal, invalid or unenforceable, be deemed severed from this Deed. The remaining provisions will, subject to any deletion or modification made under Clause 11.1, not be affected, remain
in full force in that jurisdiction and all provisions shall continue in full force in any other jurisdiction.

**12.** **GENERAL PROVISIONS** 

12.1 The Buyer may release or compromise the liability of any of the Management Warrantors hereunder or grant to any
Management Warrantor time or other indulgence without affecting the liability of any other Management Warrantor hereunder.

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12.2 Any waiver of a breach of any of the terms of this Deed or of any default hereunder shall not be deemed to be a
waiver of any subsequent breach or default and shall in no way affect the other terms of this Deed.

12.3 Any and all obligations of the Management Warrantors under this Deed are several and each Management Warrantor
shall only be responsible for fulfilling its own obligations hereunder and shall not be liable or responsible for the failure of any Party to fulfil its respective obligations.

12.4 Except as otherwise expressly provided in this Deed or expressly agreed by the Parties in writing, no failure
to exercise and no delay on the part of any Party in exercising any right, remedy, power or privilege of that Party under this Deed and no course of dealing between the Parties shall be construed or operate as a waiver thereof, nor shall any single
or partial exercise of any right, remedy, power or privilege preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. No Party shall exercise any remedy at law other than those remedies provided
in this Deed.

12.5 This Deed may be varied only by a document signed by the Buyer and by the Management Warrantors'
Representative on behalf of the Management Warrantors.

12.6 If any Management Warrantor is required by law to make a deduction or withholding from any payment made
pursuant to this Deed (other than a payment of interest) or if any payment made pursuant to this Deed (other than a payment of interest) is subject to Tax in the hands of the Buyer (ignoring for these purposes the availability of any Relief), the
payor shall pay an additional amount as shall, after the making of such deduction or withholding or after such Tax, leave the payee with the same amount as it would have received had no deduction or withholding been made or had the payment not been
subject to Tax.

**13.** **LIABILITY** 

The Buyer shall not exercise any right of set-off or counterclaim against or otherwise withhold payment of any sums stated to be payable by the Buyer under the Sale and Purchase Agreement or under any other Transaction Document unless and until such liability has been agreed by the Management Warrantors and the Institutional Sellers' Representatives or finally and judicially determined payable in proceedings.

**14.** **TERMINATION** 

If the Sale and Purchase Agreement is terminated in accordance with its terms, this Deed shall automatically terminate and all obligations of the Parties under this Deed shall end (other than the Continuing Provisions) and no Party shall be liable to another Party under this Deed, including with respect to any breach of any provision of this Deed (other than the Continuing Provisions) which has occurred prior to such termination.

**15.** **ENTIRE AGREEMENT** 

15.1 This Deed and the Transaction Documents contain the entire agreement and understanding of the Parties and
supersede all prior agreements, understandings or arrangements between the Parties (both oral and written) relating to the subject matter of this Deed and the Transaction Documents.

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15.2 Each of the Parties acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it does not enter into this Deed on the basis of and does not rely, and has not relied upon, any statement,
representation, warranty, assurance, covenant, agreement, undertaking, indemnity, guarantee or commitment of any nature whatsoever (in any case whether oral, written, express or implied, and whether negligent or innocent) made, given or agreed to by
any person (whether a Party to this Deed or not), except those expressly set out or referred to in this Deed and/or the Transaction Documents and, the only remedy or remedies available in respect of any representation, statement, warranty,
assurance, covenant, agreement, undertaking, indemnity, guarantee or commitment of any nature whatsoever made to it shall be a claim for breach of contract under this Deed and/or the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no statement, undertaking, assurance, warranty, covenant or other provision set out in this Deed that is given
by any Party to this Deed to any other is given as a representation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any statutory or common law remedies, terms, warranties, representations or conditions that are not expressly
set out or referred to in this Deed and might otherwise be implied are hereby expressly excluded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) this Clause 15 shall not apply to any statement, representation or warranty made fraudulently or to any
provision of this Deed which was induced by, or otherwise entered into as a result of fraud, for which the remedies shall be all those available under the law governing this Deed.

**16.** **GOVERNING LAW AND SUBMISSION TO JURISDICTION** 

16.1 This Deed and any non-contractual obligations arising out of or in
connection with it shall be governed by and construed in accordance with the laws of England and Wales.

16.2 Each of the Parties irrevocably agrees that the courts of England and Wales are to have exclusive jurisdiction
to settle any dispute which may arise out of or in connection with this Deed and that accordingly any proceedings arising out of or in connection with this Deed shall be brought in such courts.

16.3 Each of the Parties hereto agrees that in the event of any action between any of the Parties hereto being
commenced in respect of this Deed or any matters arising under it, the process by which it is commenced, (where consistent with the applicable rules) may be served on them in accordance with Clauses 10 and 17.

**17.** **APPOINTMENT OF PROCESS AGENT** 

17.1 The Buyer irrevocably appoints Law Debenture Corporate Services Limited at 8th Floor, 100 Bishopsgate, London,
EC2N 4AG as its agent to accept service of process in England in any legal action or proceedings arising out of this Deed, service upon whom shall be deemed completed whether or not forwarded to or received by the Buyer.

17.2 The Buyer agrees to inform the Management Warrantors' Representative in writing of any change of address
of such process agent within twenty (20) Business Days of such change.

17.3 If such process agent ceases for any reason to be able to act as such or to have an address in England, the
Buyer irrevocably agrees to appoint a replacement process agent in England and to deliver to the Management Warrantors' Representative within ten (10) Business Days contact details of the

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replacement process agent and a copy of a written acceptance of appointment by the process agent. Failing such appointment and notification, the Management Warrantors' Representative shall be entitled by notice to the Buyer to appoint a replacement process agent to act on behalf of the Buyer. The provisions of this Clause 17 applying to service of process via a process agent apply equally to service of process via a replacement process agent.

17.4 Until the Management Warrantors' Representative receives notice of a change of name and/or address of
process agent, any notice served by the Management Warrantors' Representative on the Buyer via the agent for service of process at the then existing address for service of process on the Buyer known to the Management Warrantors'
Representative shall be deemed validly served.

17.5 Nothing in this Deed shall affect the right to serve process in any other manner permitted by law or the right
to bring proceedings in any other jurisdiction for the purposes of the enforcement or execution of any judgment or other settlement in any other courts.

**IN WITNESS WHEREOF** this Deed has been executed and delivered as a Deed on the date first above written.

(*Signature pages follow*)

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**IN WITNESS** whereof this Deed has been executed and delivered as a Deed on the date first above written.

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| | |
|:---|:---|
| **EXECUTED** and **DELIVERED** as a **DEED**<br> by **RADIAN US HOLDINGS INC.** acting by: | /s/ Richard Thornberry |
|  | President |
|  | /s/ Sumita Pandit |
|  | Chief Financial Officer |

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[*Signature page – Management Warranty Deed*]

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| | | |
|:---|:---|:---|
| **SIGNED** as a **DEED** by <br>**RICHARD WATSON** | /s/ Richard Watson | /s/ Richard Watson |
| **SIGNED** as a **DEED** by <br>**RICHARD WATSON** | in the presence of: | in the presence of: |
|  | Witness Signature: | /s/ [Redacted.] |
|  | Name: | [Redacted.] |
|  | Address: | [Redacted.] |
|  |  | [Redacted.] |
|  | Occupation: | [Redacted.] |

---

[*Signature page – Management Warranty Deed*]

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| | | |
|:---|:---|:---|
| **SIGNED** as a **DEED** by<br> **RUSSELL MERRETT** | /s/ Russell Merrett | /s/ Russell Merrett |
| **SIGNED** as a **DEED** by<br> **RUSSELL MERRETT** | in the presence of: | in the presence of: |
|  | Witness Signature: | /s/ [Redacted.] |
|  | Name: | [Redacted.] |
|  | Address: | [Redacted.] |
|  |  | [Redacted.] |
|  | Occupation: | [Redacted.] |

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[*Signature page – Management Warranty Deed*]

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| | | |
|:---|:---|:---|
| **SIGNED** as a **DEED** by<br> **STUART BRIDGES** | /s/ Stuart Bridges | /s/ Stuart Bridges |
| **SIGNED** as a **DEED** by<br> **STUART BRIDGES** | in the presence of: | in the presence of: |
|  | Witness Signature: | /s/ [Redacted.] |
|  | Name: | [Redacted.] |
|  | Address: | [Redacted.] |
|  |  | [Redacted.] |
|  | Occupation: | [Redacted.] |

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[*Signature page – Management Warranty Deed*]

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| | | |
|:---|:---|:---|
| **SIGNED** as a **DEED** by<br> **GEORGE STRATTS** | /s/ George Stratts | /s/ George Stratts |
| **SIGNED** as a **DEED** by<br> **GEORGE STRATTS** | in the presence of: | in the presence of: |
|  | Witness Signature: | /s/ [Redacted.] |
|  | Name: | [Redacted.] |
|  | Address: | [Redacted.] |
|  |  | [Redacted.] |
|  | Occupation: | [Redacted.] |

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[*Signature page – Management Warranty Deed*]

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| | | |
|:---|:---|:---|
| **SIGNED** as a **DEED** by<br> **CRAIG KNIGHTLEY** | /s/ Craig Knightley | /s/ Craig Knightley |
| **SIGNED** as a **DEED** by<br> **CRAIG KNIGHTLEY** | in the presence of: | in the presence of: |
|  | Witness Signature: | /s/ [Redacted.] |
|  | Name: | [Redacted.] |
|  | Address: | [Redacted.] |
|  |  | [Redacted.] |
|  | Occupation: | [Redacted.] |

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[*Signature page – Management Warranty Deed*]

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| | | |
|:---|:---|:---|
| **SIGNED** as a **DEED** by<br> **ALICE KAYE** | /s/ Alice Kaye | /s/ Alice Kaye |
| **SIGNED** as a **DEED** by<br> **ALICE KAYE** | in the presence of: | in the presence of: |
|  | Witness Signature: | /s/ [Redacted.] |
|  | Name: | [Redacted.] |
|  | Address: | [Redacted.] |
|  |  | [Redacted.] |
|  | Occupation: | [Redacted.] |

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[*Signature page – Management Warranty Deed*]

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**Schedule 1** 

**MANAGEMENT WARRANTORS** 

[Redacted.]

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**Schedule 2** 

**WARRANTIES** 

Except where expressly stated otherwise or where the context otherwise requires, the Warranties shall apply not only to the Company but also to each of the Group Companies as if they had been expressly repeated with respect to each such Group Company, naming each one of them in place of the Company throughout.

For the purposes of Warranties 6.1 (*The Properties*), 6.2 (*Leases*), 10 (*Employees and Employee Benefits*), 11 (*Intellectual Property Rights*) and 12 (*Information Technology and Artificial Intelligence*), the LB Cell shall be deemed to be excluded from the definition of "Group".

**1.** **THE SHARES AND THE GROUP** 

1.1 The shares in the Company to be transferred to the Buyer pursuant to the Sale and Purchase Agreement constitute
the whole of the issued and allotted share capital of the Company. No person has the right (whether exercisable now or in the future and whether contingent or not) to call for the allotment, conversion, issue, registration, sale or transfer or
repayment of any share or loan capital or any other Security giving rise to a right over, or an interest in, the capital of any Group Company or Motion (only in respect to the shares in Motion registered in the name of the Company) under any option,
agreement or other arrangement (including conversion rights and rights of pre-emption).

1.2 Each Group Company and Motion is validly incorporated and validly exists under English or Delaware law (as
applicable) and has all requisite corporate powers and authority to own property and carry on its business as presently conducted.

1.3 No Group Company owns or has any interest of any nature in any shares, debentures or other securities issued by
any undertaking other than a Group Company or Motion, or has agreed to acquire any such shares, debentures or other securities.

1.4 The information in respect of each of the Group Companies and Motion as set out in Schedule 11 of the Sale and
Purchase Agreement is true, accurate and not misleading as at the date of this Deed.

1.5 The shares in Motion registered in the name of the Company are fully paid (or credited as fully paid) and
constitute the whole of its legal and beneficial interest in the issued share capital of Motion.

1.6 There is no Encumbrance (or agreement or commitment to give or create any Encumbrance) on, over or affecting
any of the Securities of the Group Companies or the shares in Motion registered in the name of the Company.

**2.** **INSOLVENCY** 

2.1 No Group Company or Motion is insolvent under the laws of its jurisdiction of incorporation or unable to pay
its debts as they fall due.

2.2 There are no proceedings (voluntary or otherwise) in relation to any compromise or arrangement with creditors
or any winding up, bankruptcy, administration order, appointment of receiver, moratorium, restructuring plan or other insolvency proceedings concerning any Group Company or Motion and no events have occurred which, under applicable Laws, would
justify such proceedings.

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2.3 No creditor of any Group Company or Motion has taken, or is entitled to take any steps to enforce, or has
enforced any Security over any assets of any Group Company or Motion.

2.4 No Group Company or Motion has by reason of actual or anticipated financial difficulties commenced negotiations
with one or more of its creditors with a view to rescheduling any of its indebtedness.

**3.** **BOOKS AND RECORDS** 

3.1 The Group Companies, other than Inigo Managing Agent Limited and the LB Cell, have, since incorporation, and
Inigo Managing Agent Limited has, since 15 March 2021, properly kept and maintained up-to-date Books and Records in respect of the Group (other than LB Cell) that
contain complete and accurate details of all matters required to be kept by applicable Law.

3.2 All Books and Records are in the possession or under the control of a Group Company together with all material
documents of title and executed copies of all material existing agreements, which are necessary for the proper conduct of its business and to which the relevant Group Company is a party.

3.3 No Group Company has given any power of attorney or other authority (express, implied or ostensible) which is
still in force to any person to enter into any contract or commitment on its behalf, other than in the ordinary course of business.

3.4 All resolutions, returns and other documents required to be delivered to the relevant company registry or other
corporate authority in any jurisdiction of incorporation of each Group Company other than Inigo Managing Agent Limited, have, since incorporation, and of Inigo Managing Agent Limited, have, since 15 March 2021 (being the date of its acquisition
by Inigo Limited), been properly prepared and filed and were true and complete in all material respects.

3.5 The Data Room contains at folder 5.1, complete and accurate copies of the board packs received by the board of
directors of Motion in relation to all board meetings scheduled since 9 April 2025.

3.6 No Group Company, other than Inigo Managing Agent Limited, has, since incorporation, and Inigo Managing Agent
Limited has not, since 15 March 2021, received any notice that its statutory books are incorrect or incomplete or should be rectified.

3.7 Copies of the constitutional documents of each Group Company (other than LB Cell) are contained in the Data
Room and are complete and accurate.

**4.** **ACCOUNTS AND FINANCIAL INFORMATION** 

4.1 The Accounts (i) have been prepared in all material respects in accordance with applicable Laws and in
accordance with UK GAAP applied on a consistent basis throughout the periods covered thereby; and (ii) present a true and fair view of the assets, liabilities, profits and losses of each of the Group Companies as of the dates, and for the
periods, to which they relate.

4.2 The Accounts are not affected by any extraordinary, exceptional or non-recurring items in respect of the period to which they relate.

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4.3 Since the Accounts Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there has been no material adverse change in the financial or trading condition of any Group Company or the
Syndicate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Group Company or the Syndicate has made or agreed to make any payment other than payments in the ordinary
course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Group Company and the Syndicate has, in all material respects, carried on its business in the ordinary
course of business so as to maintain the same as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Group Company has issued or agreed to issue any share or loan capital or other similar interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no Group Company has declared, authorised, paid or made any dividend or other distribution, nor has any Group
Company reduced its paid up share capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no Group Company has either (i) allotted or issued or agreed to allot or issue any share capital or any
other Security giving rise to a right over its capital or (ii) redeemed or purchased or agreed to redeem or purchase any of its share capital or other Securities.

4.4 The internal audit reports of each Group Company and any external audit reports of each Group Company do not
identify any issue that may materially affect the turnover, trading performance or financial position of any Group Company.

4.5 No dividend or other distribution (whether in cash, stock or in kind) has been declared, authorised, paid or
made, by any Group Company in contravention of any applicable Law and no Group Company has received a distribution from any company in contravention of any applicable Law.

4.6 Within the last three (3) years prior to the date of this Deed, Inigo Managing Agent Limited has prepared
audited accounts for the Syndicate for all applicable years ended 31 December in all material respects in accordance with the requirements of applicable Law, the Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts)
Regulations 2008 and the Syndicate Accounting Byelaw (No. 8 of 2005) and such accounts give a true and fair view of the Syndicate's affairs as at 31 December for the applicable year.

4.7 Within the last three (3) years prior to the date of this Deed, Inigo Managing Agent Limited has prepared
and submitted to Lloyd's Quarterly Monitoring Returns ()"**QMRs**") for the Syndicate in all material respects in accordance with the requirements of applicable Law and such returns present with reasonable accuracy and do not
materially misstate the Syndicate's affairs for the applicable period covered by such QMRs.

**5.** **FINANCIAL OBLIGATIONS** 

5.1 **Financial Facilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Complete and accurate details of all loans, derivatives, hedging agreements, guarantees, indemnities,
derivative transactions, letters of credit, loan notes, promissory notes or other indebtedness (including but not limited to off-balance sheet liabilities, hire purchase agreements and similar arrangements)
which are outstanding or available to the Group ()"**Existing Indebtedness** "), together with details of any Encumbrances relating to such

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Existing Indebtedness, are contained in the Data Room and the Group is in compliance in all material respects with the terms and conditions relating to such Existing Indebtedness and there are no circumstances (including any potential default or event of default (howsoever described)) whereby continuation of such Existing Indebtedness might be, or reasonably be likely to be, prejudiced or affected as a result of the Proposed Transaction, save in respect of a "Change of Control" under clause 4.2 (*Change of control*) of the L/C Facility Agreement that has been disclosed in the Data Room.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Group Company has received any written notice, nor is aware of any circumstances which are reasonably likely
to give rise to any such notice being made, of (i) any cancellation or termination of any commitments ahead of their scheduled cancellation or termination; (ii) any requirement to prepay or repay any amount ahead of its scheduled maturity;
and/or (iii) any requirement to perform or comply with any obligation to provide additional Security (including, without limitation, any cash collateral), in each case, under or relation to any agreement relating to any borrowing, indebtedness
or financial facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Group Company has been in payment default or technical default (after the expiry of any applicable grace
period) under any financial indebtedness (which for the purpose of this paragraph (c) shall include any derivative transactions entered into and in connection with protection against or benefit from fluctuations in any exchange or interest
rates or price).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The total amount borrowed by a Group Company does not exceed any limitation on its borrowing powers contained
in its articles of association or constitutional documents, or in any debenture or other deed or document binding on it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No potential default, event of default, termination event, breach or misrepresentation (howsoever described)
has occurred under any Existing Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Group Company has factored, discounted or securitised any of its debts or engaged in financing of a type
which would not need to be shown or reflected in the Accounts or waived any right of set-off it may have against any third-party.

5.2 **Guarantees Etc.** 

Save in respect of the L/C Facility Agreement that has been disclosed in the Data Room under which the Company guarantees the obligations of the Corporate Member, ****there is no outstanding guarantee, indemnity, suretyship or security given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by any Group Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the benefit of any Group Company or Syndicate,

excluding any indemnities, suretyship or security granted within any customer or supplier agreements.

5.3 **Grants and Allowances** 

No Group Company has applied for, or is in the process of applying for, or received any grant, subsidy or allowance from any governmental or other body during the last three (3) years prior to the date of this Deed and no grant, subsidy or allowance from any governmental or other body is outstanding or liable to be repaid.

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5.4 **Outstanding Loans and Receivables** 

No Group Company has lent any amount of money which has not been repaid, and no Group Company owns the benefit of any debts (whether or not due for payment), other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Employee Loans for which all relevant and accurate details have been Disclosed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) trade receivables which have arisen in the ordinary course of business.

5.5 **Off-Balance Sheet Financing** 

Save in respect of the undrawn commitments under the L/C Facility Agreement serving as Funds at Lloyd's for the Corporate Member that have been disclosed in the Data Room, no Group Company is, or has been, engaged in any financing arrangements that would not be required to be shown or reflected in its financial statements.

**6.** **ASSETS** 

6.1 **The Properties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule 5 contains true and accurate details of the Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Group Company has any interest in real property save for the Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Group Company is the sole legal and beneficial owner of each of the Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Property is subject to any Encumbrance.

6.2 **Leases** 

In relation to each Property:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the requisite details of the Lease for such Property are included in Schedule 5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Group Company has received any written notice of any subsisting material breach and no non-observance of any material covenant, condition or agreement contained in the Lease under which the relevant Group Company holds its interest in the Property, on the part of that Group Company which would
materially adversely affect the business of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Group Company has served or received written notice, and no Management Warrantors are aware of any
circumstances which are reasonably likely to give rise to any such notice being made, to terminate the Lease before the expiry of the contractual term; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with respect to each of the Leases, such Lease is legal, valid, binding, enforceable and in full force and
effect.

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6.3 **Ownership of Non-Property Assets** 

All assets included in the Accounts or acquired by any of the Group Companies or which have otherwise arisen since the Accounts Date, other than the Properties, the Funds at Lloyd's of the Corporate Member and any assets disposed of or realised in the ordinary and usual course of business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are legally and beneficially owned by the relevant Group Company, and each Group Company has the right to use
all tangible material assets used in its business or presently located on its premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) are free from Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) are, where capable of possession, in the possession or under the control of the relevant Group Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) are not the subject of any factoring arrangement, conditional sale or credit agreement.

6.4 **Debts** 

None of the debts due from or due to any Group Company which are included in the Accounts or which have subsequently arisen, in each case which exceed $1,000,000:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has been outstanding for more than 18 months from its due date for payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has been released on terms that the debtor has paid less than the full value of its debt, and all such debts
have realised, or the Management Warrantors expect such debts to realise, in the normal course of collection their full value as included in the Accounts or in the books of the relevant Group Company after taking into account the provision for bad
and doubtful debts made in the Accounts.

**7.** **COMMERCIAL AGREEMENTS AND ARRANGEMENTS** 

7.1 **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Data Room contains true and complete copies of all Material Contracts as at the date of this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Material Contract:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) contains any material restriction on the ability of any Group Company or any of its Affiliates (or, after
consummation of the transactions contemplated hereby, the Buyer or any of its Affiliates) to solicit specified customers or prospective customers for the purchase or renewal of material Insurance Contracts or to alter or change the terms, features,
benefits, elections or options under any material Insurance Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provides for any obligation to loan or contribute funds to, or make investments in, another person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) save in respect of the L/C Facility Agreement that has been disclosed in the Data Room, is a mortgage,
indenture, loan or credit agreement, security agreement or other agreement or instrument relating to the borrowing of money or extension of credit or the direct or indirect guarantee of any obligation for borrowed money of any person or any other
liability of any Group Company in respect of indebtedness for borrowed money of any person, in each case, involving liabilities in excess of $250,000;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) save in respect of any arrangements in relation to Motion, is an agreement that is a material limited liability
company, partnership, joint venture or other similar contract relating to the formation, creation, operation, management or control of any partnership or joint venture in respect of the business of any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) is a currently in force hedge agreement or other contract material to a Group Company's or the
Syndicate's hedging programme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) is a currently in force investment management agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) is a material contract that relates to the administration of claims, underwriting or other insurance policy
administration functions, including any collateral arrangements in respect of such contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) save in respect of the L/C Facility Agreement that has been disclosed in the Data Room, requires a Group
Company or any Affiliate thereof to maintain a minimum rating (including, for the avoidance of doubt, any rating applicable to a company group of which the relevant Group Company is a member) or solvency ratio such that a failure to maintain a
rating or solvency ratio at or above such rating or solvency ratio would give rise to any violation, breach or default by the Group Company thereunder, or that would permit any modification, acceleration or termination thereof, or that would require
the Group Company to collateralise or otherwise provide security thereunder or with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) provides for the acquisition or disposal (whether in a single transaction or series of transactions) of any
business (or any material part of any business) or any shares in any company from and after the 36 months prior to the date of this Deed where the value of that business or those shares exceeds $1,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) provides for the purchase, sale, transfer or acquisition of any real property from and after the 36 months
prior to the date of this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) save in respect of the L/C Facility Agreement that has been disclosed in the Data Room, provides for any
guarantee or surety by any Group Company of the obligations of any other person, or by any person for the benefit of the Group Company, including any guaranty, capital maintenance or keep-well and in each case to the extent in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) is a contract entered into with any Regulatory Body; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) obligates any Group Company to enter into any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other than Material Contracts, there are no agreements which, in the reasonable opinion of the Company, are
otherwise material to the conduct of the Group's business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Material Contract is a legal, valid and binding obligation on the relevant Group Company, and, as far as
the Management Warrantors are aware, each other party to such Material Contract, and is enforceable against the relevant Group Company, and, as far as the Management Warrantors are aware, each such other party, in accordance with its terms. The
relevant Group Company has not received any written notice of a material default or material breach in respect of any Material Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There are no outstanding agreements or arrangements under which any Group Company is under an obligation to
acquire or dispose of all or a substantial part of its assets or business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) As far as the Management Warrantors are aware, no written notice of termination or of intention to terminate,
rescind, avoid or repudiate has been received or given in respect of any Material Contract, and there are no circumstances that are reasonably likely to give rise to any such rights (except where such Material Contract has expired or is due to
expire in accordance with its terms).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No Group Company participates in any joint venture (other than in relation to Motion), consortium (other than
Lloyd's consortia in the ordinary course of business) or partnership arrangements.

7.2 **Compliance with Agreements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Material Contracts have been complied with in all material respects by the relevant Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the twelve (12) months immediately preceding the date of this Deed, no counterparty to a Material
Contract has ceased, reduced or indicated an intention to cease or reduce, or changed the terms of or indicated an intention to change the terms of, its trading or supply with any Group Company other than in accordance with the terms of such
Material Contract or otherwise in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No party has been unable to meet its obligations or is otherwise in breach (other than any obligation or breach
which is immaterial and administrative in nature) of a Material Contract, and there are no circumstances in existence which would render such a breach to be reasonably likely to occur or mean that either the Group Company or the relevant
counterparty may be unable to meet its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No party has relied on any force majeure as a means of absolving itself from performance of any obligation in a
Material Contract.

7.3 **Effect of Sale of the Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither entering into nor completion of this Deed and the Transaction Documents for the transfer of all or any
of the Shares will, or is likely to result in a material breach of, or give any third party a right to terminate or vary, or result in any Encumbrance under, any Material Contract, save as Disclosed in the Disclosure Letter or in respect of the
change in control terms under the L/C Facility Agreement that has been disclosed in the Data Room.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No person is entitled to receive from a Group Company any finder's fee, brokerage or other commission in
connection with the sale and purchase of the Shares.

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**8.** **CORPORATE INSURANCE POLICIES** 

8.1 The Data Room contains complete copies of all insurance policies or indemnity policies as on the date of this
Deed (other than (i) Insurance Contracts; and (ii) any outwards reinsurance contracts) maintained by or for the benefit of each Group Company (known as the "**Insurance Policies** ", and each an "**Insurance Policy** ").

8.2 In the three (3) years prior to the date of this Deed, no insurer has disputed any of the Insurance
Policies. All premiums and any related insurance premium taxes due on the Insurance Policies have been paid when they were due and there are no existing circumstances which would give rise to an increase in premium or make any Insurance Policy void
or voidable.

8.3 There are no outstanding claims by any Group Company under, or in respect of the validity of, any of the
Insurance Policies and, so far as the Management Warrantors are aware, there are no circumstances likely to give rise to any claim by any Group Company under any of the Policies.

8.4 Each Group Company has, in the three (3) years prior to the date of this Deed, been insured against risks
normally insured by a prudent person carrying on a similar business to the Group Companies and has at all times effected all insurances required by applicable Law.

8.5 Nothing has been done or omitted to be done by any Group Company or, so far as the Management Warrantors are
aware, any other party which has made any of the Insurance Policies void or voidable. So far as the Management Warrantors are aware, none of the insurers under the Insurance Policies are insolvent.

8.6 So far as the Management Warrantors are aware, there are no circumstances which have given or are likely to
give rise to any claim or require notification under any of the Insurance Policies, which have not been notified to the relevant insurers.

**9.** **CLAIMS AND POLICIES** 

9.1 There has been no material failure by Inigo Managing Agent Limited within the last three (3) years prior
to the date of this Deed to administer or comply with any policies in accordance with their terms which, taken individually or collectively, has resulted, or will result, in a material adverse effect on Inigo Managing Agent Limited or the Syndicate.

9.2 The policyholder records of Inigo Managing Agent Limited are sufficient to enable it to deal with claims
arising under the policies in all material respects.

9.3 The Group Companies have processed and administered all claims with respect to the Group Companies and/or the
Syndicate in accordance with applicable Law and, so far as the Management Warrantors are aware, in a timely manner during the last three (3) years prior to the date of this Deed.

**10.** **EMPLOYEES AND EMPLOYEE BENEFITS** 

10.1 **Employees and Terms of Employment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Disclosure Documents contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the terms and conditions of employment (including salary and other contractual benefits) of each Senior
Employee;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the standard terms of employment applicable to the Employees (other than Senior Employees) and details of any
material discrepancies from these terms with respect to any such Employee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a schedule of all Employees showing true, accurate and complete details of each Employee's employing
entity, job title, immigration status, date of commencement of continuous employment, contractual hours of work, work location, notice period or term of employment, basic salary and contractual benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Group Company is a party to any arrangement which provides that the transactions contemplated under the Sale
and Purchase Agreement or any change of control of any Group Company shall entitle any present or former Employee or director, officer, worker or independent contractor of any Group Company to any payment or benefit whatsoever or the acceleration of
any payment or benefit, other than the Share Plans.

10.2 **Termination of Employment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Senior Employee has given or received, notice to terminate such person's employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no proposals to terminate the employment of any Senior Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Save as set out in the relevant Employee's terms and conditions of employment, no Group Company has
agreed to make any payment or agreed to provide any benefit to any Senior Employee, or any of such person's dependants, that has not yet been paid in connection with the proposed termination or suspension of employment or variation of any
contract of employment of any such Senior Employee.

10.3 **Independent Contractors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Disclosure Documents contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a true, complete and accurate schedule of all individuals who are engaged directly, or through an intermediary,
by any Group Company but who are not Employees, showing true, accurate and complete details of each such individual's function, the term of their engagement and their remuneration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the template terms and conditions on which the individuals referred to in paragraph 10.3(a)(i) are engaged and
details of any material discrepancies from these terms and conditions with respect to any such individual.

10.4 **Employee Representative Bodies and Industrial Disputes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Group Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a party to any collective bargaining, recognition or similar agreement with any trade union, works council
or any other employee representative body; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recognises or certifies any trade union, works council or any other employee representative body and no Group
Company has received a request for recognition of the same in the two years immediately prior to the date of this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There is not, and during the two years immediately prior to the date of this Deed there has not been, any
industrial action adversely affecting any Group Company and there are no circumstances which are likely to give rise to any such industrial action, collective grievance or trade dispute against any Group Company.

10.5 **Employee Litigation and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There is no current, threatened or pending claim or material dispute with any present or former Employee or
worker or independent contractor of any Group Company and there are no circumstances which are likely to give rise to any such claim or dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Group Company has complied in all material respects with its statutory and contractual obligations to or
in relation to its present or former Employees , workers or independent contractors, including applicable Laws relating to terms and conditions of employment, health and safety, wages, holiday pay and the calculation of holiday pay, absence and
working time, immigration, discrimination, disability rights or benefits, equal pay and equal opportunities and labour relations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There are no amounts owing to or in relation to any present or former Employee, worker or independent
contractor of any Group Company, other than remuneration and emoluments accrued during the relevant payment period or business expenses due to be reimbursed in the normal course of business.

10.6 **Bonus or Other Profit-Related Schemes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Disclosure Documents contain the rules and other governing documentation relating to all benefits, plans,
policies or rules relating to profit sharing, any bonus other than the short term incentive plan, commission or other incentive schemes and any other remuneration or benefits to which any Employee may be entitled and the governing terms on which
they are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All existing material benefit schemes operated by the Group have been operated materially in accordance with
their governing rules or terms and all applicable Laws and all documents which are required to be filed with any regulatory authority have been so filed.

10.7 **Share Plans** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than the Share Plans, there are no incentive plans (including, but not limited to, share option plans,
long-term incentive plans, restricted share plans, savings plans, share incentive plans, and phantom plans) operated by the Company or any Group Company involving rights to acquire Securities under which any Employees, former Employees, officers,
consultants, workers or independent contractors participate or are eligible to participate, and there are no plans to introduce any such incentive plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Share Plans have been operated materially in accordance with their governing rules or terms and all
applicable Laws and all documents which are required to be filed with any regulatory authority in connection with such Share Plans have been so filed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Disclosure Documents contain full and accurate particulars of all governing documentation relating to the
Share Plans and any employment-related Securities held by any Employees or former Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Other than the EBT, no Group Company has established, operates or has operated any employee benefit trust, and
no employee benefit trust (including the EBT) nor any other third party has (i) made any payment or loan to, (ii) made available or transferred assets to, or (iii) earmarked any assets (however informally) for the benefit of any
Employees or former Employees (or any associate of such Employees or former Employees) of any Group Company such as would fall within Part 7A of ITEPA 2003.

10.8 **Pension Schemes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than (i) the Pension Scheme, and (ii) any statutory social security plans operated under public
law, statute or regulation to which the Company or any Group Company contributes in compliance with applicable Law, there are no obligations under which the Company or any Group Company is required to make payment of a contribution towards, or other
provision for, pension benefits on retirement or death for the benefit of an Employee or an Employee's dependants and no undertaking or assurance (whether written or oral) has been given by the Company or any Group Company to any Employee as
to the continuance or introduction of any pension plan, or increase, augmentation or improvement of any pension benefits (including those provided under the Pension Scheme).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Group Company has ever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) been an employer in relation to, participated in, or had any liability (whether prospective, contingent or
otherwise) to or in respect of an occupational pension scheme which is not a money purchase pension scheme, both terms as defined in the United Kingdom Pension Schemes Act 1993; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) been an "associate" of or "connected" with (as those terms are used in sections 38 and
43 of the United Kingdom Pensions Act 2004) such an employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No person has previously transferred to any of the Group Companies pursuant to the United Kingdom Transfer of
Undertakings (Protection of Employment) Regulations 1981 or 2006 (as amended) who immediately prior to such transfer participated in a defined benefit pension scheme that made provision for benefits other than related to old age, invalidity or on
death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Pension Scheme complies with, and has been managed in accordance with its governing documentation and all
applicable Laws, regulations and requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There are no disputes concerning the Pension Scheme in respect of any Employee or former employee of any Group
Company or director of any Group Company.

**11.** **INTELLECTUAL PROPERTY RIGHTS** 

11.1 The Group is either (i) the legal and beneficial owner (free from all Encumbrances) of, or (ii) has
subsisting right to use, all Business IPR.

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11.2 The Disclosure Letter contains a complete and accurate list of all Owned Business IPR that are registered or
the subject of an application to register, excluding domain names (the "**Registered IP** ").

11.3 All domain names used primarily in the business of the Group as at the date of this Deed are registered in the
name of a Group Company and are listed in the Disclosure Letter (the "**Domain Names** ").

11.4 All maintenance and renewal fees payable before the date of this Deed in respect of the Registered IP, and the
Domain Names, have been paid in full, and no Registered IP or Domain Names have lapsed or been omitted for non-payment.

11.5 Except as disclosed in the Disclosure Letter, no Owned Business IPR is subject to any joint ownership or
restrictions on assignment, and no third party (including any government, university, funding body or research institution) has any right or interest in any Owned Business IPR.

11.6 Except as disclosed in the Disclosure Letter, no Group Company is a party to any agreement which constitutes a
Material IP Agreement.

11.7 No Owned Business IPR is, or is required to be, deposited in a source code escrow agreement or licensed to any
third party, other than under written agreements containing confidentiality and use restrictions.

11.8 Each current and former employee, officer, director, contractor, temporary worker and consultant of any Group
Company that has made a contribution to the development or modification (including improvement) of any Owned Business IPR in the twelve (12) months prior to the date of this Deed has executed an agreement assigning to the relevant Group Company
all of their rights in such development, and waiving all moral rights in relation thereto, subject to, and in accordance with, any applicable Law. In respect of any Owned Business IPR that is material to the conduct of the business of the Group
Companies, each such person, whenever engaged prior to the date of this Deed, has executed such an agreement. No current or former employee, officer, director, contractor or consultant is entitled to any consideration, remuneration or other
compensation in relation to the use of, or any interest in, their contribution to the development or modification (including improvement) of any Owned Business IPR.

11.9 In the twelve (12) months prior to the date of this Deed, no written notice has been received by any Group
Company alleging that the business of the Group infringes or makes unauthorised use of the Intellectual Property Rights of any third party, and, so far as each Management Warrantor is aware, no such claims are pending or threatened.

11.10 In the twelve (12) months prior to the date of this Deed, no Group Company has given any written notice
that the Owned Business IPR is being infringed or used without authorisation by any third party in any material respect.

11.11 The performance of (and transactions contemplated by) this Deed will not result in the loss or impairment of,
nor require the consent of any other person in respect of, or the payment of any material non-customary amounts under, any Group Company's rights to own or use any Business IPR as owned or used by a
Group Company in the twelve (12) months prior to the date of this Deed unless expressly agreed otherwise under a Transaction Document.

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**12.** **INFORMATION TECHNOLOGY AND ARTIFICIAL INTELLIGENCE** 

12.1 The Material IT Contracts are valid, binding and in full force and effect. The Group Companies comply, and have
complied, with the Material IT Contracts in all material respects.

12.2 The Disclosure Letter contains a complete and accurate list of all Material IT Contracts. In relation to the
Material IT Contracts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no written notice has been given by any party of termination, and no Management Warrantors are aware of any
circumstances which are reasonably likely to give rise to any such notice being made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no written notice has been given by any party of material breach; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) none of the Material IT Contracts contain any change-of-control restrictions or consent requirements that will be triggered by the Proposed Transaction, except as disclosed in the Disclosure Letter.

12.3 Each Group Company has complied in all material respects with the terms under which it uses any third-party
software (including any open source software), and the use of such software does not obligate any Group Company to disclose, distribute or license any source code forming part of the Owned Business IPR to any third party.

12.4 The IT Systems have appropriate virus protection, security and back-up systems, and tested business continuity and disaster recovery plans, in accordance with applicable law and good industry practice, and no such testing or other assessment has identified any critical or high-risk vulnerability which remains
unremedied. To the knowledge of the Warrantors, the IT Systems do not contain any device or feature designed to disrupt, disable or impair their functioning.

12.5 The IT Systems, except as disclosed in the Disclosure Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are owned by, or validly licensed or leased to, a Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) are adequate for the Group's business as currently conducted, and are not dependent on any facilities or
services not owned or controlled by a Group Company (including under a licence), other than hosted or cloud services or as disclosed in the Data Room; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) are subject to appropriate development, maintenance and support agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the IT Systems do not require material capital expenditure other than (i) in the ordinary course of
business consistent with past practice, or (ii) as disclosed in the Data Room or in the Disclosure Letter.

12.6 Within the last three (3) years prior to the date of this Deed, there have been no physical or logical
intrusions into the IT Systems which have had, or are having, a material adverse effect on the business of any Group Company. The Group Companies maintain appropriate measures to prevent unauthorised access to, or contamination of, the IT Systems,
in accordance with good industry practice.

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**13.** **DATA PROTECTION AND CYBERSECURITY** 

13.1 Each Group Company complies, and has complied during the last three (3) years, in all material respects
with applicable Data Protection Laws, including through the implementation and maintenance of appropriate data protection policies, procedures, records and logs.

13.2 Except as disclosed in the Disclosure Letter, the Group has not, during the twelve (12) months prior to
the date of this Deed: (a) suffered any personal data breach that triggered notification obligations under applicable Data Protection Laws; (b) been subject to investigation or received written notice, nor has become aware of any
circumstances which are reasonably likely to give rise to any such notice being made, of non-compliance from any competent supervisory authority (other than matters which have subsequently been withdrawn or
resolved in favour of the Group Company); or (c) received any written claim or complaint, nor has become aware of any circumstances which are reasonably likely to give rise to any such claim or complaint being made, alleging a material breach
of Data Protection Laws or failure to comply with data subject rights (other than matters which have subsequently been withdrawn or resolved in favour of the Group Company).

**14.** **LICENCES TO OPERATE** 

14.1 All necessary licences, permissions, registrations, consents, approvals, permits, authorisations waivers and
exemptions (public and private), (excluding for Business IPR), have been obtained by each Group Company and Motion to enable it to carry on its business in the places and manner in which such business is carried out as at the date of this Deed and
all such licenses, registrations, consents, permits and authorisations are valid, in full force and effect and not subject to any material condition, limitation, or restriction which is not complied with or which adversely affects the ability of the
relevant Group Company or Motion to carry on its business in the ordinary course (the "**Authorities** ").

14.2 No Group Company or Motion has received notice that any of the Authorities has, will or is likely to be
suspended, cancelled, terminated, revoked, modified or not renewed, in whole or in part, and so far as each Management Warrantor is aware, there are no other indications or circumstances in the last three (3) years prior to the date of this
Deed to suggest that any of the Authorities will be revoked, suspended or cancelled.

14.3 No Group Company or Motion has applied for any variation to or cancellation of any of its Authorities in the
three (3) year period preceding the date of this Deed.

14.4 There are no material Complaints from any client outstanding against (i) any Group Company or (ii) in
respect of the Business only, any member, director or employee of any Group Company. For these purposes, "**Complaint**" means a written expression of dissatisfaction, whether justified or not, received by a Group Company from, or on
behalf of, a person about the actions or omissions of a Group Company or any member, director or employee of a Group Company which alleges that any Group Company or any member, director or employee of a Group Company is in breach of its contractual
obligations to such complainant, or that the complainant has suffered (or may suffer) financial loss, or that the relevant Group Company or any member, director or employee of a Group Company is or may be in breach of any applicable Law of any
relevant jurisdiction.

14.5 Complete copies of all material written correspondence relating to the conduct, resources or regulatory status
of each relevant Group Company between such Group Company and any Regulatory Body during the three (3) years prior to the date of this Deed are included in the Data Room.

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**15.** **COMPLIANCE WITH LAWS** 

15.1 The Group has conducted and is conducting its business in all material respects in accordance with all
applicable Laws, regulations, rules, guidance, codes of conduct and practice, policy statements and other requirements of any Regulatory Body in any jurisdiction in which any Group Company operates, including the terms of any Authorities, and any
requirements arising from regulatory correspondence, thematic reviews, skilled person reviews, enforcement actions, or risk mitigation programmes.

15.2 Each Group Company has filed or has otherwise provided all material returns, accounts, applications, notices,
reports and any other necessary information required to be filed with or provided to a Regulatory Body for the three (3) years prior to the date of this Deed and such returns, accounts, applications, notices and reports did not contain any
inaccurate historical factual information or omit any historical factual information required to be included therein which, in either case, would have misrepresented to a material extent, the position of any Group Company as compared to that
presented by such documents and any material factual information on which such returns, applications, notices and material reports were based, and which was provided by each Group Company was, when provided, true, accurate and not misleading in any
material respect in relation to the period or periods to which such information relates.

15.3 No Group Company nor its respective directors, officers and employees, or any other person (including agents
and representatives) for whose acts or defaults any Group Company may be vicariously liable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is liable for any criminal, illegal or unlawful or unauthorised act or breach of any obligation or duty for
which, in respect of directors, officers and, employees and those other persons for whose acts or defaults any Group Company may be vicariously liable, a Group Company may be liable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or has been in the three (3) years prior to the date of this Deed the subject of any investigation,
inquiry or enforcement proceedings by any Regulatory Body in relation to any Group Company, and no Group Company has received any written notification that any such investigation, inquiry or proceedings are or have been threatened or are pending and
there are no circumstances existing that could reasonably be expected to give rise to any such investigation, inquiry or proceedings; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is liable or subject to further investigations due to internal audit findings, inquiries and/or proceedings and
any recommendations from internal audit functions have been actioned to the satisfaction of the internal audit function from time to time in relation to any Group Company.

15.4 No Group Company or (in respect to (a) only) Motion, has at any time in the three (3) years prior to
the date of this Deed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) been subject to, or notified of any pending or threatened, enforcement or disciplinary investigation,
enforcement action, interview under caution, or other formal investigation by a Regulatory Body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) received any non-routine or adverse written notice, letter,
requirement, request, censure, fine, warning notice, decision notice, supervisory notice, prohibition, direction or public statement (whether final or draft) from a Regulatory Body; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) entered into any voluntary requirement, undertaking or agreement with a Regulatory Body (including a skilled
person review or remediation programme),

and, so far as the Management Warrantors are aware, no such investigation, enforcement action or regulatory intervention is pending or threatened.

15.5 No Group Company has received a written notice from any Regulatory Body that any director of, or any individual
employed by, any Group Company has been the subject of any censure, disciplinary action, fines or other enforcement action by any Regulatory Body in the three (3) years prior to the date of this Deed.

15.6 The Corporate Member is duly admitted to membership of Lloyd's pursuant to Membership Byelaw (No. 5 of
2005) and is party to such of Lloyd's membership agreements as are required by Lloyd's and none of such agreements have been amended from the standard form provided by Lloyd's.

15.7 Each person carrying out a senior management function on behalf of Inigo Managing Agent Limited for which
approval is required under applicable Law has been approved for this purpose by the PRA, FCA or any other applicable Regulatory Body.

15.8 Within the last three (3) years prior to the date of this Deed, all material returns, reports, statements
and other information, applications and notices required to be filed with or otherwise submitted to the FCA, the PRA, Lloyd's and any other applicable Regulatory Body in connection with the carrying on of the business of the Group have been
prepared duly filed and maintained by the Company and/or the Corporate Member in accordance with applicable Law.

15.9 As far as each Management Warrantor is aware:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Producer, at any time that it wrote, sold or produced Insurance Contracts for a Group Company, was duly
licensed, authorised and appointed (for the type of business written, sold or produced by such Producer) in the particular jurisdiction in which such Producer wrote, sold or produced such Insurance Contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Producer is in material violation of any term or provision of applicable Law relating to the writing, sale
or production of such Insurance Contracts for any Group Company.

15.10 There has been no material claim, legal action, proceeding, suit, litigation, prosecution, investigation,
enquiry, mediation or arbitration pending or threatened in writing against any Group Company with respect to the marketing of any Insurance Contract.

15.11 Each Group Company maintains adequate and appropriate systems, controls, and governance arrangements, including
but not limited to those relating to risk management, compliance, internal audit, financial reporting, operational resilience, outsourcing, product governance, and data protection.

**16.** **CONDUCT OF BUSINESS AND LLOYD'S** 

16.1 Inigo Managing Agent Limited does not carry on, and has not at any time in the last three (3) years prior
to the date of this Deed, carried on any business other than that of acting as managing agent at Lloyd's.

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16.2 The Syndicate is the only Lloyd's syndicate for which Inigo Managing Agent Limited is or has in the last
three (3) years prior to the date of this Deed been a Lloyd's managing agent and is the only Lloyd's syndicate managed by Inigo Managing Agent Limited in respect of which there is any open Year of Account.

16.3 There are no variations to the terms of the standard Managing Agency Agreements or Agent's Agreements.
Inigo Managing Agent Limited has not given to or received from (or on behalf of) any member of the Syndicate notice to terminate the Managing Agent's Agreement between Inigo Managing Agent Limited and such member (or Inigo Managing Agent
Limited's appointment under such agreement) or applied to Lloyd's for permission to give any such notice, and Inigo Managing Agent Limited has not received notice of any intention on the part of any such member not to underwrite for the
2026 Year of Account as a member of the Syndicate (where that member has tenancy rights with respect to the Syndicate).

16.4 In the last three (3) years prior to the date of this Deed, Inigo Managing Agent Limited has at all times
properly observed, fulfilled, performed, conducted and carried out in all material respects all obligations imposed on it under any Managing Agency Agreements and Agent's Agreements from time to time entered into by Inigo Managing Agent
Limited and, so far as each Management Warrantor is aware, there have been no acts or omissions on the part of Inigo Managing Agent Limited, its officers, employees or agents which constitute or may constitute a material breach (whether in contract,
tort, trust or otherwise) of the duties Inigo Managing Agent Limited owes to any member or members' agent.

16.5 Inigo Managing Agent Limited has not entered into any agreement with any member of the Syndicate other than in
the standard form(s) prescribed by the Council and all members of the Syndicate have the same arrangements with Inigo Managing Agent Limited regarding profit commission, fees and the consequences of any deficit.

16.6 All binding authority agreements entered into by Inigo Managing Agent Limited on behalf of the members of the
Syndicate are, in all material respects, on LMA standard terms.

16.7 So far as each Management Warrantor is aware, there has not been on the part of the managing agent's
trustees appointed by Inigo Managing Agent Limited any breach of trust or of any fiduciary obligations in any material respect in respect of any trust established or maintained pursuant to Lloyd's Regulations for the purposes of the business
of the Syndicate and Inigo Managing Agent Limited.

16.8 Inigo Managing Agent Limited has, in all material respects and at all times, complied with its fiduciary
obligations in relation to funds coming into its hands and required to be treated as trust assets in connection with the business of the Syndicate.

16.9 All funds of the Syndicate are properly entered in the books and records of the Syndicate and are invested and
held in all material respects in accordance with the relevant premiums and other trust deeds or instruments and Lloyd's Regulations.

16.10 So far as each Management Warrantor is aware, all outward reinsurance agreements and arrangements in respect of
the Syndicate are valid and enforceable, and, other than in the ordinary course of insurance and reinsurance claims arising in respect of a Group Company's participation in any syndicate, there are no disputes (and no Management Warrantors are
aware of any circumstances which are reasonably likely to give rise to any such dispute being raised) under any such agreements and arrangements.

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**17.** **THE CORPORATE MEMBER, OTHER MEMBERS & FUNDS AT LLOYD'S** 

17.1 The Corporate Member has not conducted any business other than that of being a corporate member at
Lloyd's and it has not participated on any syndicate at Lloyd's other than the Syndicate.

17.2 The Corporate Member has not made, and it does not as at the date of this Deed make its Funds at Lloyd's
inter-available to any other member.

17.3 The Corporate Member has deposited with Lloyd's the full amount of their Funds at Lloyd's
requirements in relation to the Coming into Line process for each of the open Years of Account, and there has been no cash call on the Corporate Member in respect of any open Years of Account in the twelve (12) months preceding the date of this
Deed.

17.4 There are no matters that could lead to a conflict of interest between the interests of Inigo Managing Agent
Limited and the members of the Syndicate, other than those of a Lloyd's managing agent acting in the ordinary course of business at Lloyd's.

17.5 The 2020, 2021 and 2022 Years of Account of the Syndicate that have been reinsured to close have been reinsured
to close in the ordinary course.

17.6 Inigo Managing Agent Limited retains no further responsibility for the management of the 2020 and prior Years
of Account of the Syndicate, save for the ordinary residual responsibility that applies to a Lloyd's managing agent of Years of Account of a Lloyd's syndicate that have been reinsured to close into a Year of Account of a Lloyd's
syndicate managed by another Lloyd's managing agent.

17.7 Where Funds at Lloyd's have been provided on behalf of the Corporate Member, all required disclosures
have been made to Lloyd's with respect to such arrangements.

17.8 Within the last three (3) years prior to the date of this Deed, there have been no cash calls by
Lloyd's with respect to the Funds at Lloyd's provided by or on behalf of the Corporate Member.

**18.** **ACTUARIAL AND RESERVES** 

18.1 The Data Room contains in folders 4.3 and 4.6 complete and accurate copies of the latest reserving policy and
the reserving process used for making actuarial and reserving calculations of the Syndicate. The Data Room in folder 4 contains the claims and premium data used to calculate the reserves for the second quarter of 2025 and fourth quarter of 2024,
together with the methodologies and assumptions used, and this data is complete and accurate.

18.2 As far as each Management Warrantor is aware, during the last three (3) Years of Account and the current
Year of Account (the "**Applicable Period** "), the reserves of each Group Company and the Syndicate (including those contained in the Accounts) were properly determined, and calculated using their respective methodologies and
assumptions at the time of such determination in compliance with generally accepted actuarial standards (consistently applied, except as otherwise noted in the Accounts and notes thereto), professional guidance and applicable Law in all material
respects (except as otherwise noted in the Accounts and notes thereto included in such Accounts).

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18.3 As far as each Management Warrantor is aware, during the Applicable Period, in the context of determining the
reserves of each Group Company and the Syndicate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the claims data used were sufficiently accurate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the methodologies and the assumptions used were reasonable,

in the context of the insurance and reinsurance business underwritten by the Syndicate.

18.4 Inigo Managing Agent Limited has not in the past three (3) years prior to this Deed been party to a
transfer of insurance business, save for the transfers pursuant to the 2023 RITC Agreement, the 2024 RITC Agreement and the 2025 RITC Agreement.

18.5 The Data Room contains in folder 4.4 all actuarial reports relating to reserving calculations made by external
actuaries with respect to the Syndicate commissioned by Inigo Managing Agent Limited within the three (3) year period ending on the date of this Deed.

18.6 Inigo Managing Agent Limited has not materially changed any of its reserving methodologies (as defined in the
reserving policy available at 6.3.15 in the Data Room) for making actuarial and reserving calculations in the last three (3) years prior to the date of this Deed.

18.7 So far as each Management Warrantor is aware, all material premiums, claims and reinsurance claims information
that is Disclosed in folder 4 of the Data Room is appropriate, complete and accurate and has been properly extracted in good faith and with reasonable care, and accurately reflect the underlying data in all material respects and does not contain any
material omissions or misstatements as at the relevant date.

18.8 So far as each Management Warrantor is aware, the data provided in connection with the preparation of the
external actuarial reports with respect to the Syndicate commissioned by Inigo Managing Agent Limited within the three (3) year period ending on the date of this Deed was true, complete and accurate in all material respects (including with
respect to all benefits and risks covered under the terms of all Insurance Contracts) when provided to each advisor.

**19.** **ANTI-CORRUPTION, ANTI-MONEY LAUNDERING AND SANCTIONS** 

19.1 The Group, its directors, officers, any Group Company and, so far as each Management Warrantor is aware, its
Associated Persons and employees are, and have been since 15 March 2021, in material compliance with applicable Anti-Corruption Laws and Anti-Money Laundering Laws and in compliance with Sanctions.

19.2 Neither the Group, nor its directors, officers, any Group Company and, so far as each Management Warrantor is
aware, nor any of its Associated Persons and employees have, directly or indirectly, since 15 March 2021 (i) used any funds in violation of Anti-Corruption Laws and Anti-Money Laundering Laws, or (ii) requested or accepted any bribes,
facilitation payments or other unlawful benefits in violation of Anti-Corruption Laws.

19.3 Neither the Group nor its directors, officers, any Group Company and, so far as each Management Warrantor is
aware, nor any of its Associated Persons or employees is engaging, or has engaged since 15 March 2021, directly or, to their awareness, having made reasonable inquiry, indirectly, in any activity, practice or conduct in violation of, Sanctions.

19.4 Neither the Group nor its directors, officers, any Group Company and, so far as each Management Warrantor is
aware, nor any of its Associated Persons or employees is, or has since 15 March 2021 received written notice, that it is, the subject of any investigation, subpoena, complaint, lawsuit,

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proceeding, inquiry, enforcement proceedings, penalty, notice, warning letter, or other action by any governmental, administrative or regulatory body regarding any offence or alleged offence under Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions in any jurisdiction in which the Group or its Associated Persons operate, and no Group Company has received any written notification that any such actions are or have been threatened or are pending.

19.5 Neither the Group nor its directors, officers, any Group Company and, so far as each Management Warrantor is
aware, nor any of its Associated Persons or employees is or has made any disclosure (voluntary or involuntary) to any governmental, regulatory or administrative body related to compliance or non-compliance with Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions since 15 March 2021.

19.6 Since 15 March 2021, neither the Group nor its directors, officers, any Group Company and, so far as each
Management Warrantor is aware, nor any of its Associated Persons or employees: (i) is or has been a Sanctioned Person or has acted, directly or, to their awareness, having made reasonable inquiry, indirectly, on behalf of a Sanctioned Person;
(ii) is, to their awareness, having made reasonable inquiry, conducting or has conducted any business or activity, or engaged in making or receiving any contribution of funds, goods or services to or for the benefit of any Sanctioned Person in
each case in violation of Sanctions; or (iii) is, to their awareness, having made reasonable inquiry, dealing in or has dealt in, or otherwise engaged in, any transaction relating to any property or interests in property of any Sanctioned
Person, in each case in violation of Sanctions, or (iv) is, to their awareness, having made reasonable inquiry, engaging or has engaged in any business or activity that could result in it becoming the target of Sanctions or enforcement action
related to Sanctions.

19.7 Each Group Company maintains and regularly keeps under review on an ongoing basis written procedures and
internal accounting controls which are reasonably designed to promote and achieve compliance by the relevant Group Company and its respective Associated Persons with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.

**20.** **COMPETITION** 

20.1 No Group Company is or has at any time been party to or directly or indirectly concerned in any agreement,
arrangement, understanding or practice (whether or not legally binding) or course of conduct which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or was in breach of any competition or similar legislation in any jurisdiction in which the Group's
business is or has been carried on;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or has been the subject of any investigation, site inspection or request for information by any court,
competition or other governmental or administrative authority pursuant to any competition or similar legislation in any jurisdiction in which the Group's business is or has been carried on;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is or has been during the past two (2) years prior to the date of this Deed the subject of any
registration with, or any notification or application for a decision or guidance to, any competition or other governmental or administrative authority pursuant to any competition or similar legislation of any jurisdiction in which the Group's
business is or has been carried on;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is or was otherwise registrable, notifiable, unenforceable or void or which renders a Group Company or any of
its officers liable to administrative, civil or criminal proceedings under any competition or similar legislation in any jurisdiction in which the Group's business is or has been carried on.

20.2 No Group Company has given any undertaking, and no order, decision, judgment or direction of any court,
competition authority or other governmental or administrative authority has been made against any Group Company, or in relation to it, pursuant to any competition or similar legislation in any jurisdiction in which the Business is or has been
carried on which restricts the manner in which any Group Company is permitted to conduct any of the Business.

20.3 No Group Company has received any aid, or any written notice of any investigation, complaint, action or
negative decision in relation to the receipt or the alleged receipt of any aid or alleged aid, from any governmental organisation in any jurisdiction in which the Business is or has been carried on.

**21.** **LITIGATION** 

21.1 No Group Company or Motion (or any person for whose acts or defaults a Group Company or Motion may be
vicariously liable) is involved whether as claimant or defendant or other party in any claim, legal action, proceeding, suit, litigation, prosecution, investigation, enquiry, mediation or arbitration (other than in respect of the Insurance Contracts
or as claimant in the collection of debts arising in the ordinary and usual course of its business) which is material to the business of the Group or Motion (as applicable) .

21.2 Other than in the ordinary course of business pursuant to the Insurance Contracts, no claim, legal action,
proceeding, suit, litigation, prosecution, investigation, enquiry, mediation or arbitration of material importance is pending by or against any Group Company (or any person for whose acts or defaults a Group Company may be liable).

21.3 There are no investigations, disciplinary proceedings or, so far as the Management Warrantors are aware, other
circumstances reasonably likely to lead to any claim or legal action, proceeding, suit, litigation, prosecution, investigation, enquiry, mediation or arbitration.

21.4 No Group Company is affected by any existing or pending judgments or rulings, orders or decrees of any court or
Regulatory Body or any expert determination or arbitral award.

**22.** **TAXATION** 

22.1 In the four (4) years prior to the date of this Deed, all material Taxation of any nature whatsoever for
which any Group Company is or has been liable to pay, withhold or account for (including in respect of any Securities held at any time by any Employees or former Employees), has been duly paid, withheld or accounted for, within the time limits
prescribed by relevant legislation, insofar as such material Taxation ought to have been paid, withheld or accounted for, and no Group Company has paid, withheld or accounted for any Tax which it was or is not properly due to pay, withhold or
account for in the four (4) years prior to the date of this Deed.

22.2 Without prejudice to the generality of paragraph 22.1 of this Schedule 2, all material payments by a Group
Company in the four (4) years prior to the date of this Deed which ought to have been made after deduction, withholding or retention of Tax have been so made and each Group Company has accounted for all such deductions, withholdings and
retentions of Tax to each relevant Tax Authority and complied with all its obligations under Tax statutes in connection therewith.

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22.3 No Group Company has at any time entered into or been engaged in or been a party to or promoter of any scheme,
transaction or arrangement which was required by law to be specifically disclosed to a Tax Authority or a main or dominant purpose or object of which was the avoidance or deferral of or the obtaining of a reduction in or other advantage in respect
of a liability to Tax.

22.4 Each Group Company is resident for Tax purposes in its respective jurisdiction of incorporation and is duly
registered for all Taxes the registration for which is required by law. No Group Company has nor has had a branch, agency or permanent establishment outside of its jurisdiction of incorporation, and no Group Company is nor has been treated as
resident in any jurisdiction other than in its respective jurisdiction of incorporation. No Group Company organized outside of the United States earns or has earned any income that is treated as effectively connected with the conduct of a trade or
business within the United States.

22.5 There is no dispute or disagreement and there has not in the four (4) years prior to the date of this Deed
been any dispute or disagreement between any Group Company and any Taxation Authority and no Group Company is, or has in the four (4) years prior to the date of this Deed been, the subject to any non-routine visit, enquiry or investigation by any Taxation Authority and there are no facts which are likely to cause the same.

22.6 In the four (4) years prior to the date of this Deed, all returns to be submitted, all information
required to be supplied and all notices and payments required to be made by the Group in each case for the purposes of Taxation have been submitted, supplied or made punctually on a proper basis, all such returns, information, notices and payments
are correct in all material respects and there is not any dispute or enquiry in respect of any of them with any Taxation Authority.

22.7 Each Group Company has kept and preserved complete, accurate and up-to-date material records and information as required by law and as may be needed to enable it to deliver correct and complete Tax Returns.

22.8 Each Group Company is a taxable person which is registered for VAT purposes but no Group Company is or has been
treated as being a member of any group of companies for VAT purposes which included a company which is not a Group Company. Any amount in respect of VAT paid or payable by a Group Company is input tax as defined in Section 24 of the Value Added
Tax Act 1994 and regulations made under it.

22.9 In the four (4) years prior to the date of this Deed, no Group Company is or has been liable to pay any
fine, surcharge, interest or penalties to a Taxation Authority.

22.10 In the four (4) years prior to the date of this Deed, the amount of Tax chargeable on each Group Company
has not depended on any concessions, agreements or other formal or informal arrangements with any Taxation Authority.

22.11 All documents in the possession or under the control of each Group Company to which the relevant Group Company
is a party and which attract stamp duty have been duly stamped and all amounts of stamp duty payable thereon have been duly paid.

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22.12 The Disclosure Documents contain details of all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) agreements and joint elections made by the Company or any Group Company with any current, former or proposed
Employees or directors (or any nominees or associates of such Employees or directors) for the reimbursement or transfer of employer National Insurance contributions (or any similar liability in another jurisdiction); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) joint elections in respect of restricted securities made by the Company or any Group Company with any current,
former or proposed Employees or directors (or any nominees or associates of such Employees or directors) under Chapter 2 of Part 7 of ITEPA 2003, or any other similar form, as may be required in the relevant jurisdiction.

22.13 Any Securities that have been issued to or otherwise acquired by or for the benefit of any Employee or former
Employee, director or officer of any Group Company have been issued at unrestricted market value.

22.14 All acquisitions of restricted securities or restricted interests in securities (as defined for the purposes of
section 423 of ITEPA 2003) where the acquirer or a person associated with the acquirer is, has been or will be an Employee, have been the subject of a valid election under section 431(1) of ITEPA 2003 (or their overseas equivalents), all such
elections have been retained by the Company or the relevant Group Company, and the Company or the relevant Group Company has complied with all applicable (PAYE) obligations (or overseas equivalents) arising in connection with the making of such
elections.

22.15 No Group Company will become liable to pay any Taxes as a result of the application of Chapter 4 of Part 7 of
ITEPA 2003 to any benefit received after Completion in respect of employment-related securities (as defined for the purposes of Part 7 of ITEPA 2003) acquired prior to Completion as a result of anything done prior to Completion.

22.16 Neither the Company nor any Group Company has at any time done anything which has increased or reduced or may
increase or reduce the market value of employment-related securities (as defined for the purposes of Part 7 of ITEPA 2003) to which Chapters 3A or 3B of ITEPA 2003 might apply.

22.17 Each Group Company that is, or was prior to the date of this Deed, a "qualifying company" for the
purposes of Schedule 46 to the Finance Act 2009 ()"**Schedule 46**") has, in accordance with the provisions of Schedule 46, duly appointed a senior accounting officer and notified such appointment to HMRC. The senior accounting officer
of each such Group Company has for all relevant periods (i) taken steps to monitor the accounting arrangement of the relevant Group Company and identify any respects in which those arrangements are, or were, not appropriate tax accounting
arrangement; and (ii) duly provided a certificate pursuant to paragraph 2 of Schedule 46 to HMRC.

22.18 Each Group Company that is, or was prior to the date of this Deed, a "qualifying company" or a
member of a "qualifying group" within the meaning of Schedule 19 to the Finance Act 2016 ()"**Schedule 19**") has, or the head of its group or sub-group has, in accordance with
Schedule 19 published its tax strategy (as defined in Schedule 19).

22.19 No Group Company is liable for any Tax of any other person other than another Group Company under Treasury
Regulations Section 1.1502-6 (or any similar provision of state, local or non-U.S. Law), as a transferee or successor, or by contract other than pursuant to
commercial agreements entered into in the ordinary course of business the primary purpose of which is not related to Tax.

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22.20 No U.S. tax classification election has been made under Treasury Regulations Section 301.7701-3 or any similar provision of U.S. Tax law with respect to any Group Company.

22.21 No Group Company will be required to include in any taxable period (or portion thereof) ending after the
Closing Date any taxable income attributable to income of such Group Company that accrued in any taxable period (or portion thereof) ending on or prior to the Closing Date but was not recognized in such taxable period, as a result of (i) any
instalment sale or open transaction, (ii) a change in accounting method, or (iii) any prepaid amount received on or prior to the Closing Date.

22.22 Other than as provided for in the Accounts, no Group Company will have any liability for Tax after the Closing
Date under Section 965(h) of the Code.

22.23 No Group Company organized within the United States is a "United States real property holding
corporation" within the meaning of Section 897(c)(2) of the Code. No Group Company organized outside of the United States owns any "United States real property interest" within the meaning of Section 897(c)(1) of the
Code.

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**Schedule 3** 

**LIMITATIONS ON LIABILITY** 

**1.** **NOTIFICATION** 

If the Buyer becomes aware of any matter or circumstance that is reasonably likely to give rise to a Claim, the Buyer shall give Notice in writing thereof to the Management Warrantors without undue delay and in any event within one month after discovery of such matters of circumstances reasonably likely to give rise to such a Claim, specifying (in reasonable detail) all information and documentation supporting the legal and factual basis of the Claim and an estimate of the amount claimed in respect thereof ("**Claim Notice**").

**2.** **MAXIMUM LIABILITY** 

The aggregate liability of all Management Warrantors in respect of all Claims shall not exceed the Management Warrantors' Cap.

**3.** **TIME LIMITATION FOR CLAIMS** 

3.1 No Management Warrantor shall be liable in respect of any Claim unless a Claim Notice has been given by or on
behalf of the Buyer to the Management Warrantors as soon as reasonably practicable after the Buyer becomes aware of the Claim and in any event by not later than 5.00 p.m. on the date falling:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 7 years from Completion in respect of a Tax Claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 24 months from Completion in respect of all other Claims.

**4.** **CONTINGENT LIABILITIES** 

The Management Warrantors shall not be liable in respect of any Claim (other than a Tax Claim) which is contingent unless and until such contingent liability becomes an actual liability and is due and payable.

**5.** **LAPSE OF CLAIM** 

5.1 A Claim, other than a Tax Claim, notified in accordance with this Schedule 3 is unenforceable against a
Management Warrantor on the expiry of the period of six (6) months from the day a Claim Notice is received or deemed received in accordance with clause 10, unless proceedings in respect of the Claim have been properly issued and validly served
on such Management Warrantor.

**6.** **REMEDY** 

The Buyer agrees that it shall not be entitled to make any Claim (whether for damages or otherwise) (i) unless the Buyer has served a Claim Notice to the relevant Management Warrantor(s) of the Claim and (ii) where the fact, matter, event or circumstances giving rise to such Claim is remediable and is remedied (at no cost or any other adverse impact to the Buyer's Group or the Group) to the Buyer's reasonable satisfaction within 30 days of the date on which written notice of such Claim is served on the Management Warrantors.

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**7.** **LOSSES** 

The Management Warrantors shall not be liable under this Deed in respect of any loss of profit, loss of goodwill, indirect or consequential losses.

**8.** **PROVISIONS** 

The Management Warrantors shall not be liable in respect of any Claim (other than a Tax Claim) if and to the extent that an allowance, provision or reserve in respect of the matter giving rise to the Claim is made in the Accounts.

**9.** **BUYER'S KNOWLEDGE OF CLAIMS** 

The Management Warrantors shall not be liable in respect of a Claim (other than a Tax Covenant Claim) to the extent that the Buyer or any of its agents or advisers has or ought to have had (had they made reasonable enquiry) knowledge of the matter, fact or circumstance (pursuant to the materials contained in the Disclosure Letter and the Data Room) giving rise to the Claim, on the date of this Deed.

**10.** **RECOVERY** 

10.1 Neither the Buyer nor any other member of the Buyer's Group is entitled to recover more than once in
respect of any one Claim.

10.2 The liability of a Management Warrantor in respect of a Claim shall cease on the death of that Management
Warrantor and shall not increase the proportionate liability of any other Management Warrantor.

**11.** **MITIGATION** 

11.1 Nothing in this Deed shall or shall be deemed to relieve the Buyer and/or any member of the Buyer's Group
of its duty to mitigate any loss or damage incurred by it in respect of which it may have a Claim (other than a Tax Claim) and the Buyer shall (and shall procure that the Buyer's Group shall), in any event, use reasonable endeavours to
mitigate or procure the mitigation of any such loss or damage.

**12.** **CHANGES IN LAW** 

12.1 The Management Warrantors shall not be liable in respect of any Claim (other than a Tax Claim) if and to the
extent that matters, facts or circumstances giving rise to the Claim would not have occurred but for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any change in law, directive, rules or policies of any regulatory body or regulation or in its interpretation
or administration by the English courts or of the courts of any country in which a Group Company is incorporated or operates, by a Taxation Authority or by any other fiscal monetary, government or regulatory authority after the date hereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any increase in the rates of taxation made after the date hereof.

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**13.** **FRAUD** 

None of the limitations contained in this Schedule 3 shall apply to any Claim which arises or is increased, or to the extent to which it arises or is increased, as the consequence of or which is delayed as a result of fraud by any Management Warrantor.

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**Schedule 4** 

**TAX SCHEDULE** 

**<u>Part 1</u>**

**Definitions and interpretation** 

**1.** **DEFINITIONS AND INTERPRETATION** 

1.1 In this Schedule the following words have the following meanings unless the context requires otherwise:

**"Buyer's Relief"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Relief which arises to a Group Company in respect of any Event occurring after Completion; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Relief, whenever arising, of the Buyer or any member of the Buyer's Tax Group other than a Group
Company;

**"Buyer's Tax Group"** means the Buyer and any other company or companies (including, after Completion, any Group Company) that are, from time to time, treated as members of the same group as, or **otherwise** connected or associated in any way with, the Buyer for any Tax purpose from time to time;

**"Event"** means any act, event, transaction or omission whatsoever and includes (without limitation) the expiry of a period of time, a Group Company becoming or ceasing to be associated with any other person for any Tax purpose or ceasing to be, or becoming, resident in any country for any Tax purpose, the commencement or cessation of any trade or other activity, the appropriation of any trading stock, the death, winding up or dissolution of any person, the earning, receipt or accrual for any Tax purpose of any income, profit or gains, the incurring of any loss or expenditure, and the execution of this Deed, the Sale and Purchase Agreement and Completion, and any reference to an Event occurring on or before a particular date shall include Events that, for Tax purposes, are deemed to have, or are treated or regarded as having, occurred on or before that date;

**"Liability to Tax"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any liability to make an actual payment of Tax; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the utilisation (whether by offset or deduction) against Profits earned, accrued or received on or before
Completion or in respect of any period ended on or before Completion or against any Tax arising in respect of an Event occurring on or before Completion or in respect of any period ended on or before Completion, of any Buyer's Relief in
circumstances where, but for the utilisation, any Group Company would have had a liability to Tax falling within paragraph (a) of this definition which would have given rise to a claim by the Buyer against the Management Warrantors under this
Schedule;

**"Profits"** means income, profits or gains and references to "Profits earned, accrued or received" include Profits deemed to have been earned, accrued or received for Tax purposes; and

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**"Relief"** means any allowance, loss, charge, credit, debit, deduction, exemption, expense, relief or set-off in computing income, profits or gains, or against Tax or any right to a payment or repayment of, or in respect of, Tax from a Taxation Authority, and references to the "**loss**" of any Relief means the total or partial counteraction, disallowance, loss, non-availability or denial of a Relief, and "**lose**" and "**lost**" shall be construed accordingly.

1.2 Where any document that is necessary to establish the title of a Group Company to any asset has been executed
and retained outside of the United Kingdom and such document is subsequently required, in the reasonable determination of the Buyer, to be brought into the United Kingdom, the stamp duty due on such document and any interest, fine or penalty
relating to such stamp duty shall be deemed to be a liability of that Group Company to make an actual payment of Tax because of an Event occurring on the last day on which it would have been necessary to pay the stamp duty to avoid any liability to
interest arising on it. The bringing into the United Kingdom of such document by the Buyer pursuant to this paragraph 1.2 shall not be treated as a voluntary act for purposes of paragraph 1.1(c) of Part 3 of this Schedule 4.

1.3 In this Schedule,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) references to a repayment of Tax shall include any repayment, supplement or interest in respect of it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references to the due date for payment of any Tax shall mean the last day on which that Tax may be paid without
incurring, and without any relevant Taxation Authority having power to impose, any fine, interest, penalty, surcharge or other similar imposition (after taking into account any postponement of the date that was obtained for the payment of that Tax);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) references to legislation include all acts of Parliament, statutory instruments and any other legislation
having the force of law in England and Wales.

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**Part 2** 

**Covenants** 

**1.** **TAX COVENANT** 

1.1 Subject to the provisions of this Schedule and clause 3 of this Deed (where relevant), the Management
Warrantors severally covenant to pay to the Buyer an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Liability to Tax of any Group Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) arising as a result of or in respect to any Event which occurs on or before Completion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect of, or by reference to, any Profits earned, accrued or received on or before Completion; **  and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all reasonable costs and expenses incurred by any member of the Buyer's Tax Group, or any Group Company,
in connection with any such Liability to Tax or in successfully bringing any claim under the provisions of this Part 2.

**Amount of and Date for Payment by Management Warrantors** 

1.2 The amount that is to be treated under the Tax Covenant as a Liability to Tax and the dates on which payment
shall be made by the Management Warrantors to the Buyer shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a liability under paragraph (a) of the definition of Liability to Tax, the amount of the
payment, in which case payment shall be made by the Management Warrantors the later of seven Business Days before the due date for payment and seven Business Days after the date on which the Buyer serves notice on the Management Warrantors
requesting payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a liability under (b) of the definition of Liability to Tax, the amount of Tax that has
been saved in consequence of the utilisation, in which case payment shall be made by the Management Warrantors the later of seven Business Days before the date on which the Taxation saved would have been due and seven Business Days after the date on
which the Buyer serves notice on the Management Warrantors requesting payment,

provided that, if the date falling seven Business Days after the Buyer has given written notice to the Management Warrantors of the amount due from the Management Warrantors falls after the date for payment determined under paragraphs (a) and (b) above, then the date for payment shall be such later date instead.

1.3 The date on which the Management Warrantors shall pay an amount equal to any costs and expenses falling within
paragraph 1.1 shall be the date falling five (5) Business Days after the Buyer gives the Management Warrantors a written demand therefor specifying the amount of the costs and expenses.

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**Part 3** 

**Limitations and General** 

**1.** **LIMITATIONS ON LIABILITY** 

1.1 The Management Warrantors shall not be liable to the Buyer for a Tax Claim in respect of any Liability to Tax
or for a breach of a Tax Warranty or in each case for costs and expenses associated with it to the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specific provision or reserve in respect of the matter giving rise to the Tax Claim was included in the
Accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the matter giving rise to the Tax Claim is a liability for Tax which arises or is increased as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any increase in rates of Tax or variation in the method of applying or calculating the rate of Taxation made on
and/or after Completion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the entry into force of, amendment or repeal of any legislation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the entry into force, amendment or withdrawal of any published practice of any Taxation Authority provided that
the increase or change was not announced by the relevant Taxation Authority prior to Completion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any change in accounting practice, policy or principles or any change in the bases on which the accounts of any
Group Company are prepared except in each case in order to comply with generally accepted accounting practice applicable to the preparation of such Group Company's accounts at Completion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any change in the date to which the relevant Group Company makes up its accounts other than to comply with
generally accepted accounting principles,

taking effect in any such case after Completion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the matter giving rise to the Tax Claim is a liability for Tax which would not have arisen but for a voluntary
act or transaction by the Buyer or the relevant Group Company at any time after Completion, other than any act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) which the Buyer was not aware and should not reasonably have been aware might give rise to the liability; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) which was carried out or effected under a legally binding commitment created before Completion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) occurred in the ordinary course of business of the relevant Group Company as carried on at Completion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) carried out at the written request of the Sellers; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the matter giving rise to the Tax Claim is a liability for Tax which has been paid or discharged on or before
Completion and where such discharge was reflected in the Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the matter giving rise to the Tax Claim is a liability for Tax which has been discharged or made good without
loss or cost to a member of the Buyer's Tax Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Buyer or any Group Company has already been compensated without cost to the Buyer's Tax Group (save
for any costs associated with taking out or any claims under the W&I Insurance Policy) in respect of the matter giving rise to such liability for Tax pursuant to any insurance policy or under the Sale and Purchase Agreement.

1.2 The limitations in Schedule 3 of this Deed shall apply to Tax Claims to the extent expressly stated therein.

**2.** **TAX RETURNS** 

2.1 The Buyer shall have exclusive conduct of all Tax affairs of the Group Companies after Completion.

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**Schedule 5** 

**PROPERTY SCHEDULE** 

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| | | | |
|:---|:---|:---|:---|
| **Description of**<br> **Property**  | **Details of**<br> **Lease/Licence**<br> **(date and parties)** | **Existing Use** | **Current tenant** |
| [Redacted.] | [Redacted.] | Offices | The Company |
| [Redacted.] | [Redacted.] | Offices | The Company |
| [Redacted.] | [Redacted.] | Offices | The Company |
| [Redacted.] | [Redacted.] | Offices | Inigo Managing Agent Limited |
| [Redacted.] | [Redacted.] | Car parking | The Company |
| [Redacted.] | [Redacted.] | Car parking | The Company |
| [Redacted.] | [Redacted.] | Car parking | The Company |
| [Redacted.] | [Redacted.] | Residential Flat | The Company |

---

## Exhibit 3.1

**Exhibit 3.1** 

**FOURTH AMENDED AND RESTATED BY-LAWS OF RADIAN GROUP INC.** 

BY-LAWS

OF

RADIAN GROUP INC.

(a Delaware corporation)

(Effective September 17, 2025)

ARTICLE I

Offices and Fiscal Year

SECTION 1.01 <u>Registered Office</u>. The registered office of the corporation shall be in the City of Wilmington, County of New Castle, State of Delaware until otherwise established by resolution of the board of directors, and a certificate certifying the change is filed in the manner provided by statute.

SECTION 1.02 <u>Other Offices</u>. The corporation may also have offices at such other places within or without the State of Delaware as the board of directors may from time to time determine or the business of the corporation requires.

SECTION 1.03 <u>Fiscal Year</u>. The fiscal year of the corporation shall end on the 31st day of December in each year.

ARTICLE II

Notice – Waivers – Meetings

SECTION 2.01 <u>Notice, What Constitutes</u>. Whenever, under the provisions of the Delaware General Corporation Law ("GCL") or the certificate of incorporation or of these By-laws, notice is required to be given to any director or stockholder, it shall not be construed to require personal notice, but such notice may be given in writing, by mail or by telegram (with messenger service specified), electronic transmission or courier service, charges prepaid, or by telephone or facsimile transmission to the address (or to the e-mail address, facsimile or telephone number) of the person appearing on the books of the corporation, or in the case of directors, supplied to the corporation for the purpose of notice. If the notice is sent by mail, telegram or courier service, it shall be deemed to be given when deposited in the United States mail or with a telegraph office or courier service for delivery to that person or, in the case of electronic transmission, when sent, or in the case of facsimile transmission, when received.

SECTION 2.02 <u>Notice of Meetings of Board of Directors</u>. Notice of a regular meeting of the board of directors need not be given. Notice of every special meeting of the board of directors shall be given to each director in person or by telephone or in writing at least 24 hours (in the case of notice in person or by telephone, electronic transmission or facsimile transmission) or 48 hours (in the case of notice by telegram, courier service or express mail) or five days (in the case of notice by first class mail) before the time at which the meeting is to be held. Every such notice shall state the time and place of the meeting. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the board need be specified in a notice of the meeting.

SECTION 2.03 <u>Notice of Meetings of Stockholders</u>. Written notice of the place, date, hour and the means of remote communication, if any, of every meeting of the stockholders, whether annual or special, shall be given to each stockholder of record entitled to vote at the meeting not less than ten nor more than 60 days before the date of the meeting. Every notice of a special meeting shall state the purpose or purposes thereof. If the notice is sent by mail, it shall be deemed to have been given when deposited in the United States mail, postage prepaid, directed to the stockholder at the address of the stockholder as it appears on the records of the corporation.

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SECTION 2.04 <u>Waivers of Notice</u>.

(a) Written Waiver. Whenever notice is required to be given under any provisions of the GCL or the certificate of incorporation or these By-laws, a written waiver, signed by the person or persons entitled to the notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders, directors, or members of a committee of directors need be specified in any written waiver of notice of such meeting.

(b) Waiver by Attendance. Attendance of a person at a meeting, either in person or by proxy, shall constitute a waiver of notice of such meeting, except where a person attends a meeting for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting was not lawfully called or convened.

SECTION 2.05 <u>Exception to Requirements of Notice</u>.

(a) General Rule. Whenever notice is required to be given, under any provision of the GCL or of the certificate of incorporation or these By-laws, to any person with whom communication is unlawful, the giving of such notice to such person shall not be required and there shall be no duty to apply to any governmental authority or agency for a license or permit to give such notice to such person. Any action or meeting which shall be taken or held without notice to any such person with whom communication is unlawful shall have the same force and effect as if such notice had been duly given.

(b) Stockholders Without Forwarding Addresses. Whenever notice is required to be given, under any provision of the GCL or the certificate of incorporation or these By-laws, to any stockholder to whom (i) notice of two consecutive annual meetings, and all notices of meetings or of the taking of action by written consent without a meeting to such person during the period between such two consecutive annual meetings, or (ii) all, and at least two, payments (if sent by first class mail) of dividends or interest on securities during a 12 month period, have been mailed addressed to such person at his address as shown on the records of the corporation and have been returned undeliverable, the giving of such notice to such person shall not be required. Any action or meeting which shall be taken or held without notice to such person shall have the same force and effect as if such notice had been duly given. If any such person shall deliver to the corporation a written notice setting forth the person's then current address, the requirement that notice be given to such person shall be reinstated.

SECTION 2.06 <u>Conference Telephone Meetings</u>. One or more directors may participate in a meeting of the board, or of a committee of the board, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other. Participation in a meeting pursuant to this section shall constitute presence in person at such meeting.

ARTICLE III

Meetings of Stockholders

SECTION 3.01 <u>Place of Meeting</u>. All meetings of the stockholders of the corporation shall be held at such place within or without the State of Delaware as shall be designated by the board of directors in the notice of such meeting. The board of directors may, in its sole discretion, determine that the meeting shall not be held at any place, but may instead be held solely by means of remote communication as authorized by the GCL.

SECTION 3.02 <u>Annual Meeting</u>. The board of directors may fix and designate the date and time of the annual meeting of the stockholders. At said meeting the stockholders then entitled to vote shall elect directors and shall transact such other business as may properly be brought before the meeting.

SECTION 3.03 <u>Special Meetings</u>. Special meetings of the stockholders of the corporation may be called at any time by the chairman of the board, a majority of the board of directors or the holders of a majority of the total number of shares of common stock of the corporation then-outstanding. At any time, upon the written request of any person or persons who have duly called a special meeting, which written request shall state the purpose or purposes of the meeting, it shall be the duty of the secretary to fix the date of the meeting which shall be held at such date and time as the secretary may fix, not less than ten nor more than 60 days after the receipt of the request, and to give due notice thereof. If the secretary shall neglect or refuse to fix the time and date of such meeting and give notice thereof, the person or persons calling the meeting may do so.

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SECTION 3.04 <u>Quorum, Manner of Acting and Adjournment</u>.

(a) Quorum. The holders of a majority of the shares entitled to vote, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders except as otherwise provided by the GCL, by the certificate of incorporation or by these By-laws. If a quorum is not present or represented at any meeting of the stockholders, the stockholders entitled to vote thereat, present in person or represented by proxy, shall have power to adjourn the meeting from time to time. In addition, whether or not there is a quorum, the chairman of the meeting may adjourn any meeting of stockholders to any other time and to any other place at which a meeting of stockholders may be held under these By-laws. It shall not be necessary to notify any stockholder of any adjournment of less than 30 days if the time and place of the adjourned meeting are announced at the meeting at which adjournment is taken, unless after the adjournment a new record date is fixed for the adjourned meeting. At any such adjourned meeting at which a quorum is present or represented, the corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

(b) Manner of Acting. Directors shall be elected in the manner provided in Section 4.13. In all matters other than the election of directors, the affirmative vote of the majority of shares present in person or represented by proxy at the meeting and entitled to vote thereon shall be the act of the stockholders, unless the question is one upon which, by express provision of the applicable statute, the certificate of incorporation or these By-laws, a different vote is required in which case such express provision shall govern and control the decision of the question. The stockholders present in person or by proxy at a duly organized meeting can continue to do business until adjournment, notwithstanding withdrawal of enough stockholders to leave less than a quorum.

SECTION 3.05 <u>Stockholder Proposals</u>. Nominations by stockholders of persons for election to the board of directors of the corporation may be made at an annual or special meeting only in compliance with Section 4.13 hereof. The proposal of other business to be considered by the stockholders at an annual meeting of stockholders may only be made (i) pursuant to the corporation's notice of meeting, (ii) by or at the direction of the board of directors, or (iii) by any stockholder of the corporation who (x) was a stockholder of record at the time of giving of notice provided for in this By-law and at the time of the annual meeting, (y) is entitled to vote at the meeting and (z) provides timely notice in writing to the secretary of the corporation and complies with the procedures and requirements set forth in this By-law; clause (iii) shall be the exclusive means for a stockholder to submit other business (other than matters properly brought under Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and included in the corporation's notice of meeting) before an annual meeting of stockholders. To be properly brought before a meeting of stockholders, business must be of a proper subject for action by stockholders under applicable law and must not, if implemented, cause the corporation to violate any state, federal or foreign law or regulation, each as determined in good faith by the board of directors.

To be timely, a stockholder's notice shall be delivered to or mailed to, and received by, the secretary at the principal executive offices of the corporation not more than 120 days nor less than 90 days prior to the first anniversary of the preceding year's annual meeting; <u>provided</u>, <u>however</u>, that in the event that the date of the annual meeting is more than 30 days before or more than 60 days after such anniversary date, notice by the stockholder to be timely must be so delivered not earlier than the close of business on the 120th day prior to the date of such annual meeting and not later than the close of business on the later of the 90th day prior to the date of such annual meeting or, if the first public announcement of the date of such annual meeting is less than 100 days prior to the date of such annual meeting, the 10th day following the day on which public announcement of the date of such meeting is first made by the corporation. In no event shall any adjournment or postponement of a meeting or the announcement thereof commence a new time period for the giving of a stockholder's notice as described above. Such stockholder's notice to the secretary shall set forth (a) as to the stockholder giving notice and the beneficial owner, if any, on whose behalf the proposal is made, (i) their name and record address, (ii) the class and number of shares of capital stock of the corporation which are, directly or indirectly, owned beneficially and/or of record by each of them, (iii) any proxy, contract, arrangement, understanding, or relationship pursuant to which such stockholder or beneficial owner, if any, has a right to vote any shares of any security of the corporation, (iv) a description of all agreements, arrangements and understandings between such stockholder and beneficial owner, if any, and any other person or persons (including their names) in connection with the proposal of such business by such stockholder, and (v) any other information relating to such stockholder and beneficial owner, if any, that would be required to be disclosed in a proxy statement or other filing required to be made in connection with solicitations of proxies for the proposal pursuant to the Exchange Act and the rules and regulations promulgated thereunder, (b) a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and any

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material interest in such business of such stockholder giving notice and the beneficial owner, if any, on whose behalf the proposal is made, (c) an agreement by the stockholder that the stockholder will appear in person or by proxy at the meeting to propose the consideration of the business, and (d) the information required by Section 3.06. Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the corporation's notice of meeting. Only such business shall be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance with the procedures set forth in this section.

The chairman of the meeting may, if the facts warrant, determine and declare to the meeting that any proposal made at the meeting was not made in accordance with the foregoing procedures and, in such event, the proposal shall be disregarded. Any decision by the chairman of the meeting shall be conclusive and binding upon all stockholders of the corporation for any purpose.

Notwithstanding the foregoing provisions of this By-law, a stockholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this By-law; <u>provided</u>, <u>however</u>, that any references in these By-laws to the Exchange Act or the rules promulgated thereunder are not intended to and shall not limit the requirements applicable to proposals of business to be considered pursuant to this By-Law.

SECTION 3.06 <u>Disclosure by Stockholders of Hedged Positions</u>. A notice submitted by a stockholder under Section 3.05 or 4.13 must describe, with respect to the stockholder and any Stockholder Associated Person, (i) any Derivative Instrument directly or indirectly beneficially owned by the stockholder or a Stockholder Associated Person, or any other direct or indirect opportunity for the stockholder or Stockholder Associated Person to profit or share in any profit derived from any increase or decrease in the value of shares of the corporation, (ii) any proportionate interest in shares of the corporation or Derivative Instruments held, directly or indirectly, by a general or limited partnership in which the stockholder or Stockholder Associated Person is a general partner or, directly or indirectly, beneficially owns an interest in a general partner, (iii) any short interest in any security of the corporation (for purposes of this By-law a person shall be deemed to have a short interest in a security if such person directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has the opportunity to profit or share in any profit derived from any decrease in the value of the subject security), (iv) any performance-related fees (other than an asset-based fee) that such stockholder or any Stockholder Associated Person is entitled to based on any increase or decrease in the value of shares of the corporation or Derivative Instruments, if any, and (v) any hedging or other transaction or series of transactions that has been entered into by or on behalf of, or any other agreement, arrangement or understanding (including, without limitation, any put, short position or any borrowing or lending of shares) that has been made, the effect or intent of which is to mitigate loss to or manage risk of share price changes for, or to increase or decrease the voting power of, the stockholder or any Stockholder Associated Person with respect to any share of the corporation.

Definitions. As used in this Section 3.06 the following terms have the meanings indicated:

"Derivative Instrument" means an option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of the corporation or with a value derived in whole or in part from the value of any class or series of shares of the corporation, whether or not such instrument or right is subject to settlement in the underlying class or series of shares of the corporation or otherwise.

"Stockholder Associated Person" of a stockholder means (i) any person controlling, controlled by, under common control with, or acting in concert with, the stockholder, (ii) any beneficial owner of shares of the corporation owned of record or beneficially by the stockholder, and (iii) any person controlling, controlled by or under common control with, a person that is a Stockholder Associated Person pursuant to clause (ii) of this definition.

SECTION 3.07 <u>Organization</u>. At every meeting of the stockholders, the chairman of the board, if there be one, or in the case of a vacancy in the office or absence of the chairman of the board, one of the following persons present in the order stated: the vice chairman, if one has been appointed, the chief executive officer, the president, the vice presidents in their order of rank or seniority, a chairman designated by the board of directors present at the meeting or a chairman chosen by the stockholders entitled to cast a majority of the votes which all stockholders present in person or by proxy are entitled to cast, shall act as chairman, and the secretary, or, in the absence of the secretary, an assistant secretary, or in the absence of the secretary and the assistant secretaries, a person appointed by the chairman, shall act as secretary.

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SECTION 3.08 <u>Voting</u>.

(a) General Rule. Unless otherwise provided in the certificate of incorporation, each stockholder shall be entitled to one vote, in person or by proxy, for each share of capital stock having voting power held by such stockholder.

(b) Voting and Other Action by Proxy.

(1) A stockholder may execute a writing authorizing another person or persons to act for the stockholder as proxy. Such execution may be accomplished by the stockholder or the authorized officer, director, employee or agent of the stockholder signing such writing or causing his or her signature to be affixed to such writing by any reasonable means including, but not limited to, by facsimile signature. A stockholder may authorize another person or persons to act for the stockholder as proxy by transmitting or authorizing the transmission of a telegram, cablegram, or other means of electronic transmission to the person who will be the holder of the proxy or to a proxy solicitation firm, proxy support service organization or like agent duly authorized by the person who will be the holder of the proxy to receive such transmission if such telegram, cablegram or other means of electronic transmission sets forth or is submitted with information from which it can be determined that the telegram, cablegram or other electronic transmission was authorized by the stockholder.

(2) No proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period.

(3) A duly executed proxy shall be irrevocable if it states that it is irrevocable and if, and only so long as, it is coupled with an interest sufficient in law to support an irrevocable power. A proxy may be made irrevocable regardless of whether the interest with which it is coupled is an interest in the stock itself or an interest in the corporation generally.

SECTION 3.09 <u>Voting Lists</u>. The corporation shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting. The list shall be arranged in alphabetical order, showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, for a period of at least ten days prior to the meeting: (a) on a reasonably accessible electronic network, provided that the information required to gain access to such list was provided with the notice of the meeting; or (b) during normal business hours, at the principal place of business of the corporation.

SECTION 3.10 <u>Inspectors of Election</u>.

(a) Appointment. All elections of directors shall be by written ballot; the vote upon any other matter need not be by ballot. In advance of any meeting of stockholders the board of directors may appoint one or more inspectors, who need not be stockholders, to act at the meeting and to make a written report thereof. The board of directors may designate one or more persons as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate is able to act at a meeting of stockholders, the person presiding at the meeting shall appoint one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the person's best ability.

(b) Duties. The inspectors shall ascertain the number of shares outstanding and the voting power of each, shall determine the shares represented at the meeting and the validity of proxies and ballots, shall count all votes and ballots, shall determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspectors, and shall certify their determination of the number of shares represented at the meeting and their count of all votes and ballots. The inspectors may appoint or retain other persons or entities to assist the inspectors in the performance of the duties of the inspectors.

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(c) Polls. The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting. No ballot, proxies or votes, nor any revocations thereof or changes thereto, shall be accepted by the inspectors after the closing of the polls unless the Court of Chancery upon application by a stockholder shall determine otherwise.

(d) Reconciliation of Proxies and Ballots. In determining the validity and counting of proxies and ballots, the inspectors shall be limited to an examination of the proxies, any envelopes submitted with those proxies, any information transmitted in accordance with Section 3.08, ballots and the regular books and records of the corporation, except that the inspectors may consider other reliable information for the limited purpose of reconciling proxies and ballots submitted by or on behalf of banks, brokers, their nominees or similar persons which represent more votes than the holder of a proxy is authorized by the record owner to cast or more votes than the stockholder holds of record. If the inspectors consider other reliable information for the limited purpose permitted herein, the inspectors at the time they make their certification pursuant to subsection (b) shall specify the precise information considered by them including the person or persons from whom they obtained the information, when the information was obtained, the means by which the information was obtained and the basis for the inspectors' belief that such information is accurate and reliable.

ARTICLE IV

Board of Directors

SECTION 4.01 <u>Powers</u>. All powers vested by law in the corporation shall be exercised by or under the authority of, and the business and affairs of the corporation shall be managed under the direction of, the board of directors.

SECTION 4.02 <u>Number</u>. Subject to the provisions of the certificate of incorporation, the board of directors shall consist of such number of directors as may be determined only by resolution adopted by a majority of the directors present at a meeting at which a quorum is present.

SECTION 4.03 <u>Term of Office</u>. Subject to the provisions of the certificate of incorporation, directors of the corporation shall hold office until the next annual meeting of stockholders and until their successors shall have been elected and qualified, except in the event of death, resignation or removal.

SECTION 4.04 <u>Vacancies</u>.

(a) Vacancies and newly created directorships resulting from any increase in the authorized number of directors may be filled by resolution adopted by a majority of the directors then in office, though less than a quorum of the full board, or the sole remaining director, and a director so chosen shall hold office until the next annual election of directors and until a successor is duly elected and qualified. If there are no directors in office, then an election of directors may be held in the manner provided by statute.

(b) Whenever the holders of any class or classes of stock or series thereof are entitled to elect one or more directors by the provisions of the certificate of incorporation, vacancies and newly created directorships of such class or classes or series may be filled by a majority of the directors elected by such class or classes or series thereof then in office, or by a sole remaining director so elected.

(c) If, at the time of filling any vacancy or any newly created directorship, the directors then in office shall constitute less than a majority of the entire board (as constituted immediately prior to any such increase), the Court of Chancery may, upon application of any stockholder or stockholders holding at least ten percent of the total number of the shares at the time outstanding having the right to vote for such directors, summarily order an election to be held to fill any such vacancies or newly created directorship, or to replace the directors chosen by the directors then in office.

SECTION 4.05 <u>Resignations</u>. Any director may resign at any time, but only by giving written notice to the chairman, chief executive officer, president or secretary of the corporation. The resignation shall be effective upon receipt thereof by the corporation or at such subsequent time as shall be specified in the notice of resignation and, unless otherwise specified in the notice, the acceptance of the resignation shall not be necessary to make it effective.

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SECTION 4.06 <u>Organization</u>. At every meeting of the board of directors, the chairman of the board, if there be one, or, in the case of a vacancy in the office or absence of the chairman of the board, one of the following officers present in the order stated: the vice chairman of the board, if there be one, the president, the vice presidents in their order of rank and seniority, or a chairman chosen by a majority of the directors present, shall preside, and the secretary, or, in the absence of the secretary, an assistant secretary, or in the absence of the secretary and the assistant secretaries, any person appointed by the chairman of the meeting, shall act as secretary.

SECTION 4.07 <u>Place of Meeting</u>. Meetings of the board of directors, both regular and special, shall be held at such place within or without the State of Delaware as the board of directors may from time to time determine, or as may be designated in the notice of the meeting.

SECTION 4.08 <u>Regular Meetings</u>. Regular meetings of the board of directors shall be held without notice at such time and place as shall be designated from time to time by resolution of the board of directors.

SECTION 4.09 <u>Special Meetings</u>. Special meetings of the board of directors shall be held whenever called by the chairman or by a majority of the members of the board of directors.

SECTION 4.10 <u>Quorum, Manner of Acting and Adjournment</u>.

(a) General Rule. At all meetings of the board of directors a majority of the entire board of directors shall constitute a quorum for the transaction of business. The vote of a majority of the directors present at any meeting at which a quorum is present shall be the act of the board of directors, except as may be otherwise specifically provided by the GCL or by the certificate of incorporation. If a quorum is not present at any meeting of the board of directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present.

(b) Unanimous Written Consent. Unless otherwise restricted by the certificate of incorporation, any action required or permitted to be taken at any meeting of the board of directors may be taken without a meeting, if all members of the board consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the board.

SECTION 4.11 <u>Committees of the Board</u>.

(a) Establishment. The board of directors may, by resolution adopted by a majority of the entire board, establish an Executive Committee and one or more other committees, each committee to consist of one or more directors. The board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee and the alternate or alternates, if any, designated for such member, the member or members of the committee present at any meeting and not disqualified from voting, whether or not they constitute a quorum, may unanimously appoint another director to act at the meeting in the place of any such absent or disqualified member.

(b) Powers. The Executive Committee, if established, and any such other committee, to the extent provided in the resolution establishing such committee, shall have and may exercise all the power and authority of the board of directors in the management of the business and affairs of the corporation and may authorize the seal of the corporation to be affixed to all papers which may require it; but no such committee shall have such power or authority in reference to amending the certificate of incorporation (except that a committee may, to the extent authorized in the resolution or resolutions providing for the issuance of shares of stock adopted by the board of directors as provided in Section 151(a) of the GCL, fix the designation and any of the preferences or rights of such shares relating to dividends, redemption, dissolution, any distribution of assets of the corporation or the conversion into, or the exchange of such shares for, shares of any other class or classes or any other series of the same or any other class or classes of stock of the corporation or fix the number of shares of any series of stock or authorize the increase or decrease of shares of any series), adopting an agreement of merger or consolidation under Section 251, 252, 254, 255, 256, 257, 258, 263 or 264 of the GCL, recommending to the stockholders the sale, lease or exchange of all or substantially all of the corporation's property and assets, recommending to the stockholders a dissolution of the corporation or a revocation of a dissolution, or amending the By-laws of the corporation. The Executive Committee shall have the power or authority to declare a dividend, to authorize the issuance of stock and to adopt a certificate of ownership and merger pursuant to Section 253 of the GCL. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the board of directors. Each committee so formed shall keep regular minutes of its meetings and report the same to the board of directors when required.

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(c) Committee Procedures. The term "board of directors" or "board," when used in any provision of these By-laws relating to the organization or procedures of or the manner of taking action by the board of directors, shall be construed to include and refer to the Executive Committee or other committee of the board.

SECTION 4.12 <u>Compensation of Directors</u>. Unless otherwise restricted by the certificate of incorporation, the board of directors shall have the authority to fix the compensation of directors. The directors may be paid their expenses, if any, of attendance at each meeting of the board of directors and may be paid a fixed sum for attendance at each meeting of the board of directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings.

SECTION 4.13 <u>Qualifications and Election of Directors</u>.

(a) All directors of the corporation shall be natural persons of full age, but need not be residents of Delaware or stockholders of the corporation. Except in the case of vacancies, directors shall be elected by the stockholders.

(b) Nominations of persons for election to the board of directors of the corporation may be made at a meeting of stockholders by or at the direction of the board of directors.

(c) Nominations of persons for election to the board of directors of the corporation may also be made by any stockholder of the corporation who (x) was a stockholder at the time of giving of notice provided for in this By-law and at the time of the applicable meeting of stockholders, (y) is entitled to vote for the election of directors at such meeting of stockholders and (z) provides timely notice in writing to the secretary of the corporation and complies with the procedures and requirements set forth in this Section 4.13(c), which shall be the exclusive means for a stockholder to make nominations of persons for election to the board of directors of the corporation. No person may be appointed, nominated or elected a director of the corporation unless such person, at the time such person is nominated and appointed or elected, would then be able to serve as a director without conflicting in any manner with any state, federal or foreign law or regulation applicable to the corporation, as determined in good faith by the board of directors.

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of such special meeting, the 10th day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the board of directors to be elected at such meeting. In no event shall any adjournment or postponement of a special meeting or the announcement thereof commence a new time period for the giving of a stockholder's notice as described above.

The number of nominees a stockholder may nominate for election at an annual meeting (or in the case of one or more stockholders of record giving the notice on behalf of a beneficial owner, the number of nominees such stockholders of record may collectively nominate for election at the annual meeting on behalf of such beneficial owner) shall not exceed the number of directors to be elected at such annual meeting, and for the avoidance of doubt, no stockholder shall be permitted to make additional or substitute nominations following the expiration of the time periods set forth in the preceding paragraph. Notwithstanding anything in the preceding sentence or this Section 4.13(c) to the contrary, if the corporation shall, subsequent to receipt of such notice of nomination, increase the number of directors subject to election at the meeting, such stockholder's notice as to any additional nominees shall be due on the later of the time period required by the preceding paragraph and the tenth day following the corporation's public announcement of the increase.

Such stockholder's notice to the secretary shall set forth (a) as to each person whom the stockholder proposes to nominate for election or re-election as a director, (i) the name, age, business address and residence address of the person, (ii) the principal occupation or employment of the person, (iii) the class and number of shares of capital stock of the corporation which are directly or indirectly owned beneficially and/or of record by the person, (iv) a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during the past three years, and any other material relationships (including any familial relationships), between or among the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination is made, if any, and their respective affiliates and associates, or others acting in concert therewith, on the one hand, and each proposed nominee, and his or her respective affiliates and associates, or others acting in concert therewith, on the other hand, including, without limitation all information that would be required to be disclosed pursuant to Rule 404 promulgated under Regulation S-K if the stockholder making the nomination and any beneficial owner on whose behalf the nomination is made, if any, or any affiliate or associate thereof or person acting in concert therewith, were the "registrant" for purposes of such rule and the nominee were a director or executive officer of such registrant, and (v) any other information relating to the person that is required to be disclosed in a proxy statement or other filing required to be made in connection with solicitations of proxies for election of directors in a contested election pursuant to the rules and regulations promulgated under the Exchange Act (including such person's written consent to being named in the proxy statement as a nominee and to serving as a director if elected); (b) as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination is made (i) their names and record addresses, (ii) the class and number of shares of capital stock of the corporation which are, directly or indirectly, owned beneficially and/or of record by each of them, (iii) any proxy, contract, arrangement, understanding, or relationship pursuant to which such stockholder or beneficial owner, if any, has a right to vote any security of the corporation; (c) a representation that the stockholder will appear in person or by proxy at the meeting to nominate the individual or individuals proposed in the notice; (d) with respect to each nominee for election or reelection to the board of directors, include a completed and signed representation and agreement required by Section 4.13(e) of these By-Laws; (e) the information required in Section 3.06 and (f) a representation as to whether or not the stockholder or beneficial owner, if any, or any of their respective affiliates, associates or others acting in concert therewith intend to solicit proxies in support of director nominees other than the corporation's nominees in accordance with Rule 14a-19 promulgated under the Exchange Act. Upon request by the corporation, if a stockholder provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act, such stockholder shall deliver to the corporation, no later than five business days prior to the applicable meeting of stockholders, reasonable evidence that it has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act. Unless otherwise required by law, if any stockholder (i) provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act and (ii) subsequently fails to provide reasonable notice of compliance with all requirements of Rule 14a-19 promulgated under the Exchange Act and all other applicable rules and regulations thereunder, then the corporation shall disregard any proxies or votes solicited for such nominees and such nomination shall be disregarded. The corporation may require, as a condition to any such nomination being deemed properly brought before an annual meeting, any stockholder or proposed nominee to furnish, within five business days of any such request, such other information as may reasonably be required by the corporation to determine the eligibility of such proposed nominee to serve as a director of the corporation or that could be material to a reasonable stockholder's understanding of the independence, or lack thereof, of such nominee.

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(d) The chairman of the meeting may, if the facts warrant, determine and declare to the meeting that any nomination made at the meeting was not made in accordance with the foregoing procedures and, in such event, the nomination shall be disregarded. Any decision by the chairman of the meeting shall be conclusive and binding upon all stockholders of the corporation for any purpose.

(e) To be eligible to be a nominee for election or reelection as a director of the corporation, a person must deliver (in accordance with the time periods prescribed for delivery of notice under this Section 4.13) to the secretary at the principal executive offices of the corporation a written questionnaire with respect to the background and qualification of such person and the background of any other person or entity on whose behalf the nomination is being made (which questionnaire shall be provided by the secretary upon written request) and a written representation and agreement (in the form provided by the secretary upon written request) that such person (A) is not and will not become a party to (1) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director of the corporation, will act or vote on any issue or question (a "Voting Commitment") that has not been disclosed to the corporation or (2) any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a director of the corporation, with such person's fiduciary duties under applicable law, (B) is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than the corporation with respect to any direct or indirect compensation, reimbursement or indemnification or other payment in connection with such person's candidacy as a director nominee or service or action as a director that has not been disclosed to the company and (C) in such person's individual capacity and on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance, if elected as a director of the corporation, and will comply with all applicable publicly disclosed corporate governance, conflict of interest, confidentiality and stock ownership and trading policies and guidelines of the corporation.

(f) Directors of the corporation shall be elected by the stockholders at an annual or special meeting of the stockholders, unless such election of directors is required by the terms of any series of preferred stock. If the number of nominees exceeds the number of directorships to be filled, the directors shall be elected by a plurality of the votes cast. If the number of nominees does not exceed the number of directors to be elected, a nominee shall be elected only if he or she receives a majority of the votes cast. If a nominee is an incumbent director who is standing for re- election and such nominee does not receive a majority of the votes cast in an election in which the number of nominees does not exceed the number of directors to be elected, the governance committee, or any other or successor committee responsible for the nomination of directors, must make a recommendation to the board on whether to accept the director's resignation or whether other action should be taken, unless the director retires from the board before committee action or board action if there is no committee action. The board expects the director whose resignation is under consideration to abstain from participating in any decision regarding that resignation. The board will consider the committee's recommendation and publicly disclose the board's decision and the basis for that decision within 90 days from the date of certification of the final election results. However, if less than two members of the governance or successor committee are elected as directors at a meeting for the election of directors in an election in which the number of nominees does not exceed the number of directors to be elected, then the board shall consider and act upon the tendered resignation without a recommendation from the committee. The governance committee and the board may consider any factors that they deem relevant in deciding whether to accept a director's resignation. Each share of the corporation entitled to be voted on the election of directors may only be voted noncumulatively. For purposes of this paragraph, a majority of the votes cast means that the number of shares voted "for" must exceed the number of shares voted "against" with respect to that director's election (with "abstentions" and "broker non-votes" not counted as "for" or "against" that director's election). If the number of nominees does not exceed the directors to be elected, each share of the corporation entitled to be voted on the election of directors may be voted for or against, or the person voting such share may abstain with respect to, each candidate for election. If directors are to be elected by a plurality of the votes cast, stockholders shall not be permitted to vote against a nominee.

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(g) Each director who is nominated to stand for election shall, as a condition to such nomination, tender an irrevocable resignation in advance of the election of directors. Such resignation will be effective if, pursuant to Section 4.13(f) of these By-laws (a) the director does not receive a majority vote in the next election of directors in which the number of nominees does not exceed the number of directors to be elected, and (b) the board accepts the resignation, unless the director retires from the board before committee action or board action if there is no committee action. In addition, the board shall fill new director vacancies and new directorships only with candidates who agree to tender, promptly following their appointment by the board, the same form of irrevocable resignation.

SECTION 4.14 <u>White Proxy Card</u>. Any stockholder directly or indirectly soliciting proxies from other stockholders must use a proxy card color other than white, which shall be reserved for the exclusive use of the board of directors.

SECTION 4.15 <u>Voting of Stock</u>. Unless otherwise ordered by the board of directors, each of the chairman of the board, the principal executive officer (as defined by the rules and regulations of the United States Securities and Exchange Commission) and the principal accounting officer (as defined by the rules and regulations of the United States Securities and Exchange Commission) shall have full power and authority, on behalf of the corporation, to attend and to act and vote, in person or by proxy, at any meeting of the stockholders of any company in which the corporation may hold stock, and at any such meeting shall possess and may exercise any and all of the rights and powers incident to the ownership of such stock which, as the owner thereof, the corporation might have possessed and exercised if present. The board of directors, by resolution adopted from time to time, may confer like powers upon any other person or persons.

SECTION 4.16 <u>Endorsement of Securities for Transfer</u>. Each of the chairman of the board, the principal executive officer and the principal accounting officer shall have the power to endorse and deliver for sale, assignment or transfer certificates for stock, bonds or other securities, registered in the name of or belonging to the corporation, whether issued by the corporation or by any other corporation, government, state or municipality or agency thereof; and the board of directors from time to time may confer like power upon any other officer, agent or person by resolution adopted from time to time. Every such endorsement shall be countersigned by the treasurer or an assistant treasurer.

SECTION 4.17 <u>Lead Director</u>. Unless the corporation shall have a non-executive Chairman of the Board, the directors will elect one of their numbers to serve as Lead Director. The Lead Director will assume such duties as the directors may designate from time to time.

Notwithstanding anything contained in Section 8.06, this Section 4.17 may only be altered, amended or repealed (a) by vote of the stockholders at a duly organized annual or special meeting of stockholders in accordance with the certificate of incorporation, or (b) by vote of 75% of the entire board of directors at any regular or special meeting of directors.

ARTICLE V

Officers

SECTION 5.01 <u>Number, Qualifications and Designation</u>. The officers of the corporation shall be chosen by the board of directors and shall be a president, one or more vice presidents, a secretary, a treasurer, and such other officers as may be elected in accordance with the provisions of Section 5.03 of this Article. Any number of offices may be held by the same person. Officers may, but need not, be directors or stockholders of the corporation. The board of directors may elect from among the members of the board a chairman of the board and a vice chairman of the board.

SECTION 5.02 <u>Election and Term of Office</u>. The officers of the corporation, except those elected by delegated authority pursuant to Section 5.03 of this Article, shall be elected annually by the board of directors, and each such officer shall hold office for a term of one year and until a successor is elected and qualified, or until his or her earlier resignation or removal. Any officer may resign at any time upon written notice to the corporation.

SECTION 5.03 <u>Subordinate Officers, Committees and Agents</u>. The board of directors may from time to time elect such other officers and appoint such committees, employees or other agents as it deems necessary, who shall hold their offices for such terms and shall exercise such powers and perform such duties as are provided in these By-laws, or as the board of directors may from time to time determine. The board of directors may delegate to any officer or committee the power to elect subordinate officers and to retain or appoint employees or other agents, or committees thereof, and to prescribe the authority and duties of such subordinate officers, committees, employees or other agents.

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SECTION 5.04 <u>The Chairman of the Board</u>.

(a) Chairman of the Board. The Chairman of the Board, if one shall have been elected, shall be a member of the board of directors, an officer of the corporation and, if present, shall preside at each meeting of the board of directors and of the stockholders. He shall advise and counsel with the chief executive officer and, in his absence, with other executives of the corporation, and shall perform such other duties as may from time to time be assigned to him by the board of directors.

(b) Non-executive Chairman of the Board. If the board of directors does not choose to elect a Chairman of the Board as described in (a) above, then the board of directors shall elect a non-executive Chairman of the Board, who shall be a member of the board of directors but not an officer of the corporation. If present, the non-executive Chairman of the Board shall preside at each meeting of the board of directors and of the stockholders. He shall advise and counsel with the chief executive officer and, in his absence, with other executives of the corporation, and shall perform such other duties as may from time to time be assigned to him by the board of directors.

SECTION 5.05 <u>The Vice Chairman of the Board</u>. The vice chairman of the board, if there be one, shall in the absence of a Chairman of the Board or non-executive Chairman of the Board preside at all meetings of the board of directors and of the stockholders, and shall perform such other duties as may from time to time be assigned to him by the board of directors.

SECTION 5.06 <u>The Chief Executive Officer</u>. The chief executive officer of the corporation shall have general supervision over the business and operations of the corporation, subject, however, to the control of the board of directors, and shall perform all duties incident to his office which may be required by law and all such other duties as are properly required of him by the board of directors. He shall make reports to the board of directors and the stockholders, and shall see that all orders and resolutions of the board of directors and of any committee thereof are carried into effect.

SECTION 5.07 <u>The President</u>. The president shall perform such duties as may from time to time be assigned to him by the board of directors or by the chairman of the board.

SECTION 5.08 <u>The Vice Presidents</u>. The vice presidents shall perform the duties of the chairman of the board and president in his absence and such other duties as may from time to time be assigned to them by the board of directors or by the chairman of the board.

SECTION 5.09 <u>The Secretary</u>. The secretary, or an assistant secretary, shall attend all meetings of the stockholders and of the board of directors and shall record the proceedings of the stockholders and of the directors and of committees of the board in a book or books to be kept for that purpose; shall see that notices are given and records and reports properly kept and filed by the corporation as required by law; shall be the custodian of the seal of the corporation and see that it is affixed to all documents to be executed on behalf of the corporation under its seal; and, in general, shall perform all duties incident to the office of secretary, and such other duties as may from time to time be assigned by the board of directors or the chairman of the board.

SECTION 5.10 <u>The Treasurer</u>. The treasurer, or an assistant treasurer, shall have or provide for the custody of the funds or other property of the corporation; shall collect and receive or provide for the collection and receipt of moneys earned by or in any manner due to or received by the corporation; shall deposit all funds in his or her custody as treasurer in such banks or other places of deposit as the board of directors may from time to time designate; whenever so required by the board of directors, shall render an account showing his or her transactions as treasurer and the financial condition of the corporation; and, in general, shall discharge such other duties as may from time to time be assigned by the board of directors or the chairman of the board.

SECTION 5.11 <u>Officers' Bonds</u>. No officer of the corporation need provide a bond to guarantee the faithful discharge of the officer's duties unless the board of directors shall by resolution so require a bond in which event such officer shall give the corporation a bond (which shall be renewed if and as required) in such sum and with such surety or sureties as shall be satisfactory to the board of directors for the faithful performance of the duties of office.

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SECTION 5.12 <u>Salaries</u>. The salaries of the officers and agents of the corporation elected by the board of directors shall be fixed from time to time by the board of directors, except that the compensation of the corporation's chief executive officer shall be subject to the approval of the independent (as defined by the applicable rules of the New York Stock Exchange and the Securities and Exchange Commission) members of the board of directors rather than the full board of directors.

ARTICLE VI

Certificates of Stock, Transfer, Etc.

SECTION 6.01 <u>Form and Issuance</u>.

(a) <u>Issuance</u>. Shares of the capital stock of the corporation may be certificated or uncertificated, as provided under the General Corporation Law of the State of Delaware. Any certificated shares shall remain certificated until the certificate representing such shares is surrendered to the corporation. Every holder of stock represented by certificates and upon request every holder of uncertificated shares shall be entitled to have a certificate signed by, or in the name of the corporation by, the chairman or vice chairman of the board of directors, or the chief executive officer, president or vice president, and by the treasurer or an assistant treasurer, or the secretary or an assistant secretary, representing the number of shares registered in certificate form.

(b) <u>Form and Records</u>. Stock certificates of the corporation shall be numbered and in such form as approved by the board of directors. The stock record books and the blank stock certificate books shall be kept by the secretary or by any agency designated by the board of directors for that purpose. The shares of common stock of the corporation shall be registered in the stock ledger and transfer books of the corporation as they are issued.

(c) <u>Signatures</u>. Any of or all the signatures upon the stock certificates of the corporation may be a facsimile. In case any officer, transfer agent or registrar who has signed, or whose facsimile signature has been placed upon, any share certificate shall have ceased to be such officer, transfer agent or registrar, before the certificate is issued, it may be issued with the same effect as if the signatory were such officer, transfer agent or registrar at the date of its issue.

SECTION 6.02 <u>Transfer</u>. Transfers of shares shall be made on the share register or transfer books of the corporation by the holder of record thereof or by an attorney lawfully constituted in writing and, if certificated, upon surrender of the certificate therefor, endorsed by the person named in the certificate. No transfer shall be made which would be inconsistent with the provisions of Article 8, Title 6 of the Delaware Uniform Commercial Code-Investment Securities.

SECTION 6.03 <u>Lost, Stolen, Destroyed or Mutilated Certificates</u>. The board of directors may direct a new certificate of stock or uncertificated shares to be issued in place of any certificate theretofore issued by the corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate or certificates, the board of directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or the legal representative of the owner, to give the corporation a bond sufficient to indemnify against any claim that may be made against the corporation on account of the alleged loss, theft or destruction of such certificate or the issuance of such new certificate or uncertificated shares.

SECTION 6.04 <u>Record Holder of Shares</u>. The corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, and to vote as such owner, and to hold liable for calls and assessments a person registered on its books as the owner of shares, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of Delaware.

SECTION 6.05 <u>Determination of Stockholders of Record</u>.

(a) Meetings of Stockholders. In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the board of directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the board of directors, and which record date shall not be more than 60 nor less than ten days before the date of such

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meeting. If no record date is fixed by the board of directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting unless the board of directors fixes a new record date for the adjourned meeting.

(b) Consent of Stockholders. In order that the corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the board of directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the board of directors, and which date shall not be more than ten days after the date upon which the resolution fixing the record date is adopted by the board of directors. If no record date has been fixed by the board of directors, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting, when no prior action by the board of directors is required by the GCL, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the corporation by delivery to its registered office in Delaware, its principal place of business, or an officer or agent of the corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to a corporation's registered office shall be by hand or by certified or registered mail, return receipt requested. If no record date has been fixed by the board of directors and prior action by the board of directors is required by the GCL, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the day on which the board of directors adopts the resolution taking such prior action.

(c) Dividends. In order that the corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights of the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the board of directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the board of directors adopts the resolution relating thereto.

ARTICLE VII

Indemnification of Directors, Officers and Other Authorized Representatives

SECTION 7.01 <u>Indemnification of Authorized Representatives</u>. The corporation shall, except to the extent prohibited by the GCL, as amended or modified from time to time (but, in the case of any such amendment, only to the extent that such amendment permits the corporation to provide broader indemnification rights than said law permitted the corporation to provide prior to such amendment), indemnify any person who was or is an authorized representative of the corporation at any time during which this By-law is in effect (whether or not such person continues to serve in such capacity at the time any indemnification is sought or at the time any proceeding relating thereto exists or is brought), and who was or is a party, or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, including without limitation actions by or in right of the corporation, a class of its security holders or otherwise, and whether civil, criminal, administrative or investigative, by reason of the fact that such person was or is an authorized representative of the corporation, against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding; <u>provided</u>, <u>however</u>, that except for actions to enforce indemnification rights under this Article, the corporation shall indemnify an authorized representative seeking indemnification in connection with an action, suit or proceeding initiated by such person (other than on behalf of the corporation or one of its subsidiaries) only if the action, suit or proceeding was authorized by the board of directors of the corporation. The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of *nolo contendere* or its equivalent, shall not of itself create a presumption that the authorized representative did not act in good faith and in a manner which such person reasonably believed to be in or not opposed to, the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that such conduct was unlawful.

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SECTION 7.02 <u>Mandatory Indemnification of Authorized Representatives</u>. To the extent that an authorized representative or other employee or agent of the corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses actually and reasonably incurred by such person in connection therewith. The rights provided by this Section 7.02 shall be in addition to, and not in lieu of, the rights provided under Section 7.01.

SECTION 7.03 <u>Determination of Entitlement to Indemnification</u>. Any indemnification under Section 7.01 of this Article (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the authorized representative or other employee or agent is proper in the circumstances because such person has met the applicable standard of conduct set forth in Section 7.01 and the amount requested has been actually and reasonably incurred. Such determination shall be made:

(1) by a majority vote of the directors who were not parties to such action, suit or proceeding, even though less than a quorum; or

(2) by a committee of such directors designated by majority vote of such directors, even though less than a quorum; or

(3) if there are no such directors, or if such directors so direct or the claimant so requests, by independent legal counsel in a written opinion; or

(4) by the stockholders.

In the event the determination of entitlement to indemnification is to be made by independent counsel at the request of the claimant, the independent counsel shall be selected by the board of directors unless there shall have occurred within two years prior to the date of the commencement of the action, suit or proceeding for which indemnification is claimed a "change of control" as defined in the corporation's 2021 Equity Compensation Plan, as in effect on the date of adoption of these By-Laws, in which case the Independent Counsel shall be selected by the claimant unless the claimant shall request that such selection be made by the board of directors.

SECTION 7.04 <u>Advancing Expenses</u>. Expenses actually and reasonably incurred in defending an action, suit or proceeding shall automatically be paid on behalf of an authorized representative by the corporation, without the need for action by the board of directors, in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the authorized representative to repay such amount if it shall ultimately be determined that the authorized representative is not entitled to be indemnified by the corporation as authorized in this Article. The financial ability of any authorized representative to make a repayment contemplated by this section shall not be a prerequisite to the making of an advance. Expenses incurred by other employees and agents may be so paid upon such terms and conditions, if any, as the board of directors deems appropriate.

SECTION 7.05 <u>Settlement of Claims</u>. The corporation shall not be liable to indemnify any authorized representative under this Article for (a) any amounts paid in settlement of any action or claim effected without the corporation's written consent, which consent shall not be unreasonably withheld; or (b) any judicial award if the corporation was not given a reasonable and timely opportunity, at its expense, to participate in the defense of such action.

SECTION 7.06 <u>No Duplication of Payments</u>. The corporation shall not be liable under this Article to make any payment in connection with any claim made against the authorized representative to the extent the authorized representative has otherwise actually received payment (under any insurance policy, agreement, vote, or otherwise) of the amounts otherwise indemnifiable hereunder.

SECTION 7.07 <u>Subrogation</u>. In the event of payment under this Article, the corporation shall be subrogated to the extent of such payment to all of the rights of recovery of the authorized representative, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the corporation effectively to bring suit to enforce such rights.

SECTION 7.08 <u>Definitions</u>. For purposes of this Article:

(1) "authorized representative" shall mean any and all present and former directors and officers of the corporation, including any such persons to the extent serving as a director, officer, trustee, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans maintained or sponsored by the corporation (whether the basis of such proceeding is

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alleged action in an official capacity as a director, officer, trustee, employee or agent or in any other capacity while serving as a director, officer, trustee, employee or agent), and any other persons designated by the board of directors from time to time, which may include, without limitation, directors and officers of any direct or indirect, majority-owned or wholly-owned subsidiary of the corporation;

(2) "corporation" shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents, so that any person who is or was a director or officer of such constituent corporation shall stand in the same position under the provisions of this Article with respect to the resulting or surviving corporation as such person would have with respect to such constituent corporation if its separate existence had continued;

(3) "expenses" shall include attorneys' fees and disbursements;

(4) "fines" shall include any excise taxes assessed on a person with respect to an employee benefit plan;

(5) "include" shall mean include without limitation and shall be interpreted to provide as broad as possible a meaning to the term so modified or defined in this Section 7.08; and

(6) "party" shall include the giving of testimony or similar involvement.

SECTION 7.09 <u>Insurance</u>. The corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation or any of its direct or indirect subsidiaries, or any person who is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against the person and incurred by the person in any such capacity, or arising out of his or her status as such, whether or not the corporation would have the power or the obligation to indemnify such person against such liability under the provisions of this Article.

SECTION 7.10 <u>Scope of Article</u>. The indemnification of authorized representatives and advancement of expenses, as authorized by the preceding provisions of this Article, shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any agreement, vote of stockholders or disinterested directors or otherwise, both as to action in an official capacity and as to action in another capacity while holding such office, and such indemnification and advancement rights cannot be terminated by the corporation, the board of directors or the stockholders of the corporation with respect to a person's service prior to the date of such termination. The indemnification and advancement of expenses provided by or granted pursuant to this Article shall continue as to a person who has ceased to be an authorized representative and shall inure to the benefit of the heirs, executors and administrators of such a person. The duties of the corporation to indemnify and to advance expenses to a director or officer as provided in this Article VII shall be in the nature of a contract between the corporation and each such person, which contractual rights vest at the time of such person's service to or at the request of the corporation, and no amendment or repeal of any provision of this Article VII shall alter, to the detriment of such person, the right of such person to the advancement of expenses or indemnification related to a claim, whether brought or threatened before or after such amendment or repeal, based on an act or failure to act that took place prior to such amendment or repeal.

SECTION 7.11 <u>Reliance on Provisions</u>. Each person who shall act as an authorized representative of the corporation shall be deemed to be doing so in reliance upon rights of indemnification provided by this Article.

ARTICLE VIII

General Provisions

SECTION 8.01 <u>Dividends</u>. Subject to the restrictions contained in the GCL and any restrictions contained in the certificate of incorporation, the board of directors may declare and pay dividends upon the shares of capital stock of the corporation.

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SECTION 8.02 <u>Contracts</u>. Except as otherwise provided in these By-laws, the board of directors may authorize any officer or officers including the chairman and vice chairman of the board of directors, or any agent or agents, to enter into any contract or to execute or deliver any instrument on behalf of the corporation and such authority may be general or confined to specific instances. Any officer so authorized may, unless the authorizing resolution otherwise provides, delegate such authority to one or more subordinate officers, employees or agents, and such delegation may provide for further delegation.

SECTION 8.03 <u>Corporate Seal</u>. The corporation shall have a corporate seal, which shall have inscribed thereon the name of the corporation, the year of its organization and the words "Corporate Seal, Delaware". The seal may be used by causing it or a facsimile thereof to be impressed or affixed or in any other manner reproduced.

SECTION 8.04 <u>Deposits</u>. All funds of the corporation shall be deposited from time to time to the credit of the corporation in such banks, trust companies, or other depositories as the board of directors may approve or designate, and all such funds shall be withdrawn only upon checks signed by such one or more officers or employees as the board of directors shall from time to time determine.

SECTION 8.05 <u>Corporate Records</u>.

(a) Examination by Stockholders. Every stockholder shall, upon written demand under oath stating the purpose thereof, have a right to examine, in person or by agent or attorney, during the usual hours for business, for any proper purpose, the stock ledger, list of stockholders, books or records of account, and records of the proceedings of the stockholders and directors of the corporation, and to make copies or extracts therefrom. A proper purpose shall mean a purpose reasonably related to such person's interest as a stockholder. In every instance where an attorney or other agent shall be the person who seeks the right to inspection, the demand under oath shall be accompanied by a power of attorney or such other writing which authorizes the attorney or other agent to so act on behalf of the stockholder. The demand under oath shall be directed to the corporation at its registered office in Delaware or at its principal place of business. Where the stockholder seeks to inspect the books and records of the corporation, other than its stock ledger or list of stockholders, the stockholder shall first establish (1) that the stockholder has complied with the provisions of this section respecting the form and manner of making demand for inspection of such documents; and (2) that the inspection sought is for a proper purpose. Where the stockholder seeks to inspect the stock ledger or list of stockholders of the corporation and has complied with the provisions of this section respecting the form and manner of making demand for inspection of such documents, the burden of proof shall be upon the corporation to establish that the inspection sought is for an improper purpose.

(b) Examination by Directors. Any director shall have the right to examine the corporation's stock ledger, a list of its stockholders and its other books and records for a purpose reasonably related to the person's position as a director.

SECTION 8.06 <u>Amendment of By-laws</u>. These By-laws may be altered, amended or repealed or new By-laws may be adopted either (a) by vote of the stockholders at a duly organized annual or special meeting of stockholders in accordance with the certificate of incorporation, or (b) by vote of two-thirds of the entire board of directors at any regular or special meeting of directors if such power is conferred upon the board of directors by the certificate of incorporation.

SECTION 8.07 <u>Forum for Adjudication of Certain Disputes</u>.

(a) As authorized by Section 115 of the GCL and to the fullest extent permitted by law, unless the corporation consents in writing to the selection of an alternative forum (an "Alternative Forum Consent"), the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for any (i) derivative action or proceeding brought on behalf of the corporation, (ii) action asserting a claim of breach of any duty (including any fiduciary duty) owed by any current or former director, officer, stockholder, employee or agent of the corporation to the corporation or the corporation's stockholders, (iii) action asserting a claim against the corporation or any current or former director, officer, stockholder, employee or agent of the corporation arising out of or relating to any provision of the GCL or the certificate of incorporation or By-laws (each, as in effect from time to time), (iv) action asserting a claim against the corporation or any current or former director, officer, stockholder, employee or agent of the corporation governed by the internal affairs doctrine of the State of Delaware, or (v) other action asserting an internal corporate claim, as defined in Section 115 of the GCL; provided, however, that, in the event that the Court of Chancery of the State of Delaware lacks subject matter jurisdiction over any such action or proceeding, the sole and exclusive forum for such action or proceeding shall be another state or federal

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district court located within the State of Delaware, in each such case, unless the Court of Chancery of the State of Delaware (or such other state or federal district court located within the State of Delaware, as applicable) has dismissed a prior action by the same plaintiff asserting the same claims because such court lacked personal jurisdiction over an indispensable party named as a defendant therein. If any action the subject matter of which is within the scope of this Section 8.07(a) of Article VIII is filed in a court other than the Court of Chancery of the State of Delaware (or any other state or federal district court located within the State of Delaware, as applicable) (a "Foreign Action") by or in the name of any stockholder, such stockholder shall be deemed to have consented to (x) the personal jurisdiction of the Court of Chancery of the State of Delaware (or such other state or federal district court located within the State of Delaware, as applicable) in connection with any action brought in any such court to enforce this Section 8.07(a) of Article VIII and (y) having service of process made upon such stockholder in any such action by service upon such stockholder's counsel in the Foreign Action as agent for such stockholder.

(c) Failure to enforce the foregoing provisions would cause the corporation irreparable harm and the corporation shall be entitled to equitable relief, including injunctive relief and specific performance, to enforce the foregoing provisions. Any person or entity purchasing, otherwise acquiring or holding any interest in shares of capital stock of the corporation shall be deemed to have notice of and consented to the provisions of this Section 8.07 of Article VIII. The existence of any prior Alternative Forum Consent shall not act as a waiver of the corporation's ongoing consent right as set forth above in this Section 8.07 of Article VIII with respect to any current or future actions or claims.

## Exhibit 3.2

**Exhibit 3.2** 

**FOURTH AMENDED AND RESTATED BY-LAWS OF RADIAN GROUP INC.** 

BY-LAWS

OF

RADIAN GROUP INC.

(a Delaware corporation)

<u>(Effective September 17, 2025)</u>

ARTICLE I

Offices and Fiscal Year

SECTION 1.01 <u>Registered Office</u>. The registered office of the corporation shall be in the City of Wilmington, County of New Castle, State of Delaware until otherwise established by resolution of the board of directors, and a certificate certifying the change is filed in the manner provided by statute.

SECTION 1.02 <u>Other Offices</u>. The corporation may also have offices at such other places within or without the State of Delaware as the board of directors may from time to time determine or the business of the corporation requires.

SECTION 1.03 <u>Fiscal Year</u>. The fiscal year of the corporation shall end on the 31st day of December in each year.

ARTICLE II

Notice – Waivers – Meetings

SECTION 2.01 <u>Notice, What Constitutes</u>. Whenever, under the provisions of the Delaware General Corporation Law ("GCL") or the certificate of incorporation or of these By-laws, notice is required to be given to any director or stockholder, it shall not be construed to require personal notice, but such notice may be given in writing, by mail or by telegram (with messenger service specified), electronic transmission or courier service, charges prepaid, or by telephone or facsimile transmission to the address (or to the e-mail address, facsimile or telephone number) of the person appearing on the books of the corporation, or in the case of directors, supplied to the corporation for the purpose of notice. If the notice is sent by mail, telegram or courier service, it shall be deemed to be given when deposited in the United States mail or with a telegraph office or courier service for delivery to that person or, in the case of electronic transmission, when sent, or in the case of facsimile transmission, when received.

SECTION 2.02 <u>Notice of Meetings of Board of Directors</u>. Notice of a regular meeting of the board of directors need not be given. Notice of every special meeting of the board of directors shall be given to each director in person or by telephone or in writing at least 24 hours (in the case of notice in person or by telephone, electronic transmission or facsimile transmission) or 48 hours (in the case of notice by telegram, courier service or express mail) or five days (in the case of notice by first class mail) before the time at which the meeting is to be held. Every such notice shall state the time and place of the meeting. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the board need be specified in a notice of the meeting.

SECTION 2.03 <u>Notice of Meetings of Stockholders</u>. Written notice of the place, date, hour and the means of remote communication, if any, of every meeting of the stockholders, whether annual or special, shall be given to each stockholder of record entitled to vote at the meeting not less than ten nor more than 60 days before the date of the meeting. Every notice of a special meeting shall state the purpose or purposes thereof. If the notice is sent by mail, it shall be deemed to have been given when deposited in the United States mail, postage prepaid, directed to the stockholder at the address of the stockholder as it appears on the records of the corporation.

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SECTION 2.04 <u>Waivers of Notice</u>.

(a) Written Waiver. Whenever notice is required to be given under any provisions of the GCL or the certificate of incorporation or these By-laws, a written waiver, signed by the person or persons entitled to the notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders, directors, or members of a committee of directors need be specified in any written waiver of notice of such meeting.

(b) Waiver by Attendance. Attendance of a person at a meeting, either in person or by proxy, shall constitute a waiver of notice of such meeting, except where a person attends a meeting for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting was not lawfully called or convened.

SECTION 2.05 <u>Exception to Requirements of Notice</u>.

(a) General Rule. Whenever notice is required to be given, under any provision of the GCL or of the certificate of incorporation or these By-laws, to any person with whom communication is unlawful, the giving of such notice to such person shall not be required and there shall be no duty to apply to any governmental authority or agency for a license or permit to give such notice to such person. Any action or meeting which shall be taken or held without notice to any such person with whom communication is unlawful shall have the same force and effect as if such notice had been duly given.

(b) Stockholders Without Forwarding Addresses. Whenever notice is required to be given, under any provision of the GCL or the certificate of incorporation or these By-laws, to any stockholder to whom (i) notice of two consecutive annual meetings, and all notices of meetings or of the taking of action by written consent without a meeting to such person during the period between such two consecutive annual meetings, or (ii) all, and at least two, payments (if sent by first class mail) of dividends or interest on securities during a 12 month period, have been mailed addressed to such person at his address as shown on the records of the corporation and have been returned undeliverable, the giving of such notice to such person shall not be required. Any action or meeting which shall be taken or held without notice to such person shall have the same force and effect as if such notice had been duly given. If any such person shall deliver to the corporation a written notice setting forth the person's then current address, the requirement that notice be given to such person shall be reinstated.

SECTION 2.06 <u>Conference Telephone Meetings</u>. One or more directors may participate in a meeting of the board, or of a committee of the board, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other. Participation in a meeting pursuant to this section shall constitute presence in person at such meeting.

ARTICLE III

Meetings of Stockholders

SECTION 3.01 <u>Place of Meeting</u>. All meetings of the stockholders of the corporation shall be held at such place within or without the State of Delaware as shall be designated by the board of directors in the notice of such meeting. The board of directors may, in its sole discretion, determine that the meeting shall not be held at any place, but may instead be held solely by means of remote communication as authorized by the GCL.

SECTION 3.02 <u>Annual Meeting</u>. The board of directors may fix and designate the date and time of the annual meeting of the stockholders. At said meeting the stockholders then entitled to vote shall elect directors and shall transact such other business as may properly be brought before the meeting.

SECTION 3.03 <u>Special Meetings</u>. Special meetings of the stockholders of the corporation may be called at any time by the chairman of the board, a majority of the board of directors or the holders of a majority of the total number of shares of common stock of the corporation then-outstanding. At any time, upon the written request of any person or persons who have duly called a special meeting, which written request shall state the purpose or purposes of the meeting, it shall be the duty of the secretary to fix the date of the meeting which shall be held at such date and time as the secretary may fix, not less than ten nor more than 60 days after the receipt of the request, and to give due notice thereof. If the secretary shall neglect or refuse to fix the time and date of such meeting and give notice thereof, the person or persons calling the meeting may do so.

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SECTION 3.04 <u>Quorum, Manner of Acting and Adjournment</u>.

(a) Quorum. The holders of a majority of the shares entitled to vote, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders except as otherwise provided by the GCL, by the certificate of incorporation or by these By-laws. If a quorum is not present or represented at any meeting of the stockholders, the stockholders entitled to vote thereat, present in person or represented by proxy, shall have power to adjourn the meeting from time to time. In addition, whether or not there is a quorum, the chairman of the meeting may adjourn any meeting of stockholders to any other time and to any other place at which a meeting of stockholders may be held under these By-laws. It shall not be necessary to notify any stockholder of any adjournment of less than 30 days if the time and place of the adjourned meeting are announced at the meeting at which adjournment is taken, unless after the adjournment a new record date is fixed for the adjourned meeting. At any such adjourned meeting at which a quorum is present or represented, the corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

(b) Manner of Acting. Directors shall be elected in the manner provided in Section 4.13. In all matters other than the election of directors, the affirmative vote of the majority of shares present in person or represented by proxy at the meeting and entitled to vote thereon shall be the act of the stockholders, unless the question is one upon which, by express provision of the applicable statute, the certificate of incorporation or these By-laws, a different vote is required in which case such express provision shall govern and control the decision of the question. The stockholders present in person or by proxy at a duly organized meeting can continue to do business until adjournment, notwithstanding withdrawal of enough stockholders to leave less than a quorum.

SECTION 3.05 <u>Stockholder Proposals</u>. Nominations by stockholders of persons for election to the board of directors of the corporation may be made at an annual or special meeting only in compliance with Section 4.13 hereof. The proposal of other business to be considered by the stockholders at an annual meeting of stockholders may only be made (i) pursuant to the corporation's notice of meeting, (ii) by or at the direction of the board of directors, or (iii) by any stockholder of the corporation who (x) was a stockholder of record at the time of giving of notice provided for in this By-law and at the time of the annual meeting, (y) is entitled to vote at the meeting and (z) provides timely notice in writing to the secretary of the corporation and complies with the procedures and requirements set forth in this By-law; clause (iii) shall be the exclusive means for a stockholder to submit other business (other than matters properly brought under Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and included in the corporation's notice of meeting) before an annual meeting of stockholders. To be properly brought before a meeting of stockholders, business must be of a proper subject for action by stockholders under applicable law and must not, if implemented, cause the corporation to violate any state, federal or foreign law or regulation, each as determined in good faith by the board of directors.

To be timely, a stockholder's notice shall be delivered to or mailed to, and received by, the secretary at the principal executive offices of the corporation not more than 120 days nor less than 90 days prior to the first anniversary of the preceding year's annual meeting; <u>provided</u>, <u>however</u>, that in the event that the date of the annual meeting is more than 30 days before or more than 60 days after such anniversary date, notice by the stockholder to be timely must be so delivered not earlier than the close of business on the 120th day prior to the date of such annual meeting and not later than the close of business on the later of the 90th day prior to the date of such annual meeting or, if the first public announcement of the date of such annual meeting is less than 100 days prior to the date of such annual meeting, the 10th day following the day on which public announcement of the date of such meeting is first made by the corporation. In no event shall any adjournment or postponement of a meeting or the announcement thereof commence a new time period for the giving of a stockholder's notice as described above. Such stockholder's notice to the secretary shall set forth (a) as to the stockholder giving notice and the beneficial owner, if any, on whose behalf the proposal is made, (i) their name and record address, (ii) the class and number of shares of capital stock of the corporation which are, directly or indirectly, owned beneficially and/or of record by each of them, (iii) any proxy, contract, arrangement, understanding, or relationship pursuant to which such stockholder or beneficial owner, if any, has a right to vote any shares of any security of the corporation, (iv) a description of all agreements, arrangements and understandings between such stockholder and beneficial owner, if any, and any other person or persons (including their names) in connection with the proposal of such business by such stockholder, and (v) any other information relating to such stockholder and beneficial owner, if any, that would be required to be disclosed in a proxy statement or other filing required to be made in connection with solicitations of proxies for the proposal pursuant to the Exchange Act and the rules and regulations promulgated thereunder, (b) a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and any

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material interest in such business of such stockholder giving notice and the beneficial owner, if any, on whose behalf the proposal is made, (c) an agreement by the stockholder that the stockholder will appear in person or by proxy at the meeting to propose the consideration of the business, and (d) the information required by Section 3.06. Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the corporation's notice of meeting. Only such business shall be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance with the procedures set forth in this section.

The chairman of the meeting may, if the facts warrant, determine and declare to the meeting that any proposal made at the meeting was not made in accordance with the foregoing procedures and, in such event, the proposal shall be disregarded. Any decision by the chairman of the meeting shall be conclusive and binding upon all stockholders of the corporation for any purpose.

Notwithstanding the foregoing provisions of this By-law, a stockholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this By-law; <u>provided</u>, <u>however</u>, that any references in these By-laws to the Exchange Act or the rules promulgated thereunder are not intended to and shall not limit the requirements applicable to proposals of business to be considered pursuant to this By-Law.

SECTION 3.06 <u>Disclosure by Stockholders of Hedged Positions</u>. A notice submitted by a stockholder under Section 3.05 or 4.13 must describe, with respect to the stockholder and any Stockholder Associated Person, (i) any Derivative Instrument directly or indirectly beneficially owned by the stockholder or a Stockholder Associated Person, or any other direct or indirect opportunity for the stockholder or Stockholder Associated Person to profit or share in any profit derived from any increase or decrease in the value of shares of the corporation, (ii) any proportionate interest in shares of the corporation or Derivative Instruments held, directly or indirectly, by a general or limited partnership in which the stockholder or Stockholder Associated Person is a general partner or, directly or indirectly, beneficially owns an interest in a general partner, (iii) any short interest in any security of the corporation (for purposes of this By-law a person shall be deemed to have a short interest in a security if such person directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has the opportunity to profit or share in any profit derived from any decrease in the value of the subject security), (iv) any performance-related fees (other than an asset-based fee) that such stockholder or any Stockholder Associated Person is entitled to based on any increase or decrease in the value of shares of the corporation or Derivative Instruments, if any, and (v) any hedging or other transaction or series of transactions that has been entered into by or on behalf of, or any other agreement, arrangement or understanding (including, without limitation, any put, short position or any borrowing or lending of shares) that has been made, the effect or intent of which is to mitigate loss to or manage risk of share price changes for, or to increase or decrease the voting power of, the stockholder or any Stockholder Associated Person with respect to any share of the corporation.

Definitions. As used in this Section 3.06 the following terms have the meanings indicated:

"Derivative Instrument" means an option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of the corporation or with a value derived in whole or in part from the value of any class or series of shares of the corporation, whether or not such instrument or right is subject to settlement in the underlying class or series of shares of the corporation or otherwise.

"Stockholder Associated Person" of a stockholder means (i) any person controlling, controlled by, under common control with, or acting in concert with, the stockholder, (ii) any beneficial owner of shares of the corporation owned of record or beneficially by the stockholder, and (iii) any person controlling, controlled by or under common control with, a person that is a Stockholder Associated Person pursuant to clause (ii) of this definition.

SECTION 3.07 <u>Organization</u>. At every meeting of the stockholders, the chairman of the board, if there be one, or in the case of a vacancy in the office or absence of the chairman of the board, one of the following persons present in the order stated: the vice chairman, if one has been appointed, the chief executive officer, the president, the vice presidents in their order of rank or seniority, a chairman designated by the board of directors present at the meeting or a chairman chosen by the stockholders entitled to cast a majority of the votes which all stockholders present in person or by proxy are entitled to cast, shall act as chairman, and the secretary, or, in the absence of the secretary, an assistant secretary, or in the absence of the secretary and the assistant secretaries, a person appointed by the chairman, shall act as secretary.

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SECTION 3.08 <u>Voting</u>.

(a) General Rule. Unless otherwise provided in the certificate of incorporation, each stockholder shall be entitled to one vote, in person or by proxy, for each share of capital stock having voting power held by such stockholder.

(b) Voting and Other Action by Proxy.

(1) A stockholder may execute a writing authorizing another person or persons to act for the stockholder as proxy. Such execution may be accomplished by the stockholder or the authorized officer, director, employee or agent of the stockholder signing such writing or causing his or her signature to be affixed to such writing by any reasonable means including, but not limited to, by facsimile signature. A stockholder may authorize another person or persons to act for the stockholder as proxy by transmitting or authorizing the transmission of a telegram, cablegram, or other means of electronic transmission to the person who will be the holder of the proxy or to a proxy solicitation firm, proxy support service organization or like agent duly authorized by the person who will be the holder of the proxy to receive such transmission if such telegram, cablegram or other means of electronic transmission sets forth or is submitted with information from which it can be determined that the telegram, cablegram or other electronic transmission was authorized by the stockholder.

(2) No proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period.

(3) A duly executed proxy shall be irrevocable if it states that it is irrevocable and if, and only so long as, it is coupled with an interest sufficient in law to support an irrevocable power. A proxy may be made irrevocable regardless of whether the interest with which it is coupled is an interest in the stock itself or an interest in the corporation generally.

SECTION 3.09 <u>Voting Lists</u>. The corporation shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting. The list shall be arranged in alphabetical order, showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, for a period of at least ten days prior to the meeting: (a) on a reasonably accessible electronic network, provided that the information required to gain access to such list was provided with the notice of the meeting; or (b) during normal business hours, at the principal place of business of the corporation.

SECTION 3.10 <u>Inspectors of Election</u>.

(a) Appointment. All elections of directors shall be by written ballot; the vote upon any other matter need not be by ballot. In advance of any meeting of stockholders the board of directors may appoint one or more inspectors, who need not be stockholders, to act at the meeting and to make a written report thereof. The board of directors may designate one or more persons as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate is able to act at a meeting of stockholders, the person presiding at the meeting shall appoint one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the person's best ability.

(b) Duties. The inspectors shall ascertain the number of shares outstanding and the voting power of each, shall determine the shares represented at the meeting and the validity of proxies and ballots, shall count all votes and ballots, shall determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspectors, and shall certify their determination of the number of shares represented at the meeting and their count of all votes and ballots. The inspectors may appoint or retain other persons or entities to assist the inspectors in the performance of the duties of the inspectors.

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(c) Polls. The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting. No ballot, proxies or votes, nor any revocations thereof or changes thereto, shall be accepted by the inspectors after the closing of the polls unless the Court of Chancery upon application by a stockholder shall determine otherwise.

(d) Reconciliation of Proxies and Ballots. In determining the validity and counting of proxies and ballots, the inspectors shall be limited to an examination of the proxies, any envelopes submitted with those proxies, any information transmitted in accordance with Section 3.08, ballots and the regular books and records of the corporation, except that the inspectors may consider other reliable information for the limited purpose of reconciling proxies and ballots submitted by or on behalf of banks, brokers, their nominees or similar persons which represent more votes than the holder of a proxy is authorized by the record owner to cast or more votes than the stockholder holds of record. If the inspectors consider other reliable information for the limited purpose permitted herein, the inspectors at the time they make their certification pursuant to subsection (b) shall specify the precise information considered by them including the person or persons from whom they obtained the information, when the information was obtained, the means by which the information was obtained and the basis for the inspectors' belief that such information is accurate and reliable.

ARTICLE IV

Board of Directors

SECTION 4.01 <u>Powers</u>. All powers vested by law in the corporation shall be exercised by or under the authority of, and the business and affairs of the corporation shall be managed under the direction of, the board of directors.

SECTION 4.02 <u>Number</u>. Subject to the provisions of the certificate of incorporation, the board of directors shall consist of such number of directors as may be determined only by resolution adopted by a majority of the directors present at a meeting at which a quorum is present.

SECTION 4.03 <u>Term of Office</u>. Subject to the provisions of the certificate of incorporation, directors of the corporation shall hold office until the next annual meeting of stockholders and until their successors shall have been elected and qualified, except in the event of death, resignation or removal.

SECTION 4.04 <u>Vacancies</u>.

(a) Vacancies and newly created directorships resulting from any increase in the authorized number of directors may be filled by resolution adopted by a majority of the directors then in office, though less than a quorum of the full board, or the sole remaining director, and a director so chosen shall hold office until the next annual election of directors and until a successor is duly elected and qualified. If there are no directors in office, then an election of directors may be held in the manner provided by statute.

(b) Whenever the holders of any class or classes of stock or series thereof are entitled to elect one or more directors by the provisions of the certificate of incorporation, vacancies and newly created directorships of such class or classes or series may be filled by a majority of the directors elected by such class or classes or series thereof then in office, or by a sole remaining director so elected.

(c) If, at the time of filling any vacancy or any newly created directorship, the directors then in office shall constitute less than a majority of the entire board (as constituted immediately prior to any such increase), the Court of Chancery may, upon application of any stockholder or stockholders holding at least ten percent of the total number of the shares at the time outstanding having the right to vote for such directors, summarily order an election to be held to fill any such vacancies or newly created directorship, or to replace the directors chosen by the directors then in office.

SECTION 4.05 <u>Resignations</u>. Any director may resign at any time, but only by giving written notice to the chairman, chief executive officer, president or secretary of the corporation. The resignation shall be effective upon receipt thereof by the corporation or at such subsequent time as shall be specified in the notice of resignation and, unless otherwise specified in the notice, the acceptance of the resignation shall not be necessary to make it effective.

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SECTION 4.06 <u>Organization</u>. At every meeting of the board of directors, the chairman of the board, if there be one, or, in the case of a vacancy in the office or absence of the chairman of the board, one of the following officers present in the order stated: the vice chairman of the board, if there be one, the president, the vice presidents in their order of rank and seniority, or a chairman chosen by a majority of the directors present, shall preside, and the secretary, or, in the absence of the secretary, an assistant secretary, or in the absence of the secretary and the assistant secretaries, any person appointed by the chairman of the meeting, shall act as secretary.

SECTION 4.07 <u>Place of Meeting</u>. Meetings of the board of directors, both regular and special, shall be held at such place within or without the State of Delaware as the board of directors may from time to time determine, or as may be designated in the notice of the meeting.

SECTION 4.08 <u>Regular Meetings</u>. Regular meetings of the board of directors shall be held without notice at such time and place as shall be designated from time to time by resolution of the board of directors.

SECTION 4.09 <u>Special Meetings</u>. Special meetings of the board of directors shall be held whenever called by the chairman or by a majority of the members of the board of directors.

SECTION 4.10 <u>Quorum, Manner of Acting and Adjournment</u>.

(a) General Rule. At all meetings of the board of directors a majority of the entire board of directors shall constitute a quorum for the transaction of business. The vote of a majority of the directors present at any meeting at which a quorum is present shall be the act of the board of directors, except as may be otherwise specifically provided by the GCL or by the certificate of incorporation. If a quorum is not present at any meeting of the board of directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present.

(b) Unanimous Written Consent. Unless otherwise restricted by the certificate of incorporation, any action required or permitted to be taken at any meeting of the board of directors may be taken without a meeting, if all members of the board consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the board.

SECTION 4.11 <u>Committees of the Board</u>.

(a) Establishment. The board of directors may, by resolution adopted by a majority of the entire board, establish an Executive Committee and one or more other committees, each committee to consist of one or more directors. The board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee and the alternate or alternates, if any, designated for such member, the member or members of the committee present at any meeting and not disqualified from voting, whether or not they constitute a quorum, may unanimously appoint another director to act at the meeting in the place of any such absent or disqualified member.

(b) Powers. The Executive Committee, if established, and any such other committee, to the extent provided in the resolution establishing such committee, shall have and may exercise all the power and authority of the board of directors in the management of the business and affairs of the corporation and may authorize the seal of the corporation to be affixed to all papers which may require it; but no such committee shall have such power or authority in reference to amending the certificate of incorporation (except that a committee may, to the extent authorized in the resolution or resolutions providing for the issuance of shares of stock adopted by the board of directors as provided in Section 151(a) of the GCL, fix the designation and any of the preferences or rights of such shares relating to dividends, redemption, dissolution, any distribution of assets of the corporation or the conversion into, or the exchange of such shares for, shares of any other class or classes or any other series of the same or any other class or classes of stock of the corporation or fix the number of shares of any series of stock or authorize the increase or decrease of shares of any series), adopting an agreement of merger or consolidation under Section 251, 252, 254, 255, 256, 257, 258, 263 or 264 of the GCL, recommending to the stockholders the sale, lease or exchange of all or substantially all of the corporation's property and assets, recommending to the stockholders a dissolution of the corporation or a revocation of a dissolution, or amending the By-laws of the corporation. The Executive Committee shall have the power or authority to declare a dividend, to authorize the issuance of stock and to adopt a certificate of ownership and merger pursuant to Section 253 of the GCL. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the board of directors. Each committee so formed shall keep regular minutes of its meetings and report the same to the board of directors when required.

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(c) Committee Procedures. The term "board of directors" or "board," when used in any provision of these By-laws relating to the organization or procedures of or the manner of taking action by the board of directors, shall be construed to include and refer to the Executive Committee or other committee of the board.

SECTION 4.12 <u>Compensation of Directors</u>. Unless otherwise restricted by the certificate of incorporation, the board of directors shall have the authority to fix the compensation of directors. The directors may be paid their expenses, if any, of attendance at each meeting of the board of directors and may be paid a fixed sum for attendance at each meeting of the board of directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings.

SECTION 4.13 <u>Qualifications and Election of Directors</u>.

(a) All directors of the corporation shall be natural persons of full age, but need not be residents of Delaware or stockholders of the corporation. Except in the case of vacancies, directors shall be elected by the stockholders.

(b) Nominations of persons for election to the board of directors of the corporation may be made at a meeting of stockholders by or at the direction of the board of directors.

(c) Nominations of persons for election to the board of directors of the corporation may also be made by any stockholder of the corporation who (x) was a stockholder at the time of giving of notice provided for in this By-law and at the time of the applicable meeting of stockholders, (y) is entitled to vote for the election of directors at such meeting of stockholders and (z) provides timely notice in writing to the secretary of the corporation and complies with the procedures and requirements set forth in this Section 4.13(c), which shall be the exclusive means for a stockholder to make nominations of persons for election to the board of directors of the corporation. No person may be appointed, nominated or elected a director of the corporation unless such person, at the time such person is nominated and appointed or elected, would then be able to serve as a director without conflicting in any manner with any state, federal or foreign law or regulation applicable to the corporation, as determined in good faith by the board of directors.

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of such special meeting, the 10th day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the board of directors to be elected at such meeting. In no event shall any adjournment or postponement of a special meeting or the announcement thereof commence a new time period for the giving of a stockholder's notice as described above.

The number of nominees a stockholder may nominate for election at an annual meeting (or in the case of one or more stockholders of record giving the notice on behalf of a beneficial owner, the number of nominees such stockholders of record may collectively nominate for election at the annual meeting on behalf of such beneficial owner) shall not exceed the number of directors to be elected at such annual meeting, and for the avoidance of doubt, no stockholder shall be permitted to make additional or substitute nominations following the expiration of the time periods set forth in the preceding paragraph. Notwithstanding anything in the preceding sentence or this Section 4.13(c) to the contrary, if the corporation shall, subsequent to receipt of such notice of nomination, increase the number of directors subject to election at the meeting, such stockholder's notice as to any additional nominees shall be due on the later of the time period required by the preceding paragraph and the tenth day following the corporation's public announcement of the increase.

Such stockholder's notice to the secretary shall set forth (a) as to each person whom the stockholder proposes to nominate for election or re-election as a director, (i) the name, age, business address and residence address of the person, (ii) the principal occupation or employment of the person, (iii) the class and number of shares of capital stock of the corporation which are directly or indirectly owned beneficially and/or of record by the person, (iv) a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during the past three years, and any other material relationships (including any familial relationships), between or among the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination is made, if any, and their respective affiliates and associates, or others acting in concert therewith, on the one hand, and each proposed nominee, and his or her respective affiliates and associates, or others acting in concert therewith, on the other hand, including, without limitation all information that would be required to be disclosed pursuant to Rule 404 promulgated under Regulation S-K if the stockholder making the nomination and any beneficial owner on whose behalf the nomination is made, if any, or any affiliate or associate thereof or person acting in concert therewith, were the "registrant" for purposes of such rule and the nominee were a director or executive officer of such registrant, and (v) any other information relating to the person that is required to be disclosed in a proxy statement or other filing required to be made in connection with solicitations of proxies for election of directors in a contested election pursuant to the rules and regulations promulgated under the Exchange Act (including such person's written consent to being named in the proxy statement as a nominee and to serving as a director if elected); (b) as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination is made (i) their names and record addresses, (ii) the class and number of shares of capital stock of the corporation which are, directly or indirectly, owned beneficially and/or of record by each of them, (iii) any proxy, contract, arrangement, understanding, or relationship pursuant to which such stockholder or beneficial owner, if any, has a right to vote any security of the corporation; (c) a representation that the stockholder will appear in person or by proxy at the meeting to nominate the individual or individuals proposed in the notice; (d) with respect to each nominee for election or reelection to the board of directors, include a completed and signed representation and agreement required by Section 4.13(e) of these By-Laws; (e) the information required in Section 3.06 and (f) a representation as to whether or not the stockholder or beneficial owner, if any, or any of their respective affiliates, associates or others acting in concert therewith intend to solicit proxies in support of director nominees other than the corporation's nominees in accordance with Rule 14a-19 promulgated under the Exchange Act. Upon request by the corporation, if a stockholder provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act, such stockholder shall deliver to the corporation, no later than five business days prior to the applicable meeting of stockholders, reasonable evidence that it has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act. Unless otherwise required by law, if any stockholder (i) provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act and (ii) subsequently fails to provide reasonable notice of compliance with all requirements of Rule 14a-19 promulgated under the Exchange Act and all other applicable rules and regulations thereunder, then the corporation shall disregard any proxies or votes solicited for such nominees and such nomination shall be disregarded. The corporation may require, as a condition to any such nomination being deemed properly brought before an annual meeting, any stockholder or proposed nominee to furnish, within five business days of any such request, such other information as may reasonably be required by the corporation to determine the eligibility of such proposed nominee to serve as a director of the corporation or that could be material to a reasonable stockholder's understanding of the independence, or lack thereof, of such nominee.

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(d) The chairman of the meeting may, if the facts warrant, determine and declare to the meeting that any nomination made at the meeting was not made in accordance with the foregoing procedures and, in such event, the nomination shall be disregarded. Any decision by the chairman of the meeting shall be conclusive and binding upon all stockholders of the corporation for any purpose.

(e) To be eligible to be a nominee for election or reelection as a director of the corporation, a person must deliver (in accordance with the time periods prescribed for delivery of notice under this Section 4.13) to the secretary at the principal executive offices of the corporation a written questionnaire with respect to the background and qualification of such person and the background of any other person or entity on whose behalf the nomination is being made (which questionnaire shall be provided by the secretary upon written request) and a written representation and agreement (in the form provided by the secretary upon written request) that such person (A) is not and will not become a party to (1) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director of the corporation, will act or vote on any issue or question (a "Voting Commitment") that has not been disclosed to the corporation or (2) any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a director of the corporation, with such person's fiduciary duties under applicable law, (B) is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than the corporation with respect to any direct or indirect compensation, reimbursement or indemnification or other payment in connection with such person's candidacy as a director nominee or service or action as a director that has not been disclosed to the company and (C) in such person's individual capacity and on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance, if elected as a director of the corporation, and will comply with all applicable publicly disclosed corporate governance, conflict of interest, confidentiality and stock ownership and trading policies and guidelines of the corporation.

(f) Directors of the corporation shall be elected by the stockholders at an annual or special meeting of the stockholders, unless such election of directors is required by the terms of any series of preferred stock. If the number of nominees exceeds the number of directorships to be filled, the directors shall be elected by a plurality of the votes cast. If the number of nominees does not exceed the number of directors to be elected, a nominee shall be elected only if he or she receives a majority of the votes cast. If a nominee is an incumbent director who is standing for re- election and such nominee does not receive a majority of the votes cast in an election in which the number of nominees does not exceed the number of directors to be elected, the governance committee, or any other or successor committee responsible for the nomination of directors, must make a recommendation to the board on whether to accept the director's resignation or whether other action should be taken, unless the director retires from the board before committee action or board action if there is no committee action. The board expects the director whose resignation is under consideration to abstain from participating in any decision regarding that resignation. The board will consider the committee's recommendation and publicly disclose the board's decision and the basis for that decision within 90 days from the date of certification of the final election results. However, if less than two members of the governance or successor committee are elected as directors at a meeting for the election of directors in an election in which the number of nominees does not exceed the number of directors to be elected, then the board shall consider and act upon the tendered resignation without a recommendation from the committee. The governance committee and the board may consider any factors that they deem relevant in deciding whether to accept a director's resignation. Each share of the corporation entitled to be voted on the election of directors may only be voted noncumulatively. For purposes of this paragraph, a majority of the votes cast means that the number of shares voted "for" must exceed the number of shares voted "against" with respect to that director's election (with "abstentions" and "broker non-votes" not counted as "for" or "against" that director's election). If the number of nominees does not exceed the directors to be elected, each share of the corporation entitled to be voted on the election of directors may be voted for or against, or the person voting such share may abstain with respect to, each candidate for election. If directors are to be elected by a plurality of the votes cast, stockholders shall not be permitted to vote against a nominee.

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(g) Each director who is nominated to stand for election shall, as a condition to such nomination, tender an irrevocable resignation in advance of the election of directors. Such resignation will be effective if, pursuant to Section 4.13(f) of these By-laws (a) the director does not receive a majority vote in the next election of directors in which the number of nominees does not exceed the number of directors to be elected, and (b) the board accepts the resignation, unless the director retires from the board before committee action or board action if there is no committee action. In addition, the board shall fill new director vacancies and new directorships only with candidates who agree to tender, promptly following their appointment by the board, the same form of irrevocable resignation.

SECTION 4.14 <u>White Proxy Card</u>. Any stockholder directly or indirectly soliciting proxies from other stockholders must use a proxy card color other than white, which shall be reserved for the exclusive use of the board of directors.

SECTION 4.15 <u>Voting of Stock</u>. Unless otherwise ordered by the board of directors, each of the chairman of the board, the principal executive officer (as defined by the rules and regulations of the United States Securities and Exchange Commission) and the principal accounting officer (as defined by the rules and regulations of the United States Securities and Exchange Commission) shall have full power and authority, on behalf of the corporation, to attend and to act and vote, in person or by proxy, at any meeting of the stockholders of any company in which the corporation may hold stock, and at any such meeting shall possess and may exercise any and all of the rights and powers incident to the ownership of such stock which, as the owner thereof, the corporation might have possessed and exercised if present. The board of directors, by resolution adopted from time to time, may confer like powers upon any other person or persons.

SECTION 4.16 <u>Endorsement of Securities for Transfer</u>. Each of the chairman of the board, the principal executive officer and the principal accounting officer shall have the power to endorse and deliver for sale, assignment or transfer certificates for stock, bonds or other securities, registered in the name of or belonging to the corporation, whether issued by the corporation or by any other corporation, government, state or municipality or agency thereof; and the board of directors from time to time may confer like power upon any other officer, agent or person by resolution adopted from time to time. Every such endorsement shall be countersigned by the treasurer or an assistant treasurer.

SECTION 4.17 <u>Lead Director</u>. Unless the corporation shall have a non-executive Chairman of the Board, the directors will elect one of their numbers to serve as Lead Director. The Lead Director will assume such duties as the directors may designate from time to time.

Notwithstanding anything contained in Section 8.06, this Section 4.17 may only be altered, amended or repealed (a) by vote of the stockholders at a duly organized annual or special meeting of stockholders in accordance with the certificate of incorporation, or (b) by vote of 75% of the entire board of directors at any regular or special meeting of directors.

ARTICLE V

Officers

SECTION 5.01 <u>Number, Qualifications and Designation</u>. The officers of the corporation shall be chosen by the board of directors and shall be a president, one or more vice presidents, a secretary, a treasurer, and such other officers as may be elected in accordance with the provisions of Section 5.03 of this Article. Any number of offices may be held by the same person. Officers may, but need not, be directors or stockholders of the corporation. The board of directors may elect from among the members of the board a chairman of the board and a vice chairman of the board.

SECTION 5.02 <u>Election and Term of Office</u>. The officers of the corporation, except those elected by delegated authority pursuant to Section 5.03 of this Article, shall be elected annually by the board of directors, and each such officer shall hold office for a term of one year and until a successor is elected and qualified, or until his or her earlier resignation or removal. Any officer may resign at any time upon written notice to the corporation.

SECTION 5.03 <u>Subordinate Officers, Committees and Agents</u>. The board of directors may from time to time elect such other officers and appoint such committees, employees or other agents as it deems necessary, who shall hold their offices for such terms and shall exercise such powers and perform such duties as are provided in these By-laws, or as the board of directors may from time to time determine. The board of directors may delegate to any officer or committee the power to elect subordinate officers and to retain or appoint employees or other agents, or committees thereof, and to prescribe the authority and duties of such subordinate officers, committees, employees or other agents.

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SECTION 5.04 <u>The Chairman of the Board</u>.

(a) Chairman of the Board. The Chairman of the Board, if one shall have been elected, shall be a member of the board of directors, an officer of the corporation and, if present, shall preside at each meeting of the board of directors and of the stockholders. He shall advise and counsel with the chief executive officer and, in his absence, with other executives of the corporation, and shall perform such other duties as may from time to time be assigned to him by the board of directors.

(b) Non-executive Chairman of the Board. If the board of directors does not choose to elect a Chairman of the Board as described in (a) above, then the board of directors shall elect a non-executive Chairman of the Board, who shall be a member of the board of directors but not an officer of the corporation. If present, the non-executive Chairman of the Board shall preside at each meeting of the board of directors and of the stockholders. He shall advise and counsel with the chief executive officer and, in his absence, with other executives of the corporation, and shall perform such other duties as may from time to time be assigned to him by the board of directors.

SECTION 5.05 <u>The Vice Chairman of the Board</u>. The vice chairman of the board, if there be one, shall in the absence of a Chairman of the Board or non-executive Chairman of the Board preside at all meetings of the board of directors and of the stockholders, and shall perform such other duties as may from time to time be assigned to him by the board of directors.

SECTION 5.06 <u>The Chief Executive Officer</u>. The chief executive officer of the corporation shall have general supervision over the business and operations of the corporation, subject, however, to the control of the board of directors, and shall perform all duties incident to his office which may be required by law and all such other duties as are properly required of him by the board of directors. He shall make reports to the board of directors and the stockholders, and shall see that all orders and resolutions of the board of directors and of any committee thereof are carried into effect.

SECTION 5.07 <u>The President</u>. The president shall perform such duties as may from time to time be assigned to him by the board of directors or by the chairman of the board.

SECTION 5.08 <u>The Vice Presidents</u>. The vice presidents shall perform the duties of the chairman of the board and president in his absence and such other duties as may from time to time be assigned to them by the board of directors or by the chairman of the board.

SECTION 5.09 <u>The Secretary</u>. The secretary, or an assistant secretary, shall attend all meetings of the stockholders and of the board of directors and shall record the proceedings of the stockholders and of the directors and of committees of the board in a book or books to be kept for that purpose; shall see that notices are given and records and reports properly kept and filed by the corporation as required by law; shall be the custodian of the seal of the corporation and see that it is affixed to all documents to be executed on behalf of the corporation under its seal; and, in general, shall perform all duties incident to the office of secretary, and such other duties as may from time to time be assigned by the board of directors or the chairman of the board.

SECTION 5.10 <u>The Treasurer</u>. The treasurer, or an assistant treasurer, shall have or provide for the custody of the funds or other property of the corporation; shall collect and receive or provide for the collection and receipt of moneys earned by or in any manner due to or received by the corporation; shall deposit all funds in his or her custody as treasurer in such banks or other places of deposit as the board of directors may from time to time designate; whenever so required by the board of directors, shall render an account showing his or her transactions as treasurer and the financial condition of the corporation; and, in general, shall discharge such other duties as may from time to time be assigned by the board of directors or the chairman of the board.

SECTION 5.11 <u>Officers' Bonds</u>. No officer of the corporation need provide a bond to guarantee the faithful discharge of the officer's duties unless the board of directors shall by resolution so require a bond in which event such officer shall give the corporation a bond (which shall be renewed if and as required) in such sum and with such surety or sureties as shall be satisfactory to the board of directors for the faithful performance of the duties of office.

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SECTION 5.12 <u>Salaries</u>. The salaries of the officers and agents of the corporation elected by the board of directors shall be fixed from time to time by the board of directors, except that the compensation of the corporation's chief executive officer shall be subject to the approval of the independent (as defined by the applicable rules of the New York Stock Exchange and the Securities and Exchange Commission) members of the board of directors rather than the full board of directors.

ARTICLE VI

Certificates of Stock, Transfer, Etc.

SECTION 6.01 <u>Form and Issuance</u>.

(a) <u>Issuance</u>. Shares of the capital stock of the corporation may be certificated or uncertificated, as provided under the General Corporation Law of the State of Delaware. Any certificated shares shall remain certificated until the certificate representing such shares is surrendered to the corporation. Every holder of stock represented by certificates and upon request every holder of uncertificated shares shall be entitled to have a certificate signed by, or in the name of the corporation by, the chairman or vice chairman of the board of directors, or the chief executive officer, president or vice president, and by the treasurer or an assistant treasurer, or the secretary or an assistant secretary, representing the number of shares registered in certificate form.

(b) <u>Form and Records</u>. Stock certificates of the corporation shall be numbered and in such form as approved by the board of directors. The stock record books and the blank stock certificate books shall be kept by the secretary or by any agency designated by the board of directors for that purpose. The shares of common stock of the corporation shall be registered in the stock ledger and transfer books of the corporation as they are issued.

(c) <u>Signatures</u>. Any of or all the signatures upon the stock certificates of the corporation may be a facsimile. In case any officer, transfer agent or registrar who has signed, or whose facsimile signature has been placed upon, any share certificate shall have ceased to be such officer, transfer agent or registrar, before the certificate is issued, it may be issued with the same effect as if the signatory were such officer, transfer agent or registrar at the date of its issue.

SECTION 6.02 <u>Transfer</u>. Transfers of shares shall be made on the share register or transfer books of the corporation by the holder of record thereof or by an attorney lawfully constituted in writing and, if certificated, upon surrender of the certificate therefor, endorsed by the person named in the certificate. No transfer shall be made which would be inconsistent with the provisions of Article 8, Title 6 of the Delaware Uniform Commercial Code-Investment Securities.

SECTION 6.03 <u>Lost, Stolen, Destroyed or Mutilated Certificates</u>. The board of directors may direct a new certificate of stock or uncertificated shares to be issued in place of any certificate theretofore issued by the corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate or certificates, the board of directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or the legal representative of the owner, to give the corporation a bond sufficient to indemnify against any claim that may be made against the corporation on account of the alleged loss, theft or destruction of such certificate or the issuance of such new certificate or uncertificated shares.

SECTION 6.04 <u>Record Holder of Shares</u>. The corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, and to vote as such owner, and to hold liable for calls and assessments a person registered on its books as the owner of shares, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of Delaware.

SECTION 6.05 <u>Determination of Stockholders of Record</u>.

(a) Meetings of Stockholders. In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the board of directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the board of directors, and which record date shall not be more than 60 nor less than ten days before the date of such

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meeting. If no record date is fixed by the board of directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting unless the board of directors fixes a new record date for the adjourned meeting.

(b) Consent of Stockholders. In order that the corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the board of directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the board of directors, and which date shall not be more than ten days after the date upon which the resolution fixing the record date is adopted by the board of directors. If no record date has been fixed by the board of directors, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting, when no prior action by the board of directors is required by the GCL, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the corporation by delivery to its registered office in Delaware, its principal place of business, or an officer or agent of the corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to a corporation's registered office shall be by hand or by certified or registered mail, return receipt requested. If no record date has been fixed by the board of directors and prior action by the board of directors is required by the GCL, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the day on which the board of directors adopts the resolution taking such prior action.

(c) Dividends. In order that the corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights of the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the board of directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the board of directors adopts the resolution relating thereto.

ARTICLE VII

Indemnification of Directors, Officers and Other Authorized Representatives

SECTION 7.01 <u>Indemnification of Authorized Representatives</u>. The corporation shall, except to the extent prohibited by the GCL, as amended or modified from time to time (but, in the case of any such amendment, only to the extent that such amendment permits the corporation to provide broader indemnification rights than said law permitted the corporation to provide prior to such amendment), indemnify any person who was or is an authorized representative of the corporation at any time during which this By-law is in effect (whether or not such person continues to serve in such capacity at the time any indemnification is sought or at the time any proceeding relating thereto exists or is brought), and who was or is a party, or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, including without limitation actions by or in right of the corporation, a class of its security holders or otherwise, and whether civil, criminal, administrative or investigative, by reason of the fact that such person was or is an authorized representative of the corporation, against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding; <u>provided</u>, <u>however</u>, that except for actions to enforce indemnification rights under this Article, the corporation shall indemnify an authorized representative seeking indemnification in connection with an action, suit or proceeding initiated by such person (other than on behalf of the corporation or one of its subsidiaries) only if the action, suit or proceeding was authorized by the board of directors of the corporation. The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of *nolo contendere* or its equivalent, shall not of itself create a presumption that the authorized representative did not act in good faith and in a manner which such person reasonably believed to be in or not opposed to, the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that such conduct was unlawful.

SECTION 7.02 <u>Mandatory Indemnification of Authorized Representatives</u>. To the extent that an authorized representative or other employee or agent of the corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses actually and reasonably incurred by such person in connection therewith. The rights provided by this Section 7.02 shall be in addition to, and not in lieu of, the rights provided under Section 7.01.

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SECTION 7.03 <u>Determination of Entitlement to Indemnification</u>. Any indemnification under Section 7.01 of this Article (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the authorized representative or other employee or agent is proper in the circumstances because such person has met the applicable standard of conduct set forth in Section 7.01 and the amount requested has been actually and reasonably incurred. Such determination shall be made:

(1) by a majority vote of the directors who were not parties to such action, suit or proceeding, even though less than a quorum; or

(2) by a committee of such directors designated by majority vote of such directors, even though less than a quorum; or

(3) if there are no such directors, or if such directors so direct or the claimant so requests, by independent legal counsel in a written opinion; or

(4) by the stockholders.

In the event the determination of entitlement to indemnification is to be made by independent counsel at the request of the claimant, the independent counsel shall be selected by the board of directors unless there shall have occurred within two years prior to the date of the commencement of the action, suit or proceeding for which indemnification is claimed a "change of control" as defined in the corporation's 2021 Equity Compensation Plan, as in effect on the date of adoption of these By-Laws, in which case the Independent Counsel shall be selected by the claimant unless the claimant shall request that such selection be made by the board of directors.

SECTION 7.04 <u>Advancing Expenses</u>. Expenses actually and reasonably incurred in defending an action, suit or proceeding shall automatically be paid on behalf of an authorized representative by the corporation, without the need for action by the board of directors, in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the authorized representative to repay such amount if it shall ultimately be determined that the authorized representative is not entitled to be indemnified by the corporation as authorized in this Article. The financial ability of any authorized representative to make a repayment contemplated by this section shall not be a prerequisite to the making of an advance. Expenses incurred by other employees and agents may be so paid upon such terms and conditions, if any, as the board of directors deems appropriate.

SECTION 7.05 <u>Settlement of Claims</u>. The corporation shall not be liable to indemnify any authorized representative under this Article for (a) any amounts paid in settlement of any action or claim effected without the corporation's written consent, which consent shall not be unreasonably withheld; or (b) any judicial award if the corporation was not given a reasonable and timely opportunity, at its expense, to participate in the defense of such action.

SECTION 7.06 <u>No Duplication of Payments</u>. The corporation shall not be liable under this Article to make any payment in connection with any claim made against the authorized representative to the extent the authorized representative has otherwise actually received payment (under any insurance policy, agreement, vote, or otherwise) of the amounts otherwise indemnifiable hereunder.

SECTION 7.07 <u>Subrogation</u>. In the event of payment under this Article, the corporation shall be subrogated to the extent of such payment to all of the rights of recovery of the authorized representative, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the corporation effectively to bring suit to enforce such rights.

SECTION 7.08 <u>Definitions</u>. For purposes of this Article:

(1) "authorized representative" shall mean any and all present and former directors and officers of the corporation, including any such persons to the extent serving as a director, officer, trustee, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans maintained or sponsored by the corporation (whether the basis of such proceeding is

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alleged action in an official capacity as a director, officer, trustee, employee or agent or in any other capacity while serving as a director, officer, trustee, employee or agent), and any other persons designated by the board of directors from time to time, which may include, without limitation, directors and officers of any direct or indirect, majority-owned or wholly-owned subsidiary of the corporation;

(2) "corporation" shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents, so that any person who is or was a director or officer of such constituent corporation shall stand in the same position under the provisions of this Article with respect to the resulting or surviving corporation as such person would have with respect to such constituent corporation if its separate existence had continued;

(3) "expenses" shall include attorneys' fees and disbursements;

(4) "fines" shall include any excise taxes assessed on a person with respect to an employee benefit plan;

(5) "include" shall mean include without limitation and shall be interpreted to provide as broad as possible a meaning to the term so modified or defined in this Section 7.08; and

(6) "party" shall include the giving of testimony or similar involvement.

SECTION 7.09 <u>Insurance</u>. The corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation or any of its direct or indirect subsidiaries, or any person who is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against the person and incurred by the person in any such capacity, or arising out of his or her status as such, whether or not the corporation would have the power or the obligation to indemnify such person against such liability under the provisions of this Article.

SECTION 7.10 <u>Scope of Article</u>. The indemnification of authorized representatives and advancement of expenses, as authorized by the preceding provisions of this Article, shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any agreement, vote of stockholders or disinterested directors or otherwise, both as to action in an official capacity and as to action in another capacity while holding such office, and such indemnification and advancement rights cannot be terminated by the corporation, the board of directors or the stockholders of the corporation with respect to a person's service prior to the date of such termination. The indemnification and advancement of expenses provided by or granted pursuant to this Article shall continue as to a person who has ceased to be an authorized representative and shall inure to the benefit of the heirs, executors and administrators of such a person. The duties of the corporation to indemnify and to advance expenses to a director or officer as provided in this Article VII shall be in the nature of a contract between the corporation and each such person, which contractual rights vest at the time of such person's service to or at the request of the corporation, and no amendment or repeal of any provision of this Article VII shall alter, to the detriment of such person, the right of such person to the advancement of expenses or indemnification related to a claim, whether brought or threatened before or after such amendment or repeal, based on an act or failure to act that took place prior to such amendment or repeal.

SECTION 7.11 <u>Reliance on Provisions</u>. Each person who shall act as an authorized representative of the corporation shall be deemed to be doing so in reliance upon rights of indemnification provided by this Article.

ARTICLE VIII

General Provisions

SECTION 8.01 <u>Dividends</u>. Subject to the restrictions contained in the GCL and any restrictions contained in the certificate of incorporation, the board of directors may declare and pay dividends upon the shares of capital stock of the corporation.

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SECTION 8.02 <u>Contracts</u>. Except as otherwise provided in these By-laws, the board of directors may authorize any officer or officers including the chairman and vice chairman of the board of directors, or any agent or agents, to enter into any contract or to execute or deliver any instrument on behalf of the corporation and such authority may be general or confined to specific instances. Any officer so authorized may, unless the authorizing resolution otherwise provides, delegate such authority to one or more subordinate officers, employees or agents, and such delegation may provide for further delegation.

SECTION 8.03 <u>Corporate Seal</u>. The corporation shall have a corporate seal, which shall have inscribed thereon the name of the corporation, the year of its organization and the words "Corporate Seal, Delaware". The seal may be used by causing it or a facsimile thereof to be impressed or affixed or in any other manner reproduced.

SECTION 8.04 <u>Deposits</u>. All funds of the corporation shall be deposited from time to time to the credit of the corporation in such banks, trust companies, or other depositories as the board of directors may approve or designate, and all such funds shall be withdrawn only upon checks signed by such one or more officers or employees as the board of directors shall from time to time determine.

SECTION 8.05 <u>Corporate Records</u>.

(a) Examination by Stockholders. Every stockholder shall, upon written demand under oath stating the purpose thereof, have a right to examine, in person or by agent or attorney, during the usual hours for business, for any proper purpose, the stock ledger, list of stockholders, books or records of account, and records of the proceedings of the stockholders and directors of the corporation, and to make copies or extracts therefrom. A proper purpose shall mean a purpose reasonably related to such person's interest as a stockholder. In every instance where an attorney or other agent shall be the person who seeks the right to inspection, the demand under oath shall be accompanied by a power of attorney or such other writing which authorizes the attorney or other agent to so act on behalf of the stockholder. The demand under oath shall be directed to the corporation at its registered office in Delaware or at its principal place of business. Where the stockholder seeks to inspect the books and records of the corporation, other than its stock ledger or list of stockholders, the stockholder shall first establish (1) that the stockholder has complied with the provisions of this section respecting the form and manner of making demand for inspection of such documents; and (2) that the inspection sought is for a proper purpose. Where the stockholder seeks to inspect the stock ledger or list of stockholders of the corporation and has complied with the provisions of this section respecting the form and manner of making demand for inspection of such documents, the burden of proof shall be upon the corporation to establish that the inspection sought is for an improper purpose.

(b) Examination by Directors. Any director shall have the right to examine the corporation's stock ledger, a list of its stockholders and its other books and records for a purpose reasonably related to the person's position as a director.

SECTION 8.06 <u>Amendment of By-laws</u>. These By-laws may be altered, amended or repealed or new By-laws may be adopted either (a) by vote of the stockholders at a duly organized annual or special meeting of stockholders in accordance with the certificate of incorporation, or (b) by vote of two-thirds of the entire board of directors at any regular or special meeting of directors if such power is conferred upon the board of directors by the certificate of incorporation.

<u>SECTION 8.07 Forum for Adjudication of Certain Disputes.</u>

<u>(a) As authorized by Section 115 of the GCL and to the fullest extent permitted by law, unless the corporation consents in writing to the selection of an alternative forum (an "Alternative Forum Consent"), the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for any (i) derivative action or proceeding brought on behalf of the corporation, (ii) action asserting a claim of breach of any duty (including any fiduciary duty) owed by any current or former director, officer, stockholder, employee or agent of the corporation to the corporation or the corporation's stockholders, (iii) action asserting a claim against the corporation or any current or former director, officer, stockholder, employee or agent of the corporation arising out of or relating to any provision of the GCL or the certificate of incorporation or By-laws (each, as in effect from time to time), (iv) action asserting a claim against the corporation or any current or former director, officer, stockholder, employee or agent of the corporation governed by the internal affairs doctrine of the State of Delaware, or (v) other action asserting an internal corporate claim, as defined in Section 115 of the GCL; provided, however, that, in the event that the Court of Chancery of the State of Delaware lacks subject matter jurisdiction over any such action or proceeding, the sole and exclusive forum for such action or proceeding shall be another state or federal</u>

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<u>district court located within the State of Delaware, in each such case, unless the Court of Chancery of the State of Delaware (or such other state or federal district court located within the State of Delaware, as applicable) has dismissed a prior action by the same plaintiff asserting the same claims because such court lacked personal jurisdiction over an indispensable party named as a defendant therein. If any action the subject matter of which is within the scope of this Section 8.07(a) of Article VIII is filed in a court other than the Court of Chancery of the State of Delaware (or any other state or federal district court located within the State of Delaware, as applicable) (a "Foreign Action") by or in the name of any stockholder, such stockholder shall be deemed to have consented to (x) the personal jurisdiction of the Court of Chancery of the State of Delaware (or such other state or federal district court located within the State of Delaware, as applicable) in connection with any action brought in any such court to enforce this Section 8.07(a) of Article VIII and (y) having service of process made upon such stockholder in any such action by service upon such stockholder's counsel in the Foreign Action as agent for such stockholder.</u>

<u>(c) Failure to enforce the foregoing provisions would cause the corporation irreparable harm and the corporation shall be entitled to equitable relief, including injunctive relief and specific performance, to enforce the foregoing provisions. Any person or entity purchasing, otherwise acquiring or holding any interest in shares of capital stock of the corporation shall be deemed to have notice of and consented to the provisions of this Section 8.07 of Article VIII. The existence of any prior Alternative Forum Consent shall not act as a waiver of the corporation's ongoing consent right as set forth above in this Section 8.07 of Article VIII with respect to any current or future actions or claims.</u>

## Exhibit 99.1

**Exhibit 99.1** 

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| ![LOGO](g945088g0917235625517.jpg) | **press release**<br> September 18, 2025 |

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**Radian to Acquire Inigo, a Highly Profitable Lloyd's Specialty** 

**Insurer; $1.7 Billion Transaction to Transform Radian** 

**into a Global Multi-Line Specialty Insurer** 

*Company also completes a comprehensive strategic review and announces a divestiture plan* 

*for its Mortgage Conduit, Title and Real Estate Services businesses* 

**WAYNE, Pa., September 18, 2025** — Radian Group Inc. (NYSE: RDN) today announced that it has entered into a definitive agreement to acquire Inigo Limited ("Inigo"), a highly profitable Lloyd's specialty insurer, for $1.7 billion in a primarily all-cash transaction<sup>1</sup>. The transaction will be funded from Radian's available liquidity sources and excess capital from its subsidiaries. This strategic acquisition will mark an important step in Radian's transformation from a leading U.S. mortgage insurer to a global, diversified multi-line specialty insurer, significantly expanding the company's product expertise and capabilities and optimizing the deployment of its excess capital.

The acquisition values Inigo at 1.5 times its projected tangible equity at the end of 2025. The acquisition is expected to deliver mid-teens percentage accretion to earnings per share and approximately 200 basis points accretion to return on equity in the first full year after closing. Radian expects the transaction will double its total annual revenue, providing flexibility to deploy capital across multiple insurance lines through various business cycles.

Inigo was launched in 2021 by a highly regarded leadership team with decades of experience in the Lloyd's market including in senior roles at a large Lloyd's insurer. Inigo is among the fastest growing Lloyd's syndicates in the market while achieving attractive profitability. Inigo offers innovative data-driven specialty insurance solutions with a proven track record of excellent underwriting performance, serving some of the world's largest commercial and industrial enterprises.

"Today's announcement of the acquisition of Inigo marks an important milestone for Radian as we transform our business model from a leading U.S. mortgage insurer into a global, multi-line specialty insurer," said Rick Thornberry, Chief Executive Officer of Radian. "This is a financially compelling transaction, funded entirely from our excess capital and available liquidity sources without issuing new equity. By bringing together Inigo's strong performance with our capital strength, we are diversifying beyond our traditional mortgage insurance market and expanding into the large and attractive Lloyd's global specialty market. Most importantly, we are excited to partner with the talented Inigo team, fueled by a shared commitment toward innovation, underwriting expertise, data science, technology and workplace culture. Together, we are well positioned to deliver even greater value to our combined stakeholders."

<sup>1</sup> Final purchase price will be determined based on Inigo's tangible equity prior to close, subject to adjustment, but not to exceed $1.7 billion. A small portion of the purchase consideration will be provided in shares of Radian to Inigo's senior management as part of an equity rollover. 

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| ![LOGO](g945088g0917235625517.jpg) | **press release**<br> September 18, 2025 |

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Inigo Chief Executive Officer Richard Watson, along with Chief Underwriting Officer Russell Merrett and Chief Financial Officer Stuart Bridges, will continue to lead the Inigo business and its entrepreneurial and dynamic management team.

Richard Watson, Chief Executive Officer of Inigo, said, "We are delighted to have found Radian. From our first meeting, there was a clear cultural match and a shared conviction around the importance of data, and how we can use it to benefit the customers we serve. Our respective portfolios are very complementary, with no business overlaps. As we build bigger and deeper relationships with our customers, we welcome the further diversification and access to the stronger capital base that Radian provides."

The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals and other closing conditions. Additional transaction details are contained in a Form 8-K Radian filed with the Securities and Exchange Commission today.

**"All Other" Businesses: Mortgage Conduit, Title and Real Estate Services** 

Following a comprehensive strategic review, which led to Radian's decision to acquire Inigo, Radian also announced today the planned divestiture of all businesses previously reported in its "All Other" category consisting of its Mortgage Conduit, Title and Real Estate Services businesses. This divestiture plan has been approved by the Radian Board of Directors and is expected to be completed no later than the third quarter of 2026. Radian is in the process of engaging financial advisors to assist with the divestiture of these businesses. As Radian works through the process, it expects to continue to operate these businesses in the ordinary course.

As a result of this strategic shift, Radian expects to report these businesses as held for sale and to reflect their results as discontinued operations in the company's consolidated financial statements through the point of their divestitures, effective beginning with its quarterly statements ended September 30, 2025.

Thornberry added, "We expect that the divestiture of our Mortgage Conduit, Title and Real Estate Services businesses will allow them to continue to pursue their next phase of growth, while also simplifying Radian as we focus on our future as a global multi-line specialty insurer."

**Conference Call** 

Radian CEO Rick Thornberry and President and Chief Financial Officer Sumita Pandit will hold a conference call for Radian investors at 8:30 AM ET today, September 18, 2025. Investors can access the conference call by registering via the conference link <u>here</u>. A live webcast of the call, and a slide presentation to accompany the discussion, will be available on the Radian website, https://www.radian.com/for-investors/events or at www.radian.com.

**Advisors** 

Goldman Sachs & Co. LLC and Guy Carpenter's Capital & Advisory team acted as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to Radian for the Inigo transaction. RBC Capital Markets also provided advice on certain matters.

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| ![LOGO](g945088g0917235625517.jpg) | **press release**<br> September 18, 2025 |

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**About Radian** 

As a leading U.S. private mortgage insurer, Radian Group Inc. (NYSE: RDN) provides solutions that expand access to affordable, responsible and sustainable homeownership and helps borrowers achieve their dream of owning a home. For more information, visit radian.com.

**About Inigo** 

Through Lloyd's Syndicate 1301, Inigo underwrites a multi-class specialty insurance portfolio, serving some of the world's largest commercial and industrial enterprises. Founded in 2020, Inigo is shaped by data, led by insight, and built around people who believe in doing things differently. For more information, visit inigoinsurance.com.

**Forward Looking Statements** 

All statements in this press release, or related oral statements, that address events, developments or results that Radian expects or anticipates may occur in the future are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified by words such as "anticipate," "may," "will," "could," "should," "would," "expect," "intend," "plan," "goal," "pursue," "contemplate," "believe," "estimate," "predict," "project," "potential," "continue," "seek," "strategy," "future," "likely" or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, statements regarding the expected completion, financing and timing of the acquisition, statements regarding the expected impact of the acquisition on Radian's earnings, return on equity, revenue, and debt to capital ratio, as well as its deployment of capital, statements regarding the planned divestitures of certain businesses, including their expected completion, timing and reporting, and other statements and information related to the acquisition and the planned divestitures, are made on the basis of management's current views and assumptions with respect to future events. These statements speak only as of the date they were made, and Radian undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The company operates in a changing environment where new risks emerge from time to time and it is not possible to predict all risks that may affect Radian. The forward-looking statements are not guarantees of future performance, and the forward-looking statements, as well as Radian's prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with the acquisition, including: (a) the parties' ability to complete the
acquisition, on the anticipated timeline or at all, including uncertainty related to securing the necessary regulatory approvals without a burdensome remedy; (b) the occurrence of any event, change or other circumstance that could give rise to
the termination of the purchase agreement; (c) risks related to diverting the attention of either party's management from ongoing business operations; (d) the possibility that the anticipated benefits and impacts of the acquisition
are not realized when expected, or at all; (e) significant unknown or inestimable liabilities associated with Inigo; (f) risks related to the uncertainty of expected future financial performance and results of Inigo and its businesses
following completion of the acquisition;

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|:---|:---|
| ![LOGO](g945088g0917235625517.jpg) | **press release**<br> September 18, 2025 |

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(g) risks related to the availability of sufficient cash resources to fund the acquisition or Radian's ability to raise new funds; (h) risks related to limitations and compliance with using Radian's subsidiaries' excess capital as a source of funding for the transaction; and (i) risks associated with Radian's ability to successfully execute on its strategic shift to become a multi-line insurer; and <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with Radian's decision to divest its Mortgage Conduit, Title and Real Estate Services
businesses (the "All Other Businesses"), including: (a) the ability to complete any or all of the divestiture transactions, on the anticipated timeline or at all, including risks and uncertainties related to securing necessary
regulatory and third-party approvals and consents; (b) any impact of the decision to divest the All Other Businesses on the company's ability to attract, hire, and retain key and highly skilled personnel; (c) any disruption of
current plans and operations caused by the announcement of the decision to divest the All Other Businesses, making it more difficult to conduct business as usual or maintain relationships with current or future service providers, customers,
employees, vendors, and financing sources; and (d) the terms, timing, structure, benefits and costs of any divestiture transaction for each of the All Other Businesses.

For more information regarding these risks and uncertainties as well as certain additional risks that Radian faces, you should refer to "Item 1A. Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2024, and to subsequent reports and registration statements filed from time to time with the U.S. Securities and Exchange Commission. Radian cautions you not to place undue reliance on these forward-looking statements, which are current only as of the date on which this press release was issued. The company does not intend to, and disclaims any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.

**For Investors:** 

Dan Kobell - Phone: 215.231.1113

email: <u>daniel.kobell@radian.com</u>

**For the Media:** 

Rashi Iyer - Phone 215.231.1167

email: <u>rashi.iyer@radian.com</u>

## Exhibit 99.2

![Slide 1](g945088ex99_2s1g1.jpg)

Radian to Acquire Inigo for $1.7 Billion; Creates Global Multi-Line Specialty Insurer Combining the strength of a leading U.S. mortgage insurer with a highly profitable Lloyd's specialty insurer September 18, 2025 Exhibit 99.2

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Disclaimer and safe harbor statements Recast Information This presentation includes information that excludes the results of certain businesses for which our board of directors has approved the divestiture, and that we currently expect to complete by the end of the third quarter of 2026. As a result of actions taken related to the planned divestitures, we expect to report these businesses as held-for-sale and to reflect their results as discontinued operations in our financial statements beginning with the period ended, and as of, September 30, 2025. We are presenting information herein for the year ended December 31, 2024 and the six months ended June 30, 2025, which presents the U.S. generally accepted accounting principles ("GAAP") reported information for those periods and dates, the results of the discontinued operations for those periods and dates, and the resulting recast information reflecting continuing operations for those periods and dates, as if the discontinued operations treatment had begun on January 1, 2024. The recast unaudited continuing operations information included herein is for informational purposes only. It does not necessarily reflect the results that would have been reported had the divestitures been completed prior to the periods presented and is not necessarily indicative of future results. U.K. GAAP All financial information provided for Inigo Limited in this presentation is presented on a U.K. GAAP basis and includes the financial results attributable to Inigo's third-party capital provider. The third-party capital provider contributed 1.5% of the required capital for the 2023 underwriting year and 3% for the 2024 and 2025 underwriting years. Accordingly, it is entitled to a proportionate share of the syndicate's results based on their its capital contribution. We do not expect differences between U.K. and U.S. GAAP to be material. Cautionary Note Regarding Forward-Looking Statements — Safe Harbor Provisions This presentation includes, and related oral statements made by management or other representatives of Radian, may include, "forward-looking statements" within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified by words such as "anticipate," "may," "will," "could," "should," "would," "expect," "intend," "plan," "goal," "pursue," "contemplate," "believe," "estimate," "predict," "project," "potential," "continue," "seek," "strategy," "future," "likely" or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, statements regarding the expected completion, financing and timing of the proposed acquisition, statements regarding the expected impact of the acquisition on Radian's earnings, return on capital, revenue and debt-to-capital ratio, as well as deployment of capital, statements regarding the planned divestitures of certain businesses, including their expected completion, timing and reporting, and other statements and information related to the proposed acquisition and the planned divestitures, projections regarding our future performance and financial condition, including the expected financial impact of the proposed transaction on us and the combined addressable market, and strategic initiatives, are made on the basis of management's current views and assumptions with respect to future events. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment where new risks emerge from time to time and it is not possible for us to predict all risks that may affect us. The forward-looking statements are not guarantees of future performance, and the forward-looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. For more information regarding these risks and uncertainties see Appendix B of this presentation. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date of this presentation.

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Radian to acquire Inigo in $1.7 billion cash transaction Strategic Rationale Radian's expansion into large and uncorrelated Lloyd's market creates a diversified global specialty insurer Large scale, disciplined growth, and profitable platform that doubles Radian's revenue Inigo's strong underwriting focus with mid-to-high 80's combined ratio and 20% pre-tax return on equity Deal Value1 & Funding Mix $1.7 billion purchase price: 1.50x 2025E tangible equity1 Transaction cash-funded from Radian's existing liquidity sources and excess capital; no equity raised2 Management Inigo Founders Richard Watson, Russell Merrett, and Stuart Bridges will continue to lead Inigo post-close Former Hiscox executives with extensive public company and underwriting expertise in specialty insurance Approvals & Timing Transaction approved by Radian and Inigo Boards of Directors and expected to close in Q1 2026 Transaction subject to customary regulatory approvals and other closing conditions Financial Impact Mid-teens GAAP EPS accretion in FY 2026E ~200 bps GAAP ROE accretion in FY 2026E 1 Final purchase price will be determined based on Inigo's tangible equity prior to close, subject to adjustment, but not to exceed $1.7 billion. 2 A small portion of the purchase consideration will be provided in shares of Radian to Inigo's senior management as part of an equity rollover.

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Along with the Inigo acquisition, Radian to focus exclusively on its mortgage insurance business and exit all other businesses 1 As a result of these planned divestitures, Radian expects to report the All Other businesses as held-for-sale and to reflect their results as discontinued operations in its financial statements beginning with the period ended, and as of, September 30, 2025. Discontinued Operations represents the results of the All Other Businesses and Continuing Operations represents Radian's consolidated results excluding the Discontinued Operations. For a reconciliation of these amounts, see Appendix A. Following a strategic review, Radian plans to divest its Mortgage Conduit, Title, and Real Estate Services businesses within one year Divestiture of All Other businesses is expected to reduce expenses by 36% and improve Radian's standalone ROE by 120 bps 2024 Other Operating Expense & Cost of Services ($ in millions) 2024 Net Income ($ in millions) 2024 Earnings Per Share 2024 Return on Equity Radian 2024 Recast Financials Before Inigo1

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Inigo: a leading Lloyd's specialty insurer with $1.6 billion 2025E GWP 94.4% 85.5% 87.4% Net Combined Ratio: 87.1% Overview Founded in 2020 by Richard Watson, Russell Merrett, and Stuart Bridges with a combined experience of 65+ years at Hiscox Gross Written Premiums growing 39% annually since inception with strong underwriting discipline Underwriting-first culture that drives industry leading combined ratios (mid-to-high-80's) Pre-tax return on equity above 20% after initial ramp-up period Data science informed underwriting and deep analytics to assess specialty risks Innovative approach to engagement with large blue-chip customers Scalable platform focused 100% on Lloyd's Strong, Profitable Growth Since Inception Gross Written Premiums (GWP), $ billion 5.1% 20.0% 20.8% Pre-tax return on equity: 21.2% $29 $145 $183 Pre-tax income ($ in millions): $222

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Inigo operates as a diversified global specialty insurance platform Diversified portfolio includes 10+ lines across property, casualty, financial and other specialty classes U.S. focused specialty business with room for further international expansion Geography split of GWP for last 12 months through June 30, 2025 2025E GWP, $1.6 billion

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Growth Opportunity Profitable and high-growth insurance platform in a large and expanding Lloyd's specialty market Multi-line Specialty Insurance Platform Transformative acquisition will create a diversified multi-line insurer with uncorrelated businesses Data & Analytics Focus Inigo is driven by data science and analytics with an unwavering focus on disciplined underwriting Scalable Operating Model Profitable since launch with a modern technology stack and a "radically simple" operating model Culture and Leadership Experienced management team focused on market leadership and unique core values Financially Compelling Expected to be materially accretive to Earnings and ROE, leveraging capital efficiencies within Lloyd's 1 2 3 4 5 6 Inigo: a transformational acquisition for Radian

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Inigo represents a profitable growth opportunity in the large and attractive Lloyd's market 1 Attractive Growth Opportunity ...With Room for Continued Growth 20th largest syndicate within 4 years of inception Top 6 #15 - 25 #41 Inigo has Achieved Significant Scale... Gross Written Premiums ($ billion) Sources: S&P Global, Lloyd's.

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Inigo has shown disciplined growth while maintaining industry leading combined ratios 1 Attractive Growth Opportunity Sources: S&P Global, Lloyd's, Company filings. 1 Includes Hiscox Ltd (HSX), Lancashire Holdings Limited (LRE). 2 Includes AMERISAFE, Inc. (AMSF), Kinsale Capital Group, Inc. (KNSL), Old Republic International Corporation (ORI), RLI Corp. (RLI), Skyward Specialty Insurance Group, Inc. (SKWD), W. R. Berkley Corporation (WRB). 3 Includes Chubb Limited (CB), Travelers Companies, Inc. (TRV). 4 Includes Arch Capital Group Ltd. (ACGL), Axis Capital Holdings Limited (AXS), Conduit Holdings Ltd. (CRE), Everest Group, Ltd. (EG), RenaissanceRe Holdings Ltd. (RNR).

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Radian's addressable market to increase 12x, providing flexibility to deploy capital across multiple insurance lines through various business cycles 1 Attractive Growth Opportunity $70 billion Total Addressable Market 9% 5Y Industry Annual Premium Growth Inigo Lloyd's Market Share2 Radian Mortgage Insurance Market Share1 $76 billion Total Addressable Market 8% 5Y Industry Annual Premium Growth3 New Radian Target Market would be 12x Larger Radian + Inigo Market Share1,2 $6 billion Total Addressable Market 1% 5Y Industry Annual Premium Growth Sources: S&P Global, Lloyd's, Company filings. 1 Based on estimated 2024 U.S. MI premium of ~$5.8bn. 2 Based on estimated 2024 total Lloyd's GWP of ~$70bn. 3 Reflects weighted average by FY 2024 net earned premiums.

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2 Multi-line Specialty Insurance Platform Transaction doubles Radian's earned premiums with strong underwriting performance Radian1 2024 Net Earned Premiums: $939mm Radian1 + Inigo 2024 Net Earned Premiums: $1,896mm Mortgage Insurance 100% Source: Company filings. 1 Excludes Radian discontinued operations. 2 Average 5-year combined ratio for Radian is 26% 2024 Combined Ratio2: 25.1% 2024 Combined Ratio2: 56.5%

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2 Multi-line Specialty Insurance Platform Mortgage insurance loss ratios have low correlation to Lloyd's insurers 2010-2024 Loss Ratios by Peer Group Combination of Radian and Inigo offers a strong underwriting track record with low correlation, enhancing Radian's ability to deploy capital throughout various business cycles Sources: Company filings, SNL Financial. 1 Includes ACT, ESNT, MTG, NMIH, RDN. 2 Includes AFG, ASIC, BOW, KNSL, MKL, RLI, SKWD, WRB. 3 Includes BEZ, HSX, LRE.

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3 Data & Analytics Focus Sophisticated data science and analytics capabilities are well aligned to Radian's recognized leadership in mortgage analytics Radian is an Established Leader in Mortgage Credit Risk Analytics In-house data & analytics team Proven track record of predicting local U.S. economics and loan performance Granular and differentiated risk-based pricing Economic value focus that drives capital deployment to achieve higher risk-adjusted returns Data and Analytics is at the Heart of Inigo Significant data points captured to feed proprietary pricing models Purpose-built models with a single integrated underwriting platform In-house research team combined with world-class partners to develop proprietary view of risk Superior risk selection demonstrated by track record of market leading returns

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4 Scalable Operating Model Streamlined operating model that differentiates Inigo from peers Zero Legacy Systems Purpose-Built Operating Model 100% Lloyd's Focus One Underwriting Platform One Office One Syndicate Leading Peers in Operating Efficiency "Radical Simplicity" 1 Data as of FY2024.

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5 Highly Regarded Management Team Leadership team has a long and successful Lloyd's track record and will continue to lead Inigo post-close Key Leader Background Richard Watson Founder and CEO 33 years at Hiscox, from Underwriter in 1986 to Chief Underwriting Officer Russell Merrett Founder and CUO1 30+ years of experience in insurance including 16 years at Hiscox in various senior positions Stuart Bridges Founder and CFO 30+ years of experience, including 16 years as CFO at Hiscox Craig Knightley CUO1, Insurance 16+ years of industry experience and joined Inigo in 2021 Previously Casualty Divisional Director & Partner at Hiscox Alice Kaye Head of Reinsurance 14+ years of industry experience and joined Inigo in 2021 Previously Casualty Treaty Underwriter at Everest Re George Stratts Head of Partnerships 30 years of industry experience including 20 years at AIG Previously President of Lexington Insurance Company 1 Chief Underwriting Officer Core Values Radical Simplicity Share the Passion Get Smart Park the Ego Underwriting-First culture and values reflected in employee feedback and retention Top quartile results in the Lloyd's Culture Surveys Entrepreneurial, values-led culture attracts and retains top talent with attrition consistently below Lloyd's market average since founding

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Financially attractive transaction for Radian with significant expected earnings and ROE accretion along with ongoing capital benefits Strategic Capital Management Accretive use of excess capital Lloyd's operating framework provides additional capital efficiencies Increased scale and stability of combined company Limited Integration Risk Inigo will be managed as a standalone Synergies expected from capital stack with no dependence on expense initiatives Existing management team will continue to run Inigo post-close ROE Impact ~200 bps of ROE accretion in 20261 EPS Impact Mid-teens EPS accretion in 20261 BVPS and TBVPS Impact Accretive to BVPS in 2026 TBVPS earned back in ~3 years Leverage Ratio No material change expected in Radian's holding company debt-to-capital ratio in 20262 ü ü ü ü 6 Financially Compelling 1 Accretion estimates incorporate assumed purchase price allocations and related amortization, which are preliminary and will be revised as additional information is obtained during the measurement period. 2 Radian may use borrowing capacity under its existing revolving credit facility, or a replacement facility, to fund the acquisition, but expects to repay any borrowing by the end of 2026.

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1 A small portion of the consideration paid is expected to be in the form of Radian common stock as part of an equity rollover by Inigo senior management. 2 Subject to certain conditions with respect to Radian Guaranty while the note is outstanding, as disclosed in Radian's Form 8-K filed September 18th, 2025. Transaction allows Radian to use excess capital with no new equity raised 6 Financially Compelling Radian Group expects to retain sufficient liquidity post-close and expects dividend capacity from Radian Guaranty of over $600 million in 2026 Amount Funding Sources Description $600 million Funded from Radian Guaranty via an intercompany note 10-year note approved by Pennsylvania Insurance Department2 No reduction expected in ongoing dividend capacity from Radian Guaranty $1.1 billion Remaining funds for purchase from Radian Group's available liquidity sources1 Available sources include Radian Group liquidity and the company's $275 million revolving credit facility $1.7 billion1

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Acquisition to transform Radian into a global multi-line specialty insurer with attractive avenues for profitable capital deployment Positioned to deliver mid-to-high teens ROE 20-30% EPS accretion compared to reported 2024 results

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![Slide 19](g945088ex99_2s19g1.jpg)

Growth Opportunity Profitable and high-growth insurance platform in a large and expanding Lloyd's specialty market Multi-line Specialty Insurance Platform Transformative acquisition will create a diversified multi-line insurer with uncorrelated businesses Data & Analytics Focus Inigo is driven by data science and analytics with an unwavering focus on disciplined underwriting Scalable Operating Model Profitable since launch with a modern technology stack and a "radically simple" operating model Culture and Leadership Experienced management team focused on market leadership and unique core values Financially Compelling Expected to be materially accretive to Earnings and ROE, leveraging capital efficiencies within Lloyd's 1 2 3 4 5 6 Inigo: a transformational acquisition for Radian

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Appendix A Reconciliations of recast Radian continuing operations financial measures and Inigo financial highlights

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"All Other" discontinued operations recast: statements of operations

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Inigo financial highlights

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Appendix B Additional disclaimer and safe harbor statements

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Additional disclaimer and safe harbor statements Cautionary Note Regarding Forward-Looking Statements — Safe Harbor Provisions All statements, or related oral statements made by management or other representatives of Radian, in this presentation that address events, developments or results that we expect or anticipate may occur in the future are "forward-looking statements" within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified by words such as "anticipate," "may," "will," "could," "should," "would," "expect," "intend," "plan," "goal," "pursue," "contemplate," "believe," "estimate," "predict," "project," "potential," "continue," "seek," "strategy," "future," "likely" or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, statements regarding the expected completion, financing, and timing of the proposed acquisition, statements regarding the expected impact of the acquisition on Radian's earnings, return on capital, revenue and debt-to-capital ratio, as well as deployment of capital, statements regarding the planned divestitures of certain businesses, including their expected completion, timing and reporting, and other statements and information related to the proposed transaction and the planned divestitures, projections regarding our future performance and financial condition, including the expected financial impact of the proposed transaction on us and the combined addressable market, and strategic initiatives, are made on the basis of management's current views and assumptions with respect to future events. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment where new risks emerge from time to time and it is not possible for us to predict all risks that may affect us. The forward-looking statements are not guarantees of future performance, and the forward-looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties include: risks associated with the acquisition, including: (a) the parties' ability to complete the acquisition on the anticipated timeline or at all, including uncertainty related to securing the necessary regulatory approvals without a burdensome remedy; (b) the occurrence of any event, change or other circumstance that could give rise to the termination of the purchase agreement; (c) risks related to diverting the attention of either party's management from ongoing business operations; (d) the possibility that the anticipated benefits of the transaction are not realized when expected, or at all; (e) significant unknown or inestimable liabilities associated with Inigo; (f) risks related to the uncertainty of expected future financial performance and results of Inigo following completion of the transaction; (g) risks related to the availability of sufficient cash resources to fund the acquisition or Radian's ability to raise new funds; (h) risks related to limitations and compliance with using Radian's subsidiary's excess capital as a source of funding for the acquisition; and (i) risks associated with Radian's ability to successfully execute on its strategic shift to become a multi-line insurer; risks associated with our decision to divest our Mortgage Conduit, Title and Real Estate Services businesses (the "All Other Businesses"), including: (a) our ability to complete any or all of the divestiture transactions, on the anticipated timeline or at all, including risks and uncertainties related to securing necessary regulatory and third-party approvals and consents; (b) the impact of the decision to divest the All Other Businesses on our ability to attract, hire, and retain key and highly skilled personnel; (c) disruption of current plans and operations caused by the announcement of the decision to divest the All Other Businesses, making it more difficult to conduct business as usual or maintain relationships with current or future service providers, customers, employees, vendors, and financing sources; and (d) the terms, timing, structure, benefits and costs of any divestiture transaction for each of the All Other Businesses; the health of the U.S. housing market generally and changes in economic conditions that impact the size of the insurable mortgage market, the credit performance of our insured mortgage portfolio, the returns on our investments in residential mortgage loans and other mortgage assets acquired through our Mortgage Conduit business and other investments held in our investment portfolio, as well as our business prospects, including: changes resulting from inflationary pressures, the interest rate environment and the risk of recession and higher unemployment rates; other macroeconomic stresses and uncertainties, including potential impacts related to the recent regulatory and legislative actions and responses thereto, as well as other political and geopolitical events, civil disturbances and endemics/pandemics or extreme weather events and other natural disasters that may adversely affect regional economic conditions and housing markets; the primary and secondary impacts of recent government actions and executive orders, including regulatory and legislative actions, tariffs, trade policies and reductions in the federal workforce, as well as challenges and other responses to those actions, and related uncertainty and volatility in the U.S. and global financial markets; changes in the way customers, investors, ratings agencies, regulators or legislators perceive our performance, financial strength and future prospects; Radian Guaranty's ability to remain eligible under the Private Mortgage Insurer Eligibility Requirements ("PMIERs") to insure loans purchased by the Government-Sponsored Enterprises (Fannie Mae and Freddie Mac) (the "GSEs"); our ability to maintain an adequate level of capital in our insurance subsidiaries to satisfy current and future regulatory requirements; changes in the charters or business practices of, or rules or regulations imposed by or applicable to, the GSEs or loans purchased by the GSEs, or changes in the requirements for Radian Guaranty to remain an approved insurer to the GSEs, such as changes in the PMIERs or the GSEs' interpretation and application of the PMIERs or other applicable requirements; changes in the current housing finance system in the United States, including the roles and areas of primary focus of the Federal Housing Administration (the "FHA"), the U.S. Department of Veterans Affairs ("VA"), the GSEs and private mortgage insurers in this system;

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Additional disclaimer and safe harbor statements (continued) our ability to successfully execute and implement our capital plans, including our risk distribution strategy through the capital markets, traditional reinsurance markets or other strategies, and to maintain sufficient holding company liquidity to meet our liquidity needs; our ability to successfully execute and implement our business plans and strategies, including plans and strategies that may require GSE and/or regulatory approvals and licenses, that are subject to complex compliance requirements that we may be unable to satisfy, or that may expose us to new risks, including those that could impact our capital and liquidity positions; risks related to the quality of third-party mortgage underwriting and mortgage loan servicing, including the timeliness and accuracy of servicer reporting; a decrease in the Persistency Rates of our mortgage insurance on Monthly Premium Policies; competition in the private mortgage insurance industry generally, including competition from current and potential new mortgage insurers, the FHA and the VA as well as from other forms of credit enhancement, such as any potential GSE-sponsored alternatives to traditional mortgage insurance; U.S. political conditions and legislative and regulatory activity (or inactivity), including adoption of (or failure to adopt) new laws, regulations and executive orders, changes in existing laws, regulations and executive orders, or the way they are interpreted or applied, and adoption of laws, regulations or executive orders that conflict among jurisdictions in which we operate; legal and regulatory claims, assertions, actions, reviews, audits, inquiries and investigations that could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief that could require significant expenditures, new or increased reserves or have other effects on our business; the possibility that we may fail to estimate accurately, especially in the event of an extended economic downturn or a period of extreme market volatility and economic uncertainty, the likelihood, magnitude and timing of losses in establishing loss reserves for our Mortgage Insurance business or to accurately calculate and/or project our Available Assets and Minimum Required Assets under the PMIERs, which could be impacted by, among other things, the size and mix of our insurance in force, changes to the PMIERs, the level of defaults in our portfolio, the reported status of defaults in our portfolio (including whether they are subject to mortgage forbearance, a repayment plan or a loan modification trial period), the level of cash flow generated by our insurance operations and our risk distribution strategies; risks associated with investments to diversify and grow, including to grow our existing businesses, or to pursue new lines of business or develop new products and services; the effectiveness and security of our information technology systems and digital products and services, including the risk that these systems, products or services fail to operate as expected or planned or expose us to cybersecurity or third-party risks, including due to malware, unauthorized access, cyberattack, ransomware or other similar events; the amount of dividends, if any, that our insurance subsidiaries may distribute to us, which under applicable regulatory requirements is based primarily on the financial performance of our insurance subsidiaries, and therefore, may be impacted by general economic, competitive and other factors, many of which are beyond our control and, in the case of Radian Guaranty Inc., our mortgage insurance subsidiary, will require prior approval from the Pennsylvania Insurance Department for a period of up to three years in connection with the funding for the Inigo transaction; the ability of our operating subsidiaries to distribute amounts to us under our internal tax- and expense-sharing arrangements, which for our insurance subsidiaries are subject to regulatory review and could be terminated at the discretion of such regulators; volatility in our financial results caused by changes in the fair value of our assets and liabilities carried at fair value; changes in GAAP or statutory accounting principles and practices rules and guidance, or their interpretation; risks related to uncertain tax positions and the amount and timing of potential payments or adjustments associated with tax examinations; and our ability to attract, develop and retain key employees. For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to "Item 1A. Risk Factors" in our 2024 Form 10-K, and to subsequent reports and registration statements filed from time to time with the Securities and Exchange Commission. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date of this presentation.

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